Robinhood Markets, Inc 10-Q for FY2026 Q3

Robinhood Markets, Inc. (HOOD)

10-Q 2026-10-28 For: 2026-09-30

Added on October 28, 2026

About this 10-Q

Robinhood Markets, Inc filed this 10-Q on October 28, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Robinhood reported third-quarter total net revenues of $1,424 million, up 12%, while net income attributable to Robinhood fell 16% to $468 million. Adjusted EBITDA increased 9% to $808 million, and Total Platform Assets rose 19% to $395.9 billion. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.42B; up 11.8% from $1.27B a year earlier
Net income: $468M; down 15.8% from net income of $556M a year earlier
Diluted EPS: $0.51; down 16.4% from $0.61 a year earlier

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Delaware						46-4364776
(State or other jurisdiction of incorporation or organization)						(IRS Employer Identification No.)


Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock - $0.0001 par value per share	HOOD	The Nasdaq Stock Market LLC


PART I - FINANCIAL INFORMATION		PAGE
ITEM 1.	Unaudited Financial Statements
	Condensed Consolidated Balance Sheets	11
	Condensed Consolidated Statements of Operations	12
	Condensed Consolidated Statements of Comprehensive Income	13
	Condensed Consolidated Statements of Cash Flows	14
	Condensed Consolidated Statements of Stockholders’ Equity	16
	Notes to Unaudited Condensed Consolidated Financial Statements
	Note 1 - Description of Business and Summary of Significant Accounting Policies	18
	Note 2 - Recent Accounting Pronouncements	21
	Note 3 - Business Combinations	22
	Note 4 - Deconsolidation	26
	Note 5 - Goodwill and Intangible Assets	28
	Note 6 - Revenues	29
	Note 7 - Allowance for Credit Losses	31
	Note 8 - Investments and Fair Value Measurement	33
	Note 9 - Income Taxes	35
	Note 10 - Securities Borrowing and Lending	36
	Note 11 - Financing Activities and Off-Balance Sheet Risk	38
	Note 12 - Derivatives and Hedging Activities	43
	Note 1 3 - Common Stock and Stockholders ’ Equity	43
	Note 1 4 - Net Income (Loss) per Share	47
	Note 1 5 - Leases	49
	Note 1 6 - Commitments & Contingencies	49
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	57
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	74
ITEM 4.	Controls and Procedures	75

PART II - OTHER INFORMATION
ITEM 1.	Legal Proceedings	77
ITEM 1A.	Risk Factors	78
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	160
ITEM 3.	Defaults Upon Senior Securities	161
ITEM 4.	Mine Safety Disclosures	161
ITEM 5.	Other Information	161
ITEM 6.	Exhibit Index	162
	Signatures	163


