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• Charles Schwab, but built as a free, mobile-first app for new investors.
• Coinbase, but for stocks (they also offer crypto).

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• Commission-Free Trading: An investment brokerage service allowing users to buy and sell stocks, ETFs, and options without commission fees.
• Cryptocurrency Trading: A cryptocurrency brokerage service enabling users to buy, sell, and hold various digital assets without commission fees.
• Robinhood Gold: A premium financial service subscription offering benefits like higher instant deposits, professional research, margin investing, and an increased interest rate on uninvested cash.
• Robinhood Retirement (IRAs): A retirement investment service providing tools for users to open and manage traditional and Roth Individual Retirement Accounts.
• Robinhood Cash Card: A cash management/spending service in the form of a debit card linked to the user's brokerage account, offering rewards on spending.

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Robinhood Markets (HOOD) primarily sells its services directly to **individual investors** rather than to other companies. The platform is designed for retail customers.

Here are up to three categories of individual customers that Robinhood serves:

• New and Novice Investors: Individuals who are just beginning their investment journey, often attracted by Robinhood's user-friendly interface, simplified account setup, and commission-free trading model which lowers the barrier to entry for first-time investors.
• Younger, Tech-Savvy Investors: Primarily Millennials and Gen Z who prefer mobile-first experiences and intuitive digital platforms for managing their finances. This demographic often seeks access to fractional shares, cryptocurrencies, and an engaging app-based experience.
• Cost-Conscious Retail Investors: Individuals who prioritize minimizing trading costs and appreciate the commission-free structure for stocks, ETFs, and options trading. They often have smaller account balances and are sensitive to fees that can erode returns.

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• Amazon.com, Inc. (AMZN)
• Nasdaq, Inc. (NDAQ)
• Intercontinental Exchange, Inc. (ICE)
• Virtu Financial, Inc. (VIRT)

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Vlad Tenev, Chief Executive Officer and President

Vlad Tenev is the co-founder and CEO of Robinhood Markets. Born in Bulgaria, he immigrated to the U.S. at age five. He earned a B.S. in Mathematics from Stanford University and an M.S. in Mathematics from UCLA. Before co-founding Robinhood in 2013 with Baiju Bhatt, Tenev started two other finance companies in New York City: Celeris, a high-frequency trading software company, and Chronos Research, which sold low-latency software to other trading firms and banks. He became the sole CEO of Robinhood in November 2020, having previously shared the co-CEO title with Bhatt.

Jason Warnick, Chief Financial Officer

Jason Warnick has served as Chief Financial Officer of Robinhood Markets since November 2018. He oversees all aspects of financial planning, capital allocation, and reporting. Prior to joining Robinhood, Warnick spent nearly twenty years at Amazon, where he held various finance, accounting, strategy, and compliance leadership positions, most recently as Vice President of Finance and Chief of Staff to Amazon's CFO. Before Amazon, he was a CPA at Deloitte & Touche. Warnick is planning to retire from Robinhood, transitioning to an advisory role in the first quarter of 2026 and remaining with the company until September 1, 2026. Shiv Verma, currently Senior Vice President of Finance and Strategy and Treasurer, is expected to take over as CFO.

Dan Gallagher, Chief Legal, Compliance and Corporate Affairs Officer

Dan Gallagher is the Chief Legal, Compliance and Corporate Affairs Officer of Robinhood Markets. Before joining Robinhood, he was a Partner and Deputy Chair of the Securities Department at the international law firm WilmerHale. Gallagher served as a Commissioner of the U.S. Securities and Exchange Commission (SEC) from 2011 to 2015, and held several other positions on the SEC staff, including deputy director and co-acting director of the Division of Trading and Markets. He also previously served as the Chief Legal Officer at Mylan N.V., a global pharmaceutical company.

Gretchen Howard, Chief Operating Officer

Gretchen Howard is the Chief Operating Officer of Robinhood. She oversees areas such as recruiting, HR, communications, brokerage operations, and product operations, and is involved in expanding Robinhood's financial services offerings. Before joining Robinhood, Howard was a Partner with CapitalG, Alphabet's Growth Equity fund. While at Google, she was the co-site lead of the Google San Francisco office and a Managing Director in Sales & Business Operations. Prior to Google, she was VP of Market Development and Field Sales for Fidelity Investments.

