Robinhood Markets, Inc.

Earnings Presentation Fourth Quarter 2025

February 10, 2026

Disclaimers

This Presentation Relates to Robinhood's Broader Earnings Announcement Disclosures

This presentation accompanies the fourth quarter and full year 2025 earnings announcement webcast of Robinhood Markets, Inc. (including its consolidated subsidiaries, "we," "Robinhood," or the "Company") and should be read together with Robinhood's earnings announcement press release. Hyperlinks to our fourth quarter and full year 2025 webcast, and press release can be found together with these slides on Robinhood's investor relations website at investors.robinhood.com.

Key Performance Metrics

This presentation includes key performance metrics that our management uses to help evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. Our key performance metrics include Funded Customers, Total Platform Assets, Net Deposits, Average Revenue Per User ("ARPU"), and Robinhood Gold Subscribers. Definitions of performance metrics can be found in the appendix to this presentation (the "Appendix").

Non-GAAP Financial Measures and Where to Find Reconciliations to GAAP

This presentation includes financial measures that were not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Our non-GAAP financial measures include adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA"), Adjusted EBITDA Margin, Incremental Adjusted EBITDA Margin, Adjusted Operating Expenses, Adjusted Operating Expenses and SBC, Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation, Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal, and Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal. Definitions, explanations, and reconciliations to the most comparable GAAP financial measures can be found in the Appendix.