Abbreviation and Meaning
1940 Act	Investment Company Act of 1940, as amended	DFAL	Digital Financial Assets Law
2013 Plan	Amended and Restated 2013 Stock Plan, as amended	DFSA	Dubai Financial Services Authority
2020 Plan	2020 Equity Incentive Plan, as amended	DIFC	Dubai International Financial Centre
2021 Plan	2021 Omnibus Incentive Plan	DOJ	U.S. Department of Justice
Adjusted EBITDA	Adjusted earnings before interest, taxes, depreciation, and amortization	DTC	The Depository Trust Company
Advisers Act	Investment Advisers Act of 1940	EBS	Electronic Blue Sheets
AI	Artificial Intelligence	EEA	European Economic Area
AML	Anti-money Laundering	EFTA	Electronic Funds Transfer Act
ASC	Accounting Standards Codification	EPS	Earnings (loss) per share
ASU	Accounting Standards Update	ERM	Enterprise Risk Management
Barclays	Barclays Bank PLC	ESPP	Employee Share Purchase Plan
Binance	Binance Holdings Ltd., and its affiliated U.S. entity, among others	ETPs	Exchange Traded Products
Bitstamp	Bitstamp Ltd.	ETR	Estimated annual effective tax rate
BOATS	Blue Oceans ATS, LLC	EU	The European Union
BSV	Bitcoin SV	Exchange Act	Securities Exchange Act of 1934, as amended
Bylaws	Amended and Restated Bylaws	FASB	Financial Accounting Standards Board
CAGO	California Attorney General’s Office	FCA	Financial Conduct Authority
Capped Calls	On June 22, 2026, in connection with the pricing of the Convertible Notes, and on June 23, 2026, in connection with the initial purchasers’ exercise in full of their option to purchase additional Notes, we entered into privately negotiated capped calls transactions with certain of the initial purchasers or their respective affiliates and certain other financial institutions.	FCM	Futures Commission Merchant
CAT	Consolidated Audit Trail	FCPA	Foreign Corrupt Practices Act
CCML	Coinsquare Capital Markets Ltd.	FDIC	Federal Deposit Insurance Corporation
CEA	U.S. Commodity Exchange Act	Final Rules	Final rules under SEC Release No. 34-99678 and No. 33-11275, “The Enhancement and Standardization of Climate-Related Disclosures for Investors”
CEO	Chief Executive Officer	FinCEN	Financial Crimes Enforcement Network
CFPB	Consumer Financial Protection Bureau	FINRA	Financial Industry Regulatory Authority
CFTC	Commodity Futures Trading Commission	Fixed-Term Securities Lending Agreements	Fixed-term securities lending agreements with two financial institution counterparties, as described below
Charter	Amended and Restated Certificate of Incorporation	Founder Affiliates	Founders related entities
CIP	Customer identification program	Founders’ Voting Agreement	Voting Agreement, dated July 26, 2021, among RHM, Baiju Bhatt, Vladimir Tenev, and certain related entities
Circle	Circle Internet Financial, LLC	Fourth parties	Third parties’ common suppliers or vendors
CIRO	Canadian Investment Regulatory Organization	Funds	Collectively, RVI, RVII, and any additional investment vehicles regulated under the 1940 Act for which RHV serves as investment adviser.
CLARITY Act	Digital Asset Market Clarity Act of 2025	Futures	Futures contracts, which includes options on futures and swaps, including event contracts
Coastal Bank	Coastal Community Bank	GAAP	Generally accepted accounting principles in the United States
Code	Internal Revenue Code of 1986, as amended	Gemini	Gemini Trust Company, LLC
Coinbase	Coinbase Global, Inc., and Coinbase, Inc.	Genesis	Genesis Global Capital, LLC
Convertible Notes	0.00% convertible senior notes issued on June 25, 2026.	GENIUS Act	Guiding and Establishing National Innovation for U.S. Stablecoins Act
Crypto Listing Frameworks	Our internal policies and procedures with respect to the listing of cryptocurrencies on our platforms	GHG	Greenhouse gas
Crypto Transfers	Cryptocurrency transfers	Goldman Sachs	Goldman Sachs USA
DCM	Designated contract markets	Indenture	Indenture for Convertible Notes.
DCO	Derivatives clearing organization	IPO	Initial public offering


