Robinhood Markets, Inc. (HOOD)

ITEM 1. BUSINESS

Company Overview

Robinhood was founded in 2013 on the belief that everyone should be welcome to participate in our financial system. We are creating modern financial services platforms for everyone, regardless of their wealth, income, or background.

Our mission is to democratize finance for all. We use technology to provide access to the financial system in a way that is simple and convenient for our customers. We believe the financial system should be built to work for everyone. That’s why we create products that let our customers start investing at their own pace, on their own terms. We believe investing should be familiar and welcoming, with a simple design and an intuitive interface, so that customers are empowered to achieve their goals. We started with a revolutionary, bold brand and design in the Robinhood app which makes investing approachable for millions. Over the last decade, we have disrupted and changed the industry, becoming the first U.S. retail broker to offer commission-free stock trading with no account minimums, which was subsequently adopted by the rest of the industry. In recent years, we have continued to build relationships with our customers by introducing new products and diversifying our services that further expand access to the financial system, including focusing on products and tools for more seasoned investors. Through these efforts, we believe we have made investing culturally relevant and understandable, and that our platforms enable our customers to become long-term investors and take greater control of their finances.

At Robinhood, our values are in service of our customers. Our customers are why we exist. That is why we put what’s best for our customers at the center of our decision-making in order to bring them the best technology coupled with real value. That is why at Robinhood, we push for progress without compromising quality. We also take our responsibility for our customers’ finances seriously. We know that trust is hard earned and easily lost and that is why we prioritize compliance, approach risk thoughtfully, and never compromise trust for speed.

Additionally, we consider ourselves to be One Robinhood where we are all invested in the same mission. We invite contrary perspectives, support each other, and debate with energy and kindness. Once decisions are made, we move in unison with ownership and accountability, powered by the thrill of building something great together. We are also innovators and problem solvers. Our bold bets often make us a first mover, and we do what's right for customers - even if it hasn’t been done before. We also strive to do more with less. To that end, constraint drives us to innovate through scalable technology - not excess resources.

Finally, we started a movement, breaking barriers so everyone - not just the wealthy - can access the financial system. Our job to “democratize finance for all” may never be complete as we seek to level the playing field - which is what makes what Robinhood does so fun.

Our Products And Features

We understand that millions of our customers have used Robinhood to enter the financial markets for the first time, and we take our responsibility to them seriously. We are passionate about operating Robinhood in a way that aligns with customer interests, applicable regulations, and with our own mission to democratize finance for all. We continue to create an ecosystem of financial products and services that will enable people across the world to become investors. We believe our products can transform the

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relationship people have with the financial system and that the products on our roadmap will go a long way toward making that a reality.

We began by offering our customers the ability to buy and sell equities on a mobile-first platform and have since continued to expand our offerings to add new asset classes, products and features, while also growing internationally to better serve our customers. We designed our mobile platform to be an elegant, intuitive investing interface that provides our customers with trading functionality and market information such as historical prices, valuation multiples, recent news, analyst ratings, advanced charts, and more, at no additional cost. Robinhood Legend, built specifically for active traders, is a powerful, sleek browser-based desktop trading platform that is fully customizable and available at no additional cost to all U.S. and U.K. customers with a Robinhood account. Robinhood Legend now supports all major asset classes and we have committed to continue expanding its capabilities.

The core tenet of the Robinhood offering—expanding access to our financial system through products that empower people to learn, participate, and grow—underpins each of our offerings. We remain focused on building the best products and ultimately aim to serve all of our customers’ financial needs.

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Brokerage

Investing. Our platforms allow our customers to invest commission-free in U.S.-listed stocks and ETFs, as well as related options and ADRs.

Options Trading. We review eligibility for our customers who wish to trade options, including disclosure of investment experience and knowledge, investment objectives and financial information. Subject to approval from Robinhood, customers can access basic options strategies (Level 2), which permits buying calls and puts and selling covered calls and puts, or more advanced options strategies (Level 3), which permits fixed-risk spreads (such as credit spreads and iron condors) and other advanced trading strategies, depending on their individually disclosed preparedness. We conduct regular reviews of our customers’ eligibility and take action to revoke access to trading options as appropriate, to ensure our customers are accessing the level of options strategies that are appropriate for them based on information such as their trading experience, investment objectives and financial situation.

In 2025, index option trading became available to all customers, allowing them to trade options on diversified indices like the S&P 500 and VIX, while gaining access to potential tax benefits and one of the lowest contract fees among leading brokerages.

