HOOD

MKT CAP:$76B

Robinhood Markets, Inc.

Market Cap

$76B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$84.79-$30.42 (-26.40%)

Apr 24, 2026

Company Details

Robinhood Markets, Inc. operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), options, gold, and cryptocurrencies. The company also offers various learning an...

CEO

Vladimir Tenev

IPO Date

Jul 29, 2021

Website

robinhood.com

Key Metrics TTM

Revenue

$4.5B

+51.6% YoY

Net Income

$1.9B

EPS (Diluted)

$2.06

Free Cash Flow

$1.6B

Revenue / Share

$4.87

Gross Margin

81.8%

Operating Margin

46.9%

Net Margin

42.1%

FCF Margin

35.7%

P/S

17.1x

P/E

40.6x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Feb 18, 2026

$4.5B+51.6%EPS $2.05

Q4 2025

Feb 18, 2026

$1.3B+26.5%EPS $0.66

Q3 2025

Nov 5, 2025

$1.3B+100.0%EPS $0.61

Q2 2025

Jul 30, 2025

$989M+45.0%EPS $0.42

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$299M	$153M	-$379M
Q2 22	$318M	$176M	-$292M
Q3 22	$361M	$224M	-$127M
Q4 22	$380M	$225M	-$180M
Q1 23	$441M	$327M	-$501M
Q2 23	$486M	$364M	$20M
Q3 23	$467M	$377M	-$73M
Q4 23	$471M	$368M	$30M
Q1 24	$618M	$502M	$160M
Q2 24	$682M	$559M	$189M
Q3 24	$637M	$516M	$151M
Q4 24	$1.0B	$870M	$558M
Q1 25	$927M	$793M	$372M
Q2 25	$989M	$912M	$439M
Q3 25	$1.3B	$981M	$635M
Q4 25	$1.3B	$971M	$650M

Valuation

Quarter	P/S	P/E
Q1 22	7.0x	—
Q2 22	5.9x	—
Q3 22	6.7x	—
Q4 22	5.6x	—
Q1 23	5.9x	—
Q2 23	5.7x	—
Q3 23	4.8x	—
Q4 23	5.8x	—
Q1 24	8.4x	134.7x
Q2 24	9.0x	69.5x
Q3 24	8.6x	39.4x
Q4 24	11.5x	24.0x
Q1 25	11.3x	23.2x
Q2 25	23.2x	46.3x
Q3 25	28.7x	55.0x
Q4 25	23.3x	55.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$437M	$416M
Q2 22	-$1.3B	-$1.3B
Q3 22	-$207M	-$221M
Q4 22	$181M	$171M
Q1 23	$828M	$823M
Q2 23	$370M	$366M
Q3 23	-$977M	-$983M
Q4 23	$960M	$954M
Q1 24	-$623M	-$632M
Q2 24	$54M	$47M
Q3 24	$1.8B	$1.8B
Q4 24	-$1.4B	-$1.4B
Q1 25	$642M	$631M
Q2 25	$3.5B	$3.5B
Q3 25	-$1.6B	-$1.6B
Q4 25	-$937M	-$939M

