Robinhood Markets (HOOD)
Market Price (8/5/2026): $93.27 | Market Cap: $83.8 BilInvestor Relations Sector: Financials | Industry: Investment Banking & Brokerage
Robinhood Markets (HOOD)
Market Price (8/5/2026): $93.27Market Cap: $83.8 BilSector: FinancialsIndustry: Investment Banking & Brokerage
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 46% Stock buyback supportStock Buyback 3Y Total is 1.6 Bil Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Crypto & Blockchain, AI in Financial Services, and Digital & Alternative Assets. Show more. | Expensive valuation multiplesP/SPrice/Sales ratio is 17x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 343x, P/EPrice/Earnings or Price/(Net Income) is 41x Key risksHOOD key risks include [1] regulatory threats targeting its core payment for order flow (PFOF) revenue model and [2] scrutiny over past and present compliance, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 46% |
| Stock buyback supportStock Buyback 3Y Total is 1.6 Bil |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Crypto & Blockchain, AI in Financial Services, and Digital & Alternative Assets. Show more. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 17x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 343x, P/EPrice/Earnings or Price/(Net Income) is 41x |
| Key risksHOOD key risks include [1] regulatory threats targeting its core payment for order flow (PFOF) revenue model and [2] scrutiny over past and present compliance, Show more. |
Qualitative Assessment
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Robinhood Markets (HOOD) stock has gained about 30% since 4/30/2026 because of the following key factors:
1. Fiscal Q2 2026 Financial Outperformance and Operational Strength.
Robinhood reported record revenues of $1.31 billion for fiscal Q2 2026 (ended June 30, 2026), representing a 32% year-over-year increase and surpassing analyst estimates by 2%. Diluted earnings per share (EPS) surged 48% year-over-year to $0.62, significantly beating consensus estimates by 40.91%. This was accompanied by record Net Deposits of $21.7 billion, an annualized growth rate of 28% relative to Total Platform Assets at the end of fiscal Q1 2026, and a record 4.8 million Robinhood Gold Subscribers, up 39% year-over-year.
2. Robust Trading Volume Growth Across Key Segments.
The company experienced a substantial increase in trading activity, with Equity Notional Trading Volumes rising 85% year-over-year to a record $956 billion in fiscal Q2 2026. Options Contracts Traded also saw significant growth, increasing 50% year-over-year to a record 774 million. This strong momentum was foreshadowed by May 2026 operating data, released in early June, which showed equity trading volumes up 75% year-over-year and options contracts up 29% year-over-year.
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Robinhood Markets (HOOD) stock has gained about 30% since 4/30/2026 because of the following key factors:
1. Fiscal Q2 2026 Financial Outperformance and Operational Strength.
Robinhood reported record revenues of $1.31 billion for fiscal Q2 2026 (ended June 30, 2026), representing a 32% year-over-year increase and surpassing analyst estimates by 2%. Diluted earnings per share (EPS) surged 48% year-over-year to $0.62, significantly beating consensus estimates by 40.91%. This was accompanied by record Net Deposits of $21.7 billion, an annualized growth rate of 28% relative to Total Platform Assets at the end of fiscal Q1 2026, and a record 4.8 million Robinhood Gold Subscribers, up 39% year-over-year.
2. Robust Trading Volume Growth Across Key Segments.
The company experienced a substantial increase in trading activity, with Equity Notional Trading Volumes rising 85% year-over-year to a record $956 billion in fiscal Q2 2026. Options Contracts Traded also saw significant growth, increasing 50% year-over-year to a record 774 million. This strong momentum was foreshadowed by May 2026 operating data, released in early June, which showed equity trading volumes up 75% year-over-year and options contracts up 29% year-over-year.
3. Accelerated Product Diversification and User Engagement.
Robinhood's strategic expansion into new business lines and enhanced user offerings contributed to its growth. Revenue from event contracts grew over 10x year-over-year to $156 million in fiscal Q2 2026. The Robinhood Gold Card also demonstrated strong traction, accumulating over 1 million cardholders and driving over $17 billion in annualized purchase volume. The company further enhanced its offerings by introducing "Trump Accounts" and "Agentic Trading," allowing customers to build AI agents for trading.
4. Increased Investor Confidence and Analyst Upgrades.
Positive sentiment from the financial community was evident through numerous price target increases from investment firms. For example, Morgan Stanley boosted its price objective from $95.00 to $124.00, and BTIG Research reiterated a "Buy" rating with a $125.00 price target. The stock held a consensus "Moderate Buy" rating with an average price target ranging from $121.13 to $124.38. This was further reinforced by a significant insider buying transaction in May 2026, where a fund associated with director Meyer Malka purchased 249,000 shares, totaling approximately $20 million.
5. Strategic Cost Management and Operational Efficiency.
Robinhood demonstrated a commitment to profitability by lowering its full-year 2026 outlook for adjusted operating expenses and stock-based compensation to a range of $2.675 billion to $2.775 billion. This focus on efficiency was further underscored by a planned 10% workforce reduction, announced in June 2026, which the company stated was a proactive measure taken from a position of financial strength amid record June volumes.
