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investors.robinhood.com Robinhood Markets, Inc. Earnings Presentation Third Quarter 2026 October 27, 2026 Robinhood Markets, Inc. Earnings Presentation Third Quarter 2026 October 27, 2026
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investors.robinhood.com 2 Disclaimers This Presentation Relates to Robinhood’s Broader Earnings Announcement Disclosures This presentation accompanies the third quarter 2026 earnings announcement webcast of Robinhood Markets, Inc. (including its consolidated subsidiaries, “we,” “Robinhood,” or the “Company”) and should be read together with Robinhood’s earnings announcement press release. Hyperlinks to our third quarter 2026 webcast and press release can be found together with these slides on Robinhood’s investor relations website at investors.robinhood.com. Key Performance Metrics This presentation includes key performance metrics that our management uses to help evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. Our key performance metrics include Funded Customers, Total Platform Assets, Net Deposits, Average Revenue Per User (“ARPU”), and Robinhood Gold Subscribers. Definitions of performance metrics can be found in the appendix to this presentation (the “Appendix”). Non-GAAP Financial Measures and Where to Find Reconciliations to GAAP This presentation includes financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Our non-GAAP financial measures include adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), Adjusted EBITDA Margin, Incremental Adjusted EBITDA Margin, Adjusted Operating Expenses, Adjusted Operating Expenses and SBC, Adjusted Net Income, Adjusted EPS, Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal, and Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal. Definitions, explanations, and reconciliations to the most comparable GAAP financial measures can be found in the Appendix. Cautionary Note Regarding Forward-Looking Statements This presentation and the related webcast contain forward-looking statements regarding our expected financial performance and our strategic and operational plans, including (among others) statements regarding that we continue to grow and diversify our business; that we anticipate diluted share count will be roughly flat in 2026; that with corporate cash, investments, and stablecoin, we are well positioned to continue deploying capital; that we will continue to look to drive growth and shareholder value by allocating capital across organic growth, M&A, and shareholder returns; that new trading products continue to scale; that we are deepening relationships and growing our share of wallet with customers as we deliver innovative wealth management products; that the majority of the remaining Gold deposit boosts earned by customers prior to the end of the program will be paid out over a relatively short period of time; that we continue to repurchase shares over time and closely manage share-based compensation; and all statements about our FY 2026 financial outlook. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this presentation and the related webcast. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others: our rapid and continuing expansion, including continuing to introduce new products and services on our platforms as well as geographic expansion; the difficulty of managing our business effectively, including the size of our workforce, and the risk of declining or negative growth; the fluctuations in our financial results and key metrics from quarter to quarter; our reliance on transaction-based revenue, including payment for order flow (“PFOF”), the risk of new regulation or bans on PFOF and similar practices, and the addition of our new fee-based model for cryptocurrency; our exposure to fluctuations in interest rates and rapidly changing interest rate environments; the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all; the need to maintain capital levels required by regulators and self-regulatory organizations; the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions; the impact of negative publicity on our brand and reputation; the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business; our dependence on key employees and a skilled workforce; the fact that we do not wholly own or operationally control Rothera, our joint venture with Susquehanna International Group, and its subsidiaries; operational and regulatory risks and expenditures prior to and following closing of our acquisitions and investments; the difficulty of complying with an extensive, complex, and changing regulatory environment, the risk of monetary and other penalties for noncompliance, and the need to adjust our business model in response to new or modified laws and regulations; the possibility of adverse developments in pending litigation and regulatory investigations; the risk that the outcome of currently ongoing and potential future regulatory enforcement actions and litigation, as well as potential changes in federal or state law, could immediately or subsequently prevent us from offering, or continuing to offer, event contracts or that we have in the past decided, and may in the future decide, to stop offering certain new event contracts as a result of actual or threatened state enforcement actions ; the effects of competition; our need to innovate and acquire or invest in new products, services, technologies and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth; our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms; the risk of cybersecurity incidents, theft, data breaches, and other online attacks; the difficulty of processing customer data in compliance with privacy laws; our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures; the risks associated with incorporating artificial intelligence technologies into some of our products and processes; the regulation, litigation, contractual, operational, and reputational risks associated with our introduction of products such as Robinhood Chain and Stock Tokens globally, continued offering of Classic Stock Tokens (formerly "Robinhood Stock Tokens") and perpetual futures trading in the European Economic Area, our planned offering of perpetual futures in the U.S., updates to Robinhood Wallet, and our staking and onchain lending services offered in the U.S.; and the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall. 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 can be found in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, as well as in our other filings with the U.S. Securities and Exchange Commission (“SEC”), all of which are available on the SEC’s web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements in this presentation and the related webcast are made as of the date of this presentation and the related webcast, October 27, 2026, and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this presentation and the related webcast whether as a result of any new information, future events, changed circumstances, or otherwise. You should view this presentation and the related webcast with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect. Trademarks "Robinhood" and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 3 Q3 2026 Business Results Highlights Funded Customers1 in millions K = Thousands, B = Billions, M = Millions, LTM = Last twelve months. (1) Funded Customers do not include Trump Accounts. Starting in July 2026, Total Platform Assets include Trump Account assets custodied by Robinhood. Please refer to the definitions in the Appendix for more information. (2) Defined as end of period Robinhood Gold Subscribers divided by end of period Funded Customers. (3) Starting in July 2026, Net Deposits include Trump Account contributions. (4) Relative to prior period Total Platform Assets. Refer to definitions in the Appendix for growth rate calculations. +1.9M year-over-year +340K sequential Robinhood Gold Subscribers in millions +1.30M year-over-year +340K sequential Total Platform Assets1 in billions +19% year-over-year +7% sequential Net Deposits3 in billions $71B LTM +21% LTM Growth 26.8 27.0 27.4 28.4 28.7 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 3.88 4.18 4.34 4.84 5.18 14.5% 15.5% 15.8% 17.0% 18.0% Robinhood Gold SubscribersRobinhood Gold Adoption Rate² Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 $333 $322 $307 $369 $396 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 $20.4 $15.9 $17.7 $21.7 $15.7 29% 19% 22% 28% 17% Net Deposits Annualized Growth Rate⁴ Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 4 $556 $605 $346 $573 $476 Q3'25 Q4'25 Q1'26 Q2'26¹ Q3'26² Q3 2026 Financial Results Highlights Total Net Revenues in millions (1) Q2 2026 Net income included $129 million of gains primarily related to the deconsolidation of Robinhood Ventures Fund I ("RVI"), equivalent to $0.14 of EPS. (2) Q3 2026 Net income included $67 million of unrealized losses primarily related to the mark-to-market of RVI, equivalent to $0.07 of EPS. Adjusted Operating Expenses and SBC, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted EPS are non-GAAP financial measures. Refer to the Appendix for the reconciliations of Adjusted Operating Expenses and SBC, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted EPS to the most directly comparable GAAP measures, operating expenses, net income, net margin, and Diluted EPS respectively. +12% year-over-year +9% sequential Adjusted Operating Expenses and SBC in millions +8% year-over-year +4% sequential Adjusted EBITDA in millions +9% year-over-year +9% sequential Net Income in millions $1,274 $1,283 $1,067 $1,308 $1,424 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 $5.1B over the last twelve months $613 $597 $607 $641 $664 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 $2.5B over the last twelve months $742 $761 $534 $741 $808 58% 59% 50% 57% 57% Adjusted EBITDA Adjusted EBITDA Margin Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 $2.8B (56% margin) over the last twelve months Robinhood Earnings Presentation Q3 2026 $2.0B over the last twelve months $0.61 $0.66 $0.38 $0.62 $0.51 $0.62 $0.66 $0.41 $0.50 $0.60 Diluted EPS Adjusted EPS (14%) year-over-year (17%) sequential
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investors.robinhood.com 5 Product velocity increased significantly in Q3 (1) Available to eligible Gold Subscribers. Sage Home Loans Corporation NMLS ID #3304 is not affiliated with any Robinhood entity. Robinhood is not a lender. (2) Announced Robinhood entered into agreements to acquire PT Buana Capital Sekuritas, an Indonesian brokerage, and PT Pedagang Aset Kripto, a licensed Indonesian digital financial asset trader on 12/7/2025. Each pending acquisition is subject to customary closing conditions, including regulatory approvals. (3) Announced custodial accounts, trust accounts, the Robinhood Platinum Card (currently rolling out via waitlist), Family Hub (not yet available to customers), Robinhood Strategies tax aware transfers, and Early Dividends on 3/4/2026. (4) Increased US Crypto assets by 6 to a total of 90 and EU Crypto assets by 6 to a total of 98 in Q3. (5) DeFi Stock Tokens and Robinhood Wallet Perpetuals are not available to US customers. (6) Announced Robinhood Agents and Agent Apps (currently rolling out to eligible US customers), 24/7 equities trading (not yet available to customers), expanded options hours, perpetual futures for eligible US customers (currently rolling out), agentic trading in Robinhood Legend, earnings contracts (not yet available to customers), and Robinhood Social general availability on 9/29/2026 Robinhood Earnings Presentation Q3 2026 Q4 2025 14 US Crypto assets added in Q4 Perpetual futures available to all eligible customers in the EU Cortex Stock Digests for Equities and Crypto in US and UK 10 EU Crypto assets added in Q4 Closed-end-funds available to US customers Discounted mortgages through Sage Home Loans1 ~1,500 Stock Tokens added in EU in Q4 Short selling available to customers Robinhood announces exchange Joint Venture to accelerate Prediction Markets Robinhood is coming to Indonesia2 Introducing Prediction Markets Preset Combos, Custom Combos, and Player Contracts Introducing Cortex Assistant & Portfolio Digests available to Gold subscribers Money market funds available to EU customers Q1 2026 17 US Crypto assets added in Q1 Robinhood Legend scanner widget and hotkeys Prediction Markets custom combos available to customers 10 EU Crypto assets added in Q1 Multi-currency wallets for international customers Cortex Portfolio Digests available to Gold subscribers Stock and shares ISAs available to UK customers Complimentary DIY tax filing through april tax solutions Robinhood Chain launches public testnet Introducing custodial and trust accounts, the Platinum Card, Family Hub, Strategies tax aware transfers and Early Dividends³ Robinhood Ventures Fund I (RVI) IPO Robinhood Social beta live Up to 10x leverage on perpetual futures for EU customers Q2 2026 18 US Crypto assets added in Q2 Robinhood Gold Rewards Hub Index options extended hours and overnight trading 13 EU Crypto assets added in Q2 In-principle approval to launch brokerage in Singapore Crypto trading in multiple individual accounts Early dividends Agentic equities trading and agentic credit card Trump Accounts app Robinhood completed its acquisition of WonderFi Rothera Exchange is live Introducing Robinhood Advisor Network Cortex, IPO Access, and RHV for TradePMR RIAs Dividend tracker Agentic options trading Multileg Option Order Router
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investors.robinhood.com 6 Funded Customers increased by 1.9 million year-over-year to a record 28.7 million in Q3 24.3 25.2 25.8 26.5 26.8 27.0 27.4 28.4 28.7 25.1 26.2 27.0 27.4 27.9 28.4 29.1 29.9 30.4 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Investment Accounts Year-over-year change +1.9M Sequential change +340k In millions As of Q3 2026, we had 30.4M Investment Accounts, up 2.5M year-over-year. Robinhood Earnings Presentation Q3 2026 Funded Customers do not include Trump Accounts.
