CEO Vlad Tenev on Robinhood's Record Year (+200%, ~$100B Market Cap)
Sourcery
Revenue Streams: Transactions, Interest, Subscriptions
Vlad breaks down transaction revenue, net interest, cash sweep growth, margin expansion, and Robinhood Gold subscriber traction.
Robinhood CEO Vlad Tenev joins Molly O’Shea from Robinhood HQ to break down the company’s record year and what powered its growth.
Robinhood (NASDAQ: HOOD) stock opened 2025 under $40/share and ended the year around $113/share, a ~200% annual gain, pushing the company to roughly $120B in market capitalization. But as Vlad explains, the bigger story is under the hood.
Today, Robinhood has 11 separate business lines generating $100M+ in annual revenue (!!), including prediction markets, margin, Gold subscriptions, cash sweep, crypto, and institutional infrastructure via Bitstamp. Vlad walks through Robinhood’s three long-term arcs: becoming #1 for active traders, owning wallet share for the next generation, and expanding globally into business and institutional markets.
The conversation spans:
Prediction markets as a new supercycle (sports, weather, insurance)
Tokenized stocks and 24/7 trading in Europe
Reinventing earnings calls as live, interactive experiences
Unlocking private markets and AI companies for retail investors
Robinhood Cortex, an AI financial assistant with full portfolio context
Why retail investors today look very different than in 2021
This is a deep look at how Robinhood matured alongside its users — and how Vlad thinks about the next decade of finance.
Vlad Tenev:Molly O’Shea: https://x.com/MollySOSheaSourcery: https://x.com/sourceryvc
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