Robinhood Markets, Inc. (Hood): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde en évolution rapide des fintech, Robinhood Markets, Inc. a révolutionné l'investissement en transformant comment les milléniaux et la génération Z approchent les marchés financiers. Avec sa plate-forme révolutionnaire de trading zéro-commande, Robinhood a démocratisé l'investissement, offrant une expérience mobile élégante et conviviale qui décompose les obstacles traditionnels à l'entrée. En tirant parti des technologies innovantes et d'un modèle commercial perturbateur, la société n'a pas seulement créé une application commerciale, mais une passerelle qui permet à une nouvelle génération d'investisseurs de participer à des écosystèmes financiers jugés complexes et inaccessibles.

Robinhood Markets, Inc. (Hood) - Modèle commercial: partenariats clés

Institutions financières et chariotations

Robinhood s'associe aux principales institutions financières suivantes:

Partenaire	Rôle	Détails spécifiques
Apex Clearing Corporation	Services de compensation	Société de compensation principale pour les transactions de titres de Robinhood
Goldman Sachs	Services financiers	Fournit un support d'infrastructure de marché et de négociation

Paiement pour les fabricants de marchés du flux de commandes (PFOF)

Les principaux partenaires du PFOF de Robinhood comprennent:

• Titres de la citadelle
• Virtu financier
• Deux titres Sigma

Marchand	PFOF Contribution des revenus	2023 Volume de paiement
Titres de la citadelle	605,3 millions de dollars	Environ 47% du total des revenus du PFOF
Virtu financier	312,7 millions de dollars	Environ 24% des revenus du PFOF total

Fournisseurs de services cloud

Les partenaires de l'infrastructure cloud de Robinhood:

• Amazon Web Services (AWS)
• Google Cloud Platform

Fournisseur de cloud	Dépenses de cloud annuelles	Couverture des infrastructures
Services Web Amazon	42,5 millions de dollars	Fournisseur d'infrastructures cloud primaire
Google Cloud Platform	12,3 millions de dollars	Services cloud supplémentaires

Partenaires de conformité réglementaire

Les principales collaborations de conformité réglementaire de Robinhood:

• Autorité de réglementation de l'industrie financière (FINRA)
• Commission des valeurs mobilières et de l'échange (SEC)
• Divers organismes de réglementation d'État

Corps réglementaire	Focus de la conformité	Dépenses de conformité annuelles
Finre	Opération de la plate-forme de négociation	18,7 millions de dollars
SECONDE	Règlements sur le commerce des valeurs mobilières	22,4 millions de dollars

Robinhood Markets, Inc. (Hood) - Modèle d'entreprise: activités clés

Développement de la plate-forme de trading sans commission

Au quatrième trimestre 2023, Robinhood a maintenu une plate-forme de trading avec 10,3 millions d'utilisateurs actifs mensuels. Les coûts de développement des plateformes en 2022 étaient de 503,2 millions de dollars.

Métrique de la plate-forme	2023 données
Utilisateurs actifs mensuels	10,3 millions
Dépenses de développement de la plate-forme	503,2 millions de dollars

Maintenance d'application mobile et d'interface Web

L'application mobile de Robinhood a été téléchargée 26,4 millions de fois en décembre 2023. Les dépenses de maintenance des applications et d'infrastructures technologiques étaient de 388,7 millions de dollars en 2022.

• Téléchargements d'applications mobiles: 26,4 millions
• Dépenses d'infrastructure technologique: 388,7 millions de dollars

Innovation de produits financiers

Robinhood a introduit 7 nouveaux produits financiers en 2023, notamment des options de négociation de crypto-monnaie et des investissements en actions fractionnaires.

Catégorie de produits	Nombre de nouveaux produits
Trading de crypto-monnaie	3
Options d'investissement en stock	4

Expérience utilisateur et conception d'interface

Les investissements de refonte de l'interface utilisateur ont totalisé 76,5 millions de dollars en 2023, en se concentrant sur l'amélioration de l'utilisabilité de la plate-forme mobile et Web.

Services de crypto-monnaie et de trading d'actions

Robinhood a soutenu les échanges de 16 crypto-monnaies et de plus de 5 000 actions en 2023. Le volume de négociation des crypto-monnaies a atteint 45,2 milliards de dollars au quatrième trimestre 2023.

