HOODRobinhood Markets, Inc.
Industry Fee intermediaries Price 23 Oct 2026
If management hits its targets, one share in 12 months
$95.07 → $111
Promises vs. what happened
16 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
The cost guide moves every quarter; the deals close late. The only number Robinhood guides is a year's expenses, and it was revised in five of eight decks; the 2025 range finished 8% over its top. Two of four deal-closing dates were missed, and three AI and trading tools are still 'coming soon'.
| Promise | Made in | What happened | |
|---|---|---|---|
| 2024 costs $1.85-1.95B | Q3 '24 | $1,937M | Held |
| Double-digit growth in 2025 | Q4 '24 | $4.5B, about +52% | Held |
| $1B buyback in 2-3 years | Q3 '24 | passed in under two | Held |
| Bitstamp, TradePMR by mid '25 | Q4 '24 | both closed in H1 '25 | Held |
| Banking, fall '25 | Q1 '25 | rolling out; no figures | Held |
| 2025 deposits over $50B | Q2 '25 | ~$68B | Held |
| Gold Card $100M in 2026 | Q4 '25 | on the $100M list, Q2 '26 | Held |
| Cortex AI tools in 2025 | Q1 '25 | Digests out; Trade Builder 'coming soon' | Late |
| Social and scanners, early '26 | Q3 '25 | Social GA moved to Q3 '26 | Late |
| 2026 costs $2.6-2.725B | Q4 '25 | raised, then cut to $2.675-2.775B | Open |
| 20%+ deposit growth in 2026 | Q4 '25 | 27% LTM at Q2 '26 | Open |
| Futures, a nine-figure line | Q3 '24 | not on the $100M list | Open |
| 2025 costs $2.0-2.1B | Q4 '24 | $2.27B after three raises | Missed |
| Share count -1% in 2025 | Q1 '25 | about flat | Missed |
| WonderFi in H2 '25 | Q2 '25 | closed 1 Jun '26 | Missed |
| Indonesia deals in H1 '26 | Q4 '25 | still pending in Jul '26 | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
DepositsPage one since Q3 '24
GoldPage one since Q3 '24
LaunchesFirst seen Q3 '24
PillarsFirst seen Q3 '24
Rule of 40Off page one Q1 '26
CostsFirst seen Q3 '24
BuybacksFirst seen Q3 '24
ShareFirst seen Q3 '24
$100M linesFirst seen Q3 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Net Deposits and their annualized growth rate
“Net Deposits were $10 billion in Q3, translating to a 29% annualized growth rate, and were $39 billion over the last twelve months, translating to a 45% growth rate”
Deck Earnings Presentation · p. 11 ·
Net Deposits and their annualized growth rate
“Net Deposits were a record $16 billion in Q4, translating to a 42% annualized growth rate, and were $51 billion over the last twelve months, translating to a 49% growth rate”
Deck Earnings Presentation · p. 11 ·
Net Deposits and their annualized growth rate
“Net Deposits were a record $18 billion in Q1, translating to a 37% annualized growth rate, and were $57 billion over the last twelve months, translating to a 44% growth rate”
Deck Presentation · p. 11 ·
Net Deposits and their annualized growth rate
“Net Deposits were $13.8 billion in Q2, translating to a 25% annualized growth rate, and were ~$58 billion over the last twelve months, translating to a 41% growth rate”
Deck Presentation · p. 11 ·
Net Deposits and their annualized growth rate
“Net Deposits were a record $20.4 billion in Q3, translating to a 29% annualized growth rate, and were ~$68 billion over the last twelve months, translating to a 45% growth rate”
Deck Presentation · p. 11 ·
Net Deposits and their annualized growth rate
“Net Deposits were $15.9 billion in Q4, translating to a 19% annualized growth rate, and were ~$68 billion over the last twelve months, translating to a 35% growth rate”
Deck Earnings Presentation · p. 15 ·
Net Deposits and their annualized growth rate
“Net Deposits were $18 billion in Q1, translating to a 22% annualized growth rate, and were”
Deck Presentation · p. 10 ·
Net Deposits and their annualized growth rate
“Net Deposits were a record $22 billion in Q2, translating to a 28% annualized growth rate, and were $76 billion over the last twelve months, translating to a 27% growth rate”