Baiju Bhatt, Co-Founder & Board Director

Baiju Bhatt is the co-founder of Robinhood, along with Vlad Tenev. He played a pivotal role in shaping the company's product design and user experience, and previously served as Chief Creative Officer. Bhatt met Tenev at Stanford University, where they both studied mathematics and physics. Before Robinhood, Bhatt and Tenev also co-founded Celeris and Chronos Research, two finance companies in New York City.

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The key risks to Robinhood Markets (HOOD) business are:

1. Regulatory Scrutiny and Potential Changes to Payment for Order Flow (PFOF): Robinhood's business model is significantly reliant on payment for order flow, where it receives compensation for directing customer orders to market makers. This practice is under continuous regulatory scrutiny, and any adverse changes, heightened oversight, or outright bans could severely disrupt Robinhood's primary revenue stream and necessitate a costly pivot in its business model. The company has faced past fines and investigations related to disclosure, gamification of trading, and compliance issues.

2. Intense Competition: Robinhood operates in a highly competitive financial services landscape, contending with both established traditional brokers and emerging fintech startups. As competitors adopt commission-free models and enhance their digital platforms, Robinhood faces ongoing challenges in maintaining its competitive edge and attracting or retaining its user base. Competition from specialized cryptocurrency exchanges, such as Coinbase, also puts pressure on Robinhood's market share and margins in the digital asset space.

3. Market Volatility and Revenue Fluctuations: Robinhood's financial performance and operating metrics are highly sensitive to overall market conditions, trading volumes, and user engagement levels. A substantial portion of its user base consists of retail investors who are particularly susceptible to market swings and sentiment. This can lead to unpredictable trading volumes and significant revenue volatility, especially during periods when interest in equity or cryptocurrency trading declines.

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Increased regulatory scrutiny and potential restrictions or bans on Payment for Order Flow (PFOF) in key markets, which constitutes a significant portion of Robinhood's revenue.

The continued growth and user adoption of decentralized finance (DeFi) platforms, particularly for cryptocurrency trading, which offers an alternative to centralized exchanges like Robinhood.

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Robinhood Markets (HOOD) operates across several financial services, with varying addressable market sizes depending on the product or service and geographic region.

Brokerage Services (Stocks, ETFs, Options, Futures, Event Contracts)

• The overall market for equities, options, crypto, and margin trading in the U.S. is considered "multi-trillion-dollar markets".
• Robinhood's total addressable market (TAM) for its entire revenue streams, which includes active traders, the share of wallet for the next generation, and the global financial ecosystem, is estimated to be over $600 billion. This breaks down into:
  • Active Traders: More than $20 billion (U.S.)
  • Share of Wallet for Next Generation: More than $180 billion (U.S.)
  • Global Financial Ecosystem: More than $400 billion (Global)
• The "Great Wealth Transfer," which includes an estimated $40 trillion in equities and mutual funds, represents a significant tailwind for Robinhood's brokerage business (U.S.).

Cryptocurrency Trading

• Cryptocurrency trading is part of the "multi-trillion-dollar markets" Robinhood operates in. Robinhood's platform for cryptocurrency trading is available in the U.S., the UK, and the European Union.

Retirement Accounts (IRAs)

• The Individual Retirement Account (IRA) market in the U.S. held $12.5 trillion in assets as of the first quarter of 2023.
• An additional $22 trillion is expected to be transferred through retirement accounts, including 401(k)s and IRAs (U.S.).

Cash Management/Banking Services

• The market for cash and deposits, which Robinhood's banking features address, is estimated at $5 trillion (U.S.).

Wealth Management (Robinhood Gold, Robinhood Strategies)

• Robinhood Gold, the company's subscription service, is targeting a total addressable market (TAM) of more than $600 billion (U.S.).