IRA	Individual Retirement Account	RIAs	Registered Investment Advisors
ISOs	Incentive stock options	RITA	Residual Interest Targeted Amount
KalshiEx	KalshiEx LLC	Robinhood Credit	Robinhood Credit, Inc.
Kraken	Payward, Inc. and Payward Ventures Inc.	Rothera	Rothera LLC
Liquidity Providers	Collectively, the market makers, wholesalers and other liquidity providers to which we route equity, option and cryptocurrency trade orders for execution.	Rothera E&C	Rothera Exchange and Clearing LLC (formerly LedgerX LLC, doing business as MIAXdx)
Market Makers	Non-exchange liquidity providers	RSAs	Restricted stock awards
MAS	Monetary Authority of Singapore	RSUs	Restricted stock units
MIAXdx	MIAX Derivatives Exchange	RVI	Robinhood Ventures Fund I
MiCA	Markets in Crypto-Assets Regulation	RVII	Robinhood Ventures Fund II
MiFID	Markets in Financial Instruments Directive II	Safety Committee	Safety, Risk and Regulatory Committee of the board of directors
Mizuho	Mizuho Bank, Ltd	SAR	Suspicious activity reporting
MSD	Massachusetts Securities Division	SARs	Stock appreciation rights
MSLA	Master securities loan agreement	SBC	Share-based compensation
NASAA	North American Securities Administrators Association	SEC	U.S. Securities and Exchange Commission
NAV	Net asset value	SEC Staff	The Staff of the SEC
Net Capital Rule	Rule 15c3-1 under the Securities Exchange Act of 1934, as amended	Securities Act	Securities Act of 1933, as amended
NFA	National Futures Association	SEF	Swap Execution Facility
NMS	National market system	Series 2026-1 notes	Series 2026-1 asset-backed notes
NOLs	Net operating loss carryforwards	Series 2026-2 notes	Series 2026-2 asset-backed notes
NSCC	National Securities Clearing Corporation	Sherwood Media	Sherwood Media, LLC
NSOs	Non-statutory stock options	SIG	Susquehanna International Group
NYDFS	New York State Department of Financial Services	SIPC	Securities Investor Protection Corporation
NYSE	New York Stock Exchange	SIPS	Securities Information Processors
OCC	The Options Clearing Corporation	SOFR	Secured Overnight Financing Rate
OECD	Organization for Economic Cooperation and Development	SPV	Special purpose vehicle
OFAC	U.S. Department of the Treasury’s Office of Foreign Assets Control	SROs	Self-Regulatory Organizations
Paxos	Paxos Digital Singapore Pte. Ltd.	Stock Tokens	Stock tokens launched in July 2026
PFOF	Payment for order flow	Sutton	Sutton Bank
Prior Repurchase Program	Prior share repurchase authorizations previously approved by the board of directors.	SVB	Silicon Valley Bank
Product-market fit	The need to adapt, localize, and position our products for specific countries	Time-Based RSUs	Time-based RSUs that vest upon the satisfaction of a time-based service condition
RAM	Robinhood Asset Management, LLC	TradePMR	Trade-PMR, Inc.
REF	Robinhood Employee Fund, LP	Treasury	U.S. Department of the Treasury
Repurchase Program	Share repurchase program	TRF	Trade Reporting Facilities
RHC	Robinhood Crypto, LLC	Trust	Credit Card Funding Trust
RHD	Robinhood Derivatives, LLC	UAE	United Arab Emirates
RHEU	Robinhood Europe, UAB	U.K.	United Kingdom
RHF	Robinhood Financial LLC	USAO	The United States Attorney’s Office for the Northern District of California
RHJ	Robinhood Assets (Jersey) Limited	USA PATRIOT Act	Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
RHM March 2026 Credit Agreement	Third Amended and Restated Credit Agreement, dated as of March 21, 2025, among RHM, as borrower, and a syndicate of banks, as amended by the Second Amendment, dated as of March 9, 2026	USDC	US Dollar Coin, issued by Circle Internet Group, Inc
RHS	Robinhood Securities, LLC	USDG	Global Dollar, issued by Paxos
RHS March 2026 Credit Agreement	Fifth Amended and Restated Credit Agreement, dated as of March 20, 2026, among RHS, as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent	VIE	Variable interest entity
RHUK	Robinhood U.K. Ltd	WF	Wells Fargo Bank
RHV	Robinhood Ventures DE, LLC	WonderFi	WonderFi Technologies Inc.
RHY	Robinhood Money, LLC


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Key Performance Metrics Terms
We use the following key performance metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.
ARPU			We define Average Revenue Per User, or ARPU, as total revenue for a given period divided by the average number of Funded Customers on the last day of that period and the last day of the immediately preceding period. Figures in this Form 10-Q represent ARPU annualized for each three-month period presented.
Funded Customers			We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account are each considered to be a Funded Customer. Starting in June 2026, customers of WonderFi are also considered Funded Customers.
Net Deposits			We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, staking rewards, and cash or assets earned in connection with Company promotions (such as account transfer and retirement match incentives, free stock bonuses) received by customers, net of reversals, customer cash withdrawals, margin and lending interest, Robinhood Gold subscription fees, and assets transferred off of our platforms for a stated period. As previously disclosed, due to data limitations we did not include TradePMR client figures in our Net Deposits key performance metric prior to March 2026. Starting in March 2026, Net Deposits include results from TradePMR. Starting in June 2026, Net Deposits also include results from WonderFi. Starting in July 2026, Net Deposits include Trump Account contributions and seed funding from Treasury.
Total Platform Assets			We define Total Platform Assets as the sum of the fair value of all equities, options, cryptocurrency, futures (including options on futures and swaps, including event contracts), cash held by users in their accounts, net of receivables from users (previously reported as Assets Under Custody), and any such assets managed by RIAs using TradePMR’s platform that are not custodied by Robinhood, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in Total Platform Assets in any given period. Starting in June 2026, the fair value of all cryptocurrency also includes cryptocurrency on WonderFi. Starting in July 2026, Total Platform Assets include Trump Account assets custodied by Robinhood. Total Platform Assets also include cryptocurrency lent through platform-enabled lending programs and total value locked in Robinhood Earn, representing customer assets deposited into Robinhood Earn programs, where customers may recall such assets at any time through the platform, but exclude assets held in Robinhood Non-custodial Wallet for which the customer holds full or partial keys.
Robinhood Gold Subscribers			We define a Robinhood Gold Subscriber as a unique person who has at least one account with a Robinhood entity and who, as of the end of the relevant period (a) is subscribed to Robinhood Gold and (b) has made at least one Robinhood Gold subscription fee payment.


