Robinhood Markets

Results are inherently cyclical. In 2025, 59% of revenue was transaction-based and depends on retail risk appetite across options, equities, and crypto. Net interest revenue at 34% is sensitive to the level and direction of short rates; management explicitly notes that rate cuts would pressure this line.

Subscriptions and Banking can add recurring elements, but the business is not yet a tollbooth with steady unit economics. Prediction markets and derivatives expand engagement but also add regulatory and event risk.