Quarterly GAAP P&L (in millions
Robinhood Markets, Inc. Condensed Consolidated Statements of Operations (Unaudited, in millions)
2022 2023 2024 2025
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Revenues:
Options $ 124 $ 133 $ 127 $ 124 $ 121 $ 154 $ 182 $ 202 $ 222 $ 240 $ 265 $ 304 $ 314
Cryptocurrencies 39 38 31 23 43 126 81 61 358 252 160 268 221
Equities 21 27 25 27 25 39 40 37 61 56 66 86 94
Other 2 9 10 11 11 10 24 19 31 35 48 72 147
Transaction-based revenues 186 207 193 185 200 329 327 319 672 583 539 730 776
Net interest revenues 167 208 234 251 236 254 285 274 296 290 357 456 411
Other revenues 27 26 59 31 35 35 70 44 46 54 93 88 96
Total net revenues 380 441 486 467 471 618 682 637 1,014 927 989 1,274 1,283
Operating expenses:
Brokerage and transaction 85 36 39 39 32 35 40 39 50 50 48 56 57
Technology and development 180 199 207 202 197 196 209 205 208 214 214 237 232
Operations 35 33 30 27 26 28 28 27 29 31 29 33 37
Provision for credit losses 8 9 6 14 14 16 18 23 19 24 28 26 36
Marketing 29 26 25 28 43 67 64 59 82 105 99 102 93
General and administrative 197 647 159 230 133 118 134 133 70 133 132 185 178
Total operating expenses 534 950 466 540 445 460 493 486 458 557 550 639 633
Other income (expense), net (14) - 2 (2) 3 4 2 2 2 1 3 (1) 11
Income (loss) before income taxes (168) (509) 22 (75) 29 162 191 153 558 371 442 634 661
Provision for (benefit from) income taxes (2) 2 (3) 10 (1) 5 3 3 (358) 35 56 78 56
Net income (loss) $ (166) $ (511) $ 25 $ (85) $ 30 $ 157 $ 188 $ 150 $ 916 $ 336 $ 386 $ 556 $ 605
Net income (loss) attributable to non-controlling interest - - - - - - - - - - - - -
Net income (loss) attributable to Robinhood $ (166) $ (511) $ 25 $ (85) $ 30 $ 157 $ 188 $ 150 $ 916 $ 336 $ 386 $ 556 $ 605
Net income (loss) attributable to Robinhood common stockholders
Basic $ (166) $ (511) $ 25 $ (85) $ 30 $ 157 $ 188 $ 150 $ 916 $ 336 $ 386 $ 556 $ 605
Diluted $ (166) $ (511) $ 25 $ (85) $ 30 $ 157 $ 188 $ 150 $ 916 $ 336 $ 386 $ 556 $ 605
Net income (loss) per share attributable to common stockholders:
Basic $ (0.19) $ (0.57) $ 0.03 $ (0.09) $ 0.03 $ 0.18 $ 0.21 $ 0.17 $ 1.04 $ 0.38 $ 0.44 $ 0.63 $ 0.68
Diluted $ (0.19) $ (0.57) $ 0.03 $ (0.09) $ 0.03 $ 0.18 $ 0.21 $ 0.17 $ 1.01 $ 0.37 $ 0.42 $ 0.61 $ 0.66
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic 889,239,632 896,924,695 904,984,863 895,108,790 867,298,537 875,319,407 881,076,624 884,108,545 883,884,676 884,577,603 882,149,402 889,261,220 897,877,147
Diluted 889,239,632 896,924,695 921,269,749 895,108,790 883,227,967 895,779,155 904,490,572 905,544,750 907,767,796 909,241,619 909,127,658 917,940,660 917,718,432
Quarterly Balance Sheet (in mil
Robinhood Markets, Inc. Condensed Consolidated Balance Sheets (Unaudited, in millions)
2022 2023 2024 2025
