Robinhood
HOOD Nasdaq Investment Banking & Brokerage Financials FY2019–FY2025
Robinhood's revenue rose 51.6% to $4.5 billion in fiscal 2025. Its net margin was 42.1%, down from 47.8% a year earlier. Free cash flow was $1.6 billion. It paid out $653 million in dividends and buybacks, 40% of free cash flow. The diluted share count rose 1.4%.
About these figures. Robinhood's filings don't tag total borrowings, so debt-based ratios are left blank. Robinhood's small holding of short-term securities (US$27 million in 2021) is no longer tagged after 2022 and is counted as zero.
What Robinhood does
Robinhood runs a mobile-first investing and financial services app. It was founded in 2013 and says it was the first US retail broker to offer commission-free stock trading with no account minimums. Customers can trade US-listed stocks and ETFs (exchange-traded funds) and related options without commissions, open retirement accounts, set up recurring investments, and buy fractions of a share starting at $1. Robinhood Legend is a browser-based desktop platform for active traders. Customers can also trade cryptocurrency, and customers in the EU can stake selected cryptocurrencies.
Robinhood also sells paid and lending services. Eligible customers can borrow on margin, which means using money lent by Robinhood to invest. Customers can lend out fully paid shares and share in the interest, and uninvested cash is swept to partner banks that pay interest. Gold subscribers get extra features, including Robinhood Banking, run with Coastal Bank, and a Gold Card. It charges commissions on event contracts in its Prediction Markets Hub, and offers perpetual futures for crypto.
Its filing also points to income from transaction rebates paid by market makers (liquidity providers) and from net interest revenues. In 2025 it bought Bitstamp, a cryptocurrency exchange with retail and institutional customers, to expand in Europe. It also operates in the United Kingdom.
- Legal name
- Robinhood Markets, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Accession · CIK
- 0001783879-26-000023
0001783879
Revenue and margins
Robinhood had $4.5B of revenue in fiscal 2025, up 51.6% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.6B in fiscal 2025, 36.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Robinhood returned $653M to shareholders in fiscal 2025, 40% of free cash flow. The diluted share count rose 1.4%.
Value Robinhood yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 918.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 41.9x · peers — · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Robinhood can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $6.3B | $6.3B | $4.8B | $4.3B | $4.3B |
| Interest coverage | −306.1x | −84.6x | −43.4x | 67.5x | 69.0x |
| Current ratio | 1.6x | 1.4x | 1.6x | 1.4x | 1.3x |
| Quick ratio | 1.6x | 1.4x | 1.6x | 1.4x | 1.3x |
| Total assets | $19.8B | $23.3B | $17.6B | $26.2B | $38.1B |
| Total liabilities | $12.5B | $16.4B | $10.9B | $18.2B | $29.0B |
| Shareholders' equity | $7.3B | $7.0B | $6.7B | $8.0B | $9.2B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$123M
6 insiders
Of sales under plans
100%
$123M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 5, 2026 | Daniel Martin Gallagher JrChief Legal Officer | Sold plan | 10,000 | $113.71 | $1.1M | Form 4 |
| Oct 5, 2026 | Vladimir TenevChief Executive Officer, Director | Sold plan | 375,000 | $113.72 | $42.6M | Form 4 |
| Sep 22, 2026 | Vladimir TenevChief Executive Officer, Director | Sold plan | 240,834 | $125.33 | $30.2M | Form 4 |
| Sep 21, 2026 | Vladimir TenevChief Executive Officer, Director | Sold plan | 259,166 | $125.58 | $32.5M | Form 4 |
| Sep 15, 2026 | Shiv VermaChief Financial Officer | Sold plan | 11,472 | $110.43 | $1.3M | Form 4 |
| Sep 10, 2026 | Baiju BhattDirector | Sold plan | 43,373 | $114.28 | $5.0M | Form 4 |
| Sep 8, 2026 | Oluwadara Johnson TresederDirector | Sold plan | 1,875 | $125.00 | $0.2M | Form 4 |
| Sep 3, 2026 | Daniel Martin Gallagher JrChief Legal Officer | Sold plan | 10,000 | $122.43 | $1.2M | Form 4 |
| Sep 3, 2026 | Steven M. QuirkChief Brokerage Officer | Sold plan | 24,416 | $120.33 | $2.9M | Form 4 |