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investors.robinhood.com 7 Total Platform Assets increased 19% year-over-year to a record $396 billion in Q3 due to continued Net Deposits and higher equity valuations, partially offset by lower cryptocurrency valuations $106 $131 $126 $160 $203 $212 $208 $266 $278$20 $35 $28 $41 $51 $38 $30 $26 $38 $25 $25 $25 $33 $33 $27 $25 $24 $27 $41 $43 $42 $42 $42 $50 $51 $152 $193 $221 $279 $333 $322 $307 $369 $396 Equities Options and futures¹Cryptocurrencies Net cash held by usersRIA Assets Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 In billions Starting in July 2026, Total Platform Assets include Trump Account assets custodied by Robinhood. Certain immaterial Total Platform Asset balances are not displayed on the chart. Refer to our SEC filings for details on components of Total Platform Assets. Refer to the Appendix for changes in Total Platform Assets and details of net cash held by users. Q3 2026 ETF balances totaled ~$87 billion, representing 31% of total Q3 2026 equities under custody, increased from 28% in Q3 2025. (1) Futures consists of futures, options on futures and swaps, including event contracts, which we launched during the fourth quarter of 2024. (2) Defined as end of period Total Platform Assets divided by end of period Funded Customers. $6.3 $7.7 $8.6 $10.5 $12.4 $11.9 $11.2 $13.0 $13.8 Average Total Platform Assets per Funded Customer (in thousands)2 +44% +5% (26%) +37% +7%+19% +13%(17%) NM NM Sequential change Year-over- year change Robinhood Earnings Presentation Q3 2026 +2%+21%
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investors.robinhood.com 8 0.94 1.15 1.32 1.46 1.63 1.80 1.98 2.15 2.28 Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 9.9 13.1 14.4 19.0 24.2 26.5 27.4 34.5 36.6 Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 Robinhood Retirement AUC1 grew to a record $37 billion in Q3 Robinhood Retirement Accounts End of period, in millions (1) Does not include TradePMR. (2) Defined as end of period Robinhood Retirement AUC divided by the total number of traditional IRAs and Roth IRAs at the end of the period. Robinhood Retirement AUC End of period, in $ billions Robinhood Retirement AUC per Account2 End of period, in $ thousands 10.5 11.4 10.9 13.0 14.8 14.7 13.8 16.0 16.1 Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 Up 40% Up 51% Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 9 Robinhood Gold Subscribers grew to a record 5.2 million in Q3, representing ~18% of Funded Customers Robinhood Gold Subscribers receive meaningful value for $5 per month1 (1) Robinhood Gold offering and pricing as of 10/26/2026. (2) Other fees may apply when trading event contracts, futures, and index options. (3) The Robinhood Gold Card and the Robinhood Platinum Card are currently rolling out via a waitlist. (4) Robinhood Banking is currently rolling out to Gold Subscribers. Robinhood is a financial technology company, not a bank. Banking services are provided by Coastal Community Bank, Member FDIC. (5) Sage Home Loans Corporation NMLS ID #3304 is not affiliated with any Robinhood entity. Robinhood is not a lender. Average based on a customer's loan scenario, informed by the Mortgage News Daily national average. (6) Defined as end of period Robinhood Gold Subscribers divided by end of period Funded Customers. (7) Defined as Robinhood Gold subscription revenue in a given quarter times four. (8) Comparisons exclude Funded Customers who solely use X1, TradePMR or Bitstamp, as well as WonderFi customers. Assets Under Custody and Robinhood Retirement Adoption Rate figures as of 9/30/2026. Net Deposit growth rate over the LTM ending 9/30/2026. Refer to definitions in the Appendix for growth rate calculations. Robinhood Gold Subscribers In millions Compared to our average Funded Customer8, our average Robinhood Gold Subscriber has... ~4.0x Assets Under Custody8 ~10% higher Net Deposit Growth Rate8 ~3.0x Robinhood Retirement Adoption Rate8 Q3 2026 5.18M +34% (1.30M) Y/Y +7% (340K) Q/Q 2.19 2.64 3.19 3.48 3.88 4.18 4.34 4.84 5.18 9.0% 10.5% 12.4% 13.1% 14.5% 15.5% 15.8% 17.0% 18.0% Robinhood Gold SubscribersRobinhood Gold Adoption Rate⁶ Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Annualized Robinhood Gold Subscription Revenue7 (in millions) $112 $128 $152 $176 $188 $200 $200 $216 $248 Robinhood Earnings Presentation Q3 2026 High-Yield Cash 3.60% APY on uninvested cash with up to $5M FDIC insurance through the Cash Sweep Program Retirement 3% IRA match Trading Lower fees on futures, index options, and event contracts2 First $1,000 of margin free Credit Cards Gold Card3 with 3% cash back on all categories Platinum Card3 with up to 5x higher limits than Gold Card, higher cash back on travel and dining, and over $3,000 in annual value through other benefits Robinhood Strategies Management fees capped at $250 per year Robinhood Cortex Stock and Crypto Digests, Portfolio Digest Assistant Robinhood Banking4 Private banking experience with checking and savings, digital wealth app, and additional perks 3.60% APY on cash with up to $50M FDIC insurance Exclusive Mortgage Rates5 0.75%+ discount to average mortgage rate and $500 closing cost credit through Sage Home Loans Rewards Hub Access to rewards that can include partner offers, crypto gifts, limited time giveaways, and access to the Gold Collection store
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investors.robinhood.com 10 Net Deposits were $16 billion in Q3, translating to a 17% annualized growth rate, and were $71 billion over the last twelve months, translating to a 21% growth rate In billions $10.0 $16.1 $18.0 $13.8 $20.4 $15.9 $17.7 $21.7 $15.7 29% 42% 37% 25% 29% 19% 22% 28% 17% Net Deposits Annualized Growth Rate¹ Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Last twelve months Net Deposits $71.0 Last twelve months growth rate 21% Q3 2026 Net Deposits of $15.7B included the net effect of ~$3.2B ACATS In and ~$2.3B ACATS Out. Automated Customer Account Transfer Service ("ACATS") is a system that automates and standardizes procedures for the transfer of assets in a customer account from one brokerage firm and / or bank to another. Starting in July 2026, Net Deposits include Trump Account contributions. Please refer to the definitions in the Appendix for more information. (1) Refer to definitions in the Appendix for details on growth rate calculations. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 11 Quarters 0 4 8 12 16 20$— $3,000 $6,000 $9,000 $12,000 $15,000 $18,000 2021 Average cumulative Net Deposits1 have grown over time across our Funded Customer Cohorts2, and recent cohorts' initial Net Deposits are larger Funded Customer Cohorts reflect quarterly cohorts, from Q1 2021 through Q3 2026. Comparisons exclude Funded Customers who solely use X1, TradePMR, Bitstamp, or WonderFi. (1) "Average cumulative Net Deposits" defined as total cumulative Net Deposits from a cohort divided by the cohort size. (2) A “Funded Customer Cohort” comprises end of period Funded Customers who were first considered a New Customer in a given quarter. Customer Cohort Key 202520232022 2024 Robinhood Earnings Presentation Q3 2026 2026
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investors.robinhood.com 12 28.3 39.8 34.0 23.8 18.3 20.6 6.7 40.5 48.4 41.9 22.1 29.2 14.4 71.0 46.1 35.0 80.3 82.4 65.7 40.4 49.8 Robinhood App Bitstamp Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 443 477 500 515 610 659 586 774 905 Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 286 423 413 517 647 710 638 956 992 Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 Q3 trading volumes increased sequentially as we've continued to gain market share, and Equities and Options reached new quarterly records in Q3 Equity Notional Volumes In $ billions Options Contracts Traded In millions of contracts Crypto Notional Volumes In $ billions Up 53% Y/Y and up 4% Q/Q Up 48% Y/Y and up 17% Q/Q Down 38% Y/Y and up 23% Q/Q Robinhood Earnings Presentation Q3 2026 Refer to page 32 for details on volumes for newer trading products, including Index Options, Futures, and Event Contracts.
