Robinhood Markets, Inc. Reports November 2025 Operating Data

Rhea-AI Summary

Robinhood (NASDAQ: HOOD) reported November 2025 operating data showing mixed monthly trends and strong year-over-year gains. Funded Customers ended at 26.9M (down ~130k M/M, up ~2.1M Y/Y) after required escheatment of ~280k low-balance accounts. Total Platform Assets were $325B (down 5% M/M, up 67% Y/Y). Net Deposits were $7.1B in November and $70.2B over the last 12 months (36% annual growth vs. Nov 2024 TPA). Equity notional volumes were $201.5B (+37% Y/Y); options contracts were 193.2M (+24% Y/Y). Crypto volumes were $28.6B (down 19% Y/Y). Margin balances were $16.8B (+147% Y/Y). Total securities lending revenue was $34M (+48% Y/Y, -43% M/M).

Positive

• Total Platform Assets +67% year-over-year to $324.5B
• 12-month Net Deposits $70.2B (36% annual growth)
• Equity notional volumes +37% year-over-year to $201.5B
• Margin balances +147% year-over-year to $16.8B
• Securities lending revenue +48% year-over-year to $34M

Negative

• Crypto notional volumes -19% year-over-year to $28.6B
• Robinhood App crypto volumes -66% year-over-year to $12.0B
• Total Platform Assets -5% month-over-month to $324.5B
• Total securities lending revenue -43% month-over-month to $34M
• Required escheatment removed ~280k low-balance accounts

Key Figures

Funded Customers 26.9M End of November 2025; down ~130k M/M, up ~2.10M Y/Y

Total Platform Assets $324.5B End of November 2025; (5%) M/M, +67% Y/Y

Net Deposits $7.1B November 2025 monthly net deposits; TTM net deposits $70.2B

Equity Trading Volume $201.5B November 2025; (37%) vs October, +37% vs November 2024

Options Contracts 193.2M November 2025; (28%) vs October, +24% vs November 2024

Crypto Trading Volume $28.6B November 2025; (12%) vs October, (19%) vs November 2024

Event Contracts Traded 3.0B November 2025; +20% vs October, NM vs November 2024

Margin Book $16.8B End of November 2025; +2% M/M, +147% Y/Y

Market Reality Check

$135.67 Last Close

Volume Volume 18,753,226 is at 0.66x the 20-day average of 28,241,094, showing lighter trading ahead of this update. low

Technical Shares at $135.71 are trading above the 200-day MA of $91.35 and about 11.8% below the 52-week high.

Peers on Argus

While HOOD was down 0.53%, key brokers like IBKR, SCHW, LPLA, and TW showed modest gains, and FUTU rose 2.68%, pointing to a more stock-specific tone around this update than a broad sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 25	Derivatives partnership	Positive	+0.5%	Acquiring majority of MIAXdx to expand futures and derivatives footprint.
Nov 13	Monthly metrics	Positive	-8.6%	October operating data showed broad growth in users, assets, and trading.
Nov 06	Conference appearance	Neutral	+2.6%	Management presentation at Wolfe Research Wealth Symposium webcast to investors.
Nov 05	Q3 2025 earnings	Positive	-10.8%	Q3 revenue and earnings more than doubled year-over-year with strong margins.
Nov 03	Product partnership	Positive	+0.2%	Mortgage benefit for Gold subscribers via Sage Home Loans partnership.

Pattern Detected

Recent history shows strong fundamental or operating updates sometimes coinciding with negative price reactions, while partnership and product news have generally seen modest positive or muted moves.

Recent Company History

Over the last several weeks, Robinhood reported strong Q3 2025 results, highlighting sharp year-over-year growth in revenues, net income, and platform assets, yet the stock fell after that release. Subsequent October 2025 operating data showed broad growth across customers, assets, and trading metrics but again saw a negative reaction. By contrast, partnership and product announcements in early and late November 2025 produced small positive moves. Today’s November operating metrics fit into this pattern of frequent, data-rich updates on platform activity.

