Robinhood Markets (HOOD) Financials

$104.03 +0.34 (+0.33%)

Closing price 08/29/2025 04:00 PM Eastern

Extended Trading

$103.57 -0.46 (-0.45%)

As of 08/29/2025 07:59 PM Eastern

Annual Income Statements for Robinhood Markets

This table shows Robinhood Markets' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-107	7.00	-3,687	-1,028	-541	1,411
Consolidated Net Income / (Loss)	-107	7.00	-3,687	-1,028	-541	1,411
Net Income / (Loss) Continuing Operations	-107	7.00	-3,687	-1,028	-541	1,411
Total Pre-Tax Income	-108	13	-3,685	-1,027	-533	1,064
Total Operating Income	-107	13	-1,641	-1,011	-536	1,054
Total Gross Profit	278	958	1,815	1,322	1,822	2,875
Total Revenue	278	958	1,815	1,358	1,865	2,951
Operating Revenue	278	958	1,815	1,358	1,865	2,951
Total Cost of Revenue	0.00	0.00	0.00	36	43	76
Other Cost of Revenue	-	-	-	36	43	76
Total Operating Expenses	384	945	3,456	2,333	2,358	1,821
Selling, General & Admin Expense	119	430	1,739	1,173	1,285	567
Marketing Expense	125	186	325	103	122	272
Research & Development Expense	95	215	1,234	878	805	818
Other Operating Expenses / (Income)	45	114	158	179	146	164
Total Other Income / (Expense), net	-0.66	0.00	-2,044	-16	3.00	10
Other Income / (Expense), net	-0.66	0.00	-2,044	-16	3.00	10
Income Tax Expense	-1.02	6.00	2.00	1.00	8.00	-347
Basic Earnings per Share	($0.48)	$0.01	($7.49)	($1.17)	($0.61)	$1.60
Weighted Average Basic Shares Outstanding	221.66M	225.75M	492.38M	878.63M	890.86M	881.11M
Diluted Earnings per Share	($0.48)	$0.01	($7.49)	($1.17)	($0.61)	$1.56
Weighted Average Diluted Shares Outstanding	221.66M	245.00M	492.38M	878.63M	890.86M	906.17M
Weighted Average Basic & Diluted Shares Outstanding	-	-	867.99M	896.05M	874.55M	885.46M

This table shows Robinhood Markets' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-166	-511	25	-85	30	157	188	150	916	336	386
Consolidated Net Income / (Loss)	-166	-511	25	-85	30	157	188	150	916	336	386
Net Income / (Loss) Continuing Operations	-166	-511	25	-85	30	157	188	150	916	336	386
Total Pre-Tax Income	-168	-509	22	-75	29	162	191	153	558	371	442
Total Operating Income	-154	-509	20	-73	26	158	189	151	556	370	439
Total Gross Profit	344	441	486	467	428	602	664	637	938	903	961
Total Revenue	380	441	486	467	471	618	682	637	1,014	927	989
Operating Revenue	380	441	486	467	471	618	682	637	1,014	927	989
Total Cost of Revenue	36	0.00	0.00	0.00	43	16	18	0.00	76	24	28
Other Cost of Revenue	-	-	-	-	-	16	18	-	-	24	28
Total Operating Expenses	498	950	466	540	402	444	493	486	382	533	550
Selling, General & Admin Expense	204	689	195	271	130	146	162	183	42	164	161
Marketing Expense	29	26	25	28	43	67	64	59	82	105	99
Research & Development Expense	180	199	207	202	197	196	209	205	208	214	214
Other Operating Expenses / (Income)	85	36	39	39	32	35	40	39	50	50	48
Total Other Income / (Expense), net	-14	0.00	2.00	-2.00	3.00	4.00	2.00	2.00	2.00	1.00	3.00
Other Income / (Expense), net	-	0.00	2.00	-2.00	3.00	4.00	2.00	2.00	2.00	1.00	3.00
Income Tax Expense	-2.00	2.00	-3.00	10	-1.00	5.00	3.00	3.00	-358	35	56
Basic Earnings per Share	($0.18)	($0.57)	$0.03	($0.09)	$0.02	$0.18	$0.21	$0.17	$1.04	$0.38	$0.44
Weighted Average Basic Shares Outstanding	878.63M	896.92M	904.98M	895.11M	890.86M	875.32M	881.08M	884.11M	881.11M	884.58M	882.15M
Diluted Earnings per Share	($0.18)	($0.57)	$0.03	($0.09)	$0.02	$0.18	$0.21	$0.17	$1.00	$0.37	$0.42
Weighted Average Diluted Shares Outstanding	878.63M	896.92M	921.27M	895.11M	890.86M	895.78M	904.49M	905.54M	906.17M	909.24M	909.13M
Weighted Average Basic & Diluted Shares Outstanding	896.05M	902.96M	911.35M	864.78M	874.55M	878.84M	884.68M	883.98M	885.46M	882.47M	888.68M

