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Robinhood

HOOD Nasdaq Investment Banking & Brokerage Financials FY2019–FY2025

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.

Download report 3-page PDF: the company, its results and charts with peers.

Last close Β· Oct 23, 2026

$95.07

1.6%
Value it Compare

What Robinhood does

HOOD Β· Investment Banking & Brokerage

From its latest annual report

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.

Filing details

Legal name
Robinhood Markets, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K Β· Feb 18, 2026
Accession Β· CIK
0001783879-26-000023 Β· 0001783879
Biggest risks, in its own words

KIRA’s summary AI analyst

Hi! I read Robinhood’s latest annual report (fiscal 2025). Here is what stands out:

3 strengths

1.Sales and profit

See section β†’
  • Robinhood had $4.5B of revenue in fiscal 2025, up 51.6% on the year before. Over five years, revenue changed +36.1% a year on average.
  • Robinhood made $1.9B of net profit in fiscal 2025.

2.Cash and shareholders

See section β†’
  • Free cash flow was $1.6B in fiscal 2025, 36.3% of revenue.
  • Robinhood returned $653M to shareholders in fiscal 2025, 40% of free cash flow. The diluted share count rose 1.4%.
  • In the last 12 months, insiders sold $123M of shares on the open market and bought none.

4.Price and value

See section β†’
  • At $95.07 a share, the company is worth $86.7B: 41.9 times its earnings of the last four quarters.
  • Robinhood grew sales faster than 2 of its 2 similar companies. Its P/E is higher than 1 of 1.

Biggest risks, in its own words

  • Growth may not match past rates, and it has had operating losses in most full years since it began.
  • Heavy dependence on liquidity providers, and bad publicity about payment for order flow and transaction rebates.
  • Lower interest rates cutting its net interest revenue.
  • Extensive and changing financial regulation and regulatory investigations.
  • Expanding into new products and countries brings new risks, and it may need more capital.

Robinhood in 30 seconds

Good So-so Weak

Good

Are sales growing?

+51.6%

Yes. Sales grew 51.6% last year.

Good

Does it make a profit?

42.1%

Yes. It keeps 42.1% of every sale as profit.

Good

Does profit turn into cash?

36.3%

Yes. 36.3% of sales ends up as free cash.

For information

How is the share priced?

41.9x

One share costs 41.9 times its yearly profit per share. Typical for its sector: 13.7x.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap Last close times the latest diluted share count, so it is approximate.
$86.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
41.9x
On $2.27 EPS (TTM)

Revenue

Total sales reported in the income statement.

KIRA Β· Robinhood had $4.5B of revenue in fiscal 2025, up 51.6% on the year before. Over five years, revenue changed +36.1% a year on average.

See the full section β†’

Operating margin

Operating income as a share of revenue.

See the full section β†’

Net income

Profit after all expenses, interest and tax.

KIRA Β· Robinhood made $1.9B of net profit in fiscal 2025.

See the full section β†’

Free cash flow

Cash from operations minus capital spending.

KIRA Β· Free cash flow was $1.6B in fiscal 2025, 36.3% of revenue.

See the full section β†’

Return on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

See the full section β†’

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.

Charts by

Sales and profit

Is it selling more, and how much does it keep?

Results dates

In plain words: Every quarter, companies publish how much they sold and earned. These are the days Robinhood did it, and the next one. Share prices often move a lot on those days.

Next results

October 27, 2026

Tuesday Β· tomorrow

Time
After the market closes
Covers
Period ended Sep 30, 2026
Expected EPS
$0.56
Source
Earnings calendar
See who else reports that week β†’
Date Results for Time Source
Jul 29, 2026 Q2 '26 After the market closes 8-K β†—
Apr 28, 2026 Q1 '26 After the market closes 8-K β†—
Jan 30, 2026 Q4 '25 After the market closes 8-K β†—
Oct 30, 2025 Q3 '25 Time not announced 8-K β†—
Jul 30, 2025 Q2 '25 After the market closes 8-K β†—
Apr 30, 2025 Q1 '25 After the market closes 8-K β†—
Jan 31, 2025 Q4 '24 After the market closes 8-K β†—
Oct 30, 2024 Q3 '24 After the market closes 8-K β†—

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

Revenue and margins

KIRA Β· Robinhood had $4.5B of revenue in fiscal 2025, up 51.6% on the year before. Over five years, revenue changed +36.1% a year on average.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

Revenue

Margins, % of revenue

Gross Operating Net FCF

Margins, % of revenue

Gross Operating Net FCF

Net income and earnings per share

KIRA Β· Robinhood made $1.9B of net profit in fiscal 2025.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

Net income

Diluted EPS

Diluted EPS

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

KIRA Β· Free cash flow was $1.6B in fiscal 2025, 36.3% of revenue.

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Free cash flow

Free cash flow

Cash from operations vs capital spending

Cash from operations Capital spending

Cash from operations vs capital spending

Cash from operations Capital spending

Dividends, buybacks and share count

KIRA Β· Robinhood returned $653M to shareholders in fiscal 2025, 40% of free cash flow. The diluted share count rose 1.4%.

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

Dividends Buybacks

Dividends and buybacks

Dividends Buybacks

Diluted shares outstanding (annual)

Insider trades

KIRA Β· In the last 12 months, insiders sold $123M of shares on the open market and bought none.

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. β€œPlan” marks trades under a pre-arranged Rule 10b5-1 plan.