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Stock Movement Drivers
Fundamental Drivers
The 28.3% change in HOOD stock from 4/30/2026 to 8/4/2026 was primarily driven by a 17.4% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.89 | 93.51 | 28.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,613 | 4,932 | 6.9% |
| Net Income Margin (%) | 41.1% | 42.0% | 2.2% |
| P/E Multiple | 34.5 | 40.6 | 17.4% |
| Shares Outstanding (Mil) | 899 | 899 | 0.0% |
| Cumulative Contribution | 28.3% |
Market Drivers
4/30/2026 to 8/4/2026| Return | Correlation | |
|---|---|---|
| HOOD | 28.3% | |
| Market (SPY) | 7.3% | 39.0% |
| Sector (XLF) | 11.0% | 25.9% |
Fundamental Drivers
The -6.0% change in HOOD stock from 1/31/2026 to 8/4/2026 was primarily driven by a -19.5% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 99.48 | 93.51 | -6.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,204 | 4,932 | 17.3% |
| Net Income Margin (%) | 52.2% | 42.0% | -19.5% |
| P/E Multiple | 40.3 | 40.6 | 0.6% |
| Shares Outstanding (Mil) | 889 | 899 | -1.1% |
| Cumulative Contribution | -6.0% |
Market Drivers
1/31/2026 to 8/4/2026| Return | Correlation | |
|---|---|---|
| HOOD | -6.0% | |
| Market (SPY) | 11.8% | 56.1% |
| Sector (XLF) | 8.9% | 44.3% |
Fundamental Drivers
The -9.3% change in HOOD stock from 7/31/2025 to 8/4/2026 was primarily driven by a -20.2% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 103.05 | 93.51 | -9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,567 | 4,932 | 38.3% |
| Net Income Margin (%) | 50.1% | 42.0% | -16.2% |
| P/E Multiple | 50.8 | 40.6 | -20.2% |
| Shares Outstanding (Mil) | 882 | 899 | -1.9% |
| Cumulative Contribution | -9.3% |
Market Drivers
7/31/2025 to 8/4/2026| Return | Correlation | |
|---|---|---|
| HOOD | -9.3% | |
| Market (SPY) | 23.1% | 54.7% |
| Sector (XLF) | 11.8% | 35.8% |
Fundamental Drivers
The 627.1% change in HOOD stock from 7/31/2023 to 8/4/2026 was primarily driven by a 228.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.86 | 93.51 | 627.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,500 | 4,932 | 228.8% |
| P/S Multiple | 7.7 | 17.0 | 121.7% |
| Shares Outstanding (Mil) | 897 | 899 | -0.2% |
| Cumulative Contribution | 627.1% |
Market Drivers
7/31/2023 to 8/4/2026| Return | Correlation | |
|---|---|---|
| HOOD | 627.1% | |
| Market (SPY) | 74.4% | 58.8% |
| Sector (XLF) | 71.2% | 48.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HOOD Return | -49% | -54% | 57% | 192% | 204% | -20% | 159% |
| Peers Return | 24% | -41% | 127% | 55% | 21% | -6% | 191% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| HOOD Win Rate | 33% | 50% | 42% | 58% | 67% | 50% | |
| Peers Win Rate | 46% | 44% | 56% | 58% | 57% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HOOD Max Drawdown | - | -63% | -40% | -33% | -48% | -47% | |
| Peers Max Drawdown | -29% | -58% | -37% | -30% | -38% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SCHW, IBKR, COIN, BULL, SOFI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/4/2026 (YTD)
How Low Can It Go
| Event | HOOD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.3% | -18.8% |
| % Gain to Breakeven | 73.3% | 23.1% |
| Time to Breakeven | 35 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.4% | -7.8% |
| % Gain to Breakeven | 35.9% | 8.5% |
| Time to Breakeven | 43 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -36.8% | -9.5% |
| % Gain to Breakeven | 58.1% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.8% | -6.7% |
| % Gain to Breakeven | 18.8% | 7.1% |
| Time to Breakeven | 29 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -62.6% | -24.5% |
| % Gain to Breakeven | 167.6% | 32.4% |
| Time to Breakeven | 643 days | 427 days |
In The Past
Robinhood Markets's stock fell -42.3% during the 2025 US Tariff Shock. Such a loss loss requires a 73.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | HOOD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.3% | -18.8% |
| % Gain to Breakeven | 73.3% | 23.1% |
| Time to Breakeven | 35 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.4% | -7.8% |
| % Gain to Breakeven | 35.9% | 8.5% |
| Time to Breakeven | 43 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -36.8% | -9.5% |
| % Gain to Breakeven | 58.1% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -62.6% | -24.5% |
| % Gain to Breakeven | 167.6% | 32.4% |
| Time to Breakeven | 643 days | 427 days |
In The Past
Robinhood Markets's stock fell -42.3% during the 2025 US Tariff Shock. Such a loss loss requires a 73.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Robinhood Markets (HOOD)
Robinhood Markets, Inc. (HOOD) is a financial services company operating a digital platform primarily in the United States. Its core business is providing an accessible means for individual investors to engage with various financial markets. The company simplifies investing by offering a user-friendly interface that allows customers to manage their portfolios directly from their devices.
The platform's main products and services include facilitating investments across a broad spectrum of assets. Users can trade stocks, exchange-traded funds (ETFs), options, and even commodities like gold, alongside a growing selection of cryptocurrencies. Beyond just trading, Robinhood enhances the user experience with comprehensive learning and educational solutions, such as curated business news (Snacks), an extensive library of articles and guides (Learn), access to premium news feeds from sources like Barron's and The Wall Street Journal, and tools for monitoring investments through custom watchlists and alerts. Additionally, it offers cash management services and initial trade recommendations for new customers.
Robinhood primarily serves retail investors within the United States, appealing particularly to individuals seeking a streamlined, often commission-free, way to invest. The company targets a broad market of everyday investors, from those new to financial markets to more experienced users looking for a modern and integrated platform for their investment and financial education needs.
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1. Venmo for investing: It made investing in stocks and crypto as easy and accessible on a smartphone as sending money to a friend.
2. Charles Schwab or Fidelity for the smartphone generation: It's a modern, app-first brokerage platform offering stocks, ETFs, options, and crypto, designed for ease of use by new investors.
3. An E*TRADE that also lets you trade crypto: It combines traditional online stock and options trading with cryptocurrency trading, all within one platform.
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Robinhood Markets (HOOD) offers the following major products and services:
- Investment Platform: A brokerage service that enables users to invest in stocks, exchange-traded funds (ETFs), options, gold, and cryptocurrencies.
- Learning and Education Content: Provides various resources including "Snacks" for business news, "Learn" for articles and guides, and newsfeeds with premium financial news.
