Robinhood Markets
A free trading app where 28 million people buy shares, options, crypto and bets on events, paid mostly by the trading firms that fill their orders.
The scores
Growth3/4 →
Revenue grew 52% in 2025 and 38% over four quarters, but swung from 27% to 15% to 32% in three quarters with trading.
Business quality3/4 ↑
Its 28.4M accounts take each new product, lifting options share, but rivals give the same trades away and Robinhood pays for deposits.
Financial position4/4 →
$5.4B of cash against $2.2B of zero-coupon notes due 2029, and $573M of quarterly profit.
Execution record3/4 →
New products ship fast and expense outlooks were cut, but revenue missed consensus in two of the last three quarters.
Per share capture3/4 →
Diluted shares rose 0.3% and buybacks offset share pay, but basic shares rose 1.9% and founders hold the vote.
Potential3/4 →
About 0.5% of household equities and growing options and prediction markets leave room, but the tenfold ambition is management's word.
Risk profile2/4 →
A Ninth Circuit ruling on state power over sports contracts lands inside the horizon, and trading firms on informal terms pay half of revenue.
Valuation2/4 →
38 times 2027 consensus earnings needs 28% revenue growth for a business that missed twice in three quarters: the plan and more must work.
Evidence quality3/4 →
Revenue, deposits and concentration are filed and the OCC count is independent, but event-contract mix and deposit targets are management's word.
The Verdict
We rate Robinhood neutral. Its free app keeps selling new things to the same customers, event contracts replaced crypto as the growth engine, and revenue grew 38% over the past year, so the business is solid. The price assumes analysts' forecasts arrive, about 28% growth next year, so it is full. The view hinges on growth that rises and falls with how much people trade: it missed forecasts twice in three quarters, half its revenue comes from trading firms on informal terms, and states are suing over sports contracts.
The long caseYounger people are moving savings into their own accounts and trading more options and event contracts; Robinhood needs that trading to keep growing and courts to allow sports contracts.
The evidence under this - 7 claims
- Q2 2026 beat consensus and grew 32%, so the slowdown lasted one quarter.
- Q1 2026 compared against a record crypto quarter a year earlier, when crypto was 22% of revenue (C05).
The share paid by trading firms fell from 59% a year earlier as interest, Gold and event contracts grew.
The CFTC won an injunction stopping Arizona from enforcing its gambling laws against federally listed contracts, and the Third Circuit ruled for Kalshi in April 2026.
Trailing earnings of $2.27 include a $0.14 one-off gain, so the trailing multiple overstates the cheapness of the core.
The company
Robinhood runs a phone app and a desktop platform where anyone can open a free account and trade shares, options, crypto, futures and event contracts, which are yes-or-no bets on things like sports results and elections.
Its customers are mostly younger people investing on their own. Before apps like this they paid commissions at a traditional broker. Now Webull, Schwab and Fidelity trade shares free too, so Robinhood competes on speed, product range and new things to trade: nearly 2M customers already use its prediction markets.
The evidence under this - 4 claims
Robinhood also routes event contracts to Kalshi and ForecastEx, so part of the volume pays exchange fees to rivals.
- 2026-10-28editedQ3 call: Rothera reached $100M of annual revenue in its first full quarter and non-sports contracts doubled their share
How it makes money
When a customer buys, Robinhood sends the order to a trading firm such as Citadel Securities, which fills it and pays Robinhood a small fee for the business. That trading revenue was $776M of Q2 2026's $1,308M. Most of the rest is interest earned on customers' cash and on loans to customers who buy with borrowed money, plus subscriptions to Robinhood Gold. So revenue rises when people trade and borrow more, and falls when they stop.
The evidence under this - 4 claims
The share paid by trading firms fell from 59% a year earlier as interest, Gold and event contracts grew.
