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- **Revenue Surge**: Q3 revenue hit $1.3 billion (+100% YoY), driven by record trading volumes and prediction markets exceeding $300 million annualized.
- **Product Innovation**: Launched Robinhood Social, expanded shorting, and tokenized 400+ EU companies, with Bitstamp volumes up 60% QoQ.
- **Strategic Growth**: Aims for half of revenue from international markets within 10 years, with EU tokenization and U.S. private markets (Robinhood Ventures) as key drivers.
- **Leadership Transition**: Jason Warnick retiring, Shiv Verma succeeding as CFO, focusing on disciplined growth and capital allocation.
- **Customer Engagement**: 3.9 million Gold subscribers (+75% YoY), $20 billion net deposits, and $50 billion+ AUM growth, with retirement AUM doubling to $25 billion.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue reached $1.3 billion, a 100% year-over-year increase, driven by record trading volumes in equities, options, and prediction markets. October volumes surpassed Q3 totals, with prediction markets hitting $2.5 billion in a single month.
- **Product Expansion**: Launched Robinhood Social, a verified trading social platform, and expanded shorting capabilities for active traders. Tokenization efforts in the EU now include over 400 public companies, with Phase 2 plans to enable secondary trading on Bitstamp.
- **International Ambition**: Aims for half of revenue to come from outside the U.S. within 10 years, with early success in the U.K. and EU through tokenized equities and Bitstamp's 60% QoQ volume growth.
- **Wealth Transfer Strategy**: Assets under management (AUM) reached $1 trillion, with retirement AUM doubling to $25 billion and digital advisory AUM at $1 billion. Robinhood Banking rolled out to 0.5 million cardholders with $8 billion in annual spend.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP revenue grew 100% YoY to $1.3 billion, with adjusted EBITDA margins expanding due to disciplined expense management. Prediction Markets and Bitstamp each exceeded $100 million in annualized revenue.
- **Expense Management**: Q3 OpEx + SBC was $613 million, reflecting higher bonuses and one-time costs. Full-year OpEx guidance is $2.28 billion, with potential upside from new product investments.
- **CFO Transition**: Jason Warnick announced retirement, with Shiv Verma succeeding him. Verma will focus on capital allocation, ROI, and maintaining disciplined growth.

**【Q&A Highlights】**
- **Robinhood Banking Rollout**: Expected to expand quickly, with early positive customer feedback on interest-bearing checking accounts.
- **AWS Outage Resilience**: Improved system redundancy demonstrated during recent AWS disruptions, with ongoing investments in platform reliability.
- **Prediction Markets Strategy**: Fastest-growing product, with $300 million annualized run rate. Plans to launch new contract categories and improve user experience.
- **Tokenization and Bitstamp**: Tokenized equities in Phase 1, with Phase 2 enabling DeFi integration. Bitstamp's 60% QoQ growth positions it as a key institutional channel.
- **International Expansion**: Focus on EU tokenization and U.S. private markets (Robinhood Ventures), with plans to file for unaccredited retail access.
- **AI and Product Velocity**: Upcoming AI event to showcase innovations, with AI-driven features like custom indicators and social trading tools.
- **Crypto Staking**: $1 billion in staked assets, with customer demand driving further product development.
- **Long-Term Growth**: Aiming for half of revenue from non-U.S. and institutional sources, with early success in EU and Bitstamp's institutional customer growth.

Robinhood Markets, Inc. (HOOD) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HOOD

HOOD fundamentals

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