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This page presents Robinhood’s net revenues breakdown by category, consisting of:
Let’s look at the revenue results!
For other statistics of Robinhood, you may find more information on this page: Robinhood key stats.
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Table Of Contents
Definitions And Overview
Insight & Summary of Observed Trends
Z1. Insight & Summary of Robinhood’s Net Revenues Breakdown By Category
Net Revenues Results
A1. Net revenues breakdown by category
A2. Net revenues mix by category
A3. Net revenues growth by category
Reference, Credits, and Disclosure
S1. References and Credits
S2. Disclosure
Definitions
To help readers understand the content better, the following terms and glossaries have been provided.
Transaction-based Revenues:
Robinhood’s transaction-based revenues consist of amounts earned from routing customer orders for options, cryptocurrencies, and equities to market makers. When customers place orders for options, cryptocurrencies, or equities on Robinhood’s platform, Robinhood routes these orders to market makers and receives consideration from those market makers.
With respect to options and equities trading, such fees are known as PFOF. With respect to cryptocurrencies trading, Robinhood receives “Transaction Rebates” when routing to market makers. In the case of options, Robinhood’s fee is on a per contract basis based on the underlying security.
For equities, the fees it receive are typically based on the size of the publicly quoted bid-ask spread for the security being traded; that is, Robinhood receives a fixed percentage of the difference between the publicly quoted bid and ask at the time the trade is executed.
In the case of cryptocurrencies, the rebate is a fixed percentage of the notional order value. Within each asset class, whether options, cryptocurrencies, or equities, the transaction-based revenue Robinhood earns is calculated in an identical manner among all participating market makers.
Robinhood routes option and equity orders in priority to participating market makers that it believes are most likely to give its customers the best execution, based on historical performance (according to order price, trading symbol, availability of the market maker and, if statistically significant, order size), and, in the case of options, the likelihood of the order being filled is a factor as well.
For cryptocurrency orders, Robinhood routes to market makers based on price and availability of the cryptocurrency from the market maker. It also earns transaction-based revenues from commissions. Acting as an agent, it facilitates purchases and sales of event contracts and futures on behalf of users. Commissions are recognized on a trade-date basis as this is when the performance obligation is satisfied.
Net Interest Revenues:
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. It incurs interest expenses in connection with its revolving credit facilities and borrowings by the Credit Card Funding Trust.
Other Revenues:
Robinhood’s other revenues primarily consists of Robinhood Gold subscription fees, proxy revenues, digital asset listing fees, selling concession revenues, advertising revenues, and ACATS fees charged to users for facilitating the transfer of part or all of assets in their accounts to another broker-dealer.
Insight & Summary of Robinhood’s Net Revenues Breakdown By Category
Robinhood’s net revenues grew from $278M in FY2019 to $4,473M in FY2025 — a more than 16x increase — but the path was not linear: revenue nearly quadrupled through the FY2019–2021 retail-trading boom, then fell sharply in FY2022 before resuming strong growth from FY2023 onward on a materially different mix.
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Transaction-based revenues drove the early boom and the recent rebound, but lost its majority-share status in between. This line surged 321.5% in FY2020 and 94.7% in FY2021 on meme-stock-era trading volume, then contracted in both FY2022 (-42.0%) and FY2023 (-3.6%) as trading activity cooled. It has since roughly tripled from its FY2023 low ($785M) to FY2025 ($2,628M), regaining its position as the largest single contributor at 58.8% of net revenues.
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Net interest revenues emerged as the structural stabilizer of the business. Growing every single year without exception — including through the FY2022 downturn when transaction revenue fell — net interest revenue rose from $71M to $1,514M, an over 21x increase. Its mix share swelled from roughly 25% pre-2022 to a peak of 49.8% in FY2023, before settling back to 33.8% in FY2025 as transaction revenue’s rebound outpaced it. This is the clearest evidence of diversification: Robinhood built a second, less-cyclical revenue engine (margin lending, cash sweep, corporate cash) that cushioned the business precisely when trading activity slowed.
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Other revenues stayed the smallest category throughout but has grown the fastest most recently. After a volatile early period (+154.4% in FY2021, then -23.0% in FY2022), it has posted three consecutive years of acceleration (25.8% → 29.1% → 69.7%), though its mix share has stayed confined to a narrow 6–13% band across all seven years — it remains a supporting, not defining, contributor.