Prediction Markets

• While a specific overall addressable market size for prediction markets was not explicitly stated, Robinhood's prediction markets, along with its acquisition of Bitstamp, generated approximately $100 million or more in annualized revenues. This segment is described as rapidly growing.

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Robinhood Markets (HOOD) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and increasing customer engagement across its platform.

Here are 4 expected drivers of future revenue growth:

1. Expansion and Diversification into New Product Categories and Markets: Robinhood is actively expanding its product suite and geographical reach. Notably, Prediction Markets and Bitstamp have emerged as significant revenue contributors, with Prediction Markets achieving over $100 million in annualized revenue within a year of launch and tracking towards a $300 million run rate based on October 2025 volumes. Bitstamp also surpassed $100 million in annualized revenue in Q3 2025. The company now boasts 11 distinct business lines each generating over $100 million in annualized revenue. Furthermore, Robinhood is pursuing international expansion, with initiatives such as the launch of futures trading in the UK and stock tokens in the EU, aiming for over half of its revenue to originate from outside the U.S. within the next decade. Other new products like Robinhood Strategies, a digital advisor offering launched in March 2025, have already accumulated over $1 billion in assets.
2. Growth in Subscription Services and Cash Management: The Robinhood Gold subscription service continues to be a key driver, with subscribers reaching a record 3.9 million in Q3 2025, representing a 77% year-over-year increase. This growth contributes to higher recurring revenue and increased wallet share among customers. Additionally, the Robinhood Gold Card has expanded significantly, now in the hands of nearly 100 thousand customers as of Q3 2024 and growing to over 0.5 million cardholders with over $8 billion in annual spend by Q3 2025. Growth in interest-earning assets also contributes to net interest revenue, which increased 25% year-over-year in Q4 2024.
3. Increased Engagement and Trading Volumes in Core Brokerage Offerings: Robinhood continues to see robust transaction-based revenues from its core equities, options, and cryptocurrency trading platforms. In Q3 2025, trading volumes were up double to triple digits across equities, options, and crypto, indicating sustained active trader engagement and market share gains. This follows strong performance in Q3 2024, where transaction-based revenues increased 72% year-over-year, largely due to a 165% rise in cryptocurrency revenue, a 63% increase in options revenue, and a 37% jump in equities revenue.
4. Expansion of Retirement Offerings: Robinhood Retirement has demonstrated significant growth, reaching $11 billion in Assets Under Custody (AUC) across nearly one million funded retirement accounts by October 2024. This momentum continued, with retirement assets topping $25 billion by October 2025, more than doubling in the previous year. The offering of an IRA with a match has attracted over $200 million in customer matches since its launch in January 2023.

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Share Repurchases

• Robinhood Markets authorized a share repurchase program of up to $1.5 billion, with the authorization increasing by $500 million in April 2025.
• The company repurchased $703 million worth of Class A common stock over the twelve months leading up to Q2 2025.
• In Q3 2025, Robinhood repurchased $97 million of Class A common stock.

Share Issuance

• Proceeds from the issuance of common stock under the Employee Share Purchase Plan were $16 million in 2024.
• The company generated $10 million from common stock issuance through the Employee Share Purchase Plan in Q3 2025.
• In Q1 2025, $15 million was generated from common stock issuance under the Employee Share Purchase Plan.

Outbound Investments

• Robinhood acquired Bitstamp, a cryptocurrency exchange, with the acquisition closing in June 2025, aiming to enhance its cryptocurrency ecosystem connectivity and international presence.
• In May 2025, Robinhood entered into an agreement to acquire WonderFi, a Canadian company specializing in digital asset products and services, for $179 million.
• The company launched Robinhood Ventures in September 2025, a dedicated investment arm focused on funding early-stage companies in fintech, including blockchain, decentralized finance (DeFi), AI-driven financial tools, and sustainable investing platforms.

Capital Expenditures

• Capital expenditures for Q2 2025 totaled $18 million, marking a 157.14% increase from Q2 2024.
• Annual capital expenditures were $50 million in 2024 and $21 million in 2023.
• The trailing twelve months capital expenditures as of Q2 2025 amounted to $63 million.