Where the money comes from, stream by stream
| Stream | Share of sales (FY2025) | How it earns it |
|---|---|---|
| Options trading | 25% | Market makers pay a rebate per contract for customers' option orders; customers pay no commission. |
| Crypto trading | 20% | A spread or fee on each crypto trade in the app and on Bitstamp, plus rebates from crypto market makers. |
| Equities trading | 7% | Market makers pay for routing customers' share orders. |
| Other trading, mostly prediction markets | 7% | A fee on each event contract traded, and charges for instant withdrawals. |
| Margin interest | 13% | Interest on loans to customers who buy with borrowed money. |
| Other net interest | 21% | Interest on customer and company cash, cash swept to partner banks, lending customers' shares, and the credit card. |
| Gold subscriptions | 4% | A flat monthly fee for higher interest on cash, larger instant deposits and research. |
| Other fees | 3% | Proxy services paid by issuers, crypto listing fees, share-offering concessions and account transfer fees. |
Who runs it
Vladimir Tenev started Robinhood with Baiju Bhatt in 2013 and has run it alone since 2020, taking it from heavy losses to a record profit in 2025. The two founders own about an eighth of the company but control most of the votes, so other shareholders cannot outvote them.
Tenev takes almost no salary and no bonus; his last big share award paid out on share-price goals. Other bosses' bonuses ride on sales, profit, customer deposits and Gold sign-ups. A new finance chief started in February.
The evidence under this - 5 claims
Why it wins, and who could beat it
Why customers come back
Robinhood's advantage is reach. With 28.4M funded accounts it can sell each new product to people already on the app, without paying to find them again. Prediction markets reached nearly 2M customers that way within about a year.
The outside evidence is options. Robinhood's contracts rose 50% in a year while the industry's rose about 27%, lifting its share from about 15% to about 17%. The catch is that customers can leave freely: Robinhood owes them $799M for moving assets in, which is paying for loyalty, not having it.
The evidence under this - 5 claims
- 2026-10-27editedRe-struck on the Q3 2026 release: 28.7M funded customers, $396B platform assets, 5.2M Gold.
Robinhood also routes event contracts to Kalshi and ForecastEx, so part of the volume pays exchange fees to rivals.
- 2026-10-28editedQ3 call: Rothera reached $100M of annual revenue in its first full quarter and non-sports contracts doubled their share
The two counts are defined differently, so the level is approximate; only the direction is robust.
Robinhood's options revenue includes rate changes, so contracts and revenue do not move one for one.
Management presents the match as a customer acquisition cost repaid by the assets' revenue, and it is forfeited if deposits leave early.
The threat
Kalshi, a private exchange, traded $31.5B of event contracts in June, more than Robinhood, and sells directly through its own app; Robinhood even sends it some orders. Coinbase now sells shares and prediction markets beside crypto, where Robinhood's revenue fell 38%. Interactive Brokers and Webull sell the same trading account to active traders.
The evidence under this - 4 claims
The figures are dollar volume reported by a news site from a data dashboard, not filed, and the World Cup inflated June.
Robinhood's contracts settle at up to $1 each, so the units are close but not identical.
The rivals: COIN, IBKR, BULL, SCHW, MS, FUTU, and 1 more that is private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | How far along | Priced against it |
|---|---|---|---|
| Private | KalshiPriced against it: Private | On sale | Private |
| COIN | CoinbasePriced against it: One segment only | On sale | One segment only |
| IBKR | Interactive BrokersPriced against it: Yes | On sale | Yes |
| BULL | WebullPriced against it: Yes | On sale | Yes |
| SCHW | Charles Schwab and FidelityPriced against it: Yes | On sale | Yes |
| MS | Morgan StanleyPriced against it: Shown, not counted | On sale | Shown, not counted |
| FUTU | Futu Holdings LimitedPriced against it: No usable figure | On sale | No usable figure |
How big it could get
How big this could get
Americans hold $74.0T of shares, on the Federal Reserve's count, and Robinhood's $369B is about 0.5% of it, so the room to grow in assets is large. Options are different: Robinhood already handles about 17% of all contracts. Prediction markets are new and growing fast, $44.8B a month at the two largest venues in June, though a World Cup inflated that month.
The evidence under this - 3 claims
Most household equities sit in pensions, funds and adviser accounts that a self-directed app does not compete for, so 0.5% understates Robinhood's share of what it can reach.
The two counts are defined differently, so the level is approximate; only the direction is robust.
The figures are dollar volume reported by a news site from a data dashboard, not filed, and the World Cup inflated June.
The results
The numbers
Sales grew 21% over the twelve months to Sep 2026, slower than the 52% in the year to Dec 2025.
It keeps 39% of sales as profit, up from −29% in the year to Dec 2023.
Yearly sales growth has ranged from −25% to +89% over the last 5 years, with sales falling in 1 of them.
Shareholders' money earned 21% a year, up from −102% in the year to Dec 2021.
The business brought in $3.05B of cash from operations, 60% of sales, before capital spending, which the filer does not tag.
