Robinhood reported a 65% increase in sales to $3.2 billion during the first nine months of 2025, driven by robust trading activity across stocks and cryptocurrencies. Diluted earnings per share surged 153% year-over-year to $1.39, reflecting higher transaction volumes and improved operating leverage. Gross margin remained elevated near 90%, underscoring the scalability of Robinhood’s commission-free model as trading volumes expanded.

The number of funded customers rose 10% in the most recent quarter to 26.8 million, while average revenue per user climbed 82% from the prior year to $191. Transaction-based revenue from options trading increased 50% to $304 million, and crypto revenue jumped over 300% to $268 million. This growth was complemented by a 1,300% gain in the company’s share price over the past three years, reflecting heightened investor enthusiasm for risk-on assets.

Robinhood’s performance remains highly correlated with bullish equity and crypto markets: a sustained downturn could materially slow sales and earnings growth. To mitigate this cyclicality, the firm has rolled out savings products, credit cards and will expand its prediction markets and AI-driven investment assistant. However, the company has not yet navigated a protracted bear market since its 2021 IPO, leaving resilience during extended market weakness untested.