Fractional Trading. Fractional trading allows customers to invest in fractions of a share of stock, rather than requiring them to buy and sell whole shares. This service enables customers to build a diversified portfolio regardless of their budget and removes a barrier to investing in higher-priced stocks, thereby providing access to a much greater selection of equities with as little as $1.

Recurring Investments. Our recurring investment feature enables our customers to automatically buy shares of equities and certain ETFs on a set schedule, allowing them to build positions over time and establish regular investing habits, even with small contributions. Our customers can also elect to automatically reinvest dividend income back into the underlying respective shares.

Access to Investing on Margin. Subject to approval upon meeting eligibility criteria set by Robinhood, customers can invest on margin. This allows eligible customers to borrow a limited amount of funds from Robinhood to use as additional investing capital. Robinhood decides whether to extend margin to each customer who applies for access based on information regarding customer activity, portfolio equity or net worth criteria, investment objectives, and investing experience reported by the customer. We offer an industry-leading tiered margin structure where customers receive a single low interest rate based on their total margin balance.

Fully-Paid Securities Lending. Under our Fully-Paid Securities Lending program (“Fully-Paid Securities Lending”), a customer can earn passive income on their stock portfolio once they give Robinhood permission to lend out any fully paid stocks in their portfolio. Robinhood does the work of finding interested borrowers and customers get paid a share of the interest revenue earned when their shares have been loaned to borrowers.

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Brokerage

(continued)

Cash Sweep. Our cash sweep program allows brokerage customers to earn interest on uninvested brokerage cash swept to our partner banks. The interest compounds daily and is then paid out by the partner banks monthly. Cash deposited at these banks is eligible for FDIC insurance.

Instant Withdrawals. Our instant withdrawals feature enables eligible customers to withdraw money from their Robinhood accounts and instantly deposit it to their bank accounts or debit cards with a fee.

Robinhood Retirement. We are making it easy and accessible to start saving for retirement through a traditional IRA or Roth IRA and are expanding options for the growing population of freelance and gig workers without access to employer-based matching programs. Customers’ eligible contributions to their retirement account can earn a percentage match by Robinhood, subject to a five-year holding period. We offer customer IRA instant deposits up to $1,000, which allows customers to immediately start investing. Customers can also get a custom recommended portfolio, build their own, or do both, all commission-free.

24 Hour Market. We were the first U.S. broker to offer around-the-clock trading of individual stocks, 24 hours a day, 5 days a week. We also offer around-the-clock trading of ETFs. It allows our customers to better manage their risk and take advantage of opportunities, no matter what time of day they arise.

Joint Investing Accounts. Our joint investing accounts allow customers to seamlessly manage investments with their partner while keeping their shared assets in one place. The joint account provides shared access for account holders that allows them to combine funds and increase their investment power as they work towards their financial goals. Gold Subscribers can also extend certain Robinhood Gold benefits to a joint account at no additional cost.

Prediction Markets. Our customers can trade event contracts on a regulated exchange using our Prediction Markets Hub, for which we charge a commission for each contract traded. An event contract is a type of financial derivative that allows traders to speculate on a specific event. These contracts are generally structured around “Yes” or “No” positions, and fluctuate in price based on the projected occurrence of the event. Event contracts then pay out if the position held matches the correct occurrence of the event; otherwise, they expire with no value. Event contracts are offered through our FCM license regulated by the CFTC. We believe event contracts give people a tool to engage in real-time decision-making, unlocking a new asset class. Our Prediction Markets Hub features sports, politics, economics, culture and more, giving customers the opportunity to react to the event as it happens. Deepening its investment in Prediction Markets, Robinhood established a joint venture, Rothera, in partnership with SIG, that acquired 90% of the issued and outstanding equity of MIAXdx in January 2026 to advance the build out of an independent, CFTC-licensed exchange and clearinghouse. Following closing, Rothera renamed MIAXdx to Rothera E&C.

Futures. A futures contract is a legal agreement between two parties to buy or sell a set amount of an asset at an agreed-upon future date with the price set today. Our futures trading allows customers to trade a variety of different asset classes, such as equity indices, energy, currencies, cryptocurrencies, metals, and other commodities at the speed of a tap with our sleek new trading ladder. In addition, our futures trading has no pattern day trading rules and provides access to potential tax benefits. Commissions and other fees apply for each futures contract traded.

