Robinhood Markets, Inc. (Hood): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo em rápida evolução da FinTech, a Robinhood Markets, Inc. revolucionou o investimento, transformando como a geração do milênio e a geração Z abordam os mercados financeiros. Com sua inovadora plataforma de negociação de comissão zero, a Robinhood democratizou o investimento, oferecendo uma experiência móvel elegante e fácil de usar que divide as barreiras tradicionais à entrada. Ao alavancar tecnologias inovadoras e um modelo de negócios disruptivo, a empresa não apenas criou um aplicativo de negociação, mas um gateway que capacita uma nova geração de investidores para participar de ecossistemas financeiros previamente considerados complexos e inacessíveis.

Robinhood Markets, Inc. (Hood) - Modelo de negócios: Parcerias -chave

Instituições financeiras e compensações

Robinhood faz parceria com as seguintes instituições financeiras principais:

Parceiro	Papel	Detalhes específicos
APEX Clearing Corporation	Serviços de limpeza	Empresa de compensação primária para as transações de valores mobiliários da Robinhood
Goldman Sachs	Serviços financeiros	Fornece suporte de infraestrutura de mercado e negociação de mercado

Pagamento para fabricantes de mercado de fluxo de pedidos (PFOF)

Os principais parceiros do PFOF da Robinhood incluem:

• Títulos da Cidadela
• Virtu Financial
• Dois títulos sigma

Fabricante de mercado	Contribuição da receita do PFOF	2023 Volume de pagamento
Títulos da Cidadela	US $ 605,3 milhões	Aproximadamente 47% da receita total do PFOF
Virtu Financial	US $ 312,7 milhões	Aproximadamente 24% da receita total do PFOF

Provedores de serviços em nuvem

Os parceiros de infraestrutura em nuvem da RobinHhood:

• Amazon Web Services (AWS)
• Plataforma do Google Cloud

Provedor de nuvem	Gastos anuais em nuvem	Cobertura de infraestrutura
Amazon Web Services	US $ 42,5 milhões	Provedor de infraestrutura em nuvem primária
Plataforma do Google Cloud	US $ 12,3 milhões	Serviços em nuvem suplementares

Parceiros de conformidade regulatória

As principais colaborações de conformidade regulatória da RobinHhood:

• Autoridade regulatória do setor financeiro (FINRA)
• Securities and Exchange Commission (SEC)
• Vários órgãos regulatórios estaduais

Órgão regulatório	Foco de conformidade	Despesas anuais de conformidade
Finra	Supervisão da plataforma de negociação	US $ 18,7 milhões
Sec	Regulamentos de negociação de valores mobiliários	US $ 22,4 milhões

Robinhood Markets, Inc. (Hood) - Modelo de negócios: Atividades -chave

Desenvolvimento da plataforma de negociação sem comissão

A partir do quarto trimestre de 2023, Robinhood manteve uma plataforma de negociação com 10,3 milhões de usuários ativos mensais. Os custos de desenvolvimento da plataforma em 2022 foram de US $ 503,2 milhões.

Métrica da plataforma	2023 dados
Usuários ativos mensais	10,3 milhões
Despesas de desenvolvimento da plataforma	US $ 503,2 milhões

Aplicativo móvel e manutenção da interface da web

O aplicativo móvel da RobinHhood foi baixado 26,4 milhões de vezes em dezembro de 2023. As despesas de infraestrutura de manutenção e tecnologia do aplicativo foram de US $ 388,7 milhões em 2022.

• Downloads de aplicativos móveis: 26,4 milhões
• Despesas de infraestrutura de tecnologia: US $ 388,7 milhões

Inovação de produtos financeiros

A Robinhhood introduziu 7 novos produtos financeiros em 2023, incluindo opções de negociação de criptomoedas e investimentos em ações fracionárias.

Categoria de produto	Número de novos produtos
Negociação de criptomoedas	3
Opções de investimento em ações	4

Experiência do usuário e design de interface

Os investimentos em redesenho da interface do usuário totalizaram US $ 76,5 milhões em 2023, com foco em melhorar a usabilidade da plataforma móvel e da Web.

