Disclosure: I have a small personal position in Robinhood common stock, positions in and out of Robinhood started in July 2024. I use the platform for trading and use their credit card.

Robinhood announced another quarter of earnings this evening. Prior overviews are here and here.

Assets Under Custody/Net Deposits - Assets saw an increase of 70% in the latest quarter versus last year. A significant portion of the increase was due to TradePMR acqusition to offset lower overall values and limited slower crypto growth.

Gold Stickiness - Prior quarter was 10.5%, latest quarter was 12.4% with 3.19 million Gold subscribers. The subscriber base continues to grow and that stickiness leads to higher activity and lower churn. Note that the credit card is now up from 100k subs to over 200k subs this quarter. The CFO noted they will continue to grow credit card subs yet will do so with a “measured” approach.

Average Revenue Per User (ARPU) Growth - Whilst the average is down slightly quarter over quarter, the yearly growth figures remain incredibly healthy.

Some other stats:

Robinhood Strategies was recently launched and has 40,000 users and $100mm in assets thus far.
Futures traded 4.5mm contracts in April alone, more than all of Q1, 1billion in last 6 months and believe this is in early stages.

Bottom Line: Though the trading wasn’t as robust specifically in crypto this quarter and an acquisition assisted the business in meeting the numbers, Robinhood continues to drive industry change and build complementary businesses that grow stickiness. No reason not to remain long in my opinion.