- Watchlists and Alerts: Tools that allow users to create custom watchlists and set alerts to monitor securities, ETFs, and cryptocurrencies.
- Cash Management Services: Financial services designed to assist users with managing their cash.
- First Trade Recommendations: Guidance provided to new customers who have not yet placed their initial trade.
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Robinhood Markets, Inc. primarily serves individual customers. Based on the company's description, its customer base can be categorized as follows:
- Novice and Entry-Level Investors: These customers are new to investing or require significant guidance. They are attracted to Robinhood's extensive learning and education solutions, such as Snacks, Learn articles, Newsfeeds, and First trade recommendations, which aim to simplify financial concepts and trading.
- Self-Directed Retail Investors and Traders: This category includes individuals who actively manage their own portfolios and make independent investment decisions. They utilize the platform to invest in a range of assets, including stocks, exchange-traded funds (ETFs), options, and gold, and benefit from features like custom watchlists and alerts.
- Cryptocurrency Investors: A distinct segment of customers primarily interested in trading digital assets. Robinhood's platform offers access to various cryptocurrencies, appealing to individuals looking to diversify their portfolios into the crypto market alongside traditional investments.
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Vlad Tenev, Chief Executive Officer and Chairman
Vlad Tenev co-founded Robinhood in 2013 with Baiju Bhatt to democratize finance. He served as Co-CEO and Co-President until November 2020, when he became the sole CEO. Before Robinhood, Tenev and Bhatt co-founded two other financial technology companies in New York: Celeris, a high-frequency trading software company, and Chronos Research, which sold low-latency software to trading firms and banks. He holds a B.S. in Mathematics from Stanford University and an M.S. in Mathematics from UCLA. Tenev was born in Varna, Bulgaria, and immigrated to the U.S. at age five; his parents both worked for the World Bank.
Shiv Verma, Chief Financial Officer
Shiv Verma currently serves as the Chief Financial Officer, having taken over from Jason Warnick in Q1. He joined Robinhood in 2018 and previously held the position of Senior Vice President of Finance and Strategy and Treasurer. Before his tenure at Robinhood, Verma worked as a baseball operations analyst for the Oakland Athletics and as a Vice President and portfolio manager at PIMCO. He earned a bachelor's degree in economics from Stanford University and an MBA from UCLA Anderson School of Management.
Baiju Bhatt, Co-Founder and Board Director
Baiju Bhatt co-founded Robinhood in 2013 with Vlad Tenev. He served as Co-CEO and Co-President alongside Tenev until November 2020, and subsequently as Chief Creative Officer from 2021 to March 2024. Prior to Robinhood, Bhatt, with Tenev, started two other finance companies in New York City: Celeris and Chronos Research. Bhatt holds a B.S. in Physics and an M.S. in Mathematics from Stanford University, where he met Tenev. He is also the founder of Aetherflux, a space-based solar energy company.
Dan Gallagher, Chief Legal, Compliance and Corporate Affairs Officer
Dan Gallagher has been responsible for overseeing Robinhood's legal, compliance, and government affairs since 2018. His work includes guiding the company through various regulatory investigations and establishing robust compliance frameworks. Gallagher holds a J.D. from Harvard Law School and a B.A. in Political Science from UC Berkeley. His professional background features partnerships at law firms advising fintech companies and serving as General Counsel at prominent financial institutions.
Walter Koller, Chief Operating Officer, Robinhood Financial
Walter Koller has served as the Chief Operating Officer of Robinhood Financial since 2021. In this role, he is responsible for managing the company's operations, optimizing settlement processes, and enhancing clearing and customer service. Koller has implemented operational controls that reportedly reduced transaction failures by 40%. He holds a BBA in Finance from Temple University and possesses several FINRA licenses. His extensive career spans over three decades in the securities industry, including roles as CEO/COO at Fiserv Securities and various Managing Director positions at Société Générale.
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The key risks to Robinhood Markets (HOOD) include regulatory and legal scrutiny, dependence on market volatility and cyclicality, and intense competition.
- Regulatory and Legal Scrutiny: Robinhood operates in a highly regulated financial environment and has repeatedly faced significant penalties and investigations from regulatory bodies such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). These actions stem from various violations, including failures in anti-money laundering (AML) programs, record-keeping deficiencies, non-compliance with short-sale rules, and cybersecurity vulnerabilities. A fundamental aspect of Robinhood's business model, payment for order flow (PFOF), remains under intense regulatory review. Any adverse regulatory changes or outright bans on PFOF could materially impact Robinhood's transaction-based revenue and overall profitability.
- Market Volatility and Cyclicality: Robinhood's revenue is heavily dependent on transaction-based activities, particularly in options and cryptocurrency trading. While periods of high market activity and investor interest, such as bull markets or cryptocurrency surges, can lead to substantial revenue growth, market downturns or periods of reduced trading volumes can significantly contract its earnings. The company's financial performance is thus sensitive to broader market cycles and investor sentiment.
- Intense Competition: Robinhood faces fierce competition from both established financial institutions and a growing number of fintech startups. Traditional brokerages like Charles Schwab and Fidelity have modernized their platforms and adopted commission-free trading, while specialized cryptocurrency exchanges and other digital challengers are also vying for market share. This competitive landscape necessitates continuous innovation and product differentiation for Robinhood to retain and expand its user base.
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The rise of integrated financial platforms (often termed "fintech super-apps") that offer a comprehensive suite of services, including banking, lending, budgeting, and investing, within a single user experience. This threatens Robinhood's position as a primary financial touchpoint by potentially drawing users to platforms that provide a more holistic and convenient one-stop solution for all their financial needs, thereby diminishing the appeal of a dedicated investment-focused application.
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Robinhood Markets operates within several significant addressable markets in the United States for its core financial products and services.
