Robinhood Markets, Inc. (HOOD) financials
NASDAQ · Financial Services · Financial - Capital Markets · 2,900 employees · CEO Vladimir Tenev
- Price
- $84.99 -7.21%
- Market cap
- $67.4B
- Enterprise value
- $64.3B
- Last report
- Q3 '26 filed 2026-10-28
- Next report
- 2027-02-09 EPS est. $0.61
Revenue (TTM)$5.09B+21.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)45.7%-1.9 pp vs a year agoOperating income $2.33B
Net income (TTM)$1.98B-9.6% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.97B+165.4% vs a year agoCapex $76M
Diluted EPS (TTM)$2.17-10.0% vs a year agoSum of the last 4 quarters
Net cash$3.17B+399.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $67.4B EV $64.3B
- Revenue
- $5.09B Trailing 12 months
- Revenue growth
- +19% FY2026 consensus
- Profit margin
- 39.0% Net income / revenue, TTM
- P/E
- 38.6× Forward 39.6× (FY2026)
- P/S
- 13.2× Price / sales, TTM
- EV / EBITDA
- 27.2× TTM
- Free cash flow
- $2.97B Trailing 12 months
- Net income
- $1.98B Trailing 12 months
- Revenue estimate
- $5.33B FY2026 consensus
- Earnings
- 2027-02-09 Revenue est. $1.52B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-27): revenue missed by 1.0%, EPS beat by 7.5%Revenue $1.42B vs $1.44B expected (-1.0%); EPS $0.60 vs $0.56 (+7.5%).
- Revenue growth slowing: 12.4% year on yearQ3 '26 revenue $1.43B, against an average of 43.5% over the four quarters before.
- Operating margin 45.7% (TTM), -1.9 pp on a year agoOperating income grew 16.3% while revenue grew 21.1%.
- Capex 1.5% of revenue (a year ago 1.3%)$76M invested in the last 4 quarters (+35.7% on a year earlier). Free cash flow $2.97B = 149.7% of net income.
- Returned $789M to shareholders = 26.6% of free cash flowBuybacks $789M (a year earlier $713M), dividends $0, stock-based pay $353M (TTM).
- Diluted share count down 0.8% in a year911M diluted shares in Q3 '26, 918M a year earlier.
- Net cash $3.17BCash + short-term investments $5.83B, debt incl. leases $2.66B; a year ago net debt $1.06B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $1.43B | $1.27B | +12.4% |
| Gross margin | 92.7% | 86.7% | +5.9 pp |
| Operating income | $693M | $635M | +9.1% |
| Operating margin | 48.4% | 49.8% | -1.4 pp |
| Net income | $468M | $556M | -15.8% |
| Diluted EPS | $0.51 | $0.61 | -16.4% |
| Operating cash flow | $1.23B | -$1.58B | +177.7% |
| Capex | $21M | $12M | +75.0% |
| Free cash flow | $1.2B | -$1.59B | +175.8% |
| R&D | $0 | $237M | -100.0% |
| Stock-based compensation | $80M | $78M | +2.6% |
Reported vs consensus
2026-10-27| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $1.42B | $1.44B | -1.0% |
| EPS (as estimated) | $0.60 | $0.56 | +7.5% |
From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Transaction-Based Revenues | $867M | +18.8% | 85.9% | – | – | |
| Transaction-based revenues | – | – | – | – | – | |
| Total net interest revenues | – | – | – | – | – | |
| Other revenues | – | – | – | – | – | |
| Other Revenue | $73M | +114.7% | 7.2% | – | – | |
| Gold Subscription Revenues | $62M | +31.9% | 6.1% | – | – | |
| Proxy Revenues | $7M | 0.0% | 0.7% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $3.05B
- Capex
- -$76M
- Buybacks
- -$789M
- Dividends
- $0
- Acquisitions
- -$154M
- Net debt issued
- $2.93B
- Stock-based compensation
- $353M
- Free cash flow
- $2.97B
- Returned to shareholders / FCF