Deck Earnings Presentation · p. 10 ·
Robinhood Gold subscribers and the Gold bundle
“We continue to add value to Robinhood Gold and Q3 2024 Gold Subscribers represented 9% of Funded Customers”
Deck Earnings Presentation · p. 10 ·
Robinhood Gold subscribers and the Gold bundle
“We continue to add value to Robinhood Gold, and Q4 2024 Gold Subscribers represented 10.5% of Funded Customers”
Deck Earnings Presentation · p. 10 ·
Robinhood Gold subscribers and the Gold bundle
“We continue to add value to Robinhood Gold, and Q1 2025 Robinhood Gold Subscribers represented over 12% of Funded Customers”
Deck Presentation · p. 10 ·
Robinhood Gold subscribers and the Gold bundle
“We continue to add value to Robinhood Gold, and Q2 2025 Robinhood Gold Subscribers represented over 13% of Funded Customers”
Deck Presentation · p. 10 ·
Robinhood Gold subscribers and the Gold bundle
“We continue to add value to Robinhood Gold, and Q3 2025 Robinhood Gold Subscribers represented over 14% of Funded Customers”
Deck Presentation · p. 10 ·
Robinhood Gold subscribers and the Gold bundle
“We continue to add value to Robinhood Gold, and Robinhood Gold Subscribers grew to a record 4.2 million in Q4, representing over 15% of Funded Customers”
Deck Earnings Presentation · p. 14 ·
Robinhood Gold subscribers and the Gold bundle
“Robinhood Gold Subscribers grew to a record 4.3 million in Q1, representing ~16% of Funded Customers”
Deck Presentation · p. 9 ·
Robinhood Gold subscribers and the Gold bundle
“Robinhood Gold Subscribers grew to a record 4.8 million in Q2, representing ~17% of Funded Customers”
Deck Earnings Presentation · p. 9 ·
Product velocity (quarterly launch slide)
“We've maintained strong product velocity in 2024”
Deck Earnings Presentation · p. 5 ·
Product velocity (quarterly launch slide)
“Our product velocity increased in 2024”
Deck Earnings Presentation · p. 5 ·
Product velocity (quarterly launch slide)
“Our product velocity remained robust in Q1”
Deck Presentation · p. 5 ·
Product velocity (quarterly launch slide)
“Our product velocity remained robust in Q2”
Deck Presentation · p. 5 ·
Product velocity (quarterly launch slide)
“Our product velocity remained strong to start the second half of the year”
Deck Presentation · p. 5 ·
Product velocity (quarterly launch slide)
“Our product velocity increased significantly in 2025”
Deck Earnings Presentation · p. 6 ·
Product velocity (quarterly launch slide)
“Product velocity remained robust to start 2026”
Deck Presentation · p. 5 ·
Product velocity (quarterly launch slide)
“Product velocity remained robust through the first half of 2026”
Deck Earnings Presentation · p. 5 ·
Three pillars - Active Traders, Wallet Share for the Next Generation, Global Financial Ecosystem
“Winning the Active Trader market”
Deck Earnings Presentation · p. 6 ·
Three pillars - Active Traders, Wallet Share for the Next Generation, Global Financial Ecosystem
“Wallet Share for Next Generation Global Financial Ecosystem”
Deck Earnings Presentation · p. 6 ·
Three pillars - Active Traders, Wallet Share for the Next Generation, Global Financial Ecosystem
“Active Traders Wallet Share for Next Generation Global Financial Ecosystem”
Deck Presentation · p. 6 ·
Three pillars - Active Traders, Wallet Share for the Next Generation, Global Financial Ecosystem
“Active Traders Wallet Share for Next Generation Global Financial Ecosystem”
Deck Presentation · p. 6 ·
Three pillars - Active Traders, Wallet Share for the Next Generation, Global Financial Ecosystem
“Active Traders Wallet Share for Next Generation Global Financial Ecosystem”
Deck Presentation · p. 6 ·
Three pillars - Active Traders, Wallet Share for the Next Generation, Global Financial Ecosystem
“Robinhood 10 Year Vision”
Deck Earnings Presentation · p. 7 ·