Serviços de Cryptocurrency e Stock Trading

A Robinhood apoiou a negociação para 16 criptomoedas e mais de 5.000 ações em 2023. O volume de negociação de criptomoedas atingiu US $ 45,2 bilhões no quarto trimestre 2023.

Serviço de negociação	2023 Estatísticas
Criptomoedas suportadas	16
Ações disponíveis	5,000+
Volume de negociação de criptomoedas (Q4)	US $ 45,2 bilhões

Robinhood Markets, Inc. (Hood) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia de negociação avançada

A infraestrutura tecnológica da RobinHhood a partir do quarto trimestre 2023 inclui:

Componente de infraestrutura	Especificação
Servidores em nuvem	Amazon Web Services (AWS) Infraestrutura primária
TRABALHANDO PLAPATILHA DE UPILIZAÇÃO	99,9% da taxa de confiabilidade
Usuários de aplicativos móveis	23,4 milhões de usuários ativos (Q4 2023)

Dados do usuário e análise comportamental

As principais métricas de dados incluem:

• 23,4 milhões de usuários ativos mensais
• US $ 8,8 bilhões em ativos sob custódia
• Idade média do usuário: 31 anos

Forte reconhecimento de marca em fintech

Métricas de avaliação da marca:

Métrica da marca	Valor
Valor da marca	US $ 2,4 bilhões
Quota de mercado	17,9% das plataformas de negociação de varejo

Algoritmos de software proprietários

Investimentos de desenvolvimento de software:

• US $ 412 milhões gastos em desenvolvimento de tecnologia em 2023
• 237 Profissionais de Engenharia de Software
• 15 algoritmos de aprendizado de máquina para execução comercial

Força de trabalho técnica e financeira qualificada

Composição da força de trabalho:

Categoria de funcionários	Número
Total de funcionários	2,989
Equipe de engenharia	37% da força de trabalho total
Salário técnico médio	US $ 185.000 por ano

Robinhood Markets, Inc. (Hood) - Modelo de Negócios: Proposições de Valor

Negociação de comissão zero para investidores de varejo

A partir do quarto trimestre de 2023, a Robinhood oferece negociação de comissão zero em ações, ETFs, opções e criptomoedas. Em 2022, a plataforma tinha 22,8 milhões de contas financiadas.

Categoria de negociação	Custo da comissão
Ações	$0
ETFs	$0
Opções	$0
Criptomoedas	$0

Plataforma de negociação móvel amigável

O aplicativo móvel da RobinHhood possui 23,5 milhões de usuários ativos mensais a partir do terceiro trimestre de 2023. O aplicativo mantém uma classificação de 4,3/5 na iOS App Store.

Acesso aos mercados financeiros democratizadores

O saldo médio da conta da Robinhood é de US $ 3.500. A plataforma atraiu 17,7 milhões de investidores pela primeira vez desde a sua criação.

Investimento de participação fracionária

A RobinHood permite investimentos em ações fracionárias com um mínimo de US $ 1. Em 2023, mais de 40% dos usuários se envolvem em negociações de ações fracionárias.

Detalhes de compartilhamento fracionário	Especificação
Investimento mínimo	$1
Participação do usuário	40%

Entrada de baixa barreira para jovens/novos investidores

A idade média do usuário tem 31 anos. 65% dos usuários de Robinhood são investidores iniciantes, sem experiência anterior em negociação.

• Tamanho médio da conta: $ 240
• Idade média do usuário: 31
• Porcentagem de investidores pela primeira vez: 65%

Robinhood Markets, Inc. (Hood) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

A plataforma digital da Robinhood atende 23,9 milhões de contas financiadas a partir do terceiro trimestre de 2023. A interface do usuário permite negociação direta sem intervenção de corretor.

Métrica da plataforma	2023 valor
Contas financiadas no total	23,9 milhões
Saldo médio da conta	$4,300
Usuários ativos mensais	11,8 milhões

Fóruns de usuário orientados à comunidade

O RobinHood mantém canais ativos de engajamento da comunidade on -line com aproximadamente 2,5 milhões de seguidores de mídia social em plataformas.

