HOOD
Updated: 25/09/2026, 07:54:10
Robinhood Markets, Inc. operates a financial services platform available to users throughout the United States. This platform empowers individuals to engage in a wide array of investments, encompassing common stocks, exchange-traded funds (ETFs), options contracts, gold, and various cryptocurrencies. Beyond its core trading functionalities, the company dedicates efforts to providing educational and informational resources. These include "Snacks," a concise daily summary of business news; "Learn," an extensive digital library offering guides, tutorials, and a comprehensive financial dictionary; and "Newsfeeds," which grants complimentary access to premium financial journalism from reputable sources like Barron's, Reuters, and The Wall Street Journal. Additionally, the platform supports users with tools such as customizable watchlists and alert systems for monitoring specific securities, ETFs, and digital assets. It also provides cash management services. For new customers, particularly those who have not yet made their initial investment, Robinhood offers personalized first trade recommendations. Robinhood Markets, Inc. was established in 2013 and maintains its principal operations from Menlo Park, California.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$1.9B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.7B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Governance and entity structure: multi-class stock with founder control
Multi-class stock concentrates voting power with founders; Founders' Voting Agreement and potential Class C issuances prolong founder control.
“The multi-class structure of our common stock has the effect of concentrating voting power with our founders, which limits your ability to influence the outcome of matters submitted to our stockholders for approval.”
Large percentage of customers are first-time investors
Because a large percentage of customers are first-time investors, the company may be disproportionately affected by declines in investor confidence during adverse economic conditions.
“Because a large percentage of our customers are first time investors, we might be disproportionately affected by declines in investor confidence caused by adverse economic conditions”
Mobile-first distribution dependent on app stores and iOS/Android operating systems
A substantial majority of customer activity occurs on mobile devices; distribution depends on app stores and Android/iOS operating systems the company does not control.
“A substantial majority of our customers’ activity on our platforms occurs on mobile devices. We are dependent on the interoperability of our app with popular mobile operating systems, networks, technologies, products, hardware, and standards that we do not control, such as the Android and iOS operating systems”
Cryptocurrency products and services via Bitstamp acquisition
Bitstamp acquisition (June 2025) added institutional crypto products: on-exchange lending, off-exchange settlement, post-trade settlement, and perpetual futures.
“as a result of our acquisition of Bitstamp in June 2025, we now provide additional cryptocurrency products and services to institutional customers both in parts of the U.S. and internationally, including products and services such as on-exchange lending, off-exchange settlement, post-trade settlement, and perpetual futures”
Rapidly introduced derivatives products
Index options, futures, and event contracts
“rapidly introduce new products and services such as index options, futures, and event contracts”
Robinhood Legend
Robinhood Legend desktop platform
“we have also introduced Robinhood Legend, which we are in the process of scaling to all supported asset classes and capabilities”
Transaction-based revenue drivers
Transaction-based revenue depends on pricing spreads, trading activity, Liquidity Providers, and PFOF regulatory treatment.
“Factors that affect transaction-based revenue - such as reduced spreads in securities pricing, reduced levels of trading activity generally, changes in our business relationships with or disruption in the services provided by Liquidity Providers”
Cloud infrastructure dependency on AWS
Robinhood's cloud-based operations rely on third parties including AWS; the October 20, 2025 AWS US-EAST-1 failure affected certain operations, causing service instability and interruption.
“on October 20, 2025, Amazon Web Services (AWS) experienced a major disruption in its US-EAST-1 region due to a failure in an internal system. This affected certain of our operations, resulting in service instability and interruption”
Headcount
Approximately 2,900 full-time employees as of December 31, 2025
“As of December 31, 2025, we had approximately 2,900 full-time employees.”
Category-defining brand
Category-defining retail investing brand
“we believe we have built a trusted, category-defining brand that has made investing socially relevant for the next generation”
Vertically integrated platform
Vertically integrated, cloud-based platform; licensed introducing broker-dealer, clearing broker-dealer, money-transmitter, registered futures commission merchant
“We are a licensed introducing broker-dealer, a licensed clearing broker-dealer, a licensed money-transmitter, and a registered futures commission merchant.”
