Robinhood Markets $HOOD

Company profile

Robinhood Markets, Inc. says in its annual report for fiscal 2025 (Form 10-K, refiled in full as a Form 10-K/A to fix formatting) that it was founded in 2013 and that its mission is to democratize finance for all. It says it was the first U.S. retail broker to offer commission-free stock trading with no account minimums. Its platforms offer commission-free investing in U.S.-listed stocks and ETFs and related options, margin investing, fully-paid securities lending, cash sweep, retirement accounts (IRAs), futures, short selling and prediction markets, where customers trade event contracts through its futures commission merchant regulated by the CFTC; cryptocurrency trading in the U.S. and the EU; the self-custody Robinhood Wallet; the Robinhood Gold subscription; the Robinhood Gold Card and Robinhood Banking, offered with Coastal Bank; and wealth management through Robinhood Strategies. It also offers brokerage services in the U.K. and stock tokens to eligible EU customers. In 2025 it acquired TradePMR, a custodial and portfolio management platform for registered investment advisers (RIAs), on February 26 for approximately $175 million in cash, and Bitstamp, a cryptocurrency exchange, on June 2 for approximately $224 million in cash (10-K).

In fiscal 2025 total net revenues were $4,473 million, made up of transaction-based revenues of $2,628 million, net interest revenues of $1,514 million and other revenues of $331 million; total operating expenses were $2,379 million and net income $1,883 million, or $2.05 per diluted share, according to the 10-K. Robinhood primarily earns transaction-based revenues from routing customer orders for options, cryptocurrencies and equities to market makers: for equities and options these fees are known as payment for order flow (PFOF), and for cryptocurrencies Robinhood receives transaction rebates; it also earns commissions on event contracts and futures. The 10-K reports, as company-defined key performance metrics, 27.0 million Funded Customers, Total Platform Assets of $322.1 billion and 4.18 million Robinhood Gold Subscribers at the end of 2025, and Net Deposits of $68.1 billion for the year. It also reports Adjusted EBITDA, a non-GAAP measure, of $2.52 billion for 2025.

According to its 10-Q for the quarter ended June 30, 2026 (unaudited), total net revenues were $1,308 million in the second quarter of 2026: transaction-based revenues of $776 million (including options revenue of $342 million and event contracts revenue of $156 million, shown as its own line in the 10-Q's revenue table), net interest revenues of $389 million and other revenues of $143 million. Net income was $573 million, of which $561 million was attributable to Robinhood, or $0.62 per diluted share. Its July 29, 2026 earnings release, furnished with a Form 8-K, said net income included $129 million of gains primarily related to the deconsolidation of Robinhood Ventures Fund I (RVI), a listed closed-end fund (10-K) that began trading on the NYSE on March 6, 2026 (10-Q). At the end of the quarter the 10-Q reports 28.4 million Funded Customers, Total Platform Assets of $368.7 billion and 4.84 million Robinhood Gold Subscribers, and Net Deposits of $21.7 billion for the quarter.

In 2026 Rothera, a joint venture with Susquehanna International Group (SIG), acquired 90% of MIAXdx on January 20 and renamed it Rothera E&C, which operates a futures and derivatives exchange and clearinghouse, and on June 1 Robinhood acquired WonderFi, a Canadian digital asset company, for approximately $178 million in cash (10-K; 10-Q). In April 2026 Robinhood announced that it will serve as broker and sole initial trustee for Trump Accounts on behalf of the U.S. Department of the Treasury; the accounts launched on July 4, 2026 (10-Q). On June 25, 2026 it issued $2.2 billion of 0.00% convertible senior notes due 2029 and used approximately $290 million of the proceeds to repurchase 2,743,000 Class A shares (Form 8-K). On June 16, 2026 it announced a reduction in force involving approximately 10% of its full-time employees, estimating charges of approximately $20 million for severance and benefits and approximately $8 million of share-based compensation (Form 8-K).

In its July 29, 2026 earnings release Robinhood lowered its 2026 outlook for Adjusted Operating Expenses and Share-Based Compensation, a non-GAAP measure, to $2.675 billion to $2.775 billion, from the $2.7 billion to $2.825 billion it gave on April 28, 2026; the release says the earlier range did not include costs related to Rothera and WonderFi. This is a company projection, not a reported result. The same release reported Adjusted EBITDA (non-GAAP) of $741 million for the second quarter of 2026.