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			Short Selling. Short selling is an advanced trading strategy where customers borrow shares of stock, sell them at the current price in anticipation of a decline in the price of those shares, then repurchase and return the borrowed shares at the lower price. Short selling involves potentially unlimited risk. During the fourth quarter of 2025, we launched short selling on our mobile, web, and Robinhood Legend platforms.
Brokerage (continued)			Since 2024, we have offered most of our brokerage services to customers in the U.K. through RHUK via a dedicated mobile application available to eligible U.K. users. Brokerage services available to our U.K. customers include commission-free trading on U.S.-listed stocks and ADRs, option trading, futures trading, fractional share trading, recurring investments, investing on margin, Fully-Paid Securities Lending, Cash Sweep, and 24 Hour Market. Further, we have introduced market-specific functionality, including multi-currency wallets that allow customers to hold and manage GBP in their brokerage account, improving the funding and trading experience for U.K. customers. We expect to continue expanding our U.K brokerage offering with the introduction of tax-advantaged investment accounts, such as recently launched stocks and shares ISAs. A stocks and shares ISA is a U.K. specific, tax-efficient investment account that allows customers, within annual contribution limits, to invest without incurring tax on capital gains or investment income. The performance of a stocks and shares ISAs is driven by the returns of its underlying investments and is subject to the inherent risks and volatility of the equity markets.
			Stock Tokens. A stock token is a derivative contract that tracks the price of a U.S. stock or ETP, giving eligible EU customers exposure to U.S. equities without owning the underlying shares. Customers can access U.S. stock and ETP tokens 24/5, with zero commissions or added spreads (other fees may apply), and receive dividend payouts that mirror the underlying stock or ETP.

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Financial statements

data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

From 10-Q filed 2026-04-29 (period ending 2026-03-31).

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This section presents management’s perspective on our financial condition and results of operations, including performance metrics that management uses to assess company performance. The following discussion and analysis is intended to highlight and supplement data and information presented elsewhere in this Quarterly Report, and should be read in conjunction with our interim unaudited condensed consolidated financial statements and notes elsewhere in this Quarterly Report and our audited consolidated financial statements and the related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2025 Form 10-K.

It is also intended to provide you with information that will assist you in understanding our consolidated financial statements, the changes in key items in those consolidated financial statements from year to year, and the primary factors that accounted for those changes. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which might not be indicative of our future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors.”

Data as of and for the three months ended March 31, 2025 and 2026 has been derived from our unaudited condensed consolidated financial statements appearing at the beginning of this Quarterly Report. Results for any interim period should not be construed as an inference of what our results would be for any full fiscal year or future period.

We refer to our “users” and our “customers” interchangeably throughout this Quarterly Report to refer to individuals who hold accounts on our platforms.

Overview

Robinhood was founded on the belief that everyone should be welcome to participate in our financial system. We are creating modern financial services platforms for everyone, regardless of their wealth, income, or background.

Our mission is to democratize finance for all. We use technology to provide access to the financial system in a way that is simple and convenient for our customers. We believe investing should be familiar and welcoming, with a simple design and an intuitive interface, so that customers are empowered to achieve their goals. We started with a revolutionary, bold brand and design in the Robinhood app which makes investing approachable for millions. Over the last decade, we have disrupted and changed the industry, becoming the first U.S. retail broker to offer commission-free stock trading with no account minimums, which was subsequently adopted by the rest of the industry. In recent years, we have continued to build relationships with our customers by introducing new products and diversifying our services that further expand access to the financial system, including focusing on products and tools for more seasoned investors. Through these efforts, we believe we have made investing culturally relevant and understandable, and that our platforms are enabling our customers to become long-term investors and take greater control of their finances.

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Financial Results and Performance

With respect to the three months ended March 31, 2026, as compared to the three months ended March 31, 2025:

•total net revenues increased 15% to $1,067 million compared to $927 million;

•net income attributable to Robinhood increased 4% to $350 million, compared to $336 million;

•diluted EPS increased 3% to $0.38, compared to $0.37;

•total operating expenses increased 18% to $656 million compared to $557 million;

•Adjusted EBITDA (non-GAAP) increased 14% to $534 million compared to $470 million;

•Funded Customers increased by 1.7 million, or 6%, to 27.4 million compared to 25.8 million, and Investment Accounts increased by 2.1 million, or 8%, to 29.1 million compared to 27.0 million;

•Total Platform Assets increased 39% to $307.3 billion compared to $220.6 billion, driven by continued Net Deposits, higher equity valuations, and acquired assets;

•Net Deposits were $17.7 billion, which translates to an annualized growth rate of 22% relative to Total Platform Assets at the end of the fourth quarter of 2025, compared to $18.0 billion, which translates to an annualized growth rate of 37% relative to Total Platform Assets at the end of the fourth quarter of 2024. Over the past twelve months, Net Deposits were $67.8 billion, a growth rate of 31% relative to Total Platform Assets at the end of the first quarter of 2025;

•ARPU increased 8% to $157 compared to $145; and

•Robinhood Gold Subscribers increased 36% to 4.34 million compared to 3.19 million.