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Assets
Current assets:
Cash and cash equivalents $ 6,339 $ 5,459 $ 5,829 $ 4,889 $ 4,835 $ 4,717 $ 4,524 $ 4,611 $ 4,332 $ 4,416 $ 4,162 $ 4,331 $ 4,261
Cash, cash equivalents, and securities segregated under federal and other regulations 2,995 4,213 4,220 3,448 4,448 4,521 4,584 5,547 4,724 4,442 8,939 8,443 5,749
Receivables from brokers, dealers, and clearing organizations 76 112 117 63 89 207 149 139 471 267 374 482 426
Receivables from users, net 3,218 3,152 3,313 3,704 3,495 4,303 5,040 5,546 8,239 9,167 9,685 14,390 17,994
Securities borrowed 517 844 960 1,204 1,602 2,107 2,217 3,704 3,236 4,114 6,159 6,607 2,408
Deposits with clearing organizations 186 247 223 275 338 585 551 464 489 641 720 1,440 702
User-held fractional shares 997 1,217 1,409 1,396 1,592 1,975 2,011 2,201 2,530 2,531 3,083 3,618 3,782
Held-to-maturity investments - 290 321 372 413 495 503 527 398 192 134 53 -
Prepaid expenses 86 90 88 75 63 64 65 86 75 89 108 128 127
Deferred customer match incentives - - 1 2 11 32 67 73 100 113 124 161 185
Other current assets 72 75 122 128 196 316 352 251 509 243 345 326 671
Total current assets 14,486 15,699 16,603 15,556 17,082 19,322 20,063 23,149 25,103 26,215 33,833 39,979 36,305
Property, software, and equipment, net 146 137 131 123 120 122 123 133 139 140 149 150 154
Goodwill 100 100 100 164 175 175 179 179 179 292 383 386 385
Intangible assets, net 25 23 21 53 48 46 45 39 38 109 191 172 168
Non-current held-to-maturity investments - 195 165 118 73 10 2 - - - - - -
Non-current deferred customer match incentives - 2 5 8 19 71 159 159 195 238 267 360 428
Non-current prepaid expenses 17 11 6 3 4 3 22 22 17 17 15 13 11
Other non-current assets 132 129 126 110 103 116 110 108 516 506 486 392 686
Total assets $ 14,906 $ 16,296 $ 17,157 $ 16,135 $ 17,624 $ 19,865 $ 20,703 $ 23,789 $ 26,187 $ 27,517 $ 35,324 $ 41,452 $ 38,137
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses $ 185 $ 203 $ 236 $ 373 $ 384 $ 351 $ 386 $ 443 $ 397 $ 319 $ 369 $ 399 $ 463
Payables to users 4,701 4,986 5,111 4,325 5,097 6,074 5,789 6,264 7,448 7,116 10,511 12,317 11,986
Securities loaned 1,834 2,609 2,982 3,245 3,547 4,215 5,091 7,306 7,463 9,098 12,640 15,666 11,626
Fractional shares repurchase obligation 997 1,217 1,409 1,396 1,592 1,975 2,011 2,201 2,530 2,531 3,083 3,618 3,782
Other current liabilities 105 113 115 126 217 275 220 288 266 367 519 762 914
Total current liabilities 7,822 9,128 9,853 9,465 10,837 12,890 13,497 16,502 18,104 19,431 27,122 32,762 28,771
Other non-current liabilities 128 122 117 96 91 90 84 79 111 133 130 123 215
Total liabilities 7,950 9,250 9,970 9,561 10,928 12,980 13,581 16,581 18,215 19,564 27,252 32,885 28,986
Stockholders' equity:
Common stock - - - - - - - - - - - -
