olivLaw · US equity research
Robinhood Markets, Inc. HOOD
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Robinhood Markets is a mobile financial platform offering commission-free investing in stocks, options, crypto, futures and event contracts, and expanding into banking, retirement and credit cards. The company reported total net revenues of 4.47 billion USD in fiscal 2025 and 1.31 billion USD in the second quarter of 2026, up 32%, which makes it relevant to how market access for the general public is changing.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Robinhood Markets, Inc. (HOOD) stock was 87.41 USD (+2.02% on the day), with market capitalisation 0 USD, P/E 40.3 on diluted EPS of 2.17 USD over the last 12 months, beta 2.92, 52-week range 65.16–142.48 USD. Latest reported quarter (Q3 2026): revenue of 1.4 bn USD (+11.8% YoY), net income of 468.0 m USD (−15.8% YoY), diluted EPS 0.51 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.9
- weak (30–45)
- Bollinger (20, 2)
- 80.91 – 113.12
- in the lower half of the band · %B 0.20 · band width 33.2%
- SMA 50 / 200
- 107.15 / 92.25
- mixed trend
- MACD (12, 26, 9)
- -6.25 / -5.20
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −23.4% | −2.0% | −21.4 pp | — |
| 3 months | −5.8% | −2.2% | −3.6 pp | — |
| 6 months | +10.6% | +4.3% | +6.3 pp | — |
| Year to date | −22.7% | +10.6% | −33.3 pp | — |
| 1 year | −36.1% | +10.5% | −46.6 pp | −11.1% |
| 3 years | +802.1% | +73.7% | +728.4 pp | +54.2% |
| 5 years | +136.2% | +61.7% | +74.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 927.0 m | 989.0 m | 1.3 bn | 1.3 bn | 1.1 bn | 1.3 bn | 1.4 bn |
| Depreciation & amortisation | 22.0 m | 20.0 m | 21.0 m ≈ | 22.0 m ≈ | 23.0 m | 23.0 m | 23.0 m ≈ | 26.0 m ≈ |
| Pre-tax income | 558.0 m | 371.0 m | 442.0 m | 634.0 m | 661.0 m | 411.0 m | 709.0 m | 625.0 m |
| Income tax | -358.0 m | 35.0 m | 56.0 m | 78.0 m | 56.0 m | 65.0 m | 136.0 m | 149.0 m |
| Net income | 916.0 m | 336.0 m | 386.0 m | 556.0 m | 605.0 m | 350.0 m | 561.0 m | 468.0 m |
| Diluted EPS | 1.00 ≈ | 0.37 | 0.42 | 0.61 | 0.66 ≈ | 0.38 | 0.62 | 0.51 |
| Operating cash flow | -1.4 bn | 642.0 m | 3.5 bn ≈ | -1.6 bn ≈ | -937.0 m | 2.0 bn | 720.0 m ≈ | 1.2 bn ≈ |
| Share repurchases | 160.0 m | 322.0 m | 124.0 m ≈ | 107.0 m ≈ | 100.0 m | 250.0 m | 414.0 m ≈ | 25.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 36 percentile of its own 11-quarter history (min 23.8, median 47.7, max 130.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 277.5 m | 958.0 m | 1.8 bn | 1.4 bn | 1.9 bn | 3.0 bn | 4.5 bn |
| Revenue YoY | unavailable | +245.2% | +89.5% | −25.2% | +37.3% | +58.2% | +51.6% |
| Net income | -106.6 m | 7.0 m | -3.7 bn | -1.0 bn | -541.0 m | 1.4 bn | 1.9 bn |
| Net income YoY | unavailable | unavailable | −52,771.4% | unavailable | unavailable | unavailable | +33.5% |
| Diluted EPS | -0.48 | 0.01 | -7.49 | -1.17 | -0.61 | 1.56 | 2.05 |
| Diluted EPS YoY | unavailable | unavailable | −75,000.0% | unavailable | unavailable | unavailable | +31.4% |
| net % | -38.4% | 0.7% | -203.1% | -75.7% | -29.0% | 47.8% | 42.1% |
| Free cash flow | 1.3 bn | 1.9 bn | -948.0 m | -880.0 m | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.3 bn USD
- Financial debt
- 0 USD
- Net debt
- -4.3 bn USD
- Equity
- 9.2 bn USD
- Total assets
- 38.1 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 1.26x
- ROE
- 22.0%
- ROA
- 5.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 958.0 m | 1.8 bn | 1.4 bn | 1.9 bn | 3.0 bn | 4.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Research & development | 52.0 m | 438.0 m | 381.0 m | 349.0 m | 323.0 m | 355.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 10.0 m | 26.0 m | 61.0 m | 71.0 m | 77.0 m | 86.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | 13.0 m | -3.7 bn | -1.0 bn | -533.0 m | 1.1 bn | 2.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 6.0 m | 2.0 m | 1.0 m | 8.0 m | -347.0 m | 225.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | 7.0 m | -3.7 bn | -1.0 bn | -541.0 m | 1.4 bn | 1.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | 0.01 | -7.49 | -1.17 | -0.61 | 1.56 | 2.05 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 245.0 m | 492.4 m | 878.6 m | 890.9 m | 906.2 m | 918.8 m | SEC (XBRL)· 18 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.4 bn | 6.3 bn | 6.3 bn | 4.8 bn | 4.3 bn | 4.