This table details how cash moves in and out of Robinhood Markets' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	1,623	3,120	4,080	-913	-11	-651
Net Cash From Operating Activities	1,260	1,876	-885	-852	1,181	-157
Net Cash From Continuing Operating Activities	1,260	1,876	-885	-852	1,181	-157
Net Income / (Loss) Continuing Operations	-107	7.00	-3,687	-1,028	-541	1,411
Consolidated Net Income / (Loss)	-107	7.00	-3,687	-1,028	-541	1,411
Depreciation Expense	5.44	10	26	61	71	77
Non-Cash Adjustments To Reconcile Net Income	703	1,091	5,596	-1,587	1,534	1,885
Changes in Operating Assets and Liabilities, net	658	768	-2,820	1,702	117	-3,530
Net Cash From Investing Activities	-12	-32	-238	-60	-582	-148
Net Cash From Continuing Investing Activities	-12	-32	-238	-60	-582	-148
Purchase of Property, Plant & Equipment	-12	-32	-83	-57	-21	-50
Acquisitions	0.00	0.00	-125	0.00	-93	-9.00
Purchase of Investments	0.00	0.00	-27	-25	-759	-1,304
Sale and/or Maturity of Investments	-	0.00	0.00	42	292	658
Other Investing Activities, net	0.14	0.00	-3.00	-20	-1.00	557
Net Cash From Financing Activities	375	1,276	5,203	0.00	-610	-345
Net Cash From Continuing Financing Activities	375	1,276	5,203	0.00	-610	-345
Repayment of Debt	-137	-938	-1,968	-31	-30	-38
Repurchase of Common Equity	-	-	0.00	0.00	-608	-257
Issuance of Debt	137	938	5,520	21	20	154
Issuance of Common Equity	0.00	0.00	2,059	16	14	16
Other Financing Activities, net	2.62	9.00	-408	-6.00	-6.00	-220
Effect of Exchange Rate Changes	0.18	0.00	0.00	-1.00	0.00	-1.00
Cash Interest Paid	0.62	3.00	12	12	12	16
Cash Income Taxes Paid	1.40	6.00	6.00	4.00	9.00	18

This table details how cash moves in and out of Robinhood Markets' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	193	336	376	-1,689	966	-700	-	1,595	-1,546	235	4,062
Net Cash From Operating Activities	181	828	370	-977	960	-623	54	1,812	-1,400	642	3,509
Net Cash From Continuing Operating Activities	181	828	370	-977	960	-623	54	1,812	-1,400	642	3,509
Net Income / (Loss) Continuing Operations	-166	-511	25	-85	30	157	188	150	916	336	386
Consolidated Net Income / (Loss)	-166	-511	25	-85	30	157	188	150	916	336	386
Depreciation Expense	17	20	15	19	17	17	18	20	22	20	21
Non-Cash Adjustments To Reconcile Net Income	198	1,019	367	170	-22	-569	1,073	1,387	-6.00	1,457	1,311
Changes in Operating Assets and Liabilities, net	132	300	-37	-1,081	935	-228	-1,225	255	-2,332	-1,171	1,791
Net Cash From Investing Activities	11	-481	-1.00	-97	-3.00	-47	-12	-123	34	9.00	832
Net Cash From Continuing Investing Activities	11	-481	-1.00	-97	-3.00	-47	-12	-123	34	9.00	832
Purchase of Property, Plant & Equipment	-10	-5.00	-4.00	-6.00	-6.00	-9.00	-7.00	-19	-15	-11	-18
Acquisitions	-	0.00	-	-90	-3.00	-3.00	-6.00	-	-	-150	944
Purchase of Investments	-1.00	-487	-88	-76	-108	-200	-172	-336	-596	-549	-979
Sale and/or Maturity of Investments	23	11	81	75	125	154	135	150	219	208	58
Other Investing Activities, net	-1.00	0.00	10	-	-11	11	38	82	426	511	827
Net Cash From Financing Activities	-	-11	7.00	-615	9.00	-30	-42	-95	-178	-417	-286
Net Cash From Continuing Financing Activities	-	-11	7.00	-615	9.00	-30	-42	-95	-178	-417	-286
Repayment of Debt	-	-10	-10	-10	-	-14	-12	-1.00	-11	-16	-1.00
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-	-160	-322	-124
Issuance of Debt	-	0.00	10	10	-	17	11	79	47	24	81
Other Financing Activities, net	-3.00	-1.00	-2.00	-7.00	4.00	-33	-51	-76	-60	-103	-257
Effect of Exchange Rate Changes	1.00	-	-	-	-	0.00	-	-	-2.00	1.00	7.00
Cash Interest Paid	6.00	3.00	3.00	2.00	4.00	7.00	1.00	4.00	4.00	9.00	3.00
Cash Income Taxes Paid	-	0.00	2.00	7.00	-	2.00	4.00	8.00	4.00	29	53

