Robinhood reported 2025 revenue of $4.47 billion and Q1 2026 revenue of $1.07 billion. The thesis turns on whether profitable brokerage, crypto and cash products can stay durable when trading activity, rates, regulation and customer behavior normalize.
Robinhood: the trading app has become a profit engine, but cyclicality still owns the multiple
NASDAQHOODCoverage BootstrapRobinhood Markets, Inc.
Thesis summary
Robinhood reported 2025 revenue of $4.47 billion and Q1 2026 revenue of $1.07 billion. The thesis turns on whether profitable brokerage, crypto and cash products can stay durable when trading activity, rates, regulation and customer behavior normalize.
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