Capital Expenditures

Quarter	CapEx
Q1 22	$21M
Q2 22	$12M
Q3 22	$14M
Q4 22	$10M
Q1 23	$5M
Q2 23	$4M
Q3 23	$6M
Q4 23	$6M
Q1 24	$9M
Q2 24	$7M
Q3 24	$19M
Q4 24	$15M
Q1 25	$11M
Q2 25	$18M
Q3 25	$12M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-42.7%	+46.1%
Q2 22	-43.7%	+21.8%
Q3 22	-1.1%	-71.4%
Q4 22	+4.8%	-33.8%
Q1 23	+47.5%	+38.9%
Q2 23	+52.8%	-23.6%
Q3 23	+29.4%	+10.7%
Q4 23	+23.9%	-21.3%
Q1 24	+40.1%	-51.4%
Q2 24	+40.3%	+5.8%
Q3 24	+36.4%	-10.0%
Q4 24	+115.3%	+3.4%
Q1 25	+50.0%	+21.2%
Q2 25	+45.0%	+11.6%
Q3 25	+100.0%	+31.5%
Q4 25	+26.5%	+38.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$220M	73.6%
Q2 22	$164M	51.6%
Q3 22	$110M	30.5%
Q4 22	$160M	42.1%
Q1 23	$598M	135.6%
Q2 23	$109M	22.4%
Q3 23	$83M	17.8%
Q4 23	$81M	17.2%
Q1 24	$62M	10.0%
Q2 24	$86M	12.6%
Q3 24	$79M	12.4%
Q4 24	$77M	7.6%
Q1 25	$73M	7.9%
Q2 25	$78M	7.9%
Q3 25	$78M	6.1%
Q4 25	$76M	5.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$268M	$202M	$18M
Q2 22	$245M	$162M	$18M
Q3 22	$185M	$126M	$13M
Q4 22	$183M	$178M	$24M
Q1 23	$199M	$590M	$20M
Q2 23	$207M	$105M	$18M
Q3 23	$202M	$182M	$22M
Q4 23	$197M	$84M	$35M
Q1 24	$196M	$65M	$58M
Q2 24	$209M	$79M	$55M
Q3 24	$205M	$82M	$47M
Q4 24	$208M	$5M	$71M
Q1 25	$214M	$78M	$94M
Q2 25	$214M	$132M	$99M
Q3 25	$237M	$185M	$102M
Q4 25	—	$178M	$93M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$6.2B	$2.0B	$8.2B
Q2 22	$6.0B	$1.3B	$7.3B
Q3 22	$6.2B	$1.2B	$7.4B
Q4 22	$6.3B	$1.5B	$7.9B
Q1 23	$5.5B	$2.4B	$7.8B
Q2 23	$5.8B	$2.7B	$8.5B
Q3 23	$4.9B	$3.0B	$7.9B
Q4 23	$4.8B	$3.6B	$8.4B
Q1 24	$4.7B	$4.6B	$9.3B
Q2 24	$4.5B	$4.7B	$9.3B
Q3 24	$4.6B	$6.4B	$11.0B
Q4 24	$4.3B	$6.2B	$10.5B
Q1 25	$4.4B	$6.8B	$11.3B
Q2 25	$4.2B	$9.4B	$13.5B
Q3 25	$4.3B	$10.3B	$14.6B
Q4 25	$4.3B	$3.8B	$8.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	868M	+0.4%	+2.1%
Q2 22	875M	+0.8%	+2.9%
Q3 22	882M	+0.9%	+3.2%
Q4 22	889M	+0.8%	+2.9%
Q1 23	897M	+0.9%	+3.4%
Q2 23	921M	+2.7%	+5.3%
Q3 23	895M	-2.8%	+1.4%
Q4 23	883M	-1.3%	-0.7%
Q1 24	875M	-0.9%	-2.4%
Q2 24	904M	+3.3%	-1.8%
Q3 24	906M	+0.1%	+1.2%
Q4 24	908M	+0.2%	+2.8%
Q1 25	909M	+0.2%	+3.9%
Q2 25	909M	-0.0%	+0.5%
Q3 25	918M	+1.0%	+1.4%
Q4 25	918M	-0.0%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$78.7K	4K
Q2 22	$83.7K	4K
Q3 22	$95.0K	4K
Q4 22	$165.2K	2K
Q1 23	$191.7K	2K
Q2 23	$211.3K	2K
Q3 23	$203.0K	2K
Q4 23	$214.1K	2K
Q1 24	$280.9K	2K
Q2 24	$310.0K	2K
Q3 24	$289.5K	2K
Q4 24	$440.9K	2K
Q1 25	$403.0K	2K
Q2 25	$430.0K	2K
Q3 25	$553.9K	2K
Q4 25	$442.4K	3K

Revenue / Employee