0001783879-24-000296 | 10-Q | XBRL Viewer

INCOME TAXES

9 Months Ended

Sep. 30, 2024

NOTE 8: INCOME TAXES


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except percentages)	2023			2024			2023			2024
Income (loss) before income taxes	$	(75)		$	153		$	(562)		$	506
Provision for income taxes	10			3			9			11
Effective tax rate	(12.7)		%	1.9		%	(1.5)		%	2.2		%

Our tax provision for interim periods is determined using an estimated annual effective tax rate (“ETR”), adjusted for discrete items arising in the period. In each quarter, we update our estimated annual ETR and make a year-to-date calculation of the provision.

For the three and nine months ended September 30, 2023 and 2024, the ETR was lower than the U.S. federal statutory rate primarily due to the full valuation allowance on our U.S. federal and state deferred tax assets offset by current taxes payable.

The realization of tax benefits of net deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence during the nine months ended September 30, 2024, we believe it is more likely than not that the tax benefits of the remaining U.S. federal, state, and certain foreign net deferred tax assets may not be realized until sufficient positive evidence exists to support reversal of the valuation allowance.

Utilization of the net operating loss and credit carryforwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and tax credits before utilization.

In June 2024, California's Governor signed Senate Bill 167 (“SB 167”), which temporarily suspends the use of California net operating losses and imposes a cap on business incentive tax credits that we can utilize against our income taxes, and Senate Bill 175 (“SB 175”), allows for the recovery of suspended credits. We believe the recent tax legislation changes provided under SB 167 and SB 175 do not materially impact our income tax provision and do not change our evaluation of the valuation allowance against deferred tax assets in California as of September 30, 2024.

- Definition

The entire disclosure for income tax.

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+ Details

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the SEC for interim financial reporting. The condensed consolidated financial statements are unaudited, and in management’s opinion, include all adjustments, including normal recurring adjustments and accruals necessary for a fair presentation of the results for the interim periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2024 or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”).
Consolidation	The unaudited condensed consolidated financial statements include the accounts of RHM and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.
Reclassifications	Certain reclassifications have been made to prior period amounts to conform to the current period’s presentation.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. We base our estimates on historical experience, and other assumptions we believe to be reasonable under the circumstances. Assumptions and estimates used in preparing our unaudited condensed consolidated financial statements include, but are not limited to, those related to revenue recognition, share-based compensation (“SBC”), the determination of allowances for credit losses, valuation of user cryptocurrencies safeguarding obligation and corresponding asset, investment valuation, capitalization of internally developed software, useful lives of property, software, and equipment, valuation and useful lives of intangible assets, incremental borrowing rate used to calculate operating lease right-of-use assets and related liabilities, impairment of long-lived assets, determination of hedge effectiveness, uncertain tax positions, income taxes, accrued and contingent liabilities. Actual results could differ from these estimates and could have a material adverse effect on our operating results.
Concentrations of Credit Risk	Concentrations of Credit Risk We are engaged in various trading and brokerage activities in which the counterparties primarily include broker-dealers, banks, and other financial institutions. In the event our counterparties do not fulfill their obligations, we may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty. Default of a counterparty in equities and options trades, which are facilitated through clearinghouses, would generally be spread among the clearinghouse's members rather than falling entirely on us. It is our policy to review, as necessary, the credit standing of each counterparty.
Variable Interest Entities	Variable Interest Entities We evaluate our ownership, contractual and other interests in entities to determine if we have a variable interest in an entity. These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical and prospective information, among other factors. If we determine that an entity for which we hold a contractual or ownership interest in is a variable interest entity (“VIE”) and that we are the primary beneficiary, we consolidate such entity in the consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE; and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. We continuously monitor if any changes in the interest or relationship with the entity may impact the determination of whether we are still the primary beneficiary and require us to revise our previous conclusion.
Asset Acquisitions	Asset Acquisitions Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions. We allocate the cost of the acquisition, including direct and incremental transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. Goodwill is not recognized in an asset acquisition.
Recently Adopted Accounting Pronouncements/Recently Issued Accounting Pronouncements Not Yet Adopted	NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted during the nine months ended September 30, 2024 that materially impacted our unaudited condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This amendment will impact various disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. The amendments in this guidance will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. We are currently evaluating the impacts of the amendment on our consolidated financial statements. In November 2023, the FASB issued Accounting Standards Update 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in guidance improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and related disclosures. In December 2023, the FASB issued Accounting Standards Update 2023-09, “Income taxes (Topic 740): Improvements to Income Taxes Disclosures.” This guidance requires annual disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and related disclosures. In March 2024, the SEC adopted final rules under SEC Release No. 34-99678 and No. 33-11275, “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (the “Final Rules”), which requires registrants to provide certain climate-related information in their registration statements and annual reports. The Final Rules require, among other things, disclosure in the notes to the audited financial statements of the effects of severe weather events and other natural conditions, subject to certain thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates in certain circumstances. The disclosure requirements of the Final Rules will begin phasing in for annual periods beginning in fiscal year 2025. In April 2024, the SEC stayed the effectiveness of the Final Rules. We are currently evaluating the impact of the Final Rules.

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 153	$ (75)	$ 506	$ (562)
Provision for income taxes	$ 3	$ 10	$ 11	$ 9
Effective tax rate	1.90%	(12.70%)	2.20%	(1.50%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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COMMON STOCK AND STOCKHOLDERS' EQUITY - Schedule of Share-Based Compensation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 79,000,000	$ 83,000,000	$ 227,000,000	$ 790,000,000
Time-Based RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	76,000,000	70,000,000	225,000,000	218,000,000
Market-Based RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	0	10,000,000	(8,000,000)	563,000,000
Share-based payment arrangement, expense reversal			11,000,000
Brokerage and transaction
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	2,000,000	2,000,000	7,000,000	6,000,000
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	48,000,000	51,000,000	144,000,000	161,000,000
Operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	1,000,000	3,000,000	5,000,000	6,000,000
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	3,000,000	1,000,000	6,000,000	3,000,000
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 25,000,000	$ 26,000,000	$ 65,000,000	614,000,000
General and administrative \| Market-Based RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation				$ 485,000,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating activities:
Net income (loss)	$ 150	$ (85)	$ 495	$ (571)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			55	54
Provision for credit losses			57	29
Share-based compensation			227	790
Other			0	(27)
Changes in operating assets and liabilities:
Receivables from brokers, dealers, and clearing organizations			(50)	13
Receivables from users, net			(1,971)	(502)
Securities borrowed			(2,102)	(687)
Deposits with clearing organizations			(126)	(89)
Current and non-current prepaid expenses			(41)	26
Current and non-current deferred customer match incentives			(202)	(10)
Other current and non-current assets			(11)	10
Accounts payable and accrued expenses			28	145
Payables to users			1,167	(376)
Securities loaned			3,759	1,411
Other current and non-current liabilities			(42)	5
Net cash provided by operating activities			1,243	221
Investing activities:
Purchases of property, software, and equipment			(9)	(1)
Capitalization of internally developed software			(26)	(14)
Purchases of held-to-maturity investments			(469)	(651)
Proceeds from maturities of held-to-maturity investments			439	167
Purchases of credit card receivables by Credit Card Funding Trust			(239)	0
Collections of purchased credit card receivables			130	0
Business acquisition, net of cash and cash equivalents acquired			(6)	(90)
Asset acquisition, net of cash acquired			(3)	0
Other			1	10
Net cash used in investing activities			(182)	(579)
Financing activities:
Proceeds from issuance of common stock under the Employee Stock Purchase Plan			10	9
Taxes paid related to net share settlement of equity awards			(155)	(9)
Payments of debt issuance costs			(14)	(10)
Draws on credit facilities			12	20
Repayments on credit facilities			(12)	(20)
Borrowings on Credit Card Funding Trust			95	0
Repayments on Credit Card Funding Trust			(1)	0
Change in principal collected from customers due to Coastal Bank			(15)	(3)
Repurchase of Class A common stock			(97)	(608)
Proceeds from exercise of stock options, net of repurchases			10	2
Net cash used in financing activities			(167)	(619)
Effect of foreign exchange rate changes on cash and cash equivalents			1	0
Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash			895	(977)
Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period			9,346	9,357	$ 9,357
Cash, cash equivalents, segregated cash, and restricted cash, end of the period	10,241	8,380	10,241	8,380	9,346
Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
Cash and cash equivalents, end of the period	4,611	4,889	4,611	4,889	4,835
Segregated cash and cash equivalents, end of the period	5,547	3,448	5,547	3,448
Restricted cash in other current assets, end of the period	67	26	67	26
Restricted cash in other non-current assets, end of the period	16	17	16	17
Cash, cash equivalents, segregated cash and restricted cash, end of the period	$ 10,241	$ 8,380	10,241	8,380	$ 9,346
Supplemental disclosures:
Cash paid for interest			12	8
Cash paid for income taxes, net of refund received			$ 14	$ 9

