Robinhood Markets Aktie

All right, everyone. Welcome back. It's my pleasure to introduce Steve Quirk. Steve is the Chief Brokerage Officer at Robinhood. Robinhood, as you all know, is a mobile-based retail brokerage platform, multi-asset class offering across cash equities options, futures, index options, prediction markets, crypto and banking now.

Steve is a 35-plus-year veteran in the brokerage industry. He joined Robinhood in January 2022 from TD Ameritrade. Steve, it's great to have you back.

Thanks for having me again.

All right. So let's talk about the environment. The stock when I wrote this question list had been on a nice run over the last 2 weeks, remains well below the highs we saw last year. Market seems to be signaling that something has changed in the retail landscape. From your seat, what does the retail environment actually look like today? How is customer behavior evolved in recent quarters? And then if you can share any comments about May, we saw things were pretty positive in April, but anything you can say about May, I'm sure everyone in the audience would appreciate it.

Sure. Yes. I would say like the overall health of the retail we're 27.5 million retail customers. So we often get asked how are they navigating this market environment. And if I go all the way back to when we've seen these dips around tariffs and things, they've been pretty aggressive dip buyers. And sometimes that causes concern, oh, what if it keeps going. Well, their average age is 30. They have many, many years to invest, so they should be aggressive at this stage, which is not something you hear people say a lot, but it's the truth.

But generally speaking, I think in April, we had our second highest month in equity trading, option trading, highest month in futures and in prediction markets. And in May, it's been very strong. I'm not supposed to say how strong, but I can say strong. They will let me.

Is the upper case strong?

Upper case. I can inflict it the way I want to inflict it because that doesn't show up on a transcript.

There you go.

And I think Vlad pointed out, he was on CNBC, I believe, last week or maybe it was -- no, it was this week. On June 1, we had our biggest day ever in equity trading that [Audio Gap].

We had periods where there was game stop activity and things like that. We also had our biggest day in the overnight session, which your last session, I believe, was around 24/7 trading.

What tends to happen in the overnight session, which is really kind of interesting is, all the news of the weekend bunches up. And so Sunday nights are really big in overall equity trading. And so that -- we had that on June 1.

Yes. We had a Blue Ocean CEO in here.

Yes, Brian.

And he was saying Sunday night is big, big for them. I'm sure you're a big driver of that.

Yes. So it's been -- I would say, overall, the health of the retail customer is good. I wouldn't say that they're aggressively buying though, the way that they were during the periods where we had more sell-offs. So it's been a little more balanced, but we're seeing strong volumes.

Sure. And we had another panel here yesterday. It was an options panel, Matt Billings from Robinhood had joined. [ Kanahan ] was there. We talked about the Pattern Day Trading rule, that's something that was removed today. It seems like there's a lot of people that are pretty bulled up on it. How do you think that rule change is going to affect activity on Robinhood's customers?

Well, I think if you look at the average -- the average account size of Robinhood is $13,000. So Obviously, we were -- our customers, our 27.5 million were far more impacted by that rule than people at Schwab where I came from or TD Ameritrade, where the account size is much bigger.

So obviously, the impact it's going to be pretty monumental with existing customers. But I would also say we also saw a lot of customers leave Robinhood, because what happens is you get flagged and their reaction is, well, I can go to another broker and start fresh. And so they did, but they would -- we obviously know everybody that ACAT it out. We know why they ACAT it out because we flagged them and they would tell us on the way out. Listen, we love here, but we can't do the things that we need to do here. And so they all got a communication today across e-mail and every other method that we have to contact them and our existing customers. I think it's going to be really beneficial for the industry as a whole. Just to have that rule not in place anymore because, if now you're not going to unfairly impact people who are newer to investing smaller accounts. And let me tell you, it is not a new rule -- easy rule to explain to customers. We would struggle with that in a pretty big way.

Sure. So we had a -- Webull CEO up here yesterday, Anthony Danaher. One of the things he said was that he sees people -- they show up on Monday, they max out their trades and sit until the next Monday. So it sounds like this is something that's going to make the customer base sticky, and there might be some migration of activity from other platforms back to Robinhood because that's kind of your core demographic.

Yes, if you like your experience at Robinhood and you were forced to -- force migration, you can migrate back. And we'll make sure that that's a good experience for them. And I think that will be positive. But I would also say there's another -- you just brought up a behavior. You have customers that are not making the right decision for the trade or for their portfolio because of this rule. That is the opposite of what we want to have happen.

All right. So one thing I want to talk about also, if I'm not mistaken, did Roth IRA went live today?

We did, yes.

Yes. So maybe just talk about the ramp there, how we should expect that rollout to happen? How much volume are you expecting to migrate from Kalshi to your own JV over the course of the next couple of months. Any color there?

Yes. And maybe I'll give a little bit about context in history, we started in the prediction markets and event contracts around the time of the election. We initially were doing this through ForecastEx, which is Interactive Brokers. That's who we used to do the election and then we moved into other categories and now have both used ForecastEx and Kalshi.

And along the way, we partnered with Susquehanna, the largest liquidity provider in most of these, we're probably the largest distribution channel with 27.5 million to create Roth IRA. The rationale behind it is we really want to replicate the model that exists today for equities options, crypto, where we have optionality to route to any venue that's creating products or experiences that are going to be good for our customers. We want to be able to have control over the economics in the case of Roth IRA, we're going to take some of the economics that we previously were giving to Kalshi and deliver them to our customers.

And then we want to make sure the experience is good. So if we want to create a product, we're not dependent upon anybody else to create that. We have that ability. As far as moving the flow, we've announced that we'll move with the World Cup and some MLB games over there. But we're going to work sort of methodically to move some of that flow. I would say that we would move a significant portion of that flow, but we will also keep other routing partners.

And then just staying on the topic of Roth IRA. You have a DCM, you have a DCO, you have a SEF as well in there. I got to ask about perpetual future. You saw the CFTC approved the Bitcoin perpetual for Kalshi. How does Robinhood think about the ability to possibly launch perpetual futures through the Roth IRA JV? I know you have them overseas now through the Bitstamp acquisition. So I mean, any thoughts on prediction markets and Robinhood customers. How we [indiscernible].

Yes, that's okay. We already have them in Europe. So we are familiar already with them. And obviously, with the announcement of them coming here, I think there's an appetite for them. So we'll kind of -- we'll kind of use the same model like we have the ability to launch them on our own. We'll have the ability to launch them on their own, right? We get the permission and obviously be able to launch them through any of the other venues that will launch them as well.

In terms of the impact, because we keep -- we're asked that question, how do we think that the pickup will be. There's a lot of interest in perps. And obviously, starting in crypto, which is where we are but you can imagine a world where they might expand in other categories.

Yes, I do want to ask the question. You don't have to answer if you don't want, but there's a thought that these perpetual futures could take a lot of attention at retail eyeballs away from other asset classes SPX, 0DTX, Option Volume is one of them. Your customer base is very active in SPX, 0DTE. Do you think perpetuals would be an attractive alternative to a customer when it comes to SPX options?

I don't know, like it's an interesting question. And every time that I've ever launched a new product, my CFO and finance team is always worried about cannibalization and behavior changes. Most of the time, they've been additive, but I think we have a pretty good mantra at Robinhood, which is, look, there's already categories which I can choose from today. SPY and ES option there's categories where I can already make choice. I think it's in our best interest just to give customers that choice and let them decide which one is going to be most appropriate for them.

But I don't see 0DTE options being replaced for some of the use cases that exist today. They are a pretty good hedge if I'm -- if I have 40% gains in the stock and I know earnings are coming out on a Thursday, and I just want to get insurance for that day.

That's a good hedge, sure. All right. Another hot topic, AI. You made a big announcement last week, a agentic trading, agentic credit card, giving customers the ability to connect to an AI agent. Can you walk us through the vision there, who the target user is, how you think about the risk management guardrails? And how does this change the long-term competitive positioning of Robinhood?

Yes. I think we -- we're about a weekend. So obviously, the first users are going to be our most active and engaged, which is what we've seen. We're only in 1 asset class for an equities and obviously the credit card as well. We'll move into all the other asset classes pretty quickly, equities, options, crypto and ECs. And I think the vision there is it's -- you're going to have a segment of our user base and probably of the population that's going to be very comfortable using this. You -- we'll get to a point where that will probably get saturated and then we'll use that -- those learnings to be able to deliver something that's more useful for a larger portion of our customer base. So in other words, the people that are probably not as native to those technologies, we'll build it in such a way that they can utilize it for whatever they want. I mean they're going to be a large percentage of people who are not comfortable. Even though we've created in such a manner, it's a separate account, separate funding, you can dictate how much is going to be allocated in each trade. There's all kinds of controls both on the credit card side and on the trading side. But there will be a portion of -- probably a larger portion of the customer base that's going to use it to find opportunities, optimize portfolios, do scanning and -- screening and scanning or scripting that they probably wouldn't have been able to if they didn't have this capability.

Have you done any -- I mean, I know it's still early, but do you have any sense for...

How big it would take me?

Well, no, just maybe like on a per customer base. It's like a customer that's an active trader on your platform to deploying an AI agent. What's the magnitude of more trading that's done or less trading if you're there using an AI agent?

We're a weekend. So I think we're too early to say that. I just think it's going to get you to the trade quicker. I think that's what's going to be helpful.

Okay. All right. So I want to talk about asset accumulation in the wealth business. One of my favorite stats when it comes to Robinhood, you have 10% of adult Americans have a Robinhood account, you have less than 1% of total retail assets in the U.S. In the past, I think you've said that the wealth opportunity is about 3x what the self-connected opportunity is in terms of the TAM. How is the asset accumulation story progressing at Robinhood? And what is the TradePMR or a referral story look like in practice so far?

Every time I hear that stat, it excites me because I would want to be in a position where you have all the customers and they're starting to accumulate wealth, which is what we're in. And so this -- again, this number keeps changing and growing, which is a good thing, $124 trillion of wealth transfer, that's already underway.

And we have a customer base that's in their mid-30s and they are starting to accumulate more wealth. I've been with brokers where they're building a lot of wealth decumulation tools. That's no fun. That's not really cool and a good place to be. So I just came from our Synergy conference in D.C., where we had about 500 advisers. And we rolled out a couple of things. So TradePMR is a company we acquired about a year ago, and we got together with 17 of the largest advisers, RIA firms in the country after acquisition and just said, hey, listen, if you had a blank canvas, you're all custodian. You're all likely have your assets because custodied at either Schwab or Fidelity, those are the big ones, big -- 70% of the industry, I think. What would you change? Like give us everything you like about it, give us everything you don't like about it, and we have a blank canvas. So the culmination of all that was what we rolled out this week, which is a referral program that is going to match the recipients of all that wealth, the 27.5 million customers we have with the advisers that today do not have a relationship with a younger generation who's going to be receiving that. And he's also starting to accumulate that wealth in a way that is going to be -- we hear it loud and clear from our customers when we say, hey, listen, you have 25% of your wallet with us, why don't you have the other 75% here and they say, well, you don't have a solution for me. I'm not comfortable managing this amount of wealth. I'm comfortable managing a small percentage of it on my own.

And so this is what we put together. And we did it in such a way that's going to be -- it's more appealing to the generation that is getting this wealth. I think the typical experience, if you walk in a branch of broker, I'm not going to name ABC is you talk to probably 5 people before you get to an adviser. The experience we created is I expressed an interest to have a referral to an adviser. I see a video of 3 advisers. If I like any one of them, I choose it, there's a meeting arranged, they meet by video conference. If I want to continue and pursue a relationship, I do so, and that account is open like that. And that's something they're not accustomed to in that space.

Then when that account is open, I pull out my phone, and it's sitting there right next to my Robinhood account, and I can see the aggregate of all my investable assets or the holdings of that individual one. That -- we are now rolling that out to both the advisers and the customers. We're being a little careful about it because you don't have to have a big percentage of $27 million to run over those advisers.

So the early rollout has been pretty good. The other thing that we announced there was the tools that are available for these advisers are pretty disparate and not well organized. We are including a lot of the capabilities we've built from Cortex and other AI capabilities into the application they use, the advisers use called Fusion, which I think is going to be extremely helpful. And everything we build will cascade into that as well.

All right. Also within the wealth vertical, you were selected as the broker and the initial trustee for the Trump Accounts, you're going to be launching on July 4, that role might not generate significant fees right away, but it puts you at the base of, I think, large potential future investors at the very start of their journey. So what are your expectations for near-term customer acquisition? And how do you think about the longer-term asset accumulation from that opportunity?

Well, there -- so far, there's -- we're the -- we were chosen as the trustee and custodian -- brokerage custodian. BNY is the physical agent. And of course, we did it with NDS, National Design Studio and Treasury. So far, I think there's 6 million sign-ups and there's the Michael Dell donation, which means, on top of many other people that are looking at donating or organization, states, companies, et cetera. There's going to be a big TAM, really big TAM there.

I think the opportunity for us is, number one, it's pretty flattering to be part of the program because I think it's an amazing program and creating financial literacy amongst people that might not otherwise participate in capital markets is going to be transformative.

But I also think the halo of everybody else in that ecosystem, we're really good at contribution flows with custodial accounts. We know how to send QR codes so that grandma or grandpa, mom or dad or company or state can make contributions on behalf of individuals. So it's one of the reasons we were chosen because we also have a really good track record of taking care of customers, half of our 27 million customers are brand new to the market.

A lot of the people that are going to open these accounts, this will probably be their first experience with capital markets and brokerage firms. And we know how to do this. We know how to educate them, and we know how to make the experience really frictionless. But it's a big opportunity.

The contribution thing is interesting with the wealth transfer from the older generation. You got a portal there to some of that.

There's also a whole collection of companies that are all involved in this -- like think of companies like Babylist, which if you have -- somebody is having a baby and you want to go to get a gift, we're there. Like you just click on it, then you make a contribution.

Yes. Interesting. All right. Maybe we're running a little low on time here. I want to talk about banking. You launched that in the fall, credit card wait list. I think it's over 3 million now. What does customer adoption looked like so far? And what percentage of Robinhood customers, I guess, new customers are adopting it, and where do you kind of expect existing customer adoption to go from here?

Well, I think it's pretty strong because it just adds to whole ecosystem. Vlad's vision has always been everything you do from a finance standpoint should be done within the Robinhood ecosystem. And this -- that part was kind of missing. I mean, we had a suite program. We had credit card, but now we have banking. I think we're -- at last, we had $2.5 billion in there, 800,000 people that have gotten the card. People love the card. It's really -- it's an amazing experience when you have it.

So I think there's just so much more room to run there. And I want to say, I think 40% of the people that are opening these -- that are starting a banking relationship with us to direct deposit. If you ever want to ask us how we're doing as a company and how we're doing with engaging with customers, just look at how we're doing with deposits. That's probably the strongest indicator of how strong the relationship is with our customers.

Sure. All right. Robinhood has always been one of those platforms that has kind of seen where the puck is moving, whether it's crypto, prediction markets, I think, last year when we sat down at this conference, I don't even know if I asked you about prediction markets, but here we are now, and it's a $400 million run rate business for you, $300 million, $400 million.

[indiscernible].

What is it?

Never mind. I didn't say that. I think I got it. I got to get to script.

So if we look ahead to 12 months, what do you think the biggest trend in the brokerage industry is going to be? What are you going to be sitting up here talking about?

I actually think there's going to be an interesting collision of a lot of businesses. It already is happening. of the technologies that are underpinning crypto of ECs, of like -- there's sort of a meld coming together of a lot of these things. And everything will be around the clock and on weekends, it better be it should be.

So I think that's going to make for an even better experience for customers in the U.S. But I think if I go a couple of years out, I think it's going to make for a really great experience for customers around the globe. Because I think though, the unnatural walls that permit -- that prevent people from being able to invest in whatever market they want will eventually start to melt away at a quicker pace.

Great. All right, Steve, we're out of time. Thanks so much.

Thank you. Appreciate it.

Welcome to Robinhood's 2026 Annual Stockholder Meeting. Thank you for joining us today. Once the meeting is called to order, our Chair and CEO, Vlad Tenev, will provide a few words and answer questions from our stockholders, then our General Counsel and Corporate Secretary, Lucas Moskowitz, will cover the 3 proposals presented in the proxy ballot as well as any other matters that are properly presented.

During today's session, we may make forward-looking statements, including about our business outlook. Actual results could differ materially from our expectations. Potential risk factors that could cause differences are described in our Form 10-Q for the quarter ended March 31, 2026, and other SEC filings. We encourage you to review these filings carefully.

Today's discussion may also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the first quarter 2026 earnings presentation on our Investor Relations website at investors.robinhood.com. This meeting is being held pursuant to Delaware law and our bylaws.

Mediant has certified that notice of this meeting was distributed beginning April 22 to all stockholders of record as of April 8, along with instructions on how to access the materials. Ryan Bennett from Mediant, our Inspector of Election, has confirmed that a majority of the outstanding voting power is represented at the meeting either in person or by proxy. Accordingly, a quorum is present, and we may proceed with the meeting. A representative of Ernst & Young LLP, our independent audit firm, has also joined us and is available to respond to appropriate questions.

The meeting is called to order. The time is 10:01 a.m. Pacific, and the polls are now open. Only stockholders on the April 8 record date are entitled to vote today. If you haven't already voted or wish to change your vote, you may do so now through the virtual meeting portal. Now Vlad, over to you.

Thank you, Lucas, and thank you, everyone, for joining us today. So to our knowledge, this is the second outdoor annual shareholder meeting ever. The first one was Ben and Jerry's, but that was under tents, and I'm still upset that they canceled my favorite flavor.

Joining me today on the call, you just heard from him, the mythical Lucas Moskowitz, our Corporate Secretary and General Counsel. I'd like to thank all of the shareholders for supporting our mission. It's a noble one.

I'd also like to welcome the members of our Board of Directors, they're right here, who joined us today. We've got a great Board, and we're grateful for their steadfast service and commitment to the company. Look at that, great looking Board too. Finally, I'd like to thank the members of the Robinhood team, many of whom are in the audience, for continuing to work tirelessly for customers and shareholders, and there's some overlap there, to get us where we are today.

So let's talk about the business. As a reminder, our strategy is threefold: number one, we want to build the best platform for active traders; number two, we want to be #1 in wallet share for the next generation; and third, our long-term arc, building the #1 global financial ecosystem. We're building a financial super app to serve our customers across the entirety of their financial assets and all of their financial transactions as well, anywhere in the world.

And at the heart of that goal, what we're really talking about is ownership. We want to make it possible for anyone to own a piece of our great economy, which continues to be the envy of the world. And we believe if we can get everyone to own a piece of our economy, they'll have skin in the game, they'll have a stake in its growth and success. And that will make for a more prosperous, stable society as well. We're shipping products faster than ever to achieve this goal. And Lucas and I will walk through some of the progress we've made and how we're contributing to making everyone around us owners of this great American economy.

Starting with Trump Accounts, a product and initiative near and dear to both of our hearts. Lucas and I have been working very, very hard along with many people around the country to make this happen. So again, Trump Accounts is a new initiative spearheaded by the administration and Treasury to give all American newborns a brokerage account funded with $1,000 and potentially more by Treasury.

Robinhood serves as broker and sole initial trustee under the direction of the U.S. Department of the Treasury in partnership with BNY, who's serving as the financial agent. Nearly 6 million American children are already signed up. Over 60 million are eligible.

We just introduced the Trump Accounts app and have started onboarding people. Response has been pretty great so far, Lucas. #1 in finance on day 1. So that's the #1 finance app in the App Store. We actually reached #3 overall, and we're the fastest-growing non-AI app, which I think is very cool.

The aspiration is really to build the best product that the government has ever been associated with. We're off to a great start. We have been working alongside Treasury, the National Design Studio and BNY, which is the United States' oldest and most storied bank, to make the platform as intuitive and educational as possible. We think we're off to a great start.

It's a historic milestone in our mission to democratize finance for all, expanding the remit of Robinhood to customers at age 0. So now you don't have to be 18 to benefit from the power of compounding. You can be a newborn. And there's plenty more to come, particularly as we approach July 4. And we're excited to get our technology in front of the next generation of investors. I know you're excited about that as well.

Next, private markets. We want to make it possible for people to own a stake in the private companies shaping the future before they go public. And I think if we do this right, I believe we can solve one of the greatest and most long-standing inequities in capital markets today.

As you guys know, you've heard me say a few times, companies are waiting longer and longer to go public. We have several private companies that are reaching valuations in the high hundreds of billions. And we are hard at work with Robinhood Ventures solving this problem in the U.S.

So Robinhood Ventures IPO-ed our first fund, RVI, back in March. And the goal of RVI was and continues to be investing in private companies at the frontier of their industries, making them accessible to retail. The response so far has been very strong. Market cap of RVI has exceeded $1 billion. And we're making good progress actually on standing up additional funds with complementary strategies. We're investing big here. We're excited to do more to unlock this asset class for our customers, and plenty more to come there.

Now moving on to artificial intelligence. It's no surprise, AI tools have redefined the financial world, and Robinhood again is leading the charge with these new innovative products and tools. So over the past few years, we've been increasingly integrating AI into our platform. Robinhood Cortex is now embedded throughout the app.

And just last week, we took a big step forward with the launch of a new category that we're calling agentic finance, okay? And the idea behind agentic finance is you're seeing all of these developments in the core models, the agentic harnesses. And we want to make those models and those innovations available to all the financial products and services we offer. So we want to make it so that you can benefit from them with the safety and security that you expect from your financial accounts.

And we're starting with 2 products that we rolled out last week. Agentic Trading, which allows customers to build agents that trade on their behalf via Robinhood accounts. And Agentic Trading is a great tool for self-directed traders and investors to add these capabilities while staying in control.

The second thing, Agentic Credit Cards. And this is our first foray into what's called the agentic commerce space. So with our Agentic Credit Cards, customers can build agents and give them access to their Robinhood Gold cards with our 3% cash back. So what can that do? That will allow your agent to go online, scan for best prices, get hard-to-find reservation bookings, monitor availability, make purchases automatically based on your instructions, all while earning 3% cash back. And the goal is to make this the best way, the dominant way that you can use your AI agent to buy things online.

The principle under which we designed agentic finance is that the human -- in this case, you, the customer, is in control at all times with safety features built in. So for example, on Agentic Trading, your trading agent will operate in a dedicated agentic account completely separated and walled off from the rest of your portfolio. And your credit card agent has access to the fantastic virtual cards functionality and infrastructure that we've already had for humans. And we also added an additional safety feature where you, as the user, can approve every purchase. And there were some awesome engineering work to make that happen.

Your agent only works with what you give it. And if anything looks off, you can sever the connection in a single tap from the app. We also monitor closely for fraud. So if a trade or payment looks suspicious, Robinhood's support team can review exactly what you asked the agent to do, see what it actually did and help you quickly resolve any disputes. Obviously, it's very early, but it's great to see thousands of our customers signing up, starting to use these products.

Rollout status. Trading is rolled out to about half of our customers, with the goal to be fully rolled out to everyone by the end of this week. So this is a fast rollout. Agentic Credit Cards were rolled out to everyone on day 1, so all Gold cardholders, and you can sign up on the website as well.

We believe we're the leader in agentic finance, and you should expect to see regular updates. So it's just the very beginning. The goal is to have a wide surface area of capabilities, and really, the agents being a first-class consumer of our broad service suite. So we're going to keep adding things on a regular basis.

Next, prediction markets. So we think we're at the very beginning of a prediction market super cycle. It's been our fastest-growing product ever. So we launched this just over 18 months ago, and event contracts are already generating over $400 million in annualized revenues. We had more than $12 billion contracts traded in 2025 and more than $15 billion already traded in 2026. So this is going to be a much bigger year than last year.

Rothera, which is our new joint venture with Susquehanna, is rapidly making progress as the world's premier exchange and clearinghouse. So the idea behind Rothera is to bring institutional rigor to our prediction markets offering and not only positions us to expand the contracts that we offer, but also to build faster and to deliver more competitive pricing for our customers and for the industry. We think this is going to be growing far beyond Robinhood. So we'll be serving other brokers, lots of market makers and other institutions as well. I'm really excited about the opportunities this will open up, and it's gotten off to a strong start. So plenty more to come on Rothera.

Now, global expansion. And the goal there is take all of the great things we've delivered to the U.S. market and really transform the space here, take that global, make every citizen anywhere in the world have access to our great capital markets. A big area of emphasis here is tokenization and the Robinhood Chain. Robinhood Chain, remember, our Layer 2, will be at the center of all this. And our goal is to make it the best chain to trade real-world assets.

International, more broadly, we now have crossed 1 million international customers. And we just closed our acquisition of WonderFi, which marks Robinhood's expansion to the great country of Canada. And we're not slowing down. We've received in-principle approval from the Monetary Authority of Singapore to offer a comprehensive suite of brokerage services over there. And we're on track to further expansion in Southeast Asia through our planned brokerage and crypto acquisitions in Indonesia closing later this year.

So you'll hear much more from us about what's next both on the tokenization front, Robinhood Chain, and of course, international expansion writ large at Robinhood Presents: The World is Flat, which is coming July 1. So just a couple of weeks away. We hope you'll tune in.

Overall, the year is shaping up quite nicely. Big plans on the horizon. We're moving fast. We're moving fast to make more people owners of our great country and our great economy. So road map is full. There's so much to do. Shall we take some questions?

All right, let's do it. The first question comes from Skyler R., who asks, will Robinhood support the SpaceX or OpenAI IPOs? How about Anthropic?

All right. Well, thank you for the question. So you might have seen already as the SpaceX S-1 has dropped, customers will be able to invest in the SpaceX IPO through Robinhood. And actually, unlike some of the other platforms, there's no minimum account size to do so.

Now for all the other ones, we'll have to see. One thing that I would say, and I'm hopeful that Robinhood will continue to drive this. I think we made a lot of progress. Our IPO Access offering has really taken off in the past few years. When we started this in 2021, giving retail access to IPOs, it took a lot of work and a lot of persuasion to get companies comfortable with this idea. And now I think pretty much every large IPO of consequence is thinking about retail and giving them increasingly large allocations. So we think we've done a lot to further IPO Access for retail, and I think we're excited to continue doing that.

I should also add, you're asking about IPOs of AI companies. Robinhood Ventures, which is our vehicle for giving access to these companies while they're still private, recently invested in OpenAI. So RVI invested $75 million in OpenAI. And so we're looking at opening up access to private markets as well.

Next question comes from Nicholas C., who asks, will Robinhood Banking get Zelle and bill pay? .

Yes. Robinhood Banking is actually making really strong progress. So we've seen over $2.5 billion in deposits from over 170,000 funded customers since launch, which is just the end of last year. And the thing I'm perhaps most excited about is the 40% direct deposit attach rate. So that shows you that these customers aren't just dabbling with these accounts, but they're really thinking of them as their primary financial account because the paychecks are actually going in there. We plan to keep accelerating the rollout through the year.

And actually, as it pertains to Zelle, it has been one of the top feature requests from early customers. So the team has been working hard to create a solution there. And we don't have anything specific to share, but rest assured, we hear the feedback, and we'll have more to share on that soon.

Great. Next question comes from Paul D., who asks, when will we get dividend tracking?

Yes. So we have a lot of dividend investors at Robinhood. I'd like to call them dividend hounds. One of the things we've been working on, we're really paying a lot of attention to our dividend investors. We launched a feature called Early Dividends at our Take Flight event just a couple of months ago. And what this allows you to do is get access to the dividends up to 17 days early. So you can take advantage of dividend reinvestment and extra compounding.

And I think it's an innovative feature. I'd be shocked if our competitors aren't scrambling to copy that. But of course, early dividends are only the beginning of what we're doing for our dividend investors.

The dividend tracker, an often requested feature, is actually in internal testing now. I've been enjoying using it. It's on my smartphone. So it's coming soon. We want to make sure that it's to the standards that you expect, and it's super delightful. So you should expect it very soon.

All right. Next question comes from Safik A., who asks, when will Robinhood give us access to international stocks?

Yes. So we already have a large and growing list of ADRs that customers have access to today. As a matter of fact, we've been adding more and more just in the past few days. And over time, we want to make sure you have access to direct investments in international stocks as well, both for our U.S. customers who are here, so you can diversify, but for international expansion. So if we expand to a new market, we don't want to just offer U.S. stocks. We want to integrate with their local exchanges and offer access to local markets as well.

So this isn't something that we can easily flip a switch, but we've been hard at work building scalable infrastructure that unlocks this, starting with multicurrency support with our multicurrency wallets in the U.K. So yes, you should expect that all of this is on the road map, and we'll be delivering it to customers.

All right. Next comes from Matt S., who's joining us live. Matt, over to you.

So a question, will the Robinhood Venture Fund be investing in Anthropic?

Yes. Great question. Of course, Anthropic is doing a lot of great things, so we understand the demand there. We can't be too specific about what companies we're looking at. But the general principle is we want to make investments that our customers are excited about and we believe we can underwrite to deliver significant value over time.

So RVI, I mentioned earlier, has some great names in it, and we are also working on subsequent funds. So excited to give customers exposure to innovative companies in the private markets. Feel free to add anything there.

I'll just add that we're having some, I think, productive discussions in Washington with regulators and policymakers on potential rule changes to also help open up access for retail investors to the private market. So hopefully, there's more to come there soon, too.

Yes, absolutely. I mean, now that the PDT rule has been has been improved, accreditation is kind of our next crusade.

Great. Next question comes from Ravindra B., who asks, where are Robinhood's top priorities for growth and innovation over the next few years?

Yes. So to name a few, agentic finance. Now again, this is a new category, and it's really about how do we couple the power and flexibility of AI agents with your financial life and all the tools we make available on Robinhood. I think this is a big category, and we're very much at the frontier. So you should expect that to continue to develop and for us to invest more and more. We're already getting tons of feedback, and the team has been moving super quickly.

So we started with equity trading and credit cards. So you should expect us to innovate both on selection, making available more of the great things we offer on Robinhood, but also on the interface, just making it easy to get started, make it more understandable so that you don't have to be a computer scientist to use this stuff and to take advantage of the power and the automation.

Prediction markets, including Rothera, which is our new DCM and DCO, so exchange and clearinghouse. And I think, yes, you should expect a lot of development there in this nascent space. Like I said, we're at the beginning of a prediction market super cycle. So we're still very, very early in that industry as well.

And we have 3 arcs of our strategy: #1 in active traders; #1 in wallet share for the next generation; and #1 global financial ecosystem. So tokenization, of course, is an area we're continuing to make progress in. And you should see a lot of new products, a lot of new innovations, including at our crypto and international event in London in a few weeks.

All right. Next question comes from Edgar H., who asks, does Robinhood plan on offering AI trading bots?

Yes, absolutely. So yes, I would encourage you to take a look at Agentic Trading by Robinhood just launched last week. And it's rolled out to about 50% right now with the goal to roll out to everyone by the end of the week. And we're going to continue to refine both the assets you can trade and also the customer experience. And the goal is to make it native, more seamless, more intuitive, more frictionless. So yes, you can get started now, and you should expect with every Robinhood product, it continues to get better and more attuned to customer needs as time goes on.

All right. Our final question comes from Joseph G., who asks, does Robinhood plan -- what does Robinhood plan to do if they have to remove prediction markets due to legislation? Any ideas in place to replace that revenue?

Well, this is a great question. And Lucas here, who is the Corporate Secretary presiding over this meeting, also moonlights as the General Counsel. So you've been spending a lot of time on this. Maybe you can share your thoughts, and I'll share mine.

Happy to share some thoughts. You mentioned it's a fast-growing market, lots of products. I think we think a categorical ban on prediction markets is unlikely. We're continuing to have good conversations with Congress and regulators on this.

The main question around certain contracts, sports being a big one, we believe along with the CFTC that these are federally regulated products. So ultimately, we'll have to see how these conversations go. But we're going to remain nimble, and we're busy at work every day in Washington, advocating for -- to preserve access to these markets for our customers.

Yes. We will defend your right to trade and predict in peace, okay? And just to add, we have a large diversified business. So last -- we shared 11 business lines generating $100 million in annual revenue and plenty more that are that are on deck there. So we continue to grow. We continue to win market share across several verticals. The core business continues to be strong.

I was just on CNBC earlier today, and I shared yesterday was all-time record in equities trading. So a lot of people love talking about the -- all the new stuff, but equities trading, which is such an important business, had its all-time high volume watermark just yesterday. And 24-hour market, we pioneered round-the-clock equities trading. That was the largest day by far in the previous overnight session. So yes, it's just great to see the core business continuing to grow and compound organically. So we're not reliant on just 1 product to grow the business, but it's increasingly diversified.

So I think that's the last user submitted question. With that, we want to thank all of you, thank all the shareholders and stockholders who submitted questions. And thank you for participating in the annual meeting and for giving us your trust as a shareholder. We're super excited about the year ahead, and we look forward to sharing more updates. There will be plenty more. So back to you, Lucas.

All right. Thanks, Vlad. All right. There are 3 proposals before our stockholders today. Voting will close right after we present Proposal 3.

The first proposal is the election of 10 director nominees to serve until the next annual meeting. Robinhood's Board has nominated and recommends the election of Vlad Tenev; Baiju Bhatt; John Hegeman; Paula Loop; Micky Malka; Christopher Payne; Jonathan Rubinstein; Susan Segal; Dara Treseder; and Robert Zoellick. As there were no other nominations, the nominations are now closed.

The second proposal is the advisory vote to approve the compensation of our named executive officers. Our Board recommends that stockholders vote for this proposal.

The third proposal is to ratify the appointment of Ernst & Young as the company's independent registered public accounting firm. EY does not wish to make a statement. Our Board recommends that stockholders vote for this proposal.

There are no other proposals or business for the meeting. Please note that now is the final opportunity to submit your vote.

[Voting]

It's 10:27 a.m. Pacific Time, and the polls are now closed. Thank you again for participating.

Our Inspector of Election has provided the preliminary voting results. All 10 director nominees have been elected. The advisory vote on executive compensation is passed, and the appointment of EY has been ratified. We will file a Form 8-K with the SEC to report the final results.

The business portion of the meeting is now concluded. Vlad, back over to you for closing remarks.

You should know that the team continues to work incredibly hard to deliver value and build great products for our customers, deliver great value for our shareholders. And to that end, don't forget to join our livestream, Robinhood Presents: The World is Flat in London, and we'll be streaming live on the Internet. This will be on July 1. And there, we'll be unveiling the next chapter of Robinhood's crypto products around the world.

So with that, Lucas and I will get back to work for you. The road map is full. So much to do. Be well.

I think with the last session of the day, I'm very pleased to have Robinhood. From Robinhood, we have CFO, Shiv Verma. Shiv we've been to the conference before, but this is the first time presenting. So welcome to the SEC, and thank you very much for the time.

No thanks for having me excited.

Good stuff. So maybe we'll just start with some news that you guys announced today around Agentic Trading and some Agentic commerce. Give a sense of exactly what was announced, how you think about the potential opportunity and any differentiation in the product versus what's out there today?

Yes. So we're super excited to share it. We're glad we were able to get outside of the conference so we can talk about it. We teased at the last earnings call that we're going to have a series of Agentic products coming out throughout the year.

And today, we announced our first two. So to your question, what did we announce? The first one is Agentic Trading and the second is Agentic commerce. What did we build? On the Agentic Trading side, it's just an MCP. So everyone in here, if you use Cloud Code or Codex or your frequent LLM, you can have an MCP that connects directly to Robinson.

You create a separate Agentic account. So on my phone today, I have my brokerage account, I have retirement, I have my joint account with my wife, and now I have a custodial account for my kid, and I have an Agentic Trading account. You fund it with whatever you would like and then you just go. And so I was telling Christian before we started, what are people doing? Why gamut? It can be the simplest from, I know I want to buy Apple, go execute the trade for me. We're seeing people do research.

So show me stocks that are growing 20% per year compounding with ETF positive and show me a list of screeners. We're seeing some people say, create a portfolio for me. This is my risk preferences. This is what I like. We had someone internally who said, go through 13F of these particular fund managers and see if you can create me a portfolio there. So the sky is the limit. It's really fun to see what's being built. This is just our first one. This is for AI native or developers.

So this is people who are already techno-focused who already use AI. This is not in the app. You have to actually physically connect through the MCP. Later on this year, you should expect that we will continue to have more features that are more for the novice investor. This is more for those that are there. The second thing we announced was Agentic Commerce. So we have a credit card platform today, very similar in that you create a virtual card. So in the Robinhood banking app, you can create a virtual card already.

People use it all the time if they're traveling abroad or if they have onetime purchases. You can create a specific limit, if you can say, I want it to be $1,000 on this card and then you give it to your agent and you say go. And what have we seen people do? Some examples I'll give you is if you're a sneaker head and you say, "Hey, the next time these sneakers drop, go purchase them for me." We've seen people use it for restaurant reservations. This is my favorite restaurant in New York.

They're always booked, monitor the site. When something opens up, go book it for me. People have used it to price compare. This is a quote that I like, go to Amazon and Walmart, tell me which one is cheaper. As soon as it goes below $100, go buy. So again, these are for people that are AI native. They already have the tooling and they're starting to connect to the MCPs. Throughout the rest of the year, we have a couple of product events. So next week, we have our RA conference, Synergy.

