This is the final version of the article. Available from the publisher via the DOI in this record.We develop the dichotomy spectrum for random dynamical systems and demonstrate its use in the characterization of pitchfork bifurcations for random dynamical systems with additive noise. Crauel and Flandoli (J. Dynam. Differential Equations 10 (1998) 259–274) had shown earlier that adding noise to a system with a deterministic pitchfork bifurcation yields a unique attracting random equilibrium with negative Lyapunov exponent throughout, thus “destroying” this bifurcation. Indeed, we show that in this example the dynamics before and after the underlying deterministic bifurcation point are topologically equivalent. However, in apparent para...