Robinhood Markets Inc.
HOODFinancial Snapshot
ticker: HOOD step: 04 generated: 2026-05-13 source: quick-research
Robinhood Markets, Inc. (HOOD) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$1.36B | ~$1.87B | $2.95B | +58% |
| Gross Margin | ~79% | ~83% | ~83% | stable |
| GAAP Operating Margin | negative | improving | positive | turning |
| GAAP Net Income | ~-$1.0B | ~-$0.5B | ~+$1.4B | profitable |
| Basic EPS | negative | negative | ~$1.60 |
FY2025: Revenue $4.47B (+52% YoY) — driven by crypto boom, Gold membership expansion (+64% YoY to $179M), and record transaction volumes. Q4 2024: Revenue $1.01B (+115% YoY), net income $916M — record quarter. Crypto transaction revenue was the dominant driver: surged 339% YoY in Q3 2025 following Bitcoin's post-election rally above $100K. Gold subscribers +77% YoY. Bitstamp and WonderFi acquisitions are transformative for international.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | strong positive (crypto-driven) |
| Free Cash Flow | significant positive in FY2024–2025 |
| Cash & Equivalents | ~$6–8B (customer assets + company cash) |
| Total Debt | minimal (no significant long-term debt) |
| Gold Subscribers | ~3.2M+ growing 77% YoY |
Robinhood's balance sheet carries substantial customer assets in custody but minimal corporate debt. The profitability turn in FY2024 was dramatic — from ~$1B annual loss in FY2022 to ~$1.4B net income in FY2024 — driven by the market rally, crypto boom, and operating leverage as the cost base remained largely flat while revenue scaled. The company also benefits from float on $20B+ in uninvested customer cash.
Key Ratios (approximate)
- P/E: ~45x (trailing FY2024) | P/Sales: ~25x (TTM FY2025) | Long-term avg P/S: ~11x
- Revenue Growth (TTM): ~52% (FY2025) | Gross Margin: ~83%
Growth Profile
Robinhood grew revenue from $1.36B (FY2022) to $4.47B (FY2025) — 3.3x in 3 years — with the growth highly concentrated in crypto market cycles. FY2022 was a trough year (bear market + crypto winter). FY2024 re-accelerated massively with the Trump-era crypto rally. The business is transforming: Gold subscription recurring revenue ($179M, +64% YoY) and the Gold Credit Card represent a structurally recurring revenue layer that reduces (but doesn't eliminate) cyclicality. GAAP profitability arrived in FY2024 — a major milestone for a company that burned $1B/year in 2022.
Forward Estimates
- FY2026: Revenue ~$4.0–5.0B (pace depends heavily on crypto market conditions)
- Gold subscribers: targeting 5M+ as Gold Credit Card drives upgrade conversion
- International: EU (Bitstamp), Canada (WonderFi pending), UK expansion
- GAAP profitability: sustaining FY2024 breakout; target 20%+ operating margin at scale
- Analyst consensus PT: ~$131–155 (31 analysts, Strong Buy consensus) from ~$76
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $HOOD.