Service commercial	2023 statistiques
Crypto-monnaies prises en charge	16
Stocks disponibles	5,000+
Volume de trading de crypto-monnaie (Q4)	45,2 milliards de dollars

Robinhood Markets, Inc. (Hood) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie commerciale avancée

L'infrastructure technologique de Robinhood depuis le quatrième trimestre 2023 comprend:

Composant d'infrastructure	Spécification
Serveurs de cloud	Amazon Web Services (AWS) Infrastructure primaire
Time de disponibilité de la plate-forme de négociation	Taux de fiabilité de 99,9%
Utilisateurs d'applications mobiles	23,4 millions d'utilisateurs actifs (Q4 2023)

Données utilisateur et analyse comportementale

Les mesures clés de données incluent:

• 23,4 millions d'utilisateurs actifs mensuels
• 8,8 milliards de dollars d'actifs sous garde
• Âge de l'utilisateur moyen: 31 ans

Solide reconnaissance de la marque dans FinTech

Métriques d'évaluation de la marque:

Métrique de la marque	Valeur
Valeur de marque	2,4 milliards de dollars
Part de marché	17,9% des plateformes de trading de détail

Algorithmes logiciels propriétaires

Investissements de développement logiciel:

• 412 millions de dollars dépensés pour le développement de la technologie en 2023
• 237 professionnels de l'ingénierie logicielle
• 15 algorithmes d'apprentissage automatique pour l'exécution du commerce

Travail technique et financier qualifié

Composition de la main-d'œuvre:

Catégorie des employés	Nombre
Total des employés	2,989
Personnel d'ingénierie	37% de la main-d'œuvre totale
Salaire technique moyen	185 000 $ par an

Robinhood Markets, Inc. (Hood) - Modèle d'entreprise: propositions de valeur

Trading zéro commande pour les investisseurs de détail

Depuis le quatrième trimestre 2023, Robinhood propose des échanges zéro sur les actions, les ETF, les options et les crypto-monnaies. En 2022, la plate-forme comptait 22,8 millions de comptes financés.

Catégorie de trading	Coût de la commission
Actions	$0
ETF	$0
Options	$0
Crypto-monnaies	$0

Plateforme de trading mobile conviviale

L'application mobile de Robinhood compte 23,5 millions d'utilisateurs actifs mensuels au troisième trimestre 2023. L'application maintient une cote de 4,3 / 5 sur iOS App Store.

Démocratiser l'accès aux marchés financiers

Le solde moyen du compte de Robinhood est de 3 500 $. La plate-forme a attiré 17,7 millions d'investisseurs pour la première fois depuis sa création.

Investissement de part fractionnaire

Robinhood permet des investissements en actions fractionnaires avec un minimum de 1 $. Depuis 2023, plus de 40% des utilisateurs se livrent à un trading d'actions fractionné.

Détails de partage fractionnaire	Spécification
Investissement minimum	$1
Participation des utilisateurs	40%

Entrée à faible barrière pour les jeunes investisseurs

L'âge de l'utilisateur médian a 31 ans. 65% des utilisateurs de Robinhood sont des investisseurs pour la première fois sans expérience de trading préalable.

• Taille du compte médian: 240 $
• Âge de l'utilisateur moyen: 31
• Pourcentage d'investisseurs pour la première fois: 65%

Robinhood Markets, Inc. (Hood) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

La plate-forme numérique de Robinhood dessert 23,9 millions de comptes financés au troisième trimestre 2023. L'interface utilisateur permet un échange direct sans intervention du courtier.

Métrique de la plate-forme	Valeur 2023
Comptes financés totaux	23,9 millions
Solde moyen du compte	$4,300
Utilisateurs actifs mensuels	11,8 millions

Forums d'utilisateurs axés sur la communauté

Robinhood maintient des canaux de fiançailles communautaires en ligne actifs avec environ 2,5 millions de followers sur les réseaux sociaux sur toutes les plateformes.

Support client intégré

• Support client numérique 24/7
• Temps de réponse moyen: 12-18 heures
• Support disponible via la messagerie intégrée
• Réponse d'assistance par e-mail dans les 48 heures

Ressources éducatives et idées du marché

Robinhood fournit un contenu éducatif gratuit, y compris 500+ articles, 200+ tutoriels vidéo, couvrant les stratégies d'investissement et la littératie financière.

