Robinhood Markets, Inc. Reports November 2025 Operating Data
On December 10, 2025, Robinhood Markets, Inc. (NASDAQ: HOOD) released its monthly operating data for November 2025, revealing key metrics that highlight both the challenges and growth opportunities facing the company in the current financial landscape.
1. Customer Base and Funded Customers
As of the end of November, Robinhood reported a total of 26.9 million funded customers. This figure reflects a slight decline of approximately 130,000 customers from October but represents a year-over-year increase of about 2.1 million customers. Notably, the decrease includes the impact of a required escheatment of around 280,000 low-balance accounts. Without this adjustment, funded customer growth for the month would have been approximately 150,000.
2. Platform Assets and Deposits
Total platform assets reached $325 billion, marking a 5% decline from October but a significant 67% increase year-over-year. The company's net deposits in November amounted to $7.1 billion, reflecting a 25% annualized growth rate compared to the previous month’s total platform assets. Over the past twelve months, net deposits totaled $70.2 billion, showcasing an impressive 36% annual growth rate relative to November 2024.
3. Trading Volumes and Activity
Trading activity showed varied results, with some areas experiencing significant fluctuations:
- Equity Notional Trading Volumes declined to $201.5 billion, down 37% from October but up 37% year-over-year.
- The number of options contracts traded fell to 193.2 million, a 28% decrease from the previous month, yet still reflecting a 24% increase year-over-year.
- Crypto Notional Trading Volumes also decreased, totaling $28.6 billion—this marks a 12% drop from October and a 19% decline year-over-year. Within this, Robinhood App Notional Trading Volumes were reported at $12.0 billion, down 14% month-over-month and a staggering 66% year-over-year. Meanwhile, Bitstamp Notional Trading Volumes amounted to $16.6 billion, down 11% from October.
- On a positive note, event contracts traded increased to 3.0 billion, up 20% from October.
4. Margin Balances and Cash Sweep
The company's margin balances showed a slight increase, reaching $16.8 billion, which represents a 2% growth from October and a remarkable 147% growth year-over-year. Total cash sweep balances at the end of November were $32.5 billion, down 5% from October but up 23% year-over-year. This decrease includes the movement of approximately $700 million from non-Gold cash sweep balances to customer free credit balances as Robinhood wound down its Non-Gold Cash Sweep program.
5. Securities Lending Revenue
In November, Robinhood generated $34 million in total securities lending revenue, reflecting a 43% decrease from October but a substantial 48% increase year-over-year.
6. Summary of Key Metrics
| Metrics | November 2025 | October 2025 | Month-over-Month Change | November 2024 | Year-over-Year Change |
|---|---|---|---|---|---|
| Funded Customers (M) | 26.9 | 27.1 | -1% | 24.8 | +8% |
| Total Platform Assets ($B) | 325 | 342.6 | -5% | 194.6 | +67% |
| Net Deposits ($B) | 7.1 | 5.6 | NM | 5.6 | NM |
| Equity Trading Volumes ($B) | 201.5 | 320.1 | -37% | 147.1 | +37% |
| Options Contracts (M) | 193.2 | 266.7 | -28% | 155.5 | +24% |
| Crypto Trading Volumes ($B) | 28.6 | 32.5 | -12% | 35.2 | -19% |
| Margin Book ($B) | 16.8 | 16.5 | +2% | 6.8 | +147% |
| Total Cash Sweep ($B) | 32.5 | 34.2 | -5% | 26.5 | +23% |
| Securities Lending Revenue ($M) | 34 | 60 | -43% | 23 | +48% |
7. Conclusion
Robinhood's November 2025 operating data reflects a mixed performance, with significant year-over-year growth in customer numbers and platform assets tempered by declines in trading volumes across several categories. As Robinhood continues to adapt to shifting market conditions, the emphasis on customer retention and innovative product offerings will be essential for maintaining its competitive edge in the financial services industry.
