Robinhood Markets, Inc. (HOOD) is a financial services company that operates a brokerage platform enabling customers to trade financial instruments such as stocks, options, and cryptocurrencies. The company generates revenue through transaction-based activities, interest income, and other services, offering a user-friendly platform designed to simplify investing for retail customers. Robinhood also provides subscription services and facilitates asset transfers, supported by a robust technological infrastructure and compliance with regulatory requirements.
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Transaction-Based Revenues - Earns fees by routing customer orders for options, cryptocurrencies, and equities to market makers. Includes Payment for Order Flow (PFOF) for equities and options, and transaction rebates for cryptocurrencies.
- Options - Generates fees based on a per-contract basis.
- Equities - Charges a fixed percentage of the bid-ask spread.
- Cryptocurrencies - Collects rebates as a fixed percentage of the notional order value.
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Net Interest Revenues - Derives income from interest on corporate cash, margin loans, segregated cash, deposits with clearing organizations, securities lending, and customer credit card balances. Also incurs interest expenses from revolving credit facilities.
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Other Revenues - Includes subscription fees from Robinhood Gold, proxy revenues, and fees for facilitating asset transfers to other broker-dealers.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Vladimir Tenev ExecutiveBoard | Co-Founder, CEO, President, Chair of the Board | None | Co-founded Robinhood in 2013; led the company to record revenues and profitability in 2023; holds degrees in Mathematics from Stanford and UCLA. | View Report → |
Daniel Gallagher Executive | Chief Legal, Compliance, and Corporate Affairs Officer | Board Member at National Association of Corporate Directors, Symbiont.io, and Rally Rd. | Former SEC Commissioner; joined Robinhood in 2020 as Chief Legal Officer; extensive experience in regulatory and corporate affairs. | |
Jason Warnick Executive | Chief Financial Officer | None | Joined Robinhood in 2018; previously spent 20 years at Amazon in various finance leadership roles; holds a B.A. in Accounting from Western Washington University. | |
Steven Quirk Executive | Chief Brokerage Officer | Board Member at Cara Collective | Joined Robinhood in 2022; previously led trading strategy and initiatives at TD Ameritrade; has a background in developing trading tools and technology. | |
Christopher Payne Board | Director | Board Member at Gogo Inc. and Hims & Hers Health, Inc. | Joined Robinhood's Board in 2024; former President and COO at DoorDash; extensive experience in technology and product development at eBay, Microsoft, and Amazon. | |
Dara Treseder Board | Director | Board Member at Public Health Institute and Autodesk Foundation | Joined Robinhood's Board in 2021; currently CMO at Autodesk; previously held senior marketing roles at Peloton, Carbon, and GE Ventures. | |
Frances Frei Board | Director | Professor at Harvard Business School; Board Member at AltC Acquisition Corp.; Co-Founder of The Leadership Consortium LLC | Joined Robinhood's Board in 2021; expertise in organizational management and leadership; author and speaker on trust and empowerment. | |
Jonathan Rubinstein Board | Lead Independent Director | Senior Advisor at PDT Partners; Member of National Academy of Engineering and IEEE | Joined Robinhood's Board in 2021; former executive at Apple, Palm, and Bridgewater Associates; expertise in technology infrastructure and business strategy. | |
Meyer Malka Board | Director | Founder and Managing Partner of Ribbit Capital | Joined Robinhood's Board in 2022; extensive experience in building and investing in technology and financial services companies globally. | |
Paula Loop Board | Director | Board Member at Fastly, Inc. and APi Group Corporation | Joined Robinhood's Board in 2021; retired PwC Partner with over 30 years of experience in corporate governance, financial strategy, and risk management. | |
Robert Zoellick Board | Director | Chairman, Americas at Temasek Holdings; Chair of International Advisory Council at Standard Chartered Bank; Member of Strategic Council at Swiss Re | Joined Robinhood's Board in 2021; former President of the World Bank; extensive experience in global finance and policy. | |
Susan Segal Board | Director | President and CEO of Americas Society and Council of the Americas; Board Member at MercadoLibre and Vista Energy | Joined Robinhood's Board in 2024; extensive experience in financial services and emerging markets; recognized for work in economic inclusion and social empowerment. |
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Despite having nearly 2 million customers on the waitlist for the Gold credit card, only about 100,000 have been onboarded so far; what specific challenges are hindering a faster rollout, and how do you plan to scale the card to meet demand while managing credit risk? ,
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With the wind-down of the 1% Gold deposit boost in November due to lower-than-expected customer activity, how will you adjust your strategy for customer acquisition and engagement, and what promotional offers do you plan to prioritize moving forward? , ,
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There was a noted decoupling between revenues and assets under custody this quarter amid rate cuts and subdued trading activity; how confident are you that this relationship will hold in the face of further rate cuts from the Fed, and what steps are you taking to mitigate potential revenue impacts?
