Chris koegel: Thank you to everyone for joining Robinhood's Q3 2026 earnings call, whether you are tuning into the live stream or here with us in Menlo Park. With us today are Chairman and CEO, Vlad Tenev, CFO, Shiv Verma, and Vice President 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, 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.

Chris koegel: 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.

Vlad Tenev: All right. Thank you guys for coming. This is awesome, and it is great to see so many people in person. We are back at our headquarters in sunny Menlo Park, so thank you again for being on this journey with us and showing up in person, and to everyone watching remotely. As you probably know, at Robinhood, we have a singular goal. We believe in ownership. We want to make everyone an owner, and we think that broad ownership is actually essential to a free, stable, and prosperous society. In order to execute on this vision, we have our three-part strategy. To recap that, the first part, we want to build the number one active trader platform. We want to allow customers to own any tradable asset. Really, an active trader should feel like they are at a disadvantage trading elsewhere.

Vlad Tenev: Second strategic arc, number one in wallet share for the next generation. We want to build our customers' financial home, and not just for them, but for their families as well. Then the third, number one global financial ecosystem. Take the ownership that we have been able to deliver and grow in the US and expand it everywhere around the world. Q3, we made a lot of progress. Our product velocity continued across each of these three arcs, and we saw strong business and financial results. For active traders, again, the idea is if you are an active trader, you are at a disadvantage trading elsewhere. What have we done for active traders?

Vlad Tenev: Last month, we held our third annual HOOD Summit event in Houston, Texas, and we launched not one, not two, but 17 new products and new services to our customers. I will hit a couple highlights. Agentic trading, which is near and dear to my heart. Literally, I am wearing the vest right now. Our agentic offerings have really increased in scope over the course of the year. If you remember, we started with our MCP, which has grown quite well, and now we have agentic trading directly in the app, so you no longer need to use your external tool like your Claude Code or Codex. You can do it within the app. We have also allowed customers to extend their MCP connectivity to Robinhood Legend. Robinhood Legend is now in scope for our MCP connectors as well.

Vlad Tenev: We are just continuing to make it easier for anyone to trade on our platform, whether it is you directly or your agent. While we are still very early in the in-app capabilities and the harness tooling, we have been seeing really strong early adoption across the entire suite of agentic products. Customers have over $250 million in agentic accounts. Remember, the account start at zero, so you have to make a choice to move money into them. We look at the adoption curves, both across usage and trading, and they are sort of following an accelerating curve, which gets us very excited about the future of these products. As we continue to add more asset classes, more features, those curves appear to be steepening. Next, perpetual futures. We became the first US broker to offer what we call true perpetual futures.

Vlad Tenev: These are perpetuals powered by our global derivatives exchange, Bitstamp, and they settle continuously around the day, so 15-minute settlement. We are also working on adding earnings contracts to our prediction markets hub. I think this will be particularly relevant for this audience because they will allow you to trade EPS and revenue on individual companies, as well as KPIs that are company specific. Of course, something I have been very excited about for quite some time, we announced 24/7 equity trading. That will be coming to Robinhood later this year. Again, this is something I think we will be the first to offer this as well. These are just a few of the many items we have shipped. There is a lot more, and I encourage you all to check out the full keynote on YouTube or X if you have not already. Let us move to wallet share.

Vlad Tenev: A couple of things that I would like to highlight here. Trump Accounts achieved a really important milestone in Q3, auto enrollment. As we said before, we have nearly 70 million children in the US under the age of 18 that are eligible for the Trump Account. Now the US Treasury has opened accounts for all of them, for all these children. Because of the generous gift from Michael and Susan Dell through their foundation, 25 million of those children already had $250 invested for them by the Dell Foundation. We are excited about this initiative. It is one of those things where it has just been snowballing and we are doing more, so there is just a ton of roadmap ahead. One of the things I am particularly excited about is, I think it can become the default vehicle for philanthropic giving in this country, right?

Vlad Tenev: And we are already seeing the beginnings of that with the Dells, but also the other donors. We do not really have a great default option. I think Trump Accounts can become that, so we are going to be doing more there in partnership with BNY and the US government. We are also continuing to make progress with Robinhood Gold, which today is one of the largest paid membership programs in consumer finance in the US. A couple of years ago, we set out to actually completely revamp our Gold product. What we wanted to do is put something in Gold for our mass market customer, so that you did not have to be an active trader to benefit from Gold. I think we have been able to achieve that. So in this quarter, Robinhood Gold reached 5 million subscribers, okay? We see it really paying off. We see it paying off.

