Company file · HOOD
Robinhood Markets
Other Revenue was Robinhood Markets' fastest-growing product or service in FY2025, up 242.3%
Revenue rose 51.6% to $4.5B in FY2025, from $3.0B in FY2024. Net income rose 33.5% to $1.9B. Transaction-Based Revenues was the largest product or service, at 59% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Robinhood Markets (Nasdaq: HOOD) took in $4.5B of revenue (up 51.6% on fiscal 2024); net income was $1.9B (up 33.5%). The most recent quarter, ended Sep 30, 2026, brought revenue of $1.4B, up 11.8% year over year, with net income of $468M. Transaction-Based Revenues was the biggest single line by product or service: 59% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 18, 2026
Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 30, 2026 · 10-Q filed Oct 28, 2026
How it makes money
By product or service in FY2025: Transaction-Based Revenues (59%), Options (25%), Financial Service, Other (7%) and Equities (7%), as shares of total revenue. Total revenue was $4.5B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Robinhood Markets 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
By product or service
Source: Robinhood Markets 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Revenue rose 51.6% in FY2025 to $4.5B, from $3.0B a year earlier. 10-K, FY2025
- Net income rose 33.5% in FY2025 to $1.9B, from $1.4B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $1.4B, up 11.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Other Revenue revenue grew 242.3% in FY2025 to $89M. 10-K, FY2025
The bear case
- Diluted shares rose 1.4% in FY2025, which spreads profit across more shares. 10-K, FY2025
- Net income in the quarter ended Sep 30, 2026 was $468M, down 15.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include credit losses; interest rates; regulation and capital. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Robinhood Markets is in the investment banking & brokerage industry, part of the financials sector. The SEC files it under Security Brokers, Dealers & Flotation Companies.
The full description of Robinhood Markets' business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the investment banking & brokerage industry. They are not a summary of Robinhood Markets’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Credit lossesBorrowers who can't repay cause losses, especially in a downturn.
- Interest ratesChanges in rates move what it earns on loans and pays on deposits.
- Regulation and capitalCapital, liquidity and conduct rules affect what it can do and what it costs.
- Deposits and fundingCustomers can move deposits, which raises funding costs.
- Competition and technologyBanks, fintech firms and card networks compete for customers.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Risk factors (Item 1A)
- How banks make money
- The cash flow statement
- Market cap and enterprise value
- Return on equity (ROE)
- Accelerated share repurchases
- Market orders and limit orders
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Robinhood Markets' revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 30, 2026 |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 |
| 10-Q | Apr 29, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 22, 2026 | Dec 31, 2025 |
| 10-K | Feb 18, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Robinhood Markets
How does Robinhood Markets make money?
In fiscal 2025, revenue totaled $4.5B. By product or service in FY2025: Transaction-Based Revenues (59%), Options (25%), Financial Service, Other (7%) and Equities (7%), as shares of total revenue. Total revenue was $4.5B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What was Robinhood Markets's revenue in fiscal 2025?
Revenue came to $4.5B in the year ended Dec 31, 2025. Going back two years, it was $1.9B in fiscal 2023 and $3.0B in fiscal 2024, so the latest year was up 51.6%. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
Is Robinhood Markets profitable?
Yes, by US accounting rules (GAAP): net income was $1.9B in fiscal 2025, up 33.5% from $1.4B a year earlier. For the quarter ended Sep 30, 2026, net income was $468M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What did Robinhood Markets report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $1.4B, against $1.3B in the same quarter a year before (up 11.8%), and net income of $468M, against $556M (down 15.8%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.
What are the main risks Robinhood Markets faces?
Robinhood Markets's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 18, 2026. Risks that are common among companies in the investment banking & brokerage industry include Credit losses; interest rates; regulation and capital; deposits and funding; competition and technology. The first: Borrowers who can't repay cause losses, especially in a downturn. Source: 10-K, Item 1A Risk Factors.
Where do these Robinhood Markets numbers come from?
Two filings Robinhood Markets made with the SEC: its fiscal 2025 10-K, filed Feb 18, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Robinhood Markets
- ARK Investment Management: 5,236,031 shares, reported value $525.1M at Jun 30, 2026 (−12.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 2,196,340 shares, reported value $220.2M at Jun 30, 2026 (−57.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Citadel Advisors: 1,691,076 shares, reported value $169.6M at Jun 30, 2026 (+54.4% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Altimeter Capital Management: 899,691 shares, reported value $90.2M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 139,875 shares, reported value $14.0M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 124,728 shares, reported value $12.5M at Jun 30, 2026 (−95.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 87,600 shares, reported value $8.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Baillie Gifford: 505 shares, reported value $0.1M at Sep 30, 2026 (new in this filing). Form 13F filed Nov 9, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in HOOD
- The editor holds no position in Robinhood Markets (HOOD). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell HOOD from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 29, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold HOOD, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Robinhood MarketsHOOD | FY2025 | $4.5B | +51.6% | $1.9B |
| Morgan StanleyMS | FY2025 | $70.6B | +14.4% | $16.9B |
| Goldman SachsGS | FY2025 | $58.3B | +8.9% | $17.2B |
| Charles SchwabSCHW | FY2025 | $23.9B | +22.0% | $8.9B |
| Interactive BrokersIBKR | FY2025 | $6.2B | +19.7% | $4.4B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.