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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 10-Q
______________________
(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025
OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________
Commission File Number: 001-40691
______________________

Robinhood Markets, Inc.
(Exact name of registrant as specified in its charter)
______________________

Delaware   46-4364776
(State or other jurisdiction of
incorporation or organization)   (IRS Employer
Identification No.)

85 Willow Rd
Menlo Park , CA 94025
(Address of principal executive offices, including zip code)
( 844 ) 428-5411
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered
Class A Common Stock - $0.0001 par value per share
HOOD The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   ☒  No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   ý  No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer   ý      Accelerated filer  o     Non-accelerated filer  o   Smaller reporting company  ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  o  No  ☒

As of October 30, 2025, the numbers of shares of the issuer’s Class A and Class B common stock outstanding were 786,356,025 and 112,832,844 .

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
PAGE
ITEM 1. Unaudited Financial Statements

Condensed Consolidated Balance Sheets
5

Condensed Consolidated Statements of Operations
6

Condensed Consolidated Statements of Comprehensive Income
7

Condensed Consolidated Statements of Cash Flows
8

Condensed Consolidated Statements of Stockholders’ Equity
10

Notes to Unaudited Condensed Consolidated Financial Statements

Note 1 - Description of Business and Summary of Significant Accounting Policies
12

Note 2 - Recent Accounting Pronouncements
13

Note 3 - Business Combinations
15

Note 4 - Goodwill and Intangible Assets
17

Note 5 - Revenues
19

Note 6 - Allowance for Credit Losses
21

Note 7 - Investments and Fair Value Measurement
22

Note 8 - Income Taxes
26

Note 9 - Securities Borrowing and Lending
26

Note 10 - Financing Activities and Off-Balance Sheet Risk
27

Note 11 - Common Stock and St ockholder s ’ Equity
30

Note 12 - Net Income per Share
34

Note 13 - Leases
35

Note 14 - Commitments & Contingencies
35

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
40

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
57

ITEM 4. Controls and Procedures
58

PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings
60

ITEM 1A. Risk Factors
61

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
124

ITEM 3. Defaults Upon Senior Securities
126

ITEM 4. Mine Safety Disclosures
126

ITEM 5. Other Information
126

ITEM 6. Exhibit Index
127

Signatures
128

1

CAUTIONARY NOTE REGARDING FORWARD‑LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Quarterly Report”) of Robinhood Markets, Inc. (“RHM” and, together with its subsidiaries, “we,” “us,” “Robinhood,” or the “Company”) contains forward-looking statements (as such phrase is used in the federal securities laws), which involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. This Quarterly Report includes, among others, forward-looking statements regarding:
• our expectations regarding legal and regulatory proceedings and investigations;
• our intent to continue expanding our operations outside of the United States;

• that we are continuously introducing new products and diversifying our services that further expand access to the financial system;

• our expectations regarding legislative developments and their impact on us, including with respect to the Digital Asset Market Clarity Act of 2025 (the “CLARITY Act”), and the Guiding and Establishing National Innovation for U.S. Stablecoins Act (“GENIUS Act”);

• our expectation that management will exclude Bitstamp Ltd. (“Bitstamp”) from its assessment of internal control over financial reporting for 2025;

• the Repurchase Program (as defined below) and our current expectations with respect to timing;

• our belief that, based on our current level of operations, our primary sources of liquidity will be adequate to meet our current liquidity needs for the next 12 months; and
• our expectations regarding applying for a license under the Digital Financial Assets Law (“DFAL”) in connection with our cryptocurrency trading operations in California.
Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this Quarterly Report. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others:
• our rapid and continuing expansion, including continuing to introduce new products and services on our platforms as well as geographic expansion;
• the difficulty of managing our business effectively, including the size of our workforce, and the risk of declining or negative growth;
• the fluctuations in our financial results and key metrics from quarter to quarter;
• our reliance on transaction-based revenue, including payment for order flow (“PFOF”), the risk of new regulation or bans on PFOF and similar practices, and the addition of our new fee-based model for cryptocurrency;
• our exposure to fluctuations in interest rates and rapidly changing interest rate environments;

2

Table of Contents

• the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all;
• the need to maintain capital levels required by regulators and self-regulatory organizations (“SROs”);
• the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions;
• the impact of negative publicity on our brand and reputation;
• the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business;
• our dependence on key employees and a skilled workforce;
• operational and regulatory risks and expenditures prior to and following closing of our acquisitions and investments;
• the difficulty of complying with an extensive, complex, and changing regulatory environment, the risk of monetary and other penalties for noncompliance, and the need to adjust our business model in response to new or modified laws and regulations;
• the possibility of adverse developments in pending litigation and regulatory investigations;
• the risk that the outcome of currently ongoing and potential future regulatory enforcement actions and litigation, as well as potential changes in federal or state law, could immediately or subsequently prevent us from offering, or continuing to offer, event contracts;
• the effects of competition;
• our need to innovate and acquire or invest in new products, services, technologies and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth;
• our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms;
• the risk of cybersecurity incidents, theft, data breaches, and other online attacks;
• the difficulty of processing customer data in compliance with privacy laws;
• our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures;
• the risks associated with incorporating artificial intelligence (“AI”) technologies into some of our products and processes;
• the regulation, litigation, contractual, operational, and reputational risks associated with our introduction of products such as Robinhood Stock Tokens in the European Economic Area (the “EEA”) and our staking services offered in the U.S.; and
• the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall.

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Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results is included in the section of this Quarterly Report titled “Risk Factors” and our other filings with the U.S. Securities and Exchange Commission (“SEC”), all of which are available on the SEC’s web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements are made as of the date we file this Quarterly Report, and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this Quarterly Report whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this Quarterly Report with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect.
We use the “Overview” tab of our Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom, (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC’s Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to our press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information. The contents of our websites are not intended to be incorporated by reference into this Quarterly Report or in any other report or document we file with the SEC, and any references to our websites are intended to be inactive textual references only.

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ROBINHOOD MARKETS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

December 31, September 30,
(in millions, except share and per share data) 2024 2025
Assets
Current assets:
Cash and cash equivalents $ 4,332   $ 4,331  
Cash, cash equivalents, and securities segregated under federal and other regulations 4,724   8,443  
Receivables from brokers, dealers, and clearing organizations 471   482  
Receivables from users, net 8,239   14,390  
Securities borrowed 3,236   6,607  
Deposits with clearing organizations 489   1,440  
User-held fractional shares 2,530   3,618  
Held-to-maturity investments 398   53  
Prepaid expenses 75   128  
Deferred customer match incentives 100   161  
Other current assets 509   326  
Total current assets 25,103   39,979  
Property, software, and equipment, net 139   150  
Goodwill 179   386  
Intangible assets, net 38   172  
Non-current deferred customer match incentives 195   360  
 Other non-current assets, including non-current prepaid expenses of $ 17 as of December 31, 2024 and $ 13 as of September 30, 2025
533   405  
Total assets $ 26,187   $ 41,452  
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses $ 397   $ 399  
Payables to users 7,448   12,317  
Securities loaned 7,463   15,666  
Fractional shares repurchase obligation 2,530   3,618  
Other current liabilities 266   762  
Total current liabilities 18,104   32,762  
Other non-current liabilities 111   123  
Total liabilities 18,215   32,885  
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock, $ 0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and September 30, 2025.
—   —  
Class A common stock, $ 0.0001 par value. 21,000,000,000 shares authorized, 764,903,997 shares issued and outstanding as of December 31, 2024; 21,000,000,000 shares authorized, 784,342,180 shares issued and outstanding as of September 30, 2025.
—   —  
Class B common stock, $ 0.0001 par value. 700,000,000 shares authorized, 119,588,986 shares issued and outstanding as of December 31, 2024; 700,000,000 shares authorized, 114,326,182 shares issued and outstanding as of September 30, 2025.
—   —  
Class C common stock, $ 0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and September 30, 2025.
—   —  
Additional paid-in capital 12,008   11,317  
Accumulated other comprehensive income (loss) ( 1 ) 7  
Accumulated deficit ( 4,035 ) ( 2,757 )
Total stockholders’ equity
7,972   8,567  
Total liabilities and stockholders’ equity $ 26,187   $ 41,452  

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

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ROBINHOOD MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended
 September 30, Nine Months Ended
 September 30,
(in millions, except share and per share data) 2024 2025 2024 2025
Revenues:
Transaction-based revenues $ 319   $ 730   $ 975   $ 1,852  
Net interest revenues 274   456   813   1,103  
Other revenues 44   88   149   235  
Total net revenues 637   1,274   1,937   3,190  

Operating expenses:
Brokerage and transaction 39   56   114   154  
Technology and development 205   237   610   665  
Operations 27   33   83   93  
Provision for credit losses 23   26   57   78  
Marketing 59   102   190   306  
General and administrative 133   185   385   450  
Total operating expenses 486   639   1,439   1,746  

Other income (loss), net 2   ( 1 ) 8   3  
Income before income taxes 153   634   506   1,447  
Provision for income taxes 3   78   11   169  
Net income $ 150   $ 556   $ 495   $ 1,278  
Net income attributable to common stockholders:
Basic $ 150   $ 556   $ 495   $ 1,278  
Diluted $ 150   $ 556   $ 495   $ 1,278  
Net income per share attributable to common stockholders:
Basic $ 0.17   $ 0.63   $ 0.56   $ 1.44  
Diluted $ 0.17   $ 0.61   $ 0.55   $ 1.39  
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic 884,108,545   889,261,220   880,182,573   885,346,564  
Diluted 905,544,750   917,940,660   903,555,592   918,606,063  

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

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ROBINHOOD MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended
 September 30, Nine Months Ended
 September 30,
(in millions) 2024 2025 2024 2025
Net income $ 150   $ 556   $ 495   $ 1,278  
Other comprehensive income, net of tax:
Foreign currency translation 1   —   1   8  
Reclassification adjustment for net gains included in net income
—   —   3   —  
Total other comprehensive income, net of tax 1   —   4   8  
Total comprehensive income $ 151   $ 556   $ 499   $ 1,286  

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

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ROBINHOOD MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

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

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ROBINHOOD MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
Cash and cash equivalents, end of the period $ 4,611   $ 4,331  
Segregated cash and cash equivalents, end of the period 5,547   6,853  
Restricted cash in other current assets, end of the period 67   68  
Restricted cash in other non-current assets, end of the period 16   17  
Cash, cash equivalents, segregated cash and restricted cash, end of the period $ 10,241   $ 11,269  
Supplemental disclosures:
Cash paid for interest $ 12   $ 20  
Cash paid for income taxes, net of refund received $ 14   $ 83  

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

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ROBINHOOD MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

    

Common stock (1)
Additional
paid-in
capital Accumulated other comprehensive income Accumulated deficit Total stockholders’
equity
(in millions, except for number of shares) Shares Amount
Balance as of June 30, 2024 884,545,769   $ —   $ 12,223   $ —   $ ( 5,101 ) $ 7,122  
Net income —  —  —  —  150   150  
Issuance of common stock in connection with stock option exercises 412,471   —  2   —  —  2  
Issuance of common stock upon settlement of restricted stock units, net of shares withheld 3,662,963   —  ( 56 ) —  —  ( 56 )
Repurchase and retirement of Class A common stock ( 5,012,195 ) —  ( 97 ) —  —  ( 97 )
Change in other comprehensive income —  —  —  1   —  1  
Share-based compensation —  —  86   —  —  86  
Balance as of September 30, 2024 883,609,008   $ —   $ 12,158   $ 1   $ ( 4,951 ) $ 7,208  

