{"schemaVersion":1,"research":true,"symbol":"hood","name":"Robinhood Markets","topic":"moat","path":"/stock/hood/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:54:18.014Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Robinhood demonstrates substantial product adoption and some ability to monetize demand, but the supplied disclosures establish readily copied offerings and aggressive price competition rather than a durable moat. Conditional match payments create limited switching friction. Proprietary infrastructure and expanding financial services have not demonstrated relative cost superiority, customer dependency or network effects. Pricing power is mixed: higher crypto rebates and fee pass-through coexist with lower margin rates, lower equity rebates and customer incentives.","advantages":[{"mechanism":"switching_costs","claim":"Forfeiture of unearned match payments creates a current but limited financial incentive to keep eligible deposits on the platform. Growing retirement and subscription adoption supports engagement, but does not establish durable switching costs.","durability":"The disclosed friction lasts only through the applicable earning period; continued dependency after incentives expire is unproven.","risks":"Competing matches can offset the incentive, while standardized asset transfers facilitate switching. Improper rejection of transfers is a compliance failure, not a legitimate competitive advantage.","invalidation":"This limited advantage would disappear if match forfeiture ceased or customers routinely withdrew eligible deposits despite forfeiture. A stronger moat thesis would require sustained retention after incentives expire.","competitors":[],"evidenceIds":["e3","e4","e5","e6"],"counterEvidenceIds":["e1","e7","e8"]},{"mechanism":"cost_advantage","claim":"Self-clearing and proprietary routing provide operational control, but the passages do not demonstrate lower unit costs or superior execution relative to competitors.","durability":"Infrastructure is an existing capability; a durable relative cost advantage remains unestablished.","risks":"Technology and compliance investment remain necessary, and realized clearing-system failures weaken claims of superior infrastructure.","invalidation":"A cost-advantage thesis would fail if comparable-volume costs or execution quality were no better than alternatives. Sustained comparative operating evidence could overturn the present assessment.","competitors":[],"evidenceIds":["e9","e10"],"counterEvidenceIds":["e1","e8","e23"]},{"mechanism":"intangible_assets","claim":"Subscription, retirement, banking and advisory adoption demonstrate franchise appeal, but copied features and limited intellectual-property protection prevent treating that appeal as a durable exclusionary asset.","durability":"Commercial traction is demonstrated; durable differentiation and premium pricing are not.","risks":"Aggressive pricing, imitation, regulatory failures and dependence on trading activity can erode differentiation. Prediction-market scale and blockchain plans do not themselves prove network effects.","invalidation":"The franchise-strength thesis would weaken if paid subscriptions, recurring card usage or retirement relationships declined after promotions normalized. The no-moat conclusion would merit reconsideration with sustained differentiated demand and pricing despite imitation.","competitors":[],"evidenceIds":["e5","e6","e11","e12"],"counterEvidenceIds":["e1","e2","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Risk factors: competitors adopting key offerings","excerpt":"For example, some of our competitors have quickly adopted, or are seeking to adopt, some of our key offerings and services, including commission-free trading, fractional share trading, no account minimums, and IRA match since their introduction on our platforms in order to compete with us."},{"id":"e2","sourceId":"filing-1","location":"Risk factors: ongoing aggressive price competition","excerpt":"We continue to experience aggressive price competition in our markets and we might not be able to match the marketing efforts or prices of our competitors."},{"id":"e3","sourceId":"filing-2","location":"Commitments: eligible Gold deposit match payments","excerpt":"64 Table of Contents (3) Robinhood match incentives commitments represent non-cancelable future match payments on eligible cash deposits made by Robinhood Gold Subscribers."},{"id":"e4","sourceId":"filing-2","location":"Commitments: forfeiture of future match payments","excerpt":"The future match payments are forfeited if deposits are not held on the platform during the specific earning period."