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 10.9 bn | 19.3 bn | 22.9 bn | 17.1 bn | 25.1 bn | 36.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 45.8 m | 146.0 m | 146.0 m | 120.0 m | 139.0 m | 154.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 0 | 101.0 m | 100.0 m | 175.0 m | 179.0 m | 385.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 185.0 k | 34.0 m | 25.0 m | 48.0 m | 38.0 m | 168.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 11.0 bn | 19.8 bn | 23.3 bn | 17.6 bn | 26.2 bn | 38.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 104.6 m | 252.0 m | 185.0 m | 384.0 m | 397.0 m | 463.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | — | — | — | — | — | 0 | SEC (XBRL)· 28 Oct 2026verified |
| Current liabilities | 8.8 bn | 12.3 bn | 16.3 bn | 10.8 bn | 18.1 bn | 28.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 8.9 bn | 12.5 bn | 16.4 bn | 10.9 bn | 18.2 bn | 29.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | -55.0 m † | 7.3 bn † | 7.0 bn | 6.7 bn | 8.0 bn | 9.2 bn | SEC (XBRL)· 18 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.9 bn | -885.0 m | -852.0 m | 1.2 bn | -157.0 m | 1.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 24.0 m | 63.0 m | 28.0 m | — | — | — | SEC (XBRL)· 27 Feb 2023verified |
| Free cash flow | 1.9 bn ≈ | -948.0 m ≈ | -880.0 m ≈ | — | — | — | SEC (XBRL)· 27 Feb 2023derived |
| Investing cash flow | -32.0 m | -238.0 m | -60.0 m | -582.0 m | -148.0 m | 141.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 1.3 bn | 5.2 bn | 0 | -610.0 m | -345.0 m | -590.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 608.0 m | 257.0 m | 653.0 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 0 USD
Key indicators
Coverage and freshness
Score by group
29% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 22.61 – 38.08 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E22.61 – 38.08 (Mid 28.80)16 companies used · median multiple 13.3x · quartiles 10.4x – 17.6xBLK, COHN, ETOR, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, VIRT, WT
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 39.0% | 88 (vs peers) | 21% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 48.8% | 100 (on a fixed band) | 29% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 37 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | 40.3x | 16 (vs peers) | 36% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial37/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial88/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial16/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Robinhood Markets, Inc. (HOOD). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.5 bn USD in 2025; YoY growth 51.6%; net margin 39.0%; ROE 21.3%.
The estimated value range is 22.61–38.08 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 28.80 USD, the price of 87.41 USD leaves a potential of -67.0% (value / price − 1) and a margin of safety of -203.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 39.0%
- Revenue CAGR 3Y: 48.8%
What contradicts it
- P/E (TTM): 40.3x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 292.3 bn | 14.9 | 18.0% | — | unavailable | +10% / +135% |
| BLKBlackRock, Inc. | 179.9 bn | 28.0 | 12.3% | 24.1% | +89.3% | +11% / +55% |
| SCHWSchwab Charles Corp | 154.4 bn | 16.1 | 20.3% | 38.8% | +22.0% | −4% / +46% |
| RJFRaymond James Financial, Inc. | 31.1 bn | 14.1 | 18.5% | 13.6% | +6.6% | +3% / +54% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 10.3 | 16.4% | 14.3% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Corporation | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −36% / +802% |
| VIRTVirtu Financial, Inc. | — | 8.7 | 33.6% | 13.5% | +26.2% | +48% / +195% |
| TIGRUp Fintech Holding Limited | — | 63.7 | 22.6% | 28.0% | +56.3% | −55% / −11% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for HOOD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 3 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 5 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).
In brief
Robinhood Markets is a mobile financial platform offering commission-free investing in stocks, options, crypto, futures and event contracts, and expanding into banking, retirement and credit cards. The company reported total net revenues of 4.47 billion USD in fiscal 2025 and 1.31 billion USD in the second quarter of 2026, up 32%, which makes it relevant to how market access for the general public is changing.