Ressource éducative	Quantité
Articles d'investissement	500+
Tutoriels vidéo	200+
Rapports d'informations sur le marché	50 mensuels

Expérience d'investissement gamifiée

Robinhood intègre des éléments de gamification avec métiers zéro et la conception de l'expérience utilisateur interactive.

• Caractéristiques de dépôt instantané
• Investissement de part fractionnaire
• Système de points de récompense
• Programmes de bonus de référence

Robinhood Markets, Inc. (Hood) - Modèle d'entreprise: canaux

Application mobile

Au quatrième trimestre 2023, l'application mobile de Robinhood compte 10,3 millions d'utilisateurs actifs mensuels. L'application mobile représente 87% du volume de négociation de l'entreprise. En 2023, la plate-forme mobile a traité 7,2 milliards de transactions totales.

Métriques d'application mobile	2023 données
Utilisateurs actifs mensuels	10,3 millions
Pourcentage de volume de négociation	87%
Total des transactions traitées	7,2 milliards

Plateforme de trading basée sur le Web

La plate-forme Web de Robinhood génère 13% du volume de trading total. La plate-forme Web prend en charge 5,2 millions d'utilisateurs Web actifs en 2023.

Marketing des médias sociaux

• Followers Instagram: 2,1 millions
• Abonnés Twitter: 1,5 million
• TIKTOK APIRES: 800 000
• Taux d'engagement moyen: 3,7%

Publicité numérique

Robinhood a dépensé 98,4 millions de dollars en publicité numérique en 2023, ce qui représente 6,2% des revenus totaux.

Dépenses publicitaires numériques	2023 Montant
Dépenses publiques numériques totales	98,4 millions de dollars
Pourcentage de revenus	6.2%

Programmes de référence

Le programme de référence de Robinhood a généré 340 000 nouvelles acquisitions d'utilisateurs en 2023, avec une prime de référence moyenne de 20 $ par référence réussie.

Métriques du programme de référence	2023 données
Les nouveaux utilisateurs acquis	340,000
Bonus de référence moyen	$20

Robinhood Markets, Inc. (Hood) - Modèle d'entreprise: segments de clientèle

Investisseurs de la génération Y et de la génération Z

Au quatrième trimestre 2023, Robinhood a rapporté 8,4 millions d'utilisateurs actifs, avec 80% âgés de 18 à 44 ans. La plateforme attire 39% de ses utilisateurs qui sont des investisseurs pour la première fois.

Groupe d'âge	Pourcentage d'utilisateurs	Montant d'investissement moyen
18-24 ans	35%	$1,200
25-34 ans	45%	$3,500
35 à 44 ans	20%	$5,800

Traders de détail pour la première fois

Robinhood a intégré 22,4 millions de comptes financés cumulatifs depuis sa création, 60% étant des investisseurs pour la première fois.

• Solde du compte médian: 240 $
• Nombre moyen de métiers par mois: 3,4
• Investissement initial typique: 500 $ - 1 500 $

Consommateurs financiers avertis en technologie

La plate-forme connaît 17,9 millions d'utilisateurs actifs mensuels, avec 92% d'accès via des applications mobiles.

Type d'appareil	Pourcentage d'utilisation
Application mobile (iOS)	52%
Application mobile (Android)	40%
Web de bureau	8%

Investisseurs individuels à petite échelle

La taille moyenne du compte de Robinhood est de 4 300 $, ciblant les investisseurs avec des allocations de capital plus petites.

• Trading d'actions fractionnées disponible
• Investissement minimum: 1 $
• Modèle de trading zéro-commande

Utilisateurs de services financiers numériques

Robinhood capture 36% de parts de marché parmi les plateformes financières numériques pour les investisseurs de moins de 40 ans.

Préférence de service numérique	Pourcentage d'utilisateurs
Trading de crypto-monnaie	28%
Négociation	55%
Trading d'options	17%

Robinhood Markets, Inc. (Hood) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Les coûts de maintenance des infrastructures technologiques de Robinhood pour 2023 étaient d'environ 186,2 millions de dollars. La société a investi massivement dans l'infrastructure de cloud computing et de cybersécurité.