},{"id":"e5","sourceId":"filing-3","location":"CEO letter: 2025 retirement assets and funded accounts","excerpt":"Robinhood Retirement assets under custody doubled in 2025 to $26.5 billion across approximately 1.8 million funded accounts."},{"id":"e6","sourceId":"filing-3","location":"CEO letter: Gold subscribers and banking deposits","excerpt":"We made Robinhood Gold even better, with subscribers reaching a record 4.2 million by the end of the year, and launched Robinhood Banking, which has already crossed $1.5 billion in deposits from nearly 100,000 Funded Customers."},{"id":"e7","sourceId":"filing-1","location":"Metric definitions: standardized account asset transfers","excerpt":"•Automated Customer Account Transfer Service (“ACATS”): 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."},{"id":"e8","sourceId":"filing-2","location":"Risk factors: matters resolved in March 2025 FINRA settlement","excerpt":"Furthermore, as part of the March 2025 FINRA Settlement, RHS resolved multiple matters with FINRA, including RHS’s supervision of its clearing system technology, improper rejection of certain ACATS requests, improper effectuation of trades in securities during trading halts, execution of trades during extraordinary market volatility at prices that were above or below specified price bands, and the maintenance and reporting of inaccurate or incomplete trade, order, and position data to FINRA, FINRA TRF, CAT, and OCC, and RHS’s AML program, registration of required personnel, and supervision of trading in associated persons’ brokerage accounts."},{"id":"e9","sourceId":"filing-1","location":"Technology: self-clearing capabilities","excerpt":"Our self-clearing services allow us to clear and settle trades across stocks, ETFs, and options without relying on a third-party clearing firm, an approach that provides increased internal visibility and stronger oversight and control over clearing and settlement functions."},{"id":"e10","sourceId":"filing-1","location":"Technology: proprietary order routing","excerpt":"•Order Routing System. We built a proprietary order routing system that uses statistical models to evaluate past orders and execution quality data, and automatically routes customer orders to the market makers that have historically given customers the best prices."},{"id":"e11","sourceId":"filing-3","location":"CEO letter: Gold Card customers and annualized spending","excerpt":"The Gold Card has more than 700,000 customers with over $10 billion in annualized spend."},{"id":"e12","sourceId":"filing-3","location":"CEO letter: advisory launch and adoption","excerpt":"On the wealth management front, we launched Robinhood Strategies—our digital advisory service—and scaled it to more than $1.5 billion in assets under management across more than 250,000 Funded Customers."},{"id":"e13","sourceId":"filing-1","location":"Intellectual property: limited protection","excerpt":"However, these laws, agreements, and procedures provide only limited protection."},{"id":"e14","sourceId":"filing-2","location":"Risk factors: reliance on trading activity and net deposits","excerpt":"Our results of operations are heavily reliant on the level of trading activity on our platforms and Net Deposits."},{"id":"e15","sourceId":"filing-1","location":"2024 revenue discussion: increased crypto rebate rate","excerpt":"In addition, cryptocurrencies revenues benefited from a higher rebate rate from crypto market makers (a rebate increase was effective in May 2024)."},{"id":"e16","sourceId":"filing-1","location":"2024 revenue discussion: lower equity rebates from trading mix","excerpt":"The increase was partially offset by lower equity rebate rates due to the mix of ticker symbols traded as different ticker symbols pay different rebate rates."},{"id":"e17","sourceId":"filing-1","location":"2024 expenses: option trading fees passed to users","excerpt":"These increases were partially offset by a decrease of $16 million in broker-dealer transaction expenses mainly due to passing option trading fees onto users starting in the fourth quarter of 2023."},{"id":"e18","sourceId":"filing-1","location":"2024 cash flows: margin balances increased following lower rates","excerpt":"•an increase of $4.29 billion in receivables from users driven by higher margin balance due to lower rates;"},{"id":"e19","sourceId":"filing-3","location":"Product highlights: Gold subscription prices","excerpt":"Robinhood Gold Robinhood Gold: Our paid subscription service ($5/month or $50/year) offers customers a suite of powerful tools, data, and features designed to take their investing to the next level."},{"id":"e20","sourceId":"filing-2","location":"Fund advisory agreements: termination without penalty","excerpt":"Its provision of those services to the Funds can be terminated without penalty as specified in the investment advisory agreement."