Robinhood Markets Inc.

"we are continuously introducing new products and diversifying our services that further expand access to the financial system"

"In April 2026, we announced that Robinhood will serve as broker and sole initial trustee for Trump Accounts on behalf of the U.S. Department of the Treasury"

"Our platforms enable customers to buy, sell, and trade equities, options, event contracts, and futures, as well as buy, sell, and transfer cryptocurrencies"

"We are continuously introducing new products and diversifying our services that further expand access to the financial system."

"In February 2026, we updated our brokerage High-Yield Cash program to fund growth in margin lending, resulting in over $6 billion of Cash Sweep balances moving to Cash and Deposits in the form of customer free credit balances."

"On March 6, 2026, RVI launched its IPO and commenced trading on the NYSE. Following the IPO, we continue to consolidate RVI and hold approximately 52% of RVI as of March 31, 2026, with the remaining interest held by public shareholders."

"We generated positive full year GAAP net income for the first time in 2024. However, in most full year periods since our inception, we have incurred operating losses. We might not be able to maintain or increase our revenue and/or maintain or further reduce our operating expenses by sufficient amounts to continue to generate positive GAAP net income on a quarterly or yearly basis in the future."

"On September 30, 2025 and October 31, 2025, the SEC granted temporary exemptive relief from certain compliance dates adopted under the September 2024 Final Rules... which extended the effective dates to February, August, and November of 2026 respectively."

"We are directly and indirectly exposed to fluctuations in interest rates, and rapidly changing interest rate environments have in the past and could in the future reduce our net interest revenues and otherwise result in reduced profitability."

"We are continuously introducing new products and diversifying our services that further expand access to the financial system."

"We acquired Bitstamp, a globally-scaled cryptocurrency exchange with retail and institutional customers, to accelerate our expansion worldwide, including across the European Union, the United Kingdom, and Asia."

"Our reliance on transaction-based revenue, including payment for order flow, the risk of new regulation or bans on PFOF and similar practices, and the addition of our new fee-based model for cryptocurrency remain key operating risks."

"We are continuously introducing new products and diversifying our services that further expand access to the financial system."

"In February 2025, we acquired TradePMR... In June 2025, we acquired Bitstamp, a globally-scaled cryptocurrency exchange with institutional and retail customers."

"Robinhood's mission is to democratize finance for all. Our platforms enable customers to buy, sell, and trade equities, options, and futures, as well as buy, sell, and transfer cryptocurrencies."

"We are continuously introducing new products and diversifying our services that further expand access to the financial system."

"In February 2025, we acquired TradePMR, a custodial and portfolio management platform for Registered Investment Advisors. In March 2025, we launched Robinhood Strategies, a digital investment advisory service that offers tailored, expert-managed, and goal-based portfolios directly within our mobile platform, featuring low and capped fees."

"Our belief that, based on our current level of operations, our primary sources of liquidity will be adequate to meet our current liquidity needs for the next 12 months."

"We generated positive full year GAAP net income for the first time in 2024. However, in most full year periods since our inception, we have incurred operating losses."

"The quote transparency rules will make the information about smaller-sized orders publicly available and result in the contraction of spreads across several securities, which we expect will lead to a decrease in the PFOF earned from such orders once the rules go into effect in November 2025."

"In the second quarter of 2024, we received the May 2024 Wells Notice...The potential action related to the May 2024 Wells Notice may involve a civil injunctive action, public administrative proceeding, and/or a cease-and-desist proceeding and may seek remedies that include an injunction, a cease-and-desist order, disgorgement, pre-judgment interest, civil money penalties, and censure, revocation, and limitations on activities."

"If the improvements in our U.S. operating results continue, our belief that a reasonable probability exists that, within the next 24 months, sufficient positive evidence may become available to reach a conclusion that a significant portion of the U.S. valuation allowance would no longer be required"

"We believe it is more likely than not that the tax benefits of the remaining U.S. federal, state, and certain foreign net deferred tax assets may not be realized until sufficient positive evidence exists to support reversal of the valuation allowance"

"During the three months ended September 30, 2024, the Company repurchased 5 million shares of our Class A common stock for $97 million under the $1 billion Repurchase Program approved in May 2024"

"if the improvements in our U.S. operating results continue, our belief that a reasonable probability exists that, within the next 24 months, sufficient positive evidence may become available to reach a conclusion that a significant portion of the U.S. valuation allowance would no longer be required"

"we currently expect to conduct the Repurchase Program over a period of two to three years, beginning in the third quarter of 2024"

"The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025"

"our reliance on transaction-based revenue, including payment for order flow (PFOF), and the risk of new regulation or bans on PFOF and similar practices"

"the risks associated with incorporating artificial intelligence (AI) technologies into some of our products and processes"

"On May 4, 2024, RHC received a Wells Notice from the Staff of the SEC stating that the SEC Staff has advised RHC that it made a preliminary determination to recommend that the SEC file an enforcement action against RHC alleging violations of Sections 15(a) and 17A of the Exchange Act"

"Our reliance on transaction-based revenue, including payment for order flow (PFOF), and the risk of new regulation or bans on PFOF and similar practices"

"The difficulty of managing our business effectively, including the size of our workforce, and the risk of declining or negative growth"

"We acquired X1 Inc. (renamed Robinhood Credit) in July 2023 for $104 million to provide access to credit for our customers"