0001783879-25-000310 | 10-Q | XBRL Viewer

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REVENUES - Schedule of Contract Receivables and Liabilities Balances (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Contract Receivables
Beginning of the period, January 1, 2025	$ 294
End of the period, September 30, 2025	223
Changes during the period	(71)
Contract Liabilities
Beginning of the period, January 1, 2025	11
End of the period, September 30, 2025	57
Changes during the period	$ 46

SECURITIES BORROWING AND LENDING

9 Months Ended

Sep. 30, 2025

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 securities from users participating in the Fully-Paid Securities Lending program or from third parties, we provide cash collateral to our users and third parties, which is recorded on our consolidated balance sheets as “securities borrowed”, an asset, representing our rights to the return of that collateral. When we lend securities to third parties, we receive cash as collateral, which is recorded on our consolidated balance sheets as “securities loaned”, a liability, representing our obligation to return the collateral.

The following tables set forth certain balances related to our securities borrowing and lending activities as of December 31, 2024 and September 30, 2025:


	December 31,		September 30,
(in millions)	2024		2025
Assets	Securities borrowed
Gross amount of cash collateral provided to users for securities borrowing transactions	$	3,236	$	6,607
Gross amount offset on the consolidated balance sheets	—		—
Amounts of assets presented on the consolidated balance sheets	3,236		6,607
Gross amount not offset on the consolidated balance sheets:
Cash collateral provided to users and third parties for securities borrowing transactions	3,236		6,607
Fair value of securities borrowed from users and third parties	(3,118)		(6,465)
Net amount	$	118	$	142

Liabilities	Securities loaned
Gross amount of cash collateral received from counterparties for securities lending transactions	$	7,463	$	15,666
Gross amount offset on the consolidated balance sheets	—		—
Amounts of liabilities presented on the consolidated balance sheets	7,463		15,666
Gross amount not offset on the consolidated balance sheets:
Cash collateral received from counterparties for securities lending transactions	7,463		15,666
Fair value of securities pledged to counterparties	(6,887)		(14,956)
Net amount	$	576	$	710

We obtain securities on terms that permit us to pledge and/or transfer securities to others. As of December 31, 2024 and September 30, 2025, we were permitted to re-pledge securities with a fair value of $11.04 billion and $19.74 billion under margin account agreements with users. As of December 31, 2024, 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, 2025, there were no securities re-pledged from borrowing under MSLAs with third parties. Under the Fully-Paid Securities Lending program, as of December 31, 2024 and September 30, 2025, we were permitted to borrow securities with a fair value of $38.70 billion and $68.76 billion including securities with a fair value of $3.12 billion and $6.47 billion that we had borrowed from users.

As of December 31, 2024 and September 30, 2025, we had re-pledged securities with a fair value of $6.89 billion and $14.96 billion, in each case under MSLAs and fixed-term securities lending agreements with third parties. In addition, as of December 31, 2024 and September 30, 2025, we had re-pledged $1.60 billion and $2.85 billion of the permitted amounts under the margin account agreements with clearing organizations to meet deposit requirements.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 4,331	$ 4,332
Cash, cash equivalents, and securities segregated under federal and other regulations	8,443	4,724
Receivables from brokers, dealers, and clearing organizations	482	471
Receivables from users, net	14,390	8,239
Securities borrowed	6,607	3,236
Deposits with clearing organizations	1,440	489
User-held fractional shares	3,618	2,530
Held-to-maturity investments	53	398
Prepaid expenses	128	75
Deferred customer match incentives	161	100
Other current assets	326	509
Total current assets	39,979	25,103
Property, software, and equipment, net	150	139
Goodwill	386	179
Intangible assets, net	172	38
Non-current deferred customer match incentives	360	195
Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $13 as of September 30, 2025	405	533
Total assets	41,452	26,187
Current liabilities:
Accounts payable and accrued expenses	399	397
Payables to users	12,317	7,448
Securities loaned	15,666	7,463
Fractional shares repurchase obligation	3,618	2,530
Other current liabilities	762	266
Total current liabilities	32,762	18,104
Other non-current liabilities	123	111
Total liabilities	32,885	18,215
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, 2024 and September 30, 2025.	0	0
Additional paid-in capital	11,317	12,008
Accumulated other comprehensive income (loss)	7	(1)
Accumulated deficit	(2,757)	(4,035)
Total stockholders’ equity	8,567	7,972
Total liabilities and stockholders’ equity	41,452	26,187
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 - Credit Card Receivable Aging Analysis (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
On-balance sheet	$ 14,390	$ 8,239
Credit Card Receivable
Financing Receivable, Past Due [Line Items]
On-balance sheet	535	189
Off-balance sheet	207	202
Total credit card loans	$ 742	$ 391
% of Total loans	100.00%	100.00%
Credit Card Receivable \| Current
Financing Receivable, Past Due [Line Items]
On-balance sheet	$ 517	$ 186
Off-balance sheet	184	177
Total credit card loans	$ 701	$ 363
% of Total loans	94.00%	93.00%
Credit Card Receivable \| Total Past due receivables
Financing Receivable, Past Due [Line Items]
On-balance sheet	$ 18	$ 3
Off-balance sheet	23	25
Total credit card loans	$ 41	$ 28
% of Total loans	6.00%	7.00%
Credit Card Receivable \| Less than 90 days
Financing Receivable, Past Due [Line Items]
On-balance sheet	$ 14	$ 2
Off-balance sheet	15	15
Total credit card loans	$ 29	$ 17
% of Total loans	4.00%	4.00%
Credit Card Receivable \| ≥ 90 days
Financing Receivable, Past Due [Line Items]
On-balance sheet	$ 4	$ 1
Off-balance sheet	8	10
Total credit card loans	$ 12	$ 11
% of Total loans	2.00%	3.00%

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Noncurrent prepaid assets	$ 13	$ 17
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)	784,342,180	764,903,997
Common stock, shares outstanding (in shares)	784,342,180	764,903,997
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)	114,326,182	119,588,986
Common stock, shares outstanding (in shares)	114,326,182	119,588,986
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

SECURITIES BORROWING AND LENDING - Narrative (Details) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Offsetting Assets [Line Items]
Fair value of securities borrowed from users and third parties	$ 6,465,000,000	$ 3,118,000,000
Fair value of securities pledged to counterparties	14,956,000,000	6,887,000,000
Amount re-pledged with clearing organizations to meet deposit requirements	2,850,000,000	1,600,000,000
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	19,740,000,000	11,040,000,000.00
Asset Pledged as Collateral \| Securities Sold under Agreements to Repurchase
Offsetting Assets [Line Items]
Securities pledged	68,760,000,000	38,700,000,000
Fair value of securities borrowed from users and third parties	$ 6,470,000,000	$ 3,120,000,000

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-7A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

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-URI https://asc.fasb.org/1943274/2147483444/210-20-55-22

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

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-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

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-SubTopic 20
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-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

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+ Details

ALLOWANCE FOR CREDIT LOSSES (Tables)

9 Months Ended

Sep. 30, 2025

Credit Loss [Abstract]

Schedule of Allowance for Credit Losses Receivable

The following table summarizes the brokerage related allowance for credit losses, which is primarily related to fraudulent activities, included in receivables from users, net on the unaudited condensed consolidated balance sheet:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2025		2024		2025
Beginning balance	$	15	$	20	$	15	$	14
Provision for credit losses	6		3		16		23
Write-offs	(6)		(5)		(16)		(21)
Recoveries	—		—		—		2
Ending Balance	$	15	$	18	$	15	$	18

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)	2024		2025		2024		2025
Beginning balance	$	34	$	40	$	32	$	40
Provision for credit losses	11		8		30		22
Payments to Coastal Bank	(8)		(7)		(26)		(22)
Recoveries	1		—		2		1
Ending balance	$	38	$	41	$	38	$	41

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)	2024		2025		2024		2025
Beginning balance	$	3	$	24	$	1	$	11
Provision for credit losses	6		15		11		33
Write-offs	(1)		(5)		(4)		(10)
Recoveries	—		2		$	—	$	2
Ending balance	$	8	$	36	$	8	$	36

Schedule of Credit Card Receivable Aging Analysis

The following tables present the aging analysis of our credit card receivables for the periods presented and the delinquency aging includes all past due principal on loans. Accrued interest receivable

of $3 million as of December 31, 2024, and $7 million as of September 30, 2025, were not included in the tables below.


(in millions, except for percentages)	December 31, 2024
				Aging of receivables
	Current			<90 Days			≥ 90 days			Total Past due receivables			Total Receivables
On-balance sheet	$	186		$	2		$	1		$	3		$	189
Off-balance sheet	177			15			10			25			202
Total credit card loans	$	363		$	17		$	11		$	28		$	391
% of Total loans	93		%	4		%	3		%	7		%	100		%


(in millions, except for percentages)	September 30, 2025
				Aging of receivables
	Current			<90 Days			≥ 90 days			Total Past due receivables			Total Receivables
On-balance sheet	$	517		$	14		$	4		$	18		$	535
Off-balance sheet	184			15			8			23			207
Total credit card loans	$	701		$	29		$	12		$	41		$	742
% of Total loans	94		%	4		%	2		%	6		%	100		%

Schedule of Credit Quality Indicators

The table below presents our credit card receivables by our credit quality indicator, FICO score, including both on-balance sheet and off-balance sheet amounts, as of December 31, 2024 and September 30, 2025. Our receivables by FICO scores:


	December 31,				September 30,
(in millions, except FICO scores)	2024		% of Total loans		2025		% of Total loans
Below 640	$	64	16	%	$	109	15	%
640-690	100		26	%	190		26	%
Greater than 690	227		58	%	443		59	%
Total credit card loans	$	391	100	%	$	742	100	%

FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK (Details) - USD ($)		1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 21, 2025	May 31, 2024	Mar. 31, 2024	Nov. 30, 2023	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Jun. 12, 2025
Debt Instrument [Line Items]
Credit card receivables							$ 2,917,000,000	$ 239,000,000
Net interest revenues					$ 456,000,000	$ 274,000,000	1,103,000,000	813,000,000
Customer advance balance					207,000,000		207,000,000
Settlement date basis, equities		2 days
Settlement date basis, options		1 day
Cryptocurrencies, fair value					51,800,000,000		51,800,000,000		$ 35,200,000,000
Accrued for legal and regulatory contingencies					61,000,000		61,000,000		128,000,000
Remote
Debt Instrument [Line Items]
Accrued for legal and regulatory contingencies					0		0		$ 0
Coastal Bank \| Robinhood credit
Debt Instrument [Line Items]
Customer advance limit				$ 300,000,000
Coastal Bank \| Robinhood credit \| Interest Rate Margin One
Debt Instrument [Line Items]
Variable rate on loan				3.75%
Customer advance limit threshold				$ 150,000,000
Coastal Bank \| Robinhood credit \| Interest Rate Margin Two
Debt Instrument [Line Items]
Variable rate on loan				3.00%
Customer advance limit threshold				$ 150,000,000
Robinhood Credit
Debt Instrument [Line Items]
Net interest revenues					14,000,000	$ 0	26,000,000	$ 0
RHM March 2025 Credit Facility \| Secured Overnight Financing Rate, Interest Period Of One Month
Debt Instrument [Line Items]
Variable rate on loan	0.10%
RHM March 2025 Credit Facility \| Base Rate
Debt Instrument [Line Items]
Variable rate on loan	0.00%
Barclays Arrangement Maturing November 2026 \| Robinhood Credit
Debt Instrument [Line Items]
Line of credit facility, amount entered into					200,000,000		$ 200,000,000
Barclays Arrangement Maturing November 2026 \| Robinhood Credit \| Minimum
Debt Instrument [Line Items]
Undrawn fees rate							0.25%
Barclays Arrangement Maturing November 2026 \| Robinhood Credit \| Maximum
Debt Instrument [Line Items]
Undrawn fees rate							0.35%
Barclays Arrangement Maturing November 2026 \| Commercial Paper Rate \| Robinhood Credit
Debt Instrument [Line Items]
Variable rate on loan							1.75%
SVB Arrangement Maturing April 2027 \| Robinhood Credit
Debt Instrument [Line Items]
Line of credit facility, amount entered into					$ 150,000,000		$ 150,000,000
Undrawn fees rate							0.25%
Borrowings bear interest rate					1.50%		1.50%
Wells Fargo Bank Arrangement Maturing August 2028 \| Robinhood Credit
Debt Instrument [Line Items]
Line of credit facility, amount entered into					$ 300,000,000		$ 300,000,000
Wells Fargo Bank Arrangement Maturing August 2028 \| Robinhood Credit \| Minimum
Debt Instrument [Line Items]
Undrawn fees rate							0.275%
Wells Fargo Bank Arrangement Maturing August 2028 \| Robinhood Credit \| Maximum
Debt Instrument [Line Items]
Undrawn fees rate							0.325%
Wells Fargo Bank Arrangement Maturing August 2028 \| Daily Simple SOFR \| Robinhood Credit
Debt Instrument [Line Items]
Variable rate on loan							1.40%
Wells Fargo Bank Arrangement Maturing August 2028 \| Daily Simple SOFR During - Controlled Or Early Amortization Period \| Robinhood Credit
Debt Instrument [Line Items]
Variable rate on loan							2.00%
SVB And Barclays Arrangements \| Robinhood Credit
Debt Instrument [Line Items]
Weighted average interest									7.81%
SVB, Barclays and WF Arrangements \| Robinhood Credit
Debt Instrument [Line Items]
Outstanding borrowings, long-term					$ 378,000,000		$ 378,000,000		$ 131,000,000
Weighted average interest					6.45%		6.45%
Credit card receivables					$ 1,400,000,000		$ 2,900,000,000		748,000,000
Provision for credit losses					501,000,000		501,000,000		179,000,000
Revolving Credit Facility \| March 2024 credit facility
Debt Instrument [Line Items]
Line of credit facility, amount entered into	$ 2,250,000,000
Line of credit facility, term			364 days
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, increase limit	1,000,000,000									$ 1,125,000,000
Outstanding borrowings, long-term									$ 0
Revolving Credit Facility \| RHM March 2025 Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, amount entered into	1,000,000,000
Line of credit facility, increase limit	250,000,000
Line of credit facility, remaining borrowing capacity	$ 1,250,000,000
Variable rate on loan	1.50%
Commitment fee percentage	0.25%
Revolving Credit Facility \| RHM March 2025 Credit Facility \| Line of Credit \| Federal Reserve Bank of New York Rate
Debt Instrument [Line Items]
Variable rate on loan	0.50%
Revolving Credit Facility \| RHM March 2025 Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate on loan	1.00%
Revolving Credit Facility \| RHS March 2025 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, amount entered into	$ 2,650,000,000
Line of credit facility, increase limit	1,325,000,000
Line of credit facility, remaining borrowing capacity	$ 3,975,000,000
Commitment fee percentage	0.50%
Line of credit facility, term	364 days
Outstanding borrowings, long-term					$ 0		$ 0
Revolving Credit Facility \| RHS March 2025 Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate on loan	0.10%
Revolving Credit Facility \| RHS March 2025 Credit Agreement, Tranche A \| Line of Credit
Debt Instrument [Line Items]
Variable rate on loan	1.25%
Revolving Credit Facility \| RHM March 2025 Credit Facility, Tranche B and C \| Line of Credit
Debt Instrument [Line Items]
Variable rate on loan	2.50%

