How Robinhood Markets makes money

Period

FY2025

How does Robinhood Markets make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Robinhood Markets Inc. · FY2025 · year ended 2025-12-31

Revenue$4.5BGross profit$4.5B · 100%Cost of revenue$0 · 0%Operating income$2.1B · 47%Operating expenses$2.4B · 53%R&D$355M · 8%SG&A$628M · 14%Selling & marketing$399M · 9%Other opex$997M · 22%Net income$1.9B · 42%Income tax$225M · 5%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.