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INVESTMENTS AND FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Sales of held-to-maturity investments	$ 0
Time deposits
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments	$ 0	$ 750,000,000

- 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/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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+ Details

REVENUES - Receivables and Contract Liabilities Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Contract with Customer, Asset [Roll Forward]
Beginning of the period	$ 294	$ 87
Ending of the period	185	294
Changes during the period	(109)	207
Contract with Customer, Liability [Roll Forward]
Beginning of the period	11	4
Ending of the period	57	11
Changes during the period	$ 46	$ 7

REVENUES (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated by Revenue Source

The following table presents our revenues disaggregated by revenue source:


	Year Ended December 31,
(in millions)	2023		2024		2025
Transaction-based revenues
Options	$	505	$	760	$	1,123
Cryptocurrencies	135		626		901
Equities	104		177		302
Other	41		84		302
Total transaction-based revenues	785		1,647		2,628

Net interest revenues:
Margin interest	243		319		573
Interest on segregated cash, cash equivalents, securities, and deposits	210		261		319
Cash Sweep	123		179		229
Securities lending, net	79		94		190
Interest on corporate cash and investments	288		256		167
Credit card, net	9		24		64
Interest expenses related to credit facilities	(23)		(24)		(32)
Other	—		—		4
Total net interest revenues	929		1,109		1,514

Other revenues:
Gold subscription revenues	$	75	$	109	$	179
Proxy revenues	61		60		63
Other	15		26		89
Total other revenues	151		195		331

Total net revenues	$	1,865	$	2,951	$	4,473

Schedule of Interest Revenue Earned and Interest Expense Paid Securities Lending

The following table presents interest revenue earned and interest expense paid from securities lending:


	Year Ended December 31,
(in millions)	2023		2024		2025
Interest revenue	$	184	$	321	$	604
Interest expense	(105)		(227)		(414)
Securities lending, net	$	79	$	94	$	190

Schedule of Contract Receivables and Liabilities Balances

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


	December 31, 2024
(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2024	$	87	$	4
End of the period, December 31, 2024	294		11
Changes during the period	$	207	$	7


	December 31, 2025
(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2025	$	294	$	11
End of the period, December 31, 2025	185		57
Changes during the period	$	(109)	$	46

REVENUES - Narrative (Details) - USD ($)	12 Months Ended
REVENUES - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Impairment of deferred incentive balances	$ 0	$ 0
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability	57,000,000	11,000,000	$ 4,000,000
Payables to users	11,986,000,000	$ 7,448,000,000
TradePMR
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability	17,000,000
Payables to users	8,000,000
Contract with Customer, Liability, Noncurrent	9,000,000
Unearned Robinhood Gold and Robinhood Gold Card
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability	$ 39,000,000

- 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

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+ Details

COMMON STOCK AND STOCKHOLDERS' EQUITY - Equity Incentive Plans (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Jan. 01, 2026
Equity Incentive Plan, 2013, 2020 and 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized (in shares)	492
Shares issued under plans (in shares)	174
Common stock reserved for issuance (in shares)	11
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance (in shares)	307
2021 Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance (in shares)		45
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Vesting rate, percentage	25.00%
Exercisable, period (up to)	7 years
Employee Stock Option \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable, period (up to)	10 years

BUSINESS COMBINATIONS - Schedule of Acquisition Date Fair Value of Consideration Transferred (Details) - USD ($) $ in Millions	Dec. 31, 2025	Jun. 02, 2025	Feb. 26, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill	$ 385			$ 179	$ 175
TradePMR
Business Combination [Line Items]
Cash and cash equivalents			$ 25
Receivable from users, net			5
Prepaid expenses			1
Other current assets			9
Other non-current assets			3
Goodwill			111
Intangible assets			81
Accounts payable and accrued expenses			(1)
Other current liabilities			(21)
Other non-current liabilities			(38)
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

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Net interest revenues	$ 1,514	$ 1,109	$ 929
Total net revenues	4,473	2,951	1,865
Operating expenses:
Brokerage and transaction	211	164	146
Technology and development	897	818	805
Operations	130	112	116
Provision for credit losses	114	76	43
Marketing	399	272	122
General and administrative	628	455	1,169
Total operating expenses	2,379	1,897	2,401
Other income, net	14	10	3
Income (loss) before income taxes	2,108	1,064	(533)
Provision for (benefit from) income taxes	225	(347)	8
Net income (loss)	1,883	1,411	(541)
Net income (loss) attributable to non-controlling interest	0	0	0
Net income (loss) attributable to Robinhood	1,883	1,411	(541)
Net income (loss) attributable to Robinhood
Net income (loss) attributable to Robinhood Markets, Inc., Basic	1,883	1,411	(541)
Net income (loss) attributable to Robinhood Markets, Inc., Diluted	$ 1,883	$ 1,411	$ (541)
Net income (loss) per share attributable to Robinhood common stockholders:
Basic (in dollars per share)	$ 2.12	$ 1.60	$ (0.61)
Diluted (in dollars per share)	$ 2.05	$ 1.56	$ (0.61)
Weighted-average shares used to compute net income (loss) per share attributable to Robinhood common stockholders:
Basic (in shares)	888,504,958	881,113,156	890,857,659
Diluted (in shares)	918,781,846	906,171,504	890,857,659
Transaction-based revenues
Revenues:
Revenues	$ 2,628	$ 1,647	$ 785
Total other revenues
Revenues:
Revenues	$ 331	$ 195	$ 151

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 4: GOODWILL AND INTANGIBLE ASSETS

Goodwill

The following table summarizes the carrying amount of goodwill:


	December 31,
(in millions)	2024		2025
Beginning balance	$	175	$	179
Less: Accumulated impairment	—		—
Beginning balance, net	175		179
Additions due to business combinations(1)	4		204

Foreign currency translation adjustment	—		2
Ending balance	$	179	$	385

_______________

(1) For the year ended December 31, 2025, additions are related to the acquisition of TradePMR and Bitstamp as disclosed in Note 3 - Business Combinations

There was no impairment of goodwill for the years ended December 31, 2024 and 2025.

Intangible Assets

The following tables summarize the components of intangible assets:


	December 31, 2024
(in millions, except years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life - Years
Finite-lived intangible assets:
Developed technology	$	51	$	(33)	$	18	2.63
Customer relationships	23		(13)		10		4.72
Indefinite-lived intangible assets	10		—		10		N/A
Total	$	84	$	(46)	$	38


	December 31, 2025
(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	$	(26)	$	72	4.37
Customer relationships	64		(7)		57		11.64
Trade names	2		(1)		1		2.43
Indefinite-lived intangible assets	37		—		37		N/A
Foreign currency translation adjustment	1		—		1		N/A
Total	$	202	$	(34)	$	168

Amortization expense of intangible assets was $14 million, $20 million, and $23 million for the years ended December 31, 2023, 2024 and 2025. There was no impairment of intangible assets for the year ended December 31, 2024 and an immaterial impairment of intangible assets for the year ended 2025.

As of December 31, 2025, the estimated future amortization expense of finite-lived intangible assets was as follows:


(in millions)	Finite-lived Intangible Assets
2026	$	27
2027	22
2028	18
2029	18
2030	12
Thereafter	33
Total	$	130

REVENUES - Revenue Disaggregated by Revenue Sources (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Interest expenses related to credit facilities	$ (32)	$ (24)	$ (23)
Total net interest revenues	1,514	1,109	929
Total net revenues	4,473	2,951	1,865
Transaction-based revenues
Disaggregation of Revenue [Line Items]
Revenues	2,628	1,647	785
Options
Disaggregation of Revenue [Line Items]
Revenues	1,123	760	505
Cryptocurrencies
Disaggregation of Revenue [Line Items]
Revenues	901	626	135
Equities
Disaggregation of Revenue [Line Items]
Revenues	302	177	104
Other
Disaggregation of Revenue [Line Items]
Revenues	302	84	41
Margin interest
Disaggregation of Revenue [Line Items]
Net interest revenues:	573	319	243
Interest on segregated cash, cash equivalents, securities, and deposits
Disaggregation of Revenue [Line Items]
Net interest revenues:	319	261	210
Cash Sweep
Disaggregation of Revenue [Line Items]
Net interest revenues:	229	179	123
Securities lending, net
Disaggregation of Revenue [Line Items]
Net interest revenues:	190	94	79
Interest on corporate cash and investments
Disaggregation of Revenue [Line Items]
Net interest revenues:	167	256	288
Credit card, net
Disaggregation of Revenue [Line Items]
Net interest revenues:	64	24	9
Total other revenues
Disaggregation of Revenue [Line Items]
Revenues	331	195	151
Gold subscription revenues
Disaggregation of Revenue [Line Items]
Revenues	179	109	75
Proxy revenues
Disaggregation of Revenue [Line Items]
Revenues	63	60	61
Other
Disaggregation of Revenue [Line Items]
Revenues	89	26	15
Net interest revenues:	$ 4	$ 0	$ 0

COMMON STOCK AND STOCKHOLDERS' EQUITY - Schedule Of Activity Related To Time-Based (Details) - Time-Based Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of RSUs
Unvested restricted stock, beginning balance (in shares) \| shares	18,233,088
Granted (in shares) \| shares	6,192,563
Vested (in shares) \| shares	(14,548,770)
Forfeited (in shares) \| shares	(2,230,494)
Unvested restricted stock, ending balance (in shares) \| shares	7,646,387
Weighted- average grant date fair value
Unvested restricted stock, beginning balance (in dollars per share) \| $ / shares	$ 15.20
Granted (in dollars per share) \| $ / shares	50.86
Vested (in dollars per share) \| $ / shares	21.28
Forfeited (in dollars per share) \| $ / shares	24.12
Unvested restricted stock, ending balance (in dollars per share) \| $ / shares	$ 29.92

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current, prepaid expense	$ 127	$ 75
Noncurrent prepaid assets	$ 11	$ 17
Preferred Stock, Par or Stated Value 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)	790,331,696	764,903,997
Common stock, shares outstanding (in shares)	790,331,696	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)	110,996,736	119,588,986
Common stock, shares outstanding (in shares)	110,996,736	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

COMMITMENTS & CONTINGENCIES	12 Months Ended
COMMITMENTS & CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS & CONTINGENCIES	NOTE 15: 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 and $71 million as of December 31, 2024 and 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, cryptocurrency, derivatives, advisory, 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 December 31, 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 reasonable possible loss (or range of loss), if any. In addition, the ultimate outcome of legal proceedings involves judgments and inherent uncertainties and cannot be predicted with certainty. Any judgment entered against us, or any adverse settlement, could materially and adversely impact our business, financial condition, operating results, and cash flows. We might also incur substantial legal fees, which are expensed as incurred, in defending against legal and regulatory claims. Described below are certain pending matters in which there is at least a reasonable possibility that a material loss could be incurred. We intend to continue to defend these matters vigorously. Best Execution, Payment for Order Flow, and Sources of Revenue Civil Litigation Beginning in December 2020, multiple putative securities fraud class action lawsuits were filed against RHM, RHF, and RHS. Five cases were consolidated in the U.S. 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. Plaintiffs filed a renewed motion for class certification in January 2025, which Robinhood is opposing. In June 2025, Robinhood agreed to a settlement in principle with plaintiffs, which the court has preliminarily approved. 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 MSD is examining RHF’s customer complaint supervision, the disruptions experienced by 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. We are cooperating with these investigations. In December 2025, the Florida Attorney General advised us that it had closed the previously disclosed investigation concerning, among other things, representations about cryptocurrency trading costs and/or fees. Brokerage Enforcement Matters The FINRA Enforcement and Examination staff are conducting investigations related to, among other things, disruptions experienced by BOATS during the Robinhood 24 Hour Market overnight trading session on August 4-5, 2024. In December 2025, FINRA advised us in writing that it had closed the previously disclosed investigation into RHS’s and RHF’s compliance with best execution obligations. The FDIC is investigating issues related to compliance with the EFTA. Early 2021 Trading Restrictions Matters Beginning on January 28, 2021, due to increased deposit requirements imposed on RHS by the NSCC in response to unprecedented market volatility, particularly in certain securities, RHS temporarily restricted or limited its customers’ purchase of certain securities, including GameStop Corp. and AMC Entertainment Holdings, Inc., on our U.S. trading platform (the “Early 2021 Trading Restrictions”). A number of individual and putative class actions related to the Early 2021 Trading Restrictions were filed against RHM, RHF, and RHS, among others, in various federal and state courts and in arbitrations. 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 U.S. 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 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 USAO, 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 investigation into these matters as part of the March 2025 FINRA Settlement (as defined above). 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 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. 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 Ninth Circuit. On August 29, 2025, the Ninth Circuit issued its opinion affirming in part and reversing in part the district court. Robinhood’s petition for rehearing en banc was denied. In December 2025, Robinhood requested an extension of time to file its petition for a writ of certiorari in the United States Supreme Court. 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. The board of directors has rejected the demand in part and the Demand Review Committee continues to review the remaining part. Pay Transparency Litigation In July 2024, RHM, RHY, and RHC were sued in a putative class action captioned John Milito v. Robinhood Markets, Inc. et. al., alleging that Robinhood violated Washington’s Equal Pay and Opportunity Act, because some of the Company’s job postings allegedly failed to include a wage scale or salary range. The complaint seeks unspecified total statutory damages, attorneys’ fees and costs, injunctive relief, and declaratory relief. The case 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 moved to dismiss the complaint, which was granted in part and denied in part. The case is proceeding in discovery. Event Contracts Litigation In June 2025, RHM and 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. Each plaintiff is seeking to remand the matters. The court in Georgia denied plaintiff’s motion to remand. 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 (the “Blue Lake plaintiffs”) 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 Blue Lake plaintiffs 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 (RICO), infringement of tribal sovereignty, and false advertising under the Lanham Act. The Blue Lake plaintiffs have asserted only the RICO cause of action against RHM and RHD. The complaint seeks injunctive relief, declaratory relief, damages, treble damages, costs, and attorney’s fees. In September 2025, the Blue Lake plaintiffs moved for a preliminary injunction. The court denied the motion and plaintiffs have appealed the denial to the United States Court of Appeals for the Ninth Circuit. In the district court, Robinhood has moved to dismiss the action. 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 substantially the same facts and causes of action and seeking the same relief. The Ho-Chunk Nation is only asserting a claim for a civil violation of the RICO Act against RHM and RHD. In December 2025, the plaintiff moved for a preliminary injunction, which Robinhood has opposed. Robinhood has also moved to dismiss the action. 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 of the grant of a preliminary injunction in a similar case brought by KalshiEx LLC. In Nevada, the court denied RHD’s motion for a preliminary injunction. Robinhood has agreed to cease offering new sports-related event contracts in Nevada as of December 1, 2025, and to take action to explore unwinding longer-duration open sports-related event contracts in Nevada, in exchange for the State’s agreement to refrain from enforcing its state gaming laws during the pendency of RHD’s appeal. RHD has appealed the decision to the United States Court of Appeals for the Ninth Circuit and moved for an injunction pending appeal, which remains pending. In Massachusetts, the court initially dismissed RHD’s suit as unripe. RHD’s motion for reconsideration was granted. RHD has filed an amended complaint and renewed its motion for a preliminary injunction. Massachusetts has agreed to refrain from enforcing its state gaming laws pending: (1) a decision on RHD’s pending preliminary injunction motion; (2) a final decision on the injunction from a Massachusetts appellate court in KalshiEx’s state court enforcement litigation; and (3) any stay (if ordered) is lifted in KalshiEx’s state court enforcement litigation.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Millions

Total

Common Stock

Additional paid-in capital

Accumulated other comprehensive income (loss)

Accumulated deficit

Non-controlling Interest

Balance at beginning of period, common stock (in shares) at Dec. 31, 2022

^[1]

892,751,571

Beginning Balance at Dec. 31, 2022

$ 6,956

$ 0

^[1]

$ 11,861

$ 0

$ (4,905)

Increase (decrease) in stockholder's equity

Net (loss) income

(541)

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

^[1]

2,449,169

Issuance of common stock in connection with stock option exercises

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

^[1]

1,968,081

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]

30,267,312

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

(12)

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

^[1]

(55,273,469)

Repurchase and retirement of Class A common stock

(611)

Change in other comprehensive income

(3)

Share-based compensation

888

Balance at end of period, common stock (in shares) at Dec. 31, 2023

^[1]

872,162,664

Ending Balance at Dec. 31, 2023

6,696

$ 0

^[1]

12,145

(3)

(5,446)

Increase (decrease) in stockholder's equity

Net (loss) income

1,411

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

^[1]

3,954,721

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)

456,764

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

^[1]

2,275,623

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]

15,999,321

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

(244)

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

^[1]

(10,356,110)

Repurchase and retirement of Class A common stock

(257)

Change in other comprehensive income

Share-based compensation

330

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

^[1]

884,492,983

Ending Balance at Dec. 31, 2024

7,972

$ 0

^[1]

12,008

(1)

(4,035)

$ 0

Increase (decrease) in stockholder's equity

Net (loss) income

1,883

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

^[1]

4,206,007

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]

2,816,093

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

^[1]

765,702

Issuance of common stock in connection with Employee Share Purchase Plan

Issuance of common stock in connection with 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]

19,016,398

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

(437)

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

^[1]

(12,018,462)

Repurchase and retirement of Class A common stock

(653)

Change in other comprehensive income

Share-based compensation

328

Capital contributions from a partner

Balance at end of period, common stock (in shares) at Dec. 31, 2025

^[1]

901,328,432

Ending Balance at Dec. 31, 2025

$ 9,151

$ 0

^[1]

$ 11,284

$ 8

$ (2,152)

$ 11

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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,883	$ 1,411	$ (541)
Other comprehensive income (loss), net of tax:
Foreign currency translation	9	(1)	0
Net losses on hedging instruments:
Net loss on hedging instruments during the period	0	0	(4)
Reclassification adjustment for net losses included in net income	0	3	1
Net gain (loss) on hedging instruments	0	3	(3)
Total other comprehensive income (loss), net of tax	9	2	(3)
Total comprehensive income (loss)	1,892	1,413	(544)
Total comprehensive income (loss) attributable to non-controlling interest	0	0	0
Total comprehensive income (loss) attributable to Robinhood	$ 1,892	$ 1,413	$ (544)

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule Of Concentration Of Credit Risk (Details) - Customer Concentration Risk - Revenue Benchmark	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Total as percentage of total net revenues
Concentration Risk [Line Items]
Concentration risk, percentage	55.00%	56.00%	40.00%
Citadel Securities, LLC
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%	12.00%	12.00%
Wintermute Trading Ltd
Concentration Risk [Line Items]
Concentration risk, percentage	6.00%	10.00%	2.00%
All others individually less than 10%
Concentration Risk [Line Items]
Concentration risk, percentage	36.00%	34.00%	26.00%

- 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ 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

INVESTMENTS AND FAIR VALUE MEASUREMENT - Schedule of Financial Asset and Liabilities Measured At Fair Value On a Non- Recurring Basis (Details) $ in Millions	Dec. 31, 2024 USD ($)
Assets
Held-to-maturity investments	$ 399
Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	399
U.S. Treasury securities
Assets
Held-to-maturity investments	338
U.S. Treasury securities \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	338
Corporate debt securities
Assets
Held-to-maturity investments	51
Corporate debt securities \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	51
U.S. government agency securities
Assets
Held-to-maturity investments	10
U.S. government agency securities \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	10
Level 1 \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	338
Level 1 \| U.S. Treasury securities \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	338
Level 1 \| Corporate debt securities \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	0
Level 1 \| U.S. government agency securities \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	0
Level 2 \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	61
Level 2 \| U.S. Treasury securities \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	0
Level 2 \| Corporate debt securities \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	51
Level 2 \| U.S. government agency securities \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	10
Level 3 \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	0
Level 3 \| U.S. Treasury securities \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	0
Level 3 \| Corporate debt securities \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	0
Level 3 \| U.S. government agency securities \| Estimate of Fair Value Measurement
Assets
Held-to-maturity investments	$ 0

- 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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Movement on Goodwill

The following table summarizes the carrying amount of goodwill:


	December 31,
(in millions)	2024		2025
Beginning balance	$	175	$	179
Less: Accumulated impairment	—		—
Beginning balance, net	175		179
Additions due to business combinations(1)	4		204

Foreign currency translation adjustment	—		2
Ending balance	$	179	$	385

_______________

(1) For the year ended December 31, 2025, additions are related to the acquisition of TradePMR and Bitstamp as disclosed in Note 3 - Business Combinations

Schedule of Components of Finite-Lived Intangible Assets

The following tables summarize the components of intangible assets:


	December 31, 2024
(in millions, except years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life - Years
Finite-lived intangible assets:
Developed technology	$	51	$	(33)	$	18	2.63
Customer relationships	23		(13)		10		4.72
Indefinite-lived intangible assets	10		—		10		N/A
Total	$	84	$	(46)	$	38


	December 31, 2025
(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	$	(26)	$	72	4.37
Customer relationships	64		(7)		57		11.64
Trade names	2		(1)		1		2.43
Indefinite-lived intangible assets	37		—		37		N/A
Foreign currency translation adjustment	1		—		1		N/A
Total	$	202	$	(34)	$	168

Schedule of Components of Indefinite-Lived Intangible Assets

The following tables summarize the components of intangible assets:


	December 31, 2024
(in millions, except years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life - Years
Finite-lived intangible assets:
Developed technology	$	51	$	(33)	$	18	2.63
Customer relationships	23		(13)		10		4.72
Indefinite-lived intangible assets	10		—		10		N/A
Total	$	84	$	(46)	$	38


	December 31, 2025
(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	$	(26)	$	72	4.37
Customer relationships	64		(7)		57		11.64
Trade names	2		(1)		1		2.43
Indefinite-lived intangible assets	37		—		37		N/A
Foreign currency translation adjustment	1		—		1		N/A
Total	$	202	$	(34)	$	168

Schedule of Future Amortization Expense in Acquired Intangible Assets

As of December 31, 2025, the estimated future amortization expense of finite-lived intangible assets was as follows:


(in millions)	Finite-lived Intangible Assets
2026	$	27
2027	22
2028	18
2029	18
2030	12
Thereafter	33
Total	$	130

- Definition

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

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COMMITMENTS & CONTINGENCIES (Details) $ in Millions	1 Months Ended
COMMITMENTS & CONTINGENCIES (Details) $ in Millions	Dec. 31, 2020 case	Dec. 31, 2025 USD ($) cases	Dec. 31, 2024 USD ($)	Apr. 30, 2021 tranche
Loss Contingencies [Line Items]
Amount accrued for contingencies in the aggregate		$ 71	$ 128
Number of tranches \| tranche				3
Commitments and contingencies (Note 15)
Loss Contingency, Pending Claims, Number \| cases		6
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.

