Robinhood posted record earnings per share for Q4 2025, yet the stock dropped 8% as total platform assets shrank and the company redefined key user metrics.

In ~12 minutes:

📉 Total Platform Assets fell $8.7B despite $15.9B in net deposits.

📉 Crypto revenue dropped 17.5% QoQ to $221M.

⚠️ Preliminary Jan ’26 data shows crypto notional volume down 57% YoY.

🧐 “Funded Customer” definition changed to include M&A clients.

💸 2026 expense guidance projects an 18% spending ramp.

We break down why the market looked past the headline beat. With the "free money" era of high rates and crypto mania fading, HOOD is pivoting to expensive product growth—launching credit cards and prediction markets just as the retail trading environment hits a freeze.

Robinhood Markets Inc. (HOOD) | Q4 FY2025

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