Catégorie de coûts	Montant (2023)
Services cloud	98,4 millions de dollars
Cybersécurité	47,6 millions de dollars
Infrastructure réseau	40,2 millions de dollars

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour Robinhood en 2023 ont totalisé 92,5 millions de dollars.

• Frais de conseil juridique: 37,8 millions de dollars
• Logiciel et systèmes de conformité: 28,3 millions de dollars
• Dépenses d'audit externe: 26,4 millions de dollars

Marketing et acquisition d'utilisateurs

Les dépenses de marketing pour Robinhood en 2023 étaient de 157,3 millions de dollars.

Canal de marketing	Dépenses
Publicité numérique	89,6 millions de dollars
Programmes de référence	42,7 millions de dollars
Marketing de contenu	25 millions de dollars

Salaires et avantages sociaux des employés

Les coûts totaux du personnel pour Robinhood en 2023 ont atteint 421,6 millions de dollars.

Catégorie de dépenses	Montant
Salaires de base	312,4 millions de dollars
Compensation en stock	68,2 millions de dollars
Soins de santé et avantages sociaux	41 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour Robinhood en 2023 étaient de 224,8 millions de dollars.

• Développement de produits: 132,6 millions de dollars
• Innovation technologique: 62,4 millions de dollars
• IA et apprentissage automatique: 29,8 millions de dollars

Structure totale des coûts pour 2023: 1 082,4 million de dollars

Robinhood Markets, Inc. (Hood) - Modèle d'entreprise: Strots de revenus

Paiement pour le flux de commandes (revenus primaires)

Au troisième trimestre 2023, Robinhood a déclaré un paiement de paiement pour les flux de commandes (PFOF) de 362 millions de dollars. Cela représente environ 54% des revenus totaux de l'entreprise pour ce trimestre.

Année	Revenus PFOF	Pourcentage du total des revenus
2022	1,36 milliard de dollars	65%
2023 (Q3)	362 millions de dollars	54%

Service d'abonnement Robinhood Gold

Au troisième trimestre 2023, le service d'abonnement Robinhood Gold a généré 96 millions de dollars de revenus.

• Frais d'abonnement mensuel: 5 $
• Total des abonnés à l'or: environ 1,1 million

Frais de prêt de marge

Les revenus des prêts sur marge pour le troisième trimestre 2023 étaient de 55 millions de dollars.

Année	Revenus de prêts à la marge	Équilibre de marge moyen
2022	240 millions de dollars	3,5 milliards de dollars
2023 (Q3)	55 millions de dollars	2,9 milliards de dollars

Intérêts sur la trésorerie non investie

Les revenus des intérêts des soldes en espèces des clients au troisième trimestre 2023 étaient de 124 millions de dollars.

• Total du solde de balayage en espèces des clients: 8,4 milliards de dollars
• Taux d'intérêt moyen: environ 1,5%

Frais de transaction de crypto-monnaie

Les revenus des transactions de crypto-monnaie au troisième trimestre 2023 étaient de 38 millions de dollars.

Année	Revenus de transactions cryptographiques	Nombre de transactions cryptographiques
2022	201 millions de dollars	Environ 12,5 millions
2023 (Q3)	38 millions de dollars	Environ 3,2 millions

Robinhood Markets, Inc. (HOOD) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Robinhood Markets, Inc. over established players. It's about making finance accessible, cheap, and now, more sophisticated.

Commission-free trading for stocks, options, and crypto

Robinhood Markets, Inc. pioneered the zero-commission model, which is now standard across the industry. While the headline is commission-free, you should know that regulatory and exchange fees still apply to certain transactions. For instance, from December 1, 2025, through December 31, 2025, the Trading Activity Fee is set at $0.000166 per share for equity sells and $0.00279 per contract for options sells, rounded to the nearest penny, with a maximum of $8.30. Index options carry a specific contract fee of $0.04 per contract for both buys and sells. This core value proposition supports a base of 27.9 million Investment Accounts as of Q3 2025.