Other Glossary Terms
ACATS			Automated Customer Account Transfer Service A system that automates and standardizes procedures for the transfer of assets in a customer account from one brokerage firm and/or bank to another.
Cash Sweep			We define Cash Sweep as the period-end total amount of participating users’ uninvested brokerage and banking cash that has been automatically “swept” or moved from their accounts into deposits for their benefit at a network of program banks. This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms. This includes balances from customers of RIAs using TradePMR’s platform. In February 2026, we updated our brokerage High-Yield Cash program to fund growth in margin lending, resulting in over $6 billion of Cash Sweep balances moving to Cash and Deposits in the form of customer free credit balances.
Churned Customers			A Funded Customer is considered “Churned” if it was ever a New Funded Customer whose account balance (measured as the fair value of assets in the account less any amount due from the user and excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) drops to or below zero and has not completed a transaction using any account with a Robinhood entity for at least 45 consecutive calendar days. Negative balances typically result from Fraudulent Deposit Transactions (which occur when users initiate deposits into their accounts, make trades on our platforms using a short-term extension of credit from us, and then repatriate or reverse the deposits, resulting in a loss to us of the credited amount) and unauthorized debit card use, and less often, from margin loans.
Growth Rate and Annualized Growth Rate with respect to Net Deposits			Growth rate is calculated as aggregate Net Deposits over a specified 12-month period, divided by Total Platform Assets for the fiscal quarter that immediately precedes such 12-month period. Annualized growth rate is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by Total Platform Assets for the immediately preceding quarter.
Investment Accounts			We define an Investment Account as a funded individual brokerage account, a funded joint investing account, a funded IRA, a funded custodial account, or an account with an RIA using TradePMR’s platform. Starting in September 2025, a Funded Customer can have multiple Investment Accounts - one or more individual brokerage accounts, a joint investing account, a funded custodial account, a traditional IRA, a Roth IRA, and/or an RIA custody account using TradePMR’s platform. Investment Accounts do not include Bitstamp or WonderFi as such accounts are not brokerage or other Investment Accounts.
Margin Book			We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts). This includes margin loan balances from customers of RIAs using TradePMR’s platform.
New Funded Customers			We define a New Funded Customer as a unique person who became a Funded Customer for the first time during the relevant period.
Notional Trading Volume			We define Notional Trading Volume, or Notional Volume, for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class on our platforms over a specified period of time. Crypto Notional Volume includes both Robinhood App Notional Volume and Bitstamp Notional Volume. Robinhood App Notional Volume represents the dollar value of executed crypto trades on the Robinhood platform over a specified period of time, and, starting in June 2026, includes the dollar value of executed crypto trades from WonderFi customers. Bitstamp Notional Volume represents the dollar value of executed crypto trades on the Bitstamp platform over a specified period of time. For example, each $1 of transaction value executed between a buyer and seller is counted as $1 of transaction value in the relevant period, rather than $2 if counted for each of the buyer and seller.
Options Contracts Traded			We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock.
Resurrected Customers			A Funded Customer is considered “Resurrected” in a stated period if it was a Churned Customer as of the end of the immediately preceding period and its balance (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) rises above zero or it completes a transaction using its account.


