Robinhood Markets, Inc.
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
HOOD$81.33-2.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2024 | 2025 |
| Operating activities: | |||
| Net income (loss) | $(541) | $1,411 | $1,883 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 71 | 77 | 86 |
| Provision for credit losses | 43 | 76 | 114 |
| Deferred income taxes | — | (369) | 181 |
| Share-based compensation | 871 | 304 | 305 |
| Other | 8 | — | 3 |
| Changes in operating assets and liabilities: | |||
| Securities segregated under federal and other regulations | — | (397) | 197 |
| Receivables from brokers, dealers, and clearing organizations | (13) | (382) | 62 |
| Receivables from users, net | (298) | (4,592) | (9,106) |
| Securities borrowed | (1,085) | (1,634) | 828 |
| Deposits with clearing organizations | (152) | (151) | (213) |
| Current and non-current prepaid expenses | 37 | (25) | (28) |
| Current and non-current deferred customer match incentives | (30) | (265) | (318) |
| Other current and non-current assets | (18) | (415) | (152) |
| Accounts payable and accrued expenses | 134 | (35) | (18) |
| Payables to users | 396 | 2,351 | 3,423 |
| Securities loaned | 1,713 | 3,916 | 4,163 |
| Other current and non-current liabilities | 45 | (27) | 228 |
| Net cash provided by (used in) operating activities | 1,181 | (157) | 1,638 |
| Investing activities: | |||
| Purchases of property, software, and equipment | (2) | (13) | (15) |
| Capitalization of internally developed software | (19) | (37) | (39) |
| Consideration transferred for business acquisitions and asset acquisitions | (107) | (134) | (399) |
| Cash, cash equivalents, and segregated cash acquired in business acquisitions and asset acquisitions | 14 | 125 | 1,193 |
| Purchases of non-marketable securities | (1) | (1) | (244) |
| Purchases of held-to-maturity investments | (759) | (556) | — |
| Proceeds from maturities of held-to-maturity investments | 282 | 658 | 400 |
| Purchases of credit card receivables by Credit Card Funding Trust | — | (748) | (5,195) |
| Collections of purchased credit card receivables | — | 556 | 4,440 |
| Other | 10 | 2 | — |
| Net cash provided by (used in) investing activities | (582) | (148) | 141 |
| Financing activities: | |||
| Proceeds from exercise of stock options | 5 | 18 | 16 |
| Proceeds from issuance of common stock under the Employee Share Purchase Plan | 14 | 16 | 22 |
| Taxes paid related to net share settlement of equity awards | (12) | (244) | (437) |
| Repurchase of Class A common stock | (608) | (257) | (653) |
| Draws on credit facilities | 20 | 22 | 4,752 |
| Repayments on credit facilities | (20) | (22) | (4,752) |
| Borrowings by the Credit Card Funding Trust | — | 132 | 468 |
| Repayments on borrowings by the Credit Card Funding Trust | — | (1) | — |
| Change in principal collected from customers due to Coastal Bank | 1 | 6 | — |
| Payments of debt issuance costs | (10) | (15) | (17) |
| Contributions from noncontrolling interests | — | — | 11 |
| Net cash used in financing activities | (610) | (345) | (590) |
| Effect of foreign exchange rate changes on cash and cash equivalents | — | (1) | 9 |
| Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash | (11) | (651) | 1,198 |
| Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period | 9,357 | 9,346 | 8,695 |
| Cash, cash equivalents, segregated cash, and restricted cash, end of the period | $9,346 | $8,695 | $9,893 |
| Reconciliation of cash, cash equivalents, segregated cash, and restricted cash, end of the period: | |||
|---|---|---|---|
| Cash and cash equivalents, end of the period | $4,835 | $4,332 | $4,261 |
| Segregated cash and cash equivalents, end of the period | 4,448 | 4,327 | 5,549 |
| Restricted cash in other current assets, end of the period | 46 | 18 | 66 |
| Restricted cash in other non-current assets, end of the period | 17 | 18 | 17 |
| Cash, cash equivalents, segregated cash and restricted cash, end of the period | $9,346 | $8,695 | $9,893 |
| Supplemental disclosures: | |||
| Cash paid for interest | $12 | $16 | $31 |
| Cash paid for income taxes, net of refund received | $9 | $18 | $95 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.