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Below is Dolphin Research's Trans of HOOD FY25 Q4 earnings call; for the earnings read, see 'Robinhood: After the frenzy, what's left for the U.S. retail king?'. Section I: Key metrics — Customers &amp; assets.AUC rose nearly 70% YoY to $324bn. Full-year net deposits hit a record $68bn (+35% YoY).The platform recorded positive net transfers from all major broker peers for eight straight quarters. Robinhood Gold subscribers reached 4.2mn, up nearly 60% YoY...

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HOOD: Stock Halved? Let Earnings Speak, Other Notes

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Today’s Key News Recap

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0211 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) On the evening of Feb 10, Lei Jun live-streamed from Xiaomi Auto's Yizhuang, Beijing plant. He announced the final first-gen SU7 had rolled off the line and shipped, marking the model's official discontinuation, with cumulative deliveries nearing 370k units. Production lines are being retooled for the next-gen SU7, slated for an Apr launch.The first-gen wrap-up validates Xiaomi Auto's mass-production capability and market acceptance. The capacity transition paves the way for a volume ramp of the new model, a near-term positive for order conversion and brand perception, with Xiaomi up over 4% today...

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MSFT Eyes High-Temp Superconductors to Ease AI Power Bottlenecks; BABA's RynnBrain Aims to Give Machines a Brain | Daily News Recap

Financial Analysis

Quadrupled in nine months, then halved in four. From 2025 into 2026, few U.S. 'meme-like' tickers swung as wildly as retail broker platform $Robinhood(HOOD.US).After the U.S. close on Feb. 10, 2026, on Longbridge, the retail king posted its Q4 2025 results as scheduled. But the print dealt a fresh blow to hopes of a rebound.Details: 1) Revenue was $1.28bn (+27% YoY, roughly flat QoQ). Street was at $1.35bn...

HOOD: What's Left After the Frenzy?

ROBN

HOOD 4Q25 First Take: With monthly disclosures, Nov. cash equity and options volumes fell notably, and crypto activity was weak in both Nov. and Dec. The market had already trimmed expectations. In 4Q, the focus shifted to monetization rates across asset classes and net interest yields. Actual revenue came in at $1.28bn vs. the market’s ~$1.35bn, a ~5% miss. Given HOOD’s granular operating disclosures, the shortfall likely stemmed from the Street linearly overestimating securities lending, by nearly $50mn on that line alone. The prior quarter’s spike in securities lending was driven by intense trading in liquidity-dependent retail favorites, which pushed borrow costs higher. In 4Q, liquidity tightened, a headwind for such flows. As a result, securities lending revenue dropped sharply to under $30mn from roughly $90mn. Crypto, a key pillar of HOOD’s valuation premium, also softened. Trading revenue slipped to $220mn, below the ~$250mn the market was looking for. By Feb., after the next Fed chair pick, the 'Warsh shock'—a path of rate cuts alongside tighter money supply—raised liquidity-tightening fears. For HOOD, which is highly leveraged to market liquidity across crypto, meme stocks and its retail platform, the impact is front-loaded. Its premium valuation adds to the sensitivity. After such a pullback, is it an opportunity or a risk? Dolphin Research will share its take in the full note, stay tuned. $Robinhood(HOOD.US) $T-Rex 2X Long HOOD Daily Target ETF(ROBN.US)

T-Rex 2X Long HOOD Daily Target ETF

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0129 | Dolphin Research Focus: 🐬 Macro/Industry 1) Recently, multiple developers confirmed they are no longer required by regulators to submit monthly 'Three Red Lines' metrics, signaling an effective phase-out. The policy began in Aug 2020 to curb the growth of interest-bearing debt at developers.This is not a sudden policy U-turn; some firms reportedly stopped mandatory filings after Jun 2023. It marks the end of a years-long forced deleveraging cycle for developers. Several China property stocks moved higher on the news...

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Three tech giants to pour RMB 60 bn into OpenAI; BABA's T-Head unveils Zhenwu 810E | Daily News Recap

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1208 ｜Dolphin Research Focus: 🐬 Macro/Industry 1) The CPC Politburo met on Dec. 8 to discuss the 2026 economic agenda and reviewed the 'Regulations on the Party's Leadership over Law-Based Governance'. It set the tone for next year: fiscal policy to be more proactive, monetary policy moderately accommodative. 🐬 Single Stocks 1) $Robinhood(HOOD.US) Robinhood said in a Sunday blog post...