NET INCOME PER SHARE - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator
Net income	$ 556	$ 150	$ 1,278	$ 495
Net income attributable to common stockholders	$ 556	$ 150	$ 1,278	$ 495
Denominator
Weighted-average common shares outstanding - basic (in shares)	889,261,220	884,108,545	885,346,564	880,182,573
Basic EPS (in dollars per share)	$ 0.63	$ 0.17	$ 1.44	$ 0.56
Numerator
Net income	$ 556	$ 150	$ 1,278	$ 495
Net income for diluted EPS	$ 556	$ 150	$ 1,278	$ 495
Denominator
Weighted-average common shares outstanding - basic (in shares)	889,261,220	884,108,545	885,346,564	880,182,573
Weighted-average common shares outstanding - diluted (in shares)	917,940,660	905,544,750	918,606,063	903,555,592
Diluted EPS (in dollars per share)	$ 0.61	$ 0.17	$ 1.39	$ 0.55
Class A
Numerator
Net income	$ 485	$ 129	$ 1,112	$ 425
Net income attributable to common stockholders	$ 485	$ 129	$ 1,112	$ 425
Denominator
Weighted-average common shares outstanding - basic (in shares)	776,153,997	761,931,947	770,107,702	756,319,103
Basic EPS (in dollars per share)	$ 0.63	$ 0.17	$ 1.44	$ 0.56
Numerator
Net income	$ 485	$ 129	$ 1,112	$ 425
Reallocation of net income as a result of conversion of Class B to Class A common stock	71	21	166	70
Reallocation of net income to Class B common stock	0	0	0	0
Net income for diluted EPS	$ 556	$ 150	$ 1,278	$ 495
Denominator
Weighted-average common shares outstanding - basic (in shares)	776,153,997	761,931,947	770,107,702	756,319,103
Dilutive effect of stock options and unvested shares (in shares)	28,679,440	21,436,205	33,259,499	23,373,019
Conversion of Class B to Class A common stock (in shares)	113,107,223	122,176,598	115,238,862	123,863,470
Weighted-average common shares outstanding - diluted (in shares)	917,940,660	905,544,750	918,606,063	903,555,592
Diluted EPS (in dollars per share)	$ 0.61	$ 0.17	$ 1.39	$ 0.55
Class B
Numerator
Net income	$ 71	$ 21	$ 166	$ 70
Net income attributable to common stockholders	$ 71	$ 21	$ 166	$ 70
Denominator
Weighted-average common shares outstanding - basic (in shares)	113,107,223	122,176,598	115,238,862	123,863,470
Basic EPS (in dollars per share)	$ 0.63	$ 0.17	$ 1.44	$ 0.56
Numerator
Net income	$ 71	$ 21	$ 166	$ 70
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	(3)	0	(6)	(1)
Net income for diluted EPS	$ 68	$ 21	$ 160	$ 69
Denominator
Weighted-average common shares outstanding - basic (in shares)	113,107,223	122,176,598	115,238,862	123,863,470
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)	113,107,223	122,176,598	115,238,862	123,863,470
Diluted EPS (in dollars per share)	$ 0.61	$ 0.17	$ 1.39	$ 0.55

BUSINESS COMBINATIONS - Narrative (Details) $ in Millions				3 Months Ended
BUSINESS COMBINATIONS - Narrative (Details) $ in Millions	Jun. 02, 2025 USD ($)	May 12, 2025 USD ($)	Feb. 26, 2025 USD ($) shares	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	May 12, 2025 $ / shares
TradePMR
Business Combination [Line Items]
Consideration transferred			$ 175
Increase to receivable					$ 3
Decrease to other current assets					1
Decrease to other non-current assets					1
(Decrease) increase to goodwill					$ (1)
Weighted average useful life			9 years 9 months 3 days
TradePMR \| Common Class A
Business Combination [Line Items]
Number of unvested shares issued (in shares) \| shares			2,049,711
Business combination, shares granted value			$ 100
Business combination, post acquisition service period			4 years
Bitstamp
Business Combination [Line Items]
Consideration transferred	$ 224
(Decrease) increase to goodwill				$ 2
Weighted average useful life	7 years 29 days
WonderFi
Business Combination [Line Items]
Business combination, price per share (in dollars per share) \| $ / shares						$ 0.36
Price of expected acquisition		$ 180

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, 2025	Dec. 31, 2024
Assets
Deposits with clearing organizations	$ 1,440	$ 489
Fair Value, Recurring
Assets
Total financial assets	6,514	4,904
Liabilities
Total financial liabilities	3,618	2,530
Fair Value, Recurring \| U.S. Treasury securities
Assets
Cash, cash equivalents, and securities segregated under federal and other regulations:	1,938	1,193
Deposits with clearing organizations	698
Fair Value, Recurring \| Foreign Treasury securities
Assets
Cash, cash equivalents, and securities segregated under federal and other regulations:	53
Fair Value, Recurring \| Stablecoin
Assets
Other current assets	8	361
Fair Value, Recurring \| Equity securities - securities owned
Assets
Other current assets	23	15
Fair Value, Recurring \| Money market funds - escrow account
Assets
Other current assets	2	2
Fair Value, Recurring \| User-held fractional shares
Assets
Other current assets	3,618	2,530
Fair Value, Recurring \| Fractional shares repurchase obligations
Liabilities
Fractional shares repurchase obligations	3,618	2,530
Fair Value, Recurring \| Security Lending Program
Assets
Deposits with clearing organizations	697
Fair Value, Recurring \| Event Contracts
Assets
Deposits with clearing organizations	1
Fair Value, Recurring \| Time deposits
Assets
Cash equivalents		750
Fair Value, Recurring \| Money market funds
Assets
Cash equivalents	174	53
Fair Value, Recurring \| Level 1
Assets
Total financial assets	6,514	4,154
Liabilities
Total financial liabilities	3,618	2,530
Fair Value, Recurring \| Level 1 \| U.S. Treasury securities
Assets
Cash, cash equivalents, and securities segregated under federal and other regulations:	1,938	1,193
Deposits with clearing organizations	698
Fair Value, Recurring \| Level 1 \| Foreign Treasury securities
Assets
Cash, cash equivalents, and securities segregated under federal and other regulations:	53
Fair Value, Recurring \| Level 1 \| Stablecoin
Assets
Other current assets	8	361
Fair Value, Recurring \| Level 1 \| Equity securities - securities owned
Assets
Other current assets	23	15
Fair Value, Recurring \| Level 1 \| Money market funds - escrow account
Assets
Other current assets	2	2
Fair Value, Recurring \| Level 1 \| User-held fractional shares
Assets
Other current assets	3,618	2,530
Fair Value, Recurring \| Level 1 \| Fractional shares repurchase obligations
Liabilities
Fractional shares repurchase obligations	3,618	2,530
Fair Value, Recurring \| Level 1 \| Time deposits
Assets
Cash equivalents		0
Fair Value, Recurring \| Level 1 \| Money market funds
Assets
Cash equivalents	174	53
Fair Value, Recurring \| Level 2
Assets
Total financial assets	0	750
Liabilities
Total financial liabilities	0	0
Fair Value, Recurring \| Level 2 \| U.S. Treasury securities
Assets
Cash, cash equivalents, and securities segregated under federal and other regulations:	0	0
Deposits with clearing organizations	0
Fair Value, Recurring \| Level 2 \| Foreign Treasury securities
Assets
Cash, cash equivalents, and securities segregated under federal and other regulations:	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 \| User-held fractional shares
Assets
Other current assets	0	0
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
Fair Value, Recurring \| Level 2 \| Money market funds
Assets
Cash equivalents	0	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
Cash, cash equivalents, and securities segregated under federal and other regulations:	0	0
Deposits with clearing organizations	0
Fair Value, Recurring \| Level 3 \| Foreign Treasury securities
Assets
Cash, cash equivalents, and securities segregated under federal and other regulations:	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 \| User-held fractional shares
Assets
Other current assets	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
Fair Value, Recurring \| Level 3 \| Money market funds
Assets
Cash equivalents	$ 0	$ 0

REVENUES - Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Interest expenses related to credit facilities	$ (8)	$ (6)	$ (22)	$ (18)
Total net interest revenues	456	274	1,103	813
Total net revenues	1,274	637	3,190	1,937
Transaction-based revenues
Disaggregation of Revenue [Line Items]
Total transaction-based revenues and other revenues	730	319	1,852	975
Options
Disaggregation of Revenue [Line Items]
Total transaction-based revenues and other revenues	304	202	809	538
Cryptocurrencies
Disaggregation of Revenue [Line Items]
Total transaction-based revenues and other revenues	268	61	680	268
Equities
Disaggregation of Revenue [Line Items]
Total transaction-based revenues and other revenues	86	37	208	116
Other
Disaggregation of Revenue [Line Items]
Total transaction-based revenues and other revenues	72	19	155	53
Margin interest
Disaggregation of Revenue [Line Items]
Net interest revenues	153	83	377	228
Interest on segregated cash, cash equivalents, securities, and deposits
Disaggregation of Revenue [Line Items]
Net interest revenues	103	61	236	187
Cash Sweep
Disaggregation of Revenue [Line Items]
Net interest revenues	64	46	172	129
Securities lending, net
Disaggregation of Revenue [Line Items]
Net interest revenues	87	19	164	68
Interest on corporate cash and investments
Disaggregation of Revenue [Line Items]
Net interest revenues	39	67	134	203
Credit card, net
Disaggregation of Revenue [Line Items]
Net interest revenues	17	4	40	16
Other revenues
Disaggregation of Revenue [Line Items]
Total transaction-based revenues and other revenues	88	44	235	149
Robinhood Gold subscription revenues
Disaggregation of Revenue [Line Items]
Total transaction-based revenues and other revenues	47	28	129	77
Proxy revenues
Disaggregation of Revenue [Line Items]
Total transaction-based revenues and other revenues	7	8	52	53
Other
Disaggregation of Revenue [Line Items]
Total transaction-based revenues and other revenues	34	8	54	19
Net interest revenues	$ 1	$ 0	$ 2	$ 0

BUSINESS COMBINATIONS

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS

NOTE 3: BUSINESS COMBINATIONS

Acquisition of TradePMR

On February 26, 2025, we acquired all of the outstanding equity of TradePMR, a custodial and portfolio management platform for RIAs. The acquisition of TradePMR allows us to deliver investment advisory capabilities to customers by bringing in a scaled RIA custodial and portfolio management platform that connects financial advisors to a new generation of investors.

The acquisition date fair value of the consideration transferred for TradePMR was approximately $175 million following customary purchase price adjustments and was entirely paid in cash. The post-close compensation consisted of 2,049,711 unvested shares of the Company’s Class A common stock, valued at approximately $100 million as of the closing date of the acquisition, which will vest over a four-year period post-acquisition, subject to the terms of a vesting agreement. Shares of unvested restricted stock have the same voting rights as all other Class A common stock and are considered to be issued and outstanding. These shares are not part of the equity incentive plans described in Note 11 - Common Stock and Stockholders’ Equity.

The purchase price allocation is based on a preliminary valuation and subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available, including certain tax matters, during the measurement period (up to one year from the acquisition date). The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition:


(in millions)	Fair Value
Cash and cash equivalents	$	25
Receivables from brokers, dealers, and clearing organizations	5
Prepaid expenses	1
Other current assets	9
Other non-current assets	3
Goodwill	112
Intangible assets	81
Accounts payable and accrued expenses	(1)
Other current liabilities	(19)
Other non-current liabilities	(41)
Net assets acquired	$	175

During the second quarter of 2025, we recorded measurement period adjustments of $3 million increase to receivables from brokers, dealers, and clearing organizations, and $1 million decrease to each of other current assets and other non-current assets, with a corresponding $1 million decrease to goodwill based on facts and circumstances as of the acquisition date.

on management’s estimates and assumptions at the time of acquisition. Tangible net assets were valued at their respective carrying amounts as of the acquisition date, as these amounts approximated fair value.