Robinhood's corporate headquarters are in Menlo Park, California, and it had approximately 2,900 full-time employees at December 31, 2025 (10-K). Its Class A common stock began trading on the Nasdaq Global Select Market on July 29, 2021, according to its 10-K for fiscal 2021, and trades under the symbol HOOD. Class A shares carry one vote and Class B shares ten; the 10-K says co-founders Vladimir Tenev, who is CEO, President and Chair of the board, and Baiju Bhatt, a director, together with their related entities hold over 50% of the voting power. Shiv Verma became Chief Financial Officer on February 6, 2026, after the previous CFO, Jason Warnick, moved to an advisory role (Form 8-K). Stockholders re-elected ten directors at the June 2, 2026 annual meeting (Form 8-K).

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Revenue by fiscal year, as reported in 10-K

Products

Brokerage

Our Technology

Robinhood Crypto

Robinhood Wallet

Robinhood Gold

Robinhood Gold Card

Robinhood Banking

Wealth Management

Robinhood Cortex

Robinhood Ventures Fund I

Robinhood Agents, Right in the App

Trade Equities, Even on Weekends

New Assets Are Coming to Robinhood

The Next Chapter for Robinhood Social

Segments and products

• Segment reporting as filed (one operating segment): Robinhood operates and reports financial information in one operating segment. The 10-K for fiscal 2025 says its chief operating decision maker is its CEO and President, Vladimir Tenev, who uses consolidated net income (loss) and company-wide key performance metrics to allocate resources and assess performance, and that segment assets are not regularly presented to him. Revenue is broken down by source instead, as below.¹
• Transaction-based revenues (revenue by type): Amounts earned from routing customer orders for options, cryptocurrencies and equities to market makers, plus commissions on event contracts and futures. Options revenue was $1,123 million in fiscal 2025, $760 million in 2024 and $505 million in 2023; cryptocurrencies $901 million, $626 million and $135 million; equities $302 million, $177 million and $104 million; and other transaction-based revenues $302 million, $84 million and $41 million. Total transaction-based revenues were $2,628 million in 2025, $1,647 million in 2024 and $785 million in 2023, as reported in the 10-K.¹
• Net interest revenues (revenue by type): Margin interest was $573 million in fiscal 2025, $319 million in 2024 and $243 million in 2023; interest on segregated cash, cash equivalents, securities and deposits $319 million, $261 million and $210 million; Cash Sweep $229 million, $179 million and $123 million; securities lending, net $190 million, $94 million and $79 million; interest on corporate cash and investments $167 million, $256 million and $288 million; and credit card, net $64 million, $24 million and $9 million, less interest expenses related to credit facilities of $32 million, $24 million and $23 million, plus other of $4 million in 2025. Total net interest revenues were $1,514 million in 2025, $1,109 million in 2024 and $929 million in 2023, as reported in the 10-K.¹
• Other revenues (revenue by type): Robinhood Gold subscription revenues were $179 million in fiscal 2025, $109 million in 2024 and $75 million in 2023; proxy revenues $63 million, $60 million and $61 million; and other $89 million, $26 million and $15 million. Total other revenues were $331 million in 2025, $195 million in 2024 and $151 million in 2023, as reported in the 10-K. The 10-K says other revenues also include selling concession revenue from IPO activities, advertising revenue from Sherwood Media and ACATS account transfer fees.¹
• Revenue by type in the second quarter of 2026 (unaudited): For the three months ended June 30, 2026, options revenue was $342 million, event contracts $156 million, cryptocurrencies $100 million, equities $129 million and other transaction-based revenues $49 million (total transaction-based revenues $776 million); net interest revenues were $389 million, including margin interest of $215 million; and other revenues were $143 million, including Gold subscription revenues of $54 million, for total net revenues of $1,308 million, as reported in the 10-Q.²
• Revenue concentration, fiscal 2025 (not a segment): The 10-K lists the market makers and exchanges from which Robinhood derived transaction-based revenues: Citadel Securities, LLC accounted for 13% of total net revenues in 2025 (12% in 2024 and 2023), Wintermute Trading Ltd for 6% (10% in 2024), and all others, individually less than 10%, for 36%, for a total of 55% of total net revenues in 2025, as reported in the 10-K.¹