	December 31,		September 30,
(in millions, except per share data)	2025		2026
Assets
Current assets:
Cash and cash equivalents	$	4,261	$	5,829
Cash, cash equivalents, and securities segregated under federal and other regulations	5,749		13,443
Receivables from brokers, dealers, and clearing organizations	426		537
Receivables from users, net	17,994		23,598
Securities borrowed	2,408		4,781
Deposits with clearing organizations	702		1,125
User-held fractional shares	3,782		5,123
Deferred customer match incentives	185		226
Other current assets, including current prepaid expenses of $127 as of December 31, 2025 and $182 as of September 30, 2026	798		1,616
Total current assets	36,305		56,278
Property, software, and equipment, net	154		187
Goodwill	385		515
Intangible assets, net	168		231
Non-current deferred customer match incentives	428		578
Other non-current assets, including non-current prepaid expenses of $11 as of December 31, 2025 and $22 as of September 30, 2026	697		482
Total assets	$	38,137	$	58,271
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses	$	463	$	658
Payables to users	11,986		18,473
Securities loaned	11,626		19,480
Fractional shares repurchase obligation	3,782		5,123
Other current liabilities	914		1,509
Total current liabilities	28,771		45,243
Long-term borrowings	—		2,660
Other non-current liabilities	215		290
Total liabilities	28,986		48,193
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.0001 par value. 210 million shares authorized, no shares issued and outstanding as of December 31, 2025 and September 30, 2026.	—		—
Class A common stock, $0.0001 par value. 21 billion shares authorized, 790 million shares issued and outstanding as of December 31, 2025; 21 billion shares authorized, 793 million shares issued and outstanding as of September 30, 2026.	—		—
Class B common stock, $0.0001 par value. 700 million shares authorized, 111 million shares issued and outstanding as of December 31, 2025; 700 million shares authorized, 108 million shares issued and outstanding as of September 30, 2026.	—		—
Class C common stock, $0.0001 par value. 7 billion shares authorized, no shares issued and outstanding as of December 31, 2025 and September 30, 2026.	—		—
Additional paid-in capital	11,284		10,783
Accumulated other comprehensive income (loss)	8		(9)
Accumulated deficit	(2,152)		(773)
Non-controlling interests	11		77
Total stockholders’ equity	9,151		10,078
Total liabilities and stockholders’ equity	$	38,137	$	58,271


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except for per share data)	2025		2026		2025		2026
Revenues:
Transaction-based revenues	$	730	$	867	$	1,852	$	2,266
Net interest revenues	456		415		1,103		1,163
Other revenues	88		142		235		370
Total net revenues	1,274		1,424		3,190		3,799

Operating expenses:
Brokerage and transaction	56		68		154		190
Technology and development	237		254		665		751
Operations	33		79		93		174
Provision for credit losses	26		71		78		163
Marketing	102		104		306		315
General and administrative	185		163		450		536
Total operating expenses	639		739		1,746		2,129

Other income (expense), net	(1)		(60)		3		75
Income before income taxes	634		625		1,447		1,745
Provision for income taxes	78		149		169		350
Net income	$	556	$	476	$	1,278	$	1,395
Less: Net income (loss) attributable to non-controlling interests	—		8		—		16
Net income attributable to Robinhood	$	556	$	468	$	1,278	$	1,379
Net income attributable to Robinhood common stockholders:
Basic	$	556	$	468	$	1,278	$	1,379
Diluted	$	556	$	468	$	1,278	$	1,379
Net income per share attributable to Robinhood common stockholders:
Basic	$	0.63	$	0.52	$	1.44	$	1.53
Diluted	$	0.61	$	0.51	$	1.39	$	1.51
Weighted-average shares used to compute net income per share attributable to Robinhood common stockholders:
Basic	889		898		885		899
Diluted	918		911		919		913


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2026		2025		2026
Net income	$	556	$	476	$	1,278	$	1,395
Other comprehensive income (loss), net of tax:
Foreign currency translation	—		1		8		(17)
Total other comprehensive income (loss), net of tax	—		1		8		(17)
Total comprehensive income	$	556	$	477	$	1,286	$	1,378
Less: Total comprehensive income (loss) attributable to non-controlling interests	—		8		—		16
Total comprehensive income attributable to Robinhood	$	556	$	469	$	1,286	$	1,362


Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
Cash and cash equivalents, end of the period	$	4,331	$	5,829
Segregated cash and cash equivalents, end of the period	6,853		8,883
Restricted cash in other current assets, end of the period	68		28
Restricted cash in other non-current assets, end of the period	17		14
Cash, cash equivalents, segregated cash and restricted cash, end of the period	$	11,269	$	14,754
Supplemental disclosures:
Cash paid for interest	$	20	$	46
Cash paid for income taxes, net of refund received	$	83	$	230
Derecognized assets and liabilities (net)	$	—	$	376
Retained RVI and RVII interest at fair value	$	—	$	461


