Robinhood Markets, Inc.

Previous wording

Data as of and for the three and six months ended June 30, 2025 and 2026 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, 2025 and 2026 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

•total net revenues increased 32% to $1,308 million compared to $989 million;

Current wording

•total net revenues increased 12% to $1,424 million compared to $1,274 million;

Previous wording

•net income attributable to Robinhood increased 45% to $561 million, compared to $386 million;

Current wording

•net income attributable to Robinhood decreased 16% to $468 million, compared to $556 million;

Previous wording

•total operating expenses increased 33% to $734 million compared to $550 million;

Current wording

•total operating expenses increased 16% to $739 million compared to $639 million;

Previous wording

•Adjusted EBITDA (non-GAAP)increased 35% to $741 million compared to$549 million;

Current wording

•Adjusted EBITDA (non-GAAP)increased 9% to $808 million compared to$742 million;

Previous wording

•Funded Customers increased by 1.9 million, or 7%, to 28.4 million compared to 26.5 million, and Investment Accounts increased by 2.5 million, or 9%, to 29.9 million compared to 27.4 million;

Current wording

•Funded Customers increased by 1.9 million, or 7%, to 28.7 million compared to 26.8 million, and Investment Accounts increased by 2.5 million, or 9%, to 30.4 million compared to 27.9 million;

Previous wording

•Total Platform Assets increased 32% to $368.7 billion compared to $278.6 billion, primarily driven by continued Net Deposits and higher equity valuations, partially offset by lower cryptocurrency valuations;

Current wording

•Total Platform Assets increased 19% to $395.9 billion compared to $332.7 billion, primarily driven by continued Net Deposits and higher equity valuations, partially offset by lower cryptocurrency valuations;

Previous wording

•Net Deposits were $21.7 billion, which translates to an annualized growth rate of 28% relative to Total Platform Assets at the end of the first quarter of 2026, compared to $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. Over the past twelve months, Net Deposits were $75.7 billion, a growth rate of 27% relative to Total Platform Assets at the end of the second quarter of 2025;

Current wording

•Net Deposits were $15.7 billion, which translates to an annualized growth rate of 17% relative to Total Platform Assets at the end of the second quarter of 2026, compared to $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. Over the past twelve months, Net Deposits were $71.0 billion, a growth rate of 21% relative to Total Platform Assets at the end of the third quarter of 2025;

Previous wording

Comparison of the Three and Six Months Ended June 30, 2025 and 2026

Current wording

Comparison of the Three and Nine Months Ended September 30, 2025 and 2026

Previous wording

Transaction-based revenues increased by $237 million and $277 million, for the three and six months ended June 30, 2026, primarily driven by increases of $146 million and $247 million in event contracts, $77 million and $97 million in options, and $63 million and $89 million in equities, partially offset by decreases of $60 million and $178 million in cryptocurrencies.

Current wording

Transaction-based revenues increased by $137 million and $414 million, for the three and nine months ended September 30, 2026, primarily driven by increases of $146 million and $393 million in event contracts, $95 million and $192 million in options, and $35 million and $124 million in equities, partially offset by decreases of $148 million and $326 million in cryptocurrencies.

Previous wording

Equities revenues increased primarily due to a 56% and 51% increase in the average Notional Trading Volume traded per trader and a 13% and 6% increase in the number of users placing equity trades. Additionally, equities revenues increased as a result of higher equity rebate rates due to the mix of ticker symbols traded as different ticker symbols pay different rebate rates.

Current wording

Options revenues increased, for the three and nine months ended September 30, 2026, primarily due to a 66% and 44% increase in Options Contracts Traded per trader. The increase was partially offset by lower option rebate rates due to the mix of ticker symbols traded as different ticker symbols pay different rebate rates and an 11% and 6% decrease in the number of users placing option trades.

Previous wording

Event contracts revenues increased primarily due to an acceleration in our prediction markets business, reflecting higher trading activity compared to the same period in 2025 when the offering was still in its early stage.

