NASDAQ: HOOD · Investment Banking & Brokerage
Robinhood Markets
Robinhood Markets, founded in 2013 and based in Menlo Park, California, runs commission-free investing, crypto, prediction markets, retirement, banking and credit platforms with the mission to democratize finance. At the end of 2025 it had 27.0 million Funded Customers and $322.1 billion of Total Platform Assets (+67%). 2025 net revenues rose 52% to $4,473 million — transaction-based revenues (payment for order flow from options, crypto and equities) $2,628 million, net interest $1,514 million and other $331 million — and net income reached $1,883 million. In 2026 it formed the Rothera joint venture that bought 90% of MIAXdx, issued $2.0 billion of zero-coupon convertible notes and cut about 10% of its workforce. Q3 2026 net revenues were a record $1.42 billion (+12%), with 28.7 million Funded Customers and $396 billion of Total Platform Assets.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 04:13 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-1810-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 36.1%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 42.1%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 22.0%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 24.0%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.87x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 39.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 2.47
Higher than 95% of 44 financial companies
Average yearly growth over the years shown
Higher than 96% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 84% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 71% of 45 financial companies
Equity ÷ total assets
Higher than 23% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$87.87close on 2026-11-04
Market cap$79.2B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 39.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 8.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 55.2x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 11.1x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 1.6%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.27B → $1.42B (vs. a year earlier)↑ +11.8%$1.27B → $1.42B (vs. a year earlier)
- Net income$556M → $468M (vs. a year earlier)↓ −15.8%$556M → $468M (vs. a year earlier)
- Diluted EPS$0.61 → $0.51 (vs. a year earlier)↓ −16.4%$0.61 → $0.51 (vs. a year earlier)
- Cash$5.36B → $5.83B (vs. previous quarter-end)↑ +8.7%$5.36B → $5.83B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook ↓ Lowered
Lowered the top end of its expense outlook by $25M. Source sentence
As we look ahead to the rest of the year, we are lowering the top end of our prior outlook by $25 million to a range of $2.675 to $2.75 billion to reflect ongoing efficiency gains across our business.
Key changes
Q3 net revenues up 12% to $1.42B. Source sentence
Total net revenue s increased 12% y ear-over-year to $1.42 billion.
Transaction revenues up 19% to $867M. Source sentence
◦ Transaction-based revenues increased 19% year-over-year to $867 million , primarily driven by event contracts revenue of $173 million, up over 6x , op tions revenue of $399 million , up 31%, and equities revenue o f $121 million, up 41%, partially offset by cryptocurrencies revenue of $120 million, down 55%.
Net interest revenues down 9% to $415M. Source sentence
◦ Net interest revenues decreased 9% year-over-year to $415 million , primarily driven by lower securities lending activity and short-term interest rates, partially offset by growth in interest-earning assets.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Robinhood Markets, Inc.
- Headquarters
- MENLO PARK, CA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: HOOD
- Industry
- Investment Banking & Brokerage
- CIK
- 1783879
- Website
- https://robinhood.com/ ↗
Workforce (as of FY2025 year-end)
Employees
2,900
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 41–44 days after quarter end (Feb 10, 2026; Feb 12, 2025; Feb 13, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 27–44 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 30, 2026 10-Q (+30 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 10, 2026 (+41 days) | Feb 18, 2026 10-K (+49 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 5, 2025 (+36 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 12, 2025 (+43 days) | Feb 18, 2025 10-K (+49 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 7, 2024 (+38 days) | Aug 8, 2024 10-Q (+39 days) |
| Q1 FY2024 | Mar 31, 2024 | May 8, 2024 (+38 days) | May 8, 2024 10-Q (+38 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 13, 2024 (+44 days) | Feb 27, 2024 10-K (+58 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Investing
Stocks, options and ETFs
Commission-free trading, fractional shares, retirement accounts with IRA match.
Crypto
Robinhood Crypto and Bitstamp
Crypto trading on the Robinhood Crypto and Bitstamp platforms.
Subscriptions and banking
Robinhood Gold, Robinhood Credit
Premium subscription with a record 5.2 million subscribers at September 30, 2026; credit cards and banking.
Prediction markets
Event contracts
Event contracts including sports-related contracts; Rothera JV acquired 90% of MIAXdx in January 2026.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K gives no market share or rank for Robinhood.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Net revenues $4,473M (+52%); net income $1,883M; Funded Customers 27.0M.