This table presents Robinhood Markets' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	10,988	19,769	23,337	17,624	26,187
Total Current Assets	10,873	19,283	22,917	17,082	25,103
Cash & Equivalents	1,403	6,253	6,339	4,835	4,332
Restricted Cash	4,915	3,992	2,995	4,448	4,724
Short-Term Investments	0.00	0.00	517	2,015	3,634
Prepaid Expenses	-	92	86	63	75
Other Current Assets	4,555	8,946	12,980	5,721	12,338
Plant, Property, & Equipment, net	46	146	146	120	139
Total Noncurrent Assets	70	340	274	422	945
Goodwill	0.00	101	100	175	179
Intangible Assets	0.19	34	25	48	38
Other Noncurrent Operating Assets	70	205	149	126	728
Total Liabilities & Shareholders' Equity	10,988	19,769	23,337	17,624	26,187
Total Liabilities	8,864	12,476	16,381	10,928	18,215
Total Current Liabilities	8,816	12,347	16,253	10,837	18,104
Short-Term Debt	1,921	3,651	-	-	7,463
Accounts Payable	105	252	185	384	397
Other Current Liabilities	6,790	8,444	16,068	10,453	10,244
Total Noncurrent Liabilities	48	129	128	91	111
Other Noncurrent Operating Liabilities	48	129	128	91	111
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-55	7,293	6,956	6,696	7,972
Total Preferred & Common Equity	-55	7,293	6,956	6,696	7,972
Preferred Stock	0.00	-	0.00	0.00	0.00
Total Common Equity	-55	7,293	6,956	6,696	7,972
Common Stock	134	11,169	11,861	12,145	12,008
Retained Earnings	-190	-3,877	-4,905	-5,446	-4,035
Accumulated Other Comprehensive Income / (Loss)	0.47	1.00	0.00	-3.00	-1.00

This table presents Robinhood Markets' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	24,601	27,785	28,660	26,318	46,088	41,346	43,245	27,517	35,324
Total Current Assets	24,145	27,188	28,106	25,739	45,545	40,706	42,605	26,215	33,833
Cash & Equivalents	6,187	5,459	5,829	4,889	4,717	4,524	4,611	4,416	4,162
Restricted Cash	2,954	4,213	4,220	3,448	4,521	4,584	5,547	4,442	8,939
Short-Term Investments	171	1,134	1,281	1,576	2,602	2,720	4,231	4,306	6,293
Prepaid Expenses	80	90	88	75	64	65	86	89	108
Other Current Assets	14,753	16,292	16,688	15,751	33,641	28,813	28,130	12,962	14,331
Plant, Property, & Equipment, net	151	137	131	123	122	123	133	140	149
Total Noncurrent Assets	305	460	423	456	421	517	507	1,162	1,342
Goodwill	100	100	100	164	175	179	179	292	383
Intangible Assets	27	23	21	53	46	45	39	109	191
Other Noncurrent Operating Assets	178	142	137	121	190	291	289	761	768
Total Liabilities & Shareholders' Equity	24,601	27,785	28,660	26,318	46,088	41,346	43,245	27,517	35,324
Total Liabilities	17,647	20,739	21,473	19,744	39,203	34,224	36,037	19,564	27,252
Total Current Liabilities	17,509	20,617	21,356	19,648	39,113	34,140	35,958	19,431	27,122
Short-Term Debt	1,423	-	-	-	-	-	-	9,098	12,640
Accounts Payable	203	203	236	373	351	386	443	319	369
Other Current Liabilities	15,883	20,414	21,120	19,275	38,762	33,754	35,515	10,014	14,113
Total Noncurrent Liabilities	138	122	117	96	90	84	79	133	130
Other Noncurrent Operating Liabilities	138	122	117	96	90	84	79	133	130
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,954	7,046	7,187	6,574	6,885	7,122	7,208	7,953	8,072
Total Preferred & Common Equity	6,954	7,046	7,187	6,574	6,885	7,122	7,208	7,953	8,072
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	6,954	7,046	7,187	6,574	6,885	7,122	7,208	7,953	8,072
Common Stock	11,694	12,462	12,581	12,054	12,176	12,223	12,158	11,652	11,378
Retained Earnings	-4,739	-5,416	-5,391	-5,476	-5,289	-5,101	-4,951	-3,699	-3,313
Accumulated Other Comprehensive Income / (Loss)	-1.00	-	-3.00	-4.00	-2.00	0.00	1.00	0.00	7.00