COMMITMENTS & CONTINGENCIES	9 Months Ended
COMMITMENTS & CONTINGENCIES	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS & CONTINGENCIES	NOTE 14: COMMITMENTS & CONTINGENCIES We are subject to contingencies arising in the ordinary course of our business, including contingencies related to legal, regulatory, non-income tax and other matters. We record an accrual for loss contingencies at management’s best estimate when we determine that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If the reasonable estimate is a range and no amount within that range is considered a better estimate than any other amount, an accrual is recorded based on the bottom amount of the range. If a loss is not probable, or a probable loss cannot be reasonably estimated, no accrual is recorded. Amounts accrued for contingencies in the aggregate were $190 million as of December 31, 2023 and $175 million as of September 30, 2024. In our opinion, an adequate accrual had been made as of each such date to provide for the probable losses of which we are aware and for which we can reasonably estimate an amount. Legal and Regulatory Matters The securities industry, and many other industries in which we operate, are highly regulated and many aspects of our business involve substantial risk of liability. In past years, there has been an increase in litigation and regulatory investigations involving the brokerage, cryptocurrency, and credit card industries. Litigation has included and may in the future include class action suits that generally seek substantial and, in some cases, punitive damages. Federal and state regulators, exchanges, other SROs, or international regulators investigate issues related to regulatory compliance that may result in enforcement action. We are also subject to periodic regulatory audits and inspections that have in the past and could in the future lead to enforcement investigations or actions. We have been named as a defendant in lawsuits and from time to time we have been threatened with, or named as a defendant in arbitrations and administrative proceedings. The outcomes of these matters are inherently uncertain and some may result in adverse judgments or awards, including penalties, injunctions, or other relief, and we may also determine to settle a matter because of the uncertainty and risks of litigation. With respect to matters discussed below, we believe, based on current knowledge, that any losses (in excess of amounts accrued, if applicable) as of September 30, 2024 that are reasonably possible and can be reasonably estimated will not, in the aggregate, have a material adverse effect on our business, financial position, operating results, or cash flows. However, for many of the matters disclosed below, particularly those in early stages, we cannot reasonably estimate the reasonably possible loss (or range of loss), if any. In addition, the ultimate outcome of legal proceedings involves judgments and inherent uncertainties and cannot be predicted with certainty. Any judgment entered against us, or any adverse settlement, could materially and adversely impact our business, financial condition, operating results, and cash flows. We might also incur substantial legal fees, which are expensed as incurred, in defending against legal and regulatory claims. Described below are certain pending matters in which there is at least a reasonable possibility that a material loss could be incurred. We intend to continue to defend these matters vigorously. Best Execution, Payment for Order Flow, and Sources of Revenue Civil Litigation Beginning in December 2020, multiple putative securities fraud class action lawsuits were filed against RHM, RHF, and RHS. Five cases were consolidated in the United States District Court for the Northern District of California. An amended consolidated complaint was filed in May 2021, alleging violations of Section 10(b) of the Exchange Act and various state law causes of action based on claims that we violated the duty of best execution and misled putative class members by publishing misleading statements and omissions in customer communications relating to the execution of trades and revenue sources (including PFOF). Plaintiffs seek unspecified monetary damages, restitution, disgorgement, and other relief. In February 2022, the court granted Robinhood’s motion to dismiss the amended consolidated complaint without prejudice. In March 2022, plaintiffs filed a second consolidated amended complaint, alleging only violations of Section 10(b) of the Exchange Act, which Robinhood moved to dismiss. In October 2022, the court granted Robinhood’s motion in part and denied it in part. In November 2022, Robinhood filed a motion for judgment on the pleadings, which the court denied in January 2023. In March 2024, Plaintiffs filed a motion for class certification, which Robinhood is opposing. State Regulatory Matters Certain state regulatory authorities have conducted investigations regarding RHF’s options trading and related customer communications and displays, options and margin trading approval process, the service outages on our U.S. stock trading platform on March 2-3, 2020 and March 9, 2020 (the “March 2020 Outages”), and customer support prior to June 2020. RHF has reached and paid settlements with 46 states for an aggregate of $9.2 million and may reach settlements with the remaining states as part of a multi-state settlement related to these issues for approximately $1 million. The Financial Industry Regulatory Authority (“FINRA”) previously conducted an investigation and reached a settlement with RHF regarding many of these issues. The New York Attorney General is conducting an investigation into brokerage execution quality, and the Massachusetts Securities Division (“MSD”) is examining RHF’s customer complaint supervision. We are cooperating with these investigations. Brokerage Enforcement Matters FINRA Enforcement staff are conducting investigations related to, among other things, RHS’s reporting of fractional share trades, as applicable, to a Trade Reporting Facility, the Over-the-Counter Reporting Facility, the Order Audit Trail System, and the Consolidated Audit Trail; RHS’s reporting of accounts holding significant options positions to the Large Option Position Report system; processing of certain requests for transfers of assets from Robinhood through the Automated Customer Account Transfer System (“ACATS”); responses to Electronic Blue Sheets requests from FINRA; the delays in notification from third parties and process failures within our brokerage systems and operations in connection with the handling of a 1-for-25 reverse stock split transaction of Cosmo Health, Inc, in December 2022 (the “Q4 2022 Processing Error”); RHF’s and RHS’s compliance with FINRA registration requirements for member personnel; marketing involving social media influencers and affiliates; collaring the prices of certain trade orders; RHS’s and RHF’s compliance with best execution obligations; RHS’s compliance with FINRA Rules 6190, 5260, and 6121; RHS’s and RHF’s compliance with regulations governing the delivery of required documents; matters related to RHS’s and RHF’s supervision of technology; origin code reporting; customer complaint supervision and restriction issues; and compliance with FINRA Rule 3210. We are cooperating with these investigations. RHS has received requests from the SEC Division of Enforcement regarding its compliance with Regulation SHO’s trade reporting and other requirements in connection with securities lending, fractional share trading, the Q4 2022 Processing Error, and responses to Electronic Blue Sheets requests, and previously received similar requests from FINRA examinations staff including with respect to short interest reporting. RHS and RHF have also received requests from the SEC Division of Enforcement and FINRA Enforcement staff related to RHS’s and RHF’s compliance with recordkeeping requirements, including requests regarding off-channel communications. We are cooperating with these investigations. Robinhood Crypto Matters RHC received subpoenas from the California Attorney General’s Office (the “CAGO”) seeking information about, among other things, RHC’s trading platform, business and operations, custody of customer assets, customer disclosures, and coin listings. On August 31, 2024, RHC reached a settlement with the CAGO to resolve this matter for which we paid $3.9 million. The settlement related to certain disclosures by RHC and delivery of customers’ cryptocurrency assets under California Corporations Code Sections 29520 and 29505 during the period January 2018 through April 2022. RHC also has received investigative subpoenas from the SEC regarding, among other topics, RHC’s cryptocurrency listings, custody of cryptocurrencies, and platform operations. RHC is cooperating with this investigation. On May 4, 2024, RHC received a “Wells Notice” (the “May 2024 Wells Notice”) from the Staff of the SEC (the “SEC Staff”) stating that the SEC Staff has advised RHC that it made a “preliminary determination” to recommend that the SEC file an enforcement action against RHC alleging violations of Sections 15(a) and 17A of the Exchange Act. The potential action may involve a civil injunctive action, public administrative proceeding, and/or a cease-and-desist proceeding and may seek remedies that include an injunction, a cease-and-desist order, disgorgement, pre-judgment interest, civil money penalties, and censure, revocation, and limitations on activities. Account Takeovers, Anti-Money Laundering, and Cybersecurity Matters FINRA Enforcement and the SEC Division of Enforcement are investigating account takeovers (i.e., circumstances under which an unauthorized actor successfully logs into a customer account), as well as anti-money laundering compliance and cybersecurity issues. The SEC Division of Enforcement is also investigating the data security incident we experienced in November 2021 when an unauthorized third-party socially engineered a customer support employee by phone and obtained access to certain customer support systems (the “November 2021 Data Security Incident”). In March 2024, FINRA closed its investigation of the November 2021 Data Security Incident. The SEC’s Division of Enforcement and the U.S. Federal Deposit Insurance Corporation (“FDIC”) are also investigating issues related to compliance with the Electronic Funds Transfer Act. We are cooperating with these investigations. Text Message Litigation In August 2021, Cooper Moore filed a putative class action against RHF alleging that RHF initiated or assisted in the transmission of commercial electronic text messages to Washington State residents without their consent in violation of Washington state law. The complaint seeks unspecified total statutory and treble monetary damages, injunctive relief, and attorneys’ fees and costs. The case is currently pending in the U.S. District Court for the Western District of Washington. RHF filed a motion to dismiss the complaint. In February 2022, Moore and Andrew Gillette filed an amended complaint, which RHF again moved to dismiss. In August 2022, the court denied RHF’s motion to dismiss. The parties reached a settlement in principle to resolve this matter and in July 2024, the court granted final approval of the $9 million settlement. Massachusetts Securities Division Matter In December 2020, the MSD filed an administrative complaint against RHF, which stems from an investigation initiated by the MSD in July 2020. The complaint alleged three counts of Massachusetts securities law violations regarding alleged unethical and dishonest conduct or practices, failure to supervise, and failure to act in accordance with the Massachusetts fiduciary duty standard, which became effective on March 6, 2020 and had an effective enforcement date beginning September 1, 2020. Among other things, the MSD alleged that our product features and marketing strategies, outages, and options trading approval process constitute violations of Massachusetts securities laws. MSD subsequently filed an amended complaint that seeks, among other things, injunctive relief (a permanent cease and desist order), censure, restitution, disgorgement, appointment of an independent consultant, an administrative fine, and revocation of RHF’s license to operate in Massachusetts. If RHF were to lose its license to operate in Massachusetts, we would not be able to acquire any new customers in Massachusetts, and we expect that our current customers in Massachusetts would be unable to continue utilizing any of the services or products offered on our platform (other than closing their positions) and that we may be forced to transfer such customers’ accounts to other broker-dealers. Additionally, revocation of RHF’s Massachusetts license could trigger similar disqualification or proceedings to restrict or condition RHF’s registration by other state regulators. A revocation of RHF’s license to operate in Massachusetts would result in RHF and RHS being subject to statutory disqualification by FINRA and the SEC, which would then result in RHF needing to obtain relief from FINRA subject to SEC review in order to remain a FINRA member and RHS possibly needing relief from FINRA or other SROs. In April 2021, RHF filed a complaint and motion for preliminary injunction and declaratory relief in Massachusetts state court seeking to enjoin the MSD administrative proceeding and challenging the legality of the Massachusetts fiduciary duty standard. In September 2021, the parties filed cross-motions for partial judgment on the pleadings. In March 2022, the court ruled in favor of RHF, declaring that the Massachusetts fiduciary duty regulation was unlawful. In August 2023, the Massachusetts Supreme Judicial Court reversed the decision of the Massachusetts Superior Court. In January 2024, we settled this matter with the MSD related to supervision of certain product features and marketing strategies, the March 2020 Outages, and our options trading approval process, as well as the November 2021 Data Security Incident, under which we paid a $7.5 million fine and engaged an independent consultant to review, among other things, implementation of the FINRA independent’s recommendations, policies and procedures regarding certain application features, and cybersecurity measures. The independent consultant’s review is complete and RHF has implemented all of its recommendations. RHF has dismissed its state court action. Early 2021 Trading Restrictions Matters Beginning on January 28, 2021, due to increased deposit requirements imposed on RHS by the NSCC in response to unprecedented market volatility, particularly in certain securities, RHS temporarily restricted or limited its customers’ purchase of certain securities, including GameStop Corp. and AMC Entertainment Holdings, Inc., on our U.S. trading platform (the “Early 2021 Trading Restrictions”). A number of individual and putative class actions related to the Early 2021 Trading Restrictions were filed against RHM, RHF, and RHS, among others, in various federal and state courts. In April 2021, the Judicial Panel on Multidistrict Litigation entered an order centralizing the federal cases identified in a motion to transfer and coordinate or consolidate the actions filed in connection with the Early 2021 Trading Restrictions in the United States District Court for the Southern District of Florida. The court subsequently divided plaintiffs’ claims against Robinhood into three tranches: federal antitrust claims, federal securities law claims, and state law claims. In July 2021, plaintiffs filed consolidated complaints seeking unspecified monetary damages in connection with the federal antitrust and state law tranches. The federal antitrust complaint asserted one violation of Section 1 of the Sherman Act; the state law complaint asserted negligence and breach of fiduciary duty claims. In August 2021, we moved to dismiss both of these complaints. In September 2021, plaintiffs filed an amended complaint asserting state law claims of negligence, breach of fiduciary duty, tortious interference with contract and business relationship, civil conspiracy, and breaches of the covenant of good faith and fair dealing and implied duty of care. In January 2022, the court dismissed the state law complaint with prejudice. In August 2023, the United States Court of Appeals for the Eleventh Circuit affirmed the district court’s order. In November 2021, the court dismissed the federal antitrust complaint without prejudice. In January 2022, plaintiffs filed an amended complaint in connection with the federal antitrust tranche and Robinhood moved to dismiss the amended complaint. In May 2022, the court dismissed the federal antitrust complaint with prejudice. In June 2024, the United States Court of Appeals for the Eleventh Circuit affirmed the district court’s order. In November 2021, plaintiffs for the federal securities tranche filed a complaint alleging violations of Sections 9(a) and 10(b) of the Exchange Act. The complaint seeks unspecified monetary damages, costs and expenses, and other relief. In January 2022, we moved to dismiss the federal securities law complaint. In August 2022, the court granted in part and denied in part Robinhood’s motion to dismiss. In November 2023, the court denied Plaintiffs’ motion for class certification without prejudice. In April 2024, the court denied Plaintiffs’ motion for leave to file a renewed motion for class certification. On May 28, 2024, Robinhood notified the court that it had reached a settlement in principle with the Plaintiffs in their individual capacities. Robinhood subsequently notified the court that one of these Plaintiffs was unwilling to sign the settlement agreement and requested additional time to negotiate with that individual. On August 14, 2024, the court dismissed the lead and named Plaintiffs’ claims. In October 2024, Robinhood notified the court that it was conferring with counsel for the remaining individual securities actions in connection with moving to compel arbitration for the majority of the remaining securities claims and ongoing substantive settlement negotiations. RHM, RHF, RHS, and our Co-Founder and Chief Executive Officer (“CEO”), Vladimir Tenev, among others, have received requests for information, and in some cases, subpoenas and requests for testimony, related to investigations and examinations of the Early 2021 Trading Restrictions from the United States Attorney’s Office for the Northern District of California (“USAO”), the U.S. Department of Justice ("DOJ”), Antitrust Division, the SEC’s Division of Enforcement, FINRA, the New York Attorney General’s Office, other state attorneys general offices, and a number of state securities regulators. Also, a related search warrant was executed by the USAO to obtain Mr. Tenev's cell phone. There have been several inquiries based on specific customer complaints. We have also received requests from the SEC Division of Enforcement and FINRA related to employee trading in certain securities that were subject to the Early 2021 Trading Restrictions, including GameStop Corp. and AMC Entertainment Holdings, Inc., during the week of January 25, 2021. These matters include requests related to whether any employee trading in these securities may have occurred after the decision to impose the Early 2021 Trading Restrictions and before the public announcement of the Early 2021 Trading Restrictions on January 28, 2021. We are cooperating with these investigations. FINRA Enforcement has also requested information about policies, procedures, and supervision related to employee trading generally. IPO Litigation In December 2021, Philip Golubowski filed a putative class action in the U.S. District Court for the Northern District of California against RHM, the officers and directors who signed Robinhood’s initial public offering (“IPO”) offering documents, and Robinhood’s IPO underwriters. Plaintiff’s claims are based on alleged false or misleading statements in Robinhood’s IPO offering documents allegedly in violation of Sections 11 and 12(a) of the Securities Act of 1933, as amended (the “Securities Act”). Plaintiff seeks unspecified compensatory damages, rescission of shareholders’ share purchases, and an award for attorneys’ fees and costs. In February 2022, certain alleged Robinhood stockholders submitted applications seeking appointment by the court to be the lead plaintiff to represent the putative class in this matter, and in March 2022, the court appointed lead plaintiffs. In June 2022, plaintiffs filed an amended complaint. In August 2022, Robinhood filed a motion to dismiss the complaint. In February 2023, the court granted Robinhood’s motion without prejudice. In March 2023, plaintiffs filed a second amended complaint. In January 2024, the court granted Robinhood’s motion to dismiss the second amended complaint without leave to amend. In February 2024, plaintiffs filed a notice of appeal to the 9th Circuit and the appeal is currently pending. In January 2022, Robert Zito filed a complaint derivatively on behalf of Robinhood against Robinhood’s directors at the time of its IPO in the U.S. District Court for the District of Delaware. Plaintiff alleges breach of fiduciary duties, waste of corporate assets, unjust enrichment, and violations of Section 10(b) of the Exchange Act. Plaintiff’s claims are based on allegations of false or misleading statements in Robinhood’s IPO offering documents, and plaintiff seeks an award of unspecified damages and restitution to the Company, injunctive relief, and an award for attorney’s fees and costs. In March 2022, the district court entered a stay of this litigation pending resolution of Robinhood’s motion to dismiss in the Golubowski securities action discussed above. In August 2022, a shareholder sent a letter to the RHM board of directors demanding, among other things, that the board of directors pursue causes of action on behalf of the Company related to allegations of misconduct in connection with the Early 2021 Trading Restrictions, Robinhood’s IPO offering documents, and the November 2021 Data Security Incident. The board of directors has formed a Demand Review Committee that is reviewing the demand. Pay transparency litigation In July 2024, RHM, RHY, and RHC were sued in a putative class action captioned John Milito v. Robinhood Markets, Inc. et. al., alleging that Robinhood violated Washington’s Equal Pay and Opportunity Act, because some of the Company’s job postings allegedly failed to include a wage scale or salary range. The complaint seeks unspecified total statutory damages, attorneys’ fees and costs, injunctive relief, and declaratory relief. The case is currently stayed in the Superior Court in King County in Washington pending a certified question to the Washington Supreme Court. Cash sweep litigation In October 2024, RHM, RHF, and RHS were sued in a putative class action captioned Dey v. Robinhood Markets, Inc. et. al., in the U.S. District Court for the Northern District of California. Plaintiff asserts breach of fiduciary duty, gross negligence, negligent misrepresentation and omissions, breach of implied covenant of good faith and dealing, and violation of California’s unfair competition law based on allegations that defendants failed to pay a reasonable rate of interest to non-Robinhood Gold brokerage account holders on cash balances swept to program bank deposit programs. The complaint seeks, among other things, certification of the class, unspecified monetary, punitive, treble, and statutory damages, restitution, disgorgement, attorneys’ fees and costs, injunctive relief, and declaratory relief.

SECURITIES BORROWING AND LENDING - Schedule of Assets and Liabilities Subject to Master Netting Arrangements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Gross amount of cash collateral provided to users for securities borrowing transactions	$ 3,704	$ 1,602
Gross amount offset on the consolidated balance sheets	0	0
Amounts of assets presented on the consolidated balance sheets	3,704	1,602
Securities borrowed	3,704	1,602
Fair value of securities borrowed from users and third parties	(3,614)	(1,536)
Net amount	90	66
Liabilities
Gross amount of cash collateral received from counterparties for securities lending transactions	7,306	3,547
Gross amount offset on the consolidated balance sheets	0	0
Amounts of liabilities presented on the consolidated balance sheets	7,306	3,547
Securities loaned	7,306	3,547
Fair value of securities pledged to counterparties	(6,842)	(3,188)
Net amount	$ 464	$ 359

LEASES (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Assets and Liabilities Lessee

Lease assets and liabilities recognized on our unaudited condensed consolidated balance sheets were as follows:


		December 31,		September 30,
(in millions)	Classification	2023		2024
Lease right-of-use assets:
Operating lease assets	Other non-current assets	$	68	$	63

Lease liabilities:
Current operating lease liabilities	Other current liabilities	20		22
Non-current operating lease liabilities	Other non-current liabilities	89		78
Total lease liabilities		$	109	$	100

Schedule of Cash Flows

Cash flows related to leases were as follows:


	Nine Months Ended September 30,
(in millions)	2023		2024
Operating cash flows:
Payments for operating lease liabilities	$	32	$	20
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets	$	—	$	5

LEASES - Schedule of Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating cash flows:
Payments for operating lease liabilities	$ 20	$ 32
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets	$ 5	$ 0

COMMON STOCK AND STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

COMMON STOCK AND STOCKHOLDERS' EQUITY

NOTE 11: COMMON STOCK AND STOCKHOLDERS' EQUITY

Preferred Stock

As of September 30, 2024, no terms of the preferred stock were designated and no shares of preferred stock were outstanding.

Common Stock

We have three authorized classes of common stock: Class A, Class B, and Class C. Holders of our Class A common stock are entitled to one vote per share on all matters to be voted upon by our stockholders, holders of our Class B common stock are entitled to 10 votes per share on all matters to be voted upon by our stockholders and, except as otherwise required by applicable law, holders of our Class C common stock are not entitled to vote on any matter to be voted upon by our stockholders. The holders of our Class A common stock and Class B common stock vote together as a single class, unless otherwise required by our Amended and Restated Certificate of Incorporation (our “Charter”) or applicable law.

Warrants

As of September 30, 2024, warrants outstanding consisted of warrants to purchase 14.3 million shares of Class A common stock with a strike price of $26.60 per share. The warrants expire on February 12, 2031 and can be exercised with cash or net shares settled at the holder’s option. In aggregate, the maximum purchase amount of all warrants is $380 million. As of September 30, 2024, the warrants had not been exercised.

Share Repurchase Program

On May 28, 2024, we announced that our board of directors approved a share repurchase program (the “Repurchase Program”) authorizing the Company to repurchase up to $1 billion of its outstanding Class A common stock. While the Repurchase Program does not have an expiration date, we continue to expect to complete over a period of two to three years. During the three months ended September 30, 2024, the Company repurchased 5 million shares of our Class A common stock for $97 million.

The timing and amount of repurchase transactions will be determined by us from time to time at our discretion based on our evaluation of market conditions, share price, and other factors. Repurchase transactions may be made using a variety of methods, such as open market share repurchases, including the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, or other financial arrangements or transactions. The Repurchase Program does not obligate us to acquire any particular

amount of Class A common stock and the Repurchase Program may be suspended or discontinued at any time at our discretion. All shares repurchased will be subsequently retired.

Equity Incentive Plans

2021 Omnibus Incentive Plan

Our 2021 Omnibus Incentive Plan (the “2021 Plan”) became effective on July 27, 2021, and provides for the grant of share-based awards (such as options, including incentive stock options, non statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), performance units, and other equity-based awards) and cash-based awards.

As of September 30, 2024, an aggregate of 448 million shares had been authorized for issuance under our Amended and Restated 2013 Stock Plan, as amended, 2020 Equity Incentive Plan, as amended, and 2021 Plan, of which 146 million shares had been issued under the plans, 45 million shares were reserved for issuance upon the exercise or settlement of outstanding equity awards under the plans, and 257 million shares remained available for new grants under the 2021 Plan.

