Robinhood Markets, Inc. · NASDAQ:HOOD
Robinhood Markets — Q3 2025 Earnings Presentation
50 slides from Robinhood Markets's earnings presentation, Nov 5, 2025
Slide 1: Robinhood Markets, Inc. Earnings Presentation Third Quarter 2025
Robinhood Markets, Inc. Earnings Presentation Third Quarter 2025 November 5, 2025 investors.robinhood.com
Slide 2: Disclaimers
Robinhood Earnings Presentation Q3 2025 Disclaimers This Presentation Relates to Robinhood’s Broader Earnings Announcement Disclosures This presentation accompanies the third quarter 2025 earnings announcement webcast of Robinhood Markets, Inc. (including its consolidated subsidiaries, “we,” “Robinh
Slide 3: Q3 2025 Business Results Highlights
Robinhood Earnings Presentation Q3 2025 Q3 2025 Business Results Highlights Funded Customers +2.5M +320k Robinhood Gold Subscribers +1.7M +400k in millions year-over-year sequential in millions year-over-year sequential Robinhood Gold Subscribers Robinhood Gold Adoption Rate¹ 26.5 26.8 25.8 3.88 3.4
Slide 4: Q3 2025 Financial Results Highlights
Robinhood Earnings Presentation Q3 2025 Q3 2025 Financial Results Highlights Total Net Revenues +100% +29% Adjusted Operating Expenses +35% +20% in millions year-over-year sequential in millions year-over-year sequential $1,274 $1,014 $989 $927 $535 $431 $460 $444 $637 $397 $4.2B over the last twelv
Slide 5: Our product velocity remained strong to start the second half of the year
Robinhood Earnings Presentation Q3 2025 Our product velocity remained strong to start the second half of the year (1) Announced Robinhood Strategies (available to all US customers), Robinhood Cortex Digests (available to all US Gold Subscribers), Robinhood Cortex Trade Builder (not yet available to
Slide 6: 2025 Roadmap
Robinhood Earnings Presentation Q3 2025 2025 Roadmap Active Traders Wallet Share for Next Generation Global Financial Ecosystem • Robinhood Legend enhancements • Robinhood Gold Card expansion • Additional Crypto selection & capabilities Products (incl. US Staking) • Futures rollout • Robinhood Strat
Slide 7: Funded Customers increased by 2.5 million year-over-year to a record 26.8 million in Q3
Robinhood Earnings Presentation Q3 2025 Funded Customers increased by 2.5 million year-over-year to a record 26.8 million in Q3 In millions Year-over-year change +2.5M Sequential change +320k As of Q3 2025, we had 27.9M Investment Accounts, up 2.8M year-over-year. 27.9 27.4 27.0 Investment Accounts1
Slide 8: Total Platform Assets increased 119% year-over-year to a record $333 billion in Q3
Robinhood Earnings Presentation Q3 2025 Total Platform Assets increased 119% year-over-year to a record $333 billion in Q3 due to continued Net Deposits, acquired assets, and higher equity and cryptocurrency valuations In billions Year-over- Sequential year change change $333 +119% +19% NM (2%) $279
Slide 9: Robinhood Retirement AUC grew to a record $24 billion in Q3
Robinhood Earnings Presentation Q3 2025 Robinhood Retirement AUC1 grew to a record $24 billion in Q3 Robinhood Retirement Accounts Robinhood Retirement AUC Robinhood Retirement AUC per Account2 End of period, in thousands End of period, in billions End of period, in thousands Up 1.7x ~1,630 Up 2.5x
Slide 10: We continue to add value to Robinhood Gold
Robinhood Earnings Presentation Q3 2025 We continue to add value to Robinhood Gold, and Q3 2025 Robinhood Gold Subscribers represented over 14% of Funded Customers Robinhood Gold Subscribers receive meaningful value for $5 Robinhood Gold Subscribers per month1 In millions 3.50% APY on uninvested cas
Slide 11: Net Deposits were a record $20.4 billion in Q3
Robinhood Earnings Presentation Q3 2025 Net Deposits were a record $20.4 billion in Q3, translating to a 29% annualized growth rate, and were ~$68 billion over the last twelve months, translating to a 45% growth rate In billions Last twelve months Net Deposits $68.3 Last twelve months growth rate 45
Slide 12: Average cumulative Net Deposits have grown over time across our Funded Customer Cohorts
Robinhood Earnings Presentation Q3 2025 Average cumulative Net Deposits1 have grown over time across our Funded Customer Cohorts2, and recent cohorts' initial Net Deposits are larger $15,000 $12,500 $10,000 $7,500 $5,000 $2,500 $— 0 4 8 12 16 Quarters Customer Cohort Key 2021 2022 2023 2024 2025 Fun
Slide 13: We've continued to gain market share over time