Cautionary Note Regarding Forward-Looking Statements

This presentation and the related webcast contain forward-looking statements regarding our expected financial performance and our strategic and operational plans, including (among others) statements regarding that Robinhood Social is rolling out early 2026, Robinhood Cortex indicators and scanners on Robinhood Legend are rolling out early 2026 to Gold Subscribers, overnight index options are rolling out early 2026, custom combos are rolling out early 2026, and Cortex Assistant is rolling out early 2026 to Gold Subscribers; that Robinhood Ventures is a broader initiative that Robinhood is planning to launch to give retail investors exposure to private companies; that Robinhood is coming to Indonesia; that our pending acquisitions of PT Buana Capital Sekuritas and PT Pedagang Aset Kripto are expected to close in the first half of 2026; our 10 Year Vision, including our plans to be #1 in Active Traders, #1 in Wallet Share for the Next Generation and #1 Global Financial Ecosystem and how we plan to do so; that Stock and Crypto Digests, Portfolio Digests, and Trade Builder are coming soon; that we anticipate diluted share count will be roughly flat in 2026; that with over $4B in corporate cash, investments, and stablecoin, we are well positioned to continue deploying capital; that we believe the strength of our balance sheet gives us the flexibility to run our business while investing for future growth; that we will continue to look to drive growth and shareholder value by allocating capital across organic growth, M&A, and shareholder returns; that we continue to repurchase shares in Q1, with flexibility to accelerate if market conditions warrant; that the majority of the remaining Gold deposit boosts earned by customers prior to the end of the program will be paid out over a period of 10 months; that we plan to more than double the amount of customers with Gold Cards this year to over one million by the end of the year; that, with respect to Global Financial Ecosystem, we're excited to watch these businesses scale as we launch in new jurisdictions and round out the product offerings and think in a few years we'll look back and have really underestimated how big our international offering can be; that we've got a lot of headroom here as our customers grow faster than the industry, and we continue to deliver new products and capabilities; that our business continues to diversify with several more making great progress toward achieving over $100 million in annualized revenue, including Robinhood Legend which is nearly there, the Gold Card which is on track for this year, and TradePMR, Futures, Index Options, and Robinhood Banking, which are all scaling; that in 2026 we plan to ramp up our product velocity even faster, while delivering another year of profitable growth; that there is a massive opportunity in front of us, and we see the path to compound shareholder value for years to come; that we're going to keep adding to Robinhood Gold's value proposition; that we believe shipping even more products and value to customers can deliver outsized growth for years to come; that we aim to deliver another year of 20% plus Net Deposit growth; that we're well on our way to exceed $1 trillion in assets in the coming years; that we feel confident that we can generate strong returns on our investments; that we'll continue to be lean and disciplined in the way we allocate capital and operate; that we believe that as we continue to execute, Robinhood will become increasingly synonymous with the financial services category as the finance SuperApp; that we're just at the beginning of a Prediction Markets supercycle that could drive trillions in annual volume over time; that we're going to continue to invest in Prediction Markets in 2026; that we're adding new products, account types, and capabilities, that this year you should see acceleration in app design and personalization; that Cortex Assistant and Cortex for Legend are rolling out in the coming months and scaling throughout the year; that we intend to be at the forefront of AI in trading; our expectations regarding Family Investing and private markets, which are two big strategic moves that we're making this year; that in 2026, we'll be launching our referral program for TradePMR advisors; that we believe we can be the major beneficiary of the ongoing $100 trillion-plus wealth transfer; that we've got some exciting things coming on the Family Investing front at our event in NYC; that we think private markets could become even bigger than prediction markets; that a big part of 2026 will be seizing the tokenization opportunity, which we think dovetails nicely with our DeFi work which is accelerating; that tokenization and continued expansion into new geographies with several new international markets coming later this year; that Robinhood is well positioned to lead in AI and crypto; that a lot more is coming this year for AI and we'll continue using AI and that this year, we're continuing to automate and optimize the entire engineering pipeline, from writing code, to code review, deployment, and testing; that we're making rapid progress in software engineering with respect to AI and we'll continue to saturate usage of new and improving tools, as well as continue pushing to optimize and automate the entire engineering pipeline, including coding and code review; that we're going deeper into DeFi, making improvements to Robinhood Wallet, and working hard to launch the Robinhood Chain; that you'll see us continue to push new geographies with several new international markets coming later this year and that we plan to keep making progress both in regions we've already announced and some new ones that are underway; and that we think there is an opportunity to tokenize a significant portion of what we offer our customers on the platform today; as well as all statements about our FY 2026 financial outlook. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "believe," "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "estimate," "predict," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this presentation and the related webcast. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others: our rapid and continuing expansion, including continuing to introduce new products and services on our platforms as well as geographic expansion; the difficulty of managing our business effectively, including the size of our workforce, and the risk of declining or negative growth; the fluctuations in our financial results and key metrics from quarter to quarter; our reliance on transaction-based revenue, including payment for order flow ("PFOF"), the risk of new regulation or bans on PFOF and similar practices, and the addition of our new fee-based model for cryptocurrency; our exposure to fluctuations in interest rates and rapidly changing interest rate environments; the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all; the need to maintain capital levels required by regulators and self-regulatory organizations ("SROs"); the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions; the impact of negative publicity on our brand and reputation; the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business; our dependence on key employees and a skilled workforce; the fact that we do not wholly own or operationally control Rothera LLC, our joint venture with Susquehanna International Group, and its subsidiaries; operational and regulatory risks and expenditures prior to and following closing of our acquisitions and investments; the difficulty of complying with an extensive, complex, and changing regulatory environment, the risk of monetary and other penalties for noncompliance, and the need to adjust our business model in response to new or modified laws and regulations; the possibility of adverse developments in pending litigation and regulatory investigations; the risk that the outcome of currently ongoing and potential future regulatory enforcement actions and litigation, as well as potential changes in federal or state law, could immediately or subsequently prevent us from offering, or continuing to offer, event contracts; the effects of competition; our need to innovate and acquire or invest in new products, services, technologies and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth; our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms; the risk of cybersecurity incidents, theft, data breaches, and other online attacks; the difficulty of processing customer data in compliance with privacy laws; our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures; the risks associated with incorporating artificial intelligence ("AI") technologies into some of our products and processes; the regulation, litigation, contractual, operational, and reputational risks associated with our introduction of products such as Robinhood Stock Tokens in the European Economic Area (the "EEA") and our staking services offered in the U.S.; and the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results can be found in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as well as in our other filings with the U.S. Securities and Exchange Commission ("SEC"), all of which are available on the SEC's web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements in this presentation and the related webcast are made as of the date of this presentation and the related webcast, February 10, 2026, and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this presentation and the related webcast whether as a result of any new information, future events, changed circumstances, or otherwise. You should view this presentation and the related webcast with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect. All fourth quarter and full year 2025 financial information in this presentation is preliminary, based on our estimates and subject to completion of our financial closing procedures. Final results for the full year, which will be reported in our Annual Report on Form 10-K for the year ended December 31, 2025, may vary from the information in this presentation. In particular, until our financial statements are issued in our Annual Report on Form 10-K, we may be required to recognize certain subsequent events (such as in connection with contingencies or the realization of assets) which could affect our final results.