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investors.robinhood.com 13 Total net revenues were up 12% year-over-year to a record $1.4 billion in Q3, and ARPU was $200 In millions, except for ARPU +12% +7% +19% (9%) +9%+12% +61% (1%) Sequential change Year-over- year change $319 $672 $583 $539 $730 $776 $623 $776 $867$274 $296 $290 $357 $456 $411 $359 $389 $415 $44 $46 $54 $93 $88 $96 $85 $143 $142 $637 $1,014$927 $989 $1,274$1,283 $1,067 $1,308$1,424 $105 $164 $145 $151 $191 $191 $157 $187 $200 Transaction-based revenuesNet interest revenuesOther revenues¹ Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Contra revenue associated with match incentives paid to customers is allocated across Transaction-Based Revenues, Net Interest Revenues, and Other Revenues on a proportional basis. For details on the allocation of this contra revenue, refer to page 37 in the Appendix. (1) Q3 2026 Other revenues included $47M of service revenues related to Trump Accounts. Average Revenue per User (ARPU) Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 14 Transaction-based revenues were up 19% year-over-year to a record $867 million in Q3 +17% +20% +31% (55%) +12%+19% Sequential change Year-over- year change Certain immaterial transaction-based revenues are not displayed on the chart. Refer to our Earnings Supplement details on components of transaction-based revenues. (1) Q3 2026 Crypto transaction-based revenues includes $26M of net revenues attributable to the Robinhood Chain. (2) Other transaction-based revenues primarily comprise revenues related to instant withdrawals, futures, and interchange revenues which are offset by rewards expense. Instant withdrawals annualized revenues (defined as revenue in a given quarter times four) were ~$130M in Q3'26, compared to ~$140M in Q2'26. In millions $37 $61 $56 $66 $86 $94 $82 $129 $121 $202 $222 $240 $265 $304 $314 $260 $342 $399 $61 $358 $252 $160 $268 $221 $134 $100 $120 $27 $101 $104 $156 $173 $19 $26 $32 $38 $45 $46 $43 $49 $54 $319 $672 $583 $539 $730 $776 $623 $776 $867 Equity Options Crypto¹ Event Contracts Other² Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 (6%)+41% Robinhood Earnings Presentation Q3 2026 20% 10% 11%NM
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investors.robinhood.com 15 $67 $53 $49 $46 $39 $33 $34 $31 $47 $83 $91 $110 $114 $153 $196 $193 $215 $244$61 $74 $56 $77 $103 $83 $58 $60 $55 $46 $50 $48 $60 $64 $57 $45 $41 $45 $19 $26 $23 $54 $87 $26 $4 $10 ($19) $13 $17 $24 $32 $40 $50 $274 $296 $290 $357 $456 $411 $359 $389 $415 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net interest revenues were down 9% year-over-year to $415 million in Q3 as lower securities lending activity and short-term interest rates offset growth in interest-earning assets In millions Year-over-year change (9%) Sequential change +7% Certain immaterial net interest revenues are not displayed on the chart. Refer to page 38 in the Appendix for additional details on net interest revenues. Cash Sweep Interest on segregated cash, securities, and deposits Interest on corporate cash and investments Margin interest Securities lending, net Interest expense related to credit facilities Credit card, net ($8)($6)($6) ($6) Robinhood Earnings Presentation Q3 2026 ($8) ($10) ($8) ($10) ($8)
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investors.robinhood.com 16 1 3 4 5 6 9 11 14 2019 2020 2021 2022 2023 2024 2025 2026 + Margin Interest We continue to grow and diversify our business (1) Measured based on when a given business crossed ~$100 million in quarterly annualized revenues (revenues in a given quarter times 4). Business lines that have reached $100M or more in annualized revenues1 + Options Trading + Equities Trading + Crypto Trading + Margin Based Securities Lending + Cash Sweep + Fully Paid Securities Lending + Gold Subscriptions + Instant Withdrawals + Bitstamp + Prediction Markets + Robinhood Legend + Credit Card Robinhood Earnings Presentation Q3 2026 + Rothera
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investors.robinhood.com 17 $37 $48 $48 $45 $54 $54 $57 $59 $65 $157 $160 $170 $175 $197 $196 $201 $199 $214$26 $27 $30 $27 $32 $35 $37 $54 $78 $56 $80 $103 $97 $100 $91 $105 $99 $103 $98 $97 $109 $100 $152 $145 $128 $139 $126 $23 $19$79 $77 $73 $78 $78 $76 $79 $91 $78 $476 $508 $533 $522 $613 $597 $607 $641 $664 Brokerage and transactionTechnology and developmentOperations Marketing General and administrationProvision for credit losses¹Share-based compensation Q3'24 Q4'24 Q1'25¹ Q2'25 Q3'25 Q4'25 Q1'26² Q2'26² Q3'26 Adjusted Operating Expenses and SBC increased 8% year-over-year to $664 million in Q3 In millions Adjusted Operating Expenses and SBC is a non-GAAP financial measure. Refer to the Appendix for the reconciliations of Adjusted Operating Expenses and SBC to the most directly comparable GAAP measure, total operating expenses. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The impact of these reclassifications is immaterial to the presentation of the financials taken as a whole. (1) Starting in Q1 2025, Adjusted Operating Expenses and SBC no longer includes provision for credit losses. (2) Q1 2026, Q2 2026, and Q3 2026 Adjusted Operating Expenses and SBC excludes $13M, $7M, and $2M in SBC attributable to our CFO transition, respectively, and Q2 2026 Adjusted Operating Expenses and SBC excludes an additional $7M of SBC related to our restructuring. Refer to Appendix for the definition of Adjusted Operating Expenses and SBC. Year-over-year change +8% Sequential change +4% Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 18 Adjusted Operating Expenses and SBC We are lowering the top end of our full year Adjusted Operating Expenses and SBC outlook range by $25 million (1) Prior 2026 Outlook provided on 7/29/2026. Current 2026 Outlook provided on 10/27/2026. Adjusted Operating Expenses and SBC is a non-GAAP financial measure. Refer to the Appendix for the reconciliation of Adjusted Operating Expenses and SBC to the most directly comparable GAAP measure, total operating expenses. Refer to the Appendix for additional information on our 2026 outlook. Robinhood Earnings Presentation Q3 2026 • Our prior outlook for 2026 Adjusted Operating Expenses and SBC was $2.675 to $2.775 billion. • Through Q3, we've managed expenses to be lower than the quarterly average of our prior outlook. ◦ Year-to-date through Q3, Adjusted Operating Expenses and SBC was $1.91 billion. • As we look ahead to the rest of the year, we plan to continue to invest for growth across new and existing products. At the same time, we've continued to drive efficiencies across the business, and are carefully managing costs as we finish the year. • So, we are lowering the top end of our prior outlook range by $25 million. • We now expect full year Adjusted Operating Expenses and SBC between $2.675 and $2.75 billion, down $13 million at the midpoint from our prior outlook. ◦ This implies ~$765 to ~$840 million of Adjusted Operating Expenses and SBC in Q4. Our 2026 outlook does not include provision for credit losses, costs related to our pending acquisitions, costs from equity modifications of restructuring and executive awards related to our CFO transition, interest expenses classified as operating expenses, potential significant regulatory matters, or other significant expenses whose size or timing we are unable to accurately predict. Prior 2026 Outlook¹ Current 2026 Outlook¹ $2.675B - $2.775B $2.675B - $2.75B -$25M at top-end
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investors.robinhood.com 19 $78 $76 $92 $105 $80 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Diluted share count was roughly flat in 2025, and we anticipate diluted share count will also be roughly flat in 2026 Basic and Diluted Share Count in millions (1) Q3'25 includes the impact of approximately 7M 2019 CEO Market-Based RSUs vesting. Refer to Appendix for definition of 2019 CEO Market-Based RSUs. (2) Under GAAP, for any period with net income, diluted EPS is calculated using the treasury method for diluted shares, which may cause differences compared to diluted shares shown in this schedule dependent on Robinhood's share price. Share-Based Compensation Expense in millions 899 901 901 899 901 922 921 923 919 918 Basic Share Count Dilutive Shares² Q3'25¹ Q4'25 Q1'26 Q2'26 Q3'26 Year-to-date change (0.3%) - SBC as a % of Total Net Revenues 6% 6% 9% 8% 6% $353M (7% of total net revenues) over the last twelve months Robinhood Earnings Presentation Q3 2026 23 17202220
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investors.robinhood.com 20 $150 $916 $336 $386 $556 $605 $346 $573 $476 $492 $424 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26¹ Q3'26² GAAP net income was $476 million in Q3 and $2.0 billion over the last twelve months In millions, except for EPS and Adjusted EPS Year-over-year change (14%) Sequential change (17%) Robinhood Earnings Presentation Q3 2026 $2.0B or $2.17 of Diluted EPS LTM (1) Q2 2026 Net income included $129 million of gains primarily related to the deconsolidation of Robinhood Ventures Fund I ("RVI"), equivalent to $0.14 of EPS. (2) Q3 2026 Net income included $67 million of unrealized losses primarily related to the mark-to-market of RVI, equivalent to $0.07 of EPS. Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal, Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal, and Adjusted EPS are non-GAAP financial measures. Refer to the Appendix for the reconciliation of Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal, Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal, and Adjusted EPS to the most directly comparable GAAP measures, net income (loss), Diluted EPS, and Diluted EPS, respectively. For purposes of comparison, we have produced Adjusted EPS for historical periods starting with Q1 2025. Adjusted EPS prior to Q1 2025 has therefore been marked as not available ("NA"). Diluted EPS $0.17 $1.01 $0.37 $0.42 $0.61 $0.66 $0.38 $0.62 $0.51 Adjusted EPS NA NA $0.38 $0.43 $0.62 $0.66 $0.41 $0.50 $0.60 Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal Q4 2024 Tax Benefit and Regulatory Accrual Reversal Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal was $0.54
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investors.robinhood.com 21 $268 $613 $470 $549 $742 $761 $534 $741 $808 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Adjusted EBITDA increased 9% year-over-year to a record $808 million in Q3 and $2.8 billion over the last twelve months Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Refer to the Appendix for the reconciliations of Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable GAAP measures, net income and net margin. Year-over-year change +9% Sequential change +9% In millions Adjusted EBITDA Margin 57%50%59%58%56%51%60%42% 57% Robinhood Earnings Presentation Q3 2026 $2.8B (56% margin) over the last twelve months
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investors.robinhood.com 22 Rule of 401 results demonstrate the power of our business model (1) Defined as year-over-year change in total net revenues plus Adjusted EBITDA Margin in a given period. Adjusted EBITDA Margin is a non-GAAP financial measure. Refer to the Appendix for the reconciliations of Adjusted EBITDA Margin to the most directly comparable GAAP measure, net margin. 131% 108% 98% 94% 77% 75% 52% 42% 38% 21% 56% 56% 56% 56% 56% Y/Y Change in Total Net RevenuesAdjusted EBITDA Margin Q3'25 LTM Q4'25 LTM Q1'26 LTM Q2'26 LTM Q3'26 LTM 40% Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 23 With $6B in corporate cash, investments, and stablecoin1, we are well positioned to continue deploying capital In billions • Our balance sheet remains strong with $6 billion of corporate cash, investments, and stablecoin1 today, as well as $4.9 billion in available lines of credit. • In order to increase our capacity to invest for future growth, we opportunistically raised $2.2 billion of 0% coupon convertible notes in June 2026. • The notes are due October 2029, and as of Q3'26, $2.2B were outstanding. • We will continue to look to drive growth and shareholder value by allocating capital across: • Organic growth • M&A • Shareholder returns $5.1 $5.1 $4.6 $4.3 $4.4 $4.6 $5.2 $5.6 $6.0 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Year-over-year change +$1.6 Sequential change +$0.4 (1) Includes cash and cash equivalents, investments, and stablecoin. For more information on our investments and stablecoin, see Note - Investments and Fair Value Measurement to our consolidated financial statements in our Q2 2026 10-Q, and, once filed, our Q3 2026 10-Q. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 24 ~$1,350M $1.5B Share Repurchase Program $160 $322 $124 $107 $100 $250 $414 $25 Q4'24 Q1'25² Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 In Q3, we returned $25 million to shareholders, and have repurchased 7.7M of our shares1 for ~$690 million year-to-date Share Repurchases In millions (1) Shares of our Class A common stock. (2) Includes ~2 million shares repurchased to offset shares issued in connection with our acquisition of TradePMR. Diluted Shares (In millions) 923 920 918 922 921 923 919 918 Robinhood Earnings Presentation Q3 2026 ~$150M Deployed As of 9/30/2026 Remaining Q2 2026 includes $290M (2.7M shares) of repurchases in connection with our June 2026 convertible notes offering and outside of our existing share repurchase authorization.