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Politburo sets 2026 economic agenda, HOOD pushes into SE Asia crypto | Daily News Recap

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Block 3Q25 Quick Interpretation: Overall, the company's performance this quarter was not bad. Although at first glance, total revenue and GAAP operating profit were below expectations, the former was dragged down by the Bitcoin trading business, which has high revenue but very low profit impact. Core revenue actually exceeded expectations. Similarly, the adjusted operating profit, which is more closely watched by the market and the company, also exceeded expectations. The company's guidance for 4Q, while not particularly outstanding, was generally in line with or slightly better than expectations. Therefore, Dolphin Research believes that the post-earnings plunge was more due to the overall decline in the US stock market. As long as the performance is not perfect and significantly exceeds expectations, the trend is generally downward. As a member of the cryptocurrency/stablecoin concept, the company's elasticity is relatively greater. Similarly, Hood and Circle also experienced similar declines yesterday, despite Hood's strong performance. Specifically: 1) Core revenue, excluding Bitcoin trading, grew by 17% year-on-year this quarter, significantly accelerating from 10% last quarter and better than expected. Adjusted operating profit was $480 million, also better than expected. The downside is that the year-on-year growth rates of revenue, gross profit, and adjusted profit are gradually slowing down, and the company's operating leverage is currently negatively amplifying. 2) In the Square segment, the total payment volume (TPV) grew by 12.2% year-on-year this quarter, accelerating by 2 percentage points from last quarter. The trend is also positive. The downside is that the gross profit of the Square segment grew by 9% year-on-year, which is slower than the TPV growth rate, indicating that the company has not been able to obtain proportional profit from the increased business volume. 3) In the Cash App segment, the gross profit excluding Bitcoin business grew by 25% year-on-year this quarter, accelerating by nearly 10 percentage points from last quarter, also showing strong performance. On the underlying metrics, the number of active users this quarter finally increased to 58 million after staying at 57 million for six quarters. The amount of funds flowing into the app reached $78.8 billion, also setting a new historical high. 4) Although the Bitcoin segment performed poorly despite the industry's recovery, its impact on profit is minimal. $Block(SQ.US)

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Robinhood (Minutes): Not only to trade, but also to be the 'origin' of trading ideas

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1106 | Dolphin Research Focus: 🐬 Stocks 1. $XPeng(XPEV.US) On November 5th, XPeng Technology Day, the new generation humanoid robot IRON was officially unveiled and topped the trending searches, even sparking discussions suggesting it was &#34;a real person in disguise.&#34; It features a bionic design, with 82 degrees of freedom throughout the body and 22 degrees of freedom in the hands, equipped with 3 Turing AI chips and a physical world large model, with a total computing power of 2250 TOPS, and debuts solid-state battery technology. The robot is planned for mass production by the end of 2026...

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XPeng humanoid robot's catwalk amazed the audience; Moutai announced repurchase + dividend｜Today's Important News Review

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On November 6th, the American influencer retail brokerage stock $Robinhood(HOOD.US) released its earnings report before the U.S. stock market opened. After a nearly 300% surge over three quarters, the market's expectations were high. Can the actual results meet the capital market's enthusiastic expectations? Let's take a closer look: 1. Total revenue was $1.27 billion, up 100% year-on-year and 29% quarter-on-quarter; it slightly exceeded Bloomberg's consensus estimate of $1.21 billion. However, since the company had already announced impressive operational data for September on September 29th, the real buy-side expectations have been elevated since then...

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SCHWAB(CHARLES)CORP 5.95% DEP SHS REP 1/40 NON CUM PERP PF D

SCHWAB(CHARLES)CORP 4.450% DEP SHS REP 1/40TH N-CUM PFD SERJ

Robinhood: Quadruple in a Year, Is the King of U.S. Retail Investors Really That Impressive?

Dakota Wealth Management Significantly Reduces Holdings in Robinhood

Robinhood Markets Announces a US$1.5 Billion Share Repurchase Program

Robinhood CEO announces its banking division has surpassed $1.5 billion in deposits

Barclays Maintains Buy Rating on Robinhood with a $124 Price Target

Range Financial Group LLC Acquires 21,828 Shares in Robinhood Markets, Inc.

Robinhood Announces Preliminary March 2026 Trading Data, with $16 Billion in Crypto Volume

Robinhood Builds Web3 Partner Network, Strengthening Compliance and Expansion Capabilities

Robinhood Reports March Monthly Metrics Showing Rise in Equity and Options Volume, Drop in Crypto

Report on SpaceX IPO Underwriting Poses Potential Competitive Pressure for Robinhood

Information regarding Robinhood after 2026-03-30T17:41 UTC

Bernstein Lowers Robinhood's Price Target but Maintains 'Outperform' Rating

State of Michigan Retirement System sells shares of Robinhood

Robinhood CEO advocates for tokenization to solve trading halt issues

Robinhood Markets (NASDAQ:HOOD) Shares Down 1.3% After Analyst Downgrade

Jefferies Initiates Coverage on Robinhood Stock with a 'Buy' Rating and $88 Price Target

Multiple institutional investors reduced their holdings in Robinhood during Q1 2026

UBS Group sells 586,175 shares of Robinhood Markets

Robinhood to Announce March Month-to-Date Trading Data on March 30

Trump's support for prediction markets leads to a surge of 4 billion contracts for Robinhood in a single month

Q Fund Management Hong Kong Ltd Trims Position in Robinhood Markets, Inc.

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