**BETA FINCH PODCAST SCRIPT**

---

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and joining me as always is my co-host Jordan. Today we're diving into Robinhood's Q4 2025 earnings call - and folks, this was quite the presentation from CEO Vlad Tenev and new CFO Shiv Verma.

**JORDAN:** Before we jump in though, Alex, we need to be crystal clear with our listeners - this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**ALEX:** Absolutely right, Jordan. Now, let's talk numbers because Robinhood delivered some impressive results. Revenue hit $4.5 billion for the full year - that's 52% growth year-over-year. Jordan, what jumped out at you from these financials?

**JORDAN:** The scale of growth is remarkable, Alex. But what's even more impressive is the profitability story. Adjusted EBITDA reached $2.5 billion with a 56% margin - that's a new high for them. And they delivered incremental EBITDA margins above 70% for the third straight year. This isn't just a growth story anymore; it's a profitable growth story.

**ALEX:** And speaking of growth, their platform assets nearly hit $324 billion - up almost 70% year-over-year. Vlad mentioned they had positive net transfers from all major brokerage competitors for eight quarters straight. That's quite a streak.

**JORDAN:** That competitive positioning really shows in their market share gains. They're claiming to be number one in options industry-wide now, based on the latest reports. But Alex, what I found fascinating was how diversified this business has become. They now have 11 business lines generating over $100 million in annualized revenue each.

**ALEX:** Right, and prediction markets was the standout story. Vlad called it their "fastest growing business in history" with over $12 billion in contracts traded in 2025. But here's what's interesting - they're already seeing diversification beyond sports. NBA contracts actually surpassed NFL in January trading activity.

**JORDAN:** That diversification theme extends to their international expansion too. They're up to 750,000 customers outside the US, and Vlad made a bold prediction - he thinks they'll look back and realize they underestimated how big international could be. The Bitstamp acquisition seems to be paying off with volumes doubling since the June close.

**ALEX:** Now let's talk about their 2026 outlook because this is where things get really ambitious. Shiv laid out expense guidance of $2.6 to $2.725 billion - that's 18% growth at the midpoint, which is actually below their 2025 growth rate of 22%.

**JORDAN:** What I love about their expense breakdown, Alex, is the strategic focus. About half of that 18% growth - roughly 10 percentage points - is going into new and scaling businesses. We're talking about the Gold Card, banking, AI initiatives, tokenization, and continued international expansion. They're not just growing; they're diversifying their revenue streams.

**ALEX:** Speaking of new initiatives, Robinhood Banking caught my attention. They rolled out to 25,000+ customers who brought in over $400 million in balances, and get this - over 50% enrolled in direct deposit. For a new financial product, that's incredible engagement.

**JORDAN:** And the Gold Card business is scaling rapidly - up 5x in 2025 to 600,000 customers with over $10 billion in annualized spend. They're planning to more than double that to over a million customers this year. The 3% rewards seem to be resonating.

**ALEX:** But Jordan, what really stood out to me was their AI strategy. Vlad mentioned they're seeing nine-figure savings from AI implementation in 2025 alone. Over 75% of customer support cases are now handled by AI, including complex cases that previously required licensed professionals.

**JORDAN:** Th

This episode includes AI-generated content.