Every material Form 8-K Robinhood Markets has filed with the SEC since February 12, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Robinhood Markets, Inc. announced its financial results for the third quarter of 2026, reporting record total net revenues of $1.42 billion, a 12% increase year-over-year. Net income decreased 14% year-over-year to $476 million, and diluted earnings per share fell 16% to $0.51, impacted by unrealized losses and higher operating expenses.
Total net revenues increased 12% year-over-year to $1.42 billion for the quarter ended September 30, 2026.
Diluted earnings per share decreased 16% year-over-year to $0.51, while adjusted EPS decreased 3% to $0.60.
Net deposits reached $15.7 billion, and total platform assets increased 19% year-over-year to $396 billion.
Robinhood lowered the top end of its full-year 2026 adjusted operating expenses and SBC outlook by $25 million to a range of $2.675 to $2.75 billion.
Robinhood reported second-quarter 2026 total net revenues of $1.31 billion, up 32% year-over-year, and diluted EPS of $0.62, up 48%. Net income of $573 million included $129 million of gains mainly tied to the deconsolidation of Robinhood Ventures Fund I, and the company lowered its 2026 Adjusted Operating Expenses and SBC outlook to $2.675 billion to $2.775 billion.
Total net revenues were $1.31 billion, up 32% year-over-year; transaction-based revenues were $776 million, up 44%.
Net income was $573 million, up 48%, including $129 million of gains primarily related to the deconsolidation of Robinhood Ventures Fund I.
Diluted EPS was $0.62, up 48%, including $0.14 of RVI-related gains.
The 2026 Adjusted Operating Expenses and SBC outlook was lowered to $2.675 billion to $2.775 billion from $2.7 billion to $2.825 billion given at Q1 2026 results on April 28, 2026.
Robinhood's Board appointed Dara Bazzano, its Chief Accounting Officer since April 2026, as principal accounting officer effective June 25, 2026. CFO Shiv Verma gave up the principal accounting officer role but remains CFO and principal financial officer. Her compensation is unchanged from the terms disclosed in the filing.
Dara Bazzano, age 58, appointed principal accounting officer effective June 25, 2026
Shiv Verma ceased to be principal accounting officer; he continues as CFO and principal financial officer
Robinhood completed a $2.2 billion private offering of 0.00% convertible senior notes maturing October 1, 2029, including a $200 million option the initial purchasers exercised in full. The company used about $290 million of the net proceeds to repurchase 2.743 million Class A shares and $123.2 million to buy capped calls meant to offset dilution, so shareholders face potential dilution only above the cap price.
$2.2 billion aggregate principal of 0.00% convertible senior notes due October 1, 2029, closed June 25, 2026; net proceeds about $2.169 billion
Initial conversion price about $174.42 per share, a premium of about 65% to the June 22, 2026 closing price
About $290 million used to repurchase 2.743 million Class A shares; $123.2 million used for capped calls with a cap price of about $237.85 per share
Robinhood Markets announced a reduction in force affecting approximately 10% of its full-time employees, plus closure of a small number of open roles. The company estimates about $20 million in cash severance and benefits costs and about $8 million in share-based compensation, with the accrual expected in the second quarter of 2026. The company says the move is taken from a position of business strength, citing June month-to-date average daily trading volumes at record levels.
Reduction in force affects approximately 10% of full-time employees, plus closure of a small number of open roles
Estimated cash restructuring charges of approximately $20 million for employee severance and benefits
Estimated approximately $8 million in share-based compensation charges
Accrual expected to be recognized in the second quarter of 2026
Robinhood Markets said its Chief Technology Officer, Jeffrey Pinner, left his position effective May 7, 2026. He is eligible for severance benefits under the company's Change in Control and Severance Plan for Key Employees, as described in the 2026 proxy statement. The filing gives no successor name or financial amount for the payments.
Jeffrey Pinner, Chief Technology Officer, separated from his position effective May 7, 2026
Pinner is eligible for severance benefits tied to a termination without cause under the company's Change in Control and Severance Plan for Key Employees
Filing does not name a replacement CTO or disclose a dollar value for the severance
Robinhood reported first-quarter 2026 revenue up 15% year-over-year to $1.07 billion and diluted EPS up 3% to $0.38. It also raised its 2026 adjusted operating expense outlook to $2.7 billion to $2.825 billion, adding $100 million for Trump Accounts, and refreshed its share repurchase authorization to $1.5 billion.
