HOOD Class A Robinhood Markets, Inc. - Class A Common Stock
NASDAQ · Financial Services · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 30, 2026HOOD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Robinhood Markets, Inc. - Class A Common Stock Company overview from Wikipedia
Robinhood Markets, Inc. is an American financial services company based in Menlo Park, California. It provides an electronic trading platform that facilitates trades of stocks, exchange-traded funds (ETFs), options, index options, futures contracts, event contracts on prediction markets, and cryptocurrency. It also offers cryptocurrency wallets, wealth management, credit cards and other banking services, some in partnership with banks insured by the FDIC, and operates a venture capital arm as well as an independent media subsidiary, Sherwood.News.
The company has more than 27 million funded customers and $307 billion total platform assets. Its platform is available in the U.S., the UK, and, for trading cryptocurrency and tokenized stocks and ETFs, in the European Union. Bitstamp, its cryptocurrency exchange, holds licenses in Singapore, Luxembourg, the UK, Slovenia and the U.S.
The company does not allow trading in mutual funds, preferred stocks, bonds, some high-risk penny stocks, and new positions in options on their expiration dates in the last 30 minutes of the trading day.
History
2013-2019: Foundation, options and cryptocurrency trading
Robinhood was founded in April 2013 by Vladimir Tenev and Baiju Bhatt, two former Stanford classmates who had previously built high-frequency trading platforms for financial institutions in New York City. The company is named after Robin Hood, based on its self-stated mission to "democratize finance for all". Tenev and Bhatt served as co-CEOs from 2013 to 2020, when Tenev became the sole CEO and Bhatt became chief creative officer.
In December 2013, Robinhood closed its seed funding round, securing $3 million in an investment led by Index Ventures, with participation from Andreessen Horowitz, Rothenberg Ventures, Tim Draper, and Howard Lindzon.
The founders presented the mobile app at LA Hacks in April 2014 and launched a beta release in December on the Apple App Store. That September, Robinhood raised $13 million in a Series A round, with returning investors Index Ventures and Howard Lindzon, as well as new investors Ribbit Capital, Aaron Levie, Dave Morin, Jared Leto, Snoop Dogg, and Nas.
The mobile app was launched officially in March 2015. In May 2015, the company raised $50 million in a Series B round led by New Enterprise Associates.
Robinhood raised $110 million in a Series C round at a $1.3 billion valuation in April 2017, bringing its total funding raised to $176 million. Investors included Yuri Milner of DST Global, Greenoaks Capital, and Thrive Capital. In December 2017, the company launched commission-free options trading.
In February 2018, the company announced that it would be moving its headquarters from Palo Alto to the former headquarters of Sunset magazine in Menlo Park. That same month, Robinhood launched cryptocurrency trading. Later that year, the company launched its own clearing system.
In May 2018, Robinhood closed a $363 million Series D financing round led by DST Global, bringing its total equity funding to $539 million. Robinhood raised $323 million in a Series E venture funding round led by DST Global, the following July.
In March 2019, Robinhood acquired MarketSnacks, a financial newsletter. Robinhood launched banking products with insurance from the Federal Deposit Insurance Corporation via partner banks in December 2019.
The Financial Industry Regulatory Authority fined Robinhood $1.25 million in December 2019 for failing to determine whether its market makers provided the best execution quality as compared to other execution venues.
2020-2021: Increased usage and Game Stop short squeeze
In the second quarter of 2020, during the 2020 stock market crash, compared to the first quarter of 2020, trading volumes increased 139%, more than any other major brokerage.
In May 2020, Robinhood raised $280 million in a Series F venture funding round led by Sequoia Capital at a pre-money valuation of $8.3 billion. Robinhood began offering additional guidance and requiring additional criteria and education for customers seeking authorization to trade options after a University of Nebraska–Lincoln student died by suicide in June 2020 after seeing a six-figure negative cash balance on his account.
In August 2020, the company announced a $200 million Series G funding round from a new investor, D1 Capital Partners.
In October 2020, Robinhood found that almost 2,000 Robinhood accounts were compromised and that the hackers had siphoned off customer funds. The users' personal email addresses had been compromised outside of Robinhood and the company fully compensated customers if they lost money because of unauthorized activity.
In December 2020, the company paid $65 million to settle accusations by the U.S. Securities and Exchange Commission that it failed to disclose payment for order flow, that some customers' orders lost a total of approximately $34.1 million in price improvement compared to the best execution by other brokers, and that Robinhood made false and misleading statements about its execution quality.
Also in December 2020, Robinhood was sued in the United States District Court for the Northern District of California for failing to disclose to customers that it received payment for order flow. The case was consolidated with others under In re Robinhood Order Flow Litigation (No. 4:20-cv-09328) and was settled for $2 million in December 2025.
Also in December 2020, the Securities Division of the Massachusetts Secretary of the Commonwealth filed an administrative complaint alleging violation of state securities laws and claimed that Robinhood exploited novice investors with gamification. In March 2022, the Suffolk County Superior Court declared that the new fiduciary duty rule underlying parts of the case was invalid. In February 2024, the company paid $7.5 million and agreed to overhaul its digital engagement practices to settle the remaining claims.
On January 28, 2021, several broker-dealers, including Robinhood Securities, restricted the purchase of certain stocks, most notably GameStop, to meet collateral requirements at its clearing house, the National Securities Clearing Corporation, following an effort by users of the r/wallstreetbets subreddit to drive up share prices. Robinhood Securities faced an increase in its collateral requirement from $700 million to $3.7 billion, later reduced to $1.4 billion. The company began once again allowing trading in the affected stocks on January 29.
The decision to halt trading was criticized by customers as well as politicians including Ted Cruz and Alexandria Ocasio-Cortez. The House Committee on Financial Services questioned Robinhood CEO Vladimir Tenev during a hearing on February 18, 2021.
Protests were held outside Robinhood headquarters in Menlo Park, California, at the U.S. Securities and Exchange Commission headquarters in Washington, D.C., and the New York Stock Exchange.
On January 28, 2021, a class-action lawsuit against Robinhood was filed in the Southern District of New York alleging market manipulation and collusion with market maker Citadel Securities to deprive investors of the ability to invest in the open market in violation of Section 1 of the Sherman Antitrust Act, which prohibits agreements in restraint of trade. The case was dismissed by the Miami federal court in November 2021 on the grounds that the plaintiffs fell short of providing direct evidence of an antitrust conspiracy and that its terms of service allowed the company to prohibit trading by customers. In 2024, an appeals court affirmed the dismissal of the case.
2021-2024: Initial public offering
In January 2021, Robinhood raised $3.4 billion in capital during the "meme stock" frenzy which exceeded the total amount of funding raised in the company's history.
In March 2021, Robinhood acquired Binc, a recruiting firm.
In late June 2021, Robinhood was fined $57 million by the Financial Industry Regulatory Authority (FINRA) related to the March 2020 outages and was ordered to pay restitution to affected clients in the largest penalty ever issued by the agency. In 2022, the company agreed to pay $9.9 million to settle class action lawsuits regarding trading losses due to the outages.
The company went public via an initial public offering on the Nasdaq on July 29, 2021 under the ticker HOOD, raising approximately $2.1 billion and valuing Robinhood at about $32 billion. In August 2021, Robinhood completed the $140 million acquisition of Say Technologies, a company that helps shareholders vote proxies and ask questions of management.
In November 2021, a voice phishing scheme on a Robinhood employee resulted in about 5 million customers having their email addresses disclosed, 2 million customers having their full names disclosed and 300 customers having their dates of birth disclosed. It is believed that the person who was responsible for the 2021 FBI email hack and was arrested in March 2023, was responsible for the breach.
In December 2021, Robinhood acquired Cove Markets, a developer of cryptocurrency trading platforms.
In April 2022, Robinhood cut its workforce by 9%. In August that year, the company announced additional layoffs of 23% of its workforce, mostly in operations, marketing and program management.
In August 2022, Robinhood's crypto unit was fined $30 million by the New York State Department of Financial Services for allegedly violating anti-money-laundering and cybersecurity regulations, in the department's first cryptocurrency-related enforcement action.
In November 2022, as part of the bankruptcy of FTX, the U.S. government seized the 7.6% stake in Robinhood owned by Alameda Research, which were used as partial collateral for a transfer of at least $4 billion from FTX. The shares were sold back to Robinhood for $605 million, or $10.96 per share.
In June 2023, Robinhood completed the $95 million acquisition of X1, a credit card issuance startup. Robinhood announced additional layoffs of 150 employees or about 7% of its staff that same month. In December 2023, Robinhood acquired Chartr, a publisher of a daily financial newsletter.