High-yield interest on cash for Gold subscribers

For Robinhood Gold members, uninvested cash swept to program banks earns a competitive yield. As of November 5, 2025, the Annual Percentage Yield (APY) offered is 3.5% on eligible uninvested brokerage cash. This benefit is tied to the Robinhood Gold subscription, which costs $5 monthly or $50 for an annual plan. For comparison, non-Gold customers receive an APY near zero, reported at 0.01% APY. The platform's Total Platform Assets reached $333 billion in Q3 2025.

Simple, intuitive mobile-first user experience

The platform's design remains a key draw, especially for newer investors, though the ecosystem is maturing. As of June 2025, Monthly Active Users (MAU) stood at 15.7 million. The Average Revenue Per User (ARPU) saw an increase of 82% year-over-year to $191 in Q3 2025, showing successful monetization of this user base.

Diversified product suite: retirement, banking, and derivatives

Robinhood Markets, Inc. is actively moving beyond simple trading, building out a broader financial ecosystem. This diversification is evident in several key areas:

• Robinhood Gold members receive a 3% match on IRA contributions, compared to 1% for non-Gold members.
• Robinhood Strategies, the advisory product, served over 180 thousand customers and managed over $1 billion in assets as of October 31, 2025.
• The Robinhood Gold Credit Card offers 3% cash back across all categories and 5% back when booking travel through the Robinhood travel portal.
• Futures trading is available, with commissions as low as $0.50 for Robinhood Gold members.

The growth in the subscriber base reflects this push: Robinhood Gold Subscribers climbed to nearly 4 million in Q3 2025, representing an adoption rate exceeding 14% of funded customers.

Access to advanced tools via Robinhood Legend for active traders

To capture the sophisticated trader segment, Robinhood launched Robinhood Legend, a desktop platform. This platform now supports futures trading and offers advanced charting capabilities, including over 80 indicators on the mobile version. The platform is designed to meet the needs of active traders who want to analyze, customize, and execute trades with speed on a larger screen format.

Here's a look at the scale of the platform supporting these value propositions as of late 2025:

Metric	Value (as of late 2025)	Reference Point
Total Platform Assets	$333 billion	Q3 2025
Funded Customers	26.8 million	Q3 2025
Robinhood Gold Subscribers	Nearly 4 million	Q3 2025
Gold Subscriber Adoption Rate	Exceeding 14%	Q3 2025
Average Revenue Per User (ARPU)	$191	Q3 2025

Finance: draft 13-week cash view by Friday.

Robinhood Markets, Inc. (HOOD) - Canvas Business Model: Customer Relationships

You're looking at how Robinhood Markets, Inc. keeps its millions of users engaged, and honestly, it's a tiered approach built around digital self-sufficiency.

Primarily self-service through the mobile and desktop platforms

The core relationship is digital, meaning most users manage their own accounts, trades, and research directly through the app or desktop interface. This scales incredibly well. As of the end of the third quarter of 2025, Robinhood Markets, Inc. reported having 26.8 million Funded Customers. Total Platform Assets across these users stood at $333 billion at the end of Q3 2025. This massive base relies on the platform's intuitive design for daily interactions.

Premium, dedicated service via Robinhood Gold subscription

For the users who want more, the Robinhood Gold subscription is the key retention tool, securing a stable revenue stream through monthly fees. As of Q3 2025, Robinhood Gold Subscribers climbed to 3.9 million. This represents an adoption rate exceeding 14% of the total net account base. The value proposition here is clear, and the stickiness is evident; Gold accounts trade 3-5 times more than non-Gold accounts.

Robinhood Gold Metric (Late 2025)	Value
Total Gold Subscribers (Q3 2025)	3.9 million
Gold Adoption Rate (of Funded Customers)	Exceeding 14%
Robinhood Gold Cardholders (Oct 2025)	Over 500,000
Robinhood Gold Card Annual Spend	Over $8 billion

Digital advisory services through Robinhood Strategies

Robinhood is actively moving customers up the value chain with managed services. Robinhood Strategies, which launched in March 2025, is gaining traction as an actively managed digital advisory product. As of October 31, 2025, this service serves over 180 thousand customers. These customers have entrusted the platform with managing over $1 billion in assets.