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25 Appendix
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investors.robinhood.com 26 September 2026 Monthly Metrics See the Appendix for definitions. Monthly percentage change represents the most recent calendar month as compared to the immediately preceding calendar month. Yearly percentage change represents the most recent calendar month as compared to the same month of the prior year. (1) Funded Customers do not include Trump Accounts. (2) Starting in July 2026, Total Platform Assets include Trump Account assets custodied by Robinhood. (3) Starting in July 2026, Net Deposits include Trump Account contributions. (4) Average Daily Trading Volumes defined as Total Trading Volume in a given period divided by the applicable number of trading days in said period. (5) Crypto DATs do not include Bitstamp institutional activity. (6) In February 2026, we updated our brokerage High-Yield Cash program to fund growth in margin lending. Under the updated program, the first $10 thousand in enrolled balances per eligible customer are held as free credit balances where the customer continues to earn the same interest rate. This resulted in over $6 billion of Cash Sweep balances moving to free credit balances in February 2026. Refer to Appendix for definition of Cash and Deposits. (7) Starting in December 2025, includes Robinhood Banking balances. 2025 2026 Change Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep M/M Y/Y Funded Customer Growth (M) Funded Customers1 26.7 26.8 27.1 26.9 27.0 27.2 27.4 27.4 27.6 27.7 28.4 28.5 28.6 28.7 -% 7% Asset Growth ($B) Total Platform Assets² $303.9 $332.7 $342.6 $324.5 $322.1 $324.4 $314.2 $307.3 $345.4 $377.0 $368.7 $355.0 $383.7 $395.9 3% 19% Net Deposits³ $4.8 $9.2 $5.6 $7.1 $3.2 $4.5 $5.6 $7.6 $6.0 $5.6 $10.1 $5.6 $4.0 $6.1 NM NM Trading Equities and Options Trading Days 21.0 21.0 23.0 18.5 21.5 20.0 19.0 22.0 21.0 20.0 21.0 22.0 21.0 21.0 -% -% Crypto and Prediction Markets Trading Days 31 30 31 30 31 31 28 31 30 31 30 31 31 30 (3%) -% Total Trading Volumes Equity ($B) $199.2 $238.8 $320.1 $201.5 $188.6 $227.3 $194.4 $216.1 $248.5 $315.3 $392.0 $332.8 $335.4 $323.6 (4%) 36% Options Contracts (M) 195.5 218.8 266.7 193.2 199.4 200.0 180.3 205.9 224.8 231.1 318.0 324.2 292.5 287.9 (2%) 32% Crypto ($B) $28.1 $23.5 $32.5 $28.6 $21.2 $22.9 $25.0 $17.8 $11.9 $12.2 $16.3 $10.9 $17.5 $21.4 22% (9%) Robinhood App ($B) $13.7 $9.3 $13.9 $12.0 $8.1 $8.7 $9.4 $5.7 $5.4 $5.9 $6.9 $4.3 $7.4 $8.9 20% (4%) Bitstamp ($B) $14.4 $14.2 $18.6 $16.6 $13.1 $14.2 $15.6 $12.1 $6.5 $6.3 $9.4 $6.6 $10.1 $12.5 24% (12%) Event Contracts (B) 0.3 1.7 2.5 3.0 2.9 3.4 2.4 3.0 3.2 3.9 6.4 6.1 4.7 5.6 19% 229% Average Daily Trading Volumes4 Equity ($B) $9.5 $11.4 $13.9 $10.9 $8.8 $11.4 $10.2 $9.8 $11.8 $15.8 $18.7 $15.1 $16.0 $15.4 (4%) 35% Options Contracts (M) 9.3 10.4 11.6 10.4 9.3 10.0 9.5 9.4 10.7 11.6 15.1 14.7 13.9 13.7 (1%) 32% Crypto ($M) $906 $783 $1,048 $953 $684 $739 $893 $574 $397 $393 $543 $352 $565 $713 26% (9%) Robinhood App ($M) $442 $310 $448 $400 $261 $281 $336 $184 $180 $190 $230 $139 $239 $297 24% (4%) Bitstamp ($M) $465 $473 $600 $553 $423 $458 $557 $390 $217 $203 $313 $213 $326 $416 28% (12%) Event Contracts (M) 10 57 81 100 94 110 86 97 107 126 213 197 152 187 23% 228% Daily Average Trades (DATs) (M) Equity 3.6 4.1 4.4 3.9 3.6 4.2 4.0 4.0 4.0 4.8 5.7 4.8 4.7 4.5 (4%) 10% Options 1.2 1.3 1.4 1.3 1.1 1.3 1.3 1.2 1.3 1.5 2.1 2.1 2.0 2.0 -% 54% Crypto5 1.0 0.9 1.1 1.1 0.9 1.0 1.1 0.7 0.6 0.7 0.8 0.6 0.7 0.9 29% -% Interest Earning Assets ($B) Margin Book $12.5 $13.9 $16.5 $16.8 $16.8 $18.4 $17.2 $17.0 $18.0 $19.5 $21.6 $20.7 $21.5 $22.1 3% 59% Cash and Deposits6 $14.3 $14.3 $14.7 $12.1 $11.0 $11.7 $16.5 $16.7 $18.1 $18.6 $18.7 $19.5 $19.6 $20.4 4% 43% Cash Sweep6, 7 $34.1 $35.4 $34.2 $32.5 $32.8 $31.5 $25.8 $26.0 $27.6 $28.8 $29.7 $29.2 $31.2 $32.3 4% (9%) Securities Lending ($M) Total Securities Lending Revenue $53 $59 $60 $34 $38 $34 $25 $33 $32 $36 $41 $40 $36 $32 (11%) (46%) Securities Lending, Net $24 $26 $24 $— $2 $4 ($1) $1 $3 $5 $2 $1 ($8) ($12) NM NM Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 27 September 2026 Monthly Metrics Dashboard Robinhood Earnings Presentation Q3 2026 Totals may not foot due to rounding. (1) Funded Customers do not include Trump Accounts. Starting in July 2026, Total Platform Assets include Trump Account assets custodied by Robinhood and Net Deposits include Trump Account contributions. (2) Starting in December 2025, includes Robinhood Banking balances. In February 2026, we updated our brokerage High-Yield Cash program to fund growth in margin lending. Under the updated program, the first $10 thousand in enrolled balances per eligible customer are held as free credit balances where the customer continues to earn the same interest rate. This resulted in over $6 billion of Cash Sweep balances moving to free credit balances in February 2026. Funded Customers¹ In millions Total Platform Assets¹ In $ billions Net Deposits¹ In $ billions Select Interest Earning Assets In $ billions Sep-26 28.7M +140k M/M +1.88M Y/Y Sep-26 $396B +3% M/M +19% Y/Y Sep-26 $74.8B +3% M/M +18% Y/Y Sep-26 $6.1B 19% Annualized Growth $71.0B LTM 21% LTM Growth
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investors.robinhood.com 28 September 2026 Monthly Metrics Dashboard (Continued) Robinhood Earnings Presentation Q3 2026 (1) Average daily volumes (“ADVs”) defined as Total Trading Volume in a given period divided by the applicable number of trading days in said period.. Equity Notional Volumes In $ billions Options Contracts Traded In millions Crypto Notional Volumes In $ billions Event Contracts Traded In billions Sep-26 $324B (4%) M/M +36% Y/Y $15.4B Avg. Daily Volumes1 (4%) M/M, +35% Y/Y Sep-26 288M (2%) M/M +32% Y/Y 13.7M Avg. Daily Volumes1 (1%) M/M, +32% Y/Y Sep-26 5.6B +19% M/M +229% Y/Y 187M Avg. Daily Volumes1 +23% M/M, +228% Y/Y Sep-26 $21.4B +22% M/M (9%) Y/Y $713M Avg. Daily Volumes1 +26% M/M, (9%) Y/Y ADVs ($M)1 442 310 448 400 261 281 336 184 180 190 230 139 239 297 465 473 600 553 423 458 557 390 217 203 313 213 326 416
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investors.robinhood.com 29 Changes in Funded Customers and Total Platform Assets Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Beginning Funded Customers 24.2 24.3 25.2 25.8 26.5 26.8 27.0 27.4 28.4 New Customers 0.4 0.8 0.7 0.6 0.7 0.6 0.7 0.9 0.6 Resurrected Customers 0.1 0.3 0.2 0.1 0.1 0.2 0.1 0.2 0.1 Acquired customers — — 0.1 0.5 — — — 0.3 — Churned Customers (0.4) (0.2) (0.4) (0.5) (0.5) (0.6) (0.4) (0.4) (0.4) Ending Funded Customers 24.3 25.2 25.8 26.5 26.8 27.0 27.4 28.4 28.7 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Beginning balance $139.7 $152.2 $192.9 $220.6 $278.6 $332.7 $322.1 $307.3 $368.7 Acquired assets — — 42.9 8.9 — — — 0.7 — Net Deposits 10.0 16.1 18.0 13.8 20.4 15.9 17.7 21.7 15.7 Net market gains (losses) 2.5 24.6 (33.2) 35.3 33.7 (26.5) (32.5) 39.0 11.5 Ending balance $152.2 $192.9 $220.6 $278.6 $332.7 $322.1 $307.3 $368.7 $395.9 Funded Customers In millions Total Platform Assets In billions Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 30 Net Cash Held by Users Reconciliation In billions Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Total Cash Sweep (excluding TradePMR)1 24.5 26.1 27.0 31.5 34.3 31.6 24.7 28.3 30.9 Free Credit Balances and Other2 6.1 7.2 7.0 10.3 12.0 11.8 16.9 17.2 18.2 Total cash held by users $30.6 $33.3 $34.0 $41.8 $46.3 $43.4 $41.6 $45.5 $49.1 Receivables from Users (5.5) (8.0) (8.8) (9.3) (13.8) (16.8) (16.9) (21.6) (22.1) Net cash held by users $25.1 $25.3 $25.2 $32.5 $32.5 $26.6 $24.7 $23.9 $27.0 Robinhood Earnings Presentation Q3 2026 (1) Starting in December 2025, includes Robinhood Banking balances. (2) In February 2026, we updated our brokerage High-Yield Cash program to fund growth in margin lending. Under the updated program, the first $10 thousand in enrolled balances per eligible customer are held as free credit balances where the customer continues to earn the same interest rate. This resulted in over $6 billion of Cash Sweep balances moving to free credit balances in February 2026.
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investors.robinhood.com 31 Customers placing trades Flat Y/Y (6%) Q/Q Avg. notional volume per trader +48% Y/Y +9% Q/Q Customers placing trades (11%) Y/Y (8%) Q/Q Contracts per trader +66% Y/Y +27% Q/Q Customers placing trades (37%) Y/Y (12%) Q/Q Avg. notional volume per trader (13%) Y/Y +26% Q/Q Trading Volumes for Q3 2026 Equity Notional Volumes Options Contracts Traded Robinhood App Crypto Notional Volumes1 Up 53% Y/Y and up 4% Q/Q Driven by: Up 48% Y/Y and up 17% Q/Q Driven by: Down 48% Y/Y while up 13% Q/Q Driven by: Robinhood Earnings Presentation Q3 2026 (1) Refer to Appendix for the definition of Notional Trading Volume. Customers placing trades (68%) Y/Y (16%) Q/Q Avg. notional volume per trader +119% Y/Y +57% Q/Q Bitstamp Crypto Notional Volumes1 Down 28% Y/Y while up 32% Q/Q Driven by:
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investors.robinhood.com 32 2.3 8.5 8.8 13.6 16.4 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 9.1 16.7 20.1 17.6 13.7 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 24.8 29.3 29.4 34.5 48.1 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 New trading products continue to scale, as Index Options and Event Contracts reached new quarterly records in Q3 Index Options Contracts Traded1 In millions of contracts Futures Contracts Traded In millions of contracts Event Contracts Traded In billions of contracts Up 94% Y/Y Up 51% Y/Y Up >7x Y/Y Robinhood Earnings Presentation Q3 2026 (1) Index Options Contracts Traded are included in Options Contracts Traded. Refer to Appendix for the definition of Options Contracts Traded. (2) Q3 2026 Event Contracts revenue was $173M, which includes Rothera revenues of $28M. Refer to appendix for definition of Rothera Event Contracts Traded. Rothera Event Contracts Traded (in billions of contracts)2 - - - 2.1 3.4