Creative product design
Design-centric, mobile-first platform; Robinhood Legend being scaled to all supported asset classes
“we seamlessly integrate information into our platform through Robinhood Learn and our newsfeed, which offers free news from trusted sources including Barron’s, Reuters, and Dow Jones”
Operating efficiency / cost advantage
Cost advantage from operating efficiency and disciplined fixed-cost management
“our operating efficiency and disciplined approach to managing fixed costs, along with our technology-first approach to product development and customer service, creates a cost advantage”
Research and development costs under ASC 730
R&D costs expensed as incurred: $349M (2023), $323M (2024), $355M (2025)
“Research and development costs recorded in operating expenses under ASC 730 were $349 million, $323 million, and $355 million for the years ended December 31, 2023, 2024, and 2025.”
Global expansion
Expanding reach globally
“we are committed to expanding our reach globally”
Broker-dealer regulation
Broker-dealer subsidiaries RHS, RHF, and TradePMR regulated by SEC, FINRA, state and SROs
“our subsidiaries RHS, RHF, and TradePMR are subject to extensive regulation by federal, state and SROs, and are subject to laws and regulations covering all aspects of the securities industry”
Broker-dealer regulatory requirements: best execution, net capital, PFOF
Subject to SEC/FINRA best execution, Net Capital Rule, potential PFOF bans, and 2024 Tick Size and Access Fee Cap Rules.
“As registered broker-dealers, we are subject to “best execution” requirements under SEC guidelines and FINRA rules.”
UK FCA prudential proposals for crypto firms could constrain Bitstamp
In May 2025, the UK FCA published proposals modelled on investment firm requirements that could require crypto firms to hold minimum regulatory capital, potentially reducing liquidity and constraining Bitstamp's operations.
“in May 2025, the UK’s FCA published three papers which announced new proposals for certain aspects of the prudential requirements for crypto firms”
Interest rate exposure
Rapidly changing interest rate environments have in the past and could reduce net interest revenues.
“We are directly and indirectly exposed to fluctuations in interest rates, and rapidly changing interest rate environments have in the past and could in the future reduce our net interest revenues”
Crypto regulatory uncertainty: security status, staking, Stock Tokens in EEA
Crypto security-status uncertainty, staking enforcement risk, and EEA Robinhood Stock Tokens regulatory risk.
“Our introduction of Robinhood Stock Tokens in the EEA may expose us to significant regulatory, litigation, contractual, operational, and reputational risks.”
Reliance on proprietary self-clearing platform and order routing system
Heavy reliance on its own self-clearing platform, proprietary order routing system, and data platforms creates vulnerability to internal technology failures; systems are not fully redundant.
“we rely heavily on our own self-clearing platform, proprietary order routing system, data platforms, and other back-end infrastructure for our operations”
Cash concentration above insured limits
Cash at banks exceeds federally insured limits; money market funds not FDIC insured
“We maintain cash in bank accounts at financial institutions that exceed federally insured limits. We also maintain cash in money market funds which are not FDIC insured.”
Reputational/brand risk from negative media coverage and past trading restrictions
Brand and reputation harm—including any repeat of temporary trading restrictions similar to the Early 2021 Trading Restrictions—could reduce trading volumes and Funded Customers.
“any repeat imposition of temporary trading restrictions (similar to our Early 2021 Trading Restrictions), or any outright failure to meet our deposit requirements”
Uninsured cash deposits at financial institutions (2023 Banking Events)
Cash held at banks significantly exceeds FDIC insured limits; the 2023 Banking Events demonstrated that bank failures can temporarily limit access to funds.
“We maintain cash and investment accounts, as well as restricted cash as certificates of deposits for facility leases and other contractual obligations, at multiple financial institutions in amounts that are significantly in excess of the limits insured by the FDIC”
Innovation and new product monetization risk, including event contracts
Growth depends on evolving and monetizing new products (e.g., event contracts) with which the company has little operating experience; monetizing while keeping low prices is difficult.
