REVENUES

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 5: REVENUES

Disaggregation of Revenues

The following table presents our revenues disaggregated by revenue source:

	Three Months Ended September 30,				Nine Months Ended  September 30,
(in millions)	2024		2025		2024		2025
Transaction-based revenues:
Options	$	202	$	304	$	538	$	809
Cryptocurrencies	61		268		268		680
Equities	37		86		116		208
Other	19		72		53		155
Total transaction-based revenues	319		730		975		1,852
Net interest revenues:
Margin interest	83		153		228		377
Interest on segregated cash, cash equivalents, securities, and deposits	61		103		187		236
Cash Sweep	46		64		129		172
Securities lending, net	19		87		68		164
Interest on corporate cash and investments	67		39		203		134
Credit card, net	4		17		16		40
Interest expenses related to credit facilities	(6)		(8)		(18)		(22)
Other	—		1		—		2
Total net interest revenues	274		456		813		1,103
Other revenues:
Robinhood Gold subscription revenues	28		47		77		129
Proxy revenues	8		7		53		52
Other	8		34		19		54
Total other revenues	44		88		149		235
Total net revenues	$	637	$	1,274	$	1,937	$	3,190

Fully-Paid Securities Lending

For our fully-paid securities lending program under which we borrow fully-paid shares from participating users and lend them to third parties (“Fully-Paid Securities Lending”), we earn revenue for lending certain securities based on demand for those securities and portions of such revenues are paid to

participating users, and those payments are recorded as interest expense. The following table presents interest revenue earned and interest expense paid from Fully-Paid Securities Lending:

	Three Months Ended September 30,				Nine Months Ended  September 30,
(in millions)	2024		2025		2024		2025
Interest revenue	$	20	$	52	$	60	$	116
Interest expense	(3)		(8)		(9)		(18)
Fully-Paid Securities Lending, net	$	17	$	44	$	51	$	98

Contract Balances

Contract receivables are recognized when we have an unconditional right to invoice and receive payment under a contract and are derecognized when cash is received. Transaction-based revenue receivables due from market makers are reported in receivables from brokers, dealers, and clearing organizations while other revenue receivables related to proxy revenues due from issuers are reported in other current assets on the unaudited condensed consolidated balance sheets.

As of September 30, 2025, contract liabilities include $37 million of unearned Robinhood Gold subscription revenue, recognized when users remit cash payments in advance of the time we satisfy our performance obligations. The unearned subscription revenue was recorded as other current liabilities on the unaudited condensed consolidated balance sheets. Contract liabilities also include $19 million of TradePMR performance obligations acquired as part of the TradePMR acquisition, with $8 million recorded in other current liabilities and $11 million in other non-current liabilities which was recorded on the unaudited condensed consolidated balance sheets. This liability represents consideration received in advance of satisfying the related performance obligations and is subject to repayment if certain contractual conditions are not met.

The table below sets forth contract receivables and liabilities balances for the period indicated:

(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2025	$	294	$	11
End of the period, September 30, 2025	223		57
Changes during the period	$	(71)	$	46

The difference between the opening and ending balances of our contract receivables was primarily driven by lower cryptocurrency transaction-based revenues due to decreased trading volumes and timing differences between our performance and counterparty payments, partially offset by higher options and equities transaction-based revenues.

The difference between the opening and ending balances of our contract liabilities was primarily driven by an increase in Robinhood Gold Subscribers, an increase in TradePMR performance obligations, and timing differences between our performance and customer billing.