SWOT
Strengths
- The company has a large base of active customers and a recognized brand among new investors, which lets it launch new products quickly.
- Diversification of revenue across several business lines, including cards and retirement, reduces dependence on any single type of transaction.
- Its technology platform allows operations to scale at relatively controlled cost, and net deposit inflows are strong.
Weaknesses
- Revenues depend heavily on trading volume, which can fall quickly in quieter market periods.
- The company has had restructurings and workforce reductions in the past, showing how sensitive its costs are to economic cycles.
- The multi-class share structure concentrates voting power with founders, limiting shareholders' influence over decisions.
Opportunities
- International expansion, including in Canada, the UK and Asia, could bring new customers and revenue from different markets.
- Banking, retirement and card products could raise average value per customer if adoption continues.
- If event contract activity stabilizes through the Rothera platform, it could become a significant recurring revenue source.
Threats
- Regulation of payment for order flow, crypto and event contracts could restrict the company's core products.
- Competition from platforms with greater resources could reduce market share and pressure commissions.
- Cybersecurity incidents or operational errors could damage customer trust and financial results.
Risks
- Dependence on trading volumehigh
Revenues are sensitive to trading activity, which can vary widely from quarter to quarter. The company notes that these fluctuations are largely outside its control.
- Regulation of event contractshigh
The ability to offer event contracts depends on regulatory enforcement actions and ongoing litigation. A change in law could stop these products.
- Crypto volatility and regulationmedium
The status of some cryptocurrencies as securities is uncertain in the US, and a misclassification could lead to investigations and fines. The legal framework is changing rapidly.
- Interest rate exposuremedium
Net interest revenues depend on the level of rates, and rapid rate changes could reduce profitability.
- Joint venture control of Rotheralow
The company does not wholly own or operationally control Rothera, and actions taken by Rothera could affect Robinhood's reputation and results.
Investment thesis
What would need to be true (bull case)
- If revenue and platform asset growth continue, the company could demonstrate that its diversified financial services model works at large scale.
- Adoption of banking and retirement products could reduce dependence on trading and help stabilize revenue in weaker periods.
- Adjusted EBITDA grew sharply in 2025, showing that operating margins can improve as the business scales.
What would break the thesis
- If trading volumes fall or crypto remains weak, revenue could slow sharply from its current pace.
- Regulation of event contracts or payment for order flow could directly reduce revenue and raise compliance costs.
- Marketing and new product investment could remain high, which could limit profitability gains.
What to watch
- Event contract revenue trends and the regulatory status of RotheraQ3 2026
- Updated 2026 adjusted operating expense outlook and costs excluded for pending acquisitionsQ3 2026
- Adoption of Trump Accounts and banking services, including deposits and sign-ups2026
- Bitstamp results and crypto revenues in the EU and UKnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).
The business
Robinhood was founded in 2013 on the belief that everyone should be welcome to participate in the financial system, regardless of wealth, income or background. The company describes its mission as democratizing finance for all and started with commission-free stock trading on mobile. It has since extended its range to options, futures, crypto, event contracts and banking services, and at the end of 2025 it had 27.0 million Funded Customers 1.
Segments
Brokerage and trading
The brokerage segment includes trading in US-listed stocks and ETFs, options, futures, margin, securities lending and the Cash Sweep program. Transaction revenues come mainly from payments received from market makers for routing orders, and in the second quarter of 2026 event contracts revenue rose more than tenfold year-over-year 3.
Crypto
Robinhood offers crypto trading in the US through RHC and in the EU through RHEU, along with the self-custody Robinhood Wallet and staking for selected assets. Through the June 2025 acquisition of Bitstamp, the company extended its activity to institutional clients and digital asset exchanges in Europe 1.
Market context
The US and European retail brokerage markets are competitive, and the company's revenues depend heavily on trading volume, interest rate levels and net deposit inflows. Total Platform Assets reached 368.7 billion USD at the end of the second quarter of 2026, showing how much the company depends on capital market and crypto valuations 2.
Customer growth is moderate, but revenue per user has grown much faster. ARPU reached 187 USD in the second quarter of 2026, up 24%, suggesting the customer base is diversifying into more products with higher revenue 3.
Trends
- Event contract tradingmixed
Event contracts have grown very fast, and Robinhood launched the CFTC-licensed exchange Rothera with Susquehanna International Group. If regulators or courts restrict these products, revenue from this segment could fall quickly.
- Adoption of savings and retirement productstailwind
Retirement, Robinhood Banking and Robinhood Strategies are expanding and attracting new deposits, which could stabilize revenues against market swings. These products, however, require substantial marketing and operating investment.