Online Brokerage and Investment Platforms (Stocks, ETFs, Options)
The U.S. online investment platform market generated revenue of approximately USD 547.0 million in 2022 and is projected to reach USD 1,573.6 million by 2030. Additionally, the United States Securities Brokerage Market, which includes online trading platforms, was valued at USD 188.9 billion in 2023 and is anticipated to exceed USD 280.5 billion by 2033. Approximately 165 million Americans were participating in online trading activities in 2025, representing 62% of the U.S. adult population.
Cryptocurrencies
The U.S. cryptocurrency market size was valued at approximately USD 1.19 billion in 2022 and is expected to grow to USD 2.90 billion by 2030. Another estimate places the United States cryptocurrency market size at USD 10.9 billion in 2025, with a projection to reach USD 30.2 billion by 2034. The global Digital Asset Trading Platform Market is expected to grow from USD 2.49 billion in 2023 to USD 10.99 billion by 2033, with North America (including the U.S.) holding a significant share.
Gold Investing
In 2025, U.S. gold demand, driven primarily by ETF investment, rose to 679 tonnes. The global gold bullion market was valued at approximately USD 65.94 billion in 2024 and is projected to grow to USD 171.43 billion by 2033. The U.S. market is expected to reach 343.7 tons in 2026 for gold.
Cash Management Services
The demand for cash management services in the USA is projected to grow from USD 1.6 billion in 2025 to USD 3.7 billion by 2035. The global cash management system market size was estimated at USD 17.6 billion in 2024 and is projected to reach USD 36.92 billion by 2030, with the U.S. market dominating the regional market in 2024.
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Expected Drivers of Future Revenue Growth for Robinhood Markets (HOOD)
Over the next 2-3 years, Robinhood Markets (HOOD) is expected to drive future revenue growth through several key initiatives, focusing on expanding its product offerings, increasing customer engagement, and venturing into new markets.
- Expansion of Gold Membership and Services: Robinhood is focused on increasing the adoption and value of its premium Gold membership. The company has seen significant growth in Gold subscribers, with Gold members, on average, having seven times larger assets and generating over seven times the average revenue per user (ARPU) compared to other customers. New offerings for Gold members, such as a credit card with industry-leading benefits and a 1% unlimited deposit boost, are designed to deepen engagement and wallet share among its most valuable users. This strategy aims to drive recurring revenue and enhance the overall profitability of its customer base.
- International Expansion: Robinhood views international expansion as a significant long-term growth opportunity. Following its entry into the European Union with cryptocurrency offerings and the United Kingdom with brokerage services in 2024, the company plans to expand into Asia starting in 2025, with Singapore as its regional headquarters. Robinhood is also working to acquire necessary brokerage licenses in the Asia-Pacific region and is exploring potential entry into the Canadian market. This geographic diversification seeks to tap into new customer bases and market opportunities beyond its established U.S. presence.
- Introduction of New Products and Services for Active Traders and Diversification: Robinhood is committed to "winning the active trader market" by continuously launching new and advanced trading tools. Recent and upcoming introductions include Robinhood Social, a new trading community; AI-powered custom indicators and scans (Robinhood Cortex); futures trading on Robinhood Legend; short selling capabilities; and expanded options trading features. Furthermore, the company is diversifying its revenue streams beyond traditional transaction-based activities by expanding into banking and lending services, such as the Robinhood Gold credit card and a partnership for home loans, as well as broadening its offerings with prediction markets.
- Growth in Customer Engagement, Net Deposits, and Assets Under Custody (AUC): A fundamental driver of revenue growth for Robinhood is the consistent increase in customer engagement, net deposits, and Assets Under Custody (AUC). The company has demonstrated a multi-year track record of achieving over 20% net deposit growth, with recent quarters showing even higher annualized rates. This growth in assets and customer activity directly contributes to higher net interest revenues and transaction-based revenues across equities, options, and cryptocurrencies. Robinhood aims for double-digit gains in trading market share, bolstered by its product innovation, to further fuel this expansion.
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Share Repurchases
- In May 2024, Robinhood's board of directors authorized a share repurchase program of up to $1 billion of its outstanding common stock, expected to be executed over two to three years starting in the third quarter of 2024.
- This program was expanded in April 2025 with an additional $500 million authorization, bringing the total to $1.5 billion.
- As of April 25, 2025, the company had repurchased $667 million of Class A common stock at an average price of $33.40 per share.
Share Issuance
- Robinhood Markets went public in July 2021 through an initial public offering (IPO), raising approximately $2.1 billion.
- The number of shares outstanding increased from 872 million in December 2023 to 884 million in December 2024.
- Quarterly shares outstanding also increased from 888 million in June 2025 to 899 million in September 2025.
Outbound Investments
- In June 2023, Robinhood acquired X1, a credit card issuance startup, for $95 million.
- The company completed the acquisition of TradePMR, a wealth management platform for Registered Investment Advisors, for approximately $300 million in November 2024.
- Robinhood launched Robinhood Ventures Fund I (RVI) in March 2026, a $658.4 million venture fund aimed at providing retail investors access to private companies.
Capital Expenditures
- Robinhood Markets reported capital expenditures of $21 million in 2023.