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$123M

6 insiders

Of sales under plans

100%

$123M

DateInsiderTradeSharesPriceValueFiling
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

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

Cash, debt and the ratios that show how comfortably Robinhood can carry it.

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Cash vs debt (incl. leases)

Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $6.3B$6.3B$4.8B$4.3B$4.3B
Interest coverage βˆ’306.1xβˆ’84.6xβˆ’43.4x67.5x69.0x
Current ratio 1.6x1.4x1.6x1.4x1.3x
Quick ratio 1.6x1.4x1.6x1.4x1.3x
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 (βˆ’ = net cash) β€”β€”β€”β€”β€”

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

Return on capital Return on equity Return on assets

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

TestFY23FY24FY25
Net income is positive βœ• βœ“ βœ“
Cash from operations is positive βœ“ βœ• βœ“
Return on assets rose βœ“ βœ“ βœ•
Cash from operations exceeds net income βœ“ βœ• βœ•
Debt fell relative to assets β€” β€” β€”
Current ratio rose βœ“ βœ• βœ•
Share count didn't rise βœ• βœ• βœ•
Gross margin rose β€” β€” β€”
Revenue rose relative to assets βœ“ βœ“ βœ“
F-score β€” / 9β€” / 9β€” / 9
Accruals ratio βˆ’8.4%7.2%0.8%
Altman Z'' 1.761.991.82

Price and value

What does the share cost, and how does it compare?

Value Robinhood yourself

KIRA Β· At $95.07 a share, the company is worth $86.7B: 41.9 times its earnings of the last four quarters.

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β€” the answer depends entirely on what you put in.

In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.

Discounted cash flow

Value per share

β€”

Adds net cash of β€” and divides by 918.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

β€”

Reference multiples: today 41.9x Β· peers β€” Β· sector 13.7x.

Similar companies

KIRA Β· Robinhood grew sales faster than 2 of its 2 similar companies. Its P/E is higher than 1 of 1.

Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.

In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Robinhood HOOD $86.7B 51.6% β€” 36.3% β€” 41.9x β€”
Coinbase COIN $43.3B 9.4% 20.0% 31.9% 14.5% β€” 4 Compare β†’
PayPal PYPL $52.5B 4.3% 18.3% 16.8% 25.7% 10.7x 7 Compare β†’

All figures

Every number, year by year.

7 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
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 βˆ’$108M $13.0M βˆ’$3.7B βˆ’$1.0B βˆ’$533M $1.1B $2.1B
Income tax βˆ’$1.0M $6.0M $2.0M $1.0M $8.0M βˆ’$347M $225M
Net income βˆ’$107M $7.0M βˆ’$3.7B βˆ’$1.0B βˆ’$541M $1.4B $1.9B
Diluted EPS βˆ’$0.48 $0.01 βˆ’$7.49 βˆ’$1.17 βˆ’$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 βˆ’$885M βˆ’$852M $1.2B βˆ’$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 βˆ’$948M βˆ’$880M $1.2B βˆ’$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 β€” $10.9B $19.3B $22.9B $17.1B $25.1B $36.3B
Current liabilities β€” $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 β€” $45.8M $146M $146M $120M $139M $154M
Total assets β€” $11.0B $19.8B $23.3B $17.6B $26.2B $38.1B
Total liabilities β€” $8.9B $12.5B $16.4B $10.9B $18.2B $29.0B
Shareholders' equity βˆ’$97.0M βˆ’$55.0M $7.3B $7.0B $6.7B $8.0B $9.2B
Margins
EBITDA margin βˆ’36.6% 2.7% βˆ’200.9% βˆ’70.3% βˆ’24.1% 39.2% 49.7%
Net margin βˆ’38.4% 0.7% βˆ’203.1% βˆ’75.7% βˆ’29.0% 47.8% 42.1%
FCF margin 451.4% 193.3% βˆ’52.2% βˆ’64.8% 63.2% βˆ’5.8% 36.3%
Returns
Return on capital employed β€” β€” βˆ’76.6% βˆ’14.0% βˆ’7.5% 14.5% 24.5%
Return on equity β€” β€” βˆ’101.9% βˆ’14.4% βˆ’7.9% 19.2% 22.0%
Return on assets β€” β€” βˆ’24.0% βˆ’4.8% βˆ’2.6% 6.4% 5.9%
Growth
Revenue growth β€” 245.2% 89.5% βˆ’25.2% 37.3% 58.2% 51.6%
Net income growth β€” β€” βˆ’52,771.4% β€” β€” β€” 33.5%
EPS growth β€” β€” βˆ’75,000.0% β€” β€” β€” 31.4%
FCF growth β€” 47.8% βˆ’151.2% β€” β€” βˆ’114.4% β€”
Share count change β€” 10.5% 101.0% 78.5% 1.4% 1.7% 1.4%
Financial health
Interest coverage βˆ’172.3x 5.3x βˆ’306.1x βˆ’84.6x βˆ’43.4x 67.5x 69.0x
Current ratio β€” 1.2x 1.6x 1.4x 1.6x 1.4x 1.3x
Quick ratio β€” 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% β€” β€” 51.6% β€” 40.2%
Quality scores
Altman Z'' β€” 1.2 1.0 1.3 1.8 2.0 1.8
Accruals ratio β€” β€” βˆ’18.2% βˆ’0.8% βˆ’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 β€” not investment advice. Check the original filings before relying on any figure.

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