Trademarks

"Robinhood" and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

We are building a track record of profitable growth

Total Platform Assets (in billions) | +68% year-over-year

Total Net Revenues (in millions) | +52% year-over-year

Adjusted Operating Expenses (in millions) | +20% year-over-year

Adjusted EBITDA (in millions) | +76% year-over-year

Adjusted Operating Expenses and Adjusted EBITDA are non-GAAP financial measures. Refer to the Appendix for the reconciliations of Adjusted Operating Expenses and Adjusted EBITDA to the most directly comparable GAAP measures, operating expenses and net income (loss), respectively.

Q4 2025 Business Results Highlights

k = Thousands, B = Billions, M = Millions, LTM = Last twelve months. (1) Defined as end of period Robinhood Gold Subscribers divided by end of period Funded Customers. (2) Starting in June 2025, Net Deposits include results from Bitstamp, which we acquired on 6/2/2025. Net Deposits do not include results from TradePMR. (3) Relative to prior period Total Platform Assets. Refer to definitions in the Appendix for growth rate calculations.

Funded Customers (in millions) | +1.8M year-over-year | +190k sequential

Robinhood Gold Subscribers (in millions) | +1.5M year-over-year | +300k sequential

Robinhood Gold Adoption Rate¹:

Total Platform Assets (in billions) | +68% year-over-year | (3%) sequential

Net Deposits² (in billions) | $68B LTM | +35% LTM Growth

Annualized Growth Rate³:

Q4 2025 Financial Results Highlights

(1) Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal was $492M in Q4 2024. Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal was $0.54 in Q4 2024.

Adjusted Operating Expenses and SBC, Adjusted EBITDA, Adjusted EBITDA Margin, Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal, and Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal are non-GAAP financial measures. Refer to the Appendix for the reconciliations of Adjusted Operating Expenses and SBC, Adjusted EBITDA, Adjusted EBITDA Margin, Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal, and Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal to the most directly comparable GAAP measures, operating expenses, net income, net margin, net income, and diluted EPS, respectively.

Total Net Revenues (in millions) | +27% year-over-year | +1% sequential

$4.5B in 2025

Adjusted Operating Expenses and SBC (in millions) | +18% year-over-year | (3%) sequential

$2.27B in 2025

Adjusted EBITDA (in millions) | +24% year-over-year | +3% sequential

Adjusted EBITDA Margin:

$2.5B (56% margin) in 2025

Net Income¹ (in millions) | ($311) year-over-year | +$49 sequential

Q4 2024 includes Tax Benefit and Regulatory Accrual Reversal of $424M; Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal was $492M

Diluted Earnings per Share (EPS)¹

($0.35) year-over-year | +$0.05 sequential

$1.9B ($2.05 of diluted EPS) in 2025

Our product velocity increased significantly in 2025

Q1 2025

• 29 indicators added to Robinhood Legend
• 5 crypto assets added to US Crypto
• Index options available to all customers
• 9 crypto assets added to EU Crypto
• Index options available on Robinhood Legend
• Options trading available in the UK
• Crypto available on Robinhood Legend
• Futures available to all customers
• Robinhood closes acquisition of TradePMR
• Robinhood launches prediction markets hub
• Comparison charts added to Robinhood Legend
• Introducing Robinhood Strategies¹
• Introducing Robinhood Cortex¹
• Introducing Robinhood Banking¹