Robinhood Earnings Presentation Q3 2025 We've continued to gain market share over time Equities Market Share1 Options Market Share2 Up 138% Up 68% 1.07% 7.4% 6.8% 0.77% 5.2% 0.51% 0.45% 4.4% 2022 2023 2024 LTM Q3 2025 2022 2023 2024 LTM Q3 2025 Crypto Market Share3 Margin Market Share4 Up 100% Up 55
Slide 14: Q3 trading volumes increased significantly year-over-year
Robinhood Earnings Presentation Q3 2025 Q3 trading volumes increased significantly year-over-year as we've continued to gain market share, and Equities and Options reached new quarterly records Equity Notional Volumes Options Contracts Traded Crypto Notional Volumes1 In $ billions In millions of con
Slide 15: Total net revenues in Q3 were up 100% year-over-year to a record $1.3 billion
Robinhood Earnings Presentation Q3 2025 Total net revenues in Q3 were up 100% year-over-year to a record $1.3 billion, and ARPU was $191 In millions, except for ARPU $191 Year-over- Sequential $164 year change change $151 Average Revenue per User (ARPU) $145 $1,274 +100% +29% $88 +100% (5%) $113 $10
Slide 16: Transaction-based revenues were up 129% year-over-year to a record $730 million in Q3
Robinhood Earnings Presentation Q3 2025 Transaction-based revenues were up 129% year-over-year to a record $730 million in Q3 In millions Year-over- Sequential year change change $730 +129% +35% $672 $72 +279% +50% $31 $583 $35 $539 $268 +339% +68% $48 $10 $358 $252 $160 $11 $329 $327 $319 $11 $24 $
Slide 17: Net interest revenues were up 66% year-over-year to a record $456 million in Q3
Robinhood Earnings Presentation Q3 2025 Net interest revenues were up 66% year-over-year to a record $456 million in Q3 In millions Year-over-year change +66% Sequential change +28% $1 $456 Other $1 $17 Credit card, net $87 Securities lending, net $6 $4 $8 $357 $6 $13 $4 $5 $285 $296 $290 $54 $64 Ca
Slide 18: We continue to grow and diversify our business
Robinhood Earnings Presentation Q3 2025 We continue to grow and diversify our business Business lines each generating ~$100M or more in annualized revenues1 + Fully Paid + Prediction Markets Securities Lending + Gold Subscriptions + Bitstamp + Instant Withdrawals 11 + Cash Sweep 9 + Margin Based Sec
Slide 19: Adjusted Operating Expenses increased 35% year-over-year to $535 million in Q3
Robinhood Earnings Presentation Q3 2025 Adjusted Operating Expenses increased 35% year-over-year to $535 million in Q3 In millions Year-over-year change +35% Sequential change +20% $535 $431 $460 $444 $398 $407 $397 $19 $152 $353 $364 $16 $18 $23 $109 $100 $14 $97 $14 $106 $106 $100 $98 $100 $107 $1
Slide 20: Diluted share count was roughly flat year-over-year in Q3
Robinhood Earnings Presentation Q3 2025 Diluted share count was roughly flat year-over-year in Q3, and we now anticipate diluted share count will be roughly flat in 2025 Basic and Diluted Share Count Share-Based Compensation Expense in millions in millions Year-over- year change $79 $77 $78 $78 918
Slide 21: We are updating our 2025 outlook for Adjusted Operating Expenses and SBC
Robinhood Earnings Presentation Q3 2025 We are updating our 2025 outlook for Adjusted Operating Expenses and SBC as a result of strong year-to-date business performance and stock price appreciation In billions • We built a 2025 expense plan to drive another year of profitable growth, including: ◦ In
Slide 22: GAAP net income increased 271% year-over-year to $556 million in Q3
Robinhood Earnings Presentation Q3 2025 GAAP net income increased 271% year-over-year to $556 million in Q3, and diluted EPS increased 259% to $0.61 In millions, except for EPS Year-over-year change +$406 Sequential change +$170 Q4 2024 Tax Benefit and Regulatory Accrual Reversal $916 $424 Q4 2024 N
Slide 23: Adjusted EBITDA increased 177% year-over-year to a record $742 million in Q3
Robinhood Earnings Presentation Q3 2025 Adjusted EBITDA increased 177% year-over-year to a record $742 million in Q3 and has grown to $2.4 billion over the last twelve months Year-over-year change +$474 Sequential change +$193 In millions $742 $613 $549 $470 $301 $268 $247 $137 $133 $2.4B (56% margi
Slide 24: Rule of 40 results demonstrate the power of our business model
Robinhood Earnings Presentation Q3 2025 Rule of 401 results demonstrate the power of our business model 131% 111% 112% 106% 75% 56% 48% 51% 53% 39% 40% 75% 58% 60% 59% 36% Q3'24 LTM Q4'24 LTM Q1'25 LTM Q2'25 LTM Q3'25 LTM Y/Y Change in Total Net Revenues Adjusted EBITDA Margin Rule of 40¹ (1) Define