Vlad Tenev: We have got 5 million Gold subscribers, and that is up over 30% year over year, and it is a 4x increase from when we began the journey to revamp the Gold program just about four years ago. That gets us to about an 18% overall Gold adoption rate when you look at our customer base. But 40% if you look at in quarter. So of the customers that joined Robinhood in quarter, much higher adoption, and that is really great to see because then we see a path as we continue to grow, Gold will just continue to increase. I think there is actually much more room to grow. Our big bets for growing the Gold value proposition are banking and credit. Those are still, despite getting to large scale, not generally available yet. So they are still limited release.

Vlad Tenev: We have been really investing in more integration points, so things like easy sign up for banking and Gold Card if you are signing up for Robinhood, contextual upsells so that we detect when banking and credit is going to be appropriate for you when you are using the Robinhood app and kind of putting it there. We think we have got plenty of room to run. These can become even more meaningful drivers of higher Gold adoption. Finally, let me get to global financial ecosystem. On 1 July, just a few months ago, we launched the Robinhood Chain mainnet. In its first quarter, it is already a top 5 chain by volume and revenue. So far, we have seen over 100 billion in DEX volume, so that is 100 billion in decentralized exchange trading volume and over 50 million in chain fees.

Vlad Tenev: DeFi Perpetuals, it is an interesting innovative product, have seen solid growth on the chain as well. So in recent weeks, we have been seeing DeFi Perpetuals volume of over $1 billion per day on the chain. It is clear customers have demand for these tokenized assets on-chain, and we think, we not only believe, we are building Robinhood Chain to be the best place to own and trade all of these tokenized assets. Of course, starting with Stock Tokens and perpetuals, but expanding much broader from that. We are also expanding our brokerage infrastructure globally, and we are excited with that to announce that we received authorization from the Dubai Financial Services Authority to launch Robinhood in the region. This will broaden our international footprint even further. The product velocity that you have been seeing, and the focus on the customer experience have led to really strong business results.

Vlad Tenev: Market share continues to grow up double digits year over year for each of the main assets, equities, options, crypto, and margin as well. Revenues grew 12% year over year to a record $1.4 billion. Adjusted EBITDA, that is up 9%, record of over $800 million. Net deposits, $16 billion in quarter. With a strong start to Q4, which Shiv will talk more about, we have already exceeded our annual goal of 20% net deposit growth, and that is with 2 months left to go. We are pleased with the strong results for our customers and for our business. We are pushing hard to make Robinhood your financial super app. With that, I will ask Shiv to come up. How are you doing, sir?

Shiv Verma: Doing all right. All right. Thank you, Vlad. Before we get into the results, I just wanted to share 3 big takeaways from Q3. First, as Vlad said, the core business is firing on all cylinders. This led to our highest quarter ever for both revenue and Adjusted EBITDA, and really great to see platform assets were nearly $400 billion. On top of that, we set new records for equities, options, event contracts, and margin. Going well all around. Second, our product is driving a more diversified business. We are now up to 14 cylinders that have reached $100 million or more of annualized revenue. Rothera, our prediction markets exchange, hit this number in just its first full quarter of operation. Really nice to see Rothera scaling well. Finally, we drove another quarter of strong growth, profitability, and scale.

Shiv Verma: We are a rule of 80 company, but at our scale of over $5.5 billion of annualized revenue. We remain disciplined on expenses even while investing for growth, which is fantastic to see. Let us get to our Q3 results, and all of these will be compared to a year ago. Revenues were up 12% to a record $1.4 billion, and this was driven by strong growth in both new products and existing products as well. Transaction revenues were a record as trading volumes were new highs across equities, options, and margin. Each of these was up around 50% year over year, and this was on market share gains. The event contracts continued to scale really nicely. This was up 7x year over year. Additionally, the Robinhood Chain in its first quarter of adoption, saw really strong usage, as Vlad mentioned before.

Shiv Verma: That was another driver of transaction revenue in the quarter. On NIM, or net interest revenues, really strong growth in margin, credit card book, and Robinhood Banking, and these grew to new record balances. Our total interest earning assets on the platform also hit new highs. Really nice to see both transaction revenue and the interest earning assets do well. Finally, in other revenues, as Vlad shared before, Gold subscribers reached a new all-time high of over 4 million subs, which is great to see. Additionally, as we continue to build and expand the Trump Accounts for customers, that generates some additional revenue as well. While revenues grew to a quarterly record, we also stayed disciplined on costs, and Adjusted OPEX and SBC was managed to $664 million.