It holds $5.83B of cash against $2.66B of debt, $3.17B more cash than it owes.
The share count rose 85% in 4.8 years, and pay in shares costs 6.9% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-28. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Sep 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $1.81B | $1.36B | $1.86B | $2.95B | $4.47B | $5.08B |
| Sales growth | +89% | −25% | +37% | +58% | +52% | +21% |
| Profit | ||||||
| Net margin | −203% | −76% | −29% | 48% | 42% | 39% |
| What growth costs, per sales dollar | ||||||
| Research and development | 24% | 28% | 19% | 11% | 7.9% | - |
| Sales and marketing | 18% | 7.6% | 6.5% | 9.2% | 8.9% | 8.0% |
| General and admin | 76% | 68% | 63% | 15% | 14% | 14% |
| Pay in shares | 87% | 48% | 47% | 10% | 6.8% | 6.9% |
| Capital spending | 3.5% | 2.1% | - | - | - | - |
| Cash | ||||||
| Cash from operations | −$885M | −$852M | $1.18B | −$157M | $1.64B | $3.05B |
| Free cash flow | −$948M | −$880M | - | - | - | - |
| Balance sheet | ||||||
| Cash and short-term investments | $6.25B | $6.34B | $4.83B | $4.33B | $4.26B | $5.83B |
| Debt | - | - | - | - | $0 | $2.66B |
| Net cash | - | - | - | - | $4.26B | $3.17B |
| Returns and shares | ||||||
| Shares (diluted) | 492M | 879M | 891M | 906M | 919M | 911M |
What growth costs
Robinhood's biggest costs are its engineers and the shares it pays staff with, and neither grows much when sales do. Marketing rises roughly in step with sales. So since 2023 most of each extra dollar of sales has become profit. In the first half of 2026 office and operating costs grew a little faster than sales, so that improvement has paused for now.
The evidence under this - 2 claims
2023 general and administrative costs of $1,169M carried large regulatory and legal accruals, so part of the fall is a one-off lapsing rather than scale.
Management cut its 2026 cost outlook in July (C17), which caps growth in costs for the second half.
The last report (29 Jul)
Quarter ended June 2026, filed figures.
In the September quarter revenue rose 12% to $1.42B. Event contracts brought in $173M, up over 6x on a year ago's, while crypto revenue fell 55% to $120M. Profit fell 14% to $476M.
Customers added a net $15.7B, a 17% yearly rate, and October had already topped $13B, including $6B from the Dell family's gift to Trump Accounts. On the call management said October trading in stocks, options and crypto ran about 5% below the record quarter, with event contracts about 10% above it.
What it did to the thesisIt cleared both lines we set and showed new products replacing crypto, but growth slowed a lot. The view stays Neutral until growth shows it can hold.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $0.62 against $0.44 expected; $0.62 as filed, with no adjustments.
The evidence under this - 6 claims
- 2026-10-27editedRe-struck on the Q3 2026 release: 28.7M funded customers, $396B platform assets, 5.2M Gold.
Margin loans rise with prices and fall fast in a crash, so the book adds credit and liquidity risk in a downturn.
- 2026-10-27editedRe-struck on the Q3 2026 release: $22.1B margin book at quarter end.
Reported Q2 operating expenses rose 33% on marketing, restructuring and new businesses such as Trump Accounts and Rothera.
- 2026-10-27editedRe-struck on the Q3 2026 release: top of the range cut by $25M.
Three weeks of a quarter is a partial read, and the CFO said the full quarter may differ; the Q4 test needs about $1.50B of revenue (C28) against $1.424B in Q3 (C49).
What management did with the money
Robinhood has spent $1.3B buying back its own shares since 2024, at about $47 each, keeping the share count almost flat. In June it borrowed $2.2B at no interest through notes that turn into shares only far above today's price.
Insiders in 2026Q3: 16 purchases and 94 sales, from their Form 4 filings.
The evidence under this - 2 claims
Basic shares rose to 899M from 882M, so buybacks did not fully offset share pay and warrant settlements.
The price, and where we disagree
In short. Full. The price pays for analysts' forecasts arriving, sales growing about 28% next year, in a business whose sales follow how much people trade.
The shares fell 59% from October 2025 to March 2026, then nearly doubled back as event contracts took off; by October 26 they were 17.7% below our October 2 price.