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+ Details

PROPERTY, SOFTWARE, AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule Of Property, Software and Equipment

Property, software, and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is recorded on a straight-line basis over the useful life of the asset, which is as follows:


Property, Software, and Equipment						Useful Life
Computer equipment						3 years
Fixture and furniture						7 years
Leasehold improvements						Shorter of estimated useful life or lease term
Internally developed software						3 years

Property, software, and equipment are presented net of accumulated depreciation and amortization and summarized as follows:


	Year Ended December 31,
(in millions)	2024		2025
Internally developed software	$	171	$	229
Leasehold improvements	42		48
Computer equipment	28		36
Furniture and fixtures	13		15
Construction in progress	39		40
Total	293		368
Less: accumulated depreciation and amortization	(154)		(214)
Property, software, and equipment, net	$	139	$	154

COMMON STOCK AND STOCKHOLDERS' EQUITY - Acquisition of TradePMR (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 26, 2025	Dec. 31, 2025
TradePMR \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity consideration	$ 100
Vesting period	4 years
TradePMR Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		2,049,711
Number of RSUs
Unvested restricted stock, beginning balance (in shares)		0
Granted (in shares)		2,049,711
Vested (in shares)		0
Forfeited (in shares)		0
Unvested restricted stock, ending balance (in shares)		2,049,711
Weighted- average grant date fair value
Unvested restricted stock, beginning balance (in dollars per share)		$ 0
Granted (in dollars per share)		48.85
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Unvested restricted stock, ending balance (in dollars per share)		$ 48.85

COVER - USD ($) $ in Billions	12 Months Ended
COVER - USD ($) $ in Billions	Dec. 31, 2025	Feb. 11, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40691
Entity Registrant Name	Robinhood Markets, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	46-4364776
Entity Address, Street	85 Willow Rd
Entity Address, City	Menlo Park
Entity Address, State	CA
Entity Address, Postal Zip Code	94025
City Area Code	844
Local Phone Number	428-5411
Title of each class	Class A Common Stock - $0.0001 par value per share
Trading Symbol(s)	HOOD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 71.3
Documents Incorporated by Reference	The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Stockholders to be held in 2026, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates.
Entity Central Index Key	0001783879
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		790,054,654
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		110,253,736

INCOME TAXES - Net Income Taxes Paid Consisted (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. federal	$ 49
U.S. state and local	45
Foreign	1
Total	$ 95	$ 18	$ 9

ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses of Brokerage Related (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses	$ 114	$ 76	$ 43
Brokerage Related Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	14	15	18
Provision for credit losses	28	21	22
Write-offs	(30)	(23)	(25)
Recoveries	4	1	0
Ending Balance	$ 16	$ 14	$ 15

INVESTMENTS AND FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 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

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

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 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


	December 31, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	52	$	—	$	—	$	52
Cash, cash equivalents, and securities segregated under federal and other regulations:
U.S. Treasury securities	311		—		—		311
Foreign Treasury securities	53		—		—		53
Deposits with clearing organizations:
U.S. Treasury securities(1)	1		—		—		1
Other current assets:
U.S. Treasury securities (2)	200		—		—		200
Stablecoin	152		—		—		152
Equity securities - securities owned	28		—		—		28
Other non-current assets:
Non-marketable securities (3)	—		—		232		232
Money market funds - escrow account	2		—		—		2
User-held fractional shares	3,782		—		—		3,782
Total financial assets	$	4,581	$	—	$	232	$	4,813

Liabilities
Fractional shares repurchase obligations	$	3,782	$	—	$	—	$	3,782
Total financial liabilities	$	3,782	$	—	$	—	$	3,782

______________

(1) As of December 31, 2025, $1 million of our U.S. Treasury securities are deposited with an exchange to enable the execution, clearing, and settlement of event contracts.

(2) Classified as trading securities in which the amortized cost approximates fair value as of December 31, 2025.

(3) Represents non-marketable equity securities held by Robinhood Ventures Fund I.

Schedule of Estimated Fair Value of Robinhood Ventures Fund I Investments in Non-Marketable Equity Securities

The following table sets forth a summary of the changes in the estimated fair value of Robinhood Ventures Fund I investments in non-marketable equity securities classified as a Level 3 in the fair value hierarchy:


	December 31,
(in millions)	2025
Beginning of period, January 1, 2025	$	—
Purchases during the period	225
Net unrealized gains (losses)	7
End of period, December 31, 2025	$	232

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 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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

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+ Details

REVENUES

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 5: REVENUES

Disaggregation of Revenues

The following table presents our revenues disaggregated by revenue source:


	Year Ended December 31,
(in millions)	2023		2024		2025
Transaction-based revenues
Options	$	505	$	760	$	1,123
Cryptocurrencies	135		626		901
Equities	104		177		302
Other	41		84		302
Total transaction-based revenues	785		1,647		2,628

Net interest revenues:
Margin interest	243		319		573
Interest on segregated cash, cash equivalents, securities, and deposits	210		261		319
Cash Sweep	123		179		229
Securities lending, net	79		94		190
Interest on corporate cash and investments	288		256		167
Credit card, net	9		24		64
Interest expenses related to credit facilities	(23)		(24)		(32)
Other	—		—		4
Total net interest revenues	929		1,109		1,514

Other revenues:
Gold subscription revenues	$	75	$	109	$	179
Proxy revenues	61		60		63
Other	15		26		89
Total other revenues	151		195		331

Total net revenues	$	1,865	$	2,951	$	4,473

The following table presents interest revenue earned and interest expense paid from securities lending:


	Year Ended December 31,
(in millions)	2023		2024		2025
Interest revenue	$	184	$	321	$	604
Interest expense	(105)		(227)		(414)
Securities lending, net	$	79	$	94	$	190

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 consolidated balance sheets.

As of December 31, 2025, contract liabilities include $39 million of unearned subscription revenue for Robinhood Gold and Robinhood Gold Card, 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 consolidated balance sheets. Contract liabilities also include $17 million of TradePMR performance obligations acquired as part of the TradePMR acquisition, with $8 million recorded in other current liabilities and $9 million in other non-current liabilities which was recorded on the 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 periods indicated:


	December 31, 2024
(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2024	$	87	$	4
End of the period, December 31, 2024	294		11
Changes during the period	$	207	$	7


	December 31, 2025
(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2025	$	294	$	11
End of the period, December 31, 2025	185		57
Changes during the period	$	(109)	$	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 as well as number of traders 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, Robinhood Gold Card users, and TradePMR performance obligations, and timing differences between our performance and customer billing. We recognized all revenue from amounts included in the opening contract liabilities balance for the year end December 31, 2025.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK	12 Months Ended
FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK	Dec. 31, 2025
Debt Disclosure [Abstract]
FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK	NOTE 11: FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK Revolving Credit Facilities RHM March 2025 Credit Agreement On March 21, 2025, RHM entered into 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 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. RHS March 2025 Credit Agreement On March 21, 2025, RHS, our wholly-owned subsidiary, entered into 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 December 31, 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 Bank Program Agreement (discussed below), Robinhood Credit has the ability to purchase credit card receivables originated and held for a period of time by Coastal Bank. Robinhood Credit continues to earn interest from customers and uses these purchased credit card receivables as collateral under a trust structure to access debt financing in the ordinary course of business. To help facilitate these transactions, we created a VIE known as the Credit Card Funding Trust (the “Trust”). We are the primary beneficiary of the Trust as, through our role as the servicer and administrator, we have the power to direct the activities that most significantly affect the Trust’s economic performance and, due to owning all the equity interest in the Trust, have the right to receive benefits or the obligation to absorb losses. As such, we consolidate the Trust in the 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 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 December 31, 2025, the Trust had four arrangements in place: (1) to borrow up to $200 million from Barclays, (2) to borrow up to $150 million from SVB, which was amended on September 26, 2025 to decrease the borrowing capacity and the pricing, (3) to borrow up to $300 million from WF, which was a new borrowing agreement entered into on August 1, 2025, and (4) to borrow up to $300 million from Truist Bank, which was a new borrowing agreement entered into on November 7, 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. In November 2025, the interest rate was renegotiated to Barclays’ commercial paper rate plus 1.3%, and undrawn amounts accrue an undrawn fee at rates between 0.275% and 0.325%, 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 one-month Term SOFR plus 1.50%, 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 (as defined in the WF arrangement) plus 1.40%. 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. Under the Truist Bank arrangement, the Trust may borrow, repay and re-borrow up to a committed amount of $300 million during the revolving period, which ends in November 2028. During this period, borrowings bear interest at a rate equal to the Daily Simple SOFR (as defined in the Truist Bank arrangement) plus 1.40%. 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%. Undrawn amounts accrue an undrawn fee at rates between 0.275% and 0.325%, depending on utilization. For the year ended December 31, 2024, the weighted average interest rate of the SVB and Barclays arrangements was 7.81%. For the year ended December 31, 2025, the weighted average interest rate of the SVB, Barclays, WF, and Truist Bank arrangements was 6.16%. During the years ended December 31, 2024 and 2025, the Trust purchased $748 million and $5.2 billion of credit card receivables. As of December 31, 2024 and 2025, the carrying value of purchased credit card receivables that had not been collected, net of provision for credit losses, was $179 million and $786 million, and the outstanding balance of borrowing principal and interest was $131 million and $602 million. For the years ended December 31, 2024 and 2025, the net interest revenue of the Trust was $5 million and $45 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 December 31, 2025, the off-balance sheet credit card receivables funded under the Program Agreement was $200 million. Transaction Settlement 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 consolidated balance sheets. 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. The settlement date for equities and options is 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 $38.2 billion at fair value at December 31, 2024 and 2025, and these assets were not recorded on our 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 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
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-Section 50
-Paragraph 8A
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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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+ Details

ALLOWANCE FOR CREDIT LOSSES - Schedule of Expected Credit Loss of Accounts Payable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 41	$ 40	$ 32	$ 0
Opening balance from acquisition of Robinhood Credit	0	0	23
Provision for credit losses	27	40	19
Payments to Coastal Bank	(28)	(34)	(11)
Recoveries	2	2	1
Ending balance	$ 41	$ 40	$ 32

INCOME TAXES - Deferred Tax Asset Valuation Allowance (Details) - Deferred Tax Asset, Valuation Allowance - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 88	$ 574	$ 607
Charged/(credited) to net income (loss)	6	(486)	(34)
Charges utilized/(write-offs)	0	0	1
Additions due to acquisition	11	0	0
Balance at end of period	$ 105	$ 88	$ 574

COMMON STOCK AND STOCKHOLDERS' EQUITY - Stock Option Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Intrinsic value	$ 304	$ 74	$ 20
Grant date fair value of options that vested	$ 2	$ 3	$ 7

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Software and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Research and development expense	$ 355	$ 323	$ 349
Computer equipment
Property, Plant and Equipment [Line Items]
PPE useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
PPE useful life	7 years
Internally developed software
Property, Plant and Equipment [Line Items]
PPE useful life	3 years

BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2025

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

Schedule of Acquisition Date Fair Value of Concentration 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
Receivable from users, net	5
Prepaid expenses	1
Other current assets	9
Other non-current assets	3
Goodwill	111
Intangible assets	81
Accounts payable and accrued expenses	(1)
Other current liabilities	(21)
Other non-current liabilities	(38)
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 names	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 names	1		2
Total	$	70

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

COMMON STOCK AND STOCKHOLDERS' EQUITY - Schedule Of Share-Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	$ 305	$ 304	$ 871
Time-Based Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	293	300	292
Market-Based Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense		(8)	567
Reversal of previously recognized expense	11
Brokerage and transaction
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	10	9	7
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	159	192	211
Operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	6	7	8
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	8	8	5
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	$ 122	88	$ 640
General and administrative \| Market-Based Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense		$ 485

COMMON STOCK AND STOCKHOLDERS' EQUITY - Schedule Of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Beginning balance (in shares)	7,843,554
Granted during the period (in shares)	0	0	0
Exercised during the period (in shares)	(4,206,007)
Expired during the period (in shares)	(538,191)
Forfeited during the period (in shares)	(65,377)
Ending balance (in shares)	3,033,979	7,843,554
Options vested and expected to vest (in shares)	3,033,979
Options exercisable (in shares)	2,945,987
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 4.49
Granted (in dollars per share)	0
Exercised (in dollars per share)	3.71
Expired (in dollars per share)	0.18
Forfeited (in dollars per share)	14.15
Ending balance (in dollars per share)	6.12	$ 4.49
Options vested and expected to vest (in dollars per share)	6.12
Options exercisable (in dollars per share)	$ 5.88
Weighted- Average Remaining Life
Weighted- Average Remaining Life	2 years 3 months 14 days	2 years 9 months 18 days
Options vested and expected to vest	2 years 3 months 14 days
Options exercisable	2 years 3 months 7 days
Total Intrinsic Value
Intrinsic value outstanding	$ 325	$ 257
Options vested and expected to vest	325
Options exercisable	$ 316

COMMON STOCK AND STOCKHOLDERS' EQUITY - Share-based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Tax benefit recognized for share-based compensation	$ 307	$ 154	$ 73
Share-based payment arrangement, amount capitalized	23	$ 26	$ 17
Unrecognized compensation cost	$ 277
Unrecognized compensation cost related to outstanding stock options, weighted-average period	1 year 1 month 17 days

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Dec. 31, 2025
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update 2023-09, “Income taxes (Topic 740): Improvements to Income Taxes Disclosures.” This guidance requires annual disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024. 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 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 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
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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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-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

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-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

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-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

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-Topic 944
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

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-SubTopic 40
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/250/tableOfContent

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-Topic 815
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-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

INVESTMENTS AND FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 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 consolidated balance sheets. As of December 31, 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

There were no held to maturity investments as of December 31, 2025 and no sales of held-to-maturity investments during the year ended December 31, 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

Fair Value of Financial Instruments

Financial assets and liabilities measured at fair value on a recurring basis were presented on our 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


	December 31, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	52	$	—	$	—	$	52
Cash, cash equivalents, and securities segregated under federal and other regulations:
U.S. Treasury securities	311		—		—		311
Foreign Treasury securities	53		—		—		53
Deposits with clearing organizations:
U.S. Treasury securities(1)	1		—		—		1
Other current assets:
U.S. Treasury securities (2)	200		—		—		200
Stablecoin	152		—		—		152
Equity securities - securities owned	28		—		—		28
Other non-current assets:
Non-marketable securities (3)	—		—		232		232
Money market funds - escrow account	2		—		—		2
User-held fractional shares	3,782		—		—		3,782
Total financial assets	$	4,581	$	—	$	232	$	4,813

Liabilities
Fractional shares repurchase obligations	$	3,782	$	—	$	—	$	3,782
Total financial liabilities	$	3,782	$	—	$	—	$	3,782

______________

(1) As of December 31, 2025, $1 million of our U.S. Treasury securities are deposited with an exchange to enable the execution, clearing, and settlement of event contracts.

(2) Classified as trading securities in which the amortized cost approximates fair value as of December 31, 2025.

(3) Represents non-marketable equity securities held by Robinhood Ventures Fund I.

Robinhood Ventures Fund I investments in non-marketable equity securities


	December 31,
(in millions)	2025
Beginning of period, January 1, 2025	$	—
Purchases during the period	225
Net unrealized gains (losses)	7
End of period, December 31, 2025	$	232

During the year ended December 31, 2025, we did not have any transfers in or out of Level 3 assets or liabilities.

Robinhood Ventures Fund I investments measured using Level 3 inputs primarily consist of investments in privately-held investments. Recent financing transactions in the investee are generally considered the best indication of the enterprise value and therefore used as a basis to estimate fair value. When a recent financing transaction occurs and represents fair value, the Company also uses the calibration process, as appropriate, when estimating fair value on subsequent measurement dates. Calibration is the process of using observed transactions in the investee company’s own instruments to ensure that the valuation techniques that will be employed to value the investee company investment on subsequent measurement dates begin with assumptions that are consistent with the original observed transaction and any more recent observed transactions in the instruments issued by the investee company as well as any updates regarding the investee company’s performance. As of December 31, 2025, the Company determined the fair value of investments held by Robinhood Ventures Fund I based on recent financing transactions of each of the investees.

The fair value for certain financial instruments that are not required to be measured or reported at fair value was presented on our 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

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.

COMMON STOCK AND STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule Of Stock Option Activity

A summary of stock option activity for the year ended December 31, 2025 is as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted- Average Remaining Life	Total Intrinsic Value (in millions)
Balance at December 31, 2024	7,843,554	$	4.49	2.8	$	257
Granted during the period	—	—
Exercised during the period	(4,206,007)	3.71
Expired during the period	(538,191)	0.18
Forfeited during the period	(65,377)	14.15
Balance at December 31, 2025	3,033,979	$	6.12	2.29	$	325
Options vested and expected to vest at December 31, 2025	3,033,979	$	6.12	2.29	$	325
Options exercisable at December 31, 2025	2,945,987	$	5.88	2.27	$	316

Schedule Of Activity Related To Time-Based and Market-Based RSUs

The following table summarizes the activity related to our Time-Based RSUs for the year ended December 31, 2025:


	Number of RSUs	Weighted- average grant date fair value
Unvested at December 31, 2024	18,233,088	$	15.20
Granted	6,192,563	50.86
Vested	(14,548,770)	21.28
Forfeited	(2,230,494)	24.12
Unvested at December 31, 2025	7,646,387	$	29.92

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes the activity for the year ended December 31, 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 December 31, 2025	2,049,711	$	48.85

Schedule Of Share-Based Compensation

The following table presents SBC in our consolidated statements of operations for the periods indicated:


	Year Ended December 31,
(in millions)	2023		2024		2025
Brokerage and transaction	$	7	$	9	$	10
Technology and development	211		192		159
Operations	8		7		6
Marketing	5		8		8
General and administrative	640		88		122
Total	$	871	$	304	$	305

_______________

(1) For the year ended December 31, 2023 and 2024, SBC expense primarily consisted of $292 million and $300 million related to Time-Based RSUs. For the same periods, SBC expense also consisted of $567 million 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 during the first quarter of 2024. For the year ended 2025, SBC expense primarily consisted of $293 million related to Time-Based RSUs.