Slide 25: With over $4B in corporate cash, investments, and stablecoin, we are well positioned
Robinhood Earnings Presentation Q3 2025 With over $4B in corporate cash, investments, and stablecoin1, we are well positioned to continue deploying capital In billions Year-over-year change ($0.7) Sequential change +$0.1 • Our balance sheet remains strong with over $4 billion of corporate cash, inve
Slide 26: In Q3, we returned $107 million to shareholders by repurchasing ~1 million of our shares
Robinhood Earnings Presentation Q3 2025 In Q3, we returned $107 million to shareholders by repurchasing ~1 million of our shares1, and since starting our repurchase program, have returned ~$810 million by repurchasing ~22 million shares Share Repurchases In millions As of 9/30/2025 Includes ~2 milli
Slide 27: Appendix
Appendix 27
Slide 28: September 2025 Monthly Metrics
Robinhood Earnings Presentation Q3 2025 September 2025 Monthly Metrics 2024 2025 Change Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep M/M Y/Y Funded Customer Growth (M) Funded Customers 24.3 24.3 24.4 24.8 25.2 25.5 25.6 25.8 25.9 25.9 26.5 26.7 26.7 26.8 - 10% Asset Growth ($B) Total Plat
Slide 29: September 2025 Monthly Metrics Dashboard
Robinhood Earnings Presentation Q3 2025 September 2025 Monthly Metrics Dashboard Totals may not foot due to rounding. (1) Starting in June 2025, Net Deposits include results from Bitstamp. Net Deposits do not include results from TradePMR. investors.robinhood.com 29
Slide 30: September 2025 Monthly Metrics Dashboard (Continued)
Robinhood Earnings Presentation Q3 2025 September 2025 Monthly Metrics Dashboard (Continued) 1 (1) Refer to Appendix for the definition of Notional Trading Volume. investors.robinhood.com 30
Slide 31: Changes in Funded Customers and Total Platform Assets
Robinhood Earnings Presentation Q3 2025 Changes in Funded Customers and Total Platform Assets Funded Customers In millions Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Beginning Funded Customers 23.2 23.3 23.4 23.9 24.2 24.3 25.2 25.8 26.5 New Customers 0.3 0.3 0.5 0.5 0.4 0.8 0.7 0.6 0.7 R
Slide 32: Net Cash Held by Users Reconciliation
Robinhood Earnings Presentation Q3 2025 Net Cash Held by Users Reconciliation In billions Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Gold Cash Sweep $12.9 $15.7 $18.2 $20.3 $23.9 $25.4 $26.4 $30.7 $33.5 Non-Gold Cash Sweep (excluding TradePMR) 0.7 0.7 0.8 0.6 0.6 0.7 0.6 0.8 0.8 Total Cas
Slide 33: Trading Volumes for Q3 2025
Robinhood Earnings Presentation Q3 2025 Trading Volumes for Q3 2025 Equity Notional Volumes Options Contracts Traded Robinhood App Crypto Notional Volumes1 Up 126% Y/Y and up 25% Q/Q, driven by: Up 38% Y/Y and up 18% Q/Q, driven by: Up 176% Y/Y and up 41% Q/Q, driven by: Customers placing trades Cus
Slide 34: Crypto Notional Trading Volumes
Robinhood Earnings Presentation Q3 2025 Crypto Notional Trading Volumes1 Q3'25 Crypto Notional Trading Volumes ($B) Robinhood App 39.8 Bitstamp 40.5 Retail 4.9 Institutional 35.6 Crypto Notional Trading Volumes 80.3 Crypto Transaction-Based Revenues ($M) Robinhood App 252 Bitstamp 16 Crypto Transact
Slide 35: Monthly Active Users (MAU) increased by 2.8 million year-over-year to 13.8 million in Q3
Robinhood Earnings Presentation Q3 2025 Monthly Active Users (MAU) increased by 2.8 million year-over-year to 13.8 million in Q3 In millions Year-over-year change +2.8 Sequential change +1.0 14.9 14.4 13.8 12.8 11.0 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 investors.robinhood.com 35
Slide 36: Annualized revenue per employee was $1.8 million in Q3, up 57% year-over-year
Robinhood Earnings Presentation Q3 2025 Annualized revenue per employee was $1.8 million in Q3, up 57% year-over-year Year-over-year Sequential Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 change change End of period Employee Count1 2,287 2,298 2,492 2,827 2,972 +30% +5% Total Net Revenues (in millions) $637 $1,01
Slide 37: In Q3 2025, we recorded $49 million of contra revenues associated with matches
Robinhood Earnings Presentation Q3 2025 In Q3 2025, we recorded $49 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 Customer Transf
Slide 38: Net interest revenues were $456 million in Q3, up 66% year-over-year