	Common stock (1)		Additional paid-in capital			Accumulated other comprehensive income		Accumulated deficit		Total stockholders’ equity
in millions		Shares			Amount
Balance as of June 30, 2025		888	$	—		$	11,378	$	7	$	(3,313)	$	8,072
Net income		—	—			—		—		556		556
Issuance of common stock in connection with stock option exercises		1	—			3		—		—		3
Issuance of common stock in connection with warrants exercises, net of shares withheld		1	—			—		—		—		—
Issuance of common stock in connection with Employee Share Purchase Plan		—	—			—		—		—		—
Issuance of common stock upon settlement of RSUs, net of shares withheld		10	—			(41)		—		—		(41)
Repurchase and retirement of Class A common stock		(1)	—			(107)		—		—		(107)
Change in other comprehensive loss		—	—			—		—		—		—
Share-based compensation		—	—			84		—		—		84
Balance as of September 30, 2025		899	$	—		$	11,317	$	7	$	(2,757)	$	8,567


(in millions)	Fair Value
Cash and cash equivalents	$	25
Receivables from users, net	5
Prepaid expenses	1
Other current assets	9
Other non-current assets	3
Goodwill	105
Intangible assets	81
Accounts payable and accrued expenses	(1)
Other current liabilities	(21)
Other non-current liabilities	(38)
Net assets acquired	$	169


(in millions, except years)	Fair Value		Useful Life
Customer relationships	$	22	14
Licenses	21		N/A
Developed technology	7		1
Total	$	50


(in millions, except years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life - Years
Finite-lived intangible assets:
Developed technology	$	104	$	(43)	$	61	3.63
Customer relationships	86		(12)		74		11.81
Trade names	3		(2)		1		1.79
Indefinite-lived intangible assets	95		—		95		N/A

Total	$	288	$	(57)	$	231


(in millions)	Finite-lived Intangible Assets
Remainder of 2026	$	8
2027	26
2028	20
2029	20
2030	14
Thereafter	48
Total	$	136


(in millions)	Carrying Amount
As of December 31, 2025	$	385
Additions	143
Measurement period adjustment	(6)
Foreign currency translation adjustment	(7)
As of September 30, 2026	$	515


(in millions)	Contract Assets		Contract Liabilities
Beginning of the period, January 1, 2026	$	185	$	57
End of the period, September 30, 2026	291		80
Changes during the period	$	106	$	23


(in millions, except for percentages)	December 31, 2025
				Aging of receivables
	Current			<90 Days			≥ 90 days			Total past due receivables			Total Receivables
On-balance sheet	$	814		$	18		$	8		$	26		$	840
Off-balance sheet	177			15			8			23			200
Total credit card loans	$	991		$	33		$	16		$	49		$	1,040
% of Total loans	95		%	3		%	2		%	5		%	100		%


(in millions, except for percentages)	September 30, 2026
				Aging of receivables
	Current			<90 Days			≥ 90 days			Total past due receivables			Total Receivables
On-balance sheet	$	1,566		$	55		$	24		$	79		$	1,645
Off-balance sheet	173			14			9			23			196
Total credit card loans	$	1,739		$	69		$	33		$	102		$	1,841
% of Total loans	94		%	4		%	2		%	6		%	100		%


	December 31,				September 30,
(in millions, except FICO scores)	2025		% of Total loans		2026		% of Total loans
Below 640	$	26	3	%	$	88	5	%
640-690	202		19	%	367		20	%
Greater than 690	812		78	%	1,386		75	%
Total credit card loans	$	1,040	100	%	$	1,841	100	%


	December 31, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	52	$	—	$	—	$	52
Cash, cash equivalents, and securities segregated under federal and other regulations:
U.S. Treasury securities	311		—		—		311
Foreign Treasury securities	53		—		—		53
Deposits with clearing organizations:
U.S. Treasury securities(1)	1		—		—		1
Other current assets:
U.S. Treasury securities (2)	200		—		—		200
Stablecoin	152		—		—		152
Equity securities - securities owned	28		—		—		28
Other non-current assets:
Non-marketable securities (3)	—		—		232		232
Money market funds - escrow account	2		—		—		2
User-held fractional shares	3,782		—		—		3,782
Total financial assets	$	4,581	$	—	$	232	$	4,813