2024-present: Product and international expansion
In March 2024, Robinhood acquired Marex FCM, a broker of futures contracts. Robinhood also expanded its services to the United Kingdom. The following month, Robinhood launched its "Sherwood News" website and a rebrand of its financial newsletter Snacks. In March 2024, the company launched the Robinhood Gold credit card. In July 2024, Robinhood acquired Pluto Capital, an AI-powered investment research platform. In October 2024, Robinhood launched Legend, a desktop trading platform.
In August 2024, Robinhood's crypto unit paid $3.9 million and instituted changes to settle claims by the State of California that, between 2018 and 2022, customers could not make timely withdrawals of cryptocurrency from their Robinhood Crypto accounts to cryptocurrency wallets.
In February 2025, Robinhood completed the $300 million acquisition of TradePMR, a wealth management platform. In March 2025, Robinhood announced the launch of wealth management services, including Robinhood Strategies as well as an AI investment tool, Robinhood Cortex. The following month, the Bank of Lithuania granted the company a brokerage license to operate in Lithuania. Soon after, Robinhood received its MiFID and MICA licenses, allowing Robinhood Europe to operate as a crypto-asset service and payment institution. In May 2025, Robinhood announced that it would acquire WonderFi, a cryptocurrency trading platform based in Canada.
In March 2025, subsidiaries of Robinhood were fined $26 million by the Financial Industry Regulatory Authority for violating numerous rules, which led to the firms’ inability to detect, investigate, or report suspicious activities and were ordered to pay $3.75 million in restitution to certain customers whose market orders were collared and canceled, who then reentered their orders and received executions at prices less favorable than the market prices available at the time the customers initially entered their orders.
In June 2025, the company launched trading in tokenized ETFs and stocks in the European Union. At the time of the launch, the company was operating in 30 countries and had more than 26 million users in total. Robinhood also completed the $200 million acquisition of Bitstamp, a cryptocurrency exchange.
In September 2025, the company introduced Robinhood Social, a social media platform for traders. In November 2025, Robinhood announced a joint venture with Susquehanna International Group to acquire MIAXdx; the acquisition closed in January 2026.
In December 2025, Robinhood announced that it would acquire PT Buana Capital Sekuritas, an Indonesian brokerage, and PT Pedagang Aset Kripto, an Indonesian financial asset trader. In March 2026, Robinhood Ventures Fund I (RVI), a closed-end fund managed by Robinhood Ventures, went public on the New York Stock Exchange. In August 2026 a second closed end fund Robinhood Ventures Fund II (RVII) went public.
Business model
Robinhood operates an electronic trading and investing platform that allows users to trade stocks, exchange-traded funds, options, index options, futures contracts, event contracts tied to prediction markets, and cryptocurrency. In addition to brokerage, the company offers other services such as cryptocurrency wallets, wealth management, checking and saving accounts through a partner bank (deposits are FDIC insured) and credit cards. It does not allow trading in mutual funds, preferred stocks, bonds, some high-risk penny stocks, and new positions in options on their expiration dates in the last 30 minutes of the trading day. Robinhood's platform is available in the United States and United Kingdom. In the European Union, trading only includes cryptocurrency and tokenized stocks and ETFs.
The company has been described as an innovator in zero-commission stock trading. Apart from transaction-based revenue, it also generates income through subscription fees for its Robinhood Gold service and other fees associated with its financial products. Robinhood has expanded the appeal of retail investing to millennials and has been credited with the industry shift away from traditional trading fees. As of March 2025, the average age of its customers was 35.
Structure and financials
Company structure
Robinhood Markets is a financial services company that operates subsidiaries such as Robinhood Financial for brokerage operations, Robinhood Securities for clearing operations, Robinhood Crypto for cryptocurrency trading, Robinhood Money for banking offerings, Robinhood Asset Management for wealth management, Robinhood Derivatives for futures trading, and Sherwood Media, a financial news producer. Outside the United States, its subsidiaries include Robinhood UK and Robinhood Europe.
Financials
The company's revenue comes from payment for order flow, commissions, or other fees on options (24% of Q1 2026 revenues), cryptocurrency (13% of Q1 2026 revenues), equities (8% of Q1 2026 revenues), and other transaction-based products including instant withdrawals, event contracts and futures (14% of Q1 2026 revenues); net interest income from margin lending, interest earned on corporate and customer cash balances, securities lending, and credit cards (34% of Q1 2026 revenues); and other revenues, primarily from subscription fees on its Robinhood Gold product and proxy revenues (5% of Q1 2026 revenues).
Regulation
Robinhood Markets operates through several regulated subsidiaries subject to oversight by U.S. financial authorities. Robinhood Financial and Robinhood Securities are registered with the U.S. Securities and Exchange Commission and are members of the Financial Industry Regulatory Authority. Robinhood Crypto operates within a fragmented regulatory framework in which digital asset platforms are subject to a combination of federal oversight and state-level licensing requirements. Robinhood Derivatives is registered with the Commodity Futures Trading Commission and member of National Futures Association.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | HOOD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 49.95Y avg ≈9.8 | ≈9.8 | 18.1 | Overvalued | |
| P/S (TTM) | 20.65Y avg ≈9.1 | ≈9.1 | 4.5 | Overvalued | |
| P/B (MRQ) | 10.65Y avg ≈4.5 | ≈4.5 | 3.3 | Overvalued | |
| Price / Cash Flow | 62.05Y avg ≈-29.4 | ≈-29.4 | 35.1 | Overvalued | |
| Price / Tangible Book (MRQ) | 10.95Y avg ≈3.8 | ≈3.8 | · | · | |
| PEG Ratio | ≈0.3 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | HOOD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| EBITDA Margin | 1.9%5Y avg ≈2.8% | ≈2.8% | 1.4% | Top tier | |
| Pretax Margin (TTM) | 49.0%5Y avg ≈-44.8% | ≈-44.8% | 27.0% | Top tier | |
| Net Profit Margin (TTM) | 42.0%5Y avg ≈-43.6% | ≈-43.6% | 20.6% | Top tier | |
| ROA (TTM) | 4.5%5Y avg ≈-3.7% | ≈-3.7% | 2.1% | Top tier | |
| ROE (TTM) | 23.5%5Y avg ≈-6.5% | ≈-6.5% | 17.1% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | HOOD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 1.25Y avg ≈1.4 | ≈1.4 | · | · | |
