Robinhood Markets, Inc.

Financials Investment Banking & Brokerage Last filing Feb 20, 2026 · FY2025

                    Revenue
                    FY2025
                
$4.5B
                    3y CAGR +48.8%
                    
                    P98
                    
                    +51.6%
                    
                    Net income
                    FY2025
                
$1.9B
                    Net margin +42.1%
                    
                    P86
                    
                    +33.5%
                    
                    Total assets
                    FY2025
                
$38.1B
                    ROA +4.9%
                    
                    P72
                    
                    +45.6%
                    
                    Operating cash flow
                    FY2025
                
$1.6B
                    FCF margin +36.3%
                    
                    P65
                    
                    +1143.3%

7 yrs · FY2019–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

21 accounts · 5 years

Total assets $38.1B

Total liabilities $29.0B

Shareholders equity $9.2B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	26.2%	34.6%	28.7%	40.0%	51.8%
Other Current Assets	68.9%	61.3%	69.4%	57.8%	45.3%
Total Current Assets	95.2%	95.9%	98.3%	98.2%	97.5%
Property,Plant and Equipment	0.4%	0.5%	0.4%	0.6%	0.7%
Goodwill	1.0%	0.7%	0.5%	0.4%	0.5%
Intangible Assets	0.4%	0.1%	0.1%	0.1%	0.2%
Other Noncurrent Assets	2.9%	2.8%	0.6%	0.6%	1.0%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	1.2%	1.5%	1.2%	0.8%	1.3%
Deferred Revenue	31.4%	28.4%	15.8%	20.1%	32.8%
Other Current Liabilities	42.8%	39.2%	62.1%	48.7%	28.4%
Total Current Liabilities	75.4%	69.1%	79.0%	69.6%	62.5%
Other Noncurrent Liabilities	0.6%	0.4%	0.3%	0.5%	0.7%
Total Liabilities	76.0%	69.6%	79.3%	70.2%	63.1%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	—
Additional Paid In Capital	29.6%	45.9%	37.6%	50.8%	56.5%
Retained Earnings	-5.6%	-15.4%	-16.8%	-21.0%	-19.6%
Accumulated Other Comprehensive Income	0.0%	-0.0%	-0.0%	0.0%	0.0%
Total Stockholders Equity	24.0%	30.4%	20.7%	29.8%	36.9%
Noncontrolling Interest	0.0%	0.0%	—	—	—
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

14 accounts · 5 years

Revenue $4.5B

Operating income Not reported

Net income $1.9B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	11.7%	11.3%	—	5.8%	9.2%
Expenses Research and Development	2.4%	3.1%	—	3.8%	6.2%
Expenses Selling,General and Administrative	2.7%	2.8%	—	4.4%	8.6%
Expenses Other Operating Expenses	1.2%	1.3%	—	2.0%	2.7%
Expenses Operating Expenses	6.2%	7.2%	—	10.2%	17.5%
Other Income Expense Other Income/expense	0.0%	0.0%	—	-0.1%	-10.3%
Other Income Expense Income Before Tax	5.5%	4.1%	—	-4.4%	-18.6%
Income Tax Income Tax Expense	0.6%	-1.3%	—	0.0%	0.0%
net Income Other Items Below Tax	0.0%	0.0%	—	—	—
net Income net Income	4.9%	5.4%	—	-4.4%	-18.7%
net Income Comprehensive Income	5.0%	5.4%	—	-4.4%	-18.7%
Earnings Per Share Basic Eps	0.0%	0.0%	—	-0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	—	-0.0%	-0.0%
Earnings Per Share Weighted Average Shares Diluted	2.4%	3.5%	—	3.8%	2.5%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Operating cash flow $1.6B

Investing cash flow $141.0M

Financing cash flow $-590.0M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	4.9%	5.4%	—	-4.4%	-18.7%
Operating Activities Depreciation and Amortization	0.2%	0.3%	—	0.3%	0.1%
Operating Activities Stock Based Compensation	0.8%	1.2%	—	2.8%	8.0%
Operating Activities Deferred Income Taxes	0.5%	-1.4%	—	0.0%	—
Operating Activities Changes In Operating Assets and Liabilities	-2.4%	-6.3%	—	-2.8%	-4.6%
Operating Activities Other Non Cash Items	0.3%	0.3%	—	0.5%	10.7%
Operating Activities net Cash From Operating Activities	4.3%	-0.6%	—	-3.7%	-4.5%
Investing Activities Capital Expenditures	-0.0%	-0.0%	—	-0.1%	-0.3%
Investing Activities Business Acquisitions	2.1%	-0.0%	—	0.0%	-0.6%
Investing Activities Purchases of Investments	-0.6%	-2.1%	—	-0.1%	-0.1%
Investing Activities Proceeds From Sale of Investments	1.0%	2.5%	—	0.2%	0.0%
Investing Activities Other Investing Activities	-2.1%	-0.9%	—	-0.2%	-0.1%
Investing Activities net Cash From Investing Activities	0.4%	-0.6%	—	-0.3%	-1.2%
Financing Activities Proceeds From Debt	13.7%	0.6%	—	0.1%	27.9%
Financing Activities Repayment of Debt	-12.5%	-0.1%	—	-0.1%	-10.0%
Financing Activities Repurchase of Common Stock	-1.7%	-1.0%	—	0.0%	0.0%
Financing Activities Proceeds From Stock Issuance	0.1%	0.1%	—	0.1%	10.5%
Financing Activities Tax Withholding On Stock Based Compensation	-1.1%	-0.9%	—	-0.1%	-2.1%
Financing Activities Other Financing Activities	-0.0%	-0.0%	—	-0.0%	0.0%
Financing Activities net Cash From Financing Activities	-1.5%	-1.3%	—	0.0%	26.3%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	—	-0.0%	0.0%
Cash Reconciliation net Change In Cash	3.1%	-2.5%	—	-3.9%	20.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	—	—	—	—	—
Net margin	+42.1%	+47.8%	-29.0%	-75.7%	-203.1%
FCF margin	+36.3%	-5.8%	+63.2%	-64.8%	-52.2%
Growth
Revenue CAGR (3y)	+48.8%	+17.6%	+24.9%	+69.8%	—
Returns
ROE	+20.6%	+17.7%	—	-14.8%	-50.6%
ROA	+4.9%	+5.4%	—	-4.4%	-18.7%
ROIC	—	—	—	—	—
Liquidity
Current ratio	1.26x	1.39x	—	1.41x	1.56x
Quick ratio	—	—	—	—	—
Leverage
D/E	3.17x	2.28x	—	2.35x	1.71x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.12x	0.11x	—	0.06x	0.09x
Cash conversion cycle	—	—	—	—	—

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Robinhood Markets, Inc.

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