Time-Based RSUs

We grant RSUs that vest upon the satisfaction of a time-based service condition (“Time-Based RSUs”). The following table summarizes the activity related to our Time-Based RSUs for the nine months ended September 30, 2024, which is the period we grant our company-wide annual refresh grants:


	Number of RSUs	Weighted- average grant date fair value
Unvested at December 31, 2023	34,551,998	$	14.99
Granted	16,910,355	17.56
Vested	(20,646,236)	16.43
Forfeited	(6,203,621)	15.33
Unvested at September 30, 2024	24,612,496	$	15.46

Market-Based RSUs

In 2019 and 2021, we granted to our founders RSUs under which vesting is conditioned upon both the achievement of share price targets and the continued employment by each recipient over defined service periods (“Market-Based RSUs”).

In February 2023, we cancelled the 2021 Market-Based RSUs of 35.5 million unvested shares (the “2021 Founders Award Cancellation”). We recognized $485 million SBC expense related to the cancellation during the nine months ended September 30, 2023, which was included in the general and administrative expense on our unaudited condensed statement of operations. No further expense

associated with these awards was recognized after the cancellation. No other payments, replacement equity awards or benefits were granted in connection with the cancellation.

The following table summarizes the activity related to our Market-Based RSUs for the nine months ended September 30, 2024:


	Eligible to Vest(1)	Not Eligible to Vest(2)	Total Number of RSUs	Weighted- average grant date fair value
Unvested at December 31, 2023	345,796	22,130,926	22,476,722	$	25.67
Granted	—	—	—
Vested	(230,532)	—	(230,532)	2.34
Forfeited(3)	(115,264)	(11,065,463)	(11,180,727)	25.79
Unvested at September 30, 2024	—	11,065,463	11,065,463	$	26.04

________________

(1)Represents RSUs that became eligible to vest upon achievement of share price targets and vest upon satisfaction of time-based service requirements.

(2)Represents RSUs that have not yet become eligible to vest because share price targets have not yet been achieved.

(3)The 11 million forfeited shares reflects the impact of the resignation of our co-founder and former Chief Creative Officer during the first quarter of 2024.

Share-Based Compensation

The following table presents SBC on our unaudited condensed consolidated statements of operations for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Brokerage and transaction	$	2	$	2	$	6	$	7
Technology and development	51		48		161		144
Operations	3		1		6		5
Marketing	1		3		3		6
General and administrative	26		25		614		65
Total(1)	$	83	$	79	$	790	$	227

________________

(1)For the three and nine months ended September 30, 2023, SBC expense primarily consisted of $70 million and $218 million related to Time-Based RSUs and $10 million and $563 million related to Market-Based RSUs. For the three and nine months ended September 30, 2024, SBC expense primarily consisted of $76 million and $225 million related to Time-Based RSUs and an immaterial amount and negative $8 million related to Market-Based RSUs, as a portion of the Market-Based RSUs became fully vested in prior periods and was net of an $11 million reversal of previously recognized expense related to unvested awards that were forfeited upon the resignation of our co-founder and former Chief Creative Officer during the first quarter of 2024.

We capitalized SBC expense related to internally developed software of $7 million and $18 million during the three and nine months ended September 30, 2024 compared to $5 million and $12 million for the same periods in the prior year.

As of September 30, 2024, there was $310 million of unrecognized SBC expense that is expected to be recognized over a weighted-average period of 0.89 years

ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses of Brokerage Related (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			$ 57	$ 29
Brokerage Related Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 15	$ 20	15	18
Provision for credit losses	6	3	16	18
Write-offs	(6)	(7)	(16)	(20)
Ending balance	$ 15	$ 16	$ 15	$ 16

COMMITMENTS & CONTINGENCIES (Details) $ in Millions		1 Months Ended			9 Months Ended
COMMITMENTS & CONTINGENCIES (Details) $ in Millions	Aug. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Jan. 31, 2024 USD ($)	Dec. 31, 2020 case count	Sep. 30, 2024 USD ($) State	Dec. 31, 2023 USD ($)	Apr. 30, 2021 tranche
Loss Contingencies [Line Items]
Accrued for legal and regulatory contingencies					$ 175.0	$ 190.0
Litigation settlement, amount awarded from other party		$ 9.0
Number of tranches \| tranche							3
Putative Securities Fraud Class Action Lawsuit
Loss Contingencies [Line Items]
Number of lawsuits \| case				5
State Regulatory Matters \| Unfavorable Regulatory Action \| Settled Litigation
Loss Contingencies [Line Items]
Number of states \| State					46
Payments for legal settlements					$ 9.2
Additional damages sought value					$ 1.0
Robinhood Crypto Matters \| Settled Litigation
Loss Contingencies [Line Items]
Payments for legal settlements	$ 3.9
Massachusetts Securities Law Violations
Loss Contingencies [Line Items]
Number of lawsuits \| count				3
Monetary penalty			$ 7.5

DERIVATIVES AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING ACTIVITIES

NOTE 7: DERIVATIVES AND HEDGING ACTIVITIES

In 2023, we entered into two interest rate floors that were designated as cash flow hedges of interest rate risk associated with our margin receivables. One interest rate floor with a notional amount of $2 billion was effective as of June 30, 2023. Another with a notional amount of $1 billion was effective as of January 1, 2024. Both interest rate floors had a maturity of six months. As of September 30, 2024, the Company had no derivatives and hedging activities.

Amounts reported in accumulated other comprehensive income (loss) (“AOCI”) related to interest rate floors were reclassified to net interest revenues as interest payments were received or paid on the hedged items during the nine months ended September 30, 2024.

The following table summarizes the amount of gain or loss recognized in AOCI on our unaudited condensed consolidated financial statements:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Derivatives designated as hedging instruments:
Loss on derivatives included in effectiveness assessment	$	(1)	$	—	$	(4)	$	—
Loss reclassified from AOCI into net interest revenues included in effectiveness assessment	—		—		—		3
Total	$	(1)	$	—	$	(4)	$	3

The following table summarizes the components of AOCI including hedging activities on our unaudited condensed consolidated financial statements:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Beginning balance	$	(3)	$	—	$	—	$	(3)
Foreign currency translation:
Other comprehensive income before reclassifications	—		1		—		1
Other comprehensive income after reclassification, net of tax	—		1		—		1

Hedging instruments:
Other comprehensive loss before reclassifications	(1)		—		(4)		—
Reclassification adjustment for net gains included in net interest revenues, net of tax	—		—		—		3
Other comprehensive income (loss) after reclassification, net of tax	(1)		—		(4)		3
Ending balance	$	(4)	$	1	$	(4)	$	1

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of the Components of AOCI Related to Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 7,122	$ 7,187	$ 6,696	$ 6,956
Total other comprehensive income (loss), net of tax	1	(1)	4	(4)
Ending balance	7,208	6,574	7,208	6,574
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	(3)	(3)	0
Ending balance	1	(4)	1	(4)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	1	0	1	0
Total other comprehensive income (loss), net of tax	1	0	1	0
Hedging instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	0	(1)	0	(4)
Reclassification adjustment for net gains included in net interest revenues, net of tax	0	0	3	0
Total other comprehensive income (loss), net of tax	$ 0	$ (1)	$ 3	$ (4)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision (Benefit)


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except percentages)	2023			2024			2023			2024
Income (loss) before income taxes	$	(75)		$	153		$	(562)		$	506
Provision for income taxes	10			3			9			11
Effective tax rate	(12.7)		%	1.9		%	(1.5)		%	2.2		%

ALLOWANCE FOR CREDIT LOSSES (Tables)

9 Months Ended

Sep. 30, 2024

Credit Loss [Abstract]

Schedule of Allowance for Credit Losses Receivable

The following table summarizes the brokerage related allowance for credit losses as a reduction of receivables from users, net on the unaudited condensed consolidated balance sheet:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Beginning balance	$	20	$	15	$	18	$	15
Provision for credit losses	3		6		18		16
Write-offs	(7)		(6)		(20)		(16)
Ending balance	$	16	$	15	$	16	$	15

The following table summarizes the allowance related to off-balance sheet credit card receivables:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Beginning balance	$	—	$	34	$	—	$	32
Opening balance from acquisition of Robinhood Credit	16		—		16		—
Provision for credit losses	10		11		10		30
Credit loss payments to Coastal Bank	(4)		(8)		(4)		(26)
Recoveries	—		1		—		2
Ending balance	$	22	$	38	$	22	$	38

The following table summarizes the allowance related to purchased credit card receivables and interest receivables from customers:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Beginning balance	$	—	$	3	$	—	$	1
Provision for credit losses	1		6		1		11
Write-offs	—		(1)		—		(4)
Ending balance	$	1	$	8	$	1	$	8

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Sep. 30, 2024
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted during the nine months ended September 30, 2024 that materially impacted our unaudited condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This amendment will impact various disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. The amendments in this guidance will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. We are currently evaluating the impacts of the amendment on our consolidated financial statements. In November 2023, the FASB issued Accounting Standards Update 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in guidance improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and related disclosures. In December 2023, the FASB issued Accounting Standards Update 2023-09, “Income taxes (Topic 740): Improvements to Income Taxes Disclosures.” This guidance requires annual disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and related disclosures. In March 2024, the SEC adopted final rules under SEC Release No. 34-99678 and No. 33-11275, “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (the “Final Rules”), which requires registrants to provide certain climate-related information in their registration statements and annual reports. The Final Rules require, among other things, disclosure in the notes to the audited financial statements of the effects of severe weather events and other natural conditions, subject to certain thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates in certain circumstances. The disclosure requirements of the Final Rules will begin phasing in for annual periods beginning in fiscal year 2025. In April 2024, the SEC stayed the effectiveness of the Final Rules. We are currently evaluating the impact of the Final Rules.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 65
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses of Receivables From Users (Details) - Robinhood credit - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Contract with Customer, Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3	$ 0	$ 1	$ 0
Provision for credit losses	6	1	11	1
Write-offs	(1)	0	(4)	0
Ending balance	$ 8	$ 1	$ 8	$ 1

NET INCOME (LOSS) PER SHARE - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net income (loss)	$ 150	$ (85)	$ 495	$ (571)
Net income (loss) attributable to common stockholders	$ 150	$ (85)	$ 495	$ (571)
Denominator
Weighted-average common stock outstanding - basic (in shares)	884,108,545	895,108,790	880,182,573	898,999,464
Basic EPS (in dollars per share)	$ 0.17	$ (0.09)	$ 0.56	$ (0.64)
Numerator
Net income (loss)	$ 150	$ (85)	$ 495	$ (571)
Net income (loss) for diluted EPS	$ 150	$ (85)	$ 495	$ (571)
Denominator
Weighted-average common stock outstanding - basic (in shares)	884,108,545	895,108,790	880,182,573	898,999,464
Weighted-average common shares outstanding - diluted (in shares)	905,544,750	895,108,790	903,555,592	898,999,464
Diluted EPS (in dollars per share)	$ 0.17	$ (0.09)	$ 0.55	$ (0.64)
Class A
Numerator
Net income (loss)	$ 129	$ (73)	$ 425	$ (490)
Net income (loss) attributable to common stockholders	$ 129	$ (73)	$ 425	$ (490)
Denominator
Weighted-average common stock outstanding - basic (in shares)	761,931,947	767,981,843	756,319,103	771,585,189
Basic EPS (in dollars per share)	$ 0.17	$ (0.09)	$ 0.56	$ (0.64)
Numerator
Net income (loss)	$ 129	$ (73)	$ 425	$ (490)
Reallocation of net income as a result of conversion of Class B to Class A common stock	21	0	70	0
Reallocation of net income to Class B common stock	0	0	0	0
Net income (loss) for diluted EPS	$ 150	$ (73)	$ 495	$ (490)
Denominator
Weighted-average common stock outstanding - basic (in shares)	761,931,947	767,981,843	756,319,103	771,585,189
Dilutive effect of stock options and unvested shares (in shares)	21,436,205	0	23,373,019	0
Conversion of Class B to Class A common stock (in shares)	122,176,598	0	123,863,470	0
Weighted-average common shares outstanding - diluted (in shares)	905,544,750	767,981,843	903,555,592	771,585,189
Diluted EPS (in dollars per share)	$ 0.17	$ (0.09)	$ 0.55	$ (0.64)
Class B
Numerator
Net income (loss)	$ 21	$ (12)	$ 70	$ (81)
Net income (loss) attributable to common stockholders	$ 21	$ (12)	$ 70	$ (81)
Denominator
Weighted-average common stock outstanding - basic (in shares)	122,176,598	127,126,947	123,863,470	127,414,275
Basic EPS (in dollars per share)	$ 0.17	$ (0.09)	$ 0.56	$ (0.64)
Numerator
Net income (loss)	$ 21	$ (12)	$ 70	$ (81)
Reallocation of net income as a result of conversion of Class B to Class A common stock	0	0	0	0
Reallocation of net income to Class B common stock	0	0	(1)	0
Net income (loss) for diluted EPS	$ 21	$ (12)	$ 69	$ (81)
Denominator
Weighted-average common stock outstanding - basic (in shares)	122,176,598	127,126,947	123,863,470	127,414,275
Dilutive effect of stock options and unvested shares (in shares)	0	0	0	0
Conversion of Class B to Class A common stock (in shares)	0	0	0	0
Weighted-average common shares outstanding - diluted (in shares)	122,176,598	127,126,947	123,863,470	127,414,275
Diluted EPS (in dollars per share)	$ 0.17	$ (0.09)	$ 0.55	$ (0.64)

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Customer Concentration Risk - Revenue Benchmark	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total as percentage of total revenue
Concentration Risk [Line Items]
Concentration risk, percentage	50.00%	37.00%	50.00%	40.00%
Citadel Securities, LLC
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	11.00%	13.00%	12.00%
All others individually less than 10%
Concentration Risk [Line Items]
Concentration risk, percentage	36.00%	26.00%	37.00%	28.00%

ALLOWANCE FOR CREDIT LOSSES - Narrative (Details)	9 Months Ended
ALLOWANCE FOR CREDIT LOSSES - Narrative (Details)	Sep. 30, 2024 type
Credit Loss [Abstract]
Number of types of allowance for credit losses	2
Contract with customer, threshold period	180 days

INVESTMENTS AND FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Held-to-Maturity Investments

The following tables summarize our held-to-maturity investments:


	December 31, 2023
(in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
Debt securities:
Corporate debt securities	$	205	$	—	$	—	$	(1)	$	204
U.S. Treasury securities	202		—		—		—		202
U.S. government agency securities	42		—		—		—		42
Certificates of deposit	34		—		—		—		34
Commercial paper	3		—		—		—		3
Total held-to-maturity investments	$	486	$	—	$	—	$	(1)	$	485


	September 30, 2024
(in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
Debt securities:
U.S. Treasury securities	$	426	$	—	$	1	$	(1)	$	426
Corporate debt securities	91		—		—		—		91
U.S. government agency securities	10		—		—		—		10
Total held-to-maturity investments	$	527	$	—	$	1	$	(1)	$	527

Schedule of Amortized Cost and Fair Value of Held-to-Maturity Investments by Contractual Maturity Date

The table below presents the amortized cost and fair value of held-to-maturity investments by contractual maturity; the maximum maturity is two years:


	December 31, 2023
(in millions)	Within 1 Year		1 to 2 Years		Total
Amortized cost
Debt securities:
Corporate debt securities	$	153	$	52	$	205
U.S. Treasury securities	184		18		202
U.S. government agency securities	39		3		42
Certificates of deposit	34		—		34
Commercial paper	3		—		3
Total held-to-maturity investments	$	413	$	73	$	486

Fair value
Debt securities:
Corporate debt securities	$	152	$	52	$	204
U.S. Treasury securities	184		18		202
U.S. government agency securities	39		3		42
Certificates of deposit	34		—		34
Commercial paper	3		—		3
Total held-to-maturity investments	$	412	$	73	$	485


	September 30, 2024
(in millions)	Within 1 Year		1 to 2 Years		Total
Amortized cost
Debt securities:
U.S. Treasury securities	$	426	$	—	$	426
Corporate debt securities	91		—		91
U.S. government agency securities	10		—		10
Total held-to-maturity investments	$	527	$	—	$	527

Fair value
Debt securities:
U.S. Treasury securities	$	426	$	—	$	426
Corporate debt securities	91		—		91
U.S. government agency securities	10		—		10
Total held-to-maturity investments	$	527	$	—	$	527

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis were presented on our unaudited condensed consolidated balance sheets as follows:


	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Time deposits	$	—	$	500	$	—	$	500
Money market funds	146		—		—		146
Deposits with clearing organizations:
U.S. Treasury securities(1)	50		—		—		50
Other current assets:
Stablecoin	20		—		—		20
Equity securities - securities owned	10		—		—		10
Other non-current assets:
Money market funds - escrow account	2		—		—		2
Asset related to user cryptocurrencies safeguarding obligation	—		14,708		—		14,708
User-held fractional shares	1,592		—		—		1,592
Total financial assets	$	1,820	$	15,208	$	—	$	17,028

Liabilities
User cryptocurrencies safeguarding obligation	$	—	$	14,708	$	—	$	14,708
Fractional shares repurchase obligations	1,592		—		—		1,592
Total financial liabilities	$	1,592	$	14,708	$	—	$	16,300


	September 30, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Time deposits	$	—	$	750	$	—	$	750
Money market funds	60		—		—		60
U.S. Treasury securities	8		—		—		8
Other current assets:
Stablecoin	21		—		—		21
Equity securities - securities owned	14		—		—		14
Other non-current assets:
Money market funds - escrow account	2		—		—		2
Asset related to user cryptocurrencies safeguarding obligation	—		19,456		—		19,456
User-held fractional shares	2,201		—		—		2,201
Total financial assets	$	2,306	$	20,206	$	—	$	22,512

Liabilities
User cryptocurrencies safeguarding obligation	$	—	$	19,456	$	—	$	19,456
Fractional shares repurchase obligations	2,201		—		—		2,201
Total financial liabilities	$	2,201	$	19,456	$	—	$	21,657

____________________________

(1) During the year ended December 31. 2023, U.S. Treasury securities were pledged to a clearing organization to meet margin requirements for our security lending program.

