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Saturday 17 October 2026 Export HOOD’s income statement to Excel — free account

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. In the quarter to June 2026, revenue grew 32.3%, EPS grew 40.9%, free cash flow fell 80.1% and total debt rose 79.6%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for three consecutive years; insiders bought in the last twelve months.

98.87 5.12 −4.92%
Market cap
$93.5B
P/E
42.8×
Fwd P/E
44.5×
Dividend yield
—
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Robinhood Markets, Inc. (HOOD) Financial Analysis

Updated · Covers results through Q2 FY2026 · Sources · How this is made

Snapshot

Robinhood generated revenue of $4.5 billion in FY2025, compared with $3.0 billion in FY2024, and net income was $1.9 billion in FY2025, compared with $1.4 billion in FY2024. Diluted EPS was $2.05 in FY2025, compared with $1.56 in FY2024.

In Q2 FY2026, revenue was $1.3 billion, gross profit was $1.2 billion, operating income was $574.0 million, and net income was $573.0 million. Diluted EPS was $0.62 in Q2 FY2026. Revenue for the TTM to Q2 FY2026 was $4.9 billion, while net income for the TTM to Q2 FY2026 was $2.1 billion. Market capitalisation was $104.7 billion as of September 28, 2026.

Growth

Revenue increased 51.6% in FY2025 against FY2024, reaching $4.5 billion in FY2025. Revenue compound annual growth was 48.8% in FY2022–FY2025 and 36.1% in FY2020–FY2025. Net income growth was 33.5% in FY2025 against FY2024, and diluted EPS growth was 31.4% in FY2025 against FY2024.

Free cash flow was $1.6 billion in FY2025, after −$207.0 million in FY2024; year-over-year free-cash-flow growth is not meaningful in FY2025 against FY2024 because the earlier value was zero or negative. In Q2 FY2026, revenue increased 22.6% against Q1 FY2026 and 32.3% against Q2 FY2025. Diluted EPS increased 63.2% in Q2 FY2026 against Q1 FY2026 and 47.6% against Q2 FY2025.

Profitability

Gross margin was 95.3% in FY2025, an increase of 0.8 percentage points in FY2024–FY2025 and 7.2 percentage points in FY2020–FY2025. Operating margin was 46.8% in FY2025, up 11.1 percentage points in FY2024–FY2025 and 45.5 percentage points in FY2020–FY2025. Net margin was 42.1% in FY2025, down −5.7 percentage points in FY2024–FY2025 but up 41.4 percentage points in FY2020–FY2025.

Return on equity was 22.0% in FY2025, compared with 19.2% in FY2024. Return on assets was 5.85% in FY2025, compared with 6.44% in FY2024. Return on invested capital was 28.6% in FY2025, compared with 107.5% in FY2024. Profitability industry-median measures are not reported.

Balance sheet

Cash and short-term investments were $16.2 billion in FY2025, compared with $14.8 billion in FY2024. Total debt was $11.6 billion in FY2025, compared with $7.5 billion in FY2024, while net debt was −$4.6 billion in FY2025, compared with −$7.4 billion in FY2024. Shareholders’ equity was $9.2 billion in FY2025, compared with $8.0 billion in FY2024.

Working capital was $7.5 billion in FY2025, compared with $7.0 billion in FY2024. At Q2 FY2026, the current ratio was 1.2× and debt to equity was 2.4×. Net debt was −$5.5 billion in Q2 FY2026, compared with −$9.7 billion in Q1 FY2026 and −$9.7 billion in Q2 FY2025.

Cash flow & capital return

Operating cash flow was $1.6 billion in FY2025, compared with −$157.0 million in FY2024. Capital expenditure was $54.0 million in FY2025, compared with $50.0 million in FY2024, and free cash flow was $1.6 billion in FY2025, compared with −$207.0 million in FY2024. Free cash flow represented 84.1% of net income in FY2025.

Free cash flow was $696.0 million in Q2 FY2026, down −65.5% against Q1 FY2026 and down −80.1% against Q2 FY2025. Net share repurchases were $615.0 million in FY2025, compared with $223.0 million in FY2024. Weighted average shares were 888.5 million shares in FY2025 and 899.0 million shares in Q2 FY2026. Dividend figures are not reported.

Valuation

As of September 28, 2026, P/E was 50.4×, compared with the industry median P/E of 15.5×; the P/E was 3.3× the industry median. P/S was 21.2× as of September 28, 2026, compared with the five-year median of 5.9× and the industry median of 2.3×; it was 3.6× its five-year median and 9.3× the industry median.

P/B was 11.0× as of September 28, 2026, compared with the five-year median of 1.6× and the industry median of 1.8×. EV/Sales was 20.1× as of September 28, 2026, compared with the five-year median of 3.3× and the industry median of 2.3×. Ten-year median multiples are not reported.

What changed since last quarter

Revenue was $1.3 billion in Q2 FY2026, up 22.6% against Q1 FY2026 and 32.3% against Q2 FY2025. Gross margin was 95.3% in Q2 FY2026, up 0.9 percentage points against Q1 FY2026 and 0.1 percentage points against Q2 FY2025. Operating margin was 43.9% in Q2 FY2026, up 5.4 percentage points against Q1 FY2026 and down −0.5 percentage points against Q2 FY2025.

Management attributes the year-over-year revenue increase to higher transaction-based revenue, net interest revenue, and other revenue. The filing cites increased event-contract, options, and equities revenue, partly offset by lower cryptocurrency revenue. Management attributes higher operating expenses to costs associated with recent acquisitions, new-product launches, customer experience support, employee compensation, and other business-expansion costs. Net income was $573.0 million in Q2 FY2026, up from $346.0 million in Q1 FY2026 and $386.0 million in Q2 FY2025.

Open questions

  • How sustainable are the transaction-based revenue changes across options, event contracts, equities, and cryptocurrencies?
  • How will changes in short-term interest rates affect net interest revenue?
  • What are the expected cash-flow effects of securities lending, customer balances, margin receivables, and regulated segregated balances?
  • How will credit-card receivables and related credit-loss provisions develop as the credit-card business grows?

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.