| Quick Ratio | 0.15Y avg ≈0.3 | ≈0.3 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | HOOD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 51.6%5Y avg ≈42.3% | ≈42.3% | · | · | |
| Revenue CAGR 3Y | 48.8%5Y avg ≈30.4% | ≈30.4% | · | · | |
| Revenue CAGR 5Y | 36.1% | · | · | · | |
| EPS YoY | 31.4% | · | · | · | |
| Net Income YoY | 33.5% | · | · | · | |
| EPS CAGR 5Y | 190.0% | · | · | · | |
| Net Income CAGR 5Y | 206.2% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | HOOD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.15Y avg ≈0.1 | ≈0.1 | 0.1 | In line | |
| Revenue / Employee | ≈$1.5M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 28, 2026 | $0.62 | $0.45 | 37.8% |
| March 31, 2026 | $0.38 | $0.43 | -12.5% | |
| Dec. 31, 2025 | $0.66 | $0.64 | 3.2% | |
| Sept. 30, 2025 | $0.61 | $0.54 | 12.0% | |
| June 30, 2025 | $0.42 | $0.32 | 31.8% | |
| March 31, 2025 | $0.37 | $0.34 | 8.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.47B | $2.95B | $1.86B | $1.36B | $1.81B | $958M | $278M | |
| R&D Expense | $355M | $323M | $349M | $381M | $438M | $52M | $28M | |
| SG&A Expense | $628M | $455M | $1.17B | $924M | $1.37B | $295M | $86M | |
| Operating Expenses | $2.38B | $1.90B | $2.40B | $2.37B | $3.46B | $945M | $384M | |
| Interest Income | · | · | · | $103M | $1M | $2M | · | |
| Other Non-op | $14M | $10M | $3M | $-16M | $1M | $0 | $-657.0K | |
| Pretax Income | $2.11B | $1.06B | $-533M | $-1.03B | $-3.69B | $13M | $-108M | |
| Income Tax | $225M | $-347M | $8M | $1M | $2M | $6M | $-1M | |
| Net Income | $1.88B | $1.41B | $-541M | $-1.03B | $-3.69B | $7M | $-107M | |
| EPS (Basic) | $2.12 | $1.60 | $-0.61 | $-1.17 | $-7.49 | $0.01 | $-0.48 | |
| EPS (Diluted) | $2.05 | $1.56 | $-0.61 | $-1.17 | $-7.49 | $0.01 | $-0.48 | |
| Shares (Basic) | 888,504,958 | 881,113,156 | 890,857,659 | 878,630,024 | 492,381,190 | 225,748,355 | 221,664,610 | |
| Shares (Diluted) | 918,781,846 | 906,171,504 | 890,857,659 | 878,630,024 | 492,381,190 | 244,997,388 | 221,664,610 | |
| EBITDA | $86M | $77M | $71M | $61M | $25M | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.26B | $4.33B | $4.83B | $6.34B | $6.25B | $1.40B | $644M | |
| Prepaid Expense | $127M | $75M | $63M | $86M | $92M | $29M | · | |
| Other Current Assets | $798M | $584M | $196M | $72M | $57M | $49M | · | |
| Current Assets | $36.30B | $25.10B | $17.08B | $22.92B | $19.28B | $10.87B | · | |
| PP&E (Net) | $154M | $139M | $120M | $146M | $146M | $46M | · | |
| PP&E (Gross) | $368M | $293M | $231M | $227M | $185M | $63M | · | |
| Accum. Depreciation | $214M | $154M | $111M | $81M | $39M | $17M | · | |
| Goodwill | $385M | $179M | $175M | $100M | $101M | $0 | · | |
| Intangibles | $168M | $38M | $48M | $25M | $34M | $185.0K | · | |
| Other Non-current Assets | $697M | $533M | $107M | $132M | $161M | $63M | · | |
| Total Assets | $38.14B | $26.19B | $17.62B | $23.34B | $19.77B | $10.99B | · | |
| Accounts Payable | $463M | $397M | $384M | $185M | $252M | $105M | · | |
| Current Liabilities | $28.77B | $18.10B | $10.84B | $16.25B | $12.35B | $8.82B | · | |
| Capital Leases | $199M | $110M | $89M | $127M | $129M | $48M | · | |
| Other Non-current Liabilities | $215M | $111M | $91M | $128M | $129M | $48M | · | |
| Total Liabilities | $28.99B | $18.21B | $10.93B | $16.38B | $12.48B | $8.86B | · | |
| Common Stock | · | · | · | · | · | $1.0K | · | |
| Paid-in Capital | $11.28B | $12.01B | $12.14B | $11.86B | $11.17B | $134M | · | |
| Retained Earnings | $-2.15B | $-4.04B | $-5.45B | $-4.91B | $-3.88B | $-190M | · | |
| AOCI | $8M | $-1M | $-3M | $0 | $1M | $473.0K | · | |
| Stockholders' Equity | $9.15B | $7.97B | $6.70B | $6.96B | $7.29B | $-55M | $-97M | |
| Liabilities + Equity | $38.14B | $26.19B | $17.62B | $23.34B | $19.77B | $10.99B | · | |
| Shares Outstanding | 901,000,000 | 884,000,000 | 872,162,664 | 892,751,571 | 863,912,613 | 229,031,546 | 224,802,545 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $86M | $77M | $71M | $61M | $26M | $10M | $5M | |
| Stock-based Comp | $305M | $304M | $871M | $654M | $1.57B | $24M | $27M | |
| Deferred Tax | $181M | $-369M | $0 | $0 | $-3M | $-1M | $-665.0K | |
| Amort. of Intangibles | $23M | $20M | $14M | $9M | $3M | $0 | · | |
| Other Non-cash | $-817M | $-1.58B | $780M | $-539M | $1.21B | · | · | |
| Operating Cash Flow | $1.64B | $-157M | $1.18B | $-852M | $-885M | $1.88B | $1.26B | |
| CapEx | · | · | · | $28M | $63M | $24M | $7M | |
| Investing Cash Flow | $141M | $-148M | $-582M | $-60M | $-238M | $-32M | $-12M | |
| Stock Repurchased | $653M | $257M | $608M | $0 | $0 | · | · | |
| Net Stock Activity | $-653M | $-257M | $-608M | · | · | · | · | |
| Financing Cash Flow | $-590M | $-345M | $-610M | $0 | $5.20B | $1.28B | $375M | |
| Net Change in Cash | $1.20B | $-651M | $-11M | $-913M | $4.08B | $3.12B | $1.62B | |
| Taxes Paid | $95M | $18M | $9M | $4M | $6M | $6M | $1M | |
| Free Cash Flow | · | · | · | $-880M | $-948M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 42.1% | 47.8% | -29.0% | -75.7% | -203.1% | · | · | |
| Pretax Margin | 47.1% | 36.1% | -28.6% | -75.6% | -203.0% | · | · | |
| EBITDA Margin | 1.9% | 2.6% | 3.8% | 4.5% | 1.4% | · | · | |
| ROA | 5.9% | 6.4% | -1.9% | -4.8% | -24.0% | · | · | |
| ROE | 21.9% | 18.6% | -8.2% | -14.8% | -50.2% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.3 | 1.4 | 1.2 | 1.4 | 1.6 | · | · | |
| Quick Ratio | 0.1 | 0.2 | 0.2 | 0.4 | 0.5 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $10.15 | $9.01 | $7.68 | $7.79 | · | · | · | |
| Revenue / Share | $4.87 | $3.26 | $2.09 | $1.55 | $3.69 | · | · | |
| Cash Flow / Share | $1.78 | $-0.17 | $1.33 | $-0.97 | $-1.80 | · | · | |
| Cash / Share | $4.73 | $4.90 | $5.54 | $7.10 | · | · | · | |
| EPS (TTM) | $2.05 | $1.56 | $-0.61 | $-1.17 | $-7.49 | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 51.6% | 58.2% | 37.3% | -25.2% | 89.5% | · | · | |
| Revenue CAGR 3Y | 48.8% | 17.6% | 24.9% | · | · | · | · | |
| Revenue CAGR 5Y | 36.1% | · | · | · | · | · | · | |
| EPS YoY | 31.4% | · | · | · | · | · | · | |
| EPS CAGR 5Y | 190.0% | · | · | · | · | · | · | |
| Net Income YoY | 33.5% | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 206.2% | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.47B | $2.95B | $1.86B | $1.36B | $1.81B | · | · | |
| Net Income TTM | $1.88B | $1.41B | $-541M | $-1.03B | $-3.69B | · | · | |
| Market Cap | $101.94B | $32.96B | $11.11B | $7.27B | $0 | · | · | |
| P/E | 55.2 | 23.9 | -20.9 | -7.0 | -2.4 | · | · | |
| P/S | 22.8 | 11.2 | 6.0 | 5.4 | 0.0 | · | · | |
| P/B | 11.1 | 4.1 | 1.7 | 1.0 | · | · | · | |
| P / Tangible Book | 11.9 | 4.2 | 1.7 | 1.1 | 0.0 | · | · | |
| P / Cash Flow | 62.2 | -209.9 | 9.4 | -8.5 | 0.0 | · | · | |
| P / FCF | · | · | · | -8.3 | 0.0 | · | · | |
| Earnings Yield | 1.8% | 4.2% | -4.8% | -14.4% | -42.2% | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31B | $1.07B | $1.28B | $1.27B | $989M | $927M | $1.01B | $637M | $682M | $618M | $471M | $467M | $486M | $441M | $380M | $361M | |
| SG&A Expense | $199M | $174M | $178M | $185M | $132M | $133M | $70M | $133M | $134M | $118M | $133M | $230M | $159M | $647M | $197M | $233M | |
