Earnings quality
Compare earnings and operating cash flow for earnings quality.
Robinhood Markets, Inc.
Ticker HOOD · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-20 · Period end 2025-12-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 20.9%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio20.9%
Last priceUSD 78.39
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
Robinhood Markets, Inc. is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 844-428-5411 · As of filing date 2026-02-20
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $3.0B | $4.5B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | — | — |
| Income tax | -$347.0M | $225.0M |
| Net income | $1.4B | $1.9B |
| Basic EPS | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $4.3B | $4.3B |
| Current assets | $25.1B | $36.3B |
| Non-current assets* | $1.1B | $1.8B |
| Total assets | $26.2B | $38.1B |
| Current liabilities | $18.1B | $28.8B |
| Non-current liabilities* | $111.0M | $215.0M |
| Total liabilities | $18.2B | $29.0B |
| Stockholders’ equity | $6.7B | $8.0B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | -$157.0M | $1.6B |
| Investing cash flow | -$148.0M | $141.0M |
| Financing cash flow | -$345.0M | -$590.0M |
| Cash at end of period | $4.3B | $4.3B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $1.8B | $1.4B | $1.9B | $3.0B | $4.5B | |
| Net income | -$3.7B | -$1.0B | -$541.0M | $1.4B | $1.9B | |
| Total assets | $19.8B | $23.3B | $17.6B | $26.2B | $38.1B | |
| Cash & equivalents | $6.3B | $6.3B | $4.8B | $4.3B | $4.3B | |
| Stockholders’ equity | $7.3B | $7.0B | $6.7B | $8.0B | — |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from $3.0B to $4.5B (▲ +51.6%). Operating profit went from — to — (—).
Operating cash flow was $1.6B (prior -$157.0M), with cash on the balance sheet at $4.3B versus $4.3B.
Liquidity & leverage
Cash moved from $4.3B to $4.3B; current liabilities $28.8B.
Capital buffer
Stockholders’ equity moved from $6.7B to $8.0B.
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Source: SEC EDGAR 0001783879-26-000029
(Robinhood Markets, Inc.), period end 2025-12-31.