Robinhood Markets, Inc.

Previous wording

Data as of and for the three and six months ended June 30, 2024 and 2025 has been derived from our unaudited condensed consolidated financial statements appearing at the beginning of this Quarterly Report. Results for any interim period should not be construed as an inference of what our results would be for any full fiscal year or future period.

Current wording

Data as of and for the three and nine months ended September 30, 2024 and 2025 has been derived from our unaudited condensed consolidated financial statements appearing at the beginning of this Quarterly Report. Results for any interim period should not be construed as an inference of what our results would be for any full fiscal year or future period.

Previous wording

•Investment Accounts: We define an Investment Account as a funded individual brokerage account, a funded joint investing account, a funded individual retirement account (“IRA”), or an account with an RIA using TradePMR’s platform. As of June 30, 2025, a Funded Customer can have up to five Investment Accounts - individual brokerage account, joint investing account (which launched in July 2024), traditional IRA, Roth IRA, and RIA custody account using TradePMR’s platform. Does not include Bitstamp as such accounts are not brokerage or other Investment Accounts.

Current wording

•Investment Accounts: We define an Investment Account as a funded individual brokerage account, a funded joint investing account, a funded individual retirement account (“IRA”), or an account with an RIA using TradePMR’s platform. As of September 30, 2025, a Funded Customer can have multiple Investment Accounts - one or more individual brokerage accounts, a joint investing account, a traditional IRA, a Roth IRA, and/or an RIA custody account using TradePMR’s platform. Investment Accounts do not include Bitstamp as such accounts are not brokerage or other Investment Accounts.

Previous wording

•Notional Trading Volume: We define Notional Trading 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. Robinhood App Crypto Notional Trading Volume represents the dollar value of executed trades on the Robinhood platform over a specified period of time. Starting in June 2025, Bitstamp Exchange Crypto Notional Trading Volume represents the dollar value of executed 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.

Current wording

•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.

Previous wording

•total net revenues increased 45% to $989 million compared to $682 million;

Current wording

•total net revenues increased 100% to $1,274 million compared to $637 million;

Previous wording

•total operating expenses increased 12% to $550 million compared to $493 million;

Current wording

•total operating expenses increased 31% to $639 million compared to $486 million;

Previous wording

◦SBC expense decreased 9% to $78 million compared to $86 million;

Current wording

◦SBC expense decreased 1% to $78 million compared to $79 million;

Previous wording

•Adjusted EBITDA (non-GAAP) increased 82% to $549 million compared to$301 million;

Current wording

•Adjusted EBITDA (non-GAAP) increased 177% to $742 million compared to$268 million;

Previous wording

•Funded Customers increased by 2.3 million, or 10%, to 26.5 million compared to 24.2 million, and Investment Accounts increased by 2.6 million, or 10%, to 27.4 million compared to 24.8 million;

Current wording

•Funded Customers increased by 2.5 million, or 10%, to 26.8 million compared to 24.3 million, and Investment Accounts increased by 2.8 million, or 11%, to 27.9 million compared to 25.1 million;

Previous wording

•Total Platform Assets increased 99% to $278.6 billion compared to $139.7 billion, driven by continued Net Deposits, acquired assets, and higher equity and cryptocurrency valuations;

Current wording

•Total Platform Assets increased 119% to $332.7 billion compared to $152.2 billion, driven by continued Net Deposits, higher equity and cryptocurrency valuations, and acquired assets;

Previous wording

•Net Deposits were $13.8 billion, which translates to an annualized growth rate of 25% relative to Total Platform Assets at the end of the first quarter of 2025, compared to $13.2 billion, which translates to an annualized growth rate of 41% relative to Total Platform Assets at the end of the first quarter of 2024. Over the past twelve months, Net Deposits were $57.9 billion, a growth rate of 41% relative to Total Platform Assets at the end of the second quarter of 2024;

Current wording

•Net Deposits were $20.4 billion, which translates to an annualized growth rate of 29% relative to Total Platform Assets at the end of the second quarter of 2025, compared to $10.0 billion, which translates to an annualized growth rate of 29% relative to Total Platform Assets at the end of the second quarter of 2024. Over the past twelve months, Net Deposits were $68.3 billion, a growth rate of 45% relative to Total Platform Assets at the end of the third quarter of 2024;

Previous wording

Comparison of the Three and Six Months Ended June 30, 2024 and 2025

Current wording

Comparison of the Three and Nine Months Ended September 30, 2024 and 2025

Previous wording

Transaction-based revenues increased by $212 million and $466 million for the for the three and six months ended June 30, 2025, primarily driven by increases of $83 million and $169 million in options, $79 million and $205 million in cryptocurrencies, and $26 million and $43 million in equities.

