Robinhood changed the brokerage industry by making zero-commission mobile trading mainstream. The second act is harder: become a full financial platform without losing the simplicity that made the app popular. FY2025 gives Robinhood more credibility in that transition. Revenue and profit both rose sharply, assets under custody grew, and Gold became a more meaningful subscription layer. But the business is still exposed to trading volume, crypto cycles, rates, and regulation.
Robinhood makes money from transaction-based revenues, net interest income, Robinhood Gold subscriptions, margin lending, crypto activity, securities lending, cash sweep economics, credit card and other services, and acquired advisory or crypto infrastructure.