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Increase in valuation allowance	$ 17,000,000
Unrecognized tax benefits	134,000,000	$ 98,000,000	$ 74,000,000
Unrecognized tax benefits would not impact the effective tax rate due to realizability of those deferred tax assets	88,000,000
Unrecognized tax benefits would not impact effective tax rate if recognized	46,000,000
Interest and penalties accrued	0	$ 0
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Income taxes paid	49,000,000
Net operating loss carryforwards	44,000,000
Tax credit carryforward subject to expiration	191,000,000
Tax credit carryforward	158,000,000
California
Operating Loss Carryforwards [Line Items]
Income taxes paid	15,000,000
New York City
Operating Loss Carryforwards [Line Items]
Income taxes paid	6,000,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	297,000,000
Foreign Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 11,000,000

INVESTMENTS AND FAIR VALUE MEASUREMENT - Schedule of Changes in the Estimated Fair Value of Robinhood Ventures Fund Investments in Non-Marketable Equity Securities (Details) - Equity Securities $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Beginning of period, January 1, 2025	$ 0
Purchases during the period	225
Net unrealized gains (losses)	7
End of period, December 31, 2025	$ 232

PROPERTY, SOFTWARE, AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, SOFTWARE, AND EQUIPMENT, NET

NOTE 9: PROPERTY, SOFTWARE, AND EQUIPMENT, NET

Property, software, and equipment are presented net of accumulated depreciation and amortization and summarized as follows:


	Year Ended December 31,
(in millions)	2024		2025
Internally developed software	$	171	$	229
Leasehold improvements	42		48
Computer equipment	28		36
Furniture and fixtures	13		15
Construction in progress	39		40
Total	293		368
Less: accumulated depreciation and amortization	(154)		(214)
Property, software, and equipment, net	$	139	$	154

Depreciation expense of property and equipment was $16 million, $14 million, and $14 million for the years ended December 31, 2023, 2024 and 2025.

Amortization expense of internally developed software was $41 million, $43 million, and $49 million for the years ended December 31, 2023, 2024 and 2025.

BUSINESS COMBINATIONS - Narrative (Details) $ in Millions	Jun. 02, 2025 USD ($)	May 12, 2025 USD ($)	Feb. 26, 2025 USD ($) shares	Nov. 30, 2025	May 12, 2025 $ / shares
TradePMR
Business Combination [Line Items]
Business combination consideration transferred			$ 175
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
Equity consideration			$ 100
Vesting period			4 years
Bitstamp
Business Combination [Line Items]
Business combination consideration transferred	$ 224
Weighted average useful life	7 years 29 days
MIAXdx
Business Combination [Line Items]
Percentage of voting interest acquired				90.00%
WonderFi
Business Combination [Line Items]
Business combination, price per share (in dollars per share) \| $ / shares					$ 0.36
Price of expected acquisition		$ 180

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Francisco, California

COMMON STOCK AND STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

COMMON STOCK AND STOCKHOLDERS' EQUITY

NOTE 12: COMMON STOCK AND STOCKHOLDERS’ EQUITY

Preferred Stock

Pursuant to our Charter, our board of directors may issue shares of our preferred stock in one or more series and, subject to the applicable law of the State of Delaware, our board of directors may set the powers, rights, preferences, qualifications, limitations and restrictions of such preferred stock. As of December 31, 2025, no terms of the preferred stock were designated, and no shares of preferred stock were outstanding.

Common Stock

Voting Rights

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 Charter or applicable law.

Conversion of Class B Common Stock

Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. All Class B common stock will automatically convert (as a class) into Class A common stock upon the earliest of (i) the date and time specified by the affirmative vote of the holders of at least 80% of the then-outstanding shares of Class B common stock, voting separately as a class, (ii) the date fixed by our board of directors that is no less than 61 days and no more than 180 days following the date on which the number of then-outstanding shares of Class B common stock represents less than 5% of the aggregate number of shares of Class A common stock and Class B common stock then outstanding, (iii) the date fixed by our board of directors that is no less than 61 days and no more than 180 days following the date that (A) each founder is no longer providing services to our Company as an officer, employee, or consultant and (B) each founder is not a director of our Company as a result of a voluntary resignation by such founder from our board of directors or as a result of a written request or agreement by such founder not to be renominated as a director of our Company at an annual or special meeting of stockholders, (iv) nine months after the death or total disability of both founders (subject to a delay of up to 18 months as may be approved by a majority of our independent directors), or (v) August 2, 2036, the date that is 15 years from the completion of our IPO.

Shares of Class B common stock will also automatically convert into shares of Class A common stock upon sale or transfer except for certain permitted transfers described in our Charter. In addition, each

share of Class B common stock held by a stockholder who is a natural person, or held by permitted transferees or permitted entities of such natural person (each as described in our Charter) will automatically convert into shares of Class A common stock nine months following the death or total disability of such natural person (subject to a delay of up to 18 months as may be approved by a majority of our independent directors). Notwithstanding the foregoing, in the event such natural person is a founder, to the extent (i) a person designated by such founder and approved by a majority of the independent directors then in office or (ii) the other founder, in each case, has or shares voting control over the shares of Class B common stock held by the deceased or disabled founder, such shares will be treated as being held of record by such person or other founder and will not convert into shares of Class A common stock as a result of such founder’s death or total disability.

Conversion of Class C Common Stock

Upon the conversion or exchange of all outstanding shares of our Class B common stock into shares of Class A common stock, each outstanding share of Class C common stock will convert automatically into one share of Class A common stock on the date or time fixed by our board of directors.

Dividend Rights

Subject to the rights of any holders of our preferred stock, the holders of our common stock will be entitled to receive ratable dividends, if any, as may be declared from time to time by our board of directors out of funds legally available for the payment of dividends.

Right to Receive Liquidation Distributions

If we liquidate, dissolve or wind up, after all liabilities and, if applicable, the holders of each series of our preferred stock have been paid in full, the holders of our common stock will be entitled to share ratably in all remaining assets.

No Preemptive or Similar Rights

Our common stock has no preemptive or conversion rights or other subscription rights. No redemption or sinking fund provisions are applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that we may designate and issue in the future.

Warrants

As of December 31, 2025, we had outstanding warrants with a strike price of $26.60 that can be exercised to purchase 8.74 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. For the year ended December 31, 2025, 4.13 million warrants had been exercised via net settlement, resulting in 2.82 million shares of Class A common stock issued, and the maximum purchase amount of all remaining outstanding warrants was $232 million.

Share Repurchases

On May 28, 2024, we announced that our board of directors approved 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 year ended December 31, 2025, we repurchased approximately 12 million shares of our Class A common stock for $653 million.

Equity Incentive Plans

2021 Omnibus Incentive Plan

Our 2021 Plan became effective on July 27, 2021, and provides for the grant of share-based awards (such as options, including ISOs, NSOs, SARs, RSAs, RSUs, performance units, and other equity-based awards) and cash-based awards. Under the 2021 Plan, options could be granted with an exercise price per share not less than the fair market value at the date of grant. Options granted generally vest over a four-year term from the date of grant, at a rate of 25% after one year, then quarterly on a straight-line basis thereafter. Generally, options granted are exercisable for up to seven years from the date of grant. RSUs granted mostly vest quarterly on a straight-line basis and expire ten years from the date of grant.

As of December 31, 2025, an aggregate of 492 million shares had been authorized for issuance under the 2013 Plan, 2020 Plan, and 2021 Plan, of which 174 million shares had been issued under the plans, 11 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. On January 1, 2026, an additional 45 million shares became available for grant under the 2021 Plan pursuant to its annual evergreen feature.

Stock Option Activity

A summary of stock option activity for the year ended December 31, 2025 is as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted- Average Remaining Life	Total Intrinsic Value (in millions)
Balance at December 31, 2024	7,843,554	$	4.49	2.8	$	257
Granted during the period	—	—
Exercised during the period	(4,206,007)	3.71
Expired during the period	(538,191)	0.18
Forfeited during the period	(65,377)	14.15
Balance at December 31, 2025	3,033,979	$	6.12	2.29	$	325
Options vested and expected to vest at December 31, 2025	3,033,979	$	6.12	2.29	$	325
Options exercisable at December 31, 2025	2,945,987	$	5.88	2.27	$	316

No options were granted during 2023, 2024 and 2025. The total intrinsic value of options exercised during 2023, 2024 and 2025 was $20 million, $74 million, and $304 million. The intrinsic value is calculated as the difference between the exercise price of the underlying stock option award and the market value of the stock at the time of exercise. The total grant date fair value of options that vested during 2023, 2024 and 2025 was $7 million, $3 million, and $2 million.

Time-Based RSUs

We grant RSUs that vest upon the satisfaction of a time-based service condition. The following table summarizes the activity related to our Time-Based RSUs for the year ended December 31, 2025:


	Number of RSUs	Weighted- average grant date fair value
Unvested at December 31, 2024	18,233,088	$	15.20
Granted	6,192,563	50.86
Vested	(14,548,770)	21.28
Forfeited	(2,230,494)	24.12
Unvested at December 31, 2025	7,646,387	$	29.92

The fair value of Time-Based RSUs vested during 2023, 2024, and 2025 was $490 million, $439 million, and $1.1 billion, respectively.

Market-Based RSUs

In 2019 and 2021, we granted RSUs to our founders under which vesting is conditioned upon both the achievement of share price targets and the continued employment by each recipient over defined service periods. There were no Market-Based RSUs granted during 2023 and 2024. As of December 31, 2024, SBC expense related to the Market-Based RSUs was fully recognized and as of December 31, 2025, all Market-Based RSUs were fully vested.

In February 2023, we cancelled the 2021 Market-Based RSUs of 35.5 million unvested shares. We recognized $485 million SBC expense related to the cancellation during the year ended December 31, 2023, which was included in the general and administrative expense in our consolidated statements of operations. No further expense associated with these awards was recognized after the cancellation. No other payments, replacement equity awards or benefits were granted in connection with the cancellation.

The fair value of Market-Based RSUs that vested during 2023, 2024 and 2025 was $5 million,$4 million and $1.1 billion.

2021 Employee Share Purchase Plan

Our ESPP became effective on July 27, 2021 and enables eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 15% of their eligible compensation up to the statutory maximum. The purchase price is equal to 85% of the fair market value of a share of our common stock on the first date of an offering or the date of purchase, whichever is lower. The ESPP has an automatic rollover feature, whereby employees begin a new 12-month offering period if the fair value of the Company’s common stock on a purchase date is less than that on the original offering date.

The aggregate number of shares reserved for issuance under the ESPP will automatically increase on the first day of each calendar year beginning on January 1, 2022 and ending with (and including) January 1, 2031. Such annual increase will be equal to the lesser of (i) 1% of the outstanding shares of all classes of our common stock on the last day of the immediately preceding calendar year and (ii) such number of shares determined by the board of directors. No more than 200 million shares of common stock may be issued under our ESPP.

In the year ended December 31, 2025, 0.8 million shares were purchased under the ESPP at a weighted-average price of $29.85. The fair value of shares to be issued under our ESPP was estimated on the grant date using the Black-Scholes option pricing model. As of December 31, 2025, approximately 44.9 million shares remained available for issuance under the ESPP. On January 1, 2026, an additional

9.0 million shares became authorized for issuance under the ESPP pursuant to its annual evergreen feature.

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 year ended December 31, 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 December 31, 2025	2,049,711	$	48.85

Share-Based Compensation

SBC is part of employee compensation, benefits, and overhead in each of the financial statement line items in the consolidated statements of operations except for provision for credit losses. The following table presents SBC in our consolidated statements of operations for the periods indicated:


	Year Ended December 31,
(in millions)	2023		2024		2025
Brokerage and transaction	$	7	$	9	$	10
Technology and development	211		192		159
Operations	8		7		6
Marketing	5		8		8
General and administrative	640		88		122
Total	$	871	$	304	$	305

_______________

The tax benefits recognized in the consolidated statements of operations for SBC were $73 million, $154 million, and $307 million for year ended December 31, 2023, 2024 and 2025.

We have capitalized SBC expense related to internally developed software of $17 million, $26 million, and $23 million for years 2023, 2024 and 2025.

As of December 31, 2025, there was $277 million of unrecognized SBC expense that is expected to be recognized over a weighted-average period of 1.13 years.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We rely on technology, including the internet and mobile services, to conduct much of our business activity and allow our customers to conduct financial transactions on our platform. As a result, our systems and operations as well as those of the third parties on which we rely to conduct certain key functions are vulnerable to cybersecurity incidents, which we have experienced in the past. Although no organization can eliminate cybersecurity and information technology risk completely, we have a cybersecurity program that includes physical, technological, and administrative controls designed to detect, contain, respond to and remediate cybersecurity threats and incidents and defined processes to assess, identify and manage material risks from cybersecurity threats. These controls and processes include, among others: •maintaining a vulnerability management program that performs regular vulnerability scans and relies on our risk-based information security program to promote coverage of critical areas; •establishing an offensive security team that actively tests our security controls, imitating methods persons trying to achieve unauthorized access might use to identify any weaknesses; •our global privacy program supported by our privacy engineering and privacy legal teams; •maintaining an incident response plan which outlines the roles and responsibilities of key personnel in the event of a cybersecurity incident; •conducting mandatory annual security and privacy training for employees and contractors and, where appropriate, giving employees and contractors role-based training focused on content specific to their role at the Company; •undertaking an annual review of our consumer facing policies and statements related to cybersecurity; •requiring our employees to treat customer information and data with care through policy, practice and contract (as applicable); and •carrying cybersecurity insurance that provides some protection against potential losses arising from a cybersecurity incident. Our cybersecurity program is managed by the Company’s Security and Corporate Engineering organization, which is led by our CISO, who reports directly to the Chief Technology Officer. Our CISO has over twenty years of experience in the security industry and has held a variety of leadership positions in cybersecurity at Medicity, Aetna, and Google. Additionally, several of Robinhood’s subsidiaries, including RHC, RHF, and RHS, have a Chief Information Security Officer, who reports to the Company’s CISO, and an ROC that manages risks, including cybersecurity risks, specific to each entity’s business. Each of our Chief Information Security Officers has expertise in cybersecurity, industry and regulatory standards, risk management, and security operations. The Security organization elevates risks to the relevant ROCs where applicable. Our cybersecurity program is aligned with industry standards and best practices, such as the NIST CSF and NIST 800-53 R5 control framework, and we engage third-party consultants annually to conduct a NIST CSF maturity assessment of our cybersecurity program. We maintain a Third Party Security and Privacy Standard and conduct security reviews of vendors, including for potential fourth-party risks, prior to and during their contracts with Robinhood and require all third-party service providers with access to personal, confidential or proprietary information to implement and maintain cybersecurity practices consistent with applicable legal standards and industry standards. Any identified security or privacy risks of doing business with a vendor, including potential fourth-party risks, are highlighted to business owners to help make informed risk-based decisions. We also engage the assistance of third-party consultants to increase protection of our information and IT systems and network to help secure long-term value for our stakeholders. Services provided by third-party consultants include, but are not limited to: regular assessments of our cybersecurity program including cyber maturity assessments and penetration tests; risk scoring of our critical business partners and vendors; and participating in incident response processes.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	we have a cybersecurity program that includes physical, technological, and administrative controls designed to detect, contain, respond to and remediate cybersecurity threats and incidents and defined processes to assess, identify and manage material risks from cybersecurity threats. These controls and processes include, among others: •maintaining a vulnerability management program that performs regular vulnerability scans and relies on our risk-based information security program to promote coverage of critical areas; •establishing an offensive security team that actively tests our security controls, imitating methods persons trying to achieve unauthorized access might use to identify any weaknesses; •our global privacy program supported by our privacy engineering and privacy legal teams; •maintaining an incident response plan which outlines the roles and responsibilities of key personnel in the event of a cybersecurity incident; •conducting mandatory annual security and privacy training for employees and contractors and, where appropriate, giving employees and contractors role-based training focused on content specific to their role at the Company; •undertaking an annual review of our consumer facing policies and statements related to cybersecurity; •requiring our employees to treat customer information and data with care through policy, practice and contract (as applicable); and •carrying cybersecurity insurance that provides some protection against potential losses arising from a cybersecurity incident.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our management is responsible for the Company’s day-to-day risk operations and management processes. Management has established cybersecurity standards to improve the Company’s cybersecurity risk posture and to help define and implement appropriate measures to protect the Company’s systems and data from cyber threats. In addition to our Internal Audit and Compliance functions, the ERM team partners with various front-line risk teams and risk owners across Robinhood, to foster consistent risk management practices across Robinhood. In particular, the ERM team provides governance over risk management practices and reports on a quarterly basis on top risks to the Safety Committee, along with planned mitigants and monitoring procedures. If a cybersecurity incident occurs, incident response procedures are in place to facilitate the appropriate reporting to the CISO, and business continuity plans are mobilized to minimize disruption to business operations. We have also implemented guidelines to outline communications responsibilities during incidents of all severity levels, including an escalation process for alerting senior management of high severity and material incidents. If a significant cybersecurity incident occurs, we will conduct an assessment to determine if it is material to us. If a materiality assessment is required, the CISO will report such an incident to our MAC, which consists of the CFO, CLO, and CBO (in addition to the CISO) and notify the CEO. The MAC will then determine, without unreasonable delay, whether the incident is material to the Company. In making such determination, the MAC may consult with the CEO, other members of the Company’s management, and the Company’s outside professional advisors, in each case, as appropriate. The incident materiality determination will be made by considering all relevant quantitative and qualitative factors, including without limitation: the nature, size and scope of the incident; financial condition; results of operations; litigation or regulatory investigations/actions; the Company’s reputation, and customer and vendor relationships; and competitiveness. The principal role of our board of directors and the Safety Committee, a board-level committee composed solely of independent directors, is one of oversight, recognizing that management is responsible for the design, implementation, and maintenance of an effective program for protecting against and mitigating data privacy and cybersecurity risks. The Safety Committee reviews management’s exercise of its responsibility to identify, assess, manage, monitor and mitigate material risks not specifically allocated to the board of directors or another of its committees. The Safety Committee has been explicitly assigned the responsibility to oversee risks from cybersecurity threats, among others, and the full board of directors will be notified when the MAC is assessing a cybersecurity incident and informed of any required disclosures. Our board of directors and Safety Committee receive updates on relevant industry developments, threats, and material risks identified as needed each quarter, including material legal and legislative developments, concerning data privacy and security, the rapidly evolving cybersecurity risk landscape, and the Safety Committee facilitates the board of directors’ oversight responsibilities.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity program is managed by the Company’s Security and Corporate Engineering organization, which is led by our CISO, who reports directly to the Chief Technology Officer. Our CISO has over twenty years of experience in the security industry and has held a variety of leadership positions in cybersecurity at Medicity, Aetna, and Google. Additionally,The principal role of our board of directors and the Safety Committee, a board-level committee composed solely of independent directors, is one of oversight, recognizing that management is responsible for the design, implementation, and maintenance of an effective program for protecting against and mitigating data privacy and cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors and Safety Committee receive updates on relevant industry developments, threats, and material risks identified as needed each quarter
Cybersecurity Risk Role of Management [Text Block]	Our management is responsible for the Company’s day-to-day risk operations and management processes. Management has established cybersecurity standards to improve the Company’s cybersecurity risk posture and to help define and implement appropriate measures to protect the Company’s systems and data from cyber threats. In addition to our Internal Audit and Compliance functions, the ERM team partners with various front-line risk teams and risk owners across Robinhood, to foster consistent risk management practices across Robinhood. In particular, the ERM team provides governance over risk management practices and reports on a quarterly basis on top risks to the Safety Committee, along with planned mitigants and monitoring procedures.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Security and Corporate Engineering organization, which is led by our CISO,
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has over twenty years of experience in the security industry and has held a variety of leadership positions in cybersecurity at Medicity, Aetna, and Google. Additionally, several of Robinhood’s subsidiaries, including RHC, RHF, and RHS, have a Chief Information Security Officer, who reports to the Company’s CISO, and an ROC that manages risks, including cybersecurity risks, specific to each entity’s business.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity program is managed by the Company’s Security and Corporate Engineering organization, which is led by our CISO, who reports directly to the Chief Technology Officer. Our CISO has over twenty years of experience in the security industry and has held a variety of leadership positions in cybersecurity at Medicity, Aetna, and Google. Additionally, several of Robinhood’s subsidiaries, including RHC, RHF, and RHS, have a Chief Information Security Officer, who reports to the Company’s CISO, and an ROC that manages risks, including cybersecurity risks, specific to each entity’s business. Each of our Chief Information Security Officers has expertise in cybersecurity, industry and regulatory standards, risk management, and security operations. The Security organization elevates risks to the relevant ROCs where applicable. Our cybersecurity program is aligned with industry standards and best practices, such as the NIST CSF and NIST 800-53 R5 control framework, and we engage third-party consultants annually to conduct a NIST CSF maturity assessment of our cybersecurity program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