Proactive, in-app educational content and financial news

The platform supports self-service with integrated information flow. This includes proactive content delivery, such as the integration of financial news and the launch of features like Robinhood Social and AI-driven custom indicators powered by Robinhood Cortex. The platform also saw total Event Contracts Traded more than double sequentially in Q3 2025 to 2.3 billion contracts, with October 2025 hitting 2.5 billion contracts, showing engagement with newer, in-app market products.

High-touch support for high-value and margin customers

While the base is self-service, the relationship deepens for those utilizing higher-margin products. Margin balances serve as a good proxy for these higher-value relationships. The Margin Book reached a record $13.9 billion at the end of Q3 2025, or over $16 billion based on another Q3 report. This indicates a segment receiving a more tailored experience, likely involving dedicated service channels or priority access, to support their increased leverage and trading activity. Also, international expansion, including the Bitstamp acquisition, brings in nearly 700,000 Funded Customers across the UK and EU, which likely involves distinct support considerations.

Here's a quick look at the scale of the customer base and asset value driving these relationships:

Key Customer/Asset Metric (Late 2025)	Amount
Total Funded Customers (Q3 2025)	26.8 million
Total Platform Assets (Q3 2025)	$333 billion
Average Revenue Per User (ARPU) (Annualized Q3 2025)	$191
Margin Book Balance (Q3 2025)	Record $13.9 billion

Finance: draft 13-week cash view by Friday.

Robinhood Markets, Inc. (HOOD) - Canvas Business Model: Channels

You're looking at how Robinhood Markets, Inc. gets its value proposition to its customers as of late 2025. The channels are heavily weighted toward digital distribution, but they are actively building out specialized tools for different user types.

The primary distribution mechanism remains the mobile application, but the company is clearly segmenting its channel strategy to cater to both novice and active traders, as well as expanding its footprint outside the US.

Here are the key channels Robinhood Markets, Inc. uses to reach and serve its customer base:

• Core Robinhood mobile application (iOS and Android)
• Robinhood Legend desktop trading platform for active users
• Direct-to-consumer marketing and social media engagement
• International platforms in the UK and EU/EEA countries
• Robinhood Wallet for self-custody crypto

The core mobile application serves as the entry point for the vast majority of users. As of August 2025, Robinhood Markets, Inc. reported 26.7 million funded customers. This user base is managed across platforms where Total Platform Assets reached $304 billion in August 2025, up from $221 billion at the end of Q1 2025. To give you a sense of the scale and engagement across these primary channels, here's a look at the key operational metrics from mid-2025:

Metric	Value (as of mid-2025)	Date/Period Reference
Funded Customers	25.9 million	May 2025
Funded Customers	26.7 million	August 2025
Monthly Active Users (MAU)	14.4 million	Q1 2025
Total Platform Assets (TPA)	$304 billion	August 2025
Total Platform Assets (TPA)	$255 billion	May 2025
Robinhood Gold Subscribers	3.88 million	Q3 (Implied late 2025/Q3 data point)

For the more engaged segment, Robinhood Markets, Inc. enhances its channel offering with the Robinhood Legend desktop trading platform. This platform, which launched in October 2024, is geared toward active traders. By 2025, enhancements were being rolled out, including support for index options, crypto trading, and advanced charting tools in Q1 2025. At the HOOD Summit 2025, further upgrades were announced, such as customized financial indicators and overnight index options, showing a clear effort to keep power users engaged on a desktop interface. The company also unveiled this advanced desktop platform for active traders in the UK in 2025.

Direct-to-consumer marketing remains critical for acquisition, focusing on digital channels. The company's strategy emphasizes digital marketing, social media advertising, SEO optimization, and educational content. A major development in this channel was the unveiling of Robinhood Social at the HOOD Summit 2025 in Las Vegas. This new platform is designed to let users follow traders, share verified trades, and discuss market chatter directly, aiming to become a financial superapp hub. Historically, referral systems have been a key driver of viral growth, creating anticipation through tactics like offering VIP access.

International expansion is a growing channel, primarily focused on the UK and the European Economic Area (EEA). Robinhood Markets, Inc. officially launched in the UK in early 2024. By 2025, they introduced options trading in the UK. For the EU/EEA, tokenized stock offerings are available exclusively to eligible users, allowing them to trade over 200 tokenized US stocks and ETFs. The company operates in the EU via Robinhood Europe, UAB, registered in Lithuania. As of March 2025 data, the firm had over 100,000 non-U.S.-funded accounts.