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investors.robinhood.com 33 Crypto Notional Trading Volumes1 Q4'25 Q1'26 Q2'26 Q3'26 Sequential change Crypto Notional Trading Volumes ($B) Robinhood App 34.0 23.8 18.3 20.6 +13% Bitstamp 48.4 41.9 22.1 29.2 +32% Retail 4.6 2.7 1.4 1.5 +7% Institutional 43.8 39.2 20.7 27.7 +34% Crypto Notional Trading Volumes 82.4 65.7 40.4 49.8 +23% Crypto Transaction-Based Revenues ex-Robinhood Chain ($M) Robinhood App 204 121 94 88 (6%) Bitstamp 17 13 6 6 —% Crypto Transaction-Based Revenues ex-Robinhood Chain 221 134 100 94 (6%) Robinhood Chain Crypto Transaction-Based Revenues — — — 26 NA Crypto Transaction-Based Revenues 221 134 100 120 +20% Robinhood Earnings Presentation Q3 2026 (1) Refer to Appendix for the definition of Notional Trading Volume.
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investors.robinhood.com 34 0.4 0.9 1.3 1.5 1.9 2.1 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 0.1 1.6 3.1 4.6 Q4'25 Q1'26 Q2'26 Q3'26 0.1 0.1 0.2 0.3 0.4 0.6 0.8 1.0 1.3 Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 We are deepening relationships and growing our share of wallet with customers as we deliver innovative wealth management products Robinhood Gold Card Cardholders In millions Robinhood Banking Balances In $ billions Robinhood Strategies Assets Under Management In $ billions Up >3x Y/Y and up 30% Q/Q Up ~$1.5B Q/Q Up 133% Y/Y and up 11% Q/Q Robinhood Earnings Presentation Q3 2026 Funded Customers (in thousands) 15 110 245 345 Funded Customers (in thousands) 95 160 210 270 310 350 Total Robinhood Gold Card Balances (in $ billions) 0.1 0.2 0.3 0.4 0.6 0.9 1.1 1.5 1.8
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investors.robinhood.com 35 Monthly Active Users (MAU) decreased by 0.8 million year-over-year to 13.0 million in Q3 Year-over-year change (0.8) Sequential change (1.1) In millions 13.8 13.0 13.5 14.1 13.0 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 36 Annualized revenue per employee was $1.9 million in Q3, up 7% year-over-year Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Year-over-year change Sequential change End of period Employee Count1 2,972 2,944 3,029 2,998 3,042 +2% +1% Total Net Revenues (in millions) $1,274 $1,283 $1,067 $1,308 $1,424 +12% +9% Average Employee Count 2,900 2,958 2,987 3,014 3,020 +4% —% Annualized revenue per employee (in thousands)2 $1,758 $1,735 $1,429 $1,736 $1,886 +7% +9% (1) Q1 2025 reflected the addition of ~150 employees as a result of the acquisition of TradePMR, and Q2 2025 reflected the addition of ~350 employees as a result of the acquisition of Bitstamp. (2) Annualized revenue per employee is calculated by multiplying total net revenues by four and dividing by average employee count for a given quarter. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 37 In Q3 2026, we recorded $60 million of contra revenues associated with matches on customer transfers and deposits and allocated them on a proportional basis Customer Match Contra Revenue Allocation in millions Customer Match Amortization Detail Q4'25 Q1'26 Q2'26 Q3'26 Transaction-based revenues Options ($26) ($28) ($31) ($32) Equities (7) (9) (12) (9) Cryptocurrencies (8) (6) (4) (4) Event Contracts (5) (5) (6) (6) Other (2) (2) (3) (2) Net interest revenues Cash Sweep ($3) ($2) ($2) ($2) Other revenues (4) (5) (5) (5) Total customer match contra revenue ($55) ($57) ($63) ($60) Customer Transfer and Contribution Matches • The customer match program started in 2023, first with matches on IRA contributions in Q1 2023 and then with matches on asset transfers from other brokerages in Q4 2023. • Since the start of the program through Q3 2026, we’ve provided customers with ~$1.19B of matches. This includes an additional $69M of matches in Q3 2026 (and customers also returned $10M of matches in Q3). • In Q3 2026, we amortized $52M of matches. At the end of Q3 2026, we had ~$768M of unamortized matches remaining with a weighted average amortization of approximately 4 years. Gold Deposit Boosts • The Gold deposit boost program started in June 2024, and we wound down the program in November of 2024. • Since the start of the program, we have paid out $134M of Gold deposit boosts, including $7M in Q3. • The majority of the remaining Gold deposit boosts earned by customers prior to the end of the program will be paid out over a period of ~2 months. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 38 Net interest revenues were $415 million in Q3, down 9% year-over-year In millions Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Year-over- year change Sequential change Interest on corporate cash and investments1 $67 $53 $49 $46 $39 $33 $34 $31 $47 +21% +52% Margin interest2 83 91 110 114 153 196 193 215 244 +59% +13% Interest on segregated cash and securities, and deposits3 61 74 56 77 103 83 58 60 55 (47%) (8%) Cash sweep4 46 50 48 60 64 57 45 41 45 (30%) +10% Securities lending, net5 19 26 23 54 87 26 4 10 (19) NM NM Credit card, net6 4 8 10 13 17 24 32 40 50 +194% +25% Interest expenses related to credit facilities7 (6) (6) (6) (8) (8) (10) (8) (10) (8) —% (20%) Other — — — 1 1 2 1 2 1 NM (50%) Total net interest revenues $274 $296 $290 $357 $456 $411 $359 $389 $415 (9%) +7% The following summarizes each revenue line item presented above and, where applicable, the types of assets generating the revenue. (1) Interest on corporate cash and investments - Interest earned on corporate cash and cash equivalents and investments. (2) Margin interest - Interest paid by customers on margin balances. (3) Interest on segregated cash and securities, and deposits - Interest earned on cash and securities segregated under federal and other regulations, which includes cash collateral for Margin Securities Lending program, and deposits with clearing organizations. (4) Cash sweep - Interest earned on off-balance sheet Cash Sweep balances. (5) Securities lending, net - Revenue from the Margin Securities Lending program and the Fully-Paid Securities Lending program (net of Fully-Paid Securities Lending revenue shared with participating customers). (6) Credit card, net - Primarily comprise interest earned on customer credit card loan balances net of interest paid to financing partners. (7) Interest expenses related to credit facilities - Interest payments related to Robinhood’s credit facilities. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 39 Margin Book Cash and deposits(1) Cash Sweep (off-balance sheet) Credit card, net(2) Total interest- earning assets Securities lending, net Interest expenses related to credit facilities(5) Other Total net interest revenues September 30, 2026 $22,145 $20,439 $32,296 $1,841 $76,721 June 30, 2026 $21,641 $18,687 $29,707 $1,457 $71,492 Average(3) $21,483 $19,547 $30,603 $1,692 $73,325 Q3 2026 Revenue (Expense) $244 $102 $45 $50 $441 ($19) ($8) $1 $415 Q3 2026 Annualized Yield(4) 4.54% 2.09% 0.59% 11.82% 2.41% 2.26% June 30, 2026 $21,641 $18,687 $29,707 $1,457 $71,492 March 31, 2026 $16,953 $16,669 $26,023 $1,132 $60,777 Average(3) $19,015 $18,001 $28,020 $1,347 $66,383 Q2 2026 Revenue (Expense) $215 $91 $41 $40 $387 $10 ($10) $2 $389 Q2 2026 Annualized Yield(4) 4.52% 2.02% 0.59% 11.88% 2.33% 2.34% Total interest-earning assets were a record ~$77B at the end of Q3, and average yield increased by 8 bps sequentially In millions, except for annualized yields Robinhood Earnings Presentation Q3 2026 (1) Includes cash and cash equivalents, restricted cash, segregated cash, cash equivalents, and securities under federal and other regulations, deposits with clearing organizations, and investments. (2) Credit card, net consists of i) an off-balance sheet amount representing customer principal amounts funded by Coastal Bank under the Program Agreement. Under the Program Agreement, Robinhood Credit collects interest from customers that carry a balance and pays interest on the amount funded by Coastal Bank, with the difference between those amounts resulting in net interest revenue and ii) an on-balance sheet amount representing purchased credit card receivables by the Credit Card Funding Trust. Robinhood Credit collects interest from customers that carry balances and pays interest on the amount funded through the Credit Card Funding Trust, with the difference in those amounts resulting in net interest revenues. As of September 30, 2026, the off-balance sheet amount funded under the Program agreement was $196 million and the on-balance sheet amount was $1,645 million. (3) Average balance rows represent the simple average of month-end balances in a given period. (4) Annualized yield is calculated by annualizing revenue for the given period and dividing by the applicable average asset balance. (5) Includes interest expenses related to our revolving credit facilities; interest expense related to the Credit Card Funding Trust is included in the credit card, net interest yield calculation.
