Robinhood Interest-Generating Assets – Income Earned and Yield

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This page presents Robinhood’s interest-earning assets, consisting of margin book, cash and deposits, cash sweep (off-balance sheet), and credit card, net.

Let’s look at the breakdown of the interest-earning assets!

For other statistics of Robinhood, you may find more information on this page: Robinhood key stats.

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Interest-Earning Assets:

Interest-Earning Assets is Robinhood’s collective term for the pool of assets and balances that generate the interest and net interest revenue reported on its income statement — essentially, everything Robinhood (or its banking partners, on Robinhood’s behalf) is earning interest income against. It’s typically broken into four components:

Margin Book — Robinhood’s own definition: the period-end aggregate outstanding margin loan balances receivable, meaning the total amount customers owe Robinhood on loans made to purchase securities, supported by a pledge of assets in their margin-enabled brokerage accounts. This is the asset that generates the “Margin interest” line in Robinhood’s net interest revenue breakdown — interest customers pay on their margin balances.

Cash and Deposits — the on-balance-sheet cash-related interest-earning assets, distinct from the off-balance-sheet Cash Sweep balances described below. Based on how Robinhood structures its net interest revenue disclosures, this bucket corresponds to things like segregated cash and securities held under federal and other regulations (including cash collateral for the Margin Securities Lending program), deposits with clearing organizations, and corporate cash and investments — the assets generating the “Interest on segregated cash, cash equivalents, securities, and deposits” and “Interest on corporate cash and investments” lines as presented in this article here: Robinbood’s interest revenue.

Cash Sweep (Off-Balance Sheet) — Robinhood’s own definition: the period-end total amount of participating users’ uninvested brokerage (and banking) cash that has been automatically “swept” or moved from their accounts into deposits for their benefit at a network of partner program banks. Robinhood is explicit that this is an off-balance-sheet amount — it doesn’t sit on Robinhood’s own balance sheet the way Margin Book does, since the cash is actually held at the partner banks, not by Robinhood itself. Robinhood earns a net interest spread on these balances: the difference between the rate the program banks pay Robinhood and the (typically lower) rate Robinhood passes through to customers.

Credit Card, Net — per Robinhood’s own line-item description, this primarily comprises interest earned on customer credit card loan balances, net of interest Robinhood pays to its financing partners for that program.

Why the off-balance-sheet distinction matters: Cash Sweep is structurally different from the other three components — Margin Book, the Cash and Deposits component, and Credit Card balances are all things Robinhood directly holds or is owed, appearing on its balance sheet as actual assets. Cash Sweep balances, by contrast, are held at third-party program banks; Robinhood earns a spread on them without the underlying cash itself being a Robinhood balance-sheet asset.

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Insight & Summary of Robinhood’s Interest-Earning Assets

Robinhood’s interest-earning asset base has undergone a fundamental structural transformation since 2019 — from a Cash-and-Deposits-dominated balance sheet into one now overwhelmingly anchored by off-balance-sheet Cash Sweep balances, even as the actual profitability (yield) of that asset base has moved in the opposite direction.

• Total Interest-Earning Assets: Explosive, Broad-Based Growth Total Interest-Earning Assets grew from $3,887 million (2019) to $61,644 million (2025) — a nearly 16-fold increase. Growth was strongest in the earliest years (201.6% in 2020) and has remained consistently strong since 2023 (63.2%, 47.1%, 39.1%), a genuinely sustained multi-year expansion rather than a one-time step-change.

• Composition Shift: Cash Sweep’s Rise From Marginal to Dominant Cash Sweep’s mix share tells the clearest structural story in this dataset: from just 1.5% of total interest-earning assets (2019) to 58.8% at its 2024 peak, before settling at 53.2% by 2025 — now comfortably the single largest category. Cash and Deposits moved in the opposite direction just as dramatically, falling from 82.0% (2019) to just 17.8% (2025). Margin Book has been the most volatile of the major categories — swinging from 33.7% mix share (2021) down to 11.5% (2023) before recovering to 27.3% (2025), a pattern that doesn’t cleanly track the broader asset growth trend and suggests Margin Book responds to different (likely trading-activity-driven) dynamics than the steadier Cash Sweep growth.

• Revenue Generated: A Different Growth Pattern Than the Underlying Assets Total Revenue Generated by Interest-Earning Assets grew from $84 million (2020) to $1,352 million (2025) — roughly 16-fold, similar in magnitude to asset growth but not perfectly correlated year-to-year. Notably, Cash and Deposits generated more revenue than Cash Sweep in every year from 2022 through 2025 ($498 million vs. $123 million in 2023, for example) despite Cash Sweep being the far larger asset base by dollar value — a clear sign that Cash Sweep’s yield is structurally much lower than Cash and Deposits’, which the yield data confirms directly.

• Annual Yields: A Story of Broad Compression, With Credit Card as the Striking Exception Consolidated Annual Yield declined from 3.52% (2023) to 2.45% (2025) — a meaningful compression during a period when the broader asset base was growing rapidly. This pattern holds across nearly every category: Margin Book’s yield fell from 7.36% to 5.01%, and Cash and Deposits’ yield fell from 4.99% to 3.98%. Cash Sweep’s yield has remained consistently the lowest of any category throughout (never exceeding 1.08%), which combined with its now-dominant asset share explains much of the consolidated yield compression — Robinhood’s asset base has shifted toward its lowest-yielding category. Credit Card, Net is the dramatic exception: its yield more than doubled, from 4.57% (2023) to 10.14% (2025) — by far the highest yield of any category and the only one moving in the opposite direction of the broader compression trend.

• Cross-Metric Comparison Reading composition, revenue, and yield together clarifies the central dynamic: Robinhood’s asset base has grown enormously and shifted toward Cash Sweep, but because Cash Sweep is structurally low-yielding, this shift has been a genuine drag on blended profitability even as absolute revenue generated has kept growing. Margin Book and Credit Card — both smaller, higher-yielding categories — have become increasingly important to preserving overall yield even as they represent a minority of total assets.

• Structural Takeaway: Robinhood’s interest-earning asset base has scaled dramatically and diversified structurally, but the shift toward Cash Sweep as the dominant category has come at the cost of blended yield, since Cash Sweep consistently earns the thinnest spread of any category. Given Credit Card’s yield has both grown sharply and now represents Robinhood’s single highest-yielding asset category by a wide margin, its continued scaling (from just $205 million in 2023 to $1,040 million by 2025) is the most important development to monitor going forward — a mix shift toward Credit Card, even from a small base, would work to partially offset the yield-compression pressure that Cash Sweep’s continued dominance is otherwise likely to exert on Robinhood’s consolidated yield.

The table below combines all key Robinhood’s interest-earnings assets metrics into a single view for the latest three fiscal years.

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Assets from margin book, cash, and credit card

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Assets mix from margin book, cash, and credit card

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Assets growth from margin book, cash, and credit card

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Average interest-earning assets

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Revenue generated from interest-earning assets

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Yield from interest-earning assets

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Credits And References

1. All data presented in this article were obtained and referenced from Robinhood’s quarterly and annual reports published on the company’s IR: Robinhood Investor Relations.

2. Pexels Images.

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Disclosure

We may use artificial intelligence (AI) tools to assist us in writing some of the text in this article. However, the data is directly obtained from original sources (usually the quarterly and annual reports) and meticulously cross-checked by our editors multiple times to ensure its accuracy and reliability.

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