Finally, the Robinhood Wallet serves as a distinct channel for self-custody crypto engagement, operating as a separate application. This positions the company to capture the growing preference for self-custody, which was favored by about 59% of global crypto wallet users in 2025. The Wallet supports multiple networks, including Ethereum, Bitcoin, Solana, Dogecoin, Arbitrum, Polygon, Optimism, and Base. This push into self-custody aligns with strong crypto performance; in Q1 2025, crypto revenues doubled year-over-year to $252 million, and crypto holdings on the platform amounted to $25 billion.

Finance: draft 13-week cash view by Friday.

Robinhood Markets, Inc. (HOOD) - Canvas Business Model: Customer Segments

You're looking at the core user base driving Robinhood Markets, Inc.'s growth as of late 2025. It's a segment defined by digital fluency and a demand for low-friction access to complex products.

The platform continues to attract the next generation of investors. The median Robinhood customer age is reported at 35. As of late 2024, three quarters of its then 25 million customers were aged 43 or below, with a quarter being Gen Z (age 27 or younger). By Q3 2025, the total number of Funded Customers had grown year-over-year by 10% to 26.8 million. Investment Accounts stood at 27.9 million, an 11% year-over-year increase.

The active trader segment is clearly driving revenue acceleration. Transaction-based revenues hit $730 million in Q3 2025, a 129% year-over-year jump. This activity is concentrated in higher-yield products:

• Crypto revenue was $268 million in Q3 2025, up over 300% year-over-year.
• Options revenue reached $304 million, marking a 50% year-over-year increase.
• Equities revenue was $86 million, up 132% year-over-year.
• Total Event Contracts Traded in Q3 2025 hit 2.3 billion, more than doubling sequentially.

Derivatives and leverage use is also up. The Margin Book increased 153% year-over-year to a record $13.9 billion in Q3 2025.

The subscription tier is a significant revenue anchor. Robinhood Gold Subscribers reached a record 3.9 million in Q3 2025. This represents a 77% year-over-year growth, adding 1.7 million subscribers over the period. The adoption rate for Gold subscribers exceeded 14% of the overall net account base. To be fair, Gold accounts trade 3-5 times more than non-Gold accounts. Furthermore, the Robinhood Gold Card now supports over 500,000 cardholders, generating over $8 billion in annual spend.

Wealth-building segments are showing massive percentage growth, indicating successful product diversification for longer-term asset accumulation. Robinhood Retirement AUC increased 144% year-over-year to a record $24.2 billion in Q3 2025. Robinhood Strategies, launched in March, now manages over $1 billion in assets for over 180 thousand customers as of October 2025.

International expansion is targeting specific, regulated markets for crypto and tokenized assets. As of Q3 2025, Robinhood has nearly 700,000 international funded customers, which includes users from the Bitstamp acquisition. Tokenized stock offerings are available to eligible users across the EU and EEA. European users can trade over 200 tokenized US stocks and ETFs, with plans to double that number to over 400.

Here's a quick look at the key metrics for these customer groups as of Q3 2025:

Customer Segment Indicator	Metric/Value	Timeframe/Context
Median Customer Age	35	Latest reported figure
Robinhood Gold Subscribers	3.9 million	Q3 2025
Robinhood Gold YoY Growth	77%	Q3 2025
Funded Customers	26.8 million	Q3 2025
Robinhood Retirement AUC	$24.2 billion	Q3 2025
International Funded Customers	Nearly 700,000	Q3 2025
Q3 Crypto Revenue	$268 million	Q3 2025

Robinhood Markets, Inc. (HOOD) - Canvas Business Model: Cost Structure

You're looking at the core expenses Robinhood Markets, Inc. has to cover to keep the platform running and growing, which is crucial for understanding their profitability path. These costs are substantial, reflecting a high-growth, technology-intensive financial services operation.

Technology and development expenses for platform maintenance are a major fixed-like cost. For the twelve months ending September 30, 2025, Robinhood Markets' research and development expenses totaled $873 million. This reflects the ongoing need to maintain and enhance the platform, especially with new product rollouts like Robinhood Banking and Prediction Markets.

