Robinhood Q4 miss: Crypto revenue drop 38% despite record notional volume

Robinhood report say Q4 net revenue na $1.28B, under wetin analysts expect $1.34B, so shares drop for after‑hours trading. Crypto related revenue drop 38% YoY to $221M, company talk say market slow down start for October 2025 reduce retail crypto activity. Even tho crypto revenue weak, Robinhood record quarterly high for notional crypto volume, up 3% sequential to $82.4B, show say bigger or institutional flows dey even as retail participation dey decline. Quarterly net income fall 34% to $605M but EPS beat estimates at $0.66 (vs $0.63 expected). Full year 2025 show record net revenue $4.5B (up 52%) and annual net income $1.9B (up 35%). Equity and options activity grow: equities notional +10% to $710B and options contracts +8% to 659M. “Other” transaction based revenues — including prediction markets and futures — surge 375% YoY to $147M, pass equity trading revenue for the first time. Robinhood also push their crypto infrastructure, launch public testnet for Robinhood Chain (an Ethereum layer‑2 on Arbitrum) wey target tokenized real‑world assets, 24/7 trading, tighter wallet integration and real‑time settlement, mainnet planned later dis year. Key takeaways for traders: expect continued volatility for crypto‑exposed stocks as retail crypto activity shrink; monitor Robinhood forward guidance and crypto market sentiment for short‑term share moves; watch on‑chain developments and product rollouts (Robinhood Chain) as possible medium‑ to long‑term drivers of tokenization flows and revenue diversification.