Liabilities
Fractional shares repurchase obligations	$	3,782	$	—	$	—	$	3,782
Total financial liabilities	$	3,782	$	—	$	—	$	3,782


(in millions)	Funds
Beginning of period, January 1, 2026	$	232
Purchases during the period	226
Net unrealized gains	17
De-recognition upon RVI and RVII deconsolidation	(475)
End of period, September 30, 2026	$	—


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except percentages)	2025			2026			2025			2026
Income before income taxes	$	634		$	625		$	1,447		$	1,745
Provision for income taxes	78			149			169			350
Effective tax rate	12.3		%	23.8		%	11.7		%	20.1		%


(in millions, except for weighted average grant date fair value)	Number of RSUs	Weighted- average grant date fair value
Unvested at December 31, 2025	8	$	29.92
Granted	7	77.77
Vested	(6)	39.82
Forfeited	(3)	53.31
Unvested at September 30, 2026	6	$	66.19


(in millions, except for weighted average grant date fair value)	Number of RSAs	Weighted- average grant date fair value
Unvested at December 31, 2025	2	$	48.85
Issued	—	—
Vested	(1)	48.85
Forfeited	—	—
Unvested at September 30, 2026	1	$	48.85


(in millions, except for per share data)	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2026				2025				2026
	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
Basic EPS:
Numerator
Net income	$	485	$	71	$	418	$	58	$	1,112	$	166	$	1,225	$	170
Less: Net income attributable to non-controlling interests	—		—		7		1		—		—		14		2
Net income attributable to Robinhood common stockholders	$	485	$	71	$	411	$	57	$	1,112	$	166	$	1,211	$	168
Denominator
Weighted-average common shares outstanding - basic	776		113		790		108		770		115		790		109
Basic EPS	$	0.63	$	0.63	$	0.52	$	0.52	$	1.44	$	1.44	$	1.53	$	1.53

Diluted EPS:
Numerator
Net income	$	485	$	71	$	418	$	58	$	1,112	$	166	$	1,225	$	170
Less: Net income attributable to non-controlling interests	—		—		7		1		—		—		14		2
Net income attributable to Robinhood common stockholders	485		71		411		57		1,112		166		1,211		168
Reallocation of net income as a result of conversion of Class B to Class A common stock	71		—		57		—		166		—		168		—
Reallocation of net income (loss) to Class B common stock	—		(3)		—		(1)		—		(6)		—		(3)
Net income attributable to Robinhood common stockholders for diluted EPS	$	556	$	68	$	468	$	56	$	1,278	$	160	$	1,379	$	165
Denominator
Weighted-average common shares outstanding - basic	776		113		790		108		770		115		790		109
Dilutive effect of stock options and unvested shares	29		—		13		—		34		—		14		—
Conversion of Class B to Class A common stock	113		—		108		—		115		—		109		—
Weighted-average common shares outstanding - diluted	918		113		911		108		919		115		913		109
Diluted EPS	$	0.61	$	0.61	$	0.51	$	0.51	$	1.39	$	1.39	$	1.51	$	1.51


	Three Months Ended September 30,
(in billions)	2025		2026		% Change
Equities	$	203.0	$	277.5	37	%
Cryptocurrencies	51.1		37.9		(26)	%
Options and futures	3.9		2.4		(38)	%
RIA assets	42.2		51.1		21	%
Cash held by Customers	46.3		49.1		6	%
Receivables from Customers (primarily margin balances)	(13.8)		(22.1)		60	%
Total Platform Assets	$	332.7	$	395.9	19	%


(in millions, except for annualized yield)	Margin Book		Cash and deposits(1)		Cash Sweep (off-balance sheet)		Credit card, net(2)			Total interest-earning assets		Securities lending, net		Interest expenses related to credit facilities(5)		Other		Total net interest revenues
Three Months Ended September 30, 2026
September 30, 2026	$	22,145	$	20,439	$	32,296	$	1,841		$	76,721
June 30, 2026	21,641		18,687		29,707		1,457			71,492
Average(3)	21,483		19,547		30,603		1,692			73,325
Revenue (expense)	$	244	$	102	$	45	$	50		$	441	$	(19)	$	(8)	$	1	$	415
Annualized yield(4)	4.54%		2.09%		0.59%		11.82		%	2.41%								2.26%