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investors.robinhood.com 40 $24.5 $26.1 $28.2 $32.7 $35.4 $32.8 $26.0 $29.7 $32.3 $11.1 $9.9 $9.7 $14.0 $14.3 $11.0 $16.7 $18.7 $20.4$5.5 $7.9 $8.8 $9.5 $13.9 $16.8 $17.0 $21.6 $22.1 $41 $44 $47 $57 $64 $62 $61 $71 $77 Cash Sweep (off-balance sheet)Cash and deposits²Margin Book Credit card, net³ Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26¹ Q2'26 Q3'26 In billions In Q3, interest-earning assets grew 19% year-over-year to a record $77 billion +9% +2% +43% +59% +7%+19% +148% +26% Sequential change Year-over- year change $0.3 +9%(9%) Includes corporate cash, investments, and segregated cash $0.4 Robinhood Earnings Presentation Q3 2026 $0.6 $0.4 $0.7 $1.0 $1.1 (1) 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. (2) Includes cash and cash equivalents, restricted cash, segregated cash, cash equivalents, and securities under federal and other regulations, deposits with clearing organizations, and investments. (3) Credit card, net consists of i) an off-balance sheet amount representing customer principal amounts funded by Coastal Bank under the Program Agreement. Under the Program Agreement, Robinhood Credit collects interest from customers that carry a balance and pays interest on the amount funded by Coastal Bank, with the difference between those amounts resulting in net interest revenue and ii) an on-balance sheet amount representing purchased credit card receivables by the Credit Card Funding Trust. Robinhood Credit collects interest from customers that carry balances and pays interest on the amount funded through the Credit Card Funding Trust, with the difference in those amounts resulting in net interest revenues. As of September 30, 2026, the off-balance sheet amount funded under the Program agreement was $196 million and the on-balance sheet amount was $1,645 million. $1.5 $1.8
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investors.robinhood.com 41 Total securities lending revenue decreased by 38% year-over-year to $108 million in Q3, while Funded Customers enrolled in fully-paid securities lending increased by 30% In millions, unless specified Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Year-over-year change Sequential change Total securities lending revenue (including interest on cash collateral that is partially used to fund margin balances) $173 $132 $92 $109 $108 (38%) (1%) Securities lending, net (shown on p. 15)1 $87 $26 $4 $10 ($19) NM NM Fully-Paid Securities Lending Metrics Funded Customers Enrolled (end of period, in millions) 5.6 6.1 6.5 6.9 7.3 +30% +6% Equity Total Platform Assets Enrolled (end of period, in billions) $68.8 $75.9 $73.6 $96.2 $111.6 +62% +16% (1) Securities lending, net decreased year-over-year in Q3 2026 primarily due to reduced demand for hard-to-borrow securities. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 42 Diluted shares were roughly flat year-over-year as we continue to repurchase shares over time and closely manage share-based compensation Price per Class A Share (End of period) $143.18 $113.20 $69.30 $100.28 $112.50 In millions, except prices and percentages September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Year-over-year change Class A shares outstanding 784.3 790.3 791.1 789.8 792.7 Class B shares outstanding 114.3 111.0 110.1 109.2 107.8 Basic shares 898.6 901.3 901.2 899.0 900.5 +0.2% Employee time-based RSUs outstanding 10.7 7.6 10.6 8.5 6.4 Employee stock options outstanding (in-the-money)1 3.5 3.0 2.5 2.3 1.9 Investor warrants (all at $26.60/share) outstanding (in-the-money) 9.1 8.7 8.7 8.7 8.7 Diluted shares2 921.9 920.6 923.0 918.5 917.5 (0.5%) (1) In addition, employees hold purchase rights under the Employee Share Purchase Plan (ESPP). Historical issuances under the ESPP were 1.6M shares in May 2024, 0.7M shares in November 2024, 0.6M shares in May 2025, 0.2M shares in November 2025, and 0.3M shares in May 2026. (2) Diluted share count does not reflect potential shares issued in connection with our convertible notes offering and certain executive PSUs. Please note that under GAAP, for any period with a net loss, diluted EPS is calculated using basic shares; for any period with net income, diluted EPS takes into consideration the impact of unvested employee share based awards and our convertible notes, which may cause differences compared to diluted shares shown in this schedule dependent on Robinhood's share price. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 43 Adjusted Operating Expenses and Adjusted Operating Expenses and SBC Reconciliation In millions Operating expenses (GAAP) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Brokerage and transaction $39 $50 $50 $48 $56 $57 $60 $62 $68 Technology and development 205 208 214 214 237 232 241 256 254 Operations 27 29 31 29 33 37 38 57 79 Provision for credit losses1 23 19 24 28 26 36 36 56 71 Marketing 59 82 105 99 102 93 107 104 104 General and administration 133 70 133 132 185 178 174 199 163 Total operating expenses $486 $458 $557 $550 $639 $633 $656 $734 $739 Less: SBC Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Brokerage and transaction $2 $2 $2 $3 $2 $3 $3 $2 $3 Technology and development 48 48 44 39 40 36 40 48 40 Operations 1 2 1 2 1 2 1 1 1 Marketing 3 2 2 2 2 2 2 3 1 General and administration 25 23 24 32 33 33 46 51 35 Total SBC $79 $77 $73 $78 $78 $76 $92 $105 $80 Less: Provision for credit losses Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Provision for credit losses1 $— $— $24 $28 $26 $36 $36 $56 $71 Total provision for credit losses $— $— $24 $28 $26 $36 $36 $56 $71 Less: Interest expenses2 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 General and administration $— $— $— $— $— $— $— $— $2 Total interest expenses $— $— $— $— $— $— $— $— $2 Less: Restructuring charges Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Brokerage and transaction $— $— $— $— $— $— $— $1 $— Technology and development — — — — — — — 9 — Operations — — — — — — — 2 — Marketing — — — — — — — 2 — General and administration — — — — — — — 9 — Total restructuring charges $— $— $— $— $— $— $— $23 $— Less: Significant legal and tax settlements and reserves Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 General and administration $10 ($50) $— $— $— $— $— $— $— Total significant legal and tax settlements and reserves $10 ($50) $— $— $— $— $— $— $— Adjusted Operating Expenses (Non-GAAP) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Brokerage and transaction $37 $48 $48 $45 $54 $54 $57 $59 $65 Technology and development 157 160 170 175 197 196 201 199 214 Operations 26 27 30 27 32 35 37 54 78 Provision for credit losses1 23 19 — — — — — — — Marketing 56 80 103 97 100 91 105 99 103 General and administration 98 97 109 100 152 145 128 139 126 Total Adjusted Operating Expenses $397 $431 $460 $444 $535 $521 $528 $550 $586 Adjusted Operating Expenses and SBC (Non-GAAP) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Adjusted Operating Expenses $397 $431 $460 $444 $535 $521 $528 $550 $586 Add: SBC excluding CFO transition and restructuring 79 77 73 78 78 76 79 91 78 Adjusted Operating Expenses and SBC $476 $508 $533 $522 $613 $597 $607 $641 $664 Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The impact of these reclassifications is immaterial to the presentation of the financials taken as a whole. (1) Starting in Q1 2025, Adjusted Operating Expenses and Adjusted Operating Expenses and SBC no longer includes provision for credit losses. (2) For the three and nine months ended September 30, 2026, primarily related to interest expense amortization of convertible notes. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 44 Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations In millions Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net income attributable to Robinhood $150 $916 $336 $386 $556 $605 $350 $561 $468 Net income (loss) attributable to non-controlling interests — — — — — — (4) 12 8 Net Income 150 916 336 386 556 605 346 573 476 Net margin1 24% 90% 36% 39% 44% 47% 32% 44% 33% Interest expenses related to debt obligations 6 6 6 8 8 10 8 10 10 Provision for (benefit from) income taxes 3 (358) 35 56 78 56 65 136 149 Depreciation and amortization 20 22 20 21 22 23 23 23 26 EBITDA (Non-GAAP) $179 $586 $397 $471 $664 $694 $442 $742 $661 SBC 79 77 73 78 78 76 92 105 80 Significant legal and tax settlements and reserves 10 (50) — — — — — — — Restructuring charges — — — — — — — 23 — Unrealized and realized (gains) losses2 — — — — — (9) — (129) 67 Adjusted EBITDA (Non-GAAP) $268 $613 $470 $549 $742 $761 $534 $741 $808 Adjusted EBITDA Margin (Non-GAAP)3 42% 60% 51% 56% 58% 59% 50% 57% 57% (1) Net margin is calculated as net income (loss) divided by total net revenues. (2) For the three months ended December 31, 2025, June 30, 2026, and September 30, 2026, unrealized gains or losses in non-marketable equity securities were primarily related to investments in Robinhood Ventures funds. On June 25, 2026, we sold a portion of our ownership interest in RVI, resulting in the loss of a controlling financial interest in RVI. Accordingly, we deconsolidated RVI, and no longer include RVI's assets, liabilities, and results of operations in our consolidated financial statements as of that date forward. (3) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total net revenues. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 45 Incremental Net Income and Incremental Adjusted EBITDA Margins In millions Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Year-over-year change in total net revenues +$637 +$269 +$140 +$319 +$150 Year-over-year change in net income +$406 ($311) +$10 +$187 ($80) Incremental net income margins1 64% NM 7% 59% (53%) Year-over-year change in Adjusted EBITDA (non-GAAP) +$474 +$148 +$64 +$192 +$66 Incremental Adjusted EBITDA Margins (non-GAAP)2 74% 55% 46% 60% 44% (1) Defined as year-over-year change in net income divided by year-over-year change in total net revenues. (2) Defined as year-over-year change in Adjusted EBITDA (non-GAAP) divided by year-over-year change in total net revenues. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 46 Q4'24 Diluted EPS (GAAP) $1.01 Less: Tax Benefit and Regulatory Accrual Reversal1 (0.47) EPS Prior to Tax Benefit and Regulatory Accrual Reversal (Non-GAAP) $0.54 Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal and Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal Reconciliations Q4'24 Net income (GAAP) $916 Less: Tax Benefit and Regulatory Accrual Reversal1 (424) Net Income Prior to Tax Benefit and Regulatory Accrual Reversal (Non-GAAP) $492 Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal In millions Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal (1) In Q4 2024, the Company recorded a $369 million deferred tax benefit ($0.41 of diluted EPS), primarily from the release of the Company's valuation allowance on most of its net deferred tax assets, as well as a $55 million benefit ($0.06 of diluted EPS) due to a reversal of an accrual as part of a regulatory settlement. Together, these items represented a $424 million benefit ($0.47 of diluted EPS) in Q4 2024. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 47 Adjusted EPS Reconciliation In millions Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net income attributable to Robinhood $336 $386 $556 $605 $350 $561 $468 SBC attributable to CFO transition & restructuring — — — — 13 14 2 Restructuring charges — — — — — 23 — Unrealized and realized (gains) losses1 — — — (9) — (129) 67 Amortization of intangible assets 4 6 7 6 6 8 9 Tax impact of non-GAAP adjustments 1 1 2 — 2 (23) 4 Adjusted Net Income 341 393 565 602 371 454 550 Weighted-average number of diluted common shares outstanding 909 909 918 918 915 912 911 Diluted EPS $0.37 $0.42 $0.61 $0.66 $0.38 $0.62 $0.51 Adjusted EPS $0.38 $0.43 $0.62 $0.66 $0.41 $0.50 $0.60 (1) For the three months ended December 31, 2025, June 30, 2026, and September 30, 2026, unrealized gains or losses in non-marketable equity securities were primarily related to investments in Robinhood Ventures funds. On June 25, 2026, we sold a portion of our ownership interest in RVI, resulting in the loss of a controlling financial interest in RVI. Accordingly, we deconsolidated RVI, and no longer include RVI's assets, liabilities, and results of operations in our consolidated financial statements as of that date forward. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 48 Definitions Key Performance Metrics Funded Customers We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account are each considered to be a Funded Customer. Starting in Q1 2025, individuals who are customers of Registered Investment Advisors ("RIAs") that use the TradePMR platform, and, starting in June 2025, customers of Bitstamp are also considered Funded Customers. Starting in June 2026, customers of Wonder Fi are also considered Funded Customers. Total Platform Assets We define Total Platform Assets as the sum of the fair value of all equities, options, cryptocurrency, futures (including options on futures and swaps, including event contracts), cash held by users in their accounts, net of receivables from users (previously reported as Assets Under Custody), and any such assets managed by RIAs using TradePMR’s platform that are not custodied by Robinhood, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in Total Platform Assets in any given period. Starting in June 2025, the fair value of all cryptocurrency includes cryptocurrency on Bitstamp. Starting in June 2026, the fair value of all cryptocurrency also includes cryptocurrency on Wonder Fi. Starting in July 2026, Total Platform Assets include Trump Account assets custodied by Robinhood. Total Platform Assets also include cryptocurrency lent through platform-enabled lending programs and total value locked in Robinhood Earn, representing customer assets deposited into Robinhood Earn programs, where customers may recall such assets at any time through the platform, but exclude assets held in Robinhood Non-custodial Wallet for which the customer holds full or partial keys. Assets Under Custody We define Assets Under Custody as Total Platform Assets, excluding assets managed by RIAs using TradePMR's platform that are not custodied by Robinhood, as of a stated date or period end on a trade date basis. Net Deposits We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, staking rewards, and cash or assets earned in connection with Company promotions (such as account transfer and retirement match incentives, free stock bonuses) received by customers, net of reversals, customer cash withdrawals, margin and lending interest, Robinhood Gold subscription fees, and assets transferred off of our platforms for a stated period. Starting in June 2025, Net Deposits include results from Bitstamp. As previously disclosed, due to data limitations we did not include TradePMR client figures in our Net Deposits key performance metric prior to March 2026. Starting in March 2026, Net Deposits include results from TradePMR. Starting in June 2026, Net Deposits also include results from Wonder Fi. Starting in July 2026, Net Deposits include Trump Account contributions and seed funding from Treasury. Average Revenue Per User (“ARPU”) We define average revenue per user, or ARPU, as total revenue for a given period divided by the average number of Funded Customers on the last day of that period and the last day of the immediately preceding period. Figures in this presentation represent ARPU annualized for each three-month period presented. Robinhood Gold Subscribers We define a Robinhood Gold Subscriber as a unique person who has at least one account with a Robinhood entity and who, as of the end of the relevant period (a) is subscribed to Robinhood Gold and (b) has made at least one Robinhood Gold subscription fee payment. Additional Operating Metrics Robinhood Retirement AUC We define Robinhood Retirement AUC as the total Assets Under Custody in traditional individual retirement accounts (“IRAs") and Roth IRAs. This does not include accounts with an RIA using TradePMR’s platform. Cash Sweep We define Cash Sweep as the period-end total amount of participating users’ uninvested brokerage and banking cash that has been automatically “swept” or moved from their accounts into deposits for their benefit at a network of program banks. This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms. This includes balances from customers of RIAs using TradePMR’s platform. 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. Margin Book We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts). This includes margin loan balances from customers of RIAs using TradePMR’s platform. Notional Trading Volume We define Notional Trading Volume, or Notional Volume, for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class on our platforms over a specified period of time. Crypto Notional Volume includes both Robinhood App Notional Volume and Bitstamp Notional Volume. Robinhood App Notional Volume represents the dollar value of executed crypto trades on the Robinhood platform over a specified period of time, and, starting in June 2026, includes the dollar value of executed crypto trades from WonderFi customers. Bitstamp Notional Volume represents the dollar value of executed crypto trades on the Bitstamp platform over a specified period of time. For example, each $1 of transaction value executed between a buyer and seller is counted as $1 of transaction value in the relevant period, rather than $2 if counted for each of the buyer and seller. Options Contracts Traded We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock. Event Contracts Traded We define Event Contracts Traded as the total number of event contracts bought or sold over a specified period of time through our Prediction Markets Hub. Each contract can be traded at $0.01 increments up to $1 and is worth $1 upon settlement. Futures Contracts Traded We define Futures Contracts Traded as the total number of futures contracts bought or sold over a specified period of time. While contract specifications vary, futures contracts generally represent agreements to buy or sell an asset at a specific price at a future date. Event contracts are not included within Futures Contracts Traded. Rothera Event Contracts Traded We define Rothera Event Contracts Traded as the total number of event contracts traded over a specified period of time on the Rothera Exchange. A trade on Rothera Exchange consists of one matched Yes contract and one matched No contract; each such matched trade is counted as one Rothera Event Contract Traded. Contracts on Rothera Exchange come from both Robinhood customers and other Rothera Exchange participants. Total Trading Volumes Total Trading Volumes represent Notional Trading Volumes for Equity and Crypto, and Options Contracts Traded for Options ,and Event Contracts Traded for Event Contracts. Monthly Active Users (“MAU”) We define MAUs as the number of unique persons who, using one or more accounts with a Robinhood entity, meet one of the following criteria at any point during a specified calendar month: a) executes a debit card or credit card transaction, b) transitions between two different screens on a mobile device while logged into their account or c) loads a page in a web browser while logged into their account. A person need not satisfy these conditions on a recurring monthly basis or be a Funded Customer to be included in MAU. MAU figures in this presentation reflect MAU for the last month of the relevant period presented. We utilize MAU to measure how many customers interact with our products and services during a given month. MAU does not measure the frequency or duration of the interaction, but we consider it a useful indicator for engagement. Additionally, MAUs are positively correlated with, but are not indicative of, the performance of revenue and other key performance indicators. Cash and Deposits We define Cash and Deposits as the period-end sum of cash and cash equivalents, restricted cash, segregated cash, cash equivalents, and securities under federal and other regulations, deposits with clearing organizations, and investments. Glossary Terms Churned Customers A Funded Customer is considered “Churned” if it was ever a New Funded Customer whose account balance (measured as the fair value of assets in the account less any amount due from the user and excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) drops