HOODHIGH SIGNALFINANCIAL10-K

Robinhood delivered exceptional operational turnaround with operating cash flow swinging from -$157M to +$1.6B while accelerating revenue growth 52% and significantly expanding share buybacks.

This represents a fundamental transformation in Robinhood's business model, demonstrating the company has achieved sustainable profitability and strong cash generation capabilities. The massive operating cash flow improvement of over $1.7B, combined with 154% increase in share buybacks to $653M, signals management's confidence in the business and commitment to returning capital to shareholders.

Comparing 2026-02-18 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

Robinhood exhibited strong across-the-board growth with revenue increasing 52% to $4.5B and net income growing 34% to $1.9B, while the balance sheet expanded significantly with total assets up 46% to $38.1B and liabilities growing 59% to $29.0B (likely reflecting increased customer deposits and trading activity). The standout metric is the dramatic operating cash flow turnaround from negative $157M to positive $1.6B, representing over $1.7B improvement and indicating the business has reached an inflection point in cash generation efficiency. This financial profile suggests a maturing fintech platform successfully scaling operations while maintaining profitability and generating substantial cash for shareholder returns.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+1143.3%
-$157.0M$1.6B

Operating cash flow surged 1143.3% — exceptional cash generation, highest quality earnings signal.

Share Buybacks
Cash Flow
+154.1%
$257.0M$653.0M

Share repurchases increased 154.1% — management returning capital, signals confidence in intrinsic value.

Total Liabilities
Balance Sheet
+59.1%
$18.2B$29.0B

Liabilities grew 59.1% — significant increase in debt or obligations, assess impact on financial flexibility.

Current Liabilities
Balance Sheet
+58.9%
$18.1B$28.8B

Current liabilities surged 58.9% — significant near-term obligations; verify ability to meet short-term debt.

Revenue
P&L
+51.6%
$3.0B$4.5B

Strong top-line growth of 51.6% — accelerating demand or successful expansion into new markets.

Total Assets
Balance Sheet
+45.6%
$26.2B$38.1B

Asset base grew 45.6% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+44.6%
$25.1B$36.3B

Current assets grew 44.6% — improving short-term liquidity or inventory/receivables build.

Net Income
P&L
+33.5%
$1.4B$1.9B

Net income grew 33.5% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+19.1%
$6.7B$8.0B

Equity base grew 19.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-18
ADDED
As of February 11, 2026, the numbers of shares of the issuer s Class A and Class B common stock outstanding were 790,054,654 and 110,253,736 .
MARKET FOR REGISTRANT S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 100 ITEM 6.
2013 Plan Amended and Restated 2013 Stock Plan, as amended Corp Fin SEC Division of Corporation Finance 2020 Plan 2020 Equity Incentive Plan, as amended Crypto Listing Frameworks Our internal policies and procedures with respect to the listing of cryptocurrencies on our platforms 2021 Plan 2021 Omnibus Incentive Plan Crypto Transfers Cryptocurrency transfers Adjusted EBITDA Adjusted earnings before interest, taxes, depreciation, and amortization DFAL Digital Financial Assets Law ADRs American Depository Receipts DOJ U.S.
entity, among others ERM Enterprise Risk Management Bitstamp Bitstamp Ltd.
ESPP Employee Share Purchase Plan BOATS Blue Oceans ATS, LLC ETFs Exchange Traded Funds Bribery Act U.K.
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REMOVED
As of February 12, 2025, the numbers of shares of the issuer s Class A and Class B common stock outstanding were 767,947,897 and 117,512,743 .
MARKET FOR REGISTRANT S COMMON EQUITY, RELATED STOCKHOLDER MATTERS , AND ISSUER PURCHASES OF EQUITY SECURITIES 86 ITEM 6.
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 is included in the section of this Annual Report titled Risk Factors and our other filings with the U.S.
Securities and Exchange Commission ( SEC ), which are available on the SEC s web site at www.sec.gov.
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