Robinhood Stock (HOOD): Where the Revenue Comes From, in Numbers
Michael Whitman
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Trading since 2017, full-time since 2020
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YouTube creator, 137K subscribers
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Published 2026-11-07
Robinhood stock trades on the Nasdaq as HOOD. At the November 6, 2026 close of $80.91 it was worth $72.86 billion, 37.3 times trailing earnings. In the September 2026 quarter, options and stock trading brought in 36.5% of revenue, net interest 29.1% and crypto 8.4%.
Robinhood stock trades on the Nasdaq under the ticker HOOD. The app made its name with commission-free trades, but the listed company now earns from three quite different things: order flow on options and stocks, interest on customer cash and margin loans, and crypto trading, plus newer lines such as prediction markets. Which of those leads in a given quarter does much to explain the share price.
Quote pages show a price, a P/E of about 37 and analyst ratings. None of them breaks the revenue into its lines, shows how much rides on interest rates, or says how the stock behaves on results day. We built those from Robinhood’s filings, the price record and the Fed’s rate series. How the app itself works for a customer is a broker question; this page is about the stock.
HOOD at a glance: Robinhood at $72.86 billion
Price is the November 6, 2026 close. Earnings, revenue and equity come from the 10-Q for the quarter ended September 30, 2026, filed October 28, and the 10-K for 2025. The share count is the Class A plus Class B total on the 10-Q cover, dated October 21, 2026.
| measure | value | how it is worked out | as of |
|---|---|---|---|
| share price | $80.91 | Nasdaq close | Nov 6, 2026 |
| market value | $72.86 billion | price × 900,491,277 shares | shares at Oct 21, 2026 |
| P/E | 37.3x | price ÷ trailing diluted EPS of $2.17 | Sep 30, 2026 |
| price-to-sales | 14.34x | market value ÷ trailing revenue of $5.08 billion | Sep 30, 2026 |
| price-to-book | 7.29x | market value ÷ equity of $10.00 billion, excluding noncontrolling interests | Sep 30, 2026 |
| dividend | none | no dividend declared | Nov 6, 2026 |
| S&P 500 member | since Sep 22, 2025 | replaced Caesars Entertainment | S&P DJI release |
In 2026 to November 6 the price fell 28.5%, against a 7.8% rise for the S&P 500. Its record close was $152.46 on October 9, 2025, and it closed 46.9% below that. The lowest close of the past year was $65.16 on March 30, 2026. The 10-Q counts 28.7 million funded customers, up from 26.8 million a year earlier, 5.18 million Robinhood Gold subscribers and $395.9 billion of total platform assets.
How it works: three ways Robinhood gets paid
Transaction-based revenue is mostly paid by the firms that execute customer orders. The 10-Q says that for equities and options “such fees are known as payment for order flow”, while for crypto it receives “Transaction Rebates”. Net interest comes from margin loans, customer cash, securities lending and its credit card. Other revenue includes Robinhood Gold subscription fees, $62 million in the latest quarter, and proxy fees.
| year | total revenue | options + equities | crypto | net interest |
|---|---|---|---|---|
| 2021 | $1.82 billion | 53.8% | 23.1% | 14.1% |
| 2022 | $1.36 billion | 44.6% | 14.9% | 31.2% |
| 2023 | $1.87 billion | 32.7% | 7.2% | 49.8% |
| 2024 | $2.95 billion | 31.8% | 21.2% | 37.6% |
| 2025 | $4.47 billion | 31.9% | 20.1% | 33.8% |
| last 4 quarters | $5.08 billion | 34.3% | 11.3% | 31.0% |
The rest is other transaction revenue, which now includes event contracts, and the other revenue line.
The latest quarter. Revenue was $1.42 billion, up 11.8% on the September 2025 quarter. Options brought in $399 million (up 31.2%), event contracts, Robinhood’s prediction markets, $173 million (12.1% of revenue), equities $121 million and crypto $120 million, down 55.2%. Net interest revenue was $415 million, down 9.0%.
Citadel Securities and who pays for Robinhood’s orders
Who pays. The 10-Q names any market maker or exchange that supplied more than 10% of total net revenue. In the September 2026 quarter only Citadel Securities did, at 17%, up from 13% a year earlier. Transaction revenue from all market makers and exchanges together was 46% of total net revenue, down from 54%.
The original data: Robinhood’s revenue mix since 2019
Revenue by line, 2019 to the latest four quarters. We took each line from the XBRL data in every 10-K and 10-Q, deriving fourth quarters as the full year minus nine months.
- Before the listing, in 2019, options and stocks were 58.1% of revenue, net interest 25.5% and other revenue 13.0%. In 2020 net interest fell to 18.5%. Over the last four quarters, other trading revenue, most of it event contracts, was 14.3%.
- Order flow on options and stocks was 72.1% of revenue in 2020 and has held near a third since 2023. In dollars it still grew, from $977 million in 2021 to $1.43 billion in 2025.
- Crypto swings with the market. It peaked at 41.2% of revenue in the June 2021 quarter, fell to 4.9% in the September 2023 quarter, and was 8.4% in the latest quarter.
- Interest took over when rates rose. Net interest was 14.1% of revenue in 2021 and 49.8% in 2023, with a quarterly high of 53.7% in the September 2023 quarter.
- Prediction markets arrived fast. Event contracts, which the filings break out from 2025, brought in $3 million in the March 2025 quarter and $173 million in the September 2026 quarter. In that latest quarter they out-earned both stock trading and crypto.
Robinhood’s interest income and the Fed funds rate
Net interest against the federal funds rate. We set each quarter’s net interest revenue beside the average effective federal funds rate from FRED.
