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Robinhood Markets, Inc.

HOOD Financial Capital Markets

Robinhood Markets, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.5 billion, up 51.6% from fiscal 2024.

Revenue
+11.8%
EPS
−15.9%
Free cash flow
+175.8%
Total debt
+41.3%

Quarter to September 2026, against a year earlier

79.04 8.37 −9.58%
Market cap
$70.6B
P/E
35.8×
Fwd P/E
40.8×
Dividend yield
—
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Bought, $m 55.31
Sold, $m 326.10
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 2 — — — — —
Sell 4 4 5 5 7 3 4 7 3 6 3 2
Insider Ownership 14.96%

Capital & Financial Ratios $m

Size
Market Cap 70,590.00
Revenue ttm 5,082.00
Net income ttm 2,000.00
Free cash flow ttm 2,970.00
Net debt Q (7,036.00)
Valuation
P/E 35.76 (above 35: high)
Forward P/E 40.80 (above 35: high)
Price / sales 13.97 (above 10: high)
Forward P/S Powerpack
Price / FCF 23.90
Price / book 7.04
Financial health
Current ratio Q 1.24
Debt / equity Q 2.20
Interest coverage Q —
Growth
Revenue growth Q +11.77% (above 0%: growing)
Operating income growth Q +7.87% (above 0%: growing)
EPS, this year +3.66%
EPS, next year A +39.96% (at or above 15%: strong)
Revenue, next year A +18.82% (at or above 10%: strong)
EPS, past 5 yrs +135.01% (at or above 15%: strong)
EPS, next 5 yrs A +20.06% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 67.55%
10-year low 10-year high
P/B against its own 10 years 72.99%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 12,477 14,822 16,200 29,176
Receivables 4,335 9,597 19,122 25,260
Inventory — — — —
Other 196 584 798 1,616
17,082 25,103 36,305 56,278
2023 2024 2025 Q'26
Payables 5,097 7,448 11,986 18,473
ST’ Debt 3,547 7,463 11,626 19,480
Other 1,809 2,796 4,696 6,632
10,837 18,104 28,771 45,243

Compound Annual Growth %

10y 5y 3y
Sales — 36.10% 48.79%
Cash Flow — (2.68%) 0.00%
Earnings — 206.16% 0.00%
Book Value — 0.00% 9.57%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.56 Actual 0.60