Current wording

Transaction-based revenues increased by $411 million and $877 million for the three and nine months ended September 30, 2025, primarily driven by increases of $207 million and $412 million in cryptocurrencies, $102 million and $271 million in options, and $49 million and $92 million in equities. In addition, other transaction-based revenues increased by $53 million and $102 million primarily driven by increased user activities in prediction markets and instant withdrawals.

Previous wording

Cryptocurrencies revenues increased primarily driven by a 38% and 40% increase in the number of users placing cryptocurrency trades. Additionally, cryptocurrencies revenues increased as a result of a higher rebate rate from crypto market makers. Cryptocurrencies revenues was partially offset by $8 million and $20 million of incentives paid to our customers.

Current wording

Cryptocurrencies revenues increased primarily driven by a 92% and 45% increase in the number of users placing cryptocurrency trades and a 36% and 2% increase in the average Notional Trading Volume traded per trader. Additionally, cryptocurrencies revenues increased as a result of a higher rebate rate from crypto market makers. Cryptocurrencies revenues was partially offset by $9 million and $29 million of certain incentives paid to our customers.

Previous wording

Options revenues increased primarily driven by 9% and 11% increases in Options Contracts Traded per trader and 17% and 19% increases in the number of users placing option trades. In addition, we experienced higher option rebate rates due to the mix of ticker symbols traded as different ticker symbols pay different rebate rates. The increase was partially offset by $26 million and $48 million of incentives paid to our customers.

Current wording

Options revenues increased primarily driven by a 27% and 21% increase in the number of users placing option trades and a 6% and 9% increase in Options Contracts Traded per trader. In addition, we experienced higher option rebate rates due to the mix of ticker symbols traded as different ticker symbols pay different rebate rates. The increase was partially offset by $24 million and $72 million of certain incentives paid to our customers.

Previous wording

Equities revenues increased primarily driven by a 83% and 70% increase in the average Notional Trading Volume traded per trader and a 13% and 14% increase in the number of users placing equity trades. The increase was partially offset by lower equity rebate rates due to the mix of ticker symbols traded as different ticker symbols pay different rebate rates.

Current wording

Equities revenues increased primarily driven by a 78% and 73% increase in the average Notional Trading Volume traded per trader and a 24% and 18% increase in the number of users placing equity trades. For the nine months ended September 30, 2025, the increase was partially offset by lower equity rebate rates due to the mix of ticker symbols traded as different ticker symbols pay different rebate rates.

Previous wording

Net interest revenues increased by $72 million and $108 million for the three and six months ended June 30, 2025, primarily driven by growth in our interest-earning asset balances and securities lending activities. The increase was partially offset by a decrease in interest revenue on corporate cash and investments driven by lower cash and cash equivalents balances and a lower short-term interest rate environment. We anticipate any potential future rate cuts by the Federal Reserve will negatively impact our net interest revenues and adversely affect our customers’ returns on cash deposits.

Current wording

Net interest revenues increased by $182 million and $290 million for the three and nine months ended September 30, 2025, primarily driven by growth in our interest-earning asset balances and securities lending activities. The increase was partially offset by a decrease in interest revenue on corporate cash and investments driven by lower cash and cash equivalents balances and a lower short-term interest rate environment. We anticipate any potential future rate cuts by the Federal Reserve will negatively impact our net interest revenues and adversely affect our customers’ returns on cash deposits.