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:


(in millions, except years)	Fair Value		Useful Life
Customer relationships	$	49	13
Developed technology	31		5
Trade name	1		4
Total	$	81

The overall weighted average useful life of the identified amortizable intangible assets acquired is 9.76 years. The estimated fair value of the intangible assets acquired approximate the amounts a market participant would pay for these intangible assets as of the acquisition date. We used a multi-period excess earnings method to estimate the fair value of customer relationships and the relief from royalty method to estimate the fair value of developed technology and trade name.

Pro forma results of operations for TradePMR have not been presented as the effect of this acquisition was not material to our consolidated financial statements.

Acquisition of Bitstamp

On June 2, 2025, we acquired all outstanding equity of Bitstamp, a globally-scaled cryptocurrency exchange with retail and institutional customers. This acquisition of Bitstamp accelerates our expansion worldwide, including across the European Union (“EU”), the United Kingdom (“U.K.”), and Asia. The acquisition date fair value of the consideration transferred for Bitstamp was approximately $224 million following customary purchase price adjustments and was entirely paid in cash.


(in millions)	Fair Value
Cash and cash equivalents	$	65
Cash and securities segregated under federal and other regulations	1,103
Receivable from users, net	13
Prepaid expenses	6
Other current assets	15
Other non-current assets	8
Goodwill	93
Intangible assets	70
Accounts payable and accrued expenses	(28)
Payable to users	(1,115)
Other current liabilities	(4)
Other non-current liabilities	(2)
Net assets acquired	$	224

During the third quarter of 2025, we recorded measurement period adjustments that resulted in a $2 million increase to goodwill, primarily related to adjustments to developed technology, based on facts and circumstances as of the acquisition date.

The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill, which is not deductible for tax purposes. Goodwill is primarily attributed to the assembled workforce of Bitstamp and anticipated operational synergies. The fair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions at the time of acquisition. Tangible net assets were valued at their respective carrying amounts as of the acquisition date, as these amounts approximated fair value.

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:


(in millions, except years)	Fair Value		Useful Life
Developed technology	$	39	6
Licenses	21		N/A
Customer relationships	5		18
Other	4		N/A
Trade name	1		2
Total	$	70

The overall weighted average useful life of the identified amortizable intangible assets acquired is 7.08 years. The estimated fair value of the intangible assets acquired approximate the amounts a market participant would pay for these intangible assets as of the acquisition date. We used a multi-period excess earnings method to estimate the fair value of developed technology, the distributor method to estimate the fair value of customer relationships, the cost approach to estimate the fair value of licenses, and the relief from royalty method to estimate the fair value of trade names.

Pro forma results of operations for Bitstamp have not been presented as the effect of this acquisition was not material to our consolidated financial statements.

Pending Acquisition of WonderFi

On May 12, 2025, we entered into an agreement to acquire all outstanding equity of WonderFi, a Canadian leader in digital asset products and services, for Canadian dollars (“C$”) C$0.36 per share, representing a total equity value of approximately $180 million. The pending acquisition is subject to customary closing conditions, including regulatory approvals.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

NET INCOME PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following table presents the calculation of basic and diluted earnings per share (“EPS”):


(in millions, except share and per share data)	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2025				2024				2025
	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
Basic EPS:
Numerator
Net income	$	129	$	21	$	485	$	71	$	425	$	70	$	1,112	$	166
Net income attributable to common stockholders	$	129	$	21	$	485	$	71	$	425	$	70	$	1,112	$	166
Denominator
Weighted-average common shares outstanding - basic	761,931,947		122,176,598		776,153,997		113,107,223		756,319,103		123,863,470		770,107,702		115,238,862
Basic EPS	$	0.17	$	0.17	$	0.63	$	0.63	$	0.56	$	0.56	$	1.44	$	1.44

Diluted EPS:
Numerator
Net income	$	129	$	21	$	485	$	71	$	425	$	70	$	1,112	$	166
Reallocation of net income as a result of conversion of Class B to Class A common stock	21		—		71		—		70		—		166		—
Reallocation of net income to Class B common stock	—		—		—		(3)		—		(1)		—		(6)
Net income for diluted EPS	$	150	$	21	$	556	$	68	$	495	$	69	$	1,278	$	160
Denominator
Weighted-average common shares outstanding - basic	761,931,947		122,176,598		776,153,997		113,107,223		756,319,103		123,863,470		770,107,702		115,238,862
Dilutive effect of stock options and unvested shares	21,436,205		—		28,679,440		—		23,373,019		—		33,259,499		—
Conversion of Class B to Class A common stock	122,176,598		—		113,107,223		—		123,863,470		—		115,238,862		—
Weighted-average common shares outstanding - diluted	905,544,750		122,176,598		917,940,660		113,107,223		903,555,592		123,863,470		918,606,063		115,238,862
Diluted EPS	$	0.17	$	0.17	$	0.61	$	0.61	$	0.55	$	0.55	$	1.39	$	1.39

Schedule of Potential Common Shares Excluded from the Calculation of Diluted EPS

The following potential common shares were excluded from the calculation of diluted EPS 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,
	2024	2025	2024	2025
Market-Based RSUs	11,065,463	—	11,065,463	—
Time-Based RSUs	746,083	—	774,579	76,826
Warrants	14,278,034	—	14,278,034	—
Total anti-dilutive securities	26,089,580	—	26,118,076	76,826

NET INCOME PER SHARE

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

NET INCOME PER SHARE

NOTE 12: NET INCOME PER SHARE

The following table presents the calculation of basic and diluted earnings per share (“EPS”):


(in millions, except share and per share data)	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2025				2024				2025
	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
Basic EPS:
Numerator
Net income	$	129	$	21	$	485	$	71	$	425	$	70	$	1,112	$	166
Net income attributable to common stockholders	$	129	$	21	$	485	$	71	$	425	$	70	$	1,112	$	166
Denominator
Weighted-average common shares outstanding - basic	761,931,947		122,176,598		776,153,997		113,107,223		756,319,103		123,863,470		770,107,702		115,238,862
Basic EPS	$	0.17	$	0.17	$	0.63	$	0.63	$	0.56	$	0.56	$	1.44	$	1.44

Diluted EPS:
Numerator
Net income	$	129	$	21	$	485	$	71	$	425	$	70	$	1,112	$	166
Reallocation of net income as a result of conversion of Class B to Class A common stock	21		—		71		—		70		—		166		—
Reallocation of net income to Class B common stock	—		—		—		(3)		—		(1)		—		(6)
Net income for diluted EPS	$	150	$	21	$	556	$	68	$	495	$	69	$	1,278	$	160
Denominator
Weighted-average common shares outstanding - basic	761,931,947		122,176,598		776,153,997		113,107,223		756,319,103		123,863,470		770,107,702		115,238,862
Dilutive effect of stock options and unvested shares	21,436,205		—		28,679,440		—		23,373,019		—		33,259,499		—
Conversion of Class B to Class A common stock	122,176,598		—		113,107,223		—		123,863,470		—		115,238,862		—
Weighted-average common shares outstanding - diluted	905,544,750		122,176,598		917,940,660		113,107,223		903,555,592		123,863,470		918,606,063		115,238,862
Diluted EPS	$	0.17	$	0.17	$	0.61	$	0.61	$	0.55	$	0.55	$	1.39	$	1.39


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2025	2024	2025
Market-Based RSUs	11,065,463	—	11,065,463	—
Time-Based RSUs	746,083	—	774,579	76,826
Warrants	14,278,034	—	14,278,034	—
Total anti-dilutive securities	26,089,580	—	26,118,076	76,826

FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK	9 Months Ended
FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK	Sep. 30, 2025
Debt Disclosure [Abstract]
FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK	NOTE 10: FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK Revolving Credit Facilities RHM March 2025 Credit Agreement On March 21, 2025, RHM entered into the Third Amended and Restated Credit Agreement with a syndicate of banks, as amended by the First Amendment, dated as of October 15, 2025 (the “RHM March 2025 Credit Agreement”), amending and restating the unsecured revolving line of credit entered into in March 2024 (refer to Note 12 - Financing Activities and Off-Balance Sheet Risk, of the 2024 Form 10-K for more information). The RHM March 2025 Credit Agreement has an initial commitment of $1 billion with a maturity date of March 21, 2028. Under circumstances described in the RHM March 2025 Credit Agreement, the aggregate commitments may be increased from time to time by up to $250 million in the aggregate (the “Accordion”), for a total commitment of up to $1.25 billion. On June 12, 2025, we increased the commitment from $1 billion to $1.125 billion pursuant to the Accordion and as a result reduced the available incremental commitment available pursuant to the Accordion by a corresponding amount. Borrowings under the RHM March 2025 Credit Agreement will bear interest at a rate per annum equal to the Alternate Base Rate or Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus an applicable margin rate of 1.50%. For purposes of the RHM March 2025 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 2025 Credit Agreement. Robinhood Securities, LLC (“RHS”) March 2025 Credit Agreement On March 21, 2025, RHS, our wholly-owned subsidiary, entered into the Fourth Amended and Restated Credit Agreement (the “RHS March 2025 Credit Agreement”) among RHS, as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, amending and restating the $2.25 billion 364-day senior secured revolving credit facility entered into in March 2024 (refer to Note 12 - Financing Activities and Off-Balance Sheet Risk, of the 2024 Form 10-K for more information). The RHS March 2025 Credit Agreement provides for a 364-day senior secured revolving credit facility with a total commitment of $2.65 billion. Under circumstances described in the RHS March 2025 Credit Agreement, the aggregate commitments may be increased by up to $1.325 billion via an accordion feature, for a total commitment of $3.975 billion. Borrowings under the credit facility must be specified to be Tranche A, Tranche B, Tranche C or a combination thereof, with each tranche being secured by different assets of RHS as set forth in the RHS March 2025 Credit Agreement. Borrowings under the RHS March 2025 Credit Agreement will bear interest at a rate per annum equal to the greatest of (i) Daily Simple SOFR (as defined in the RHS March 2025 Credit Agreement) plus 0.10% , (ii) the Federal Funds Effective Rate (as defined in the RHS March 2025 Credit Agreement) and (iii) the Overnight Bank Funding Rate (as defined in the RHS March 2025 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 2025 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 2025 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 2025 Credit Agreement may be accelerated upon an “event of default,” as defined in the RHS March 2025 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, 2024 and September 30, 2025, 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 Inc. (“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 variable interest entity 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 unaudited 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 6 - 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. As of September 30, 2025, the Trust had three arrangements in place: (1) to borrow up to $200 million from Barclays Bank (“Barclays”), (2) to borrow up to $150 million from Silicon Valley Bank (“SVB”), which was amended on September 26, 2025 to decrease the borrowing capacity and the pricing, and (3) to borrow up to $300 million from Wells Fargo Bank (“WF”), which was a new borrowing agreement entered into on August 1, 2025. Under the Barclays arrangement, the Trust may borrow, repay, and re-borrow up to a committed amount of $200 million during the revolving period, which ends in November 2026. During this period, borrowings bear interest at Barclays’ commercial paper rate plus 1.75% and undrawn amounts accrue an undrawn fee at rates between 0.25% and 0.35%, depending on utilization. After the revolving period ends, the facility enters an amortization period during which no new borrowings are permitted, and the Trust repays the outstanding balance. The interest margin increases during this amortization phase. Under the SVB arrangement, the Trust may borrow, repay, and re-borrow up to a committed amount of $150 million during the revolving period, which ends in April 2027. During this period, borrowings bear interest at a rate equal to the Term SOFR plus 1.5%, and undrawn amounts accrue at a rate of 0.25%. Under the WF arrangement, the Trust may borrow, repay and re-borrow up to a committed amount of $300 million during the revolving period, which ends in August 2028. During this period, borrowings bear interest at a rate equal to the Daily Simple SOFR plus 1.4%. After the revolving period ends, the facility enters a controlled amortization period where interest increases to a rate equal to the Daily Simple SOFR plus 2.0%, and undrawn amounts accrue an undrawn fee at rates between 0.275% and 0.325%, depending on utilization. As of December 31, 2024, the weighted average interest rate of the SVB and Barclays arrangements was 7.81%. As of September 30, 2025, the weighted average interest rate of the SVB, Barclays, and WF arrangements was 6.45%. As of December 31, 2024 and during the three and nine months ended September 30, 2025, the Trust purchased $748 million, $1.4 billion and $2.9 billion of credit card receivables. As of December 31, 2024 and September 30, 2025, the carrying value of purchased credit card receivables that had not been collected, net of provision for credit losses, was $179 million and $501 million, and the outstanding balance of borrowing principal and interest was $131 million and $378 million. For the three and nine months ended September 30, 2024, the net interest revenue of the Trust was immaterial. For the three and nine months ended September 30, 2025, the net interest revenue of the Trust was $14 million and $26 million. 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, 2025, the off-balance sheet credit card receivables funded under the Program Agreement was $207 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, the 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. Cryptocurrency Held in Custody on Behalf of Users We hold cryptocurrencies in custody on behalf of our users which includes staked assets on our platform, totaling $35.2 billion and $51.8 billion at fair value at December 31, 2024 and September 30, 2025, and these assets were not recorded on our unaudited condensed consolidated balance sheets. The fair value was determined based on observed market pricing representing the last price executed for trades of each cryptocurrency at period ends. We also considered whether a liability representing anticipated losses from crypto assets which we hold in custody on behalf of users should be recognized and determined the likelihood of such losses was remote. As such, we did not record a liability at December 31, 2024 and September 30, 2025.