The September-quarter results met our two lines but growth slowed to 12%. The next results, expected in mid-February, test whether revenue reaches about $1.50B.
The evidence under this - 5 claims
- Customer assets still rose to $384B and twelve-month net deposits were 24% of assets, above the 20% target (C11).
- July's figure included Trump Account contributions for the first time, so July and August are not like for like with earlier months.
Consensus missed revenue in two of the last three quarters (C04).
- Q2 2026 beat consensus and grew 32%, so the slowdown lasted one quarter.
- Q1 2026 compared against a record crypto quarter a year earlier, when crypto was 22% of revenue (C05).
How we read the multiple
Robinhood missed sales forecasts twice in the last three quarters, so arriving exactly on forecast is not a given. Past profit also looks better than it is: one-off gains supplied part of it.
- At $112.74 a share, a buyer pays 38 times the profit per share analysts expect for 2027.
- That forecast needs sales to grow from $5.30B this year to $6.79B in 2027, about 28%.
- It then needs about 18% more growth in 2028, with profit margins held where they are.
Against its own history. Its own past is little guide: it lost money in most earlier years, so what buyers paid per dollar of profit then means little.
The evidence under this - 5 claims
Consensus missed revenue in two of the last three quarters (C04).
Trailing earnings of $2.27 include a $0.14 one-off gain, so the trailing multiple overstates the cheapness of the core.
- Q2 2026 beat consensus and grew 32%, so the slowdown lasted one quarter.
- Q1 2026 compared against a record crypto quarter a year earlier, when crypto was 22% of revenue (C05).
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on price for each $1 of yearly profit, cheapest first:
| Ticker | Company | price for each $1 of yearly profit |
|---|---|---|
| SCHW | The Charles Schwab | 17.5× |
| IBKR | Interactive Brokers Group | 34.9× |
| HOOD | Robinhood Markets | 48.8× |
| BULL | Webull | 85.6× |
| MS | Morgan Stanley not in the median | 15.3× |
| FUTU | Futu Holdings Limited held out | not priced |
The middle of the other 3 is 34.9. Morgan Stanley competes with it in one product line inside a much bigger company, so its price says little about this business and it is not counted in the middle. Robinhood Markets, Inc. is 2nd dearest of 4.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
Buyers pay more per dollar of profit than at big brokers and less than at its closest app rival: the premium is Robinhood's own growth.
Private or foreign rivals that cannot be priced: Fidelity Investments, Kalshi, Polymarket, Public.com.
Where we disagree with the market
Most analysts see a platform that keeps adding customers' money and new products; the doubters see a business priced at a trading peak.
Both are right: the product engine is real, and growth will still miss in quiet trading quarters, which the price leaves little room for.
Twenty of 26 analysts rate it a buy. Their case is strong: options share is rising and customers keep adding assets. What it underweights is how fast growth fell to 15% in early 2026.
We would be wrong if sales kept growing above 25% through a quarter of weak trading, with customers still adding near 20% of their assets a year.
What analysts say, and the evidence
The evidence under this - 6 claims
Trailing earnings of $2.27 include a $0.14 one-off gain, so the trailing multiple overstates the cheapness of the core.
- Q2 2026 beat consensus and grew 32%, so the slowdown lasted one quarter.
- Q1 2026 compared against a record crypto quarter a year earlier, when crypto was 22% of revenue (C05).
The two counts are defined differently, so the level is approximate; only the direction is robust.
What could go wrong, and how we would know
The risks
- Trading firms could pay less Firms like Citadel Securities pay half of revenue, mostly without binding contracts. A rule change or a decision by them would cut sales directly.
- Courts could ban sports contracts Nevada won a ruling and an appeals decision is pending; Wisconsin and others have sued. Sports are a large part of event contracts.
- Trading slows Sales grew only 15% in Q1 2026. A market slump cuts trading, borrowing and new money at the same time.
- Loyalty is bought Robinhood owes customers $799M for moving assets in. Rivals offer the same free trades, so customers can leave.
- Margin loans can sour Loans to customers more than doubled to $21.6B. In a crash they shrink fast and can turn into losses.
The evidence under this - 6 claims
The share paid by trading firms fell from 59% a year earlier as interest, Gold and event contracts grew.
The CFTC won an injunction stopping Arizona from enforcing its gambling laws against federally listed contracts, and the Third Circuit ruled for Kalshi in April 2026.