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.63 0.66 Beat by 0.03
Q1 FY26 0.40 0.38 Miss by 0.02
Q2 FY26 0.44 0.62 Beat by 0.18
Q3 FY26 0.56 0.60 Beat by 0.04
Q4 FY26 0.61 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.38 0.62 0.52 — —
’25 0.37 0.42 0.61 0.66 2.05
’24 0.18 0.21 0.17 1.01 1.56
’23 (0.57) 0.03 (0.09) 0.03 (0.61)
’22 (0.45) (0.34) (0.20) (0.19) (1.17)
’21 (6.26) (2.16) (2.06) (0.49) (7.49)
’20 (0.23) 0.24 (0.05) 0.07 0.03
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,067 1,308 1,424 — —
’25 927 989 1,274 1,283 4,473
’24 618 682 637 1,014 2,951
’23 441 486 467 471 1,865
’22 299 318 361 380 1,358
’21 522 565 365 363 1,815
’20 128 244 270 317 958
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,038 720 1,225 — —
’25 642 3,509 (1,576) (937) 1,638
’24 (623) 54 1,812 (1,400) (157)
’23 828 370 (977) 960 1,181
’22 437 (1,263) (207) 181 (852)
’21 (1,882) 2,281 (1,009) (275) (885)
’20 2,145 (82) (534) 347 1,876
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2,020 696 1,204 — —
’25 631 3,491 (1,588) (950) 1,584
’24 (632) 47 1,793 (1,415) (207)
’23 823 366 (983) 954 1,160
’22 416 (1,275) (221) 171 (909)
’21 (1,893) 2,264 (1,040) (299) (968)
’20 2,136 (89) (541) 338 1,844
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — 278 958 1,815 1,358 1,865 2,951 4,473 5,082 +58.9% 5,315 6,857 7,965 +21.2%
Gross margin, % — — — 83.62 88.10 91.29 86.82 92.17 94.44 95.28 95.14 +11.7 pt
EBT — — — (108) 13 (3,685) (1,027) (533) 1,064 2,108 2,406 n/m
EBT margin, % — — — (38.77) 1.36 (203.03) (75.63) (28.58) 36.06 47.13 47.34 +85.9 pt
Net income — — — (107) 7 (3,687) (1,028) (541) 1,411 1,883 2,000 n/m
Per share, $
Per share, $ Revenue — — — 1.25 4.24 3.69 1.55 2.09 3.35 5.03 5.66 +26.1%
Earnings — — — (0.48) 0.03 (7.49) (1.17) (0.61) 1.60 2.12 2.21 n/m
Cash flow — — — 5.68 8.31 (1.80) (0.97) 1.33 (0.18) 1.84 3.39 (17.1%)
Capex — — — (0.06) (0.14) (0.17) (0.06) (0.02) (0.06) (0.06) (0.08) +1.3%
Free cash flow — — — 5.63 8.17 (1.97) (1.03) 1.30 (0.23) 1.78 3.31 (17.4%)
Book value — — — (0.44) (0.25) 14.81 7.92 7.52 9.05 10.30 11.22 n/m
Shares, m — — — 222 226 492 879 891 881 889 896 +26.0%
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 0.00 0.00 23.29 53.35 35.76 10.9
P/S — — — 4.83 4.83 4.82 5.23 5.91 11.13 22.47 13.97 8.5
P/B — — — 0.00 0.00 1.20 1.02 1.65 4.12 10.98 7.04 2.7
EV/Sales — — — 3.27 3.27 0.25 (1.32) 1.17 8.66 21.46 — 5.3
EV/FCF — — — 32.53 32.53 (0.46) 1.97 1.88 (123.51) 60.61 — 0.8
Cash, $m
Cash, $m Operating cash flow — — — 1,260 1,876 (885) (852) 1,181 (157) 1,638 3,046 +4.5%
Capex — — — (12) (32) (83) (57) (21) (50) (54) (76) +27.7%
Free cash flow — — — 1,248 1,844 (968) (909) 1,160 (207) 1,584 2,970 +4.1%
Balance, $m
Balance, $m Working capital — — — 775 2,057 6,936 6,664 6,245 6,999 7,534 11,035 +46.1%
Net debt — — — (2,390) (5,199) (8,428) (9,014) (8,930) (7,359) (4,574) (7,036) +11.4%
Shareholders’ equity — — — (97) (55) 7,293 6,956 6,696 7,972 9,151 10,078 n/m
Returns, %
Returns, % ROA — — — (1.43) 0.09 (23.97) (4.77) (2.64) 6.44 5.85 3.98 +7.3 pt
ROIC — — — 0.00 0.00 0.00 0.00 0.00 107.46 28.59 47.67 +28.6 pt
ROE — — — (7.25) (9.19) (101.88) (14.43) (7.93) 19.24 21.99 21.28 +29.2 pt
People
People Employees — — — — 2,100 3,800 2,300 2,200 2,300 2,900 — +6.7%
Revenue/emp, $m — — — 0.00 0.46 0.48 0.59 0.85 1.28 1.54 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Robinhood Markets is a financial services company that lets individuals invest, trade, save and spend through mobile apps and a desktop platform. It was founded in 2013, is headquartered in Palo Alto and is led by Chief Executive Officer Vladimir Tenev.

Its brokerage platform offers commission-free trading in U.S.-listed stocks and exchange-traded funds, as well as options and other securities. Customers can buy fractions of shares, set up recurring investments, save in retirement accounts and, if approved, borrow against their investments. Robinhood Legend is its browser-based platform for active traders.