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The fair value for certain financial instruments that are not required to be measured or reported at fair value was presented on our unaudited condensed consolidated balance sheets as follows:


	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Held-to-maturity investments:
Corporate debt securities	$	—	$	204	$	—	$	204
U.S. Treasury securities	202		—		—		202
U.S. government agency securities	—		42		—		42
Certificates of deposit	—		34		—		34
Commercial paper	—		3		—		3
Total held-to-maturity investments	$	202	$	283	$	—	$	485


	September 30, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Held-to-maturity investments:
U.S. Treasury securities	$	426	$	—	$	—	$	426
Corporate debt securities	—		91		—		91
U.S. government agency securities	—		10		—		10
Total held-to-maturity investments	$	426	$	101	$	—	$	527

Schedule of Safeguarded Cryptocurrencies

Safeguarded user cryptocurrencies were as follows:


	December 31,		September 30,
(in millions)	2023		2024
Bitcoin (BTC)	$	6,149	$	9,416
Ethereum (ETH)	3,761		4,014
Dogecoin (DOGE)	3,319		4,001
Other	1,479		2,025
Total user cryptocurrencies safeguarding obligation and corresponding asset	$	14,708	$	19,456

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

+ Details

ALLOWANCE FOR CREDIT LOSSES

9 Months Ended

Sep. 30, 2024

Credit Loss [Abstract]

ALLOWANCE FOR CREDIT LOSSES

NOTE 5: ALLOWANCE FOR CREDIT LOSSES

Allowance for Credit Losses - Brokerage Related

Brokerage related allowance for credit losses primarily relate to unsecured balances of receivables from users due to Fraudulent Deposit Transactions, losses on margin lending, and reserves on proxy revenue receivables. Fraudulent Deposit Transactions occur when users initiate deposits into their accounts, make trades on our platforms using a short-term extension of credit from us, and then repatriate or reverse the deposits, resulting in a loss to us of the credited amount. The following table summarizes the brokerage related allowance for credit losses as a reduction of receivables from users, net on the unaudited condensed consolidated balance sheet:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Beginning balance	$	20	$	15	$	18	$	15
Provision for credit losses	3		6		18		16
Write-offs	(7)		(6)		(20)		(16)
Ending balance	$	16	$	15	$	16	$	15

Allowance for Credit Losses - Credit Card Related

We have two types of allowance for credit losses related to credit cards: i) an allowance related to off-balance sheet credit card receivables, shown as part of accounts payable and accrued expenses on the unaudited condensed consolidated balance sheet, and ii) an allowance related to purchased credit card receivables and interest receivable from customers, shown as a reduction of receivables from users, net on the unaudited condensed consolidated balance sheet. Credit card related allowance for credit losses represents management’s estimate of expected credit losses from credit exposure over the remaining expected life of credit card receivables. The credit card receivables allowance takes into account information from internal and external sources, including historical collection data, charge off trends by FICO cohort, and market data. We write-off balances when the balance becomes outstanding for over

180 days or when we otherwise deem the balance to be uncollectible. Write-offs for off-balance sheet credit card receivables are classified as credit loss payments to Coastal Bank.

The following table summarizes the allowance related to off-balance sheet credit card receivables:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Beginning balance	$	—	$	34	$	—	$	32
Opening balance from acquisition of Robinhood Credit	16		—		16		—
Provision for credit losses	10		11		10		30
Credit loss payments to Coastal Bank	(4)		(8)		(4)		(26)
Recoveries	—		1		—		2
Ending balance	$	22	$	38	$	22	$	38

The following table summarizes the allowance related to purchased credit card receivables and interest receivables from customers:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Beginning balance	$	—	$	3	$	—	$	1
Provision for credit losses	1		6		1		11
Write-offs	—		(1)		—		(4)
Ending balance	$	1	$	8	$	1	$	8

SECURITIES BORROWING AND LENDING (Tables)

9 Months Ended

Sep. 30, 2024

Offsetting [Abstract]

Schedule of Assets Subject to Master Netting Arrangement

The following tables set forth certain balances related to our securities borrowing and lending activities as of December 31, 2023 and September 30, 2024:


	December 31,		September 30,
(in millions)	2023		2024
Assets	Securities borrowed
Gross amount of cash collateral provided to users for securities borrowing transactions	$	1,602	$	3,704
Gross amount offset on the consolidated balance sheets	—		—
Amounts of assets presented on the consolidated balance sheets	1,602		3,704
Gross amount not offset on the consolidated balance sheets:
Cash collateral provided to users and third parties for securities borrowing transactions	1,602		3,704
Fair value of securities borrowed from users and third parties	(1,536)		(3,614)
Net amount	$	66	$	90

Liabilities	Securities loaned
Gross amount of cash collateral received from counterparties for securities lending transactions	$	3,547	$	7,306
Gross amount offset on the consolidated balance sheets	—		—
Amounts of liabilities presented on the consolidated balance sheets	3,547		7,306
Gross amount not offset on the consolidated balance sheets:
Cash collateral received from counterparties for securities lending transactions	3,547		7,306
Fair value of securities pledged to counterparties	(3,188)		(6,842)
Net amount	$	359	$	464

Schedule of liabilities Subject to Master Netting Arrangement

The following tables set forth certain balances related to our securities borrowing and lending activities as of December 31, 2023 and September 30, 2024:


	December 31,		September 30,
(in millions)	2023		2024
Assets	Securities borrowed
Gross amount of cash collateral provided to users for securities borrowing transactions	$	1,602	$	3,704
Gross amount offset on the consolidated balance sheets	—		—
Amounts of assets presented on the consolidated balance sheets	1,602		3,704
Gross amount not offset on the consolidated balance sheets:
Cash collateral provided to users and third parties for securities borrowing transactions	1,602		3,704
Fair value of securities borrowed from users and third parties	(1,536)		(3,614)
Net amount	$	66	$	90

Liabilities	Securities loaned
Gross amount of cash collateral received from counterparties for securities lending transactions	$	3,547	$	7,306
Gross amount offset on the consolidated balance sheets	—		—
Amounts of liabilities presented on the consolidated balance sheets	3,547		7,306
Gross amount not offset on the consolidated balance sheets:
Cash collateral received from counterparties for securities lending transactions	3,547		7,306
Fair value of securities pledged to counterparties	(3,188)		(6,842)
Net amount	$	359	$	464

INVESTMENTS AND FAIR VALUE MEASUREMENT - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Deposits with clearing organizations	$ 464	$ 338
Asset related to user cryptocurrencies safeguarding obligation	19,456	14,708
Liabilities
User cryptocurrencies safeguarding obligation	19,456	14,708
Fair Value, Recurring
Assets
Total financial assets	22,512	17,028
Liabilities
Total financial liabilities	21,657	16,300
Fair Value, Recurring \| U.S. Treasury securities
Assets
Deposits with clearing organizations		50
Fair Value, Recurring \| Stablecoin
Assets
Other current assets	21	20
Fair Value, Recurring \| Equity securities - securities owned
Assets
Other current assets	14	10
Fair Value, Recurring \| Money market funds - escrow account
Assets
Other current assets	2	2
Fair Value, Recurring \| Asset related to user cryptocurrencies safeguarding obligation
Assets
Asset related to user cryptocurrencies safeguarding obligation	19,456	14,708
Fair Value, Recurring \| User-held fractional shares
Assets
Other current assets	2,201	1,592
Fair Value, Recurring \| User cryptocurrencies safeguarding obligation
Liabilities
User cryptocurrencies safeguarding obligation	19,456	14,708
Fair Value, Recurring \| Fractional shares repurchase obligations
Liabilities
Fractional shares repurchase obligations	2,201	1,592
Fair Value, Recurring \| Time deposits
Assets
Cash equivalents	750	500
Fair Value, Recurring \| Money market funds
Assets
Cash equivalents	60	146
Fair Value, Recurring \| U.S. Treasury securities
Assets
Cash equivalents	8
Fair Value, Recurring \| Level 1
Assets
Total financial assets	2,306	1,820
Liabilities
Total financial liabilities	2,201	1,592
Fair Value, Recurring \| Level 1 \| U.S. Treasury securities
Assets
Deposits with clearing organizations		50
Fair Value, Recurring \| Level 1 \| Stablecoin
Assets
Other current assets	21	20
Fair Value, Recurring \| Level 1 \| Equity securities - securities owned
Assets
Other current assets	14	10
Fair Value, Recurring \| Level 1 \| Money market funds - escrow account
Assets
Other current assets	2	2
Fair Value, Recurring \| Level 1 \| Asset related to user cryptocurrencies safeguarding obligation
Assets
Asset related to user cryptocurrencies safeguarding obligation	0	0
Fair Value, Recurring \| Level 1 \| User-held fractional shares
Assets
Other current assets	2,201	1,592
Fair Value, Recurring \| Level 1 \| User cryptocurrencies safeguarding obligation
Liabilities
User cryptocurrencies safeguarding obligation	0	0
Fair Value, Recurring \| Level 1 \| Fractional shares repurchase obligations
Liabilities
Fractional shares repurchase obligations	2,201	1,592
Fair Value, Recurring \| Level 1 \| Time deposits
Assets
Cash equivalents	0	0
Fair Value, Recurring \| Level 1 \| Money market funds
Assets
Cash equivalents	60	146
Fair Value, Recurring \| Level 1 \| U.S. Treasury securities
Assets
Cash equivalents	8
Fair Value, Recurring \| Level 2
Assets
Total financial assets	20,206	15,208
Liabilities
Total financial liabilities	19,456	14,708
Fair Value, Recurring \| Level 2 \| U.S. Treasury securities
Assets
Deposits with clearing organizations		0
Fair Value, Recurring \| Level 2 \| Stablecoin
Assets
Other current assets	0	0
Fair Value, Recurring \| Level 2 \| Equity securities - securities owned
Assets
Other current assets	0	0
Fair Value, Recurring \| Level 2 \| Money market funds - escrow account
Assets
Other current assets	0	0
Fair Value, Recurring \| Level 2 \| Asset related to user cryptocurrencies safeguarding obligation
Assets
Asset related to user cryptocurrencies safeguarding obligation	19,456	14,708
Fair Value, Recurring \| Level 2 \| User-held fractional shares
Assets
Other current assets	0	0
Fair Value, Recurring \| Level 2 \| User cryptocurrencies safeguarding obligation
Liabilities
User cryptocurrencies safeguarding obligation	19,456	14,708
Fair Value, Recurring \| Level 2 \| Fractional shares repurchase obligations
Liabilities
Fractional shares repurchase obligations	0	0
Fair Value, Recurring \| Level 2 \| Time deposits
Assets
Cash equivalents	750	500
Fair Value, Recurring \| Level 2 \| Money market funds
Assets
Cash equivalents	0	0
Fair Value, Recurring \| Level 2 \| U.S. Treasury securities
Assets
Cash equivalents	0
Fair Value, Recurring \| Level 3
Assets
Total financial assets	0	0
Liabilities
Total financial liabilities	0	0
Fair Value, Recurring \| Level 3 \| U.S. Treasury securities
Assets
Deposits with clearing organizations		0
Fair Value, Recurring \| Level 3 \| Stablecoin
Assets
Other current assets	0	0
Fair Value, Recurring \| Level 3 \| Equity securities - securities owned
Assets
Other current assets	0	0
Fair Value, Recurring \| Level 3 \| Money market funds - escrow account
Assets
Other current assets	0	0
Fair Value, Recurring \| Level 3 \| Asset related to user cryptocurrencies safeguarding obligation
Assets
Asset related to user cryptocurrencies safeguarding obligation	0	0
Fair Value, Recurring \| Level 3 \| User-held fractional shares
Assets
Other current assets	0	0
Fair Value, Recurring \| Level 3 \| User cryptocurrencies safeguarding obligation
Liabilities
User cryptocurrencies safeguarding obligation	0	0
Fair Value, Recurring \| Level 3 \| Fractional shares repurchase obligations
Liabilities
Fractional shares repurchase obligations	0	0
Fair Value, Recurring \| Level 3 \| Time deposits
Assets
Cash equivalents	0	0
Fair Value, Recurring \| Level 3 \| Money market funds
Assets
Cash equivalents	0	$ 0
Fair Value, Recurring \| Level 3 \| U.S. Treasury securities
Assets
Cash equivalents	$ 0

COMMON STOCK AND STOCKHOLDERS' EQUITY - Schedule of Activity Related to Time-Based and Market-Based RSUs (Details) - $ / shares	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 28, 2023	Mar. 31, 2024	Sep. 30, 2024
Time-Based RSUs
Number of RSUs
Unvested restricted stock, beginning balance (in shares)		34,551,998	34,551,998
Granted (in shares)			16,910,355
Vested (in shares)			(20,646,236)
Forfeited (in shares)			(6,203,621)
Unvested restricted stock, ending balance (in shares)			24,612,496
Weighted- average grant date fair value
Unvested restricted stock, beginning balance (in dollars per share)		$ 14.99	$ 14.99
Granted (in dollars per share)			17.56
Vested (in dollars per share)			16.43
Forfeited (in dollars per share)			15.33
Unvested restricted stock, ending balance (in dollars per share)			$ 15.46
Market-Based RSUs
Number of RSUs
Unvested restricted stock, beginning balance (in shares)		22,476,722	22,476,722
Granted (in shares)			0
Vested (in shares)			(230,532)
Forfeited (in shares)	(35,500,000)		(11,180,727)
Unvested restricted stock, ending balance (in shares)			11,065,463
Weighted- average grant date fair value
Unvested restricted stock, beginning balance (in dollars per share)		$ 25.67	$ 25.67
Granted (in dollars per share)
Vested (in dollars per share)			2.34
Forfeited (in dollars per share)			25.79
Unvested restricted stock, ending balance (in dollars per share)			$ 26.04
Market-Based RSUs Eligible to Vest
Number of RSUs
Unvested restricted stock, beginning balance (in shares)		345,796	345,796
Granted (in shares)			0
Vested (in shares)			(230,532)
Forfeited (in shares)			(115,264)
Unvested restricted stock, ending balance (in shares)			0
Market-Based RSUs Not Eligible to Vest
Number of RSUs
Unvested restricted stock, beginning balance (in shares)		22,130,926	22,130,926
Granted (in shares)			0
Vested (in shares)			0
Forfeited (in shares)			(11,065,463)
Unvested restricted stock, ending balance (in shares)			11,065,463
Market-Based RSUs Not Eligible to Vest \| Former Chief Creative Officer
Number of RSUs
Forfeited (in shares)		(11,000,000)

