Filing Flows › Robinhood Markets (HOOD) › Q2 2025
Robinhood Markets (HOOD) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Robinhood Markets (HOOD) reported revenue of $989M for the second quarter 2025 (Q2 2025), +45% from a year earlier and +7% from the quarter before. Operating margin was 44.7%, net earnings $386M (39.0% of revenue).
Robinhood Markets, Q2 2025: revenue $989M (+45% year over year), operating margin 44.7%, net earnings $386M, operating cash flow $3.5B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $989M | +7% | +45% |
| Operating profit | $442M | +19% | +131% |
| Net earnings | $386M | +15% | +105% |
| Operating cash flow | $3.5B | +447% | 65× |
What changed
Revenue was $989.0M in Q2 2025, up 45% year over year and up 7% from the previous quarter. Transaction-based revenues was the largest line at 54% of revenue. Transaction-based revenues added $212.0M year over year (up 65%), 69% of the total change. Proxy revenues declined 5%.
Operating profit was $442.0M, a 44.7% margin (up 16.7 points year over year). Of the extra revenue versus a year earlier, 82% reached operating profit, above the 28% margin then. Total costs grew 11% against revenue growth of 45%. The fastest-growing cost line was Other operating costs (+16%). Net earnings were $386.0M, up 105% year over year. The effective tax rate was 12.7%.
Operating cash flow was $3,509.0M (up 6398% year over year), 909% of net earnings. Non-cash charges added back $21.0M of depreciation and amortization and $78.0M of share-based compensation. Working capital and other items added $3,024.0M.
Questions
What was Robinhood Markets' revenue in the second quarter 2025?
Robinhood Markets (HOOD) reported revenue of $989M for the second quarter 2025 (Q2 2025), +45% from a year earlier and +7% from the quarter before.
Was Robinhood Markets profitable in the second quarter 2025?
Operating profit was $442M (44.7% of revenue) and net earnings $386M.
Source: Robinhood Markets 10-Q on SEC EDGAR.