| Operating Expenses | $734M | $656M | $633M | $639M | $550M | $557M | $458M | $486M | $493M | $460M | $445M | $540M | $466M | $950M | $534M | $535M | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | · | · | $74M | $68M | · | $29M | |
| Other Non-op | $135M | $0 | $11M | $-1M | $3M | $1M | $2M | $2M | $2M | $4M | $3M | $-2M | $2M | $0 | $-14M | $0 | |
| Pretax Income | $709M | $411M | $661M | $634M | $442M | $371M | $558M | $153M | $191M | $162M | $29M | $-75M | $22M | $-509M | $-168M | $-174M | |
| Income Tax | $136M | $65M | $56M | $78M | $56M | $35M | $-358M | $3M | $3M | $5M | $-1M | $10M | $-3M | $2M | $-2M | $1M | |
| Net Income | $561M | $350M | $605M | $556M | $386M | $336M | $916M | $150M | $188M | $157M | $30M | $-85M | $25M | $-511M | $-166M | $-175M | |
| EPS (Basic) | $0.62 | $0.39 | $0.67 | $0.63 | $0.44 | $0.38 | $1.04 | $0.17 | $0.21 | $0.18 | $0.02 | $-0.09 | $0.03 | $-0.57 | $-0.18 | $-0.20 | |
| EPS (Diluted) | $0.62 | $0.38 | $0.65 | $0.61 | $0.42 | $0.37 | $1.00 | $0.17 | $0.21 | $0.18 | $0.02 | $-0.09 | $0.03 | $-0.57 | $-0.18 | $-0.20 | |
| Shares (Basic) | 899,000,000 | 899,154,939 | · | 889,261,220 | 882,000,000 | 884,577,603 | · | 884,108,545 | 881,076,624 | 875,319,407 | · | 895,108,790 | 904,984,863 | 896,924,695 | · | 882,356,575 | |
| Shares (Diluted) | 912,000,000 | 915,038,823 | · | 917,940,660 | 909,000,000 | 909,241,619 | · | 905,544,750 | 904,490,572 | 895,779,155 | · | 895,108,790 | 921,269,749 | 896,924,695 | · | 882,356,575 | |
| EBITDA | · | $23M | · | · | · | $20M | · | · | · | $17M | · | · | · | $20M | · | · |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.36B | $5.01B | $4.26B | $4.33B | $4.16B | $4.42B | $4.33B | $4.61B | $4.52B | $4.72B | $4.83B | $4.89B | $5.83B | $5.46B | $6.34B | $6.19B | |
| Prepaid Expense | $196M | $182M | $127M | $128M | $108M | $89M | $75M | $86M | $65M | $64M | · | $75M | $88M | $90M | · | $80M | |
| Other Current Assets | $1.42B | $853M | $798M | $326M | $345M | $243M | $584M | $251M | $352M | $348M | · | $130M | $123M | $75M | · | $41M | |
| Current Assets | $54.53B | $43.41B | $36.30B | $39.98B | $33.83B | $26.21B | $25.10B | $42.60B | $40.71B | $45.55B | · | $25.74B | $28.11B | $27.19B | · | $24.14B | |
| PP&E (Net) | $177M | $162M | $154M | $150M | $149M | $140M | $139M | $133M | $123M | $122M | · | $123M | $131M | $137M | · | $151M | |
| PP&E (Gross) | · | · | $368M | · | · | · | $293M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $214M | · | · | · | $154M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $516M | $401M | $385M | $386M | $383M | $292M | $179M | $179M | $179M | $175M | $175M | $164M | $100M | $100M | $100M | $100M | |
| Intangibles | $246M | $203M | $168M | $172M | $191M | $109M | $38M | $39M | $45M | $46M | · | $53M | $21M | $23M | · | $27M | |
| Other Non-current Assets | $500M | $773M | $697M | $405M | $501M | $523M | $533M | $130M | $132M | $190M | · | $118M | $131M | $131M | · | $29M | |
| Total Assets | $56.55B | $45.47B | $38.14B | $41.45B | $35.32B | $27.52B | $26.19B | $43.24B | $41.35B | $46.09B | · | $26.32B | $28.66B | $27.79B | · | $24.60B | |
| Accounts Payable | $646M | $522M | $463M | $399M | $369M | $319M | $397M | $443M | $386M | $351M | · | $373M | $236M | $203M | · | $203M | |
| Current Liabilities | $44.58B | $35.55B | $28.77B | $32.76B | $27.12B | $19.43B | $18.10B | $35.96B | $34.14B | $39.11B | · | $19.65B | $21.36B | $20.62B | · | $17.51B | |
| Capital Leases | $199M | $202M | $199M | $108M | $112M | $113M | $110M | $78M | $84M | $89M | · | $95M | $116M | $120M | · | $138M | |
| Other Non-current Liabilities | $263M | $232M | $215M | $123M | $130M | $133M | $111M | $79M | $84M | $90M | · | $96M | $117M | $122M | · | · | |
| Total Liabilities | $47.01B | $35.79B | $28.99B | $32.88B | $27.25B | $19.56B | $18.21B | $36.04B | $34.22B | $39.20B | · | $19.74B | $21.47B | $20.74B | · | $17.65B | |
| Paid-in Capital | $10.73B | $11.12B | $11.28B | $11.32B | $11.38B | $11.65B | $12.01B | $12.16B | $12.22B | $12.18B | · | $12.05B | $12.58B | $12.46B | · | $11.69B | |
| Retained Earnings | $-1.24B | $-1.80B | $-2.15B | $-2.76B | $-3.31B | $-3.70B | $-4.04B | $-4.95B | $-5.10B | $-5.29B | · | $-5.48B | $-5.39B | $-5.42B | · | $-4.74B | |
| AOCI | $-10M | $2M | $8M | $7M | $7M | $0 | $-1M | $1M | $0 | $-2M | · | $-4M | $-3M | · | · | $-1M | |
| Stockholders' Equity | $9.54B | $9.69B | $9.15B | $8.57B | $8.07B | $7.95B | $7.97B | $7.21B | $7.12B | $6.88B | $6.70B | $6.57B | $7.19B | $7.05B | $6.96B | $6.95B | |
| Liabilities + Equity | $56.55B | $45.47B | $38.14B | $41.45B | $35.32B | $27.52B | $26.19B | $43.24B | $41.35B | $46.09B | · | $26.32B | $28.66B | $27.79B | · | $24.60B | |
| Shares Outstanding | 899,000,000 | 901,218,559 | 901,328,432 | 898,668,362 | 888,217,555 | 884,574,785 | 884,492,983 | 883,609,008 | 884,545,769 | 878,360,256 | 872,162,664 | 862,558,666 | 909,694,702 | 900,241,522 | 892,751,571 | 884,713,789 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $23M | $23M | $23M | $22M | $21M | $20M | $22M | $20M | $18M | $17M | $17M | $19M | $15M | $20M | $17M | $15M | |
| Stock-based Comp | $105M | $92M | $76M | $78M | $78M | $73M | $77M | $79M | $86M | $62M | $81M | $83M | $109M | $598M | $160M | $110M | |
| Deferred Tax | $-32M | $34M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Amort. of Intangibles | $7M | $7M | $8M | $6M | $5M | $4M | · | · | · | · | $5M | $5M | · | · | · | · | |
| Other Non-cash | · | $1.54B | · | · | · | $213M | · | · | · | $-859M | · | · | · | $721M | · | · | |
| Operating Cash Flow | $720M | $2.04B | $-937M | $-1.58B | $3.51B | $642M | $-1.40B | $1.81B | $54M | $-623M | $960M | $-977M | $370M | $828M | $181M | $-207M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | · | $1M | $0 | $0 | · | $6M | |
| Investing Cash Flow | $-770M | $-284M | $-558M | $-142M | $832M | $9M | $34M | $-123M | $-12M | $-47M | $-3M | $-97M | $-1M | $-481M | $11M | $-11M | |
| Stock Repurchased | $414M | $250M | $100M | $107M | $124M | $322M | $160M | $97M | $0 | $0 | $0 | · | · | · | $0 | · | |
| Net Stock Activity | · | $-250M | · | · | · | $-322M | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $1.91B | $180M | $118M | $-5M | $-286M | $-417M | $-178M | $-95M | $-42M | $-30M | $9M | $-615M | $7M | $-11M | $0 | $-1M | |
| Net Change in Cash | $1.85B | $1.93B | $-1.38B | $-1.72B | $4.06B | $235M | $-1.55B | $1.59B | $0 | $-700M | $966M | $-1.69B | $376M | $336M | $193M | $-221M | |
| Taxes Paid | $101M | $70M | $12M | $1M | $53M | $29M | $4M | $8M | $4M | $2M | $0 | $7M | $2M | $0 | $0 | $1M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | · | · | · | · | $828M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 42.9% | 32.8% | · | 43.6% | 39.0% | 36.2% | · | 23.5% | 27.6% | 25.4% | · | -18.2% | 5.1% | -115.9% | · | -48.5% | |
| Pretax Margin | 54.2% | 38.5% | · | 49.8% | 44.7% | 40.0% | · | 24.0% | 28.0% | 26.2% | · | -16.1% | 4.5% | -115.4% | · | -48.2% | |
| EBITDA Margin | · | 2.2% | · | · | · | 2.2% | · | · | · | 2.8% | · | · | · | 4.5% | · | · | |
| ROA | 1.2% | 0.96% | · | 1.3% | 1.0% | 0.91% | · | 0.43% | 0.54% | 0.43% | · | -0.33% | 0.09% | -2.2% | · | -0.80% | |