COMMON STOCK AND STOCKHOLDERS' EQUITY - Share Repurchases (Details) - USD ($) shares in Millions		12 Months Ended
	Apr. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 28, 2024
Equity, Class of Treasury Stock [Line Items]
Payments for repurchases of common stock		$ 653,000,000	$ 257,000,000	$ 608,000,000
Common Class A
Equity, Class of Treasury Stock [Line Items]
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)		12
Payments for repurchases of common stock		$ 653,000,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

COMMON STOCK AND STOCKHOLDERS' EQUITY - Employee Share Purchase Plan (Details) - ESPP - $ / shares			12 Months Ended
	Jan. 01, 2026	Jul. 27, 2021	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share purchased (in shares)			800,000
Weighted average price of shares purchased (in dollars per share)			$ 29.85
Shares remaining available for issuance (in shares)			44,900,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized for issuance under the ESPP (in shares)	9,000,000.0
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum payroll deduction for ESPP, percentage		15.00%
ESPP purchase price discount, percentage		85.00%
ESPP offering period		12 months
Annual increase as a percentage of outstanding shares		1.00%
Shares of common stock authorized (in shares)		200,000,000

SECURITIES BORROWING AND LENDING - Schedule Of Assets and Liabilities Subject To Master netting Arrangements (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Gross amount of cash collateral provided to users for securities borrowing transactions	$ 2,408	$ 3,236
Gross amount offset on the consolidated balance sheets	0	0
Amounts of assets presented on the unaudited condensed consolidated balance sheets	2,408	3,236
Cash collateral provided to users and third parties for securities borrowing transactions	2,408	3,236
Fair value of securities borrowed from users and third parties	(2,346)	(3,118)
Net amount	62	118
Liabilities
Gross amount of cash collateral received from counterparties for securities lending transactions	11,626	7,463
Gross amount offset on the consolidated balance sheets	0	0
Amounts of liabilities presented on the consolidated balance sheets	11,626	7,463
Cash collateral received from counterparties for securities lending transactions	11,626	7,463
Fair value of securities pledged to counterparties	(10,902)	(6,887)
Net amount	$ 724	$ 576

NET INCOME (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule Of Basic and Diluted Loss Per Share

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


(in millions, except share and per share data)	Year Ended December 31,
	2023				2024				2025
	Class A		Class B		Class A		Class B		Class A		Class B
Basic EPS:
Numerator
Net income (loss)	$	(465)	$	(76)	$	1,214	$	197	$	1,641	$	242
Net income (loss) attributable to non-controlling interest	—		—		—		—		—		—
Net income (loss) attributable to Robinhood common stockholders	$	(465)	$	(76)	$	1,214	$	197	$	1,641	$	242
Denominator
Weighted-average common shares outstanding - basic	763,580,698		127,276,961		758,213,055		122,900,101		774,107,256		114,397,702
Basic EPS	$	(0.61)	$	(0.61)	$	1.60	$	1.60	$	2.12	$	2.12

Diluted EPS:
Numerator
Net income (loss)	$	(465)	$	(76)	$	1,214	$	197	$	1,641	$	242
Net income (loss) attributable to non-controlling interest	—		—		—		—		—		—
Net income (loss) attributable to Robinhood common stockholders	$	(465)	$	(76)	$	1,214	$	197	$	1,641	$	242
Reallocation of net income (loss) as a result of conversion of Class B to Class A common stock	—		—		197		—		242		—
Reallocation of net income (loss) to Class B common stock	—		—		—		(5)		—		(8)
Net income (loss) attributable to Robinhood common stockholders for diluted EPS	$	(465)	$	(76)	$	1,411	$	192	$	1,883	$	234
Denominator
Weighted-average common shares outstanding - basic	763,580,698		127,276,961		758,213,055		122,900,101		774,107,256		114,397,702
Dilutive effect of stock options, warrants, and unvested shares	—		—		25,058,348		—		30,276,888		—
Conversion of Class B to Class A common stock	—		—		122,900,101		—		114,397,702		—
Weighted-average common shares outstanding - diluted	763,580,698		127,276,961		906,171,504		122,900,101		918,781,846		114,397,702
Diluted EPS	$	(0.61)	$	(0.61)	$	1.56	$	1.56	$	2.05	$	2.05

Schedule Of Potential Common Shares Excluded From The Calculation Of Diluted Net Income (Loss) Per Share

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


	Year Ended December 31,
	2023	2024	2025
Time-Based RSUs	34,625,253	828,224	24,418
Market-Based RSUs	22,476,722	11,065,463	—
Stock options	12,141,566	—	—
Warrants	14,278,034	12,868,262	—
ESPP	305,692	—	—
Total anti-dilutive securities	83,827,267	24,761,949	24,418

PROPERTY, SOFTWARE, AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense of property and equipment	$ 14	$ 14	$ 16
Amortization expense of internally developed software	$ 49	$ 43	$ 41

INVESTMENTS AND FAIR VALUE MEASUREMENT - Schedule of Financial Asset and Liabilities Measured At Fair Value On a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Deposits with clearing organizations	$ 702	$ 489
Fair Value, Recurring
Assets
Total financial assets	4,813	4,904
Liabilities
Total financial liabilities	3,782	2,530
Fair Value, Recurring \| U.S. Treasury securities
Assets
Cash, cash equivalents, and securities segregated under federal and other regulations:	311	1,193
Deposits with clearing organizations	1
Other current assets:	200
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:	152	361
Fair Value, Recurring \| Equity securities - securities owned
Assets
Other current assets:	28	15
Fair Value, Recurring \| Non-Marketable Securities
Assets
Other current assets:	232
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:	3,782	2,530
Fair Value, Recurring \| Fractional shares repurchase obligations
Liabilities
Fractional shares repurchase obligations	3,782	2,530
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	52	53
Fair Value, Recurring \| Level 1
Assets
Total financial assets	4,581	4,154
Liabilities
Total financial liabilities	3,782	2,530
Fair Value, Recurring \| Level 1 \| U.S. Treasury securities
Assets
Cash, cash equivalents, and securities segregated under federal and other regulations:	311	1,193
Deposits with clearing organizations	1
Other current assets:	200
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:	152	361
Fair Value, Recurring \| Level 1 \| Equity securities - securities owned
Assets
Other current assets:	28	15
Fair Value, Recurring \| Level 1 \| Non-Marketable Securities
Assets
Other current assets:	0
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:	3,782	2,530
Fair Value, Recurring \| Level 1 \| Fractional shares repurchase obligations
Liabilities
Fractional shares repurchase obligations	3,782	2,530
Fair Value, Recurring \| Level 1 \| Time deposits
Assets
Cash equivalents		0
Fair Value, Recurring \| Level 1 \| Money market funds
Assets
Cash equivalents	52	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
Other current assets:	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 \| Non-Marketable Securities
Assets
Other current assets:	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	232	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
Other current assets:	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 \| Non-Marketable Securities
Assets
Other current assets:	232
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

INCOME TAXES - Reconciliation of Statutory Federal Income Tax Rate and Our Effective Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Federal tax at statutory rate	$ 443
State tax (benefit), net of federal benefit	34
Foreign tax effects	(12)
Effect of cross-border tax laws	1
Share-based compensation	(184)
Others	5
Tax credits:
Research and development credits	(66)
Changes in unrecognized tax benefits	0
Change in valuation allowance	3
Other adjustments	1
Total provision for (benefit from) income taxes	$ 225	$ (347)	$ 8
Percent
Federal tax at statutory rate	21.00%	21.00%	21.00%
State tax (benefit), net of federal benefit	1.60%	1.10%	(1.90%)
Foreign tax effects	(0.60%)
Effect of cross-border tax laws	0.10%
Share-based compensation	(8.70%)
Others	0.20%
Tax Credit, Percent
Research and development credits	(3.10%)	(4.80%)	5.60%
Changes in unrecognized tax benefits	0.00%
Change in valuation allowance	0.10%	(46.00%)	8.00%
Other adjustments	0.10%	0.30%	0.20%
Effective tax rate	10.70%	(32.60%)	(1.40%)

SECURITIES BORROWING AND LENDING (Tables)

12 Months Ended

Dec. 31, 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:


	December 31,
(in millions)	2024		2025
Assets	Securities borrowed
Gross amount of cash collateral provided to users for securities borrowing transactions	$	3,236	$	2,408
Gross amount offset on the consolidated balance sheets	—		—
Amounts of assets presented on the consolidated balance sheets	3,236		2,408
Gross amount not offset on the consolidated balance sheets:
Cash collateral provided to users and third parties for securities borrowing transactions	3,236		2,408
Fair value of securities borrowed from users and third parties	(3,118)		(2,346)
Net amount	$	118	$	62

Liabilities	Securities loaned
Gross amount of cash collateral received from counterparties for securities lending transactions	$	7,463	$	11,626
Gross amount offset on the consolidated balance sheets	—		—
Amounts of liabilities presented on the consolidated balance sheets	7,463		11,626
Gross amount not offset on the consolidated balance sheets:
Cash collateral received from counterparties for securities lending transactions	7,463		11,626
Fair value of securities pledged to counterparties	(6,887)		(10,902)
Net amount	$	576	$	724

Schedule Of Liabilities Subject To Master Netting Arrangement

The following tables set forth certain balances related to our securities borrowing and lending activities:


	December 31,
(in millions)	2024		2025
Assets	Securities borrowed
Gross amount of cash collateral provided to users for securities borrowing transactions	$	3,236	$	2,408
Gross amount offset on the consolidated balance sheets	—		—
Amounts of assets presented on the consolidated balance sheets	3,236		2,408
Gross amount not offset on the consolidated balance sheets:
Cash collateral provided to users and third parties for securities borrowing transactions	3,236		2,408
Fair value of securities borrowed from users and third parties	(3,118)		(2,346)
Net amount	$	118	$	62

Liabilities	Securities loaned
Gross amount of cash collateral received from counterparties for securities lending transactions	$	7,463	$	11,626
Gross amount offset on the consolidated balance sheets	—		—
Amounts of liabilities presented on the consolidated balance sheets	7,463		11,626
Gross amount not offset on the consolidated balance sheets:
Cash collateral received from counterparties for securities lending transactions	7,463		11,626
Fair value of securities pledged to counterparties	(6,887)		(10,902)
Net amount	$	576	$	724

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

NOTE 14: LEASES

Our operating leases are comprised of office facilities, with the most significant leases relating to our corporate headquarters in Menlo Park, CA and our office in New York City, NY. Our leases have remaining terms of one year to ten years, and many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. We do not have any finance leases.

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


		December 31,
(in millions)	Classification	2024		2025
Lease right-of-use assets:
Operating lease assets	Other non-current assets	$	94	$	182

Lease liabilities:
Current operating lease liabilities	Other current liabilities	21		22
Non-current operating lease liabilities	Other non-current liabilities	110		199
Total lease liabilities		$	131	$	221

Fixed operating lease costs primarily consist of monthly base rent amounts due. Variable operating lease costs primarily relate to common area maintenance, property taxes, insurance, and other operating expenses. The components of lease expense were as follows:


	Year Ended December 31,
(in millions)	2023		2024		2025
Fixed operating lease costs	$	21	$	22	$	29
Variable operating lease costs	7		8		9
Short-term lease costs	1		1		3
Sublease income	(3)		(6)		(4)
Total lease costs	$	26	$	25	$	37

Other information related to our operating leases was as follows:


	December 31,
	2024		2025
Weighted-average remaining lease term	6.86 years		7.56 years
Weighted-average discount rate	6.92	%	6.62	%

Cash flows related to leases were as follows:


	Year Ended December 31,
(in millions)	2023		2024		2025
Operating cash flows:
Payments for operating lease liabilities	$	39	$	28	$	30
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets(1)	$	(8)	$	42	$	106

_______________

(1) For the year ended December 31, 2023, lease liabilities arising from obtaining right-of-use assets primarily related to a lease modification, partially offset by remeasurements resulting from reassessments of existing lease terms. For the year ended December 31, 2024, lease liabilities arising from obtaining right-of-use assets primarily related to initial recognition of new leases and lease extensions. For the year ended December 31, 2025, lease liabilities arising from obtaining right-of-use assets primarily related to initial recognition of new leases and amendments to existing leases.

Future minimum lease payments under non-cancellable operating leases (with initial lease terms in excess of one year) as of December 31, 2025 are as follows:


(in millions)
2026	$	35
2027	46
2028	44
2029	43
2030	40
Thereafter	126
Total undiscounted lease payments	334
Less: imputed interest	(72)
Less: lease incentives	(38)
Less: leases executed but not yet commenced	(3)
Total lease liabilities	$	221

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment loss	$ 0	$ 0
Amortization expense of intangible assets	23,000,000	20,000,000	$ 14,000,000
Impairment of intangible assets	$ 0	$ 0

- 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.

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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

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income (loss) before income taxes were as follows:


	Year Ended December 31,
(in millions)	2023		2024		2025
Domestic	$	(534)	$	1,063	$	2,086
Foreign	1		1		22
Income (loss) before income taxes	$	(533)	$	1,064	$	2,108

Schedule of Income Tax Provision (Benefit)

The components of the provision for (benefit from) income taxes were as follows:


	Year Ended December 31,
(in millions)	2023		2024		2025
Current:
Federal	$	5	$	16	$	22
State	3		6		18
Foreign	—		—		4
Total current tax expense (benefit)	8		22		44
Deferred:
Federal	—		(333)		173
State	—		(36)		20
Foreign	—		—		(12)
Total deferred tax expense (benefit)	—		(369)		181
Total provision for (benefit from) income taxes	$	8	$	(347)	$	225

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of statutory federal income tax rate and our effective income tax rate was as follows (in millions, except for percentages):


	Year Ended December 31, 2025
	Amount		Percent
Federal tax at statutory rate	$	443	21.0	%
State tax (benefit), net of federal benefit(1)	34		1.6
Foreign tax effects	(12)		(0.6)
Effect of cross-border tax laws	1		0.1
Nontaxable or nondeductible items:
Share-based compensation	(184)		(8.7)
Others	5		0.2
Tax credits:
Research and development credits	(66)		(3.1)
Changes in unrecognized tax benefits	—		—
Change in valuation allowance	3		0.1
Other adjustments	1		0.1
Total provision for (benefit from) income taxes	$	225	10.7	%

(1) State and local taxes in New York, New Jersey, Pennsylvania and Illinois made up the majority (greater than 50 percent) of the tax effect in this category.

For the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the reconciliation of statutory federal income tax rate and our effective income tax rate was as follows (in percentages):


	Year Ended December 31,
	2023		2024
Federal tax at statutory rate	21.0	%	21.0	%
State tax (benefit), net of federal benefit	(1.9)		1.1
Share-based compensation	(29.7)		(3.5)
Research and development credits	5.6		(4.8)
Non-deductible regulatory settlements	(4.6)		(0.7)
Other	0.2		0.3
Change in valuation allowance	8.0		(46.0)
Effective tax rate	(1.4)	%	(32.6)	%

Schedule of Total Income Taxes Paid (Net of Refunds)

For the year ended December 31, 2025, total income taxes paid (net of refunds) consisted of the following:


	Year Ended December 31,
(in millions)	2025
U.S. federal	$	49
U.S. state and local	45
Foreign	1
Total	$	95

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities consisted of the following:


	Year Ended December 31,
(in millions)	2024		2025
Deferred tax assets:
Tax credit carryforwards	$	174	$	193
Research and experimentation expenditure amortization	248		122
Lease liabilities	33		52
Net operating loss carryforwards	29		40
Accruals and other liabilities	16		29
Provision for credit losses	16		28
Share-based compensation	16		10
Other	31		41
Total deferred tax assets	563		515
Deferred tax liabilities:
Deferred customer match incentives	(74)		(153)
Right of use assets	(24)		(43)
Depreciation and amortization	(6)		(31)
Other	—		(4)
Total deferred tax liabilities	(104)		(231)
Valuation allowance	(88)		(105)
Net deferred tax assets	$	371	$	179

Summary of Valuation Allowance

The reconciliation of the beginning and ending amount of the deferred tax asset valuation allowance was as follows:


	Year Ended December 31,
(in millions)	2023		2024		2025
Balance at beginning of period	$	607	$	574	$	88
Charged/(credited) to net income (loss)	(34)		(486)		6
Charges utilized/(write-offs)	1		—		—
Additions due to acquisition	—		—		11
Balance at end of period	$	574	$	88	$	105

Schedule of Unrecognized Tax Benefits Roll Forward

The reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:


	Year Ended December 31,
(in millions)	2024		2025
Unrecognized benefit - beginning of period	$	74	$	98
Gross increases - current year tax positions	23		35
Gross increases - prior year tax positions	1		1
Gross decreases - prior year tax positions	—		—
Unrecognized benefit - end of period	$	98	$	134

COMMON STOCK AND STOCKHOLDERS' EQUITY - Time-Based RSUs and Market-Based RSUs (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense		$ 305	$ 304	$ 871
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense		122	88	640
Time-Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period total fair value		$ 1,100	439	490
Granted (in shares)		6,192,563
Cancelled (in shares)		2,230,494
Share based compensation expense		$ 293	$ 300	292
2021 Market-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		0	0
Cancelled (in shares)	35,500,000
Market-Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period total fair value		$ 1,100	$ 4	5
Share based compensation expense			(8)	$ 567
Market-Based Restricted Stock Units (RSUs) \| General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense			$ 485

- 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

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+ Details

LEASES - Components Of Lease Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lease, Cost [Abstract]
Fixed operating lease costs	$ 29	$ 22	$ 21
Variable operating lease costs	9	8	7
Short-term lease costs	3	1	1
Sublease income	(4)	(6)	(3)
Total lease costs	$ 37	$ 25	26
Weighted Average Remaining Lease Term and Discount Rate [Abstract]
Weighted-average remaining lease term	7 years 6 months 21 days	6 years 10 months 9 days
Weighted-average discount rate	6.62%	6.92%
Operating cash flows:
Payments for operating lease liabilities	$ 30	$ 28	39
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets	$ 106	$ 42	$ (8)

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Tax credit carryforwards	$ 193	$ 174
Research and experimentation expenditure amortization	122	248
Lease liabilities	52	33
Net operating loss carryforwards	40	29
Accruals and other liabilities	29	16
Provision for credit losses	28	16
Share-based compensation	10	16
Other	41	31
Total deferred tax assets	515	563
Deferred tax liabilities:
Deferred customer match incentives	(153)	(74)
Right of use assets	(43)	(24)
Depreciation and amortization	(31)	(6)
Other	(4)	0
Total deferred tax liabilities	(231)	(104)
Valuation allowance	(105)	(88)
Net deferred tax assets	$ 179	$ 371

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Supplemental Balance Sheet Disclosures

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


		December 31,
(in millions)	Classification	2024		2025
Lease right-of-use assets:
Operating lease assets	Other non-current assets	$	94	$	182