Profitable growth and the Rule of 40
“Rule of 401 results demonstrate the power of our business model”
Deck Earnings Presentation · p. 22 ·
Profitable growth and the Rule of 40
“Rule of 401 results demonstrate the power of our business model”
Deck Presentation · p. 22 ·
Profitable growth and the Rule of 40
“Rule of 401 results demonstrate the power of our business model”
Deck Presentation · p. 22 ·
Profitable growth and the Rule of 40
“Rule of 401 results demonstrate the power of our business model”
Deck Presentation · p. 24 ·
Profitable growth and the Rule of 40
“We are building a track record of profitable growth”
Deck Earnings Presentation · p. 3 ·
Profitable growth and the Rule of 40
“Rule of 401 results demonstrate the power of our business model”
Deck Presentation · p. 21 ·
Profitable growth and the Rule of 40
“Rule of 401 results demonstrate the power of our business model”
Deck Earnings Presentation · p. 22 ·
Annual expense outlook (Adjusted Operating Expenses and SBC)
“We are maintaining our 2024 expense outlook of $1.85 billion to $1.95 billion of combined Adjusted Operating Expenses and SBC”
Deck Earnings Presentation · p. 19 ·
Annual expense outlook (Adjusted Operating Expenses and SBC)
“We have designed a 2025 expense plan to drive another year of profitable growth”
Deck Earnings Presentation · p. 19 ·
Annual expense outlook (Adjusted Operating Expenses and SBC)
“We are updating our 2025 outlook for Adjusted Operating Expenses and SBC to include the acquisition of TradePMR in Q1 2025”
Deck Presentation · p. 19 ·
Annual expense outlook (Adjusted Operating Expenses and SBC)
“We are updating our 2025 outlook for Adjusted Operating Expenses and SBC to include the acquisition of Bitstamp in Q2 2025”
Deck Presentation · p. 19 ·
Annual expense outlook (Adjusted Operating Expenses and SBC)
“We are updating our 2025 outlook for Adjusted Operating Expenses and SBC as a result of strong year-to-date business performance and stock price appreciation”
Deck Presentation · p. 21 ·
Annual expense outlook (Adjusted Operating Expenses and SBC)
“We designed an investment plan to drive another year of profitable growth in 2026”
Deck Earnings Presentation · p. 23 ·
Annual expense outlook (Adjusted Operating Expenses and SBC)
“We are updating our 2026 outlook for Adjusted Operating Expenses and SBC to include planned investments in Trump Accounts”
Deck Presentation · p. 17 ·
Annual expense outlook (Adjusted Operating Expenses and SBC)
“We are lowering and tightening our 2026 Adjusted Operating Expenses and SBC outlook range as we self-funded new businesses with efficiency gains”
Deck Earnings Presentation · p. 18 ·
Share repurchases
“In Q3, we returned $97 million to shareholders by repurchasing 5 million of our shares1”
Deck Earnings Presentation · p. 23 ·
Share repurchases
“In Q4, we returned $160 million to shareholders by repurchasing ~5 million of our shares1”
Deck Earnings Presentation · p. 24 ·
Share repurchases
“We returned $322 million to shareholders by repurchasing ~7 million of our shares1 in Q1, and we increased our share repurchase program from $1 billion to $1.5 billion”
Deck Presentation · p. 24 ·
Share repurchases
“In Q2, we returned $124 million to shareholders by repurchasing ~3 million of our shares1, and over the past twelve months, we returned ~$700 million by repurchasing ~21 million shares”
Deck Presentation · p. 24 ·
Share repurchases
“In Q3, we returned $107 million to shareholders by repurchasing ~1 million of our shares1, and since starting our repurchase program, have returned ~$810 million by repurchasing ~22 million shares”
Deck Presentation · p. 26 ·
Share repurchases
“In Q4, we returned $100 million to shareholders by repurchasing 0.8 million of our shares1, and since starting our repurchase program, have returned ~$910 million by repurchasing ~22 million shares”