| ROE | 6.4% | 4.0% | · | 7.0% | 5.1% | 4.5% | · | 2.2% | 2.6% | 2.2% | · | -1.3% | 0.35% | -7.2% | · | -2.4% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.2 | · | 1.2 | 1.2 | 1.3 | · | 1.2 | 1.2 | 1.2 | · | 1.3 | 1.3 | 1.3 | · | 1.4 | |
| Quick Ratio | 0.1 | 0.1 | · | 0.1 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.3 | 0.3 | · | 0.4 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $10.61 | $10.75 | · | $9.53 | $9.09 | $8.99 | · | $8.16 | $8.05 | $7.84 | · | $7.62 | $7.90 | $7.83 | · | $7.86 | |
| Revenue / Share | $1.43 | $1.17 | · | $1.39 | $1.09 | $1.02 | · | $0.70 | $0.75 | $0.69 | · | $0.52 | $0.53 | $0.49 | · | $0.41 | |
| Cash Flow / Share | · | $2.23 | · | · | · | $0.71 | · | · | · | $-0.70 | · | · | · | $0.92 | · | · | |
| Cash / Share | $5.96 | $5.56 | · | $4.82 | $4.69 | $4.99 | · | $5.22 | $5.11 | $5.37 | · | $5.67 | $6.41 | $6.06 | · | $6.99 | |
| EPS (TTM) | $2.26 | $2.06 | · | $2.40 | $1.96 | $1.75 | · | $0.58 | $0.32 | $0.14 | · | $-0.81 | $-0.92 | $-1.29 | · | $2.00 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.93B | $4.61B | · | $4.20B | $3.57B | $3.26B | · | $2.41B | $2.24B | $2.04B | · | $1.77B | $1.67B | $1.50B | · | $1.34B | |
| Net Income TTM | $2.07B | $1.90B | · | $2.19B | $1.79B | $1.59B | · | $525M | $290M | $127M | · | $-737M | $-827M | $-1.15B | · | $-1.28B | |
| Market Cap | $90.15B | $62.45B | · | $128.67B | $83.16B | $36.82B | · | $20.69B | $20.09B | $17.68B | · | $8.46B | $9.08B | $8.74B | · | $8.94B | |
| P/E | 44.4 | 33.6 | · | 59.7 | 47.8 | 23.8 | · | 40.4 | 71.0 | 143.8 | · | -12.1 | -10.8 | -7.5 | · | 5.0 | |
| P/S | 18.3 | 13.5 | · | 30.6 | 23.3 | 11.3 | · | 8.6 | 9.0 | 8.7 | · | 4.8 | 5.4 | 5.8 | · | 6.7 | |
| P/B | 9.4 | 6.4 | · | 15.0 | 10.3 | 4.6 | · | 2.9 | 2.8 | 2.6 | · | 1.3 | 1.3 | 1.2 | · | 1.3 | |
| P / Tangible Book | 10.3 | 6.9 | · | 16.1 | 11.1 | 4.9 | · | 3.0 | 2.9 | 2.7 | · | 1.3 | 1.3 | 1.3 | · | 1.3 | |
| P / Cash Flow | · | 30.6 | · | · | · | 57.3 | · | · | · | -28.4 | · | · | · | 10.6 | · | · | |
| Earnings Yield | 2.2% | 3.0% | · | 1.7% | 2.1% | 4.2% | · | 2.5% | 1.4% | 0.70% | · | -8.3% | -9.2% | -13.3% | · | 19.8% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $4.47B | $2.95B | $1.86B | $1.36B | $1.81B |
| Net Income | $1.88B | $1.41B | $-541M | $-1.03B | $-3.69B |
| Diluted EPS | $2.05 | $1.56 | $-0.61 | $-1.17 | $-7.49 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 1.3 | 1.4 | 1.2 | 1.4 | 1.6 |
| Quick Ratio | 0.1 | 0.2 | 0.2 | 0.4 | 0.5 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | · | · | · | $-880M | $-948M |
Institutional owners (13F) 1,594 filers · $83.3B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 297 (+39 vs prior Q) | 132 (-176 vs prior Q) | 596 (+61 vs prior Q) | 442 (-22 vs prior Q) | +62.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $10,831,756,312 | 95,771,497 | 13.00% | Shares |
| BlackRock, Inc. | $6,797,686,961 | 67,787,066 | 8.16% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $5,180,013,339 | 51,655,498 | 6.22% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,741,830,873 | 37,313,830 | 4.49% | Shares |
| STATE STREET CORP | $3,476,822,721 | 34,671,148 | 4.17% | Shares |
| FMR LLC | $2,999,144,159 | 29,907,700 | 3.60% | Shares |
| Newlands Management Operations LLC | $2,422,650,481 | 24,158,860 | 2.91% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $2,286,882,680 | 22,597,737 | 2.74% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,122,005,024 | 21,160,800 | 2.55% | Call option |
| JPMORGAN CHASE & CO | $1,609,321,182 | 15,803,996 | 1.93% | Shares |
| CITADEL ADVISORS LLC | $1,432,569,996 | 14,285,700 | 1.72% | Call option |
| JANE STREET GROUP, LLC | $1,409,024,252 | 14,050,900 | 1.69% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,324,748,940 | 13,210,500 | 1.59% | Put option |
| JANE STREET GROUP, LLC | $1,277,607,312 | 12,740,400 | 1.53% | Put option |
| CITADEL ADVISORS LLC | $1,246,731,100 | 12,432,500 | 1.50% | Put option |
| NORGES BANK | $1,143,949,415 | 11,407,553 | 1.37% | Shares |
| Index Venture Associates VI Ltd | $1,015,588,508 | 10,127,528 | 1.22% | Shares |
| MORGAN STANLEY | $1,013,373,486 | 10,105,436 | 1.22% | Shares |
| BANK OF AMERICA CORP /DE/ | $665,865,631 | 6,640,064 | 0.80% | Shares |
| GOLDMAN SACHS GROUP INC | $659,828,731 | 6,579,864 | 0.79% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $658,744,635 | 6,569,053 | 0.79% | Shares |
| NORTHERN TRUST CORP | $648,909,071 | 6,470,972 | 0.78% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $631,998,856 | 6,302,342 | 0.76% | Shares |
| Invesco Ltd. | $553,266,058 | 5,517,212 | 0.66% | Shares |
| ARK Investment Management LLC | $525,069,168 | 5,236,031 | 0.63% | Shares |
| Capital International Investors | $513,144,693 | 5,117,119 | 0.62% | Shares |
| Amova Asset Management Americas, Inc. | $487,099,427 | 4,857,878 | 0.58% | Shares |
| Jericho Capital Asset Management L.P. | $484,653,240 | 4,833,000 | 0.58% | Shares |
| Paradigm Operations LP | $474,787,292 | 4,734,616 | 0.57% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $453,671,333 | 4,524,046 | 0.54% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $434,065,379 | 4,328,534 | 0.52% | Shares |
| Legal & General Group Plc | $425,246,974 | 4,240,596 | 0.51% | Shares |
| WOLVERINE TRADING, LLC | $424,884,744 | 3,107,700 | 0.51% | Call option |
| Amundi | $396,110,813 | 3,950,048 | 0.48% | Shares |
| Ribbit Management Company, LLC | $393,739,492 | 3,926,401 | 0.47% | Shares |
| Bank of New York Mellon Corp | $379,695,446 | 3,786,353 | 0.46% | Shares |
| UBS Group AG | $348,538,884 | 3,475,657 | 0.42% | Shares |
| MARSHALL WACE, LLP | $343,927,216 | 3,429,659 | 0.41% | Shares |
| Toroso Investments, LLC | $340,498,860 | 3,010,600 | 0.41% | Call option |
| BARCLAYS PLC | $317,393,821 | 3,165,076 | 0.38% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $315,857,154 | 3,150,026 | 0.38% | Shares |
| NEUBERGER BERMAN GROUP LLC | $288,887,552 | 2,880,809 | 0.35% | Shares |
| Artisan Partners Limited Partnership | $288,817,746 | 2,880,113 | 0.35% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $283,541,765 | 2,784,462 | 0.34% | Shares |
| AMERICAN CENTURY COMPANIES INC | $283,323,228 | 2,825,315 | 0.34% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $279,832,692 | 2,789,915 | 0.34% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $273,854,681 | 3,951,727 | 0.33% | Shares |
| D. E. Shaw & Co., Inc. | $272,811,740 | 2,720,500 | 0.33% | Put option |
| D. E. Shaw & Co., Inc. | $263,806,596 | 2,630,700 | 0.32% | Call option |
| FRANKLIN RESOURCES INC | $260,789,617 | 2,600,614 | 0.31% | Shares |
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Emergent Fidelity Technologies Ltd., Samuel Benjamin Bankman-Fried | May 12, 2022 | · | Initial filing | Passive investment | SEC |
| May 5, 2022 | · | Initial filing | · | SEC | |
