Robinhood Drops as Q4 Misses and Crypto Revenue Falls

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Robinhood Slips as Q4 Results Miss and Crypto Revenue Falls

Written by Aaron S.,

Editor-In-Chief

Last Updated: February 11, 2026

Key Takeaways

Robinhood's crypto revenue fell 38% to $221M as the market downturn hit, dragging overall Q4 net income down 34% to $605M;
Despite decreased retail crypto activity, total notional crypto volume hit a record $82.4B, while alternative revenues surged 375% to $147M;
Shares dropped 7.7% after earnings and remain down over 40% from last October, though 2025 full-year revenue hit a record $4.5B, up 52%.

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Robinhood Slips as Q4 Results Miss and Crypto Revenue Falls

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Robinhood’s shares fell in after-hours trading on February 10 after the company released quarterly results that did not meet analyst forecasts.

The drop came as revenue tied to digital assets weakened in the last quarter of the year.

The company reported $1.28 billion in net revenue for Q4. This set a new record for Robinhood, but it still came in below the $1.34 billion that analysts expected.

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Crypto-related revenue declined 38% year over year to $221 million. Robinhood said the market slowdown that began in October 2025 contributed to this decline.

Quarterly net income dropped as well. Robinhood earned $605 million, which was 34% lower than last year’s Q4. Earnings per share reached $0.66, higher than the $0.63 analysts had projected.

Looking at the full year, the company said total net revenue for 2025 rose 52% compared with 2024, reaching $4.5 billion. Annual net income increased 35% to $1.9 billion.

Trading activity showed mixed results across different products. Notional crypto volume on the app and through Bitstamp $635.25M , which Robinhood owns, increased 3% from the previous quarter to $82.4 billion.

Equity trading volume grew 10% to $710 billion. Options activity rose 8% to 659 million contracts.

Payward, the company behind the crypto exchange Kraken $559.35M , reported a 33% increase in revenue. What did Kraken co-CEO Arjun Sethi say? Read the full story.