Risks

• Transaction-based revenue and payment for order flow: Robinhood says factors that affect transaction-based revenue, such as reduced spreads in securities pricing, reduced levels of trading activity, changes in or disruption of its relationships with liquidity providers, and any new regulation of, or bans on, payment for order flow and similar practices, might reduce its profitability, increase compliance costs and bring negative publicity. It says this revenue tends to decline when trading levels fall, and that it expects SEC quote transparency rules adopted in 2024, which take effect in 2026, could lead to a decrease in payment for order flow on some orders (10-K).¹
• Reliance on liquidity providers: The 10-K says its payment for order flow and transaction rebate arrangements with liquidity providers are a matter of practice and business understanding and are often not documented under binding contracts, so it might have little or no recourse if a liquidity provider stopped taking or paying for its orders. It says overnight brokerage trades through Robinhood 24 Hour Market are primarily routed through one liquidity provider, Virtu (10-K).¹
• Interest rates: Robinhood says it is directly and indirectly exposed to fluctuations in interest rates, and that rapidly changing interest rate environments have in the past and could in the future reduce its net interest revenues. It says reductions in interest rates have negatively impacted, and a return to a low interest rate environment would negatively impact, its total net revenues, net income and cash flows (10-K).¹
• Regulation, investigations and litigation: Robinhood says its business is subject to extensive, complex and changing laws and regulations, that it has been subject to regulatory investigations, actions and settlements and expects to continue to be, and that it is involved in numerous litigation matters that could expose it to significant liability and reputational harm. As a registered broker-dealer it is also subject to best execution requirements under SEC guidelines and FINRA rules (10-K).¹
• Event contracts (prediction markets): The 10-K says its ability to offer event contracts depends on the outcome of ongoing and potential regulatory enforcement actions and litigation and on possible changes in federal or state law. It says the New Jersey Division of Gaming Enforcement demanded in March 2025 that it cease and desist from offering sports-related event contracts, which that regulator views as unlicensed sports wagering under state law, and that regulators in other states, including Ohio and Connecticut, have sent similar demand letters (10-K).¹
• Cryptocurrency regulation: Robinhood says that in the U.S. any particular cryptocurrency's status as a security is subject to a high degree of uncertainty, that it could face regulatory scrutiny and penalties if it has not properly characterized one, and that the staking services it offers in the U.S. could be challenged as unregistered securities activity. It also says cryptocurrency laws, regulations and accounting standards are often difficult to interpret and are rapidly evolving (10-K).¹
• Cybersecurity: Robinhood says its business could be materially and adversely affected by a cybersecurity breach or other attack involving its systems or data or those of its customers or third-party service providers, that financial technology platforms have been and expect to continue to be targeted, and that it has experienced negative publicity in connection with previous security incidents (10-K).¹
• Founders' voting control: Class A common stock has one vote per share, Class B ten and Class C none, except as required by law. The 10-K says the founders and their affiliates hold all of the Class B shares and, at December 31, 2025, approximately 12% of the outstanding common stock but over 50% of the voting power, giving them the ability to determine or significantly influence matters requiring stockholder approval (10-K).¹
• Convertible notes issued in 2026: On June 25, 2026 Robinhood issued $2.2 billion of 0.00% convertible senior notes, senior unsecured obligations maturing on October 1, 2029 unless earlier repurchased, redeemed or converted. At June 30, 2026 the net carrying amount was $2.17 billion and the notes were potentially convertible into 12.6 million Class A shares; Robinhood must settle any conversion in cash up to the principal amount converted, according to its 10-Q. It also entered into capped call transactions that it says are expected generally to reduce potential dilution on conversion (10-Q).²

Frequently asked questions

What does Robinhood do?

Robinhood Markets runs financial services platforms that offer commission-free trading in U.S.-listed stocks, ETFs and options, plus cryptocurrency trading, futures, prediction markets (event contracts), margin investing, retirement accounts, the Robinhood Gold subscription, the Robinhood Gold Card, Robinhood Banking and wealth management, according to its 10-K for fiscal 2025. Its 10-K describes offerings in the U.S., the U.K. and the EU, and it acquired the cryptocurrency exchange Bitstamp on June 2, 2025.

What was Robinhood's revenue in 2025?

Robinhood reported total net revenues of $4,473 million for fiscal 2025, the year ended December 31, 2025, compared with $2,951 million in 2024, according to its 10-K. Net income was $1,883 million, or $2.05 per diluted share.

How does Robinhood make money?

The 10-K splits net revenues into three types. Transaction-based revenues ($2,628 million in fiscal 2025) come mainly from routing customer orders to market makers, known as payment for order flow for equities and options and transaction rebates for cryptocurrencies, plus commissions on event contracts and futures. Net interest revenues ($1,514 million) include margin interest, interest on segregated cash, Cash Sweep, securities lending and credit card balances. Other revenues ($331 million) are mainly Robinhood Gold subscription fees ($179 million) and proxy revenues.

What is payment for order flow?

When customers place equity or option orders, Robinhood routes them to market makers and receives consideration from those market makers; for equities and options these fees are known as payment for order flow, or PFOF, according to its 10-K. In 2025 transaction-based revenues from Citadel Securities alone equalled 13% of Robinhood's total net revenues.

Does Robinhood have business segments?