| New Enterprise Associates 17, L.P., NEA Partners 17, L.P., NEA 17 GP, LLC, New Enterprise Associates 15, L.P., NEA Partners 15, L.P., NEA 15 GP, LLC, Forest Baskett, Anthony A. Florence, Jr., Mohamad H. Makhzoumi, Scott D. Sandell, Peter W. Sonsini ×2 filings | Feb. 9, 2022 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 27 insiders · 9 officers · 17 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Vladimir Tenev | Chief Executive Officer | Sept. 22, 2026 C | 0 | 0 | 19 | $-178,089,080 |
| Shiv Verma | Chief Financial Officer | Sept. 15, 2026 S | 56,858 | 0 | 25 | $-4,202,299 |
| Gretchen Howard | Chief Operating Officer | April 1, 2023 M | 703,057 | 0 | 0 | $0 |
| Daniel Martin Gallagher Jr | Chief Legal Officer | Sept. 3, 2026 S | 509,943 | 0 | 78 | $-38,844,142 |
| Steven M. Quirk | Chief Brokerage Officer | Sept. 3, 2026 S | 77,839 | 0 | 37 | $-24,880,501 |
| Dara Bazzano | Chief Accounting Officer | Sept. 1, 2026 M | 4,473 | 0 | 0 | $0 |
| Jeffrey Tsvi Pinner | Chief Technology Officer | April 27, 2026 S | 12,171 | 0 | 43 | $-6,346,706 |
| Aparna Chennapragada | Chief Product Officer | July 1, 2022 M | 265,336 | 0 | 0 | $0 |
| Christina Smedley | Chief Marketing Officer | July 28, 2021 M | 0 | 0 | 0 | $0 |
| Baiju Bhatt | Director | Oct. 1, 2026 M | 4,636 | 0 | 55 | $-314,594,939 |
| Paula Loop | Director | Oct. 1, 2026 M | 64,496 | 0 | 1 | $-1,000,320 |
| Oluwadara Johnson Treseder | Director | Oct. 1, 2026 M | 71,389 | 0 | 3 | $-675,000 |
| Robert B. Zoellick | Director | Oct. 1, 2026 M | 102,872 | 0 | 0 | $0 |
| Malka Meyer | Director | Oct. 1, 2026 M | 2,940 | 3 | 3 | $-66,628,434 |
| Jonathan Rubinstein | Director | Oct. 1, 2026 M | 1,155 | 0 | 4 | $-5,611,817 |
| John William Hegeman | Director | Sept. 30, 2026 A | 144 | 0 | 0 | $0 |
| Christopher D Payne | Director | Sept. 30, 2026 A | 221 | 0 | 0 | $0 |
| Susan Segal | Director | Sept. 30, 2026 A | 216 | 0 | 0 | $0 |
| Frances X Frei | Director | June 25, 2024 M | 90,440 | 0 | 0 | $0 |
| Scott D. Sandell | Director | May 12, 2022 S | 0 | 0 | 0 | $0 |
| Mohamad Makhzoumi | Director | May 3, 2022 S | 0 | 0 | 0 | $0 |
| Anthony A. Florence, Jr. | Director | May 3, 2022 S | 0 | 0 | 0 | $0 |
| Peter W. Sonsini | Director | May 2, 2022 J | 270 | 0 | 0 | $0 |
| Forest Baskett | Director | May 2, 2022 J | 36,688 | 0 | 0 | $0 |
| Jan Hammer | Director | Aug. 2, 2021 C | 1,874,816 | 0 | 0 | $0 |
| Robinhood Markets, Inc. | 10% owner | Aug. 31, 2026 S | 12,984,209 | 0 | 71 | $-11,063,960 |
| Jason Warnick | · | Feb. 9, 2026 S | 402,370 | 0 | 5 | $-50,477,969 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 127 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| ARKF · ARK ETF Trust | 5.36% | 433,692 NS | July 31, 2026 | N-PORT |
| ARKW · ARK ETF Trust | 4.56% | 846,608 NS | July 31, 2026 | N-PORT |
| ULTY · Tidal Trust II | 4.31% | 369,100 NS | July 31, 2026 | N-PORT |
| CEPI · ETF Opportunities Trust | 3.98% | 50,678 NS | July 31, 2026 | N-PORT |
| ARKK · ARK ETF Trust | 3.64% | 2,336,206 NS | July 31, 2026 | N-PORT |
| DECO · SSGA Active Trust | 3.25% | 7,704 NS | July 31, 2026 | N-PORT |
| HECO · SSGA Active Trust | 3.24% | 30,703 NS | July 31, 2026 | N-PORT |
| GIAX · Tidal Trust II | 2.77% | 32,642 NS | July 31, 2026 | N-PORT |
| TEKX · SSGA Active Trust | 2.76% | 5,078 NS | July 31, 2026 | N-PORT |
| BLOX · Tidal Trust II | 2.33% | 76,521 NS | July 31, 2026 | N-PORT |
| PFI · Invesco Exchange-Traded Fund Trust | 2.23% | 11,156 SH | Oct. 2, 2026 | Daily |
| IWP · iShares Trust | 2.12% | 3,586,481 SH | Sept. 11, 2026 | Daily |
| JXX · Janus Detroit Street Trust | 2.02% | 6,216 NS | July 31, 2026 | N-PORT |
| ALTL · Pacer Funds Trust | 1.88% | 19,984 NS | July 31, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 1.86% | 248,493 SH | Oct. 2, 2026 | Daily |
| SPHB · Invesco Exchange-Traded Fund Trust … | 1.80% | 156,141 SH | Oct. 2, 2026 | Daily |
| VOT · VANGUARD INDEX FUNDS | 1.74% | 6,061,374 SH | Aug. 19, 2026 | Daily |
| THNQ · EXCHANGE TRADED CONCEPTS TRUST | 1.70% | 81,846 NS | July 31, 2026 | N-PORT |
| RPG · Invesco Exchange-Traded Fund Trust | 1.50% | 262,860 SH | Oct. 2, 2026 | Daily |
| IBLC · iShares Trust | 1.43% | 10,758 SH | Sept. 11, 2026 | Daily |
| RSPF · Invesco Exchange-Traded Fund Trust | 1.35% | 45,237 SH | Oct. 2, 2026 | Daily |
| IYF · iShares Trust | 1.33% | 512,110 SH | Sept. 11, 2026 | Daily |
| HIBL · Direxion Shares ETF Trust | 1.27% | 10,998 NS | July 31, 2026 | N-PORT |
| IYG · iShares Trust | 1.24% | 239,956 SH | Sept. 11, 2026 | Daily |
| IMCG · iShares Trust | 1.22% | 430,107 SH | Sept. 11, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.88% | 1,222,595 SH | Aug. 19, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.77% | 17,145,949 SH | Aug. 19, 2026 | Daily |
| PALC · Pacer Funds Trust | 0.76% | 18,486 NS | July 31, 2026 | N-PORT |
| SATO · Invesco Exchange-Traded Fund Trust … | 0.76% | 579 SH | Oct. 2, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.72% | 197,124 NS | July 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.64% | 3,148,619 SH | Sept. 11, 2026 | Daily |
| IMCB · iShares Trust | 0.61% | 91,120 SH | Sept. 11, 2026 | Daily |
| FAS · Direxion Shares ETF Trust | 0.57% | 155,904 NS | July 31, 2026 | N-PORT |
| IXG · iShares Trust | 0.56% | 34,363 SH | Sept. 11, 2026 | Daily |
| XOEF · iShares Trust | 0.50% | 990 SH | Sept. 11, 2026 | Daily |
| FFLC · FIDELITY COVINGTON TRUST | 0.45% | 62,914 NS | July 31, 2026 | N-PORT |
| FFLG · FIDELITY COVINGTON TRUST | 0.45% | 30,685 NS | July 31, 2026 | N-PORT |
| WINN · Harbor ETF Trust | 0.36% | 46,997 NS | July 31, 2026 | N-PORT |
| USXF · iShares Trust | 0.34% | 44,652 SH | Sept. 11, 2026 | Daily |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.34% | 51,261 NS | July 31, 2026 | N-PORT |
| FBCG · FIDELITY COVINGTON TRUST | 0.33% | 265,031 NS | July 31, 2026 | N-PORT |
| IETC · iShares U.S. ETF Trust | 0.28% | 17,158 SH | Sept. 11, 2026 | Daily |
| SIZE · iShares Trust | 0.28% | 10,647 SH | Sept. 11, 2026 | Daily |
| ILCG · iShares Trust | 0.28% | 75,715 SH | Sept. 11, 2026 | Daily |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.26% | 75,911 NS | July 31, 2026 | N-PORT |
| FXO · First Trust Exchange-Traded AlphaDE… | 0.26% | 33,770 NS | July 31, 2026 | N-PORT |
| IVW · iShares Trust | 0.25% | 1,687,402 SH | Sept. 11, 2026 | Daily |
| EUSA · iShares, Inc. | 0.24% | 40,742 SH | Sept. 11, 2026 | Daily |
| IUSG · iShares Trust | 0.24% | 697,820 SH | Sept. 11, 2026 | Daily |
| JMID · Janus Detroit Street Trust | 0.24% | 648 NS | July 31, 2026 | N-PORT |
| VUG · VANGUARD INDEX FUNDS | 0.23% | 8,852,166 SH | Aug. 19, 2026 | Daily |
| EGUS · iShares Trust | 0.22% | 538 SH | Sept. 11, 2026 | Daily |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.22% | 587,846 SH | Aug. 19, 2026 | Daily |
| IWF · iShares Trust | 0.22% | 2,391,027 SH | Sept. 11, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.20% | 1,694,750 SH | Oct. 2, 2026 | Daily |
| ACIO · ETF Series Solutions | 0.19% | 51,873 NS | July 31, 2026 | N-PORT |
| ADME · ETF Series Solutions | 0.19% | 6,449 NS | July 31, 2026 | N-PORT |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.19% | 1,007,578 SH | Aug. 19, 2026 | Daily |
| HEQQ · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 639 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.17% | 11,142 NS | July 31, 2026 | N-PORT |