Deck Earnings Presentation · p. 29 ·
Share repurchases
“In Q1, we returned $250 million to shareholders by repurchasing 3.1 million of our shares1, and since starting our initial repurchase program, have returned $1.2 billion by repurchasing 25 million shares”
Deck Presentation · p. 23 ·
Share repurchases
“In Q2, we returned $414 million to shareholders by repurchasing 4.4 million of our shares1”
Deck Earnings Presentation · p. 24 ·
Market share gains and trading volumes
“Q3 trading volumes increased double- to triple-digits year-over-year as we continue to gain market share”
Deck Earnings Presentation · p. 13 ·
Market share gains and trading volumes
“Q4 trading volumes increased double- to triple-digits year-over-year as we continue to gain market share”
Deck Earnings Presentation · p. 13 ·
Market share gains and trading volumes
“Q1 trading volumes increased double digits year-over-year as we've continued to gain market share”
Deck Presentation · p. 13 ·
Market share gains and trading volumes
“Q2 trading volumes increased significantly year-over-year as we've continued to gain market share, and Equities and Options reached new quarterly records”
Deck Presentation · p. 13 ·
Market share gains and trading volumes
“We've continued to gain market share over time”
Deck Presentation · p. 13 ·
Market share gains and trading volumes
“We've continued to gain market share over time”
Deck Earnings Presentation · p. 17 ·
Market share gains and trading volumes
“Q1 trading volumes increased significantly year-over-year as we've continued to gain market share”
Deck Presentation · p. 12 ·
Market share gains and trading volumes
“Q2 trading volumes increased significantly year-over-year as we've continued to gain market share, and Equities and Options reached new quarterly records in Q2”
Deck Earnings Presentation · p. 12 ·
Diversification - business lines at $100M+ annualized revenue
“Business lines each generating ~$100M or more in annualized revenues1”
Deck Presentation · p. 18 ·
Diversification - business lines at $100M+ annualized revenue
“Business lines that have reached $100M or more in annualized revenues1”
Deck Earnings Presentation · p. 16 ·
What they keep talking about · 11
The themes that show up deck after deck, and the ones that disappear.
- Deposits
- A tile on every highlights slide: $10B a quarter in Q3 '24, a record $22B in Q2 '26, with Bitstamp, TradePMR and WonderFi added along the way. Twelve-month growth fell from 45% to 27%.
- Gold
- Every deck: 9% of funded customers in Q3 '24, 4.8M and ~17% in Q2 '26. Adds slowed to 170k in Q1 '26 before 500k in Q2.
- Launches
- The first slide after the highlights in all eight decks; the wording runs from 'strong' to 'increased significantly' to 'robust'.
- Pillars
- Active traders, the next generation's wallet, a global ecosystem: the roadmap from Q3 '24, a 10 Year Vision in Q4 '25, gone from both 2026 decks.
- Rule of 40
- Added in Q4 '24 at 106%; peaked at 131% (Q3 '25) and fell to 94% (Q2 '26), still shown every deck.
- Costs
- The one number guided, revised in five of eight decks: three raises in 2025, a raise and a cut in 2026.
- Buybacks
- In every deck: $97M in Q3 '24, $1.2B by Q1 '26, $414M in Q2 '26 including $290M bought alongside the convertible.
- Share
- Every deck claims share gains; the share chart itself appears only in Q3 and Q4 '25.
- $100M lines
- Eleven business lines at $100M+ annualised in Q3 '25, thirteen in Q2 '26; absent from the two decks between.
- New
- Total Platform Assets (Q1 '25), prediction markets' annualised revenue (Q3 '25), Daily Average Trades (Apr '26), and a $2.2B 0% convertible (Q2 '26).
- Quiet
- Assets under custody (last Q4 '24), the market-share chart (last Q4 '25), the prediction-markets revenue figure (gone in Q2 '26), the roadmap slide (gone in 2026).