Source: Form 10-K (FY2025)
Q3 2026
Record net revenues of $1.42B (+12%); transaction revenue +19% to $867M, led by event contracts ($173M, over 6x) and options ($399M, +31%); net income $476M (−14%), EPS $0.51. Net deposits were $16B, and October deposits topped $13B month-to-date, including $6B from the Dell family's contribution to Trump Accounts.
Source: Q3 2026 earnings release
Convertible notes
Issued $2.0B of 0.00% convertible senior notes due 2029 and used about $290M to repurchase 2,743,000 shares.
Source: Form 8-K (2026-06-25) — Items 1.01/2.03 $2.0 billion 0.00% convertible notes due 2029
Workforce reduction
Announced a cut of about 10% of full-time employees on June 16, 2026, with about $20M of severance charges.
Source: Form 8-K (2026-06-16) — Item 2.05 workforce reduction
Capex ÷ D&A (FY2025)
0.63x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$54M ÷ $86M = 0.63x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
7.9%
formularesearch & development expense ÷ revenue × 100
e.g.$355M ÷ $4,473M × 100 = 7.9%
M&A spend (6-year total)
$623M
Latest year: $399M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $24M in FY2020 to $54M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$4.47B
As reported in the 10-K
Revenue CAGR (5 years)
+36.1%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($4,473M ÷ $958M) ^ (1÷5) − 1 = 36.1%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
22.0%▲favorable
6-year average: 4.7%
As reported in the 10-K
- ▲
Revenue grew +36.1% a year over 5 years (strong growth)
From $958M in FY2020 to $4.47B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Free cash flow was positive in 3 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged 4.7% over 6 years (latest: 22.0%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- SIG
07 · what it does
Key activities
- Equities, options and crypto trading
- Prediction markets and futures
- Retirement accounts, Robinhood Gold, banking and credit cards
06 · what it draws on
Key resources
- About 2,900 full-time employees (end-2025)
- Mobile and web trading platforms
- Broker-dealer, crypto and banking licenses
02 · why customers buy
Value propositions
- Commission-free investing and crypto on vertically integrated mobile and desktop platforms, with fast innovation that Robinhood says differentiates it.
04 · how it keeps them
Customer relationships
- Robinhood Gold subscriptions and ongoing funded accounts.
03 · how it reaches them
Channels
- Its own apps and website.
01 · who it serves
Customer segments
- 27.0 million Funded Customers (end-2025)
09 · where money goes
Cost structure
FY2025, share of revenue ($4.47B)
- Research & development7.9%
- Selling, general & administrative14.0%
Depreciation & amortization (inside the costs above): $86M. Capital spending: $54M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Transaction-based $2,628M
- Net interest $1,514M
- Other $331M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Earns transaction-based revenue by routing customer orders to market makers (payment for order flow), net interest on customer cash, margin and securities lending, and subscription and other fees such as Robinhood Gold.
01 what it draws on
Inputs & resources
- About 2,900 full-time employees (end-2025)
- Mobile and web trading platforms
- Broker-dealer, crypto and banking licenses
02 what it does
Activities
- Equities, options and crypto trading
- Prediction markets and futures
- Retirement accounts, Robinhood Gold, banking and credit cards
03 who it serves
Customers
- 27.0 million Funded Customers (end-2025)
04 how money comes in
How it earns
- Transaction-based $2,628M
- Net interest $1,514M
- Other $331M (2025)
How the business makes money
- Citadel Securities provided 13% of 2025 net revenues; market makers and exchanges in total 55%.
- Total Platform Assets $322.1B; Net Deposits $68.1B in 2025.
- $1B buyback authorized May 2024.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Robinhood’s brokerage and crypto businesses depend on licenses and regulatory approvals.
Approvals & licenses
Licenses and registrations
Noncompliance can lead to revoked licenses or registrations and enforcement.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Approvals & licenses
Post-incident regulatory inquiries
Regulators requested information on its information security after the November 2021 data incident.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Transaction-based revenues
2,628 (59%)Net interest revenues
1,514 (34%)Other revenues
331 (7%)
Source: Form 10-K (FY2025) Revenue by type; Robinhood reports a single segment.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Joint venture
SIG
Rothera joint venture formed in November 2025 that acquired 90% of MIAXdx in January 2026.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Retail investors using Robinhood’s platforms.
