Robinhood Markets, Inc. · NASDAQ:HOOD
Robinhood Markets — Q1 2026 Earnings Presentation
48 slides from Robinhood Markets's earnings presentation, Apr 28, 2026
Slide 1: Robinhood Markets, Inc. Earnings Presentation First Quarter 2026
Robinhood Markets, Inc. Earnings Presentation First Quarter 2026 April 28, 2026 investors.robinhood.com
Slide 2: Disclaimers
Robinhood Earnings Presentation Q1 2026 Disclaimers This Presentation Relates to Robinhood’s Broader Earnings Announcement Disclosures This presentation accompanies the first quarter 2026 earnings announcement webcast of Robinhood Markets, Inc. (including its consolidated subsidiaries, “we,” “Robinh
Slide 3: Q1 2026 Business Results Highlights
Robinhood Earnings Presentation Q1 2026 Q1 2026 Business Results Highlights Funded Customers +1.7M +410k Robinhood Gold Subscribers +1.2M +170k in millions year-over-year sequential in millions year-over-year sequential 27.4 Robinhood Gold Subscribers Robinhood Gold Adoption Rate¹ 26.8 27.0 4.34 26.
Slide 4: Q1 2026 Financial Results Highlights
Robinhood Earnings Presentation Q1 2026 Q1 2026 Financial Results Highlights Total Net Revenues +15% (17%) Adjusted Operating Expenses and SBC +14% +2% in millions year-over-year sequential in millions year-over-year sequential $1,274 $1,283 $989 $1,067 $927 $613 $597 $607 $533 $522 $4.6B over the l
Slide 5: Product velocity remained robust to start 2026
Robinhood Earnings Presentation Q1 2026 Product velocity remained robust to start 2026 (1) Announced Robinhood entered into an agreement to acquire WonderFi on 5/13/2025. The pending acquisition is subject to customary closing conditions, including regulatory approvals. (2) Announced Robinhood avail
Slide 6: Funded Customers increased by 1.7 million year-over-year to a record 27.4 million in Q1
Robinhood Earnings Presentation Q1 2026 Funded Customers increased by 1.7 million year-over-year to a record 27.4 million in Q1 In millions Year-over-year change +1.7M Sequential change +410k As of Q1 2026, we had 29.1M Investment Accounts, up 2.1M year-over-year. 29.1 28.4 27.9 27.4 27.0 Investment
Slide 7: Total Platform Assets increased 39% year-over-year to $307 billion in Q1
Robinhood Earnings Presentation Q1 2026 Total Platform Assets increased 39% year-over-year to $307 billion in Q1 due to continued Net Deposits, higher equity valuations, and acquired assets Year-over- Sequential In billions year change change $333 $322 +39% (5%) $307 $279 $42 $42 $42 +3% —% $33 $27
Slide 8: Robinhood Retirement AUC grew to a record $27 billion in Q1
Robinhood Earnings Presentation Q1 2026 Robinhood Retirement AUC1 grew to a record $27 billion in Q1 Robinhood Retirement Accounts Robinhood Retirement AUC Robinhood Retirement AUC per Account2 End of period, in millions End of period, in $ billions End of period, in $ thousands Up 90% Up 50% 1.98 2
Slide 9: Gold Subscribers grew to a record 4.3 million in Q1
Robinhood Earnings Presentation Q1 2026 Robinhood Gold Subscribers grew to a record 4.3 million in Q1, representing ~16% of Funded Customers Robinhood Gold Subscribers receive meaningful value for $5 Robinhood Gold Subscribers per month1 In millions 3.35% APY on uninvested cash Robinhood Gold Subscr
Slide 10: Net Deposits were $18 billion in Q1, a 22% annualized growth rate
Robinhood Earnings Presentation Q1 2026 Net Deposits were $18 billion in Q1, translating to a 22% annualized growth rate, and were ~$68 billion over the last twelve months, translating to a 31% growth rate In billions Last twelve months Net Deposits $67.8 Last twelve months growth rate 31% $20.4 $18
Slide 11: Average cumulative Net Deposits have grown across Funded Customer Cohorts
Robinhood Earnings Presentation Q1 2026 Average cumulative Net Deposits1 have grown over time across our Funded Customer Cohorts2, and recent cohorts' initial Net Deposits are larger $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $— 0 4 8 12 16 20 Quarters Customer Cohort Key 2021 2022 2023 2024 2025
Slide 12: Q1 trading volumes increased significantly year-over-year
Robinhood Earnings Presentation Q1 2026 Q1 trading volumes increased significantly year-over-year as we've continued to gain market share Equity Notional Volumes Options Contracts Traded Crypto Notional Volumes1 In $ billions In millions of contracts In $ billions Up 54% Y/Y and down 10% Q/Q Up 17%