You should expect we'll have some more product announcements there. In July, we have our U.K. event. Again, you should expect some more products there. And then in the fall, we typically have our active trader event. So throughout the year, you're going to see us drop more of these. Agents are a buzzword right now. So what does it mean for us? It just means you're solving a customer pain point, like that's all it is. And you abstract away some of the nonsense they want to do.

The Collinson Brothers have a great framework they use for Agentic Commerce. Everybody goes to the logical end state of the agent is going to go buy me everything. But when you talk to customers, the first thing they want to do is, I know what I want to buy. I just want you to go fill the web form. Training is the same thing. Everyone is going to the logical end state. My agent is going to do everything for me. When we talk to our customers, most of them know what they want to buy or they know a sector or they just need some help.

There is some group of customers who say, just take over my portfolio, but you have to build for everybody and you have to get them along the way. So that's why we started there. The last thing I'll add is the reason we did payments and investments is we think it's really important to have agents across the entire Robinhood ecosystem. So we kind of group these ones together throughout everything from brokerage to advice, to payments, to international. There's a lot of different ways you can use agents. So you should start to see us with more and more of these products throughout the year.

Okay. That's awesome. Let's stick with that theme and talk about the advice space. It's probably the biggest part of kind of revenue in wealth management. There's always been sort of regulatory constraints, et cetera. You can announce product if you want to now. But if you can't, give us a sense of what a product will look like in terms of getting rid of that regulatory issue and sort of how you can sort of differentiate?

Yes. So the way we think about it is wherever the customer is on their journey, you want to be able to meet them. So if you're fully self-directed, you want to do everything yourself, what we did today, the MCP is for you. If you want a little bit of help, that's our strategies product.

I know what I should do, I should be in the market, but you help me, that's the strategy with an active overlay. The last end of the spectrum is, I know I want to be in market. I don't know what to do, please help. That's a human. So everywhere along the way, you want to be able to do that. With the product we did today, this is fully Reg BI. So this is not advice.

This is not under an RIA. The differentiation is you have to take intent. So you can tell the agent what you want to do. If anyone in here uses Cloud Code, you go through it, you give it instruction. There's a lot of things that can do, but if there are certain things that need to take an intent, it after your permission. This is the same concept. You, the user, are taking an action. On the advice space, where do I think that's going?

The end user in advice is not the customer, it's the RIA. So if you make it really easy for the RIA, that's powerful for them. So when we talk to RIAs, we have an RIA custodian has about $40 million of assets, hundreds of thousands of advisers. What they want to spend their time doing is talking to customers, meeting their clients, more sales focused, relationship driven. They don't want to do the back office stuff, which is most of what they spend their time on. If you can have agents help them in a regulated way, that is really powerful.

So I wouldn't say it's as simple as I get asked, are agents going to disrupt advisers, you're not going to have them. We actually think there's room for both because when we talk to customers, some people want to do it themselves, some still want a human. If you want a human, let's go make their life easier, which then they can in turn serve the customers more.

Okay. Just talk about maybe the broader sort of AI strategy. You've been very specific with some numbers around cost savings, I think 9 figures in '25, very significant benefits on the customer service side. I just talk to what you're doing that's different from peers? Why are you seeing so much productivity benefits so early?

Yes, it's a great question. So internally, we have kind of two work streams. One is what do we do for employees and what are we doing for customers? So if we start with the employee side, where do we start? Customer service, software development. That's the easiest piece.

A couple of data points we've shared, about 75% of our tickets are answered through AI. And as you mentioned, over 9 figures of software development savings. The more powerful thing is our commit velocity. So what I shared on earnings is our commit velocity, a measure of how much code we produce is up 50% since the start of last year, which is up even the year before.

That has a secret sauce of Robinhood here. You're constantly shipping, you're constantly doing more. It's not by accident. So it starts with some of these AI toolings, it starts with training. It starts to make sure you were using the most frontier model as soon as they come out. When enterprise ChatGPT came out in 2022, Vlad was on the phone with fan the first weekend, like we were an early adopter. Same when OPUS 47 came out.

You have to constantly be training your employees. Where are we focused on now? We are making sure that not just developers, but everybody internally has these tools. So it's no longer optional to use Cloud Code or Codex or your favorite LLM. So you also have to train people.

And so we started with developers and now we're going to nondevelopers. I'll give you an example that I like to use on the marketing side. We challenged the marketing team, can you build an ad entirely using AI? No humans involved. And so from the Sigma design to actually creating the video using Avatar actors, using 11 labs for the voice to the post production to actually putting it out to the different channels we put it on, start to finish took about 4 hours. that usually, after many tweaking and rounds that usually would take 2 to 3 weeks to do that.

We then asked them, can you create 10 versions of this and A/B test it and see which one resonates with customers. They did that. We said, can you create another 10 versions of each once. Now you have 100 versions of the original ad. All that was done in a single afternoon. So it really comes from like, do you give people the tools, do you give them the training and it has to come from the top. Why do I think we're succeeding? One, we've been early. Two, we are an engineering culture. We are a technology company that happens to be in financial services.

Our engineers are Silicon Valley-based flat is an engineer by training. So it starts from the whole thing. And then you have to make sure that you're giving people the tools from day 1. So another thing that's really popular right now is harnesses. What does the harness? It's just a way to make it easier for your employees to interact with all of these different tools.

So we built our own internal harness -- now if I want to go create an agent, I can interact with that, and it will abstract everything else in the back and everything I need to log in to Okta, all the different security profiles, and I can just go. That is really powerful. As you do that, you can ship faster, you can deliver more products, then you can pass on more value to the customers. So it kind of creates that same cycle.

But yes, it's been something we've been fully focused on for basically the past 4 years. What changed was when OPUS 47 came out in December. That's the algorithmic change point. Codex is very close now. Like they go neck and neck depending where they are. But these models are getting to the point that if you're not using them, you're going to be a disadvantaged versus your peers.

Okay. Let's just step back a little bit to the broader business, $300 billion in platform assets, impressive, but pretty miniscule relative to the size of the U.S. wealth market, which is over $70 trillion. Kind of what's the path to more meaningful wallet share over time?

Yes. So about $350 billion today, actually, but point we'll take it. We love where we're at. We're only about 10 years old. But to your point, U.S. discretionary brokerage accounts, about $20 trillion today. Retirement accounts in the U.S., about another $20 trillion.

Financial advice is about $7 trillion to $10 trillion. That doesn't even include banking or the adjacent field. So while we love $350 billion, we have a long way to go. And our competitors have shown you can get to tens of trillions of assets. There's no structural reason. So how do we do that? Kind of two things. One, you gain wallet share with your new customers with your existing customers, two, you compound with new customers.

So with our existing customers, when you look at our cohort charts, there's two things I stress over. Where are they starting and how does it slope and how does it asymptote. And everything we see is our customers are starting with larger balances. Their average account size today is about $12,000.

When I joined, that was closer to 2,000. And they're asymptoting later, meaning they're depositing more and more. So that's really healthy. But why is that happening? That's the more fun part. It's because we're building the products that we didn't have before. So who is our prototypical customer today?

And I've shared this with some other folks in the room, so apologies if you've heard this before. But our meeting customer day is 36. They tend to be educated, some extra discretionary income relative to the national average, widely distributed across the U.S. They tend to be married, want to do kids or a cat or a dog. You need to build for them. When I joined, the average customer age was 28. Now they're 36. What do they want today? They want a custodial accounts.

We didn't have those before. Trust accounts. We said that's coming out very soon. Now they want mortgages. They want banking accounts, checking and savings. So as you round out the feature set, that's how you grow the net deposits. That's how you get into the $1 trillion. The second thing we're focused on is the new customers. So I shared at the last earnings call, we're going to start spending a little bit more of our resources on top of funnel growth. In 2022, we switched to completely focusing on net deposits and gold subscribers.

We acquired a large customer base, more than $20 million, but we had a really small wallet share. So everything we did was focused on that. We still believe we can compound 20% per year on net deposits. That's the goal. That's not changing. But we're turning the dial a little bit more on top of funnel growth, which will also help that deposits compound.

Okay. Can you talk more about that? I love deposits is my favorite metric even you guys are growing 5x your peers. But how do you get account growth, which has lagged a little bit to move up?

Yes. Excellent question. So organic account growth is roughly 7% to 10% year right now. We spent 0 marketing dollars on it, and we have spent very little product side on it. So what are the different vectors you can do? The first thing is products. So we're starting with products that can get customers who are younger and in different phases of life.

So I mentioned custodial accounts. Another one is Trump accounts. It came out that we are the sole custodian on that. There is news today that it's actually coming out tomorrow and over 5 million people have already signed up. That's a great way to get your technology in front of people very early on. Banking. Banking is a great product because when you talk to Gen Z or 18- to 22-year-olds, many of them actually start with the bank account for an investment account.

If you think about the 18-year-old you go to college, what's the first thing you do? I need a checking account, a savings account, you need a credit card. So we actually decoupled the banking product from the main app, so customers can onboard that way as well. International, that's another vector.

The last number we shared is we had a little under 1 million funded customers overseas, small relative to the 27 million customer base, but that's the vector there. And then the last lever we have is we're starting to turn some of our marketing promotion dollars to that. So we pivoted entirely to net deposits and gold subs. That's not changing. I would just view it as a dial. And if we can get the same LTVs and the same ROIs that we underwrite to, but put a little bit more towards NFA growth, we think that will compound in the longer term. So those are some of the levers that we're focused on.

Maybe talk about your gold accounts a little bit more. The subscribers, something like [ 5% to 6% ] penetration. I would argue maybe the most loyal customer base. Talk through the ceiling for that sort of like product and how much penetration you can get there? And any sort of products or features over the next couple of years that can drive better penetration?

Yes. So as you mentioned, gold. In 2023, we made a strategic shift to really focus on gold. And the vision was everything should be better with gold on Robinhood. So the first product we built was a high-yield savings account. That's when interest rates were high, we were getting 4% to 5% interest rate.

We took a risk. We said hypothesis, we're going to gate it, really resonate with customers. So today, that product is $30 billion roughly in sweep deposits. Now what you're seeing is every new product that we build, we're saying, is there something better with gold? And you grow across all 3 of our arcs. So in the active trader arc, if you're an index options trader or a futures trader, you have better commissions with gold. In the wallet share arc, if you're a saver, you get the high-yield savings account rate.

If you're a strategies customer, you don't pay any fees after $100,000 in assets. So you keep adding more products in there, about 40% to 50% of new customers sign up for Gold. So while it's a 15% total attach rate, that's because we had a very large base at start, we're now getting customers earlier in their journey.

So if you think about the prototypical customer journey, I come to Robinhood to do something. I want to trade my first equity, my retirement account, I want a bank account, I want a credit card, you then discover Gold. Well, it's $5 a month. There's all of these great features. You sign up for Gold, then you use other products. We don't view it as a subscription product. We view it more as a loyalty product.

One customers are on it, they tend to deposit 5x more on average, and they tend to use more products than non-Gold members. So that's a little bit of the thesis behind it. Where do we think we can go? So everyone uses Amazon Prime, that's the canonical subscription model. The ones that I really look to are the consumer mobile subscriptions that have done really well, Uber, Uber One, Spotify, DoorDash. They have shown that you can get tens of millions of consumer subscribers in a mobile product app. And so we're roughly 4.5 million subscribers today and continuing to grow.

So there's no structural ceiling where you can't have more, but you have to have good products in there. The other question I get asked a lot is, are you going to change the pricing? $5 a month, $50 a year. We like to say it's the best deal in financial services. We are not allergic to raising pricing, and we've experimented, but we want to make sure that it grows and it has a lot of value before we do that.

The [ mental ] model we use internally is akin to Costco. Costco rarely raises their rates, but they do. It doesn't happen very often. But when they do it, nobody complain because they're getting so much value and it's so much there. And so there will be a point where the value will be so rapid that we're more -- we're comfortable doing that. But for today, we're really focused on just adding more products to it.

Perfect. Let's talk about some near-term trends. A lot of discussion on the second quarter call around take rates in crypto and options. Just talk through kind of what happened in 1Q, April and May, sort of what trends are you seeing? And then maybe how investors should think about sort of pricing dynamics in your business over time?

Yes, great question. So on last earnings, we shared that crypto, for example, the take rate was down. That was mainly due to the mix shift of traders. So if you look at our pricing model in crypto, it's tiered pricing. The more you trade, the lower your commission all the way down to $0.03 for the most active trader. And for the casual trader, it was 85 basis points.

Now it's more recently 95. What we are seeing in Q1 and what's starting in April and May is very similar. The casual trader stepped away. The active trader and institutional trader is still there. And so they tend to be active throughout market cycles. During these periods of lower volatility or crypto winter, you tend to see less casual. So that hasn't really changed.

I shared on the earnings call that relative to Q1, April was down about 7 to 8 basis points on the take rate for quarter-to-date, roughly at the same spot as where we are today. So starting to stabilize, maybe slight improvement, especially with the 95 rate, but I think roughly kind of that 7 to 8 basis points is still where we are. On the options side, a little bit different. Options and equities volumes are really healthy.

So April, we shared was our second highest trading month ever. May is off to a very good start. The reason the take rate came down was the mix shift of assets. So we went from more single name stocks to ETFs. ETFs have lower spreads, so the take rate you get there is more. It has nothing to do with volumes or the type of traders, just which asset class they're choosing to see. So what we're seeing right now quarter-to-date is that the take rate is roughly where we were in Q1. So it's stabilized. It's come back up.

As I said in the Q1 earnings call, it ticked down a little bit. Now with April and May volumes are starting to come back up. And so for that, we still feel really good there. In general, take rate is an output metric. What we focus the team on is market share. They go about market share and profits. Where the take rate goes, it's going to go. Crypto is a great example. The counterfactual is if we didn't have the tiered pricing, we would have lost market share. And we saw that in prior winters.

When crypto winter started and the active traders stayed, but they're more price sensitive, they went away to other platforms. That didn't happen this time. They were still engaged on Robinhood. The other thing that changed is we didn't have an institutional platform before. Now we have [ FitsCamp ] to exchange, they tend to be more active during these periods of lower volatility.

So that's why even though the take rate came down from our standpoint, that's okay. Like that's an output metric. If we keep building and market share is holding steady or growing, which is what we're seeing on crypto, that's really what we're focused on. And then on the brokerage side, as I mentioned, volumes are really healthy and the market share continues to grow.

And on the crypto side, how do you think about long-term pricing? I guess this tension, some of the newer players that have come in, like E, et cetera, have been quite low. Crypto-native players are still quite high. So how do you think about just the intermediate term in terms of cut the pricing?

Yes. I think the way we thought about it when we redesigned our pricing is you need to have the best pricing for every type of trader. Before, when we were at 75 or 85 basis points, we were kind of a tweener. For the most active traders, actually, our pricing wasn't that competitive. But for the more casual trader, we were probably under monetizing.

And so now what we did is we went across every tier, and we said for that particular segment of trader, we still want to be the best in the market, but we need to go lower for the active traders, and we need to monetize a little bit more on the casual trader. And what we're seeing is that's generally working well. We're still tinkering with it.

We actually just raised the pricing a little bit on the highest tier, and it went from 85 to 95 basis points a few days ago. Pricing is one component of why customers come to the platform. It's great that our other peers have finally cut up and realized this is a real asset class. We welcome that, but they have 2 or 3 coins they may be listing. What do customers want? They want selection.

We also have staking. We have a noncustodial wallet. They want all the features in one place. And pricing one size fits all, I don't think is exactly what people are looking for. And so we spent a lot of time thinking about this. Again, we're open to experimenting, but where we are today with the tiered pricing, I think, is working well for active traders. And even for the casual trader, it's still the best deal out there, and that's really what we're trying to solve for.

Okay. On net interest income and securities lending, that obviously also took some pressure in the first quarter. It feels like the environment is better. I mean it looks like rates are going to be high for longer, some big IPOs pipeline coming through that should help secure lending. But maybe your views on how you think through that revenue line over the next year or so?

Yes. So what do we do? We focus on the inputs. And so all the inputs that I'm looking at look very healthy. So if I look across the different areas of NIM, margin book, $18 billion plus, highest it's ever been. Our sweeps program, still around $30 billion, continuing to do well. Securities lending.

The input metrics are how many people are opting in and how much EC is opted in. I think the last numbers we shared were about 25% of customers and 50% of assets were opted in. So very healthy rates there continue to grow. What is lower? It's the special, the rebate rate. The reason for that is IPOs are lower and volatility was lower in that particular asset class. If IPOs come back, I think that's a nice tailwind to the business. Why is that helpful for sec lending?

When you think about what securities lending is, what are the names people want to borrow? It's names with high volatility and low float and when there tends to be a directional thesis. That is a prototypical IPO. It comes out with a lot of volatility and will move around and people have different views and it's a very low float. So as that comes up, that tends to drive a lot of the special rebate rate.

If that comes back up, that's a nice coiled spring for us because the rest of the inputs are there. It's nice to see that a lot of the mega cap IPOs have either filed or rumored filed, and so we'll see where that goes. But right now, balances are increasing, customers are opting into the program. If rebate rates start to rebound, I think that will be a nice win as well.

Okay. Good stuff. Maybe talk to prediction markets, pretty impressive growth from 0 to $400 million in under 2 years. You are now launching Roth IRA. Talk through how you think about how that changes your competitive or strategic optionality in that business? And also from an economic perspective, how do you think about monetization?

Yes. So as a reminder, Roth IRA is our joint venture with Susquehanna. And what we did is we bought a DCM exchange. So today, previously, we were just the SPM, meaning we can onboard the customers, so we have to partner with a third-party exchange. We are now vertically integrated.

The history of Robinhood is we usually partner for speed to market, and then we like to vertically integrate because you control the whole product engineering, you also control the better economics.

So on Roth IRA specifically, a couple of things we're super excited about. First, it's going to launch very soon. We said it's going to be operational by mid this year. I don't want to steal the product team's thunder, but it is getting close, and so we'll be able to share that. When we do that, there is no reason in the fullness of time that most of our flow should go through our own exchange.

It doesn't mean we won't have a backup exchange or someone else there, but you should expect in the near to medium term that we migrate our flow over there. You control the product and engineering experience, which means you can launch faster. We also control the monetization. So the way it works today is the customer pays $0.02 per contract, $0.01 goes to Robinhood, $0.01 goes to the exchange.

When you control the entire piece, there's a lot of things you can do. So we spend a lot of time thinking about it. And what you should see when the product comes out is we are going to make sure that customers have the best pricing in the market. So we're going to take some of the monetization that we made.

We're not going to hurt our take rate, but we're going to take most of the value and pass it on to customers, and that's going to allow us to have the best pricing in the market. We are also exploring what the pricing structure should look like.

You should expect that the $0.02 per contract is not going to stay, that we're going to come out with a more innovative pricing that makes sure it addresses some of the customer pain points and will also be one of the best pricing on the market. So that's the part that's coming soon. Again, it should be out in the very near term, but we're going to use that extra monetization to redo the pricing model and to also make sure we can pass on more back to the customer.

Okay. What's the next frontier for that market for [indiscernible] markets? Obviously, it's mostly sports and politics today. What are you hearing from your customers in terms of what sort of products they want? And what's the restrictions or holdbacks in launching those?

Yes. So great question. So what are we focused on and where do we think it's going? Today, there's no doubt sports has found product market fit. If you look at NFA data or any of the exchanges, it's about 85% of most of the volumes. When I look overseas, take Polymarket, for example, actually, most of their volume is nonsports. So it's definitely possible, and we've seen product market fit overseas. So what do we focus on? First, just building a better product.

If you look at our app relative to what was 18 weeks ago -- 18 months ago when it came out, every week, it's getting better and better. We're making the product more intuitive to design. So that's a big change. We're adding new assets. So we have about 2,000 to 3,000 contracts in the app today, a lot more than last year, still lower than our competitors. we don't list everything.

So we have a couple of constraints. We want to make sure it has good liquidity. If it doesn't have good liquidity and customers won't be able to get out, we don't think it's suitable. We also don't list work contracts, death contracts, things like that. But in general, we stand for access, and we want to list more and more contracts. The fun part is we're starting to see use cases that we didn't even imagine.

And so I've given a couple of these examples before, but I think it's fun to share. During travel season, we noticed a lot of people were training weather contracts. And we asked and talk to customers what we were doing, they were hedging their flight risk. They were worried that their flights get canceled they said at least I'll have a good train my event contract.

In certain parts of the country, people were trading contracts to hedge their insurance. So in a high hurricane season in Florida, for example, we saw some customers supplementing their insurance by buying event contract. These are use cases we didn't even think about. And so as we look forward and more of these organic use cases come up, we think this is going to be a larger and larger piece of the platform.

The other piece we're super excited about is how do you interact it with traditional brokerage. And so the advantage we have with some of our peers is we have all of your asset classes in one place. So equities, for example, you go to the stock detail page for Apple, you can trade Apple the equity. You could put an event contract on the KPIs on the iPhones are going to trade.

You could do an event contract on their actual earnings, the revenue and EPS. Today, some of our competitors have that. We will list that as soon as we can. The only thing we're waiting for is regulatory clarity. It's unclear if KPIs and financial contracts are an SEC security swap or if they're a CFTC event contract. The SEC and the CFTC are working together.

And I think they'll get that sorted out pretty soon. But as soon as we have that, we'll do that there. And so -- when I look around, it's fantastic that sports has found product market fit. At earnings, we shared over 1 million customers have used event contracts. The most recent number is actually 1.5 million customers have now used event contracts. So continuing to find more traction there.

But we're also seeing some of these nonsports use cases around financial, sport weather or other things like that. The last piece I'll add where it's going is today, it's a U.S. retail product. With the exchange, it can become an institutional product. We're already getting inbounds from other SCMs saying, "Hey, can we use your exchange. We don't want to use the existing third parties out there.

We want to migrate off of them." It can also become an international product. We're talking to other jurisdictions where we already have licenses throughout the world to see if we can offer that as well. And they're constructive. I think they'll get there. And so if I look out in the future, it's great that sports found product market fit. But I think there will be more assets -- it will be institutional and it will be global, and we'll find use cases that we hadn't even thought about before.

Okay. Very helpful. To some of the new products, one is the [indiscernible] had private markets, which you've done a lot of work around. Maybe just talk through your offering today. I think you have a fund, maybe 1 or 2, I think maybe on 2 already. Just talk through your vision for private markets, how you think about just long-term potential and the monetization model.

Yes. So I'm very passionate about the private markets and helped launch this. So the vision is what we did for public markets, we should do for private markets. So that's the start. The challenge that Vlad gave me was he wants to be the biggest venture capital firm in the world.

Now over some time horizon, but we will get there. So we start like we always do, we talk to customers. What were the main pain points of customers? First, they felt like the best technology companies in the world, they didn't have access to. They were staying private for longer and it wasn't fair.

There was -- they wanted daily liquidity. Unlike an institutional investor, they're used to that, and that's very important for them, even if it's private, -- not all customers are accredited. That was a huge barrier. So 85% of Americans aren't accredited. So we needed to build a product that was for everybody, and they wanted competitive fees. And so if you look at what we did, the first product we launched Robinhood Ventures Fund I, that was in a closed-end fund format. So we used the closed-end fund 40 Act fund for a few different reasons. It's exchange listed.

So then anyone can buy it, just like an ETF, you don't need to be accredited. It has daily liquidity because it trades, and we did low fees, 2% with no carry, very different than many VCs who would charge carry on that. And the resonation has been great. So we shared 150,000 customers participating in the IPO -- the fund is now roughly $1.5 billion market cap.

We've been able to partner with some of the best-in-class names out there. So OpenAI was when we just announced, Stripe, Databricks, RAM, the list goes on and on. And so when we think about it, that was Fund I, we said we confidentially filed with the SEC for Fund II because we're on file, confidential, I can't share too much more than that, but you should expect that more coming. And what we're looking at is all the different pain points.

And so what is our vision? If you're an entrepreneur and you want to raise capital, you can do it from seed through IPO with Robinhood. You're raising your first venture fund -- first venture round, great. We have a platform to do that. You're doing your growth rounds, great. Your pre-IPO, Ventures Fund I can invest in you.

By the way, we can help take you public. We've done 50 IPOs on our platform. Then after you go public, you can use Robinhood to talk to your shareholders. We have safe technology where you can ask questions. So that's a little bit of the vision. That's how we did the private markets in the U.S. Overseas, we use tokenization. So tokenization, we have the MiFID licenses in Europe.

We tokenized public stocks, but we also did 2 private stocks over there. We think that's a very good infrastructure to do it in the non-U.S. In the U.S. side, until tokenization becomes legal, we're going to continue to focus on these 40 Act funds because we think that's the best way to provide customers access to private assets.

Okay. Since you brought up Europe, let's go to international. For the most part, it's been a U.S. story, a very impressive one here. But the brand is fairly global. There's always like a Robinhood of XYZ country. Just talk to what you need to do to be more meaningful globally.

Yes. It's a great question. So where are we today? -- we're in the U.K. We have a brokerage product there. We're in the EU with a crypto product and stock tokens. And then we have a couple of pending acquisitions that are closed. Canada, we announced WonderFi coming pretty soon.

In Europe -- excuse me, in Indonesia, we announced -- we brought Buana, crypto and brokerage Exchange. And then we announced from Singapore and the MAS, we got principal approval to go there. So we're continuing to expand. What's my very simple model for how we expand overseas? I use a 2x2 matrix, brokerage and crypto on one axis, organic and inorganic on the other.

If you look at those 4 boxes, we have used every single one for going into different places. So for U.K., it was organic brokerage. For EU, it was organic crypto. For the other countries I mentioned, it was through M&A, either brokerage or crypto.

So we're indifferent to which way we get there. The reason we pick certain ones is we talk to customers and we say, where do we have a right to win. In the U.K., for example, we found out that customers wanted a good way to buy U.S. stocks at low cost. So we started with that. In the EU, customers wanted another trusted platform to buy crypto at low fees.

So we started there. When you talk to customers today, they want the full product suite. So the U.K. customers want crypto, the EU customers want brokerage. So we're going to build that out. These are just beachheads. We get asked a lot, "Hey, you only have crypto here, you only have brokerage here."

The mental model is you start a beachhead, you find product market fit, you find the first customers who love you and evangelize the brand, then you expand. So that's something we've been working on. what do you need to expand? Because you're a software company, it's actually not that hard. The main restriction tends to be licenses and landing teams. And so that's why sometimes we use M&A. We have capital and distribution.

But if we can buy a great landing team that has licenses or some product market fit or a small amount of assets, that's generally what we do. And so that's how our acquisitions have been. And so that should also help us accelerate. But yes, it's a long journey. This is why we put in the 5- to 10-year arc. But we started this a few years ago, and we're nearing 1 million customers today, and we're going to keep focusing on it.

Okay. Let's talk to competitive dynamics. I would say you guys have been very good at understanding that you need to be multi-asset class. in every asset class, you've been very good -- and that helped you grow quite a lot. Your peers have realized that. I want to be very big peers have started to do the same thing. And they've got some traction on protection markets. They want to do equities as well. How do you think about Robinhood maintaining its competitive advantages as folks essentially just copy your strategy?

Yes. It's a good question. So the way we think about it is we obsess about customers, but we make sure we're aware of what the competitors are doing. You can't ignore them. You have to benchmark and do intelligence, but if you start with the customers' gifting happens. And so it is a feature and a bug that people copy when you're successful. You've seen this for the design of the app. We've seen our features. How do you stay ahead? You keep innovating.

And so you have to come out with some of these newer and newer products. So take fractional shares or 24/5. A few years ago, we were the first to do that. Now everyone has that. You have to keep pushing the boundaries. We talked about the Agentic and MCPs earlier, have to be the first to market there, you have to keep innovating on there. So the way you stay ahead of your peers is you just talk to customers for what they're looking for and you keep doing that. We are not naive.

This is a competitive space. Many people are coming for us. We like to say we're going to be the financial super app. We started saying that when we IPO-ed 5 years ago, to be honest, we were still figuring it out. I think today, we have a much better view of what customers want. They want all their assets in one place, and they want to be able to free the custody and do all their transactions in one place. If you keep rounding it out, that's how you win. I don't think it will be a winner take all, but I do think it will be a few take most.

And so right now, I think we are one of the folks that have the right to win in the space, but there's a lot of people coming for everybody else. But if we keep shipping for customers, if you listen to what they're doing, if you keep your product velocity high, I like our stance. The other thing that's different relative to some of our peers is we start with the asset side. it's much different to start with the asset side relative to the lending side.

Customers trust you with your assets, their deposits. They're very easy to give someone. It's very hard to get it back. And so that's another advantage that we have. We start with something a little bit harder. But again, we're going to other people's space, they're coming to ours. The only thing you can really do is just keep innovating and then the rest will take care of itself.

Okay. Since your CFO can't help but ask a couple of margin and capital questions here. There's a lot going on at Robinhood. Sometimes it's even hard for us to just keep track like today, another a new product. How do you think through investing for growth versus margin expansion? Because you've kind of done both fairly well. So just walk us through your thought process and how you think about that.

Yes. So capital allocation is something I spend a lot of time on at this slide, and we debate a lot of these things. Our mental model is we want to invest for growth. Anything that's extra, we use for M&A to accelerate speed to market. And then extra, we return capital to shareholders. We're in the fortunate position where we can proverbially have our cake and need it to.

We are investing in growth in a lot of different vectors, and we've shared some of those, and we've talked about those at earnings. We're also doing M&A. A lot of those M&As are done to get small lending teams or speed to market. And then we still have excess capital. And so we just announced a $1.5 billion share repurchase program to continue to return that there. So across all 3 of our vectors, we're doing this. To be really clear that we are a growth company.

We're going to invest for growth. We're going to keep doing it. But the reason we're doing it profitable, you talked about margins, our check metric is profitable growth. Just meaning very simply, in every given year, we want revenue to grow faster than expenses. It won't be linear.

There'll be some where it's a little bit less and some where it's a little bit more, but we want to take the cash flows that we're growing every year and keep reinvesting in the business. But I get asked all the time, hey, why don't you invest even more? You have so much to build, so many TAMs, why don't you go more?

The reason we use profitable growth as a check metric is 2 reasons. One, it produces financial discipline. And so it really makes you rationalize and make sure you're using your resources properly. Two, it's for the focus of the team. If you think about our model, we ship incredibly fast. We went to a GM model, so we decentralized all of our teams.

So we don't have a CTO or a CTO. We have GMs and engineers and product and ops compliance and put into them. They have to build for the core business. They have to scale the products that launched and then you have to plant new seeds for the future. In any given year, if a GM is planting more than 2 to 3 new seeds, they won't be able to do amazing products.

And so it's the old Steve job that is you have to say no to a lot of good things so you can ship great things. So that's why we do that discipline. It's worked out pretty well for us. We don't set a margin target. So we don't say this is where we expect margins to be. We look at each individual product.

Every product has to be an economic positive. It has to be written to a good ROI, and then we build it up. And then you take a check metric of profitable growth, and that's kind of how you end up where we are today. So the algorithm is working for us. The last thing I'll mention is I am a big proponent of the denominator matters. And so managing our SBC is something that we've been doing for a long time. We try to be best-in-class there.

So last year, we bought back all of our dilution. This year, we're already ahead of that pace. Our North Star financial metric is growing free cash flow per share and earnings per share. I'm a fintech nerd and a history buff, as you know this, and I've looked at many of the best companies in the world that have reached $1 trillion valuations. What are the 2 things they all have in common?

They consistently grow EPS per share -- EPS and free cash flow per share. So those are some of the things that we think about as we're going into it, how do you invest for growth, but also making sure you're doing right by shareholders.

Just to follow up on the buyback point. You're right, $1.5 billion buyback authorization and also a fairly sizable credit facility of north of $3 billion in March. So a lot of balance sheet capacity. How are you thinking about maybe the pacing of share buybacks for this year?

Yes. So we're spinning off free cash flow. We're using it. We've done about $350 million to date. I think we said about $300 million on the Q1 earnings, so can update that a little bit to about $350 million. We said the $1.5 billion should be roughly 2 to 3 years, but we tend to be more opportunistic.

So we have a program where we just buy back our dilution that kind of runs in the background. It's important to be in the market every day, but we're also opportunistic during periods of market volatility. So in Q1, when the markets were really volatile, we bought $250 million of our stock back in 1 quarter. So we're not opposed to doing a little bit more.

When periods when multiples get a little bit higher, we'll probably continue to buy back our dilution, but we'll pull back a little bit on that program. And so Again, we're in the fortunate position where you can do this. But if the markets stay volatile and we think we're more valuable than what we're getting credit for, let's go a little bit faster. The credit facility programs are just there for liquidity. We don't use them.

We test them once a quarter, but they're nice to have if you ever have these periods of moment. But it's a nice, clean, simple balance sheet. I come from credit land in a prior lifetime. We have no leverage, about $6 billion of cash on the balance sheet, $3 billion to $4 billion of credit lines, and we like it that way. We're not opposed to it. If there's an opportunity, whether it's through M&A or some way to get a cheap source of capital, we'll definitely explore that. But today, we like our cash position and just having the revolving credit lines.

Okay. Good stuff. Quickly on regulation. Clearly, it's been a 183 know the word is for regulatory shift under the new administration. What do you -- how do you think about maybe the big potential opportunities from things like Clarity Act or anything else on the regulatory landscape. And conversely, others as well have that tailwind. So are there some things that are also risks for you as we get clarity on regulation, one intended?

Yes. So we like to build across different cycles and different administrations. There's a couple of things that I think are more obvious than ones we get less about -- asked about less. So Clarity Act, great. For us, we think it's important. Vlad has come out and said we support it, and we think it's actually trending well relative to where it was a few months ago, but it's not existential.

We already have ways we can offer customers rewards, whether it's through a high-yield suite program or through our banking product. We'd love to be able to give customers rewards on their stable coins as well. If it goes through, fantastic. If not, again, it's not existential. The other one that we're focused on, we talked about tokenization. Today, and we've told this to Chairman Atkins, the U.S. is behind. Europe already has regulation.

We're building overseas as are others. We think it's really important for that to come back home. And so we think -- and the SEC is making great progress. They've been really good partners on this, so is others, but that's one that we're focused on. Another one is the accreditation rules. We actually get asked about this less, but Vlad and myself are actually very passionate about this, similar to private markets.

The rules today are antiquated. They equivalent wealth with, are you able to invest in some of these assets. We think there should be other ways to make sure customers have the ability to do this through education or certification, think about options, how you have to go through certain requirements that should not be tied just to wealth.

And so the administration has been receptive and feedback on their. So every way we look, we're hearing positive feedback. The other thing is on the use of technology. So the SEC and FINRA have actually been really good partners on this. This is new technology. It's unchartered ground, how are you going to deal with it?

They're actually coming to us and say, "Hey, can you help us think about this as one of the largest players in the space and one of the technology leaders." And so we like working with them. Again, we're agnostic to what administration. This one has been more friendly to technology companies and financial services in particular. So that's great. But in general, we think we can build across different cycles and different regulatory environments.

Okay. I have a bunch of questions here from the audience. I'll just try and summarize them because we don't have a lot of time. Maybe one theme is you've done a very good job on the trading side. Clearly, a lot of product market fit, good ARRs in terms of some of the products. On the non-trading side, one could argue it's choppier. Why do you think that is? And where do you think you will have sort of nontrading products that are at least comparable in size to the trading side?

Yes. So if you look at our 3 pillars, active traders is the first pillar. And so we want to win there and you should goal us on market share. That's should just success. And today, we're #1 in options and getting very close on equities. On the nontrading side, we're continuing to compound pretty nicely.

So we shared at our last earnings that about 40% of our assets are what you would call more long term, retirement, ETFs, cash and a few other items. Those products are more nascent. People forget retirement has only been around for a couple of years, and it's already at $30 billion. Banking has been around for 3 months, and it's at $2 billion. So in the fullness of time, we're going to continue to round out the suite. I think the reason active traders has more traction is it's just we've been at it longer, and we've been focused on it.

We had the early customers there. But what we've shown is if you build a great product like banking, it took us 5 iterations to get here. But once you nail it, then you can scale it really fast. And so those are the ones that get us most excited in kind of that 3- to 5-year arc.

Okay. And then the final one. As you sort of think about revenues going forward, any way to think about your view on what is -- or how growth will evolve between, say, uplift and more monetization per customer versus just growth in units of customers?

Yes. I think the best way to look at revenue growth is the chart we had from the 2024 Investor Day, which is just correlated to assets on the platform. And so why is net deposits our North Star? Net deposits is the measure of do our customers trust us, that correlates to higher assets, that correlates to higher revenue yield. How you get more net deposits could be both ways. It could be through new customers who start deposit.

It could be through existing customers depositing more. It could be through launching new products that pulls in new customers and get you deposit more. We're agnostic to how we get there. You need to do both. But if I think about our revenue model going forward, and if I was trying to model it out, I would just say, what do you think is going to happen to assets under custody over time as that's the best lever of what's going to happen to revenue growth as well.

Fantastic. With that, I think we'll call it a day. Thank you very much, Shiv.

Thanks for having me.