Current wording

Event contracts revenues increased, for the three and nine months ended September 30, 2026, primarily due to overall growth in the market related to prediction markets resulting in an acceleration in our prediction markets business, reflecting higher trading activity, predominantly in sports-related event contracts, compared to the same period in 2025 when the offering was still in its early stage.

Previous wording

Cryptocurrencies revenues decreased primarily due to lower cryptocurrency rebate rates from crypto market makers, a 16% and 24% decrease in the number of users placing cryptocurrency trades, and a 20% and 21% decrease in the average Notional Trading Volume traded per trader, partially offset by cryptocurrencies revenues benefiting from our acquisition of Bitstamp.

Current wording

Cryptocurrencies revenues decreased, for the three and nine months ended September 30, 2026, primarily due to a 37% and 25% decrease in the number of users placing cryptocurrency trades, a 13% and 18% decrease in the average Notional Trading Volume traded per trader, and lower cryptocurrency rebate rates from crypto market makers, partially offset by revenues earned from Robinhood Chain.

Previous wording

Options revenues increased due to a 43% and 32% increase in Options Contracts Traded per trader. The increase was partially offset by lower option rebate rates due to the mix of ticker symbols traded as different ticker symbols pay different rebate rates.

Current wording

Equities revenues increased, for the three and nine months ended September 30, 2026, primarily due to a 48% and 50% increase in the average Notional Trading Volume traded per trader. 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 $32 million and $101 million for the three and six months ended June 30, 2026, primarily driven by higher margin interest and net credit card interest, due to increased margin borrowers and the growth in our credit card business, as well as higher accretion income on investments. The increase was partially offset by a decrease in interest revenue from securities lending activities driven by a relatively unfavorable average rate on higher stock loan balances, as well as a decrease in interest revenue on Cash Sweep, corporate cash and investments driven by 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 decreased by $41 million and increased by $60 million for the three and nine months ended September 30, 2026. For the three and nine months ended September 30, 2026, interest revenue from securities lending, net decreased primarily driven by a lower average rate on higher stock loan balances as the hard-to-borrow market weakened. Interest on segregated cash, cash equivalents, securities and deposits, net decreased primarily driven by higher interest expense on customer free credit balances due to our updated High-Yield Cash program, partially offset by higher income on investments. Cash Sweep decreased primarily driven by a lower short-term interest rate environment. Margin interest and credit card interest, net increased due to increased margin borrowers and the growth in our credit card business. Although the Federal Reserve increased the Federal Funds Rate in September 2026, 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 Trust. Robinhood Credit collects interest from customers that carry balances and pays interest on the amount funded through the Trust, with the difference in those amounts resulting in net interest revenues. As of June 30, 2026, the off-balance sheet amount funded under the Program agreement was $214 million and the on-balance sheet amount was $1,243 million. Refer to Note 11 - 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 Trust. Robinhood Credit collects interest from customers that carry balances and pays interest on the amount funded through the Trust, with the difference in those amounts resulting in net interest revenues. As of September 30, 2026, the off-balance sheet amount funded under the Program agreement was $196 million and the on-balance sheet amount was $1,645 million. Refer to Note 11 - 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 $50 million and $81 million for the three and six months ended June 30, 2026, primarily driven by increases in Robinhood Gold subscription revenues due to growth in Robinhood Gold Subscribers, service revenues earned from Trump Accounts, and revenues earned from coin listings.

Current wording

Total Other revenues increased $54 million and $135 million for the three and nine months ended September 30, 2026, primarily driven by increases in service revenues earned from Trump Accounts and Robinhood Gold subscription revenues due to growth in Robinhood Gold Subscribers.

Previous wording

Brokerage and transaction costs increased by $14 million and $24 million for the three and six months ended June 30, 2026, primarily due to a $5 million and $7 million increase in market data expense driven by an increase in customer volume. In addition, employee compensation, benefits, and overhead expenses increased $2 million and $6 million due to the growth and expansion of our business. Other brokerage and transactions costs increased $3 million and $7 million primarily related to increases in credit card processing fees.