},{"id":"e21","sourceId":"filing-1","location":"Cash Sweep: spread determined by bank rates and customer program terms","excerpt":"Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms."},{"id":"e22","sourceId":"filing-2","location":"Cash flows: operating cash, financing, investments and repurchases","excerpt":"65 Table of Contents Cash Flows The following table summarizes our cash flow activities: Six Months Ended June 30, (in millions) 2025 2026 Cash provided by (used in): Operating activities $ 4,151 $ 2,758 Investing activities 841 (1,054) Financing activities (703) 2,086 Operating activities (in millions) 2025 to 2026 Change Changes to net cash provided by (used in) operating activities were primarily due to: Increase in securities loaned due to continued growth of our securities lending program, as well as market conditions, variable lending and funding activities $ 3,733 Increase in payable to users primarily driven by higher customer free credit balance 3,248 Increase in net income after adjusting for non-cash items 157 Increase in securities borrowed due to increased customer activities (705) Increase in receivables from users primarily driven by higher customer margin receivables (3,176) Increase in securities segregated under federal and other regulations (3,772) Decrease in working capital primarily driven by increase in receivables from brokers, dealers, and clearing organizations and increase in deposits with clearing organizations (878) $ (1,393) Investing activities (in millions) 2025 to 2026 Change Changes to net cash provided by (used in) investing activities were primarily due to: Increase due to lower cash paid associated with business and asset acquisitions $ 150 Increase in proceeds from sales of investment 28 Increase in purchases of non-marketable securities (220) Cash derecognized upon deconsolidation of RVI (220) Increase in purchases of credit card receivables offset by collections during the year (256) Decrease in proceeds received from maturities of held-to-maturity investments (266) Decrease in cash, cash equivalents, and segregated cash acquired in business acquisitions (1,098) Other (13) $ (1,895) 66 Table of Contents Financing activities (in millions) 2025 to 2026 Change Changes to net cash provided by (used in) financing activities were primarily due to: Proceeds from issuance of convertible senior notes $ 2,200 Decrease in cash paid for taxes related to net share settlement of equity awards 349 Proceeds received from issuance of RVI common stock in connection with initial public offering, net of offering costs 312 Increase in borrowings by the Credit Card Funding Trust to purchase credit card receivables 278 Increase in contributions from noncontrolling interests 41 Increase in repayments on borrowings by the Credit Card Funding Trust (25) Purchase of Capped Calls (123) Increase in cash paid for repurchases of common stock of RHM (218) Other (25) $ 2,789 Critical Accounting Estimates Our unaudited condensed consolidated financial statements are prepared in accordance with GAAP."},{"id":"e23","sourceId":"filing-2","location":"Commitments: June 2026 debt and contractual cash requirements","excerpt":"Commitments The following table summarizes our short- and long-term material cash requirements for contractual obligations as of June 30, 2026: Payments Due by Period (in millions) Total Remainder of 2026 2027-2028 2029-2030 Thereafter Convertible notes $ 2,200 $ — $ — $ 2,200 $ — Purchase commitments(1) 1,287 180 574 471 62 Credit Card Funding Trust borrowing principal and interest 959 959 — — — Operating lease commitments(2) 336 21 94 86 135 Robinhood match incentives commitments(3) 9 9 — — — Total $ 4,791 $ 1,169 $ 668 $ 2,757 $ 197 _______________ (1) Purchase commitments are determined based on the non-cancelable quantities or termination amounts to which we are contractually obligated."},{"id":"e24","sourceId":"filing-2","location":"EPS note: earnings and weighted-average shares","excerpt":"The following table presents the calculation of basic and diluted EPS: (in millions, except for per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2026 2025 2026 Class A Class B Class A Class B Class A Class B Class A Class B Basic EPS: Numerator Net income $ 336 $ 50 $ 503 $ 70 $ 627 $ 95 $ 807 $ 112 Less: Net income attributable to non-controlling interests — — 10 2 — — 7 1 Net income attributable to Robinhood common stockholders $ 336 $ 50 $ 493 $ 68 $ 627 $ 95 $ 800 $ 111 Denominator Weighted-average common shares outstanding - basic 767 115 790 109 767 116 789 110 Basic EPS $ 0.44 $ 0.44 $ 0.62 $ 0.62 $ 0.82 $ 0.82 $ 1.01 $ 1.01 Diluted EPS: Numerator Net income $ 336 $ 50 $ 503 $ 70 $ 627 $ 95 $ 807 $ 112 Less: Net income attributable