Common stock (1)
Additional
paid-in
capital Accumulated other comprehensive income Accumulated deficit Total stockholders’
equity
(in millions, except for number of shares) Shares Amount
Balance as of June 30, 2025 888,217,555   $ —   $ 11,378   $ 7   $ ( 3,313 ) $ 8,072  
Net income —  —  —  —  556   556  
Issuance of common stock in connection with stock option exercises 693,801   —  3   —  —  3  
Issuance of common stock in connection with warrants exercises, net of shares withheld 1,275,077   —  —  —  —  — 
Issuance of common stock upon settlement of restricted stock units, net of shares withheld 9,498,638   —  ( 41 ) —  —  ( 41 )
Repurchase and retirement of Class A common stock ( 1,016,709 ) —  ( 107 ) —  —  ( 107 )

Share-based compensation —  —  84   —  —  84  
Balance as of September 30, 2025 898,668,362   $ —   $ 11,317   $ 7   $ ( 2,757 ) $ 8,567  

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

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ROBINHOOD MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

Common stock (1)
Additional
paid-in
capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders’
equity
(in millions, except for number of shares) Shares Amount
Balance as of December 31, 2023 872,162,664   $ —   $ 12,145   $ ( 3 ) $ ( 5,446 ) $ 6,696  
Net income —  —  —  —  495   495  
Issuance of common stock in connection with stock option exercises 2,237,944   —  10   —  —  10  
Issuance of common stock in connection with Employee Share Purchase Plan 1,555,893   —  10   —  —  10  
Issuance of common stock upon settlement of restricted stock units, net of shares withheld 12,664,702   —  ( 155 ) —  —  ( 155 )
Repurchase and retirement of Class A common stock ( 5,012,195 ) —  ( 97 ) —  —  ( 97 )
Change in other comprehensive income —  —  —  4   —  4  
Share-based compensation —  —  245   —  —  245  
Balance as of September 30, 2024 883,609,008   $ —   $ 12,158   $ 1   $ ( 4,951 ) $ 7,208  

Common stock (1)
Additional
paid-in
capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders’
equity
(in millions, except for number of shares) Shares Amount
Balance as of December 31, 2024 884,492,983   $ —   $ 12,008   $ ( 1 ) $ ( 4,035 ) $ 7,972  
Net income —  —  —  —  1,278   1,278  
Issuance of common stock in connection with stock option exercises 3,765,653   —  14   —  —  14  
Issuance of common stock in connection with warrants exercises, net of shares withheld 2,526,819   —  —  —  —  — 
Issuance of common stock in connection with Employee Share Purchase Plan 553,712   —  15   —  —  15  
Issuance of common stock in connection with business combination 2,049,711   —  —  —  —  — 
Issuance of common stock upon settlement of restricted stock units, net of shares withheld 16,466,317   —  ( 413 ) —  —  ( 413 )
Repurchase and retirement of Class A common stock ( 11,186,833 ) —  ( 553 ) —  —  ( 553 )
Change in other comprehensive income —  —  —  8   —  8  
Share-based compensation —  —  246   —  —  246  
Balance as of September 30, 2025 898,668,362   $ —   $ 11,317   $ 7   $ ( 2,757 ) $ 8,567  

_______________
(1) The share amounts listed above combine Class A common stock and Class B common stock.

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

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ROBINHOOD MARKETS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 1: DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Robinhood was founded in 2013 and our mission is to democratize finance for all. Our platforms enable customers to buy, sell, and trade equities, options, and futures, as well as buy, sell, and transfer cryptocurrencies. We are also responsible for the custody of user-held cryptocurrencies. In addition, we offer credit cards with certain rewards offerings, as well as a cash card and spending account that help our customers in investing, saving, and earning rewards.

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

Acting as the agent of the user, we facilitate the purchase and sale of options, cryptocurrencies, equities, and futures through our platforms. Options, cryptocurrencies, and equities transactions are routed through market makers or exchanges, who are responsible for trade execution. For certain cryptocurrency transactions, we match user orders using an industry-standard matching engine. Upon execution of a trade, users are legally required to purchase options, cryptocurrencies, or equities for cash from the transaction counterparty or to sell options, cryptocurrencies, or equities for cash to the transaction counterparty, depending on the transaction. For futures, users are legally obligated to buy or sell the underlying asset at a specified future date, with the price determined at the time of trade execution. We facilitate and confirm trades only when there are binding, matched legal obligations from the user and the market maker on both sides of the trade. Our users have ownership of the securities they transact on our platforms, including those that collateralize margin loans, and, as a result, such securities are not presented on our unaudited condensed consolidated balance sheets, other than user-held fractional shares which are presented gross. Our users also have ownership of the cryptocurrencies they transact on our platforms (none of which are allowed to be purchased on margin and which do not serve as collateral for margin loans), and, as a result, user-held cryptocurrencies are not presented on our unaudited condensed consolidated balance sheets.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the SEC for interim financial reporting. The condensed consolidated financial statements are unaudited, and in management’s opinion, include all adjustments, including normal recurring adjustments and accruals necessary for a fair presentation of the results for the interim periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2025 or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”).
There have been no material changes in our significant accounting policies as described in our audited consolidated financial statements included in our 2024 Form 10-K, other than as disclosed below. The unaudited condensed consolidated financial statements include the accounts of RHM and its wholly-owned direct and indirect subsidiaries. All intercompany balances and transactions have been eliminated.

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Certain reclassifications have been made to prior period amounts to conform to the current period’s presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited condensed consolidated financial statements taken as a whole and had no impact on previously reported total assets, total liabilities and net income.
Use of Estimates
The preparation of unaudited condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. We base our estimates on historical experience, and other assumptions we believe to be reasonable under the circumstances. Assumptions and estimates used in preparing our unaudited condensed consolidated financial statements include, but are not limited to, those related to revenue recognition, share-based compensation (“SBC”), the determination of allowances for credit losses, investment valuation, capitalization of internally developed software, useful lives of property, software, and equipment, valuation and useful lives of intangible assets, valuation of reporting units in assessing goodwill for impairment, incremental borrowing rate used to calculate operating lease right-of-use assets and related liabilities, impairment of long-lived assets, uncertain tax positions, realizability of deferred tax assets, accrued and contingent liabilities. Actual results could differ from these estimates and could have a material adverse effect on our operating results.
Concentrations of Revenue and Credit Risk
Concentrations of Revenue
We derived transaction-based revenues from individual market makers and exchanges in excess of 10% of total revenues, as follows:

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

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

NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS
Recently Adopted Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09, “Income taxes (Topic 740): Improvements to Income Taxes Disclosures.” This guidance

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requires annual disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We adopted this guidance effective January 1, 2025 on a prospective basis. The adoption of this guidance did not have a material impact on our unaudited condensed consolidated financial statements and related disclosures.
Recently Issued Accounting Pronouncements Not Yet Adopted
In October 2023, the FASB issued Accounting Standards Update 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” The amendments will impact various disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. The amendments in this guidance will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. We are currently evaluating the impacts of the amendments on our consolidated financial statements.
In March 2024, the SEC adopted final rules under SEC Release No. 34-99678 and No. 33-11275, “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (the “Final Rules”), which requires registrants to provide certain climate-related information in their registration statements and annual reports. The Final Rules require, among other things, disclosure in the notes to the audited financial statements of the effects of severe weather events and other natural conditions, subject to certain thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates in certain circumstances. The disclosure requirements of the Final Rules were to begin phasing in for annual periods beginning in fiscal year 2025. In April 2024, the SEC stayed the effectiveness of the Final Rules and in March 2025 the SEC voted to end its defense of the climate disclosure rules. We continue to monitor the status of the Final Rules and evaluate the potential impact of the Final Rules.
In November 2024, the FASB issued Accounting Standards Update 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40).” This guidance requires additional disclosures about certain amounts included in the expense captions presented on the statement of operations as well as disclosures about selling expenses. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The guidance can either be applied prospectively or retrospectively. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and related disclosures.
In July 2025, the FASB issued Accounting Standards Update 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This guidance provides entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers, by allowing the assumption that current conditions as of the balance sheet date do not change for the remaining life of the asset. This guidance is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impacts of the amendments on our consolidated financial statements.
In September 2025, the FASB issued Accounting Standards Update 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” This guidance simplifies the capitalization guidance for internal-use software costs by removing all references to prescriptive and sequential software development stages under Subtopic 350-40. This guidance is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The

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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.

NOTE 3: BUSINESS COMBINATIONS
Acquisition of TradePMR
On February 26, 2025, we acquired all of the outstanding equity of TradePMR, a custodial and portfolio management platform for RIAs. The acquisition of TradePMR allows us to deliver investment advisory capabilities to customers by bringing in a scaled RIA custodial and portfolio management platform that connects financial advisors to a new generation of investors.
The acquisition date fair value of the consideration transferred for TradePMR was approximately $ 175  million following customary purchase price adjustments and was entirely paid in cash. The post-close compensation consisted of 2,049,711 unvested shares of the Company’s Class A common stock, valued at approximately $ 100  million as of the closing date of the acquisition, which will vest over a four-year period post-acquisition, subject to the terms of a vesting agreement. Shares of unvested restricted stock have the same voting rights as all other Class A common stock and are considered to be issued and outstanding. These shares are not part of the equity incentive plans described in Note 11 - Common Stock and Stockholders’ Equity.
The purchase price allocation is based on a preliminary valuation and subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available, including certain tax matters, during the measurement period (up to one year from the acquisition date). The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition:

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

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

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on management’s estimates and assumptions at the time of acquisition. Tangible net assets were valued at their respective carrying amounts as of the acquisition date, as these amounts approximated fair value.
The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:

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

The overall weighted average useful life of the identified amortizable intangible assets acquired is 9.76 years. The estimated fair value of the intangible assets acquired approximate the amounts a market participant would pay for these intangible assets as of the acquisition date. We used a multi-period excess earnings method to estimate the fair value of customer relationships and the relief from royalty method to estimate the fair value of developed technology and trade name.
Pro forma results of operations for TradePMR have not been presented as the effect of this acquisition was not material to our consolidated financial statements.
Acquisition of Bitstamp
On June 2, 2025, we acquired all outstanding equity of Bitstamp, a globally-scaled cryptocurrency exchange with retail and institutional customers. This acquisition of Bitstamp accelerates our expansion worldwide, including across the European Union (“EU”), the United Kingdom (“U.K.”), and Asia. The acquisition date fair value of the consideration transferred for Bitstamp was approximately $ 224  million following customary purchase price adjustments and was entirely paid in cash.
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 $ 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  

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During the third quarter of 2025, we recorded measurement period adjustments that resulted in a $ 2  million increase to goodwill, primarily related to adjustments to developed technology, based on facts and circumstances as of the acquisition date.
The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill, which is not deductible for tax purposes. Goodwill is primarily attributed to the assembled workforce of Bitstamp and anticipated operational synergies. The fair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions at the time of acquisition. Tangible net assets were valued at their respective carrying amounts as of the acquisition date, as these amounts approximated fair value.
The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:

(in millions, except years)
Fair Value Useful Life
Developed technology
$ 39   6
Licenses
21   N/A

Customer relationships 5   18
Other
4   N/A

Trade name 1   2
Total $ 70  

The overall weighted average useful life of the identified amortizable intangible assets acquired is 7.08 years. The estimated fair value of the intangible assets acquired approximate the amounts a market participant would pay for these intangible assets as of the acquisition date. We used a multi-period excess earnings method to estimate the fair value of developed technology, the distributor method to estimate the fair value of customer relationships, the cost approach to estimate the fair value of licenses, and the relief from royalty method to estimate the fair value of trade names.
Pro forma results of operations for Bitstamp have not been presented as the effect of this acquisition was not material to our consolidated financial statements.
Pending Acquisition of WonderFi
On May 12, 2025, we entered into an agreement to acquire all outstanding equity of WonderFi, a Canadian leader in digital asset products and services, for Canadian dollars (“C$”) C$ 0.36 per share, representing a total equity value of approximately $ 180 million. The pending acquisition is subject to customary closing conditions, including regulatory approvals.

