Robinhood’s fourth-quarter results reflected the ongoing slowdown in crypto markets, with digital asset trading revenue falling sharply even as the company broadened its crypto footprint.
The brokerage generated $221 million in crypto transaction revenue during the quarter, down 38% from $358 million in the same period last year. The decline highlights how lower token prices and reduced retail activity continue to weigh on trading volumes across the industry.
Over the past year, Robinhood has worked to deepen its presence in digital assets. The company expanded crypto transfers into more jurisdictions, enabling customers to move assets on and off the platform. It also significantly increased the number of tokens available for trading, shifting away from its earlier, more limited selection of major cryptocurrencies. Executives have framed these upgrades as part of a longer-term effort to position Robinhood as a comprehensive crypto access point.
However, broader market conditions have overshadowed those product enhancements. Softer prices typically translate into lighter trading activity, particularly among retail investors who make up a substantial portion of Robinhood’s crypto user base.
In contrast, the company’s overall trading business showed relative strength. Transaction-based revenue rose 15% year over year to $776 million, supported by improved activity in equities and options. The performance suggests Robinhood is less reliant on crypto-driven revenue swings than in prior market cycles.
On the bottom line, Robinhood reported earnings per share of $0.66, surpassing analyst estimates of $0.63. Still, total revenue of $1.28 billion fell short of expectations for $1.33 billion.
Investors reacted negatively, sending shares down 7.7% in after-hours trading. The decline adds to a broader pullback that began after crypto markets peaked in October 2025. At around $79 per share, Robinhood stock is now roughly 50% below its record high.
The focus now turns to Coinbase, which is set to release its earnings next. Analysts anticipate similar pressure from weaker crypto trading volumes, and Coinbase shares edged lower in extended trading following Robinhood’s report.