- Capital expenditures increased to $50 million in 2024 and further to $54 million in 2025.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 91.07 |
| Mkt Cap | 39.6 |
| Rev LTM | 5,607 |
| Op Inc LTM | 1,502 |
| FCF LTM | 1,714 |
| FCF 3Y Avg | 1,979 |
| CFO LTM | 1,714 |
| CFO 3Y Avg | 1,990 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 29.7% |
| Rev Chg 3Y Avg | 32.1% |
| Rev Chg Q | 24.0% |
| QoQ Delta Rev Chg LTM | 5.3% |
| Op Inc Chg LTM | 32.5% |
| Op Inc Chg 3Y Avg | 71.0% |
| Op Mgn LTM | 28.9% |
| Op Mgn 3Y Avg | 27.2% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 27.3% |
| CFO/Rev 3Y Avg | 35.6% |
| FCF/Rev LTM | 27.3% |
| FCF/Rev 3Y Avg | 34.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 39.6 |
| P/S | 6.4 |
| P/Op Inc | 45.6 |
| P/EBIT | 20.6 |
| P/E | 28.9 |
| P/CFO | 18.0 |
| Total Yield | 2.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.3% |
| D/E | 0.1 |
| Net D/E | -0.2 |
Price Behavior
| Market Price | $93.51 | |
| Market Cap ($ Bil) | 84.1 | |
| First Trading Date | 07/29/2021 | |
| Distance from 52W High | -38.7% | |
| 50 Days | 200 Days | |
| DMA Price | $97.13 | $98.66 |
| DMA Trend | down | up |
| Distance from DMA | -3.7% | -5.2% |
| 3M | 1YR | |
| Volatility | 71.3% | 70.2% |
| Downside Capture | 209.32 | 377.27 |
| Upside Capture | 235.46 | 277.21 |
| Correlation (SPY) | 39.2% | 54.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.00 | 1.63 | 1.91 | 2.85 | 2.97 | 2.56 |
| Up Beta | 1.14 | 3.03 | 2.08 | 2.63 | 2.55 | 2.41 |
| Down Beta | 4.62 | 1.08 | 1.36 | 1.42 | 2.53 | 2.64 |
| Up Capture | 29% | 123% | 268% | 498% | 742% | 12123% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 19 | 33 | 61 | 128 | 405 |
| Down Capture | 246% | 157% | 172% | 239% | 185% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 24 | 30 | 65 | 124 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HOOD | |
|---|---|---|---|---|
| HOOD | -6.4% | 70.3% | 0.19 | - |
| Sector ETF (XLF) | 14.0% | 14.7% | 0.68 | 35.6% |
| Equity (SPY) | 25.2% | 12.9% | 1.47 | 54.6% |
| Gold (GLD) | 21.1% | 28.1% | 0.67 | 27.9% |
| Commodities (DBC) | 28.3% | 19.8% | 1.14 | -3.1% |
| Real Estate (VNQ) | 15.6% | 13.8% | 0.81 | 10.6% |
| Bitcoin (BTCUSD) | -44.2% | 43.0% | -1.23 | 57.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HOOD | |
|---|---|---|---|---|
| HOOD | 23.0% | 73.9% | 0.59 | - |
| Sector ETF (XLF) | 11.5% | 18.4% | 0.48 | 40.1% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 50.1% |
| Gold (GLD) | 17.3% | 18.5% | 0.76 | 11.3% |
| Commodities (DBC) | 8.1% | 19.6% | 0.31 | 6.8% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 30.7% |
| Bitcoin (BTCUSD) | 10.0% | 53.0% | 0.38 | 40.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HOOD | |
|---|---|---|---|---|
| HOOD | 10.9% | 73.9% | 0.59 | - |
| Sector ETF (XLF) | 13.7% | 22.1% | 0.57 | 40.1% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 50.1% |
| Gold (GLD) | 11.6% | 16.1% | 0.58 | 11.3% |
| Commodities (DBC) | 7.0% | 18.0% | 0.31 | 6.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 30.7% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 40.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -3.6% | ||
| 4/28/2026 | -13.2% | -6.1% | 3.4% |
| 2/10/2026 | -8.9% | -12.1% | -11.1% |
| 11/5/2025 | -10.8% | -6.7% | -4.2% |
| 7/30/2025 | -2.9% | -0.4% | -2.3% |
| 4/30/2025 | -5.1% | 1.8% | 34.7% |
| 2/12/2025 | 14.1% | 0.3% | -29.8% |
| 10/30/2024 | -16.7% | 5.8% | 33.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 10 | 11 |
| # Negative | 14 | 10 | 9 |
| Median Positive | 9.6% | 5.5% | 10.6% |
| Median Negative | -8.1% | -9.1% | -12.5% |
| Max Positive | 14.1% | 21.9% | 52.4% |
| Max Negative | -16.7% | -26.3% | -29.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -3.6% | ||
| 4/28/2026 | -13.2% | -6.1% | 3.4% |
| 2/10/2026 | -8.9% | -12.1% | -11.1% |
| 11/5/2025 | -10.8% | -6.7% | -4.2% |
| 7/30/2025 | -2.9% | -0.4% | -2.3% |
| 4/30/2025 | -5.1% | 1.8% | 34.7% |
| 2/12/2025 | 14.1% | 0.3% | -29.8% |
| 10/30/2024 | -16.7% | 5.8% | 33.1% |
| 8/7/2024 | 3.6% | 8.9% | 10.6% |
| 5/8/2024 | -3.1% | 3.8% | 24.3% |
| 2/13/2024 | 13.0% | 14.8% | 52.4% |
| 11/7/2023 | -14.3% | -12.9% | 17.6% |
| 8/2/2023 | -7.2% | -13.2% | -12.5% |
| 5/10/2023 | 6.4% | -6.7% | 3.7% |
| 2/8/2023 | -3.7% | 1.5% | -13.9% |
| 11/2/2022 | 8.2% | -26.3% | -12.4% |
| 8/2/2022 | 11.7% | 9.4% | 3.5% |
| 4/28/2022 | -2.8% | 5.2% | 2.9% |
| 1/27/2022 | 9.6% | 21.9% | 3.4% |