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVESTMENTS AND FAIR VALUE MEASUREMENT - Schedule of Held-to-Maturity Investments (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	$ 53	$ 398
Allowance for Credit Losses	0	0
Unrealized Gains	0	1
Unrealized Losses	0	0
Fair Value	53	399
U.S. Treasury securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	53	337
Allowance for Credit Losses	0	0
Unrealized Gains	0	1
Unrealized Losses	0	0
Fair Value	$ 53	338
Corporate debt securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost		51
Allowance for Credit Losses		0
Unrealized Gains		0
Unrealized Losses		0
Fair Value		51
U.S. government agency securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost		10
Allowance for Credit Losses		0
Unrealized Gains		0
Unrealized Losses		0
Fair Value		$ 10

- Definition

Fair value of investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
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Reference 3: 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, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Contract with Customer, Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 24	$ 3	$ 11	$ 1
Provision for credit losses	15	6	33	11
Write-offs	(5)	(1)	(10)	(4)
Recoveries	2	0	2	0
Ending balance	$ 36	$ 8	$ 36	$ 8

COMMITMENTS & CONTINGENCIES (Details) $ in Millions	1 Months Ended
COMMITMENTS & CONTINGENCIES (Details) $ in Millions	Dec. 31, 2020 case	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Apr. 30, 2021 tranche
Loss Contingencies [Line Items]
Accrued for legal and regulatory contingencies \| $		$ 61	$ 128
Number of tranches \| tranche				3
Putative Securities Fraud Class Action Lawsuit
Loss Contingencies [Line Items]
Number of lawsuits \| case	5

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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+ Details

BUSINESS COMBINATIONS - Schedule of Components of Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jun. 02, 2025	Feb. 26, 2025
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life	11 years 10 months 9 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Life	4 years 7 months 6 days
Trade name
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 years 7 months 24 days
TradePMR
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets			$ 81
TradePMR \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets			$ 49
Useful Life			13 years
TradePMR \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets			$ 31
Useful Life			5 years
TradePMR \| Trade name
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets			$ 1
Useful Life			4 years
Bitstamp
Indefinite-Lived Intangible Assets [Line Items]
Finite and indefinite intangible assets		$ 70
Bitstamp \| Licenses
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		21
Bitstamp \| Other
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		4
Bitstamp \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets		$ 5
Useful Life		18 years
Bitstamp \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets		$ 39
Useful Life		6 years
Bitstamp \| Trade name
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets		$ 1
Useful Life		2 years

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, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total net interest revenues	$ 456	$ 274	$ 1,103	$ 813
Fully-Paid Securities Lending
Disaggregation of Revenue [Line Items]
Interest revenue	52	20	116	60
Interest expense	(8)	(3)	(18)	(9)
Total net interest revenues	$ 44	$ 17	$ 98	$ 51

- 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.

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+ Details

- Definition

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

+ References

+ Details

BUSINESS COMBINATIONS - Schedule of Acquisition Date Fair Value of Consideration Transferred (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jun. 02, 2025	Feb. 26, 2025	Dec. 31, 2024
Business Combination [Line Items]
Goodwill	$ 386			$ 179
TradePMR
Business Combination [Line Items]
Cash and cash equivalents			$ 25
Receivables from brokers, dealers, and clearing organizations			5
Prepaid expenses			1
Other current assets			9
Other non-current assets			3
Goodwill			112
Intangible assets			81
Accounts payable and accrued expenses			(1)
Other current liabilities			(19)
Other non-current liabilities			(41)
Net assets acquired			$ 175
Bitstamp
Business Combination [Line Items]
Cash and cash equivalents		$ 65
Cash and securities segregated under federal and other regulations		1,103
Receivable from users, net		13
Prepaid expenses		6
Other current assets		15
Other non-current assets		8
Goodwill		93
Intangible assets		70
Accounts payable and accrued expenses		(28)
Payable to users		(1,115)
Other current liabilities		(4)
Other non-current liabilities		(2)
Net assets acquired		$ 224

SECURITIES BORROWING AND LENDING (Tables)

9 Months Ended

Sep. 30, 2025

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, 2024 and September 30, 2025:


	December 31,		September 30,
(in millions)	2024		2025
Assets	Securities borrowed
Gross amount of cash collateral provided to users for securities borrowing transactions	$	3,236	$	6,607
Gross amount offset on the consolidated balance sheets	—		—
Amounts of assets presented on the consolidated balance sheets	3,236		6,607
Gross amount not offset on the consolidated balance sheets:
Cash collateral provided to users and third parties for securities borrowing transactions	3,236		6,607
Fair value of securities borrowed from users and third parties	(3,118)		(6,465)
Net amount	$	118	$	142

Liabilities	Securities loaned
Gross amount of cash collateral received from counterparties for securities lending transactions	$	7,463	$	15,666
Gross amount offset on the consolidated balance sheets	—		—
Amounts of liabilities presented on the consolidated balance sheets	7,463		15,666
Gross amount not offset on the consolidated balance sheets:
Cash collateral received from counterparties for securities lending transactions	7,463		15,666
Fair value of securities pledged to counterparties	(6,887)		(14,956)
Net amount	$	576	$	710

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, 2024 and September 30, 2025:


	December 31,		September 30,
(in millions)	2024		2025
Assets	Securities borrowed
Gross amount of cash collateral provided to users for securities borrowing transactions	$	3,236	$	6,607
Gross amount offset on the consolidated balance sheets	—		—
Amounts of assets presented on the consolidated balance sheets	3,236		6,607
Gross amount not offset on the consolidated balance sheets:
Cash collateral provided to users and third parties for securities borrowing transactions	3,236		6,607
Fair value of securities borrowed from users and third parties	(3,118)		(6,465)
Net amount	$	118	$	142

Liabilities	Securities loaned
Gross amount of cash collateral received from counterparties for securities lending transactions	$	7,463	$	15,666
Gross amount offset on the consolidated balance sheets	—		—
Amounts of liabilities presented on the consolidated balance sheets	7,463		15,666
Gross amount not offset on the consolidated balance sheets:
Cash collateral received from counterparties for securities lending transactions	7,463		15,666
Fair value of securities pledged to counterparties	(6,887)		(14,956)
Net amount	$	576	$	710

ALLOWANCE FOR CREDIT LOSSES - Credit Quality Indicators (Details) - Credit Card Receivable - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]
Total credit card loans	$ 742	$ 391
% of Total loans	100.00%	100.00%
Below 640
Financing Receivable, Credit Quality Indicator [Line Items]
Total credit card loans	$ 109	$ 64
% of Total loans	15.00%	16.00%
640-690
Financing Receivable, Credit Quality Indicator [Line Items]
Total credit card loans	$ 190	$ 100
% of Total loans	26.00%	26.00%
Greater than 690
Financing Receivable, Credit Quality Indicator [Line Items]
Total credit card loans	$ 443	$ 227
% of Total loans	59.00%	58.00%

- 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.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Operating activities:
Net income	$ 556	$ 150	$ 1,278	$ 495
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			63	55
Provision for credit losses	26	23	78	57
Share-based compensation			229	227
Other			13	0
Changes in operating assets and liabilities:
Securities segregated under federal and other regulations			(1,193)	0
Receivables from brokers, dealers, and clearing organizations			19	(50)
Receivables from users, net			(5,814)	(1,971)
Securities borrowed			(3,371)	(2,102)
Deposits with clearing organizations			(951)	(126)
Current and non-current prepaid expenses			(42)	(41)
Current and non-current deferred customer match incentives			(226)	(202)
Other current and non-current assets			437	(11)
Accounts payable and accrued expenses			(75)	28
Payables to users			3,754	1,167
Securities loaned			8,203	3,759
Other current and non-current liabilities			173	(42)
Net cash provided by operating activities			2,575	1,243
Investing activities:
Purchases of property, software, and equipment			(13)	(9)
Capitalization of internally developed software			(28)	(26)
Consideration transferred for business acquisitions			(399)	(6)
Cash, cash equivalents, and segregated cash acquired in business acquisitions			1,193	0
Purchases of held-to-maturity investments			0	(469)
Proceeds from maturities of held-to-maturity investments			347	439
Purchases of credit card receivables by Credit Card Funding Trust			(2,917)	(239)
Collections of purchased credit card receivables			2,526	130
Asset acquisition, net of cash acquired			0	(3)
Other			(10)	1
Net cash provided by (used in) investing activities			699	(182)
Financing activities:
Proceeds from exercise of stock options			14	10
Proceeds from issuance of common stock under the Employee Share Purchase Plan			15	10
Taxes paid related to net share settlement of equity awards			(413)	(155)
Repurchase of Class A common stock			(553)	(97)
Draws on credit facilities			2,701	12
Repayments on credit facilities			(2,701)	(12)
Borrowings by the Credit Card Funding Trust			245	95
Change in principal collected from customers due to Coastal Bank			0	(15)
Repayments on borrowings by the Credit Card Funding Trust			0	(1)
Payments of debt issuance costs			(16)	(14)
Net cash used in financing activities			(708)	(167)
Effect of foreign exchange rate changes on cash and cash equivalents			8	1
Net increase in cash, cash equivalents, segregated cash, and restricted cash			2,574	895
Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period			8,695	9,346	$ 9,346
Cash, cash equivalents, segregated cash, and restricted cash, end of the period	11,269	10,241	11,269	10,241	8,695
Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
Cash and cash equivalents, end of the period	4,331	4,611	4,331	4,611	4,332
Segregated cash and cash equivalents, end of the period	6,853	5,547	6,853	5,547
Restricted cash in other current assets, end of the period	68	67	68	67
Restricted cash in other non-current assets, end of the period	17	16	17	16
Cash, cash equivalents, segregated cash and restricted cash, end of the period	$ 11,269	$ 10,241	11,269	10,241	$ 8,695
Supplemental disclosures:
Cash paid for interest			20	12
Cash paid for income taxes, net of refund received			$ 83	$ 14

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2025

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 founded in 2013 and our mission is to democratize finance for all. Our platforms enable customers to buy, sell, and trade equities, options, and futures, as well as buy, sell, and transfer cryptocurrencies. We are also responsible for the custody of user-held cryptocurrencies. In addition, we offer credit cards with certain rewards offerings, as well as a cash card and spending account that help our customers in investing, saving, and earning rewards.

We are continuously introducing new products and diversifying our services that further expand access to the financial system. In February 2025, we acquired Trade-PMR, Inc. (“TradePMR”), a custodial and portfolio management platform for Registered Investment Advisors (“RIAs”). In March 2025, we launched Robinhood Strategies, a digital investment advisory service that offers tailored, expert-managed, and goal-based portfolios directly within our mobile platform, featuring low and capped fees. In June 2025, we acquired Bitstamp, a globally-scaled cryptocurrency exchange with institutional and retail customers.

Acting as the agent of the user, we facilitate the purchase and sale of options, cryptocurrencies, equities, and futures through our platforms. Options, cryptocurrencies, and equities transactions are routed through market makers or exchanges, who are responsible for trade execution. For certain cryptocurrency transactions, we match user orders using an industry-standard matching engine. 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. For futures, users are legally obligated to buy or sell the underlying asset at a specified future date, with the price determined at the time of trade execution. 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), and, as a result, user-held cryptocurrencies are not presented on our unaudited condensed consolidated balance sheets.

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, 2025 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, 2024 (“2024 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 2024 Form 10-K, other than as disclosed below. The unaudited condensed consolidated financial statements include the accounts of RHM and its wholly-owned direct and indirect 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.

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, investment valuation, capitalization of internally developed software, useful lives of property, software, and equipment, valuation and useful lives of intangible assets, valuation of reporting units in assessing goodwill for impairment, incremental borrowing rate used to calculate operating lease right-of-use assets and related liabilities, impairment of long-lived assets, uncertain tax positions, realizability of deferred tax assets, 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 and exchanges in excess of 10% of total revenues, as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2025		2024		2025
Market makers and exchanges:
Citadel Securities, LLC	14	%	13	%	13	%	12	%
All others individually less than 10%	36	%	41	%	37	%	44	%
Total as percentage of total revenue	50	%	54	%	50	%	56	%

Concentrations of Credit Risk

We are engaged in various trading and brokerage activities in which the counterparties primarily include broker-dealers, banks, cryptocurrency market makers, 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.