NOTE 4: GOODWILL AND INTANGIBLE ASSETS
Goodwill
The carrying amount of goodwill for the period indicated was as follows:

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

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There was no impairment of goodwill during the nine months ended September 30, 2025.
Intangible Assets
The components of intangible assets, net as of September 30, 2025 were as follows:

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

Foreign currency translation adjustment
1   —  1   N/A
Total $ 199   $ ( 27 ) $ 172  

Amortization expense of intangible assets was $ 6 million and $ 16 million for the three and nine months ended September 30, 2025. There was an immaterial impairment of intangible assets during the three and nine months ended September 30, 2025.
As of September 30, 2025, the estimated future amortization expense of finite-lived intangible assets was as follows:

(in millions)
Finite-lived Intangible Assets

Remainder of 2025 $ 7  
2026 26  
2027 23  
2028 19  
2029 18  
Thereafter 45  
Total $ 138  

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NOTE 5: REVENUES
Disaggregation of Revenues
The following table presents our revenues disaggregated by revenue source:

Three Months Ended
September 30, Nine Months Ended
 September 30,
(in millions) 2024 2025 2024 2025
Transaction-based revenues:
Options $ 202 $ 304 $ 538 $ 809
Cryptocurrencies 61 268 268 680
Equities 37 86 116 208
Other 19 72 53 155
Total transaction-based revenues 319 730 975 1,852

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

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

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

Fully-Paid Securities Lending

For our fully-paid securities lending program under which we borrow fully-paid shares from participating users and lend them to third parties (“Fully-Paid Securities Lending”), we earn revenue for lending certain securities based on demand for those securities and portions of such revenues are paid to

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participating users, and those payments are recorded as interest expense. The following table presents interest revenue earned and interest expense paid from Fully-Paid Securities Lending:

Three Months Ended
September 30, Nine Months Ended
 September 30,
(in millions) 2024 2025 2024 2025
Interest revenue $ 20   $ 52   $ 60   $ 116  
Interest expense ( 3 ) ( 8 ) ( 9 ) ( 18 )
Fully-Paid Securities Lending, net $ 17   $ 44   $ 51   $ 98  

Contract Balances
Contract receivables are recognized when we have an unconditional right to invoice and receive payment under a contract and are derecognized when cash is received. Transaction-based revenue receivables due from market makers are reported in receivables from brokers, dealers, and clearing organizations while other revenue receivables related to proxy revenues due from issuers are reported in other current assets on the unaudited condensed consolidated balance sheets.
As of September 30, 2025, contract liabilities include $ 37  million of unearned Robinhood Gold subscription revenue, recognized when users remit cash payments in advance of the time we satisfy our performance obligations. The unearned subscription revenue was recorded as other current liabilities on the unaudited condensed consolidated balance sheets. Contract liabilities also include $ 19  million of TradePMR performance obligations acquired as part of the TradePMR acquisition, with $ 8  million recorded in other current liabilities and $ 11  million in other non-current liabilities which was recorded on the unaudited condensed consolidated balance sheets. This liability represents consideration received in advance of satisfying the related performance obligations and is subject to repayment if certain contractual conditions are not met.

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

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

The difference between the opening and ending balances of our contract receivables was primarily driven by lower cryptocurrency transaction-based revenues due to decreased trading volumes and timing differences between our performance and counterparty payments, partially offset by higher options and equities transaction-based revenues.
The difference between the opening and ending balances of our contract liabilities was primarily driven by an increase in Robinhood Gold Subscribers, an increase in TradePMR performance obligations, and timing differences between our performance and customer billing.

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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 unaudited condensed consolidated balance sheet:

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

Allowance for Credit Losses - Credit Card Related
We have two types of allowance for credit losses related to credit cards: i) an allowance related to off-balance sheet credit card receivables, shown as part of accounts payable and accrued expenses on the unaudited condensed consolidated balance sheet, and ii) an allowance related to purchased credit card receivables and interest receivable from customers, included in receivables from users, net on the unaudited condensed consolidated balance sheet.

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

Three Months Ended
September 30, Nine Months Ended
 September 30,
(in millions)
2024 2025 2024 2025
Beginning balance $ 34   $ 40   $ 32   $ 40  
Provision for credit losses 11   8   30   22  
Payments to Coastal Bank ( 8 ) ( 7 ) ( 26 ) ( 22 )
Recoveries 1   —   2   1  
Ending balance $ 38   $ 41   $ 38   $ 41  

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

Three Months Ended
September 30, Nine Months Ended
 September 30,
(in millions)
2024 2025 2024 2025
Beginning balance $ 3   $ 24   $ 1   $ 11  
Provision for credit losses 6   15   11   33  
Write-offs
( 1 ) ( 5 ) ( 4 ) ( 10 )
Recoveries —   2   $ —   $ 2  
Ending balance $ 8   $ 36   $ 8   $ 36  

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

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

(in millions, except for percentages)
December 31, 2024
Aging of receivables

Current <90 Days ≥ 90 days Total Past due receivables Total Receivables
On-balance sheet
$ 186 $ 2 $ 1 $ 3 $ 189
Off-balance sheet
177 15 10 25 202
Total credit card loans $ 363 $ 17 $ 11 $ 28 $ 391
% of Total loans 93   % 4   % 3   % 7   % 100   %

(in millions, except for percentages)
September 30, 2025
Aging of receivables

Current <90 Days ≥ 90 days Total Past due receivables Total Receivables
On-balance sheet
$ 517 $ 14 $ 4 $ 18 $ 535
Off-balance sheet
184 15 8 23 207
Total credit card loans $ 701 $ 29 $ 12 $ 41 $ 742
% of Total loans 94   % 4   % 2   % 6   % 100   %

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

December 31, September 30,
(in millions, except FICO scores)
2024 % of Total loans
2025 % of Total loans

Below 640 $ 64   16   % $ 109   15   %
640-690 100   26   % 190   26   %
Greater than 690 227   58   % 443   59   %
Total credit card loans $ 391   100   % $ 742   100   %

NOTE 7: INVESTMENTS AND FAIR VALUE MEASUREMENT
Investments
Available-for-sale
As of December 31, 2024, we had $ 750  million of available-for-sale time deposits classified as cash equivalents on the unaudited condensed consolidated balance sheets. As of September 30, 2025, we had no available-for-sale time deposits. These investments had a maturity of three months or less at the time of purchase, and an aggregate market value equal to amortized cost. Refer to Fair Value of Financial Instruments below for further details.

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

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

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

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

There were no sales of held-to-maturity investments during the three and nine months ended September 30, 2025.
The table below presents the amortized cost and fair value of held-to-maturity investments by contractual maturity:

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

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

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

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

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

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

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

December 31, 2024
(in millions) Level 1 Level 2 Level 3 Total
Assets
Cash equivalents:
Time deposits $ —   $ 750   $ —   $ 750  
Money market funds 53   —   —   53  
Cash, cash equivalents, and securities segregated under federal and other regulations:
U.S. Treasury securities
1,193   —   —   1,193  
Other current assets:
Stablecoin 361   —   —   361  
Equity securities - securities owned 15   —   —   15  
Other non-current assets:
Money market funds - escrow account 2   —   —   2  
User-held fractional shares 2,530   —   —   2,530  
Total financial assets $ 4,154   $ 750   $ —   $ 4,904  

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

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

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

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

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

____________________________
(1) As of September 30, 2025, $ 697 million of our U.S. Treasury securities are pledged to a clearing organization to meet margin requirements for our securities lending program and $ 1 million of our U.S. Treasury securities are deposited with an exchange to enable the execution, clearing, and settlement of event contracts.
The fair value for certain financial instruments that are not required to be measured or reported at fair value was presented on our unaudited condensed consolidated balance sheets as follows:

December 31, 2024
(in millions) Level 1 Level 2 Level 3 Total
Assets
Held-to-maturity investments:
U.S. Treasury securities $ 338   $ —   $ —   $ 338  
Corporate debt securities —   51   —   51  
U.S. government agency securities —   10   —   10  
Total held-to-maturity investments $ 338   $ 61   $ —   $ 399  

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

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

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The fair values used for held-to-maturity investments are obtained from an independent pricing service and represent fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, relevant yield curves, credit spreads and prices from market makers and live trading systems. Management reviews the valuation methodology and quality controls utilized by the pricing services in management ’ s overall assessment of the reasonableness of the fair values provided.
During the nine months ended September 30, 2025, we did not have any transfers in or out of Level 3 assets or liabilities.

NOTE 8: INCOME TAXES

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

Our tax provision for interim periods is determined using an estimated annual effective tax rate (“ETR”), adjusted for discrete items arising in the period. In each quarter, we update our estimated annual ETR and make a year-to-date calculation of the provision.
For the three and nine months ended September 30, 2024, the ETR was lower than the U.S. federal statutory rate primarily due to the full valuation allowance on our U.S. federal and state deferred tax assets offset by current taxes payable. For the three and nine months ended September 30, 2025, the ETR was lower than the U.S. federal statutory rate primarily due to excess tax benefits from SBC.
The realization of tax benefits of net deferred assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence for the nine months ended September 30, 2025, we believe it is more likely than not that the tax benefits of our California, certain other U.S. states and certain foreign net deferred tax assets may not be realized until sufficient positive evidence exists to support reversal of the valuation allowance.

NOTE 9: SECURITIES BORROWING AND LENDING
Our securities lending transactions are subject to enforceable master netting arrangements with other broker-dealers; however, we do not net securities borrowing and lending transactions. Therefore, activity related to securities borrowing and lending activities are presented gross on our unaudited condensed consolidated balance sheets.
When we borrow securities from users participating in the Fully-Paid Securities Lending program or from third parties, we provide cash collateral to our users and third parties, which is recorded on our consolidated balance sheets as “securities borrowed”, an asset, representing our rights to the return of that collateral. When we lend securities to third parties, we receive cash as collateral, which is recorded on our consolidated balance sheets as “securities loaned”, a liability, representing our obligation to return the collateral.

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

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

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

We obtain securities on terms that permit us to pledge and/or transfer securities to others. As of December 31, 2024 and September 30, 2025, we were permitted to re-pledge securities with a fair value of $ 11.04 billion and $ 19.74 billion under margin account agreements with users. As of December 31, 2024, we were permitted to re-pledge securities with a fair value of an immaterial balance that we borrowed under the master securities loan agreements (“MSLAs”) with third parties. As of September 30, 2025, there were no securities re-pledged from borrowing under MSLAs with third parties. Under the Fully-Paid Securities Lending program, as of December 31, 2024 and September 30, 2025, we were permitted to borrow securities with a fair value of $ 38.70 billion and $ 68.76 billion including securities with a fair value of $ 3.12  billion and $ 6.47  billion that we had borrowed from users.
As of December 31, 2024 and September 30, 2025, we had re-pledged securities with a fair value of $ 6.89  billion and $ 14.96 billion, in each case under MSLAs and fixed-term securities lending agreements with third parties. In addition, as of December 31, 2024 and September 30, 2025, we had re-pledged $ 1.60  billion and $ 2.85  billion of the permitted amounts under the margin account agreements with clearing organizations to meet deposit requirements.     