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 29 Jul 2026
- Q1 2026 release · 8-K 28 Apr 2026
- Q4 2025 release · 8-K 10 Feb 2026
- Q3 2025 release · 8-K 5 Nov 2025
- Q2 2025 release · 8-K 30 Jul 2025
- Q1 2025 release · 8-K 30 Apr 2025
- Q4 2024 release · 8-K 12 Feb 2025
- Q3 2024 release · 8-K 30 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 18% | 29% | 46% | 19% | 35% | 29% | 27% | 28% |
| Growth & sales | 9% | 36% | 15% | 24% | 25% | 21% | 18% | 17% |
| Pricing & margins | 27% | 14% | 38% | 29% | 5% | 14% | 14% | · |
| Guidance & outlook | · | 7% | 15% | 10% | · | 7% | · | 11% |
| Capacity & supply | · | 7% | · | 5% | · | · | · | · |
| Capital & financing | 9% | 7% | 15% | 19% | 25% | · | 18% | 22% |
| Competition | · | 7% | 8% | 19% | · | 14% | · | 6% |
| Products & technology | 36% | 43% | 31% | 19% | 35% | 43% | 14% | 39% |
| Macro & regulation | 9% | 14% | 8% | 10% | · | 7% | 5% | 11% |
| Other | 36% | 14% | 15% | 29% | 35% | 21% | 41% | 33% |
| Questions | 11 | 14 | 13 | 21 | 20 | 14 | 22 | 18 |
Who’s in charge, who’s selling
read from the filings · 20 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
Penalties settled, and event contracts now in court
$45M to the SEC (Jan '25) and $26M plus restitution to FINRA (Mar '25). Sports event contracts face suits in six states, tribal and consumer class actions, and Wisconsin (Apr '26) and Kentucky (Jun '26) seeking injunctions; Nevada sales stopped Dec '25, a Michigan injunction lost Jun '26. New York and Massachusetts reviews are open.
Tier 2 · stable
Two founders, 58.6% of the votes, until 2036
Tenev (chair and CEO) and Bhatt hold all Class B (ten votes) under a voting agreement. Bhatt, 32% of the votes, has not worked at Robinhood since Mar '24. Outside the founders, about a third of the votes went against the lead independent director in 2026.
Tier 2 · worsening
$664M sold in a year, $171M outside a plan
Eleven insiders, Oct '25-Oct '26, 74% under 10b5-1 plans. Bhatt sold $314.6M, $170.9M of it on 7 Nov '25, two days after results and not under a plan; Tenev $220.7M after his 2019 award vested. The one purchase: $55.3M by director Malka's fund.
Tier 2 · open
A $1.12B CEO award paid out; a new one is under review
Tenev's 2019 market-based award vested in full in 2025. The proxy says the board is weighing new pay for him; none filed by Oct '26. Other officers get time-vesting stock only, and the plan reserve adds 5% of all shares each January to 2031.
Tier 3 · stable
An independent director hedged and pledged, by exception
Meyer Malka (Ribbit Capital) entered a prepaid forward on 1M shares in Nov '25; company agreements support his funds' collar hedges on warrants. The policy bars both, with exceptions.
Accounting rule changes 10 in 6 quarters
- Q1 '25AUC replaced by Total Platform Assets, adding TradePMR RIA assets
- Q1 '25Adjusted Operating Expenses no longer include provision for credit losses ($76M in 2024)
- Q2 '25Net Deposits include Bitstamp from June 2025
- Q1 '26Net Deposits include TradePMR from March 2026
- Q1 '26Contra revenue from customer-match amortization now allocated to event contracts
- Q1 '26SBC from the CFO transition excluded from Adjusted Operating Expenses and SBC
- Q1 '26Monthly DARTs replaced by Daily Average Trades from April 2026
- Q2 '26Total Platform Assets and Net Deposits include WonderFi from June 2026
- Q2 '26Restructuring SBC excluded from Adjusted Operating Expenses and SBC
- Q2 '26From Q3 2026 interest expense in operating expenses excluded from Adjusted Operating Expenses
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Rubinstein (lead independent)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 171.0M | 142.5M | 9.3% |
| TresederA board seat. | 111.7M | 76.5M | 5.0% |
| ZoellickA board seat. | 2.4M | 76.3M | 5.0% |
| Tenev (chair, CEO)A board seat. | 10.4M | 16.3M | 1.1% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 22.3M | 21.3M | 1.4% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '25-Oct '26 | Sold | Note |
|---|---|---|
| Bhatt, co-founder and director | $314.6M | 2.6M shares; $170.9M on 7 Nov '25 not under a plan |
| Tenev, co-founder, chair and CEO | $220.7M | 2.0M shares under a plan |
| Warnick, CFO to Feb '26 | $50.5M | 425,000 shares |
| Gallagher, chief legal officer | $36.3M | 305,000 shares in fourteen filings |
| Quirk, chief brokerage officer | $24.9M | 214,002 shares |