Lease liabilities:
Current operating lease liabilities	Other current liabilities	21		22
Non-current operating lease liabilities	Other non-current liabilities	110		199
Total lease liabilities		$	131	$	221

Schedule of Components of Lease Expense


	Year Ended December 31,
(in millions)	2023		2024		2025
Fixed operating lease costs	$	21	$	22	$	29
Variable operating lease costs	7		8		9
Short-term lease costs	1		1		3
Sublease income	(3)		(6)		(4)
Total lease costs	$	26	$	25	$	37

Other information related to our operating leases was as follows:


	December 31,
	2024		2025
Weighted-average remaining lease term	6.86 years		7.56 years
Weighted-average discount rate	6.92	%	6.62	%

Cash flows related to leases were as follows:


	Year Ended December 31,
(in millions)	2023		2024		2025
Operating cash flows:
Payments for operating lease liabilities	$	39	$	28	$	30
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets(1)	$	(8)	$	42	$	106

_______________

Schedule of Future Minimum Lease Payments

Future minimum lease payments under non-cancellable operating leases (with initial lease terms in excess of one year) as of December 31, 2025 are as follows:


(in millions)
2026	$	35
2027	46
2028	44
2029	43
2030	40
Thereafter	126
Total undiscounted lease payments	334
Less: imputed interest	(72)
Less: lease incentives	(38)
Less: leases executed but not yet commenced	(3)
Total lease liabilities	$	221

REVENUES - Interest Revenue Earned And Interest Expense Paid From Securities Lending (Details) - Securities lending, net - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Interest revenue	$ 604	$ 321	$ 184
Interest expense	(414)	(227)	(105)
Securities lending, net	$ 190	$ 94	$ 79

- Definition

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

+ References

+ Details

- Definition

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

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+ Details

ALLOWANCE FOR CREDIT LOSSES - Credit Quality Indicators (Details) - Credit Card Receivable - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]
Total credit card loans	$ 1,040	$ 391
% of Total Loans	100.00%	100.00%
Below 640
Financing Receivable, Credit Quality Indicator [Line Items]
Total credit card loans	$ 26	$ 64
% of Total Loans	3.00%	16.00%
640-690
Financing Receivable, Credit Quality Indicator [Line Items]
Total credit card loans	$ 202	$ 100
% of Total Loans	19.00%	26.00%
Greater than 690
Financing Receivable, Credit Quality Indicator [Line Items]
Total credit card loans	$ 812	$ 227
% of Total Loans	78.00%	58.00%

- Definition

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+ Details

ALLOWANCE FOR CREDIT LOSSES

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

ALLOWANCE FOR CREDIT LOSSES

NOTE 6: ALLOWANCE FOR CREDIT LOSSES

Allowance for Credit Losses - Brokerage Related

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 consolidated balance sheet:


	Year Ended December 31,
(in millions)	2023		2024		2025
Beginning balance	$	18	$	15	$	14
Provision for credit losses	22		21		28
Write-offs	(25)		(23)		(30)
Recoveries	—		1		4
Ending Balance	$	15	$	14	$	16

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 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 consolidated balance sheet.

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


	Year Ended December 31,
(in millions)	2023		2024		2025
Beginning balance	$	—	$	32	$	40
Opening balance from acquisition of Robinhood Credit	23		—		—
Provision for credit losses	19		40		27
Payments to Coastal Bank	(11)		(34)		(28)
Recoveries	1		2		2
Ending balance	$	32	$	40	$	41

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


	Year Ended December 31,
(in millions)	2023		2024		2025
Beginning balance	$	—	$	1	$	11
Provision for credit losses	2		15		59
Write-offs	(1)		(5)		(17)
Recoveries	—		—		3
Ending balance	$	1	$	11	$	56

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 and $9 million as of December 31, 2024 and 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)	December 31, 2025
				Aging of receivables
	Current			<90 Days			≥ 90 days			Total Past due receivables			Total Receivables
On-balance sheet	$	814		$	18		$	8		$	26		$	840
Off-balance sheet	177			15			8			23			200
Total credit card loans	$	991		$	33		$	16		$	49		$	1,040
% of Total loans	95		%	3		%	2		%	5		%	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 2025. We present our receivables by FICO scores.


	December 31,				December 31,
(in millions, except FICO scores)	2024		% of Total Loans		2025		% of Total Loans
Below 640	$	64	16	%	$	26	3	%
640-690	100		26	%	202		19	%
Greater than 690	227		58	%	812		78	%
Total credit card loans	$	391	100	%	$	1,040	100	%

GOODWILL AND INTANGIBLE ASSETS - Schedule of Future Amortization Expenses In Acquired In Intangible Assets (Details) $ in Millions	Dec. 31, 2025 USD ($)
Finite-lived Intangible Assets
2026	$ 27
2027	22
2028	18
2029	18
2030	12
Thereafter	33
Net Carrying Value	$ 130

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Unrecognized benefit - beginning of period	$ 98	$ 74
Gross increases - current year tax positions	35	23
Gross increases - prior year tax positions	1	1
Gross decreases - prior year tax positions	0	0
Unrecognized benefit - end of period	$ 134	$ 98

LEASES - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 35
2027	46
2028	44
2029	43
2030	40
Thereafter	126
Total undiscounted lease payments	334
Less: imputed interest	(72)
Less: lease incentives	(38)
Less: leases executed but not yet commenced	(3)
Total lease liabilities	$ 221	$ 131

NET INCOME (LOSS) PER SHARE - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator
Net income (loss)	$ 1,883	$ 1,411	$ (541)
Net income (loss) attributable to non-controlling interest	0	0	0
Net income (loss) attributable to Robinhood common stockholders	$ 1,883	$ 1,411	$ (541)
Denominator
Weighted-average common stock outstanding - basic (in shares)	888,504,958	881,113,156	890,857,659
Basic EPS (in dollars per share)	$ 2.12	$ 1.60	$ (0.61)
Numerator
Net income (loss)	$ 1,883	$ 1,411	$ (541)
Net income (loss) attributable to non-controlling interest	0	0	0
Net income (loss) attributable to Robinhood common stockholders	1,883	1,411	(541)
Net income (loss) attributable to Robinhood common stockholders for diluted EPS	$ 1,883	$ 1,411	$ (541)
Denominator
Weighted-average common stock outstanding - basic (in shares)	888,504,958	881,113,156	890,857,659
Weighted-average common shares used to compute diluted loss per share (in shares)	918,781,846	906,171,504	890,857,659
Diluted EPS (in dollars per share)	$ 2.05	$ 1.56	$ (0.61)
Class A
Numerator
Net income (loss)	$ 1,641	$ 1,214	$ (465)
Net income (loss) attributable to non-controlling interest	0	0	0
Net income (loss) attributable to Robinhood common stockholders	$ 1,641	$ 1,214	$ (465)
Denominator
Weighted-average common stock outstanding - basic (in shares)	774,107,256	758,213,055	763,580,698
Basic EPS (in dollars per share)	$ 2.12	$ 1.60	$ (0.61)
Numerator
Net income (loss)	$ 1,641	$ 1,214	$ (465)
Net income (loss) attributable to non-controlling interest	0	0	0
Net income (loss) attributable to Robinhood common stockholders	1,641	1,214	(465)
Reallocation of net income (loss) as a result of conversion of Class B to Class A common stock	242	197	0
Reallocation of net income (loss) to Class B common stock	0	0	0
Net income (loss) attributable to Robinhood common stockholders for diluted EPS	$ 1,883	$ 1,411	$ (465)
Denominator
Weighted-average common stock outstanding - basic (in shares)	774,107,256	758,213,055	763,580,698
Dilutive effect of stock options, warrants, and unvested shares (in shares)	30,276,888	25,058,348	0
Conversion of Class B to Class A common stock (in shares)	114,397,702	122,900,101	0
Weighted-average common shares used to compute diluted loss per share (in shares)	918,781,846	906,171,504	763,580,698
Diluted EPS (in dollars per share)	$ 2.05	$ 1.56	$ (0.61)
Class B
Numerator
Net income (loss)	$ 242	$ 197	$ (76)
Net income (loss) attributable to non-controlling interest	0	0	0
Net income (loss) attributable to Robinhood common stockholders	$ 242	$ 197	$ (76)
Denominator
Weighted-average common stock outstanding - basic (in shares)	114,397,702	122,900,101	127,276,961
Basic EPS (in dollars per share)	$ 2.12	$ 1.60	$ (0.61)
Numerator
Net income (loss)	$ 242	$ 197	$ (76)
Net income (loss) attributable to non-controlling interest	0	0	0
Net income (loss) attributable to Robinhood common stockholders	242	197	(76)
Reallocation of net income (loss) as a result of conversion of Class B to Class A common stock	0	0	0
Reallocation of net income (loss) to Class B common stock	(8)	(5)	0
Net income (loss) attributable to Robinhood common stockholders for diluted EPS	$ 234	$ 192	$ (76)
Denominator
Weighted-average common stock outstanding - basic (in shares)	114,397,702	122,900,101	127,276,961
Dilutive effect of stock options, warrants, and unvested shares (in shares)	0	0	0
Conversion of Class B to Class A common stock (in shares)	0	0	0
Weighted-average common shares used to compute diluted loss per share (in shares)	114,397,702	122,900,101	127,276,961
Diluted EPS (in dollars per share)	$ 2.05	$ 1.56	$ (0.61)

SECURITIES BORROWING AND LENDING

12 Months Ended

Dec. 31, 2025

Offsetting [Abstract]

SECURITIES BORROWING AND LENDING

NOTE 10: 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 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 or 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 and users, 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:


	December 31,
(in millions)	2024		2025
Assets	Securities borrowed
Gross amount of cash collateral provided to users for securities borrowing transactions	$	3,236	$	2,408
Gross amount offset on the consolidated balance sheets	—		—
Amounts of assets presented on the consolidated balance sheets	3,236		2,408
Gross amount not offset on the consolidated balance sheets:
Cash collateral provided to users and third parties for securities borrowing transactions	3,236		2,408
Fair value of securities borrowed from users and third parties	(3,118)		(2,346)
Net amount	$	118	$	62

Liabilities	Securities loaned
Gross amount of cash collateral received from counterparties for securities lending transactions	$	7,463	$	11,626
Gross amount offset on the consolidated balance sheets	—		—
Amounts of liabilities presented on the consolidated balance sheets	7,463		11,626
Gross amount not offset on the consolidated balance sheets:
Cash collateral received from counterparties for securities lending transactions	7,463		11,626
Fair value of securities pledged to counterparties	(6,887)		(10,902)
Net amount	$	576	$	724

As described in Note 1 - Description of Business and Summary of Significant Accounting Policies, we obtain securities on terms that permit us to pledge and/or transfer securities to others. As of December 31, 2024 and 2025, we were permitted to re-pledge securities with a fair value of $11.04 billion and $23.62 billion under margin account agreements with users, and securities with insignificant fair value that we borrowed under MSLAs with third parties for fiscal years 2024 and 2025. Under the Fully-Paid Securities Lending program, as of December 31, 2024 and 2025, we were permitted to borrow securities with a fair value of $38.70 billion and $75.88 billion including securities with a fair value of $$3.12 billion and $2.35 billion that we had borrowed from users.

As of December 31, 2024 and 2025, we had re-pledged securities with a fair value of $6.89 billion and $10.90 billion, in each case under MSLAs and Fixed-Term Securities Lending Agreements with third parties. In addition, as of December 31, 2024 and 2025, we had re-pledged $1.60 billion and $2.83 billion of the permitted amounts under the margin account agreements with clearing organizations to meet deposit requirements.

GOODWILL AND INTANGIBLE ASSETS - Schedule of Movement on Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Gross		$ 179	$ 175
Less: Accumulated impairment		0	0
Goodwill	$ 385	179	$ 175
Goodwill [Roll Forward]
Goodwill, Beginning Balance	179	175
Additions due to business combinations	204	4
Foreign currency translation adjustment	2	0
Ending balance	$ 385	$ 179

- 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

SECURITIES BORROWING AND LENDING - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Offsetting Assets [Line Items]
Fair value of securities borrowed from users and third parties	$ 2,346	$ 3,118
Fair value of securities pledged to counterparties	10,902	6,887
Amount re-pledged with clearing organizations to meet deposit requirements	2,830	1,600
Asset Pledged as Collateral
Offsetting Assets [Line Items]
Securities pledged	23,620	11,040
Asset Pledged as Collateral \| Securities Sold under Agreements to Repurchase
Offsetting Assets [Line Items]
Securities pledged	75,880	38,700
Fair value of securities borrowed from users and third parties	$ 2,350	$ 3,120

- 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

PROPERTY, SOFTWARE, AND EQUIPMENT, NET - Schedule Of Property, Software and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, software and equipment, gross	$ 368	$ 293
Less: accumulated depreciation and amortization	(214)	(154)
Property, software, and equipment, net	154	139
Internally developed software
Property, Plant and Equipment [Line Items]
Property, software and equipment, gross	229	171
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, software and equipment, gross	48	42
Computer equipment
Property, Plant and Equipment [Line Items]
Property, software and equipment, gross	36	28
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, software and equipment, gross	15	13
Construction in progress
Property, Plant and Equipment [Line Items]
Property, software and equipment, gross	$ 40	$ 39

ALLOWANCE FOR CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

Allowance For Credit Losses Of Receivables From Users


	Year Ended December 31,
(in millions)	2023		2024		2025
Beginning balance	$	18	$	15	$	14
Provision for credit losses	22		21		28
Write-offs	(25)		(23)		(30)
Recoveries	—		1		4
Ending Balance	$	15	$	14	$	16

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


	Year Ended December 31,
(in millions)	2023		2024		2025
Beginning balance	$	—	$	32	$	40
Opening balance from acquisition of Robinhood Credit	23		—		—
Provision for credit losses	19		40		27
Payments to Coastal Bank	(11)		(34)		(28)
Recoveries	1		2		2
Ending balance	$	32	$	40	$	41

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


	Year Ended December 31,
(in millions)	2023		2024		2025
Beginning balance	$	—	$	1	$	11
Provision for credit losses	2		15		59
Write-offs	(1)		(5)		(17)
Recoveries	—		—		3
Ending balance	$	1	$	11	$	56

Credit Card Receivable Aging Analysis


(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)	December 31, 2025
				Aging of receivables
	Current			<90 Days			≥ 90 days			Total Past due receivables			Total Receivables
On-balance sheet	$	814		$	18		$	8		$	26		$	840
Off-balance sheet	177			15			8			23			200
Total credit card loans	$	991		$	33		$	16		$	49		$	1,040
% of Total loans	95		%	3		%	2		%	5		%	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 2025. We present our receivables by FICO scores.


	December 31,				December 31,
(in millions, except FICO scores)	2024		% of Total Loans		2025		% of Total Loans
Below 640	$	64	16	%	$	26	3	%
640-690	100		26	%	202		19	%
Greater than 690	227		58	%	812		78	%
Total credit card loans	$	391	100	%	$	1,040	100	%

COMMON STOCK AND STOCKHOLDERS' EQUITY - Preferred Stock and Common Stock (Details)	12 Months Ended
	Dec. 31, 2025 class vote shares	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares outstanding (in shares) \| shares	0	0
Number of classes of common stock \| class	3
Conversion of Class B Common Stock into Class A Common
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion basis	1
Conversion basis, outstanding shares, percentage	80.00%
Conversion basis, percentage of aggregate shares outstanding	5.00%
Conversion basis, approval period, death or total disability of founders	9 months
Conversion basis, approval period delay (up to)	18 months
Conversion basis, final conversion date	15 years
Conversion of Class B Common Stock into Class A Common \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion basis, outstanding shares, fixed days	61 days
Conversion basis, aggregate outstanding shares, fixed days	61 days
Conversion of Class B Common Stock into Class A Common \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion basis, outstanding shares, fixed days	180 days
Conversion basis, aggregate outstanding shares, fixed days	180 days
Conversion of Class C Common Stock into Class A Common
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion basis	1
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of voting rights per share	1
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of voting rights per share	10

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) segment institution agreement counterparty shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Impairment of deferred incentive balances	$ 0	$ 0
Advertising costs	274,000,000	179,000,000	$ 74,000,000
Share based compensation expense	$ 305,000,000	304,000,000	871,000,000
Defined contribution plan, employer matching contribution, percent of match	3.00%
Expense incurred related to defined contribution 401(k) plan	$ 17,000,000	12,000,000	12,000,000
Research and development expense	$ 355,000,000	$ 323,000,000	$ 349,000,000
Granted during the period (in shares) \| shares	0	0	0
Restricted cash in other current assets, end of the period	$ 66,000,000	$ 18,000,000	$ 46,000,000
Restricted cash, noncurrent	$ 17,000,000	18,000,000	17,000,000
Number of financial institution counterparties \| institution	2
Number of agreements with contractual term of 30 days \| agreement	1
Number of fixed term agreements \| agreement	2
Number of fixed term counterparties \| counterparty	2
Short-term settlement, period	30 days
Threshold period past due, writeoff	180 days
Threshold write-off balances outstanding	180 days
General and administrative
Subsidiary, Sale of Stock [Line Items]
Share based compensation expense	$ 122,000,000	88,000,000	640,000,000
Agreement One
Subsidiary, Sale of Stock [Line Items]
Contractual term	30 days
Contractual obligation	$ 25,000,000
Agreement Two
Subsidiary, Sale of Stock [Line Items]
Contractual term	21 days
Contractual obligation	$ 35,000,000
2021 Founders Award Cancellation
Subsidiary, Sale of Stock [Line Items]
Share based compensation expense		485,000,000
Time-Based Restricted Stock Units (RSUs)
Subsidiary, Sale of Stock [Line Items]
Share based compensation expense	$ 293,000,000	300,000,000	292,000,000
Time-Based Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche One
Subsidiary, Sale of Stock [Line Items]
Requisite service period	1 year
Time-Based Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Two
Subsidiary, Sale of Stock [Line Items]
Requisite service period	2 years
Time-Based Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Three
Subsidiary, Sale of Stock [Line Items]
Requisite service period	4 years
Market-Based Restricted Stock Units (RSUs)
Subsidiary, Sale of Stock [Line Items]
Share based compensation expense		(8,000,000)	$ 567,000,000
Requisite service period	6 years
Market-Based Restricted Stock Units (RSUs) \| General and administrative
Subsidiary, Sale of Stock [Line Items]
Share based compensation expense		$ 485,000,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net income (loss)	$ 1,883	$ 1,411	$ (541)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	86	77	71
Provision for credit losses	114	76	43
Deferred income taxes	181	(369)	0
Share-based compensation	305	304	871
Other	3	0	8
Changes in operating assets and liabilities:
Securities segregated under federal and other regulations	197	(397)	0
Receivables from brokers, dealers, and clearing organizations	62	(382)	(13)
Receivables from users, net	(9,106)	(4,592)	(298)
Securities borrowed	828	(1,634)	(1,085)
Deposits with clearing organizations	(213)	(151)	(152)
Current and non-current prepaid expenses	(28)	(25)	37
Current and non-current deferred customer match incentives	(318)	(265)	(30)
Other current and non-current assets	(152)	(415)	(18)
Accounts payable and accrued expenses	(18)	(35)	134
Payables to users	3,423	2,351	396
Securities loaned	4,163	3,916	1,713
Other current and non-current liabilities	228	(27)	45
Net cash provided by (used in) operating activities	1,638	(157)	1,181
Investing activities:
Purchases of property, software, and equipment	(15)	(13)	(2)
Capitalization of internally developed software	(39)	(37)	(19)
Consideration transferred for business acquisitions and asset acquisitions	(399)	(134)	(107)
Cash, cash equivalents, and segregated cash acquired in business acquisitions and asset acquisitions	1,193	125	14
Purchases of non-marketable securities	(244)	(1)	(1)
Purchases of held-to-maturity investments	0	(556)	(759)
Proceeds from maturities of held-to-maturity investments	400	658	282
Purchases of credit card receivables by Credit Card Funding Trust	(5,195)	(748)	0
Collections of purchased credit card receivables	4,440	556	0
Other	0	2	10
Net cash provided by (used in) investing activities	141	(148)	(582)
Financing activities:
Proceeds from exercise of stock options	16	18	5
Proceeds from issuance of common stock under the Employee Share Purchase Plan	22	16	14
Taxes paid related to net share settlement of equity awards	(437)	(244)	(12)
Repurchase of Class A common stock	(653)	(257)	(608)
Draws on credit facilities	4,752	22	20
Repayments on credit facilities	(4,752)	(22)	(20)
Borrowings by the Credit Card Funding Trust	468	132	0
Repayments on borrowings by the Credit Card Funding Trust	0	(1)	0
Change in principal collected from customers due to Coastal Bank	0	6	1
Payments of debt issuance costs	(17)	(15)	(10)
Contributions from noncontrolling interests	11	0	0
Net cash used in financing activities	(590)	(345)	(610)
Effect of foreign exchange rate changes on cash and cash equivalents	9	(1)	0
Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash	1,198	(651)	(11)
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Beginning Balance	8,695	9,346	9,357
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Ending Balance	9,893	8,695	9,346
Reconciliation of cash, cash equivalents, segregated cash, and restricted cash, end of the period:
Cash and cash equivalents, end of the period	4,261	4,332	4,835
Segregated cash and cash equivalents, end of the period	5,549	4,327	4,448
Restricted cash in other current assets, end of the period	66	18	46
Restricted cash in other non-current assets, end of the period	17	18	17
Cash, cash equivalents, segregated cash and restricted cash, end of the period	9,893	8,695	9,346
Supplemental disclosures:
Cash paid for interest	31	16	12
Cash paid for income taxes, net of refund received	$ 95	$ 18	$ 9

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 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, event contracts, 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 TradePMR, a custodial and portfolio management platform for 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. In September 2025, we launched Robinhood Ventures Fund I, a closed-end fund that aims to offer retail investors exposure to private companies at the frontiers of their respective industries.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with GAAP. The 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 year amounts to conform to the current year presentation. The impact of these reclassifications is immaterial to the presentation of the consolidated financial statements taken as a whole and had no impact on previously reported total assets, total liabilities and net income (loss).