Market Pulse Summary

The stock is down -8.3% following this news. A negative reaction despite mixed operating metrics would have fit prior instances where strong fundamentals, like Q3 2025 results and October operating data, coincided with selloffs. Historically, some of Robinhood’s detailed updates have led to downside even when user and asset trends were solid. Without elevated short positioning signaled in the data, pressure would more likely reflect positioning or expectations rather than a clear sector-wide reset.

Key Terms

net deposits financial

"Net Deposits were $7.1 billion in November, or a 25% annualized growth rate"

Net deposits measure the amount of money customers put into a financial institution or platform minus the money they withdrew or moved out during a given period. Think of it as the net water added to a bucket after pours and spills; positive net deposits mean more cash staying with the firm, which signals customer trust, fuels lending or investment activity, and can boost future income and financial stability—key things investors watch.

notional trading volume financial

"Equity Notional Trading Volumes were $201.5 billion (down 37% from October 2025"

Notional trading volume is the total dollar value of trades in a security or contract over a set period, found by multiplying the number of units traded by their trade price. It matters to investors because it shows how much cash is flowing through a market—like measuring how busy a marketplace is—which helps assess liquidity, ease of entering or exiting positions, and how meaningful price moves may be for risk and trade sizing.

daily average revenue trades (darts) financial

"Daily Average Revenue Trades (DARTs) (M) Equity | 2.7 | 3.1 | (13 %)"

Daily average revenue trades (DARTs) measure the average number of transactions that generate revenue each day for a financial firm. Think of it as the number of sales made daily that contribute to the company's income. Higher DARTs indicate more active trading, which can suggest increased customer engagement and potentially higher revenue opportunities.

securities lending financial

"Total Securities Lending Revenue in November was $34 million"

Securities lending is when an owner of stocks or bonds temporarily loans them to another party, usually so the borrower can sell them short or meet settlement needs; the lender receives a fee and typically some form of security in return. Investors should care because lending can generate extra income on holdings and affects market liquidity and short-selling activity, much like renting out a spare room brings income while someone else uses the space.

AI-generated analysis. Not financial advice.

MENLO PARK, Calif., Dec. 10, 2025 (GLOBE NEWSWIRE) -- Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for November 2025.

• Funded Customers at the end of November were 26.9 million (down approximately 130 thousand from the end of October 2025, up approximately 2.10 million year-over-year).
  • This includes the impact of required escheatment of approximately 280 thousand low-balance accounts. Prior to the escheatment, Funded Customers would have grown by approximately 150 thousand in November.

• Total Platform Assets at the end of November were $325 billion (down 5% from the end of October 2025, up 67% year-over-year).
  
  
• Net Deposits were $7.1 billion in November, or a 25% annualized growth rate relative to October 2025 Total Platform Assets.
  
  
  • Over the last twelve months, Net Deposits were $70.2 billion, or an annual growth rate of 36% relative to November 2024 Total Platform Assets.

• Trading Volumes in November:
  • Equity Notional Trading Volumes were $201.5 billion (down 37% from October 2025, up 37% year-over-year).
    
  • Options Contracts Traded were 193.2 million (down 28% from October 2025, up 24% year-over-year).
    
  • Crypto Notional Trading Volumes were $28.6 billion (down 12% from October 2025, down 19% year-over-year), including Robinhood App Notional Trading Volumes of $12.0 billion (down 14% from October 2025, down 66% year-over-year) and Bitstamp Notional Trading Volumes of $16.6 billion (down 11% from October 2025).
    
  • Event Contracts Traded were 3.0 billion (up 20% from October 2025).
    
    
• Margin balances at the end of November were $16.8 billion (up 2% from the end of October 2025, up 147% year-over-year).
  
  
• Total Cash Sweep balances at the end of November were $32.5 billion (down 5% from the end of October 2025, up 23% year-over-year).
  
  
  • This includes the impact of roughly $700 million of Non-Gold Cash Sweep balances moving to customer free credit balances as we wound down the Robinhood Non-Gold Cash Sweep program in November 2025.