Slide 13: Total net revenues were up 15% year-over-year to $1.1 billion in Q1
Robinhood Earnings Presentation Q1 2026 Total net revenues were up 15% year-over-year to $1.1 billion in Q1, and ARPU was $157 In millions, except for ARPU $191 $191 $164 $157 $151 Average Revenue per User (ARPU) $145 $1,274 $1,283 Year-over- year change Sequential change $88 $96 $104 $113 $105 $1,0
Slide 14: Transaction-based revenues were up 7% year-over-year to $623 million
Robinhood Earnings Presentation Q1 2026 Transaction-based revenues were up 7% year-over-year to $623 million in Q1 In millions $776 $730 Year-over- year change Sequential change $672 $72 $147 $31 $623 +7% (20%) $583 $35 $539 $147 +320% —% $48 $268 $221 $358 $252 $160 $134 (47%) (39%) $329 $327 $319
Slide 15: Net interest revenues were up 24% year-over-year to $359 million
Robinhood Earnings Presentation Q1 2026 Net interest revenues were up 24% year-over-year to $359 million in Q1 In millions Year-over-year change +24% Sequential change (13%) $1 $2 $456 $17 $1 $411 $1 $87 $24 $6 $8 $357 $26 $359 Other $4 $13 $32 Credit card, net $6 $57 $285 $296 $290 $54 $64 $4 Secur
Slide 16: Adjusted Operating Expenses and SBC increased 14% to $607 million
Robinhood Earnings Presentation Q1 2026 Adjusted Operating Expenses and SBC increased 14% year-over-year to $607 million in Q1 In millions Year-over-year change +14% Sequential change +2% $613 $597 $607 $508 $533 $522 $78 $76 $79 $493 $476 $460 $77 $73 $78 $128 $86 $152 $145 $62 $79 $19 $16 $18 $109
Slide 17: Updating 2026 outlook for Adjusted Operating Expenses and SBC
Robinhood Earnings Presentation Q1 2026 We are updating our 2026 outlook for Adjusted Operating Expenses and SBC to include planned investments in Trump Accounts Adjusted Operating Expenses and SBC in billions • Our initial 2026 outlook for Adjusted Operating Expenses and SBC was $2.6 to $2.725 bill
Slide 18: Diluted share count roughly flat in 2025 and expected flat in 2026
Robinhood Earnings Presentation Q1 2026 Diluted share count was roughly flat in 2025, and we anticipate diluted share count will be roughly flat in 2026 as well Basic and Diluted Share Count Share-Based Compensation Expense in millions in millions Year-over- year change Q1 2026 SBC of $92M includes
Slide 19: GAAP net income was $346 million in Q1 and $1.9 billion LTM
Robinhood Earnings Presentation Q1 2026 GAAP net income was $346 million in Q1 and $1.9 billion over the last twelve months In millions, except for EPS Year-over-year change +$10 Sequential change ($259) Q4 2024 Tax Benefit and Regulatory Accrual Reversal $916 Q4 2024 Net Income Prior to $424 $556 $
Slide 20: Adjusted EBITDA increased 14% year-over-year to $534 million
Robinhood Earnings Presentation Q1 2026 Adjusted EBITDA increased 14% year-over-year to $534 million in Q1 and grew to a record $2.6 billion over the last twelve months Year-over-year change +$64 Sequential change ($227) In millions $742 $761 $613 $549 $534 $470 $301 $268 $247 $2.6B (56% margin) ove
Slide 21: Rule of 40 results demonstrate the power of our business model
Robinhood Earnings Presentation Q1 2026 Rule of 401 results demonstrate the power of our business model 131% 111% 112% 108% 98% 56% 51% 53% 56% 56% 40% 75% 60% 59% 52% 42% Q1'25 LTM Q2'25 LTM Q3'25 LTM Q4'25 LTM Q1'26 LTM Y/Y Change in Total Net Revenues Adjusted EBITDA Margin Rule of 40¹ (1) Define
Slide 22: With over $5B in corporate cash, investments, and stablecoin
Robinhood Earnings Presentation Q1 2026 With over $5B in corporate cash, investments, and stablecoin1, we are well positioned to continue deploying capital In billions Year-over-year change +$0.6 Sequential change +$0.6 • Our balance sheet remains strong with $5.2 billion of corporate cash, investme
Slide 23: In Q1, we returned $250 million to shareholders through repurchases
Robinhood Earnings Presentation Q1 2026 In Q1, we returned $250 million to shareholders by repurchasing 3.1 million of our shares1, and since starting our initial repurchase program, have returned $1.2 billion by repurchasing 25 million shares Share Repurchases In millions As of 3/31/2026 $322 • Sin