Hi. Good morning, everyone. Thank you for joining us this year at JPMorgan's TMC Conference. In this fireside chat, we have Steve Quirk, Chief Brokered Officer at Robinhood. Robinhood is a $70 billion brokerage firm that offers, I got a long list here. Retail investors access to stocks, derivatives, crypto and events contract trading as well as services, including retirement, lending, credit cards, advice, and banking.

So Steve has served as Chief Brokerage Officer at Robinhood since early 2022, and he previously oversaw strategy and development and many of the initiatives for trading at TD Ameritrade and thinkorswim. I've got to say, I think you're probably one of the best acquisitions that RobinHood has ever made. Thank you so much for joining here today for our third TMC conference appearance.

So I wanted to start off by maybe starting high-level market environment. So the core retail business, how do you judge that the health and the behavior of client -- the client retail investor, not just from a sentiment perspective, but risk capacity, staying power? And how has the volatility in the most recent environment impacted your thoughts about the narrative of the health of the retail investor these days.

It's a good question. It's a question we get a lot from the media because when they picture pure do-it-yourself retail, they kind of look to us at Robinhood. We have 27.5 million customers. Half of them are new to brokerage. So they are younger than many of our competitors. So the question really -- the question behind the question when they ask us the question is they probably haven't navigated a lot of the things that people who are older have navigated.

And so how are they faring? And the answer to the question is they're very engaged, very sophisticated because if you think about the technologies, the avenues to education and information that are available today compared to when I started in the business, they're just far superior. So they can become very sophisticated very quickly. And they also have a risk tolerance. This is going to sound like a strange thing to say.

But when you're in your early 30s, you probably have at least 30 years of investing left. So your posture should be more aggressive than somebody who -- I came from Schwab, TD Ameritrade. Their average customer is around 60. You can't afford to be as aggressive at that point in your investing career as you can be when you're in your 30s. So they're aggressive in their dip buying. It's been beneficial for the events that they've been around for. If you think of COVID, there's a lot of talk that retail saved the market in many sectors.

Same thing around the tariffs. Our customers were quite aggressive. We saw it across deposits. Deposits got really heavy. People were opportunistic buying in all asset classes was quite heavy and they were rewarded as a result of it. Now does that mean they're going to be rewarded every single time there is a dip? No. But we've seen some buying be tempered in some situations. So it's not like frenzied activity. It can be measured at times.

But overall, looking at the health, and we measure it a couple of ways. We can look at -- we have an index that's called the RICS we created because there is a narrative that some in the industry love to perpetuate, which is retail customers buy at the top and sell at the bottom. And we can tell them until we're blue in the face that that's not the case, but the easiest way to dispel it is just show them the data. So that's what we do.

And the index takes the top stocks, the top held stocks across all of our customers, 27 million as a percentage of your portfolio. So it's very democratic. In other words, if you have a $1,000 portfolio or a $10 million portfolio, we measure you the same. And then we look at that and overlay it on the indices. And in the last 2 of the 3 years, our customers are outperforming the indices, which is fantastic to see. I think it's great for all of us to see the health of a good retail customer.

Good. So I want to get into a little bit about the products that you're offering. You've highlighted products like index options, futures shorting, margin as part of the approach to pursuing the active trader toolkit. When you look across the stack, where do you see Robinhood as having the right to win versus someone like a Schwab or an IBKR style platform? And where do you think you're still playing catch-up?

I think Robinhood, we're kind of in a unique position. When I competed with Robinhood, I marveled at Robinhood's ability to attract the next-generation investors. We were all very candidly, all of us "Legacy Brokers" were saying, we need to figure out how they cracked the code and getting this many customers in the door in 4 or 5 years, and it took us 6 decades to get this number of customers.

But at the same time, we also knew that Robinhood at the time didn't have a complete offering. So there was a graduation risk, right? So it's kind of -- we're racing -- each racing. And so that's what made it really exciting to come to Robinhood was because you get the opportunity to reimagine building everything with a blank canvas for people as they move up in terms of sophistication and in terms of the amount of wealth and what they're looking for. And that's been really fun to do.

As much as there's differences with the way that people invest, example, when I started, there was nobody starting in crypto and moving into equities and other things and ETFs, like today, super common. Event contracts, sure, I get into event contracts, I learn what else you do in the market. Those avenues didn't exist in the past. But also just the technology, the technological advances, the idea that 90-some percent of that is being done on a phone and being done around the clock is really quite cool.

So what we've been focused on is just filling out the offering. And a lot of the things that you just named were some of the most frequently asked for products, whether it's the index options or futures, all these asset classes or account types that are necessary for people to be able to participate fully because they're graduating up the curve in terms of their level of sophistication, even retirement accounts. We didn't have retirement accounts until a couple of years ago, and now it's become quite large, but there's still so much more to do here.

You're having product launches, it feels like every 3 or 4 months. And one of the latest ones that you invited us to was Take Flight back in March. And one of the products or services you announced was Portfolio Overview. And that links the Robinhood account view with external accounts. And it seems to me like it presents a pretty compelling cross-sell opportunity. Provide us with an update on the offering.

And in particular, we understand that Robinhood is going aggressively after what I'll call the Achilles heel of the Traditional Banks and the brokers that offer a low-yield on customer cash. And you've got a pretty compelling cash offering. So talk about how you're leveraging things like Portfolio Overview to go after new customers at your Legacy Competitors.

So at the core of -- I mean, the core of Robinhood's success has been in self-directed do-it-yourself portion of the market. And now we're the #1 player across a couple of asset classes. We'll be the #1 player in the next couple of years. But what we've heard loud and clear from our customers is as they move up in terms of level of sophistication, number of assets, account types, we need to continue to expand our offering and even give them some help in their investing.

They might not feel comfortable investing the amount of money that they're now starting to earn completely self-directed. So they may need help. The avenue to doing that was to build out the products. We have something called strategy, which manages portfolios for them, deliver cash sweep, which we have a very powerful Cash Sweep, which pays a very competitive rate and then deliver a complete wealth management solution, which we're a month away from rolling out a referral network on.

But in order to capitalize on that, it's helpful for our customers to share with us where their other assets lie. And then we can point out to them where we have superior offerings either in terms of pricing or capabilities and that they would be advantaged to move those over. So we're in the early stages of it, and we're still rolling out the capabilities like the Referral Program. But when you pull all those things together, you can see that it becomes quite powerful.

And the opportunity for us is quite large. It's 2.5x the size of addressable assets in the Wealth Management side is on the Self-Directed side, and we haven't really touched that yet. And I would argue not to be judgmental, but there isn't -- I don't think there's been the advances on the wealth management side that there have been on the Self-Directed side, both from a product or a technology standpoint. And I think that's where we excel.

Is the Achilles heel really the Yield on Cash that you're getting at firms like Chase and Schwab and others?

Well, the reason why it's the Achilles heel is we have $345 billion in assets and they have trillions. So there's a lot to attack there. There's a moat. And if you have been on the inside of the moat, you kind of know where to go.

Talk to me a little bit about International Expansion. You've been in the U.K. and the EU for about 3 years. Maybe how are these markets different than what we see in the U.S. And then separately, you acquired an Indonesia brokerage and recently announced approval in Singapore. Talk to us about Europe versus Asia.

Sure. So our first foray is a little over a year ago in the U.K. outside of the U.S. And having been involved in international businesses before when we were having conversations with Vlad and the Management and the Executive Team, there's been a -- if you go anywhere in the globe, there's a Robinhood of whatever country, whatever region. And we said we should be the original. I mean that's what they're really looking for, a replication of Robinhood in the U.S. And so we put our flag down in the U.K.

And then eventually went to Singapore, where we have Principal Approval and then bought a firm in Indonesia. What makes Indonesia so interesting is the population. It's the fourth-largest population, and it's very young, very young and very progressive, and they're on the upswing. And they have, I think, 22 million registered. They have to register crypto investors. And I don't know what the number is on the traditional brokerage, but it's quite large.

So -- and there aren't a lot of competitors there because it's too much in its infancy. We excel in places like that because we have -- we're technology first, and we can do things in a super-efficient manner and deliver content and education to them so that they can do things in a suitable manner. But I think overall, the thought process with international is, look, retail is a complete force in the U.S. We're at 60% of U.S. households now participating.

That's the envy of the world, no matter where you go, Europe, Asia, anywhere, they're in the teens or lower with U.S. households participating. But I think it's going to take time because in order to get that movement going, you have to start and education and awareness will open doors, and we're really good at doing that at removing the friction and opening the doors for people to be able to get into markets and understand the power of being able to invest in markets.

But I think what I'm most enthused about both here and abroad is just what's happening with retail overall. And if you look at retail percentages of equities, of options of crypto, of even IPOs, all across the board, the participation continues to grow. And I know there are a lot of people that assume that this was a COVID thing or something that was going to be episodic.

Never believed it because for as long as I've been in this business, which is a long time, it's been growing. It just has had some accelerations due to events. And so that, to me, is the most interesting part of this because as much as it's growing like this here, that's going to happen abroad. It might take a little longer, but we're going to see a global marketplace and participation across the globe is going to be really strong.

So let's move to predictive markets, Rothera. Robinhood's JV with Susquehanna is expected to launch imminently. Can you walk us through why the vertically integrated tech stack is better for Robinhood's customers trading predictive markets rather than Robinhood's previous brokered approach with ForecastEx and Kalshi. Is this really about economics and better monetizing the customer base? Or is there an element of control and being able to move faster and more flexibly than you would otherwise?

Yes. Maybe I'll give you the history of how we entered the space. We were actually building futures trading. And coincidentally, when election contracts became permissible, and so we started with the presidential election. And at the time, we were going through ForecastEx, which is Interactive Brokers prediction market exchange. And we saw the interest. I think we had half or 600 million contracts and 800,000 accounts opened. It's tremendous interest. And then that started to expand.

And so we started a partnership with Kalshi as well. We never like to be beholden to one exchange. It's not a comfortable position to be in. So we like flexibility. But what we came to realize is we are the dominant distribution platform for event contracts. And we were also partnering with the dominant market maker there, which is Susquehanna. And by coming together and creating our own exchange, it gives us the freedom to drive product development, to drive who liquidity providers are and to drive the economics and the experience for our customers, which is going to be beneficial across the entire spectrum.

I think the other part that is really opportunistic is we're creating an ecosystem with the largest players. And so we're going to attract even our competitors there because that's going to be an ecosystem where they're going to have a superior experience across the board.

Maybe moving to the Super App. Robinhood talks about its ambitions to be the financial Super App. So how does this concept of the Super App UX goal impact your approach to product development and entry into new markets? And then ultimately, at the end of the day, does being the Super App mean that you need just one app across all of the services? Or can you do it -- can this be the Super App and you can have different icons on something like your cell phone?

We spend so much time on this just because think about it, there's a tremendous value. I'm guilty of this myself. I would like to have as much of my financial universe in one place as possible. I don't want multiple apps if I can avoid it, but there are constraints, right? I need capabilities and I think the technological advances that are happening and happening so fast, and we are on the cutting edge of are permissing us. I use this cliche all the time, like if you would have told me 10 years ago in my career that the largest option trading retail firm on the globe would be doing 99% of their trading on a mobile phone, I would have said you're crazy.

It can't happen. And it's happening today. So I don't think -- I think the advantage of having everything in one place is solvable. And Robinhood, we really excel at design. That's one of the things that we're regularly lauded for. So I think we can do it all in one place. The value of that is I can be in one place and do my banking, my credit card, I can do my crypto investing, equity investing, even my retirement and everything in one uniform place and see it all in aggregate.

Okay. So at the end of this fireside, I am going to open up to Q&A probably in 10-ish minutes. So if you have questions or if you don't have questions, think about them, we'll send the mic around. Maybe moving to regulations. So the SEC just removed the $25,000 Pattern day trading minimum for small accounts. How big a deal is this for Robinhood?

It's a really big deal, and we've spent a lot of time lobbying both FINRA and the SEC on this because Robinhood's Customers were impacted in a way that other brokerage firms weren't. The average account size is much smaller at Robinhood. This rule is one that materially impacts accounts that are under $25,000. And it's very confusing for customers. The rule was put in place with a good reason, around 2,000 in the day-trading boom because the risk management systems of both brokerages and clearing firms couldn't keep pace with the trading activity that was happening. So the rule was put in place to protect customers.

And what is the rule?

It's very -- well, the simplest version is 4 trades in 5 days, which a lot of customers when we're explaining it, they just think they get a scarlet letter, they don't even know why. And their only move to get out of this thing is to basically go to another broker. So they ACATS out and go to another broker and start fresh. And we know where all those people went, which is helpful. So that rule is being amended, and I think the date is June 1, which is the implementation date. So all the people that have been impacted by that.

And picture yourself, you're basically stuck in a position where you know if you make one more trade, you're going to be flagged and materially impacted from doing anything. So you're sitting in a position that you don't want to sit in. And I commend the regulators for understanding that this rule was well past. it's useful time. And so we're now in a position where that rule is going to be gone. And we have an opportunity to talk to all the people that loved Robinhood, but couldn't be here because of this rule. And if you think about the impact of that, many of our competitors' accounts are much larger. So the impact to their client base was much smaller than the impact to ours.

Yes. And the average account size at Robinhood is $13,000.

Yes.

Okay. And so this would have 2 impacts. One is a trading activity impact and the other is a customer retention impact?

Or re-attraction impact.

And retraction...

Because we do ask people why they ACAT. And I mean, we do get responses from many of them.

Yes. And the conclusion is pretty big deal for Robinhood.

Yes. Chris will kill me if I can tell you how big of a deal, but it's going to be very positive. It will be a very positive development.

So as we think about wrapping up, if we fast forward 5 years, what's your bet on what retail brokerage means for investors, investors at Robinhood? Is it still mostly trading in 5 years? Is it more about banking? Is it about social engagement, portfolio construction, advice, cash management? Like it seems like Robinhood and the business can go in a bunch of different directions or maybe go in all directions at the same time. What is -- what do things look like for Robinhood if we go out to the investable limits for us here today?

I think the thing that connects all of the items that you just talked about is technology. Like it has an ability to connect all these things in a way that is so unique and makes it even more frictionless for customers to be able to move from one asset class, one time frame, one account type one advisory service, whether that's partially automated or in human hands back and forth. And I think the expansion of that, the collision of technologies like Tokenized Securities, Round-the-Clock Trading, which is already here, but now it's going to be on weekends for other asset classes.

And then the global aspect of it is going to make this -- this is where the Super App really comes into play, being able to accommodate all those needs in one place and with a frictionless experience on a phone, if desired, 24/7 is amazing. I mean, if you look at the news that's driving the markets today, not happening during the average trading day. It's happening on weekends or in the after hours. Some of our biggest nights, we have 24/5 trading for equities. Our biggest nights are Sunday nights because you build up a bunch of demand over the weekend with all the news that's happening, and we see really strong volumes at 8:00 p.m. when the market opens.

So you sit in the intersection of product, market structure and regulation. What are the 2 or 3 decisions that you'll have to get right as you prepare the business for the next 5 years?

I think it's -- we have a really, really, really strong Legal and Government Affairs team. A lot of them are ex-regulators. And so we have a really strong relationship with elected officials and regulators. And that's really important because it's even more important today because of how quickly things are moving. Think of AI and the use of AI and how it's being used in -- even in brokerage and in financial services. And we're uniquely positioned to help them understand we're a scale player on the crypto side. We're a scale player on traditional brokerage. We're a scaled technology firm, and we're also global.

So we have a unique perch to be able to help them understand where this market is going really quickly and what they need to do to make sure that they navigate it in a way that's going to be beneficial for customers and that there isn't going to be customer harm. So I think the opportunistic -- the opportunistic self of me says, this is a really cool time to be able to influence where this market is going to go with things like tokenization, with things like all the things that are being discussed, the collaboration between the CFTC and the SEC with respect to event contracts that could be securities.

We are in both -- we're regulated by both, and we understand well what these products look like. Do we have a preference where they get regulated? Sure. But ultimately, do we care? No. No, we're not on one side of the fence. This is what makes us unique. We're not a CFTC-only shop. We're not an SEC-only shop. We're regulated in Crypto. So we can be helpful as they think through these. And these are kind of sticky problems for them.

So Robinhood is a -- if not the market leader in your core business of options and equities. You're diversifying asset classes, you're entering new geographies in the scope of a competitive market that's broadening, particularly as regulation emerges and welcomes new players. How do you see the competitive landscape shifting as the regulatory landscape evolves?

I think it...

And is it different in the U.S. versus outside the U.S.?

Well, the one thing that I would say that's been very welcome is an acknowledgment that if we don't get it right, things will just move overseas, which they did during the last administration in crypto. Basically, everybody just went overseas with everything that they were doing. And we were kind of hamstrung for a period of time because we're heavily regulated, and we want to make sure that we're not trying to circumvent regulation. We were actually asking for it.

So I think what we have to be careful about then I'm talking about globally is regulatory arbitrage and making sure -- and look, if you look at the destinations we picked as our first destinations overseas, they're the strongest regulatory regimes in the world, the U.K., Singapore, these are strong regulatory regimes. That's by design. Like we are telling the world that we're not trying to circumvent regulation. We will embrace regulation. We just want clear regulation because it's hard to navigate a world where there isn't clear regulation. So we just try and help them with the framework of that. But I think there's going to be some really cool opportunities across asset classes and across technologies that we can be at the forefront of.

Okay. So let's call it there. If there's any questions, raise your hand, and we'll bring around to mic. And just introduce yourself.

I'm Nick Setyan with Bowery Capital. Back on Prediction Markets, maybe just looking at sports betting operators have always had a lot of churn. So how -- as you invest in this category, do you think about churn and how that impacts like the entirety of the business?

I think about it -- well, first of all, I think -- and I know there's been a lot of conversations about it, and it hasn't happened yet, at least on -- if you look at like county volume or others. But the way we picture these event contracts is we're in the very early innings of all the categories where we're going to see these contracts. And sports is one category.

But I think you're going to see an expansion of categories across things that look closer to securities, which is our core business. And so that's one of the reasons why we're standing up with Aero because we want to have control over how this is -- how we navigate the landscape and roll out the products. With respect to the question on the churn, we look at that, and we haven't seen meaningful churn.

The question we often get asked is who's using these? Who is using this? Is this your core customer? Is this somebody who's only using these? Is this somebody who's a crypto enthusiast as well? It actually spans. It's completely different across different segments. Election contracts are different than weather, are different than economic indicators are different than sports. And it tends to resurrect people and then they'll come into the other asset classes as well.

Great. Any other questions? Okay. I'm going to sneak one more in. So there's a number of highly anticipated mega-IPOs that are expected later this year. So SpaceX, OpenAI, Anthropic, et cetera. What do these deals mean for Robinhood? How do you participate? How do you allow your customers to participate? And what does their participation ultimately mean for the P&L?

So the way that we let them participate directly is a product that we have called IPO Access. In the history of IPO Access because it's been around for a while, is -- and this is kind of goes back to my earlier comment about the rise of retail. We used to -- I think we're 40-some IPOs that we've done, we participated in and given customers access when they've expressed interest. We used to scratch and kick to get 1% or 2% of the allocation and be happy with it. Today, we have companies that are coming to us and saying we want to -- I think we were 20% of bullish.

They came to us and said, we want -- retail is an important component here. Our customers tend to hold. I think my number is, don't quote me. I think it's like 60% or 70% after a couple of months are still holding. So they're fans of these companies. They're not flipping these IPOs. And so I think that resonates with these companies as they come out. We also show them what our demand is when they give us an allocation. And in many instances, we could have taken the whole thing.

Our customers could take the whole thing. So there's strong interest there, and it's something that I think resonates with the issuing -- with the companies and the underwriters. The other thing I'd say is it also builds into our entire ecosystem of securities lending and everything else because these often become hot names on the securities lending side, and now we have all kinds of inventory. So it's kind of a nice flywheel for our business and for our customers.

Okay. Great. We have a couple of seconds for a quickie question if there's one. Otherwise, we'll wrap there. Last chance? Okay.

Thank you.

Thank you very much.

Thank you to everyone for joining Robinhood's Q1 2026 Earnings Call, whether you're tuning into the live stream or here with us in person. With us today are Chairman and CEO of Vlad Tenev; CFO, Shiv Verma; and VP of Corporate Finance and Investor Relations, Chris Koegel. Vlad and Shiv will offer opening remarks and then open the call to Q&A. During the Q&A portion of the call, we will answer questions from the audience, which includes institutional research analysts, finance content creators who may hold an ownership position in Robinhood in both institutional and retail shareholders.

As a reminder, today's call will contain forward-looking statements. Actual results could differ materially from our current expectations, and we may not provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor are described in the press release we issued today, the earnings presentation and our SEC filings, all of which can be found at investors.robinhood.com.

Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation.

With that, please welcome Vlad and Shiv.

All right. All right. How's everyone doing? I've been told that this may be the first ever outdoor earnings call in history. Can you believe that?

Very cool.

Shiv, they told us before we went public that earnings calls aren't going to be very much fun that they're going to be a core that actually being public wouldn't be very much fun. And I think part of what we're trying to do is improve the branding of being a public company. I think that's going to be pretty important. The branding of it has been very negative, and maybe that's contributing to companies staying private longer and longer and retail shareholders being left out of all those potential returns. So yes, hopefully, you guys find this informative and also entertaining, and we can shift the perception of what it means to be a public company slowly but surely.

So we're back at our HQ in Menlo Park, with a growing audience of in-person folks, shareholders and analysts. So thank you all for being here.

Before I get into the meat of it of Q1, I want to highlight a historic milestone in our mission to democratize finance for all, Trump accounts, okay? We announced a few weeks ago that Robinhood will be the broker and sole initial trustee for the Trump accounts under the direction of the U.S. Department of the Treasury. And over 5.5 million American children are already signed up, and over 60 million, 6-0, are eligible. So these children will now experience the power of equity ownership in the U.S. stock market, which we believe is the greatest engine of wealth creation in human history.

It's an incredible honor to be trusted by the United States Department of Treasury and to partner with BNY, America's oldest bank, which was appointed as a financial agent to manage the program. And by developing and managing the new Trump accounts app, we're getting Robinhood technology in front of the next generation of investors, 60 million of them.

This is also a new way to extend Robinhood's mission beyond just retail and institutional to helping governments and building a public sector business, which we actually see as a big opportunity and we can really help there. Now our hope and aspiration is that this should be the best technology product that the government has ever built or been associated with. So we're really excited about this.

Now let's get to Q1. As a reminder, we're focused on a 3-part strategy. #1 in active traders, #1 in wallet share for the next generation, and of course, our long-term mark, #1 global financial ecosystem.

So active traders, we want -- if you're an active trader, we want you to feel like you're at a disadvantage trading anywhere besides Robinhood. So using another brokerage or another financial platform, that should be irresponsible and irrational decision. That's the goal. So a few things to highlight there.

As we continue shipping great products for our customers, in Q1, we saw record levels across prediction markets, futures, index options, shorting and margin. So our active traders were very active. We saw double-digit year-over-year growth in equity and option volumes as well. So that's been great to see.

Now looking at prediction markets, specifically, we're really spending time getting ready for the Q2 launch of our JV with Susquehanna. This is our exchange Rothera, and that's coming later this quarter. So very excited about that.

Now today, Robinhood is the largest retail brokerage firm in prediction markets, and we've been one of the first to adopt a new asset class. Susquehanna is one of the largest market makers. And in the past, up until now, we've been relying on third-party exchanges. With the launch of Rothera, this vertical integration gives us a couple of things. It really gives us end-to-end control of the customer experience, including product selection and pricing. So we'll have more control over what products and what pricing we can offer to customers, which I think is going to be very, very nice.

Moving on. Robinhood Social, strong engagement. We've rolled out Robinhood Social to the first 10,000 customers. And what we're hearing is they absolutely love verified profiles. They love verified returns and trades. So if you remember, the value prop for Robinhood Social as opposed to other social media platforms or places where you can chat about your finances, is you have a guarantee that customers have actual skin in the game with real positions and real returns. And it seems like that's proving out. People love that, and we're working to add new requested features on a weekly basis. So these are things like live stock charts, expanded personal profiles, tools to find other traders. And we're also bringing popular creators on the platform. And there's really been strong demand from creators to participate in this network.

Second, wallet share. We are building our customers' financial super app. We can see that this is starting to resonate with customers. Across retirement, gold credit card, strategies and banking, customers added 500,000 funded accounts in Q1 and more than 1.5 million in the past year. And so we're really continuing to broaden the offering beyond just brokerage.

I'd give a special highlight to Robinhood Banking. So Robinhood Banking grew 5x since the last earnings. It's rapidly become a leading premium digital banking offering. And I think it's really one of a kind in that category. Over $2 billion in net deposits. Over 125,000 funded customers. And I think most interestingly, a 40% direct deposit rate. Okay, so that's a 40% direct deposit attach rate, which tells us this isn't just an add-on to your brokerage account for keeping your extra cash. People are thinking about this as a primary bank account. So I think that gets me very excited. I know Shiv as well.

Gold Card. Okay, gold credit cards have also surpassed 800,000 customers with annualized purchase volume, APV, of $15 billion. So this is a heavy purchasing card already. The credit performance continues to be strong, and we're on track to surpass 1 million cards and $100 million ARR this year and well before the end of the year as well.

Demand for the new Platinum Card, which if you guys saw the Take Flight event, I mean it was very popular. The card is, I believe, the heaviest credit card on the market. So demand for it has exceeded our expectations. We look forward to rolling out in the coming months, and we're responding to initial feedback. So the great thing about this team, they iterate. And I think you're going to see a better product than what was even unveiled. So that's very exciting.

Moving on to our third and long-term market financial ecosystem. We're making progress as we expand to different markets around the world. International is picking up, and we approach 1 million funded customers. We plan to launch crypto in Canada around midyear. Remember, this is via our WonderFi acquisition from last year. And we have received in-principle approval from regulators in Singapore to offer a comprehensive suite of brokerage services there. So that's a big deal.

Bitstamp continues to win institutional customers, gaining market share. And we're enhancing the offering. In particular, there's been a lot of interest in institutional lending. So you're going to see us digging in and doing more there.

Across the entirety of the business, we're really turbocharging Robinhood with AI as well. And if you think about the impact of AI on our business, it's actually three different things. So first, we're aggressively leveraging AI to drive efficiency and productivity internally. We've been doing this for a long time, and Shiv will talk a little bit more about the wins we've been seeing there.

The second thing, we've been and we continue to give customers access to the highest-quality AI-powered tools. So Robinhood Cortex, which we unveiled about a year ago, used by nearly 1 million customers so far. So this is like AI intelligence throughout Robinhood app. You can see it in the stock digest, and you can now see it in Cortex Assistant, which is our AI assistant within the product. So now that's rolling out. That's rolled out actually to all gold customers. And so we're putting the financial intelligence coupled with our market data in your pocket. Customers are using it to do portfolio and P&L analysis. They're using it for stock research and stock screening, and you should expect to see it get better and better. I think we really love what we're seeing there.

And we're also -- you could tell, last December, there was a step change in the agentic capabilities in these AI models. And of course, we're working to bring the frontier capabilities into your product. And we've been spending a lot of time chiseling what an agentic product could look like. So stay tuned there.

And third, and this is an interesting one, AI is affecting the markets and investors. So one of the things that we've been spending a lot of time on is empowering customers to participate in the economic value and the upside created by these AI companies. Now the unfortunate thing has been a lot of them are still private. In some cases, staying private valuations of hundreds of billions. But Robinhood Ventures was built to solve this. And Robinhood Ventures first fund, has IPO-ed in March. We have a great portfolio of late-stage frontier companies, and we just added OpenAI last week, which was awesome.

Now we're also hearing from customers that they want access to emerging AI companies at an even earlier stage. And we've already begun building the initial portfolio for our next fund, RVII, so the second RVI. We're excited to share more soon. But I think part of this is just building the capability now that we've proven out that private markets democratization is a real thing, making it a bigger thing. The aspiration is that if you're a founder, retail should be part of the initial seed capital for your company. And I think once we succeed in this, we really moved the needle on entrepreneurship in this country and make it so that this is better for entrepreneurs. They can access retail and get even more capital.

So taking all this together, the relentless product velocity has driven another quarter of strong business results. Total net revenue grew 15% year-over-year to $1.1 billion. Net deposits were $18 billion, which is another quarter of 20%-plus annualized net deposit growth and our third highest ever. Gold subscribers, 36% year-over-year growth to a record 4.3 million, and that's 16% attach rate relative to the total customer base and 40% of new customers Q1. So we're seeing customers adopting gold very quickly, and that gets us very energized.

Now looking ahead, we've got some great new products to share. So as I mentioned earlier, we've been working hard on extending agentic capabilities into Robinhood Cortex and your Robinhood experience. So you should see some exciting products coming in late May, so that's next month.

Plus, we've got a crypto event coming up as well. That's going to be early July in the United Kingdom. We'll be holding -- so that's two things coming up very shortly. We're also holding our annual Hood Summit for active traders in the fall. And I've been reviewing what's on deck for that one. And I think you'll really like that.

So why don't I turn it over to Shiv now to discuss our financials, and then we'll circle back for the Q&A. Shiv?

Thank you, Vlad. Before we get started the financials, I wanted to share three big takeaways from the Q1. First, as Vlad mentioned, our product velocity continues to accelerate. So we're investing for the long term. We're aggressively leveraging across the business and this is leading to a site faster than ever.

Second, we delivered another strong quarter of annualized net deposit growth. As a reminder, this is our North Star KPI. It's great to see customers continue to trust us with their assets even with the macro backdrop, which was more challenging at the start of the year. Customers remain engaged, they deposit on the platform and they're rapidly adopting our new products, banking as example, as Vlad mentioned. So all this put together, it led to 15% year-over-year revenue growth and 50% adjusted EBITDA margins.

And third, big takeaway is Q2 is off to a good start in April. So trading volumes for equities and options are on track to be our highest month of the year and actually our second highest month in history. Net deposits, they're already approximately $5 billion month-to-date. That's great to see, and retirement assets just crossed $30 billion. So really great to see customers continuing to invest for the long term on Robinhood.

So let's go to the Q1 results and all of this is compared to a year ago. So first, revenues grew 15% to $1.07 billion, and this was driven by growth across the entire business. So transaction volumes, they increased with growth in equities and options, and we had a record quarter for both prediction markets and [indiscernible].

If you look at interest-earning assets, they also continue to grow, and they more than offset the lower short-term interest rates. So really great to see net interest margin grow as well. And then other revenues were up as gold subscribers reached a new all-time high, 4.3 million subscribers. So really great to see the adoption there.

And we also continue to stay disciplined in our costs. So we managed Q1 expenses to be significantly lower than our outlook. So adjusted OpEx and SBC was $607 million, and this included $14 million of costs related to Rothera and Trump accounts that actually were not included in our outlook.

So looking ahead to the rest of the year, we expect to invest an incremental $100 million into building Trump accounts with approximately half of these in Q2 as we prefer to launch. As Vlad said, we're super excited for this. So these costs include building an exceptional user experience and actually a brand-new app, also ensuring we have best-in-class customer service and then giving customers access to really great educational content.

Importantly, I would also note that our work for Trump accounts is contracted on a cost-plus basis with a small margin. So we expect revenues to exceed costs for this project. So given this $100 million investment in building Trump accounts, we are raising our full year 2026 outlook for adjusted OpEx and SBC by equivalent to $100 million. And so our updated range is $2.7 billion to $2.825 billion.

So turning to capital allocation. We spent a lot of time here. We've also leaned in on share repurchases to start the year. So, so far this year, we have already repurchased over $300 million or 4 million of our shares, which keep share count on track to be approximately flat this quarter. And as we've said before, the denominator matters.

Additionally, in March, our Board refreshed our share repurchase authorization to $1.5 billion. So this reflects the great confidence in opportunities we have ahead.

So looking ahead, I just want to share a few top of minds that we're also thinking about. First, we're going to continue investing for the long term while maintaining our disciplined approach to costs. So customers are responding incredibly well to our new products and our product velocity, as we said, is faster than ever. We believe this combination can deliver outsized growth for years to come. But at the same time, we want to remain disciplined in the way we invest capital and so we're continuing to underwrite each investment to strong long-term ROIs.

Second, we are also increasing our focus on top of funnel customer growth. So this is something new again. While we continue to add customers organically, we think there is an opportunity to improve our customer growth rate, both in the U.S. and internationally. So we're starting to allocate more of our investments in capital to adding new customers again while still maintaining our focus on the strong annualized net deposit growth. And this is all in addition to supporting Trump accounts, which also puts the Robinhood technology and from the next generation of investors.

And third, we're leaning into investments in AI, both on the customer-facing products and internally. So Vlad spoke to a lot of the customer efforts, but we also believe making AI native to our workflows is just as fundamental to winning.

So last quarter, if you remember, we shared the 9-figure efficiency benefits we've already generated an engineering and customer support, but we are now giving every team the tools and mandate to adopt AI into their daily workflows. To drive productivity while also making the experience of working at Robinhood even better. Today, over 90% of our employees are already using AI tooling in their workflows. It's great to see. And these adoption numbers, they continue to increase weekly.

Another example of a data point we watch is commits per engineer. It measures how much code or engineers are successfully deploying into production. It hit a new high in Q1, and it's up 50% since the start of last year as our engineers are leveraging these AI tools to build even faster for customers. So we believe AI has the power to transform financial services for both customers and employees. And as a technology company, we plan to lead that charge.

So putting it all together, we believe the opportunities for 2026 and beyond remain massive. Our teams are hard at work. It's been great products for customers, but we're also staying lean in discipline to generate operating leverage for shareholders. And as I said last quarter, our financial North Star remains the same: maximize earnings per share and free cash flow per share for shareholders over time.

So with that, Chris, why don't we go into Q&A.

All right. Thank you, Shiv. For the Q&A session, we'll start by answering shareholder questions from [indiscernible] technology, and after the Say questions, we'll turn to live questions from our audience. And then we'll go to dial-in participants.

So the first question from Say comes from Sebastian G, who is joining us live via Zoom.

Sebastian.

My question is around the dividend tracker that you had previously announced. Can you give me an update on the current [indiscernible]?

We love our dividend investors at Robinhood. You -- we call them dividend hounds. You're a dividend hound, Sebastian.

I am.

So the short answer to your question is it's in the works, and we're going to be launching its year. So on track for that. The reason it hasn't been launched already is that as we sat down with our team to think about what we could be doing even more for our dividend hounds, one thing came up. So a lot of them had this complaint that some of the other brokerages pay out their dividends in the morning, but we do it in the evening. So why can't we pay out the dividends a little bit earlier, match everyone else.

So we looked into this, and what we discovered was that actually the dividend record date is up to 2 to 3 weeks before the dividends are paid out typically. And so we saw an opportunity not just to match what everyone else is doing, but to beat it and to give your dividends an average of 17 days or 2 to 3 weeks earlier. And this is like real value. So one of the other reasons why, hopefully, it will be rational to use another brokerage for your dividend investing than Robinhood. So we got excited about this. We're shipping that should be this month. And now our team has turned our attention to making what, at this point, given all the questions needs to be the world's best dividend tracker. So stay tuned for that. And enjoy the early dividends in the meantime.

Awesome. All right. The next Say question is from Matt S.

Okay. So my top one question was, will Robinhood have IPO access to any of the upcoming mega offerings?

Okay. That's a great question. So I have to preface it by saying I can't really be specific with you about what IPOs may or may not be on the platform listed before you actually see it. That being said, in the past couple of years, we've seen a distinct shift where pretty much every major IPO of consequence has been on Robinhood's platform. And in most of these cases, I mean, the founders, the CEOs are engaging with us directly, asking for help with their retail strategy. And there's a big change from when we launched IPO access, which was back in 2021. We really had to like claw and scratch and ask for favors to get retail these allocations and everyone was telling them, you don't want retail and your IPOs, certainly don't want more than 10% retail allocation. And now we're starting to get the CEOs talking about how they're actually driving larger and larger historic-sized allocation, 20%, 30%. We're starting to get questions about how big is too big? Why isn't anyone doing larger? And I think that's awesome. I think we've helped really change the game, and now retail has a real seat at the table and IPOs. And with Robinhood Ventures, we're driving that even earlier.

So I think that's a durable trend. I think it's going to continue. And so you should expect that, that will happen in the future, and we're going to continue to work tirelessly to get the highest quality IPOs and private companies to treat retail as a first-class constituency.

All right. Thank you, Vlad. That concludes our shareholder questions from, Say Technologies. Now we'll move to Q&A from folks here live in Menlo Park.

So the first question goes to Alex Markgraff.

Alex Markgraff from KeyBanc. Maybe a couple of questions, Vlad, just one on Shiv's comment on customer growth. I mean the Trump account efforts obviously one source. But as you think about other sources of customer growth when you're putting some more capital behind it, where does your mind go?

Yes. I mean I think that there's a lot that we could be doing on the product side, just making onboarding simpler, getting customers to see the value easier, right? And I think a lot of those surfaces since we've in the past few years, turned our attention more to deepening relationships with customers, getting higher-value customers to get more value. We've been spending a little bit less attention and focus on how to make the top of funnel simpler and easier to get through. And in particular, now we have lots of products, right? So there's lots of things to market, lots of things we can put in front of customers. We really have executed on this vision of building a comprehensive financial services platform. So the challenge now is how do we kind of like to the things for customers and make them so that we deliver the thing that you're looking for as quickly as possible, not to kind of like clutter the interface and experience.