INVESTMENTS AND FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Held-to-Maturity Investments

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


	December 31, 2024
(in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
Debt securities:
U.S. Treasury securities	$	337	$	—	$	1	$	—	$	338
Corporate debt securities	51		—		—		—		51
U.S. government agency securities	10		—		—		—		10
Total held-to-maturity investments	$	398	$	—	$	1	$	—	$	399


	September 30, 2025
(in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
Debt securities:
U.S. Treasury securities	$	53	$	—	$	—	$	—	$	53

Total held-to-maturity investments	$	53	$	—	$	—	$	—	$	53

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:


	December 31, 2024
(in millions)	Within 1 Year		1 to 2 Years		Total
Amortized cost
Debt securities:
U.S. Treasury securities	$	337	$	—	$	337
Corporate debt securities	51		—		51
U.S. government agency securities	10		—		10
Total held-to-maturity investments	$	398	$	—	$	398

Fair value
Debt securities:
U.S. Treasury securities	$	338	$	—	$	338
Corporate debt securities	51		—		51
U.S. government agency securities	10		—		10
Total held-to-maturity investments	$	399	$	—	$	399


	September 30, 2025
(in millions)	Within 1 Year		1 to 2 Years		Total
Amortized cost
Debt securities:
U.S. Treasury securities	$	53	$	—	$	53

Total held-to-maturity investments	$	53	$	—	$	53

Fair value
Debt securities:
U.S. Treasury securities	$	53	$	—	$	53

Total held-to-maturity investments	$	53	$	—	$	53

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, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Time deposits	$	—	$	750	$	—	$	750
Money market funds	53		—		—		53
Cash, cash equivalents, and securities segregated under federal and other regulations:
U.S. Treasury securities	1,193		—		—		1,193
Other current assets:
Stablecoin	361		—		—		361
Equity securities - securities owned	15		—		—		15
Other non-current assets:
Money market funds - escrow account	2		—		—		2
User-held fractional shares	2,530		—		—		2,530
Total financial assets	$	4,154	$	750	$	—	$	4,904

Liabilities
Fractional shares repurchase obligations	$	2,530	$	—	$	—	$	2,530
Total financial liabilities	$	2,530	$	—	$	—	$	2,530


	September 30, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:

Money market funds	$	174	$	—	$	—	$	174
Cash, cash equivalents, and securities segregated under federal and other regulations:
U.S. Treasury securities	1,938		—		—		1,938
Foreign Treasury securities	53		—		—		53
Deposits with clearing organizations:
U.S. Treasury securities(1)	698		—		—		698
Other current assets:
Equity securities - securities owned	23		—		—		23
Stablecoin	8		—		—		8
Other non-current assets:
Money market funds - escrow account	2		—		—		2
User-held fractional shares	3,618		—		—		3,618
Total financial assets	$	6,514	$	—	$	—	$	6,514

Liabilities
Fractional shares repurchase obligations	3,618		—		—		3,618

Total financial liabilities	$	3,618	$	—	$	—	$	3,618

____________________________

(1) As of September 30, 2025, $697 million of our U.S. Treasury securities are pledged to a clearing organization to meet margin requirements for our securities lending program and $1 million of our U.S. Treasury securities are deposited with an exchange to enable the execution, clearing, and settlement of event contracts.

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, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Held-to-maturity investments:
U.S. Treasury securities	$	338	$	—	$	—	$	338
Corporate debt securities	—		51		—		51
U.S. government agency securities	—		10		—		10
Total held-to-maturity investments	$	338	$	61	$	—	$	399


	September 30, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Held-to-maturity investments:
U.S. Treasury securities	$	53	$	—	$	—	$	53

Total held-to-maturity investments	$	53	$	—	$	—	$	53

- 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
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-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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

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-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

+ Details

LEASES (Tables)

9 Months Ended

Sep. 30, 2025

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	2024		2025
Lease right-of-use assets:
Operating lease assets	Other non-current assets	$	94	$	95

Lease liabilities:
Current operating lease liabilities	Other current liabilities	21		22
Non-current operating lease liabilities	Other non-current liabilities	110		108
Total lease liabilities		$	131	$	130

Schedule of Cash Flows

Cash flows related to leases were as follows:


	Nine Months Ended September 30,
(in millions)	2024		2025
Operating cash flows:
Payments for operating lease liabilities	$	20	$	23
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets	$	5	$	15

COMMITMENTS & CONTINGENCIES	9 Months Ended
COMMITMENTS & CONTINGENCIES	Sep. 30, 2025
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 $128 million as of December 31, 2024 and $61 million as of September 30, 2025. 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, advisory, cryptocurrency, derivatives, 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, 2025 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, Robinhood Financial LLC (“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 opposed. In October 2024, the court denied class certification without prejudice. In June 2025, Robinhood agreed to a settlement in principle with plaintiffs, which will be subject to approval by the court. State Regulatory Matters The New York Attorney General is conducting an investigation into brokerage execution quality and collaring the prices of certain trade orders. The Massachusetts Securities Division (“MSD”) is examining RHF’s customer complaint supervision, the disruptions experienced by Blue Oceans ATS, LLC (“BOATS”) during the Robinhood 24 Hour Market overnight trading session on August 4-5, 2024, and the offerings of presidential election and sports event contracts. The Florida Attorney General is conducting an investigation concerning, among other things, representations about cryptocurrency trading costs and/or fees. We are cooperating with these investigations. Brokerage Enforcement Matters The Financial Industry Regulatory Authority (“FINRA”) Enforcement and Examination staff are conducting investigations related to, among other things, RHS’s and RHF’s compliance with best execution obligations and the disruptions experienced by BOATS during the Robinhood 24 Hour Market overnight trading session on August 4-5, 2024. In July 2025, FINRA advised us in writing that it had closed the previously disclosed investigation into matters related to RHS’s and RHF’s supervision of technology. The Federal Deposit Insurance Corporation (“FDIC”) is investigating issues related to compliance with the Electronic Funds Transfer Act (“EFTA”). Early 2021 Trading Restrictions Matters Beginning on January 28, 2021, due to increased deposit requirements imposed on RHS by the National Securities Clearing Corporation (“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 January 2022, the court dismissed the state law claims with prejudice. In August 2023, the United States Court of Appeals for the Eleventh Circuit affirmed the district court’s order. In May 2022, the court dismissed the federal antitrust claims 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. Robinhood has reached settlements with a number of remaining individual plaintiffs. Robinhood’s motion to compel arbitration for the remaining Robinhood customer plaintiffs has been granted. RHM, RHF, RHS, and our 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 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. As previously disclosed, on March 6, 2025, we resolved FINRA’s investigations into these matters as part of the March 2025 FINRA Settlement (as defined below). 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. On August 29, 2025, the 9th Circuit issued its opinion affirming in part and reversing in part the district court. Robinhood’s petition for rehearing en banc was denied. 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, Robinhood Money, LLC, 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 was stayed in the Superior Court in King County in Washington pending a certified question to the Washington Supreme Court. In September 2025, the Washington Supreme Court issued an opinion addressing the certified question and held that a job applicant for a job posting that failed to include a wage scale or salary range does not need to prove they are a “bona fide” or “good faith” applicant to obtain remedies under the applicable statute. The stay has been lifted and the case is proceeding in discovery. 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. In January 2025, Robinhood filed a motion to dismiss. On April 28, 2025, the court granted in part and denied in part Robinhood’s motion to dismiss. In May 2025, RHM, RHF, and RHS were sued in a putative class action captioned Deeney v. Robinhood Markets, Inc. et al., in the U.S. District Court for the Northern District of California, which also made allegations related to Robinhood’s cash sweep program. The complaint sought, among other things, certification of the class, unspecified monetary damages, attorneys’ fees and costs, and restitution. The parties in Dey and Deeney have agreed to consolidate the matters and Plaintiffs have filed an amended consolidated complaint. 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. Robinhood has moved to dismiss the consolidated amended complaint. Event Contracts Litigation In June 2025, RHM and Robinhood Derivatives, LLC (“RHD”) were sued along with several co-defendants, in state court in six states (Georgia, Illinois, Kentucky, Massachusetts, Ohio and South Carolina) by Georgia Gambling Recovery LLC, Illinois Gambling Recovery LLC, Kentucky Gambling Recovery LLC, Massachusetts Gambling Recovery LLC, Ohio Gambling Recovery LLC, and South Carolina Gambling Recovery LLC respectively. Each plaintiff asserts a claim under the respective state’s Statute of Anne, which are statutes that permit recovery of gambling losses under certain conditions, which vary by state. Each plaintiff seeks damages for losses allegedly sustained in trading certain event contracts, including damage multipliers in certain states, attorney’s fees and costs, and declaratory relief. Robinhood has removed all six cases to federal court. In July 2025, RHM and RHD, among others, were sued by the Blue Lake Rancheria, Chicken Ranch Rancheria of Me-Wuk Indians, and Picayune Rancheria of the Chukchansi Indians in the U.S. District Court for the Northern District of California. The complaint alleges that certain event contracts offered by RHD are unlawful sports gambling activity. The tribes allege several causes of action including violation of the Indian Gaming Regulatory Act, violation of tribal gaming Ordinances, civil violation of the Racketeer Influenced and Corrupt Organizations Act, infringement of tribal sovereignty, and false advertising under the Lanham Act. The complaint seeks injunctive relief, declaratory relief, damages, treble damages, costs, and attorney’s fees. In August 2025, a similar suit was filed against RHM and RHD, among others, by the Ho-Chunk Nation in the U.S. District Court for the Western District of Wisconsin alleging the same facts and causes of action and seeking the same relief. In September 2025, plaintiffs in the Northern District of California matter moved for a preliminary injunction, which Robinhood has opposed. In August 2025, RHD filed suits in the U.S. District Court for the District of Nevada and U.S. District Court for the District of New Jersey seeking injunctive relief from enforcement of Nevada and New Jersey state gaming laws respectively. In September 2025, RHD filed suit in the U.S. District Court for the District of Massachusetts seeking similar injunctive relief from enforcement of Massachusetts state gaming laws. New Jersey has agreed to a preliminary injunction pending the outcome of its appeal in the Third Circuit. In Nevada and Massachusetts, the states have agreed to refrain from enforcing their state gaming laws pending the outcome of RHD’s pending preliminary injunction motions.

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income before income taxes	$ 634	$ 153	$ 1,447	$ 506
Provision for income taxes	$ 78	$ 3	$ 169	$ 11
Effective tax rate	12.30%	1.90%	11.70%	2.20%

- 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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+ Details

COMMON STOCK AND STOCKHOLDERS' EQUITY - Schedule of Share-Based Compensation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 78,000,000	$ 79,000,000	$ 229,000,000	$ 227,000,000
Time-Based RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	75,000,000	76,000,000	220,000,000	225,000,000
Market-Based RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation		0		(8,000,000)
Share-based payment arrangement, expense reversal		11,000,000		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	7,000,000
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	40,000,000	48,000,000	123,000,000	144,000,000
Operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	1,000,000	1,000,000	4,000,000	5,000,000
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	2,000,000	3,000,000	6,000,000	6,000,000
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 33,000,000	$ 25,000,000	$ 89,000,000	$ 65,000,000

INCOME TAXES

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 8: INCOME TAXES


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except percentages)	2024			2025			2024			2025
Income before income taxes	$	153		$	634		$	506		$	1,447
Provision for income taxes	3			78			11			169
Effective tax rate	1.9		%	12.3		%	2.2		%	11.7		%

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, 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. For the three and nine months ended September 30, 2025, the ETR was lower than the U.S. federal statutory rate primarily due to excess tax benefits from SBC.

The realization of tax benefits of net deferred 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 for the nine months ended September 30, 2025, we believe it is more likely than not that the tax benefits of our California, certain other U.S. states and certain foreign net deferred tax assets may not be realized until sufficient positive evidence exists to support reversal of the valuation allowance.

- Definition

The entire disclosure for income tax.

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+ Details

BUSINESS COMBINATIONS (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Acquisition Date Fair Value of Consideration Transferred

The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition:


(in millions)	Fair Value
Cash and cash equivalents	$	25
Receivables from brokers, dealers, and clearing organizations	5
Prepaid expenses	1
Other current assets	9
Other non-current assets	3
Goodwill	112
Intangible assets	81
Accounts payable and accrued expenses	(1)
Other current liabilities	(19)
Other non-current liabilities	(41)
Net assets acquired	$	175

The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition:


(in millions)	Fair Value
Cash and cash equivalents	$	65
Cash and securities segregated under federal and other regulations	1,103
Receivable from users, net	13
Prepaid expenses	6
Other current assets	15
Other non-current assets	8
Goodwill	93
Intangible assets	70
Accounts payable and accrued expenses	(28)
Payable to users	(1,115)
Other current liabilities	(4)
Other non-current liabilities	(2)
Net assets acquired	$	224

Schedule of Components of Identifiable Intangible Assets Acquired

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:


(in millions, except years)	Fair Value		Useful Life
Customer relationships	$	49	13
Developed technology	31		5
Trade name	1		4
Total	$	81

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:


(in millions, except years)	Fair Value		Useful Life
Developed technology	$	39	6
Licenses	21		N/A
Customer relationships	5		18
Other	4		N/A
Trade name	1		2
Total	$	70

GOODWILL AND INTANGIBLE ASSETS - Schedule of Future Amortization Expenses In Acquired In Intangible Assets (Details) $ in Millions	Sep. 30, 2025 USD ($)
Finite-lived Intangible Assets
Remainder of 2025	$ 7
2026	26
2027	23
2028	19
2029	18
Thereafter	45
Net Carrying Value	$ 138

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Movement on Goodwill

The carrying amount of goodwill for the period indicated was as follows:


(in millions)	Carrying Amount
As of December 31, 2024	$	179
Additions	205
Foreign currency translation adjustment	2
As of September 30, 2025	$	386

Schedule of Components of Finite-Lived Intangible Assets

The components of intangible assets, net as of September 30, 2025 were as follows:


(in millions, except years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life - Years
Finite-lived intangible assets:
Developed technology	$	98	$	(20)	$	78	4.60
Customer relationships	64		(6)		58		11.86
Trade names	3		(1)		2		2.65
Indefinite-lived intangible assets	33		—		33		N/A
Foreign currency translation adjustment	1		—		1		N/A
Total	$	199	$	(27)	$	172

Schedule of Components of Indefinite-Lived Intangible Assets

The components of intangible assets, net as of September 30, 2025 were as follows:


(in millions, except years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life - Years
Finite-lived intangible assets:
Developed technology	$	98	$	(20)	$	78	4.60
Customer relationships	64		(6)		58		11.86
Trade names	3		(1)		2		2.65
Indefinite-lived intangible assets	33		—		33		N/A
Foreign currency translation adjustment	1		—		1		N/A
Total	$	199	$	(27)	$	172