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Equity fee capture declined by about 20% sequentially; can you elaborate on the factors contributing to this decline and what measures you're implementing to address potential pressures on your revenue streams?
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As you expand into new offerings like presidential election event contracts, index options, and futures, how are you assessing and managing the potential regulatory and reputational risks associated with these products, and how do they align with your long-term strategic goals? , ,
Research analysts who have asked questions during Robinhood Markets earnings calls.
Brian Bedell
Deutsche Bank
4 questions for HOOD
Dan Dolev
Mizuho Financial Group
4 questions for HOOD
Devin Ryan
Citizens JMP
4 questions for HOOD
John Todaro
Needham & Company
4 questions for HOOD
Patrick Moley
Piper Sandler & Co.
4 questions for HOOD
Steven Chubak
Wolfe Research
4 questions for HOOD
Benjamin Budish
Barclays PLC
3 questions for HOOD
Craig Siegenthaler
Bank of America
3 questions for HOOD
Michael Cyprys
Morgan Stanley
3 questions for HOOD
Alexander Markgraff
KeyBanc Capital Markets
2 questions for HOOD
Brett Knoblauch
Cantor Fitzgerald & Co.
2 questions for HOOD
Edward Engel
Compass Point Research & Trading, LLC
2 questions for HOOD
James Yaro
Goldman Sachs
2 questions for HOOD
Kenneth Worthington
JPMorgan Chase & Co.
2 questions for HOOD
Ken Worthington
JPMorgan Chase & Co.
2 questions for HOOD
Kyle Voigt
Keefe, Bruyette & Woods
2 questions for HOOD
Alex Markgraff
KeyBanc Capital Markets
1 question for HOOD
Amit Kukreja
Amit Media
1 question for HOOD
Andrew Stein
FT Partners
1 question for HOOD
Ben Budish
Barclays PLC
1 question for HOOD
Christopher Allen
Citigroup
1 question for HOOD
Gautam Chhugani
Bernstein
1 question for HOOD
Matthew O'Neill
Financial Technology Partners
1 question for HOOD
Tanner
Future Investing
1 question for HOOD
Zachary Gunn
Financial Technology Partners
1 question for HOOD
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Citadel Securities, LLC | Market maker | All | Accounted for 12% of total revenue in 2023 |
Entities affiliated with Wolverine Holdings, L.P. | Market maker | All | Accounted for 6% of total revenue in 2023 |
Entities affiliated with Susquehanna International Group, LLP | Market maker | All | Accounted for 2% of total revenue in 2023 |
Tai Mo Shan Limited (Jump Trading Group) | Market maker | All | Accounted for 1% of total revenue in 2023 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Bitstamp | 2025 | Planned acquisition valued at approximately $200 million in cash, designed to accelerate international expansion into the EU, UK, and other markets. The deal is expected to close in the first half of 2025 subject to customary regulatory approvals. |
TradePMR | 2025 | Planned acquisition with a total consideration of about $300 million (including $180 million cash and $120 million equity compensation), aimed at expanding Robinhood’s capabilities in custodial and portfolio management for registered investment advisors; closing is expected in the first half of 2025, pending regulatory conditions. |
Pluto Capital Inc. | 2024 | Completed acquisition in July 2024 of an AI-powered investment research platform to bolster Robinhood’s AI and advisory offerings, aligning with its strategic product enhancement plans. |
MNA Holdco LLC and Marex North America LLC | 2024 | Completed acquisition on January 3, 2024, in which Robinhood acquired all outstanding stock for approximately $3 million (net of $125 million cash acquired), including licenses recognized as an indefinite-lived intangible asset. |
X1 Inc. | 2023 | Completed acquisition on July 3, 2023 for $104 million in cash, which expanded Robinhood’s entry into consumer credit; the technology and platform (now rebranded as Robinhood Credit) support the launch of a no-fee rewards credit card and target roughly 80,000 pre-acquisition cardholders. |
Ziglu Limited | 2022 | Completed acquisition following a definitive agreement from April 16, 2022, originally estimated at $170 million and later revised to $73 million after adjustments, to enhance Robinhood’s cryptocurrency and financial services in the U.K. and Europe; includes additional $12 million in advances subject to various financial treatment options. |
Recent press releases and 8-K filings for HOOD.