Total net revenues rose 15% year-over-year to $1.07 billion; net income rose 3% to $346 million
Total operating expenses rose 18% to $656 million, driven by marketing, growth investments and acquisition-related expenses
2026 Adjusted Operating Expenses and SBC outlook raised to $2.7 billion to $2.825 billion from $2.6 billion to $2.725 billion
Q1 share repurchases were $250 million; authorization refreshed to $1.5 billion in March 2026, expected to be completed over about three years
Robinhood's board approved a new $1.5 billion share repurchase program on March 24, 2026, replacing prior authorizations and adding more than $1.1 billion of incremental capacity. Separately, subsidiary Robinhood Securities entered a 364-day senior secured revolving credit facility with a $3.25 billion total commitment, which can be increased by up to $1.625 billion. The filing does not report revenue, profit or guidance, so the buyback and credit line are the key changes for shareholders.
Board approved a $1.5 billion Class A share repurchase program; management expects to execute it over about three years starting in the first quarter of 2026
Repurchase program has no expiration date and may be suspended or discontinued at any time
Robinhood Securities' credit agreement dated March 20, 2026 has a $3.25 billion commitment, expandable to $4.875 billion, with JPMorgan Chase Bank, N.A. as administrative agent
Undrawn commitments accrue fees at 0.45%; loans bear a margin of 1.25% (Tranche A) or 2.50% (Tranche B and C) over the benchmark rate
Robinhood reported record full-year 2025 revenue of $4.5 billion, up 52%, and fourth-quarter revenue of $1.28 billion, up 27% year over year. Fourth-quarter net income fell 34% to $605 million because the year-earlier period included a $424 million benefit from a tax benefit and regulatory accrual reversal. The company also named Shiv Verma chief financial officer effective February 6, 2026, succeeding Jason Warnick, who is now a strategic advisor until September 1, 2026.
Q4 2025 total net revenues were $1.28 billion, up 27% year over year; diluted EPS was $0.66 versus $1.01 in Q4 2024
Full-year 2025 revenue was $4.5 billion, up 52%; diluted EPS was $2.05 versus $1.56 in 2024
Shiv Verma, previously SVP of Finance and Strategy and Treasurer, was appointed CFO effective February 6, 2026
Jason Warnick remains with the company as a strategic advisor until his retirement on September 1, 2026
Robinhood's two broker-dealer subsidiaries, Robinhood Financial LLC and Robinhood Securities, LLC, furnished their Rule 606(a) order routing reports for the fourth quarter of 2025. The reports are unaudited, are made without commentary, and do not present Robinhood's consolidated results. The filing contains no consolidated earnings, revenue, or guidance figures.
Reports cover the fourth quarter of 2025 for Robinhood Financial LLC and Robinhood Securities, LLC, furnished as Exhibits 99.1 and 99.2.
The filing states the reports are unaudited, made without commentary, and should be read with Robinhood's Forms 10-Q and 10-K.
Robinhood Securities, LLC passes 80% of revenue from third-party market centers to Robinhood Financial LLC under a revenue and cost allocation agreement.
The filing lists Item 2.02 Results of Operations but refers to Item 7.01 and reports no financial results.
Robinhood reported third-quarter 2025 revenue of $1.27 billion, up 100% from a year earlier, with net income of $556 million and diluted EPS of $0.61. The company also raised its 2025 Adjusted Operating Expenses and SBC outlook to approximately $2.28 billion and said CFO Jason Warnick will retire, with Shiv Verma expected to succeed him as CFO.
Total net revenues up 100% year-over-year to $1.27 billion; net income up 271% to $556 million
Diluted EPS up 259% year-over-year to $0.61
2025 Adjusted Operating Expenses and SBC outlook now approximately $2.28 billion, versus a prior range of $2.15 billion to $2.25 billion
Warnick moves to an advisory role in Q1 2026 and remains employed through September 1, 2026; Shiv Verma to take over as CFO, subject to Board appointment
Robinhood furnished unaudited Rule 606 order routing reports for the third quarter of 2025 for its two broker-dealer subsidiaries, Robinhood Financial LLC and Robinhood Securities, LLC. The reports are subsidiary-level disclosures on payment for order flow and do not present Robinhood's consolidated results, so the filing contains no revenue, profit or guidance figures for shareholders.