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Structural Takeaway: Robinhood has moved from a single-engine, sentiment-driven revenue model (2019–2021, transaction revenue at 75–77% of the mix) to a genuinely two-engine model, with net interest revenue now large enough to meaningfully dampen the cyclicality that trading commissions alone used to create. FY2025’s mix (58.8% / 33.8% / 7.4%) looks more balanced than FY2021’s, even though transaction revenue is again the largest single line — the difference is that net interest revenue is now a durable ~34–50% floor rather than a rounding error. Looking ahead, net revenue growth is likely to keep depending on the interplay between trading-activity cycles (transaction revenue) and the prevailing interest-rate and balance-sheet environment (net interest revenue); a rate-cutting cycle would be the main foreseeable risk to the net interest engine’s recent stabilizing role, while other revenues’ three-year acceleration bears watching as a potential third leg if it continues at its current pace.
The table below combines all key Robinhood’s net revenues metrics into a single view for the latest three fiscal years.
Robinhood’s Net Revenues by Category — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| Net Revenues Breakdown | |
| Transaction-Based Revenues | $1,687M |
| Net Interest Revenues | $1,184M |
| Other Revenues | $226M |
| Total Net Revenues | $3,096M |
| Net Revenues Mix | |
| Transaction-Based Revenues | 52.2% |
| Net Interest Revenues | 40.4% |
| Other Revenues | 7.4% |
| Total Net Revenues | 100.0% |
| Net Revenues Growth | |
| Transaction-Based Revenues | 55.3% |
| Net Interest Revenues | 58.3% |
| Other Revenues | 41.5% |
| Total Net Revenues | 49.0% |
Averages cover FY2023–FY2025. Currency figures rounded to nearest whole unit. Mix and growth rounded to one decimal place.
Net revenues breakdown by category
View data as table
Robinhood Net Revenues Breakdown by Category — All Metrics by Fiscal Year
| Fiscal Year | Transaction-Based Revenues | Net Interest Revenues | Other Revenues | Total Net Revenues |
|---|---|---|---|---|
| 2019 | $171M | $71M | $36M | $278M |
| 2020 | $720M | $177M | $61M | $959M |
| 2021 | $1,402M | $257M | $156M | $1,815M |
| 2022 | $814M | $424M | $120M | $1,358M |
| 2023 | $785M | $929M | $151M | $1,865M |
| 2024 | $1,647M | $1,109M | $195M | $2,951M |
| 2025 | $2,628M | $1,514M | $331M | $4,473M |
Robinhood’s definition of transaction-based revenue, interest revenue, and other revenue is available here: transaction-based revenues, net interest revenues, and other revenues.
Net Revenues Breakdown — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| Transaction-Based Revenues | $1,687M |
| Net Interest Revenues | $1,184M |
| Other Revenues | $226M |
| Total Net Revenues | $3,096M |
Averages cover FY2023–FY2025. Currency figures rounded to nearest whole unit.
Net revenues mix by category
View data as table
Robinhood Net Revenues Mix by Category — All Metrics by Fiscal Year
| Fiscal Year | Transaction-Based Revenues | Net Interest Revenues | Other Revenues |
|---|---|---|---|
| 2019 | 61.6% | 25.5% | 13.0% |
| 2020 | 75.1% | 18.5% | 6.4% |
| 2021 | 77.3% | 14.2% | 8.6% |
| 2022 | 59.9% | 31.2% | 8.8% |
| 2023 | 42.1% | 49.8% | 8.1% |
| 2024 | 55.8% | 37.6% | 6.6% |
| 2025 | 58.8% | 33.8% | 7.4% |
Robinhood’s definition of transaction-based revenue, interest revenue, and other revenue is available here: transaction-based revenues, net interest revenues, and other revenues.
Net Revenues Mix — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| Transaction-Based Revenues | 52.2% |
| Net Interest Revenues | 40.4% |
| Other Revenues | 7.4% |
| Total Net Revenues | 100.0% |
Averages cover FY2023–FY2025. Mix rounded to one decimal place.
Net revenues growth by category
View data as table
Robinhood Net Revenues Growth by Category — All Metrics by Fiscal Year
| Fiscal Year | Transaction-Based Revenues | Net Interest Revenues | Other Revenues | Total Net Revenues |
|---|---|---|---|---|
| 2020 | 321.5% | 151.2% | 69.9% | 245.5% |
| 2021 | 94.7% | 44.8% | 154.4% | 89.3% |
| 2022 | -42.0% | 65.0% | -23.0% | -25.2% |
| 2023 | -3.6% | 119.1% | 25.8% | 37.3% |
| 2024 | 109.8% | 19.4% | 29.1% | 58.2% |
| 2025 | 59.6% | 36.5% | 69.7% | 51.6% |
Robinhood’s definition of transaction-based revenue, interest revenue, and other revenue is available here: transaction-based revenues, net interest revenues, and other revenues.
Net Revenues Growth — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| Transaction-Based Revenues | 55.3% |
| Net Interest Revenues | 58.3% |
| Other Revenues | 41.5% |
| Total Net Revenues | 49.0% |
Averages cover FY2023–FY2025. Growth rounded to one decimal place.
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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