NOTE 10: FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK
Revolving Credit Facilities
RHM March 2025 Credit Agreement
On March 21, 2025, RHM entered into the Third Amended and Restated Credit Agreement with a syndicate of banks, as amended by the First Amendment, dated as of October 15, 2025 (the “RHM

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March 2025 Credit Agreement”), amending and restating the unsecured revolving line of credit entered into in March 2024 (refer to Note 12 - Financing Activities and Off-Balance Sheet Risk, of the 2024 Form 10-K for more information). The RHM March 2025 Credit Agreement has an initial commitment of $ 1  billion with a maturity date of March 21, 2028. Under circumstances described in the RHM March 2025 Credit Agreement, the aggregate commitments may be increased from time to time by up to $ 250  million in the aggregate (the “Accordion”), for a total commitment of up to $ 1.25  billion. On June 12, 2025, we increased the commitment from $ 1  billion to $ 1.125  billion pursuant to the Accordion and as a result reduced the available incremental commitment available pursuant to the Accordion by a corresponding amount. Borrowings under the RHM March 2025 Credit Agreement will bear interest at a rate per annum equal to the Alternate Base Rate or Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus an applicable margin rate of 1.50 %. For purposes of the RHM March 2025 Credit Agreement, the Alternate Base Rate is the greatest of (i) the prime rate then in effect, (ii) the Federal Reserve Bank of New York rate then in effect plus 0.5 % and (iii) the Adjusted Term SOFR for a one month interest period plus 1.0 %. The Adjusted Term SOFR Rate is equal to the Term SOFR, published by the Term SOFR Administrator, plus the Term SOFR Adjustment. The Term SOFR Adjustment is 0.10 %. If the Adjusted Term SOFR Rate is less than the floor of 0 %, such rate shall be deemed to be equal to the floor. RHM is obligated to pay a commitment fee calculated at a per annum rate equal to 0.25 % on any unused amount of the RHM March 2025 Credit Agreement.
Robinhood Securities, LLC (“RHS”) March 2025 Credit Agreement
On March 21, 2025, RHS, our wholly-owned subsidiary, entered into the Fourth Amended and Restated Credit Agreement (the “RHS March 2025 Credit Agreement”) among RHS, as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, amending and restating the $ 2.25  billion 364-day senior secured revolving credit facility entered into in March 2024 (refer to Note 12 - Financing Activities and Off-Balance Sheet Risk, of the 2024 Form 10-K for more information).
The RHS March 2025 Credit Agreement provides for a 364-day senior secured revolving credit facility with a total commitment of $ 2.65  billion. Under circumstances described in the RHS March 2025 Credit Agreement, the aggregate commitments may be increased by up to $ 1.325  billion via an accordion feature, for a total commitment of $ 3.975  billion. Borrowings under the credit facility must be specified to be Tranche A, Tranche B, Tranche C or a combination thereof, with each tranche being secured by different assets of RHS as set forth in the RHS March 2025 Credit Agreement. Borrowings under the RHS March 2025 Credit Agreement will bear interest at a rate per annum equal to the greatest of (i) Daily Simple SOFR (as defined in the RHS March 2025 Credit Agreement) plus 0.10 % , (ii) the Federal Funds Effective Rate (as defined in the RHS March 2025 Credit Agreement) and (iii) the Overnight Bank Funding Rate (as defined in the RHS March 2025 Credit Agreement), in each case, as of the day the loan is initiated, plus an applicable margin rate. The applicable margin rate is 1.25 % for Tranche A loans and 2.50 % for Tranche B and Tranche C loans. Undrawn commitments will accrue commitment fees at a rate per annum equal to 0.50 %.
The RHS March 2025 Credit Agreement requires RHS to maintain a minimum consolidated tangible net worth and a minimum excess net capital, and subjects RHS to a specified limit on minimum net capital to aggregate debit items. In addition, the RHS March 2025 Credit Agreement contains certain customary affirmative and negative covenants, including limitations with respect to debt, liens, fundamental changes, asset sales, restricted payments, investments and transactions with affiliates, subject to certain exceptions. Amounts due under the RHS March 2025 Credit Agreement may be accelerated upon an “event of default,” as defined in the RHS March 2025 Credit Agreement, such as failure to pay amounts owed thereunder when due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject in some cases to cure periods.
As of December 31, 2024 and September 30, 2025, there were no borrowings outstanding and we were in compliance with all covenants, as applicable, under our revolving credit facilities.

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Credit Card Funding Trust
Under terms of the Coastal Community Bank (“Coastal Bank”) Program Agreement (discussed below), Robinhood Credit Inc. (“Robinhood Credit”) has the ability to purchase credit card receivables originated and held for a period of time by Coastal Bank. Robinhood Credit continues to earn interest from customers and uses these purchased credit card receivables as collateral under a trust structure to access debt financing in the ordinary course of business. To help facilitate these transactions, we created a variable interest entity known as the Credit Card Funding Trust (the “Trust”).
We are the primary beneficiary of the Trust as, through our role as the servicer and administrator, we have the power to direct the activities that most significantly affect the Trust’s economic performance and, due to owning all the equity interest in the Trust, have the right to receive benefits or the obligation to absorb losses. As such, we consolidate the Trust in the unaudited condensed consolidated financial statements. Substantially all of the Trust’s assets and liabilities are the purchased credit card receivables, included in receivables from users, net, and the outstanding borrowing, included in other current liabilities, on the unaudited condensed consolidated balance sheets.
Our exposure to losses in the Trust is limited to the carrying value of net assets held by the Trust, including expected credit losses related to the purchased credit card receivables (Refer to Note 6 - Allowance for Credit Losses). For the Trust, the creditors have no recourse to our general credit and the liabilities of the Trust can only be settled by the Trust’s assets. Additionally, the assets of the Trust can only be used to settle obligations of the Trust.
As of September 30, 2025, the Trust had three arrangements in place: (1) to borrow up to $ 200  million from Barclays Bank (“Barclays”), (2) to borrow up to $ 150  million from Silicon Valley Bank (“SVB”), which was amended on September 26, 2025 to decrease the borrowing capacity and the pricing, and (3) to borrow up to $ 300  million from Wells Fargo Bank (“WF”), which was a new borrowing agreement entered into on August 1, 2025.
Under the Barclays arrangement, the Trust may borrow, repay, and re-borrow up to a committed amount of $ 200  million during the revolving period, which ends in November 2026. During this period, borrowings bear interest at Barclays’ commercial paper rate plus 1.75 % and undrawn amounts accrue an undrawn fee at rates between 0.25 % and 0.35 %, depending on utilization. After the revolving period ends, the facility enters an amortization period during which no new borrowings are permitted, and the Trust repays the outstanding balance. The interest margin increases during this amortization phase.
Under the SVB arrangement, the Trust may borrow, repay, and re-borrow up to a committed amount of $ 150  million during the revolving period, which ends in April 2027. During this period, borrowings bear interest at a rate equal to the Term SOFR plus 1.5 %, and undrawn amounts accrue at a rate of 0.25 %.
Under the WF arrangement, the Trust may borrow, repay and re-borrow up to a committed amount of $ 300  million during the revolving period, which ends in August 2028. During this period, borrowings bear interest at a rate equal to the Daily Simple SOFR plus 1.4 %. After the revolving period ends, the facility enters a controlled amortization period where interest increases to a rate equal to the Daily Simple SOFR plus 2.0 %, and undrawn amounts accrue an undrawn fee at rates between 0.275 % and 0.325 %, depending on utilization.
As of December 31, 2024, the weighted average interest rate of the SVB and Barclays arrangements was 7.81 %. As of September 30, 2025, the weighted average interest rate of the SVB, Barclays, and WF arrangements was 6.45 %. As of December 31, 2024 and during the three and nine months ended September 30, 2025, the Trust purchased $ 748  million, $ 1.4  billion and $ 2.9  billion of credit card receivables. As of December 31, 2024 and September 30, 2025, the carrying value of purchased credit card receivables that had not been collected, net of provision for credit losses, was $ 179  million and $ 501  million, and the outstanding balance of borrowing principal and interest was $ 131  million and $ 378  million. For the three and nine months ended September 30, 2024, the net interest revenue of the

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Trust was immaterial . For the three and nine months ended September 30, 2025, the net interest revenue of the Trust was $ 14 million and $ 26 million.

Off-Balance Sheet Risk
Coastal Bank Program Agreement
Under a program agreement between us and Coastal Bank (the “Program Agreement”) most recently amended in November 2023, Coastal Bank may fund up to $ 300  million of credit card receivables. Robinhood Credit pays Coastal Bank interest based on the average balance of advances during the month at the federal funds rate plus a margin of 3.75 % on the first $ 150  million and 3.00 % on such amounts in excess of $ 150  million.

The credit card receivables and the funding from Coastal Bank are off-balance sheet, considering Coastal Bank is the legal lender and originator, the party to which the customer has a creditor-borrower relationship, and the legal owner of the receivables. As of September 30, 2025, the off-balance sheet credit card receivables funded under the Program Agreement was $ 207 million.

Transaction Settlement

In the normal course of business, we engage in activities involving settlement and financing of securities transactions. User securities transactions are recorded on a settlement date basis. Effective May 2024, the settlement date for equities has been shortened from two business days after the trade date to one business day after the trade date, while the settlement date for options remains unchanged at one business day after the trade date. These activities may expose us to off-balance sheet risk in the event that the other party to the transaction is unable to fulfill its contractual obligations. In such events, we may be required to purchase financial instruments at prevailing market prices in order to fulfill our obligations.
Cryptocurrency Held in Custody on Behalf of Users

We hold cryptocurrencies in custody on behalf of our users which includes staked assets on our platform, totaling $ 35.2  billion and $ 51.8  billion at fair value at December 31, 2024 and September 30, 2025, and these assets were not recorded on our unaudited condensed consolidated balance sheets. The fair value was determined based on observed market pricing representing the last price executed for trades of each cryptocurrency at period ends. We also considered whether a liability representing anticipated losses from crypto assets which we hold in custody on behalf of users should be recognized and determined the likelihood of such losses was remote. As such, we did not record a liability at December 31, 2024 and September 30, 2025.

NOTE 11: COMMON STOCK AND STOCKHOLDERS’ EQUITY
Preferred Stock
As of September 30, 2025, no terms of the preferred stock were designated and no shares of preferred stock were outstanding.
Common Stock
We have three authorized classes of common stock: Class A, Class B, and Class C. Holders of our Class A common stock are entitled to one vote per share on all matters to be voted upon by our stockholders, holders of our Class B common stock are entitled to 10 votes per share on all matters to be voted upon by our stockholders and, except as otherwise required by applicable law, holders of our Class C common stock are not entitled to vote on any matter to be voted upon by our stockholders. The holders

