Robinhood Markets, Inc. Earnings Per Share Disclosure
(in millions, except share and per share data) | Year Ended December 31, | |||||||||||||||||||||||||
| 2023 | 2024 | 2025 | ||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||
Basic EPS: | ||||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||
Net income (loss) | $ | (465) | $ | (76) | $ | 1,214 | $ | 197 | $ | 1,641 | $ | 242 | ||||||||||||||
Net income (loss) attributable to non-controlling interest | — | — | — | — | — | — | ||||||||||||||||||||
Net income (loss) attributable to Robinhood common stockholders | $ | (465) | $ | (76) | $ | 1,214 | $ | 197 | $ | 1,641 | $ | 242 | ||||||||||||||
Denominator | ||||||||||||||||||||||||||
Weighted-average common shares outstanding - basic | 763,580,698 | 127,276,961 | 758,213,055 | 122,900,101 | 774,107,256 | 114,397,702 | ||||||||||||||||||||
| Basic EPS | $ | (0.61) | $ | (0.61) | $ | 1.60 | $ | 1.60 | $ | 2.12 | $ | 2.12 | ||||||||||||||
Diluted EPS: | ||||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||
Net income (loss) | $ | (465) | $ | (76) | $ | 1,214 | $ | 197 | $ | 1,641 | $ | 242 | ||||||||||||||
Net income (loss) attributable to non-controlling interest | — | — | — | — | — | — | ||||||||||||||||||||
Net income (loss) attributable to Robinhood common stockholders | $ | (465) | $ | (76) | $ | 1,214 | $ | 197 | $ | 1,641 | $ | 242 | ||||||||||||||
Reallocation of net income (loss) as a result of conversion of Class B to Class A common stock | — | — | 197 | — | 242 | — | ||||||||||||||||||||
Reallocation of net income (loss) to Class B common stock | — | — | — | (5) | — | (8) | ||||||||||||||||||||
Net income (loss) attributable to Robinhood common stockholders for diluted EPS | $ | (465) | $ | (76) | $ | 1,411 | $ | 192 | $ | 1,883 | $ | 234 | ||||||||||||||
Denominator | ||||||||||||||||||||||||||
Weighted-average common shares outstanding - basic | 763,580,698 | 127,276,961 | 758,213,055 | 122,900,101 | 774,107,256 | 114,397,702 | ||||||||||||||||||||
Dilutive effect of stock options, warrants, and unvested shares | — | — | 25,058,348 | — | 30,276,888 | — | ||||||||||||||||||||
Conversion of Class B to Class A common stock | — | — | 122,900,101 | — | 114,397,702 | — | ||||||||||||||||||||
Weighted-average common shares outstanding - diluted | 763,580,698 | 127,276,961 | 906,171,504 | 122,900,101 | 918,781,846 | 114,397,702 | ||||||||||||||||||||
Diluted EPS | $ | (0.61) | $ | (0.61) | $ | 1.56 | $ | 1.56 | $ | 2.05 | $ | 2.05 | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2023 | 2024 | 2025 | |||||||||||||||
| Time-Based RSUs | 34,625,253 | 828,224 | 24,418 | ||||||||||||||
| Market-Based RSUs | 22,476,722 | 11,065,463 | — | ||||||||||||||
| Stock options | 12,141,566 | — | — | ||||||||||||||
| Warrants | 14,278,034 | 12,868,262 | — | ||||||||||||||
ESPP | 305,692 | — | — | ||||||||||||||
| Total anti-dilutive securities | 83,827,267 | 24,761,949 | 24,418 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 27, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.