Robinhood Markets, Inc. · NASDAQ:HOOD
Robinhood Markets — Investor Presentation (September 2025)
22 slides from Robinhood Markets's investor presentation, Sep 15, 2025
Slide 1: Robinhood Markets, Inc. Investor Presentation
Robinhood Markets, Inc. Investor Presentation September 15, 2025
Slide 2: Disclaimers
Robinhood Investor Presentation Disclaimers This Presentation Relates to Robinhood’s Broader Financial and Operating Metrics Disclosures This presentation (the “Presentation”) is intended to provide summary information about the business of Robinhood Markets, Inc. (including its consolidated subsidi
Slide 3: Robinhood at a Glance
Robinhood Investor Presentation Robinhood at a Glance Product Areas Brokerage Crypto Money The first commission-free trading One of the lowest cost places to Robinhood Gold Card, and platform trade Crypto on average Robinhood Banking coming soon Key Business Metrics Funded Customers Total Platform As
Slide 4: Investment Thesis
Robinhood Investor Presentation Robinhood Investment Thesis 1 Massive market opportunity 2 Product velocity → rapid market share gains 3 Business growing and diversifying 4 Powerful business model → profitable growth investors.robinhood.com 4
Slide 5: Robinhood 10 Year Vision from 2024 Investor Day
Robinhood Investor Presentation 1 Robinhood 10 Year Vision from 2024 Investor Day #1 in Active Traders ➔ #1 in Wallet Share for Next Generation ➔ #1 Global Financial Ecosystem ➔ Peak Peak Peak Today 1-2 Years ~5 Years ~10 Years investors.robinhood.com 5
Slide 6: We have a massive revenue TAM of $600B+
Robinhood Investor Presentation 1 We have a massive revenue TAM of $600B+ Robinhood Revenue Total Addressable Market (in billions)1 As prepared for Robinhood Investor Day 2024 Global Financial Ecosystem = $400B+ Share of Wallet for Next Generation = $180B+ Active Traders = $20B+ Robinhood LTM Q2’25
Slide 7: US generational wealth transfer is a tailwind for our business
Robinhood Investor Presentation 1 US generational wealth transfer is a tailwind for our business Share of US household wealth by generation1 Distribution of Total Platform Assets at Robinhood by age2 Millennials Silent Generation & Older Median Robinhood Customer Age2: 35 Baby Boomers Generation X G
Slide 8: We believe we have a significant global opportunity
Robinhood Investor Presentation 1 We believe we have a significant global opportunity Share of US households with stock holdings1 Proportion of individuals’ assets invested in stocks, bonds, and funds2 1. Data from US Federal Reserve. 2. Data from World…
Slide 9: Our product velocity is industry-leading, and our innovations are democratizing finance
Robinhood Investor Presentation 2 Our product velocity is industry-leading, and our innovations are democratizing finance Mobile First, Options With News & Recurring Say Retirement 24 Hour Robinhood Robinhood Futures Robinhood US Staking Robinhood Commission No Contract Education Investments Technolo
Slide 10: Our product velocity and innovations are driving significant market share gains
Robinhood Investor Presentation 2 Our product velocity and innovations are driving significant market share gains… Equities Market Share1 Options Market Share2 +111% +64% Crypto Market Share3 Margin Market Share4 +52% +35% 1. Defined as Robinhood Equity Notional Volumes divided by Total US Equity Noti
Slide 11: Robust organic asset growth and customer retention
Robinhood Investor Presentation 2 …And also translate to robust organic asset growth and customer retention Net Deposits Total Platform Assets In billions In billions Growth Rate (Relative to prior period Total Platform Assets, %) Average Revenue per User Customer Retention Rate Refer to the Appendi
Slide 12: Our asset growth drives revenue growth over time
Robinhood Investor Presentation 2 Our asset growth drives revenue growth over time Total Platform Assets Total Net Revenues Total Platform Assets have grown over time, driven by: Funded Customers Total Platform Assets per Funded Customer1 This leads to higher Total Net Revenues, driven by: Trades2 N
Slide 13: We can continue growing and diversifying our revenues
Robinhood Investor Presentation 3 We believe we can continue growing and diversifying our revenues Total Net Revenues Our revenues are diversifying, with 9 businesses In millions generating $100M or more in annualized revenue4 as of Q2 2025: Transaction-Based Revenues1 Net Interest Revenues2 Other R
Slide 14: A key competitive advantage…we are a technology company
Robinhood Investor Presentation 4 A key competitive advantage…we are a technology company LTM Q2’25 Adjusted Operating Expenses and SBC Incremental Adjusted EBITDA Margin1 Revenue per Employee2 (in thousands) Variable Costs Fixed Costs 81% Variable costs primarily include transaction and customer ac
Slide 15: Our capital allocation optimizes for EPS over time
Robinhood Investor Presentation 4 Our capital allocation optimizes for EPS over time Strong Financial Position Capital Allocation: We’ve allocated over $3 billion in capital over the last two years through Q2 2025 ● ~$600M of Customer Matches on Deposits and Transfers Organic Growth 1 $4B+ ~$1.2B ●
Slide 16: We are building a track record of profitable growth
Robinhood Investor Presentation 4 We are building a track record of profitable growth Total Platform Assets +99% Total Net Revenues +59% In billions year-over-year In millions year-over-year ~3x in ~4 years ~2x in ~4 years Adjusted Operating Expenses +14% Adjusted EBITDA +132% In millions year-over-y
Slide 17: Appendix
Appendix investors.robinhood.com 17
Slide 18: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations
Robinhood Investor Presentation Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations In millions 2017 2018 2019 2020 2021 2022 2023 2024 LTM Q2’25 Net income (loss) (GAAP) ($6) ($57) ($107) $7 ($3,687) ($1,028) ($541) $1,411 $1,788 Net margin1 (12%) (34%) (38%) 1% (203%) (76%) (29%) 48% 50% Ad
Slide 19: Adjusted Operating Expenses Reconciliation
Robinhood Investor Presentation Adjusted Operating Expenses Reconciliation In millions 2017 2018 2019 2020 2021 2022 2023 2024 LTM Q2’25 Total operating expenses (GAAP) $57 $231 $384 $945 $3,456 $2,369 $2,401 $1,897 $2,051 Less: SBC SBC Excluding 2021 Founders Award Cancellation 1 55 27 24 1,572 654
Slide 20: Incremental Net Income and Incremental Adjusted EBITDA Margins
Robinhood Investor Presentation Incremental Net Income and Incremental Adjusted EBITDA Margins In millions LTM Q2’25 Year-over-year change in total net revenues +$1,329 Year-over-year change in net income +$1,498 Incremental net income margins1 113% Year-over-year change in Adjusted EBITDA (Non-GAAP
Slide 21: Definitions
Robinhood Investor Presentation Definitions Key Performance Metrics Margin Book Funded Customers 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, suppo
Slide 22: Definitions (Continued)
Robinhood Investor Presentation Definitions (Continued) Non-GAAP Financial Measures Adjusted Operating Expenses and SBC We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In Adjusted Operating Expenses and SBC
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