- Q2 2026 beat consensus and grew 32%, so the slowdown lasted one quarter.
- Q1 2026 compared against a record crypto quarter a year earlier, when crypto was 22% of revenue (C05).
Management presents the match as a customer acquisition cost repaid by the assets' revenue, and it is forfeited if deposits leave early.
Margin loans rise with prices and fall fast in a crash, so the book adds credit and liquidity risk in a downturn.
- 2026-10-27editedRe-struck on the Q3 2026 release: $22.1B margin book at quarter end.
Q2 options and equities revenue rose 50% and 95% after the change, so no effect is visible yet.
What we still do not know
- How much event-contract revenue comes from sports, the part states are suing over; Robinhood does not split it out.
- Robinhood's true share of US share trading by individuals; regulators hold the data and publish none by broker.
- When the Ninth Circuit appeals court will rule on Nevada's power over sports contracts.
The evidence under this - 3 claims
The quarter held the start of the FIFA World Cup on June 11, a one-off spike in sports trading (C24).
The CFTC won an injunction stopping Arizona from enforcing its gambling laws against federally listed contracts, and the Third Circuit ruled for Kalshi in April 2026.
The two counts are defined differently, so the level is approximate; only the direction is robust.
What would change our view
- Neutral→AttractiveGrowth holds and the multiple comes in
It needs all of:
- ○The shares fall to 30 times the past year's profit.checked daily
- ○Sales keep growing at least 25% a year.checked at the next results, due by 16 Feb
- Neutral→UnattractiveGrowth or deposits break
It needs any of:
- ○Sales growth falls below 15% a year.checked at the next results, due by 16 Feb
- ○Customers add less than 10% of their assets a year, over a quarter.checked at the next results, due by 16 Feb
We would also be wrong if
- An appeals court rules states may ban sports contracts on federal exchanges.
- Citadel Securities or trading firms as a group cut what they pay per order.
What is coming
- October 2026 September 2026 operating data: Whether net deposits hold near the 20% target once Trump Accounts money is counted, and whether event contracts held up after the World Cup.
Every dated event ahead
- October 2026 September 2026 operating data: Whether net deposits hold near the 20% target once Trump Accounts money is counted, and whether event contracts held up after the World Cup.
- 27 October 2026 Q3 2026 results: Revenue against the $1.40B consensus and quarterly net deposits, the thesis's next test, in the first quarter fully under the lowered cost outlook.
- February 2027 Q4 2026 results and the 2027 cost outlook: Whether a full year confirms costs growing slower than revenue, and what management budgets for 2027.
- April 2027 2027 proxy statement: Whether Tenev gets a new award and what it pays on, the share price alone or revenue, profit and deposits.
Since we wrote this
- 28 OctEarningsCall read: Q4 starts lighter in trading, view heldManagement said October trading ran 5% below Q3 and event contracts 10% above; deposits stay strong but include a $6B gift.
- 27 OctEarningsRevenue $1.42B, up 12%; deposits 17%; view heldCleared the $1.40B and 15% deposit lines. Growth of 12% is under route P2's 15% line for one quarter, but the test expected about 10% and the case rests on two.
- 5 OctThesis reviewThe long case now sits under the verdictAfter the five-name pilot, the owner asked for the long case on every thesis.
- 4 OctThesis writtenNeutral, medium convictionFirst thesis: a strong product engine at a price that already assumes the good years continue.
- 4 OctThesis reviewChecklist added: revenue streams, costs, leaders, catalysts; view heldThe founders control the vote, the chief executive's pay is share-price based, and costs grew slower than sales from 2023 to 2025 before pausing in 2026. None moves a score.
Also checked 1 time with nothing new to act on.
Sources 22
Sources - 22
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-18Item 1 products and revenue model, competition classes, founder voting control, share classes, headcount, full-year revenuebacksC01C03C20C26C39C40C47C48
- S02primarycompany filing2026-07-30income statement, revenue by product, concentration with Citadel Securities, order-flow arrangements, match incentives, the convertible notes, litigation on event contracts, Trump Accounts, odd-lot riskbacksC01C02C03C05C14C15C16C18C19C21C23C33C41C47C48
- S03primarycompany release2026-07-29key metrics, revenue by product, event contracts and crypto volumes, deposits, margin, buybacks, expense outlook, Trump Accounts sign-ups, RotherabacksC02C04C05C06C07C09C12C13C16C17C19C21C22C25C35C37
- S04primarytranscript2026-07-29Robinhood Q2 2026 earnings call (FMP transcript)the 20% deposit target, July trading and deposits, prediction-market users, Rothera's rank, routing to Kalshi, the tenfold ambition
So our goal, as we have said, is 20% on an annual basis. I do not look at any particular quarter and month.
