How High Could Robinhood Stock Go in the Next Bull Market?

Robinhood's (NASDAQ: HOOD) stock closed at a record high of $152.46 per share on Oct. 9, 2025. It had more than quadrupled from its IPO price of $38 in July 2021. The ongoing bull market, which began in 2022, was attracting new users and boosting its revenues.

But as of this writing, Robinhood's stock trades at about $97. While we're still firmly in a bull market, concerns about inflation, the Middle East conflict, and potential interest rate hikes are all driving investors toward more conservative investments. That lower trading volume will likely discourage active trading and throttle Robinhood's growth. The S&P 500 also looks expensive at nearly 30 times earnings -- so the next bear market could be right around the corner.

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Those fears pulled Robinhood's stock down from its all-time highs, but could it skyrocket and set new highs in the next bull market? Let's review its longer-term catalysts to find out.

How fast is Robinhood growing?

Robinhood disrupted traditional brokerages by offering commission-free trades on its streamlined app. From 2020 to 2025, its annual revenue surged from $959 million to $4.5 billion, while its total funded customers more than doubled from 12.5 million to 27.0 million. Many of those customers were younger, first-time investors with smaller accounts.

Robinhood also ended 2025 with 4.2 million Gold subscribers, who pay $5 a month (or $50 annually) for interest-free margin, lower margin rates, higher interest rates on uninvested cash, and other perks. That represented 58% growth from the end of 2024.

Robinhood is firmly profitable, and its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) -- which tunes out the noise from its recent acquisitions, stock-based compensation, and other one-time expenses -- turned positive in 2023, rose 167% in 2024, and grew another 76% to $2.5 billion in 2025. That bottom-line growth was driven by higher interest rates, higher fees from crypto and options trades, and Robinhood Gold's expansion.

How much higher could its stock go?

From 2025 to 2028, analysts expect Robinhood's revenue and adjusted EBITDA to both grow at CAGRs of about 15%. With an enterprise value of $82 billion, it might seem a bit pricey at 32 times this year's adjusted EBITDA. Still, its popularity among younger investors, its growth in Gold memberships, and its expanding fintech ecosystem (including prediction markets trading) could justify that higher valuation.

It's impossible to tell when the next bear and bull markets will happen, but Robinhood is a resilient company that has already endured several boom-and-bust cycles since its 2021 IPO. If it matches analysts' estimates and maintains its EV/EBITDA ratio through 2028, its stock could easily rise by more than 50% over the next two years.

Leo Sun has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.