to non-controlling interests — — 10 2 — — 7 1 Net income attributable to Robinhood common stockholders 336 50 493 68 627 95 800 111 Reallocation of net income as a result of conversion of Class B to Class A common stock 50 — 68 — 95 — 111 — Reallocation of net income (loss) to Class B common stock — (2) — (1) — (3) — (2) Net income attributable to Robinhood common stockholders for diluted EPS $ 386 $ 48 $ 561 $ 67 $ 722 $ 92 $ 911 $ 109 Denominator Weighted-average common shares outstanding - basic 767 115 790 109 767 116 789 110 Dilutive effect of stock options and unvested shares 27 — 13 — 28 — 14 — Conversion of Class B to Class A common stock 115 — 109 — 116 — 110 — Weighted-average common shares outstanding - diluted 909 115 912 109 911 116 913 110 Diluted EPS $ 0.42 $ 0.42 $ 0.62 $ 0.62 $ 0.79 $ 0.79 $ 1.00 $ 1.00 42 Table of Contents The following potential common shares were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions that were not satisfied by the end of the period: (in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2026 2025 2026 Convertible Notes — 13 — 13 Employee Incentive Plans 7 — 7 — Total anti-dilutive securities 7 13 7 13 Our Capped Calls were also excluded from the calculation of diluted net income per share as the effect would have been antidilutive."},{"id":"e25","sourceId":"filing-3","location":"Appendix: Ziglu advances impaired to zero","excerpt":"(5)Partially as a result of the termination of the stock purchase agreement, the advances made to Ziglu accounted for as non-marketable equity securities were impaired to a carrying value of zero."},{"id":"e26","sourceId":"filing-3","location":"Executive compensation: granted four-year time-based equity awards","excerpt":"The People Committee granted time-based equity awards to our non-CEO named executive officers (“NEOs”) that vest quarterly over four years."},{"id":"e27","sourceId":"filing-3","location":"Executive compensation: adopted 2025 bonus measures","excerpt":"The People Committee shifted the 2025 cash incentive plan’s measures to include International Net Funded Accounts in addition to total net revenues, adjusted net income, Net Deposits, and Gold Subscriber growth."},{"id":"e28","sourceId":"filing-3","location":"Executive compensation: actual 2025 CEO compensation arrangements","excerpt":"Our CEO continues to receive a modest base salary, did not participate in our annual cash incentive program, and did not receive any new equity grants in 2025."},{"id":"e29","sourceId":"filing-3","location":"Compensation practices: clawback policies","excerpt":"Maintain robust clawback policies allowing recoupment of incentive-based compensation paid to executive officers in the event of certain detrimental conduct, as well as in the case of certain accounting restatements in accordance with applicable Nasdaq listing standards."},{"id":"e30","sourceId":"filing-3","location":"Governance: independent standing committees","excerpt":"Fully Independent Committees. We have four standing committees of the Board of Directors, each comprising all independent directors."},{"id":"e31","sourceId":"filing-3","location":"Governance: annual director elections","excerpt":"All of our directors are elected on an annual basis."},{"id":"e32","sourceId":"filing-1","location":"Capital structure: founder voting-control succession exception","excerpt":"Notwithstanding the foregoing, in the event such natural person is a founder, to the extent (i) a person designated by such founder and approved by a majority of the independent directors then in office or (ii) the other founder, in each case, has or shares voting control over the shares of Class B common stock held by the deceased or disabled founder, such shares will be treated as being held of record by such person or other founder and will not convert into shares of Class A common stock as a result of such founder’s death or total disability."},{"id":"e33","sourceId":"filing-2","location":"Risk factors: paid FINRA penalty and restitution obligations","excerpt":"RHS, along with RHF, paid a penalty totaling $26 million and agreed to pay restitution and to certain undertakings to resolve these investigations, among others."},{"id":"e34","sourceId":"filing-2","location":"Regulatory compliance: daily reserve computations implemented early","excerpt":"We proactively started implementing these daily computations and began making any required deposits in January 2026."},{"id":"e35","sourceId":"filing-1","location":"2024 options revenue: customer match incentives","excerpt":"The increase was offset by $43 million of match incentives paid to our customers."