Principles of Consolidation

We consolidate entities in which we have a controlling financial interest. We first evaluate whether the entity is a voting interest entity or a VIE. We evaluate our ownership, contractual and other interests in entities to determine if we have a variable interest in an entity. These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical and prospective information, among other factors. If we determine that an entity for which we hold a contractual or ownership interest in is a VIE and that we are the primary beneficiary, we consolidate such entity in the consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE; and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. We continuously monitor if any changes in the interest or relationship with the entity may impact the determination of whether we are still the primary beneficiary and require us to revise our previous conclusion. We consolidate a voting interest entity if we can exert control over the financial and operating policies of an investee. Other parties’ equity investment are reported as non-controlling interest. In November 2025, we established a joint venture, Rothera, in partnership with SIG. We will consolidate the financial results into our consolidated financial statements due to our ability to exert control over the financial and operating policies of the joint venture.

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the 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 consolidated financial statements include, but are not limited to, those related to revenue recognition, 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.

Segment Information

Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. Our CODM is our CEO and President, Vladimir Tenev. We operate and report financial information in one operating segment. This is because our CODM utilizes consolidated net income (loss) and company-wide key performance metrics (as defined in Part II, Item 7 of this Annual Report, “Key Performance Metrics”) to allocate resources and determine performance. The measure of segment assets is not regularly presented to the CODM. Consolidated net income (loss) is also used by the CODM to monitor budgeted versus actual results. The monitoring of budgeted versus actual results is used by the CODM to assess performance of the business and in establishing company-wide’s objectives and key results. Substantially all of our revenues and assets are attributed to or located in the United States. Significant segment expenses required to be disclosed as part of the segment disclosure of a single segment entity under ASC 280 are presented throughout the consolidated financial statements including the consolidated statements of operations, consolidated statements of cash flows, and Note 5 - Revenues.

We are organized in a GM structure under which GMs have broad responsibility for our individual businesses. We have processes that enable us to produce sufficiently precise and timely business level financial information. GM level financial information is not currently shared with and used by the CODM to allocate resources and determine performance, and there are no plans to do so in the near future.

Revenue Recognition

Transaction-Based Revenues

We primarily earn transaction-based revenues from routing user orders for options, cryptocurrencies, and equities to market makers when the performance obligation is satisfied, which is at the point in time when a routed order is executed by the market maker.

Acting as the agent of the user, we facilitate the purchase and sale of options, cryptocurrencies, and equities through our platforms. Options, cryptocurrencies, and equities transactions are primarily routed through market makers, who are responsible for trade execution. Upon execution of a trade, users are legally required to purchase options, cryptocurrencies, or equities for cash from the transaction counterparty or to sell options, cryptocurrencies, or equities for cash to the transaction counterparty, depending on the transaction. We facilitate and confirm trades only when there are binding, matched legal obligations from the user and the market maker on both sides of the trade.

The transaction price for options is on a per contract basis, while for equities it is primarily based on the bid-ask spread of the underlying trading activity. For cryptocurrencies, the transaction price is a fixed

percentage of the notional order value. For each trade type, all market makers pay the same transaction price. Payments are collected monthly in arrears from each market maker.

We also earn transaction-based revenues from commissions. Acting as an agent, we facilitate purchases and sales of event contracts and futures on behalf of users. Commissions are recognized on a trade-date basis as this is when the performance obligation is satisfied.

Net Interest Revenues

Net interest revenues consist of interest revenues less interest expenses. We earn interest revenues on margin loans to users, segregated cash, cash equivalents, and securities, deposits with clearing organizations, corporate cash and investments, Cash Sweep, and carried customer credit card balances. We also earn and incur interest revenues and expenses on securities lending transactions. We incur interest expenses in connection with our revolving credit facilities and borrowings by the Credit Card Funding Trust.

Other Revenues

Other revenues primarily consist of Robinhood Gold subscription fees, which is a flat recurring rate. Subscription revenue is recognized ratably over the subscription period as the performance obligation is satisfied. Other revenues also consist of proxy revenues, selling concession revenues, advertising revenues and ACATS fees charged to users. We earn proxy revenue directly from issuers through Say Technologies, a wholly-owned subsidiary. Proxy services are made up of two performance obligations, (i) distribution of proxy materials to shareholders and (ii) collection, tallying, and reporting of shareholder response during a voting event. Revenue is recognized at a point in time upon satisfaction of these performance obligations.

Selling concession revenue, generated from IPO activities, is recognized at a point in time when our performance obligation related to the distribution activity is satisfied. Advertising revenue, generated from sales of advertising services on Sherwood Media is recognized as advertisements are delivered. ACATS fees are charged to users for facilitating the transfer of part or all of their accounts to another broker-dealer. We recognize revenue when our performance obligation of administering the transfer is satisfied.

Robinhood Match Incentives

We offer a match incentive on customers’ eligible contributions to their retirement accounts and, from time to time, an incentive on other transfers of assets to our platform. The match on retirement contributions and asset transfers are paid upfront and are subject to forfeiture if the recipient does not hold the contributed funds or transferred assets in their account for a specified period of time. These incentives are deferred and recognized over the specified holding period.

For a limited time during 2024, we provided a match on eligible cash deposits made by Robinhood Gold subscribers. Matches on these cash deposits are paid out on a monthly basis ratably over the

specified earning period. Future match payments are forfeited if deposits are not held on the platform over the specified earning period.

All match incentives are recognized as a reduction to revenue when earned. The matches are allocated to certain revenue categories on a proportional basis. For the years ended December 31, 2024, and 2025, no impairments of the deferred customer match incentive were recognized.

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 net revenues, as follows:


	Year Ended December 31,
	2023		2024		2025
Market makers:
Citadel Securities, LLC	12	%	12	%	13	%
Wintermute Trading Ltd	2	%	10	%	6	%
All others individually less than 10%	26	%	34	%	36	%
Total as percentage of total net revenues	40	%	56	%	55	%

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.

Operating Expenses

Brokerage and Transaction

Brokerage and transaction costs primarily consist of compensation and employee benefits, as well as allocated overhead for employees engaged in clearing and brokerage functions, market data expenses, expenses related to our instant withdrawals feature, and other brokerage and transaction costs such as costs related to our Cash Sweep and securities lending programs, customer statement-related costs, regulatory fees and fees paid to centralized clearinghouses. A large portion of our brokerage and transaction costs are variable and tied to trading and transaction volumes on our platforms.

Technology and Development

Technology and development costs primarily consist of costs related to compensation and benefits, for engineering, data science, and design personnel, as well as allocated overhead, costs incurred to support and improve our platforms and develop new products, and costs associated with computer hardware and software, including amortization of internally developed software.

Operations

Operations costs consist of customer service related expenses, including compensation and employee benefits, as well as allocated overhead for employees engaged in customer support, and costs incurred to support and improve customer experience (such as third-party customer service vendors).

Provision for Credit Losses

The provision for credit losses consists of expected credit losses related to credit card and brokerage products. For credit card related, we have two types of provision for credit losses: i) one related to off-balance sheet credit card principal receivables, and ii) one related to on-balance sheet purchased credit card and interest receivables. Brokerage-related provision for credit losses primarily relates to unsecured balances of receivables from users due to Fraudulent Deposit Transactions and losses on margin lending.

Marketing

Marketing costs primarily consist of paid marketing channels such as digital marketing and brand marketing, as well as compensation and employee benefits, and allocated overhead for employees engaged in the marketing function and other marketing costs such as costs related to our keynote events. Advertising costs are expensed as incurred and were $74 million, $179 million, and $274 million in the years ended December 31, 2023, 2024, and 2025.

General and Administrative

General and administrative costs primarily consist of compensation and employee benefits, as well as allocated overhead for certain executives and employees engaged in legal, finance, human resources, risk, and compliance. General and administrative costs also include legal expenses, other professional fees, as well as other general and administrative costs such as costs related to business insurance, and real estate charges including impairments on our operating leases and leasehold improvements, lease terminations, and settlements and penalties. For the year ended December 31, 2023, general and administrative costs included a $485 million SBC charge related to the 2021 Founders Award Cancellation.

Employee Retirement Benefits

We offer a defined contribution 401(k) plan to full-time employees. Employees may elect to contribute to a traditional 401(k) plan, which qualifies as a deferred compensation arrangement under Section 401 of the Code. In this case, participating employees defer a portion of their pre-tax earnings. Employees may also contribute to a Roth 401(k) plan using post-tax dollars. We match employee contributions up to 3%, and have incurred $12 million, $12 million, and $17 million of expense related to matching for the years ended December 31, 2023, 2024, and 2025.

Research and Development Costs

Research and development costs described in ASC 730, Research and Development, are expensed as incurred. Our research and development costs consist primarily of employee compensation and benefits for our engineering and research teams, including SBC. Research and development costs recorded in operating expenses under ASC 730 were $349 million, $323 million, and $355 million for the years ended December 31, 2023, 2024, and 2025.

Share-based Compensation

Common Stock Fair Value

The fair value of our common stock is determined on the grant date using the closing price of our common stock, which is traded on the Nasdaq Global Select Market.

Stock Options

We have granted stock options and we estimate the fair value of stock options granted to employees using the Black-Scholes option-pricing model. The fair value of stock options is recognized as compensation on a straight-line basis over the requisite service period. Forfeitures are accounted for when they occur. No options were granted during 2023, 2024, and 2025.

Time-Based RSUs

We have granted Time-Based RSUs and record SBC expense on a straight-line basis over the requisite service period, which is generally satisfied over one, two or four years. We have elected to account for forfeitures as they occur, with previously recognized SBC reversed in the period that the awards are forfeited.

Market-Based RSUs

We have granted RSUs that vest upon the satisfaction of all the following conditions: time-based service conditions, performance-based conditions, and market-based conditions. The time-based service condition for these awards is generally satisfied over six years. The performance-based conditions were satisfied upon the occurrence of an IPO. The market-based conditions are satisfied upon our achievement of specified share prices. As of December 31, 2024, SBC expense related to the Market-Based RSUs was fully recognized and as of December 31, 2025, all Market-Based RSUs were fully vested.

For market-based awards, we determined the grant-date fair value utilizing a Monte Carlo valuation model, which incorporates various assumptions including expected stock price volatility, expected term, and risk-free interest rates.

We recorded SBC expense for market-based equity awards on an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable to be satisfied. We determined the requisite service period by comparing the derived service period to achieve the market-based condition and the explicit time-based service period, using the longer of the two service periods as the requisite service period.

SBC Expense

SBC expense is part of employee compensation, benefits, and overhead in each of the expense financial statement line items in the consolidated statements of operations except for provision for credit losses.

Net Income (Loss) per Share

We present net income (loss) per share using the two-class method required for multiple classes of common stock. The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical for Class A common stock and Class B common stock, the undistributed earnings are allocated on a proportionate basis and the resulting income (loss) per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis.

Basic earnings per share is computed by dividing net income (loss) available to our common stockholders, adjusted to exclude earnings allocated to participating securities, by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. The computation of the diluted earnings per share of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted EPS of Class B common stock does not assume the conversion of those shares to Class A common stock.

Cash and Cash Equivalents

Cash and cash equivalents include deposits with banks and money market funds or highly liquid financial instruments with maturities of three months or less at the time of purchase. We maintain cash in bank accounts at financial institutions that exceed federally insured limits. We also maintain cash in money market funds which are not FDIC insured. We are subject to credit risk to the extent any financial institution with which we conduct business is unable to fulfill contractual obligations on our behalf. As we have not experienced any material losses in such accounts and we believe that we have placed our cash on deposit with financial institutions which are financially stable, we do not have an expectation of credit losses for these arrangements.

Cash, Cash Equivalents, and Securities Segregated Under Federal and Other Regulations

We are required to segregate cash, cash equivalents, and securities for the exclusive benefit of customers and proprietary accounts of brokers in accordance with the provision of Rule 15c3-3 under the Exchange Act. We continually review the credit quality of our counterparties and have not experienced a default. As a result, we do not have an expectation of credit losses for these arrangements. Segregated cash also includes certain customer funds for which we are an agent and custodian on behalf of our customers that are reflected on our consolidated balance sheets, and for which we follow statutory requirements to keep these funds segregated.

Restricted Cash

We are required to maintain restricted cash deposits to back letters of credit for certain property leases. We have no ability to draw on such funds as long as they remain restricted under the applicable agreements. Restricted cash also includes customers’ credit card payments that we collect on behalf of other financial institutions that are pending remittance. Cash subject to restrictions that expire within one year is included in other current assets in our consolidated balance sheets. For the years ended December 31, 2024 and 2025, current restricted cash balances included in other current assets in our consolidated balance sheets were $18 million and $66 million. Cash subject to restrictions that exceed one year is included in other non-current assets in our consolidated balance sheets. For the years ended December 31, 2024 and 2025, non-current restricted cash balances were $18 million and $17 million.

Securities Borrowing and Lending

We operate a securities lending program under which shares that users have pledged to us to collateralize their margin borrowing are lent by us to third parties and a Fully-Paid Securities Lending program under which we borrow fully-paid shares from participating users and lend them to third parties. We also borrow securities from third parties for operational purposes or to facilitate user short sales, and we lend securities to third parties and users that we hold for our own account (such as our holdings to support fractional share and user short sales operations).

When we lend securities to third parties and users, the borrower provides cash as collateral. We earn interest revenue on cash collateral deposited by borrowers, and we can also earn additional revenue for

lending certain securities based on demand for those securities. For our Fully-Paid Securities Lending, portions of such revenues are paid to participating users, and those payments are recorded as interest expense.

When we borrow securities from users participating in the Fully-Paid Securities Lending program or from third parties, we provide cash as collateral and we record a receivable representing our right to the return of that collateral. The amount of that receivable is presented in “securities borrowed” on our consolidated balance sheets. In the case of our Fully-Paid Securities Lending program, the cash collateral is held by a third-party bank in a deposit account pledged to the user, which we administer as the user’s agent. Users are not entitled to interest on such account, and any interest earned is for our benefit.

Our authorization from users to lend shares that collateralize their margin borrowing is found in our margin account agreement, our borrowing of fully-paid shares from users is conducted under the terms of our Fully-Paid Securities Lending program to which users consent when they enroll in that program, and substantially all of our securities lending and borrowing transactions with third parties are conducted under terms based on an industry-standard MSLA, which has an open contractual term and may be terminated upon notice by either party. We have also entered into fixed-term securities lending agreements with two financial institution counterparties (the “Fixed-Term Securities Lending Agreements”). One of these agreements has a contractual term of 30 days per lending transaction with a daily minimum commitment of $25 million and the other has a contractual term of 21 days per lending transaction with a daily minimum commitment of $35 million. Under these two agreements we lend to the counterparties (for a fixed term) securities that collateralize users’ margin borrowing, and we obtain cash collateral from the counterparties that we use to provide liquidity support for our margin lending to users.

Each of the MSLAs and Fixed-Term Securities Lending Agreements establishes a master netting arrangement between the lender and the borrower. A master netting arrangement is an agreement between two counterparties that creates a right of set-off for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. In connection with our securities borrowing and lending activities, however, our policy is to recognize all amounts that are subject to master netting arrangements on a gross basis in our consolidated balance sheets even though some of those amounts may be eligible for offset (i.e., to be presented on a net basis) under GAAP.

Cash Sweep

Our users may elect to participate in Cash Sweep, which allows them to earn interest on their uninvested brokerage cash. These balances are automatically swept to our partner banks, and are not reflected on the consolidated balance sheet.

Cryptocurrencies

We act as an agent in the cryptocurrency transactions that users initiate on our platforms. We have determined we are an agent, for accounting purposes, because we do not control the cryptocurrency before delivery to the user, we are not primarily responsible for the delivery of cryptocurrency to our users, we are not exposed to risks arising from fluctuations of the market price of cryptocurrency before delivery to the user, and we do not set the prices charged to users. After purchasing cryptocurrency on the platform, users are the legal owners of cryptocurrency held under custody by us and users have all the rights and benefits of ownership, including the rights to appreciation and depreciation of the cryptocurrency. We do not allow users to purchase cryptocurrency on margin and cryptocurrency does not serve as collateral for margin loans. As a result, user-held cryptocurrencies are not presented on our consolidated balance sheets. We hold cryptocurrency in custody for users in one or more omnibus cryptocurrency wallets. With the exception of Bitstamp, we do not utilize third-party custodians for settled cryptocurrencies. We hold cryptographic key information and maintain internal record keeping for the cryptocurrencies we hold in custody for users, and we are obligated to secure such assets from loss or theft. Based on the terms of our user agreement, the structure of our crypto offerings, and applicable law,

and, although we have not obtained a formal legal opinion on this matter, after consultation with internal and external legal counsel, we believe the cryptocurrency we hold in custody for users of our platforms should be respected as users’ property (and should not be available to satisfy the claims of our general creditors) in the event we were to enter bankruptcy. For additional information relating to platform bankruptcy generally, see Part I, Item 1A of this Annual Report, “Risk Factors—Risks Related to Cryptocurrency Products and Services—Cryptocurrency laws, regulations, and accounting standards are often difficult to interpret and are rapidly evolving in ways that are difficult to predict. Changes in these laws and regulations, or our failure to comply with them, could negatively impact cryptocurrency trading on our platform.”

Investments

We invest in marketable debt securities and determine the classification at the time of purchase.

Available-for-sale investments are recorded at fair value. We have elected the fair value option for our available-for-sale investments as we believe carrying these investments at fair value and taking changes in fair value through earnings best reflects their underlying economics. Fair value adjustments are presented in other (income) expense, net and interest earned on the debt securities as net interest revenues in our consolidated statements of operations.

Held-to-maturity investments are securities that we have both the ability and positive intent to hold until maturity and are recorded at amortized cost. Interest income is calculated using the effective interest method, adjusted for deferred fees or costs, premium, or discount existing at the date of purchase. Interest earned is included in net interest revenues in our consolidated statements of operations. We evaluate held-to-maturity investment for credit losses on a quarterly basis. We do not expect credit losses for our held-to-maturity investments that are obligations of states and political subdivisions and securities issued by U.S. government sponsored agencies. We monitor remaining securities by type and standard credit rating.

