Robinhood fell in after-hours trading on Tuesday after the trading platform’s latest earnings fell low of analyst expectations, while cryptocurrency revenue fell in the fourth quarter.

Robinhood reported record net revenue of $1.28 billion in the fourth quarter, outpacing Wall Street expectations of $1.34 billion, despite growing 27% year over year.

Its cryptocurrency revenue fell 38% from last year to $221 million after the cryptocurrency market entered an extended period of decline in October.

The company’s net income for the quarter fell 34% year-over-year to $605 million, and earnings per share came to 66 cents, slightly beating analyst estimates of 63 cents.

Shares of Robinhood (HOOD) fell 7.66% in after-hours trading to $79.04 after the trading day ended and fell 1.1% to $85.60. The company’s shares are down more than 42% from a high of $148.67 on October 3.

For the full year, Robinhood reported that its net revenue for 2025 increased 52% from 2024 to a record $4.5 billion, while net income for the year increased 35% to $1.9 billion.

Cryptocurrency volume growth is lagging other products

Robinhood said nominal cryptocurrency volumes on its app and wholly-owned exchange Bitstamp rose 3% quarter-over-quarter in the fourth quarter to a record $82.4 billion.

By comparison, equity trading volume saw a larger quarterly jump, up 10% to $710 billion, while options trading volume rose 8% over the quarter to $659 million.

Prediction markets, which the company launched on its platform in March in partnership with Kalshi, also helped boost Robinhood’s fourth-quarter revenue as appetite for event-related contracts surged last year.

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Robinhood’s “other” trading revenue, which includes products such as forecast markets and futures, hit a record $147 million in the fourth quarter, up 375% from the same period last year, surpassing stock trading revenue for the first time.

Robinhood chairman and CEO Vlad Tenev said in a statement: “Our vision has not changed: we are building a Financial SuperApp.”

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