This table displays calculated financial ratios and metrics derived from Robinhood Markets' official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	245.18%	89.46%	-25.18%	37.33%	58.23%
EBITDA Growth	0.00%	122.52%	-16,008.70%	73.60%	52.17%	346.97%
EBIT Growth	0.00%	112.08%	-28,446.15%	72.13%	48.10%	299.62%
NOPAT Growth	0.00%	109.35%	-16,510.00%	38.39%	46.98%	472.53%
Net Income Growth	0.00%	106.57%	-52,771.43%	72.12%	47.37%	360.81%
EPS Growth	0.00%	102.08%	-75,000.00%	84.38%	47.86%	355.74%
Operating Cash Flow Growth	0.00%	48.88%	-147.17%	3.73%	238.62%	-113.29%
Free Cash Flow Firm Growth	0.00%	0.00%	-280.78%	68.00%	283.71%	2.56%
Invested Capital Growth	0.00%	0.00%	130.77%	1.93%	-61.49%	-0.92%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	5.13%	22.55%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	28.37%	87.97%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	25.56%	98.88%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	25.14%	171.82%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	26.59%	168.76%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	24.69%	168.97%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-235.80%	0.00%	193.78%	-107.13%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-52.47%	-66.01%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-35.23%	34.30%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	97.35%	97.69%	97.42%
EBITDA Margin	-36.80%	2.40%	-201.60%	-71.13%	-24.77%	38.66%
Operating Margin	-38.53%	1.36%	-90.41%	-74.45%	-28.74%	35.72%
EBIT Margin	-38.77%	1.36%	-203.03%	-75.63%	-28.58%	36.06%
Profit (Net Income) Margin	-38.40%	0.73%	-203.14%	-75.70%	-29.01%	47.81%
Tax Burden Percent	99.05%	53.85%	100.05%	100.10%	101.50%	132.61%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	46.15%	0.00%	0.00%	0.00%	-32.61%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	0.33%	-78.30%	-14.43%	-7.93%	19.24%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-589.34%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.12%	-23.96%	-4.77%	-2.60%	4.86%
Return on Assets (ROA)	0.00%	0.06%	-23.97%	-4.77%	-2.64%	6.44%
Return on Common Equity (ROCE)	0.00%	-0.01%	-60.18%	-14.43%	-7.93%	19.24%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-12.65%	-50.56%	-14.78%	-8.08%	17.70%
Net Operating Profit after Tax (NOPAT)	-75	7.00	-1,149	-708	-375	1,398
NOPAT Margin	-26.97%	0.73%	-63.29%	-52.11%	-20.12%	47.36%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	-46.19%	-3.19%	-1.56%	0.11%
Return On Investment Capital (ROIC_SIMPLE)	-	0.38%	-10.50%	-10.17%	-5.60%	17.53%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	2.65%	2.31%	2.58%
SG&A Expenses to Revenue	43.01%	44.89%	95.81%	86.38%	68.90%	19.21%
R&D to Revenue	34.21%	22.44%	67.99%	64.65%	43.16%	27.72%
Operating Expenses to Revenue	138.53%	98.64%	190.41%	171.80%	126.43%	61.71%
Earnings before Interest and Taxes (EBIT)	-108	13	-3,685	-1,027	-533	1,064
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-102	23	-3,659	-966	-462	1,141
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.09	1.03	1.65	4.13
Price to Tangible Book Value (P/TBV)	0.00	0.00	2.13	1.05	1.70	4.25
Price to Revenue (P/Rev)	7.53	2.18	8.41	5.28	5.91	11.16
Price to Earnings (P/E)	0.00	298.57	0.00	0.00	0.00	23.34
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.33%	0.00%	0.00%	0.00%	4.28%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	12.41	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	4.78	0.00	0.00	6.86
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	17.74
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	19.03
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	14.49
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	14.05
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.90	0.50	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-2.07	-1.17	-1.41	-1.55	-1.64
Leverage Ratio	0.00	5.17	3.27	3.03	3.00	2.99
Compound Leverage Factor	0.00	5.17	3.27	3.03	3.00	2.99
Debt to Total Capital	0.00%	47.49%	33.36%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	47.49%	33.36%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	53.88%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-1.37%	66.64%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	83.53	-1.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	-191.14	1.80	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	274.45	-3.18	0.00	0.00	0.00
Net Debt to NOPAT	0.00	-628.02	5.74	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	0.43	0.36	0.22	0.60	1.44
Noncontrolling Interest Sharing Ratio	0.00%	102.60%	23.15%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	1.23	1.56	1.41	1.58	1.39
Quick Ratio	0.00	0.16	0.51	0.42	0.63	0.44
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	2,279	-4,119	-765	1,405	1,441
Operating Cash Flow to CapEx	10,118.73%	5,862.50%	-1,066.27%	-1,494.74%	5,623.81%	-314.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.09	0.12	0.06	0.09	0.13
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	20.90	18.92	9.30	14.02	22.79
Accounts Payable Turnover	0.00	0.00	0.00	0.16	0.15	0.19
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	2,215.35	2,414.94	1,875.43
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	-2,215.35	-2,414.94	-1,875.43
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	-2,272	699	-2,895	-4,675	-4,718
Invested Capital Turnover	0.00	-0.84	-2.31	-0.46	-0.49	-0.63
Increase / (Decrease) in Invested Capital	0.00	-2,272	2,971	57	-1,780	-43
Enterprise Value (EV)	0.00	-126	8,674	-2,685	-354	20,247
Market Capitalization	2,090	2,090	15,268	7,166	11,017	32,937
Book Value per Share	$0.00	($0.25)	$8.48	$7.92	$7.74	$9.02
Tangible Book Value per Share	$0.00	($0.25)	$8.33	$7.77	$7.49	$8.77
Total Capital	0.00	4,046	10,944	6,956	6,696	7,972
Total Debt	0.00	1,921	3,651	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-4,396	-6,594	-9,851	-11,371	-12,690
Capital Expenditures (CapEx)	12	32	83	57	21	50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-2,340	342	-3,187	-5,053	-5,691
Debt-free Net Working Capital (DFNWC)	0.00	3,978	10,587	6,664	6,245	6,999
Net Working Capital (NWC)	0.00	2,057	6,936	6,664	6,245	6,999
Net Nonoperating Expense (NNE)	32	0.00	2,538	320	166	-13
Net Nonoperating Obligations (NNO)	0.00	-4,396	-6,594	-9,851	-11,371	-12,690
Total Depreciation and Amortization (D&A)	5.44	10	26	61	71	77
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-244.22%	18.84%	-234.68%	-270.94%	-192.85%
Debt-free Net Working Capital to Revenue	0.00%	415.20%	583.31%	490.72%	334.85%	237.17%
Net Working Capital to Revenue	0.00%	214.67%	382.15%	490.72%	334.85%	237.17%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($7.49)	($1.17)	($0.61)	$1.60
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	492.38M	878.63M	890.86M	881.11M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($7.49)	($1.17)	($0.61)	$1.56
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	492.38M	878.63M	890.86M	906.17M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	867.99M	896.05M	874.55M	885.46M
Normalized Net Operating Profit after Tax (NOPAT)	-75	7.00	-1,149	-708	-375	738
Normalized NOPAT Margin	-26.97%	0.73%	-63.29%	-52.11%	-20.12%	25.00%
Pre Tax Income Margin	-38.77%	1.36%	-203.03%	-75.63%	-28.58%	36.06%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	-112.38%	18.21%