- Robinhood reported strong Q3 financial results, with revenue nearly doubling year-over-year to $1.2–$1.27 billion, net income of $556 million, and EPS of $0.61, driven by a 300% surge in crypto transaction revenue.
- The company achieved record levels of 26.8 million funded customers and $333 billion in total platform assets in Q3.
- New business lines, including Prediction Markets and the Bitstamp acquisition, are generating meaningful revenue, with Prediction Markets potentially tracking to a $300 million run rate.
- Despite strong performance, management lifted full-year expense guidance due to higher-than-expected operating expenses, which led to an after-hours stock pullback.
- Robinhood achieved record revenue of nearly $1.3 billion in Q3 2025, representing over 100% year-over-year growth.
- Net deposits exceeded $20 billion in Q3 2025, already surpassing the prior year's record of $50 billion year-to-date.
- Robinhood Gold subscribers reached a record 3.9 million, marking over 75% year-over-year growth.
- Prediction Markets volume doubled every quarter, reaching 2.3 billion contracts in Q3 2025, with October volumes alone exceeding Q3 combined at 2.5 billion contracts.
- CFO Jason Warnick announced his retirement, transitioning to an advisory role in Q1 2026, with Shiv Verma appointed as his successor.
- Robinhood reported strong Q3 2025 financial results, with revenues doubling year-over-year to nearly $1.3 billion and earnings per share more than tripling.
- The company achieved record net deposits of over $20 billion in Q3 2025, having already exceeded last year's annual record of $50 billion in net deposits year-to-date.
- Key growth areas include Robinhood Gold subscribers reaching a record 3.9 million (up over 75% year-over-year), and both Bitstamp and Prediction Markets each surpassing $100 million in annualized revenue in Q3 2025.
- Strategic initiatives include the early rollout of Robinhood Banking, expansion of tokenized stock offerings in the EU to over 400 companies, and the development of Robinhood Ventures to provide non-accredited retail access to private companies.
- CFO Jason will retire next year, transitioning to an advisory role in Q1 2026, with Shiv Verma stepping into the CFO role.
- Robinhood Markets, Inc. reported record revenues of $1.27 billion for Q3 2025, marking a 100% increase year-over-year.
- Diluted earnings per share (EPS) significantly increased by 259% year-over-year to $0.61 in Q3 2025.
- The company achieved record Net Deposits of $20.4 billion and saw Robinhood Gold Subscribers reach a record 3.9 million, a 77% year-over-year increase.
- Total Platform Assets grew 119% year-over-year to $333 billion.
- Chief Financial Officer Jason Warnick announced his retirement, with a planned transition to an advisory role in Q1 2026, and Shiv Verma is set to become the new CFO.
- Robinhood reported record total net revenues of $1.27 billion, an increase of 100% year-over-year, and diluted earnings per share (EPS) of $0.61, up 259% year-over-year, for the third quarter of 2025, which ended September 30, 2025.
- Net income increased 271% year-over-year to $556 million, and Adjusted EBITDA grew 177% year-over-year to $742 million.
- Operational highlights for Q3 2025 include record Net Deposits of $20 billion and Robinhood Gold Subscribers reaching a record 3.9 million, a 77% year-over-year increase. Total Platform Assets increased 119% year-over-year to $333 billion.