Previous wording

(2)Credit card, net consists of i) an off-balance sheet amount representing customer principal amounts funded by Coastal Bank under the Program Agreement. Under the Program Agreement, Robinhood Credit collects interest from customers that carry a balance and pays interest on the amount funded by Coastal Bank, with the difference between those amounts resulting in net interest revenue and ii) an on-balance sheet amount representing purchased credit card receivables by the Credit Card Funding Trust. Robinhood Credit collects interest from customers that carry balances and pays interest on the amount funded through the Credit Card Funding Trust, with the difference in those amounts resulting in net interest revenues. As of June 30, 2025, the off-balance sheet amount funded under the Program agreement was $202 million and the on-balance sheet amount was $360 million. Refer to Note 10 - Financing Activities and Off-Balance Sheet Risk to our unaudited condensed consolidated financial statements in this Quarterly Report for more information.

Current wording

(2)Credit card, net consists of i) an off-balance sheet amount representing customer principal amounts funded by Coastal Bank under the Program Agreement. Under the Program Agreement, Robinhood Credit collects interest from customers that carry a balance and pays interest on the amount funded by Coastal Bank, with the difference between those amounts resulting in net interest revenue and ii) an on-balance sheet amount representing purchased credit card receivables by the Credit Card Funding Trust. Robinhood Credit collects interest from customers that carry balances and pays interest on the amount funded through the Credit Card Funding Trust, with the difference in those amounts resulting in net interest revenues. As of September 30, 2025, the off-balance sheet amount funded under the Program agreement was$207 million and the on-balance sheet amount was $535 million. Refer to Note 10 - Financing Activities and Off-Balance Sheet Risk to our unaudited condensed consolidated financial statements in this Quarterly Report for more information.

Previous wording

Other revenues increased $23 million and $42 million for the three and six months ended June 30, 2025 primarily driven by an increase in Robinhood Gold subscription revenues of $18 million and $33 million due to an increase in Robinhood Gold Subscribers.

Current wording

Other revenues increased $44 million and $86 million for the three and nine months ended September 30, 2025 primarily driven by an increase in Robinhood Gold subscription revenues of $19 million and $52 million due to an increase in Robinhood Gold Subscribers. In addition, other revenues increased $26 million and $35 million primarily driven by higher revenues from increased IPO offerings and acquisition related revenues.

Previous wording

Brokerage and transaction costs increased by $8 million and $23 million for the three and six months ended June 30, 2025. For the six months ended June 30, 2025, brokerage and transaction costs included an $8 million increase in other brokerage and transactions costs primarily related to credit card network fees and a $6 million increase in instant withdrawals expense as a result of higher customer activities. Employee compensation, benefits, and overhead expenses increased $4 million for both the three and six months ended June 30, 2025 due to increased average headcount to continue to support our brokerage business. Additionally, market data expenses increased $2 million and $4 million for the three and six months ended June 30, 2025 primarily due to higher trading volumes.

Current wording

Brokerage and transaction costs increased by $17 million and $40 million for the three and nine months ended September 30, 2025. Brokerage and transaction costs included a $6 million and $13 million increase in other brokerage and transactions costs primarily related to credit card network and processing fees and a $5 million and $9 million increase in employee compensation, benefits, and overhead expenses due to increased average headcount to continue to support the growth and expansion of our business. Instant withdrawals expenses increased $4 million and $11 million as a result of higher customer activities. Additionally, market data expenses increased $2 million and $6 million primarily due to higher trading volumes.

Previous wording

Technology and development costs increased by $5 million and $23 million for the three and six months ended June 30, 2025, primarily due to increases in software and tool expenses of $8 million and $15 million and cloud infrastructure services of $7 million and $14 million to improve software infrastructure and meet increased capacity requirements for our platforms to support higher trading volumes. These increases were partially offset by decreases in SBC of $13 million for both the three and six months ended June 30, 2025 attributed to higher values for stock awards issued in prior periods.

Current wording

Technology and development costs increased by $32 million and $55 million for the three and nine months ended September 30, 2025, primarily due to increases of $23 million and $25 million in employee compensation, benefits, and overhead expenses due to increased average headcount to support the expansion into new products. Additionally, software and tool expenses increased by $8 million and $23 million, and cloud infrastructure services increased by $5 million and $18 million primarily to support integration from acquisitions and the continued growth of our business. These increases were partially offset by decreases in SBC of $8 million and $21 million attributed to higher values for stock awards issued in prior periods.

