Robinhood (NASDAQ:HOOD) reported a solid Q1, showing continued growth in both revenue and user base. Results were supported by record trading volumes across equities, options, and crypto, along with ongoing momentum from Robinhood Legend, its desktop trading platform. The growth in Gold subscriptions was particularly noteworthy—reaching 3.2 million paid members, a segment characterized by higher engagement, stronger net deposit rates, and a more consistent revenue stream.
However, some caution flags emerged. Average Revenue Per User (ARPU) declined slightly, and marketing spend increased without a proportional rise in new inflows. Additionally, the TradePMR acquisition—while bringing in ~$40 billion in assets—also added to operational costs and may have inflated certain headline metrics. These are not major red flags, especially coming off a strong Q4, but they are worth monitoring as the company works to sustain momentum and improve efficiency.
For more details, key highlights, and commentary, check out the high-level earnings summary.