Schedule of Future Amortization Expense in Acquired Intangible Assets

As of September 30, 2025, the estimated future amortization expense of finite-lived intangible assets was as follows:


(in millions)	Finite-lived Intangible Assets
Remainder of 2025	$	7
2026	26
2027	23
2028	19
2029	18
Thereafter	45
Total	$	138

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

NET INCOME PER SHARE - Schedule of Potential Common Shares Excluded from the Calculation of Diluted EPS (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	26,089,580	76,826	26,118,076
Market-Based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	11,065,463	0	11,065,463
Time-Based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	746,083	76,826	774,579
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	14,278,034	0	14,278,034

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, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses	$ 26	$ 23	$ 78	$ 57
Brokerage Related Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	20	15	14	15
Provision for credit losses	3	6	23	16
Write-offs	(5)	(6)	(21)	(16)
Recoveries	0	0	2	0
Ending Balance	$ 18	$ 15	$ 18	$ 15

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision (Benefit)


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except percentages)	2024			2025			2024			2025
Income before income taxes	$	153		$	634		$	506		$	1,447
Provision for income taxes	3			78			11			169
Effective tax rate	1.9		%	12.3		%	2.2		%	11.7		%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025 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
Jonathan J. Rubinstein [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 4, 2025, the Jonathan J. Rubinstein Trust, an entity controlled by Jonathan Rubinstein, a member of our Board of Directors, 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 42,430 shares of our Class A common stock on or prior to July 31, 2027.
Name	Jonathan Rubinstein
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 4, 2025
Expiration Date	July 31, 2027
Arrangement Duration	726 days
Aggregate Available	42,430
Jason Warnick [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 4, 2025, Jason Warnick, our Chief Financial 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 (i) 175,000 shares of our Class A common stock underlying stock options; and (ii) 500,000 shares of our Class A common stock, in each case on or prior to August 28, 2026.
Name	Jason Warnick
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 4, 2025
Expiration Date	August 28, 2026
Arrangement Duration	389 days
Daniel Gallagher [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 8, 2025, Daniel Gallagher, our Chief Legal, Compliance, and Corporate Affairs 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 430,000 shares of our Class A common stock on or prior to November 20, 2026.
Name	Daniel Gallagher
Title	Chief Legal, Compliance, and Corporate Affairs Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 8, 2025
Expiration Date	November 20, 2026
Arrangement Duration	469 days
Aggregate Available	430,000
Vlad Tenev [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 5, 2025, Vlad Tenev, our Chair and Chief Executive 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 2,500,000 shares of our Class A common stock on or prior to November 20, 2026. On August 19, 2024, Vlad Tenev, our Chair and Chief Executive 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 4,000,000 shares of our Class A common stock on or prior to November 21, 2025.
Name	Vlad Tenev
Title	Chair and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 5, 2025
Expiration Date	November 20, 2026
Arrangement Duration	441 days
Aggregate Available	2,500,000
Baiju Bhatt [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 12, 2024, Baiju Prafulkumar Bhatt Living Trust, an entity controlled by Baiju Bhatt, a member of our Board of Directors, 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 5,020,056 shares of our Class A common stock on or prior to December 10, 2025.
Name	Baiju Bhatt
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 12, 2024
Expiration Date	December 10, 2025
Arrangement Duration	485 days
Aggregate Available	5,020,056
Jason Warnick, Trading Arrangement Class A Common Stock Underlying Stock Options [Member] \| Jason Warnick [Member]
Trading Arrangements, by Individual
Aggregate Available	175,000
Jason Warnick, Trading Arrangement Class A Common Stock [Member] \| Jason Warnick [Member]
Trading Arrangements, by Individual
Aggregate Available	500,000
Vlad Tenev, August 2024 Adoption [Member] \| Vlad Tenev [Member]
Trading Arrangements, by Individual
Name	Vlad Tenev
Title	Chair and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 19, 2024
Expiration Date	November 21, 2025
Arrangement Duration	459 days
Aggregate Available	4,000,000

INVESTMENTS AND FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2024
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	$ 0	$ 0	$ 750,000,000

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 4: GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill for the period indicated was as follows:


(in millions)	Carrying Amount
As of December 31, 2024	$	179
Additions	205
Foreign currency translation adjustment	2
As of September 30, 2025	$	386

There was no impairment of goodwill during the nine months ended September 30, 2025.

Intangible Assets

The components of intangible assets, net as of September 30, 2025 were as follows:


(in millions, except years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life - Years
Finite-lived intangible assets:
Developed technology	$	98	$	(20)	$	78	4.60
Customer relationships	64		(6)		58		11.86
Trade names	3		(1)		2		2.65
Indefinite-lived intangible assets	33		—		33		N/A
Foreign currency translation adjustment	1		—		1		N/A
Total	$	199	$	(27)	$	172

Amortization expense of intangible assets was $6 million and $16 million for the three and nine months ended September 30, 2025. There was an immaterial impairment of intangible assets during the three and nine months ended September 30, 2025.

As of September 30, 2025, the estimated future amortization expense of finite-lived intangible assets was as follows:


(in millions)	Finite-lived Intangible Assets
Remainder of 2025	$	7
2026	26
2027	23
2028	19
2029	18
Thereafter	45
Total	$	138

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, 2025	Dec. 31, 2024
Assets
Total held-to-maturity investments	$ 53	$ 399
U.S. Treasury securities
Assets
Total held-to-maturity investments	53	338
Corporate debt securities
Assets
Total held-to-maturity investments		51
U.S. government agency securities
Assets
Total held-to-maturity investments		10
Estimate of Fair Value Measurement
Assets
Total held-to-maturity investments	53	399
Estimate of Fair Value Measurement \| U.S. Treasury securities
Assets
Total held-to-maturity investments	53	338
Estimate of Fair Value Measurement \| Corporate debt securities
Assets
Total held-to-maturity investments		51
Estimate of Fair Value Measurement \| U.S. government agency securities
Assets
Total held-to-maturity investments		10
Estimate of Fair Value Measurement \| Level 1
Assets
Total held-to-maturity investments	53	338
Estimate of Fair Value Measurement \| Level 1 \| U.S. Treasury securities
Assets
Total held-to-maturity investments	53	338
Estimate of Fair Value Measurement \| Level 1 \| Corporate debt securities
Assets
Total held-to-maturity investments		0
Estimate of Fair Value Measurement \| Level 1 \| U.S. government agency securities
Assets
Total held-to-maturity investments		0
Estimate of Fair Value Measurement \| Level 2
Assets
Total held-to-maturity investments	0	61
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 \| Corporate debt securities
Assets
Total held-to-maturity investments		51
Estimate of Fair Value Measurement \| Level 2 \| U.S. government agency securities
Assets
Total held-to-maturity investments		10
Estimate of Fair Value Measurement \| Level 3
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 \| Corporate debt securities
Assets
Total held-to-maturity investments		0
Estimate of Fair Value Measurement \| Level 3 \| U.S. government agency securities
Assets
Total held-to-maturity investments		$ 0

- Definition

Fair value of investment in debt security measured at amortized cost (held-to-maturity).

+ References

+ Details

COMMON STOCK AND STOCKHOLDERS' EQUITY - Narrative (Details)			3 Months Ended		9 Months Ended
	Apr. 30, 2025 USD ($)	Feb. 26, 2025 USD ($) shares	Sep. 30, 2025 USD ($) class vote $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) class vote $ / shares shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 shares	May 28, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares outstanding (in shares)			0		0		0
Number of classes of common stock \| class			3		3
Payments for repurchases of common stock \| $					$ 553,000,000	$ 97,000,000
Capitalized share-based compensation expense \| $			$ 6,000,000	$ 7,000,000	17,000,000	$ 18,000,000
Unrecognized compensation cost \| $			$ 341,000,000		$ 341,000,000
Unrecognized compensation cost related to outstanding stock options, weighted-average period					1 year 1 month 20 days
TradePMR Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock (in shares)			2,049,711		2,049,711		0
Market-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock (in shares)			11,065,463		11,065,463
2013, 2020 and 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized (in shares)			492,000,000		492,000,000
Shares issued under plans (in shares)					171,000,000
Common stock reserved for issuance (in shares)					14,000,000
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance (in shares)			307,000,000		307,000,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of voting rights per share \| vote			1		1
Exercise price (in dollars per share) \| $ / shares			$ 26.60		$ 26.60
Aggregate warrants exercisable (in shares)			9,090,000.00		9,090,000.00
Warrant exercised (in shares)			3,780,000		3,780,000
Warrant issued resulted from exercise (in shares)			2,530,000		2,530,000
Warrants outstanding \| $			$ 242,000,000		$ 242,000,000
Shares repurchase, amount \| $	$ 1,500,000,000							$ 1,000,000,000
Shares repurchase, increased amount \| $	$ 500,000,000
Share repurchase program period	2 years
Repurchases of common stock (in shares)			1,000,000		11,000,000
Payments for repurchases of common stock \| $			$ 107,000,000		$ 553,000,000
Common Class A \| TradePMR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares)		2,049,711
Business combination, shares granted value \| $		$ 100,000,000
Vesting period		4 years
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of voting rights per share \| vote			10		10

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

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Concentration of Credit Risk

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2025		2024		2025
Market makers and exchanges:
Citadel Securities, LLC	14	%	13	%	13	%	12	%
All others individually less than 10%	36	%	41	%	37	%	44	%
Total as percentage of total revenue	50	%	54	%	50	%	56	%

GOODWILL AND INTANGIBLE ASSETS - Schedule of Components of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (27)
Net Carrying Value	138
Indefinite-lived intangible assets	33
Foreign currency translation adjustment	1
Intangible assets, gross carrying value	199
Intangible assets, net	172	$ 38
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	98
Accumulated Amortization	(20)
Net Carrying Value	$ 78
Weighted Average Remaining Useful Life - Years	4 years 7 months 6 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 64
Accumulated Amortization	(6)
Net Carrying Value	$ 58
Weighted Average Remaining Useful Life - Years	11 years 10 months 9 days
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 3
Accumulated Amortization	(1)
Net Carrying Value	$ 2
Weighted Average Remaining Useful Life - Years	2 years 7 months 24 days

ALLOWANCE FOR CREDIT LOSSES

9 Months Ended

Sep. 30, 2025

Credit Loss [Abstract]

ALLOWANCE FOR CREDIT LOSSES

NOTE 6: ALLOWANCE FOR CREDIT LOSSES

Allowance for Credit Losses - Brokerage Related


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2025		2024		2025
Beginning balance	$	15	$	20	$	15	$	14
Provision for credit losses	6		3		16		23
Write-offs	(6)		(5)		(16)		(21)
Recoveries	—		—		—		2
Ending Balance	$	15	$	18	$	15	$	18

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, included in receivables from users, net on the unaudited condensed consolidated balance sheet.

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)	2024		2025		2024		2025
Beginning balance	$	34	$	40	$	32	$	40
Provision for credit losses	11		8		30		22
Payments to Coastal Bank	(8)		(7)		(26)		(22)
Recoveries	1		—		2		1
Ending balance	$	38	$	41	$	38	$	41

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)	2024		2025		2024		2025
Beginning balance	$	3	$	24	$	1	$	11
Provision for credit losses	6		15		11		33
Write-offs	(1)		(5)		(4)		(10)
Recoveries	—		2		$	—	$	2
Ending balance	$	8	$	36	$	8	$	36

of $3 million as of December 31, 2024, and $7 million as of September 30, 2025, were not included in the tables below.