This table displays calculated financial ratios and metrics derived from Robinhood Markets' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	47.49%	52.83%	29.36%	23.95%	40.14%	40.33%	36.40%	115.29%	50.00%	45.01%
EBITDA Growth	0.00%	-29.02%	113.36%	64.78%	133.58%	136.61%	464.86%	408.93%	1,160.87%	118.44%	121.53%
EBIT Growth	0.00%	-30.18%	107.48%	56.90%	118.83%	131.83%	768.18%	304.00%	1,824.14%	129.01%	131.41%
NOPAT Growth	0.00%	-30.18%	111.12%	58.05%	124.95%	142.98%	718.54%	389.70%	3,293.43%	118.84%	106.08%
Net Income Growth	0.00%	-30.36%	108.47%	51.43%	118.07%	130.72%	652.00%	276.47%	2,953.33%	114.01%	105.32%
EPS Growth	0.00%	-26.67%	108.82%	55.00%	111.11%	131.58%	600.00%	288.89%	4,900.00%	105.56%	100.00%
Operating Cash Flow Growth	0.00%	89.47%	129.30%	-371.98%	430.39%	-175.24%	-85.41%	285.47%	-245.83%	203.05%	6,398.15%
Free Cash Flow Firm Growth	0.00%	-98.76%	167.10%	201.00%	1,196.42%	2,750.79%	-69.48%	13.69%	-47.11%	-871.36%	63.78%
Invested Capital Growth	1.93%	-11.16%	-78.71%	0.00%	-61.49%	-25.54%	-9.29%	-107.72%	-0.92%	618.27%	244.13%
Revenue Q/Q Growth	5.26%	16.05%	10.20%	-3.91%	0.86%	31.21%	10.36%	-6.60%	59.18%	-8.58%	6.69%
EBITDA Q/Q Growth	13.84%	-256.93%	107.57%	-251.35%	182.14%	289.13%	16.76%	-17.22%	235.26%	-32.59%	18.41%
EBIT Q/Q Growth	11.49%	-230.52%	104.32%	-440.91%	138.67%	458.62%	17.90%	-19.90%	264.71%	-33.51%	19.14%
NOPAT Q/Q Growth	11.49%	-230.52%	106.38%	-324.84%	152.64%	469.31%	21.49%	-20.42%	516.54%	-63.29%	14.41%
Net Income Q/Q Growth	5.14%	-207.83%	104.89%	-440.00%	135.29%	423.33%	19.75%	-20.21%	510.67%	-63.32%	14.88%
EPS Q/Q Growth	10.00%	-216.67%	105.26%	-400.00%	122.22%	800.00%	16.67%	-19.05%	488.24%	-63.00%	13.51%
Operating Cash Flow Q/Q Growth	187.44%	357.46%	-55.31%	-364.05%	198.26%	-164.90%	108.67%	3,255.56%	-177.26%	145.86%	446.57%
Free Cash Flow Firm Q/Q Growth	95.11%	124.76%	4,606.19%	77.38%	-46.95%	-35.63%	-49.62%	560.72%	-75.32%	-45.32%	87.18%
Invested Capital Q/Q Growth	0.00%	-36.61%	-8.93%	19.75%	-35.23%	-6.20%	5.18%	-52.53%	34.30%	41.60%	-66.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	90.53%	100.00%	100.00%	100.00%	90.87%	100.00%	100.00%	100.00%	92.50%	97.41%	97.17%
EBITDA Margin	-36.05%	-110.88%	7.61%	-11.99%	9.77%	28.96%	30.65%	27.16%	57.20%	42.18%	46.82%
Operating Margin	-40.53%	-115.42%	4.12%	-15.63%	5.52%	25.57%	27.71%	23.70%	54.83%	39.91%	44.39%
EBIT Margin	-40.53%	-115.42%	4.53%	-16.06%	6.16%	26.21%	28.01%	24.02%	55.03%	40.02%	44.69%
Profit (Net Income) Margin	-43.68%	-115.87%	5.14%	-18.20%	6.37%	25.40%	27.57%	23.55%	90.34%	36.25%	39.03%
Tax Burden Percent	98.81%	100.39%	113.64%	113.33%	103.45%	96.91%	98.43%	98.04%	164.16%	90.57%	87.33%
Interest Burden Percent	109.09%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	-13.64%	0.00%	-3.45%	3.09%	1.57%	1.96%	-64.16%	9.43%	12.67%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	75.13%	162.58%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	75.12%	162.54%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-59.24%	-144.34%
Return on Equity (ROE)	-14.43%	-16.18%	-11.64%	-22.42%	-7.93%	1.82%	4.05%	7.62%	19.24%	15.90%	18.24%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-78.61%	99.19%
Operating Return on Assets (OROA)	-2.55%	-7.42%	0.28%	-2.17%	0.56%	1.45%	1.79%	1.66%	7.41%	3.55%	4.16%
Return on Assets (ROA)	-2.75%	-7.45%	0.32%	-2.45%	0.58%	1.40%	1.76%	1.63%	12.17%	3.21%	3.63%
Return on Common Equity (ROCE)	-14.43%	-16.18%	-11.64%	-22.42%	-7.93%	1.82%	4.05%	7.62%	19.24%	15.90%	18.24%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-16.28%	-11.51%	-11.21%	0.00%	1.84%	4.07%	7.28%	0.00%	19.99%	0.00%