Current wording

Brokerage and transaction costs increased by $12 million and $36 million for the three and nine months ended September 30, 2026, primarily due to an $8 million and $16 million increase in other brokerage and transactions costs, respectively, primarily related to increases in credit card processing fees and network fees. In addition, market data expenses increased by $4 million and $11 million driven by an increase in customer volume.

Previous wording

Technology and development costs increased by $42 million and $69 million for the three and six months ended June 30, 2026, primarily due to a $30 million and $38 million increase in employee compensation, benefits, and overhead expenses driven by recent acquisitions and the launch of new products. Additionally, software and tools expenses increased by $12 million and $25 million driven by continued growth of our business and the integration of acquired businesses.

Current wording

Technology and development costs increased by $17 million and $86 million for the three and nine months ended September 30, 2026, primarily due to increases in software expenses of $22 million and $47 million driven by expanded use of AI technologies across the business. Cloud infrastructure services increased $6 million and $11 million primarily driven by financial system integration in connection with acquired businesses. For the three months ended September 30, 2026, these increases were partially offset by a $12 million decrease in employee compensation, benefits, and allocated overhead expenses driven by lower average headcount. For the nine months ended September 30, 2026, employee compensation, benefits, and allocated overhead expenses increased by $25 million, driven by acquisitions and the launch of new products.

Previous wording

Operations costs increased by $28 million and $35 million for the three and six months ended June 30, 2026, primarily due to a $13 million and $14 million increase in customer experience costs to support Trump Accounts. Employee compensation, benefits, and overhead increased by $11 million and $15 million driven by the increased growth and expansion of our business. Additionally, other operations expense increased by $4 million and $6 million driven by the increase in transaction volume.

Current wording

Operations costs increased by $46 million and $81 million for the three and nine months ended September 30, 2026, primarily due to increases in customer experience costs of $21 million and $35 million to support Trump Accounts. Employee compensation, benefits, and allocated overhead increased by $7 million and $22 million driven by the increased growth and expansion of our business. Additionally, other operations expense increased by $18 million and $24 million driven by growth in our credit card business.

Previous wording

Provision for credit losses increased by$28 million and$40 million for the three and six months ended June 30, 2026, primarily due to a $32 million and $50 million increase in credit card-related provision for credit losses driven by higher balances of purchased credit card receivables consistent with the growth of our credit card business, partially offset by a decrease in reserve rates, benefitting from improved recovery rates. In addition, brokerage related provision for credit losses decreased by $4 million and $10 million due to decreased fraud activity.

Current wording

Provision for credit losses increased by$45 million and$85 million for the three and nine months ended September 30, 2026, primarily due to a $38 million and $88 million increase in credit card-related provision for credit losses driven by higher balances across the credit card portfolio consistent with the growth of our credit card business. For thenine months ended September 30, 2026, the increase was partially offset by a decrease in reserve rates, benefiting from recovery rates and a decrease in brokerage related provision for credit losses due to decreased fraud activity.

Previous wording

Marketing costs increased by $5 million and$7 millionfor the three and six months ended June 30, 2026 primarily due to an increase in marketing expenses related to our prediction markets and credit card offerings, offset by an decrease in brand marketing expenses due to lower campaign spend compared to the same periods in 2025.

Current wording

Marketing costs increased by $2 million and$9 millionfor the three and nine months ended September 30, 2026 primarily due to an increase in marketing expenses to promote new products and service offerings, partially offset by a decrease in brand marketing expenses due to lower campaign spend compared to the same periods in 2025.

Previous wording

General and administrative costs increased by $67 million and $108 million for the three and six months ended June 30, 2026 primarily due to a$29 million and$58 million increase in employee compensation, benefits, and overhead expenses driven by increased SBC related to the modification of executive awards related to senior leadership transitions and the growth and expansion of our business. Additionally, other general and administrative expenses increased$22 million and$25 million and legal expenses increased$7 million and$16 million for the three and six months ended June 30, 2026 in relation to new product offerings and reserves for legal matters.