- Across the 23 quarters the correlation between the two was 0.74.
- With the rate near zero in 2021 (0.08% on average), net interest was $256 million for the year. In 2023, at 5.02%, it was $929 million. In 2025 the rate averaged 4.21% and net interest still grew, to $1.51 billion. Margin interest alone rose from $319 million in 2024 to $573 million, as customers borrowed more.
- In the September 2026 quarter, margin interest was $244 million against $153 million a year earlier, up 59.5%. Securities lending and interest on segregated cash fell, which is why the total dropped.
Download the data: revenue mix and earnings-day moves. Both files are free to reuse with a credit and a link back, under the site license.
| Dataset | Covers | Pages citing it | Download |
|---|---|---|---|
| Robinhood quarterly revenue by line and the federal funds rate, 2021-2026 | 23 quarters, January 2021 to September 2026, plus full years 2019-2025 and the last four quarters | 1 | Robinhood revenue mix (CSV) |
| Robinhood share-price moves on earnings days, 2021-2026 | 22 quarterly results releases (8-K Item 2.02), August 2021 to October 2026 | 0 | Robinhood earnings-day moves (CSV) |
A worked example: HOOD at 37.3 times earnings
All inputs are in the 10-Q filed October 28, 2026 and the 2025 10-K, except the share price.
- Trailing earnings. Diluted EPS was $1.51 in the first nine months of 2026, $2.05 for 2025 and $1.39 in the first nine months of 2025. Last twelve months = $1.51 + $2.05 − $1.39 = $2.17.
- P/E. $80.91 ÷ $2.17 = 37.3. The P/E ratio page explains what the multiple does and does not tell you.
- Trailing revenue. $3,799 million + $4,473 million − $3,190 million = $5,082 million.
- Price-to-sales. $80.91 × 900,491,277 shares = $72.86 billion; ÷ $5.08 billion = 14.34.
- Price-to-book. Total stockholders’ equity was $10.08 billion, but that includes $77 million of noncontrolling interests, the part of some subsidiaries that outside owners hold. Taking those out leaves $10.00 billion for Robinhood’s own shareholders, or $11.11 a share. $72.86 billion ÷ $10.00 billion = 7.29. On the total including those interests it would be 7.23.
From losses to profit. Robinhood lost $3.69 billion in 2021, the IPO year, then $1.03 billion in 2022 and $541 million in 2023. It earned $1.41 billion in 2024 and $1.88 billion in 2025, and $1.98 billion over the last four quarters.
HOOD on results days: 22 reports, routing filings left out
Robinhood files results with an 8-K just after the 4 p.m. Eastern close. It also files its quarterly Rule 606 order-routing reports under Item 2.02, so we read every such filing and kept only the 22 quarterly results releases from August 2021 to October 2026, leaving out the routing reports and the October 28, 2026 amendment.
- The median next-day move was 8.54%, against 2.40% across the other 1,289 sessions since the first of them.
- 9 of the 22 moved 10% or more, against 2.7% of other sessions; 15 moved 5% or more.
- Direction: 7 were up, against a 50.2% up-rate on other days. That gap is not significant at the usual 5% level (two-sided binomial p = 0.09), and 22 releases is a small sample.
- The largest were +14.11% on February 13, 2025 and −16.73% on October 31, 2024. The latest, on October 28, 2026, was −3.31%.
When it fails: a 90% drop after the 2021 IPO
It has already lost 90% once. The shares were sold at $38.00 in the July 2021 IPO and closed $34.82 on the first day. From $70.39 on August 4, 2021 the close fell to $6.89 on June 16, 2022, a 90.2% drop. It then rose 56.5% in 2023, 192.5% in 2024 and 203.5% in 2025. Our drawdown page explains the measure.
It moves with crypto and the market at once. Weekly changes since the listing correlated 0.60 with COIN, 0.50 with the S&P 500 and 0.41 with bitcoin. Against the S&P 500 its weekly beta was 2.26: a 1% index week has come with about a 2.3% HOOD week on average. See beta for the measure.
Rule risk sits in the revenue. The 10-Q lists new regulation or bans on payment for order flow, and state action against event contracts, among its risks. Those two lines were about half of revenue in the latest quarter.
The S&P 500 bump faded. HOOD joined the S&P 500 on September 22, 2025. From the close before that date to November 6, 2026 it fell 35.2%, while the index rose 10.7%.
Questions people ask
What is Robinhood’s market cap?
$72.86 billion at the November 6, 2026 close of $80.91, using the 793,425,151 Class A and 107,066,126 Class B shares on its latest 10-Q cover, dated October 21. Our market cap page explains the measure.
Who controls Robinhood?
Class B shares carry 10 votes each, Class A one, and the 10-K says the founders and their affiliates hold all the Class B. By our arithmetic from the cover counts, Class B is 11.9% of the shares and 57.4% of the votes.
Does HOOD pay a dividend?
No. Robinhood has not declared one; it has returned cash through share repurchase programs instead. Our stock buybacks page covers how those work.
What was Robinhood’s IPO price?
$38.00 a share, per its July 2021 prospectus. At $80.91 the stock is 112.9% above it. See our IPO page for how a listing is priced.
How much of Robinhood’s revenue is crypto?
$575 million over the last four quarters, 11.3% of revenue, and $120 million (8.4%) in the September 2026 quarter. In 2025 it was 20.1%.
Related
Robinhood’s trading revenue leans on options, and its interest line on the level of the interest rate. For how much the stock swings, see volatility. For a different listed broker, compare Interactive Brokers stock, and if you are choosing where to hold shares rather than which to own, start with brokerage accounts.
This page is educational, not financial advice. Test every idea on your own charts before risking money.