Named by the company
- Citadel Securities, LLC — Market maker providing 13% of 2025 total net revenues (12% in 2023 and 2024).Form 10-K (FY2025)
- Wintermute Trading Ltd — Crypto market maker providing 6% of 2025 net revenues (10% in 2024).Form 10-K (FY2025)
Suppliers
Market makers, clearing and custody partners, banks.
Named by the company
Market makers are the main source of transaction-based revenue.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Robinhood says competitors have copied offerings such as commission-free trading and fractional shares; the 10-K names no specific competitors.
Competitors named in the 10-K
The 10-K names no specific competitors.
Peer group the company chose
2025 compensation peer group (14 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Fintech, consumer internet, brokerage and exchange companies mostly between 1/4x and 4x Robinhood’s market cap.
- Affirmsite ↗
- Blocksite ↗
- Coinbasesite ↗
- DoorDashsite ↗
- Duolingosite ↗
- Etsysite ↗
- Interactive Brokerssite ↗
- Lyftsite ↗
- Maplebear (Instacart)site ↗
- Pinterestsite ↗
- Rocket Companiessite ↗
- Snapsite ↗
- SoFisite ↗
- Zillow Groupsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
| Line item | FY2020In next year’s 10-K | FY2021In next year’s 10-K | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 958 | 1,815 | 1,358 | 1,865 | 2,951 | 4,473 |
| Pretax income | 13 | -3,685 | -1,027 | -533 | 1,064 | 2,108 |
| Net income (attributable) | 7 | -3,687 | -1,028 | -541 | 1,411 | 1,883 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 89.5% | -25.2% | 37.3% | 58.2% | 51.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 0.7% | -203.1% | -75.7% | -29.0% | 47.8% | 42.1% |
| Balance sheet ($M) | ||||||
| Total assets | 10,988 | 19,769 | 23,337 | 17,624 | 26,187 | 38,137 |
| Total equity | -55 | 7,293 | 6,956 | 6,696 | 7,972 | 9,151 |
| Equity ratio | -0.5% | 36.9% | 29.8% | 38.0% | 30.4% | 24.0% |
| ROE | — | — | -14.4% | -7.9% | 19.2% | 22.0% |
| Cash flow ($M) | ||||||
| Operating CF | 1,876 | -885 | -852 | 1,181 | -157 | 1,638 |
| Investing CF | -32 | -238 | -60 | -582 | -148 | 141 |
| Financing CF | 1,276 | 5,203 | 0 | -610 | -345 | -590 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,852 | -948 | -880 | 1,160 | -207 | 1,584 |
| Cash and equivalents | 1,403 | 6,253 | 6,339 | 4,835 | 4,332 | 4,261 |
| Per share & other | ||||||
| EPS ($) | 0.01 | -7.49 | -1.17 | -0.61 | 1.56 | 2.05 |
| BVPS ($) | — | 8.44 | 7.79 | 7.68 | 9.01 | 10.15 |
| P/E (x) | — | — | — | — | 23.9 | 55.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | — | 2.10 | 1.04 | 1.66 | 4.14 | 11.14 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $1.42B+11.8% | $468M-15.8% | $0.51 |
| 2026-06-30 | $1.31B+32.3% | $561M+45.3% | $0.62 |
| 2026-03-31 | $1.07B+15.1% | $350M+4.2% | $0.38 |
| 2025-12-31 † | $1.28B+26.5% | $605M-34.0% | — |
| 2025-09-30 | $1.27B | $556M | $0.61 |
| 2025-06-30 | $989M | $386M | $0.42 |
| 2025-03-31 | $927M | $336M | $0.37 |
| 2024-12-31 † | $1.01B | $916M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2020 shares issued: Before the July 2021 IPO the company had convertible preferred stock and a different share structure; a year-end 2020 common share count is not comparable.
- FY2020 book value per share: Not meaningful before the July 2021 IPO (equity was negative with convertible preferred stock outstanding).
15
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit an investment bank or broker, so these are the usual yardsticks instead.
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | — | — | -14.4% | -7.9% | 19.2% | 22.0% |
| Net marginNet income ÷ revenue. | 0.7% | -203.1% | -75.7% | -29.0% | 47.8% | 42.1% |
| Net interest income ÷ average assetsSpread earned on the balance sheet; a stand-in for net interest margin, which uses earning assets. | — | 1.7% | 2.0% | 4.5% | 5.1% | 4.7% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | -0.5% | 36.9% | 29.8% | 38.0% | 30.4% | 24.0% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — Class A shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 77.7%
- Directors & officers (shares)
- 1.5%
- Everyone else (est.)