Net Operating Profit after Tax (NOPAT)	-108	-356	23	-51	27	153	186	148	913	335	383
NOPAT Margin	-28.37%	-80.79%	4.68%	-10.94%	5.71%	24.78%	27.28%	23.24%	90.01%	36.15%	38.76%
Net Nonoperating Expense Percent (NNEP)	-0.58%	-1.43%	0.02%	-0.68%	0.03%	0.03%	0.02%	0.02%	0.03%	0.02%	0.04%
Return On Investment Capital (ROIC_SIMPLE)	-1.55%	-	-	-	0.40%	-	-	-	11.45%	1.97%	1.85%
Cost of Revenue to Revenue	9.47%	0.00%	0.00%	0.00%	9.13%	0.00%	0.00%	0.00%	7.50%	2.59%	2.83%
SG&A Expenses to Revenue	53.68%	156.24%	40.12%	58.03%	27.60%	26.21%	26.39%	28.73%	4.14%	17.69%	16.28%
R&D to Revenue	47.37%	45.12%	42.59%	43.25%	41.83%	31.72%	30.65%	32.18%	20.51%	23.09%	21.64%
Operating Expenses to Revenue	131.05%	215.42%	95.88%	115.63%	85.35%	74.43%	72.29%	76.30%	37.67%	57.50%	55.61%
Earnings before Interest and Taxes (EBIT)	-154	-509	22	-75	29	162	191	153	558	371	442
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-137	-489	37	-56	46	179	209	173	580	391	463
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.03	1.23	1.25	1.36	1.65	2.53	2.80	2.87	4.13	4.63	10.24
Price to Tangible Book Value (P/TBV)	1.05	1.26	1.28	1.41	1.70	2.61	2.89	2.96	4.25	4.88	11.02
Price to Revenue (P/Rev)	5.28	5.80	5.40	5.04	5.91	8.53	8.92	8.60	11.16	11.30	23.16
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	137.07	68.82	39.47	23.34	23.18	46.21
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.73%	1.45%	2.53%	4.28%	4.31%	2.16%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.44	57.57
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	2.72	3.63	2.63	6.86	10.06	21.27
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	26.98	21.50	10.43	17.74	24.23	47.21
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	40.28	26.48	11.83	19.03	25.76	49.78
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	46.10	28.68	12.31	14.49	20.73	42.66
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.87	0.00	29.59	16.63
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	4.92	11.89	1.49	14.05	0.00	89.94
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.14	1.57
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.41	-1.53	-1.47	-1.53	-1.55	-1.64	-1.63	-1.77	-1.64	-0.79	-0.89
Leverage Ratio	3.03	3.29	3.75	4.00	3.00	5.30	4.89	5.05	2.99	4.96	5.05
Compound Leverage Factor	3.30	3.29	3.75	4.00	3.00	5.30	4.89	5.05	2.99	4.96	5.05
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	53.36%	61.03%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	53.36%	61.03%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	46.64%	38.97%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.72	7.87
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-3.01	-4.20
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.75	7.11
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.57	-3.80
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.35	0.26	0.33	0.32	0.71	0.33	0.44	0.44	1.37	1.40	2.06
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.41	1.32	1.32	1.31	1.58	1.16	1.19	1.18	1.39	1.35	1.25
Quick Ratio	0.42	0.32	0.33	0.33	0.63	0.19	0.21	0.25	0.44	0.45	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-165	41	1,920	3,406	1,807	1,163	586	3,872	956	-4,302	-552
Operating Cash Flow to CapEx	1,810.00%	16,560.00%	9,250.00%	-16,283.33%	16,000.00%	-6,922.22%	771.43%	9,536.84%	-9,333.33%	5,836.36%	19,494.44%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.06	0.06	0.13	0.09	0.06	0.06	0.07	0.13	0.09	0.09