Q2 2025

• 7 EU Crypto assets added in Q2
• Side-by-side options chain
• Enhanced Robinhood Legend capabilities
• Robinhood to acquire WonderFi²
• 2 US Crypto assets added in Q2
• Robinhood Legend in the UK
• Robinhood completes acquisition of Bitstamp
• Robinhood Legend charts on mobile
• Options Simulated Returns available pre-trade
• 30 European countries get access to Robinhood³
• Stock Tokens in Europe³
• US Staking³
• Introducing Crypto perpetual futures in Europe³
• Introducing the Robinhood Chain³

Q3 2025

• 7 US Crypto assets added in Q3
• Level 2 market data on Robinhood Legend
• 4 EU Crypto assets added in Q3
• Cortex Stock Digests in UK
• Pro and college football prediction markets
• Multiple individual brokerage accounts
• Futures on Robinhood Legend
• Introducing shorting⁴
• Introducing Robinhood Social⁴
• Introducing Robinhood Cortex indicators and scanners on Robinhood Legend⁴
• Introducing overnight index options⁴
• Introducing Robinhood Ventures⁵
• 200+ Stock Tokens added to the EU in Q3
• Options simulated returns on Robinhood Legend

October 2025

• 14 US Crypto assets added in Q4⁶
• Perpetual futures available to all eligible EU customers
• Cortex Stock and Crypto Digests available to all eligible customers
• 10 EU Crypto assets added in Q4⁶

November 2025

• Closed-end funds available to US customers
• Discounted mortgages through Sage Home Loans⁷
• ~1,500 Stock Tokens added in EU in Q4⁸
• Short selling available to customers
• Robinhood announces exchange Joint Venture to accelerate Prediction Markets
• Robinhood is coming to Indonesia⁹

December 2025

• Introducing Prediction Markets preset & custom combos, player contracts¹⁰
• Introducing Cortex Portfolio Digests¹⁰
• Introducing Cortex Assistant¹⁰
• Money market funds available to EU customers

(1) Announced Robinhood Strategies (available to all US customers), Robinhood Cortex Digests (available to all eligible customers), Robinhood Cortex Trade Builder (not yet available to Gold Subscribers), and Robinhood Banking (currently rolling out to Gold Subscribers) on March 27, 2025. Robinhood is a financial technology company, not a bank. Banking services are provided by Coastal Community Bank, Member FDIC. (2) Announced Robinhood entered into an agreement to acquire WonderFi on 5/13/2025. The pending acquisition is subject to customary closing conditions, including regulatory approvals. (3) Announced Robinhood availability across 30 EU and EEA countries (up from 4 prior), Stock Tokens in Europe (available to all eligible European customers), US staking for ETH and SOL (available to all eligible US customers), crypto perpetual futures in Europe (available to all eligible EU customers), and the Robinhood Chain (under development) on 6/30/2025. (4) Announced shorting (currently rolling out to customers), Robinhood Social (rolling out early 2026), Robinhood Cortex indicators and scanners on Robinhood Legend (rolling out early 2026 to Gold Subscribers), and overnight index options (rolling out early 2026) on 9/10/2025. (5) Robinhood Ventures is a broader initiative that Robinhood is planning to launch to give retail investors exposure to private companies. (6) Increased US Crypto assets by 14 to a total of 49 and EU Crypto assets by 10 to a total of 69 in Q4. (7) Available to eligible Gold Subscribers. Sage Home Loans Corporation NMLS ID #3304 is not affiliated with any Robinhood entity. Robinhood is not a lender. (8) Increased Stock Tokens available to EU Customers by over 1,500 in Q4 to a total of approximately 2,000. (9) Announced Robinhood entered into agreements to acquire PT Buana Capital Sekuritas, an Indonesian brokerage, and PT Pedagang Aset Kripto, a licensed Indonesian digital financial asset trader on 12/7/2025. Each pending acquisition is subject to customary closing conditions, including regulatory approvals. (10) Announced Prediction Markets preset combos (available to all eligible US customers), custom combos (rolling out early 2026), player contracts (available to all eligible US customers), Cortex Portfolio Digests (currently rolling out to Gold Subscribers), and Cortex Assistant (rolling out early 2026 to Gold Subscribers) on 12/16/2025.