And I think we're also seeing really good impact from our marketing activities. Marketing continues to be very high ROI for us, and that just gives us more and more levers.

Great. Maybe Shiv, on OpEx. Last quarter, we talked about the profitable growth framework. As you think about the flexibility that showed up in the first quarter around the $607 million, when you look at the rest of the year, maybe help us think about where the flexibility exists on the lower side, if need be to ensure that profitable growth framework?

Yes, great question. So our North Star is still the same. We want to drive free cash flow per share and earnings per share over the long term. So that means we need to be making investments. So we want to keep doing that, customers responding incredibly well. At the same time, we want to be disciplined. And so we're constantly reunderwriting everything we're doing, making sure it still makes sense and where we want to put our capital. 85% to 90% of our costs are fixed but a large portion are discretionary.

So as a software platform, we're constantly looking at what's the right allocation of resources internally. We also have marketing spend, as Vlad mentioned, we also have some variable costs, even though predominantly fixed.

So I feel really good about our outlook. We're still building for the long term. We came in better this quarter, and we continue to monitor it, but I want us to be investing for the long term. And then if we need to, we also have some levers we can pull.

All right. Thank you, Alex. Now, Alex just had a second child. So we let him have two questions. But for the next, for the remainder of the question askers, please get yourself to one question. All right. So the next question is from Dan Fannon.

Dan Fannon from Jefferies. So I wanted to just talk more about the health of your customer base given -- and the resiliency given all the market volatility we've seen to start the year. And then you gave some comments about April, only mentioned a few asset classes, maybe expand a bit upon outside of just options and equities, maybe crypto prediction markets second lending? Any of the other kind of areas where you're seeing any change in behavior as you go into 2Q versus what we saw in the first quarter?

Yes. I'm happy to start.

Go for it.

So our North Star KPI is just net deposits, like that is our customers healthy or are there trusting us? $18 billion in Q1 despite was a really tough macro backdrop. If you recall at the start of the year, there was a government shutdown, a software sell-off and then a global conflict. Despite all of that, our customers remain resilient.

I think the big difference from a couple of years ago is, one, we're a lot more diversified. So there's a lot of different products that customers are using. We mentioned banking, for example, Robinhood Credit Card. We also have Robinhood Strategies. That's our robo-like product that has over $1.5 billion. And so regardless of the macro backdrop, customers are using that.

The second thing is we have more active trader tools. So we now have index options, which allows you to go long or short. We also have shorting, which is growing nicely. So for more active traders, they're continuing to remain engaged.

On your question, April specifically, really healthy volumes across equities and options as I mentioned, prediction markets. It's on track to be around $3 billion and probably our second highest month ever. So really strong engagement there. So everything we're seeing is the customer is healthy. They're engaged. A little bit more activity from the active constituency, but the thesis was if you build great products, if you diversify, if you give active traders, the tools, they'll be there throughout the cycle, and that's what we've seen thus far.

Great. Thank you, Shiv. Any other question? Jeff Roberts.

My question is on prediction markets. How does Robinhood see this industry evolving? Do you see in 2 years it being like a Uber/Lyft-type duopoly? Or is there going to be like 5 or 10 or 15 players?

I mean remember, prediction markets happens at various layers, right? So right now, we're kind of -- think of us as a brokerage and then there's a variety of exchanges. And there are sort of the main ones that are in the news and also a lot of the other players are growing their own exchanges, building their own, going through the CFTC registration process. There's probably been over a dozen probably more than that. So I think we should expect to see some consolidation because, frankly, if you look at all these dozens of new exchanges that are popping up, there's not a lot of differentiation, and I think differentiation really comes down to who has an established engaged customer base and who has a unique advantage with economics. And one of the things I think we're unique with is we've got 27 million funded accounts in the U.S.

And for partnership with SIG to launch Rothera, which is one of the leading makers in the asset class, we believe that we not only have an advantage with retail but also institutional as well.

So I think the asset class is going to continue to grow. We're very, very early. We're starting to see the beginnings of diversification outside of sports. So that's been increasing. I do think, and it's hard to predict the exact timing. I don't believe there will be dozens of DCMs in the future. I think there will be some consolidation, and I think we should see that shaking out in the next couple of years.

All right. Thank you, Vlad. Are there any other people here who would like in person to ask a question?

Don't be shy.

Okay. Well, then let's go to the Zoom Q. All right. So for those who are joining us on Zoom, please raise your hand to let us know that you'd like to ask a question. So I'm seeing first question is coming from Devin Ryan at Citizens.

A question I want to dig in on the recent announcement on the Pattern Day Trader elimination. And just get your thoughts on what does that mean for Robinhood for your customers for kind of modernization and democratization by near term? And then bigger picture, how do you see this playing into, I don't know, it deems like agentic trading and maybe the ability for customers to trade a lot more than maybe they otherwise would have been able to do? So just love some thoughts on kind of both near term and longer term, what this means for you?

Yes. I think it's fantastic. I mean this rule -- so for those of you that aren't familiar, probably most are, but, pattern trading rules prevent day trading effectively for customers that have under $25,000 in their account. So when I say vestigial and kind of outdated, it's this old notion that the amount of money you have in your account or your account balance dictates how sophisticated or knowledgeable you are, right? And we've seen that maybe in the past, when we had lack of good information, this was kind of a reasonable proxy, but now we have tons of information, so it makes less sense.

Moreover, the way this rule works is if you fall backwards and trip over and become flagged the pattern day trader, effectively, you want to trade, you have to churn out of your Robinhood account and go to another brokerage. So it wasn't even -- this follows you around as a customer. It's just on a per brokerage basis. And since we were getting the lion's share of new customers, we felt like this disproportionately affected us. So excited to see it go.

This, along with the accreditation rules are kind of like vestigial rules that tie sophistication with account balance which we think is wrong. And we're excited that there's progress there. And obviously, as you can tell, we're ready to go. The team is excited to go live with the new logic. And I think it's a great step by FINRA to push this through.

All right. Thank you, Vlad. The next question is from Dan Dolev from Mizuho.

So great stuff here. Everything sounds really amazing and probably seeing. I was very impressed by the trading commentary. Maybe can you educate us a little bit what you guys are doing? Because if anyone is at the forefront of agenetic trading, it is probably going to be Robinhood. So really curious to know what you guys are doing there. People would like to hear that as well.

You caught that in my prepared remarks, right? My preference really isn't to reveal too much about products before we ship them, but we have a lot planned this year. I mean there's 3 events that I just announced. So we're going to be launching some stuff in May. Then we've got the crypto event in early July. And then we have Hood Summit. That's going to be our active trader event, third annual in the fall. And I just reviewed kind of the docket for that. You can imagine AI events and putting the best financial intelligence in our customers' hands is going to be starting player in the starting 5 of most, if not all, of those events.

So -- and I should say, there's been a lot of noise about this by the industry. I don't think anyone's kind of figured anything out yet. So we're still a and you should expect us to be not just early, but kind of at the forefront there.

Great. Thank you, Vlad. The next question is from Steven Chubak from Wolfe.

So this relates to just sec lending, in particular, and that has remained under considerable pressure, not just for you but for industry peers as well. At the same time, the outlook here is pretty constructive given both this large slate of IPOs that are coming as well as just above-normal retail allocations for those IPOs as well. So given that you've had more of your clients opt into fully paid tech lending, so you can contextualize just how meaningful a windfall this could become? And I'm going to break my own rule. If you could speak to the take rate dynamics for 2Q, that would be helpful as well.

Yes, I'm happy to take this one. Great question. So first on securities lending. As a reminder, this will show up in 3 different places in the financials. First is sec lending net. It will also show up in segregated cash because when customers have securities lending, we get GC collateral back and we reinvestment. We'll also show up in margin interest as customers borrow on margin. So when you look at the financials, what you saw is customers continue to opt in and use the program and fully paid. The margin book continued to grow. What you did see is securities lending net, which is primarily based on the rebates rate was lower.

As you mentioned, Steve, that's mainly because lower volatility, lower IPOs in the market. So specials rebates was lower. So that's what brought that down.

How do we judge the business internally and it's health? There's just two main things I look at. One, our customers opting into fully paid program; and two, how much assets are opted in. So right now, it's about 25% customers have opted into fully paid and about 50% of assets. So really healthy adoption, but we also have a long way to go.

It's hard to predict what's going to happen on the special rebates rate later in the year. But right now, it's at a low. And if the market comes back or if you see IPOs come back, you could see a rebound there.

To your second question, we'll answer it even though Chris said limited to one. So take rates. As a reminder, this is an output metric. We go on market share, and we're winning, and everything that we see is not the case. What happens to take rates is when active traders trade more, take rates naturally go down because we have tiered pricing. This is a good thing. It means they're engaged. They're using our products. And relative to a few years ago, we're actually seeing a much healthier adoption of active traders during some of these macro events.

So what are we seeing to start the quarter? On crypto, it's about 7 basis points lower. And on options, it's about $0.03 However, we're starting to see that rebound in the pickup of April. So it's an output metric. We focus on active traders and market share and everything we're seeing is super healthy.

Thank you, Shiv, for the double header. All right, the next question is from Ben Budish at Barclays.

Maybe just tying this into Shiv's question on sec lending. Shiv, I was wondering if you could talk a little bit more about your margin funding. I think a little bit of a source of confusion for investors. You've been moving sweep cash over to brokerage cash. I think you've been talking about using some of the sec lending related cash. So maybe just any like modeling help you can give us there? How should we think about your future plans given your margin balances are growing more rapidly would all be helpful?

Yes. Happy to take a great question. So on the margin book funding, what you'll notice in Q1 is moved over $6 billion of cash that was off balance sheet, and that was in the sweep program on to free credit balances on the balance sheet to help fund the margin book. No impact to customers to get the exact rate, 3.35%. One of the best in the industry. This is more of a back-end accounting change. It also helps, as you mentioned, on the funding of the margin book. This is very common in different brokerages before. So just with the health of what we're seeing, we decided that was the right time.

What would I expect for modeling going forward? They'll stay roughly at this rate. About 25% of our free credit balances today is in this. So $24 billion in sweeps and about $6 billion from free credit balances. It might move a little bit around quarter-to-quarter, but I think that's the way you should look at it. And then most of our free credit balances will continue to be earning the same rate that we do, but this $6 billion will have a smaller take rate, more akin to our sweeps take rate now that it's moved over on balance sheet.

All right. Thank you, Shiv. The next question is from Craig Siegenthaler from Bank of America.

So I have a follow-up on AI, but not Cortex and not agentic AI. But taking this step further, where are you in the process of rolling out AI-powered financial advisers. I believe you're working on it. I think you've said before you're in talks with regulators, but can you kind of share a time line with us?

Yes, for sure. So I think when people talk about AI-powered financial advisers, they can mean one of two different things. One is just specifically advice on what to invest in, right? And that can be a spectrum of things as well, like trading recommendations and allowing you to build trading strategies with that Reg BI compliant capability. It could also mean like robo-adviser services. So for the latter, we have Robinhood strategies and for, some of the work that we're doing on the agentic side, you should expect that, that increases in capability as well. And everything that we do whenever we, if we do add recommendations, we got to make sure they're in accordance with Reg B and all of those rules. So we're making progress on those things and with Robinhood strategies.

I think it's the best like deposit money, and we invest it for your product out there today under the fiduciary standard. We actually published some returns and historical performance a couple of weeks ago, which looked really good.

Now the other thing people mean when they say financial advice is I want help just managing my entire spectrum of financial things, right? And that involves your banking, your spending and budgeting, your estate planning. We'll have a solution there for you, multiple solutions. So with TradePMR, some people still want humans. And I should point out, there's a synergy conference for TradePMR coming soon where we're going to start unveiling some of the things that we've been working with -- on the human adviser side. I think that's a durable product. We should expect human advisers to be around because that fills a very, very specific need that I don't think AI is quite going to fill in the near term.

Then for the other things, we are working on digital self-serve solutions. We ran a pilot for concierge, where we can do your estate planning. We can do your taxes for you. That's been very successful. And through our self-serve offerings, we also have helped customers with their tax preparation. So we're kind of stitching these things together. And you can imagine as we agentify in more and more of our end points lowers the activation energy to having Cortex or AI assistant sees everything. But I think, first, our strategy is going to be to make the capabilities available on an individual basis and later to kind of stitch them together for you.

All right. Thank you, Vlad. The next question is from James Yaro at Goldman Sachs.

I just wanted to touch a little bit further on crypto. Maybe just any views on when crypto volumes and prices could stabilize at a high level? And perhaps also just the trends you're seeing across your crypto franchise across client types, and I know you commented on the near-term take rate dynamics in crypto, but maybe just your thoughts on longer term, what your crypto take rate could do over time?

Yes. Maybe I'll hit the outlook and then you can hit the take rate, Shiv. So when we talk about crypto, I think it's important -- I want to get away from talking about the price of Bitcoin or all of the other native crypto assets. Our strategy is to take crypto infrastructure and apply it to assets that have real-world utility. That's why we care so much about tokenization. And you should expect that this is going to be -- I mean, we're at the very beginning of what's going to be a tokenization super cycle. You're starting to see it a little with the stables. You'll see it with stocks as well. And we're going to be at the beginning of that. And I think you should expect that at the crypto event that we're going to have in July, tokenization will be -- will have a starting role. And I think there's a lot of there, but we're still very, very early.

So those two things. It's like Bitcoin and other crypto native assets, which I can't tell you what the price is going to be in 3 months. Price moves up and down. But what I can tell you is crypto as technology infrastructure is going to be big, and we're investing. We've got Robinhood chain. We've got Robinhood wallet. We've got our tokenization initiatives. And I think we're still very, very early. So this is going to play out over many years. And you'll see the next phase of what we've been working on in the U.K. in July.

Yes. And on the monetization side, a couple of things we pointed to. First, we are crypto bullish as Vlad, but it's less than 20% of our revenue last year, about 18%. So it's an important part of the business, but we've vastly diversified.

On the take rate specifically, it's an output metric. It's not something we go on. But we're seeing as active traders remain on the platform, and we're winning market share. And so we're going to continue to invest there. The counterfactual is take rates could be higher, but you wouldn't have had as many active traders. And so we don't want to go on that. As I mentioned, it's a little bit lower in April, but we're already starting to see it rebound.

The other thing we're super excited about is institutional. And so we bought Bitstamp last year, the crypto exchange, seen really healthy market share there. Institutional tends to be more resilient throughout the market cycles, and so we're gaining share there. So everything we're seeing is still healthy active traders growing an institutional book. And as Vlad mentioned, we're making big investments in tokenization and on the infrastructure side as well.

All right. Thank you, Shiv. All right. The next question is from Patrick Moley at Piper.

So Vlad and Shiv, one of the things you guys have done great historically has been in understanding where the puck is going in terms of retail trends, whether that's all core trading, Dogecoin or prediction markets here more recently. But one, I think the biggest story in my mind in retail trading year-to-date has been in perpetual futures. And I don't know if we've touched on it yet this call. I know you launched crypto perpetual futures in Europe in the fourth quarter. So I would love to get your thoughts or just an update on how that rollout is gone, what adoption trends have looked like. And we've seen volumes kind of explode on some of these on chain like Hyperliquid. So Vlad, would love to just get your broader thoughts on perpetuals as a product going forward internationally? And what are the hurdles to maybe offering that to U.S. customers as well?

Yes, absolutely. The perpetuals product, I'm glad you asked about it because in Shiv answer to the last question, I was going to button and say perpetuals overseas have been doing really, really well. And of course, we've listed those on Bitstamp, our exchange, and are making them available to EU customers, and we're seeing healthy growth. The product keeps getting better and better. It's a regulated product unlike some of the onchain competition, which means that we can't go quite as high on the leverage that we offer to customers, but customers have been requesting and we've been increasing that.

So yes, we're doubling down. We've got -- our perpetuals team is working hard, and we see an opportunity to offer even more to customers. Now as far as the U.S. goes, we do need some rule changes to offer perpetuals here. The products that some of the other firms have been offering that they've been calling perpetuals are really just long expiry traditional futures contracts. So you don't quite have perpetual contracts in the U.S. And I think that's actually not an amazing thing thus far because people have been going to these unregulated offshore entities where there's not as much protection, not as many rules to yes, stay tuned. Of course, we're engaging with the regulators, and we have the ability since we have this product in the EU to roll it out in the U.S. as well. And I think it's an attractive product for active traders. So we'll definitely be on the front lines of any perpetuals expansion or regulatory [indiscernible] here.

Okay. Thank you, Vlad. The next question is from Tannor from Future Investing.

My question is on AI and automation. You guys have been early here at Robinhood, but how has this shifted your hiring strategy and where you're seeing efficiencies or reduced hiring needs across the organization?

Shiv.

Yes. Happy to take this. So a couple of things I'll point you to. Last year, we said we had $100 million in efficiency, primarily in CX and software engineering. If you look at our volumes last year, they grew about 50%, and hiring and customer service was about flat. And so while we didn't need to reduce any hiring, what we were able to do is absorb all of our revolver to increase productivity, which is great.

What we're doing now is we're just shipping faster. So we're still hiring engineers. We're still growing, but we're using efficiencies to just keep delivering products for customers. And so that's where you think the big unlock is going to come, but it's not just engineering, as I mentioned.

So everybody across the firm right now is adopting AI. They're using their workflows. We're getting AI pilled. It's been incredible to see, and you're going to see that start to go out in many areas. So marketing is a great example. The team just launched some campaigns that were built end-to-end using entirely AI, which is great. All of the non-developer teams are also using them in their workflows. For us, I think the biggest thing is we can absorb volumes through AI efficiencies and we can ship faster for customers across many different vectors.

All right. Thank you, Shiv. The next question is from Brian Bedell with Deutsche Bank.

Can you hear me okay?

Yes, we can hear you.

Yes. All right. Great. Just I wanted to just touch on the trading behavior between active and less active traders. So really, the -- as you bring in more accounts and the net deposits continue to really perform very well, how are you seeing the customer mix evolve from those new deposits? So what I'm getting at is to what extent are these more active traders and you're building that book faster than, say, the less active traders? Just thinking about how the different market environments could influence the trading patterns.

And then also just on crypto as well. Are you seeing a lot of cross currents between those active traders using crypto? Or is that really a separate class of traders?

I mean one of the things that we've been really excited about is the growth in gold attach rates. So remember, the gold attach rate of new customers used to be in the low single digits, and now it's 40%. So 40% of new customers that come in end up adopting gold. And that customer typically then goes into the high-yield offering, which is a great value prop for gold. So if you remember, if you have gold, you get interest on your cash on Robinhood with $2.5 million of FDIC protection. You also get interest on our options collateral, which for the active traders is a very, very nice new feature that they've been asking for, for a while, along with just like dozens of other things, right? You've got the gold credit card, banking is a gold-only offering.

So we've been -- the behavior we've been seeing is someone comes in, a large portion of the time they try gold, then they start looking at all the other products that we offer, and we've been really successful in kind of driving that adoption. And trading might not be daily use case for most people. I mean some people build up their portfolios, then they kind of trade a little bit less frequently. But some of the other products like you're banking, your credit card, are daily use case product. And I think have a huge opportunity in the coming months and years to get more and more of our customers into banking and credit. And then we think that even though the numbers are really good with the 800,000 cardholders and 125,000 bank accounts with a 40% direct deposit attach rate. These are still relatively small numbers. And I think we've got a lot of wood to chop to get more and more of our customers on them. So I think that will be a big tailwind to multiproduct adoption over the next year.

Yes. In terms of where the deposits are coming from, I think the main way to look at it is just broadly diversified. So as Vlad said, it's going into retirement, it's going to ETFs. It's also going to high-yield cash. It's also going to trading. So it's one of the benefits of being diversified business. That's one of the ways we have the $18 billion net deposits. It's customers using the platform in a wide variety of ways.

All right. Thank you, Shiv. Thank you, Vlad. The next question is from David Smith at Truist.

Following up on the discussion about banking. Could you talk a little bit more about the extent to which you see this driving new customer growth as opposed to like ARPU expansion and the leverage you see for both there?

Yes. I think that there is a lot of potential there, and we haven't really tapped it because right now we that we've been giving customers banking as we've largely been giving it to Gold Card customers and Gold Card customers -- or the Gold Cards are still, are largely being driven by existing customers. So it's, the story has really been getting our existing customers to adopt the Gold Card.

Now I think over the next year, you should see it shifting a little bit more from that to getting new customers on board who come specifically for the Gold Card and adopt our brokerage and retirement services as an adjunct to doing that. We've run some experiments there, but there's a whole bunch of things that we'll have to do to make that other and nicer that I think we're excited about.

So yes, big opportunity. It's been really about proving the economics. And we frankly, I think despite the fact that some customers wish they could get the Gold Card earlier and earlier, if you look at successful credit card rollouts and the speed with which we're rolling out these cards, this is actually right near the top, like by all objective measures. If you look at card programs that have rolled out faster than us, they've pretty much gotten into trouble, right? So we're right up there with like fast yet responsible rollout. We haven't been limited by this at this point. But as we approach, as we get into the millions of cardholders, you should expect a little bit more top of funnel with the card and banking, which I think increasingly is going to be part of the same package. I mean when you think of Gold Card, you'll think of banking as on e and the same.

All right. Thank you, the next question is from John Todaro at Needham.

Wondering if we could just go back to Bitstamp for a moment. As you pointed out, it's obviously been quite resilient despite the crypto downturn. You had mentioned institutional lending earlier on the call. Just wondering if you could expand on that or more cross-sell opportunities within that segment to kind of drive some additional revenue beyond crypto trading.

Yes. I mean I would just tell you at the high level. So we closed our acquisition of Bitstamp about a year ago. And one of the first things we did right around our crypto event in the south of France last year was we got together with a lot of our institutional customers for Bitstamp. We had a nice lunch, and it was very eye-opening because I got my notepad out. I was like tell me all the things that I need to write down. We're going to deliver them to you in record time to make sure all of your volume happens on Bitstamp. And I was expecting all these fancy things, but it's like I just want you to not drop my packets. When I submit an order, I want you to acknowledge. So it's like basic stuff, right? And we just went through. We've been fixing that stuff. Our exchange at first couldn't handle a huge throughput of messages per second. So we were like getting throttle, things were slow, right? So the engineering team are doing yeoman's work of fixing all of that.

So you're talking about increases in institutional market share and all of these things. There's just a lot of low-hanging fruit here, which is what makes us so excited about all the things that we're adding. And this is even before the institutional lending desk upgrades before all the things that we're doing with perpetual future. So I think we're at the very beginning. And you should expect telling the customers this keep giving us the list. We want to earn your institutional business. And I think we've demonstrated that this team can. Shiv?

Yes. On the institutional lending side, it's a very simple as Vlad said, a lot of it is just working capital. So you're not taking credit risk, but a lot of the institutional clients are used to having capital to trade, either instantaneously or in working capital needs, other it's overnight or on the weekends. Given our balance sheet and our technology, we're able to provide that. And so it's another thing that was just the low-hanging fruit that we're seeing really great adoption on, which is another way to monetize but also for market share.

All right. Thank you. The next question is from Amit from Amit Investing.

Congrats on a great quarter. My question is around international expansion. You guys just got the Singapore license spot of brokerage in Indonesia. Is the plan to kind of expand through crypto offerings, maybe tokenization and banking products, different promotions to get customers or I guess, can you walk us through how you think of global expansion going into 2027 and what the strategy is to get customers in these different countries?

Yes. So it's actually both. We want to be everywhere with our core products and the core products being obviously trading and eventually banking and spending. So in a few markets where it makes sense and there's like well-established regulatory environments that we can follow, we've gone and gotten full licensure. That's the in-principle approval in Singapore. You mentioned Indonesia and obviously the U.K. as well.

I also think tokenization, which what we unveiled in the EU last year was like Robinhood but with the infrastructure being onchain. So instead of traditional equities, stock tokens, so tokenized stocks. And I think what that will allow us to do is handle the long tail. If we want to be live in hundreds of countries, the tokenized offering will just be a quicker way to serve those customers. And then we can see where we're getting particular traction and where we're going to need to go deeper with more traditional offerings.

And typically, what those offerings are is if the jurisdiction has tax wrappers, for example, that we have to build and very specifically build to. It's the tax wrappers. It's also their local exchanges and market centers. So if you're -- if you want to trade some obscure exchange like Kazakhstan securities, which, believe it or not, some customers ask for, then we'll have to do local market-specific integrations.

Yes. Our simple 2x2 matrix is a nonorganic brokerage or crypto. If you go through those 4 boxes, we've actually gone through all of them. Some of them we've built organically through brokerage such as the U.K. Some of them we've built organically through crypto such as the EU, and we've also done acquisitions. To Vlad's point, we'd be everywhere. We're indifferent to which way we go. We're going to look at what's the speed to market and what's the best ROI, and we have the right to win for customers. And then that's going to be the path for how we choose.

Yes. And the line between these is going to get increasingly blurred. So even though EU is brokerage first, we have stock tokens, which gives you exposure equities exposure. I think you'll see that as a trend, too. We'll be getting more and more traditional brokerage assets in tokenized form and delivered to customers around the world.

The next question is from Ramsey at Cantor.

I wanted to ask about the Trump accounts again and just get your thoughts on levels of engagement there and also the degree to which you might have a plan to cross-sell or whether you'll be able to sort of cross-sell some of your other products over time into that base?

Look, I think for us, this is really a long-term opportunity. It's an opportunity to be in front of this next generation of customers and an opportunity to show that we can be a reliable partner to the U.S. government as they're pursuing initiatives, right? And I think that we're proud to be a part of the program. We're not really spending too much time thinking about how this could be done to benefit us. We're instead focused on how we can make the best product the government has ever been associated with. So with our friends over at National Design Studio, I think we're all just super motivated to make sure this is like one of the best financial products we've ever used.

And of course, we're proud of our role as the sole initial broker and trustee. We don't take that lightly. And we want to make sure that we deliver the highest possible quality product that we can. We're very proud of what we're going to do. The best -- we've got some of our best people working on it. And I believe that good things will follow from us doing this as a business.

All right. Thank you, Vlad. The next question is from Ed Engel at Compass Point.

You mentioned strong April rebounds across equities options in the protection markets. But could you give us an update on how April crypto volumes are trending relative to the past few months?

Good question. No, didn't give an update on that. I'd say it's probably more of the same. We are really seeing the rebound in equities options. And as I mentioned, prediction markets around $3 billion, which will probably be our second best month ever. Margin book also continues to grow. Crypto also remains about similar to what it was in Q1 and kind of in that ZIP code.

All right. Thank you, Shiv. The next question is from Michael Cyprys at Morgan Stanley.

I wanted to ask about API connectivity. Just curious how API connectivity is contributing to Robinhood today. I believe you offer it in crypto. Hoping you could elaborate a bit. On your API strategy, key use cases, how you see the opportunity set there emerging on a multiyear view?

Yes. It's a great question. Historically, we've been -- we haven't really invested too much in API offerings. I think we've been focusing on building first-party experiences that maximally leverage our strengths of like design and user experience. That said, we're interested in API offerings. I think that now that things are shifting in a more agentic direction, like there's an opportunity for us to be differentiated there. We're a low-cost provider. We have great infrastructure. We have APIs that we use internally. And I know there have been a lot of projects out there on GitHub and other things where people kind of attempt to reverse engineer in an unsupported way. So there's obviously demand for it. So stay tuned. When we do something we do generally try to make it really, really good. And I think this is an area of opportunity.

All right. The next question comes from Roy from Crossroads, I mean, Dr. Roy from Crossroads.

Congratulations on the Trump accounts. I wanted to ask another follow-up question on that as well. And congratulations on that. You note in the earnings slide deck that it's a new way to extend Robinhood's mission to helping governments that's plural and I thought that plural was very interesting to build a public sector business. And so beyond just this specifically with the short term with the Robinhood partnership with BNY and the Trump accounts, what does that look like as far as that public sector business, maybe in that plural as well? I know you probably can't name individual governments beyond the U.S.

Yes. I mean it's really two things, Roy. One is it's not always easy to be a government subcontractor. And we're learning how to do it, right? It's a first thing for us. But there was a long process to get to this point. And I don't know if a lot of other fintechs have made that leap. It's like as a company that's been around for a little bit more than 10 years. It's a big step for us. So yes, I mean, we think a number of ways that we could help this country. And I think it's going to be important, right, because, there's certainly a lot of disruption coming with AI and with other things. And I think that we're well positioned to sort of help with that. And certainly, people finances are going to be a key part of that. So yes, there might be other things that we can be helpful with in the U.S. in the future. And also ever since we've gotten involved with the Trump accounts. We've heard from lots and lots of states, so not even other countries. So it's been states and other countries who just want to do similar things. And our focus has been on just doing this one thing, but we also recognize that once this is successful, I think that it's going to be something that goes all around the world. And of course, I think that's a big opportunity for us to continue to extend our mission.

All right. Thank you, Vlad. The next question is from Craig Maurer at FT Partners.

Yes. A lot of my questions have been asked and answered, but I wanted to ask about the flurry of states that are speaking out against prediction markets and their concerns there? And if that tempers your excitement for that product.

Yes. I mean, I would love it if the states didn't have concerns, but it's also not -- I mean it's not irrational, right? This is a jurisdictional dispute. Of course, the CFTC is claiming, and we agree with their standpoint that these are federally regulated products over which they have jurisdiction. And the states -- some of the states have a different view. So we continue to defend our position and think that it would be strange if the states start exerting jurisdiction over federally regulated CFTC products, and this is something that will play out in the coming years.

All right. Thank you, Vlad. The next question is from Stock Market News.

Congrats is and the team on a great quarter. I wanted to ask a little bit more about Robinhood Social. And obviously, the [indiscernible] initial people onto that recently. I would like to hear more about updates about how you're thinking about expanding that and maybe just any findings or updates and as you guys have launched that. Appreciate it.

Yes. I mean people really love engaging with other traders in the Robinhood community. The first rollout was actually to Hood Summit attendees from last fall, which was kind of fun because a lot of the folks had met in person. And we wanted to start it really, really small. And the first pieces of feedback were kind of basic, like I want to be able to see the posts that people are engaging with at the top rather than being chronological, things like that or I want to see who the other traders are that people are engaging with. So the team has really been shipping on a weekly basis. You've seen us knock out more and more things and extend the rollout. And we've extended it to other asset classes as well. So you can see the prediction market trades are on there as well as equities and options trades. And there's a really nice experience that we've built that allows you to trade via the posts as well.

So yes, you should expect that to approach general availability in the coming months. We like what we're seeing there. There's obviously a ton to do before this becomes like the world's leading financial and business social media product, but that's the aspiration. We think we have some advantages there with the verification and people really, really care about it in this domain. So plenty more to come. and getting creators on it. So stay tuned for that.

Great. Thank you, Vlad. So that concludes the Zoom queue. Is there anybody else in the audience who's been waiting after we work through the Zoom queue to ask any more questions. No? Okay. Well, then, Vlad, I will turn it over to you to end the first outdoor earnings call possibly in history.

Thank you guys very much. Look, I hope you can tell on the presentation, we do a good job to -- we tried to convey this. But we've got a team that's working incredibly hard. The road map just whether incredibly full. There's always more to do. And yes, we're just increasing motivated to keep shipping for our customers and for all of you.

So thank you for being with us on the journey and see you next quarter and at our product events in the coming months. So cheers. Appreciate it. And thank you, Shiv.

Thank you.

Okay. Good morning, everyone. I'm Devin Ryan, Head of Financial Technology Research here at Citizens. Really pleased to be sitting next to Shiv Verma, who is CFO of Robinhood, I think, as of a few weeks ago formally, but we're all looking forward to you stepping into this role. And obviously, I think a key architect of a lot of the growth and initiatives at Robinhood over more than a handful of years. And so I've always loved spending time with you, Shiv, because I just appreciate your perspective on the space. I think you have such a good kind of world view of the fintech landscape, but also where Robinhood is going. And it's been a fun story to follow as an analyst. And so looking forward to this conversation here.

Where I want to start before we kind of get into, I think, the bigger picture is just the landscape over the past couple of months here have been pretty volatile in the markets, particularly in parts of the market that are maybe higher risk pockets, whether it's crypto volatility or tech stocks. And so I love to start with kind of how your customer base is behaving in this backdrop. We just wrapped up February. So I don't know if there's anything you can share around whether they're buying the dip or how they're reacting to some of this volatility, which I know can create opportunities, but at the same time, can be a little bit unsettling in the moment.

Yes. No, first, thank you for having me. And yes, we've known each other almost the full 8 years I've been here. And so very excited to be up here with you. It's a great question. Big picture, our customers are healthy, and they're doing the same thing a lot of institutional investors are doing. They're relooking at their portfolio. They tend to be net buyers. They tend to be techno-optimists. And so during periods of volatility, they tend to lean in a little bit. Little bit I'll tell you about what we're seeing in February.

Our North Star's net deposits, we saw over $5.5 billion of net deposits in February alone, so over $10 billion to start the year, really, really healthy engagement. On trading, a couple of things I'll share with you. Equities and options were both up year-over-year in February. So again, really healthy engagement. And then crypto was up month-over-month from January. So we'll release full monthly metrics in a week or so, but I think just wanted to preview that, yes, our customers are excited. They're leaning in. They're doing their work. They're looking at their portfolio, but everything we're seeing is engagement is really healthy.

Are they rotating around what they're doing? Or is it just kind of stick to the same strategy and just do more of the same? Like do you see changes when you have these couple of months of volatility.

Yes. I think customers tend to use it, what are the names that they love for the long term and what can I go in and buy that 50% discount that it was before. You see a little bit of rotation. And again, similar to institutional investors that are doing their work, but it's a lot of the big tech names that they like, a lot of the consumer names that they like where relative to even 3, 6 months ago are much lower multiples, and they're using these opportunities to come in and either dollar cost average or add to their position.

Got it. Okay. Fantastic. So I want to zoom out here a little bit. And investor conversations I've had recently, people are asking, Robinhood had such a great 2025. You look at Wall Street estimates for revenue growth in 2026, the kind of the growth rate is slowing a little bit. So the question is like, is 2026 a digestion year for the company after what was such a great 2025? How do we think about it? But then take a step back and you had $50 billion of deposits in 2025. I think you had $17 billion in 2023 and over half of that $50 billion came from products that you didn't even have in 2023.

So when I think about the road map of Robinhood, how many new products have come into the system, it seems like you planted a lot of seeds in 2024 and 2025 that should be contributing. So how would you answer that question? Like is 2026 a digestion year? Or is this just a continuation of what we've been seeing over the past couple?

Yes. Great question. Big picture, 2026, we want to go even faster. So I wouldn't call the year of digestion. We're putting our foot on the gas. So a couple of things we shared on our earnings call. There's things that are important to us. First is our product velocity. That is one of our North Stars. We need to be shipping faster. We need to be delivering for customers. Our road map is still full. So our goal is to go even faster than we did last year. One of the things we're going to keep focusing on is net deposits. So we've said before and we said in our last earnings, our goal is on an annualized basis, can we go 20% plus. And so we believe that the road map we have is able to deliver that. We're going to do it profitably, though.

To your point, we've done a lot. We've been building for the past few years. We're in brokerage, we're in crypto, we're in money. So the way we balance our product velocity is profitable growth. That allows you to be disciplined, that allows you to stay focused, but we have to keep investing. We are a growth company. That's not going to change. So if anything, you should see it accelerate even faster. You mentioned last year, we did $68 billion of net deposits at a 35% annualized growth rate. And so it won't always be linear, but the seeds we're planting years ago, you're now starting to see the fruition, and that's what we're going to keep doing this year as well.

Yes. One area that is obviously driving that growth is prediction markets, probably the hottest topic in finance right now, and you guys are kind of in the middle of it. And another example of maybe people thought that we'd see kind of this plateau or even slowing down early in the year after the football season and January, February metrics look pretty good there. So talk a little bit about how you see prediction markets within Robinhood. What -- is this the first inning of something that's going to be much bigger? Or how do you view it?

And then how do we evolve beyond sports? I think there's a big question around sports gambling, but I know you guys have a perspective that this is probably something much bigger than that. So just talk a little bit about what it is today for Robinhood. And then how do we get from where we are today to becoming this much bigger category?

Oh, absolutely. So we believe we're at the start of prediction market super cycle. This is just the beginning, early, early innings. And so when we think of what prediction markets could be, our mental model is a digital newspaper and source of information. So whether you're looking for economics, financials, lifestyle, sports, everything there is instantly and in real time. So a couple of ways we expand it from here.

So first is just product selection. That's what we've been working on. We have close to 2,000 different assets in the platform today, and our customers are asking for more. So that's one thing we're really making investment in. The second is just the product experience. It's only a year old. And so our product teams are really making sure that it's got good discoverability. People understand how to use it, how does it interplay with other parts of the app. And so you'll see that in the near term.

Another thing we're going to be focused on the near term is how do you make everything on Robinhood better. So one of the things we have different from our competitors is we have brokerage, we have crypto, we have prediction markets. There's a really interesting interplay between these. So for example, some of the prediction markets can be what is the KPI. We did deliveries for Tesla, for example. If you're a Tesla shareholder and you're on the stock detail page looking at Tesla, you can also see real-time information there. So you're going to see us integrating that a little bit.