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 150	$ (85)	$ 495	$ (571)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Noncurrent prepaid assets	$ 22	$ 4
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	210,000,000	210,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	21,000,000,000	21,000,000,000
Common stock, shares issued (in shares)	761,992,964	745,401,862
Common stock, shares outstanding (in shares)	761,992,964	745,401,862
Common Class B
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	121,616,044	126,760,802
Common stock, shares outstanding (in shares)	121,616,044	126,760,802
Common Class C
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	7,000,000,000	7,000,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024 USD ($)	Jan. 01, 2024 USD ($)	Dec. 31, 2023 contract	Jun. 30, 2023 USD ($) contract
Interest Rate Floor
Derivatives, Fair Value [Line Items]
Number of interest rate floors \| contract					1
Aggregated notional amount \| $			$ 1,000,000,000		$ 2,000,000,000
Maturity of derivative contract	6 months
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair value of hedging instrument \| $		$ 0
Designated as Hedging Instrument \| Interest Rate Floor
Derivatives, Fair Value [Line Items]
Number of interest rate floors \| contract				2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Net interest revenues	$ 274	$ 251	$ 813	$ 693
Total net revenues	637	467	1,937	1,394
Operating expenses:
Brokerage and transaction	39	39	114	114
Technology and development	205	202	610	608
Operations	50	41	140	119
Marketing	59	28	190	79
General and administrative	133	230	385	1,036
Total operating expenses	486	540	1,439	1,956
Other income (expense), net	2	(2)	8	0
Income (loss) before income taxes	153	(75)	506	(562)
Provision for income taxes	3	10	11	9
Net income (loss)	150	(85)	495	(571)
Net income (loss) attributable to common stockholders:
Basic	150	(85)	495	(571)
Diluted	$ 150	$ (85)	$ 495	$ (571)
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.17	$ (0.09)	$ 0.56	$ (0.64)
Diluted (in dollars per share)	$ 0.17	$ (0.09)	$ 0.55	$ (0.64)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic (in shares)	884,108,545	895,108,790	880,182,573	898,999,464
Diluted (in shares)	905,544,750	895,108,790	903,555,592	898,999,464
Transaction-based revenues
Revenues:
Transaction-based revenues and other revenues	$ 319	$ 185	$ 975	$ 585
Other revenues
Revenues:
Transaction-based revenues and other revenues	$ 44	$ 31	$ 149	$ 116

INVESTMENTS AND FAIR VALUE MEASUREMENT -Schedule of Amortized Cost and Fair Value of Held-to-Maturity Investments by Contractual Maturity Date (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Amortized cost
Within 1 Year	$ 527	$ 413
1 to 2 Years	0	73
Amortized Cost	527	486
Fair value
Within 1 Year	527	412
1 to 2 Years	0	73
Total	527	485
Corporate debt securities
Amortized cost
Within 1 Year	91	153
1 to 2 Years	0	52
Amortized Cost	91	205
Fair value
Within 1 Year	91	152
1 to 2 Years	0	52
Total	91	204
U.S. Treasury securities
Amortized cost
Within 1 Year	426	184
1 to 2 Years	0	18
Amortized Cost	426	202
Fair value
Within 1 Year	426	184
1 to 2 Years	0	18
Total	426	202
U.S. government agency securities
Amortized cost
Within 1 Year	10	39
1 to 2 Years	0	3
Amortized Cost	10	42
Fair value
Within 1 Year	10	39
1 to 2 Years	0	3
Total	$ 10	42
Certificates of deposit
Amortized cost
Within 1 Year		34
1 to 2 Years		0
Amortized Cost		34
Fair value
Within 1 Year		34
1 to 2 Years		0
Total		34
Commercial paper
Amortized cost
Within 1 Year		3
1 to 2 Years		0
Amortized Cost		3
Fair value
Within 1 Year		3
1 to 2 Years		0
Total		$ 3

COMMON STOCK AND STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Activity Related to Time-Based and Market-Based RSUs

The following table summarizes the activity related to our Time-Based RSUs for the nine months ended September 30, 2024, which is the period we grant our company-wide annual refresh grants:


	Number of RSUs	Weighted- average grant date fair value
Unvested at December 31, 2023	34,551,998	$	14.99
Granted	16,910,355	17.56
Vested	(20,646,236)	16.43
Forfeited	(6,203,621)	15.33
Unvested at September 30, 2024	24,612,496	$	15.46

The following table summarizes the activity related to our Market-Based RSUs for the nine months ended September 30, 2024:


	Eligible to Vest(1)	Not Eligible to Vest(2)	Total Number of RSUs	Weighted- average grant date fair value
Unvested at December 31, 2023	345,796	22,130,926	22,476,722	$	25.67
Granted	—	—	—
Vested	(230,532)	—	(230,532)	2.34
Forfeited(3)	(115,264)	(11,065,463)	(11,180,727)	25.79
Unvested at September 30, 2024	—	11,065,463	11,065,463	$	26.04

________________

(1)Represents RSUs that became eligible to vest upon achievement of share price targets and vest upon satisfaction of time-based service requirements.

(2)Represents RSUs that have not yet become eligible to vest because share price targets have not yet been achieved.

(3)The 11 million forfeited shares reflects the impact of the resignation of our co-founder and former Chief Creative Officer during the first quarter of 2024.

Schedule of Share-Based Compensation

The following table presents SBC on our unaudited condensed consolidated statements of operations for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Brokerage and transaction	$	2	$	2	$	6	$	7
Technology and development	51		48		161		144
Operations	3		1		6		5
Marketing	1		3		3		6
General and administrative	26		25		614		65
Total(1)	$	83	$	79	$	790	$	227

________________

LEASES - Schedule of Assets and Liabilities Lessee (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease assets	$ 63	$ 68
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets	Other non-current assets
Current operating lease liabilities	$ 22	$ 20
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Non-current operating lease liabilities	$ 78	$ 89
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities
Total lease liabilities	$ 100	$ 109

REVENUES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
REVENUES - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Capitalized contract cost, impairment loss	$ 0	$ 0	$ 0	$ 0

INVESTMENTS AND FAIR VALUE MEASUREMENT - Schedule of Crypto Assets Held in Custody (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total user cryptocurrencies safeguarding obligation and corresponding asset	$ 19,456	$ 14,708
Total user cryptocurrencies safeguarding obligation and corresponding asset	19,456	14,708
Bitcoin (BTC)
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total user cryptocurrencies safeguarding obligation and corresponding asset	9,416	6,149
Total user cryptocurrencies safeguarding obligation and corresponding asset	9,416	6,149
Ethereum (ETH)
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total user cryptocurrencies safeguarding obligation and corresponding asset	4,014	3,761
Total user cryptocurrencies safeguarding obligation and corresponding asset	4,014	3,761
Dogecoin (DOGE)
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total user cryptocurrencies safeguarding obligation and corresponding asset	4,001	3,319
Total user cryptocurrencies safeguarding obligation and corresponding asset	4,001	3,319
Other
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total user cryptocurrencies safeguarding obligation and corresponding asset	2,025	1,479
Total user cryptocurrencies safeguarding obligation and corresponding asset	$ 2,025	$ 1,479

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 24, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40691
Entity Registrant Name	Robinhood Markets, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	46-4364776
Entity Address, Street	85 Willow Rd
Entity Address, City	Menlo Park
Entity Address, State	CA
Entity Address, Postal Zip Code	94025
City Area Code	844
Local Phone Number	428-5411
Title of each class	Class A Common Stock$0.0001 par value per share
Trading Symbol(s)	HOOD
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001783879
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		763,562,814
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		120,412,875

LEASES

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

LEASES

NOTE 13: LEASES

Our operating leases are comprised of office facilities, and we do not have any finance leases. Lease assets and liabilities recognized on our unaudited condensed consolidated balance sheets were as follows:


		December 31,		September 30,
(in millions)	Classification	2023		2024
Lease right-of-use assets:
Operating lease assets	Other non-current assets	$	68	$	63

Lease liabilities:
Current operating lease liabilities	Other current liabilities	20		22
Non-current operating lease liabilities	Other non-current liabilities	89		78
Total lease liabilities		$	109	$	100

Cash flows related to leases were as follows:


	Nine Months Ended September 30,
(in millions)	2023		2024
Operating cash flows:
Payments for operating lease liabilities	$	32	$	20
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets	$	—	$	5

SECURITIES BORROWING AND LENDING

9 Months Ended

Sep. 30, 2024

Offsetting [Abstract]

SECURITIES BORROWING AND LENDING

NOTE 9: SECURITIES BORROWING AND LENDING

Our securities lending transactions are subject to enforceable master netting arrangements with other broker-dealers; however, we do not net securities borrowing and lending transactions. Therefore, activity related to securities borrowing and lending activities are presented gross on our unaudited condensed consolidated balance sheets.

When we borrow fully-paid securities from users and third parties, we provide cash collateral to our users and third parties, which represents our rights to the collateral provided to our users and third parties and is recorded as “securities borrowed”, an asset, on our unaudited condensed consolidated balance sheets. When we lend securities to third parties, we receive cash as collateral, which represents our obligation to return the collateral and is recorded as “securities loaned”, a liability, on our unaudited condensed consolidated balance sheets.

The following tables set forth certain balances related to our securities borrowing and lending activities as of December 31, 2023 and September 30, 2024:


	December 31,		September 30,
(in millions)	2023		2024
Assets	Securities borrowed
Gross amount of cash collateral provided to users for securities borrowing transactions	$	1,602	$	3,704
Gross amount offset on the consolidated balance sheets	—		—
Amounts of assets presented on the consolidated balance sheets	1,602		3,704
Gross amount not offset on the consolidated balance sheets:
Cash collateral provided to users and third parties for securities borrowing transactions	1,602		3,704
Fair value of securities borrowed from users and third parties	(1,536)		(3,614)
Net amount	$	66	$	90

Liabilities	Securities loaned
Gross amount of cash collateral received from counterparties for securities lending transactions	$	3,547	$	7,306
Gross amount offset on the consolidated balance sheets	—		—
Amounts of liabilities presented on the consolidated balance sheets	3,547		7,306
Gross amount not offset on the consolidated balance sheets:
Cash collateral received from counterparties for securities lending transactions	3,547		7,306
Fair value of securities pledged to counterparties	(3,188)		(6,842)
Net amount	$	359	$	464

We obtain securities on terms that permit us to pledge and/or transfer securities to others. As of December 31, 2023 and September 30, 2024, we were permitted to re-pledge securities with a fair value of $4.78 billion and $7.48 billion under margin account agreements with users. As of December 31, 2023, we were permitted to re-pledge securities with a fair value of an immaterial balance that we borrowed under the master securities loan agreements (“MSLAs”) with third parties. As of September 30, 2024, there were no securities re-pledged from borrowing under MSLAs with third parties. Under the Fully-Paid Securities Lending program, as of December 31, 2023 and September 30, 2024, we were permitted to borrow securities with a fair value of $14.03 billion and $29.43 billion including securities with a fair value of $1.54 billion and $3.61 billion that we had borrowed from users.

As of December 31, 2023 and September 30, 2024, we had re-pledged securities with a fair value of $3.19 billion and $6.84 billion, in each case under MSLAs and fixed-term securities lending agreements with third parties. In addition, as of December 31, 2023 and September 30, 2024, we had re-pledged $676 million and $1.22 billion of the permitted amounts under the margin account agreements with clearing organizations to meet deposit requirements.

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Daniel Gallagher [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 9, 2024, Daniel Gallagher, our Chief Legal Officer, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell up to 650,000 shares of our Class A common stock on or prior to November 21, 2025.
Name	Daniel Gallagher
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 9, 2024
Expiration Date	November 21, 2025
Arrangement Duration	469 days
Aggregate Available	650,000	650,000

SECURITIES BORROWING AND LENDING - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Fair value of securities borrowed from users and third parties	$ 3,614	$ 1,536
Fair value of securities pledged to counterparties	6,842	3,188
Amount re-pledged with clearing organizations to meet deposit requirements	1,220	676
Third Parties
Offsetting Assets [Line Items]
Fair value of securities borrowed from users and third parties	0	0
Asset Pledged as Collateral
Offsetting Assets [Line Items]
Securities pledged	7,480	4,780
Asset Pledged as Collateral \| Securities Sold under Agreements to Repurchase
Offsetting Assets [Line Items]
Securities pledged	29,430	14,030
Fair value of securities borrowed from users and third parties	$ 3,610	$ 1,540

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit
Balance at beginning of period, Common stock (in shares) at Dec. 31, 2022		892,751,571
Beginning balance at Dec. 31, 2022	$ 6,956	$ 0	$ 11,861	$ 0	$ (4,905)
Increase (decrease) in stockholder's equity
Net (loss) income	(571)				(571)
Shares issued in connection with stock option exercise, net of repurchases (in shares)		1,125,929
Shares issued in connection with stock option exercises, net of repurchases	2		2
Issuance of common stock in connection with Employee Stock Purchase Plan (in shares)		1,225,069
Issuance of common stock in connection with Employee Stock Purchase Plan	9		9
Repurchase and retirement of common stock ( in shares)		(55,273,469)
Repurchase and retirement of Class A common stock	(611)		(611)
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)		22,729,566
Issuance of common stock upon settlement of restricted stock units, net of shares withheld	(9)		(9)
Change in other comprehensive (loss) income	(4)			(4)
Share-based compensation	802		802
Balance at end of period, Common stock (in shares) at Sep. 30, 2023		862,558,666
Ending balance at Sep. 30, 2023	6,574	$ 0	12,054	(4)	(5,476)
Balance at beginning of period, Common stock (in shares) at Jun. 30, 2023		909,694,702
Beginning balance at Jun. 30, 2023	7,187	$ 0	12,581	(3)	(5,391)
Increase (decrease) in stockholder's equity
Net (loss) income	(85)				(85)
Shares issued in connection with stock option exercise, net of repurchases (in shares)		328,963
Repurchase and retirement of common stock ( in shares)		(55,273,469)
Repurchase and retirement of Class A common stock	(611)		(611)
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)		7,808,470
Issuance of common stock upon settlement of restricted stock units, net of shares withheld	(4)		(4)
Change in other comprehensive (loss) income	(1)			(1)
Share-based compensation	88		88
Balance at end of period, Common stock (in shares) at Sep. 30, 2023		862,558,666
Ending balance at Sep. 30, 2023	6,574	$ 0	12,054	(4)	(5,476)
Balance at beginning of period, Common stock (in shares) at Dec. 31, 2023		872,162,664
Beginning balance at Dec. 31, 2023	6,696	$ 0	12,145	(3)	(5,446)
Increase (decrease) in stockholder's equity
Net (loss) income	495				495
Shares issued in connection with stock option exercise, net of repurchases (in shares)		2,237,944
Shares issued in connection with stock option exercises, net of repurchases	10		10
Issuance of common stock in connection with Employee Stock Purchase Plan (in shares)		1,555,893
Issuance of common stock in connection with Employee Stock Purchase Plan	10		10
Repurchase and retirement of common stock ( in shares)		(5,012,195)
Repurchase and retirement of Class A common stock	(97)		(97)
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)		12,664,702
Issuance of common stock upon settlement of restricted stock units, net of shares withheld	(155)		(155)
Change in other comprehensive (loss) income	4			4
Share-based compensation	245		245
Balance at end of period, Common stock (in shares) at Sep. 30, 2024		883,609,008
Ending balance at Sep. 30, 2024	7,208	$ 0	12,158	1	(4,951)
Balance at beginning of period, Common stock (in shares) at Jun. 30, 2024		884,545,769
Beginning balance at Jun. 30, 2024	7,122	$ 0	12,223	0	(5,101)
Increase (decrease) in stockholder's equity
Net (loss) income	150				150
Shares issued in connection with stock option exercise, net of repurchases (in shares)		412,471
Shares issued in connection with stock option exercises, net of repurchases	2		2
Repurchase and retirement of common stock ( in shares)		(5,012,195)
Repurchase and retirement of Class A common stock	(97)		(97)
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)		3,662,963
Issuance of common stock upon settlement of restricted stock units, net of shares withheld	(56)		(56)
Change in other comprehensive (loss) income	1			1
Share-based compensation	86		86
Balance at end of period, Common stock (in shares) at Sep. 30, 2024		883,609,008
Ending balance at Sep. 30, 2024	$ 7,208	$ 0	$ 12,158	$ 1	$ (4,951)