- Crypto volatilityheadwind
Crypto revenues fell 38% year-over-year in the second quarter of 2026, and crypto asset valuations declined. If the crypto market stays weak, this segment could weigh on overall results.
- Regulation of payment for order flow and new productsheadwind
Payment for order flow and new products such as stock tokens are subject to changing regulation. Changes could reduce revenue or raise compliance costs.
Competitive position
Robinhood competes with retail brokers and trading platforms that offer low commissions, similar products and banking services. The company says it is holding market share in active trading and event contracts, but its annual report acknowledges that many competitors have greater resources 13.
The European and UK markets have strong local competitors in crypto and brokerage, and international expansion, including the WonderFi acquisition in Canada, could take time and additional investment to reach the desired scale 23.
- Charles SchwabSCHW
Retail and institutional broker with a broad range of investment services, a direct competitor in trading and individual investor accounts.
- Interactive BrokersIBKR
Brokerage platform focused on active trading and professional clients, with low costs and access to global markets.
- CoinbaseCOIN
Crypto exchange competing with Robinhood in crypto trading in the US and abroad.
- SoFi TechnologiesSOFI
Financial platform combining banking, lending and investing, competing with Robinhood on banking and savings products.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- SkyFi aduce inteligența satelitară în Robinhood Agents - Unite.AISurge — Google News · 04 Nov 2026 · RO
- Acțiunile companiilor de inteligență artificială au scăzut vertiginos în urma rezultatelor alegerilor de la jumătatea mandatului din SUA. - Vietnam.vnSurge — Google News · 04 Nov 2026 · RO
- Temerile legate de politica privind centrele de date afectează acțiunile din domeniul IA după victoria Hinojosa în Texas - Unite.AISurge — Google News · 04 Nov 2026 · RO
- CNBC: Acţiunile din inteligenţa artificială scad după victoria democratei Gina Hinojosa în Texas - Ziarul BursaBURSA.ro · 04 Nov 2026 · RO
- Robinhood in ‘Food Fight’ for Anthropic IPO Retail AllocationBloomberg Markets · 02 Nov 2026 · EN
- Wall Street încheie săptămâna cu scăderi puternice. Acțiunile companiilor tehnologice se prăbușesc pe fondul îngrijorărilor privind investițiile în inteligența artificială - Capital.roCapital.ro · 30 Oct 2026 · RO
- Coinbase revine pe plus după trei trimestre consecutive de pierderi. Compania a raportat un profit net de 719 milioane de dolari - Capital.roCapital.ro · 30 Oct 2026 · RO
- Уолл-стрит закрылась в плюсе после решения ФРСInterfax Russia (RU) · 29 Oct 2026 · RU
- Billionaires shatter spending record to fight California wealth taxPolitico EU · 28 Oct 2026 · EN
- Stocks making the biggest moves premarket: Ultralife, SK Hynix, Robinhood, Enphase Energy & moreCNBC — Top News · 28 Oct 2026 · EN
- Robinhood to rally on prediction markets and new offerings, Bernstein saysCNBC — Top News · 28 Oct 2026 · EN
- Robinhood shares fall as crypto markets chill drives profit missCNA (Channel NewsAsia) · 28 Oct 2026 · EN
- Un AI creat pentru matematică poate acum să verifice software și design-uri de procesoare - Arena ITSurge — Google News · 28 Oct 2026 · RO
- Retail traders buy the dip on chip stocks — but Robinhood gets burned by the crypto marketMarketWatch — Top Stories · 27 Oct 2026 · EN
- Stocks making the biggest moves after hours: Visa, Robinhood, NXP, Seagate and moreCNBC — Top News · 27 Oct 2026 · EN
- Robinhood quarterly revenue rises 12% as event contracts, options offset crypto slumpCNBC — Top News · 27 Oct 2026 · EN
- Robinhood's quarterly profit falls as softer crypto activity outweighs robust tradingCNA (Channel NewsAsia) · 27 Oct 2026 · EN
- Robinhood profit misses estimates as crypto trading slowsCNA (Channel NewsAsia) · 27 Oct 2026 · EN
- Robinhood misses quarterly profit estimates as softer crypto activity outweighs robust tradingCNA (Channel NewsAsia) · 27 Oct 2026 · EN
- Robinhood CEO's AI startup Harmonic expands into software, chip design verificationCNA (Channel NewsAsia) · 27 Oct 2026 · EN
SEC filings
- Current report (amendment)28 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report28 Oct 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report26 Jun 2026Departure or appointment of officers
- Current report25 Jun 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report23 Jun 2026Other events · Financial statements and exhibits
- Current report16 Jun 2026Exit or disposal costs
- Current report03 Jun 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Robinhood Markets, Inc. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Robinhood Markets, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Robinhood Markets, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.