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of our Class A common stock and Class B common stock vote together as a single class, unless otherwise required by our Amended and Restated Certificate of Incorporation (our “Charter”) or applicable law.
Warrants
As of September 30, 2025, we had outstanding warrants with a strike price of $ 26.60 that can be exercised to purchase 9.09 million shares of Class A common stock. The warrants expire on February 12, 2031 and can be exercised with cash or net shares settled at the holder’s option. As of September 30, 2025, 3.78  million warrants had been exercised via net settlement, resulting in 2.53 million shares of Class A common stock issued, and the maximum purchase amount of all remaining outstanding warrants was $ 242  million.
Share Repurchase Program
On May 28, 2024, we announced that our board of directors approved a share repurchase program (the “Repurchase Program”) authorizing the Company to repurchase up to $ 1  billion of its outstanding Class A common stock. On April 30, 2025, we announced that our board of directors has authorized an additional $ 500  million, bringing the Repurchase Program authorization to a total of $ 1.5  billion. While the Repurchase Program does not have an expiration date, we expect to execute over the next roughly two years with flexibility to accelerate if market conditions warrant. The timing and amount of repurchase transactions will be determined by us from time to time at our discretion based on our evaluation of market conditions, share price, and other factors. Repurchase transactions may be made using a variety of methods, such as open market share repurchases, including the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, or other financial arrangements or transactions. The Repurchase Program does not obligate us to acquire any particular amount of Class A common stock and the Repurchase Program may be suspended or discontinued at any time at our discretion. All shares repurchased will be subsequently retired. For the three and nine months ended September 30, 2025, we repurchased approximately 1 million and 11 million shares of our Class A common stock for $ 107 million and $ 553 million.
Equity Incentive Plans
2021 Omnibus Incentive Plan
Our 2021 Omnibus Incentive Plan (the “2021 Plan”) became effective on July 27, 2021, and provides for the grant of share-based awards (such as options, including incentive stock options, non statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), performance units, and other equity-based awards) and cash-based awards.
As of September 30, 2025, an aggregate of 492  million shares had been authorized for issuance under our Amended and Restated 2013 Stock Plan, as amended, 2020 Equity Incentive Plan, as amended, and 2021 Plan, of which 171  million shares had been issued under the plans, 14  million shares were reserved for issuance upon the exercise or settlement of outstanding equity awards under the plans, and 307  million shares remained available for new grants under the 2021 Plan.
Time-Based RSUs
We grant RSUs that vest upon the satisfaction of a time-based service condition (“Time-Based RSUs”). The following table summarizes the activity for the nine months ended September 30, 2025, which is the period we grant our company-wide annual refresh grants:

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Number of RSUs Weighted- average grant date fair value
Unvested at December 31, 2024 18,233,088   $ 15.20  
Granted 6,069,501   49.04  
Vested ( 11,802,400 ) 20.29  
Forfeited ( 1,789,742 ) 24.84  
Unvested at September 30, 2025 10,710,447   $ 27.16  

Market-Based RSUs
In 2019 and 2021, we granted to our founders RSUs under which vesting is conditioned upon both the achievement of share price targets and the continued employment by each recipient over defined service periods (“Market-Based RSUs”). As of September 30, 2025, all of the remaining 11,065,463 Market-Based RSUs were fully vested.
Acquisition of TradePMR
In connection with the acquisition of TradePMR, we issued 2,049,711 unvested shares of Class A common stock, valued at approximately $ 100  million as of the closing date of the acquisition, that will vest over a four-year period post-acquisition, subject to the terms of a vesting agreement. These shares are not part of the equity incentive plans described above. Shares of unvested restricted stock have the same voting rights as all other Class A common stock and are considered to be issued and outstanding. The following table summarizes the activity for the nine months ended September 30, 2025:

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

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

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions) 2024 2025 2024 2025
Brokerage and transaction $ 2   $ 2   $ 7   $ 7  
Technology and development 48   40   144   123  
Operations 1   1   5   4  
Marketing 3   2   6   6  
General and administrative 25   33   65   89  
Total (1)
$ 79   $ 78   $ 227   $ 229  

________________
(1) For the three and nine months ended September 30, 2024, SBC expense primarily consisted of $ 76  million and $ 225  million related to Time-Based RSUs. For the same periods, SBC expense also consisted of an immaterial amount and negative $ 8  million related to Market-Based RSUs as a result of a reversal of $ 11  million of previously recognized expense related to unvested awards that were forfeited upon the resignation of our co-founder and former Chief Creative Officer. For the three and

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nine months ended September 30, 2025, SBC expense primarily consisted of $ 75  million and $ 220  million related to Time-Based RSUs. All eligible to vest Market-Based RSUs have been fully expensed in 2024.
We capitalized SBC expense related to internally developed software of $ 6  million and $ 17  million during the three and nine months ended September 30, 2025 compared to $ 7  million and $ 18  million for the same periods in the prior year.
As of September 30, 2025, there was $ 341  million of unrecognized SBC expense that is expected to be recognized over a weighted-average period of 1.14 years.

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NOTE 12: NET INCOME PER SHARE
The following table presents the calculation of basic and diluted earnings per share (“EPS”):

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

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

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

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

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NOTE 13: LEASES
Our operating leases are substantially comprised of office facilities, and we do not have any finance leases. Lease assets and liabilities recognized on our unaudited condensed consolidated balance sheets were as follows:

December 31, September 30,
(in millions) Classification 2024 2025
Lease right-of-use assets:
Operating lease assets Other non-current assets $ 94   $ 95  

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

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

NOTE 14: COMMITMENTS & CONTINGENCIES
We are subject to contingencies arising in the ordinary course of our business, including contingencies related to legal, regulatory, non-income tax and other matters. We record an accrual for loss contingencies at management’s best estimate when we determine that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If the reasonable estimate is a range and no amount within that range is considered a better estimate than any other amount, an accrual is recorded based on the bottom amount of the range. If a loss is not probable, or a probable loss cannot be reasonably estimated, no accrual is recorded. Amounts accrued for contingencies in the aggregate were $ 128 million as of December 31, 2024 and $ 61 million as of September 30, 2025. In our opinion, an adequate accrual had been made as of each such date to provide for the probable losses of which we are aware and for which we can reasonably estimate an amount.
Legal and Regulatory Matters
The securities industry, and many other industries in which we operate, are highly regulated and many aspects of our business involve substantial risk of liability. In past years, there has been an increase in litigation and regulatory investigations involving the brokerage, advisory, cryptocurrency, derivatives, and credit card industries. Litigation has included and may in the future include class action suits that generally seek substantial and, in some cases, punitive damages. Federal and state regulators, exchanges, other SROs, or international regulators investigate issues related to regulatory compliance

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that may result in enforcement action. We are also subject to periodic regulatory audits and inspections that have in the past and could in the future lead to enforcement investigations or actions.
We have been named as a defendant in lawsuits and from time to time we have been threatened with, or named as a defendant in arbitrations and administrative proceedings. The outcomes of these matters are inherently uncertain and some may result in adverse judgments or awards, including penalties, injunctions, or other relief, and we may also determine to settle a matter because of the uncertainty and risks of litigation.
With respect to matters discussed below, we believe, based on current knowledge, that any losses (in excess of amounts accrued, if applicable) as of September 30, 2025 that are reasonably possible and can be reasonably estimated will not, in the aggregate, have a material adverse effect on our business, financial position, operating results, or cash flows. However, for many of the matters disclosed below, particularly those in early stages, we cannot reasonably estimate the reasonably possible loss (or range of loss), if any. In addition, the ultimate outcome of legal proceedings involves judgments and inherent uncertainties and cannot be predicted with certainty. Any judgment entered against us, or any adverse settlement, could materially and adversely impact our business, financial condition, operating results, and cash flows. We might also incur substantial legal fees, which are expensed as incurred, in defending against legal and regulatory claims.
Described below are certain pending matters in which there is at least a reasonable possibility that a material loss could be incurred. We intend to continue to defend these matters vigorously.
Best Execution, Payment for Order Flow, and Sources of Revenue Civil Litigation
Beginning in December 2020, multiple putative securities fraud class action lawsuits were filed against RHM, Robinhood Financial LLC (“RHF”), and RHS. Five cases were consolidated in the United States District Court for the Northern District of California. An amended consolidated complaint was filed in May 2021, alleging violations of Section 10(b) of the Exchange Act and various state law causes of action based on claims that we violated the duty of best execution and misled putative class members by publishing misleading statements and omissions in customer communications relating to the execution of trades and revenue sources (including PFOF). Plaintiffs seek unspecified monetary damages, restitution, disgorgement, and other relief. In February 2022, the court granted Robinhood’s motion to dismiss the amended consolidated complaint without prejudice. In March 2022, plaintiffs filed a second consolidated amended complaint, alleging only violations of Section 10(b) of the Exchange Act, which Robinhood moved to dismiss. In October 2022, the court granted Robinhood’s motion in part and denied it in part. In November 2022, Robinhood filed a motion for judgment on the pleadings, which the court denied in January 2023. In March 2024, Plaintiffs filed a motion for class certification, which Robinhood opposed. In October 2024, the court denied class certification without prejudice. In June 2025, Robinhood agreed to a settlement in principle with plaintiffs, which will be subject to approval by the court.

State Regulatory Matters
The New York Attorney General is conducting an investigation into brokerage execution quality and collaring the prices of certain trade orders. The Massachusetts Securities Division (“MSD”) is examining RHF’s customer complaint supervision, the disruptions experienced by Blue Oceans ATS, LLC (“BOATS”) during the Robinhood 24 Hour Market overnight trading session on August 4-5, 2024, and the offerings of presidential election and sports event contracts. The Florida Attorney General is conducting an investigation concerning, among other things, representations about cryptocurrency trading costs and/or fees. We are cooperating with these investigations.

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Brokerage Enforcement Matters
The Financial Industry Regulatory Authority (“FINRA”) Enforcement and Examination staff are conducting investigations related to, among other things, RHS’s and RHF’s compliance with best execution obligations and the disruptions experienced by BOATS during the Robinhood 24 Hour Market overnight trading session on August 4-5, 2024. In July 2025, FINRA advised us in writing that it had closed the previously disclosed investigation into matters related to RHS’s and RHF’s supervision of technology.

The Federal Deposit Insurance Corporation (“FDIC”) is investigating issues related to compliance with the Electronic Funds Transfer Act (“EFTA”).

Early 2021 Trading Restrictions Matters

Beginning on January 28, 2021, due to increased deposit requirements imposed on RHS by the National Securities Clearing Corporation (“NSCC”) in response to unprecedented market volatility, particularly in certain securities, RHS temporarily restricted or limited its customers’ purchase of certain securities, including GameStop Corp. and AMC Entertainment Holdings, Inc., on our U.S. trading platform (the “Early 2021 Trading Restrictions”).
A number of individual and putative class actions related to the Early 2021 Trading Restrictions were filed against RHM, RHF, and RHS, among others, in various federal and state courts. In April 2021, the Judicial Panel on Multidistrict Litigation entered an order centralizing the federal cases identified in a motion to transfer and coordinate or consolidate the actions filed in connection with the Early 2021 Trading Restrictions in the United States District Court for the Southern District of Florida. The court subsequently divided plaintiffs’ claims against Robinhood into three tranches: federal antitrust claims, federal securities law claims, and state law claims. In July 2021, plaintiffs filed consolidated complaints seeking unspecified monetary damages in connection with the federal antitrust and state law tranches. The federal antitrust complaint asserted one violation of Section 1 of the Sherman Act; the state law complaint asserted negligence and breach of fiduciary duty claims. In August 2021, we moved to dismiss both of these complaints.
In January 2022, the court dismissed the state law claims with prejudice. In August 2023, the United States Court of Appeals for the Eleventh Circuit affirmed the district court’s order.

In May 2022, the court dismissed the federal antitrust claims with prejudice. In June 2024, the United States Court of Appeals for the Eleventh Circuit affirmed the district court’s order.

In November 2021, plaintiffs for the federal securities tranche filed a complaint alleging violations of Sections 9(a) and 10(b) of the Exchange Act. The complaint seeks unspecified monetary damages, costs and expenses, and other relief. In January 2022, we moved to dismiss the federal securities law complaint. In August 2022, the court granted in part and denied in part Robinhood’s motion to dismiss. In November 2023, the court denied Plaintiffs’ motion for class certification without prejudice. In April 2024, the court denied Plaintiffs’ motion for leave to file a renewed motion for class certification. On May 28, 2024, Robinhood notified the court that it had reached a settlement in principle with the Plaintiffs in their individual capacities. Robinhood subsequently notified the court that one of these Plaintiffs was unwilling to sign the settlement agreement and requested additional time to negotiate with that individual. On August 14, 2024, the court dismissed the lead and named Plaintiffs’ claims. Robinhood has reached settlements with a number of remaining individual plaintiffs. Robinhood’s motion to compel arbitration for the remaining Robinhood customer plaintiffs has been granted.

