Robinhood’s November Report Reveals Diverging Trends in User Activity and Assets

Robinhood Markets, Inc. released its key operating metrics for November 2025 on Thursday, presenting a mixed financial snapshot. The data highlights a significant divergence: continued powerful growth in client assets coincided with a marked monthly decline in retail trader engagement across its platform.

A central pillar of strength in the report is the sustained expansion of assets under custody. The total net assets held on the brokerage platform reached $325 billion by the end of November. This figure represents a substantial 67% increase compared to the same period last year.

The platform recorded robust net deposits of $7.1 billion for the month alone. Annualizing this November flow rate suggests asset growth of approximately 25% relative to the total assets held at the beginning of October. Over the trailing twelve-month period, cumulative net inflows have summed to $70.2 billion.

Trading Volumes Cool Across All Segments

In contrast to the asset growth, user trading activity experienced a broad-based cooldown. Following an exceptionally active October, speculative engagement noticeably diminished in November.

Should investors sell immediately? Or is it worth buying Robinhood?

The most pronounced drop occurred in equity trading. Monthly share trading volume fell 37% to $201.5 billion. The options market, a particularly high-margin business for the company, faced an even steeper contraction. Contract volume here declined 28% to 193.2 million. Cryptocurrency trading volume also retreated, though more modestly, dropping 12% to $28.6 billion. While year-over-year comparisons remain positive, the monthly data indicates a clear short-term dip in retail trader participation.

Customer Count Dip Attributed to Regulatory Action

The number of funded customers on the platform decreased to 26.9 million in November, down roughly 130,000 from the prior month. Company management clarified that this reduction was not due to organic customer attrition. Instead, it resulted from a regulatory-mandated transfer of approximately 280,000 inactive accounts holding minimal balances.

Analyst Maintains Buy Rating Despite Adjusted Target

In reaction to the monthly operational update, Bank of America Securities revised its assessment. The firm reaffirmed its Buy recommendation on Robinhood shares but adjusted its price target downward from $166 to $154.

The November metrics underscore a persistent question for the company's investors: which factor carries greater weight—the impressive 67% year-over-year asset growth or the highly volatile trading activity that drives much of its revenue? The report makes evident that Robinhood's business model remains inherently exposed to fluctuations in retail investor sentiment.