(in millions, except for percentages)	December 31, 2024
				Aging of receivables
	Current			<90 Days			≥ 90 days			Total Past due receivables			Total Receivables
On-balance sheet	$	186		$	2		$	1		$	3		$	189
Off-balance sheet	177			15			10			25			202
Total credit card loans	$	363		$	17		$	11		$	28		$	391
% of Total loans	93		%	4		%	3		%	7		%	100		%


(in millions, except for percentages)	September 30, 2025
				Aging of receivables
	Current			<90 Days			≥ 90 days			Total Past due receivables			Total Receivables
On-balance sheet	$	517		$	14		$	4		$	18		$	535
Off-balance sheet	184			15			8			23			207
Total credit card loans	$	701		$	29		$	12		$	41		$	742
% of Total loans	94		%	4		%	2		%	6		%	100		%

The risk in our credit card receivables portfolio correlates to broad economic trends as well as customers’ financial condition. The key indicator we monitor when assessing the credit quality and risk is customers’ credit scores as they measure the creditworthiness of customers. We use a national third-party provider to update FICO credit scores on a monthly basis. The updated scores are incorporated into a series of credit management reports, which are utilized to monitor risk. The table below presents our credit card receivables by our credit quality indicator, FICO score, including both on-balance sheet and off-balance sheet amounts, as of December 31, 2024 and September 30, 2025. Our receivables by FICO scores:


	December 31,				September 30,
(in millions, except FICO scores)	2024		% of Total loans		2025		% of Total loans
Below 640	$	64	16	%	$	109	15	%
640-690	100		26	%	190		26	%
Greater than 690	227		58	%	443		59	%
Total credit card loans	$	391	100	%	$	742	100	%

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment loss		$ 0
Amortization expense of intangible assets	$ 6,000,000	$ 16,000,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

ALLOWANCE FOR CREDIT LOSSES - Schedule of Expected Credit Loss of Accounts Payable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Contract with Customer, Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 41	$ 38	$ 41	$ 38	$ 40	$ 40	$ 34	$ 32
Provision for credit losses	8	11	22	30
Payments to Coastal Bank	(7)	(8)	(22)	(26)
Recoveries	0	1	1	2
Ending balance	$ 41	$ 38	$ 41	$ 38

LEASES - Schedule of Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating cash flows:
Payments for operating lease liabilities	$ 23	$ 20
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets	$ 15	$ 5

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF MOVEMENT ON GOODWILL (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 179
Additions	205
Foreign currency translation adjustment	2
Ending balance	$ 386

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

REVENUES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 57	$ 11
Contract liabilities, current	12,317	$ 7,448
TradePMR
Disaggregation of Revenue [Line Items]
Contract liabilities	19
Contract liabilities, current	8
Contract liabilities, noncurrent	11
Unearned Robinhood Gold Subscription Revenue
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 37

- 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

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, 2025	Dec. 31, 2024
Amortized cost
Within 1 Year	$ 53	$ 398
1 to 2 Years	0	0
Amortized Cost	53	398
Fair value
Within 1 Year	53	399
1 to 2 Years	0	0
Total	53	399
U.S. Treasury securities
Amortized cost
Within 1 Year	53	337
1 to 2 Years	0	0
Amortized Cost	53	337
Fair value
Within 1 Year	53	338
1 to 2 Years	0	0
Total	$ 53	338
Corporate debt securities
Amortized cost
Within 1 Year		51
1 to 2 Years		0
Amortized Cost		51
Fair value
Within 1 Year		51
1 to 2 Years		0
Total		51
U.S. government agency securities
Amortized cost
Within 1 Year		10
1 to 2 Years		0
Amortized Cost		10
Fair value
Within 1 Year		10
1 to 2 Years		0
Total		$ 10

COMMON STOCK AND STOCKHOLDERS' EQUITY - Schedule of Activity Related to Time-Based and TradePMR RSUs (Details)	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Time-Based RSUs
Number of RSUs
Unvested restricted stock, beginning balance (in shares) \| shares	18,233,088
Granted/Issued (in shares) \| shares	6,069,501
Vested (in shares) \| shares	(11,802,400)
Forfeited (in shares) \| shares	(1,789,742)
Unvested restricted stock, ending balance (in shares) \| shares	10,710,447
Weighted- average grant date fair value
Unvested restricted stock, beginning balance (in dollars per share) \| $ / shares	$ 15.20
Granted/issued (in dollars per share) \| $ / shares	49.04
Vested (in dollars per share) \| $ / shares	20.29
Forfeited (in dollars per share) \| $ / shares	24.84
Unvested restricted stock, ending balance (in dollars per share) \| $ / shares	$ 27.16
TradePMR Restricted Stock Units (RSUs)
Number of RSUs
Unvested restricted stock, beginning balance (in shares) \| shares	0
Granted/Issued (in shares) \| shares	2,049,711
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Unvested restricted stock, ending balance (in shares) \| shares	2,049,711
Weighted- average grant date fair value
Unvested restricted stock, beginning balance (in dollars per share) \| $ / shares	$ 0
Granted/issued (in dollars per share) \| $ / shares	48.85
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Unvested restricted stock, ending balance (in dollars per share) \| $ / shares	$ 48.85

ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($) type	Dec. 31, 2024 USD ($)
Credit Loss [Abstract]
Number of types of allowance for credit losses related to credit cards \| type	2
Accrued interest receivable \| $	$ 7	$ 3

LEASES

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

LEASES

NOTE 13: LEASES

Our operating leases are substantially 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	2024		2025
Lease right-of-use assets:
Operating lease assets	Other non-current assets	$	94	$	95

Lease liabilities:
Current operating lease liabilities	Other current liabilities	21		22
Non-current operating lease liabilities	Other non-current liabilities	110		108
Total lease liabilities		$	131	$	130

Cash flows related to leases were as follows:


	Nine Months Ended September 30,
(in millions)	2024		2025
Operating cash flows:
Payments for operating lease liabilities	$	20	$	23
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets	$	5	$	15

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 556	$ 150	$ 1,278	$ 495
Other comprehensive income, net of tax:
Foreign currency translation	0	1	8	1
Reclassification adjustment for net gains included in net income	0	0	0	3
Total other comprehensive income, net of tax	0	1	8	4
Total comprehensive income	$ 556	$ 151	$ 1,286	$ 499

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (f)(4)
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

COMMON STOCK AND STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

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

The following table summarizes the activity for the nine months ended September 30, 2025, 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, 2024	18,233,088	$	15.20
Granted	6,069,501	49.04
Vested	(11,802,400)	20.29
Forfeited	(1,789,742)	24.84
Unvested at September 30, 2025	10,710,447	$	27.16

Schedule of Activity Related to TradePMR RSUs

The following table summarizes the activity for the nine months ended September 30, 2025:


	Number of RSUs	Weighted- average grant date fair value
Unvested at December 31, 2024	—	$	—
Issued	2,049,711	48.85
Vested	—	—
Forfeited	—	—
Unvested at September 30, 2025	2,049,711	$	48.85

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)	2024		2025		2024		2025
Brokerage and transaction	$	2	$	2	$	7	$	7
Technology and development	48		40		144		123
Operations	1		1		5		4
Marketing	3		2		6		6
General and administrative	25		33		65		89
Total(1)	$	79	$	78	$	227	$	229

________________

(1)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. For the same periods, SBC expense also consisted of an immaterial amount and negative $8 million related to Market-Based RSUs as a result of a reversal of $11 million of previously recognized expense related to unvested awards that were forfeited upon the resignation of our co-founder and former Chief Creative Officer. For the three and

nine months ended September 30, 2025, SBC expense primarily consisted of $75 million and $220 million related to Time-Based RSUs. All eligible to vest Market-Based RSUs have been fully expensed in 2024.

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, 2023

^[1]

872,162,664

Beginning balance at Dec. 31, 2023

$ 6,696

$ 0

^[1]

$ 12,145

$ (3)

$ (5,446)

Increase (decrease) in stockholder's equity

Net income

495

Issuance of common stock in connection with stock option exercises (in shares)

^[1]

2,237,944

Issuance of common stock in connection with stock option exercises

Issuance of common stock in connection with Employee Share Purchase Plan (in shares)

^[1]

1,555,893

Issuance of common stock in connection with Employee Share Purchase Plan

Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)

^[1]

12,664,702

Issuance of common stock upon settlement of restricted stock units, net of shares withheld

(155)

Repurchase and retirement of Class A common stock (in shares)

^[1]

(5,012,195)

Repurchase and retirement of Class A common stock

(97)

Change in other comprehensive income

Share-based compensation

245

Balance at end of period, common stock (in shares) at Sep. 30, 2024

^[1]

883,609,008

Ending balance at Sep. 30, 2024

7,208

$ 0

^[1]

12,158

(4,951)

Balance at beginning of period, common stock (in shares) at Jun. 30, 2024

^[1]

884,545,769

Beginning balance at Jun. 30, 2024

7,122

$ 0

^[1]

12,223

(5,101)

Increase (decrease) in stockholder's equity

Net income

150

Issuance of common stock in connection with stock option exercises (in shares)

^[1]

412,471

Issuance of common stock in connection with stock option exercises

Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)

^[1]

3,662,963

Issuance of common stock upon settlement of restricted stock units, net of shares withheld

(56)

Repurchase and retirement of Class A common stock (in shares)

^[1]

(5,012,195)

Repurchase and retirement of Class A common stock

(97)

Change in other comprehensive income

Share-based compensation

Balance at end of period, common stock (in shares) at Sep. 30, 2024

^[1]

883,609,008

Ending balance at Sep. 30, 2024

7,208

$ 0

^[1]

12,158

(4,951)

Balance at beginning of period, common stock (in shares) at Dec. 31, 2024

^[1]

884,492,983

Beginning balance at Dec. 31, 2024

7,972

$ 0

^[1]

12,008

(1)

(4,035)

Increase (decrease) in stockholder's equity

Net income

1,278

Issuance of common stock in connection with stock option exercises (in shares)

^[1]

3,765,653

Issuance of common stock in connection with stock option exercises

Issuance of common stock in connection with warrants exercises, net of shares withheld (in shares)

^[1]

2,526,819

Issuance of common stock in connection with Employee Share Purchase Plan (in shares)

553,712

Issuance of common stock in connection with Employee Share Purchase Plan

Issuance of common stock in connection with a business combination (in shares)

^[1]

2,049,711

Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)

^[1]

16,466,317

Issuance of common stock upon settlement of restricted stock units, net of shares withheld

(413)

Repurchase and retirement of Class A common stock (in shares)

^[1]

(11,186,833)

Repurchase and retirement of Class A common stock

(553)

Change in other comprehensive income

Share-based compensation

246

Balance at end of period, common stock (in shares) at Sep. 30, 2025

^[1]

898,668,362

Ending balance at Sep. 30, 2025

8,567

$ 0

^[1]

11,317

(2,757)

Balance at beginning of period, common stock (in shares) at Jun. 30, 2025

^[1]

888,217,555

Beginning balance at Jun. 30, 2025

8,072

$ 0

^[1]

11,378

(3,313)

Increase (decrease) in stockholder's equity

Net income

556

Issuance of common stock in connection with stock option exercises (in shares)

^[1]

693,801

Issuance of common stock in connection with stock option exercises

Issuance of common stock in connection with warrants exercises, net of shares withheld (in shares)

^[1]

1,275,077

Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)

^[1]

9,498,638

Issuance of common stock upon settlement of restricted stock units, net of shares withheld

(41)

Repurchase and retirement of Class A common stock (in shares)

^[1]

(1,016,709)

Repurchase and retirement of Class A common stock

(107)

Change in other comprehensive income

Share-based compensation

Balance at end of period, common stock (in shares) at Sep. 30, 2025

^[1]

898,668,362

Ending balance at Sep. 30, 2025

$ 8,567

$ 0

^[1]

$ 11,317

$ 7

$ (2,757)

[1]	The share amounts listed above combine Class A common stock and Class B common stock.

COMMON STOCK AND STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

COMMON STOCK AND STOCKHOLDERS' EQUITY

NOTE 11: COMMON STOCK AND STOCKHOLDERS’ EQUITY

Preferred Stock

As of September 30, 2025, 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, 2025, we had outstanding warrants with a strike price of $26.60 that can be exercised to purchase 9.09 million shares of Class A common stock. The warrants expire on February 12, 2031 and can be exercised with cash or net shares settled at the holder’s option. As of September 30, 2025, 3.78 million warrants had been exercised via net settlement, resulting in 2.53 million shares of Class A common stock issued, and the maximum purchase amount of all remaining outstanding warrants was $242 million.

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. On April 30, 2025, we announced that our board of directors has authorized an additional $500 million, bringing the Repurchase Program authorization to a total of $1.5 billion. While the Repurchase Program does not have an expiration date, we expect to execute over the next roughly two years with flexibility to accelerate if market conditions warrant. 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. For the three and nine months ended September 30, 2025, we repurchased approximately 1 million and 11 million shares of our Class A common stock for $107 million and $553 million.

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, 2025, an aggregate of 492 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 171 million shares had been issued under the plans, 14 million shares were reserved for issuance upon the exercise or settlement of outstanding equity awards under the plans, and 307 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 for the nine months ended September 30, 2025, 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, 2024	18,233,088	$	15.20
Granted	6,069,501	49.04
Vested	(11,802,400)	20.29
Forfeited	(1,789,742)	24.84
Unvested at September 30, 2025	10,710,447	$	27.16

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”). As of September 30, 2025, all of the remaining 11,065,463 Market-Based RSUs were fully vested.

Acquisition of TradePMR

In connection with the acquisition of TradePMR, we issued 2,049,711 unvested shares of Class A common stock, valued at approximately $100 million as of the closing date of the acquisition, that will vest over a four-year period post-acquisition, subject to the terms of a vesting agreement. These shares are not part of the equity incentive plans described above. Shares of unvested restricted stock have the same voting rights as all other Class A common stock and are considered to be issued and outstanding. The following table summarizes the activity for the nine months ended September 30, 2025:


	Number of RSUs	Weighted- average grant date fair value
Unvested at December 31, 2024	—	$	—
Issued	2,049,711	48.85
Vested	—	—
Forfeited	—	—
Unvested at September 30, 2025	2,049,711	$	48.85

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)	2024		2025		2024		2025
Brokerage and transaction	$	2	$	2	$	7	$	7
Technology and development	48		40		144		123
Operations	1		1		5		4
Marketing	3		2		6		6
General and administrative	25		33		65		89
Total(1)	$	79	$	78	$	227	$	229

________________

We capitalized SBC expense related to internally developed software of $6 million and $17 million during the three and nine months ended September 30, 2025 compared to $7 million and $18 million for the same periods in the prior year.

As of September 30, 2025, there was $341 million of unrecognized SBC expense that is expected to be recognized over a weighted-average period of 1.14 years.