Previous wording

Provision for credit losses costs increased by$10 million and$18 million for the three and six months ended June 30, 2025, primarily due to increases of$5 million and $10 million in brokerage related expenses primarily due to an increase in customer fraud and abuse. Credit card related provision for credit card losses increased by $5 million and $8 million primarily due to higher balances in purchased credit card receivables.

Current wording

Provision for credit losses costs increased by$3 million and$21 million for the three and nine months ended September 30, 2025, primarily driven by an increase in credit card related provision for credit losses mainly due to higher balances in purchased credit card receivables.

Previous wording

Marketing costs increased by $35 millionand$73 millionfor the three and six months ended June 30, 2025 primarily due to higher expenses in digital marketing of$10 million and$35 million and brand marketing of$13 million and$18 million, as we increased our investments in paid marketing channels and other marketing initiatives to promote our brand, products, and services. Other marketing costs increased$6 millionand$10 million primarily due to expenses related to our Robinhood Gold card and keynote events.

Current wording

Marketing costs increased by $43 millionand$116 millionfor the three and nine months ended September 30, 2025 primarily due to higher expenses in digital marketing of$16 million and$51 million and brand marketing of$14 million and$32 million, as we increased our investments in paid marketing channels and other marketing initiatives to promote our brand, products, and services. Other marketing costs increased$9 millionand$19 million primarily due to expenses related to our Robinhood Gold card and keynote events.

Previous wording

General and administrative costs decreased $2 millionfor the three months ended June 30, 2025 and increased by$13 million for the six months ended June 30, 2025. The increase for the six months ended June 30, 2025 was primarily due to an increase of$16 million in SBC expenses primarily due to a reversal of$11 million of previously recognized expenses in the prior year as a result of the resignation of our co-founder and former Chief Creative Officer, and an increase of$9 million in other professional fees primarily due to costs incurred in connection with the TradePMR and Bitstamp acquisitions. Additionally, employee compensation, benefits, and overhead expenses increased$7 million and$8 million for the three and six months ended June 30, 2025 driven by increased average headcount. These increases were partially offset by decreases of$14 million and$21 million of legal expenses associated with certain historical matters for the three and six months ended June 30, 2025.

Current wording

General and administrative costs increased by $52 million and $65 million for the three and nine months ended September 30, 2025 primarily due to increases of$26 million and$34 million in employee compensation, benefits, and overhead expenses driven by payroll taxes related to the vesting of Market-Based RSUs and increased average headcount. SBC expenses increased$8 million and$24 million primarily driven by expenses recognized for shares granted in connection with acquisitions. SBC expense for the nine months ended September 30, 2024 included an$11 million reversal of previously recognized expenses as a result of the resignation of our co-founder and former Chief Creative Officer. Other general and administrative expenses increased$13 million and$16 million primarily driven by expenses to support business expansion. Additionally, legal expenses increased$12 million for the three months ended September 30, 2025 in relation to new product offerings. These increases were partially offset by decreases of$12 million and$14 million in settlement and penalties associated with certain historical matters.

Previous wording

Provision for income taxes increased by $53 million and $83 million for the three and six months ended June 30, 2025 primarily due the valuation allowance release of the U.S. federal and certain state deferred tax assets in the fourth quarter of 2024 and the growth of the business.

Current wording

Provision for income taxes increased by $75 million and $158 million for the three and nine months ended September 30, 2025 primarily due the valuation allowance release of the U.S. federal and certain state deferred tax assets in the fourth quarter of 2024 and the growth of the business.

Previous wording

On July 4, 2025, the President of the United States signed into law OBBBA. The OBBBA introduces broad changes to the U.S. tax code, including permitting the immediate deduction of domestic research and experimentation expenditures, allowing full expensing of acquired qualified property, and increasing the U.S. tax rate on intangible income derived from foreign sources. We believe the recent tax legislation changes provided under the OBBBA will not materially impact our income tax provision.

Current wording

On July 4, 2025, the President of the United States signed into law the One Big Beautiful Bill Act (“ OBBBA”). The OBBBA introduces broad changes to the U.S. tax code, including permitting the immediate deduction of domestic research and experimentation expenditures, allowing full expensing of acquired qualified property, and increasing the U.S. tax rate on intangible income derived from foreign sources. We believe the recent tax legislation changes provided under the OBBBA do not materially impact our income tax provision.