INVESTMENTS AND FAIR VALUE MEASUREMENT - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Total held-to-maturity investments	$ 527	$ 485
Corporate debt securities
Assets
Total held-to-maturity investments	91	204
U.S. Treasury securities
Assets
Total held-to-maturity investments	426	202
U.S. government agency securities
Assets
Total held-to-maturity investments	10	42
Certificates of deposit
Assets
Total held-to-maturity investments		34
Commercial paper
Assets
Total held-to-maturity investments		3
Estimate of Fair Value Measurement
Assets
Total held-to-maturity investments	527	485
Estimate of Fair Value Measurement \| Corporate debt securities
Assets
Total held-to-maturity investments	91	204
Estimate of Fair Value Measurement \| U.S. Treasury securities
Assets
Total held-to-maturity investments	426	202
Estimate of Fair Value Measurement \| U.S. government agency securities
Assets
Total held-to-maturity investments	10	42
Estimate of Fair Value Measurement \| Certificates of deposit
Assets
Total held-to-maturity investments		34
Estimate of Fair Value Measurement \| Commercial paper
Assets
Total held-to-maturity investments		3
Estimate of Fair Value Measurement \| Level 1
Assets
Total held-to-maturity investments	426	202
Estimate of Fair Value Measurement \| Level 1 \| Corporate debt securities
Assets
Total held-to-maturity investments	0	0
Estimate of Fair Value Measurement \| Level 1 \| U.S. Treasury securities
Assets
Total held-to-maturity investments	426	202
Estimate of Fair Value Measurement \| Level 1 \| U.S. government agency securities
Assets
Total held-to-maturity investments	0	0
Estimate of Fair Value Measurement \| Level 1 \| Certificates of deposit
Assets
Total held-to-maturity investments		0
Estimate of Fair Value Measurement \| Level 1 \| Commercial paper
Assets
Total held-to-maturity investments		0
Estimate of Fair Value Measurement \| Level 2
Assets
Total held-to-maturity investments	101	283
Estimate of Fair Value Measurement \| Level 2 \| Corporate debt securities
Assets
Total held-to-maturity investments	91	204
Estimate of Fair Value Measurement \| Level 2 \| U.S. Treasury securities
Assets
Total held-to-maturity investments	0	0
Estimate of Fair Value Measurement \| Level 2 \| U.S. government agency securities
Assets
Total held-to-maturity investments	10	42
Estimate of Fair Value Measurement \| Level 2 \| Certificates of deposit
Assets
Total held-to-maturity investments		34
Estimate of Fair Value Measurement \| Level 2 \| Commercial paper
Assets
Total held-to-maturity investments		3
Estimate of Fair Value Measurement \| Level 3
Assets
Total held-to-maturity investments	0	0
Estimate of Fair Value Measurement \| Level 3 \| Corporate debt securities
Assets
Total held-to-maturity investments	0	0
Estimate of Fair Value Measurement \| Level 3 \| U.S. Treasury securities
Assets
Total held-to-maturity investments	0	0
Estimate of Fair Value Measurement \| Level 3 \| U.S. government agency securities
Assets
Total held-to-maturity investments	$ 0	0
Estimate of Fair Value Measurement \| Level 3 \| Certificates of deposit
Assets
Total held-to-maturity investments		0
Estimate of Fair Value Measurement \| Level 3 \| Commercial paper
Assets
Total held-to-maturity investments		$ 0

FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK (Details) - USD ($)		1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 22, 2024	May 31, 2024	Nov. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Purchases of credit card receivables by Credit Card Funding Trust							$ 239,000,000	$ 0
Interest revenue and expense					$ 274,000,000	$ 251,000,000	813,000,000	$ 693,000,000
Customer advance balance					202,000,000		202,000,000
Settlement date basis, equities		2 days
Settlement date basis, options		1 day
Robinhood Credit
Debt Instrument [Line Items]
Line of credit facility, amount entered into					100,000,000		100,000,000
Purchases of credit card receivables by Credit Card Funding Trust							239,000,000		$ 0
Provision for credit losses					99,000,000		99,000,000
Line of credit, current					94,000,000		94,000,000
Interest revenue and expense					0		0
Robinhood credit \| Coastal Bank
Debt Instrument [Line Items]
Customer advance limit			$ 300,000,000
Robinhood credit \| Coastal Bank \| Interest Rate Margin One
Debt Instrument [Line Items]
Variable rate on loan			3.75%
Customer advance limit threshold			$ 150,000,000
Robinhood credit \| Coastal Bank \| Interest Rate Margin Two
Debt Instrument [Line Items]
Variable rate on loan			3.00%
Customer advance limit threshold			$ 150,000,000
RHM March 2024 Credit Facility \| Secured Overnight Financing Rate, Interest Period Of One Month
Debt Instrument [Line Items]
Variable rate on loan	0.10%
RHM March 2024 Credit Facility \| Base Rate
Debt Instrument [Line Items]
Variable rate on loan	0.00%
Less than $50 million \| Robinhood Credit
Debt Instrument [Line Items]
Outstanding borrowings, long-term					50,000,000		$ 50,000,000
Less than $50 million \| SOFR \| Robinhood Credit
Debt Instrument [Line Items]
Variable rate on loan							2.75%
Greater than $50 million \| Robinhood Credit
Debt Instrument [Line Items]
Outstanding borrowings, long-term					50,000,000		$ 50,000,000
Greater than $50 million \| SOFR \| Robinhood Credit
Debt Instrument [Line Items]
Variable rate on loan							2.50%
Revolving Credit Facility \| April 2023 Credit Agreement \| March 2024 credit facility
Debt Instrument [Line Items]
Line of credit facility, amount entered into				$ 2,175,000,000
Line of credit facility, term				364 days
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Outstanding borrowings, long-term									$ 0
Revolving Credit Facility \| Line of Credit \| RHM March 2024 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, amount entered into	$ 750,000,000
Increase limit on credit facility	187,500,000
Remaining borrowing capacity	$ 937,500,000
Variable rate on loan	1.50%
Commitment fee percentage	0.25%
Revolving Credit Facility \| Line of Credit \| RHM March 2024 Credit Facility \| Federal Reserve Bank of New York Rate
Debt Instrument [Line Items]
Variable rate on loan	0.50%
Revolving Credit Facility \| Line of Credit \| RHM March 2024 Credit Facility \| SOFR
Debt Instrument [Line Items]
Variable rate on loan	1.00%
Revolving Credit Facility \| Line of Credit \| RHS March 2024 Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, amount entered into	$ 2,250,000,000
Increase limit on credit facility	1,125,000,000
Remaining borrowing capacity	$ 3,375,000,000
Commitment fee percentage	0.50%
Line of credit facility, term	364 days
Outstanding borrowings, long-term					$ 0		$ 0
Revolving Credit Facility \| Line of Credit \| RHS March 2024 Credit Agreement \| SOFR
Debt Instrument [Line Items]
Variable rate on loan	0.10%
Revolving Credit Facility \| Line of Credit \| RHS March 2024 Credit Agreement, Tranche A
Debt Instrument [Line Items]
Variable rate on loan	1.25%
Revolving Credit Facility \| Line of Credit \| RHM March 2024 Credit Facility, Tranche B and C
Debt Instrument [Line Items]
Variable rate on loan	2.50%

INVESTMENTS AND FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Sales of held-to-maturity investments	$ 0	$ 0
Time deposits
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Available-for-sale investments	$ 750,000,000	$ 750,000,000	$ 500,000,000

REVENUES - Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Interest expenses related to credit facilities	$ (6)	$ (6)	$ (18)	$ (17)
Total net interest revenues	274	251	813	693
Total net revenues	637	467	1,937	1,394
Transaction-based revenues
Disaggregation of Revenue [Line Items]
Total transaction-based revenues	319	185	975	585
Options
Disaggregation of Revenue [Line Items]
Total transaction-based revenues	202	124	538	384
Cryptocurrencies
Disaggregation of Revenue [Line Items]
Total transaction-based revenues	61	23	268	92
Equities
Disaggregation of Revenue [Line Items]
Total transaction-based revenues	37	27	116	79
Other
Disaggregation of Revenue [Line Items]
Total transaction-based revenues	19	11	53	30
Margin interest
Disaggregation of Revenue [Line Items]
Net interest revenues	83	67	228	177
Interest on corporate cash and investments
Disaggregation of Revenue [Line Items]
Net interest revenues	67	75	203	217
Interest on segregated cash, securities, and deposits
Disaggregation of Revenue [Line Items]
Net interest revenues	61	59	187	156
Cash Sweep
Disaggregation of Revenue [Line Items]
Net interest revenues	46	35	129	86
Securities lending, net
Disaggregation of Revenue [Line Items]
Net interest revenues	19	17	68	70
Credit card, net
Disaggregation of Revenue [Line Items]
Net interest revenues	4	4	16	4
Other revenues
Disaggregation of Revenue [Line Items]
Total transaction-based revenues	44	31	149	116
Gold subscription revenues
Disaggregation of Revenue [Line Items]
Total transaction-based revenues	28	20	77	55
Proxy revenues
Disaggregation of Revenue [Line Items]
Total transaction-based revenues	8	8	53	53
Other
Disaggregation of Revenue [Line Items]
Total transaction-based revenues	$ 8	$ 3	$ 19	$ 8

NET INCOME (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Loss Per Share

The following table presents the calculation of basic and diluted income (loss) per share:















(in millions, except share and per share data)	Three Months Ended September 30,								Nine months ended September 30,
	2023				2024				2023				2024
	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
Basic earnings per share (“EPS”):
Numerator
Net income (loss)	$	(73)	$	(12)	$	129	$	21	$	(490)	$	(81)	$	425	$	70
Net income (loss) attributable to common stockholders	$	(73)	$	(12)	$	129	$	21	$	(490)	$	(81)	$	425	$	70
Denominator
Weighted-average common shares outstanding - basic	767,981,843		127,126,947		761,931,947		122,176,598		771,585,189		127,414,275		756,319,103		123,863,470
Basic EPS	$	(0.09)	$	(0.09)	$	0.17	$	0.17	$	(0.64)	$	(0.64)	$	0.56	$	0.56

Diluted EPS:
Numerator
Net income (loss)	$	(73)	$	(12)	$	129	$	21	$	(490)	$	(81)	$	425	$	70
Reallocation of net income as a result of conversion of Class B to Class A common stock	—		—		21		—		—		—		70		—
Reallocation of net income to Class B common stock	—		—		—		—		—		$	—	—		(1)
Net income (loss) for diluted EPS	$	(73)	$	(12)	$	150	$	21	$	(490)	$	(81)	$	495	$	69
Denominator
Weighted-average common shares outstanding - basic	767,981,843		127,126,947		761,931,947		122,176,598		771,585,189		127,414,275		756,319,103		123,863,470
Dilutive effect of stock options and unvested shares	—		—		21,436,205		—		—		—		23,373,019		—
Conversion of Class B to Class A common stock	—		—		122,176,598		—		—		—		123,863,470		—
Weighted-average common shares outstanding - diluted	767,981,843		127,126,947		905,544,750		122,176,598		771,585,189		127,414,275		903,555,592		123,863,470
Diluted EPS	$	(0.09)	$	(0.09)	$	0.17	$	0.17	$	(0.64)	$	(0.64)	$	0.55	$	0.55

Schedule of Potential Common Shares Excluded from the Calculation of Diluted Net Income (Loss) Per Share

The following potential common shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions that were not satisfied by the end of the period:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2024	2023	2024

Time-Based RSUs	45,066,880	746,083	45,066,880	774,579
Market-Based RSUs	22,591,988	11,065,463	22,591,988	11,065,463
Stock options	13,668,390	—	13,668,390	—
Warrants	14,278,034	14,278,034	14,278,034	14,278,034
Employee Stock Purchase Plan ("ESPP")	838,958	—	838,958	—
Total anti-dilutive securities	96,444,250	26,089,580	96,444,250	26,118,076

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 4,611	$ 4,835
Cash and cash equivalents segregated under federal and other regulations	5,547	4,448
Receivables from brokers, dealers, and clearing organizations	139	89
Receivables from users, net	5,546	3,495
Securities borrowed	3,704	1,602
Deposits with clearing organizations	464	338
Asset related to user cryptocurrencies safeguarding obligation	19,456	14,708
User-held fractional shares	2,201	1,592
Held-to-maturity investments	527	413
Prepaid expenses	86	63
Deferred customer match incentives	73	11
Other current assets	251	196
Total current assets	42,605	31,790
Property, software, and equipment, net	133	120
Goodwill	179	175
Intangible assets, net	39	48
Non-current held-to-maturity investments	0	73
Non-current deferred customer match incentives	159	19
Other non-current assets	130	107
Total assets	43,245	32,332
Current liabilities:
Accounts payable and accrued expenses	443	384
Payables to users	6,264	5,097
Securities loaned	7,306	3,547
User cryptocurrencies safeguarding obligation	19,456	14,708
Fractional shares repurchase obligation	2,201	1,592
Other current liabilities	288	217
Total current liabilities	35,958	25,545
Other non-current liabilities	79	91
Total liabilities	36,037	25,636
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and September 30, 2024.	0	0
Additional paid-in capital	12,158	12,145
Accumulated other comprehensive income (loss)	1	(3)
Accumulated deficit	(4,951)	(5,446)
Total stockholders’ equity	7,208	6,696
Total liabilities and stockholders’ equity	43,245	32,332
Common Class A
Stockholders’ equity:
Common stock, value	0	0
Common Class B
Stockholders’ equity:
Common stock, value	0	0
Common Class C
Stockholders’ equity:
Common stock, value	$ 0	$ 0

ALLOWANCE FOR CREDIT LOSSES - Schedule of Expected Credit Loss of Accounts Payable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Contract with Customer, Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 38	$ 22	$ 38	$ 22	$ 34	$ 32	$ 0	$ 0
Opening balance from acquisition of Robinhood Credit	0	16	0	16
Provision for credit losses	11	10	30	10
Credit loss payments to Coastal Bank	(8)	(4)	(26)	(4)
Recoveries	1	0	2	0
Ending balance	$ 38	$ 22	$ 38	$ 22

REVENUES - Schedule of Interest Revenue Earned and Interest Expense Paid from Fully-paid Securities Lending (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total net interest revenues	$ 274	$ 251	$ 813	$ 693
Fully-Paid Securities Lending
Disaggregation of Revenue [Line Items]
Interest revenue	20	12	60	35
Interest expense	(3)	(2)	(9)	(5)
Total net interest revenues	$ 17	$ 10	$ 51	$ 30

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column E)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-14(Column E)(Footnote 6)(a))
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+ Details

INVESTMENTS AND FAIR VALUE MEASUREMENT - Schedule of Held-to-Maturity Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	$ 527	$ 486
Allowance for Credit Losses	0	0
Unrealized Gains	1	0
Unrealized Losses	(1)	(1)
Fair Value	527	485
Corporate debt securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	91	205
Allowance for Credit Losses	0	0
Unrealized Gains	0	0
Unrealized Losses	0	(1)
Fair Value	91	204
U.S. Treasury securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	426	202
Allowance for Credit Losses	0	0
Unrealized Gains	1	0
Unrealized Losses	(1)	0
Fair Value	426	202
U.S. government agency securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	10	42
Allowance for Credit Losses	0	0
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	$ 10	42
Certificates of deposit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost		34
Allowance for Credit Losses		0
Unrealized Gains		0
Unrealized Losses		0
Fair Value		34
Commercial paper
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost		3
Allowance for Credit Losses		0
Unrealized Gains		0
Unrealized Losses		0
Fair Value		$ 3

INVESTMENTS AND FAIR VALUE MEASUREMENT

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

INVESTMENTS AND FAIR VALUE MEASUREMENT

NOTE 6: INVESTMENTS AND FAIR VALUE MEASUREMENT

Investments

Available-for-sale

As of December 31, 2023 and September 30, 2024, we had $500 million and $750 million of available-for-sale time deposits classified as cash equivalents on the unaudited condensed consolidated balance sheets. These investments had a maturity of three months or less at the time of purchase, and an aggregate market value equal to amortized cost. Refer to Fair Value of Financial Instruments below for further details.