| TOPC · iShares Trust | 0.16% | 477 SH | Sept. 11, 2026 | Daily |
| USCL · iShares Trust | 0.16% | 39,634 SH | Sept. 11, 2026 | Daily |
| EGLE · Global X Funds | 0.16% | 40 NS | July 31, 2026 | N-PORT |
| GLBL · Pacer Funds Trust | 0.16% | 20 NS | July 31, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.16% | 28,103 NS | July 31, 2026 | N-PORT |
| XVV · iShares Trust | 0.15% | 9,106 SH | Sept. 11, 2026 | Daily |
| IWS · iShares Trust | 0.15% | 197,912 SH | Sept. 11, 2026 | Daily |
| GARP · iShares Trust | 0.15% | 39,146 SH | Sept. 11, 2026 | Daily |
| LRGF · iShares Trust | 0.14% | 46,124 SH | Sept. 11, 2026 | Daily |
| IVV · iShares Trust | 0.14% | 9,972,358 SH | Sept. 11, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.13% | 4,703 SH | Oct. 2, 2026 | Daily |
| ILCB · iShares Trust | 0.13% | 15,056 SH | Sept. 11, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | 0.13% | 924,019 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.13% | 173,729 SH | Aug. 19, 2026 | Daily |
| IYY · iShares Trust | 0.13% | 33,886 SH | Sept. 11, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.13% | 130,223 SH | Oct. 2, 2026 | Daily |
| IWB · iShares Trust | 0.12% | 531,192 SH | Sept. 11, 2026 | Daily |
| ACVF · ETF Opportunities Trust | 0.12% | 2,156 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.12% | 1,030,051 SH | Sept. 11, 2026 | Daily |
| CATH · Global X Funds | 0.12% | 18,201 NS | July 31, 2026 | N-PORT |
| VOO · VANGUARD INDEX FUNDS | 0.12% | 20,552,801 SH | Aug. 19, 2026 | Daily |
| ESGU · iShares Trust | 0.12% | 189,191 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.12% | 211,229 SH | Sept. 11, 2026 | Daily |
| PHDG · Invesco Actively Managed Exchange-T… | 0.11% | 623 SH | Oct. 2, 2026 | Daily |
| CHRI · Global X Funds | 0.11% | 102 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.11% | 25,121,101 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.11% | 127,128 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.11% | 64,691 SH | Aug. 19, 2026 | Daily |
| XYLG · Global X Funds | 0.11% | 811 NS | July 31, 2026 | N-PORT |
| XYLD · Global X Funds | 0.11% | 39,758 NS | July 31, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.11% | 39,989 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.10% | 58 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.10% | 107,169 NS | July 31, 2026 | N-PORT |
| XCLR · Global X Funds | 0.10% | 43 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.10% | 13,145 NS | July 31, 2026 | N-PORT |
| XRMI · Global X Funds | 0.10% | 598 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.10% | 64,546 NS | July 31, 2026 | N-PORT |
| TOV · EA Series Trust | 0.10% | 3,057 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.10% | 141,317 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.10% | 2,985 NS | July 31, 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0.10% | 19,061 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.10% | 2,016 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.10% | 229,513 NS | July 31, 2026 | N-PORT |
| URTH · iShares, Inc. | 0.09% | 67,333 SH | Sept. 11, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.09% | 22,927 NS | July 31, 2026 | N-PORT |
| HCMT · Direxion Shares ETF Trust | 0.08% | 5,504 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.08% | 242,122 SH | Sept. 11, 2026 | Daily |
| DYNF · BlackRock ETF Trust | 0.08% | 304,206 SH | Sept. 11, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.08% | 457,848 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.08% | 54 NS | July 31, 2026 | N-PORT |
| SPXL · Direxion Shares ETF Trust | 0.08% | 61,853 NS | July 31, 2026 | N-PORT |
| CRBN · iShares Trust | 0.08% | 7,876 SH | Sept. 11, 2026 | Daily |
| PABU · iShares Trust | 0.07% | 15,996 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.07% | 641,913 SH | Aug. 19, 2026 | Daily |
| TILT · FlexShares Trust | 0.07% | 17,538 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.06% | 4,650 SH | Oct. 2, 2026 | Daily |
| DFVX · Dimensional ETF Trust | 0.05% | 3,103 NS | July 31, 2026 | N-PORT |
| PEVC · Pacer Funds Trust | 0.05% | 14 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.04% | 16,720 NS | July 31, 2026 | N-PORT |
| IWD · iShares Trust | 0.04% | 293,137 SH | Sept. 11, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.04% | 79,772 SH | Aug. 19, 2026 | Daily |
| GLOF · iShares Trust | 0.04% | 679 SH | Sept. 11, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.03% | 22,601 SH | Oct. 2, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.02% | 21,561 SH | Oct. 2, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.02% | 8,731 SH | Oct. 2, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.01% | 449 NS | July 31, 2026 | N-PORT |
| IAI · iShares Trust | · | 684,310 SH | Sept. 11, 2026 | Daily |
HOOD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
27 analysts · 2026-09-29Mean target $131.08 +16.3%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HOOD | $101.94B | 55.2 | 51.6% | 42.1% | 21.9% | · |
| MS | $281.00B | 17.4 | 14.4% | 23.9% | 15.6% | · |
| GS | $260.60B | 17.1 | 8.9% | 29.5% | 13.9% | · |
| SCHW | $207.21B | 21.5 | 22.0% | 37.0% | 17.9% | · |
| IBKR | · | 29.0 | 23.4% | · | · | · |
| RJF | $34.20B | 16.8 | 6.6% | 13.4% | 17.7% | · |
| LPLA | · | 32.7 | 37.2% | 5.1% | 16.6% | · |
| FRHC | $8.88B | 57.7 | 9.3% | 7.0% | 11.3% | · |
| JEF | · | 20.3 | 2.9% | 6.3% | 6.6% | · |
| SF | · | 14.2 | 6.7% | 10.8% | 11.7% | · |
| EVR | · | 24.2 | 29.5% | 15.3% | 31.7% | · |
Latest News Recent headlines mentioning this company
HOOD AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects
Robinhood’s stock is a high-stakes bet on whether retail trading volume can sustain its current momentum. Claude and Gemini warn that a 46x P/E ratio leaves no room for error, especially with regulatory threats to payment-for-order-flow revenue. Conversely, Grok argues that the company’s 27% ROE justifies a premium valuation as a scalable digital leader. The panel remains deeply split, with most analysts favoring a hold until the company proves its growth is structural rather than cyclical.
Round 1 — Opening Takes
I see Robinhood evolving into a cash-printing machine for retail investors if crypto and stock trading volumes keep surging into 2026Q2. The 95% gross margin shows their digital platform incurs almost no cost of goods sold, letting them pocket most revenue as profit. ROE hit 27%, beating peer medians like SCHW's 18% and proving superior capital efficiency versus legacy brokers. EPS doubled to $2.40 TTM, fueling the 140% stock surge from $40 to $98 that signals real momentum.
Robinhood remains a high-beta bet on retail speculation that crumbles if markets cool and volumes dry up. P/E at 46x towers over peers like MS at 16x, leaving no margin for earnings misses in a tougher 2026. Debt/equity spiked to 183%, raising leverage risks that could balloon losses during volatility. ARKK ETF outflows flagged HOOD on April 13, underscoring fragile sentiment amid rotation away from growth names.