Slide 24: Appendix
Appendix 24
Slide 25: March 2026 Monthly Metrics
Robinhood Earnings Presentation Q1 2026 March 2026 Monthly Metrics 2025 2026 Change Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar M/M Y/Y Funded Customer Growth (M) Funded Customers 25.6 25.8 25.9 25.9 26.5 26.7 26.7 26.8 27.1 26.9 27.0 27.2 27.4 27.4 - 6% Asset Growth ($B) Total Platform
Slide 26: March 2026 Monthly Metrics Dashboard
Robinhood Earnings Presentation Q1 2026 March 2026 Monthly Metrics Dashboard Funded Customers Total Platform Assets In millions In $ billions Mar-26 Mar-26 27.4M $307B +80k M/M (2%) M/M +1.66M Y/Y +39% Y/Y Net Deposits1 Cash Sweep2 In $ billions In $ billions Mar-26 Mar-26 $7.6B $26.0B 29% Annualize
Slide 27: March 2026 Monthly Metrics Dashboard (Continued)
Robinhood Earnings Presentation Q1 2026 March 2026 Monthly Metrics Dashboard (Continued) Equity Notional Volumes Options Contracts Traded In $ billions In millions Mar-26 Mar-26 $216B 206M +11% M/M +14% M/M +72% Y/Y +23% Y/Y $9.8B Avg. Daily Volumes1 9.4M Avg. Daily Volumes1 (4%) M/M, +63% Y/Y (1%)
Slide 28: Changes in Funded Customers and Total Platform Assets
Robinhood Earnings Presentation Q1 2026 Changes in Funded Customers and Total Platform Assets Funded Customers In millions Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Beginning Funded Customers 23.4 23.9 24.2 24.3 25.2 25.8 26.5 26.8 27.0 New Customers 0.5 0.5 0.4 0.8 0.7 0.6 0.7 0.6 0.7 R
Slide 29: Net Cash Held by Users Reconciliation
Robinhood Earnings Presentation Q1 2026 Net Cash Held by Users Reconciliation In billions Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Gold Cash Sweep1,2 $18.2 $20.3 $23.9 $25.4 $26.4 $30.7 $33.5 $31.6 $24.7 Non-Gold Cash Sweep (excluding TradePMR) 0.8 0.6 0.6 0.7 0.6 0.8 0.8 — — Total Cash
Slide 30: Trading Volumes for Q1 2026
Robinhood Earnings Presentation Q1 2026 Trading Volumes for Q1 2026 Equity Notional Volumes Options Contracts Traded Robinhood App Bitstamp Crypto Notional Volumes1 Crypto Notional Volumes1 Up 54% Y/Y and down 10% Q/Q Up 17% Y/Y and down 11% Q/Q Down 48% Y/Y and down 30% Q/Q Down 13% Q/Q Driven by:
Slide 31: New trading products continue to scale
Robinhood Earnings Presentation Q1 2026 New trading products continue to scale, as Index Options, Futures, and Event Contracts reached new quarterly records in Q1 Index Options Contracts Traded1 Futures Contracts Traded Event Contracts Traded In millions of contracts In millions of contracts In bill
Slide 32: Crypto Notional Trading Volumes
Robinhood Earnings Presentation Q1 2026 Crypto Notional Trading Volumes1 Sequential Q3'25 Q4'25 Q1'26 change Crypto Notional Trading Volumes ($B) Robinhood App 39.8 34.0 23.8 (30%) Bitstamp 40.5 48.4 41.9 (13%) Retail 4.9 4.6 2.7 (41%) Institutional 35.6 43.8 39.2 (11%) Crypto Notional Trading Volum
Slide 33: Evolving monthly reporting from DARTs to DATs
Robinhood Earnings Presentation Q1 2026 Starting in April 2026, we will evolve our monthly reporting from Daily Average Revenue Trades (DARTs) to Daily Average Trades (DATs)1 to align with peer reporting 2025 2026 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Equity (M) DARTs 2.6 2.4 2
Slide 34: Deepening relationships and growing share of wallet with customers
Robinhood Earnings Presentation Q1 2026 We are deepening relationships and growing our share of wallet with customers as we deliver innovative wealth management products Robinhood Gold Card Cardholders Robinhood Banking Balances Robinhood Strategies Assets Under Management In thousands In $ billions
Slide 35: Monthly Active Users decreased by 0.9 million year-over-year
Robinhood Earnings Presentation Q1 2026 Monthly Active Users (MAU) decreased by 0.9 million year-over-year to 13.5 million in Q1 In millions Year-over-year change (0.9) Sequential change +0.5 14.4 13.8 12.8 13.0 13.5 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 investors.robinhood.com 35
Slide 36: Annualized revenue per employee was $1.4 million in Q1
Robinhood Earnings Presentation Q1 2026 Annualized revenue per employee was $1.4 million in Q1, down 8% year-over-year Year-over-year Sequential Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 change change End of period Employee Count1 2,492 2,827 2,972 2,944 3,029 +22% +3% Total Net Revenues (in millions) $927 $989