In the medium term, another thing we're super excited about is Rothera, the JV that we just did. So we're now vertically integrating like we always do there. So you're going to see us making investments on there. And then lastly, right now, it's just a U.S. product, but how do you make it a global product as well and how do you make it from retail to institutional. So there's a lot packed in there, but big picture, like we are at the beginning of what we think is a super cycle.

Yes. And you mentioned institutional. This is obviously a product you can imagine that institutions are also going to be pretty interested in economic events and earnings events. And how do you -- as a firm, you're obviously very retail focused, but how do you bring more institutions, which will bring more liquidity and ultimately, in my view, probably bring a lot more revenues to Robinhood, particularly with the exchange and the JV that you just mentioned. But how do you guys play a role in doing that?

Yes. So when you look at our 3 arcs, the third arc is global financial ecosystem. And ecosystem is there specifically because that means institutional, that means B2B. So we start institutional through some M&A. So we bought Bitstamp, the crypto exchange. We're now an institutional player. We bought TradePMR, B2B custodian. And so we're already in institutional. When you talk to institutional customers on prediction markets or something else, they want the same thing retail wants, great design, low cost, ease of use and all their assets in one place. And so that's the same exact thing we can do. Rothera is going to be a great way to do this. And so we will now be able to onboard institutional customers as well who want to trade with our exchange. That in turn will bring more liquidity, and that will give better execution for our retail customers. So there's a really natural synergy there. And so in addition to vertically integrating, it's another vector to go into the institutional space as well.

Yes. We're just going to go rapid fire here so much for you, Shiv. So on the private markets, another kind of newer area for the company, and you and Vlad have said this could be bigger than prediction markets. So go to the next one. You just launched kind of the first major product in private markets. Talk about what the vision is for private markets for Robinhood? And how does this become something that is much bigger than probably one product? Like what is the sequencing and the road map there?

Yes. Great question. This is one where I'm personally spending a lot of time, super passionate about this. We actually have our first fund in market this week, and it's taking orders, and so excited to finally get that out to customers. There's kind of 2 big vectors to do that. The first is Robinhood Ventures and the second is tokenization. So Robinhood Ventures, this is what we started today. That is the parent umbrella. It's a new RA advisory. And so we think the best way to give access to retail and institutional is through these listed 40 Act funds. Chairman Atkins of the SEC gave a speech last year where he said the best way for retail to access private markets is not anything new. It's these fund structures that already exist.

And so our first fund is out there, but one way to really get this out there is to keep doing new funds, give customers new engagement, and there's a lot of interesting asset classes you can put out there. So anything that institutional can access that retail can't, you can do it in the venture format. And it has a couple of key benefits. One, daily liquidity because it's exchange traded. Two, you don't need to be accredited. 85% to 90% of Americans are not accredited. So you ask how can this be bigger than prediction markets. That's the key thing there. And then third, in kind of true Robinhood fashion, low fees and no carry. So that's super important to retail customers, but also to institutional.

The other way to do it is through tokenization. And so we started that in Europe, where we have regulatory clarity, and we started with publicly listed equities. We also show that you can do private equities. We started with 200 listed tokens last year. We're now up to 2,000. So we have 10x in just about a span of the year. And this is just the beginning. Any asset that you have, there's no reason it can't be tokenized. You can look at real estate, you can look at credit. And so we're starting with kind of public equities that going there. So if you combine those 2 together, ventures plus tokenization, it's a really massive opportunity, and we're at the forefront.

Yes. So it's not just about gathering assets and delivering a private market fund to an end investor, but there's a lot of other ways to potentially monetize being in this marketplace, and that's connection of tokenization and others as well, right?

Yes, absolutely. So you can be the fund administration, to your point, you could be the custodian of the tokenized asset. You could be the one that trades the actual assets. We also have tokenized money market funds in Europe, so you could be the one issuing the money market funds. And so there's a lot of different ways. Big picture, when we talk to customers, private assets is the #1 thing they want right now. We want to do for private markets, what we did for public markets. And so we're very, very early days here, but yes, I think the TAM and opportunity here is pretty massive.

Yes. So we'll come back to tokenization. But just in crypto overall, so you guys were early to delivering access to crypto for your customer base. It feels like we're at this really pivotal moment for the space. We're going from primarily speculating on crypto tokens to actually crypto tokens, Ethereum, Solana, et cetera, being used as commodities to power blockchains and so they become utility tokens, which is what they always have been, but now we're progressing from kind of pilot phase to mainstream adoption. How do you think about crypto, delivering it for your customers? And where do you feel like we are in that progression? Like you guys were early, you saw it wasn't just pure speculation, but there's a bigger picture here. So how do you feel about it today and this moment where we're probably on the verge of hopefully getting some legislative clarity with the Clarity Act, kind of what that means for the space Robinhood.

Yes. So crypto, again, I think we're early days. We're big fans of the technology. And so there's lots of different ways it could go. If you start just with the retail component, we started as more of a casual trader product. We announced last year our smart exchange routing where active traders can come in and the more you trade, the better deal you get similar to some of our competitors, see really good engagement there, and that's causing us to grow market share. I mentioned on the earnings call, as a result of that, our take rate was down a little bit. It will probably be down about 7 basis points quarter-over-quarter. But mainly, that's because we're seeing active traders come in. That was a big an issue.

But then you step outside of retail, we're going to institutional. I mentioned the Bitstamp exchange. We think institutional is going to be a large component of that market. The next thing we're doing is we're going global. So we started in the U.S. We're now in the EU, and we're going to other countries as well.

And then the last piece that you mentioned is you can use the technology to power other things. Tokenization is a great example. We just announced last week the Robinhood chain. So that's how you can build on top of our own chain. It's in the test net phase, and we're seeing really good adoption there. So those are some of the new use cases you're going to see. It's not just going to be retail trading, but it's going to be institutional, it's going to be global. It's going to be tokenization. It's going to be having your own chain. And so we're super excited to keep building in the space.

Yes. I think it's becoming more tangible for people, obviously, stablecoin is very tangible and then oh, tokenizing real assets versus just speculating on the token itself, right, on Ethereum or Solana or others. What do you think the time line of like getting to more mainstream tokenization is I know probably legislation will help but we are seeing regulators like the SEC and CFTC taking the steps that are necessary even without getting legislation. So we're talking about it, but is this a 2026 story would actually be material? Is it 2027, 2028? Or is it like how do you think about like a sequencing and timing of when this becomes like a material business for Robinhood? And it seems like it's more than just trading, it's a lot of other areas where you guys are going to be involved.

Yes. So on the trading side, last year, it was close to almost $1 billion of revenue, but big picture was about 18% of revenue. So still relatively small compared to brokerage. I think it's in the near term, the technology exists. And so if you look at what we've done overseas, we can already tokenize. The tokenization engine already exists. There's no reason you can't just port over to the U.S. So there's a couple of things that we're looking for. One is regulatory clarity will obviously help. That will help in terms of the rules and guidelines. I think you're already starting to see institutional come in.

Again, if you get regulatory clarity, you'll start to see institutional come in there as well. You're starting to see some of these real-world use cases really take hold. So I mentioned we're tokenizing money market funds. That was an initial proof of concept, but it works. You found product market fit. We're already getting inbounds from people who are coming up to us real use cases where you can tokenize assets. Think anything on the credit cycle or mortgage cycle, things like that. So I actually think we're not that far distant in the future. The technology already exists. If we can get a little bit of regulatory clarity, I think there's going to be a pretty big tailwind behind it.

Yes. And Robinhood as a technology firm, but a financial firm with customers, huge distribution, kind of connect the two together. Do you -- like obviously, there's trading, but do you see yourself as like an infrastructure layer and then ultimately, like a capital raise or capital like this becomes a new capital markets infrastructure for where Robinhood can be at the center of something that's new but probably the future.

Yes, absolutely. So yes, we started in trading. We found product market fit there, but we think it's much broader than that. And so the first foray was institutional. The next thing is, can you -- that allows you to vertically integrate that, but can you do that even more? When you can tokenize assets, to your point, you can start to become a center of capital markets. And one part that we think really plays in nicely to Robinhood Ventures is if you're a company, you can span your whole life cycle on Robinhood. You can raise your first capital on Robinhood, whether it's through Robinhood Ventures or through tokenization. You can then do follow-on investments. We can help you go public. We've already done 50-plus IPOs. We can then support you in the public markets as well. And so tokenization and blockchain is just another way to do that. And so yes, the vision is not just to become a trading platform. It's to be vertically institutional, global and also to help be the infrastructure that powers that as well.

Artificial intelligence. I'm sure no one wants to talk about that. But it's -- like my view is that this is going to be such a big deal for the brokerage space, the ones that are embracing it and then you kind of go to this next world of agentic and what that could mean for trading activity. And obviously, you're already delivering tools that are integrating AI, but I think probably maybe another phase will be having agents going on behalf of customers and that can drive essentially the tail of your customer base is maybe less active towards the most active or maybe a multiplier on that. Talk from a product perspective, where are we with AI with Robinhood today? How do you see the future? And then what is the pushback that somebody says, I think AI is going to disrupt Robinhood because there's going to be a bunch of agents and you don't need a wallet or a brokerage account.

It's a great question. We think AI is here to stay, and we are at the forefront. If you look at financial services and who has the right to win in AI, it's going to be Robinhood. Our founder is a PhD in math. He has a second company that's AI native. And so this is one we're heavily invested in. I'll give you a couple of different vectors of where we're investing in.

The first is software development. Again, we've been talking about that for years. When OpenAI enterprise came out, Vlad was on the phone with Sam, the first weekend, we were one of the early adopters. We are seeing really good productivity gains there, and it's just getting started. The second is on operations. We start with customer service. We're then doing fraud ops, account ops, all of those. It is allowing us to grow in the volume, but keep our expenses low and the models are just getting better and better. We've said before, about 75% of our customer service tickets are now answered through AI. That is drastic improvement from just a few years ago and still getting better. The third and the most exciting is the consumer-facing part.

So what are we doing there? So we have a couple of things. Cortex is our brand for our AI products. We announced last year Cortex Digests. So it goes in there and it can tell you why is the stock moving? Why is your portfolio moving? For me personally, it has changed the way I engage with the app. The first thing I do in the morning is I open it up, it tells me what's going in the portfolio, it synthesizes all of it. I can go to each individual stock. Customers are loving that.

The second thing we're working on, which we shared at our event last year is what we're calling scanners and screeners. You want to go in and ask, hey, with the software sell-off, can you tell me all companies that are below this market cap and this EV and their valuations change, you can talk to it in natural language, and it will do that. So that's a big one.

The third is what we announced is our AI assistant. So that should be embedded throughout Robinhood. Anything you want to do within the app or on the web, there's an AI tool there to help you there. So these are really, really early days. But yes, big picture, it's going to make it even better. You should be at a disadvantage if you're not trading on Robinhood, specifically for these things.

And then to your last point about being disruption, it is early. Nobody knows what's going to happen, but the best way to do it is to just keep investing and be at the forefront. So whenever it comes there, you can be the one that's leading the charge there rather than the 2 kids that I see that are coming out.

Yes. What about just the Agentic piece of it and having agents -- is that a regulatory hurdle that we need to figure that piece out? Or do you think that's not too far in the future where you essentially plug in, here are the characteristics of what I want, and I don't have all day long to be looking at my screen, but this is what I want you to do and go do it. And then all of a sudden, you're empowering an agent to go on your behalf. And I can imagine they're going to be a lot more active in the market than I would be if I'm in a meeting all day. So how do you see that playing out? What's the time line of getting to there?

Yes. So if you look at the spectrum, the first thing is I want tools. The second thing is I want the agent to help me do what I want to do. The third thing is just have the agent do the whole thing. I think the first two were basically there and the products are coming out. The third one, it's actually not the technology. It's more just regulatory clarity. And so on Reg BI rules, we have to be careful as a brokerage and what recommendations to give. But we're having really good discussions with dialogue with the regulators because they understand. They know this is a nascent technology. We want to do it the right way. We want to work with them. And so I do think we're going to need a little bit of clarity there, but that's coming. And if that happens, I think you can do some really interesting things in the product. But yes, that's the main gate at this point. It's just making sure that regulators are comfortable with the Reg BI rules.

Yes. I want to switch gears a little bit and talk about a whole another vector that's new, banking and even getting into mortgages. Talk about where you are right now? It's obviously a recent rollout, but some of the KPIs of how that's going. And then what does success look like over the next 12 to 24 months? I appreciate you're kind of slow rolling into it to not stub your toe. But like talk about the progression, the adoption, what you're seeing in momentum? Is that affecting new deposits? Where are we right now?

Yes. We love bank and the momentum we're seeing. And so you want to be the financial super app, you have to be able to do everything. You have to be able to trade, invest, spend, save. And so you can see us kind of building the pieces together. So we already had the Robinhood credit card, great adoption. We said we've seen over 600,000 customers. We just announced banking. We said on the earnings call that it was over $400 million deposits, about a 50% direct deposit rate. The earnings call was less than a month ago, and we've already approximately doubled our assets for the banking since then. So again, really, really strong adoption there.

The nice part about banking is it can roll out much faster than the credit card. So the credit card structurally, you have to be a little careful when you roll it out. You have to make sure that the underwriting is there and the unit economics are positive. But banking is just like any of our other products. We roll it out, we get some customer feedback and we keep doing that. So that one, you're going to see us accelerate much faster and seeing the growth there. Big picture, when we talk to our customers before we announced it, they already said, hey, I bank with Robinhood. That was their mental model, even though we weren't a bank and they had a brokerage account, and this just makes it even simpler.

What is the North Star goal? Any financial transaction, anything you want to custody, you should be able to do it in the app. And so this is just another way to do that now that you have the checking and the savings and continue to grow it out. So yes, we really like the early adoption there. I do think in a lower rate environment or if you get some volatility in the markets, banking is a really nice natural hedge against the transaction products. And it will be another way for customers to engage to us even if they don't want to be trading or doing something like that. So yes, we're really excited. I think it will be a stronger driver of net deposit growth in the near term.

Yes. Like is there -- as you think about scaling it and the sequencing of that, like when do you kind of let the governors off a little bit and let the floodgates really open? And because it seems like, obviously, you want to manage it and not, again, go too fast. But where are we on that? And is that more of like 2026 is a learning year and 2027 is where you really let it loose? Or how do we think about that in terms of full customer and pushing it more to customers...

Yes. No, I think the 2026 is going to be the year. So banking, I think there's no structural reason it's going to take multiple years like the credit card. This should be the year where it gets out and it's open. Again, right now, we're doing it like we do any other software product, but there's nothing structural that will hold it. So I think '26 will be a big year for that. Even on the credit card, I know you still see people saying, hey, I'm on the waitlist and doing this. Again, we're over 0.5 million customers today and the waitlist is still pretty solid. But we are really loving what we're seeing on the cohorts, on the unit economics, on anything around the credit metrics. And so we're starting to scale the credit card a little bit faster as you've seen from the prior few quarters as well. So both of those should have a pretty big 2026, hopefully.

Yes. In terms of just managing -- actually, we didn't even hit -- I want to just maybe put 60 seconds on TradePMR and the RIA custody, it's another trillion TAM, you think you're in that ZIP code, and you guys obviously have a nice business there. It's been a little bit quieter in terms of like hearing about it from the outside. Are you going to do a lot more on that front this year? And what should we expect there?

Yes. This will -- we hope this is a big year for it. So we purchased it last year. We're in the digestion mode, integrating all that good stuff. Now you can get back to product velocity. So actually, today, the platform is putting out a blog post that we are beta testing our referral network. So that was the main thesis that the RIAs would like to have access to customers who can match them together for what they want and Robinhood customers who really like advice. So you can build a really interesting referral network there. This already exists in some of our competitors. But what we hear is they actually compete with their own IRAs because they also have their own business, what we don't. And so we think there's a really nice way to have it super simple, intuitive to go into the app and say, this is the adviser I would like. This is the demographics and match them together. And then conversely, the advisers can come in.

And so that's in test mode right now. We just announced the first 4 RIAs that are in there. Employees are testing it, and you should expect to see more coming out of that later this year. So that's one we're super excited about there. It's also a place over time. You mentioned AI where you can -- where that's another powerful place to do that. Again, we haven't announced anything there. But if you think about the vectors of where you can invest in AI, that's one. And so yes, I think you're going to see us investing more in the business. That platform has their own conference in the middle of the year called Synergy. And so we'll have some more product news to share there, but super excited to see the referral network out in the wild.

Great. And kind of the last minute here, Shiv, like we just hit a lot of products, a lot of growth areas. At the same time, you got to manage expenses and buck stop to do there. How do you keep control on the expense base. I'm sure everybody within the firm wants more money. So talk about the balance there and how you think about expenses and the trajectory.

Yes, great question. This is what I've been doing for the better part of 8 years. So very happy to continue doing this. I think there's 2 North Stars we look for. One is we are a growth company. We need to be growing. And so every year, we're going to keep investing for growth across the 3 arcs, and you can judge that on the 20% net deposits annualized is a good way to do it. But profitable growth. I know I keep saying that over and over again, that's how you maintain focus. That's how you maintain discipline. And so that's the part that kind of the check metric there.

The other thing is we have about 85% fixed cost. And so if something were to happen in the market environment change, we have a lot of discretion across headcount and marketing dollars. I don't want to oversteer. And so we're going to make sure we're investing. But if anything were to change, we can do that.

And then the last thing, I'll say it over and over again, what are we optimizing for, for shareholders? Earnings per share, free cash flow per share over time. That's how you should judge us. That's what we're focused on. If you keep focusing on the inputs and the customers, those output metrics will take care of themselves.

Great. Well, it doesn't feel like a digestion year. So I think we figured that piece out. But Shiv, thank you for doing. We went through a lot and always just great to catch up and see you. So thanks for coming. And thank you, everyone, for joining us today for Robinhood.

Yes. Thank you. Appreciate it.

You're welcome, sir.

Thank you to everyone for joining Robinhood's Q4 and Full Year 2025 Earnings Call, whether you're tuning into the live stream or here with us in person. With us today are Chairman and CEO, Vlad Tenev; CFO, Shiv Verma; and VP of Corporate Finance and Investor Relations, Chris Koegel.

Vlad and Siv will offer opening remarks and then open the call to Q&A. During the Q&A portion of the call, we will answer questions from the audience, which includes institutional research analysts, finance content creators who may hold an ownership position in Robinhood and both institutional and retail shareholders.

As a reminder, today's call will contain forward-looking statements. Actual results could differ materially from our current expectations, and we may not provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor are described in the press release we issued today, the earnings presentation and our SEC filings, all of which can be found at investors.robinhood.com. Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation.

With that, please welcome Vlad and Shiv.

Well, hello, everyone. It's great to speak with you today. We're back with a live audience this time from our global headquarters in Menlo Park and for the first time with Shiv as CFO following in Jason's big footsteps. Welcome, Shiv.

Thank you.

Great to see all the shareholders and institutional analysts in the audience. So let's get right into it, shall we? So as a reminder, we're focused on our 3-part strategy. #1 in active traders, #1 in wallet share for the next generation and our long-term #1 global financial ecosystem.

Looking back on 2025 it was an incredible year of incredible product velocity across all three of our arcs. First, active traders. We want active traders to feel like they're at a disadvantage trading anywhere about Robinhood. It's a big priority for us and seeing big results. In Q4, prediction markets volumes doubled -- more than doubled yet again with over 12 billion contracts traded in 2025, which is the first full year of prediction markets.

Customers have already traded over 4 billion so far in 2026. So we're seeing the momentum continue. We also expanded our equities offering with the launch of shorting. We love giving our customers more tools to navigate the markets and we see them responding. Over $11 billion of equity notional volume in the first couple of months since shorting went out. Second, [indiscernible] we continue to make progress building out our financial super app and becoming our customers' primary and secondary financial account.

So a lot of attention typically goes to our active trading offerings, and it should, but we've also been making a ton of progress broadening our offering and attracting more long-term investing to the platform. Over 40% of our total assets are now across ETFs, advisory, retirement and cash. So it's great to see customers trusting us with more of their financial lives. Robinhood Gold Card up over 5x in 2025 to 600,000 customers. It's reached over $10 billion in annualized spend. Customers love the product. They love the 3% rewards. But also the intuitive user experience, the metal card and a solid gold card and capabilities like virtual and single-use cards and all the family features.

As we've been rolling out the card, we built increasing confidence in the economics. So we plan to continue accelerating the rollout more than doubling the amount of customers with gold cards this year to well over 1 million by the end of the year.

Robinhood Banking, so we began the rollout of Robinhood Banking in the past few months. Customers are really excited about this. We're building the kind of banking experience that was once limited to the ultra wealthy. Strong early results with our initial over 25,000 funded customers who have brought in over $400 million in balances. And perhaps the thing that gets me most excited, over 50% of our funded customers using banking have enrolled in direct deposit. So as we look at this, it makes us more confident that we're achieving product market fit with this offering.

Now third arc, Global Financial Ecosystem, our long-term mark. We're making good early progress as we expand to different markets across the world. Bitstamp, continuing to scale volumes up 2x since we closed in June. Bitstamp product and engineering teams have been humming. So it's great to see so much progress here. We're also making progress expanding internationally now with 0.75 million customers outside the U.S.

Just last week, we launched ISOs in the U.K., which is the local tax advantage count in the U.K. And this was actually the top request from our U.K. customers. So really excited to deliver it for them. I'm excited to watch these businesses scale as we launch in more and more new jurisdictions, and we round out the product offerings. I think in a couple of years, we're going to look back, and we'll really have underestimated how big our international business can be.

Now taking all this together, our relentless product velocity has driven another strong year of results. strong double-digit year-over-year market share gains across equities, options, crypto and margin, which, by the way, includes positive net transfers, positive inflows from all of our major brokerage competitors the last 8 quarters in a row, which is pretty amazing there. I think we've got a lot of headroom here. Our customers grow faster than the industry, we continue to deliver new products, new capabilities. And we're seeing our customers continuing to trust us with more and more of their financial lives.

So total platform assets grew nearly 70% year-over-year to $324 billion. Net deposits, a record $68 billion, which is a 35% growth rate. Gold subscribers grew nearly 60% year-over-year shift, $4.2 million. So revenues, putting it all together, which were less than $3 billion a year ago, grew to $4.5 billion in 2025. So it's great to see that 50-plus percent revenue growth for the second straight year. So quite amazing.

So before I get into our 2026 road map, which should be very fun, I'll turn it over to Shiv to walk through more of the business and financial results. Over to you, sir.

Thank you, Vlad. So I'm excited to be here for my first earnings call. To get started, there's three key takeaways I want to get across. First, 2025 was a record year for Robinhood with strong growth and profitability. We had records across net deposits, gold subscribers, revenue, adjusted EBITDA and EPS, just to name a few. All of this was driven by incredible product velocity and our relentless focus on efficiency. And we also finished the year strong with a record Q4.

Revenues and adjusted EBITDA were both records and 2026 is off to a good start. Now second, our business continues to diversify. We're now up to 11 businesses with over $100 million in annualized revenue and several more are making great progress including Robinhood Legend, which is really close, and the Gold Card, which is on track for this year. Additionally, TradePMR, Futures, IndexOptions and Robin and banking are all scaling really nicely. And third, in 2026, we plan to ramp up our product velocity even faster while levering another year of profitable growth. There is a massive opportunity in front of us, and we see the path to compound shareholder value for years to come.

All right. So let's review 2025 results, and this is all compared to last year. First, revenues were a record $4.5 billion, up 52% year-over-year, as Vlad said, and up over 3x in the past 3 years. Adjusted EBITDA was also a of $2.5 billion, and that was up 76%. And and adjusted EBITDA margins were also a new high of 56%. We also delivered incremental adjusted EBITDA margins above 70% for the third straight year. And at the same time, we managed our share count closely leading to record EPS of $2.05.

And our philosophy is that the denominator matters and over time, managing the share count closely should deliver value to shareholders. So let's look at Q4, and this is all compared to last year as well. First, revenues grew 27% to a record $1.3 billion as our customers remain engaged and continue to trust Robinhood with even more of their assets. Net deposits continue to be robust with over -- with $16 billion of net deposits in Q4. That's our eighth straight quarter with over $10 billion of net deposits.

And trading volumes grew to new highs across equities, options, futures and event contracts as we continue to win market share and saw record net buying from our customers test earnestness and driven by strong growth in the cash suite program, margin and our credit card loan book as we continue to win larger customers and deepen relationships with existing customers. Margin in particular has been great. It's up over 100% in the past year. In Robinhood Gold, that also grew 58% to a record 4.2 million subscribers. We think gold is the best deal in financial services, and we're going to keep adding to its value prop.

And on expenses, Q4 adjusted OpEx plus SBC was $597 million as we manage expenses to approximately $15 million below our latest outlook. All right. So let's move to 2026. As we built our annual plan, there were 3 areas that we focused on. First, we want to continue accelerating our product velocity, customers responding incredibly well to our new product initiatives, we're gaining market share, launching innovative products and entering new markets. We believe shipping even more products and value to customers to deliver outsized growth for years to come.

Second, we aim to deliver another year of 20% plus net deposit growth. This year, we reached nearly 1/3 of $1 trillion in assets across the platform, and we're well on our way to exceeding a trillion of assets in the coming years. We have rapid product velocity, and the $100 trillion-plus generational wealth transfer already underway.

And third, we built our plan to deliver another year of profitable growth. Even as we invest for growth, much like the robust revenue growth we've seen over the past few years, we are staying lean and disciplined in the way we allocate capital and operate as a business. So to our expense outlook. For 2026, our outlook for adjusted OpEx and SBC is in the range of $2.6 million to $2.725 billion. This translates to an 18% year-over-year expense growth at the midpoint, which is below the 22% growth rate we managed by 2025 on a comparable basis.

So just to give you a little bit more color on how we built the plan, the 18% expense growth is in three areas: first, about 5 percentage points of that growth is going into our existing businesses, net of any productivity improvements. These businesses drove the vast majority of our $1.5 billion of revenue growth in 2025, and we want to keep scaling them and gaining market share; second, about 3 percentage points are from the full year cost effect of our 2025 acquisitions of Bitstamp and trade PMR. Now these expenses will also come with the full year effect on revenue growth as well; and third, about 10 percentage points or more than half of the 18% growth is into new and scaling businesses. This is our biggest area of investment as we continue to accelerate product velocity.

Now some of these investments include the Robinhood Gold Card, Robinhood Banking, Strategies, prediction markets, Cortex, Robinhood Social, Robinhood Ventures, the Robinhood Chain, tokenized real-world assets and continuing international expansion. It's a pretty long list. And as a reminder, we underwrite all investments to strong ROIs and will stay nimble as we execute against our plan. And as I said at outset, we'll continue to be lean and disciplined in the way we allocate and operate.

So before turning back to Vlad, I also just want to share a little bit on what we're seeing on the strong momentum into 2026. As you saw in the release, in January, equity trading volumes were up over 50% year-over-year and options volumes were up 20%. We also had all-time highs in net buying, event contracts, futures and margin. And while it's early, so far in February, average daily trading volumes are up across all categories versus January levels.

And Q1 net deposits are also off to a good start with $7 billion plus so far in the quarter, including over $2 billion last week. So it's fantastic to see customers engage to start the year. Putting it all together, we are incredibly excited about our plan and momentum entering 2026. We as we work to drive another year of profitable growth. The team continues to ship for customers, and our financial North Star remains the same: maximize earnings per share and free cash flow per share for holders over time. Vlad, back to you.

Thank you, Shiv. You're starting to get a taste of what this killer next to me can do on the CFO position. So very excited. We compromised by the way, Shiv prefers to stand. So we decided to do the half the earnings call seated and half standing.

All right. Just over a year ago, we shared with you our 10-year vision for Robinhood at our Investor Day in New York City. We were excited about it back then, felt it was very ambitious. But I think in hindsight, we realized we underestimated what we could do in 1 year, not to mention 10 years. So today, I'm going to tell you what we have planned for in 2026, and we're by no means complacent. This is going to be an ambitious plan. As we continue to execute, Robinhood will become increasingly synonymous with the financial service category as the financial Super App. So let's get right into it, starting with what we're doing for active traders.

Now I'm not going to go into every little detail of the road map. I'm going to focus on areas that are particularly meaningful and may be surprising. So prediction markets. fastest-growing business in our history, $300 million-plus run rate in its first year. I think we're just at the beginning of a prediction market super cycle that could drive trillions in annual volume over time. This year is going to be a big year. [indiscernible] are going on right now, World Cup coming in the summer, continued growth in the nonsports categories and of course, our Rothera, which is our JV with Susquehanna coming online. Growth of prediction markets has also led to a greater focus on our app design and personalization.

We've been adding so many new products, so many account types, lots more capabilities that it's becoming increasingly important to personalize and continue to chisel the user interface, making sure we're putting the right things in front of the right customers. Now many of you have already noticed the work that we've put in here in the past few months, through changes to the home interface, search and discover as well as notifications. This year, you should see this accelerate with more personalization, better cross-asset linking between equities, crypto and prediction markets, and us continuing to experiment to ensure that our user experience remains top-notch.

Then Cortex. Two big things, Cortex's assistant in the main app, and the goal is to become the best AI for all of your financial needs. Cortex for Legend to use an analogy think of Cortex for Legend being to active traders, what cursor is to software engineers. We think it has the potential to completely transform trading, and we're right at the frontier there. Both are rolling out in the coming weeks and months and scaling throughout the year.

Robinhood Social. So Robinhood Social will start rolling out to -- the first customers very soon. We're really excited about how it will drive discovery and engagement. We're going through internal testing, and we actually just added support for prediction into Robinhood social, and it's looking really good. As we progress throughout the year, I think it will be increasingly obvious that active traders are at a disadvantage using any other platform. Turning to wallet share. Now as a reminder, this is about transitioning from serving predominantly traders to serving all of our customers' financial needs. Two big strategic moves that we're making this year that I'm particularly excited about.

The first one, we're calling it family investing. Robinhood should be better for you when more of your family members are on the platform. This year, it will really become a multigenerational platform. Now this vision really started with the credit card, which was our first family product. It continued with banking, which is also a first-class family experience. And in 2026, you'll see us bring it to our investing products. Our referral program for advisers is also going live this year, which will connect our customers to high-quality RIAs, which are powered by Trade PMR to help them with their comprehensive financial needs. And we believe we can be the major beneficiary of the $100 trillion plus wealth transfer. And we've got some really exciting things to unveil coming on this front at our big event next month in New York City. So stay tuned for that.

Second big thing, private markets. Now you may have heard me say, opening up private markets not only can resolve 1 of the greatest inequities in capital markets but also can be a huge accelerant to our mission as well as our business. This begins with Robinhood Ventures. And Robinhood Ventures, for those of you unfamiliar, will invest in private assets that are often out of reach for retail investors, and these will be packaged in registered funds that we can offer to U.S. retail investors. I think this will be a transformative offering. Outside of the U.S. our customers in Europe got a little taste last year of private company stock tokens with our OpenAI and SpaceX, Stocktoken giveaways. More to come on that front soon.

And now we think private markets could become even bigger than prediction markets. And I'm really excited about what we're building here. Finally, building the #1 global financial ecosystem. So the big theme here is tokenization. And it's early in the tokenization industry, but we've built a leadership position already. We now have 2,000 stock tokens available to customers in Europe. Now a big part of 2026 will be seizing the tokenization opportunity, which we think is massive. And this means two things very specifically. One is permissionless 24/7 tradable public company stock tokens, and two, private companies, stock tokens, making them actually real and useful for customers.

Now our tokenization work dovetails quite nicely with our work on DFI, which continues to accelerate. Over this year, we'll be launching and scaling Robinhood Chain, which is our layer two, making it the best chain to trade real-world assets, more on this coming very soon. We'll be continuing to make improvements to Robinhood Wallet, which, of course, will also provide a first-class experience to Robinhood Chain. And we're also going to be bringing our centralized and DPI products closer together so that we can deliver the best of both worlds to our customers. You also see us to continue to push into new geographies with several new international markets coming later this year.

So before we go to Q&A, I'll share a little more about our progress with AI. So I went in earlier about Cortex, what we're doing to bring Cortex to our customers, both on the mobile app as well as legend. But we've also made a lot of progress using AI internally. So when we began this journey a couple of years ago, it became clear to us that we should double down on two areas that we believe would move the needle the most from AI usage and they are software engineering and customer support. AI customer support is really cranking.

Now over 75% of our cases are solved by AI, including the complex cases, that previously required licensed brokerage professionals. And we've built a lot of this tech in-house. Now AI and software engineering, this is an area where our goal is to be the best in the world. We've been focusing on making it as easy as possible for our engineers to get access to new model releases and new capabilities like background agents. We're continuing to see nice results. This year, we're continuing to automate and optimize the entire engineering pipeline from writing code down to code review, all the way to deployment and testing. And this is already turning into real savings and efficiency gains estimated at 9 figures in 2025 alone. And this is a big reason why we've been able to drive such high product velocity while keeping our costs down and 2026 is shaping up to be much bigger.

So in addition to CX and engineering, I'm pushing every team at Robinhood, integrate AI into their operations with the goal of being best-in-class at AI across every function. Now I think it's worth noting that I started thinking about near-term progress we wanted to make on this vision last summer, and it's meaningfully changed since the first draft barely had prediction markets. Robinhood Ventures became a real thing, as you know, Shiv. Sometime around the second draft. And of course, AI continues to make progress at an accelerating rate with models and agents getting more capable every day. And I think this shows you that our edge is really staying flexible and nimble. Now I've been really proud at how fast we move at Robinhood. Looking ahead you can really expect us to keep that startup hustled despite our large size. So road map is full. There's so much to do. Let's go to some questions. Welcome back up.

All right. Thank you, Vlad. Thank you, Shiv. For the Q&A session, we're going to start by answering shareholder questions from Say Technologies. After the day questions, we'll turn to live questions from our audience. So I'll kick it off with our first question from say coming from Matt S.

Hello, Matt. Shiv, nice to meet you.

Good to see you, how are you doing?

Good. Good to see you. So my question is any additional updates on Robinhood Social?

Yes. Robinhood Social, very, very exciting. As I mentioned, we are testing it internally. We recently added prediction markets, which I think has made it clear. This is not just a tool for ideas, but also discovery of new assets. I think one of the reasons why these products have like not resonated super well when other companies have tried them is the diversity of content has been relatively low. But now you look at Robinhood, we have some customers. We have so many assets. The diversity of content is actually quite high. So I think we're building increasing confidence that this is going to be a great tool for discovery and engagement. So marching towards public launch, I think you'll see that in the coming months, but we're pretty close.

All right. Thank you, Brad. The next question I'll read on his behalf from Rohit P., who asks, what could be the reasons for the more than 40% drop in HOOD's share price? And how is leadership addressing the downflow?

Yes, great question. I'll -- maybe I'll start. We're really focused on the inputs of our business, and we love the inputs that we're seeing. You saw -- you heard from me and Shiv last quarter and really last year was a year of continued market share gains across pretty much everything. Net deposits of $68 billion through the year, $16 billion in the quarter. which means customers are increasingly trusting us with more and more of their assets. And as I look forward to the road map of the year we've got a pipeline of new things that are either in relatively early stages of rollout, such as Robinhood banking or have yet to roll out like Robinhood Social, Cortex assistant, we think could be transformative. So inputs are looking good.

And I've been through this old hat now as a public company, Founder and CEO for what, 5-plus years. And we've seen a couple of cycles up and down. We think that over the long run, the business performance tends to lead stock price. So the focus is just on building for customers, making the product better.

Yes, I couldn't agree more. We're focused on our customers. The 1 point I'll add is we also have over $1 billion share repurchase program and during a market volatility. It's a really great time to lean into that program.

SP-

And then the last question from Say is from Luke D., who asks, what is your guys' plan on navigating the rough seas during this crypto downturn and the end of football season? How can we see Robinhood extend its roots to not be so heavily added by these things?

Yes. I mean I'll start with what we're seeing in the product. So crypto, we're moving toward a world where crypto is actually more than an asset class and it's a foundational technology that underlie the trading of all assets. And you're seeing that with our efforts with tokenization outside the U.S. and of course, the stablecoin partnership with Paxos on USDG. So my belief is that in the future, you'll see crypto and traditional financial services increasingly merge. And of course, people will talk about and trade bitcoin and other assets, and we continue to long-term bullish on those.

But yes, if we play our cards right, crypto will be a tool that is going to be important in giving customers what they need, and it will connect customers to assets that have real fundamental utility. So we're still executing upon that. and we're not getting distracted by short-term fluctuations in what Bitcoin or other assets are doing prediction markets. I think there were questions industry-wide about what would happen as the NFL season comes to a close. But what we're actually seeing is surprising us.

So in January, for instance, NBA contracts surpassed NFL in trading activity on our platform, and you're also seeing relevant nonsports contracts generating significant volume. For example, in the week after the NFL season ended government shutdown contract on our prediction markets platform was driving significant volume. So I think over the long run, what you're going to see is even though it's now largely sports. Prediction markets is more than sports. As we continue to diversify the contracts offered on the platform and improve the customer experience and refine it, more and more contracts will continue to resonate with our traders. And that's not to mention this year is going to be a big year for sports as well.