Robinhood Earnings Presentation Q3 2025 Net interest revenues were $456 million in Q3, up 66% year-over-year In millions Year-over- Sequential Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 year change change Interest on corporate cash and investments1 $75 $71 $70 $66 $67 $53 $49 $46 $39 (42%
Slide 39: Total interest earning assets grew to ~$64B in Q3
Robinhood Earnings Presentation Q3 2025 Total interest earning assets grew to ~$64B in Q3, and average yield increased by 7 bps sequentially In millions, except for annualized yields Cash Sweep Interest expenses Cash and Total interest- Securities Total net interest Margin Book (off-balance Credit c
Slide 40: In Q3, Interest Earning Assets grew 55% year-over-year to $64 billion
Robinhood Earnings Presentation Q3 2025 In Q3, Interest Earning Assets grew 55% year-over-year to $64 billion In billions Year-over- Sequential $0.7 year change change $0.6 $64 +55% +13% $0.4 $0.4 $57 +133% +17% $0.3 $13.9 +153% +46% $0.2 $0.2 $44 $47 $9.5 $0.2 $41 $8.8 $14.3 +29% +2% $0.2 $34 $36 $
Slide 41: Total securities lending revenue increased by 193% year-over-year to a record $173 million
Robinhood Earnings Presentation Q3 2025 Total securities lending revenue increased by 193% year-over-year to a record $173 million in Q3, and fully paid securities lending was 35% of total securities lending In millions, unless specified Year-over- Sequential Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Total secu
Slide 42: Fully diluted shares decreased by 2% year-over-year
Robinhood Earnings Presentation Q3 2025 Fully diluted shares decreased by 2% year-over-year as we continue to execute our $1.5B share buyback program and closely manage share-based compensation Price per Class A Share (End of period) $23.42 $37.26 $41.62 $93.63 $143.18 September 30, 2025 In millions
Slide 43: Adjusted Operating Expenses and SBC Reconciliation
Robinhood Earnings Presentation Q3 2025 Adjusted Operating Expenses and SBC Reconciliation In millions Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Total operating expenses (GAAP) $540 $445 $460 $493 $486 $458 $557 $550 $639 Less: SBC 83 81 62 86 79 77 73 78 78 Less: Provision for credit lo
Slide 44: Adjusted Operating Expenses Reconciliation
Robinhood Earnings Presentation Q3 2025 Adjusted Operating Expenses Reconciliation In millions Operating expenses (GAAP) Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Brokerage and transaction $39 $32 $35 $40 $39 $50 $50 $48 $56 Technology and development 202 197 196 209 205 208 214 214 237
Slide 45: Adjusted Operating Expenses and SBC Reconciliation
Robinhood Earnings Presentation Q3 2025 Adjusted Operating Expenses and SBC Reconciliation In millions 2023 2024 Total operating expenses (GAAP) $2,401 $1,897 Less: SBC SBC Excluding 2021 Founders Award Cancellation 386 304 2021 Founders Award Cancellation 485 — Less: Significant legal and tax settl
Slide 46: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations
Robinhood Earnings Presentation Q3 2025 Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations In millions Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Net income (loss) ($85) $30 $157 $188 $150 $916 $336 $386 $556 Net margin1 (18%) 6% 25% 28% 24% 90% 36% 39% 44% Add: Interest expenses
Slide 47: Q4 2024 Net Income and EPS Prior to Tax Benefit and Regulatory Accrual Reversal Reconciliations
Robinhood Earnings Presentation Q3 2025 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 48: Incremental Net Income and Incremental Adjusted EBITDA Margins
Robinhood Earnings Presentation Q3 2025 Incremental Net Income and Incremental Adjusted EBITDA Margins In millions Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 YTD 2025 Year-over-year change in total net revenues +$170 +$543 +$309 +$307 +$637 +$1,253 Year-over-year change in net income +$235 +$886 +$179 +$198 +$40
Slide 49: Definitions
Robinhood Earnings Presentation Q3 2025 Definitions Key Performance Metrics Futures Contracts Traded Funded Customers We define Futures Contracts Traded as the total number of futures contracts bought or sold over a specified period of time. While contract specifications vary, futures contracts gene
Slide 50: Definitions (Continued)
Robinhood Earnings Presentation Q3 2025 Definitions (Continued) Non-GAAP Financial Measures SBC excluding the 2021 Founders Award Cancellation We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to