- 26.6%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 38.6× | 38.3× 2 of 5 years | 23.3× – 53.3× |
| EV / EBITDA | 27.2× | 40.6× 2 of 5 years | 31.8× – 49.5× |
| EV / Sales | 12.6× | 10.1× | 1.9× – 24.1× |
| Price / FCF | 22.7× | 36.6× 2 of 5 years | 9.8× – 63.4× |
| Price / Book | 7.6× | 4.0× | 1.0× – 11.0× |
| FCF yield | 4.4% | -1.6% | -12.7% – 10.2% |
| Return on invested capital | 14.9% | -3.0% | -14.8% – 8.9% |
| Return on equity | 20.9% | -7.0% | -50.6% – 20.6% |
Analysts
Consensus target $134.40 (+58.1%)
range $100.00 – $170.00 · rating Buy
Strong buy0
Buy21
Hold5
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $5.33B | +19.2% | $2.14 | +4.6% | 39.6× | 16 |
| FY2027 | $6.89B | +29.2% | $3.02 | +40.7% | 28.2× | 21 |
| FY2028 | $8.07B | +17.0% | $3.62 | +20.1% | 23.5× | 18 |
| FY2029 | $9.72B | +20.5% | $4.31 | +19.1% | 19.7× | 9 |
| FY2030 | $9.04B | -7.0% | $3.82 | -11.4% | 22.2× | 8 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 285 figures Robinhood Markets, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accelerated Share Repurchase Program, Adjustment | $1.1B2026-03-31 | – | – | – | – | – |
| Accounts Payable and Accrued Liabilities, Current | $658M | $399M | +64.9% | $463M | $397M | +16.6% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $71M | $26M | +173.1% | $114M | $76M | +50.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $214M2025-12-31 | $154M | +39.0% | $214M | $154M | +39.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$9M | $7M | -228.6% | $8M | -$1M | +900.0% |
| Additional Paid in Capital | $10.8B | $11.3B | -4.7% | $11.3B | $12B | -6.0% |
| Advertising Expense | – | – | – | $274M | $179M | +53.1% |
| Amortization of Intangible Assets | $9M | $6M | +50.0% | $23M | $20M | +15.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 13M | 0 | – | 24.4K | 24.8M | -99.9% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $85M | $84M | +1.2% | $328M | $330M | -0.6% |
| AssetAcquisitionConsiderationTransferred | $02025-09-30 | $0 | – | $3M2024-12-31 | $0 | – |
| Assets | $58.3B | $41.5B | +40.6% | $38.1B | $26.2B | +45.6% |
| Assets, Current | $56.3B | $40B | +40.8% | $36.3B | $25.1B | +44.6% |
| Assets, Fair Value Disclosure | $11.6B | – | – | – | – | – |
| Capitalized Computer Software, Amortization | – | – | – | $49M | $43M | +14.0% |
| Capitalized Contract Cost, Impairment Loss | – | – | – | $0 | $0 | – |
| Cash and Cash Equivalents, at Carrying Value | $5.83B | $4.33B | +34.6% | $4.26B | $4.33B | -1.6% |
| Cash and Securities Segregated under Federal and Other Regulations | $13.4B | $8.44B | +59.2% | $5.75B | $4.72B | +21.7% |
| Cash Segregated under Other Regulations | $8.88B | $6.85B | +29.6% | $5.55B | $4.33B | +28.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $14.8B | $11.3B | +30.9% | $9.89B | $8.7B | +13.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.08B | -$1.72B | +162.7% | $1.2B | -$651M | +284.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $8M | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $469M | $556M | -15.6% | $1.89B | $1.41B | +33.9% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $477M | $556M | -14.2% | $1.89B | $1.41B | +33.9% |
| Contract with Customer, Asset, before Allowance for Credit Loss | $291M | $223M | +30.5% | $185M | $294M | -37.1% |
| Contract with Customer, Liability | $80M | $57M | +40.4% | $57M | $11M | +418.2% |