We've got the Olympics right now. We've got the World Cup later, and that's in addition to March Madness, the NFL season and so many more things. So yes, I think we're just at the beginning with our prediction markets business.

Yes. And on the business side, a couple of things I'll add. So as I mentioned before, we now have 11 lines of businesses that are doing over $100 million of ARR. So we continue to diversify there. On the crypto front, as Vlad said, we're long-term bullish, but it's important to remember what we did close to $1 billion of crypto revenue last year, it was only 18% of our overall revenue. So we love what we're seeing, but more than 80% still comes from outside of crypto. In our prediction markets, as Vlad said, it's growing. We're diversifying across sports and nonsports in different asset classes. And while the growth rates are great, again, relative to our overall business, it's a smaller portion. So big issue, we're diversifying. We keep shipping for customers, and we love both these business lines.

All right. Thank you. That concludes our shareholder questions from Say Technologies. Thank you again to Matt for joining us live. Now we'll move to Q&A from our in-person audience. [Operator Instructions]. Alex, would you like to ask a question?

Alex Markgraff from KeyBank. Vlad, maybe on the prediction markets front, with the close of the JV, can you give us a sense as to what the team is working on and from a product standpoint outside of greater list of contracts, what we might expect this year?

Yes. So thus far, if you've been watching closely, you've really seen us refine the down funnel trading experience, particularly with sports. So we've added more tools like combos and player contracts for traders that want to go deeper, we've also started increasingly leveraging our advantages, which are we have lots of assets on the platform, we can connect things together to show you related contracts contextually in the places where they matter most. We've also completely revamped search and discovery as well as home to make them multi-asset and include prediction markets.

So one thing is how are we going to show prediction markets contextually where it's relevant to customers across all of our app services. Can we show relevant ones in the stock detail pages so that if you're considering investing in an equity, you get the whole picture of not just the options contracts but also the prediction markets that are connected. So I think you'll see more of that. You'll see first-time prediction markets customers, which we're seeing an increasing number of people coming to Robinhood not because they want to trade equities or crypto, but because they've heard of our prediction markets offering, they want exposure to that. So streamlining that. So if you're a first-time prediction markets customer, we not only make it easy for you to get into the product but also make it so that we can easily cross-sell you to things like retirement or other products. And I think that's an area where we have a unique advantage being a super app.

And you mentioned Rothera. I think Rothera is particularly interesting because it gives us vertical control over the entire experience. We have control over what contracts we can list and also greater control over the pricing and economics. And our philosophy really with all exchange partners, I think the exchange layer is increasingly going to get commoditized over time, just as you've seen it in kind of other asset classes. And what we'd like to do is optimize for the outcome that's best for customers. So we want to make sure customers get the best price, the best economics, the best experience. And I think Rothera is a big critical part of us driving that.

Great. Thank you, Vlad. Other questions from our in-person audience? Okay. We'll now go to our Zoom queue. [Operator Instructions]. Our first question comes from Ben Budish from Barclays.

Can you all hear me okay?

Yes, we hear.

Great. Maybe just following up on that last 1 on prediction markets. I'm curious, maybe a 2-parter. Just curious, most recently, can you maybe talk about the mix between sports and non-sports. I appreciate you are quite optimistic on the outlook for nonsports over time, but most of the media would indicate that currently, it's mostly sports.

And along the same lines, just thinking about prediction markets, how are you thinking about incentivizing new users. It's been a successful strategy across the brokerage business, the IRA product, you definitely have some new competitors in this space that are advertising quite aggressively. So how are you thinking about that one as a way to attract people to that product?

Yes, absolutely. I think that recently, certainly our efforts have been on making the sports experience really good, but we've also diversified quite a bit. We've diversified into lots of nonsports offerings, and we now have thousands of contracts available. And I think you'll see us continue to make the experience there better in two ways. So one is just in the same way that we've done for sports, putting custom data and information and tools around some of these contracts so that customers can understand them.

And then the second thing is surfacing them when customers need them and when they're the most relevant. And we saw particular success with that with the government shutdown and related contracts. So I think we feel really good about this actually progressing towards greater diversification. I think it will be similar to the news. Sports are a big part of the news. They bring people together. But there's all sorts of events that are going on, on a regular basis that customers care about and offer active traders trading opportunities. So I think you'll see it continue to diversify as time goes on.

He asked another question, which I think was for you.

Yes, it was how are we gaining customers and kind of activation. So a couple of ways there. First or huge advantages, as Vlad mentioned, our 27 million customers. So when we can surface things that are relevant to customers, that's a great way to onboard. The second is we're looking at new ways to activate customers. So you may have just seen we have referrals, for example, we have learning earns where if you learn about the product, you can have a customer and your friend also join. So the team is continuing to experiment both with the top of funnel and the mid funnel to see how customers can onboard. But as Vlad mentioned, we're going to improve the product. We're going to flow the onboarding funnel. And what we're seeing thus far is really exciting.

Yes. And to put on my shiv hat, we're going to continue to be very ROI driven and focused on the economics with promotions and marketing activities that we continue to do. I think when we enter new assets and new products, it's less of like just blowing out more right away but making sure we get the product experience right, the economics work well. And then you've seen us get gradually but steadily more aggressive on the marketing front over time.

Thank you, Ben. The next question is from James Yaro from Goldman Sachs.

Can you hear me?

We hear you and see you. Looking good.

Thank you. So you recently added Indonesia as a new market. I was hoping you might be able to expand a little bit on international expansion. Where do you see what are the best markets in which you're planning to invest, how do you compare and contrast the attractiveness of the opportunity set in those markets and also the go-to-market strategy? And perhaps if you could just sort of maybe differentiate between Europe versus Asia?

Yes. I mean, I think this year is going to be a big year for international expansion in the markets that have already been live, namely U.K. and EU you're going to see us continue to round out the product suite and respond to customer feedback and also introduce new platform level capabilities that actually are more useful outside the U.S. but can scale to every country. So multicurrency wallets as an example there, which we recently introduced in the U.K. U.K. recently also added stock and shares ISI, which is the return wrapper there.

So in that market, you're actually seeing us go deeper and start going into market-specific functionality, leveraging our technology platform. In the EU, EU is interesting because it's a little bit different how we're thinking about it. The EU is a test case for what [indiscernible] looks like if it was built entirely on crypto technology on crypto rails. So we don't have traditional stocks there, but we have stock tokens. So that's where we're really pushing hard on tokenization. And I think you should see that accelerate this year, too.

Because admittedly, the first version of our tokenization offering didn't have significant advantages over holding traditional stocks. But once we unlock the power of then you get 24/7 trading. You get the ability to self custody your stock. So you're actually seeing the introduction of advantages that are very difficult to replicate using the traditional rails and the disadvantages like things that people care about, like protection and things like that, we're going to continue to remove. So I think by the end of this year, you'll get to a point where the tokenized offerings are better than the traditional offerings, which is going to be really exciting.

And we're going to continue to close the gap with other offerings in the EU as well. And then turning to Southeast Asia and the rest of the world. You'll see us launching in several new markets. And with each new market, you should expect less time bringing up core features because we've spent time working with the regulator and also building these things with international in mind, it should be much quicker to ramp up in each market than in the first few. Similar good example, we didn't launch retirement in the U.S. until what was 2022. Well, in the U.K., it's much sooner to add the local retirement wrapper after launch. So you'll see that continue.

So where we now have 0.75 million international customers yes, I think you'll see that getting into the millions relatively quickly. And like I mentioned earlier, before too long, we'll be looking back and we'll say, wow, this business scaled much faster than predicted. So we feel good.

All right. Thanks, James. The next question is from Dan Dolev at Mizuho.

Hey, Vlad. Hey, Shiv. Congrats. Thanks for having me. Great results, as always. There's been some news today that have heard some of your competitors on the impact of AI. And like scratching my head, I'm thinking isn't Robinhood sort of the best AI company out there? Why aren't these things are actually huge tailwinds for you?

Well, I think they are. So if you look at -- and I think AI is going to completely transform all aspects of financial services. On the trading side, we have the bets that we're making with Cortex on Legend and also Cortex in the app. And we also think -- and by the way, Cortex Assistant, which is the AI assistant that's integrated into Robinhood is rolling out in the coming weeks. So we're refining it internally, and that's like going to roll out to customers very soon. In terms of AI and advisory, two things there. I think you're going to see a lot of transformation in the industry.

One side of it is going to be amazing self-serve tools which is giving you an funny like experience, but where the individual user is calling the shots. The second is the workflows of an actual human adviser are going to be redefined and streamlined and they'll be able to service more customers at dramatically lower cost. And we've got efforts underway for both Actually, in the first one, Cortex providing advice to customers. We've started having conversations with regulators about how to bring that safely to customers. And we've got the technology to do it.

Cortex has made tremendous progress. So it's just a matter of making sure that, that rolls out safely and we think it has the potential to transform the wealth management industry.

Great stuff. Thank you so much. Great results.

The next question is from Steven Chubak from Wolfe

Thanks. So you'd mentioned underwriting to strong ROIs when building our expense plan. Is there anything we should infer about the level of revenue growth that you're budgeting for when building the plan. And just how much flexibility you have in the model, given your commitment to achieving profitable growth and also significant inroads that you've made in embedding AI to drive greater efficiencies over time.

Yes. Great question. Thank you, Steve. So a couple of [indiscernible] point to. First, our mantra is still profitable growth. We are a growth company. We're going to continue to invest for growth. We're seeing great things from our customers. So we're going to keep doing it profitably. So I think you can infer that from us, that means very simply, we expect revenue to grow faster than expenses, and that's how we build our plan. In terms of the ROI, we underwrite each thing to a good ROI on a stand-alone basis.

So if it's a new product, we look at what is the long-term IRR, what can the margins be and now more importantly, can it scale? It used to be, hey, a $10 million business move the needle. Now it's going to be a $100 million business in a few years. Those are just a couple of things we look at. Every time we do marketing, we look at both the payback periods, the incrementality and make that those are also good investments. To your question on, can we stay nimble? Absolutely. We're a technology company about 85% to 90% of our costs are fixed. So this gives us a lot of flexibility. But big picture, we don't want to oversteer. And so what you're going to see us is keep investing growth. We love what we're seeing. And if anything changes, we have our hands on the wheel. But otherwise, we feel great about the plan that we built.

The next question is from Devin Ryan at Citizens. Okay. Maybe we'll go to the next question. All right. Patrick Moley from Piper.

Yes, can you hear me?

We hear you.

I had another one on prediction markets, but I was hoping you could put a little bit more meat on the bones around Rothera, we estimate that you can a 5% bump in economics if customers utilize contracts that are listed on your own venue. So could you just talk about some of the puts and takes there? Why not migrate all of your prediction market volume on a JV over time? And what are the benefits that you see in continuing to partner with other prediction market venues?

Yes. Maybe I don't know if you have a comment on the economics, but I'll just tell you, our primary North Star is how to deliver the best product experience to our customers. So we do anticipate that a significant portion of our volume will move over to Rothera, but that's not sort of Northstar North Star is giving customers the best pricing, the best experience. And on the brokerage side, you've seen it with crypto. Now that we have Bitstamp, you've seen it with how we route orders on equities that we prioritize execution quality, making sure customers get great execution. So I don't think that's changed depending on the asset.

On the economic side, so the way it works is customers today pay $0.02, $0.01 goes to Robinhood as the FCM and then $1 goes to the exchange. When we have Rothera, we then control the full unit economics. I think your 45% number is referencing that we own 45% of the JV. Susquehanna owns 45%, and [indiscernible] the other 10%. But the nice part is, as Vlad said, we'll control the full product stack, and we'll control the full monetization. So there's a lot of leverage you can do with that. You can get more value to customers. You can improve the unit economics. So we're super excited to get it online, both for the product experience, but also for the monetization as well.

And by the way, we're also going to be open to other futures commissions, merchants and other counterparties connecting and we'll be competing for that business not just providing an additional execution venue for our orders. But we'd like to build a compelling market for getting other firms access to our marketplace.

The next question is from Evan from Stock Market News.

I appreciate you guys for let me ask the question. Congrats on the fantastic quarter as always. I wanted to ask you guys a little bit more about Robinhood Social in 2026. And kind of how you guys view targets and stuff there this year? And also, if you view that as like an international segment or something you're really focus in the U.S. first?

Yes. That's a great question. I think with this product, since it benefits so much from a dense network, and we want to make sure that the product experience works really well and is integrated nicely into the rest of Robinhood you'll likely see us launching and scaling it in the U.S. before international. But over time, I think you'll see it coming international as well, particularly as the translation technologies get better and better, and you can have international customers benefiting from English content in the U.S. So you'd expect it to come into international as well. But I'd expect the first -- for the first period of time to be iterated on in the U.S.

All right. The next question is from David Smith with Truist.

Good afternoon. Institutional volumes on Bitstamp saw a nice pickup in the fourth quarter even as retail volumes declined from the third quarter, like Robinhood app volumes. Could you comment about how you're expecting that institutional retail mix to evolve over time, given your plans to the product offerings and any thoughts on pricing across both retail with the app and Bitstamp as well as institutional pricing?

Yes, maybe I'll talk about the exchange. You can hit pricing, Shiv. Yes, we've been really excited about the growth in Bitstamp. I think that team has been cranking. And as we've integrated, we've actually seen an increase in market share and increase in revenues and business performance, which I think is relatively rare for acquisitions. And I think what's going on there is when we first started talking to our institutional customers, I remember I was at a lunch around the time of our can event to Catch-a-Token. And they had some fairly basic complaints. They were like you're dropping our packets on the exchange side. Our biggest request for an improvement is just making sure that all of our packets are properly processed, things like that. So low-hanging fruit on just exchange resilience, reliability, how many transactions per second, the matching engine can process has been huge.

And of course, we've got plenty more of that coming. And one benefit we have to bear, which is our retail offerings is very attractive to institutions. And we have a great recipe for bringing in the retail volume, which, in turn, makes it more attractive for institutions to quote and make markets on exchange. And this is before all of our efforts to bring our tokenized offerings, which, of course, bit stamp will be a big part of.

Yes. On the pricing side, a couple of things I'll point you to. On the retail side, one big change we made last year as we moved to smart order exchange routing, which really means we want to be competitive for all types of customers. What we had found out before is for the most competitive customers, we actually need to lower pricing. And so that's what we did. And now we have the volume tiers. And you saw a little bit of this in Q4, where there was less market volatility and the casual traders stepped away, but we saw [ quite ] strong engagement from the more active traders. And because of that, they're on the higher tiers and this pricing come down a little bit.

For us, we don't go the teams on pricing. That's an output metric. We gold them on market share, and we're continuing to win market share there. And so what we'd expect is during periods of lower market volatility, you'll probably see more active traders engaged, which will bring down the overall take rate, and that's what we saw a little bit. And just to give you a little bit of color in January to start the year, we're about 5 basis points lower relative to the average rebate rate we saw in Q4. And again, that's just due to more active traders being engaged relative to the more casual trader.

Yes. And another thing that I didn't mention, but what we're very excited about is the growth and scaling of our perpetual futures offerings outside the U.S. we've really continued making that product better and better, giving active traders access to better tools and more flexibility on the leverage. And we are -- I mean, we're getting really good feedback. So I think you should expect more things in the perpetual futures department this year.

The next question is from Brian Bedell with Deutsche Bank.

Can you hear me okay?

Yes.

Awesome. Great. Maybe just back to prediction markets. add ship, what is your appetite for launching contracts in fundamental equities. So things like on KPIs and other earnings metrics that you could potentially link in with your equities trading business. So like an active trader experience that would also have a layer of fundamental investing as opposed to the other contracts? And then just on timing of Rothera, any info on more sort of precise timing on when you might launch that?

Yes, sure. we're very interested in the potential to list more prediction markets around company KPIs and fundamentals because obviously, people come to Robinhood and they're one of the big draws is we think we're the best place to invest in stocks. So the more we create an ecosystem of information and products around individual stocks, I think the more useful that will be with customers. We have some company-related prediction markets already.

You could see, for example, Tesla deliveries and things of that nature. as far as like financial KPIs, I think that's an area where we need some regulatory relief. So we're continuing to have conversations about that. But yes, right now, like not to get into the gory details, but some of these could fall into securities based and be under SEC. So there is some ambiguity and relief needed in order for us to list those. And then on the therapies, our goal is to get it operational, actually just closed last week, and we're targeting by middle of this year. So stay tuned.

All right. Back for a second shot at this. Devin Ryan from Citizens.

All right. You guys see me now?

Yes, we do.

Okay. Good. another AI question. And the question is really combining tokenization, kind of instant settlement, 24/7 with AI. And I'm thinking like the future genic AI, where it would seemingly allow for kind of exponential scaling of creating volume from here, maybe micro lending, a lot of other applications. So it'd be great to get thoughts on how you see tokenization and AI coming together, what do you think the time frame for that to happen is -- and then what does that mean for Robinhood? It seems like you guys are really well positioned, but I see it is like something that could exponentially change transaction activity. I would love to get your thoughts as well.

Yes. I mean what I'll tell you, one of the compelling reasons why we're interested in tokenization outside the U.S. and actually unlocking access to DPI for our stock tokens is that it makes it easier and more interoperable to write agents and have software that integrates with these offerings because there is a robust ecosystem of developers that are integrating with these protocols and actually you could argue, the integration on the blockchain side is much easier and more streamlined than the typical like API integrations with brokerages.

So I think that's going to be exciting to watch I think it's a little bit early to proclaim that like a certain chain or a certain crypto will become the way that AI agents communicate and pay each other. But I think if that does happen to be the case with the tokenized stock offerings and also as we go live with our stable in partnership with [indiscernible] we'll actually be really well positioned to do well and compete for the agent business in that world.

The next question is from Roy with Crossroads.

Hey guys, good to see you. Thanks for having me. My question was on international expansion as well as Rothera, specifically as we're rolling out internationally, I'm kind of curious how you prioritize which products to initially launch? And is there a potential scenario or a market where we see prediction markets being the first?

SP1 You're going to ask me about that 50% direct deposit attach rate on our banking offering. You want to know about international prediction markets.

Yes. So right now, prediction markets for us are U.S. only. And I think we're in an interesting position because as I mentioned in the EU, we have like crypto powered Robinhood on crypto rails, and we also have the ability to scale our trigonal brokerage business outside the U.S. So in addition to like traditional prediction markets ex U.S., there's also the possibility of rolling out on chain versions. So that's something we're looking at. I think you should expect some movement, but we don't have anything concrete to announce there.

All right. The next question is from Ramsey Assal from Cantor.

I was wondering if you could comment a little bit further on the push into private markets in terms of the asset types that will be available through your platform? And also any color on sort of time and/or regulatory or operational hurdles you need to get through to field those products?

Shiv has actually -- has been running this product in addition to being CFO. So I'll let him speak to it.

Yes. No, thank you. We're super excited about prediction markets. Big picture, we're in the quiet period for our first offering. Our N2 is publicly on file with the SEC, so we can't say too much more than that, but we're really excited to get this out for customers. When you look at the vision, the goal is that any private assets that have not been traditionally offered to retail, you should be able to offer in these 40 Act registered funds. German Atkins came out recently and said these are the best vehicles to offer access to retail, and so you're going to see us to continue to push there.

If you look at our filing, it gives us kind of broad capability to do that. But in general, these funds, if you look in the market, hold all types of assets. It can be private equities, it can be real estate, it can be credit, and so as we think about them, we think about what are our customers looking for, what are they most engaged in. But over time, you should see us be able to offer all of these asset classes. So stay tuned, and we're super excited.

The next question is from Ed Engel from Compass Point.

How are you thinking about the opportunity around Trump accounts out of their launch on this year? Have you heard anything about how these structured or whether Robinhood could even play a special role here?

Unfortunately, I can't share too much of the details of what we heard. But we've been involved in this effort from the very beginning. We were part of the first summit on Trump accounts at the White House. And I've made it clear to the administration to the President personally that I think this is a game-changing initiative. It's really one of the few initiatives that pretty much everyone agrees on, regardless of where you lie on the political spectrum and is very in line with our mission of making sure everyone benefits from our financial markets.

So yes, from the very beginning, we've said if we're fortunate enough to play a role, we will give our best goal to make sure that this effort goes as smoothly and it's as high quality as possible. Because I think it being really high quality and being done with sort of like exceptional engineering is going to be a big part of its success. And I think the administration has done a really, really good job with the rollout. There was a nice Trump account Summit just a couple of weeks ago. And you can tell with all the folks making contributions and donating large amounts of money that I think the future of the program is incredibly bright.

The next question is from Ken Worthington from JPMorgan.

Can you talk about your use of promotions and how that's evolving or expected to evolve in 2026? Is the size of the promotion budget expected to be bigger or smaller this year than last year. And as we think about 2026, does asset growth remain your focus or are there other customer behaviors that you really want to prioritize?

Yes. I can start with this one, Vlad. So first, on the promos, as we've said before, we really love the ROI that we're seeing. So we're going to continue to use them. One thing we're doing this year more than last year is we're making them more personalized. So the great thing about having phenomenal engineering is using AI and ML models, you can actually make it much more personalized over time which is a great customer, but it also is a great ROI.

In terms of the overall relative to last year, it was about 25% last year, and I would expect it to be roughly in that ZIP code for this year again as we continue to make additional investments. Our top KPIs remain the same. It's market share for the traders. It's net deposits and gold subscribers for wallet share and then it's NFAs and institutional accounts for our third arc. One thing that we've been focusing a lot internally is -- in addition to growing net deposits 20%-plus year-over-year, how do we really accelerate top of funnel growth even faster as well, and we have a lot of great ideas there.

So our focus is going to remain the same, but we're going to keep investing. Vlad, anything you want to add?

The one thing that we didn't mention that was just sort of flew under the radar is the market share growth, we've really had really strong results that have exceeded our expectations. Those of you who may be looking at the latest 606 reports, probably is that the 606 report showed that looks like we've come #1 in options industry-wide, which business goes on, but I thought it was just a good example of how the team is relentlessly making the experience better.

The next question is from Amit and Amit is investing.

Okay. Congrats on a great quarter. My question is on banking. How do you guys see this expanding this year as you begin rolling it out. And I guess, where do you think the flywheel takes place as more people bring more of their assets on? I know you guys are giving a very competitive rate on the savings APY. Can you speak to a little bit more of the business fundamentals and what it can do to further expand and diversify the business as banking rolls out?

Yes, absolutely. Yes. So banking has gone off to a very strong start. You've heard us say over $400 million in assets on the platform. more than half of the people that fund end up funding with their direct deposit, which is pretty amazing attach rate, so early in the product's life cycle. And we recently rolled out an increase to the rate that we offer on deposits. So 3.5% APY. I think what customers really appreciate about this offering is for customers that trust us with a significant portion of their assets. So if you have $100,000 or more across all Robinhood products, the experience on banking, the intent is for it to be flawless.

So what people love is for those customers, we give you the APY not just on savings, but also on checking. So not having to worry about moving money around to optimize the yield and having enough and checking to pay your bills, I think, has been a huge pain reliever for customers, along with all the premium features like cash delivery in the markets that, that's gone live, really, really positive feedback. In terms of ecosystem benefit, we always look for how to integrate our products together. And I think we've been able to do that the banking even though it's actually a separate app, which has been pretty interesting. The fact that you redeem to get the 3% cash back into brokerage has provided a very strong and durable link between the two products.

And moreover, a bank account is actually, the one prerequisite well, more or less, there's other ways to fund [indiscernible] but by and large, everyone that opens up a Robinhood account has to have a pre-existing bank account for them to move money in and out of. And so by sort of like offering them that experience in-house, we can make it even more seamless with the ability to budget better, set goals, move large amounts of money between the accounts seamlessly. And allowing customers to have access to the industry-leading APY without leaving the platform and bucketing it as a savings account separately, which I think is resonating. So you should see us continue to double down on that.

The integration points will be thoughtful and very, very clear. And the banking team has got some aggressive goals. We think we can grow this thing.

On the flywheel piece, it's super simple. The more net deposits you have on Robinhood, the more assets, the better your experience. As Vlad said, if you have the $100,000 tier that across all of your different assets, you get even more value customers bring even more assets, we continue to give them even more value. And we're seeing that across all of our products and in particular, with banking. So super excited to give customers another way to trust us with their assets.

Okay. Thanks for your question, Amit. The next question is from Michael Cyprys from Morgan Stanley.

Just wanted to ask about tokenization. [indiscernible] you could update us on your partnership on the stable point side how you see that ramping and contributing? What are some of the milestones here in '26? And then more broadly on the tokenization of rail world assets. Maybe you could speak to some of the steps you're taking, including across private markets how you see that contributing, including the U.S. to the business over the next 12, 24 months versus, say, looking out over the next 5 years? And what do you see as some of the key hurdles to adoption?

Yes, I'll field that one, Mike. So I think we have pretty good confidence that tokenization of private markets is going to be very powerful and highly resonant outside the U.S. And it would clearly work very, very well inside the U.S. as well, pending the hurdles around accreditation and all the other things, crypto market structure. When we were running our stock token giveaway of OpenAI and SpaceX in the EU we saw that it resonated with customers.

And remember, this is just -- it was a giveaway. It was relatively small amounts of these companies, and they were not tradable. But even so, you could tell that there's a hunger among the retail customer base for exposure to these private companies. So a big part of this year is figure out the path to offering a compelling product for private markets, both in the U.S. with Robinhood Ventures and overseas through tokenization and just making sure we work with our regulators to offer these products safely and in a form that resonates with customers. But where early signs are that if we unlock it such a differentiated offering, there's really no other place where you can get it at scale through a reputable financial institution. So if we can unlock that, is going to be very differentiated and drawing a lot of assets.

For our last question, last but certainly not least, Tanner from future investing Tanner.

My question was just regarding broader capital allocation strategy for you guys for international expansion. Are you guys planning on essentially going after those licenses yourself as you enter new regions and countries? Or do you want to acquire to enter and expand into new regions?

Gosh, I hate not answering Tanner's question, but it's capital allocation. So I think you have to take it. We partnered super closely in capital allocation. I think the main point is it will be both. There will be some countries where we were doing organically. You saw that in the U.K., you saw that in the EU. There will be some countries where we accelerate by going nonorganically. For example, Wonder Pi, our Canadian acquisition, which hasn't closed yet and there'll be some companies where we'll do both. And so for us, we want to be able to serve customers in every single country. What we look for is what speed to market and what's the best ROI, and then we're kind of indifferent to which way we get there. And by the way, one of the first books she have recommended to me was the outsiders. So if anyone is looking for a good book on capital allocation, that was a nice one.

Yes, I think what I've said in the past around this is we don't want to get into the business of stapling platforms and doing these like massive infrastructure integration projects. I think if you've seen what has been in the past to our big competitors, that sort of like what has ground them to a halt. Not to say we won't continue to make acquisitions. But I think the acquisitions you've seen us make currently, it's great assets, great teams with complementary technologies that we don't already offer in-house example being Bitstamp, which has gone smoothly. So I think where you get into trouble is if you just get like a duplicative stack and then you end up spending years integrating.

So we're very cognizant of that. But, yes. Otherwise, we're going to continue to acquire. We're going to continue to make our core platform better and internationally scalable. And we'll have both paths available to eventually serve customers in every jurisdiction.

All right. Well, that concludes the Q&A portion of our call. Before we end the call, I'd like to pass it back to Vlad or Shiv for any closing remarks.

Just want to welcome Shiv. And again, thank you for all the engagement from the entire community, not just sell side analysts, but also buy side and our finance content creators. 2025 was a big year. 2026, we're definitely not getting complacent. There's so much to do. The road map is full. And the team is just cranking because we see a unique opportunity to become the primary beneficiary of the $100 trillion plus wealth transfer. So brick by brick, thank you for being with us on the journey.

All right. Good morning. So to everyone in the room and those of you joining us on the webcast, I'm really pleased to introduce our next speaker, Steve Quirk, Chief Brokerage Officer at Robinhood. Look, Robinhood has delivered really extraordinary growth. I was trying to think about the right analogy. It's almost like a hamster on a wheel in terms of the sheer product velocity that we've seen, but you've really expanded the offering from being focused almost exclusively on the brokerage side to broadening it out to more like a wealth offering, attracting some more affluent clients to the platform. So a lot of exciting initiatives that you're working on, again, hamster on the wheel, but it's something which we're really excited to hear more about.

So just given no shortage of stuff you're working on in terms of the product road map, why don't you give us an update in terms of what you're planning to launch by the end of this year and then maybe into 2026 that can support incremental growth from here?

Sure. And thanks for having me, and thanks for showing up. Yes, Vlad occasionally put some pellets in that hamster just to keep us going in the evenings and weekends. So I think we've -- you've heard from Vlad and Jason and others, we really kind of focus on 3 pillars. And the first of which is the self-directed active trader. And we set a goal about 3.5 years ago to be #1 there. And we measure that by market share across all our peers. So whether that's in equities, options, margin, all the other areas that are visible in publicly traded companies.

And if you look at the 606 data, which just came out the quarterly data, and Larry Tabb, I don't know if you guys follow him on Bloomberg, he does a really nice job of breaking it down. Been already #1 in a couple of places, but we're still driving pretty hard there. And things we're delivering there across the spectrum, I kind of think of it as like almost a barbell. There's a bunch of things that we need to deliver for customers. We're starting to attract customers that are much larger than the customers that we historically have had. And you've seen that reflected in the size of our account. But you need to deliver the things, even though you're delivering all the asset classes and all the other capabilities, you need the core capabilities, which are account types. So retirement account, a joint account, a yield account, multiple brokerage accounts or people that are very, very fixated on mental accounting. This is my aggressive account. This is my nonaggressive account.

A lot of that work is happening, and a lot of the things are being delivered there. You'll see trust accounts, custodial accounts. Those will come in the next year. But then on the other end, we're working very hard to deliver. We've delivered a lot of asset classes already that were the #1 request of our more active customers, index options, futures. And again, like we can talk about how explosive the growth has been in those asset classes. But if you go talk to the CME or CBOE, they will tell you that this is the fastest growth they've seen from a market participant in both of those. And -- so our customers are very engaged in asking for a lot of these capabilities when we deliver them, they come really quickly and engage.

And it's just -- it's a way to get more of their share of wallet because they express the desire to deliver more of their share of wallet and have it happen within Robinhood's ecosystem, but we have to give them the capabilities to do it. So I didn't cover a lot of it, but I'm assuming we're going to ask more questions.

We are going to ask many more questions.

Okay. Okay. Because I didn't get into a lot of the wealth management. You kind of asked about the wealth management.

We'll get into wealth stuff in a moment, but I know that active trader is also near and dear to your heart, so...

Well, it is, yes. I mean, I am -- it's really easy to build when you are that person because I know what I want. And I know what -- I mean I think what -- what you have to be able to do in this -- in my experience in this industry is, of course, you listen to your customer, you do research, you interact with them. They tell you what they want. But you also have to be a little bold and have some conviction about what you know they're going to want. Even when they don't know if they're going to want it.

And that's not the easy part because you basically are sticking your neck out there a little bit and saying, I think that they're going to want -- I'll give you a perfect example, 24-hour trading. I've been fixated on that for a long time. And I went to every single exchange and pitched this a long time ago, and they all told me there's no demand. I went to my Board and pitched it, no demand. And I gave them this analogy. I'm like an exchange is a restaurant. We are mass transit. If mass transit ran 24/5 to that restaurant, they would be open. So we're asking the wrong question. You got to ask the people who basically are saying, why is this whole thing designed, no offence, on East Coast hours? Like 70% of the research and education that happens, happens after the market is closed.

And so if I'm a 20-some year or early 30-year-old and I say, "I just want to buy stock ABC at this price. I've done my research. This is my thesis. Why do I have to wait for some old person who looks like me to ring a bell in the morning. It doesn't make any sense to me. Amazon is not closed, right? It's an electronic exchange. I watched what happened during COVID. There weren't any humans there. It worked, right? And now every single exchange is going to do it. Everybody is going to do it. And so I think like just having the conviction to say this is where the market is going. And by the way, I think every asset class will be trading 24/7 within 5 years. It might not even take 5 years.

That's pretty bold, but I know you guys have some big ambitions in tokenization and those assets...

That helps because the technology part of the hurdle is bringing along the legacy, infrastructure of the exchange, but helping -- or exchanges and everything else, clearing firms, but if you have technology that can advance that, then everybody is on board.

We'll drill down into that in a moment. But there was one question I was quite keen to ask before digging deeper into the product road map and what you're planning to launch. And that's specifically related to Jason Warnick's retirement. And so Shiv Verma is going to be replacing him, you've worked very closely with both of them. I was hoping to get your perspective on just what Jason's management philosophy was like, how Shiv's might be similar or different. And for those of you that don't know Shiv, he's worn just loads of hats at Robinhood, but he is like deeper knowledge across the entire business than anyone. So maybe just to speak to what unique perspective he can bring to the table as well?

Well, so yes, I've worked with both of them very closely. And to your point, Shiv has been -- Shiv is somebody who's been in the weeds, deep in the weeds in every facet of finance and he understands the business in a way that very few do at Robinhood, I mean every business that we're in. So he's quite -- he's basically like an AI agent if you ask him a question.

But he and Jason, they started within weeks of each other. And Jason has been spending a lot of time in the last 2 years just bringing him into more meetings, strategic meetings and everything -- everything that he is attending, you'll see Shiv. Shiv is in all these meetings. And I'm going to miss Jason because he's a friend, and he's been a really great guiding hand, but I will tell you, Shiv is pretty amazing. He's really knowledgeable. And he has the same steady hand.

He's a little bit more of a hammer on the business. I would say, I usually get the bad news from Shiv as opposed to from Jason, but maybe that's because I'm too tight with Jason. So he sent Shiv over there. But if your concern is OpEx, you got the right guy.

That's great. Well, it's funny you mentioned that because, look, like I too am going to focus on the areas for improvement. And the next question, just given, look, like the momentum that you're seeing in terms of retail engagement, nothing short of extraordinary. And if I look at equities, options growth, it has been remarkably steady and consistent. There's probably one area where there's been a little bit more volatility, which is around net deposit growth. You guys do have this 20% plus net deposit growth target out there. It's quite an ambitious target. What gives you confidence that you'll be able to deliver that sustainably as the business scales? And then how do international markets factor into that outlook?

Yes, I think that it is aggressive. But I would also say -- and we push ourselves and we set our targets pretty aggressively. Our equity option margin, they've all been aggressive. But 1.5 years ago, our book margin book was 1/4 of the size of what it is today. And as exciting as that is and how much we look at that and say, wow, that's impressive. If we look at the size of our peers and the size of their book, oh man, we have so much more to go. It's amazing.

And so that kind of -- all those things feed into the deposit goal. The thing that we found to be particularly effective is when we're rolling out capabilities and ones that are really noteworthy and been customer requests and you match that with a match program, which we've been doing. And now we're getting much more scientific in. It used to be -- when we rolled it out, it was blunt. 1% for everybody. Bring your account over, we'll give you 1% of the account size. Now we're personalizing it. We have the ability to personalize that based on the account behaviors, everything else that we know, and that's become very effective, extremely effective to the point where, in some instances, we'll look at it and say, the payback period was so short that we may do that at a higher level.

That's something our peers struggle with because they don't have the infrastructure and the operational efficiency that we do to be able to hand back economics and margin in ways that are exciting for customers. I think where it helps is -- so if I'm a person who is similar in age to me, and I have a legacy impression of what Robinhood was, I really haven't come back and taken a look. I'm not incented to take a look. I've been at broker XYZ, trading pretty actively for quite some time. But now suddenly, there's this offer, which is enticing. So I'm coming and take a look. And I sit in on some of the calls with some of these big customers, and they're like, wait a minute, you can do this, you can do this, you can do this, you have this, you have this, you have this, I'm in. And so I think that's quite powerful, and that's what gives me confidence from a net deposit standpoint because we see our average account size, it's about 12,000 now. It's gone up from 4. But when we do these match programs, the accounts are well over $100,000 that are coming in.

That's great. Well, I imagine that at least these customized offers are going to be part of the discussion at the AI Summit in December if I had to venture you guys.

Yes. Yes. It will be.

Yes. So the other piece too is around activity rates. And look, the account growth has been low double digit. But when I look at the actual volumes, I mean, the numbers are pretty staggering. Options up 40% year-on-year. I believe they're up 100% year-on-year for both crypto volumes as well as equities. What are you seeing in terms of the offering that's resonating most with that active trader that clearly you're attracting to your platform? And as you think about some of the gaps that remain, what are some of the holes that you're still hoping to fill?

I think the gaps are the ones that I mentioned a little earlier. It's account types. It's -- we're largely there in asset classes, but some of these asset classes trade more hours than what we're now giving our customers the ability to do, you should expect some enhancements there.

The other thing we're missing, like mutual funds, fixed income, some account types, those are all on the road map to be delivered over the course of the next year, 1.5 years. And so -- and then trust accounts, corporate accounts, those things. When you get into the next segment, they have different needs than our current segment. And even some of our current customers say, "hey, look, I'm getting this point in life where I'm going to -- I need to set these things up."

