HOOD · 深度研究报告 · In-Depth Research Report

全球唯一同时拥有交易平台、预测市场交易所、银行业务与AI客服基础设施的零售金融超级应用：2025年全年营收约$45亿同比增长超50%连续两年实现50%以上营收增长、Q4营收约$12.8亿同比增长约27%创单季历史纪录、全年摊薄EPS约$2.05、Robinhood Gold订阅用户约420万同比增长约58%、净存款全年约$681亿同比增长约35%、平台总资产约$3240亿同比增长约68%、MIAXdx收购已于2026年1月20日完成正式成为CFTC授权交易所运营商、预测市场2025年全年交易合约超120亿份2026年仅前数周已超40亿份——Q4加密收入同比下滑约38%，股价从约$117高位回落至约$70，跌幅约40%：加密收入的周期性回落是一次不可避免的基数效应，不是商业模式的崩溃——11条业务线各自年化收入超约$1亿，Robinhood已不再是那家靠加密牛市吃饭的单一平台

The world's only retail financial super-app simultaneously owning a trading platform, prediction market exchange, banking business, and AI customer service infrastructure: full-year 2025 revenue of approximately $4.5 billion grew more than 50% year-over-year, achieving 50%+ revenue growth for two consecutive years; Q4 revenue of approximately $1.28 billion grew approximately 27% year-over-year, setting a single-quarter all-time record; full-year diluted EPS of approximately $2.05; Robinhood Gold subscription users of approximately 4.2 million grew approximately 58% year-over-year; net deposits of approximately $68.1 billion grew approximately 35% year-over-year; total platform assets of approximately $324 billion grew approximately 68% year-over-year; the MIAXdx acquisition completed on January 20, 2026, formally making Robinhood a CFTC-authorized exchange operator; prediction market full-year 2025 contract volume exceeded 12 billion, with the first few weeks of 2026 alone already exceeding 4 billion — Q4 crypto revenue declined approximately 38% year-over-year, with the stock falling approximately 40% from a high of approximately $117 to approximately $70: the cyclical pullback in crypto revenue is an unavoidable base effect, not a collapse of the business model — with 11 business lines each generating more than approximately $100 million in annualized revenue, Robinhood is no longer the single-platform company that depended on crypto bull markets for its living

2025年，Robinhood完成了一次彻底的商业模式重构。股价全年上涨约198%，加入标普500指数，全年营收约$45亿创历史纪录。然而2026年开年，市场看到Q4加密收入同比下滑约38%，即刻将股价从约$117打至约$70。

In 2025, Robinhood completed a thorough business model reconstruction. The stock rose approximately 198% for the full year, joined the S&P 500 index, and full-year revenue of approximately $4.5 billion set an all-time record. However, at the start of 2026, the market saw Q4 crypto revenue decline approximately 38% year-over-year and immediately pushed the stock from approximately $117 down to approximately $70.

但让我们看清楚发生了什么：Q4总营收约$12.8亿，同比增长约27%，创单季历史纪录。EPS约$0.66，超出分析师预期约$0.63。加密收入下滑，是因为Q4 2024年比特币暴涨制造了无法复制的超高基数，不是因为Robinhood失去了用户。与此同时，预测市场Q4交易量再度翻倍，2025年全年交易合约超120亿份，2026年仅前数周已超40亿份。净利息收入同比增长约39%。其他收入同比增长超过一倍。Gold订阅用户约420万，同比增长约58%。

But let us be clear about what happened: Q4 total revenue of approximately $1.28 billion grew approximately 27% year-over-year, setting a single-quarter all-time record. EPS of approximately $0.66 beat analyst expectations of approximately $0.63. The crypto revenue decline was because Q4 2024's bitcoin surge created an unreplicable extremely high base, not because Robinhood lost users. At the same time, prediction market Q4 trading volume doubled again, full-year 2025 contract volume exceeded 12 billion, and the first few weeks of 2026 alone already exceeded 4 billion. Net interest income grew approximately 39% year-over-year. Other revenue more than doubled year-over-year. Gold subscription users of approximately 4.2 million grew approximately 58% year-over-year.

市场把一个可预见的同比基数效应，定价为增长故事的终结。Robinhood的11条业务线，在加密收入回落的同一个季度，集体交出了比前一年更好的数字。这是一家多元化平台在周期性压力下展示韧性的季报，不是衰退的信号。

The market priced a foreseeable year-over-year base effect as the end of the growth story. Robinhood's 11 business lines, in the same quarter as crypto revenue declined, collectively delivered better numbers than the prior year. This is a quarterly report demonstrating resilience by a diversified platform under cyclical pressure, not a signal of deterioration.

本报告将深入拆解Robinhood的四大核心投资逻辑、关键催化剂时间节点、竞争格局分析，以及12至24个月目标价区间。

This report will break down Robinhood's four core investment pillars, key catalyst timelines, competitive landscape analysis, and 12- to 24-month target price range.