Previous wording

As of June 30, 2025, we had cash and cash equivalents of $4.16 billion and held-to-maturity investments of $134 million. Refer to Note 7 - Investments and Fair Value Measurement, to our unaudited condensed consolidated financial statements in this Quarterly Report for further information.

Current wording

As of September 30, 2025, we had cash and cash equivalents of $4.33 billion and held-to-maturity investments of $53 million. Refer to Note 7 - Investments and Fair Value Measurement, to our unaudited condensed consolidated financial statements in this Quarterly Report for further information.

Previous wording

As of June 30, 2025, we had committed revolving credit facilities with a total borrowing capacity of up to $3.775 billion and a borrowing capacity for our Credit Card Funding Trust of up to $400 million. Refer to Note 10 - Financing Activities and Off-Balance Sheet Risk to our unaudited condensed consolidated financial statements in this Quarterly Report for further information.

Current wording

As of September 30, 2025, we had committed revolving credit facilities with a total borrowing capacity of up to $3.775 billion and a borrowing capacity for our Credit Card Funding Trust of up to $650 million. Refer to Note 10 - Financing Activities and Off-Balance Sheet Risk to our unaudited condensed consolidated financial statements in this Quarterly Report for further information.

Previous wording

(2) Purchase commitments are determined based on the non-cancelable quantities or termination amounts to which we are contractually obligated. These primarily relate to commitments for cloud infrastructure and data services and business insurance.

Current wording

(2) Purchase commitments are determined based on the non-cancelable quantities or termination amounts to which we are contractually obligated. These primarily relate to commitments for cloud infrastructure, data services and business insurance.

Previous wording

Net cash provided by operating activities increased $4.72 billion compared to the prior period primarily due to:

Current wording

Net cash provided by operating activities increased $1.33 billion compared to the prior period primarily due to:

Previous wording

•an increase of $377 million in net income;

Current wording

•an increase of $783 million in net income;

Previous wording

•a decrease of $3.63 billion in securities loaned due to variable lending and funding activities.

Current wording

•an increase of $4.44 billion in securities loaned due to continuous growth of our securities lending program, as well as market conditions, variable lending and funding activities.

Previous wording

•an increase of $199 million due to maturities of U.S. treasury securities segregated under federal and other regulations compared to a decrease of $547 million in the prior year due to cash used to purchase U.S. treasury securities segregated under federal and other regulations; and

Current wording

•an increase of $1.19 billion cash used to purchase U.S. treasury securities segregated under federal and other regulations; partially offset by a

Previous wording

Net cash provided by investing activities increased $900 million compared to the prior period primarily due to:

Current wording

Net cash provided by investing activities increased $881 million compared to the prior period primarily due to:

Previous wording

•an increase of $1.30 billion of cash provided by collections of purchased credit card receivables;

Current wording

•an increase of $2.40 billion of cash provided by collections of purchased credit card receivables;

Previous wording

•an increase of $302 million driven by no purchases of held-to-maturity investments during the period;

Current wording

•an increase of $469 million driven by no purchases of held-to-maturity investments during the period;

Previous wording

•a decrease of $1.46 billion due to cash used for purchases of credit card receivables; and

Current wording

•a decrease of $2.68 billion due to cash used for purchases of credit card receivables; and

Previous wording

Net cash used in financing activities increase $631 million compared to the prior period primarily due to:

Current wording

Net cash used in financing activities increased $541 million compared to the prior period primarily due to:

Previous wording

•an increase of $446 million of cash used for share repurchases; and

Current wording

•an increase of $456 million of cash used for share repurchases;

Previous wording

•an increase of $273 million of cash used for taxes related to net share settlement of equity awards.

Current wording

•an increase of $258 million of cash used for taxes related to net share settlement of equity awards; and

Previous wording

There have been no material changes to our critical accounting estimates during the six months ended June 30, 2025, as compared to those disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates” in our 2024 Form 10-K.

Current wording

There have been no material changes to our critical accounting estimates during the nine months ended September 30, 2025, as compared to those disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates” in our 2024 Form 10-K.