“acquire or introduce new and unproven products and services, including using technologies with which we have little or no prior development or operating experience (for instance, event contracts)”
Cybersecurity and third-party dependence risks
Cybersecurity breach risk (including fourth-party), third-party key-function reliance, and AI-related risks.
“Our business could be materially and adversely affected by a cybersecurity breach or other attack involving our computer systems or data or those of our customers or third-party or fourth-party service providers.”
Past platform outages (March 2020 Outages; April-May 2021 Disruptions) caused litigation and remediation
Trading-volume surges have caused outages (March 2020; mid-April/early May 2021 crypto disruptions), resulting in class action lawsuits, arbitrations, regulatory investigations, and cash remediation payments.
“The March 2020 Outages resulted in putative class action lawsuits, arbitrations, and regulatory examinations and investigations, as well as cash remediation payments”
Litigation and regulatory proceedings exposure
Involved in numerous litigation matters and has a history of regulatory investigations and settlements.
“We are involved in numerous litigation matters that are expensive and time consuming, and, if resolved adversely, could expose us to significant liability and reputational harm.”
Event contracts offering subject to regulatory enforcement and litigation
Event contracts offering could be blocked by enforcement actions, litigation, or law changes.
“Our ability to offer event contracts is subject to the outcome of currently ongoing and potential future regulatory enforcement actions and litigation”
Rothera joint venture with SIG (futures exchange and clearinghouse)
Rothera, a JV with SIG, operates futures/derivatives exchange and clearinghouse (Rothera E&C); Robinhood does not wholly own or control it.
“Rothera, owned and operated as a joint venture with SIG, operates a futures and derivatives exchange and clearinghouse through its subsidiary, Rothera E&C. We do not wholly own or operationally control Rothera”
Intellectual property protection limits
Reliance on trademarks, patents, trade secrets with limited legal protection; no individual IP material
“we do not consider any individual piece of our intellectual property to be material to our business, taken as a whole”
Potential need for additional capital; subsidiary dividend restrictions
Additional equity or debt financing may be needed; under FINRA rules a dividend of over 10% of RHS's excess net capital requires FINRA's prior written approval.
“under FINRA rules applicable to RHS, a dividend of over 10% of a member firm’s excess net capital must not be paid without FINRA’s prior written approval”
Key personnel dependency on CEO Vladimir Tenev; SBC-linked retention
Success depends on CEO Vladimir Tenev and senior management; no key person insurance exists, and stock price performance affects recruitment/retention given heavy SBC emphasis.
“our CEO, Vladimir Tenev, has been critical to the development and execution of our business, vision, and strategic direction”
Immigration policy changes increase competition for technical talent
High competition in the San Francisco Bay Area for software engineers is likely to increase due to changes in U.S. immigration policies, given reliance on foreign national employees.
“there continues to be particularly high competition in the San Francisco Bay Area for software engineers, computer scientists and other technical personnel. This competition is likely to increase further due to ongoing changes in U.S. immigration policies and enforcement practices”
Cryptocurrency blockchain network technical risks (forks, wallet security)
Technical changes, forks, or security incidents on supported blockchain networks could freeze or lose customer assets or compromise hot/cold wallets.
“the security of our hot or cold wallets might be compromised, and our platforms and technical infrastructure might be affected”
International expansion requires adapting products to local regulation and preferences
International expansion requires adapting product and service offerings to local regulatory requirements, customer preferences, and other location-specific factors, and might not succeed.
“We currently operate in certain international markets and plan to further expand our international operations, which exposes us to significant new risks, and our international expansion efforts might not succeed”
International expansion risks
International expansion exposes the company to significant new risks that may not succeed.
“We currently operate in certain international markets and plan to further expand our international operations, which exposes us to significant new risks, and our international expansion efforts might not succeed.”
Trading volumes and revenue are driven by market volatility; prolonged weakness in equities or cryptocurrencies has resulted and could result in reduced revenues.
