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 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.
- Cathie Wood's Ark Invest sold a significant stake in Robinhood as part of a shift in its crypto investment approach.
- This sale was part of Ark's strategy to rebalance and diversify its holdings.
- Ark Invest sold stakes in Robinhood, Coinbase, and Block to acquire $175 million worth of BitMine Immersion Technologies shares.
- The Florida Attorney General has opened a probe into Robinhood, alleging the company misled users by claiming to offer the lowest cost crypto trading, with concerns centered on payment for order flow potentially leading to worse prices for customers.
- Robinhood has also faced backlash after rolling out a 25% staking fee for US users.
- CEO Vlad Tenev is focusing on tokenized stock offerings in Europe, which provide users exposure to firms like OpenAI via SPVs, despite OpenAI's pushback that these tokens do not represent real equity.
- Robinhood is prototyping a program for government-seeded investment accounts for newborns, following a newly signed law.
- Robinhood became the first publicly traded US company to launch tokenized stocks on-chain, enabling EU users to invest in shares of private firms like OpenAI and SpaceX.
- Following this product launch, Lithuania's central bank, Robinhood's lead EU regulator, has sought clarifications regarding these tokenized equities after OpenAI raised concerns.
- Robinhood CEO Vlad Tenev defended the tokenized stock product, highlighting its importance in providing retail customers exposure to significant assets, even if not technically equity.
- In broader crypto market news, Trump Media and Technology Group filed to list a new crypto ETF, which plans to hold 70% Bitcoin and 15% Ether.
- Crypto M&A activity reached record highs in Q2 2025, with 79 transactions and $4.9 billion in consideration paid, a surge attributed partly to an improved regulatory environment.
- Stock tokenization is revolutionizing financial markets by converting traditional shares into digital tokens on blockchain, enabling fractional ownership, 24/7 global trading, and automated processes via smart contracts, thereby democratizing investment opportunities.
- Robinhood is expanding its tokenized stock trading services to the European market using the Arbitrum blockchain, with plans to introduce 24/7 trading and tokenized stocks of pre-IPO companies like OpenAI and SpaceX.
- Despite the benefits, challenges remain, including liquidity and price peg issues outside traditional market hours, which can impact market makers' ability to provide continuous liquidity and undermine the value proposition of tokenized equities.
- The adoption of tokenized stocks has been accelerated by the deregulation of cryptocurrencies under President Trump's administration, marking a significant shift in the financial sector.
- Robinhood has significantly expanded its crypto offerings, making Robinhood Crypto available across the entire EU and EEA (31 countries), with perpetual futures rolling out later this summer.
- For European customers, Robinhood has launched stock tokens, providing exposure to hundreds of major US stocks and ETFs with zero commission and plans for thousands more by year-end.
- In the US, Robinhood has introduced staking for Ethereum and Solana, advanced charts for equities (coming later this summer for crypto), and crypto fee tiers based on trading volume.
- Robinhood announced the development of the Robinhood chain, a new blockchain optimized for real-world assets, and has gifted the world's first OpenAI and SpaceX private stock tokens to eligible EU app users.
- The EU app, previously "Robinhood Crypto," has been renamed "Robinhood" to reflect its evolution into an all-in-one investment app offering crypto, perpetual futures, and stock tokens.