| 10/26/2021 | -10.4% | -11.6% | -29.3% |
| 8/18/2021 | -10.3% | -1.6% | -14.9% |
| SUMMARY STATS | |||
| # Positive | 7 | 10 | 11 |
| # Negative | 14 | 10 | 9 |
| Median Positive | 9.6% | 5.5% | 10.6% |
| Median Negative | -8.1% | -9.1% | -12.5% |
| Max Positive | 14.1% | 21.9% | 52.4% |
| Max Negative | -16.7% | -26.3% | -29.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 08/18/2021 | 10-Q |
| 03/31/2021 | 07/30/2021 | 424B4 |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Operating Expenses and SBC | 2.67 Bil | 2.73 Bil | 2.77 Bil | Lowered | Guidance: 2.76 Bil for 2026 | ||
Prior: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Operating Expenses and SBC | 2.70 Bil | 2.76 Bil | 2.83 Bil | 3.8% | Raised | Guidance: 2.66 Bil for 2026 | |
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Operating Expenses and SBC | 2.60 Bil | 2.66 Bil | 2.73 Bil | 16.8% | Higher New | Actual: 2.28 Bil for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted Operating Expenses and SBC | 2.28 Bil | 3.6% | Raised | Guidance: 2.20 Bil for 2025 | |||
Insider Activity
Updated 8/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bhatt, Baiju | Living Trust | Sell | 7282026 | 95.09 | 49,223 | Form | |||
| 2 | Verma, Shiv | Chief Financial Officer | Direct | Sell | 7172026 | 114.71 | 3,982 | 456,775 | 6,417,443 | Form |
| 3 | Tenev, Vladimir | Chief Executive Officer | Direct | Sell | 7082026 | 116.17 | 375,000 | Form | ||
| 4 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 7082026 | 116.14 | 10,000 | 1,161,433 | 54,749,484 | Form |
| 5 | Quirk, Steven M | Chief Brokerage Officer | Direct | Sell | 7072026 | 119.96 | 19,377 | 2,324,465 | 7,510,936 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bhatt, Baiju | Living Trust | Sell | 7282026 | 95.09 | 49,223 | Form | |||
| 2 | Verma, Shiv | Chief Financial Officer | Direct | Sell | 7172026 | 114.71 | 3,982 | 456,775 | 6,417,443 | Form |
| 3 | Tenev, Vladimir | Chief Executive Officer | Direct | Sell | 7082026 | 116.17 | 375,000 | Form | ||
| 4 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 7082026 | 116.14 | 10,000 | 1,161,433 | 54,749,484 | Form |
| 5 | Quirk, Steven M | Chief Brokerage Officer | Direct | Sell | 7072026 | 119.96 | 19,377 | 2,324,465 | 7,510,936 | Form |
| 6 | Treseder, Oluwadara Johnson | Direct | Sell | 7072026 | 117.50 | 3,750 | 440,625 | 8,511,935 | Form | |
| 7 | Loop, Paula | Direct | Sell | 7072026 | 120.00 | 8,336 | 1,000,320 | 7,640,880 | Form | |
| 8 | Verma, Shiv | Chief Financial Officer | Direct | Sell | 6152026 | 98.84 | 3,984 | 393,779 | 5,923,185 | Form |
| 9 | Bhatt, Baiju | Living Trust | Sell | 6152026 | 89.63 | 57,898 | Form | |||
| 10 | Malka, Meyer | Fund | Buy | 6092026 | 80.74 | 250,000 | 20,184,200 | 316,845,678 | Form | |
| 11 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 6052026 | 83.68 | 10,000 | 836,771 | 40,281,833 | Form |
| 12 | Quirk, Steven M | Chief Brokerage Officer | Direct | Sell | 6052026 | 85.91 | 10,837 | 931,024 | 7,043,809 | Form |
| 13 | Malka, Meyer | Fund | Buy | 6032026 | 83.45 | 181,000 | 15,103,853 | 306,618,808 | Form | |
| 14 | Malka, Meyer | Fund | Buy | 6012026 | 80.39 | 249,000 | 20,018,206 | 280,851,968 | Form | |
| 15 | Bhatt, Baiju | Living Trust | Sell | 5222026 | 75.38 | 67,422 | Form | |||
| 16 | Verma, Shiv | Chief Financial Officer | Direct | Sell | 5192026 | 77.36 | 5,436 | 420,536 | 3,660,038 | Form |
| 17 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 5062026 | 76.89 | 10,000 | 768,908 | 33,282,086 | Form |
| 18 | Pinner, Jeffrey Tsvi | Chief Technology Officer | Direct | Sell | 4292026 | 83.92 | 5,835 | 489,687 | 1,021,419 | Form |
| 19 | Bhatt, Baiju | Living Trust | Sell | 4202026 | 86.38 | 57,261 | Form | |||
| 20 | Verma, Shiv | Chief Financial Officer | Direct | Sell | 4172026 | 85.86 | 5,436 | 466,717 | 4,528,679 | Form |
| 21 | Quirk, Steven M | Chief Brokerage Officer | Direct | Sell | 4172026 | 84.93 | 8,540 | 725,302 | 4,516,832 | Form |
| 22 | Pinner, Jeffrey Tsvi | Chief Technology Officer | Direct | Sell | 4082026 | 69.85 | 5,835 | 407,575 | 1,257,719 | Form |
| 23 | Tenev, Vladimir | Chief Executive Officer | Direct | Sell | 4082026 | 69.83 | 375,000 | Form | ||
| 24 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 4082026 | 69.85 | 10,000 | 698,451 | 30,930,835 | Form |
| 25 | Pinner, Jeffrey Tsvi | Chief Technology Officer | Direct | Sell | 3242026 | 71.36 | 5,835 | 416,392 | 1,701,320 | Form |
