Robinhood Markets, Inc.

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 6, 2025

HOOD$81.33-2.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
(in millions)	2024	2025
Operating activities:
Net income	$495	$1,278
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	55	63
Provision for credit losses	57	78
Share-based compensation	227	229
Other	—	13
Changes in operating assets and liabilities:
Securities segregated under federal and other regulations	—	(1,193)
Receivables from brokers, dealers, and clearing organizations	(50)	19
Receivables from users, net	(1,971)	(5,814)
Securities borrowed	(2,102)	(3,371)
Deposits with clearing organizations	(126)	(951)
Current and non-current prepaid expenses	(41)	(42)
Current and non-current deferred customer match incentives	(202)	(226)
Other current and non-current assets	(11)	437
Accounts payable and accrued expenses	28	(75)
Payables to users	1,167	3,754
Securities loaned	3,759	8,203
Other current and non-current liabilities	(42)	173
Net cash provided by operating activities	1,243	2,575
Investing activities:
Purchases of property, software, and equipment	(9)	(13)
Capitalization of internally developed software	(26)	(28)
Consideration transferred for business acquisitions	(6)	(399)
Cash, cash equivalents, and segregated cash acquired in business acquisitions	—	1,193
Purchases of held-to-maturity investments	(469)	—
Proceeds from maturities of held-to-maturity investments	439	347
Purchases of credit card receivables by Credit Card Funding Trust	(239)	(2,917)
Collections of purchased credit card receivables	130	2,526
Asset acquisition, net of cash acquired	(3)	—
Other	1	(10)
Net cash provided by (used in) investing activities	(182)	699
Financing activities:
Proceeds from exercise of stock options	10	14
Proceeds from issuance of common stock under the Employee Share Purchase Plan	10	15
Taxes paid related to net share settlement of equity awards	(155)	(413)
Repurchase of Class A common stock	(97)	(553)
Draws on credit facilities	12	2,701
Repayments on credit facilities	(12)	(2,701)
Borrowings by the Credit Card Funding Trust	95	245
Change in principal collected from customers due to Coastal Bank	(15)	—
Repayments on borrowings by the Credit Card Funding Trust	(1)	—
Payments of debt issuance costs	(14)	(16)
Net cash used in financing activities	(167)	(708)
Effect of foreign exchange rate changes on cash and cash equivalents	1	8
Net increase in cash, cash equivalents, segregated cash, and restricted cash	895	2,574
Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period	9,346	8,695
Cash, cash equivalents, segregated cash, and restricted cash, end of the period	$10,241	$11,269

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
Cash and cash equivalents, end of the period	$4,611	$4,331
Segregated cash and cash equivalents, end of the period	5,547	6,853
Restricted cash in other current assets, end of the period	67	68
Restricted cash in other non-current assets, end of the period	16	17
Cash, cash equivalents, segregated cash and restricted cash, end of the period	$10,241	$11,269
Supplemental disclosures:
Cash paid for interest	$12	$20
Cash paid for income taxes, net of refund received	$14	$83

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.