Robinhood Markets, Inc 8-K, filed Oct 27, 2026

Robinhood Markets, Inc. (HOOD)

8-K 2026-10-27 For: 2026-10-27

Added on October 27, 2026

About this 8-K

Robinhood Markets, Inc filed this 8-K on October 27, 2026.

Robinhood Markets, Inc. reported third-quarter 2026 net revenues of $1.42 billion, up 12% year-over-year, and $15.7 billion Net Deposits. It lowered its 2026 Adjusted Operating Expenses and SBC outlook to $2.675 to $2.75 billion without providing a total operating-expense outlook. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.0001 par value per share	HOOD	The Nasdaq Stock Market LLC




Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company						☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.						☐



Exhibit Number						Description
99.1						Press release dated October 27, 2026
104						Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)





		Robinhood Markets, Inc.

Date:	October 27, 2026	By:	/s/ Shiv Verma
			Name: Shiv Verma
			Title: Chief Financial Officer


	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
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,				YOY% Change		Three Months Ended June 30,		QOQ% Change
(in millions, except per share and percentage data)	2025		2026				2026
Revenues:
Transaction-based revenues	$	730	$	867	19	%	$	776	12	%
Net interest revenues	456		415		(9)	%	389		7	%
Other revenues	88		142		61	%	143		(1)	%
Total net revenues	1,274		1,424		12	%	1,308		9	%

Operating expenses(1)(2):
Brokerage and transaction	56		68		21	%	62		10	%
Technology and development	237		254		7	%	256		(1)	%
Operations	33		79		139	%	57		39	%
Provision for credit losses	26		71		173	%	56		27	%
Marketing	102		104		2	%	104		—	%
General and administrative	185		163		(12)	%	199		(18)	%
Total operating expenses	639		739		16	%	734		1	%

Other income (expense), net	(1)		(60)		NM		135		NM
Income before income taxes	634		625		(1)	%	709		(12)	%
Provision for income taxes	78		149		91	%	136		10	%
Net income	$	556	$	476	(14)	%	$	573	(17)	%
Less: Net income (loss) attributable to non-controlling interests	—		8		NM		12		NM
Net income attributable to Robinhood	$	556	$	468	(16)	%	$	561	(17)	%
Net income attributable to Robinhood common stockholders:
Basic	$	556	$	468			$	561
Diluted	$	556	$	468			$	561
Net income per share attributable to Robinhood common stockholders:
Basic	$	0.63	$	0.52			$	0.62
Diluted	$	0.61	$	0.51			$	0.62
Weighted-average shares used to compute net income per share attributable to Robinhood common stockholders:
Basic	889		898				899
Diluted	918		911				912


	Nine Months Ended September 30,				YOY% Change
(in millions, except per share and percentage data)	2025		2026
Revenues:
Transaction-based revenues	$	1,852	$	2,266	22	%
Net interest revenues	1,103		1,163		5	%
Other revenues	235		370		57	%
Total net revenues	3,190		3,799		19	%

Operating expenses(1)(2):
Brokerage and transaction	154		190		23	%
Technology and development	665		751		13	%
Operations	93		174		87	%
Provision for credit losses	78		163		109	%
Marketing	306		315		3	%
General and administrative	450		536		19	%
Total operating expenses	1,746		2,129		22	%

Other income, net	3		75		NM
Income before income taxes	1,447		1,745		21	%
Provision for income taxes	169		350		107	%
Net income	$	1,278	$	1,395	9	%
Less: Net income (loss) attributable to non-controlling interests	—		16		NM
Net income attributable to Robinhood	$	1,278	$	1,379	8	%
Net income attributable to Robinhood common stockholders:
Basic	$	1,278	$	1,379
Diluted	$	1,278	$	1,379
Net income per share attributable to Robinhood common stockholders:
Basic	$	1.44	$	1.53
Diluted	$	1.39	$	1.51
Weighted-average shares used to compute net income per share attributable to Robinhood common stockholders:
Basic	885		899
Diluted	919		913