Additional paid-in capital 11,861 12,462 12,581 12,054 12,145 12,176 12,223 12,158 12,008 11,652 11,378 11,317 11,284
Accumulated other comprehensive income (loss) - - (3) (4) (3) (2) - 1 (1) - 7 7 8
Accumulated deficit (4,905) (5,416) (5,391) (5,476) (5,446) (5,289) (5,101) (4,951) (4,035) (3,699) (3,313) (2,757) (2,152)
Non-controlling interest - - - - - - - - - - - - 11
Total stockholders' equity 6,956 7,046 7,187 6,574 6,696 6,885 7,122 7,208 7,972 7,953 8,072 8,567 9,151
Total liabilities and stockholders' equity $ 14,906 $ 16,296 $ 17,157 $ 16,135 $ 17,624 $ 19,865 $ 20,703 $ 23,789 $ 26,187 $ 27,517 $ 35,324 $ 41,452 $ 38,137
Quarterly KPIs
Robinhood Markets, Inc. and Consolidated Subsidiaries Quarterly Metrics Report for Q4 2025 (Unaudited)
2022 2023 2024 2025 Change
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q/Q Y/Y
(M - in millions, B - in billions)
Funded Customer Growth (M)
Funded Customers1 23.0 23.1 23.2 23.3 23.4 23.9 24.2 24.3 25.2 25.8 26.5 26.8 27.0 1% 7%
Engagement (M)
Monthly Active Users (MAU)1 11.4 11.8 10.8 10.3 10.9 13.7 11.8 11.0 14.9 14.4 12.8 13.8 13.0 (6%) (13%)
Asset Growth ($B)
Total Platform Assets1 $62.2 $78.4 $88.8 $86.5 $102.6 $129.6 $139.7 $152.2 $192.9 $220.6 $278.6 $332.7 $324.0 (3%) 68%
Net Deposits2 $4.8 $4.4 $4.1 $4.0 $4.6 $11.2 $13.2 $10.0 $16.1 $18.0 $13.8 $20.4 $15.9 NM NM
Trading
Trading Days (Equities and Options) 63 62 62 63 63 61 63 64 63 60 62 64 63 (2%) -%
Total Trading Volumes1, 3
Equity ($B) $130.0 $160.2 $155.2 $173.3 $166.8 $225.0 $243.6 $286.2 $423.3 $413.2 $517.3 $647.2 $710.3 10% 68%
Options Contracts (M) 235.9 272.4 283.3 300.8 296.4 343.6 389.7 443.4 477.2 500.1 515.4 610.1 659.2 8% 38%
Crypto ($B)4 $11.1 $11.1 $9.1 $6.8 $12.8 $36.0 $21.5 $14.4 $71.0 $46.1 $35.0 $80.3 $82.4 3% 16%
Robinhood App ($B) $11.1 $11.1 $9.1 $6.8 $12.8 $36.0 $21.5 $14.4 $71.0 $46.1 $28.3 $39.8 $34.0 (15%) (52%)
Bitstamp ($B) - - - - - - - - - - $6.7 $40.5 $48.4 20% NA
Event Contracts (B) - - - - - - - - 0.3 1.0 2.3 8.5 270% NM
Daily Average Revenue Trades (DARTs) (M)5
Equity DARTs 1.4 1.6 1.5 1.6 1.5 1.9 2.0 2.0 2.4 2.4 2.4 2.7 2.9 7% 21%
Option DARTs 0.5 0.6 0.6 0.6 0.6 0.8 0.8 0.9 1.0 1.1 1.2 1.2 1.2 -% 20%
Crypto DARTs6 0.2 0.2 0.2 0.2 0.2 0.4 0.3 0.2 0.8 0.7 0.5 0.6 0.6 -% (25%)
Customer Margin and Cash Sweep ($B)
Margin Book1 $3.1 $3.1 $3.3 $3.6 $3.5 $4.1 $5.0 $5.5 $7.9 $8.8 $9.5 $13.9 $16.8 21% 113%
Total Cash Sweep1 $5.8 $8.9 $11.9 $13.6 $16.4 $19.0 $20.9 $24.5 $26.1 $28.2 $32.7 $35.4 $32.8 (7%) 26%
Gold Cash Sweep7 $4.8 $8.0 $11.1 $12.9 $15.7 $18.2 $20.3 $23.9 $25.4 $26.4 $30.7 $33.5 $31.6 (6%) 24%
Non-Gold Cash Sweep $1.0 $0.9 $0.8 $0.7 $0.7 $0.8 $0.6 $0.6 $0.7 $1.8 $2.0 $1.9 $1.2 (37%) 71%
Total Securities Lending Revenue ($M) $25 $45 $48 $44 $34 $42 $65 $59 $70 $71 $112 $173 $132 (24%) 89%
See the "Definitions" page for definitions and additional information.