No. Robinhood operates and reports in one operating segment; its chief operating decision maker, CEO and President Vladimir Tenev, uses consolidated net income (loss) and company-wide key performance metrics, according to the 10-K. Revenue is disclosed by type: transaction-based, net interest and other.

How did Robinhood do in the second quarter of 2026?

Total net revenues were $1,308 million in the quarter ended June 30, 2026, including event contracts revenue of $156 million, and net income was $573 million ($561 million attributable to Robinhood, or $0.62 per diluted share), according to its 10-Q (unaudited). Its July 29, 2026 release said net income included $129 million of gains primarily related to the deconsolidation of Robinhood Ventures Fund I.

How many customers does Robinhood have?

Robinhood reported 28.4 million Funded Customers and 4.84 million Robinhood Gold Subscribers at June 30, 2026, according to its 10-Q, compared with 27.0 million and 4.18 million at the end of 2025 (10-K). Funded Customers is a company-defined metric.

Who runs Robinhood?

Co-founder Vladimir Tenev is CEO, President and Chair of the board, according to the 10-K for fiscal 2025, and Shiv Verma has been Chief Financial Officer since February 6, 2026 (Form 8-K). In 2026 Forms 8-K also reported that Chief Technology Officer Jeffrey Pinner separated from the company on May 7, 2026, and that Chief Accounting Officer Dara Bazzano became principal accounting officer on June 25, 2026.

Does Robinhood pay a dividend or buy back stock?

Robinhood says it has never declared or paid cash dividends and does not anticipate paying any in the foreseeable future (10-K). On March 24, 2026 it announced a repurchase program of up to $1.5 billion of Class A common stock (Form 8-K), and as of June 30, 2026 it had made repurchases of $127 million under that program, according to its 10-Q.

When did Robinhood go public?

Robinhood's Class A common stock began trading on the Nasdaq Global Select Market on July 29, 2021, according to its 10-K for fiscal 2021. It trades under the symbol HOOD.

How many employees does Robinhood have?

Robinhood had approximately 2,900 full-time employees at December 31, 2025, according to its 10-K. On June 16, 2026 it announced a reduction in force involving approximately 10% of its full-time employees (Form 8-K).

Sources

1. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 10-K/A (Amendment No. 1) for the fiscal year ended December 31, 2025: the complete Form 10-K of February 18, 2026, refiled to fix formatting only, Feb 20, 2026
2. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 10-Q for the quarterly period ended June 30, 2026 (unaudited), Jul 30, 2026
3. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 8-K, Exhibit 99.1: press release dated July 29, 2026, Robinhood Reports Second Quarter 2026 Results, Jul 29, 2026
4. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 10-K for the fiscal year ended December 31, 2021, Feb 24, 2022
5. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 8-K, Items 1.01 and 8.01: completion on June 25, 2026 of the offering of 0.00% convertible senior notes due 2029, Jun 25, 2026
6. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 8-K, Item 2.05: reduction in force announced June 16, 2026, Jun 16, 2026
7. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 8-K, Item 5.02: Shiv Verma appointed Chief Financial Officer effective February 6, 2026, Feb 10, 2026
8. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 8-K, Item 5.07: voting results of the June 2, 2026 Annual Meeting of Stockholders, Jun 3, 2026
9. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 8-K, Items 1.01 and 7.01: Fifth Amended and Restated Credit Agreement of March 20, 2026 and $1.5 billion share repurchase program announced March 24, 2026, Mar 24, 2026
10. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 8-K, Item 5.02: Chief Technology Officer Jeffrey Pinner separating effective May 7, 2026, May 8, 2026
11. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 8-K, Item 5.02: Dara Bazzano appointed principal accounting officer effective June 25, 2026, Jun 26, 2026
12. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 10-K for the fiscal year ended December 31, 2022, Feb 27, 2023
13. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 10-K for the fiscal year ended December 31, 2023, Feb 27, 2024
14. Robinhood Markets, Inc. (SEC filing), Robinhood Markets, Inc. Form 10-K for the fiscal year ended December 31, 2024, Feb 18, 2025
15. Robinhood Markets, Inc. (Robinhood Newsroom), Robinhood Launches Crypto Trading for UK Investors, Aug 10, 2026
16. Robinhood Markets, Inc. (Robinhood Newsroom), Robinhood Accelerates Global Expansion with Robinhood Chain Mainnet, Stock Tokens, Agentic Trading and New Suite of DeFi Products, Jul 1, 2026
17. Robinhood Markets, Inc. (Robinhood Newsroom), Robinhood Puts the Power of Hedge Funds in Every Trader's Pocket (HOOD Summit 2026 announcements), Sep 29, 2026

Figures last checked against the sources above on Oct 12, 2026. General information, not investment advice.