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Back of Napkin

Robinhood Markets, Inc. HOOD

Three-pass checkedFresh as companies report

Robinhood's prediction market went from $10M of quarterly revenue to $156M in a year, while its crypto business fell from $160M to $100M.

Total customer assets on the platform reached $368.7B, up from $278.6B, and Gold subscribers reached 4.84 million.

HOOD · price with moving averages

Daily · 6MWeekly · 3Y
$-3$38$78$119$160 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Robinhood is a brokerage built for a phone, and it now has more funded customers than most regional banks have depositors. Customers buy shares, options, cryptocurrency, futures and now event contracts, and Robinhood is paid three ways: by market makers for routing the order flow, by interest on cash and margin balances, and by 4.84 million subscribers paying for the Gold tier.

It has spent three years converting from a place where people speculate into a place where they keep money. Total platform assets are the evidence.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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