Robinhood Markets

Corporate liquidity is robust with 4.3 billion cash and 152 million of stablecoin at December 31, 2025. Revolving credit facilities had no outstanding borrowings at year end. Robinhood generated 1.638 billion of operating cash flow in 2025 and roughly 1.58 billion of free cash flow after modest capital expenditures and capitalized software.

The new Credit Card Funding Trust adds secured, facility-level borrowings, but these are asset-backed and sized to receivables. Regulatory capital requirements and working capital swings tied to user receivables mean liquidity management remains central, yet balance sheet posture is conservative relative to peers.