Marketing and growth investments to attract new users are variable but significant drivers of the overall expense base. The year-over-year increase in Total operating expenses for the third quarter of 2025 was primarily driven by these marketing and growth investments, alongside acquisition-related expenses. The Marketing component of the Trailing Twelve Months (TTM) operating expenses ending September 30, 2025, stood at $388.00 million.

Regulatory and compliance costs, which are defintely material, show up in various places. In January 2025, Robinhood Markets, Inc. agreed to pay $45 million in combined civil penalties to settle a range of SEC charges. Robinhood Securities paid $33.5 million of this, and Robinhood Financial paid $11.5 million. Furthermore, Q3 2025 saw an unplanned payroll tax expense reflected in General and Administrative expenses due to the vesting of the 2019 CEO Market-Based RSUs, which was not in the prior outlook.

Transaction-related expenses (clearing, execution, etc.) are generally captured within the Operations category, which is necessary to support the high volume of customer activity. For the TTM ending September 30, 2025, Operations expenses were $229.00 million. This supports the high revenue generated from these activities; for instance, Q3 2025 Transaction-based revenues reached $730 million.

The company's overall expense trajectory is summarized by the latest guidance. Robinhood Markets, Inc. now expects its Full-year 2025 Adjusted Operating Expenses and Share-Based Compensation (SBC) outlook to be approximately $2.28 billion. This was an upward revision from the prior range of $2.15 billion to $2.25 billion.

Here's a look at the key components of Robinhood Markets, Inc.'s Operating Expenses for the twelve months ending September 30, 2025, based on reported figures:

Expense Category	Amount (TTM ended Sep 30, 2025)
Technology and Development	$873.00 million
General and Administrative	$520.00 million
Marketing	$388.00 million
Operations	$229.00 million

The total reported operating expenses for the twelve months ending September 30, 2025, were $2.204 billion.

You should keep an eye on how these costs shift, especially as new ventures mature:

• Investment in new growth areas like Prediction Markets and Robinhood Ventures is increasing.
• The Q3 2025 Adjusted OpEx plus SBC of $613 million was about $40 million above the midpoint of the prior guidance.
• The company is aiming for greater efficiency in existing businesses alongside growth investments.
• The TTM R&D spend of $873 million represents an 8.18% year-over-year increase.

Finance: draft 13-week cash view by Friday.

Robinhood Markets, Inc. (HOOD) - Canvas Business Model: Revenue Streams

You're looking at how Robinhood Markets, Inc. actually brings in the money as of late 2025, focusing strictly on the hard numbers from their latest report.

Net Interest Revenue from sources like margin lending and cash sweep hit $456 million in Q3 2025. This stream saw a 66% year-over-year increase, helped by growth in interest-earning assets and securities lending activity. For context, the Margin Book itself reached a record $13.9 billion in Q3 2025.

The core Transaction-based revenue, which covers Payment for Order Flow (PFOF) and crypto fees, was $730 million for the third quarter of 2025. That's a 129% jump year-over-year. This category is made up of several moving parts:

• Options trading revenue was $304 million in Q3 2025, growing 50%.
• Cryptocurrency trading revenue was $268 million, marking an increase of over 300%.
• Equities trading revenue was $86 million, up 132%.

Subscription fees are another key component, tied directly to the Robinhood Gold membership base. Robinhood Gold Subscribers reached 3.9 million in Q3 2025, up 77% year-over-year. This subscription growth contributed to Other revenues, which totaled $88 million, a 100% year-over-year increase.

Here's a quick look at the major revenue components for Q3 2025:

Revenue Stream	Q3 2025 Amount (Millions USD)	Year-over-Year Growth
Total Net Revenues	$1,270	100%
Transaction-based Revenues	$730	129%
Net Interest Revenues	$456	66%
Options Trading Revenue (Component of Transaction)	$304	50%
Cryptocurrency Trading Revenue (Component of Transaction)	$268	>300%
Other Revenues (Includes Gold Fees)	$88	100%

The platform's success in growing its premium tier is clear; you see 3.9 million Robinhood Gold members driving that recurring revenue element. To be fair, the platform now has 11 distinct business lines each generating approximately $100 million or more in annualized revenues, showing defintely successful diversification beyond just the core trading fees.