Robinhood’s Momentum Continues
Over at $Robinhood(HOOD)$ , revenue growth was an impressive 45% from a year ago, but down since Q4 2024.
The reason comes down to the company’s revenue streams. Here’s a breakdown of their reported revenue segments, and you can see the green portion on the top was a big contributor to Q4 revenue, but has dropped off since then. That green segment is crypto trading.
Pull out crypto trading, and the results look much stronger and more consistent.
The drop in crypto trading isn’t a shock, and $Coinbase Global, Inc.(COIN)$ reported a similar drop in Q2 2025, so it’s just market dynamics.
What I’m more concerned about is the growth of customers, deposits, and Gold subscribers. And while I would like to see funded customers increasing faster, this growth in deposits and Robinhood moving up market, along with its cohort of users, is impressive.
Maybe the best indicator of long-term health is total assets under custody, which you can see is stepping up each quarter (helped by a rising market).
Like $SoFi Technologies Inc.(SOFI)$ , Robinhood talked a lot about crypto and the blockchain. But I think Robinhood is much closer to being crypto-native than SoFi. The company has already launched a tokenized stock offering in Europe and plans to launch its own Layer 2 blockchain.
If asset trading does move to the blockchain in a big way, Robinhood is well-positioned.
But the big takeaway here is that SoFi and Robinhood are growing and building for the next generation of finance. I don’t think the same can be said for big banks today.
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