backsC11C22C34C36C38 - S05primarycompany release2026-02-10Q4 and 2025 revenue, earnings and the 2026 expense outlookbacksC04
- S12primarycompany release2026-09-10August customers, assets, deposits, trading volumes, event contracts, margin and securities lending
Net Deposits were $4.0 billion in August, or a 14% annualized growth rate relative to July 2026 Total Platform Assets.
backsC10C35 - S13primarycompany release2026-08-12July deposits, trading volumes and event contracts
Net Deposits were $5.6 billion in July, or an 18% annualized growth rate relative to June 2026 Total Platform Assets.
backsC10 - S14secondaryindustry data2026-05-04options cleared industry-wide in April 2026 and 2025
Total options cleared contract volume reached 1,446,072,023 in April 2026, up 13.9 per cent from 1,270,085,224 in Apri 2025.
backsC13C37 - S15secondaryindustry data2026-06-02equity, ETF and index options cleared in May 2026 and 2025
Equity options contracts saw a 25.5% year-over-year increase, totalling 803.1 million for the month. Index options contracts experienced an even sharper rise of 32.8% to 122.6 million.
backsC13C37 - S16secondaryindustry data2026-07-02options cleared industry-wide in June 2026 and 2025
Total options cleared contract volume reached 1,603,491,559 in June 2026, up 45.0 per cent from 1,105,752,074 in June 2025.
backsC13C37 - S17primarycompany filing2026-06-25the $2.2B zero-coupon notes, conversion terms and capped callsbacksC18
- S18secondaryindustry data2026-07-03Kalshi and Polymarket monthly dollar volume
Kalshi and Polymarket posted $44.8 billion in combined June 2026 volume, up 75% month-on-month, driven mainly by FIFA World Cup 2026 betting, with Kalshi rising 87.4% to $31.5 billion.
backsC24C36 - S19primarygovernment data2026-09-11Federal Reserve, Financial Accounts of the United States (Z.1), Q2 2026 Federal Reserve BoardUS household holdings of equities
Financial assets include deposits and money market funds ($20.3 trillion), directly and indirectly held equity shares ($74.0 trillion) and debt securities ($12.2 trillion)
backsC25 - S20secondaryvendor data2026-10-04Research pack (FMP market tier, FINRA short interest), frozen at content/HOOD/research-pack.jsonprice history, earnings surprises, analyst estimates and rating series, short interest, cohort multiples and the filer's XBRL revenue seriesbacksC03C04C27C28C29C30C31
- S21primarycompany filing2026-04-30its competitor list naming Robinhood first, and its order-flow and interest revenue modelbacksC26
- S22primarycompany filing2026-02-12its retail offering of crypto, equities, prediction markets and derivativesbacksC26
- S23primarycompany filing2026-10-04Form 4 filings read by insider_fetch.py, October 2025 to October 2026each open-market sale and purchase with its Rule 10b5-1 flagbacksC32
- S24primarycompany filing2026-02-20its electronic brokerage for individuals and institutions, and ForecastEx event contractsread, but no claim rests on it
- S25primarycompany filing2026-04-22executive officers and tenure, director biographies, the beneficial ownership table and voting power, the 2025 bonus measures and payout, the CEO's pay and the 2019 market-based awardbacksC42C43C44C45C46
- S26primarycompany filing2026-05-08Jeffrey Pinner leaving the Chief Technology Officer role on May 7, 2026backsC43
- S27primarycompany filing2026-10-27Q3 2026 revenue, income, customers, assets, net deposits, Gold subscribers, trading volumes, margin book and the lowered expense outlook.backsC08C12C17C49
- S28primarytranscript2026-10-27Robinhood Q3 2026 earnings call transcript (FMP), held 27 October 2026October's deposits and trading pace, the Rothera run rate and non-sports share, why crypto revenue fell, the Q4 cost plan, the crypto.com and og.com stakes and the rate sensitivity
October net deposits are over $13 billion in the month, great to see, and that includes $6 billion of the Dell family gift to Trump accounts.
backsC11C22C50C51