# Robinhood Markets Inc. (HOOD) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/HOOD/thesis · /stocks/HOOD/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/HOOD/fundamental

## Navigation

- Overview: /stocks/HOOD
- Financials (this page): /stocks/HOOD/financials
- Thesis: /stocks/HOOD/thesis
- Investment Memo: /stocks/HOOD/memo
- Coverage universe: /stocks