Robinhood 10 Year Vision

#1 in Active Traders →

#1 in Wallet Share for the Next Generation →

#1 Global Financial Ecosystem →

#1 in Active Traders

#1 in Wallet Share for the Next Generation

#1 Global Financial Ecosystem

Funded Customers increased by 1.8 million year-over-year to 27.0 million in Q4

In millions

Year-over-year change: +1.8M Sequential change: +190k

Investment Accounts¹:

As of Q4 2025, we had 28.4M Investment Accounts, up 2.2M year-over-year.

(1) Bitstamp Funded Customers are not reflected in the Investment Accounts total as they are not brokerage or other Investment Accounts. Refer to Appendix for definitions of Funded Customers and Investment Accounts.

Total Platform Assets increased 68% year-over-year to $324 billion in Q4 due to continued Net Deposits, acquired assets, and higher equity valuations

In billions

Year-over-year change: +68% | Sequential change: (3%)

Year-over-year / Sequential change by component:

Q4 2025 ETF balances totaled ~$61 billion, representing 29% of total Q4 2025 equities under custody, up from 27% in Q4 2024.

Average Total Platform Assets per Funded Customer (in thousands)²

Refer to the Appendix for changes in Total Platform Assets and details of net cash held by users. (1) Futures consists of futures, options on futures, swaps, and event contracts, which we launched during the fourth quarter of 2024. (2) Defined as end of period Total Platform Assets divided by end of period Funded Customers.

Robinhood Retirement AUC¹ grew to a record $26 billion in Q4

Robinhood Retirement Accounts (End of period, in thousands)

Up 1.6x (Q4'24 to Q4'25)

Robinhood Retirement AUC (End of period, in billions)

Up >2.0x (Q4'24 to Q4'25)

Robinhood Retirement AUC per Account² (End of period, in thousands)

(1) Does not include TradePMR. (2) Defined as end of period Robinhood Retirement AUC divided by the total number of traditional IRAs and Roth IRAs at the end of the period.

We continue to add value to Robinhood Gold, and Robinhood Gold Subscribers grew to a record 4.2 million in Q4, representing over 15% of Funded Customers

Robinhood Gold Subscribers receive meaningful value for $5 per month¹

Robinhood Gold Subscribers (In millions)

Q4 2025: 4.18M | +58% (+1.5M) Y/Y | +8% (+300k) Q/Q

Robinhood Gold Adoption Rate⁶:

Annualized Robinhood Gold Subscription Revenue⁷ (in millions)

Compared to our average Funded Customer⁸, our average Robinhood Gold Subscriber has...

• ~5x Assets Under Custody⁸
• ~1.2x Net Deposit Growth Rate⁸
• ~3.3x Robinhood Retirement Adoption Rate⁸

(1) Robinhood Gold offering and pricing as of 2/9/2026. (2) Other fees may apply when trading futures and index options. (3) The Robinhood Gold Card is currently rolling out via a waitlist. (4) Robinhood Banking and Robinhood Cortex Portfolio Digests are currently rolling out to Gold Subscribers. Robinhood Cortex Trade Builder, custom indicators and scanners, and Assistant are not yet available to customers. (5) Sage Home Loans Corporation NMLS ID #3304 is not affiliated with any Robinhood entity. Robinhood is not a lender. Average based on a customer's loan scenario, informed by the Mortgage News Daily national average. (6) Defined as end of period Robinhood Gold Subscribers divided by end of period Funded Customers. (7) Defined as Robinhood Gold subscription revenue in a given quarter times four. (8) Comparisons exclude Funded Customers who solely use X1, TradePMR or Bitstamp. Assets Under Custody and Robinhood Retirement Adoption Rate figures as of 12/31/2025. Net Deposit growth rate over the LTM ending 12/31/2025. Refer to definitions in the Appendix for growth rate calculations.