| Aug 17, 2026 | Shiv VermaChief Financial Officer | Sold plan | 3,982 | $95.07 | $0.4M | Form 4 |
| Aug 14, 2026 | Baiju BhattDirector | Sold plan | 50,317 | $96.80 | $4.9M | Form 4 |
| Aug 3, 2026 | Daniel Martin Gallagher JrChief Legal Officer | Sold plan | 10,000 | $90.42 | $0.9M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✕ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −8.4% | 7.2% | 0.8% |
| Altman Z'' | 1.76 | 1.99 | 1.82 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Robinhood HOOD | $86.7B | 51.6% | — | 36.3% | — | 41.9x | — | |
| Coinbase COIN | $43.3B | 9.4% | 20.0% | 31.9% | 14.5% | — | 4 | Compare → |
| PayPal PYPL | $52.5B | 4.3% | 18.3% | 16.8% | 25.7% | 10.7x | 7 | Compare → |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $278M | $958M | $1.8B | $1.4B | $1.9B | $3.0B | $4.5B |
| Research and development | $27.7M | $52.0M | $438M | $381M | $349M | $323M | $355M |
| Interest expense | $0.6M | $3.0M | $12.0M | $12.0M | $12.0M | $16.0M | $31.0M |
| Pretax income | −$108M | $13.0M | −$3.7B | −$1.0B | −$533M | $1.1B | $2.1B |
| Income tax | −$1.0M | $6.0M | $2.0M | $1.0M | $8.0M | −$347M | $225M |
| Net income | −$107M | $7.0M | −$3.7B | −$1.0B | −$541M | $1.4B | $1.9B |
| Diluted EPS | −$0.48 | $0.01 | −$7.49 | −$1.17 | −$0.61 | $1.56 | $2.05 |
| Diluted shares | 0.22B | 0.25B | 0.49B | 0.88B | 0.89B | 0.91B | 0.92B |
| Cash flow | |||||||
| Cash from operations | $1.3B | $1.9B | −$885M | −$852M | $1.2B | −$157M | $1.6B |
| Capital expenditure | $7.3M | $24.0M | $63.0M | $28.0M | $2.0M | $13.0M | $15.0M |
| Free cash flow | $1.3B | $1.9B | −$948M | −$880M | $1.2B | −$170M | $1.6B |
| Depreciation and amortization | $5.4M | $10.0M | $26.0M | $61.0M | $71.0M | $77.0M | $86.0M |
| Stock-based compensation | $26.7M | $24.0M | $1.6B | $654M | $871M | $304M | $305M |
| Acquisitions | $0.0M | $0.0M | $125M | $0.0M | $93.0M | $6.0M | $399M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $608M | $257M | $653M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $608M | $257M | $653M |
| Balance sheet | |||||||
| Cash and short-term investments | $644M | $1.4B | $6.3B | $6.3B | $4.8B | $4.3B | $4.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $10.9B | $19.3B | $22.9B | $17.1B | $25.1B | $36.3B |
| Current liabilities | — | $8.8B | $12.3B | $16.3B | $10.8B | $18.1B | $28.8B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $45.8M | $146M | $146M | $120M | $139M | $154M |
| Total assets | — | $11.0B | $19.8B | $23.3B | $17.6B | $26.2B | $38.1B |
| Total liabilities | — | $8.9B | $12.5B | $16.4B | $10.9B | $18.2B | $29.0B |
| Shareholders' equity | −$97.0M | −$55.0M | $7.3B | $7.0B | $6.7B | $8.0B | $9.2B |
| Margins | |||||||
| EBITDA margin | −36.6% | 2.7% | −200.9% | −70.3% | −24.1% | 39.2% | 49.7% |
| Net margin | −38.4% | 0.7% | −203.1% | −75.7% | −29.0% | 47.8% | 42.1% |
| FCF margin | 451.4% | 193.3% | −52.2% | −64.8% | 63.2% | −5.8% | 36.3% |
| Returns | |||||||
| Return on capital employed | — | — | −76.6% | −14.0% | −7.5% | 14.5% | 24.5% |
| Return on equity | — | — | −101.9% | −14.4% | −7.9% | 19.2% | 22.0% |
| Return on assets | — | — | −24.0% | −4.8% | −2.6% | 6.4% | 5.9% |
| Growth | |||||||
| Revenue growth | — | 245.2% | 89.5% | −25.2% | 37.3% | 58.2% | 51.6% |
| Net income growth | — | — | −52,771.4% | — | — | — | 33.5% |
| EPS growth | — | — | −75,000.0% | — | — | — | 31.4% |
| FCF growth | — | 47.8% | −151.2% | — | — | −114.4% | — |
| Share count change | — | 10.5% | 101.0% | 78.5% | 1.4% | 1.7% | 1.4% |
| Financial health | |||||||
| Interest coverage | −172.3x | 5.3x | −306.1x | −84.6x | −43.4x | 67.5x | 69.0x |
| Current ratio | — | 1.2x | 1.6x | 1.4x | 1.6x | 1.4x | 1.3x |
| Quick ratio | — | 1.2x | 1.6x | 1.4x | 1.6x | 1.4x | 1.3x |
| Capital allocation | |||||||
| Capex / revenue | 2.6% | 2.5% | 3.5% | 2.1% | 0.1% | 0.4% | 0.3% |
| Stock comp / revenue | 9.6% | 2.5% | 86.6% | 48.2% | 46.7% | 10.3% | 6.8% |
| Payouts / FCF | 0.0% | 0.0% | — | — | 51.6% | — | 40.2% |
| Quality scores | |||||||
| Altman Z'' | — | 1.2 | 1.0 | 1.3 | 1.8 | 2.0 | 1.8 |
| Accruals ratio | — | — | −18.2% | −0.8% | −8.4% | 7.2% | 0.8% |
Source: SEC EDGAR XBRL filings (CIK 0001783879). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.