RHM, RHF, RHS, and our Chief Executive Officer (“CEO”), Vladimir Tenev, among others, have received requests for information, and in some cases, subpoenas and requests for testimony, related to investigations and examinations of the Early 2021 Trading Restrictions from the United States Attorney’s Office for the Northern District of California (“USAO”), the U.S. Department of Justice ("DOJ”), Antitrust

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Division, the New York Attorney General’s Office, other state attorneys general offices, and a number of state securities regulators. Also, a related search warrant was executed by the USAO to obtain Mr. Tenev’s cell phone. There have been several inquiries based on specific customer complaints. As previously disclosed, on March 6, 2025, we resolved FINRA’s investigations into these matters as part of the March 2025 FINRA Settlement (as defined below).

IPO Litigation
In December 2021, Philip Golubowski filed a putative class action in the U.S. District Court for the Northern District of California against RHM, the officers and directors who signed Robinhood’s initial public offering (“IPO”) offering documents, and Robinhood’s IPO underwriters. Plaintiff’s claims are based on alleged false or misleading statements in Robinhood’s IPO offering documents allegedly in violation of Sections 11 and 12(a) of the Securities Act of 1933, as amended (the “Securities Act”). Plaintiff seeks unspecified compensatory damages, rescission of shareholders’ share purchases, and an award for attorneys’ fees and costs. In February 2022, certain alleged Robinhood stockholders submitted applications seeking appointment by the court to be the lead plaintiff to represent the putative class in this matter, and in March 2022, the court appointed lead plaintiffs. In June 2022, plaintiffs filed an amended complaint. In August 2022, Robinhood filed a motion to dismiss the complaint. In February 2023, the court granted Robinhood’s motion without prejudice. In March 2023, plaintiffs filed a second amended complaint. In January 2024, the court granted Robinhood’s motion to dismiss the second amended complaint without leave to amend. In February 2024, plaintiffs filed a notice of appeal to the 9th Circuit. On August 29, 2025, the 9th Circuit issued its opinion affirming in part and reversing in part the district court. Robinhood’s petition for rehearing en banc was denied.
In January 2022, Robert Zito filed a complaint derivatively on behalf of Robinhood against Robinhood’s directors at the time of its IPO in the U.S. District Court for the District of Delaware. Plaintiff alleges breach of fiduciary duties, waste of corporate assets, unjust enrichment, and violations of Section 10(b) of the Exchange Act. Plaintiff’s claims are based on allegations of false or misleading statements in Robinhood’s IPO offering documents, and plaintiff seeks an award of unspecified damages and restitution to the Company, injunctive relief, and an award for attorney’s fees and costs. In March 2022, the district court entered a stay of this litigation pending resolution of Robinhood’s motion to dismiss in the Golubowski securities action discussed above.
In August 2022, a shareholder sent a letter to the RHM board of directors demanding, among other things, that the board of directors pursue causes of action on behalf of the Company related to allegations of misconduct in connection with the Early 2021 Trading Restrictions, Robinhood’s IPO offering documents, and the November 2021 Data Security Incident. The board of directors has formed a Demand Review Committee that is reviewing the demand.
Pay Transparency Litigation
In July 2024, RHM, Robinhood Money, LLC, and RHC were sued in a putative class action captioned John Milito v. Robinhood Markets, Inc. et. al. , alleging that Robinhood violated Washington’s Equal Pay and Opportunity Act, because some of the Company’s job postings allegedly failed to include a wage scale or salary range. The complaint seeks unspecified total statutory damages, attorneys’ fees and costs, injunctive relief, and declaratory relief. The case was stayed in the Superior Court in King County in Washington pending a certified question to the Washington Supreme Court. In September 2025, the Washington Supreme Court issued an opinion addressing the certified question and held that a job applicant for a job posting that failed to include a wage scale or salary range does not need to prove they are a “bona fide” or “good faith” applicant to obtain remedies under the applicable statute. The stay has been lifted and the case is proceeding in discovery.
Cash Sweep Litigation

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In October 2024, RHM, RHF, and RHS were sued in a putative class action captioned Dey v. Robinhood Markets, Inc. et. al., in the U.S. District Court for the Northern District of California. Plaintiff asserts breach of fiduciary duty, gross negligence, negligent misrepresentation and omissions, breach of implied covenant of good faith and dealing, and violation of California’s unfair competition law based on allegations that defendants failed to pay a reasonable rate of interest to non-Robinhood Gold brokerage account holders on cash balances swept to program bank deposit programs. The complaint seeks, among other things, certification of the class, unspecified monetary, punitive, treble, and statutory damages, restitution, disgorgement, attorneys’ fees and costs, injunctive relief, and declaratory relief. In January 2025, Robinhood filed a motion to dismiss. On April 28, 2025, the court granted in part and denied in part Robinhood’s motion to dismiss. In May 2025, RHM, RHF, and RHS were sued in a putative class action captioned Deeney v. Robinhood Markets, Inc. et al., in the U.S. District Court for the Northern District of California, which also made allegations related to Robinhood’s cash sweep program. The complaint sought, among other things, certification of the class, unspecified monetary damages, attorneys’ fees and costs, and restitution. The parties in Dey and Deeney have agreed to consolidate the matters and Plaintiffs have filed an amended consolidated complaint. The complaint seeks, among other things, certification of the class, unspecified monetary, punitive, treble, and statutory damages, restitution, disgorgement, attorneys’ fees and costs, injunctive relief, and declaratory relief. Robinhood has moved to dismiss the consolidated amended complaint.
Event Contracts Litigation
In June 2025, RHM and Robinhood Derivatives, LLC (“RHD”) were sued along with several co-defendants, in state court in six states (Georgia, Illinois, Kentucky, Massachusetts, Ohio and South Carolina) by Georgia Gambling Recovery LLC, Illinois Gambling Recovery LLC, Kentucky Gambling Recovery LLC, Massachusetts Gambling Recovery LLC, Ohio Gambling Recovery LLC, and South Carolina Gambling Recovery LLC respectively. Each plaintiff asserts a claim under the respective state’s Statute of Anne, which are statutes that permit recovery of gambling losses under certain conditions, which vary by state. Each plaintiff seeks damages for losses allegedly sustained in trading certain event contracts, including damage multipliers in certain states, attorney’s fees and costs, and declaratory relief. Robinhood has removed all six cases to federal court.
In July 2025, RHM and RHD, among others, were sued by the Blue Lake Rancheria, Chicken Ranch Rancheria of Me-Wuk Indians, and Picayune Rancheria of the Chukchansi Indians in the U.S. District Court for the Northern District of California. The complaint alleges that certain event contracts offered by RHD are unlawful sports gambling activity. The tribes allege several causes of action including violation of the Indian Gaming Regulatory Act, violation of tribal gaming Ordinances, civil violation of the Racketeer Influenced and Corrupt Organizations Act, infringement of tribal sovereignty, and false advertising under the Lanham Act. The complaint seeks injunctive relief, declaratory relief, damages, treble damages, costs, and attorney’s fees. In August 2025, a similar suit was filed against RHM and RHD, among others, by the Ho-Chunk Nation in the U.S. District Court for the Western District of Wisconsin alleging the same facts and causes of action and seeking the same relief. In September 2025, plaintiffs in the Northern District of California matter moved for a preliminary injunction, which Robinhood has opposed.
In August 2025, RHD filed suits in the U.S. District Court for the District of Nevada and U.S. District Court for the District of New Jersey seeking injunctive relief from enforcement of Nevada and New Jersey state gaming laws respectively. In September 2025, RHD filed suit in the U.S. District Court for the District of Massachusetts seeking similar injunctive relief from enforcement of Massachusetts state gaming laws. New Jersey has agreed to a preliminary injunction pending the outcome of its appeal in the Third Circuit. In Nevada and Massachusetts, the states have agreed to refrain from enforcing their state gaming laws pending the outcome of RHD’s pending preliminary injunction motions.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This section presents management’s perspective on our financial condition and results of operations, including performance metrics that management uses to assess company performance. The following discussion and analysis is intended to highlight and supplement data and information presented elsewhere in this Quarterly Report, and should be read in conjunction with our interim unaudited condensed consolidated financial statements and notes elsewhere in this Quarterly Report and our audited consolidated financial statements and the related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2024 Form 10-K. It is also intended to provide you with information that will assist you in understanding our consolidated financial statements, the changes in key items in those consolidated financial statements from year to year, and the primary factors that accounted for those changes. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which might not be indicative of our future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors.”
Data as of and for the three and nine months ended September 30, 2024 and 2025 has been derived from our unaudited condensed consolidated financial statements appearing at the beginning of this Quarterly Report. Results for any interim period should not be construed as an inference of what our results would be for any full fiscal year or future period.
We refer to our “users” and our “customers” interchangeably throughout this Quarterly Report to refer to individuals who hold accounts on our platforms.

Key Performance Metrics
In addition to the measures presented in our unaudited condensed consolidated financial statements, we use the following key performance metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.
• Funded Customers: We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account (which launched in July 2024) are each considered to be a Funded Customer. Starting in Q1 2025, individuals who are customers of RIAs that use the TradePMR platform, and, starting in June 2025, customers of Bitstamp, are also considered Funded Customers.
• Total Platform Assets : We define Total Platform Assets as the sum of the fair value of all equities, options, cryptocurrency, futures (including options on futures, swaps, and event contracts), cash held by users in their accounts, net of receivables from users (previously reported as Assets Under Custody), and any such assets managed by RIAs using TradePMR’s platform that are not custodied by Robinhood, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in Total Platform Assets in

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any given period. Starting in June 2025, the fair value of all cryptocurrency includes cryptocurrency on Bitstamp.
• Net Deposits: We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, and cash or assets earned in connection with Company promotions (such as account transfer and retirement match incentives, free stock bonuses, and lending and staking rewards by Bitstamp) received by customers, net of reversals, customer cash withdrawals, margin interest, Robinhood Gold subscription fees, and assets transferred off of our platforms for a stated period. Starting in June 2025, Net Deposits include results from Bitstamp. Due to data limitations, we have not included TradePMR client figures in our Net Deposits key performance metric .
• Average Revenue Per User (“ARPU”) : We define ARPU as total revenue for a given period divided by the average number of Funded Customers on the last day of that period and the last day of the immediately preceding period. Figures in this Quarterly Report represent ARPU annualized for each three-month period presented.
• Robinhood Gold Subscribers: We define a Robinhood Gold Subscriber as a unique person who has at least one account with a Robinhood entity and who, as of the end of the relevant period (a) is subscribed to Robinhood Gold and (b) has made at least one Robinhood Gold subscription fee payment.
Glossary Terms
• Automated Customer Account Transfer Service (“ACATS”) : A system that automates and standardizes procedures for the transfer of assets in a customer account from one brokerage firm and/or bank to another.
• Cash Sweep : We define Cash Sweep as the period-end total amount of participating users’ uninvested brokerage cash that has been automatically “swept” or moved from their brokerage accounts into deposits for their benefit at a network of program banks. This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms. This includes balances from customers of RIAs using TradePMR ’ s platform.
• Churned Customers: A Funded Customer is considered “Churned” if it was ever a New Funded Customer whose account balance (measured as the fair value of assets in the account less any amount due from the user and excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) drops to or below zero and has not completed a transaction using any account with a Robinhood entity for at least 45 consecutive calendar days. Negative balances typically result from Fraudulent Deposit Transactions (which occur when users initiate deposits into their accounts, make trades on our platforms using a short-term extension of credit from us, and then repatriate or reverse the deposits, resulting in a loss to us of the credited amount) and unauthorized debit card use, and less often, from margin loans.
• Growth Rate and Annualized Growth Rate with respect to Net Deposits: Growth rate is calculated as aggregate Net Deposits over a specified 12-month period, divided by Total Platform Assets for the fiscal quarter that immediately precedes such 12-month period. Annualized growth rate is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by Total Platform Assets for the immediately preceding quarter.
• Investment Accounts: We define an Investment Account as a funded individual brokerage account, a funded joint investing account, a funded individual retirement account (“IRA”), or an account with an RIA using TradePMR’s platform. As of September 30, 2025, a Funded Customer

