# Robinhood Markets, Inc. (HOOD)

> Source: Nexqual · https://nexqual.com/HOOD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Robinhood Markets, Inc. (HOOD), nexqual.com/HOOD" · informational, not investment advice.

**Price:** USD 96.58 (-5.25% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 101.93 · day 95.62–101.38 · 52w 63.52–150.47 · market cap $86.8B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.93B, net income $2.07B (42.0% margin) (SEC filings).
- Valuation: P/E 41.9x (avg 39.5x at the last 2 fiscal year-ends).
- Analysts: Buy (mean 2.06 on a 1–5 scale) (32 analysts), mean target USD 134.9 (range 57–170).
- Total return with dividends: 1Y -28.1% vs S&P 500 +14.9%; 5Y +143.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.55, revenue estimate $1.43B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.81B | $1.36B | $1.86B | $2.95B | $4.47B | $4.93B |
| Net income | -$3.69B | -$1.03B | -$541M | $1.41B | $1.88B | $2.07B |
| EPS (diluted) | -$7.49 | -$1.17 | -$0.61 | $1.56 | $2.05 | — |
| Free cash flow | -$948M | -$880M | — | — | — | — |
| Net margin | -203.1% | -75.7% | -29.0% | 47.8% | 42.1% | 42.0% |
| Revenue growth | +89.5% | -25.2% | +37.3% | +58.2% | +51.6% | — |
| Cash + short-term investments | $6.28B | $6.35B | — | — | $4.26B | — |
| Total debt | — | — | — | — | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 41.9x · P/S 17.6x · P/B 9.1x · Earnings yield 2.39% · Buyback yield (TTM) 1.00%
P/E at fiscal year-ends: Dec 2025 55.2x, Dec 2024 23.9x.

## Analysts
Consensus Buy (mean 2.06 on a 1–5 scale), 32 analysts; mean target USD 134.9 (low 57, high 170).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Rosenblatt | Initiated | Buy | $135 |
| 2026-10-21 | Needham | Target raised | Buy | $123 → $126 |
| 2026-10-20 | JP Morgan | Target raised | Neutral | $103 → $115 |
| 2026-10-14 | Wells Fargo | Target lowered | Equal-Weight | $125 → $120 |
| 2026-10-13 | Truist Securities | Target raised | Buy | $130 → $134 |
| 2026-10-12 | Evercore ISI Group | Initiated | Outperform | $130 |
| 2026-10-09 | Morgan Stanley | Target raised | Overweight | $150 → $160 |
| 2026-10-07 | Barclays | Target raised | Overweight | $105 → $132 |
| 2026-10-05 | B of A Securities | Target raised | Buy | $140 → $156 |
| 2026-10-02 | Wells Fargo | Initiated | Equal-Weight | $125 |
| 2026-09-30 | Morgan Stanley | Reiterated | Overweight | $150 |
| 2026-09-30 | Deutsche Bank | Reiterated | Buy | $134 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -28.1% | +143.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -28.2% | +19.5% |
| Volatility (annualized) | 71.4% | 66.8% |
| Max drawdown | -55.7% (Nov 2025→Mar 2026) | -81.8% (Oct 2021→Jun 2022) |

## Peers (Capital Markets)
IBKR (Interactive Brokers Group, Inc.) USD 82.28 -3.57% · SCHW (Charles Schwab Corporation (The) USD 91.44 -0.22% · GS (Goldman Sachs Group, Inc. (The)) USD 891.3 -1.48% · MS (Morgan Stanley) USD 183.97 -1.63% · NMR (Nomura Holdings Inc) USD 9.04 -1.95% · TW (Tradeweb Markets Inc.) USD 121.89 +1.57%

## More
Full page: https://nexqual.com/HOOD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name HOOD in their own reports (relationship from HOOD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) | 10-K 2026-03-06 | "Effective as of January 20, 2026, we sold 90% of the issued and outstanding equity of MIAXdx to a joint venture established by Robinhood Markets, Inc. ("Robinhood") in partnership with Susquehanna Int…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Transaction Based Revenues | $776.0M | 59.3% | +44.0% |
| — Options (part of Transaction Based Revenues) | $342.0M | 26.1% | +29.1% |
| — Event Contracts (part of Transaction Based Revenues) | $156.0M | 11.9% | +1460.0% |
| — Equities (part of Transaction Based Revenues) | $129.0M | 9.9% | +95.5% |
| — Cryptocurrencies (part of Transaction Based Revenues) | $100.0M | 7.6% | -37.5% |
| — Other Transaction Based Revenues (part of Transaction Based Revenues) | $49.0M | 3.7% | +28.9% |
| Financial Service Other | $143.0M | 10.9% | +53.8% |
| — Robinhood Gold Subscription Revenues (part of Financial Service Other) | $54.0M | 4.1% | +22.7% |
| — Other Revenue (part of Financial Service Other) | $47.0M | 3.6% | +261.5% |
| — Proxy Revenues (part of Financial Service Other) | $42.0M | 3.2% | +16.7% |
| Total revenue | $1.31B | 100% | — |
The lines above cover 70.3% of total revenue.

## Customer concentration

Period ended 2026-06-30: 47%, 16% of revenue from unnamed direct customers (10-Q, filed 2026-07-30).

## Company outlook (8-K filed 2026-07-29)

- "The paragraph below provides information on our 2026 expense plan and outlook."
- "We are not providing a 2026 outlook for total operating expenses and have not reconciled our 2026 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort."
- "Our prior outlook for 2026 Adjusted Operating Expenses and SBC provided at Q1 2026 Earnings (April 28, 2026) was $2.7 billion to $2.825 billion, which did not include costs related to Rothera and WonderFi."
- "As we look ahead to the rest of the year, we are lowering and tightening our 2026 outlook for Adjusted Operating Expenses and SBC to a range of $2.675 to $2.775 billion to reflect efficiencies we have captured, part of which were used to fund costs related to two new businesses, Rothera and WonderFi."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.55 | $0.49 | +13.5% | $1.43B | 22 |
| Next quarter (ends 2026-12-31) | $0.63 | $0.57 | +10.3% | $1.53B | 22 |
| Current fiscal year (ends 2026-12-31) | $2.17 | $1.88 | +15.2% | $5.32B | 26 |
| Next fiscal year (ends 2027-12-31) | $2.96 | $2.63 | +12.6% | $6.88B | 26 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-27): ±10.5%; last 8 reports averaged ±7.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 89.0% | ±10.5% |
| 2026-11-06 | 14 | 77.6% | ±12.5% |
| 2026-11-13 | 21 | 72.5% | ±14.2% |
| 2026-11-20 | 28 | 69.1% | ±15.5% |
| 2026-11-27 | 35 | 66.2% | ±16.5% |
| 2026-12-04 | 42 | 65.0% | ±17.7% |
| 2026-12-18 | 56 | 64.0% | ±19.9% |
| 2027-01-15 | 84 | 61.2% | ±23.2% |