“A prolonged market weakness, such as a slowdown causing reduced trading volume in securities, derivatives, or cryptocurrency markets, has resulted, and could result in the future in reduced revenues and adversely affect our business”
Broker-dealer subsidiaries face investigations, fines, cease-and-desist orders, and operational restrictions from SEC, FINRA, state regulators, and SROs.
“Federal, state and SROs, including the SEC and FINRA, can, and in some cases have in the past, among other things, investigate, censure or fine us, issue cease-and-desist orders or otherwise restrict our operations”
Revenue depends on retaining and growing Funded Customers and their engagement across brokerage, crypto, Gold, and credit products.
“If we fail to retain existing customers or attract new customers, or if our customers decrease their use of our products and services, our revenue will decline.”
Heavy reliance on proprietary self-clearing, order routing, and data platforms makes internal technology failures particularly damaging.
“we rely heavily on our own self-clearing platform, proprietary order routing system, data platforms, and other back-end infrastructure for our operations”
Trading activity levels drive transaction-based revenue and operating metrics fluctuate with market conditions.
“Our results of operations are heavily reliant on the level of trading activity on our platforms and Net Deposits.”
Seasonal trends may be superseded by market or macroeconomic events with significant impact on equity and cryptocurrency valuations and trading activity.
“Seasonal trends may be superseded by market or macroeconomic events, which can have a significant impact on equity and cryptocurrency valuations and trading activity.”
Robinhood's cloud-based operations run on AWS; the October 2025 US-EAST-1 disruption directly caused service instability and interruption on its platforms.
“on October 20, 2025, Amazon Web Services (AWS) experienced a major disruption in its US-EAST-1 region due to a failure in an internal system. This affected certain of our operations, resulting in service instability and interruption”
A substantial majority of customer activity occurs on mobile; app store policies and OS changes can degrade distribution and customer usage.
“A substantial majority of our customers’ activity on our platforms occurs on mobile devices.”
New regulation of or bans on PFOF could reduce transaction-based revenue, a core revenue stream.
“any new regulation of, or any bans on, PFOF and similar practices - might result in reduced profitability, increased compliance costs, and negative publicity.”
Crypto trading, staking, and Bitstamp institutional services drive revenue but carry high regulatory uncertainty.
“In the U.S., any particular cryptocurrency’s status as a “security” is subject to a high degree of uncertainty”
Transaction-based revenue depends on services provided by Liquidity Providers such as Virtu and SIG.
“changes in our business relationships with or disruption in the services provided by Liquidity Providers (as defined below)”
Customer base skews to first-time investors, amplifying sensitivity to declines in investor confidence and adverse economic conditions.
“Because a large percentage of our customers are first time investors, we might be disproportionately affected by declines in investor confidence caused by adverse economic conditions”
Interest rate environment in USD drives net interest revenues including Cash Sweep spreads and margin book.
“rapidly changing interest rate environments have in the past and could in the future reduce our net interest revenues and otherwise result in reduced profitability”
Proposed FCA capital/liquidity requirements could constrain Bitstamp's operational flexibility and liquidity.
“any increase in capital or liquidity requirements under the proposed FCA regime could reduce available liquidity and constrain flexibility in Bitstamp’s operations”
New product family (event contracts) requires unproven technology and adequate platform capacity for rollout, offering, and settlement; failure to innovate could reduce revenue.
“we have needed and will continue to need to have adequate capacity and infrastructure on our platform with respect to the rollout, offering, and settlement of event contracts”
EU crypto regulation (MiCA) applies to EEA operations including Robinhood Stock Tokens.
“MiCAMarkets in Crypto-Assets Regulation”
Tariff imposition/escalation by the U.S., China, Canada, and the EU has driven and may drive market volatility affecting trading volumes.
“trade policy shifts and the imposition or escalation of tariffs implemented by the U.S. and other countries or blocs, including China, Canada, and the EU, and those countries’ or blocs’ responses to such shifts and tariffs”
Coinbase is named in the filing glossary, indicating it is a relevant competitor/comparison in crypto markets; Robinhood operates in highly competitive markets.
“CoinbaseCoinbase Global, Inc., and Coinbase, Inc.”
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