- 20.8%
- Directors & officers (voting power)
- 58.6%
- Institutional-ownership rank
- 328 of 416
- Beta (adjusted)
- 2.47
of Class A shares
individuals and other non-13F holders
of all votes, across share classes
1 = most institutional; 79% of covered companies have more
above 1 = swings more than the market
- 614.7M shares reported by 1,386 13F filers ÷ 790.6M Class A shares outstanding on 2026-07-23. Option positions are excluded.
- Only the listed Class A shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-22 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-23)
20
Strengths & weaknessesSite analysis
Strengths
1. Fast growth
Net revenues rose from $1,865M (2023) to $4,473M (2025).
Evidence: Form 10-K (FY2025)
2. Customer assets
Total Platform Assets grew 67% to $322.1B in 2025 on $68.1B of net deposits.
Evidence: Form 10-K (FY2025)
3. Subscription growth
Robinhood Gold subscribers rose 34% to a record 5.2M by September 30, 2026; ARPU rose 5% to $200.
Evidence: Q3 2026 earnings release
Weaknesses
1. Market-maker concentration
Citadel Securities alone provided 13% of 2025 net revenues.
Evidence: Form 10-K (FY2025)
2. Activity sensitivity
Transaction revenue depends on trading volumes in options, event contracts and crypto; Q3 2026 net income fell 14% to $476M even as revenue rose 12%.
Evidence: Q3 2026 earnings release
3. Legal exposure
Contingency accruals rose to $96M at September 30, 2026 from $71M at end-2025.
Evidence: Form 10-Q (quarter ended 2026-09-30)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
55.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
1. Platform growth
Customers keep moving assets to Robinhood.
- What has to hold
- Net deposits stay strong.
- The other side
- Activity-driven revenue.
Evidence: Form 10-K (FY2025)
2. Expanding products
Gold, credit cards, prediction markets and international crypto.
- What has to hold
- New products monetize.
- The other side
- Regulatory risk.
Evidence: Form 10-K (FY2025)
Shares are Class A + Class B. FY2020 shares and book value are left blank (pre-IPO). Capex for 2023–2025 includes capitalized software. Robinhood has no interest-bearing debt in these years (convertible notes issued June 2026).
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -25.2% in FY2022 ($1.82B → $1.36B) | Yes, by FY2023 |
| Net income | -52771.4% in FY2021 ($7M → −$3.69B) | Yes, by FY2024 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Turned profitable
Moved from net losses in 2021–2023 to net income of $1,411M (2024) and $1,883M (2025).
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Robinhood faces many class actions (best execution, IPO, cash sweep, event contracts) and regulatory inquiries, including over the early-2021 trading restrictions and crypto; contingency accruals were $96 million at September 30, 2026.
6 open matters
Best execution / PFOF securities class action
PendingClass actionCustomers v. RHM, RHF and RHS (N.D. Cal.)
Consolidated N.D. Cal. class action (from December 2020) alleging Robinhood violated best execution duties and misled customers about order execution and revenue sources.
Early 2021 trading restrictions investigations
PendingGovernment investigationFederal and state regulators
Robinhood entities and CEO Vladimir Tenev received information requests and subpoenas from the USAO, DOJ Antitrust Division, SEC staff, FINRA and state attorneys general about the early 2021 trading restrictions.
IPO securities class action (Golubowski)
PendingClass actionGolubowski et al. v. Robinhood Markets (N.D. Cal.)
December 2021 putative class action against Robinhood, its directors and officers and IPO underwriters over the IPO offering documents.
Cash sweep class actions
PendingClass actionDey v. RHM et al.; Deeney v. RHM et al.
Dey (October 2024) and Deeney (May 2025) putative class actions over the cash sweep program.
Event contract class actions
PendingClass actionCustomers v. Robinhood Derivatives and co-defendants
April 2026 putative class actions in Massachusetts state court and N.D. Cal. over sports-related event contract trading.
SEC crypto investigative subpoenas
PendingGovernment investigationSEC
Since December 2022 the SEC has issued investigative subpoenas on Robinhood Crypto’s supported cryptocurrencies and related matters.