Held-to-maturity

The following tables summarize our held-to-maturity investments:


	December 31, 2023
(in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
Debt securities:
Corporate debt securities	$	205	$	—	$	—	$	(1)	$	204
U.S. Treasury securities	202		—		—		—		202
U.S. government agency securities	42		—		—		—		42
Certificates of deposit	34		—		—		—		34
Commercial paper	3		—		—		—		3
Total held-to-maturity investments	$	486	$	—	$	—	$	(1)	$	485


	September 30, 2024
(in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
Debt securities:
U.S. Treasury securities	$	426	$	—	$	1	$	(1)	$	426
Corporate debt securities	91		—		—		—		91
U.S. government agency securities	10		—		—		—		10
Total held-to-maturity investments	$	527	$	—	$	1	$	(1)	$	527

There were no sales of held-to-maturity investments during the three and nine months ended September 30, 2024.

The table below presents the amortized cost and fair value of held-to-maturity investments by contractual maturity; the maximum maturity is two years:


	December 31, 2023
(in millions)	Within 1 Year		1 to 2 Years		Total
Amortized cost
Debt securities:
Corporate debt securities	$	153	$	52	$	205
U.S. Treasury securities	184		18		202
U.S. government agency securities	39		3		42
Certificates of deposit	34		—		34
Commercial paper	3		—		3
Total held-to-maturity investments	$	413	$	73	$	486

Fair value
Debt securities:
Corporate debt securities	$	152	$	52	$	204
U.S. Treasury securities	184		18		202
U.S. government agency securities	39		3		42
Certificates of deposit	34		—		34
Commercial paper	3		—		3
Total held-to-maturity investments	$	412	$	73	$	485


	September 30, 2024
(in millions)	Within 1 Year		1 to 2 Years		Total
Amortized cost
Debt securities:
U.S. Treasury securities	$	426	$	—	$	426
Corporate debt securities	91		—		91
U.S. government agency securities	10		—		10
Total held-to-maturity investments	$	527	$	—	$	527

Fair value
Debt securities:
U.S. Treasury securities	$	426	$	—	$	426
Corporate debt securities	91		—		91
U.S. government agency securities	10		—		10
Total held-to-maturity investments	$	527	$	—	$	527

Fair Value of Financial Instruments

Financial assets and liabilities measured at fair value on a recurring basis were presented on our unaudited condensed consolidated balance sheets as follows:


	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Time deposits	$	—	$	500	$	—	$	500
Money market funds	146		—		—		146
Deposits with clearing organizations:
U.S. Treasury securities(1)	50		—		—		50
Other current assets:
Stablecoin	20		—		—		20
Equity securities - securities owned	10		—		—		10
Other non-current assets:
Money market funds - escrow account	2		—		—		2
Asset related to user cryptocurrencies safeguarding obligation	—		14,708		—		14,708
User-held fractional shares	1,592		—		—		1,592
Total financial assets	$	1,820	$	15,208	$	—	$	17,028

Liabilities
User cryptocurrencies safeguarding obligation	$	—	$	14,708	$	—	$	14,708
Fractional shares repurchase obligations	1,592		—		—		1,592
Total financial liabilities	$	1,592	$	14,708	$	—	$	16,300


	September 30, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Time deposits	$	—	$	750	$	—	$	750
Money market funds	60		—		—		60
U.S. Treasury securities	8		—		—		8
Other current assets:
Stablecoin	21		—		—		21
Equity securities - securities owned	14		—		—		14
Other non-current assets:
Money market funds - escrow account	2		—		—		2
Asset related to user cryptocurrencies safeguarding obligation	—		19,456		—		19,456
User-held fractional shares	2,201		—		—		2,201
Total financial assets	$	2,306	$	20,206	$	—	$	22,512

Liabilities
User cryptocurrencies safeguarding obligation	$	—	$	19,456	$	—	$	19,456
Fractional shares repurchase obligations	2,201		—		—		2,201
Total financial liabilities	$	2,201	$	19,456	$	—	$	21,657

____________________________

(1) During the year ended December 31. 2023, U.S. Treasury securities were pledged to a clearing organization to meet margin requirements for our security lending program.

The fair value for certain financial instruments that are not required to be measured or reported at fair value was presented on our unaudited condensed consolidated balance sheets as follows:


	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Held-to-maturity investments:
Corporate debt securities	$	—	$	204	$	—	$	204
U.S. Treasury securities	202		—		—		202
U.S. government agency securities	—		42		—		42
Certificates of deposit	—		34		—		34
Commercial paper	—		3		—		3
Total held-to-maturity investments	$	202	$	283	$	—	$	485


	September 30, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Held-to-maturity investments:
U.S. Treasury securities	$	426	$	—	$	—	$	426
Corporate debt securities	—		91		—		91
U.S. government agency securities	—		10		—		10
Total held-to-maturity investments	$	426	$	101	$	—	$	527

The fair values used for held-to-maturity investments are obtained from an independent pricing service and represent fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, relevant yield curves, credit spreads and prices from market makers and live trading systems. Management reviews the valuation methodology and quality controls utilized by the pricing services in management's overall assessment of the reasonableness of the fair values provided.

During the nine months ended September 30, 2024, we did not have any transfers in or out of Level 3 assets or liabilities.

Safeguarded user cryptocurrencies

Safeguarded user cryptocurrencies were as follows:


	December 31,		September 30,
(in millions)	2023		2024
Bitcoin (BTC)	$	6,149	$	9,416
Ethereum (ETH)	3,761		4,014
Dogecoin (DOGE)	3,319		4,001
Other	1,479		2,025
Total user cryptocurrencies safeguarding obligation and corresponding asset	$	14,708	$	19,456

The fair value of the user cryptocurrencies safeguarding obligation and the corresponding asset were determined based on observed market pricing representing the last price executed for trades of each cryptocurrency as of December 31, 2023 and September 30, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of the Amount of Gain or Loss Recognized in AOCI (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivatives, Fair Value [Line Items]
Loss on derivatives included in effectiveness assessment	$ 0	$ (1)	$ 0	$ (4)
Loss reclassified from AOCI into net interest revenues included in effectiveness assessment	0	0	3	0
Total	$ 0	$ (1)	$ 3	$ (4)

COMMON STOCK AND STOCKHOLDERS' EQUITY - Narrative (Details)		1 Months Ended	3 Months Ended		9 Months Ended
	May 28, 2024 USD ($)	Feb. 28, 2023 shares	Sep. 30, 2024 USD ($) class vote $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) class vote $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares outstanding (in shares) \| shares			0		0		0
Number of classes of common stock \| class			3		3
Payments for repurchases of common stock					$ 97,000,000	$ 608,000,000
Share-based compensation			$ 79,000,000	$ 83,000,000	227,000,000	790,000,000
Capitalized share-based compensation expense			7,000,000	5,000,000	18,000,000	12,000,000
Unrecognized compensation cost			310,000,000		$ 310,000,000
Unrecognized compensation cost related to outstanding stock options, weighted-average period					10 months 20 days
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			25,000,000	26,000,000	$ 65,000,000	614,000,000
Market-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Canceled (in shares) \| shares		35,500,000			11,180,727
Share-based compensation			$ 0	$ 10,000,000	$ (8,000,000)	563,000,000
Market-Based RSUs \| General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation						$ 485,000,000
2013, 2020 and 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized (in shares) \| shares			448,000,000		448,000,000
Shares issued under plans (in shares) \| shares					146,000,000
Common stock reserved for issuance (in shares) \| shares					45,000,000
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance (in shares) \| shares			257,000,000		257,000,000
Tranche 1 Convertible Note Holders
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum amount of all warrants			$ 380,000,000		$ 380,000,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of voting rights per share \| vote			1		1
Shares repurchase, amount	$ 1,000,000,000
Repurchases of common stock ( in shares) \| shares			5,000,000
Payments for repurchases of common stock			$ 97,000,000
Common Class A \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program period	2 years
Common Class A \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program period	3 years
Common Class A \| IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate warrants exercisable (in shares) \| shares			14,300,000		14,300,000
Exercise price (in dollars per share) \| $ / shares			$ 26.60		$ 26.60
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of voting rights per share \| vote			10		10

REVENUES (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated by Revenue Source

The following table presents our revenues disaggregated by revenue source:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Transaction-based revenues:
Options	$	124	$	202	$	384	$	538
Cryptocurrencies	23		61		92		268
Equities	27		37		79		116
Other	11		19		30		53
Total transaction-based revenues	185		319		585		975

Net interest revenues:
Margin interest	67		83		177		228
Interest on corporate cash and investments	75		67		217		203
Interest on segregated cash, securities, and deposits	59		61		156		187
Cash Sweep	35		46		86		129
Securities lending, net	17		19		70		68
Credit card, net	4		4		4		16
Interest expenses related to credit facilities	(6)		(6)		(17)		(18)
Total net interest revenues	251		274		693		813

Other revenues
Gold subscription revenues	20		28		55		77
Proxy revenues	8		8		53		53
Other	3		8		8		19
Total other revenues	$	31	$	44	$	116	$	149

Total net revenues	$	467	$	637	$	1,394	$	1,937

Schedule of Interest Revenue Earned and Interest Expense Paid from Fully-paid Securities Lending

The following table presents interest revenue earned and interest expense paid from Fully-Paid Securities Lending:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Interest revenue	$	12	$	20	$	35	$	60
Interest expense	(2)		(3)		(5)		(9)
Fully-Paid Securities Lending, net	$	10	$	17	$	30	$	51

Schedule of Contract Receivables and Liabilities Balances

The table below sets forth contract receivables and liabilities for the period indicated:


(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2024	$	87	$	4
End of the period, September 30, 2024	106		9
Changes during the period	$	19	$	5

REVENUES - Schedule of Contract Receivables and Liabilities Balances (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Contract Receivables
Beginning of the period, January 1, 2024	$ 87
End of the period, September 30, 2024	106
Changes during the period	19
Contract Liabilities
Beginning of the period, January 1, 2024	4
End of the period, September 30, 2024	9
Changes during the period	$ 5

BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	9 Months Ended
	Jan. 03, 2024	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Asset acquisition, consideration transferred			$ 3	$ 0
MNA Holdco LLC
Business Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 3
Cash acquired	$ 125
Robinhood credit
Business Acquisition [Line Items]
Consideration transferred		$ 200

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1: DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Robinhood was incorporated in the State of Delaware on November 22, 2013. Our most significant, wholly-owned subsidiaries are:

•Robinhood Financial LLC (“RHF”), a registered introducing broker-dealer;

•Robinhood Securities, LLC (“RHS”), a registered clearing broker-dealer;

•Robinhood Crypto, LLC (“RHC”), which provides users the ability to buy, sell, and transfer cryptocurrencies and is responsible for the custody of user cryptocurrencies held by users on our RHC platform;

•Robinhood Credit, Inc. (“Robinhood Credit”), which offers credit cards with certain rewards offerings; and

•Robinhood Money, LLC, which offers a spending card and a spending account that help customers invest, save, and earn rewards.

Acting as the agent of the user, we facilitate the purchase and sale of options, cryptocurrencies, and equities through our platforms by routing transactions through market makers, who are responsible for trade execution. Upon execution of a trade, users are legally required to purchase options, cryptocurrencies, or equities for cash from the transaction counterparty or to sell options, cryptocurrencies, or equities for cash to the transaction counterparty, depending on the transaction. We facilitate and confirm trades only when there are binding, matched legal obligations from the user and the market maker on both sides of the trade. Our users have ownership of the securities they transact on our platforms, including those that collateralize margin loans, and, as a result, such securities are not presented on our unaudited condensed consolidated balance sheets, other than user-held fractional shares which are presented gross. Our users also have ownership of the cryptocurrencies they transact on our platforms (none of which are allowed to be purchased on margin and which do not serve as collateral for margin loans), however, following our adoption of SEC Staff Accounting Bulletin 121 (“SAB 121”), we recognize a liability to reflect our safeguarding obligation along with a corresponding asset on our balance sheet related to the cryptocurrencies we hold in custody for users.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the SEC for interim financial reporting. The condensed consolidated financial statements are unaudited, and in management’s opinion, include all adjustments, including normal recurring adjustments and accruals necessary for a fair presentation of the results for the interim periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2024 or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”).

There have been no material changes in our significant accounting policies as described in our audited consolidated financial statements included in our 2023 Form 10-K, other than as disclosed below. The unaudited condensed consolidated financial statements include the accounts of RHM and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.

Certain reclassifications have been made to prior period amounts to conform to the current period’s presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited condensed consolidated financial statements taken as a whole and had no impact on previously reported total assets, total liabilities and net income (loss).

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. We base our estimates on historical experience, and other assumptions we believe to be reasonable under the circumstances. Assumptions and estimates used in preparing our unaudited condensed consolidated financial statements include, but are not limited to, those related to revenue recognition, share-based compensation (“SBC”), the determination of allowances for credit losses, valuation of user cryptocurrencies safeguarding obligation and corresponding asset, investment valuation, capitalization of internally developed software, useful lives of property, software, and equipment, valuation and useful lives of intangible assets, incremental borrowing rate used to calculate operating lease right-of-use assets and related liabilities, impairment of long-lived assets, determination of hedge effectiveness, uncertain tax positions, income taxes, accrued and contingent liabilities. Actual results could differ from these estimates and could have a material adverse effect on our operating results.

Concentrations of Revenue and Credit Risk

Concentrations of Revenue

We derived transaction-based revenues from individual market makers in excess of 10% of total revenues, as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2024		2023		2024
Market maker:
Citadel Securities, LLC	11	%	14	%	12	%	13	%
All others individually less than 10%	26	%	36	%	28	%	37	%
Total as percentage of total revenue:	37	%	50	%	40	%	50	%

Concentrations of Credit Risk

We are engaged in various trading and brokerage activities in which the counterparties primarily include broker-dealers, banks, and other financial institutions. In the event our counterparties do not fulfill their obligations, we may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty. Default of a counterparty in equities and options trades, which are facilitated through clearinghouses, would generally be spread among the clearinghouse's members rather than falling entirely on us. It is our policy to review, as necessary, the credit standing of each counterparty.

Variable Interest Entities

We evaluate our ownership, contractual and other interests in entities to determine if we have a variable interest in an entity. These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical and prospective information, among other factors. If we determine that an entity for which we hold a contractual or ownership interest in is a variable interest entity (“VIE”) and that we are the primary beneficiary, we consolidate such entity in the consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE;

and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. We continuously monitor if any changes in the interest or relationship with the entity may impact the determination of whether we are still the primary beneficiary and require us to revise our previous conclusion.

Asset Acquisitions

Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions. We allocate the cost of the acquisition, including direct and incremental transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. Goodwill is not recognized in an asset acquisition.