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can have multiple Investment Accounts - one or more individual brokerage accounts, a joint investing account, a traditional IRA, a Roth IRA, and/or an RIA custody account using TradePMR’s platform. Investment Accounts do not include Bitstamp as such accounts are not brokerage or other Investment Accounts.
• Margin Book: We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts). This includes margin loan balances from customers of RIAs using TradePMR ’ s platform.
• New Funded Customers: We define a New Funded Customer as a unique person who became a Funded Customer for the first time during the relevant period.
• Notional Trading Volume: We define Notional Trading Volume, or Notional Volume, for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class on our platforms over a specified period of time. Crypto Notional Volume includes both Robinhood App Notional Volume and, starting in June 2025, Bitstamp Notional Volume. Robinhood App Notional Volume represents the dollar value of executed crypto trades on the Robinhood platform over a specified period of time. Bitstamp Notional Volume represents the dollar value of executed crypto trades on the Bitstamp platform over a specified period of time. For example, each $1 of transaction value executed between a buyer and seller is counted as $1 of transaction value in the relevant period, rather than $2 if counted for each of the buyer and seller.
• Options Contracts Traded: We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock.
• Resurrected Customers: A Funded Customer is considered “Resurrected” in a stated period if it was a Churned Customer as of the end of the immediately preceding period and its balance (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) rises above zero or it completes a transaction using its account.

Overview
Robinhood was founded on the belief that everyone should be welcome to participate in our financial system. We are creating modern financial services platforms for everyone, regardless of their wealth, income, or background.
Our mission is to democratize finance for all. We use technology to provide access to the financial system in a way that is simple and convenient for our customers. We believe investing should be familiar and welcoming, with a simple design and an intuitive interface, so that customers are empowered to achieve their goals. We started with a revolutionary, bold brand and design in the Robinhood app which makes investing approachable for millions. Over the last decade, we have disrupted and changed the industry, becoming the first U.S. retail broker to offer commission-free stock trading with no account minimums, which was subsequently adopted by the rest of the industry. In recent years, we have continued to build relationships with our customers by introducing new products and diversifying our services that further expand access to the financial system, including focusing on products and tools for more seasoned investors. Through these efforts, we believe we have made investing culturally relevant and understandable, and that our platforms are enabling our customers to become long-term investors and take greater control of their finances.

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Financial Results and Performance
With respect to the three months ended September 30, 2025, as compared to the three months ended September 30, 2024:
• total net revenues increased 100% to $1,274 million compared to $637 million;
• net income increased 271% to $556 million, compared to $150 million;
• diluted EPS increased 259% to $0.61 compared to $0.17;
• total operating expenses increased 31% to $639 million compared to $486 million;
◦ SBC expense decreased 1% to $78 million compared to $79 million;
• Adjusted EBITDA (non-GAAP) increased 177% to $742 million compared to $268 million ;
• Funded Customers increased by 2.5 million, or 10%, to 26.8 million compared to 24.3 million, and Investment Accounts increased by 2.8 million, or 11%, to 27.9 million compared to 25.1 million;
• Total Platform Assets increased 119% to $332.7 billion compared to $152.2 billion, driven by continued Net Deposits, higher equity and cryptocurrency valuations, and acquired assets;
• Net Deposits were $20.4 billion, which translates to an annualized growth rate of 29% relative to Total Platform Assets at the end of the second quarter of 2025, compared to $10.0 billion, which translates to an annualized growth rate of 29% relative to Total Platform Assets at the end of the second quarter of 2024. Over the past twelve months, Net Deposits were $68.3 billion, a growth rate of 45% relative to Total Platform Assets at the end of the third quarter of 2024;
• ARPU increased 82% to $191 compared to $105; and
• Robinhood Gold Subscribers increased 1.69 million, or 77%, to 3.88 million compared to 2.19 million.
Adjusted EBITDA is a non-GAAP financial measure. For more information about Adjusted EBITDA, including the definition and limitations of such measure, and a reconciliation of net income to Adjusted EBITDA, please see “—Non-GAAP Financial Measures” below.

Key Performance Metrics
Key performance metrics for the relevant periods were as follows:

Three Months Ended
September 30,
2024 2025 % Change

Funded Customers (1) (in millions)
24.3 26.8 10  %
Total Platform Assets (2) (in billions)
$ 152.2 $ 332.7 119  %
Net Deposits (in billions)
$ 10.0 $ 20.4 NM
Annualized Growth Rate with respect to Net Deposits
29% 29% NM
ARPU (in dollars)
$ 105 $ 191 82  %
Robinhood Gold Subscribers (in millions)
2.19 3.88 77  %

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________________
(1) The following table describes the annual changes within Funded Customers:
Three Months Ended
September 30,
(in millions) 2024 2025 % Change

Beginning Funded Customers 24.2  26.5  10  %
New Funded Customers 0.4  0.7  75  %
Resurrected Customers 0.1  0.1  —  %
Churned Customers (0.4) (0.5) 25  %
Ending Funded Customers 24.3  26.8  10  %

(2) The following table sets out the components of Total Platform Assets by type of asset:
Three Months Ended
September 30,
(in billions) 2024 2025 % Change

Equities $ 106.4  $ 203.0  91  %
Cryptocurrencies 19.5  51.1  162  %
Options and futures 1.2  3.9  225  %
RIA assets —  42.2  NM
Cash held by Customers 30.6  46.3  51  %
Receivables from Customers (primarily margin balances) (5.5) (13.8) 151  %
Total Platform Assets $ 152.2  $ 332.7  119  %

The following table describes the changes within Total Platform Assets:
Three Months Ended
September 30,
(in billions) 2024 2025 % Change

Beginning Total Platform Assets $ 139.7  $ 278.6  99  %
Net Deposits 10.0  20.4  NM
Net market gains 2.5  33.7  NM
Ending Total Platform Assets $ 152.2  $ 332.7  119  %

Non-GAAP Financial Measures
Adjusted EBITDA
We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income, and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”). Adjusted EBITDA is defined as net income, excluding (i) interest expenses related to credit facilities, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) SBC, (v) significant legal and tax settlements and reserves, and (vi) other significant gains, losses, and expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing results. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.

The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period

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comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.
The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income:

Three Months Ended
 September 30, Nine Months Ended
September 30,
(in millions) 2024 2025 2024 2025
Net income $ 150  $ 556  $ 495  $ 1,278 
Add:
Interest expenses related to credit facilities 6  8  18  22 
Provision for income taxes
3  78  11  169 
Depreciation and amortization 20  22  55  63 
EBITDA (non-GAAP) 179  664  579  1,532 
Add:
SBC 79  78  227  229 
Significant legal and tax settlements and reserves
10  —  10  — 
Adjusted EBITDA (non-GAAP) $ 268  $ 742  $ 816  $ 1,761 

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Results of Operations
The following table summarizes our unaudited condensed consolidated statements of operations data:

(in millions) Three Months Ended
September 30, Nine Months Ended
September 30,
2024 2025 2024 2025
Revenues:
Transaction-based revenues $ 319  $ 730  $ 975  $ 1,852 
Net interest revenues 274  456  813  1,103 
Other revenues 44  88  149  235 
Total net revenues 637  1,274  1,937  3,190 

Operating expenses (1) :

Brokerage and transaction 39  56  114  154 
Technology and development 205  237  610  665 
Operations 27  33  83  93 
Provision for credit losses 23  26  57  78 
Marketing 59  102  190  306 
General and administrative 133  185  385  450 
Total operating expenses 486  639  1,439  1,746 

Other income (loss), net 2  (1) 8  3 
Income before income taxes 153  634  506  1,447 
Provision for income taxes 3  78  11  169 
Net income $ 150  $ 556  $ 495  $ 1,278 

_______________
(1) Includes SBC expense as follows:

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions) 2024 2025 2024 2025
Brokerage and transaction $ 2  $ 2  $ 7  $ 7 
Technology and development 48 40  144 123 
Operations 1  1  5  4 
Marketing 3  2  6  6 
General and administrative 25  33  65  89 
Total SBC expense $ 79  $ 78  $ 227  $ 229 

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Comparison of the Three and Nine Months Ended September 30, 2024 and 2025

Revenues

Transaction-Based Revenues

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions, except for percentages) 2024 2025 % Change 2024 2025 % Change
Transaction-based revenues:

Options $ 202 $ 304 50  % $ 538 $ 809 50  %
Cryptocurrencies 61 268 339  % 268 680 154  %
Equities 37 86 132  % 116 208 79  %
Other 19 72 279  % 53 155 192  %
Total transaction-based revenues $ 319 $ 730 129  % $ 975 $ 1,852 90  %
Transaction-based revenues as a % of total net revenues:
Options 32% 23% 28% 25%
Cryptocurrencies 9% 21% 14% 21%
Equities 6% 7% 6% 7%
Other 3% 6% 2% 5%
Total transaction-based revenues 50% 57% 50% 58%

Transaction-based revenues increased by $411 million and $877 million for the three and nine months ended September 30, 2025, primarily driven by increases of $207 million and $412 million in cryptocurrencies, $102 million and $271 million in options, and $49 million and $92 million in equities. In addition, other transaction-based revenues increased by $53 million and $102 million primarily driven by increased user activities in prediction markets and instant withdrawals.
Cryptocurrencies revenues increased primarily driven by a 92% and 45% increase in the number of users placing cryptocurrency trades and a 36% and 2% increase in the average Notional Trading Volume traded per trader. Additionally, cryptocurrencies revenues increased as a result of a higher rebate rate from crypto market makers. Cryptocurrencies revenues was partially offset by $9 million and $29 million of certain incentives paid to our customers.
Options revenues increased primarily driven by a 27% and 21% increase in the number of users placing option trades and a 6% and 9% increase in Options Contracts Traded per trader. In addition, we experienced higher option rebate rates due to the mix of ticker symbols traded as different ticker symbols pay different rebate rates. The increase was partially offset by $24 million and $72 million of certain incentives paid to our customers.
Equities revenues increased primarily driven by a 78% and 73% increase in the average Notional Trading Volume traded per trader and a 24% and 18% increase in the number of users placing equity trades. For the nine months ended September 30, 2025, the increase was partially offset by lower equity rebate rates due to the mix of ticker symbols traded as different ticker symbols pay different rebate rates.

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Net Interest Revenues

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions, except for percentages) 2024 2025 % Change 2024 2025 % Change
Net interest revenues:
Margin interest $ 83  $ 153  84  % $ 228  $ 377  65  %
Interest on segregated cash, cash equivalents, securities, and deposits 61  103  69  % 187  236  26  %
Cash Sweep 46  64  39  % 129  172  33  %
Securities lending, net 19  87  358  % 68  164  141  %
Interest on corporate cash and investments 67  39  (42) % 203  134  (34) %
Credit card, net 4  17  325  % 16  40  150  %
Interest expenses related to credit facilities (6) (8) 33  % (18) (22) 22  %
Other —  1  NM —  2  NM
Total net interest revenues $ 274  $ 456  66  % $ 813  $ 1,103  36  %
Net interest revenues as a % of total net revenues:
Margin interest 13  % 12  % 12  % 12  %
Interest on segregated cash, cash equivalents, securities, and deposits 10  % 9  % 10  % 8  %
Cash Sweep 7  % 5  % 7  % 6  %
Securities lending, net 3  % 7  % 4  % 5  %
Interest on corporate cash and investments 10  % 3  % 9  % 4  %
Credit card, net 1  % 1  % 1  % 1  %
Interest expenses related to credit facilities (1) % (1) % (1) % (1) %
Other —  % —  % —  % —  %
Total net interest revenues 43  % 36  % 42  % 35  %

Net interest revenues increased by $182 million and $290 million for the three and nine months ended September 30, 2025, primarily driven by growth in our interest-earning asset balances and securities lending activities. The increase was partially offset by a decrease in interest revenue on corporate cash and investments driven by lower cash and cash equivalents balances and a lower short-term interest rate environment. We anticipate any potential future rate cuts by the Federal Reserve will negatively impact our net interest revenues and adversely affect our customers’ returns on cash deposits.

