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Robinhood Markets, Inc. operates financial services platform in the United States. The company's platform allows users to invest in stocks, exchange-traded funds (ETFs), and American depository receipts. It offers fractional trading, recurring investments, access to investing on margin, fully-paid securities lending, cash sweep, instant withdrawals, retirement program, around-the-clock trading, joint investing accounts, event contracts, future contract services, and short selling. The company also provides various learning and education solutions comprise Snacks, an accessible digest of business news stories for a new generation of investors; Learn, which is an online collection of guides, feature tutorials, and financial dictionary; Newsfeeds that offer access to free, premium news from sites from various sites, such as Barron's, Reuters, and Dow Jones. In addition, the company offers In-App Education, a resource that covers investing fundamentals, including why people invest, a stock market overview, and tips on how to define investing goals, as well as allows customers to understand the basics of investing before their first trade; and Crypto Learn and Earn, an educational module available to various crypto customers through Robinhood Learn to teach customers the basics related to cryptocurrency. Further, it provides Robinhood credit cards, cash card and spending accounts, and wallets. Robinhood Markets, Inc. was incorporated in 2013 and is headquartered in Menlo Park, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.5B | $2.2B | $1.9B | $1.6B | 20.6% | 51.6% | 33.5% |
| 2024 | $3.0B | $1.1B | $1.4B | $-207M | 17.7% | 58.2% | -360.8% |
| 2023 | $1.9B | $-465M | $-541M | $1.2B | -8.1% | 37.3% | -47.4% |
| 2022 | $1.4B | $-905M | $-1.0B | $-909M | -14.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,358 | 1,865 | 2,951 | 4,473 |
| Operating Revenue | - | 1,238 | 1,714 | 2,756 | 4,142 |
| Cost Of Revenue | - | 588 | 146 | 607 | 745 |
| Gross Profit | - | 770 | 1,719 | 2,344 | 3,728 |
| Operating Expense | - | 1,736 | 2,255 | 1,290 | 1,634 |
| Research And Development | - | 878 | 805 | 818 | 897 |
| Selling General And Administration | - | 725 | 1,291 | 363 | 576 |
| Total Expenses | - | 2,324 | 2,401 | 1,897 | 2,379 |
| Operating Income | - | -966 | -536 | 1,054 | 2,094 |
| EBITDA | - | -905 | -465 | 1,131 | 2,180 |
| Normalized EBITDA | - | -860 | -465 | 1,131 | 2,180 |
| EBIT | - | -966 | -536 | 1,054 | 2,094 |
| Other Non Operating Income Expenses | - | -16 | 3 | 10 | 14 |
| Other Income Expense | - | -61 | 3 | 10 | 14 |
| Pretax Income | - | -1,027 | -533 | 1,064 | 2,108 |
| Tax Provision | - | 1 | 8 | -347 | 225 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -9.45 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -1,028 | -541 | 1,411 | 1,883 |
| Net Income From Continuing And Discontinued Operation | - | -1,028 | -541 | 1,411 | 1,883 |
| Net Income From Continuing Operation Net Minority Interest | - | -1,028 | -541 | 1,411 | 1,883 |
| Net Income | - | -1,028 | -541 | 1,411 | 1,883 |
| Net Income Common Stockholders | - | -1,028 | -541 | 1,411 | 1,883 |
| Net Income Including Noncontrolling Interests | - | -1,028 | -541 | 1,411 | 1,883 |
| Normalized Income | - | -992.45 | -541 | 1,411 | 1,883 |
| Diluted NI Availto Com Stockholders | - | -1,028 | -541 | 1,411 | 1,883 |
| Basic Average Shares | - | 878.63 | 890.86 | 881.11 | 888.50 |
| Diluted Average Shares | - | 878.63 | 890.86 | 906.17 | 918.78 |
| Reconciled Depreciation | - | 61 | 71 | 77 | 86 |
| Reconciled Cost Of Revenue | - | 588 | 146 | 607 | 745 |
| Total Unusual Items | -2,045 | -45 | -5 | -2 | - |
| Total Unusual Items Excluding Goodwill | -2,045 | -45 | -5 | -2 | - |
| Special Income Charges | -70 | -45 | - | - | - |
| Other Special Charges | 70 | 24 | - | - | - |
| Impairment Of Capital Assets | 0 | 45 | - | - | - |
| Gain On Sale Of Security | -2,045 | -45 | -5 | -2 | - |
| General And Administrative Expense | - | 652 | 1,169 | 132 | 227 |
| Other Gand A | - | 215 | 1,169 | 132 | 227 |
| Salaries And Wages | 962 | 437 | 660 | 103 | - |
| Insurance And Claims | 24.97 | 41 | - | - | - |
| Other Operating Expenses | - | 97 | 116 | 33 | 47 |
| Provision For Doubtful Accounts | - | 36 | 43 | 76 | 114 |
| Selling And Marketing Expense | - | 73 | 122 | 231 | 349 |
| Otherunder Preferred Stock Dividend | 0 | 0 | - | - | - |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Robinhood Markets, Inc.this co. | HOOD | $79.5B | 42.24↑ premium | 8.70 | 20.6% | 39.87 |
| The PNC Financial Services Group, Inc. | PNC | $91.2B | 13.87 | 1.51 | 10.9% | - |
| KKR & Co. Inc. | KKR | $89.0B | 37.55 | 3.14 | 8.4% | 12.45 |
| U.S. Bancorp | USB | $86.0B | 11.96 | 1.32 | 11.0% | - |
| Intercontinental Exchange, Inc. | ICE |
| - |
| - |
| - |
| - |
| - |
| - |
| $80.3B |
| 24.23 |
| 2.78 |
| 11.5% |
| 14.46 |
| Moody's Corporation | MCO | $78.5B | 31.91 | 19.35 | 60.7% | 21.44 |
| Marsh & McLennan Companies, Inc. | MRSH | $77.7B | 18.68 | 5.15 | 27.5% | 13.02 |
| Apollo Global Management, Inc. | APO | $74.0B | 21.20 | 3.37 | 15.9% | 8.04 |
| Aon plc | AON | $68.8B | 18.63 | 7.36 | 39.5% | 12.80 |
| Peer Median | - | 19.94 | 3.26 | 13.7% | 12.91 | |