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Note 15, Commitments and Contingencies, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
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Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
PFOF and crypto regulation
- Company disclosure (summarized from the 10-K)
- Changes to payment for order flow rules, crypto regulation or event contract rules could cut revenue.
- Company’s stated mitigation
- These laws also require that we keep accurate books and records and maintain internal controls and compliance procedures designed to prevent any such actions.
- This site’s assessment
- Impact High / Likelihood Med
- 2Customer/supplier concentration
Market maker dependence
- Company disclosure (summarized from the 10-K)
- Most transaction revenue comes from a few market makers such as Citadel Securities.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Demand & macro
Trading activity
- Company disclosure (summarized from the 10-K)
- Retail trading and crypto prices drive revenue.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 4Information security
Cyber and data
- Company disclosure (summarized from the 10-K)
- Holds customer funds and data; breaches could cause losses and fines.
- Company’s stated mitigation
- Our cybersecurity program is aligned with industry standards and best practices, such as the NIST CSF and NIST 800-53 R5 control framework, and we engage third-party consultants annually to conduct a NIST CSF maturity assessment of our cybersecurity program.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Competition & technology shift
Copycat features
- Company disclosure (summarized from the 10-K)
- Competitors have adopted commission-free trading, fractional shares and IRA match.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
• Rothera, owned and operated as a joint venture with SIG, operates a futures and derivatives exchange and clearinghouse through its subsidiary, Rothera E&C. Read more
We do not wholly own or operationally control Rothera and its subsidiaries, and actions taken by Rothera and its subsidiaries could adversely affect our business, financial condition, results of operations, and reputation.
• Our ability to offer event contracts is subject to the outcome of currently ongoing and potential future regulatory enforcement actions and litigation, as well as potential changes in federal or state law, that could immediately or subsequently prevent us from offering, or continuing to offer, event contracts.
• If the SEC, a state regulator or a private litigant alleges that staking services we offer in the U.S. Read more
involve unregistered offers and sales of securities or unregistered securities broker-dealer activity in violation of the Securities Act, the Exchange Act or applicable state laws or regulations, and the courts agree with such plaintiff, we may be required to cease our staking activities and may be subject to monetary and other penalties.
Further, RHEU and Bitstamp Europe S.A., are licensed crypto asset service providers under the EU’s MiCA, the provisions of which went into effect as of December 30, 2024. Read more
Among other requirements,
RHEU and Bitstamp Europe S.A. are subject to mandatory capital requirements that vary based on the services we provide. Read more
Failure to meet these capital requirements or any future increases to these requirements could limit our ability to obtain or maintain authorization, constrain operational flexibility, or result in penalties or sanctions.
Rothera, owned and operated as a joint venture with SIG, operates a futures and derivatives exchange and clearinghouse through its subsidiary, Rothera E&C. Read more
We do not wholly own or operationally control Rothera and its subsidiaries, and actions taken by Rothera and its subsidiaries could adversely affect our business, financial condition, results of operations, and reputation.
On November 19, 2025, Robinhood invested in Rothera, a joint venture established to operate an independent and institutional-grade futures and derivatives exchange and clearinghouse. Read more
On January 20, 2026, Rothera acquired 90% of the issued and outstanding equity of Rothera E&C, a CFTC-licensed DCM, DCO, and SEF to accelerate delivery of futures and derivative product offerings, including prediction markets.
Rothera is an independent entity with its own management team and employees responsible for the day-to-day operations of the joint venture. Read more
While Robinhood is entitled to designate a majority of the members of the board of directors of Rothera and one representative to serve on the board of directors of Rothera E&C, and expects to exercise governance control at Rothera’s board level and as otherwise set forth in Rothera’s governance documents, we will not have decision-making authority over all operational, strategic, or commercial decisions made by Rothera or any of its subsidiaries, and certain decisions may be subject to applicable regulatory requirements or require the consent of SIG and other holders of the equity of Rothera and its subsidiaries, any of whom may have economic or other business interests that are inconsistent with ours.
57 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 18, 2026 ↗ with the 10-K filed Feb 18, 2025 ↗.
26
What to watch going forwardSite analysis
- Trading volumes in options, crypto and prediction markets.
- Regulation of PFOF, crypto and event contracts.
- Closing of WonderFi and Indonesian acquisitions.
- Use of the $2.0B convertible notes.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 04:13 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-18Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Robinhood Markets’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.