| Contract with Customer, Liability, Current | $18.5B | $12.3B | +50.0% | $12B | $7.45B | +60.9% |
| Contract with Customer, Receivable, after Allowance for Credit Loss, Current | $23.6B | $14.4B | +64.0% | $18B | $8.24B | +118.4% |
| Convertible Debt, Noncurrent | $2.17B2026-06-30 | – | – | – | – | – |
| CryptoAssetFairValue | $37.9B | $51.8B | -26.8% | $38.2B | $35.2B | +8.5% |
| Current Federal Tax Expense (Benefit) | – | – | – | $22M | $16M | +37.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4M | $0 | – |
| Current Income Tax Expense (Benefit) | – | – | – | $44M | $22M | +100.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $18M | $6M | +200.0% |
| Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | $02025-09-30 | $1M | -100.0% | $1M2024-12-31 | $0 | – |
| Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | $02025-09-30 | $1M | -100.0% | $02024-12-31 | $1M | -100.0% |
| Debt Securities, Held-to-maturity, Allowance for Credit Loss | $02025-09-30 | $0 | – | $02024-12-31 | $0 | – |
| Debt Securities, Held-to-maturity, Fair Value | $53M2025-09-30 | $527M | -89.9% | $399M2024-12-31 | $485M | -17.7% |
| Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $53M2025-09-30 | $527M | -89.9% | $399M2024-12-31 | $412M | -3.2% |
| DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateYearOne | $53M2025-09-30 | $527M | -89.9% | $398M2024-12-31 | $413M | -3.6% |
| DebtSecuritiesHeldToMaturityExcludingAccruedInterestAfterAllowanceForCreditLossCurrent | $02025-12-31 | $398M | -100.0% | $0 | $398M | -100.0% |
| DebtSecuritiesHeldToMaturityExcludingAccruedInterestNonaccrualNoAllowance | $53M2025-09-30 | $527M | -89.9% | $398M2024-12-31 | $486M | -18.1% |
| Deconsolidation, Gain (Loss), Amount | $1M | $0 | – | – | – | – |
| Deferred Costs, Current | $226M | $161M | +40.4% | $185M | $100M | +85.0% |
| Deferred Costs, Noncurrent | $578M | $360M | +60.6% | $428M | $195M | +119.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $173M | -$333M | +152.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$12M | $0 | – |
| Deferred Income Tax Expense (Benefit) | $61M | $0 | – | $181M | -$369M | +149.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $20M | -$36M | +155.6% |
| Deferred Tax Assets, Gross | $515M2025-12-31 | $563M | -8.5% | $515M | $563M | -8.5% |
| Deferred Tax Assets, Net | $179M2025-12-31 | $371M | -51.8% | $179M | $371M | -51.8% |
| Deferred Tax Assets, Operating Loss Carryforwards | $40M2025-12-31 | $29M | +37.9% | $40M | $29M | +37.9% |
| Deferred Tax Assets, Other | $41M2025-12-31 | $31M | +32.3% | $41M | $31M | +32.3% |
| Deferred Tax Assets, Tax Credit Carryforwards | $193M2025-12-31 | $174M | +10.9% | $193M | $174M | +10.9% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $10M2025-12-31 | $16M | -37.5% | $10M | $16M | -37.5% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $29M2025-12-31 | $16M | +81.3% | $29M | $16M | +81.3% |
| Deferred Tax Assets, Valuation Allowance | $105M2025-12-31 | $88M | +19.3% | $105M | $88M | +19.3% |
| Deferred Tax Liabilities, Gross | $231M2025-12-31 | $104M | +122.1% | $231M | $104M | +122.1% |
| Deferred Tax Liabilities, Leasing Arrangements | $43M2025-12-31 | $24M | +79.2% | $43M | $24M | +79.2% |
| Deferred Tax Liabilities, Other | $4M2025-12-31 | $0 | – | $4M | $0 | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01