(1) Values shown represent the last month of the quarter indicated. Please refer to the "Definitions" page for full definition. (2) Starting in June 2025, Net Deposits include results from Bitstamp. Net Deposits do not include results from TradePMR. (3) Values shown are actual results, and may differ from the sum of monthly metrics due to rounding. (4) Refer to "Definitions" page for definition of Notional Trading Volume. (5) Values shown are actual results, and may differ from the average of monthly metrics due to rounding. (6) Crypto DARTs do not include Bitstamp Institutional activity. (7) Starting in December 2025, includes Robinhood Banking balances, which totaled $0.1B as of 12/31/2025.
Monthly KPIs
Robinhood Markets, Inc. and Consolidated Subsidiaries Monthly Metrics Report for December 2025 (Unaudited)
2022 2023 2024 2025 Change
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec M/M Y/Y
(M - in millions, B - in billions)
Funded Customer Growth (M)
Funded Customers 22.9 23.0 23.0 23.0 23.1 23.1 23.1 23.1 23.2 23.2 23.2 23.3 23.3 23.3 23.4 23.5 23.6 23.9 24.0 24.1 24.2 24.2 24.3 24.3 24.4 24.8 25.2 25.5 25.6 25.8 25.9 25.9 26.5 26.7 26.7 26.8 27.1 26.9 27.0 -% 7%
Asset Growth ($B)
Total Platform Assets $70.2 $70.2 $62.2 $74.7 $74.7 $78.4 $77.4 $81.8 $88.8 $94.5 $89.7 $86.5 $84.6 $94.4 $102.6 $102.4 $118.7 $129.6 $123.3 $135.0 $139.7 $144.5 $143.6 $152.2 $159.7 $194.6 $192.9 $203.7 $187.4 $220.6 $232.3 $255.3 $278.6 $298.0 $303.9 $332.7 $342.6 $324.5 $324.0 -% 68%
Net Deposits1 $1.6 $1.7 $1.5 $1.4 $1.5 $1.5 $1.4 $1.6 $1.1 $1.4 $1.6 $1.0 $1.0 $1.4 $2.2 $3.8 $3.6 $3.8 $4.9 $3.6 $4.7 $4.2 $3.3 $2.5 $5.2 $5.6 $5.3 $5.6 $4.8 $7.6 $6.8 $3.5 $3.5 $6.4 $4.8 $9.2 $5.6 $7.1 $3.2 NM NM
Trading
Trading Days (Equities and Options) 21 21 21 20 19 23 19 22 21 20 23 20 22 21 20 21 20 20 22 22 19 22 22 20 23 20 21 20 19 21 21 21 20 22 21 21 23 19 22 16% 5%
Total Trading Volumes
Equity ($B) $46.7 $44.7 $38.6 $46.0 $57.3 $56.8 $38.9 $49.4 $66.9 $69.2 $59.8 $44.2 $50.8 $52.9 $63.2 $59.3 $80.9 $84.7 $70.7 $86.8 $86.1 $104.4 $96.2 $85.5 $126.4 $147.1 $149.8 $144.7 $142.9 $125.6 $157.8 $180.5 $179.1 $209.1 $199.2 $238.8 $320.1 $201.5 $188.6 (6%) 26%
Options Contracts (M) 78.7 81.8 75.3 82.9 89.4 100.1 75.3 97.5 110.5 106.1 107.3 87.3 96.6 95.3 104.5 106.2 119.1 118.2 126.6 131.9 131.1 160.5 146.9 136.1 158.0 155.5 163.7 166.6 165.6 167.9 167.5 179.8 168.1 195.8 195.5 218.8 266.7 193.2 199.4 3% 22%