Slide 37: Contra revenues associated with customer matches
Robinhood Earnings Presentation Q1 2026 In Q1 2026, we recorded $57 million of contra revenues associated with matches on customer transfers and deposits and allocated them on a proportional basis Customer Match Contra Revenue Allocation in millions Customer Match Amortization Detail Q2'25 Q3'25 Q4'
Slide 38: Net interest revenues were $359 million in Q1
Robinhood Earnings Presentation Q1 2026 Net interest revenues were $359 million in Q1, up 24% year-over-year In millions Year-over- Sequential Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 year change change Interest on corporate cash and investments1 $70 $66 $67 $53 $49 $46 $39 $33 $34 (31%
Slide 39: Total interest earning assets were ~$61B at end of Q1
Robinhood Earnings Presentation Q1 2026 Total interest earning assets were ~$61B at the end of Q1, and average yield decreased by 12 bps sequentially In millions, except for annualized yields Cash Sweep Interest expenses Cash and Total interest- Securities Total net interest Margin Book (off-balance
Slide 40: Interest Earning Assets grew 29% year-over-year to $61 billion
Robinhood Earnings Presentation Q1 2026 In Q1, Interest Earning Assets grew 29% year-over-year to $61 billion In billions $1.0 Year-over- Sequential $0.7 $1.1 year change change $64 $62 $0.6 $61 +29% (2%) $0.4 $0.4 $57 +175% +10% $0.3 $13.9 $0.2 $0.2 $44 $47 $9.5 $16.8 $17.0 $41 $8.8 $14.3 +93% +1%
Slide 41: Total securities lending revenue increased 30% year-over-year
Robinhood Earnings Presentation Q1 2026 Total securities lending revenue increased by 30% year-over-year to $92 million in Q1, and Funded Customers enrolled in fully-paid securities lending increased by 41% In millions, unless specified Year-over-year Sequential Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 change
Slide 42: Fully diluted shares decreased by ~1% year-over-year
Robinhood Earnings Presentation Q1 2026 Fully diluted shares decreased by ~1% year-over-year as we continue to repurchase shares over time and closely manage share-based compensation Price per Class A Share (End of period) $41.62 $93.63 $143.18 $113.20 $69.30 March 31, 2026 In millions, except price
Slide 43: Adjusted Operating Expenses and SBC Reconciliation
Robinhood Earnings Presentation Q1 2026 Adjusted Operating Expenses and Adjusted Operating Expenses and SBC Reconciliation In millions Operating expenses (GAAP) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Brokerage and transaction $35 $40 $39 $50 $50 $48 $56 $57 $60 Technology and developm
Slide 44: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations
Robinhood Earnings Presentation Q1 2026 Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations In millions Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net income (loss) attributable to Robinhood $157 $188 $150 $916 $336 $386 $556 $605 $350 Net income (loss) attributable to non-controll
Slide 45: Incremental Net Income and Incremental Adjusted EBITDA Margins
Robinhood Earnings Presentation Q1 2026 Incremental Net Income and Incremental Adjusted EBITDA Margins In millions Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Year-over-year change in total net revenues +$309 +$307 +$637 +$269 +$140 Year-over-year change in net income +$179 +$198 +$406 ($311) +$10 Incremental net
Slide 46: Q4 2024 Net Income and EPS Prior to Tax Benefit Reconciliations
Robinhood Earnings Presentation Q1 2026 Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal and Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal Reconciliations Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal In millions Q4'24 Net income (G
Slide 47: Definitions
Robinhood Earnings Presentation Q1 2026 Definitions Key Performance Metrics Funded Customers Event Contracts Traded 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 th
Slide 48: Definitions (Continued)
Robinhood Earnings Presentation Q1 2026 Definitions (Continued) Resurrected Customers Q4 2024 Tax Benefit and Regulatory Accrual Reversal A Funded Customer is considered “Resurrected” in a stated period if it was a Churned Customer as of the end of the immediately preceding period and its balance (e