Robinhood dropped in after-hours trading on Tuesday after the trading platform’s latest earnings missed analyst expectations while crypto revenues tanked in the fourth quarter.

Robinhood reported record net revenues of $1.28 billion in Q4, missing Wall Street expectations of $1.34 billion despite increasing 27% year-on-year. 

Its crypto-based revenues fell 38% from last year to $221 million after the crypto market entered an extended period of drawdowns in October.

The company’s net income for the quarter fell 34% year-on-year to $605 million, with its earnings per share reaching 66 cents, slightly beating analyst estimates of 63 cents.

Shares in Robinhood (HOOD) fell by 7.66% in after-hours trading to $79.04 after finishing the trading day down 1.1% at $85.60. Its stock is down over 42% since its peak of $148.67 on Oct. 3.

Over the full year, Robinhood said its net revenues for 2025 increased 52% from 2024 to a record $4.5 billion, while its net income for the year jumped 35% to $1.9 billion.

Crypto volume growth lags other products

Robinhood reported that notional crypto volumes across its app and its wholly-owned exchange, Bitstamp, were up 3% quarter-on-quarter in Q4 to a record $82.4 billion.

By comparison, equity trade volumes saw a larger quarterly jump, up 10% to $710 billion, while options contracts traded rose 8% over the quarter to 659 million.

Prediction markets, which the company launched on its platform in March in partnership with Kalshi, have also helped bolster Robinhood’s revenues in Q4, as the appetite for event contracts skyrocketed last year.

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Robinhood’s “other” transaction-based revenues, which include its products such as prediction markets and futures, hit a record $147 million in Q4, a 375% jump from the same time last year, overtaking its revenues from equity trades for the first time.