Fair Value of Financial Instruments

We apply fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, we may use various valuation approaches, including market, income and/or cost approaches. The fair value hierarchy requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is a market-based measure considered from the perspective of a market participant. Accordingly, even when market assumptions are not readily available, our own assumptions reflect those that market participants would use in pricing the asset or liability at the measurement date. The fair value measurement accounting guidance describes the following three levels used to classify fair value measurements:

Level 1 Inputs: unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by us

Level 2 Inputs: quoted prices for similar assets and liabilities in an active market, quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly

Level 3 Inputs: unobservable inputs that are significant to the fair value of the assets or liabilities

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts of certain financial instruments approximate their fair value due to the short-term nature, which include cash and cash equivalents, cash

segregated under federal and other regulations, receivables from brokers, dealers, and clearing organizations, receivables from users, net, deposits with clearing organizations, other current assets, accounts payable and accrued expenses, payable to users, securities loaned, and other current liabilities.

Credit Card Program

The Robinhood Credit Card program is funded under the Program Agreement between Robinhood Credit and Coastal Bank, where 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. Robinhood Credit is responsible for administering the credit card program on a mobile app, including, (i) setting customer credit limits within Coastal Bank’s underwriting standards, (ii) loan servicing, (iii) remitting collected principal from customers to Coastal Bank, and (iv) offering and maintaining the customer rewards program. Coastal Bank is responsible for (i) funding the customer credit, (ii) reporting customer credit activities, and (iii) holding customer receivables.

Under the Program Agreement, Robinhood Credit collects interest from customers that carry a balance and pays interest on the amount funded by Coastal Bank, with the difference between those amounts resulting in net interest revenue. The interest collections and payments are indexed to the Federal Funds Rate and are settled monthly based on a notional of the outstanding principal balances at period end which are revolving with no fixed term. In addition, Robinhood Credit earns revenue from interchange fees from each credit card transaction. Robinhood Credit recognizes interchange revenue net of rewards paid to customers.

Under the terms of the Program Agreement, Robinhood Credit has the ability to purchase credit card receivables originated and held for a period of time by Coastal Bank. Prior to the purchase of the credit card receivables, the customer balances are off-balance sheet. Once purchased, the customer balances are shown on-balance sheet. 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.

We have credit exposure related to outstanding principal balances of customer credit cards whether they are owned by Coastal Bank or the Credit Card Funding Trust. We guarantee payment to Coastal Bank in the event Coastal experiences a loss due to a failure by the customer to pay. Robinhood Credit is responsible to pay Coastal Bank customer balances that are ultimately charged off or deemed uncollectible, generally when balances become outstanding for over 180 days.

Robinhood Credit estimates the related allowance for credit card loss based on outstanding customer credit card principal balances and anticipated future customer payment rates based on past portfolio performance, both of which are unobservable inputs. The measurement of this allowance using this method approximates fair value.

Receivables From Brokers, Dealers, and Clearing Organizations

Receivables from brokers, dealers, and clearing organizations include receivables from market makers for routing user orders for execution and other receivables from third-party brokers. These receivables are short term and settle within 30 days. We continually review the credit quality of our counterparties and have not experienced a default. As a result, we do not have an expectation of credit losses for these arrangements.

Receivables From Users, Net

Receivables from users, net are primarily made up of margin receivables. Margin receivables are adequately collateralized by users’ securities balances and are reported at their outstanding principal balance, net of an allowance for credit losses. We monitor margin levels and require users to deposit

additional collateral, or reduce margin positions, to meet minimum collateral requirements and to avoid automatic liquidation of their positions.

We apply the practical expedient based on collateral maintenance provisions in estimating an allowance for credit losses for receivables from users. We have no expectation of credit losses for receivables from users that are fully secured, where the fair value of the collateral securing the balance is equal to or in excess of the receivable amount. This is based on our assessment of the nature of the collateral, potential future changes in collateral values, and historical credit loss information relating to fully secured receivables. In cases where the fair value of the collateral is less than the outstanding receivable balance from a user, we recognize an allowance for credit losses in the amount of the difference, or unsecured balance, immediately.

We write-off unsecured balances when the balance becomes outstanding for over 180 days or when we otherwise deem the balance to be uncollectible.

Receivables from users, net also consists of credit card receivables purchased from Coastal Bank. From time to time, purchased credit card receivables may be considered pledged under secured borrowings with Coastal Bank. As of December 31, 2024 and 2025, none of the balance of the purchased credit card receivables was considered pledged. We record an allowance for credit losses related to purchased credit card principal balances receivable and credit card interest receivable from customers, shown as a reduction of receivables from users, net on the consolidated balance sheet. This represents management’s estimate of expected credit losses from credit exposure over the remaining expected life of credit card receivables, and takes into account information from internal and external sources, including historical collection data, charge off trends by FICO cohort, and market data. We write-off balances outstanding over 180 days or when we otherwise deem the balance to be uncollectible. The accrual of interest revenue is suspended for aged credit card receivables past 90 days. Interest payments on such non-accrual receivables are recorded as interest revenue on a cash basis. Once the balance is satisfied and brought current, the receivable returns to accrual status.

Deposits With Clearing Organizations

We are required to maintain collateral deposits with clearing organizations such as Depository Trust & Clearing Corporation and Options Clearing Corporation which allow us to use their security transactions services for trade comparison, clearance, and settlement. The clearing organizations establish financial requirements, including deposit requirements, to reduce their risk. The required level of deposits may fluctuate significantly from time to time based upon the nature, size of users’ trading activity, and market volatility. As we have not experienced historic defaults, we do not have an expectation of credit losses for these arrangements.

Fractional Share Program

We operate our fractional share program for the benefit of our users and maintain an inventory of securities held exclusively for the fractional share program. This proprietary inventory is recorded within other current assets on our consolidated balance sheets.

When a user purchases a fractional share, we record the cash received for the user-held fractional share as pledged collateral and an offsetting liability to repurchase the shares as we concluded that we did not meet the criteria for derecognition under the accounting guidance. We measure our inventory of securities, user-held fractional shares and our repurchase obligation at fair value at each reporting period via the election of the fair value option, with realized and unrealized gains and losses recorded in brokerage and transaction expenses in our consolidated statement of operations. We do not earn revenue from our users when they purchase or sell fractional shares from us. We earn transaction-based revenue when shares are purchased from or routed to market makers to fulfill fractional share transactions.

Other Current Assets

Other current assets include stablecoin assets owned by us that are considered financial assets, restricted cash subject to restrictions that expire within one year, other receivables, deferred costs of Robinhood Match Incentive Program (defined below), interest and dividends receivable, and securities owned by us used for the fractional share program.

Property, Software, and Equipment


Property, Software, and Equipment						Useful Life
Computer equipment						3 years
Fixture and furniture						7 years
Leasehold improvements						Shorter of estimated useful life or lease term
Internally developed software						3 years

Repairs and maintenance that do not enhance or extend the asset’s function and/or useful life are charged to expenses as incurred. When items are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gains or losses arising from such transactions are recognized.

Internally developed software is capitalized when preliminary development efforts are successfully completed and it is probable that the project will be completed and the software will be used as intended. Capitalized costs consist of SBC, salaries, and payroll related costs for employees, and fees paid to third-party consultants who are directly involved in development efforts. Capitalized costs are amortized over the estimated useful life of the software on a straight-line basis and included in technology and development in the consolidated statements of operations. We expense software development costs as they are incurred during the preliminary project stage.

Non-Marketable Equity Securities

We hold two categories of non-marketable equity securities: (i) corporate-held non-marketable equity securities and (ii) Robinhood Ventures Fund I held non-marketable equity investments.

Corporate-held non-marketable equity securities do not have readily determinable fair values and are initially recorded at cost and are subsequently adjusted for impairments and for observable price changes in orderly transactions for the same or a similar security of the same issuer. These securities are included in other non-current assets on the consolidated balance sheets. The related balances were not material for the periods presented.

Robinhood Ventures Fund I held non-marketable equity investments are measured at estimated fair value upon initial recognition and are subsequently remeasured at fair value as of each reporting date. These investments are classified within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs in determining fair value. These securities are included in other non-current assets on the consolidated balance sheets.

Leases

We elected to apply the short-term lease measurement and recognition practical expedient to our leases where applicable, thus leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.

Operating lease right-of-use assets and operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date for each lease. The interest rate used to determine the present value of the future lease payments is our incremental borrowing rate because the interest rate implicit in most of our leases is not readily determinable. Our incremental borrowing rate is estimated to approximate the interest rate that we would pay to borrow on a collateralized basis with similar terms and payments as the lease. Operating lease right-of-use assets also include any prepaid lease payments and lease incentives. Our lease agreements generally contain lease and non-lease components. Non-lease components, which primarily include payments for maintenance and utilities, are combined with lease payments and accounted for as a single lease component. We include the fixed non-lease components in the determination of the right-of-use assets and operating lease liabilities. We record the amortization of the right-of-use asset and the accretion of lease liability as rent expense and allocate it as overhead in the consolidated statements of operations.

Business Combinations and Asset Acquisitions

We account for acquisitions of entities or asset groups that qualify as businesses using the acquisition method of accounting. The purchase price of the acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements of operations.

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

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination and is allocated to reporting units expected to benefit from the business combination. We test goodwill for impairment at least annually in the fourth quarter or whenever events or changes in circumstances indicate that goodwill might be impaired. We evaluate our reporting units when changes in our operating structure occur, and if necessary, reassign goodwill using a relative fair value allocation approach. In testing for goodwill impairment, we first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if we conclude otherwise, we proceed to a quantitative assessment.

The quantitative assessment compares the estimated fair value of a reporting unit to its book value, including goodwill. If the fair value exceeds book value, goodwill is considered not to be impaired and no additional steps are necessary. However, if the book value of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

Intangible Assets, Net

Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives. We evaluate the remaining estimated useful life of its intangible assets being amortized on an

ongoing basis to determine whether events and circumstances warrant a revision to the remaining period of amortization.

Impairment of Long-lived Assets

We evaluate the recoverability of long-lived assets, including property, software, and equipment, leases, and finite-lived intangible assets whenever events or circumstances indicate that the carrying amounts of such assets may not be recoverable compared to the undiscounted future net cash flows the assets are expected to generate. The impairment test is performed at the asset group level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. When the test results indicate that the carrying amount of long-lived assets is not recoverable, the carrying amount of such assets is reduced to fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third–party independent appraisals, as considered necessary.

Payables to Users

Payables to users represent users’ funds on deposit, and/or funds accruing to users as a result of settled trades and other security related transactions.

Loss Contingencies

We are subject to claims and lawsuits in the ordinary course of business, including arbitration, class actions and other litigation, some of which include claims for substantial or unspecified damages. We are also the subject of inquiries, investigations, and proceedings by regulatory and other governmental agencies. We review our lawsuits, regulatory inquiries and other legal proceedings on an ongoing basis and provide disclosures and record loss contingencies in accordance with the loss contingencies accounting guidance. We establish an accrual for losses at management’s best estimate when we assess 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. Accrual for loss contingencies are recorded in accounts payable and accrued expenses on the consolidated balance sheets and expensed in general and administrative expenses in our consolidated statements of operations. We monitor these matters for developments that would affect the likelihood of a loss and the accrued amount, if any, and adjust the amount as appropriate.

Income Taxes

Income tax expense is an estimate of current income taxes payable in the current fiscal year based on reported income before income taxes. Deferred income taxes reflect the effect of temporary differences and carryforwards that we recognize for financial reporting and income tax purposes at enacted tax rates expected to be in effect when taxes are actually paid or recovered.

We account for income taxes under the asset and liability method, which requires recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in our consolidated financial statements, but have not been reflected in our taxable income. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent we believe that they will not be realized. We consider many factors when assessing the likelihood of future realization of our deferred tax assets including, but not limited to, historical cumulative loss experience and expectations of future earnings, tax planning strategies, and the carry-forward periods available for tax reporting purposes. Our judgment regarding future profitability may change due to many factors, including future market conditions and the ability to successfully execute business plans and/or tax planning strategies. Should there be a change in the ability to recover deferred tax assets, our tax provision would increase or decrease in the period in which the assessment is changed.

We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized. We account for uncertain tax positions, including net interest and penalties, as a component of income tax expense or benefit. We make adjustments to these uncertain tax positions in accordance with applicable income tax guidance and based on changes in facts and circumstances. To the extent that the final tax outcome of these matters is different from the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact to our consolidated financial statements and operating results.

Related Parties

We have defined related parties as members of our board of directors, executive officers, principal owners of our outstanding stock, and any immediate family members of each such related party, as well as any other person or entity with significant influence over our management or operations and any other affiliates. Related party transactions may include any transaction between entities under common control or with a related party.

LEASES - Narrative (Details)	Dec. 31, 2025 option
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Number of renewal options (or more)	1
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	10 years

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 4,261	$ 4,332
Cash, cash equivalents, and securities segregated under federal and other regulations	5,749	4,724
Receivables from brokers, dealers, and clearing organizations	426	471
Receivables from users, net	17,994	8,239
Securities borrowed	2,408	3,236
Deposits with clearing organizations	702	489
User-held fractional shares	3,782	2,530
Held-to-maturity investments	0	398
Deferred customer match incentives	185	100
Other current assets, including current prepaid expenses of $75 as of December 31, 2024 and $127 as of December 31, 2025	798	584
Total current assets	36,305	25,103
Property, software, and equipment, net	154	139
Goodwill	385	179
Intangible assets, net	168	38
Non-current deferred customer match incentives	428	195
Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $11 as of December 31, 2025	697	533
Total assets	38,137	26,187
Current liabilities:
Accounts payable and accrued expenses	463	397
Payables to users	11,986	7,448
Securities loaned	11,626	7,463
Fractional shares repurchase obligation	3,782	2,530
Other current liabilities	914	266
Total current liabilities	28,771	18,104
Other non-current liabilities	215	111
Total liabilities	28,986	18,215
Commitments and contingencies (Note 15)
Stockholders’ equity:
Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and December 31, 2025.	0	0
Additional paid-in capital	11,284	12,008
Accumulated other comprehensive income (loss)	8	(1)
Accumulated deficit	(2,152)	(4,035)
Non-controlling interest	11	0
Total stockholders’ equity	9,151	7,972
Total liabilities and stockholders’ equity	38,137	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

LEASES - Supplemental Balance Sheet Disclosures (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease assets	$ 182	$ 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 $11 as of December 31, 2025	Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $11 as of December 31, 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	$ 199	$ 110
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities
Total lease liabilities	$ 221	$ 131

INVESTMENTS AND FAIR VALUE MEASUREMENT - Amortized Cost And Fair Value Of Held-To-Maturity Investments By Contractual Maturity Date (Details) $ in Millions	Dec. 31, 2024 USD ($)
Amortized cost
Within 1 Year	$ 398
1 to 2 Years	0
Amortized Cost	398
Fair value
Within 1 Year	399
1 to 2 Years	0
Total	399
U.S. Treasury securities
Amortized cost
Within 1 Year	337
1 to 2 Years	0
Amortized Cost	337
Fair value
Within 1 Year	338
1 to 2 Years	0
Total	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

NET INCOME (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

NOTE 13: NET INCOME (LOSS) PER SHARE

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


(in millions, except share and per share data)	Year Ended December 31,
	2023				2024				2025
	Class A		Class B		Class A		Class B		Class A		Class B
Basic EPS:
Numerator
Net income (loss)	$	(465)	$	(76)	$	1,214	$	197	$	1,641	$	242
Net income (loss) attributable to non-controlling interest	—		—		—		—		—		—
Net income (loss) attributable to Robinhood common stockholders	$	(465)	$	(76)	$	1,214	$	197	$	1,641	$	242
Denominator
Weighted-average common shares outstanding - basic	763,580,698		127,276,961		758,213,055		122,900,101		774,107,256		114,397,702
Basic EPS	$	(0.61)	$	(0.61)	$	1.60	$	1.60	$	2.12	$	2.12

Diluted EPS:
Numerator
Net income (loss)	$	(465)	$	(76)	$	1,214	$	197	$	1,641	$	242
Net income (loss) attributable to non-controlling interest	—		—		—		—		—		—
Net income (loss) attributable to Robinhood common stockholders	$	(465)	$	(76)	$	1,214	$	197	$	1,641	$	242
Reallocation of net income (loss) as a result of conversion of Class B to Class A common stock	—		—		197		—		242		—
Reallocation of net income (loss) to Class B common stock	—		—		—		(5)		—		(8)
Net income (loss) attributable to Robinhood common stockholders for diluted EPS	$	(465)	$	(76)	$	1,411	$	192	$	1,883	$	234
Denominator
Weighted-average common shares outstanding - basic	763,580,698		127,276,961		758,213,055		122,900,101		774,107,256		114,397,702
Dilutive effect of stock options, warrants, and unvested shares	—		—		25,058,348		—		30,276,888		—
Conversion of Class B to Class A common stock	—		—		122,900,101		—		114,397,702		—
Weighted-average common shares outstanding - diluted	763,580,698		127,276,961		906,171,504		122,900,101		918,781,846		114,397,702
Diluted EPS	$	(0.61)	$	(0.61)	$	1.56	$	1.56	$	2.05	$	2.05


	Year Ended December 31,
	2023	2024	2025
Time-Based RSUs	34,625,253	828,224	24,418
Market-Based RSUs	22,476,722	11,065,463	—
Stock options	12,141,566	—	—
Warrants	14,278,034	12,868,262	—
ESPP	305,692	—	—
Total anti-dilutive securities	83,827,267	24,761,949	24,418

GOODWILL AND INTANGIBLE ASSETS - Schedule of Components of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (34)	$ (46)
Net Carrying Value	130
Indefinite-lived intangible assets	37	10
Foreign currency translation adjustment	1
Gross Carrying Value, Total	202	84
Net Carrying Value, Total	168	38
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	98	51
Accumulated Amortization	(26)	(33)
Net Carrying Value	$ 72	$ 18
Weighted Average Remaining Useful Life - Years	4 years 4 months 13 days	2 years 7 months 17 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 64	$ 23
Accumulated Amortization	(7)	(13)
Net Carrying Value	$ 57	$ 10
Weighted Average Remaining Useful Life - Years	11 years 7 months 20 days	4 years 8 months 19 days
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 2
Accumulated Amortization	(1)
Net Carrying Value	$ 1
Weighted Average Remaining Useful Life - Years	2 years 5 months 4 days

INCOME TAXES - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 22	$ 16	$ 5
State	18	6	3
Foreign	4	0	0
Total current tax expense (benefit)	44	22	8
Deferred:
Federal	173	(333)	0
State	20	(36)	0
Foreign	(12)	0	0
Total deferred tax expense (benefit)	181	(369)	0
Total provision for (benefit from) income taxes	$ 225	$ (347)	$ 8

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Baiju Prafulkumar Bhatt Living Trust [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 13, 2025, 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 3,000,000 shares of our Class A common stock on or prior to February 10, 2027.
Name	Baiju Prafulkumar Bhatt Living Trust
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 13, 2025
Expiration Date	February 10, 2027
Arrangement Duration	454 days
Aggregate Available	3,000,000
Steven Quirk [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 19, 2025, Steven Quirk, our Chief Brokerage 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 (i) up to 76,874 shares of our Class A common stock (less any shares previously sold under predecessor Rule 10b5-1 trading arrangements), (ii) up to 43,403 unvested RSUs (less any shares previously sold under predecessor Rule 10b5-1 trading arrangements and shares withheld for applicable taxes), (iii) up to 18,376 shares of our Class A common stock, and (iv) up to 261,816 unvested RSUs (less any shares withheld for applicable taxes), in each case on or prior to February 19, 2027. RSUs convert into Class A common stock on a one-for-one basis upon vesting and settlement.
Name	Steven Quirk
Title	Chief Brokerage Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 19, 2025
Expiration Date	February 19, 2027
Arrangement Duration	457 days
Jonathan J. Rubinstein Trust [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 2, 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 26,475 shares of our Class A common stock on or prior to November 19, 2027.
Name	Jonathan J. Rubinstein Trust
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 2, 2025
Expiration Date	November 19, 2027
Arrangement Duration	717 days
Aggregate Available	26,475
Paula Loop [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 2, 2025, Paula Loop, 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 she may sell up to 15,036 RSUs on or prior to February 19, 2027. RSUs convert into Class A common stock on a one-for-one basis upon vesting and settlement.
Name	Paula Loop
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 2, 2025
Expiration Date	February 19, 2027
Arrangement Duration	444 days
Aggregate Available	15,036
Dara Treseder [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 9, 2025, Dara Treseder, 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 she may sell up to 15,000 shares of our Class A common stock on or prior to February 20, 2027.
Name	Dara Treseder
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 9, 2025
Expiration Date	February 20, 2027
Arrangement Duration	438 days
Aggregate Available	15,000
Steven Quirk Rule Trading Arrangement, Class A Common Stock, Less Shares Previously Sold under Predecessor Rule 10b5-1 Trading Arrangements [Member] \| Steven Quirk [Member]
Trading Arrangements, by Individual
Aggregate Available	76,874
Steven Quirk Rule Trading Arrangement, Unvested RSUs, Less Shares Previously Sold under Predecessor Rule 10b5-1 Trading Arrangements [Member] \| Steven Quirk [Member]
Trading Arrangements, by Individual
Aggregate Available	43,403
Steven Quirk Rule Trading Arrangement, Class A Common Stock [Member] \| Steven Quirk [Member]
Trading Arrangements, by Individual
Aggregate Available	18,376
Steven Quirk Rule Trading Arrangement, Unvested RSUs, Less Shares Withheld for Applicable Taxes [Member] \| Steven Quirk [Member]
Trading Arrangements, by Individual
Aggregate Available	261,816

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

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial

Segment Information

Revenue Recognition

Transaction-Based Revenues

percentage of the notional order value. For each trade type, all market makers pay the same transaction price. Payments are collected monthly in arrears from each market maker.

