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HOOD

Robinhood Markets, Inc.

HOOD

Robinhood Markets, Inc. • NASDAQ
$128.49 ▲ 0.23% (+0.29)
Market Cap $113.72 B
52w High $153.86
52w Low $29.66
Dividend Yield 0%
P/E 53.54
Volume 9.66M
Outstanding Shares 885.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.274B ▲ $346M ▼ $556M ▲ 43.642% ▲ $0.63 ▲ $657M ▲
Q2-2025 $989M ▲ $473M ▲ $386M ▲ 39.029% ▲ $0.44 ▲ $457M ▲
Q1-2025 $927M ▼ $421M ▲ $336M ▼ 36.246% ▼ $0.38 ▼ $392M ▼
Q4-2024 $1.014B ▲ $312M ▼ $916M ▲ 90.335% ▲ $1.036 ▲ $580M ▲
Q3-2024 $637M $365M $150M 23.548% $0.17 $171M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $14.609B ▲ $41.452B ▲ $32.885B ▲ $8.567B ▲
Q2-2025 $13.538B ▲ $35.324B ▲ $27.252B ▲ $8.072B ▲
Q1-2025 $11.253B ▲ $27.517B ▲ $19.564B ▲ $7.953B ▼
Q4-2024 $10.496B ▼ $26.187B ▼ $18.215B ▼ $7.972B ▲
Q3-2024 $11.043B $43.245B $36.037B $7.208B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $556M ▲ $-4.154B ▼ $-142M ▼ $3.021B ▲ $164M ▼ $-4.166B ▼
Q2-2025 $386M ▲ $3.509B ▲ $832M ▲ $-286M ▲ $4.062B ▲ $3.491B ▲
Q1-2025 $336M ▼ $642M ▲ $9M ▼ $-417M ▼ $235M ▲ $640M ▲
Q4-2024 $916M ▲ $-1.4B ▼ $34M ▲ $-178M ▼ $-1.546B ▼ $-1.415B ▼
Q3-2024 $150M $1.812B $-123M $-95M $1.595B $1.793B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Gold Subscription Revenues
Gold Subscription Revenues
 $60.00M ▲$40.00M ▼$40.00M ▲$50.00M ▲
Other Revenue
Other Revenue
 $10.00M ▲$10.00M ▲$10.00M ▲$30.00M ▲
Proxy Revenues
Proxy Revenues
 $10.00M ▲$10.00M ▲$40.00M ▲$10.00M ▼
TransactionBased Revenues
TransactionBased Revenues
 $670.00M ▲$580.00M ▼$540.00M ▼$730.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Robinhood’s income statement shows a clear turnaround story. Revenue has climbed steadily over the past few years, and the business has moved from heavy losses to solid profitability more recently. This shift suggests the company is getting better at scaling its operations, controlling costs, and monetizing its user base. That said, the history is still short and marked by large swings in profit and loss, which hints that earnings can be sensitive to market conditions and trading activity. The recent profitability is a strong positive sign, but it does not yet reflect a long, stable track record across different market cycles.

Balance Sheet

Balance Sheet The balance sheet looks stronger today than in the early years. The company holds a meaningful cash cushion and has built up a solid base of shareholder equity after starting from a very thin position. At the same time, total debt has risen noticeably, which adds some financial risk, especially if interest rates stay high or earnings become volatile again. Overall, Robinhood now has more resources and a healthier capital base than a few years ago, but it is also leaning more on borrowed money to support its growth and operations.

Cash Flow

Cash Flow Cash generation has been uneven. Operating cash flow has swung between positive and negative over the past five years, and even in the most recent year, when accounting profits were strong, cash from operations dipped slightly into negative territory. Free cash flow follows the same pattern because Robinhood’s capital spending needs are modest, which reflects an asset-light, technology-driven model. The key takeaway is that profits on paper are improving faster than cash inflows, which may be driven by working capital and regulatory balance dynamics. This is an area that warrants ongoing attention, as durable cash generation is what ultimately supports flexibility and resilience.

Competitive Edge

Competitive Edge Robinhood’s competitive position is built on its brand, its mobile-first experience, and a growing financial ecosystem rather than on commissions, which are now free almost everywhere. It has strong recognition with younger, tech-savvy customers and has turned its app into more of a financial hub, with trading, cash management, crypto, retirement accounts, and subscription services under one roof. This bundled offering increases the hassle of switching away. At the same time, Robinhood faces intense competition from large, well-capitalized incumbents and other fintechs, along with constant regulatory and reputational scrutiny. Its modern tech stack and lower cost base are advantages, but its user engagement and trading volumes can be quite cyclical, which tempers its competitive strength.

Innovation and R&D

Innovation and R&D Innovation is one of Robinhood’s clear strengths. The company helped reshape the brokerage industry with commission-free trading, fractional shares, and a simple, mobile interface. It continues to layer on new features, such as premium subscription bundles, higher-yield cash, retirement contribution matches, 24-hour weekday trading, and advanced tools for more active traders. Beyond core brokerage, Robinhood is pushing into crypto, self-custody wallets, social investing features, AI-driven insights (like Robinhood Cortex), prediction markets, and potential asset tokenization. This aggressive innovation agenda can deepen customer engagement and open new revenue streams, but it also brings execution complexity and higher regulatory risk, especially around newer areas like crypto and prediction markets.

Summary

Robinhood has evolved from a fast-growing but unprofitable disruptor into a more mature business that now earns real profits, supported by a stronger balance sheet and a broadening product set. Its financial statements show meaningful improvement, but also a history of volatility and a cash flow profile that has not yet fully caught up with reported earnings. Competitively, it benefits from a powerful brand with younger investors, a modern technology platform, and an increasingly “all-in-one” financial app, yet it operates in a highly competitive and heavily regulated space. The company’s heavy emphasis on innovation—across AI, crypto, social trading, and new market structures—creates both opportunity and uncertainty. Overall, Robinhood appears to be in a significantly better position than in its early public years, but its business model and results remain closely tied to market activity, regulation, and successful execution of its ambitious product roadmap.

NEWS

November 25, 2025 · 5:20 PM UTC

Miami International Holdings Announces Sale of MIAXdx to Robinhood Markets in Partnership with Susquehanna International Group

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November 13, 2025 · 4:05 PM UTC

Robinhood Markets, Inc. Reports October 2025 Operating Data

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November 13, 2025 · 8:35 AM UTC

Defiance ETFs Launches HOOZ: the First 2X Short ETF of Robinhood Markets, Inc

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November 10, 2025 · 8:00 AM UTC

WonderFi Announces Extension of Outside Date for Robinhood Transaction

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November 6, 2025 · 4:05 PM UTC

Robinhood Markets, Inc. to Present at the Wolfe Research Wealth Symposium on November 12, 2025

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