Crypto ($B)2 $3.5 $5.7 $1.9 $3.7 $3.5 $3.9 $3.7 $2.1 $3.3 $3.4 $2.2 $1.2 $2.3 $4.0 $6.5 $5.9 $6.5 $23.6 $10.1 $7.1 $4.3 $5.3 $5.4 $3.7 $5.6 $35.2 $30.2 $20.4 $14.4 $11.3 $8.6 $11.7 $14.7 $28.7 $28.1 $23.5 $32.5 $28.6 $21.2 (26%) (30%)
Robinhood App ($B) $3.5 $5.7 $1.9 $3.7 $3.5 $3.9 $3.7 $2.1 $3.3 $3.4 $2.2 $1.2 $2.3 $4.0 $6.5 $5.9 $6.5 $23.6 $10.1 $7.1 $4.3 $5.3 $5.4 $3.7 $5.6 $35.2 $30.2 $20.4 $14.4 $11.3 $8.6 $11.7 $8.0 $16.8 $13.7 $9.3 $13.9 $12.0 $8.1 (33%) (73%)
Bitstamp ($B) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - $6.7 $11.9 $14.4 $14.2 $18.6 $16.6 $13.1 (21%) NA
Event Contracts (B) - - - - - - - - - - - - - - - - - - - - - - - - 0.1 0.5 - - - 0.3 0.2 0.3 0.4 0.3 0.3 1.7 2.5 3.0 2.9 (3%) NA
Daily Average Revenue Trades (DARTs) (M)
Equity DARTs 1.3 1.3 1.4 1.5 1.6 1.6 1.4 1.5 1.7 1.7 1.5 1.5 1.4 1.4 1.8 1.7 1.9 2.2 1.8 2.0 2.2 2.1 1.9 2.0 2.0 2.5 2.8 2.6 2.4 2.3 2.3 2.3 2.6 2.7 2.5 3.0 3.1 2.7 2.7 -% (4%)
Option DARTs 0.6 0.6 0.5 0.6 0.7 0.6 0.5 0.6 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.1 1.2 1.1 1.2 1.2 1.1 1.1 1.2 1.3 1.4 1.3 1.1 (15%) 10%
Crypto DARTs3 0.2 0.3 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.2 0.3 0.3 0.3 0.7 0.4 0.3 0.3 0.3 0.3 0.2 0.2 1.0 1.0 0.9 0.7 0.6 0.5 0.5 0.5 0.7 0.6 0.5 0.6 0.6 0.5 (17%) (50%)
Customer Margin and Cash Sweep ($B)
Margin Book $3.8 $3.5 $3.1 $3.0 $3.3 $3.1 $3.1 $3.1 $3.3 $3.4 $3.5 $3.6 $3.5 $3.4 $3.5 $3.6 $3.8 $4.1 $4.1 $4.5 $5.0 $5.4 $5.5 $5.5 $6.2 $6.8 $7.9 $8.3 $8.7 $8.8 $8.4 $9.0 $9.5 $11.4 $12.5 $13.9 $16.5 $16.8 $16.8 -% 113%
Total Cash Sweep $3.8 $5.0 $5.8 $7.1 $8.0 $8.9 $9.6 $11.2 $11.9 $12.7 $13.3 $13.6 $13.9 $15.2 $16.4 $16.8 $18.1 $19.0 $19.1 $20.3 $20.9 $21.8 $22.8 $24.5 $25.5 $26.5 $26.1 $26.3 $26.2 $28.2 $28.9 $30.8 $32.7 $33.6 $34.1 $35.4 $34.2 $32.5 $32.8 1% 26%
Gold Cash Sweep4 $2.4 $3.9 $4.8 $6.0 $7.0 $8.0 $8.8 $10.4 $11.1 $11.9 $12.6 $12.9 $13.2 $14.5 $15.7 $16.1 $17.4 $18.2 $18.4 $19.6 $20.3 $21.2 $22.2 $23.9 $24.8 $25.7 $25.4 $25.6 $25.5 $26.4 $26.9 $28.8 $30.7 $31.7 $32.3 $33.5 $32.4 $31.4 $31.6 1% 24%
Non-Gold Cash Sweep $1.4 $1.1 $1.0 $1.1 $1.0 $0.9 $0.8 $0.8 $0.8 $0.8 $0.7 $0.7 $0.7 $0.7 $0.7 $0.7 $0.7 $0.8 $0.7 $0.7 $0.6 $0.6 $0.6 $0.6 $0.7 $0.8 $0.7 $0.7 $0.7 $1.8 $2.0 $2.0 $2.0 $1.9 $1.8 $1.9 $1.8 $1.1 $1.2 9% 71%
Total Securities Lending Revenue ($M) $7 $8 $10 $13 $17 $15 $18 $15 $15 $17 $17 $10 $11 $11 $12 $12 $13 $17 $21 $23 $21 $21 $20 $18 $19 $23 $28 $25 $22 $24 $25 $33 $54 $61 $53 $59 $60 $34 $38 12% 36%
See the "Definitions" page for definitions and additional information.