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The following table summarizes interest-earning assets, the revenue generated by these assets, and their respective annualized yields:

(in millions, except for annualized yield) Margin Book Cash and deposits (1)
Cash Sweep (off-balance sheet)
Credit card, net (2)
Total interest-earning assets Securities lending, net Interest expenses related to credit facilities (5)
Other Total net interest revenues
Three Months Ended September 30, 2025
September 30, 2025 $ 13,938  $ 14,352  $ 35,370  $ 742  $ 64,402  
June 30, 2025 9,457  14,045  32,719  562  56,783  
Average (3)
11,812  14,340  33,947  667  60,766  
Revenue (expense) $ 153  $ 142  $ 64  $ 17  $ 376   $ 87  $ (8) $ 1  $ 456  
Annualized yield (4)
5.18% 3.96% 0.75% 10.19  % 2.48% 3.00%

Three Months Ended June 30, 2025
June 30, 2025 $ 9,457  $ 14,045  $ 32,719  $ 562  $ 56,783  
March 31, 2025 8,802  9,763  28,187  429  47,181  
Average (3)
8,912  11,815  30,148  513  51,388  
Revenue (expense) $ 114  $ 123  $ 60  $ 13  $ 310   $ 54  $ (8) $ 1  $ 357  
Annualized yield (4)
5.12% 4.16% 0.80% 10.14  % 2.41% 2.78%

Three Months Ended September 30, 2024
September 30, 2024 $ 5,499  $ 11,149  $ 24,485  $ 309  $ 41,442  
June 30, 2024 4,956  10,164  20,858  212  36,190  
Average (3)
5,350  10,055  22,473  270  38,148  
Revenue (expense) $ 83  $ 128  $ 46  $ 4  $ 261   $ 19  $ (6) $ —  $ 274  
Annualized yield (4)
6.21% 5.09% 0.82% 5.93% 2.74% 2.87%
Nine Months Ended September 30, 2025
September 30, 2025 $ 13,938  $ 14,352  $ 35,370  $ 742  $ 64,402  
December 31, 2024 7,909  9,943  26,064  391  44,307  
Average (3)
9,843  12,109  30,234  534  52,720  
Revenue (expense) $ 377  $ 370  $ 172  $ 40  $ 959   $ 164  $ (22) $ 2  $ 1,103  
Annual yield (4)
5.11% 4.07% 0.76% 9.99% 2.42% 2.78%
Nine Months Ended September 30, 2024
September 30, 2024 $ 5,499  $ 11,149  $ 24,485  $ 309  $ 41,442  
December 31, 2023 3,458  10,107  16,352  205  30,122  
Average (3)
4,511  10,075  19,958  228  34,772  
Revenue (expense) $ 228  $ 390  $ 129  $ 16  $ 763   $ 68  $ (18) $ —  $ 813  
Annual yield (4)
6.74% 5.16% 0.86% 9.36% 2.93% 3.12%

__________
(1) Includes c ash and cas h equivalents, restricted cash, segregated cash, cash equivalents, and securities under federal and other regulations, deposits with clearing organizations, and investments.
(2) Credit card, net consists of i) an off-balance sheet amount representing customer principal amounts funded by Coastal Bank under the Program Agreement. 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 and ii) an on-balance sheet amount representing purchased credit card receivables by the Credit Card Funding Trust. Robinhood Credit collects interest from customers that carry balances and pays interest on the amount funded through the Credit Card Funding Trust, with the difference in those amounts resulting in net interest revenues. As of September 30, 2025 , the off-balance sheet amount funded under the Program agreement was $207 million and the on-balance sheet amount was $535 million . Refer to Note 10 - Financing Activities and Off-Balance Sheet Risk to our unaudited condensed consolidated financial statements in this Quarterly Report for more information.
(3) Average balance rows represent the simple average of month-end balances in a given period.
(4) Annualized yield is calculated by annualizing revenue for the given period and dividing by the applicable average asset balance.
(5) Includes interest expenses related to our revolving credit facilities; interest expense related to the Credit Card Funding Trust is included in the credit card, net interest yield calculation. Refer to Note 10 - Financing Activities and Off-Balance Sheet Risk to our unaudited condensed consolidated financial statements in this Quarterly Report for more information.

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Other Revenues

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions, except for percentages) 2024 2025 % Change 2024 2025 % Change
Other revenues:

Robinhood Gold subscription revenues
$ 28 $ 47 68  % $ 77 $ 129 68  %
Proxy revenues 8 7 (13) % 53 52 (2) %
Other 8 34 325  % 19 54 184  %
Total other revenues $ 44 $ 88 100  % $ 149 $ 235 58  %
Other revenues as a % of total net revenues:

Robinhood Gold subscription revenues
5  % 4  % 4  % 4  %
Proxy revenues 1  % 1  % 3  % 2  %
Other 1  % 2  % 1  % 1  %
Other revenues as a % of total net revenues 7  % 7  % 8  % 7  %

Other revenues increased $44 million and $86 million for the three and nine months ended September 30, 2025 primarily driven by an increase in Robinhood Gold subscription revenues of $19 million and $52 million due to an increase in Robinhood Gold Subscribers. In addition, other revenues increased $26 million and $35 million primarily driven by higher revenues from increased IPO offerings and acquisition related revenues.

Operating Expenses

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions, except for percentages) 2024 2025 % Change 2024 2025 % Change
Operating expenses:
Brokerage and transaction $ 39 $ 56 44  % $ 114 $ 154 35  %
Technology and development 205 237 16  % 610 665 9  %
Operations 27 33 22  % 83 93 12  %
Provision for credit losses 23 26 13  % 57 78 37  %
Marketing 59 102 73  % 190 306 61  %
General and administrative 133 185 39  % 385 450 17  %
Total operating expenses $ 486 $ 639 31  % $ 1,439 $ 1,746 21  %
Percent of total net revenues:

Brokerage and transaction 6  % 4  % 6  % 5  %
Technology and development 32  % 19  % 31  % 21  %
Operations 4  % 3  % 4  % 3  %
Provisions for credit losses 4  % 2  % 3  % 2  %
Marketing 9  % 8  % 10  % 10  %
General and administrative 21  % 14  % 20  % 14  %
Total operating expenses 76  % 50  % 74  % 55  %

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Brokerage and Transaction

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions) 2024 2025 % Change 2024 2025 % Change
Employee compensation, benefits, and overhead, excluding SBC $ 9 $ 14 56% $ 27  $ 36  33%
Market data expenses 7 9 29% 19  25  32%
Instant withdrawals 5 9 80% 14  25  79%
Customer statements 4 4 —% 11  12  9%
SBC 2 2 —% 7  7  —%
Other 12 18 50% 36  49  36%
Total $ 39 $ 56 44% $ 114  $ 154  35%

Brokerage and transaction costs increased by $17 million and $40 million for the three and nine months ended September 30, 2025. Brokerage and transaction costs included a $6 million and $13 million increase in other brokerage and transactions costs primarily related to credit card network and processing fees and a $5 million and $9 million increase in employee compensation, benefits, and overhead expenses due to increased average headcount to continue to support the growth and expansion of our business. Instant withdrawals expenses increased $4 million and $11 million as a result of higher customer activities. Additionally, market data expenses increased $2 million and $6 million primarily due to higher trading volumes.

Technology and Development

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions) 2024 2025 % Change 2024 2025 % Change
Employee compensation, benefits, and overhead, excluding SBC $ 67 $ 90 34  % $ 216 $ 241 12  %
Cloud infrastructure services 49 54 10  % 138 156 13  %
SBC 48 40 (17) % 144 123 (15) %
Software and tools 32 40 25  % 90 113 26  %
Other 9 13 44  % 22 32 45  %
Total $ 205 $ 237 16  % $ 610 $ 665 9  %

Technology and development costs increased by $32 million and $55 million for the three and nine months ended September 30, 2025, primarily due to increases of $23 million and $25 million in employee compensation, benefits, and overhead expenses due to increased average headcount to support the expansion into new products. Additionally, software and tool expenses increased by $8 million and $23 million, and cloud infrastructure services increased by $5 million and $18 million primarily to support integration from acquisitions and the continued growth of our business. These increases were partially offset by decreases in SBC of $8 million and $21 million attributed to higher values for stock awards issued in prior periods.

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Operations

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions) 2024 2025 % Change 2024 2025 % Change
Employee compensation, benefits, and overhead, excluding SBC $ 18 $ 21 17% $ 54 $ 57 6%
Customer experience 4 5 25% 13 16 23%
SBC 1 1 —% 5 4 (20)%
Other 4 6 50% 11 16 45%
Total $ 27 $ 33 22% $ 83  $ 93  12%

Operations costs increased by $6 million and $10 million for the three and nine months ended September 30, 2025, primarily due to increases in other operations expense primarily related to costs associated with customer onboarding and account verification due to the growth of our customer base.

Provision for credit losses

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions) 2024 2025 % Change 2024 2025 % Change
Provision for credit losses - credit card related $ 17 $ 23 35% $ 41 $ 55 34%
Provision for credit losses - brokerage related 6 3 (50)% 16 23 44%
Total $ 23 $ 26 13% $ 57  $ 78 37%

Provision for credit losses costs increased by $3 million and $21 million for the three and nine months ended September 30, 2025, primarily driven by an increase in credit card related provision for credit losses mainly due to higher balances in purchased credit card receivables.

Marketing

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions) 2024 2025 % Change 2024 2025 % Change
Digital marketing $ 26  $ 42  62  % $ 85  $ 136  60  %
Brand marketing 5  19  280  % 32  64  100  %
Employee compensation, benefits, and overhead, excluding SBC 9  11  22  % 24  31  29  %
Marketing incentives 4  6  50  % 10  14  40  %
Creative services 4  5  25  % 9  12  33  %
SBC 3  2  (33) % 6  6  —  %
Other
8  17  113  % 24  43  79  %
Total $ 59 $ 102 73  % $ 190  $ 306  61  %

Marketing costs increased by $43 million and $116 million for the three and nine months ended September 30, 2025 primarily due to higher expenses in digital marketing of $16 million and $51 million and brand marketing of $14 million and $32 million , as we increased our investments in paid marketing channels and other marketing initiatives to promote our brand, products, and services. Other marketing

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costs increased $9 million and $19 million primarily due to expenses related to our Robinhood Gold card and keynote events.

General and Administrative

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions) 2024 2025 % Change 2024 2025 % Change
Employee compensation, benefits, and overhead, excluding SBC $ 57  $ 83  46  % $ 175  $ 209  19  %
SBC 25  33  32  % 65  89  37  %
Legal expenses 13  25  92  % 62  53  (15) %
Other professional fees 11  16  45  % 34  48  41  %
Settlements and penalties 13  1  (92) % 20  6  (70) %
Other 14  27  93  % 29  45  55  %
Total $ 133  $ 185 39  % $ 385  $ 450  17  %