Net Deposits were $15.9 billion in Q4, translating to a 19% annualized growth rate, and were ~$68 billion over the last twelve months, translating to a 35% growth rate

In billions

Last twelve months Net Deposits: $68.1 Last twelve months growth rate: 35%

Annualized Growth Rate²:

(1) Starting in June 2025, Net Deposits include results from Bitstamp, which we acquired on 6/2/2025. Net Deposits do not include results from TradePMR. Q4 2025 Net Deposits of $15.9B included the net effect of ~$5.8B ACATS In and ~$2.2B ACATS Out. Automated Customer Account Transfer Service ("ACATS") is a system that automates and standardizes procedures for the transfer of assets in a customer account from one brokerage firm and / or bank to another. (2) Refer to definitions in the Appendix for details on growth rate calculations.

Average cumulative Net Deposits¹ have grown over time across our Funded Customer Cohorts², and recent cohorts' initial Net Deposits are larger

Funded Customer Cohorts reflect quarterly cohorts, from Q1 2021 through Q4 2025. Comparisons exclude Funded Customers who solely use X1, TradePMR or Bitstamp. (1) "Average cumulative Net Deposits" defined as total cumulative Net Deposits from a cohort divided by the cohort size. (2) A "Funded Customer Cohort" comprises end of period Funded Customers who were first considered a New Customer in a given quarter.

We've continued to gain market share over time

Equities Market Share¹ | +44% year-over-year

Up 147% (2022 to 2025)

Options Market Share² | +10% year-over-year

Up 70% (2022 to 2025)

Crypto Market Share³ | +63% year-over-year

Up 130% (2022 to 2025)

Margin Market Share⁴ | +75% year-over-year

Up 81% (2022 to 2025)

Refer to Appendix for definitions. (1) Defined as Robinhood Equity Notional Volumes divided by Total US Equity Notional Volumes from CBOE over a given period. (2) Defined as Robinhood Options Contracts Traded divided by the sum of Equity and Non-Equity Options Contracts from OCC times two over a given period. (3) Defined as Crypto Notional Volumes divided by Total Cryptocurrency Exchange Volume from The Block over a given period. Refer to Appendix for the definition of Notional Trading Volume. (4) Defined as average Robinhood Margin Book divided by average Debit Balances in Customers' Securities Margin Accounts from FINRA over a given period.

Q4 trading volumes increased significantly year-over-year as we've continued to gain market share, and Equities and Options reached new quarterly records

Equity Notional Volumes (In $ billions) — Up 68% Y/Y and up 10% Q/Q

Options Contracts Traded (In millions of contracts) — Up 38% Y/Y and up 8% Q/Q

Crypto Notional Volumes¹ (In $ billions) — Up 16% Y/Y and up 3% Q/Q

Including pre-close volumes, Bitstamp Notional Volumes would have been $24.0B and Crypto Notional Volumes would have been $52.3B in Q2'25¹

Refer to page 37 for details on volumes for newer trading products, including Index Options, Futures, and Event Contracts. (1) We acquired Bitstamp in June 2025. Bitstamp Crypto Notional Volumes in Q4 2025 were ~90% institutional and ~10% retail, with an average revenue rate of ~4 basis points per dollar of notional volume traded. Refer to Appendix for the definition of Notional Trading Volume, and to page 38 for a breakdown of Crypto Notional Volumes.

Total net revenues were up 27% year-over-year to a record $1.3 billion in Q4, and ARPU was $191

In millions, except for ARPU

Year-over-year change: +27% | Sequential change: +1%

Basic Share Count Dilutive Shares²

Q4'24 Q1'25 Q2'25¹ Q3'25¹ Q4'25

Year-over- year change (0.3%)

+1.9%

$77 $73 $78 $78 $76

30

Appendix