Adjusted EBITDA is a non-GAAP financial measure. For more information about Adjusted EBITDA, including the definition and limitations of such measure, and a reconciliation of net income to Adjusted EBITDA, please see “—Non-GAAP Financial Measures” below.

Recent Developments

In April 2026, we announced that Robinhood will serve as broker and sole initial trustee for the Trump Accounts on behalf of the U.S. Department of the Treasury. Robinhood will work with BNY, which has been selected by the U.S. Department of the Treasury as financial agent for Trump Accounts, to develop and operate the infrastructure required for Trump Accounts. This will include providing the necessary technology, building an intuitive front-end experience, creating educational resources, and managing customer support for Trump Accounts. These accounts will leverage Robinhood’s technology and infrastructure to power a standalone web and app experience designed uniquely for this initiative.

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Key Performance Metrics

Key performance metrics for the relevant periods were as follows:

	Three Months Ended March 31,
	2025		2026		% Change
Funded Customers(1) (in millions)	25.8		27.4		6	%
Total Platform Assets(2) (in billions)	$	220.6	$	307.3	39	%
Net Deposits (in billions)	$	18.0	$	17.7	NM
Annualized Growth Rate with respect to Net Deposits	37%		22%		NM
ARPU (in dollars)	$	145	$	157	8	%
Robinhood Gold Subscribers (in millions)	3.19		4.34		36	%

________________

(1)The following table describes the annual changes within Funded Customers:

	Three Months Ended March 31,
(in millions)	2025	2026	% Change
Beginning Funded Customers	25.2	27.0	7	%
New Funded Customers	0.7	0.7	—	%
Resurrected Customers	0.2	0.1	(50)	%
Acquired customers	0.1	—	NM
Churned Customers	(0.4)	(0.4)	—	%
Ending Funded Customers	25.8	27.4	6	%

(2)The following table sets out the components of Total Platform Assets by type of asset:

	Three Months Ended March 31,
(in billions)	2025		2026		% Change
Equities	$	125.5	$	207.5	65	%
Cryptocurrencies	27.5		30.5		11	%
Options and futures	1.1		2.0		82	%
RIA assets	41.3		42.6		NM
Cash held by Customers	34.0		41.6		22	%
Receivables from Customers (primarily margin balances)	(8.8)		(16.9)		92	%
Total Platform Assets	$	220.6	$	307.3	39	%

The following table describes the changes within Total Platform Assets:

	Three Months Ended March 31,
(in billions)	2025		2026		% Change
Beginning Total Platform Assets	$	192.9	$	322.1	67	%
Acquired assets	42.9		—		NM
Net Deposits	18.0		17.7		NM
Net market losses	(33.2)		(32.5)		NM
Ending Total Platform Assets	$	220.6	$	307.3	39	%

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Non-GAAP Financial Measures

Adjusted EBITDA

We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income, and other results under GAAP, we utilize non-GAAP calculations of Adjusted EBITDA. Adjusted EBITDA is defined as net income attributable to Robinhood, excluding (i) net income (loss) attributable to non-controlling interests, (ii) interest expenses related to credit facilities, (iii) provision for (benefit from) income taxes, (iv) depreciation and amortization, (v) SBC, (vi) significant legal and tax settlements and reserves, and (vii) other significant gains, losses, and expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing results. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.

The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income:

	Three Months Ended March 31,
(in millions)	2025		2026
Net income attributable to Robinhood	$	336	$	350
Net income (loss) attributable to non-controlling interests	—		(4)
Net income	336		346
Add:
Interest expenses related to credit facilities	6		8
Provision for income taxes	35		65
Depreciation and amortization	20		23
EBITDA (non-GAAP)	397		442
Add:
SBC	73		92
Adjusted EBITDA (non-GAAP)	$	470	$	534

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Results of Operations

The following table summarizes our unaudited condensed consolidated statements of operations data:

(in millions)	Three Months Ended March 31,
		2025		2026
Revenues:
Transaction-based revenues		$	583	$	623
Net interest revenues		290		359
Other revenues		54		85
Total net revenues		927		1,067
Operating expenses(1):
Brokerage and transaction		50		60
Technology and development		214		241
Operations		31		38
Provision for credit losses		24		36
Marketing		105		107
General and administrative		133		174
Total operating expenses		557		656
Other income, net		1		—
Income before income taxes		371		411
Provision for income taxes		35		65
Net income		$	336	$	346
Less: Net income (loss) attributable to non-controlling interests		—		(4)
Net income attributable to Robinhood		$	336	$	350

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(1)Includes SBC expense as follows:

	Three Months Ended March 31,
(in millions)		2025		2026
Brokerage and transaction		$	2	$	3
Technology and development		44		40
Operations		1		1
Marketing		2		2
General and administrative		24		46
Total SBC expense		$	73	$	92

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Comparison of the Three Months Ended March 31, 2025 and 2026

Revenues

Transaction-Based Revenues

	Three Months Ended March 31,
(in millions, except for percentages)		2025		2026		% Change
Transaction-based revenues:
Options		$	240	$	260	8	%
Cryptocurrencies		252		134		(47)	%
Event contracts		3		104		NM
Equities		56		82		46	%
Other		32		43		34	%
Total transaction-based revenues		$	583	$	623	7	%
Transaction-based revenues as a % of total net revenues:
Options		26%		24%
Cryptocurrencies		27%		13%
Event contracts		1%		10%
Equities		6%		8%
Other		3%		3%
Total transaction-based revenues		63%		58%

Transaction-based revenues increased by $40 million, primarily driven by increases of $101 million in event contracts, $26 million in equities, and $20 million in options, partially offset by a decrease of $118 million in cryptocurrencies.

Event contracts revenues increased primarily due to an acceleration in our prediction markets business, reflecting higher trading activity compared to Q1 2025 when the offering was still in its early stage. The increase was partially offset by a $6 million increase of certain match incentives paid to our customers.

Equities revenues increased as a result of a 45% increase in the average Notional Trading Volume traded per trader and a 2% increase in the number of users placing equity trades. The increase was partially offset by lower equity rebate rates due to the mix of ticker symbols traded as different ticker symbols pay different rebate rates. The increase was partially offset by a $4 million increase of certain match incentives paid to our customers.

Options revenues increased due to a 20% increase in Options Contracts Traded per trader. The increase was partially offset by lower option rebate rates due to the mix of ticker symbols traded as different ticker symbols pay different rebate rates. In addition, the increase was partially offset by a $6 million increase of certain incentives paid to our customers.

Cryptocurrencies revenues decreased primarily due to lower cryptocurrency rebate rates from crypto market makers, a 32% decrease in the number of users placing cryptocurrency trades, and a 22% decrease in the average Notional Trading Volume traded per trader, partially offset by cryptocurrencies revenues benefiting from our acquisition of Bitstamp. In addition, the decrease was partially offset by a $6 million decrease of certain incentives paid to our customers.

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Net Interest Revenues

	Three Months Ended March 31,
(in millions, except for percentages)		2025			2026			% Change
Net interest revenues:
Margin interest		$	110		$	193		75	%
Interest on segregated cash, cash equivalents, securities, and deposits, net		56			58			4	%
Cash Sweep		48			45			(6)	%
Interest on corporate cash and investments		49			34			(31)	%
Credit card, net		10			32			220	%
Securities lending, net		23			4			(83)	%
Interest expenses related to credit facilities		(6)			(8)			33	%
Other		—			1			NM
Total net interest revenues		$	290		$	359		24	%
Net interest revenues as a % of total net revenues:
Margin interest		12		%	18		%
Interest on segregated cash, cash equivalents, securities, and deposits, net		7		%	6		%
Cash Sweep		5		%	4		%
Interest on corporate cash and investments		5		%	3		%
Credit card, net		1		%	3		%
Securities lending, net		2		%	1		%
Interest expenses related to credit facilities		(1)		%	(1)		%
Other		—		%	—		%
Total net interest revenues		31		%	34		%

Net interest revenues increased by $69 million, primarily driven by higher margin interest and net credit card interest, due to increased margin borrowers and the growth in our credit card business. The increase was partially offset by a decrease in interest revenue from securities lending activities, driven by lower collateral balances and higher stock loan interest expense as stock loan balances grew, as well as a decrease in interest revenue on corporate cash and investments driven by a lower short-term interest rate environment. We anticipate any potential future rate cuts by the Federal Reserve will negatively impact our net interest revenues and adversely affect our customers’ returns on cash deposits.

