Robinhood Interest Revenue From Margin Loans, Cash, Securities, etc

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This page presents Robinhood’s net interest revenue breakdown, consisting of income from several interest categories, such as margin interest, interest on corporate cash, securities lending, etc.

Let’s look at the interest income results!

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.

Net Interest Revenue: Robinhood’s net interest revenues consist of interest revenues less interest expenses.

Robinhood earns interest revenues on margin loans to users, segregated cash, cash equivalents, and securities, deposits with clearing organizations, corporate cash and investments, Cash Sweep, and carried customer credit card balances.

Robinhood also earns and incurs interest revenues and expenses on securities lending transactions. Robinhood incurs interest expenses in connection with its revolving credit facilities and borrowings by the Credit Card Funding Trust.

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Insight & Summary of Robinhood’s Net Interest Revenue Breakdown

Robinhood’s net interest revenue has grown into a genuinely substantial and increasingly diversified income stream, though its share of total revenue has actually declined even as the dollar amount has climbed sharply — a sign that other revenue lines are growing even faster.

• Consolidated Net Interest Revenue: Explosive Growth, But a Declining Share of Total Revenue Consolidated Net Interest Revenue grew from $70 million (2019) to $1,514 million (2025) — a more than 21-fold increase — with particularly explosive growth in 2023 (119.1%) coinciding with the higher-interest-rate environment of that period. Net interest revenue as % of Total Net Revenues, however, tells a more nuanced story: it peaked at 49.8% (2023) before declining to 37.6% (2024) and 33.8% (2025), even as the dollar figure kept growing throughout. This means Robinhood’s other revenue streams (transaction revenue, subscriptions) have been growing even faster than net interest revenue in the most recent two years, diluting its relative share despite continued absolute growth.

• Margin Interest and Securities Lending: The Two Largest, Most Consistent Contributors Margin interest has been a substantial and generally growing contributor throughout, from $19 million (2019) to $573 million (2025), with particularly strong growth in 2025 (79.6%). Securities lending, net was actually the single largest category in both 2020 and 2021 (55.4% and 53.1% mix share respectively) before its relative importance declined significantly, falling to just 8.5% mix share by 2023-2024 before recovering to 12.5% by 2025 — a genuinely volatile trajectory distinct from Margin interest’s more steadily upward path.

• Interest on Corporate Cash and Segregated Cash: A Rate-Sensitive, More Recently Volatile Pair Both Interest on Corporate Cash and Investments and Interest on Segregated Cash showed extraordinary growth in 2022 (10,200.0% and 1,325.0% respectively, largely reflecting extremely small 2021 bases combined with sharply rising interest rates), before Interest on Corporate Cash specifically began declining in both 2024 (-11.1%) and 2025 (-34.8%) — the only major category to post two consecutive years of decline. This divergence from Segregated Cash Interest, which continued growing modestly through the same period (24.3% and 22.2%), suggests Robinhood may be actively managing down its corporate cash interest exposure even as customer-related interest income categories continue expanding.

• Cash Sweep and Credit Card: Newer, Smaller, But Rapidly Scaling Categories Cash Sweep grew from a negligible $1 million (2019) to $229 million (2025), with several years of triple-digit-or-higher growth (633.3% in 2022, 459.1% in 2023) reflecting its emergence as a genuinely new, rapidly scaling revenue category. Credit Card, net first appeared with a real value in 2023 ($9 million) and grew to $64 million by 2025, with 166.7% growth in both 2024 and 2025 — a coincidental identical growth rate in consecutive years, but nonetheless confirming this as one of the fastest-growing categories in the entire breakdown, even from its very small base.

• Interest Expenses Related to Credit Facilities: A Persistent, Growing Cost This is the only consistently negative line item in the breakdown, growing from -$1 million (2019) to -$32 million (2025) — meaning this cost has scaled alongside Robinhood’s broader net interest revenue growth, functioning as a real and increasing offset rather than a fixed cost. Its mix share has remained relatively stable in recent years (-2.1% to -2.5%), suggesting this expense scales roughly proportionally with the overall net interest revenue base rather than growing disproportionately.

• Structural Takeaway: Robinhood’s net interest revenue has evolved from a small, single-source-dominated line (Interest on Segregated Cash represented over half of net interest revenue in 2019) into a genuinely diversified, multi-category income stream, with Margin Interest and Securities Lending now the two largest and most consistent contributors, alongside rapidly scaling newer categories like Cash Sweep and Credit Card. Given net interest revenue’s share of Total Net Revenue has now declined for two consecutive years despite continued dollar growth, the more important trend to monitor going forward is whether this ratio stabilizes or continues eroding as Robinhood’s transaction and subscription revenue lines keep outpacing interest income growth — a genuine question about whether net interest revenue remains a structurally central pillar of Robinhood’s business model or gradually becomes a smaller, though still substantial, contributor to overall revenue.

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

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Net interest revenue as % of total net revenue

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Income from margin interest, interest on cash, securities lending, and more

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Income mix from margin interest, interest on cash, securities lending, and more

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Income growth from margin interest, interest on cash, securities lending, and more

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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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