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	9.30	9.90	11.08	0.00	14.02	15.77	17.62	18.81	22.79	24.89	26.23
Accounts Payable Turnover	0.16	0.00	0.00	0.00	0.15	0.00	0.00	0.00	0.19	0.25	0.25
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	2,215.35	0.00	0.00	0.00	2,414.94	0.00	0.00	0.00	1,875.43	1,455.65	1,465.82
Cash Conversion Cycle (CCC)	-2,215.35	0.00	0.00	0.00	-2,414.94	0.00	0.00	0.00	-1,875.43	-1,455.65	-1,465.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-2,895	-3,955	-4,308	-3,457	-4,675	-4,965	-4,708	-7,181	-4,718	3,887	1,318
Invested Capital Turnover	-0.46	-0.40	-0.50	-1.03	-0.49	-0.46	-0.50	-0.45	-0.63	2.08	4.19
Increase / (Decrease) in Invested Capital	57	-397	-1,897	-3,457	-1,780	-1,010	-400	-3,724	-43	4,637	935
Enterprise Value (EV)	-2,685	-2,300	-2,483	-1,091	-354	5,558	8,128	6,330	20,247	32,787	75,872
Market Capitalization	7,166	8,701	9,012	8,940	11,017	17,408	19,958	20,719	32,937	36,853	82,626
Book Value per Share	$7.92	$7.86	$7.96	$7.21	$7.74	$7.87	$8.10	$8.15	$9.02	$8.98	$9.15
Tangible Book Value per Share	$7.77	$7.73	$7.83	$6.98	$7.49	$7.61	$7.85	$7.90	$8.77	$8.53	$8.50
Total Capital	6,956	7,046	7,187	6,574	6,696	6,885	7,122	7,208	7,972	17,051	20,712
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9,098	12,640
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-9,851	-11,001	-11,495	-10,031	-11,371	-11,850	-11,830	-14,389	-12,690	-4,066	-6,754
Capital Expenditures (CapEx)	10	5.00	4.00	6.00	6.00	9.00	7.00	19	15	11	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,187	-4,235	-4,580	-3,822	-5,053	-5,408	-5,262	-7,742	-5,691	2,718	-43
Debt-free Net Working Capital (DFNWC)	6,664	6,571	6,750	6,091	6,245	6,432	6,566	6,647	6,999	15,882	19,351
Net Working Capital (NWC)	6,664	6,571	6,750	6,091	6,245	6,432	6,566	6,647	6,999	6,784	6,711
Net Nonoperating Expense (NNE)	58	155	-2.27	34	-3.10	-3.88	-1.97	-1.96	-3.28	-0.91	-2.62
Net Nonoperating Obligations (NNO)	-9,851	-11,001	-11,495	-10,031	-11,371	-11,850	-11,830	-14,389	-12,690	-4,066	-6,754
Total Depreciation and Amortization (D&A)	17	20	15	19	17	17	18	20	22	20	21
Debt-free, Cash-free Net Working Capital to Revenue	-234.68%	-282.33%	-274.58%	-215.45%	-270.94%	-264.84%	-235.12%	-321.51%	-192.85%	83.37%	-1.21%
Debt-free Net Working Capital to Revenue	490.72%	438.07%	404.68%	343.35%	334.85%	314.99%	293.39%	276.04%	237.17%	487.18%	542.50%
Net Working Capital to Revenue	490.72%	438.07%	404.68%	343.35%	334.85%	314.99%	293.39%	276.04%	237.17%	208.10%	188.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.18)	($0.57)	$0.03	($0.09)	$0.02	$0.18	$0.21	$0.17	$1.04	$0.38	$0.44
Adjusted Weighted Average Basic Shares Outstanding	878.63M	896.92M	904.98M	895.11M	890.86M	875.32M	881.08M	884.11M	881.11M	884.58M	882.15M
Adjusted Diluted Earnings per Share	($0.18)	($0.57)	$0.03	($0.09)	$0.02	$0.18	$0.21	$0.17	$1.00	$0.37	$0.42
Adjusted Weighted Average Diluted Shares Outstanding	878.63M	896.92M	921.27M	895.11M	890.86M	895.78M	904.49M	905.54M	906.17M	909.24M	909.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	896.05M	902.96M	911.35M	864.78M	874.55M	878.84M	884.68M	883.98M	885.46M	882.47M	888.68M
Normalized Net Operating Profit after Tax (NOPAT)	-108	-356	14	-51	18	153	186	148	389	335	383
Normalized NOPAT Margin	-28.37%	-80.79%	2.88%	-10.94%	3.86%	24.78%	27.28%	23.24%	38.38%	36.15%	38.76%
Pre Tax Income Margin	-44.21%	-115.42%	4.53%	-16.06%	6.16%	26.21%	28.01%	24.02%	55.03%	40.02%	44.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-82.50%	-112.38%	0.00%	0.00%	18.48%	18.21%	36.42%	39.32%