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The following table summarizes interest-earning assets, the revenue generated by these assets, and their respective annualized yields:

(in millions, except for annualized yield)	Margin Book		Cash and deposits(1)		Cash Sweep (off-balance sheet)		Credit card, net(2)		Total interest-earning assets	Securities lending, net	Interest expenses related to credit facilities(5)	Other	Total net interest revenues
Three Months Ended March 31, 2026
March 31, 2026	$	16,953	$	16,669	$	26,023	$	1,132

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Held by

holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

Holder	Type	ETF	MF	Position ($)	% of holder	Δ % of holder	Holder AUM

Recent insider activity

Last 90 days. Open-market trades (purchases & sales) by directors, officers, and 10%+ owners. 19 transactions across 7 insiders. Net: +16,516 shares, $7,762,150.

Date	Insider	Role	Action	Shares	Price	Value
2026-06-15	Verma Shiv	Chief Financial Officer	Sell	-3,984	$98.84	-$393,779
2026-06-11	Bhatt Baiju indirect	Director	Sell	-57,898 ×8	$89.63	-$5,189,556
2026-06-05	Malka Meyer indirect	Director	Buy	+250,000	$80.74	$20,184,200
2026-06-03	Gallagher Daniel Martin Jr	Chief Legal Officer	Sell	-10,000 ×4	$83.68	-$836,771
2026-06-03	Quirk Steven M.	Chief Brokerage Officer	Sell	-10,837 ×2	$85.91	-$931,024
2026-06-03	Malka Meyer indirect	Director	Buy	+181,000	$83.45	$15,103,853
2026-05-28	Malka Meyer indirect	Director	Buy	+249,000	$80.39	$20,018,206
2026-05-22	Malka Meyer indirect	Director	Sell	-60,000 ×2
2026-05-22	Malka Meyer indirect	Director	Buy	+30,000
2026-05-20	Bhatt Baiju indirect	Director	Sell	-67,422 ×3	$75.38	-$5,082,038
2026-05-15	Verma Shiv	Chief Financial Officer	Sell	-5,436 ×2	$77.36	-$420,536
2026-05-04	Gallagher Daniel Martin Jr	Chief Legal Officer	Sell	-10,000 ×4	$76.89	-$768,908
2026-04-27	Pinner Jeffrey Tsvi	Chief Technology Officer	Sell	-5,835 ×3	$83.92	-$489,687
2026-04-16	Bhatt Baiju indirect	Director	Sell	-57,261 ×5	$86.38	-$4,946,061
2026-04-15	Verma Shiv	Chief Financial Officer	Sell	-5,436 ×5	$85.86	-$466,717
2026-04-15	Quirk Steven M.	Chief Brokerage Officer	Sell	-8,540	$84.93	-$725,302
2026-04-06	Gallagher Daniel Martin Jr	Chief Legal Officer	Sell	-10,000 ×2	$69.85	-$698,451
2026-04-06	Pinner Jeffrey Tsvi	Chief Technology Officer	Sell	-5,835 ×2	$69.85	-$407,575
2026-04-06	Tenev Vladimir	Chief Executive Officer	Sell	-375,000 ×2	$69.83	-$26,187,704

Source: SEC Form 4 filings.

Next expected filings

~2026-07-30 10-Q expected by 2026-08-05 (in 36 days)
~2026-11-05 10-Q expected by 2026-11-11 (in 134 days)
~2027-02-18 10-K expected by 2027-02-23 (in 239 days)
~2027-04-28 10-Q expected by 2027-05-04 (in 308 days)

Predicted from historical filing cadence; not an SEC commitment.

Recent SEC filings

2026-06-23 8-K Other Events; Financial Statements and Exhibits
2026-06-16 8-K Costs Associated with Exit
2026-05-08 8-K Officer/Director Change
2026-04-29 10-Q Quarterly Report
2026-04-28 8-K Earnings Release; Financial Statements and Exhibits
2026-04-22 DEF 14A Proxy Statement
2026-03-24 8-K/A Officer/Director Change
2026-03-24 8-K Material Agreement Entered; Material Financial Obligation; Regulation FD Disclosure; Financial Statements and Exhibits
2026-02-20 10-K/A Annual Report (Amended)
2026-02-18 10-K Annual Report
2026-02-10 8-K Earnings Release; Officer/Director Change; Financial Statements and Exhibits
2026-01-30 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
2025-11-06 10-Q Quarterly Report
2025-11-05 8-K Earnings Release; Officer/Director Change; Financial Statements and Exhibits
2025-10-31 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits

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