The reports were furnished as Exhibits 99.1 and 99.2 under Item 7.01 and are unaudited and presented without commentary.
The S&P 500 summary in Robinhood Financial's report lists Virtu Americas, LLC with 52.90% of non-directed order flow for July 2025.
Robinhood Securities passes 80% of its venue revenue to Robinhood Financial under a revenue and cost allocation agreement.
Robinhood reported second-quarter 2025 total net revenues of $989 million, up 45% from a year earlier, and net income of $386 million, up 105%. Diluted EPS rose to $0.42 from $0.21, and the company raised its full-year 2025 expense outlook to $2.15 billion to $2.25 billion to include costs from the Bitstamp acquisition, which closed in June.
Total net revenues rose 45% year over year to $989 million; transaction-based revenues rose 65% to $539 million.
Net income rose 105% to $386 million; diluted EPS was $0.42 versus $0.21 a year earlier.
Net Deposits were $13.8 billion, and Robinhood Gold subscribers reached a record 3.5 million.
The 2025 Adjusted Operating Expenses and SBC outlook was raised to $2.15 billion to $2.25 billion from $2.085 billion to $2.185 billion, including $65 million for Bitstamp.
Robinhood reported first-quarter 2025 results for the period ended March 31, 2025, with total net revenues up 50% year-over-year to $927 million and net income up 114% to $336 million. The board also raised its share repurchase authorization by $500 million to $1.5 billion, and the company raised its 2025 Adjusted Operating Expenses and SBC outlook to $2.085 billion to $2.185 billion, including $85 million of TradePMR costs.
Diluted EPS rose 106% year-over-year to $0.37; net income was $336 million, up from $157 million a year earlier.
Share repurchase authorization increased by $500 million to $1.5 billion; about $833 million remains, per the filing.
2025 Adjusted Operating Expenses and SBC outlook raised to $2.085 billion to $2.185 billion from $2.0 billion to $2.1 billion, including $85 million for TradePMR.
Funded Customers reached 25.8 million and Robinhood Gold Subscribers reached a record 3.2 million at quarter end.
Robinhood Securities, LLC, a subsidiary of Robinhood Markets, entered a Fourth Amended and Restated Credit Agreement on March 21, 2025, with JPMorgan Chase Bank, N.A. as administrative agent. The 364-day senior secured revolving facility has a total commitment of $2.65 billion, which can be increased by up to $1.325 billion, and the filing also reports the appointment of John Hegeman to the board. The filing describes the terms and does not state how much has been borrowed.
Credit agreement dated March 21, 2025 amends and restates the $2.25 billion facility from March 2024, with JPMorgan Chase Bank, N.A. as administrative agent.
Total commitment of $2.65 billion, with a possible increase of up to $1.325 billion to a total of $3.975 billion.
Borrowings bear interest at the greatest of Daily Simple SOFR plus 0.10%, the Federal Funds Effective Rate or the Overnight Bank Funding Rate, plus a margin of 1.25% for Tranche A or 2.50% for Tranche B and C loans; undrawn commitments carr
John Hegeman was appointed to the board on March 21, 2025, increasing its size from nine to ten, and will serve on the Safety, Risk and Regulatory Committee.
Robinhood reported fourth-quarter 2024 total net revenues of $1.01 billion, up 115% from a year earlier, and net income of $916 million, or $1.01 diluted earnings per share, compared with $30 million, or $0.03, in Q4 2023. The profit figure includes a $369 million deferred tax benefit, which added $0.41 to diluted EPS, so shareholders may weigh it against core operating results. The company also gave a 2025 outlook for combined Adjusted Operating Expenses and SBC of $2.0 billion to $2.1 billion.
Q4 2024 total net revenues were $1.01 billion, up 115% year-over-year; transaction-based revenues were $672 million.
Q4 2024 net income was $916 million, including a $369 million deferred tax benefit worth $0.41 of diluted EPS.
Full-year 2024 net income was $1.41 billion, or $1.56 diluted EPS, compared with a net loss of $541 million in 2023.
2025 outlook for combined Adjusted Operating Expenses and SBC is $2.0 billion to $2.1 billion; the Bitstamp and TradePMR acquisitions are expected to close in the first half of 2025.
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