But I'll tell you the reason why I'm so encouraged is because every time we deliver something like that, the speed in which our customers bring over their existing assets or we get new customers is pretty startling. I'll give you an example. We have a lot of customers that said, "Great, you're amazing, it self-directed. But you know what, I'm at that point in my life, just had -- got married, got a house, had a kid. I just -- my portfolio is a little larger than what I'm comfortable managing. I would bring over more assets, but I need advice solution." So we build Strategies 7 months ago. It took 7 months for us to get $1 billion in assets there. That's as quick as, I think, we've seen in the industry.

But we always do it in a unique way. Strategy, our advisory product is designed to kind of attack the advisory products that exist today. And what I mean by that is, if you think about the way those are designed. If I'm getting charged 25 bps, whether I have $100,000 or $25 million. And if it appreciates, guess what, I pay that person more. They're not doing anything more, right? So we cap it. And the amount of work necessary to manage a $250,000 portfolio is not different -- not that different than one that's much larger.

So we always try to approach it in a way that's going to make it something more compelling because now the customers get to keep more of their returns. So long-winded way of saying, when we roll out a capability that customers have been asking for, they come so quickly. And that's a great story from a deposit standpoint and share of wallet.

And we're in an environment too, where retail engagement has been quite strong, and you're also launching some additional tools, whether it's AI tools or social -- Robinhood Social, which presumably could drive even higher engagement from here. It might be helpful, Steve, if you could just speak to like the durability of that engagement levels. What gives you confidence that you can continue to drive some of those activity rates higher?

So I'm going to start with the last part of the question because I think this question has been asked of people in the industry, especially on the brokerage side for -- since just prior to COVID, but certainly during COVID and after COVID, and I think there was a thought that this blip in retail engagement because now if you look at percentage of retail equity flow, option flow, et cetera, et cetera, it's all gone like this. So retail is more of a force in this space. I don't see that changing. I do not see that changing. I never thought it was going to change. I think there was a thought that this was just -- this too shall pass. I do not believe that.

And the reason I don't believe it is because it's not just happening in the asset class, it's happening across the board. Like we have an IPO access product. We've rolled out 40 IPOs to customers. We used to scratch and claw to get a firm -- to get any kind of allocation. Now those firms, the ones that are going to IPO come to us and say, "Hey, we used to get single digit in percentage of allocation. We're getting up to 20% now." People are starting to understand that retail is a powerful voice in the market, and I think that's going to continue to grow.

To your point on AI and Social, Social is going to be really cool here at Robinhood because I've seen Social used across the board in my time, in retail brokerage and with some success, but not a lot of success. The reason why it hasn't had a lot of success is, there isn't a lot of validity to it. In other words, if I'm a person who really has a strong thesis about a trader or an investment, as much as I have conviction enough to make that, I really want to validate it with somebody who kind of looks and thinks like me or somebody who, I think, can give me a counter opinion, that would be helpful and make it a better investment.

But too often, that's been all message board pump and dump [indiscernible] that's not validated. And so the way we're going to do it is you are a Robinhood customer, you have an account and you've made that investment. And if you haven't, then you're not going to be -- you're not going to be allowed to demonstrate or say, like make your fate, whatever it is and put it out there, which happens all over Social. And so I think that's going to be really powerful.

The other powerful aspect of it is we're doing it across everything. So it's equities, options, crypto, prediction markets, like there is nobody else that's going to have such a wide breadth of market exposure and ability to talk about that on social and then validate it. And then if you are somebody who says, I am very -- I am very confident that this person is really competent in this asset class, and I want to follow them and see what they trade with their permission, you can just look at that trade. And if you want, you can do the same thing. It's going to be -- I think it's going to be pretty cool in 2 ways. Number one, that validation is huge. But remember, of our 26 million customers, half of them are brand new to the market. They've never had a brokerage account before. So it's an educational tool for them.

Like when they first get into the market, now they can look at people who have had more experience than them, follow them and understand not only what their trade is, but what's the thesis behind it, explain what your thesis is. That's going to be extremely powerful.

Then I'll finally marry the AI component to that, which we have a lot more coming in that regard. But the world of algo trading or scanning or doing all these other -- I came from the market making side, are quite interesting, but the percentage of people who can do it is like this, right? And that's because like I got to learn a scripting language. I have to do a lot of things that a lot of people don't either have the time or capability to do. But if I make that something that is easily to do from a text or chat, I mean that's game changing. That's really cool. And it's going to generate or find opportunities for people in a way that they previously would never be able to do. I think that's going to be really huge.

We're excited for the event in December...

Now, I can share that on Social too. So the combination of those things is going to be pretty cool.

Is there any willingness on your part to take it one step further and say we're going to actually allow for a copy trading on the platform despite the regulatory barriers? Or do you like Social fills that void sufficiently?

Social fills the void, you'll be able to do it, but "copy trading" is not really permissible in the U.S. The companies that do it largely do it outside of the U.S. But you can do it in a way where there's a couple of steps. So if I'm a customer, I have to take some steps. Like it's not just blanket, whatever Nancy Pelosi buys, it automatically buys from me, which, by the way, does exist. And it's been pretty successful.

So I've heard.

Yes.

This is why now she can retire.

Yes, exactly.

The other piece, too, just you mentioned margin lending. There's a lot of runway for growth despite all the success you've had there, similar runway within sec lending. It might be helpful if you could frame just how you benchmark relative to peers when you try to evaluate that opportunity for Robinhood?

I mean we look at it across a couple of different planes. Obviously, the size of the margin book, even though we've had explosive growth, we're still small compared to our larger peers in margin, which would be IBKR, Schwab. And so we just have a lot more room to grow there. And we are the most competitive in terms of rates. And now we've gotten as scientific there with what we're offering customers as we are on the match program. So in other words, we can do some personalized margin, promotions, which have been highly effective.

That feeds into this in sec lending. As soon as you get more -- the bigger margin book and larger accounts, it kind of feeds itself. So the whole ecosystem sort of grows collectively.

And then I would say, and I'll kind of pivot over into a little bit more of the wealth management side. And if you start to think about -- because the amount of assets that are -- that are out there in terms of the self-directed side or let's call it 1x, the amount of assets that exist on the wealth management side are 2x to 3x that. And so when you start getting -- when you start attracting those assets through advisory products or even RIAs, now your assets under custody go up and that naturally is going to pop your margin book in your sec lending.

So I was going to ask you on prediction markets, but clearly, you're chomping at the bit to talk more about wealth. So rest assured, I will still touch on prediction markets to be clear. But I know there's a lot of enthusiasm and certainly, you and Vlad have conveyed it around the $100 trillion wealth transfer opportunity...

$124, it keeps going on...

$124...

I don't know where these people are getting all this money. But yes, it goes up. I guess it's from the market.

It's a market tailwind. I'm just going to say predominantly. But do you envisage Hood as being an outsized beneficiary of that trend. And how are you positioning the firm to take advantage of that, especially in the context of your relationship with TradePMR?

Yes, I think there's a massive opportunity there. And like I'll start with the context of why we even bought TradePMR. Robinhood, incredibly successful, crack the code in terms of self-directed, attracting new market participants at a pace that nobody has ever seen before. And now taking those customers and having a dominant position with respect to retail as we continue to attract more. But they all get to that point where they say, "Hey, look, as I said earlier, I'm going to need some help managing some of this wealth or maybe even all this wealth. And they told us, look, I can't give you more of my share of wallet because you don't have an advisory product or a full-blown adviser solution. And so that was really what we were trying to do is just round out the offering.

The reason why we thought TradePMR was so interesting is they're kind of tech forward, but they're also quite aggressive in understanding that a lot of the advisers are struggling with the idea that there's going to be a lot of wealth decumulation happening, the $124 trillion. And it's an industry stat. I think it's 72% of people, whether they're a child or a grandchild, they just fire that adviser the day they get the money because they're not going to -- they don't have a relationship with that person and they're probably not going to manage money in the way that they would like them to manage money. So they're desperately in the advisory space looking for a connection to the recipients of that $124 trillion.

You know where those recipients live? They live in Robinhood. Those are the 26 million customers that live in Robinhood. So that's a natural connection for advisers.

The second component is, I'm going to be a little judgmental here, but the wealth management side hasn't really been very innovative. The last thing I think that was -- we would consider innovative would be Robo adviser. I think those rolled out in 2010. And I don't -- I'm not being critical of the space. I'm just saying they haven't needed to be innovative. Like you had Schwab gobbled TD Ameritrade, Fidelity, now you have 70% of the industry controlled by a couple of firms. And so if I'm an adviser, I'm a little frustrated because they've taken away their referral programs. There used to be 3,000 RIA firms getting those. Now it's like 250. They've squeezed them on economics. They compete with them. These are all the things we hear from advisers, and we get together with the largest ones in the country to help us because we have a blank canvas now.

We can build a program or referral program, which we are doing that will be world-class. And it will also be built in such a way that this next generation is accustomed to doing business, which means I'm probably not walking into a branch somewhere. I'm okay with having my interaction be done digital. We know that. We understand our customers very well. I think there's a huge opportunity here, and we're going to seize upon it.

The other component I would say is we do things in an operational manner that is much more efficient than some of our larger peers. So we're going to be able to deliver -- give back some of the margins and economics to these customers to attract many more assets.

All right. Well, waited long enough, we do have to pivot to the prediction market discussion immediately...

I could have predicted when we were going.

Yes.

You have a market on that?

Pun very intended clearly. The record prediction market volumes in October in excess of what you did for the entire 3Q. As we think about the opportunity set here, what percentage of your customer base is utilizing prediction markets today? And what's that North Star in terms of what you think that could get to over time? And how are you driving that higher?

It's pretty small. And the reason why it is small is because if you think about how quickly this all materialized, I mean it started with -- for us, it started with the election in November. And then now it's grown from there. And now we're probably over 1,000 contracts across a variety of categories, sports, cultural, economic, although we're waiting on economic indicators, it's -- you have contracts with economic indicators, and we're relying on the government to give us those indicators so when they do, those will settle.

But -- so we haven't really had time yet to sort of have it be, what I'll call, really ingrained in the experience on Robinhood. Now we're working like mad to create an ecosystem, which is better for customers and more discoverable. But like the interesting things that happen today are millions of people on Robinhood on a Sunday, billions of people on Robinhood on a Saturday morning, which normally wouldn't happen. And so they're not only interacting with the prediction markets, they're actually interacting with other things, which is really beneficial.

So I think we have a huge amount of runway there with respect to getting deeper adoption there. And if you look at -- the question often gets asked, well, who are using this? Is it active traders or what segment of your customer base is using those? And it's really kind of interesting because it varies based on what it is. On the economic side, it's this segment. On the sports side, it's this segment. On the cultural side, it's this segment. And there are so many places you can go with event contracts that it's -- like it's pretty cool in thinking about it.

But the challenge is because it's so cool and because it's growing so nicely, inevitably, that breeds more competition?

Oh, yes, I mean, who isn't getting into this space. By the way, there's a thought that that's a bad thing. I actually think it's a good thing. And what I mean by that is you're just creating a bigger ecosystem. And for us, we're the giant already. We're the first, and we're the giant. And when I say first, we're the first scale player, right? So everybody who enters this space, our phone rings. "Hey, would you like to partner? Hey, would you like to route to us? Hey, would you like to acquire us? Would you like to, et cetera, et cetera, et cetera.

Because if you think about it, the most important facet of this whole space is scale. That's what we have. We have 26 million people. And so for every new entrant that's an exchange or a market maker or a potential provider of these, we're getting that call and building a bigger ecosystem that more closely resembles like the equity market structure or something like that, where we have -- I can go to this exchange, this exchange, this exchange, this exchange. That competition is good for us because they're going to deliver hopefully better margins, better products and everything that we want them to deliver or we're probably not going to route to them.

How do you protect that competitive moat? Just you noted that you have leading share in this space. The exchanges are going after it. The sports books have effectively conceded. I acknowledge that prediction markets could be the wave of the future, so might as well embrace it? Any actions you're taking just to create some higher barriers and protect that...

I don't know that we've really thought about it from a barrier standpoint. We're more opportunistic. Like we have 26 million people and a small percentage are using it. So that's pretty -- if you look at what the hardest component for anybody in this space or the ancillary space is, it's to get the customer. They spend a lot of money to get the customer. We already have the customer. So that makes it a lot easier. But I would also say there's going to be benefits. Now you have a 225-year-old institution over here that's getting in. CME, a 150-year-old institution that's getting in. They're knocking on our door. They want our flow over there. So that's beneficial. And I think that, that lends well for the industry at large.

And you also talked about the fact that you're having a lot more success attracting some larger accounts to the platform. I did want to go back to the custody discussion for a moment because there are quite a few asset classes that you don't yet custody on the platform today. How big of a deterrent is that for some of those larger accounts to move over? And what's the timing for when you're going to be able to custody a wider range of assets on the platform?

Yes. So the ones here, I think, the biggest gaps we have specifically are mutual funds and fixed income. And if we didn't buy TradePMR and we weren't getting into the sweet spot of larger accounts with legacy holdings, I don't know if I'd ever build mutual funds because some of the mutual fund companies are already converting them to ETFs, and we're kind of hopeful that, that was going to accelerate, but I don't know that it's going to.

So I think we realized we need to get those because what happens today is somebody with a large account tries to ACAT, they can do a partial ACAT, and they'll do that, but they really would prefer to ACAT the entire thing over. So I would anticipate that in the next year or 2 that those will be filled. Because we know it's -- we're basically leaving money on the table. And part of that is also a need from -- more so on the advisory side as well because there's obviously a larger pool of assets that are custodied in those 2 asset classes, even on the self-directed side.

Well, I know we have less than a minute here, but maybe just in closing, you're innovating at a neck-breaking pace. There's a lot of new initiatives you're working on, which of the new initiatives you think will be the biggest contributors over the next couple of years? And what does success look like for your queue over the next 5?

Well, I think if we continue the success, and I anticipate we're going to on the self-directed side, it's always very interesting to get into areas where it's complete white space. And so wealth management, largely white space for us; international, largely white space for us. I've been very passionate about international and the opportunity here because, look, when we go talk to any country, go to any region, go to elected officials, regulators, et cetera, industry participants in any of these countries, they immediately bring up the fact that Robinhood is largely accredited with bringing 26 million young diverse people in the marketplace. And now we have 60% of U.S. households participating in the market. In any of those countries, it's in the teens.

And they know what's going to happen if those people don't start saving and doing so with a great wealth creation vehicle like a market anywhere. And so they're very, very enthusiastic about us coming there and helping them solve that issue for them. So I think there's -- if you think about the TAM there, it's pretty mind blowing. And it's exciting. Kind of fun.

Well, I know you were excited about international when Ameritrade acquired Scottrade. So it was a different shop, but equally excited...

That gave us a leap. We didn't understand when I was at TD Ameritrade, how much of a leap forward that was going to do. They had a really -- Scottrade had a real strong presence in Asia, stronger than we ever thought. And it was -- it really kind of gave us like a 3-step bumps ahead.

So it's not your first rodeo?

Not my first rodeo, no.

Well, this was a great discussion, Steve. Thank you so much. Really appreciate it. Hope, we'll have you back next year.

Yes, definitely.

Thank you to everyone for joining Robinhood's Q3 2025 Earnings Call, whether you're tuning into the live stream at home or here with us in person. With us today are Chairman and CEO, Vlad Tenev; CFO, Jason Warnick; SVP of Finance and Strategy and Treasurer, Shiv Verma; and VP of Corporate Finance and Investor Relations, Chris Koegel. Vlad and Jason will offer opening remarks and then open the call to Q&A.

During the Q&A portion of the call, we will answer questions from the audience, which includes institutional research analysts, finance content creators who may hold an ownership position in Robinhood and both institutional and retail shareholders.

As a reminder, today's call will contain forward-looking statements. Actual results could differ materially from our current expectations, and we may not provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor are described in the press release we issued today, the earnings presentation and our SEC filings, all of which can be found at investors.robinhood.com. Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation.

With that, please welcome Vlad and Jason.

Good to see everyone. It's great to be here with all of you today. We have a live audience again this time from Downtown San Francisco. And also great to, I think, for the first time in our earnings call, have institutional and retail shareholders, so buy side joining us. So welcome, and thank you.

Also, we have our institutional analysts. So good to see a lot of familiar faces here. Q3 was another quarter of relentless product velocity. So we were excited to see that. It was really across our 3 focus areas, which, as a reminder, #1 in active traders, #1 in wallet share for the next generation, #1 global financial ecosystem. So I'll briefly go through each of these.

Active traders. We want active traders to feel like they are at a disadvantage if they trade anywhere other than Robinhood. And we've rolled out a ton of great new products for active traders. You guys might have seen second annual HOOD Summit in Vegas just a couple of weeks ago. We announced a bunch of brokerage updates, shorting multiple brokerage accounts, AI-driven custom indicators powered by Robinhood Cortex, a whole new social platform, Robinhood Social. And we've got more. We've got more for you guys. We can't wait to share more next month at our first ever AI event on December 16. Innovation like this really has the active trader engine humming. In Q3, we had record equity and option trading volumes, and October looks even better.

For both equities and options in the month of October, we had new single day all-time and new monthly records. So both of those businesses just continuing to perform strongly. Prediction markets are really on fire. It's hard to believe that we launched this just about a year ago with the presidential election markets. We've doubled volume every quarter since then to 2.3 billion contracts in Q3. And the month of October alone was up to 2.5 billion contracts. So October by itself was bigger than all of Q3 combined. Customers really love the product, and we're bringing them even more. We're now at over 1,000 live contracts, and we've expanded categories. So it's not just sports but also economics, politics, culture. We're making the UI much cleaner to experience even better. And I think it's really exciting to see where this can go. I mean, we love being early to this new asset class. And some people are saying this could be one of the largest asset classes because you can price risk in pretty much anything. We have a massive opportunity with assets as well.

Turning to wallet share. Our assets are now up to over 1/3 of $1 trillion as the generational wealth transfer of $120 trillion is fully in motion. So I think it's really great to see our financial super app accelerating. On the long-term money side, retirement, now up over $25 billion, which more than doubled in the past year. And Robinhood Strategies, which we just launched in March, now has over $1 billion in assets and is one of the fastest-growing digital advisers.

On the banking front, Robinhood Gold Card, now over 0.5 million cardholders with over $8 billion in annual spend. So the numbers there just keep growing. That's 5x growth in cardholders since the beginning of the year. And we'll get into this a little bit more in Jason's section, but we like what we see there. The customer behavior is good, and that's given us confidence to accelerate the rollout, and we're going to accelerate it even further. And Robinhood Banking started early customer readout -- early customer rollout quite recently. So far, we like what we're seeing there, too. Customers are direct depositing. You might have seen some nice screenshots of the user experience and the onboarding flow and people really love that they're getting interest, not just on their savings, but they have an opportunity to earn a good interest on checking. So it's really about simplifying things for customers. And the plan is to just keep scaling this, keep adding more services, more products. And last but not least, we've been really grinding to build out the #1 global financial ecosystem.

So 10 years from now, the aim is to have over half of our revenue be outside the U.S. and also cut another way. Right now, we're majority retail. We think we can get to over half being non-retail institutional. And these are tough goals, but I think the opportunity is there, and we're going after it. Three areas of progress to highlight from Q3. tokenization, which are stock tokens in the EU. We're now up to 400-plus public companies and growing. There's a lot of innovation to be done. We're working hard.

Robinhood Ventures in the U.S. So we found a way to give exposure to non-accredited retail to private companies, which we think is super important and a huge opportunity for us. We've already made some initial investments. We're working towards the public offering for Robinhood Ventures in the coming months. Bitstamp around the world, our first scaled institutional business, we're very excited about that. We are continuing to grow. We're adding capabilities. We're adding more institutional customers. Volumes are up 60-plus percent quarter-over-quarter for Bitstamp. And it's great to see that we're accelerating even as we're integrating. And I think that's like not a common thing. It's a big business. I think the team has done a really nice job kind of integrating and making sure that product velocity just continues to increase.

And as a result of all this, great business results in Q3, revenues up over 100% year-over-year to a record of nearly $1.3 billion, record net deposits in the quarter, over $20 billion. We've already exceeded last year's record of $50 billion in net deposits, and we still have another entire quarter to go. So we feel really good about the traction there. Gold subscribers up to a record 3.9 million, and that's 14-plus percent adoption when you look at the overall net account base, and it's nearly 40% for customers that joined in quarter, our new customers. International customers, nearly 700,000 international funded, including Bitstamp. So the U.K. and EU are continuing to grow nicely. And we feel great about Q3 product velocity and results. I think it was a strong quarter, and I'll turn it over to Jason to go through financials before we get into Q&A.

Sounds good. Thanks, Vlad. In Q3, we delivered another quarter of strong profitable growth. Revenue doubled while margins expanded and earnings per share more than tripled from last year. Year-to-date through Q3, revenues are up 65%. Earnings per share is up 150%, and we continue to stay disciplined on expenses to deliver 75% incremental adjusted EBITDA margins. And it's exciting that as our business grows, we're continuing to diversify. In Q3, 2 more businesses, —Prediction Markets and Bitstamp each surpassed $100 million in annualized revenue, bringing us to $11 million in total and underscoring the growing diversification and strength of our business. Prediction Markets reached that milestone in less than a year. It's our fastest in history, and it's already tracking towards a $300 million run rate based on October volumes. So just really, really going fast.

Now let's take a closer look at our Q3 results compared to a year ago. Revenues doubled to an all-time high of nearly $1.3 billion as our customers remained engaged and continue to bring more of their assets to the platform. Trading volumes were up double to triple digits across equities, options and crypto, and we continue to grow market share across product categories. We're also seeing strong contributions from newer products like prediction markets, index options and futures. Interest-earning assets were up over 50%, driven by strong margin and cash sweep growth. It's great to see margin continuing to hit new highs as we win larger customers and gain market share. And securities lending also hit an all-time high with a strong market backdrop as IPO activity continued to pick up. And Robinhood Gold grew to 3.9 million subscribers. That's over 75% year-over-year growth as we continue to broaden the value proposition, including Robinhood Banking, which is just beginning to roll out.

Turning to expenses. Q3 adjusted OpEx and share-based compensation came in at $613 million, it's about $40 million above the midpoint of our prior outlook range. This was driven by 2 items that are both related to our strong performance. First, stronger year-to-date results led to higher Q3 employee bonus accrual. That is higher for Q3, but also includes a catch-up for the first half of the year. And second, the significant increase in our stock price this year triggered vesting on the remaining tranche of the 2019 CEO market-based award. This resulted in unplanned payroll tax expense in G&A. We are through that award now, so glad you get to go back to your $40,000 a year.

Looking ahead to the rest of the year, we're tracking toward full year 2025 adjusted OpEx plus SBC of around $2.28 billion, but it could be higher or lower depending on how the rest of the year plays out. This reflects our strong year-to-date business results, which had us tracking to the top end of our prior outlook range as well as some increased investment in new growth areas like Prediction Markets and Robinhood Ventures. I think each of these areas have significant potential for us. And lastly, this also incorporates the cost of Vlad's market-based award, which were not previously included in our outlook.

I'll also provide a quick update on the strong results we're seeing so far in Q4, as you may have seen in the release. October was a strong month across the business. We saw continued momentum in net deposits, new records set across equities, options, prediction markets, and margin and a nice step-up in crypto volumes.

And before we go to Q&A, I'm sure you saw in the release that I'm going to be retiring next year. I'll transition in Q1 from my operating role into an advisory role and will stay on until September 1. I'm incredibly happy and proud to share that Shiv Verma will be stepping into the role of CFO. I've worked closely with Shiv these past 7 years, and I've got absolutely complete confidence in him. You're going to find that he's seriously world-class.

At this time, I'd like to invite Shiv Verma to join us up here. Okay. First of all, I want to thank Jason for all he's done for Robinhood. He's been an incredible steward of the company, not just the finance team, but the entire company and is leaving the finance team in a much stronger position than when he joined. Among his many assets, and you guys are obviously familiar with some of them, I would be remiss to not mention that his good looks were a main reason why we wanted to do these earnings on video, which everyone can agree.

So I'm sure he'll be missed by this audience as well. I also want to congratulate Shiv. He's been working closely with me for some time now. You guys will increasingly see he's an exceptional operator. He's got a strong track record of not just being lean and disciplined, but also advocating for growth. And I think that balance is critical to so much that we do here. Tomorrow, Shiv celebrates 7 years at Robinhood. So while he's got his hands on nearly everything, he's currently SVP of Finance and Strategy and also our Treasurer. So Shiv, welcome. Maybe he'll say a few words as well.

Yes. Thank you, Vlad. I'm so excited and humbled for the opportunity to serve our customers and shareholders. Much appreciation to you, the Board and the entire leadership team for the trust. To Jason, a heartfelt thank you. We joined 6 weeks apart, and we've been on quite the journey together. Many of you know Jason is a fantastic CFO, but he's also an incredible colleague, mentor and friend. I just want to express my sincere gratitude.

For today, I'll keep it short and just want to introduce myself. As Vlad said, I've been here a little over 7 years, and I've seen the company scale from a couple of million customers and a few billion assets to now 27 million customers and over $300 billion in assets globally. I work closely with Vlad, Jason and the entire team. I've gotten to worn a lot of different hats. And as Vlad said today, I lead 4 teams: finance, strategy, corp dev, and treasury. In terms of what to expect, big picture, more of the same. Our top goal is still to grow and to keep delivering for customers to ship amazing products with high velocity. We also believe in a lean and disciplined culture, and this is personally where I spend a lot of time. We obsess about capital allocation and ROI. We pride ourselves on small teams that can deliver outsized results, and we believe in profitable growth.

And lastly, our financial North Star is going to remain the same, grow earnings per share and free cash flow per share and compound long-term shareholder value, plain and simple. So I'm excited to partner with everyone. I'll turn it back to Vlad and Jason and talk about this great quarter.

Thanks, Shiv, and I do look forward to seeing Shiv competing on Jeopardy someday. Chris, why don't we go ahead and take some questions.

All right. Thank you, Jason. For the Q&A session, we'll start by answering shareholder questions from Say Technologies from shareholders who are joining us on video. And after the Say questions, we'll turn to live questions from our audience and then go to dial-in participants. So I'll kick it off with our first question from Say, which comes from Preston.

Well, Vlad and Jason, can you guys see me okay?

I see you now. There you are. Look at that. He's got the Robinhood logo. Did you draw that yourself?

I painted that in class a couple of days ago.

Awesome.

But I was wondering how quickly do you expect to roll out Robinhood Banking to users?

Yes. Great question. This will be a relatively fast rollout. When you compare banking to the credit card, there's not the same considerations around making sure the economics between the borrowing and the spending are perfectly calibrated. I think banking is a simpler product in that way. And so the rollout will just be governed by customer feedback. We like what we see thus far, and so we're going to continue to rollout. And we expect that if there's no surprises, it should be pretty quick. We've already got customers trying it, including cash delivery available in some markets and early results are really good. So if you're in the state of New York and have access to banking, you can try it right now.

All right. Thank you, Vlad. The next question is from [indiscernible]. All right. I'll read it. So [indiscernible] question was there was recent AWS-related outage. How are you strengthening platform resiliency to address that?

Sure. Yes, that's a great question. So for those of you that don't recall this, even though pretty much the entire Internet was briefly affected, including my kids elementary school, they couldn't take attendance. AWS had an outage a few weeks back, and that led to degraded app performance for a significant number of our customers. Now the good news is it actually demonstrates how much progress we've made in the resilience of our systems over the past few years. If this had happened to us like an outage of the infrastructure provider of this magnitude, if it had happened a few years ago, we probably would have been fully down. But we made a lot of investments in that time period. And so even though things were slower and there were higher latencies, a lot of customers could manage their risk and place orders, although we didn't provide them with the type of experience that we would want. That's for sure.

And one thing that you can be assured of is every opportunity, every outage like this, even if it's a third-party related is an opportunity for us to further strengthen our resilience. So we've been hard at work looking at how we could become even better. And that's internally and also in conversations with all of our partners. So this is part and parcel of what we have to do. We want to be our customers, not just primary financial account, but we want to be their secondary financial account as well, which means that we have to continue to be robust.

All right. Thank you, Vlad. And let's take one more question from Say on video and see if we can go 2 for 3 here. So the next question is from Griffin.

Really great quarter, first of all, but I wanted to ask around the super-app nature and kind of the evolution of Robinhood. So obviously, it was started to democratize investing for everyone. And now as you evolve into the full financial kind of ecosystem and also the true super-app for the next generation, how do you see this ecosystem maturing? So what products do you think will kind of be the core tie around all of this? And also, how do you see the biggest opportunities for this next generation as everyone's finances get more complex?

Yes. I think that's a great question. I mean you're seeing that part of this vision is somewhat predictable in a sense. We have to look at how does money enter our ecosystem. And of course, we have all of the existing mechanisms, but Robinhood Banking -- the goal with Robinhood Banking is to be the place where our customers deposit their paychecks as well. So that will handle the inflow of money. And a lot of the assets over time, we do believe will be invested. But the question is, can we minimize the reasons customers have for ever withdrawing money and make it as easy as possible for people to get money in.

And over time, there will be new products, new product categories like Prediction Markets that arise. And we want to use our combination of best-in-class user experience and also economics to make sure we're a big player in everything that customers want to do with their money, not just in the U.S. but increasingly globally. So it's going to be a combination of getting broader, but also selectively going deeper in areas where we feel like we have competitive advantage.

All right. Thank you, Vlad. That concludes our shareholder questions from Say Technologies. And so now we'll move to Q&A from our live audience. The first question is going to be from Patrick Moley at Piper Sandler.

For my question, I want to say congratulations to both Jason and Shiv. Jason, really enjoyed working with you. Shiv, looking forward to getting to know you a little better. So I had one on Prediction Markets. You've obviously become one of the leaders in the space, but there's been a lot of new entrants recently. So I was hoping you could talk about just the strategy there and what you think gives you the right to win long term?

And then as a second part to that, can you talk through some of the strategic considerations around maintaining your position today as kind of a retail distribution for the venues versus maybe trying to develop something internally, whether that's organic or inorganic?

Yes, yes. So I think one of the advantages we have entering any market, Prediction Markets aren't an exception is that we have distribution. And we have lots of customers, 26 million-plus funded accounts in the U.S. that are trading and using us for all sorts of things. And from an infrastructure standpoint, we actually have an increasing set of tools that can plug in and are being built to be multi-asset. So not just our mobile app, but increasingly on web. We have Robinhood Legend. We have all of these things that, that we announced at HOOD Summit. And it's really an ecosystem of financial services, and you'll see great integration between all of our platforms and all of our assets and account types increasingly so in the future.

I think when we think about vertical integration, like should we be a market maker or should we be an exchange in any asset? One thing we look at is, is the vertical integration going to be accretive to us? Is it going to be something that is increasingly commoditized over time? And my feeling for how this is going to evolve in Prediction Markets at least is there's going to be a lot of entrants in the space, a lot of exchanges. And in the same way that across equities and options, customers are well served because there's a wide variety of venues that are competing on cost to offer great execution. I think Prediction Markets will evolve that way, too.

And I think in that world, the customer certainly benefits because different DCMs and markets will compete for who offers the lowest cost. And I think the power continues to be in our distribution and offering a wide variety of products and services. I think we're the only ones currently that have this powerful combination for traders, not just being able to trade Prediction Markets, but crypto, options, equities, futures, I think it's a great combination, and there are certain advantages for everything being in one place under a simple, easy-to-use platform. I think we can keep pressing on that advantage.

And as you've noticed, I think the product has continued to evolve at a pretty rapid pace. I think you should expect that to continue and to even accelerate.

All right. Next question from Alex Markgraff from KeyBanc.

Jason, Shiv; congrats. Maybe, Jason, one on crypto, the crypto business for a second. Just want to understand better as you've moved through the third quarter and early part of the fourth quarter, the mix of smart exchange routing and how that's sort of factored into the numbers that we're seeing.

Yes. So the blended take rate is kind of in the high $0.60 zone. And we are liking what we're seeing for smart exchange routing, really robust interest by customers. And the take rate that we're seeing so far into Q4 is kind of in the same zone. We'll have to watch how the mix plays out. But we like what we're seeing from customers. They're bringing more -- when they select smart exchange routing, they're bringing more of their trading volume to Robinhood. So we feel really good about the offering that we have.

Yes. And I would just add one thing there. It's a big step towards pricing being a little bit more personalized, right? And what we had before, a lot of people ask us as well, your take rate is so much lower across the board. Can you raise your take rate. But I think the real story is a little bit more complex than that because certainly, if you're an active trader, you're trading huge volumes, you're able to use advanced offerings on exchanges.

And in the past, we didn't have tools to offer those customers we might not have been super competitive for lower take rates. And that's what smart exchange routing really unlocks for us for those that are super active and bringing a ton of volume, almost like prosumer traders which we're seeing more of now that we've got Robinhood Legend, can we make Robinhood a no-brainer for them. And we've seen more and more of those customers choosing us and coming in here after smart exchange routing, which is very exciting because that's just customer segment that we felt we were underpenetrated with.

All right. The next question is from Devin Ryan from Citizens. [Operator Instructions].

Vlad, Jason, Shiv, and Shiv welcome to the call. I know you've been a big part of the story already. So kind of welcome to the stage here. And Jason, to you as well, the success to date and the best practices you put in place with the firm on strong footing. So congratulations.

Thanks, Devin.

Question on private markets. Demand and activity that we're tracking is recovering. Last week, Morgan Stanley announced the acquisition of EquityZen. I know there can be some barriers with accredited investors, maybe that makes a little bit complicated. But can you just talk about whether there's demand from your customer base and especially as companies stay private longer, just -- and a lot of the values created in the private markets, it would seem like Robinhood is in a great position to both be a trading hub and help create liquidity in the system, but then also maybe even in primary capital for private markets. So the question is just whether there's an increasing interest in private markets, if there's a plan there to do more. I know it connects to tokenization as well and also if M&A would make sense there as well.

Yes. Maybe I'll start, but Shiv has also been working on the Robinhood Ventures front. So maybe I'll ask him to say a few words as well. Look, I think private markets are a huge opportunity and just let's focus on the U.S. perhaps first because that's where we have the largest portion of our business, although international with tokenization provides some interesting opportunities as well.

In the U.S., I think it's one of the biggest iniquities that we think is part of our mission to help resolve. You mentioned yourself, you have a lot of these companies that are staying private longer. They're avoiding the public markets. They're private in valuations of hundreds of billions now, right? And if you want access to the AI innovation economy or space technologies, you don't have a ton of pure-play public companies to select from. So we think it's a bigger problem, particularly as these technologies have so much potential to upend the lives of retail consumers, giving access to that is a big part of it.

A few years ago, we rolled out IPO access. And I would say that at first, people were kind of skeptical about it, right? Like we would have to really work hard to get companies to be interested to give retail IPO allocations. And recently, pretty much every company that's notable that's thinking about going public comes to us, talks to us about their retail engagement strategy. And now they're looking at how do we engage retail better earnings calls, not just shareholder Q&A, but doing -- making earnings more compelling so that retail wants to actually watch and participate and learn as well.

And we've noticed the allocations to retail going up in public companies, public IPOs, which we've been very happy about. And I think that's a trend that's going to continue. And we want to do that at earlier stage. And I think that's really the thesis behind Robinhood Ventures. And we found a way to do it, we believe, unaccredited. And maybe Shiv can talk a little bit more about that.

Yes. We've been working on this for a while, and we're super excited. In terms of the demand, when we talk to customers, it's one of the top things they want. They want access to these best-in-class technology companies that they use and love. And when you ask them, there's 3 big things they want. First is daily liquidity. Second, not to be accredited. 85% of Americans aren't accredited today, so they get left out. And third, more concentrated portfolios. They want to access again the names they love. And so when we designed the product, that was our main use case, how do we do that? And we think we found a great way to do that. We're on a file with the SEC for Robinhood Ventures I. We're in the quiet period, so we can't say too much more there. But we think this vehicle will be great and expect pretty strong customer demand. And then the other thing we're working on is how do you make it great for companies because you need both the customers but also the companies.

And so we're trying to think what's the best way to partner and innovate with these customers and companies as well and have some really great traction there. So we're excited to share more about the fund in the coming months. But as Vlad said, this is just Fund I and just to start, our ambitions in the space are pretty large.

The next question is going to come from Jeff John Roberts from Fortune.

My question is about tokenized equities, which seem to be the future, and they seem very cool. But I'm curious, when do you think they're going to scale Vlad? And also what implications they might have for Robinhood's revenue when it comes to payment for order flow or otherwise?

Yes. Great to see you, by the way. I forgot to mention we have some folks from the media joining us today, too. So thanks for the question. So tokenized equities, as you might remember from the event in France, there's 3 phases to the rollout. And we're still in Phase 1, but we're really ramping up the number of tokens available on the platform. So we're now up over 400 available. And I think that makes us the largest in terms of selection. I think, the largest, maybe one of the largest at the very least. But I think where it really starts to get interesting is Phase 2 and Phase 3, which is them available for secondary trading on Bitstamp and then eventually them being on DeFi where the possibilities really start to multiply. You start thinking about self-custody collateralized lending and borrowing, which we think could be very, very disruptive as well.