SECURITIES BORROWING AND LENDING - Schedule of Assets and Liabilities Subject to Master Netting Arrangements (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Assets
Gross amount of cash collateral provided to users for securities borrowing transactions	$ 6,607	$ 3,236
Gross amount offset on the consolidated balance sheets	0	0
Amounts of assets presented on the consolidated balance sheets	6,607	3,236
Securities borrowed	6,607	3,236
Fair value of securities borrowed from users and third parties	(6,465)	(3,118)
Net amount	142	118
Liabilities
Gross amount of cash collateral received from counterparties for securities lending transactions	15,666	7,463
Gross amount offset on the consolidated balance sheets	0	0
Amounts of liabilities presented on the consolidated balance sheets	15,666	7,463
Securities loaned	15,666	7,463
Fair value of securities pledged to counterparties	(14,956)	(6,887)
Net amount	$ 710	$ 576

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Sep. 30, 2025
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“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 adopted this guidance effective January 1, 2025 on a prospective basis. The adoption of this guidance did not have a material impact on our unaudited condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2023, the FASB issued Accounting Standards Update 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” The amendments 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 amendments on our consolidated financial statements. 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 were to begin phasing in for annual periods beginning in fiscal year 2025. In April 2024, the SEC stayed the effectiveness of the Final Rules and in March 2025 the SEC voted to end its defense of the climate disclosure rules. We continue to monitor the status of the Final Rules and evaluate the potential impact of the Final Rules. In November 2024, the FASB issued Accounting Standards Update 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40).” This guidance requires additional disclosures about certain amounts included in the expense captions presented on the statement of operations as well as disclosures about selling expenses. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The guidance can either be applied prospectively or retrospectively. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and related disclosures. In July 2025, the FASB issued Accounting Standards Update 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This guidance provides entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers, by allowing the assumption that current conditions as of the balance sheet date do not change for the remaining life of the asset. This guidance is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impacts of the amendments on our consolidated financial statements. In September 2025, the FASB issued Accounting Standards Update 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” This guidance simplifies the capitalization guidance for internal-use software costs by removing all references to prescriptive and sequential software development stages under Subtopic 350-40. This guidance is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The guidance can be applied prospectively, retrospectively or under a modified transition approach. We are currently evaluating the impacts of the amendments on our consolidated financial statements.

- 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 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
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-Section 65
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-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
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LEASES - Schedule of Assets and Liabilities Lessee (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease assets	$ 95	$ 94
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $13 as of September 30, 2025	Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $13 as of September 30, 2025
Current operating lease liabilities	$ 22	$ 21
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Non-current operating lease liabilities	$ 108	$ 110
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities
Total lease liabilities	$ 130	$ 131

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Customer Concentration Risk - Revenue Benchmark	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Total as percentage of total revenue
Concentration Risk [Line Items]
Concentration risk, percentage	54.00%	50.00%	56.00%	50.00%
Citadel Securities, LLC
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%	14.00%	12.00%	13.00%
All others individually less than 10%
Concentration Risk [Line Items]
Concentration risk, percentage	41.00%	36.00%	44.00%	37.00%

- 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.

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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Net interest revenues	$ 456	$ 274	$ 1,103	$ 813
Total net revenues	1,274	637	3,190	1,937
Operating expenses:
Brokerage and transaction	56	39	154	114
Technology and development	237	205	665	610
Operations	33	27	93	83
Provision for credit losses	26	23	78	57
Marketing	102	59	306	190
General and administrative	185	133	450	385
Total operating expenses	639	486	1,746	1,439
Other income (loss), net	(1)	2	3	8
Income before income taxes	634	153	1,447	506
Provision for income taxes	78	3	169	11
Net income	556	150	1,278	495
Net income attributable to common stockholders:
Basic	556	150	1,278	495
Diluted	$ 556	$ 150	$ 1,278	$ 495
Net income per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.63	$ 0.17	$ 1.44	$ 0.56
Diluted (in dollars per share)	$ 0.61	$ 0.17	$ 1.39	$ 0.55
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic (in shares)	889,261,220	884,108,545	885,346,564	880,182,573
Diluted (in shares)	917,940,660	905,544,750	918,606,063	903,555,592
Transaction-based revenues
Revenues:
Transaction-based revenues and other revenues	$ 730	$ 319	$ 1,852	$ 975
Other revenues
Revenues:
Transaction-based revenues and other revenues	$ 88	$ 44	$ 235	$ 149

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2025
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, 2025 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, 2024 (“2024 Form 10-K”).
Consolidation	The unaudited condensed consolidated financial statements include the accounts of RHM and its wholly-owned direct and indirect 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, investment valuation, capitalization of internally developed software, useful lives of property, software, and equipment, valuation and useful lives of intangible assets, valuation of reporting units in assessing goodwill for impairment, incremental borrowing rate used to calculate operating lease right-of-use assets and related liabilities, impairment of long-lived assets, uncertain tax positions, realizability of deferred tax assets, 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, cryptocurrency market makers, 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.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“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 adopted this guidance effective January 1, 2025 on a prospective basis. The adoption of this guidance did not have a material impact on our unaudited condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2023, the FASB issued Accounting Standards Update 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” The amendments 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 amendments on our consolidated financial statements. 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 were to begin phasing in for annual periods beginning in fiscal year 2025. In April 2024, the SEC stayed the effectiveness of the Final Rules and in March 2025 the SEC voted to end its defense of the climate disclosure rules. We continue to monitor the status of the Final Rules and evaluate the potential impact of the Final Rules. In November 2024, the FASB issued Accounting Standards Update 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40).” This guidance requires additional disclosures about certain amounts included in the expense captions presented on the statement of operations as well as disclosures about selling expenses. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The guidance can either be applied prospectively or retrospectively. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and related disclosures. In July 2025, the FASB issued Accounting Standards Update 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This guidance provides entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers, by allowing the assumption that current conditions as of the balance sheet date do not change for the remaining life of the asset. This guidance is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impacts of the amendments on our consolidated financial statements. In September 2025, the FASB issued Accounting Standards Update 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” This guidance simplifies the capitalization guidance for internal-use software costs by removing all references to prescriptive and sequential software development stages under Subtopic 350-40. This guidance is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The guidance can be applied prospectively, retrospectively or under a modified transition approach. We are currently evaluating the impacts of the amendments on our consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 30, 2025
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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 12(b) Security	Class A Common Stock - $0.0001 par value per share
Trading Symbol	HOOD
Security Exchange Name	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	2025
Document Fiscal Period Focus	Q3
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		786,356,025
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		112,832,844

REVENUES

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 5: 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)	2024		2025		2024		2025
Transaction-based revenues:
Options	$	202	$	304	$	538	$	809
Cryptocurrencies	61		268		268		680
Equities	37		86		116		208
Other	19		72		53		155
Total transaction-based revenues	319		730		975		1,852

Net interest revenues:
Margin interest	83		153		228		377
Interest on segregated cash, cash equivalents, securities, and deposits	61		103		187		236
Cash Sweep	46		64		129		172
Securities lending, net	19		87		68		164
Interest on corporate cash and investments	67		39		203		134
Credit card, net	4		17		16		40
Interest expenses related to credit facilities	(6)		(8)		(18)		(22)
Other	—		1		—		2
Total net interest revenues	274		456		813		1,103

Other revenues:
Robinhood Gold subscription revenues	28		47		77		129
Proxy revenues	8		7		53		52
Other	8		34		19		54
Total other revenues	44		88		149		235

Total net revenues	$	637	$	1,274	$	1,937	$	3,190

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)	2024		2025		2024		2025
Interest revenue	$	20	$	52	$	60	$	116
Interest expense	(3)		(8)		(9)		(18)
Fully-Paid Securities Lending, net	$	17	$	44	$	51	$	98

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.

As of September 30, 2025, contract liabilities include $37 million of unearned Robinhood Gold subscription revenue, recognized when users remit cash payments in advance of the time we satisfy our performance obligations. The unearned subscription revenue was recorded as other current liabilities on the unaudited condensed consolidated balance sheets. Contract liabilities also include $19 million of TradePMR performance obligations acquired as part of the TradePMR acquisition, with $8 million recorded in other current liabilities and $11 million in other non-current liabilities which was recorded on the unaudited condensed consolidated balance sheets. This liability represents consideration received in advance of satisfying the related performance obligations and is subject to repayment if certain contractual conditions are not met.

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


(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2025	$	294	$	11
End of the period, September 30, 2025	223		57
Changes during the period	$	(71)	$	46

The difference between the opening and ending balances of our contract receivables was primarily driven by lower cryptocurrency transaction-based revenues due to decreased trading volumes and timing differences between our performance and counterparty payments, partially offset by higher options and equities transaction-based revenues.

The difference between the opening and ending balances of our contract liabilities was primarily driven by an increase in Robinhood Gold Subscribers, an increase in TradePMR performance obligations, and timing differences between our performance and customer billing.

- 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.

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

REVENUES (Tables)

9 Months Ended

Sep. 30, 2025

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)	2024		2025		2024		2025
Transaction-based revenues:
Options	$	202	$	304	$	538	$	809
Cryptocurrencies	61		268		268		680
Equities	37		86		116		208
Other	19		72		53		155
Total transaction-based revenues	319		730		975		1,852

Net interest revenues:
Margin interest	83		153		228		377
Interest on segregated cash, cash equivalents, securities, and deposits	61		103		187		236
Cash Sweep	46		64		129		172
Securities lending, net	19		87		68		164
Interest on corporate cash and investments	67		39		203		134
Credit card, net	4		17		16		40
Interest expenses related to credit facilities	(6)		(8)		(18)		(22)
Other	—		1		—		2
Total net interest revenues	274		456		813		1,103

Other revenues:
Robinhood Gold subscription revenues	28		47		77		129
Proxy revenues	8		7		53		52
Other	8		34		19		54
Total other revenues	44		88		149		235

Total net revenues	$	637	$	1,274	$	1,937	$	3,190

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)	2024		2025		2024		2025
Interest revenue	$	20	$	52	$	60	$	116
Interest expense	(3)		(8)		(9)		(18)
Fully-Paid Securities Lending, net	$	17	$	44	$	51	$	98

Schedule of Contract Receivables and Liabilities Balances

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


(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2025	$	294	$	11
End of the period, September 30, 2025	223		57
Changes during the period	$	(71)	$	46

INVESTMENTS AND FAIR VALUE MEASUREMENT

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

INVESTMENTS AND FAIR VALUE MEASUREMENT

NOTE 7: INVESTMENTS AND FAIR VALUE MEASUREMENT

Investments

Available-for-sale

As of December 31, 2024, we had $750 million of available-for-sale time deposits classified as cash equivalents on the unaudited condensed consolidated balance sheets. As of September 30, 2025, we had no available-for-sale time deposits. 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, 2024
(in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
Debt securities:
U.S. Treasury securities	$	337	$	—	$	1	$	—	$	338
Corporate debt securities	51		—		—		—		51
U.S. government agency securities	10		—		—		—		10
Total held-to-maturity investments	$	398	$	—	$	1	$	—	$	399


	September 30, 2025
(in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
Debt securities:
U.S. Treasury securities	$	53	$	—	$	—	$	—	$	53

Total held-to-maturity investments	$	53	$	—	$	—	$	—	$	53

There were no sales of held-to-maturity investments during the three and nine months ended September 30, 2025.

The table below presents the amortized cost and fair value of held-to-maturity investments by contractual maturity:


	December 31, 2024
(in millions)	Within 1 Year		1 to 2 Years		Total
Amortized cost
Debt securities:
U.S. Treasury securities	$	337	$	—	$	337
Corporate debt securities	51		—		51
U.S. government agency securities	10		—		10
Total held-to-maturity investments	$	398	$	—	$	398

Fair value
Debt securities:
U.S. Treasury securities	$	338	$	—	$	338
Corporate debt securities	51		—		51
U.S. government agency securities	10		—		10
Total held-to-maturity investments	$	399	$	—	$	399


	September 30, 2025
(in millions)	Within 1 Year		1 to 2 Years		Total
Amortized cost
Debt securities:
U.S. Treasury securities	$	53	$	—	$	53

Total held-to-maturity investments	$	53	$	—	$	53

Fair value
Debt securities:
U.S. Treasury securities	$	53	$	—	$	53

Total held-to-maturity investments	$	53	$	—	$	53

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, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Time deposits	$	—	$	750	$	—	$	750
Money market funds	53		—		—		53
Cash, cash equivalents, and securities segregated under federal and other regulations:
U.S. Treasury securities	1,193		—		—		1,193
Other current assets:
Stablecoin	361		—		—		361
Equity securities - securities owned	15		—		—		15
Other non-current assets:
Money market funds - escrow account	2		—		—		2
User-held fractional shares	2,530		—		—		2,530
Total financial assets	$	4,154	$	750	$	—	$	4,904

Liabilities
Fractional shares repurchase obligations	$	2,530	$	—	$	—	$	2,530
Total financial liabilities	$	2,530	$	—	$	—	$	2,530


	September 30, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:

Money market funds	$	174	$	—	$	—	$	174
Cash, cash equivalents, and securities segregated under federal and other regulations:
U.S. Treasury securities	1,938		—		—		1,938
Foreign Treasury securities	53		—		—		53
Deposits with clearing organizations:
U.S. Treasury securities(1)	698		—		—		698
Other current assets:
Equity securities - securities owned	23		—		—		23
Stablecoin	8		—		—		8
Other non-current assets:
Money market funds - escrow account	2		—		—		2
User-held fractional shares	3,618		—		—		3,618
Total financial assets	$	6,514	$	—	$	—	$	6,514

Liabilities
Fractional shares repurchase obligations	3,618		—		—		3,618

Total financial liabilities	$	3,618	$	—	$	—	$	3,618

____________________________

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, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Held-to-maturity investments:
U.S. Treasury securities	$	338	$	—	$	—	$	338
Corporate debt securities	—		51		—		51
U.S. government agency securities	—		10		—		10
Total held-to-maturity investments	$	338	$	61	$	—	$	399


	September 30, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Held-to-maturity investments:
U.S. Treasury securities	$	53	$	—	$	—	$	53

Total held-to-maturity investments	$	53	$	—	$	—	$	53

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, 2025, we did not have any transfers in or out of Level 3 assets or liabilities.

- 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/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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+ Details