(1) Starting in June 2025, Net Deposits include results from Bitstamp. Net Deposits do not include results from TradePMR. (2) Refer to "Definitions" page for definition of Notional Trading Volume. (3) Crypto DARTs do not include Bitstamp Institutional activity. (4) Starting in December 2025, includes Robinhood Banking balances, which totaled $0.1B as of 12/31/2025.
Definitions
Key Performance Metrics
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 Registered Investment Advisors ("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 and swaps, including 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 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, staking rewards, and cash or assets earned in connection with Company promotions (such as account transfer and retirement match incentives, free stock bonuses) received by customers, net of reversals, customer cash withdrawals, margin and lending interest, Robinhood Gold subscription fees, and assets transferred off of our platforms for a stated period. Prior to the second quarter of 2024, Net Deposits did not include inflows from cash or assets earned in connection with Company promotions and prior to January 2024, Net Deposits did not include inflows from dividends and interest or outflows from Robinhood Gold subscription fees and margin interest, although we have not restated amounts in prior periods as the impact to those figures was immaterial. 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.
Additional Operating Metrics
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.
Cash Sweep:
We define Cash Sweep as the period-end total amount of participating users' uninvested brokerage and banking cash that has been automatically "swept" or moved from their 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.
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.
Event Contracts Traded:
We define Event Contracts Traded as the total number of event contracts bought or sold over a specified period of time through our Prediction Markets Hub. Each contract can be traded at $0.01 increments up to $1 and is worth $1 upon settlement.
Total Trading Volumes:
Total Trading Volumes represent Notional Trading Volumes for Equity and Crypto, and Options Contracts Traded for Options, and Event Contracts Traded for Event Contracts.
Total Securities Lending Revenue:
Total Securities Lending Revenue includes net rebates and interest on cash collateral for both margin based and fully paid securities lending.
Monthly Active Users ("MAU"):
We define MAUs as the number of unique persons who, using one or more accounts with a Robinhood entity, meet one of the following criteria at any point during a specified calendar month: a) executes a debit card or credit card transaction, b) transitions between two different screens on a mobile device while logged into their account or c) loads a page in a web browser while logged into their account. A person need not satisfy these conditions on a recurring monthly basis or be a Funded Customer to be included in MAU. MAU figures in this supplement reflect MAU for the last month of the relevant period presented. We utilize MAU to measure how many customers interact with our products and services during a given month. MAU does not measure the frequency or duration of the interaction, but we consider it a useful indicator for engagement. Additionally, MAUs are positively correlated with, but are not indicative of, the performance of revenue and other key performance indicators.
Glossary Terms
Daily Average Revenue Trades ("DARTs"):
We define DARTs for any asset class as the total number of revenue generating retail trades for such asset class executed during a given period divided by the number of trading days for such asset class in that period. This does not include DARTs from Bitstamp Institutional.
The Quarterly KPIs and Monthly KPIs tabs disclose each quarter's or each month's, as applicable, number of trading days for equities and options. For crypto, the number of trading days is equal to the number of calendar days in the quarter or month.

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Robinhood Markets Inc. published this content on February 10, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 10, 2026 at 21:38 UTC.