},{"id":"e36","sourceId":"filing-2","location":"Competition: generic categories of competitors","excerpt":"Our current and potential future competition principally comes from incumbent brokerages, established financial technology companies, venture-backed financial technology firms, banks, cryptocurrency exchanges, asset management firms, financial institutions, consumer financial service providers and technology platforms."},{"id":"e37","sourceId":"filing-3","location":"Product highlights: blockchain testnet and planned mainnet","excerpt":"The testnet launched in February 2026 with the mainnet to follow later in the year."}],"changes":["Retain the previous none verdict: demonstrated adoption does not overcome evidence of imitation and price competition.","Add explicit criterion grades supported by compensation, governance, operating, financing and contractual disclosures.","Recognize realized option-fee pass-through alongside lower margin rates, making the pricing assessment more balanced."],"limitations":["All sources are issuer filings. Reported outcomes and contractual terms support assessment, but management descriptions of competitive superiority remain assertions.","Source dates are filing dates (dateKind=filed), not retrieval dates. Operating periods and subsequent events are distinguished from those filing dates.","Competition passages identify generic categories rather than named competitors; competitor arrays are therefore empty. Named vendors, acquisition targets and partners are not treated as established competitors.","No comparative unit-cost data, customer cohort retention, subscription renewal rates or durable network-effect evidence is supplied. Retention is assessed indirectly from paid adoption, usage and contractual friction.","The proxy supplies actual compensation and governance practices, but not complete executive beneficial ownership or current voting-power coverage. No alignment is inferred from founder status.","Gold prices establish current terms, not sustained price increases. Equity rebate changes reflect trading mix, and aggregate cash flows include substantial brokerage balance movements.","Blockchain expansion remains potential in the cited product passage; future risk factors do not establish successful mainnet adoption or realized competitive harm."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Self-clearing and routing are useful capabilities, but relative superiority is unproven and competitors have copied central offerings.","evidenceIds":["e1","e9","e10"]},{"criterion":"durability","grade":1,"rationale":"Match friction expires with the earning period, while imitation and limited intellectual-property protection constrain durable differentiation.","evidenceIds":["e1","e4","e13"]},{"criterion":"customer_dependency","grade":1,"rationale":"Retirement and paid subscription adoption show engagement indirectly, but standardized transfers and temporary incentives do not establish deep dependency.","evidenceIds":["e4","e5","e6","e7"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Product adoption is encouraging, but realized imitation and aggressive pricing show fragile protection. Trading dependence adds exposure without proving realized customer losses.","evidenceIds":["e1","e2","e6","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Higher crypto rebates and option-fee pass-through demonstrate some monetization ability. Lower margin rates and customer incentives offset that evidence; equity rebate weakness was mix-driven.","evidenceIds":["e15","e16","e17","e18","e35"]},{"criterion":"retention","grade":2,"rationale":"Record paid subscriptions, retirement relationships and card spending support repeat demand indirectly. Cohort retention is unavailable, and deposit friction is incentive-dependent.","evidenceIds":["e4","e5","e6","e11","e19"]},{"criterion":"margin_resilience","grade":2,"rationale":"Realized fee pass-through and rising first-half earnings support resilience, but lower lending rates and customer incentives show offsets. The passages do not isolate pricing-driven margins across a full cycle.","evidenceIds":["e17","e18","e24","e35"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Subscription terms, customer cash-sweep rates and implemented fee pass-through demonstrate some discretion. Advisory agreements permit termination without penalty, and aggressive competition limits practical freedom.","evidenceIds":["e2","e17","e19","e20","e21"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Positive operating cash generation and actual repurchases coexist with convertible financing, growing contractual commitments, higher weighted-average shares and a failed investment. Brokerage cash movements and missing acquisition-return evidence prevent a stronger conclusion.","evidenceIds":["e22","e23","e24","e25"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual four-year equity grants, operating and financial bonus measures, clawbacks and restrained 2025 CEO compensation support alignment. Time-based vesting does not require operating outperformance, and complete executive ownership is unavailable.","evidenceIds":["e26","e27","e28","e29"]},{"criterion":"execution","grade":3,"rationale":"Reported retirement growth, paid subscription adoption, card usage and advisory scaling demonstrate strong commercial execution. Early reserve-computation implementation adds operational evidence; settled compliance failures limit confidence in consistent execution.","evidenceIds":["e5","e6","e11","e12","e8","e33","e34"]},{"criterion":"governance","grade":2,"rationale":"Annual director elections, independent committees and clawbacks provide concrete safeguards. Founder voting-control succession provisions and realized compliance settlements temper the assessment; current voting concentration is not established.","evidenceIds":["e29","e30","e31","e32","e33"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"eb7697250f950d6c613f3ca4b2c44479139656df5c15863df60a70693a1c8fb8","updatedAt":"2026-10-18T12:54:18.014Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1783879/000178387925000049/hood-20241231.htm","publishedAt":"2025-02-18","sha256":"3bf59ca8f65007c700cdb4f6a261360754ba26705b14d32a943e21f86a9970b7","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1783879/000178387926000114/hood-20260630.htm","publishedAt":"2026-07-30","sha256":"d1ed5c72095c7a85009669c4cd28a6df30d925f5656091fb79173fc3b8973844","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1783879/000178387926000053/hood-20260422.htm","publishedAt":"2026-04-22","sha256":"18ce420f9624bab262b163893df235cd0824c2714202d7b790d6a9735f489d6b","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1783879/000178387924000054/hood-20231231.htm","publishedAt":"2024-02-27","sha256":"c72df8ff25c086075547e3ded67c08cec0548c115267443976fc493be507ba36","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1783879/000178387923000045/hood-20221231.htm","publishedAt":"2023-02-27","sha256":"468c4bea090958313a682ae3fcca637650eaeac38269ea750569b709f9f991f5","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1783879/000178387926000062/hood-20260331.htm","publishedAt":"2026-04-29","sha256":"8129b2e349a772975a4b8a51d087693f1a9432f558ad95b582ae7fa5932cae1d","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:07f977bc7a940a3aa96a8dc2867a691d2d3616984086cecf2c5718b50c65e8a0","usage":{"input_tokens":90258,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3623,"reasoning_output_tokens":132},"basisSupplement":{"previousHash":"6c4cd7dff8a016600e8d00de88b67088ef06a8f4127a0ba9e8ca07ae54ded86f","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":-52.22481093776082,"sbc_revenue":86.5158282295114},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"The matching period one year earlier is unavailable.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"The matching period one year earlier is unavailable.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or 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or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":46.702412868632706},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":10.301592680447307},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":6.818689917281466},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1783879/000178387925000049/hood-20241231.htm","publishedAt":"2025-02-18","sha256":"3bf59ca8f65007c700cdb4f6a261360754ba26705b14d32a943e21f86a9970b7","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1783879/000178387926000114/hood-20260630.htm","publishedAt":"2026-07-30","sha256":"d1ed5c72095c7a85009669c4cd28a6df30d925f5656091fb79173fc3b8973844","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1783879/000178387926000053/hood-20260422.htm","publishedAt":"2026-04-22","sha256":"18ce420f9624bab262b163893df235cd0824c2714202d7b790d6a9735f489d6b","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1783879/000178387924000054/hood-20231231.htm","publishedAt":"2024-02-27","sha256":"c72df8ff25c086075547e3ded67c08cec0548c115267443976fc493be507ba36","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1783879/000178387923000045/hood-20221231.htm","publishedAt":"2023-02-27","sha256":"468c4bea090958313a682ae3fcca637650eaeac38269ea750569b709f9f991f5","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1783879/000178387926000062/hood-20260331.htm","publishedAt":"2026-04-29","sha256":"8129b2e349a772975a4b8a51d087693f1a9432f558ad95b582ae7fa5932cae1d","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"none","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"none","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}