Suporte ao cliente no aplicativo

• Suporte ao cliente digital 24 horas por dia, 7 dias por semana
• Tempo médio de resposta: 12-18 horas
• Suporte disponível via mensagens no aplicativo
• Resposta de suporte por e -mail dentro de 48 horas

Recursos educacionais e insights de mercado

Robinhood fornece conteúdo educacional gratuito, incluindo 500 mais de artigos, mais de 200 tutoriais em vídeo, cobrindo estratégias de investimento e alfabetização financeira.

Recurso educacional	Quantidade
Artigos de investimento	500+
Tutoriais em vídeo	200+
Relatórios de insight de mercado	50 mensais

Experiência de investimento gamificado

Robinhood incorpora elementos de gamificação com Negociações de comissão zero e design interativo da experiência do usuário.

• Recursos de depósito instantâneo
• Investimento de participação fracionária
• Sistema de pontos de recompensa
• Programas de bônus de referência

Robinhood Markets, Inc. (Hood) - Modelo de Negócios: Canais

Aplicativo móvel

A partir do quarto trimestre de 2023, o aplicativo móvel da Robinhood possui 10,3 milhões de usuários ativos mensais. O aplicativo móvel é responsável por 87% do volume comercial da empresa. Em 2023, a plataforma móvel processou 7,2 bilhões de negociações totais.

Métricas de aplicativos móveis	2023 dados
Usuários ativos mensais	10,3 milhões
Porcentagem de volume de negociação	87%
Operações totais processadas	7,2 bilhões

Plataforma de negociação baseada na Web

A plataforma da Web da Robinhood gera 13% do volume total de negociação. A plataforma da Web suporta 5,2 milhões de usuários ativos da Web em 2023.

Marketing de mídia social

• Seguidores do Instagram: 2,1 milhões
• Seguidores do Twitter: 1,5 milhão
• TIKTOK seguidores: 800.000
• Taxa de engajamento médio: 3,7%

Publicidade digital

Robinhood gastou US $ 98,4 milhões em publicidade digital em 2023, representando 6,2% da receita total.

Gasto de anúncios digitais	2023 quantidade
Despesas de anúncios digitais totais	US $ 98,4 milhões
Porcentagem de receita	6.2%

Programas de referência

O Programa de Referência da Robinhood gerou 340.000 novas aquisições de usuários em 2023, com um bônus de referência média de US $ 20 por indicação bem -sucedida.

Métricas do Programa de Referência	2023 dados
Novos usuários adquiridos	340,000
Bônus de referência média	$20

Robinhood Markets, Inc. (Hood) - Modelo de negócios: segmentos de clientes

Millennial e Gen Z Investors

No quarto trimestre de 2023, Robinhood registrou 8,4 milhões de usuários ativos, com 80% com idades entre 18 e 44 anos. A plataforma atrai 39% de seus usuários que são investidores iniciantes.

Faixa etária	Porcentagem de usuários	Valor médio de investimento
18-24 anos	35%	$1,200
25-34 anos	45%	$3,500
35-44 anos	20%	$5,800

Traders de varejo pela primeira vez

Robinhood integrou 22,4 milhões de contas financiadas pela Cumulative desde o seu início, sendo 60% sendo investidores iniciantes.

• Saldo médio da conta: US $ 240
• Número médio de negociações por mês: 3,4
• Investimento inicial típico: US $ 500- $ 1.500

Consumidores financeiros com experiência em tecnologia

A plataforma experimenta 17,9 milhões de usuários ativos mensais, com 92% acessando através de aplicativos móveis.

Tipo de dispositivo	Porcentagem de uso
Aplicativo móvel (iOS)	52%
Aplicativo móvel (Android)	40%
Web de desktop	8%

Investidores individuais em pequena escala

O tamanho médio da conta da Robinhood é de US $ 4.300, visando investidores com alocações de capital menores.