- The company now has 11 business lines each generating approximately $100 million or more in annualized revenues, with Prediction Markets and Bitstamp being recent additions.
- Robinhood updated its 2025 full-year Adjusted Operating Expenses and SBC outlook to approximately $2.28 billion.
- Robinhood is actively exploring the expansion of its prediction markets into the United Kingdom and Europe, engaging in discussions with regulators like the UK's Financial Conduct Authority (FCA) to navigate regulatory frameworks.
- This international expansion could potentially add up to $250 million annually in new revenue streams for the company.
- Robinhood operates its prediction markets through traditional financial channels, partnering with CFTC-regulated exchanges, and plans to leverage its existing presence in the UK and European markets for equities and crypto trading.
- Despite the potential for new revenue, Robinhood faces financial challenges including insider selling, a declining three-year revenue growth rate, and a debt-to-equity ratio of 1.57.
- Robinhood reported 26.7 million Funded Customers at the end of August 2025, a slight decrease of approximately 10 thousand from July 2025, but an increase of approximately 2.4 million year-over-year.
- Total Platform Assets reached $304 billion at the end of August 2025, marking a 2% increase from July 2025 and a significant 112% increase year-over-year. Net Deposits for August were $4.8 billion.
- Equity Notional Trading Volumes were $199.2 billion (down 5% from July 2025, up 107% year-over-year), while Options Contracts Traded were 195.5 million (roughly flat to July 2025, up 33% year-over-year). Robinhood App Crypto Notional Trading Volumes were $13.7 billion (down 18% from July 2025, up 154% year-over-year), and Bitstamp Exchange Crypto Notional Trading Volumes were $14.4 billion (up 21% from July 2025).
- Margin balances at the end of August 2025 were $12.5 billion, an increase of 10% from July 2025 and 127% year-over-year. Total Securities Lending Revenue for August was $53 million, down 13% from July 2025 but up 165% year-over-year.
- Robinhood (HOOD) received an "outperform" reiteration from Bernstein, with a price target raised to $160 from $105, citing its business model diversification, strong revenue growth, and increasing cash generation.
- Robinhood (HOOD) launched a pro and college football prediction market, though its stock performance is noted to be susceptible to crypto asset price fluctuations.
- Rocket Companies (RKT) was initiated with a "buy" rating and a $25 price target by BTIG, with analysts anticipating it will be a significant beneficiary of normalizing interest rates.
- Rocket Companies (RKT) is expanding through aggressive acquisitions, including the Mr. Cooper deal (expected to close by year-end) which will make it the largest mortgage originator and servicer, and the recently closed Redfin acquisition. The company anticipates $500 million in merger-related synergies over the next two years.
- UBS raised its gold forecast to $3600 by the end of March and $3700 by the end of June, driven by US macro risks, geopolitical factors, and de-dollarization trends.
- Robinhood reported 26.7 million Funded Customers at the end of July 2025, an increase of approximately 2.5 million year-over-year.
- Total Platform Assets reached $298 billion at the end of July 2025, marking a 106% year-over-year increase.
- Net Deposits for July were $6.4 billion.
- Trading volumes showed strong year-over-year growth in July 2025, with Equity Notional Trading Volumes at $209.1 billion (up 100%) and Robinhood App Crypto Notional Trading Volumes at $16.8 billion (up 217%).
- Total Securities Lending Revenue in July was $61 million, an increase of 190% year-over-year.
- eToro reported strong Q2 results, with net contribution from crypto growing 34% year-over-year to $27 million, driven by a higher invested amount per trade.
- Crypto activity in the third quarter is off to a good start, with July showing higher activity than Q2 levels, attributed to Bitcoin reaching an all-time high of about $123,000.
- The company has expanded its crypto offerings for US users, who can now trade more than 100 different cryptocurrencies, and plans to launch staking soon, due to a more positive regulatory environment.
- eToro is focusing on tokenization, planning to launch tokenized stocks, believing that blockchain technology will facilitate the "greatest ever transfer of wealth" by moving traditional assets onto the blockchain.
- The company went public recently, having shifted its strategy to focus on profitability growth alongside revenue growth, with crypto being a significant part of this strategy.