Key Financial Trends

Robinhood Markets, Inc. has shown significant financial improvement in recent quarters, highlighted by expanding revenues and improving profitability along with strong cash generation from operations in Q2 2025.

Q2 2025 operating revenue increased to $989 million, up from $927 million in Q1 2025, showing healthy top-line growth.
Net income for Q2 2025 rose to $386 million, compared to $336 million in Q1 2025, reflecting profitable operations.
Net cash from continuing operating activities surged to $3.51 billion in Q2 2025, a substantial increase from $642 million in Q1 2025, indicating strong cash flow generation.
The company generated positive net cash from investing activities of $832 million in Q2 2025, contrasting with a near break-even $9 million in Q1 2025, pointing to improved investment cash management.
Total assets increased notably to $35.3 billion in Q2 2025 from $27.5 billion in Q1 2025, driven by growth in cash equivalents and other current assets.
Common equity also grew to $8.07 billion in Q2 2025, up from $7.95 billion in Q1 2025, indicating retention of earnings and strengthening of the equity base.
Basic and diluted earnings per share improved quarter-over-quarter in 2025, with basic EPS at $0.44 in Q2 2025 compared to $0.38 in Q1 2025.
Selling, General & Administrative (SG&A) expenses have increased slightly from $164 million in Q1 2025 to $161 million in Q2 2025, showing controlled expense management relative to revenue growth.
Research and Development expenses remained stable at about $214 million in both Q1 and Q2 2025, reflecting consistent investment in product development.
The company recorded sizable acquisitions and investments cash outflows of $944 million and $979 million respectively in Q2 2025, which may pressure short-term liquidity despite long-term growth ambitions.

Over the last four years, Robinhood transitioned from losses in early 2023, with a net loss of $511 million in Q1 2023, to sustained profitability in 2024 and into 2025. Revenue has steadily increased from about $441 million in Q1 2023 to nearly $1 billion in Q2 2025.

The balance sheet reflects a significant buildup of cash and liquidity, especially restricted cash and other current assets, supporting operational flexibility. Liabilities have increased, mainly current liabilities, but total equity has grown, reflecting retained earnings and equity issuances.

Overall, Robinhood Markets is demonstrating strong momentum with improving profitability, robust cash flow from operations, and prudent asset growth. Investors should watch how investments and acquisitions impact future profitability and liquidity.

08/30/25 10:37 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Robinhood Markets' Financials

When does Robinhood Markets' fiscal year end?

According to the most recent income statement we have on file, Robinhood Markets' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Robinhood Markets' net income changed over the last 5 years?

Robinhood Markets' net income appears to be on a downward trend, with a most recent value of $1.41 billion in 2024, falling from -$106.57 million in 2019. The previous period was -$541 million in 2023. See Robinhood Markets' forecast for analyst expectations on what’s next for the company.

What is Robinhood Markets' operating income?

Robinhood Markets' total operating income in 2024 was $1.05 billion, based on the following breakdown:

Total Gross Profit: $2.88 billion
Total Operating Expenses: $1.82 billion

How has Robinhood Markets' revenue changed over the last 5 years?

Over the last 5 years, Robinhood Markets' total revenue changed from $277.53 million in 2019 to $2.95 billion in 2024, a change of 963.3%.

How much debt does Robinhood Markets have?

Robinhood Markets' total liabilities were at $18.22 billion at the end of 2024, a 66.7% increase from 2023, and a 105.5% increase since 2020.

How much cash does Robinhood Markets have?

In the past 4 years, Robinhood Markets' cash and equivalents has ranged from $1.40 billion in 2020 to $6.34 billion in 2022, and is currently $4.33 billion as of their latest financial filing in 2024.

How has Robinhood Markets' book value per share changed over the last 5 years?

Over the last 5 years, Robinhood Markets' book value per share changed from 0.00 in 2019 to 9.02 in 2024, a change of 901.8%.

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This page (NASDAQ:HOOD) was last updated on 8/30/2025 by MarketBeat.com Staff

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Robinhood Markets (HOOD) Financials

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Robinhood Markets (HOOD) Financials

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