Robinhood Markets, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MS Morgan Stanley $286.5B 14.4× 14.3× +6.69% (above 0%: growing) +8.48% (above 0%: growing) −132.22% (below 0%: shrinking) 95.59% 58.35% Compare
GS The Goldman Sachs Group, Inc. $250.6B 12.4× 12.5× +23.02% (above 0%: growing) +38.81% (above 0%: growing) +63.65% (above 0%: growing) 100.00% 37.49% Compare
SCHW The Charles Schwab Corporation $160.1B 15.7× 14.2× +16.89% (above 0%: growing) +29.37% (above 0%: growing) +34.96% (above 0%: growing) 100.00% 57.89% Compare
HOOD Robinhood Markets, Inc. $70.6B 35.8× 40.8× +11.77% (above 0%: growing) −15.86% (below 0%: shrinking) +175.82% (above 0%: growing) 95.22% 48.10%
IBKR Interactive Brokers Group, Inc. $33.0B 27.7× 28.2× +15.65% (above 0%: growing) +16.95% (above 0%: growing) −13.01% (below 0%: shrinking) 93.00% 78.11% Compare
TW Tradeweb Markets Inc. $29.6B 29.0× 34.5× +14.93% (above 0%: growing) +22.86% (above 0%: growing) +2.33% (above 0%: growing) 100.00% 43.36% Compare
NMR Nomura Holdings Inc ADR $27.8B 9.6× 9.1× +0.18% (above 0%: growing) +4.32% (above 0%: growing) +106.20% (above 0%: growing) 94.68% 70.95% Compare
LPLA LPL Financial Holdings Inc. $23.4B 17.2× 15.2× +17.40% (above 0%: growing) n/m +103.60% (above 0%: growing) 31.10% 11.06% Compare
CRCL Circle Internet Group, Inc. $17.7B 37.4× 65.3× +16.91% (above 0%: growing) −4.30% (below 0%: shrinking) −88.69% (below 0%: shrinking) 0.00% 24.09% Compare
Median of peers $31.3B 16.5× 14.8× +16.27% +16.95% +18.65% 95.13% 50.63%

All 97 Capital Markets stocks →

From the latest earnings call

Updated

  • CEO Vladimir Tenev said Robinhood Gold reached 5 million subscribers in Q3 and identified banking and credit as priorities for expanding its appeal.
  • CFO Shiv Verma lowered the top end of Robinhood’s full-year adjusted expense outlook while describing continued investment in Trump accounts.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Keefe, Bruyette & Woods Oct 30, 2026 Target cut Hold 115.00 → 105.00
Scotiabank Oct 29, 2026 Target cut Outperform 136.00 → 124.00
Mizuho Oct 28, 2026 Target cut Outperform 130.00
JPMorgan Oct 28, 2026 Target cut — 115.00 → 114.00
KeyBanc Oct 28, 2026 Target cut — 140.00 → 135.00
Barclays Oct 28, 2026 Target cut — 132.00 → 115.00
Goldman Sachs Oct 28, 2026 Target cut — 145.00 → 128.00
Truist Oct 28, 2026 Target cut — 134.00 → 125.00
Wells Fargo Oct 28, 2026 Target cut — 120.00 → 100.00
Bernstein Oct 27, 2026 Reiterated — 160.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 67.75%
Held by the ten largest 36.00%
Holder Shares Stake Change
Vanguard 97.14m 10.80% +714.43k
BlackRock 67.79m 7.54% +4.33m
State Street 34.67m 3.86% +1.30m
Fidelity (FMR) 29.91m 3.33% +11.85m
Newlands Management Operations LLC 24.16m 2.69% 0.00
Geode Capital Management 22.60m 2.51% +1.09m
JPMorgan Chase 15.80m 1.76% +1.54m
Norges Bank 11.41m 1.27% +11.41m
Index Venture Associates VI Ltd 10.13m 1.13% −1.45m
Morgan Stanley 10.11m 1.12% −1.32m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 22 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.00m 1.02b 324.81
2024 2.14m 91.88m 107.01
2023 2.44m (6.73m) 36.59
2022 1.30m (40.02m) 23.38
2021 796.12m 175.17m 51.01

Ownership

Directors and executive officers, together 58.60% of the votes
Baiju Bhatt 32.00% of the votes
Vladimir Tenev 26.10% of the votes
BlackRock, Inc. 7.00% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Robinhood Markets, Inc. (HOOD) Latest News

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HOOD metrics, ten years each

stockrow.com/HOOD · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com