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2026		2025		2026
Operating activities:
Net income	$	556	$	476	$	1,278	$	1,395
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	22		26		63		72
Provision for credit losses	26		71		78		163
Deferred income taxes	—		61		—		63
Share-based compensation	78		80		229		277
Gain on deconsolidations	—		(1)		—		(107)
Unrealized and realized (gain) loss on equity securities, net	—		69		—		46
Other	5		22		13		26
Changes in operating assets and liabilities:
Securities segregated under federal and other regulations	(1,392)		(787)		(1,193)		(4,360)
Receivables from brokers, dealers, and clearing organizations	(93)		139		19		(111)
Receivables from users, net	(4,514)		(463)		(5,814)		(4,939)
Securities borrowed	(448)		1,255		(3,371)		(2,373)
Deposits with clearing organizations	(720)		115		(951)		(423)
Current and non-current deferred customer match incentives	(130)		(4)		(226)		(190)
Other current and non-current assets and prepaid expenses	68		(336)		395		(328)
Accounts payable and accrued expenses	37		49		(75)		47
Payables to users	1,806		1,251		3,754		6,447
Securities loaned	3,026		(1,056)		8,203		7,854
Other current and non-current liabilities	97		258		173		424
Net cash (used in) provided by operating activities	(1,576)		1,225		2,575		3,983
Investing activities:
Purchases of property, software, and equipment	(3)		(10)		(13)		(31)
Capitalization of internally developed software	(9)		(11)		(28)		(32)
Consideration transferred for business acquisitions and asset acquisitions	—		—		(399)		(249)
Cash, cash equivalents, and segregated cash acquired in business acquisitions and asset acquisitions	—		—		1,193		95
Purchases of non-marketable securities	—		(2)		(8)		(230)
Proceeds from maturities of held-to-maturity investments	81		—		347		—
Purchases of credit card receivables by Credit Card Funding Trust	(1,389)		(4,682)		(2,917)		(10,834)
Collections of purchased credit card receivables	1,180		4,247		2,526		9,961
Proceeds from sales of investment in RVI	—		12		—		40
Cash derecognized upon deconsolidations	—		(5)		—		(225)
Other	(2)		(28)		(2)		(28)
Net cash (used in) provided by investing activities	(142)		(479)		699		(1,533)
Financing activities:
Proceeds from issuance of long-term borrowings	—		500		—		2,700
Proceeds from exercise of stock options	3		1		14		4
Proceeds from issuance of RVI common stock in connection with initial public offering, net of offering costs	—		—		—		312
Proceeds from issuance of common stock under the Employee Share Purchase Plan	—		—		15		17
Taxes paid related to net share settlement of equity awards	(41)		(11)		(413)		(34)
Repurchase of Class A common stock	(107)		(25)		(553)		(689)
Draws on credit facilities	2,700		—		2,701		2,511
Repayments on credit facilities	(2,700)		—		(2,701)		(2,511)
Borrowings by the Credit Card Funding Trust	141		375		245		757
Repayments on borrowings by the Credit Card Funding Trust	—		(498)		—		(523)
Payments of debt issuance costs	—		(2)		(16)		(33)
Purchase of Capped Calls	—		—		—		(123)
Contributions from noncontrolling interests	—		8		—		49
Other	(1)		5		—		2
Net cash (used in) provided by financing activities	(5)		353		(708)		2,439
Effect of foreign exchange rate changes on cash and cash equivalents	—		(19)		8		(28)
Net increase in cash, cash equivalents, segregated cash, and restricted cash	(1,723)		1,080		2,574		4,861
Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period	12,992		13,674		8,695		9,893
Cash, cash equivalents, segregated cash, and restricted cash, end of the period	$	11,269	$	14,754	$	11,269	$	14,754


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	$	4,331	$	5,829
Segregated cash and cash equivalents, end of the period	6,853		8,883		6,853		8,883
Restricted cash in other current assets, end of the period	68		28		68		28
Restricted cash in other non-current assets, end of the period	17		14		17		14
Cash, cash equivalents, segregated cash and restricted cash, end of the period	$	11,269	$	14,754	$	11,269	$	14,754
Supplemental disclosures:
Cash paid for interest	$	8	$	21	$	20	$	46
Cash paid for income taxes, net of refund received	$	1	$	59	$	83	$	230
Derecognized assets and liabilities (net)	$	—	$	25	$	—	$	376
Retained RVI and RVII interest at fair value	$	—	$	26	$	—	$	461


	Three Months Ended September 30,						Three Months Ended June 30,			Nine Months Ended September 30,
(in millions, except for percentage data)	2025			2026			2026			2025			2026
Net income attributable to Robinhood	$	556		$	468		$	561		$	1,278		$	1,379
Net income attributable to non-controlling interests	—			8			12			—			16
Net income	556			476			573			1,278			1,395
Net margin	44		%	33		%	44		%	40		%	37		%
Interest expenses related to debt obligations	8			10			10			22			28
Provision for income taxes	78			149			136			169			350
Depreciation and amortization	22			26			23			63			72
EBITDA (non-GAAP)	664			661			742			1,532			1,845
SBC	78			80			105			229			277
Restructuring charges	—			—			23			—			23
Unrealized and realized losses (gains)(1)	—			67			(129)			—			(62)
Adjusted EBITDA (non-GAAP)	$	742		$	808		$	741		$	1,761		$	2,083
Adjusted EBITDA Margin (non-GAAP)	58		%	57		%	57		%	55		%	55		%


Investors: ir@robinhood.com			Press: press@robinhood.com