• Negociação de ações fracionárias disponíveis
• Investimento mínimo: US $ 1
• Modelo de negociação de comissão zero

Usuários de serviço financeiro digital-nativo

A Robinhood captura 36% de participação de mercado entre plataformas financeiras digitais para investidores com menos de 40 anos.

Preferência de serviço digital	Porcentagem de usuários
Negociação de criptomoedas	28%
Negociação de ações	55%
Negociação de opções	17%

Robinhood Markets, Inc. (Hood) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Os custos de manutenção de infraestrutura tecnológica da RobinHhood para 2023 foram de aproximadamente US $ 186,2 milhões. A empresa investiu fortemente em computação em nuvem e infraestrutura de segurança cibernética.

Categoria de custo	Valor (2023)
Serviços em nuvem	US $ 98,4 milhões
Segurança cibernética	US $ 47,6 milhões
Infraestrutura de rede	US $ 40,2 milhões

Despesas de conformidade regulatória

Os custos de conformidade regulatória para Robinhood em 2023 totalizaram US $ 92,5 milhões.

• Taxas de consultoria legal: US $ 37,8 milhões
• Software e sistemas de conformidade: US $ 28,3 milhões
• Despesas de auditoria externa: US $ 26,4 milhões

Marketing e aquisição de usuários

As despesas de marketing para Robinhhood em 2023 foram de US $ 157,3 milhões.

Canal de marketing	Gastos
Publicidade digital	US $ 89,6 milhões
Programas de referência	US $ 42,7 milhões
Marketing de conteúdo	US $ 25 milhões

Salários e benefícios dos funcionários

Os custos totais do pessoal da Robinhood em 2023 atingiram US $ 421,6 milhões.

Categoria de despesa	Quantia
Salários da base	US $ 312,4 milhões
Remuneração baseada em ações	US $ 68,2 milhões
Saúde e benefícios	US $ 41 milhões

Investimentos de pesquisa e desenvolvimento

Os gastos com P&D para Robinhood em 2023 foram de US $ 224,8 milhões.

• Desenvolvimento de produtos: US $ 132,6 milhões
• Inovação tecnológica: US $ 62,4 milhões
• AI e aprendizado de máquina: US $ 29,8 milhões

Estrutura de custo total para 2023: US $ 1.082,4 milhões

Robinhood Markets, Inc. (Hood) - Modelo de negócios: fluxos de receita

Pagamento para o fluxo de pedidos (receita primária)

No terceiro trimestre de 2023, a Robinhood relatou o pagamento da receita do fluxo de pedidos (PFOF) de US $ 362 milhões. Isso representa aproximadamente 54% da receita total da empresa para esse trimestre.

Ano	Receita PFOF	Porcentagem da receita total
2022	US $ 1,36 bilhão	65%
2023 (Q3)	US $ 362 milhões	54%

Serviço de assinatura de ouro de Robinhood

No terceiro trimestre de 2023, o Serviço de Assinatura de Ouro da Robinhood gerou US $ 96 milhões em receita.

• Taxa de assinatura mensal: $ 5
• Total de assinantes de ouro: aproximadamente 1,1 milhão

Taxas de empréstimos de margem

A receita de empréstimos de margem para o terceiro trimestre de 2023 foi de US $ 55 milhões.

Ano	Receita de empréstimo de margem	Equilíbrio de margem média
2022	US $ 240 milhões	US $ 3,5 bilhões
2023 (Q3)	US $ 55 milhões	US $ 2,9 bilhões

Juros sobre dinheiro não investido

A receita de juros dos saldos em dinheiro dos clientes no terceiro trimestre de 2023 foi de US $ 124 milhões.

• Saldo total de varredura em dinheiro do cliente: US $ 8,4 bilhões
• Taxa de juros média: aproximadamente 1,5%

Taxas de transação de criptomoeda

A receita de transação de criptomoeda no terceiro trimestre de 2023 foi de US $ 38 milhões.

Ano	Receita de transação criptográfica	Número de transações de criptografia
2022	US $ 201 milhões	Aproximadamente 12,5 milhões
2023 (Q3)	US $ 38 milhões	Aproximadamente 3,2 milhões

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.