| 26 | Bhatt, Baiju | Living Trust | Sell | 3242026 | 71.32 | 67,422 | Form | |||
| 27 | Verma, Shiv | Chief Financial Officer | Direct | Sell | 3182026 | 75.00 | 5,438 | 407,855 | 4,363,780 | Form |
| 28 | Pinner, Jeffrey Tsvi | Chief Technology Officer | Direct | Sell | 3092026 | 80.50 | 5,836 | 469,822 | 2,389,038 | Form |
| 29 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 3052026 | 75.49 | 10,000 | 754,903 | 34,185,718 | Form |
| 30 | Bhatt, Baiju | Living Trust | Sell | 2252026 | 72.30 | 65,694 | Form | |||
| 31 | Verma, Shiv | Chief Financial Officer | Direct | Sell | 2192026 | 75.13 | 5,474 | 411,274 | 3,889,668 | Form |
| 32 | Warnick, Jason | Direct | Sell | 2112026 | 85.09 | 125,000 | 10,636,025 | 34,236,939 | Form | |
| 33 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 2052026 | 87.07 | 10,000 | 870,665 | 34,270,400 | Form |
| 34 | Quirk, Steven M | Chief Brokerage Officer | Direct | Sell | 2052026 | 87.81 | 52,540 | 4,613,285 | 2,420,262 | Form |
| 35 | Pinner, Jeffrey Tsvi | Chief Technology Officer | Direct | Sell | 1282026 | 107.48 | 5,864 | 630,284 | 981,647 | Form |
| 36 | Pinner, Jeffrey Tsvi | Chief Technology Officer | Direct | Sell | 12232025 | 122.39 | 5,864 | 717,689 | 2,553,155 | Form |
| 37 | Pinner, Jeffrey Tsvi | Chief Technology Officer | Direct | Sell | 12092025 | 132.26 | 5,865 | 775,711 | 3,534,675 | Form |
| 38 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 12052025 | 132.13 | 120,000 | 15,855,436 | 56,816,899 | Form |
| 39 | Quirk, Steven M | Chief Brokerage Officer | Direct | Sell | 12052025 | 131.15 | 49,942 | 6,550,008 | 7,147,275 | Form |
| 40 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 12012025 | 121.33 | 50,000 | 6,066,500 | 58,353,542 | Form |
| 41 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 11262025 | 112.98 | 10,000 | 1,129,807 | 59,987,002 | Form |
| 42 | Bhatt, Baiju | Living Trust | Sell | 11192025 | 116.56 | 418,338 | Form | |||
| 43 | Warnick, Jason | Chief Financial Officer | Direct | Sell | 11132025 | 132.81 | 300,000 | 39,842,135 | 61,581,465 | Form |
| 44 | Rubinstein, Jonathan | Trust | Sell | 11132025 | 132.26 | 42,430 | 5,611,795 | 19,399,643 | Form | |
| 45 | Bhatt, Baiju | Living Trust | Sell | 11102025 | 128.47 | 1,330,000 | Form | |||
| 46 | Quirk, Steven M | Chief Brokerage Officer | Direct | Sell | 11062025 | 140.61 | 48,350 | 6,798,677 | 9,882,196 | Form |
| 47 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 11052025 | 145.95 | 25,000 | 3,648,718 | 78,950,823 | Form |
| 48 | Pinner, Jeffrey Tsvi | Chief Technology Officer | Direct | Sell | 10292025 | 146.91 | 5,864 | 861,460 | 894,368 | Form |
| 49 | Bhatt, Baiju | Living Trust | Sell | 10232025 | 133.11 | 418,338 | Form | |||
| 50 | Pinner, Jeffrey Tsvi | Chief Technology Officer | Direct | Sell | 10082025 | 147.53 | 5,864 | 865,118 | 1,763,283 | Form |
| 51 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 10072025 | 148.34 | 25,000 | 3,708,539 | 83,953,764 | Form |
| 52 | Tenev, Vladimir | Chief Executive Officer | Direct | Sell | 10032025 | 139.73 | 750,000 | Form | ||
| 53 | Pinner, Jeffrey Tsvi | Chief Technology Officer | Direct | Sell | 9242025 | 124.13 | 5,864 | 727,872 | 2,211,419 | Form |
| 54 | Tenev, Vladimir | Chief Executive Officer | Direct | Sell | 9162025 | 114.57 | 3,525,932 | 403,973,892 | 388,397,798 | Form |
| 55 | Bhatt, Baiju | Living Trust | Sell | 9122025 | 119.42 | 418,338 | Form | |||
| 56 | Pinner, Jeffrey Tsvi | Chief Technology Officer | Direct | Sell | 9092025 | 99.83 | 5,865 | 585,514 | 2,364,019 | Form |
| 57 | Quirk, Steven M | Chief Brokerage Officer | Direct | Sell | 9052025 | 100.91 | 60,113 | 6,066,033 | 9,531,400 | Form |
| 58 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 9052025 | 100.92 | 25,000 | 2,522,880 | 61,654,041 | Form |
| 59 | Malka, Meyer | Trusts | Sell | 8292025 | 103.87 | 1,093,288 | 113,560,808 | 413,015,003 | Form | |
| 60 | Malka, Meyer | Trusts | Sell | 8292025 | 104.03 | 80,520 | 8,376,544 | 527,385,415 | Form | |
| 61 | Warnick, Jason | Chief Financial Officer | Direct | Sell | 8192025 | 110.93 | 100,000 | 11,092,900 | 56,602,410 | Form |
| 62 | Bhatt, Baiju | Living Trust | Sell | 8182025 | 109.39 | 418,338 | Form | |||
| 63 | Quirk, Steven M | Chief Brokerage Officer | Direct | Sell | 8072025 | 104.71 | 40,131 | 4,202,041 | 12,607,693 | Form |
| 64 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 8062025 | 104.23 | 25,000 | 2,605,848 | 59,088,843 | Form |