Currently, the model is just foreign exchange in the EU. Yes, we take a relatively low simple foreign exchange fee for tokens. And actually, we're pretty happy with that. I think that's 10 basis points, if I'm not mistaken, which is actually slightly higher than what we would be foregoing with payment for order flow.

All right. The next question in the front row.

Vlad, this is for you. Anyone who's had the pleasure of being an investor or customer over the last many years, I think has seen an incredibly inspirational change in product execution base. I'm curious to understand from you guys, what have been the contributing factors there? How do you see that maintaining or increasing over the coming years, but really incredible job, and it's so fun to be a customer.

Well, thank you. Yes, we appreciate that. I think that we've grown as a company and I think it's easy to sort of like dismiss what happened during COVID as we were sort of like too bloated and got too big and got away from us. But I think a lot of what we did actually was we built the foundation for the company subsequent to that. So we brought great people into the company.

And I think we realized well -- we realized that we had to ask ourselves serious questions about what kind of culture we wanted, what we wanted to be, did we want to ship fast. And I think that set the foundation, both infrastructurally and from a people standpoint to the product velocity that you see now. So I think we obviously had to make some tough decisions getting fit. I think we've also -- I think this is sort of underreported. I think a lot of people don't like to talk about this, but we were pretty early to adopt AI and actually like drive that through the organization, particularly in the areas where we think there's maximum impact, customer service and engineering, where we actually -- I believe, we're best-in-class in our industry. So you'll hear more about that at the AI event, but I think that there's not a lot said about that because we're not a foundation model company, but I think we're right up there leading the financial services industry with -- how we're deploying it at scale.

Two things that I would add, which I think both relate to speed of decision-making. We made the change to a general manager model. And I think having leaders over their specific business owning goals and driving against their milestones helped us move faster. The second piece was alignment on what our financial tenants were around kind of what the ROI and other financial guardrails are and just getting a complete alignment across the teams that build and the teams that support on what those hurdles are and what those requirements are allowed us to move even faster once there was alignment on that. So those are 2 aspects that I think help us move faster.

All right. Yes, and also in the front row.

Cryptocurrency-related products and revenue have been an important part of Robinhood's growth story. What are your thoughts on adopting Bitcoin or other digital assets as part of your corporate treasury strategy?

Shiv, what do you think about that one?

So we spend a lot of time thinking about this. We like alignment with the community. We are a big player in crypto. We want to keep doing it. We like that our customers are engaged in it. What we always try to figure out is, is it the right thing for shareholders as well. If you put it on your balance sheet, it has the positives in that you're aligned with the community, but it does take up capital. Our shareholders can also go and buy Bitcoin directly on Robinhood, and so are we making that decision for them? And is it the best use of our capital? There's a lot of different things you're doing from new products for growth, investing in engineering. So we have this debate constantly. And I think the short answer is we're still thinking about it. There's pros and cons to both of it, and it's one that we're going to keep actively looking at.

All right. Before we move to the virtual queue, are there any other questions from folks in person? All right. Now to the dial-in community. All right. [Operator Instructions] So the first question is from James Yaro at Goldman Sachs.

All right. We're not -- we don't have James at the moment. So we'll go to the next question. And James, jump back in if you can hear us. All right. So the next question is from Ben Budish at Barclays.

All right. Well, in the meantime, while we work to connect with our virtual community, Alex Markgraff, do you have another question? All right. Let's get Alex a mic. Shiv, do you want to tell -- share any more about yourself while we're waiting?

I think we're getting Alex on mic. So we're in good shape.

Vlad, you mentioned the wealth transfer in your prepared remarks. And I'd just be curious to get your thoughts as to in that sort of longer arc opportunity where we are today. And then Jason or Shiv, maybe just thinking about the contribution to growth, again, sort of a longer-term question, but when we think about the contribution to growth from the wealth transfer, how should we sort of think about that over a 5-, 10-year arc?

Yes. Maybe I'll start with some of the things we're thinking about on the product side. We've been really thinking about how to make Robinhood more useful for you, the more of your family is on it. So -- and -- you see this with credit card and now the banking offering. Like the product is really a family product. Family is a first-class experience. You can get your partner, a credit card or a bank account and make it really easy to create accounts for children and other household staff as well. And a lot of people have been using it as like a family financial hub.

And I think you should expect that to be broader and deeper across the entire ecosystem. You guys might probably recognize even though we've added a bunch of account types to the product, a few years ago, Robinhood just used to be a single individual brokerage account. We didn't even have retirement accounts. Now you have retirement accounts. You can have recently launched up to 10 custom individual brokerage accounts, which people have been really loving. But we still have a ways to go. We don't have trust. We don't have custodial, but we think that's an opportunity to continue to both get people when they're younger, but also when customers get wealthier, they tend to start diversifying, putting things into trust. So we see that as an opportunity as well.

And I think this is an area where trade PMR is also going to become increasingly important as we work to integrate that platform, particularly as financial needs become a little bit more complicated, having a person there to help you navigate the entire thing and give a little bit more customized advice, I think will be a great complement to our suite of digital services. So over the next year, you'll see a lot more. We're attacking this problem and this huge $100-plus trillion opportunity from multiple angles. And I actually -- I don't think it's on the radar of a lot of our competitors. I mean you don't hear about people designing with the whole family in mind. And I think that's a big opportunity for us to differentiate.

Stepping back, we've been winning market share really across every category that we're in. And I think as we execute against the vision that Vlad was sharing, we're positioned to take an outsized share of that -- of the wealth transfer.

All right. The next question I'm going to read on behalf of James Yaro from Goldman Sachs.

We are seeing tokenization across Robinhood and other firms and your tokenized equities product and those of peers are not interoperable as they are slightly differently structured and on different blockchains in many cases. Does this result in fragmentation of liquidity across the equity market? How do you expect this market to develop? And how would you make these tokenized stocks interoperable?

Yes. Yes, I can peel that one. So right now, certainly, Robinhood stock tokens are not as interoperable as we would like, but that's just because they're actually not on DeFi yet. So they're very much in the Robinhood walled garden, which has certain advantages. Right now, every trade that a customer does is backed by a traditional equities trade in a TradFi market. And as we continue to build up the liquidity and the collection of -- and the supply of tokens, I think that's going to lead to actually a really great initial customer experience.

Over time, I do expect greater interoperability. As you've seen with other assets in the crypto world, even if they're on other chains, the community tends to get involved and build bridges and wrappers. And so I think that's less of a concern. I think every major tokenized asset will eventually end up being multichain. So it's just a question of how do we get there. But interoperability, not a huge concern. I think it will come. In terms of liquidity fragmentation, I mean, that's nothing new, especially if you look at it on a global level across all asset classes, there's multiple exchanges. There are multiple market makers involved. And this is something that they know how to deal with, managing liquidity and trading across different venues. And I think in some ways, crypto technology and infrastructure makes that a somewhat easier problem because the cost and complexity of integration from an engineering standpoint is just -- tends to be much simpler.

All right. Thank you, Vlad. The next question is for Jason, and it's from Ben Budish at Barclays. I'll read it on his behalf. You've called out a number of cost items impacting this year, some of which it sounds like won't recur. How should we think about the run rate into 2026?

Yes. So we're working through planning right now for 2026. But what I would tell you is that we're approaching it the same way that we've approached the last couple of years, which is we think that we can invest for growth while delivering profitable growth, meaning margin expansion. The way that we approach that is that we ask the existing businesses to find efficiencies. And when we set targets and build our plans, we ask them to grow their cost base in the low single digits and in some cases, even lower. And we use those savings then to reinvest into growth, things like increasing spend in marketing, which we love the ROI efficiency of our marketing spend, but then also investing in new businesses. And you see the kind of outcomes that we've been able to deliver the last couple of years in terms of fast revenue growth and relatively more modest expense growth, and that's the approach that we're taking right now for -- as we plan for 2026.

All right. Thank you, Jason. We're going to take another shot at going to the live phone queue. All right. So the next question is from Brian Bedell at Deutsche Bank.

Can you hear me okay?

We hear you. The telephone works.

Excellent. All right. The old-fashioned, TradFi telephone. Well, I just want to say, first of all, congrats, Jason, on retirement. It's been great working with you, and welcome, Shiv. Looking forward to working with you as well. Maybe my question will go to Prediction Markets. So maybe if you can just talk about how the customer behavior has been forming just in the last 2 months. We've seen a big increase in volume, obviously, in September with the NFL and college games added. And how are you seeing that maybe sort of shape in coming into October? Are you seeing that volume increase coming from more new users coming into the Prediction Markets or rather greater usage of existing users?

And then if you can talk about maybe just your thoughts around time line of launching new contracts and potentially even weaving in things around maybe single stocks that active traders can start using.

Yes, I can start. We are working on this. We've actually increased the diversity of the contracts we offer tremendously in the past few weeks, launching entirely new categories. I mean, recently, lots of new entertainment and culture markets -- you've seen us broaden out the technology markets as well. So now we're offering over 1,000 live event contracts for customers to trade. We're seeing a lot of adoption. It might not be surprised because we have such a large established customer base, a lot of adoption from existing users, particularly traders, but we're seeing new customers as well. So there's customers that join Robinhood because they want access to our prediction markets offering. And I think there's plenty more we could do, not just increasing contract diversity, but making the user experience better, making it a little bit more discoverable in the product. And the team continues to work hard. You should see the product continue to improve week-over-week.

Much like our active trader offering, a relatively smaller portion of our customers are participating in the market. And I think as we continue to work on the user interface and discoverability of the product, we've got expectation that we can take that higher.

All right. The next question is from Dan Dolev at Mizuho.

Great job again on an outstanding quarter. I wanted to thank you Jason. Thank you, Jason. It was a pleasure working with you, and I look forward to working with you, Shiv. And my question for you, Vlad, is Bitstamp very, very strong, I think, over 60% growth quarter-over-quarter. This seems incredibly strategic to Robinhood. Can you maybe elaborate on the long-term strategic importance of this because it seems to be off to a great start.

Yes. And actually, it was -- we've had the pleasure of the Bitstamp team on the engineering side is actually at our offices. So we got to hang out with a lot of them yesterday with Johann and really talk through what's our plan for next year. And you're right that we've had pretty tremendous success growing volumes and improving the product post acquisition. But we definitely aren't getting complacent. We're not slowing down. We see a huge opportunity. I think Bitstamp can be very key to our tokenization plans as we enter Phase 2 of our tokenization vision. We really want to lean in there and give people access to real assets that have fundamental utility on the platform.

It's also our first institutional business. And the one thing I really appreciate with institutional customers is they have lots of choices for where they take their business, and they're definitely not shy about telling us all of the things that we do -- that we need to do better, which there are a lot of, believe it or not. I think we -- there's so many things that we hear from our institutional customers. So we're going to have a busy year. And I think that as we continue to be successful and build more things, I think we'll see that volumes and market shares will follow.

All right.

Johann is very nervous watching me say all this.

All right. The next question is from Brett Knoblauch at Cantor.

Congrats on the quarter. On the Robinhood Social, could you maybe just dive into that a bit deeper and when you expect for that to rollout and how you expect maybe users to begin using that and how should impact maybe financials and when you would expect it to impact financials going forward?

Yes. I think this is something where it may be somewhat challenging to forecast precisely the impact because the way we see it is this is going to be a new source of information for customers. It will be a source of trading ideas. We really want the product to be great, and we think that it can be just a source of information. We want to -- we think we can be the place where a lot of business and financial-related discussion can happen and hopefully originate.

And we've done some experiments with social features over the years. And we have seen that when executed properly, and I think we're being very thoughtful with how to make sure all of the content is high quality, of course, with verification of traders, we have an advantage there. We think it can be an engaging product that makes Robinhood not just useful when you have an idea that you want to trade on, but it can be actually where your ideas originate, which I think is a big opportunity because it allows us to close the loop. And if the ideas come from Robinhood and we're the place where they execute on the trades, the platform just becomes more powerful.

And that power and the network effect will continue as we continue to roll out more assets. I think we're going to be the only place where you're going to have live verified trades across not just equities, options and crypto, but also prediction markets and futures. And so the diversity of content, I think, should be quite compelling for folks that are interested in business and finance.

In terms of monetization, we really see this as an opportunity to spin the flywheel, attract more customers to the platform because of the rich social experience and then be able to capture a greater share of trading activity and other financial activities across the platform.

All right. Next question is from Ed Engel at Compass Point.

You talked about aspirations outside the U.S. and you guys talked about over half of, hopefully, one day, your user base will be outside the U.S. How does M&A play into that strategy? And can we expect you to kind of continue kind of launching market by market? Or could they create an opportunity to kind of launching a couple of markets simultaneously given a bigger transaction?

Over time, I think it's probably a mix. I mean we naturally gravitate towards organic growth, and you're seeing examples of that, for example, in the U.K., but we do have an active corp dev team. Actually, Shiv has been leading that for some time now. And when deals make sense for us, great team, great technology, ability to accelerate the roadmap, we don't shy away from those kinds of opportunities as well.

Okay. The next question is from Steven Chubak at Wolfe.

Congrats, Jason and Shiv. I wanted to start with a question just on the international strategy and the growth that you've seen thus far. I was hoping to get some perspective, Vlad, in terms of how that growth is tracking relative to plan? Is there more that you can do in terms of product deployment and innovation to maybe help accelerate that growth? It just hasn't gotten as much airplay as like some of the other opportunities. So I was hoping you can unpack that a little bit further.

Yes. I think it's still early in our international plan. That's why when we talk about this opportunity, it's really a 10-year vision because unlike the U.S., when we expand into these markets, we don't have an existing established customer base to cross-sell into. But we're really seeing signs that we like. And so we've continued to invest even more. Cohort activity, both in the U.K. and the EU has been improving, and that's actually led us to start doing marketing initiatives because we're starting to see like real ROIs to marketing activity as revenue goes online. In the EU with -- to catch a token event just a few months ago, we launched in 30 countries with stock tokens, which we're really excited about. I mean you've seen that ramp up. But again, it was a couple of months ago. So not much time has passed.

So I think this is one of those things where 5, 10 years from now, we'll look back and we'll say, man, we underestimated the growth of that business as we tend to do with things that are early. But we like the early signs, and we're continuing to increase our investment. And there's so much to build. I mean, even I mentioned with tokenization, we're still just in Phase 1. So I think over time, it will become clear how those products actually have significant advantages over what you might find elsewhere.

All right. Thank you. The next question is from Amit. Amit is investing.

A big thank you, Jason, over the years on your execution and congrats to you, Shiv, on your new role. My question is for you, Vlad. Going back to tokenization, you recently said tokenization will eat the broader financial system. Outside of just tokenized equities, can you give us a more larger look on how big of a size the opportunity is, why right now is the time to go after it? And what Robinhood is really thinking about over the next couple of years in terms of taking advantage of the opportunity? I know there's a lot of different other assets besides equities that could be tokenized. So can you just speak a little bit more on how you guys are thinking of the opportunity?

Yes. I think the opportunity is very exciting. One of the things that I think is both a problem and an opportunity with the traditional crypto is that crypto and the traditional financial system up until fairly recently have kind of been 2 separate worlds. And I think Robinhood has a unique position as a scaled crypto business, but also a scaled business in traditional finance to bridge the 2 and actually make room for what we consider traditional assets, but really things like securities, products with real fundamental utility to leverage blockchain technology and actually be tradable on chain where customers can self-custody, they can engage with a variety of protocols, collateralized borrowing and lending and where those assets can be traded 24/7 real time in fractional quantities. You've obviously seen some efforts in private companies in the EU with our OpenAI and SpaceX token giveaways there.

So I think we're really interested in continuing to pull on that and making those products available to customers. The other opportunities that I'm personally excited about is real estate, private credit, unique assets and collectibles like art. If you think about what's a part of your portfolio, if you're a high net worth individual, there's a lot of these assets that actually retail can't access currently. And I think that tokenization is a way to enable that at scale and sort of like reduce some of the downsides that would typically be associated with holding those assets, like lack of liquidity being locked into positions, not being able to like chunk the assets out and invest in portions of them.

So that's why we're continuing to push on it, both in the U.S. and outside. And you should expect this to become bigger and bigger in the coming years, of course, starting with stocks, which is the asset class that we think has the most potential, and we're also closest to.

Okay. Thank you, Vlad. The next question is from Roy from Crossroads.

Huge congratulations to Jason and also Shiv, and congrats to everybody on a great quarter, too. And very impressive, there's been a huge increase in predictions market activity. And I'm curious if the volume shown in the platform is a mix of Kalshi and Robinhood? Or is it just pure Robinhood? And also, is Robinhood considering expanding this internationally even alongside or even ahead of its current trading expansion plans?

Yes. I mean, sure. The volumes that we're showing are the volumes that are on Robinhood. I'm sure Kalshi is counting the activity that we send to them, which is quite substantial. And for contracts that we offer, I think a very large chunk of Kalshi's volume is actually coming from Robinhood. In terms of international, Vlad, I'll let you cover that one.

Yes. We're definitely looking into it closely. And you talk about tokenization as some of the previous callers have brought up, Prediction Markets is another asset class that actually has a strong crypto component, particularly outside the U.S. So we're definitely taking a look at what's the most effective way to get that to our customers. And I think it's going to be on a case-by-case basis, maybe slightly different in each jurisdiction, but we have some options as a scaled traditional player, but also on the crypto side, I think we will have our pick of what's best in each jurisdiction, and that's something we're definitely closely looking at.

Okay. The next question is from Matti Daleiden from JPMorgan.

This is Matti on for Ken. On shorting, has Robinhood experienced a noticeable pickup in customers applying for margin accounts in order to participate in the short selling since your 3Q launch? What have early adoption numbers and customer behavior looked like in these first few months?

Yes. So shorting is something that we've announced at the HOOD Summit event in Vegas a couple of weeks ago. Customers are very excited about it. It's somewhat hard to believe that we've been able to get to this point without offering shorting. But we've been rolling it out to employees and doing final testing. It's actually not yet rolled out to external customers. So we think people will love it, but too early to tell. And I guess to answer your question, no. I mean, I don't think the increase in margin usage has been in anticipation of shorting because it's just not yet available.

The next question is from Tannor with Future Investing.

First off, I just wanted to start off with a -- can you guys hear me?

Yes, we can hear you.

Okay. Sorry. With a crypto question around crypto staking on the Robinhood platform so far, if there's any insights there? And then also just maybe a small request, if you guys are open to publishing event contract volume on their monthly metrics updates going forward? That's it.

On the amount stake, I think it's -- we exited the quarter at about $1 billion. The market has been pretty volatile over the last few days. So I think it's come down a little bit, but customers are responding very well to the ability to stake.

And what about the event contract volume published and monthly metrics?

Yes, I'll leave that with Shiv as something to consider. I don't want to promise that for him, but we do like, in all seriousness, being as transparent as possible for investors, and we're always looking at ways to provide incremental disclosure to help you understand the business. So that's something we'll look at.

Yes. Thanks for the suggestion.

All right. That is the last question from our virtual queue. Is there anybody else in the audience here who didn't get to ask a question earlier that wants to ask a question?

Perhaps one of the virtual...

All right. Well, I think let's pass it back to you, Vlad.

Okay. I think you guys should know that we are not slowing down. The team remains incredibly excited to continue our mission, and there's so much to do. Roadmap is full. AI event is coming up, which I think will be very, very exciting. So hopefully, some of you will be able to join us there, at least virtually. And to commemorate this occasion, bittersweet, though it might be, I've learned that Jason has a favorite dessert. And so we've actually brought one here, and Jason wanted to share this with everyone in person and virtually vicariously, a [Baked Alaska].

You all wonder why I'm retiring.

Unfortunately, they wouldn't let us light it here even though that would have been very cool. So this is...

It looks incredible. It's the first time I've ever had it, actually growing up, my favorite was Lemon meringue pie, and this brings back fond memories. So -- and underneath, I anticipate there's ice cream, which is my favorite.

I wish they gave me the lighter, and I just like tried unsuccessfully to light it. But...

Thank you, and I appreciate all the kind words of encouragement. And I do believe we're leaving the company in an incredible position. And I think you're going to find in short order that Shiv is, if not an upgrade, equally as good at driving the company forward. So thank you.

Thank you. We'll see if he can finish an entire one of these. It looks like there's one for each of us up here.

We'll bring some of the team to help with that.

All right. Thank you.

Thank you, all.

Thank you to everyone for joining Robinhood's Q2 2025 earnings call, whether you're tuning into the live stream at home or here with us in person. With us today are Chairman and CEO of Vlad Tenev; CFO, Jason Warnick and VP of Corporate Finance and Investor Relations, Chris Kagal. Vlad and Jason will offer opening remarks and then open the call to Q&A.

During the Q&A portion of the call, we will answer questions from institutional research analysts, and we will also answer questions from finance content creators who may hold an ownership position in Robinhood. As a reminder, today's call will contain forward-looking statements. Actual results could differ materially from our current expectations, and we may not provide updates unless legally required.

Potential risk factors that could cause differences, including regulatory developments that we continue to monitor are described in the press release we issued today, the earnings presentation and in our SEC filings, all of which can be found at investors.robinhood.com.

Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation.

With that, please welcome Vlad and Jason.

All right. Greetings and salutations. It's great to see everyone today. We're actually back in New York City at the NASDAQ where we had Investor Day in December. I see some familiar faces. Also great to have institutional analysts and some finance content creators. I see some finance content creators as well with us today. So that's Robin with live audience for the first time, always innovating across every aspect of the business and the earnings is no exception, right?

So let's get right into it. Second quarter I think we really kept raising the bar with industry-leading product velocity across our 3 focus areas: #1 in active traders, #1 in wallet share for the next generation and the #1 global financial ecosystem. So why don't we dive in a little bit. Our active trader offering just keeps leveling up record trading volumes in Q2 across equities, options, prediction markets, index options and futures and by the way, pretty awesome that options volumes grew 60% from Q1 and event contracts more than doubled from Q1 to nearly $1 billion in Q2.

I think these results were driven by relentless innovation, including in Q2, new tooling capabilities for mobile legend, the team's rapidly shipping updates. Cortex for gold members, starting with stock digest, which have been used by hundreds of thousands of our customers. And the best is yet to come after 3 great product events so far this year, we're hosting the second Annual Hood Summit for Active Traders. That's going to be an event in Las Vegas in just a few weeks and it's going to be much bigger than last year. Last year's event was pretty big, but this 1 should be twice as big. So that's very exciting.

We're also working to serve far more of our customers' assets, which have doubled year-over-year. to more than $0.25 trillion, how amazing is that. A few highlights there. Average assets per funded customer was over $10,000 for the first time, nearly doubling from a year ago. So a lot of people thought Robinhood is always going to be in the low single-digit thousands per account, but we just keep compounding and that assets per customer keeps marching upward. Robinhood Strategies. We've grown that by multiples, now over 100,000 funded customers and over $0.5 billion in assets. So just a few months after launch there. We've tripled Robinhood Gold cardholders year-to-date. So over 300,000 cardholders. We continue to like what we're seeing, and we're going to keep accelerating the rollout from here.

Retirement assets are now over $20 billion, over $20 billion in assets. So this is customers entrusting us with their most long-term serious money. And that's more than doubled in the past year. And we're excited to launch Robinhood Banking in the fall, so customers can bring even more of their estate Robinhood. Now actually, with banking, we just rolled this out internally to the full employee base. it's really good. I think we're putting the finishing touches on it. I think you're really going to like it and very innovative offering. So plenty more there. Global Financial Ecosystem, we've been pushing even harder there. So I'm sure many of you saw our Crypto event in France to catch a token.

We expanded our European offering to 30 countries, serving over 400 million people. including stock tokens, which I think tokenization is the biggest innovation in capital markets in over a decade. Stock tokens will do for stocks, what stablecoin did for fiat currencies. Benefits to users, including 24/7 trading, instant settlement, the power of self-custody and also gives us the ability to expand to other assets, make all sorts of assets that previously weren't inaccessible to retail, tradable 24/7 just like any crypto asset. So that includes, of course, private markets and lots of other real-world assets.

Perpetual futures coming soon in Europe, and that's been very, very well received actually when we announced that. So very excited to roll that out. The U.S. is not far behind. Ton of legislative progress. You guys know the GENIUS Act just passed. We've launched seeking in the U.S. with over 750 million stake in just the first month. So pretty incredible progress for staking in the U.S. Bitstamp changed by Robinhood, that acquisition closed. So we now have a growing institutional business, and we think that's going to be a big 1 over time. And of course, the Robinhood Chain, to my knowledge, the first layer 2 blockchain that's optimized and built with real-world assets in mind.

So wrapping it up, as a result of the strong product velocity, great business results. Revenue is up 45% year-over-year to nearly $1 billion. The third highest quarter of net deposits ever, 6 straight quarter, over $10 billion actually for net deposits, and that's continued through July. The strong July for net deposits puts us on track to exceed last year's total, which was $50 billion in net deposits, which was again a record. Gold subscribers up to a record $3.5 million, the gold team has been doing a very, very nice job. That's 13% adoption when you look at our overall customer base. But if you look at new customers that joined in quarter north of 35% adoption. So that's been really good to see it. And we now have over 600,000 international customers when you fold in the customers we get via Bitstamp. So that's becoming a bigger and bigger part of the business. So we feel great about Q2 product velocity and results.

I'll turn it over to you, Jason, to talk about financials before taking some Q&A.

Sounds good. Thanks, Vlad. Q2 was another great quarter. as we drove market share gains, closed the acquisition of Bitstamp and remain disciplined on expenses. As a result, we grew revenues 45% year-over-year, drove 81% incremental adjusted EBITDA margins and doubled EPS from a year ago.

Let's take a closer look at Q2 compared to last year. Revenues were $989 million, driven by strong year-over-year business growth. Trading volumes were up double to triple digits across all categories. Looking at some of our newer products, Q2 contract volumes were $11 million for futures $17 million for index options and nearly $1 billion for prediction markets. So a lot of good momentum there on the new products. Interest-earning assets were up over 50%, driven by cash sweep, margin and strong securities lending activity. And it's great to see our gold cash sweep balances have crossed $30 billion up more than 10x since we started the high-yield offer less than 3 years ago.

And for Robinhood Gold, we grew it to 3.5 million subscribers that's up over 75% year-over-year as we continue to broaden the value proposition. We also stayed disciplined on expenses in Q2. Adjusted OpEx in SBC was up just 6% year-over-year leading to 56% adjusted EBITDA margins. Now for Bitstamp, as I've said previously, we expect about $65 million of costs in 2025 so we're layering that on to our full year outlook for adjusted OpEx and SBC, bringing it to $2.15 billion to $2.25 billion.

As a reminder, this outlook does not include costs from our anticipated acquisition of WonderFi or provisions for credit losses. As we enter Q3, we're off to a fast start in July. Net deposits are around $6 billion. It's a really nice pickup from May and June. Equity and options trading volumes are setting new monthly records. And crypto volumes for both Robinhood and for Bitstamp, are at 6-month highs. So really great start to Q3. And we continue to see customers responding to our great margin rates with margin balances now around $11 billion. So our momentum is strong entering the second half of the year, and we remain focused on driving another year of profitable growth in 2025.

With that, Chris, let's turn to Q&A.

All right. Thank you, Jason.

For the Q&A session, we will start by answering 2 top questions from shareholders on Say Technologies ranked by number of votes. We passed over questions that we already addressed on this call or in prior quarters and group together questions that share a common theme. After the Say questions, we'll turn to questions from our live audience. All right.

So the first question is from [ Tarun Kay ], who asks, what will Robinhood -- when will Robinhood banking be broadly available for customers?

Yes, I'll field that one. Thanks for the question, Tarun. As a reminder, we announced Robin Hood Banking at our Lost City of Gold event in San Francisco a couple of months ago. And the idea behind Robinhood banking, which is what inspired us to create this product was that we wanted to deliver the private banking experience, which has typically been a high net worth experience in digital form to the mass market. And so you have the best of private banking, which is high yield, things like estate planning, seamless integration between all of your other accounts, really nice net worth tracking along with some innovative features like cash delivery, which actually we've started testing and piloting in the initial markets.

So as I mentioned earlier, we've rolled that out internally, Robinhood Banking it's making good progress. It's looking really, really good, and it's still on track for rollout to customers later in the quarter.

All right. Thank you, Vlad. The next question is from [ Louis H ], who asks does Robinhood have plans to step more more heavily into lending, such as personal loans, auto loans, mortgages and other products. .

I'll start, and Vlad feel free to jump in. As we've said over time, we want to be the place to custody all of our customers' assets and process all of their financial transactions. And I think lending plays right into this. You may have seen that through a partnership with [ Sage Home Loans ], Gold members now have access to really great rates on mortgages. And the reasons they're able to deliver such great rates and we're able to deliver such great rates to customers is we're passing all of our share of that -- of the economics on to customers. And the early feedback has just been really tremendous.

So if you're looking to buy a home loan, please become a Gold member and check out the rates. We're also already providing some forms of credit. We've got the Gold Card. Vlad mentioned, 300,000 cardholders. We have margin. And over time, we've got pretty big ambitions across all transaction types.

All right. Thank you, Jason. All right. So we're going to now go to questions from our live audience.

And I'm going to start with Stephen Chubak from Wolfe Securities. Let's get him a mic.

Jason, Vlad, thanks so much for hosting this event.

Good to see you, too. Maybe just to start on net deposit momentum because in the second quarter, we did see a bit of a moderation. I know [ Steve Quirk ] spoke to some adjustments to promotional activity. You launched some promotions again alongside the crypto event, and we're seeing a reacceleration in net deposits in July. I wanted to get a better sense as to how the strategy is evolving around net deposits and promotional activity more specifically. And given the attractive payback economics, why not lean into promotional activity a bit more why retrend or pull back any of the promotions at all? .

Yes. Do you want me to -- I'll go ahead and .

Yes, why don't you take it? .

Yes, I'll go ahead and start. So first of all, we love the promotions. And what's great is customers love these promotions. As you mentioned, the economics are incredibly compelling. And when we launch these promotions, we tend to see larger balances from customers come in, and that's showing up in our overall averages. Promotions are part of our playbook. We intend to continue to do it. We measure the economics on all of these promotions, and we watch the customer response. We had a really good promotion around crypto deposits where the community reached the goal and we doubled the match rate to 2%. So really, really good opportunity there. I wouldn't read too much into the activity of promotions in Q2. Like I said, it's part of our playbook, and we really like that.

Yes. Maybe I would just say 2 things. One is net deposits as a metric does have some volatility that's driven by traders. So if the market is moving in crypto or in other asset classes in a particular direction, traders deposit money to take advantage of those opportunities by the dip, so forth. So there is a component that's going to fluctuate up and down. But if you look over the long run and you sort of like smooth out the inter-quarter, the trajectory for net deposits in this business has been quite strong. And I think if I look at the tailwinds coming up, continued customer engagement, growth in new products, expansion into banking and all these new asset classes that are just ramping.

All of that, we believe, will make the long-term trend of net deposits grow. And I think we're in a position where we've gotten more sophisticated about how we look at all marketing activities, and we're increasingly looking at these promotions alongside performance marketing and our other tools in 1 bucket. And I think we're fortunate to just see high ROI opportunities across the board. So we've scaled marketing quite a bit already this year, and it's been looking good. So we have to balance scaling it with making sure that we keep cost in line and we deliver that profitable growth that the team has been doing such a good job in delivering. .

All right. The next question is from Dan Dolev from Mizuho .

Thanks, guys. Sam, Amazing quarter, as always. And so my question is more broader. You had this like really nice event in the South of France recently. And can you maybe talk a little bit about the long-term strategic opportunities with private tokenization of private assets and some of the feedback you're getting from the market on all these great announcements that you've had just like 20 days ago or so.

Yes. I mean if you look at the [indiscernible] token event, I'd say it exceeded our expectations. I think for an event in Europe to have it watched million-plus times. I mean we were just talking about -- we were just talking a little bit earlier. That's more than many movies, right? So I think the team did a very, very nice job. I think it did 2 things. One is it was sort of a blueprint to the rest of the world of what can happen when you have clear regulatory clarity around crypto assets. And what's going to happen is a lot of the criticisms about crypto assets being sort of like not tied to anything of fundamental value or mostly meme based goes away because you can actually tie the technology to things that have fundamental utility.

We've seen that a little bit with stable coin in the U.S. And I think tokenization of real-world assets just extends that concept. We delivered it for exposure to public equities in Europe. But we've also demonstrated it with private stocks in Europe in the form of the [ giga way ]. And I think the reception to that was very positive. I mean, it's clear customers want this. They not only want it in Europe, but they want it in the U.S. as well. And I think it's currently a big problem, a big inequity that more and more companies are staying private longer. And a lot of the big gains are reserved to private investors that are high net worth or institutional.

So we are working to not just create a giveaway, but to turn this into a real product that's usable both in the EU and in the U.S., and we're excited to do that. I think we see a path to actually make that happen. The way I think 2 things, demonstrate the power of crypto technology and show a road map to what Robinhood could be if it was rebuilt from the ground up on crypto rails. And I think there's a ton of benefits there and also solve some pain points for European customers. And I think since that event, we've seen an acceleration in our European business, and we think we see a path to that being a bigger and bigger piece of Robinhood over time.

I think the event also is a nice highlight to our product velocity. We've had a number of pretty successful customer events this year. In September, we have for active traders at Summit, but really proud of the team for how quickly we're building. .

All right. Thank you. The next question is from Ed Engel at Compass Point. .

We've seen a couple of more fintech companies start to apply for -- with the OCC for banking licenses. Curious whether your mindset has changed on that, especially just given some of the recent roles you've had in the banking side.

Yes. Maybe I'll yield that, feel free to jump in. I would say, first of all, we're always looking at the landscape and sort of like making decisions about where we see opportunities. You might remember, 2019, we acquired -- we applied for a national bank charter with the OCC. And the impetus for that was we wanted to get into high-yield products to allow customers to generate more yield on their cash. And what we found was we were at this interesting inflection point where the partnership ecosystem around banking improved to the point where you could get -- you could produce an even better savings product, the partnership route.

And you could see that not just with the yield but also the multiplicative FDIC protection. So by partnering with banks and creating this FDIC product, we could actually offer you a very high yield and multiples of the FDIC protection. And Jason mentioned, that's grown to over $30 billion in our cash [ leap ]. So that's been very, very successful. And now with our partnership with Coastal through Robinhood Banking, we're going to be able to offer a very competitive rate on actual savings accounts as well as checking. So basically, we found that thus far, we've had all the capabilities available through the partnership model. And so the kind of cons have outweighed the pros of getting a charter, but we're always open to reevaluating it. If the balance shifts and there's something that's much easier to do with the banking charter, especially as we get into more of these lending products, we're nimble and we can reevaluate quickly.

All right. Now let's take a question from 1 of our finance content creators. Amit from [indiscernible] Is investing .

On a great quarter and congrats on innovating on the live event experience for earnings. Currently, right now, you guys have about 3.5 million gold subscribers, which seems to be the least cyclical part of the business because it's reoccurring SaaS revenues on that yearly subscription? More broadly, how are you guys thinking of protecting the business from cyclicality in the face of market volatility, rate cuts leading to a loss of net interest income? And anything else that could keep that type of growth going as sustainable as possible, given 1 of the biggest criticisms I've heard is that Robinhood has a very cyclical business. .

I mean, first of all, compared to just a few years ago, Amit, we're far more diversified. If you take just even the Crypto business, that's diversifying. We launched a number of products, staking in the U.S. is now taking off tokenization of U.S. equities in international locations. But that -- what we're seeing in crypto is happening across our business. And you've heard me say that we have 9 businesses with over $100 million of revenue, and we have a number of businesses that have a lot of momentum towards being the 10th and beyond. The other thing that I would say about kind of in the topic of like protecting your business against cyclical movements, 2 things.

The first is that the way we manage our business, and we talk about being lean and disciplined positions us in a place where when cyclicality hits. We aren't like some companies that really have to pull big on levers because all along, we've been disciplined. And you saw that we grew revenues 45% year-over-year, and adjusted OpEx plus SBC was up 6%. And so it's really kind of shine through, and I think it positions us in a position of strength should those kinds of situations happen.

The other thing that I would say is I would caution us from not overreacting to those situations. The market opportunity and the TAM that we talked about in this -- actually in this venue back in December, is massive. We have a massive TAM ahead of us. And I wouldn't want to over rotate in a moment of cyclicality when the market opportunity in front of us is so big. .

Yes. And I would just add that I think that was a legitimate criticism of the business in 2021 when we went public. I mean it was just a retail boom driven by multiple things, including interest rates. We've been able to diversify our business in a high rate environment, and we've been talking about the natural hedge of like as rates go up, interest income goes up, but transaction revenue goes down. So we've been able to drive these results in what's been historically still a pretty high rate environment and 9 business lines with $100 million or more in annual revenue. And we've got some that are on deck in kind of like the $50 million range and there's a whole bunch more little seeds that we've either just launched or are going to launch in the future.

So in 2021, when we went public, it felt to me like we were much more fragile than today. I mean product velocity was a little bit gummed up with all the work that we did to deliver for that scale that we saw during COVID. But now the road map, if you look at things that we expect to deliver in the short term, medium-term and long-term initiatives is pretty packed. So this is probably the least diversified you should ever see Robinhood. .

All right. Next question from Gotham Chhugani from Bernstein. .