Current wording

General and administrative costs decreased by $22 million for the three months ended September 30, 2026, primarily due to a$25 million decrease in employee compensation, benefits, and allocated overhead expenses driven by lower average headcount. For the nine months ended September 30, 2026, general and administrative costs increased by$86 million mainly driven by a$33 million increase in employee compensation, benefits, and allocated overhead expenses due to increased SBC related to the modification of executive awards related to senior leadership transitions and the growth and expansion of our business. Additionally, other general and administrative expenses increased$4 million and$29 million for the three and nine months ended September 30, 2026 primarily related to reserves for legal matters and expenses related to business growth.

Previous wording

Other income, net increased by $132 million and $131 millionfor the three and six months ended June 30, 2026 primarily driven by a$106 million gain recognized as a result of the deconsolidation of RVI and a $23 million gain from equity securities primarily related to investments held by RVI during thethree and six months ended June 30, 2026. Refer to Note 4 - Deconsolidation of RVI of our unaudited condensed consolidated financial statements in this Quarterly Report for more information.

Current wording

Other income(expense), net increased $72 millionfor thenine months ended September 30, 2026 primarily driven by a$106 million gain recognized as a result of the deconsolidation of RVI and a $23 million gain from equity securities primarily related to investments held by RVI during thethree months ended June 30, 2026. The gain was partially offset by the loss incurred during the current period due to market fluctuations. Following RVI's March 2026 IPO, we sold shares of RVI through open market and privately negotiated block sales, consistent with our original intention to reduce our ownership interest in RVI over time. In June 2026, sales effected as part of this ongoing program reduced our ownership from approximately 52% to approximately 49%, resulting in the loss of our controlling financial interest and the deconsolidation of RVI. Refer to Note 4 - Deconsolidation of our unaudited condensed consolidated financial statements in this Quarterly Report for more information.

Previous wording

Provision for income taxes increased by $80 million and $110 million for the three and six months ended June 30, 2026 primarily due to the growth of the business and decrease in excess tax benefits from SBC.

Current wording

Provision for income taxes increased by $71 million and $181 million for the three and nine months ended September 30, 2026 primarily due to the growth of the business along with a decrease in excess tax benefits from SBC.

Previous wording

As of June 30, 2026, we had cash and cash equivalents of $5.4 billion and stablecoin of $155 million. Refer to Note 8 - 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, 2026, we had cash and cash equivalents of $5.83 billion and stablecoin of $164 million. Refer to Note 8 - 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, 2026, we had committed revolving credit facilities with a total borrowing capacity of up to $4.875 billion and a borrowing capacity for the Trust of up to $1.550 billion. Refer to Note 11 - 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, 2026, we had revolving credit facilities with total commitments of $4.450 billion and a borrowing capacity for the Trust of up to $1.55 billion. Refer to Note 11 - Financing Activities and Off-Balance Sheet Risk to our unaudited condensed consolidated financial statements in this Quarterly Report for further information.

Previous wording

On June 25, 2026, we sold a portion of our ownership interest in RVI, generating cash proceeds of $22 million. Refer to Note 4 - Deconsolidation of RVI, to our unaudited condensed consolidated financial statements in this Quarterly Report for further information.

Current wording

On June 25, 2026, we sold a portion of our ownership interest in RVI, generating cash proceeds of $22 million. The Company has continued to sell down its position in RVI through September 30, 2026 for total proceeds of $40 million. Refer to Note 4 - Deconsolidation, to our unaudited condensed consolidated financial statements in this Quarterly Report for further information.

Previous wording

There have been no material changes to our critical accounting estimates during the six months ended June 30, 2026, as compared to those disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates” in our 2025 Form 10-K.

Current wording

There have been no material changes to our critical accounting estimates during the nine months ended September 30, 2026, as compared to those disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates” in our 2025 Form 10-K.