| 65 | Gallagher, Daniel Martin JR | Chief Legal Officer | Direct | Sell | 8052025 | 99.97 | 225,000 | 22,493,925 | 59,172,719 | Form |
| 66 | Bhatt, Baiju | Living Trust | Sell | 8052025 | 99.98 | 1,568,421 | Form | |||
| 67 | Bhatt, Baiju | Direct | Sell | 8052025 | 100.10 | 10,518 | Form |
Investor Activity (13F)
Updated Aug 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Index Venture Associates VI Ltd | $802.1 Mil | 38.0% | 3 | Hold | 13F |
| Paradigm Operations LP | $298.3 Mil | 31.3% | 3 | ADD +30.4% | 13F |
| Ribbit Management Company, LLC | $224.9 Mil | 13.4% | 16 | Hold | 13F |
| Newlands Management Operations LLC | $1.7 Bil | 10.8% | 16 | Hold | 13F |
| Hound Partners, LLC | $73.1 Mil | 9.2% | 34 | New | 13F |
| Theleme Partners LLP | $79.3 Mil | 5.3% | 10 | New | 13F |
| Headwater Capital Co Ltd | $25.4 Mil | 4.1% | 15 | New | 13F |
| Tairen Capital Ltd | $35.8 Mil | 3.9% | 44 | Hold | 13F |
| Ravenswood Partners LP | $8.9 Mil | 3.3% | 35 | ADD +9.4% | 13F |
| KADENSA CAPITAL Ltd | $19.8 Mil | 2.7% | 39 | ADD +48.5% | 13F |
| ParaFi Capital LP | $7.6 Mil | 2.4% | 18 | ADD +121.0% | 13F |
| M & L Capital Management Ltd | $9.4 Mil | 2.3% | 19 | Hold | 13F |
| Proem Advisors LLC | $6.4 Mil | 2.1% | 29 | ADD +146.7% | 13F |
| Ithaka Group LLC | $10.0 Mil | 2.1% | 38 | ADD +28.5% | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $5.5 Mil | 1.8% | 42 | Hold | 13F |
| Altimeter Capital Management, LP | $62.3 Mil | 1.1% | 13 | TRIM -30.4% | 13F |
| WT Asset Management Ltd | $5.5 Mil | 0.1% | 32 | TRIM -81.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Theleme Partners LLP | $79.3 Mil | 5.3% | 10 | New | 13F |
| Hound Partners, LLC | $73.1 Mil | 9.2% | 34 | New | 13F |
| Headwater Capital Co Ltd | $25.4 Mil | 4.1% | 15 | New | 13F |
| Proem Advisors LLC | $6.4 Mil | 2.1% | 29 | ADD +146.7% | 13F |
| ParaFi Capital LP | $7.6 Mil | 2.4% | 18 | ADD +121.0% | 13F |
| KADENSA CAPITAL Ltd | $19.8 Mil | 2.7% | 39 | ADD +48.5% | 13F |
| Paradigm Operations LP | $298.3 Mil | 31.3% | 3 | ADD +30.4% | 13F |
| Ithaka Group LLC | $10.0 Mil | 2.1% | 38 | ADD +28.5% | 13F |
| Ravenswood Partners LP | $8.9 Mil | 3.3% | 35 | ADD +9.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Panoramic Hills Capital Ltd | $67.9 Mil | 23.8% | 3 | Exited | Dec 31, 2025 | 13F |
| Anatole Investment Management Ltd | $43.4 Mil | 7.2% | 15 | Exited | Dec 31, 2025 | 13F |
| MKP Capital Management, L.L.C. | $22.6 Mil | 0.8% | 22 | Exited | Dec 31, 2025 | 13F |
| FFG Partners, LLC | $19.5 Mil | 5.6% | 39 | Exited | Dec 31, 2025 | 13F |
| Aragon Global Management, LP | $17.5 Mil | 5.3% | 32 | Exited | Dec 31, 2025 | 13F |
| VMS Asset Management Limited | $13.3 Mil | 5.1% | 42 | Exited | Dec 31, 2025 | 13F |
| JW Asset Management, LLC | $10.9 Mil | 3.5% | 18 | Exited | Dec 31, 2025 | 13F |
| Boundless Plain Holdings Ltd | $7.8 Mil | 2.5% | 19 | Exited | Dec 31, 2025 | 13F |
| CloudAlpha Capital Management Limited/Hong Kong | $5.9 Mil | 0.5% | 43 | Exited | Dec 31, 2025 | 13F |
| WT Asset Management Ltd | $5.5 Mil | 0.1% | 32 | TRIM -81.3% | Mar 31, 2026 | 13F |
| Altimeter Capital Management, LP | $62.3 Mil | 1.1% | 13 | TRIM -30.4% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Newlands Management Operations LLC | $1.7 Bil | 10.8% | 16 | Hold | 13F |
| Index Venture Associates VI Ltd | $802.1 Mil | 38.0% | 3 | Hold | 13F |
| Paradigm Operations LP | $298.3 Mil | 31.3% | 3 | ADD +30.4% | 13F |
| Ribbit Management Company, LLC | $224.9 Mil | 13.4% | 16 | Hold | 13F |
| Theleme Partners LLP | $79.3 Mil | 5.3% | 10 | New | 13F |
| Hound Partners, LLC | $73.1 Mil | 9.2% | 34 | New | 13F |
| Altimeter Capital Management, LP | $62.3 Mil | 1.1% | 13 | TRIM -30.4% | 13F |
| Tairen Capital Ltd | $35.8 Mil | 3.9% | 44 | Hold | 13F |
| Headwater Capital Co Ltd | $25.4 Mil | 4.1% | 15 | New | 13F |
| KADENSA CAPITAL Ltd | $19.8 Mil | 2.7% | 39 | ADD +48.5% | 13F |
| Ithaka Group LLC | $10.0 Mil | 2.1% | 38 | ADD +28.5% | 13F |
| M & L Capital Management Ltd | $9.4 Mil | 2.3% | 19 | Hold | 13F |
| Ravenswood Partners LP | $8.9 Mil | 3.3% | 35 | ADD +9.4% | 13F |
| ParaFi Capital LP | $7.6 Mil | 2.4% | 18 | ADD +121.0% | 13F |
| Proem Advisors LLC | $6.4 Mil | 2.1% | 29 | ADD +146.7% | 13F |
| WT Asset Management Ltd | $5.5 Mil | 0.1% | 32 | TRIM -81.3% | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $5.5 Mil | 1.8% | 42 | Hold | 13F |
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