to or below zero and has not completed a transaction using any account with a Robinhood entity for at least 45 consecutive calendar days. Negative balances typically result from Fraudulent Deposit Transactions (which occur when users initiate deposits into their accounts, make trades on our platforms using a short-term extension of credit from us, and then repatriate or reverse the deposits, resulting in a loss to us of the credited amount) and unauthorized debit card use, and less often, from margin loans. Daily Average Trades (“DATs”) We define DATs for any asset class as the total number of trades for a given asset class executed during a given period divided by the number of trading days for a given asset class in that period. The monthly metrics slide discloses each month’s number of trading days for equities and options. For crypto, the number of trading days is equal to the number of calendar days in the month. Free Credit Balances and Other We define Free Credit Balances and Other as the period-end total amount of users' uninvested cash in their accounts that is not participating in the "Cash Sweep" program. Robinhood Gold Adoption Rate We define the Robinhood Gold adoption rate as end of period Robinhood Gold Subscribers divided by end of period Funded Customers. Growth Rate and Annualized Growth Rate with respect to Net Deposits Growth rate is calculated as aggregate Net Deposits over a specified 12-month period, divided by Total Platform Assets for the fiscal quarter that immediately precedes such 12-month period. Annualized growth rate is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by Total Platform Assets for the immediately preceding quarter. Investment Accounts We define an Investment Account as a funded individual brokerage account, a funded joint investing account, a funded IRA, a funded custodial account, or an account with an RIA using TradePMR’s platform. Starting in September 2025, a Funded Customer can have multiple Investment Accounts - one or more individual brokerage accounts, a joint investing account, a funded custodial account, a traditional IRA, a Roth IRA, and/or an RIA custody account using TradePMR’s platform. Investment Accounts do not include Bitstamp or WonderFi as such accounts are not brokerage or other Investment Accounts. Robinhood Earnings Presentation Q3 2026
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investors.robinhood.com 49 Adjusted Operating Expenses and SBC Adjusted Operating Expenses and SBC is defined as GAAP total operating expenses minus (i) provision for credit losses, (ii) significant legal and tax settlements and reserves, (iii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), that we believe are not indicative of our ongoing expenses, (iv) interest expenses classified as operating expenses, and (v) SBC related to modifications of awards impacted by restructuring as well as in connection with our CFO transition. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. Unlike Adjusted Operating Expenses, Adjusted Operating Expenses and SBC does not adjust for SBC except for in 2026 as it relates to modifications of awards impacted by restructuring and our CFO transition. Adjusted Net Income Adjusted Net Income is defined as net income attributable to Robinhood, excluding: (i) SBC attributable to CFO transition & restructuring, (ii) restructuring charges, (iii) unrealized and realized losses (gains), (iv) amortization of intangible assets, and (v) the tax impact of non-GAAP adjustments. Adjusted EPS Adjusted EPS is defined as Adjusted Net Income divided by the weighted average number of diluted common shares outstanding during the period, determined in accordance with ASC 260, excluding the effect of our convertible senior notes as they are currently anti-dilutive. Shares issuable upon settlement of capped call transactions entered into in connection with our convertible senior notes are excluded from the diluted share count to the extent they offset the dilutive effect of our convertible notes. Q4 2024 Tax Benefit and Regulatory Accrual Reversal In Q4 2024, the Company recorded a $369 million deferred tax benefit ($0.41 of diluted EPS), primarily from the release of the Company's valuation allowance on most of its net deferred tax assets, as well as a $55 million benefit ($0.06 of diluted EPS) due to a reversal of an accrual as part of a regulatory settlement. Together, these items represented a $424 million benefit ($0.47 of diluted EPS) in Q4 2024. Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal and Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal is defined as GAAP net income minus the impact of the Q4 2024 Tax Benefit and Regulatory Accrual Reversal, and Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal is defined as GAAP diluted EPS minus the impact of the Q4 2024 Tax Benefit and Regulatory Accrual Reversal. 2026 Outlook The paragraph below provides information on our 2026 expense plan and outlook. We are not providing a 2026 outlook for total operating expenses and have not reconciled our 2026 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provision for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2026. Our prior outlook for 2026 Adjusted Operating Expenses and SBC provided at Q2 2026 Earnings (July 29, 2026) was $2.675 to $2.775 billion. As we look ahead to the rest of the year, we are lowering the top end of our prior outlook by $25 million to a range of $2.675 to $2.75 billion to reflect ongoing efficiency gains across our business. This expense outlook does not include provision for credit losses, costs related to our pending acquisitions, costs from equity modifications of restructuring and executive awards in connection with our CFO transition, interest expenses classified as operating expenses, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time. Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. See “Non- GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur. Definitions (Continued) Net Cash Held by Users We define Net Cash Held by Users as cash held by users in their accounts, net of receivables from users. New Funded Customers We define a New Funded Customer as a unique person who became a Funded Customer for the first time during the relevant period. Resurrected Customers A Funded Customer is considered “Resurrected” in a stated period if it was a Churned Customer as of the end of the immediately preceding period and its balance (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) rises above zero or it completes a transaction using its account. Revenue per Employee Revenue per Employee is calculated by multiplying the quarterly total net revenues by four and dividing by average employee count for the quarter. Securities Lending, Net Securities Lending, Net includes net rebates for both margin based and fully paid securities lending, as well as interest on cash collateral for fully paid securities lending. It does not include interest on cash collateral for margin based securities lending. Total Securities Lending Revenue Total Securities Lending Revenue includes net rebates and interest on cash collateral for both margin based and fully paid securities lending. 2019 CEO Market-Based RSUs We define 2019 CEO Market-Based RSUs as the restricted stock units we granted to our Chairman and Chief Executive Officer, Vlad Tenev, in 2019 under which vesting was conditioned upon both the achievement of share price targets and the continued employment over defined service periods. As of September 30, 2025, all of the remaining 2019 CEO Market-Based RSUs were fully vested. Non-GAAP Financial Measures We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income, and other results under GAAP, we utilize non-GAAP calculations of Adjusted EBITDA, Adjusted EBITDA Margin, Incremental Adjusted EBITDA Margin, Adjusted Operating Expenses, Adjusted Operating Expenses and Share-Based Compensation ("SBC"), Adjusted Net Income, Adjusted Earnings per Share (" Adjusted EPS"), Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal, and Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. We believe each of these non-GAAP measures provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance and cost structure, as applicable, and that Adjusted Net Income and Adjusted EPS provide a view of profitability before certain non-operating items . These non-GAAP measures are used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this presentation. Adjusted EBITDA Adjusted EBITDA is defined as net income attributable to Robinhood, excluding (i) net income (loss) attributable to non-controlling interests, (ii) interest expenses related to debt obligations, (iii) provision for (benefit from) income taxes, (iv) depreciation and amortization, (v) SBC, (vi) significant legal and tax settlements and reserves, and (vii) other significant gains, losses, and expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing results. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Adjusted EBITDA Margin Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total net revenues. The most directly comparable GAAP measure is net margin (calculated as net income divided by total net revenues). Incremental Adjusted EBITDA Margin Incremental Adjusted EBITDA Margin is defined as year-over-year change in Adjusted EBITDA (non-GAAP) divided by year-over-year change in total net revenues. Adjusted Operating Expenses Adjusted Operating Expenses is defined as GAAP total operating expenses minus (i) SBC, (ii) provision for credit losses, (iii) significant legal and tax settlements and reserves, (iv) interest expenses classified as operating expenses, and (v) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. Starting in Q1 2025, Adjusted Operating Expenses no longer includes provision for credit losses. Robinhood Earnings Presentation Q3 2026