Three Months Ended June 30, 2026
June 30, 2026	$	21,641	$	18,687	$	29,707	$	1,457		$	71,492
March 31, 2026	16,953		16,669		26,023		1,132			60,777
Average(3)	19,015		18,001		28,020		1,347			66,383
Revenue (expense)	$	215	$	91	$	41	$	40		$	387	$	10	$	(10)	$	2	$	389
Annualized yield(4)	4.52%		2.02%		0.59%		11.88		%	2.33%								2.34%

Three Months Ended September 30, 2025
September 30, 2025	$	13,938	$	14,352	$	35,370	$	742		$	64,402
June 30, 2025	9,457		14,045		32,719		562			56,783
Average(3)	11,812		14,340		33,947		667			60,766
Revenue (expense)	$	153	$	142	$	64	$	17		$	376	$	87	$	(8)	$	1	$	456
Annualized yield(4)	5.18%		3.96%		0.75%		10.19%			2.48%								3.00%
Nine Months Ended September 30, 2026
September 30, 2026	$	22,145	$	20,439	$	32,296	$	1,841		$	76,721
December 31, 2025	16,823		10,995		32,786		1,040			61,644
Average(3)	19,277		17,073		29,484		1,391			67,225
Revenue (expense)	$	652	$	285	$	131	$	122		$	1,190	$	(5)	$	(26)	$	4	$	1,163
Annual yield(4)	4.51%		2.23%		0.59%		11.69%			2.36%								2.31%
Nine Months Ended September 30, 2025
September 30, 2025	$	13,938	$	14,352	$	35,370	$	742		$	64,402
December 31, 2024	7,909		9,943		26,064		391			44,307
Average(3)	9,843		12,109		30,234		534			52,720
Revenue (expense)	$	377	$	370	$	172	$	40		$	959	$	164	$	(22)	$	2	$	1,103
Annualized yield(4)	5.11%		4.07%		0.76%		9.99%			2.42%								2.78%


	Payments Due by Period
(in millions)	Total		Remainder of 2026		2027-2028		2029-2030		Thereafter
Long-term borrowings	$	2,700	$	—	$	—	$	2,200	$	500
Purchase commitments(1)	1,237		88		594		496		59

Credit Card Funding Trust borrowing principal and interest	839		839		—		—		—
Operating lease commitments(2)	329		10		95		88		136
Robinhood match incentives commitments(3)	2		2		—		—		—
Total	$	5,107	$	939	$	689	$	2,784	$	695


	September 30, 2026
(in millions)	Net Capital		Required Net Capital		Net Capital in Excess of Required Net Capital
RHS	$	4,212	$	491	$	3,721
RHF	329		0.25		329
RHD	585		11		574
TradePMR	18		0.25		18



(in millions)	2025 to 2026 Change
Changes to net cash provided by (used in) operating activities were primarily due to:
Increase in payable to users primarily driven by higher customer free credit balance	$	2,693
Decrease in securities borrowed due to market conditions	998
Decrease in receivables from users primarily driven by lower growth in customer margin receivables, partially offset by a higher provision for credit losses	875
Increase in net income after adjusting for non-cash items	274
Increase in working capital primarily driven by decrease in deposits with clearing organizations	84
Decrease in securities loaned due to market conditions, variable lending and funding activities	(349)
Increase in securities segregated under federal and other regulations	(3,167)
	$	1,408


Period	Total Number of Shares Purchased	Average Price Paid per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
					(in millions)
July 1, 2026 - July 31, 2026	77,560	$	103.99	77,560	$	1,365
August 1, 2026 - August 31, 2026	86,882	$	97.47	86,882	$	1,357
September 1, 2026 - September 30, 2026	73,515	$	115.19	73,515	$	1,348
Total	237,957	$	105.07	237,957	$	1,348


Robinhood Markets, Inc.

By:			/s/ Vladimir Tenev
Name:			Vladimir Tenev
Title:			Chief Executive Officer and President

By:			/s/ Shiv Verma
Name:			Shiv Verma
Title:			Chief Financial Officer (Principal Financial Officer)

By:			/s/ Dara Bazzano
Name:			Dara Bazzano
Title:			Chief Accounting Officer (Principal Accounting Officer)