Robinhood Markets, Inc.

Listed Company

HOODCIK 0001783879NasdaqLarge AcceleratedSecurity Brokers, Dealers & Flotation CompaniesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$4.47B

Net Income

$1.88B

Total Assets

$38.14B

Equity

$9.15B

Shares Out

Op. Cash Flow

$1.64B

Business

Robinhood Markets, Inc. operates a technology-driven financial services platform that democratizes access to investing, trading, and related financial products. It offers commission-free brokerage services (stocks, ETFs, options, fractional shares, margin, retirement accounts), cryptocurrency trading and custody, a premium Robinhood Gold subscription, a self-custody Robinhood Wallet, payment and card services via Robinhood Credit, and advanced desktop trading via Robinhood Legend. Its key business divisions include U.S. brokerage, Robinhood Crypto (U.S. and EU entities), custody and derivatives trading, and subscription and credit products. Robinhood distributes products primarily through mobile and web applications, supported by regional entities in the U.S., U.K., and select EU jurisdictions, with ongoing international expansion efforts.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net interest revenues	1,514	1,109	929	424	256
Total net revenues	4,473	2,951	1,865	1,358	1,815
Brokerage and transaction	211	164	146	179	158
Technology and development	897	818	805	878	1,234
Operations	130	112	116	249	368
Provision for credit losses	114	76	43	36	—
Marketing	399	272	122	103	325
General and administrative	628	455	1,169	924	1,371
Total operating expenses	2,379	1,897	2,401	2,369	3,456
Other income, net	14	10	3	−16	−1
Income (loss) before income taxes	2,108	1,064	−533	−1,027	−3,685
Provision for (benefit from) income taxes	225	−347	8	1	2
Net income (loss)	1,883	1,411	−541	—	—
Net income (loss) attributable to non-controlling interest	0	0	0	—	—
Net income (loss) attributable to Robinhood	1,883	1,411	−541	−1,028	−3,687
Net income (loss) attributable to Robinhood Markets, Inc., Basic	1,883	1,411	−541	−1,028	−3,687
Net income (loss) attributable to Robinhood Markets, Inc., Diluted	1,883	1,411	−541	−1,028	−3,687
Basic (in dollars per share)	2.12	1.6	−0.61	−1.17	−7.49
Diluted (in dollars per share)	2.05	1.56	−0.61	−1.17	−7.49
Basic (in shares)	889	881	891	879	492
Diluted (in shares)	919	906	891	879	492

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4,261	4,332	4,835	6,339	6,253
Cash, cash equivalents, and securities segregated under federal and other regulations	5,749	4,724	4,448	—	—
Receivables from brokers, dealers, and clearing organizations	426	471	89	76	88
Receivables from users, net	17,994	8,239	3,495	3,218	6,639
Securities borrowed	2,408	3,236	1,602	517	0
Deposits with clearing organizations	702	489	338	186	328
User-held fractional shares	3,782	2,530	1,592	997	1,834
Held-to-maturity investments	0	398	413	0	—
Deferred customer match incentives	185	100	11	—	—
Other current assets, including current prepaid expenses of $75 as of December 31, 2024 and $127 as of December 31, 2025	798	584	196	72	57
Total current assets	36,305	25,103	17,082	22,917	19,283
Property, software, and equipment, net	154	139	120	146	146
Goodwill	385	179	175	100	101
Intangible assets, net	168	38	48	25	34
Non-current deferred customer match incentives	428	195	19	—	—
Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $11 as of December 31, 2025	697	533	107	132	161
Total assets	38,137	26,187	17,624	23,337	19,769
Accounts payable and accrued expenses	463	397	384	185	252
Payables to users	11,986	7,448	5,097	4,701	6,476
Securities loaned	11,626	7,463	3,547	1,834	3,651
Fractional shares repurchase obligation	3,782	2,530	1,592	997	1,834
Other current liabilities	914	266	217	105	134
Total current liabilities	28,771	18,104	10,837	16,253	12,347
Other non-current liabilities	215	111	91	128	129
Total liabilities	28,986	18,215	10,928	16,381	12,476
Commitments and contingencies (Note 15)	—	—	—	—	—
Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and December 31, 2025.	0	0	0	0	0
Additional paid-in capital	11,284	12,008	12,145	11,861	11,169
Accumulated other comprehensive income (loss)	8	−1	−3	0	1
Accumulated deficit	−2,152	−4,035	−5,446	−4,905	−3,877
Non-controlling interest	11	0	—	—	—
Total stockholders equity	9,151	7,972	6,696	6,956	—
Total liabilities and stockholders equity	38,137	26,187	17,624	23,337	19,769

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	86	77	71	61	26
Deferred income taxes	181	−369	0	0	—
Share-based compensation	305	304	871	654	1,572
Other	3	0	8	35	−1
Securities segregated under federal and other regulations	197	−397	0	0	135
Receivables from brokers, dealers, and clearing organizations	62	−382	−13	12	36
Receivables from users, net	−9,106	−4,592	−298	3,386	−3,362
Securities borrowed	828	−1,634	−1,085	−517	0
Deposits with clearing organizations	−213	−151	−152	142	−102
Current and non-current prepaid expenses	−28	−25	37	33	−135
Current and non-current deferred customer match incentives	−318	−265	−30	0	—
Other current and non-current assets	−152	−415	−18	−26	−54
Accounts payable and accrued expenses	−18	−35	134	−62	134
Payables to users	3,423	2,351	396	−1,775	578
Securities loaned	4,163	3,916	1,713	−1,817	1,730
Other current and non-current liabilities	228	−27	45	−31	122
Net cash provided by (used in) operating activities	1,638	−157	1,181	−852	−885
Purchases of property, software, and equipment	−15	−13	−2	−28	−63
Capitalization of internally developed software	−39	−37	−19	−29	−20
Consideration transferred for business acquisitions and asset acquisitions	−399	−134	−107	—	—
Cash, cash equivalents, and segregated cash acquired in business acquisitions and asset acquisitions	1,193	125	14	—	—
Purchases of non-marketable securities	−244	−1	−1	—	—
Purchases of held-to-maturity investments	0	−556	−759	0	0
Proceeds from maturities of held-to-maturity investments	400	658	282	0	0
Purchases of credit card receivables by Credit Card Funding Trust	−5,195	−748	0	0	—
Collections of purchased credit card receivables	4,440	556	0	0	—
Other	0	2	10	−20	−3
Net cash provided by (used in) investing activities	141	−148	−582	−60	−238
Proceeds from exercise of stock options	16	18	5	6	14
Proceeds from issuance of common stock under the Employee Share Purchase Plan	22	16	14	16	7
Taxes paid related to net share settlement of equity awards	−437	−244	−12	−12	−422
Repurchase of Class A common stock	−653	−257	−608	0	0
Draws on credit facilities	4,752	22	20	21	1,968
Repayments on credit facilities	−4,752	−22	−20	−21	−1,968
Borrowings by the Credit Card Funding Trust	468	132	0	0	—
Repayments on borrowings by the Credit Card Funding Trust	0	−1	0	0	—
Change in principal collected from customers due to Coastal Bank	0	6	1	0	0
Payments of debt issuance costs	−17	−15	−10	−10	0
Contributions from noncontrolling interests	11	0	0	—	—
Net cash used in financing activities	−590	−345	−610	0	5,203
Effect of foreign exchange rate changes on cash and cash equivalents	9	−1	0	−1	0
Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash	1,198	−651	−11	−913	4,080
Cash paid for interest	31	16	12	12	12
Cash paid for income taxes, net of refund received	95	18	9	4	6

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