NET INCOME (LOSS) PER SHARE - Schedule of Potential Common Shares Excluded from the Calculation of Diluted Net Income (Loss) Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	26,089,580	96,444,250	26,118,076	96,444,250
Time-Based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	746,083	45,066,880	774,579	45,066,880
Market-Based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	11,065,463	22,591,988	11,065,463	22,591,988
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	13,668,390	0	13,668,390
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	14,278,034	14,278,034	14,278,034	14,278,034
Employee Stock Purchase Plan ("ESPP")
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	838,958	0	838,958

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Concentration of Credit Risk

We derived transaction-based revenues from individual market makers in excess of 10% of total revenues, as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2024		2023		2024
Market maker:
Citadel Securities, LLC	11	%	14	%	12	%	13	%
All others individually less than 10%	26	%	36	%	28	%	37	%
Total as percentage of total revenue:	37	%	50	%	40	%	50	%

NET INCOME (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

NOTE 12: NET INCOME (LOSS) PER SHARE

The following table presents the calculation of basic and diluted income (loss) per share:















(in millions, except share and per share data)	Three Months Ended September 30,								Nine months ended September 30,
	2023				2024				2023				2024
	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
Basic earnings per share (“EPS”):
Numerator
Net income (loss)	$	(73)	$	(12)	$	129	$	21	$	(490)	$	(81)	$	425	$	70
Net income (loss) attributable to common stockholders	$	(73)	$	(12)	$	129	$	21	$	(490)	$	(81)	$	425	$	70
Denominator
Weighted-average common shares outstanding - basic	767,981,843		127,126,947		761,931,947		122,176,598		771,585,189		127,414,275		756,319,103		123,863,470
Basic EPS	$	(0.09)	$	(0.09)	$	0.17	$	0.17	$	(0.64)	$	(0.64)	$	0.56	$	0.56

Diluted EPS:
Numerator
Net income (loss)	$	(73)	$	(12)	$	129	$	21	$	(490)	$	(81)	$	425	$	70
Reallocation of net income as a result of conversion of Class B to Class A common stock	—		—		21		—		—		—		70		—
Reallocation of net income to Class B common stock	—		—		—		—		—		$	—	—		(1)
Net income (loss) for diluted EPS	$	(73)	$	(12)	$	150	$	21	$	(490)	$	(81)	$	495	$	69
Denominator
Weighted-average common shares outstanding - basic	767,981,843		127,126,947		761,931,947		122,176,598		771,585,189		127,414,275		756,319,103		123,863,470
Dilutive effect of stock options and unvested shares	—		—		21,436,205		—		—		—		23,373,019		—
Conversion of Class B to Class A common stock	—		—		122,176,598		—		—		—		123,863,470		—
Weighted-average common shares outstanding - diluted	767,981,843		127,126,947		905,544,750		122,176,598		771,585,189		127,414,275		903,555,592		123,863,470
Diluted EPS	$	(0.09)	$	(0.09)	$	0.17	$	0.17	$	(0.64)	$	(0.64)	$	0.55	$	0.55


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2024	2023	2024

Time-Based RSUs	45,066,880	746,083	45,066,880	774,579
Market-Based RSUs	22,591,988	11,065,463	22,591,988	11,065,463
Stock options	13,668,390	—	13,668,390	—
Warrants	14,278,034	14,278,034	14,278,034	14,278,034
Employee Stock Purchase Plan ("ESPP")	838,958	—	838,958	—
Total anti-dilutive securities	96,444,250	26,089,580	96,444,250	26,118,076

DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of the Amount of Gain or Loss Recognized in AOCI

The following table summarizes the amount of gain or loss recognized in AOCI on our unaudited condensed consolidated financial statements:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Derivatives designated as hedging instruments:
Loss on derivatives included in effectiveness assessment	$	(1)	$	—	$	(4)	$	—
Loss reclassified from AOCI into net interest revenues included in effectiveness assessment	—		—		—		3
Total	$	(1)	$	—	$	(4)	$	3

Schedule of the Components of AOCI Related to Hedging Activities

The following table summarizes the components of AOCI including hedging activities on our unaudited condensed consolidated financial statements:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Beginning balance	$	(3)	$	—	$	—	$	(3)
Foreign currency translation:
Other comprehensive income before reclassifications	—		1		—		1
Other comprehensive income after reclassification, net of tax	—		1		—		1

Hedging instruments:
Other comprehensive loss before reclassifications	(1)		—		(4)		—
Reclassification adjustment for net gains included in net interest revenues, net of tax	—		—		—		3
Other comprehensive income (loss) after reclassification, net of tax	(1)		—		(4)		3
Ending balance	$	(4)	$	1	$	(4)	$	1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 150	$ (85)	$ 495	$ (571)
Other comprehensive income (loss), net of tax:
Foreign currency translation	1	0	1	0
Net losses on hedging instruments:
Net loss on hedging instruments during the period	0	(1)	0	(4)
Reclassification adjustment for net gains included in net income	0	0	3	0
Net gain (loss) on hedging instruments	0	(1)	3	(4)
Total other comprehensive income (loss), net of tax	1	(1)	4	(4)
Total comprehensive income (loss)	$ 151	$ (86)	$ 499	$ (575)

REVENUES

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 3: REVENUES

Disaggregation of Revenues

The following table presents our revenues disaggregated by revenue source:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Transaction-based revenues:
Options	$	124	$	202	$	384	$	538
Cryptocurrencies	23		61		92		268
Equities	27		37		79		116
Other	11		19		30		53
Total transaction-based revenues	185		319		585		975

Net interest revenues:
Margin interest	67		83		177		228
Interest on corporate cash and investments	75		67		217		203
Interest on segregated cash, securities, and deposits	59		61		156		187
Cash Sweep	35		46		86		129
Securities lending, net	17		19		70		68
Credit card, net	4		4		4		16
Interest expenses related to credit facilities	(6)		(6)		(17)		(18)
Total net interest revenues	251		274		693		813

Other revenues
Gold subscription revenues	20		28		55		77
Proxy revenues	8		8		53		53
Other	3		8		8		19
Total other revenues	$	31	$	44	$	116	$	149

Total net revenues	$	467	$	637	$	1,394	$	1,937

Robinhood Match Incentives

We offer a match incentive on customers’ eligible contributions to their retirement accounts and, from time to time, an incentive on other transfers of assets to our platform. We also provide a match on eligible cash deposits made by Robinhood Gold users. The match on retirement contributions and asset transfers are paid upfront and are subject to forfeiture if the recipient does not hold the contributed funds or transferred assets in their account for a specified period of time. These incentives are deferred and recognized over the specified holding period as a reduction to revenue. Match on eligible cash deposits are paid out on a monthly basis ratably over the specified earning period. Future match payments are forfeited if deposits are not held on the platform over the specified earning period. These matches are

recognized as a reduction to revenue when earned. The matches are allocated to certain revenue categories on a proportional basis. For the three and nine months ended September 30, 2023 and 2024, no impairments were recognized.

Fully-Paid Securities Lending

For our fully-paid securities lending program under which we borrow fully-paid shares from participating users and lend them to third parties (“Fully-Paid Securities Lending”), we earn revenue for lending certain securities based on demand for those securities and portions of such revenues are paid to participating users, and those payments are recorded as interest expense. The following table presents interest revenue earned and interest expense paid from Fully-Paid Securities Lending:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2024		2023		2024
Interest revenue	$	12	$	20	$	35	$	60
Interest expense	(2)		(3)		(5)		(9)
Fully-Paid Securities Lending, net	$	10	$	17	$	30	$	51

Contract Balances

Contract receivables are recognized when we have an unconditional right to invoice and receive payment under a contract and are derecognized when cash is received. Transaction-based revenue receivables due from market makers are reported in receivables from brokers, dealers, and clearing organizations while other revenue receivables related to proxy revenues due from issuers are reported in other current assets on the unaudited condensed consolidated balance sheets.

Contract liabilities, which primarily consist of unearned subscription revenue, are recognized when users remit cash payments in advance of the time we satisfy our performance obligations and are recorded as other current liabilities on the unaudited condensed consolidated balance sheets.

The table below sets forth contract receivables and liabilities for the period indicated:


(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2024	$	87	$	4
End of the period, September 30, 2024	106		9
Changes during the period	$	19	$	5

The difference between the opening and ending balances of our contract receivables was primarily driven by higher transaction-based revenues due to increased trading volumes and timing differences between our performance and counterparties’ payments. We recognized all revenue from amounts included in the opening contract liabilities balance in the nine months ended September 30, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 15
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK	9 Months Ended
FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK	Sep. 30, 2024
Debt Disclosure [Abstract]
FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK	NOTE 10: FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK Revolving Credit Facilities RHM March 2024 Credit Agreement On March 22, 2024, RHM entered into a second amended and restated credit agreement with a syndicate of banks (the “RHM March 2024 Credit Agreement”) amending and restating the unsecured revolving line of credit entered into in October 2019 and as thereafter amended (refer to Note 13 - Financing Activities and Off-Balance Sheet Risk, of the 2023 Form 10-K for more information). The RHM March 2024 Credit Agreement has an initial commitment of $750 million with a maturity date of March 22, 2027. Under circumstances described in the RHM March 2024 Credit Agreement, the aggregate commitments may be increased by up to $187.5 million, for a total commitment of up to $937.5 million. Borrowings under the RHM March 2024 Credit Agreement will bear interest at a rate per annum equal to the Alternate Base Rate or Adjusted Term SOFR (“Secured Overnight Financing Rate”) plus an applicable margin rate of 1.50%. For purposes of the RHM Credit Agreement, the Alternate Base Rate is the greatest of (i) the prime rate then in effect, (ii) the Federal Reserve Bank of New York rate then in effect plus 0.5% and (iii) the Adjusted Term SOFR for a one month interest period plus 1.0%. The Adjusted Term SOFR Rate is equal to the Term SOFR, published by the Term SOFR Administrator, plus the Term SOFR Adjustment. The Term SOFR Adjustment is 0.10%. If the Adjusted Term SOFR Rate is less than the floor of 0%, such rate shall be deemed to be equal to the floor. RHM is obligated to pay a commitment fee calculated at a per annum rate equal to 0.25% on any unused amount of the RHM March 2024 Credit Agreement. RHS March 2024 Credit Agreement On March 22, 2024, RHS, our wholly-owned subsidiary, entered into the Third Amended and Restated Credit Agreement (the “RHS March 2024 Credit Agreement”) among RHS, as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, amending and restating the $2.175 billion 364-day senior secured revolving credit facility entered into in March 2023 (refer to Note 13 - Financing Activities and Off-Balance Sheet Risk, of the 2023 Form 10-K for more information). The RHS March 2024 Credit Agreement provides for a 364-day senior secured revolving credit facility with a total commitment of $2.25 billion. Under circumstances described in the RHS March 2024 Credit Agreement, the aggregate commitments may be increased by up to $1.125 billion, for a total commitment of $3.375 billion. Borrowings under the credit facility must be specified to be Tranche A, Tranche B, Tranche C or a combination thereof. Tranche A loans are secured by users’ securities purchased on margin and are used primarily to finance margin loans. Tranche B loans are secured by the right to the return from National Securities Clearing Corporation (“NSCC”) of NSCC margin deposits and cash and property in a designated collateral account and used for the purpose of satisfying NSCC deposit requirements. Tranche C loans are secured by the right to the return of eligible funds from any reserve account of the borrower and cash and property in a designated collateral account and used for the purpose of satisfying reserve requirements under Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Borrowings under the RHS March 2024 Credit Agreement will bear interest at a rate per annum equal to the greatest of (i) Daily Simple SOFR plus 0.10% (as defined in the RHS March 2024 Credit Agreement), (ii) the Federal Funds Effective Rate (as defined in the RHS March 2024 Credit Agreement) and (iii) the Overnight Bank Funding Rate (as defined in the RHS March 2024 Credit Agreement), in each case, as of the day the loan is initiated, plus an applicable margin rate. The applicable margin rate is 1.25% for Tranche A loans and 2.50% for Tranche B and Tranche C loans. Undrawn commitments will accrue commitment fees at a rate per annum equal to 0.50%. The RHS March 2024 Credit Agreement requires RHS to maintain a minimum consolidated tangible net worth and a minimum excess net capital, and subjects RHS to a specified limit on minimum net capital to aggregate debit items. In addition, the RHS March 2024 Credit Agreement contains certain customary affirmative and negative covenants, including limitations with respect to debt, liens, fundamental changes, asset sales, restricted payments, investments and transactions with affiliates, subject to certain exceptions. Amounts due under the RHS March 2024 Credit Agreement may be accelerated upon an “event of default,” as defined in the RHS March 2024 Credit Agreement, such as failure to pay amounts owed thereunder when due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject in some cases to cure periods. As of December 31, 2023 and September 30, 2024, there were no borrowings outstanding and we were in compliance with all covenants, as applicable, under our revolving credit facilities. Credit Card Funding Trust Under terms of the Coastal Community Bank (“Coastal Bank”) Program Agreement (discussed below), Robinhood Credit has the ability to purchase credit card receivables originated and held for a period of time by Coastal Bank. Robinhood Credit continues to earn interest from customers and uses these purchased credit card receivables as collateral under a trust structure to access debt financing in the ordinary course of business. To help facilitate these transactions, we created a VIE known as the Credit Card Funding Trust (the “Trust”). We are the primary beneficiary of the Trust as, through our role as the servicer and administrator, we have the power to direct the activities that most significantly affect the Trust's economic performance and, due to owning all the equity interest in the Trust, have the right to receive benefits or the obligation to absorb losses. As such, we consolidate the Trust in the condensed consolidated financial statements. Substantially all of the Trust’s assets and liabilities are the purchased credit card receivables, included in receivables from users, net, and the outstanding borrowing, included in other current liabilities, on the unaudited condensed consolidated balance sheets. Our exposure to losses in the Trust is limited to the carrying value of net assets held by the Trust, including expected credit losses related to the purchased credit card receivables (Refer to Note 5 - Allowance for Credit Losses). For the Trust, the creditors have no recourse to our general credit and the liabilities of the Trust can only be settled by the Trust’s assets. Additionally, the assets of the Trust can only be used to settle obligations of the Trust. The credit card receivables of the Trust have risks and characteristics similar to other off-balance sheet credit card receivables owned by Coastal Bank and were underwritten to the same standard. Accordingly, the performance of these assets is expected to be similar to other comparable credit card receivables. As of September 30, 2024, the Trust had one arrangement in place to borrow up to $100 million which will mature in April 2025. Borrowings under this arrangement bear interest at an annual rate of SOFR plus 2.75% for outstanding borrowings less than $50 million, and SOFR plus 2.50% for outstanding borrowings greater than $50 million. During the nine months ended September 30, 2024, we purchased $239 million of credit card receivables. As of September 30, 2024, the carrying value of purchased credit card receivables that had not been collected, net of provision for credit losses, was $99 million, and the outstanding balance of borrowing principal and interest was $94 million. There were no purchases of credit card receivables or borrowings under this arrangement for the year ended December 31, 2023. For the three and nine months ended September 30, 2024, the related interest revenue and expense of the Trust were immaterial. Off-Balance Sheet Risk Coastal Bank Program Agreement Under a program agreement between us and Coastal Bank (the “Program Agreement”) most recently amended in November 2023, Coastal Bank may fund up to $300 million of credit card receivables. Robinhood Credit pays Coastal Bank interest based on the average balance of advances during the month at the federal funds rate plus a margin of 3.75% on the first $150 million and 3.00% on such amounts in excess of $150 million. The credit card receivables and the funding from Coastal Bank are off-balance sheet, considering Coastal Bank is the legal lender and originator, the party to which the customer has a creditor-borrower relationship, and the legal owner of the receivables. As of September 30, 2024, the off-balance sheet credit card receivables funded under the Program Agreement was $202 million. Transaction Settlement In the normal course of business, we engage in activities involving settlement and financing of securities transactions. User securities transactions are recorded on a settlement date basis. Effective May 2024, settlement date for equities has been shortened from two business days after the trade date to one business day after the trade date, while the settlement date for options remains unchanged at one business day after the trade date. These activities may expose us to off-balance sheet risk in the event that the other party to the transaction is unable to fulfill its contractual obligations. In such events, we may be required to purchase financial instruments at prevailing market prices in order to fulfill our obligations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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+ Details

BUSINESS COMBINATIONS AND ASSET ACQUISITIONS	9 Months Ended
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS	NOTE 4: BUSINESS COMBINATIONS AND ASSET ACQUISITIONS Pending Acquisition of Bitstamp In June 2024, we entered into an agreement to acquire all outstanding equity of Bitstamp, a globally-scaled cryptocurrency exchange with retail and institutional customers. The aggregate consideration to be paid by us is expected to be approximately $200 million, subject to customary purchase price adjustments set forth in the agreement and payable in cash. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025. Asset Acquisitions On January 3, 2024, we acquired all outstanding stock of MNA Holdco LLC and its subsidiary Marex North America LLC (“MNA”) and licenses held by MNA for approximately $3 million (net of cash acquired in the amount of $125 million), which was determined to be an asset acquisition. The license acquired was recognized as an indefinite-lived intangible asset.