Net Interest Revenues

Other Revenues

Robinhood Match Incentives

For a limited time during 2024, we provided a match on eligible cash deposits made by Robinhood Gold subscribers. Matches on these cash deposits are paid out on a monthly basis ratably over the

specified earning period. Future match payments are forfeited if deposits are not held on the platform over the specified earning period.

All match incentives are recognized as a reduction to revenue when earned. The matches are allocated to certain revenue categories on a proportional basis.

Concentrations of Credit Risk

Operating Expenses

Brokerage and Transaction

Technology and Development

Operations

Provision for Credit Losses

Marketing

General and Administrative

Employee Retirement Benefits

Research and Development Costs

Share-based Compensation

Common Stock Fair Value

The fair value of our common stock is determined on the grant date using the closing price of our common stock, which is traded on the Nasdaq Global Select Market.

Stock Options

Time-Based RSUs

Market-Based RSUs

SBC Expense

Net Income (Loss) per Share

Cash and Cash Equivalents

Cash, Cash Equivalents, and Securities Segregated Under Federal and Other Regulations

Restricted Cash

Securities Borrowing and Lending

Cash Sweep

Cryptocurrencies

Investments

We invest in marketable debt securities and determine the classification at the time of purchase.

Fair Value of Financial Instruments

Level 1 Inputs: unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by us

Level 3 Inputs: unobservable inputs that are significant to the fair value of the assets or liabilities

Credit Card Program

Receivables From Brokers, Dealers, and Clearing Organizations/Receivables From Users, Net

Receivables From Brokers, Dealers, and Clearing Organizations

Receivables From Users, Net

additional collateral, or reduce margin positions, to meet minimum collateral requirements and to avoid automatic liquidation of their positions.

We write-off unsecured balances when the balance becomes outstanding for over 180 days or when we otherwise deem the balance to be uncollectible.

Deposits With Clearing Organizations

Fractional Share Program

Other Current Assets

Property, Software and Equipment

Property, Software, and Equipment


Property, Software, and Equipment						Useful Life
Computer equipment						3 years
Fixture and furniture						7 years
Leasehold improvements						Shorter of estimated useful life or lease term
Internally developed software						3 years

Non-Marketable Equity Securities

We hold two categories of non-marketable equity securities: (i) corporate-held non-marketable equity securities and (ii) Robinhood Ventures Fund I held non-marketable equity investments.

Leases

Business Combinations and Asset Acquisitions

Goodwill

Intangible Assets, Net

ongoing basis to determine whether events and circumstances warrant a revision to the remaining period of amortization.

Impairment of Long-lived Assets

Payables to Users

Payables to users represent users’ funds on deposit, and/or funds accruing to users as a result of settled trades and other security related transactions.

Loss Contingencies

Income Taxes

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update 2023-09, “Income taxes (Topic 740): Improvements to Income Taxes Disclosures.” This guidance requires annual disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024. 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 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 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.

ALLOWANCE FOR CREDIT LOSSES - Credit Card Receivable Aging Analysis (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
On-balance sheet	$ 17,994	$ 8,239
Credit Card Receivable
Financing Receivable, Past Due [Line Items]
On-balance sheet	840	189
Off-balance sheet	200	202
Total credit card loans	$ 1,040	$ 391
% of Total loans	100.00%	100.00%
Credit Card Receivable \| Current
Financing Receivable, Past Due [Line Items]
On-balance sheet	$ 814	$ 186
Off-balance sheet	177	177
Total credit card loans	$ 991	$ 363
% of Total loans	95.00%	93.00%
Credit Card Receivable \| Total Past due receivables
Financing Receivable, Past Due [Line Items]
On-balance sheet	$ 26	$ 3
Off-balance sheet	23	25
Total credit card loans	$ 49	$ 28
% of Total loans	5.00%	7.00%
Credit Card Receivable \| Less than 90 days
Financing Receivable, Past Due [Line Items]
On-balance sheet	$ 18	$ 2
Off-balance sheet	15	15
Total credit card loans	$ 33	$ 17
% of Total loans	3.00%	4.00%
Credit Card Receivable \| ≥ 90 days
Financing Receivable, Past Due [Line Items]
On-balance sheet	$ 8	$ 1
Off-balance sheet	8	10
Total credit card loans	$ 16	$ 11
% of Total loans	2.00%	3.00%

INCOME TAXES - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 2,086	$ 1,063	$ (534)
Foreign	22	1	1
Income (loss) before income taxes	$ 2,108	$ 1,064	$ (533)

- 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

INCOME TAXES - Provision For (Benefit From) Income Taxes (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal tax at statutory rate	21.00%	21.00%	21.00%
State tax (benefit), net of federal benefit	1.60%	1.10%	(1.90%)
Share-based compensation		(3.50%)	(29.70%)
Research and development credits	(3.10%)	(4.80%)	5.60%
Non-deductible regulatory settlements		(0.70%)	(4.60%)
Other adjustments	0.10%	0.30%	0.20%
Change in valuation allowance	0.10%	(46.00%)	8.00%
Effective tax rate	10.70%	(32.60%)	(1.40%)

BUSINESS COMBINATIONS - Schedule of Components of Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Millions	Dec. 31, 2025	Jun. 02, 2025	Feb. 26, 2025	Dec. 31, 2024
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life - Years	11 years 7 months 20 days			4 years 8 months 19 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life - Years	4 years 4 months 13 days			2 years 7 months 17 days
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life - Years	2 years 5 months 4 days
TradePMR
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets			$ 81
Indefinite-Lived Intangible Assets [Line Items]
Finite and indefinite intangible assets			81
TradePMR \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets			$ 49
Weighted Average Remaining Useful Life - Years			13 years
TradePMR \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets			$ 31
Weighted Average Remaining Useful Life - Years			5 years
TradePMR \| Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets			$ 1
Weighted Average Remaining Useful Life - Years			4 years
Bitstamp
Indefinite-Lived Intangible Assets [Line Items]
Finite and indefinite intangible assets		$ 70
Bitstamp \| License
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		21
Bitstamp \| Other Intangible Assets
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
Weighted Average Remaining Useful Life - Years		18 years
Bitstamp \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets		$ 39
Weighted Average Remaining Useful Life - Years		6 years
Bitstamp \| Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets		$ 1
Weighted Average Remaining Useful Life - Years		2 years

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

12 Months Ended

Dec. 31, 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 net revenues, as follows:


	Year Ended December 31,
	2023		2024		2025
Market makers:
Citadel Securities, LLC	12	%	12	%	13	%
Wintermute Trading Ltd	2	%	10	%	6	%
All others individually less than 10%	26	%	34	%	36	%
Total as percentage of total net revenues	40	%	56	%	55	%

Schedule Of Property, Software and Equipment


Property, Software, and Equipment						Useful Life
Computer equipment						3 years
Fixture and furniture						7 years
Leasehold improvements						Shorter of estimated useful life or lease term
Internally developed software						3 years

Property, software, and equipment are presented net of accumulated depreciation and amortization and summarized as follows:


	Year Ended December 31,
(in millions)	2024		2025
Internally developed software	$	171	$	229
Leasehold improvements	42		48
Computer equipment	28		36
Furniture and fixtures	13		15
Construction in progress	39		40
Total	293		368
Less: accumulated depreciation and amortization	(154)		(214)
Property, software, and equipment, net	$	139	$	154

ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 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 \| $	$ 9	$ 3

ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses of Receivables From Users (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Contract with Customer, Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	$ 2	$ 2	$ 1
Robinhood Credit
Contract with Customer, Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	11	1	0
Provision for credit losses	59	15	2
Write-offs	(17)	(5)	(1)
Recoveries	3	0	0
Ending Balance	$ 56	$ 11	$ 1

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 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 12 - 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
Receivable from users, net	5
Prepaid expenses	1
Other current assets	9
Other non-current assets	3
Goodwill	111
Intangible assets	81
Accounts payable and accrued expenses	(1)
Other current liabilities	(21)
Other non-current liabilities	(38)
Net assets acquired	$	175

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 TradePMR 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
Customer relationships	$	49	13
Developed technology	31		5
Trade names	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 EU, the 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.

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	$	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

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 names	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.

Acquisition of MIAXdx

In November 2025, we established a joint venture, Rothera, in partnership with SIG, that acquired 90% of the issued and outstanding equity of MIAXdx in January 2026. Following closing, Rothera renamed MIAXdx to Rothera E&C.

Pending Acquisitions

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 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.

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+ Details

INVESTMENTS AND FAIR VALUE MEASUREMENT - Held-To-Maturity Investments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 398
Allowance for Credit Losses	0
Unrealized Gains	1
Unrealized Losses	0
Fair Value	399
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	337
Allowance for Credit Losses	0
Unrealized Gains	1
Unrealized Losses	0
Fair Value	338
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	51
Allowance for Credit Losses	0
Unrealized Gains	0
Unrealized Losses	0
Fair Value	51
U.S. government agency securities
Debt Securities, Available-for-sale [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

+ Details

- 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

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 8: INCOME TAXES

The components of income (loss) before income taxes were as follows:


	Year Ended December 31,
(in millions)	2023		2024		2025
Domestic	$	(534)	$	1,063	$	2,086
Foreign	1		1		22
Income (loss) before income taxes	$	(533)	$	1,064	$	2,108

The components of the provision for (benefit from) income taxes were as follows:


	Year Ended December 31,
(in millions)	2023		2024		2025
Current:
Federal	$	5	$	16	$	22
State	3		6		18
Foreign	—		—		4
Total current tax expense (benefit)	8		22		44
Deferred:
Federal	—		(333)		173
State	—		(36)		20
Foreign	—		—		(12)
Total deferred tax expense (benefit)	—		(369)		181
Total provision for (benefit from) income taxes	$	8	$	(347)	$	225

The table below provides the updated requirements of ASU 2023-09 for 2025. See Note 2 - Recent Accounting Pronouncements for additional details on the adoption of ASU 2023-09.

The reconciliation of statutory federal income tax rate and our effective income tax rate was as follows (in millions, except for percentages):


	Year Ended December 31, 2025
	Amount		Percent
Federal tax at statutory rate	$	443	21.0	%
State tax (benefit), net of federal benefit(1)	34		1.6
Foreign tax effects	(12)		(0.6)
Effect of cross-border tax laws	1		0.1
Nontaxable or nondeductible items:
Share-based compensation	(184)		(8.7)
Others	5		0.2
Tax credits:
Research and development credits	(66)		(3.1)
Changes in unrecognized tax benefits	—		—
Change in valuation allowance	3		0.1
Other adjustments	1		0.1
Total provision for (benefit from) income taxes	$	225	10.7	%

(1) State and local taxes in New York, New Jersey, Pennsylvania and Illinois made up the majority (greater than 50 percent) of the tax effect in this category.


	Year Ended December 31,
	2023		2024
Federal tax at statutory rate	21.0	%	21.0	%
State tax (benefit), net of federal benefit	(1.9)		1.1
Share-based compensation	(29.7)		(3.5)
Research and development credits	5.6		(4.8)
Non-deductible regulatory settlements	(4.6)		(0.7)
Other	0.2		0.3
Change in valuation allowance	8.0		(46.0)
Effective tax rate	(1.4)	%	(32.6)	%

For the year ended December 31, 2025, total income taxes paid (net of refunds) consisted of the following:


	Year Ended December 31,
(in millions)	2025
U.S. federal	$	49
U.S. state and local	45
Foreign	1
Total	$	95

Individual jurisdictions equaling 5% or more of the total income taxes paid (net of refunds) for the year ended December 31, 2025 include U.S. federal at $49 million, California at $15 million, and New York at $6 million.

Significant components of our deferred tax assets and liabilities consisted of the following:


	Year Ended December 31,
(in millions)	2024		2025
Deferred tax assets:
Tax credit carryforwards	$	174	$	193
Research and experimentation expenditure amortization	248		122
Lease liabilities	33		52
Net operating loss carryforwards	29		40
Accruals and other liabilities	16		29
Provision for credit losses	16		28
Share-based compensation	16		10
Other	31		41
Total deferred tax assets	563		515
Deferred tax liabilities:
Deferred customer match incentives	(74)		(153)
Right of use assets	(24)		(43)
Depreciation and amortization	(6)		(31)
Other	—		(4)
Total deferred tax liabilities	(104)		(231)
Valuation allowance	(88)		(105)
Net deferred tax assets	$	371	$	179

The reconciliation of the beginning and ending amount of the deferred tax asset valuation allowance was as follows:


	Year Ended December 31,
(in millions)	2023		2024		2025
Balance at beginning of period	$	607	$	574	$	88
Charged/(credited) to net income (loss)	(34)		(486)		6
Charges utilized/(write-offs)	1		—		—
Additions due to acquisition	—		—		11
Balance at end of period	$	574	$	88	$	105

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 our analysis of all positive and negative evidence available for the year ended December 31, 2025, we continue to maintain a valuation allowance for our California, and certain other U.S. states and certain foreign net deferred tax assets, as we believe it is more likely than not that the tax benefits of these jurisdictions’ net deferred tax assets may not be realized. The valuation allowance for California, and certain other U.S. states and certain foreign net deferred tax assets increased by approximately $17 million for the year ended December 31, 2025.

As of December 31, 2025, we have $44 million of U.S. federal, $297 million of state, and $11 million of non-U.S. net operating loss carryforwards available to reduce future taxable income. Our U.S. federal net operating loss will carryforward indefinitely. Our state net operating losses begin to expire in 2026,

while our non-U.S. net operating losses begin to expire in 2029. We have U.S. federal tax credit carryforwards of $191 million that will begin to expire in 2043, if not utilized, and state tax credit carryforwards of $158 million that will begin to expire in 2026.

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

We had unrecognized tax benefits of approximately $134 million of which $88 million would affect our effective tax rate if recognized as of December 31, 2025. The remaining $46 million of unrecognized tax benefits would not impact the effective tax rate due to realizability of those deferred tax assets. We record interest and penalties related to unrecognized tax benefits in income tax expenses. There were no interest or penalties accrued during the year ended December 31, 2024. Interest accrued during the year ended December 31, 2025 was immaterial.

The reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:


	Year Ended December 31,
(in millions)	2024		2025
Unrecognized benefit - beginning of period	$	74	$	98
Gross increases - current year tax positions	23		35
Gross increases - prior year tax positions	1		1
Gross decreases - prior year tax positions	—		—
Unrecognized benefit - end of period	$	98	$	134

We file in U.S. federal, various state, and foreign jurisdictions. The tax years from 2013 remain open to examination by the U.S. federal and state authorities, due to carry over of unused net operating losses and tax credits. The tax years from 2022 remain open for the most significant foreign jurisdiction.

- Definition

The entire disclosure for income tax.

+ References

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-Topic 942
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

NET INCOME (LOSS) PER SHARE - Schedule of Potential Common Shares Excluded from the Calculation of Diluted Net Income (Loss) Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	24,418	24,761,949	83,827,267
Time-Based Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	24,418	828,224	34,625,253
Market-Based Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	11,065,463	22,476,722
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	0	12,141,566
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	12,868,262	14,278,034
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	0	305,692

COMMON STOCK AND STOCKHOLDERS' EQUITY - Warrants (Details) - Common Class A $ / shares in Units, shares in Thousands, $ in Millions	Dec. 31, 2025 USD ($) $ / shares shares
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) \| $ / shares	$ 26.60
Aggregate warrants exercisable (in shares)	8,740
Warrant exercised (in shares)	4,130
Warrants issued (in shares)	2,820
Warrants outstanding \| $	$ 232

FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK (Details) - USD ($)		1 Months Ended		12 Months Ended
	Mar. 21, 2025	Nov. 30, 2025	Nov. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 12, 2025
Debt Instrument [Line Items]
Purchase of credit card receivables				$ 5,195,000,000	$ 748,000,000	$ 0
Net interest revenues				1,514,000,000	1,109,000,000	$ 929,000,000
Customer advance balance				200,000,000
Crypto asset, fair value				38,200,000,000	35,200,000,000
Amount accrued for contingencies in the aggregate				71,000,000	128,000,000
Remote
Debt Instrument [Line Items]
Amount accrued for contingencies in the aggregate				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				45,000,000	$ 5,000,000
RHM March 2025 Credit Agreement \| Secured Overnight Financing Rate, Interest Period Of One Month
Debt Instrument [Line Items]
Variable rate on loan	0.10%
RHM March 2025 Credit Agreement \| 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
Variable rate on loan		1.30%
Barclays Arrangement Maturing November 2026 \| Robinhood Credit \| Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.275%		0.25%
Barclays Arrangement Maturing November 2026 \| Robinhood Credit \| Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.325%		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
Line of credit facility, unused capacity, commitment fee percentage				0.25%
Debt instrument, interest rate, stated percentage				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
Wells Fargo Bank Arrangement Maturing August 2028 \| Robinhood Credit \| Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage				0.275%
Wells Fargo Bank Arrangement Maturing August 2028 \| Robinhood Credit \| Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage				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%
Truist Bank Arrangement Maturing August 2028 \| Robinhood Credit
Debt Instrument [Line Items]
Line of credit facility, amount entered into				$ 300,000,000
Truist Bank Arrangement Maturing November 2028 \| Robinhood Credit
Debt Instrument [Line Items]
Line of credit facility, amount entered into				$ 300,000,000
Truist Bank Arrangement Maturing November 2028 \| Robinhood Credit \| Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage				0.275%
Truist Bank Arrangement Maturing November 2028 \| Robinhood Credit \| Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage				0.325%
Truist Bank Arrangement Maturing November 2028 \| Daily Simple SOFR \| Robinhood Credit
Debt Instrument [Line Items]
Variable rate on loan				1.40%
Truist Bank Arrangement Maturing November 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 Arragements \| Robinhood Credit \| Greater than $50 million
Debt Instrument [Line Items]
Weighted average interest				6.16%	7.81%
SVB, Barclays and WF Arrangements \| Robinhood Credit
Debt Instrument [Line Items]
Outstanding borrowings, long-term				$ 602,000,000	$ 131,000,000
Purchase of credit card receivables				5,200,000,000	748,000,000
Provision for credit losses				786,000,000	179,000,000
Revolving Credit Facility \| March 2025 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, amount entered into	$ 2,250,000,000
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 Agreement \| 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 Agreement \| 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 Agreement \| 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
Revolving Credit Facility \| RHS March 2025 Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate on loan	10.00%
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%
Revolving Credit Facility \| RHS March 2024 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Outstanding borrowings, long-term				$ 0