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Sankey diagram of Robinhood Markets, Inc.. A complete text table follows the diagram.
The retail brokerage is broadening from trading commissions into interest spreads, prediction markets, subscriptions and credit products
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Transaction revenue is disaggregated into directly reported asset classes; net interest and other revenue remain at their reported totals. Because noncontrolling interests recorded a loss, the $4M attribution line is shown as a source that increases income attributable to Robinhood above consolidated net income.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Options trading | 1 | $260M | Largest transaction stream · +8% |
| Cryptocurrency trading | 1 | $134M | Down 47% year over year |
| Event contracts | 1 | $104M | Up from $3M |
| Equities trading | 1 | $82M | Up 46% |
| Other transaction revenue | 1 | $43M | Futures and other products |
| Net interest revenue | 1 | $359M | Margin, cash, cards and lending · +24% |
| Subscriptions & other revenue | 1 | $85M | Includes $50M Robinhood Gold |
| Total net revenue | 2 | $1.1B | Up 15% year over year |
| Income before tax | 3 | $411M | 38.5% pretax margin |
| Brokerage & transaction | 3 | $60M | Clearing and execution infrastructure |
| Technology & development | 3 | $241M | Largest operating investment |
| Operations | 3 | $38M | Customer and platform operations |
| Credit-loss provision | 3 | $36M | Cards, margin and customer receivables |
| Marketing | 3 | $107M | Customer acquisition and incentives |
| General & administrative | 3 | $174M | Compliance and corporate platform |
| Net income | 4 | $346M | Consolidated result |
| Income tax | 4 | $65M | 15.8% effective rate |
| Noncontrolling-interest loss | 4 | $4M | Attribution adjustment |
| Net income attributable to Robinhood | 5 | $350M | $0.38 diluted EPS |
| From | To | Value |
|---|---|---|
| Options trading | Total net revenue | $260M |
| Cryptocurrency trading | Total net revenue | $134M |
| Event contracts | Total net revenue | $104M |
| Equities trading | Total net revenue | $82M |
| Other transaction revenue | Total net revenue | $43M |
| Net interest revenue | Total net revenue | $359M |
| Subscriptions & other revenue | Total net revenue | $85M |
| Total net revenue | Income before tax | $411M |
| Total net revenue | Brokerage & transaction | $60M |
| Total net revenue | Technology & development | $241M |
| Total net revenue | Operations | $38M |
| Total net revenue | Credit-loss provision | $36M |
| Total net revenue | Marketing | $107M |
| Total net revenue | General & administrative | $174M |
| Income before tax | Net income | $346M |
| Income before tax | Income tax | $65M |
| Net income | Net income attributable to Robinhood | $346M |
| Noncontrolling-interest loss | Net income attributable to Robinhood | $4M |