• Total Securities Lending Revenue in November was $34 million (down 43% from October 2025, up 48% year-over-year).
  
  

	November 2025	October 2025	M/M Change	November 2024	Y/Y Change
(M - in millions, B - in billions)
Funded Customer Growth (M)
Funded Customers	26.9	27.1	(1%)	24.8	+8%
Asset Growth ($B)
Total Platform Assets	$324.5	$342.6	(5%)	$194.6	+67%
Net Deposits1	$7.1	$5.6	NM	$5.6	NM
Trading
Trading Days (Equities and Options)	19	23	(17%)	20	(5%)
Total Trading Volumes
Equity ($B)	$201.5	$320.1	(37%)	$147.1	+37%
Options Contracts (M)	193.2	266.7	(28%)	155.5	+24%
Crypto ($B)2	$28.6	$32.5	(12%)	$35.2	(19%)
Robinhood App ($B)	$12.0	$13.9	(14%)	$35.2	(66%)
Bitstamp ($B)	$16.6	$18.6	(11%)	-	NA
Event Contracts (B)	3.0	2.5	+20%	0.5	NM
Daily Average Revenue Trades (DARTs) (M)
Equity	2.7	3.1	(13%)	2.5	+8%
Options	1.3	1.4	(7%)	1.0	+30%
Crypto3	0.6	0.6	-	1.0	(40%)
Customer Margin and Cash Sweep ($B)
Margin Book	$16.8	$16.5	+2%	$6.8	+147%
Total Cash Sweep	$32.5	$34.2	(5%)	$26.5	+23%
Gold Cash Sweep	$31.4	$32.4	(3%)	$25.7	+22%
Non-Gold Cash Sweep4	$1.1	$1.8	(39%)	$0.8	+38%
Total Securities Lending Revenue ($M)	$34	$60	(43%)	$23	+48%

1. Starting in June 2025, Net Deposits include results from Bitstamp. Net Deposits do not include results from TradePMR.
2. Refer to Robinhood’s full monthly metrics release for the definition of Notional Trading Volume.
3. Crypto DARTs do not include Bitstamp Institutional activity.
4. In November 2025, the Robinhood Non-Gold Cash Sweep program ended, moving approximately $700 million of Non-Gold Cash Sweep to customer free credit balances. RIA cash sweep balances remain in Non-Gold Cash Sweep.

For definitions and additional information regarding these metrics, please refer to Robinhood’s full monthly metrics release, which is available on investors.robinhood.com.

The information in this release is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on Robinhood’s estimates, and subject to completion of financial closing procedures. Final results for the most recent fiscal quarter, as reported in Robinhood’s quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”), might vary from the information in this release.

About Robinhood

Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood, through its subsidiaries, lets you trade stocks, options, futures (which includes event contracts), and crypto, invest for retirement, earn with Robinhood Gold, and access an expert-managed portfolio with Robinhood Strategies. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

“Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

Contacts

Investor Relations: ir@robinhood.com

Press: press@robinhood.com

FAQ

How many funded customers did Robinhood (HOOD) report for November 2025?

Robinhood reported 26.9 million funded customers at the end of November 2025.

What were Robinhood's Total Platform Assets (HOOD) at November 2025?

Total Platform Assets were $325 billion at the end of November 2025.

How much were Robinhood's Net Deposits in November 2025 and over 12 months (HOOD)?

Net Deposits were $7.1 billion in November and $70.2 billion over the last 12 months.

What happened to Robinhood's equity and options trading volumes in November 2025 (HOOD)?

Equity notional volumes were $201.5B (+37% Y/Y); options contracts were 193.2M (+24% Y/Y).

How did Robinhood's crypto trading volumes change in November 2025 (HOOD)?

Crypto notional volumes were $28.6B, down 19% year-over-year.

What change occurred to Robinhood's margin balances in November 2025 (HOOD)?

Margin balances rose to $16.8 billion, up 147% year-over-year.

Did Robinhood report any account adjustments in November 2025 (HOOD)?

Yes; approximately 280,000 low-balance accounts were escheated, impacting funded customer counts.