REVENUES (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated by Revenue Source

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

Schedule of Interest Revenue Earned and Interest Expense Paid from Fully-paid Securities Lending

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

Schedule of Contract Receivables and Liabilities Balances

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