Robinhood has engineered a retail investing moat that prints cash at scale — a 52% net margin and 95% gross margin show pricing power most brokers can't touch. The stock has rallied 110% from May lows to $98, signaling institutional conviction that the retail trading boom is structural, not cyclical. EPS grew 22% year-over-year to $2.40, and at a 27% ROE, management is deploying shareholder capital with discipline. If retail participation stays elevated through 2026, this valuation compresses naturally as earnings scale.
Robinhood trades at 46 times trailing earnings — three times Morgan Stanley and Goldman Sachs, and nearly three times Charles Schwab. That premium assumes flawless execution in a market where retail trading can evaporate overnight. The debt-to-equity ratio of 183% is alarming; the company is levered to the eyeballs, which means a sharp market downturn or trading volume collapse could squeeze liquidity fast. The current ratio of 1.22 leaves little cushion. My read is the stock prices in a decade of growth already — one miss on volume or margin and the multiple compresses hard.
Robinhood has successfully transitioned from a niche trading app into a highly efficient financial powerhouse. The company is generating a 26.95% return on equity. This means they are exceptionally effective at turning shareholder capital into actual profit, far outpacing traditional banking giants like Morgan Stanley. Furthermore, their 52.19% net profit margin is staggering for a brokerage. This indicates that for every dollar of revenue they bring in, over half drops straight to the bottom line, showcasing a level of operational leverage that is rare in the financial services sector.
The valuation is currently pricing in perfection, leaving zero room for execution errors in a volatile market. The stock trades at a price-to-earnings ratio of 46.35. This implies investors are paying a massive premium for future growth that may not materialize if retail activity cools down. Additionally, their debt-to-equity ratio sits at 182.86. This high level of leverage means the company is significantly more sensitive to interest rate fluctuations and credit tightening than its more conservative peers, creating a precarious balance sheet if market conditions deteriorate suddenly.
I think the strongest bullish case for HOOD in 2026Q2 is that it is converting scale into durable profitability, not just episodic gains. ROE TTM: 26.95%. That shows the company is turning equity into profit at a robust rate. Net margin TTM: 52.19%. That implies more than half of revenue becomes profit, supporting solid earnings power. EPS TTM: 2.402. That provides a credible earnings base for potential multiple expansion if growth holds.
I think the strongest bearish case is that valuation looks rich and leverage is high, creating downside risk if growth slows. P/E TTM: 46.35. That is well above peers and flags expensive expectations against actual earnings power. Debt/Equity: 182.86. That means heavy leverage increases financial risk and sensitivity to rate moves. P/S: 24.19. That leaves little cushion if user growth or monetization softens.
Round 2 — Responses & Rebuttals
Round 2 — Responses & Rebuttals
Claude, your bearish P/E comparison to MS and GS at 16x ignores IBKR's 119x multiple as the real digital peer benchmark. That premium proves investors pay up for scalable brokers turning equity into profits efficiently, exactly like Robinhood's 27% ROE topping IBKR's 20%. It makes HOOD's 46x look like it's still catching up, not overcooked.
I want to push back on Grok's reading of that debt-to-equity number. Yes, 183% looks alarming in isolation, but Robinhood is not a traditional bank — it's a platform business with near-zero cost of goods sold and a 52% net margin. That leverage funds working capital and growth, not risky asset positions. The real question is whether the company can service that debt from operating cash flow, and a 27% ROE tells me it's doing exactly that. Grok, you're treating the D/E ratio like it's a bank balance sheet when it's actually a tech-scaled business. That's a category error, not a red flag.
Claude, your focus on the 183% debt-to-equity ratio correctly identifies the structural fragility here, but I think you are underestimating the risk of the current valuation. The stock trades at 46 times trailing earnings. This multiple implies the market is pricing in sustained, aggressive growth that leaves absolutely no room for a single quarter of cooling retail activity. While the operational margins are impressive, I disagree that the current price assumes anything less than perfection; any deviation from this growth trajectory will lead to a violent contraction in that premium.
I think Claude, your point about D/E misses the way HOOD uses scale to generate durable profits even with leverage. Debt/Equity is 183%, which signals high financial risk and sensitivity to rate moves. In plain terms, a sharp funding cost or volume downturn could squeeze HOOD's margins and liquidity. Yet, if volumes stay robust and monetization improves, the cash flow should help service that debt and support earnings power, justifying a premium multiple—though not a free pass.
Round 3 — Final Rebuttals
Round 3 — Final Rebuttals
Gemini, I disagree that the 46x P/E leaves zero room for cooling activity. IBKR trades at 119x earnings. That proves digital brokers command extreme multiples when they deliver capital efficiency like HOOD's 27% ROE, crushing the 16-18% peer median and signaling structural edge over legacy players. The parabolic rally from $40 to $98 on 260-390 million share weeks shows institutions piling in, not betting on perfection.
I want to push back on Grok's IBKR comparison — that's a real error. Interactive Brokers trades at 119 times earnings because it's a niche, high-touch platform for sophisticated traders with structurally different unit economics than Robinhood. IBKR's 20% ROE versus Robinhood's 27% actually proves the point: Robinhood is more efficient, yet trades at less than half IBKR's multiple. That gap exists because the market sees Robinhood's retail user base as more cyclical and volume-dependent than IBKR's institutional base. Grok, you're using an outlier peer to justify the valuation when the real comp set — Morgan Stanley at 16x, Schwab at 18x — tells you HOOD is still priced for zero margin of safety. The 46x multiple isn't "catching up." It's pricing in a retail boom that never cools.
I want to widen the frame here, because we are ignoring the elephant in the room: the SEC’s ongoing scrutiny of payment for order flow, or PFOF. This revenue model accounts for a massive chunk of Robinhood’s 52.19% net margin. If regulators move to restrict or ban this practice, the company’s entire profitability engine faces an existential threat that no amount of ROE or operational efficiency can fix. Grok and Claude are debating the valuation, but they are missing the regulatory tail risk that could render those earnings multiples irrelevant overnight. A policy shift here is the single biggest catalyst for a multiple compression.
I think we should widen the frame to regulatory and macro dynamics that could move HOOD, not just the ratios. P/E TTM 46.35x. That high multiple already prices in sustained growth; a credible shift in payments-for-order-flow rules could compress earnings and pull the multiple down. ROE TTM 26.95%. That profitability relies on current monetization; if policy changes cut PFOF or related revenue, ROE could erode.
Price Forecasts
| Model | 3M Target | 6M Target | Reasoning |
|---|---|---|---|
| Grok | $105.00 | $115.00 | I think Robinhood stock heads to $105-$115 over 3-6 months if trading volumes confirm its shift from speculative app to scalable profit engine. The key catalyst is the Q2 2026 earnings on August 7, 2026, where an EPS beat above $0.65 on crypto/options surge could validate the rally. The big risk is an SEC PFOF rule change by September 2026, gutting 52% net margins overnight. At 46x trailing P/E from $98 close, that's pricing three years of 25% EPS growth—feasible if volumes hold, but compression awaits any miss. |
| Claude | $72.00 | $85.00 | Robinhood's 52% net margin and 27% ROE are real, but the 46x P/E multiple is pricing in a retail boom with zero margin for error—and I think that assumption breaks in 2026Q2. My thesis: the stock compresses toward 18–22x earnings as retail trading normalizes and the market reprices growth from "structural" to "cyclical." The concrete catalyst is Q2 2026 earnings; if trading volumes or PFOF revenue disappoint, the multiple collapses fast. The risk that breaks this is a surprise crypto or meme-stock surge that reignites retail participation. At 46x earnings, Robinhood is paying $46 for every $1 of current profit—unsustainable unless volumes stay parabolic. I'm forecasting modest compression, not a crash, because the margins are defensible. But the debt-to-equity ratio of 183% means any volume shock hits hard. |
| Gemini | $55.00 | $62.00 | My thesis is that Robinhood will continue to benefit from retail momentum, but the stock will struggle to break out until they prove they can diversify revenue beyond payment for order flow. The primary catalyst is the 2026Q3 earnings report; if they show sustained user growth despite market volatility, it will validate the current premium. Conversely, a formal SEC ruling to restrict payment for order flow would be a catastrophic risk that breaks my thesis. Currently, the stock trades at 46.35 times trailing earnings. This high multiple means investors are paying for years of future growth, leaving little room for error if retail activity softens. |
| Chatgpt | $54.00 | $60.00 | My thesis is HOOD can trend higher over 3-6 months as profitability scales and sentiment improves. Catalyst: a solid 2026Q2 earnings print with confirmation of monetization stability (notably PFOF) would push the stock toward the 3-month target. Risk: regulatory changes to PFOF or a softer volume backdrop could deflate that premium and cap upside. From 49.45 today, I see 54 in 3 months and 60 in 6 months. |
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