Shiv Verma: This was managed within our prior outlook range. Again, as we are investing for growth, we are still being really, really disciplined on our expenses. Our productivity also continues to do really well. In this quarter, we hit revenue per employee of nearly $2 million, which would be a new record. We are shipping for customers, but we are also doing it in our lean and disciplined way. Finally, as we look ahead to Q4, while we plan to continue making growth investments, in particular on the Trump Accounts, we are also controlling our expenses and have driven more efficiencies across our business. As we do that, we are going to lower the top end of our prior outlook range by $25 million, and we now expect full-year adjusted OPEX and SBC to be between $2.675 billion and $2.75 billion.

Shiv Verma: This is $13 million lower at the midpoint versus our prior outlook. You put them together, really strong top-line growth, expense discipline, and this led to a strong quarter of profitability. Adjusted EBITDA was a record $808 million. This is up 9% year over year, and adjusted EBITDA margin continues to be strong at 57% in Q3. EPS for the quarter was $0.51. This includes a -$0.07 of mark-to-market impact on investments that we hold. As we talk about EPS, we are continuing to expand our business into investments. One of them is such as Robinhood Ventures. As we launch more and more of these products, we are now seeing some non-operating movements on these investments.

Shiv Verma: We are introducing adjusted EPS, and this is to just better reflect our core operating profitability before any gains or losses on investments or some of these other non-operating items. At the same time, we are going to remain accountable for all of our regular ongoing costs. We are still including normal course SBC in our adjusted EPS. As I have said before many times, share count and denominator matters. You put it all together, in Q3, adjusted EPS was $0.60. Moving forward, we hope that investors find this a useful measure of our core profitability in the business. Another area I wanted to touch upon is prediction markets. We believe it is really early innings for the asset class, and we are investing to be a leader in the space. We are constantly improving the in-app experience.

Shiv Verma: We now have a vertically integrated exchange with Rothera, and as I mentioned before, it is off to a great start. Additionally, we also announced a recent partnership with crypto.com and OG.com. This is really exciting for both our customers, but also for our business and shareholders. It is really important for us that customers have a best-in-class selection with consistent pricing across exchanges, and with these partnerships, it now allows us to do that. Additionally, with no cash outlay, we received an initial 1% equity ownership stake in crypto.com and OG.com. We have the ability to earn up to 10% ownership, depending on how much we partner together in the years to come. Before we move to Q&A, I just wanted to give a little bit about how Q4 looks to start following a record Q3.

Shiv Verma: October net deposits are over $13 billion the month, great to see, and that includes $6 billion of the Dell family gift to Trump Accounts, as Vlad Tenev mentioned earlier. This brings our total year-to-date net deposits to over $68 billion. This is already a new annual record and north of our 20% growth target, with still a few months to go left in the year. Compared to Q3, average daily volumes for equities, options, and cryptos are off to a good start and are about 5% lighter relative to the really strong Q3. Event contract ADVs are already up about 10% to start the quarter. Stepping back, it was great to see another strong quarter in Q3, and we are really excited about our momentum entering Q4.

Shiv Verma: As we have shared before, our financial North Star remains the same: maximize earnings per share and free cash flow per share for shareholders over time. All right, Chris Koegel, Vlad Tenev, should we take some questions?

Chris Koegel: All right. Thank you, Shiv Verma.

Vlad Tenev: Let us do it.

Chris Koegel: For the Q&A session, we will start by answering shareholder questions from Say Technologies. After the Say questions, we will turn to live questions from our audience, then go to the dial-in queue. I will kick it off with our first question from Say, which comes from Bo Shen.

Shiv Verma: Bo Shen, how are you doing?

Chris Koegel: Okay, I think we lost Bo.

Shiv Verma: We lost him?

Chris Koegel: Bo asked, "How is the expansion into banking going, and when will features such as the Zelle replacement arrive?

Shiv Verma: That is a great question. I thought, rather than talking about it, I will actually just show you. I try not to launch new products during earnings, but I thought since we have a crowd here, I might as well give you a little bit more. By the way, before I get into it, I do want to say one thing about banking as it pertains to our super app vision. One of the things we have been tracking for a really long time is what the top bank withdrawal destinations for our brokerage business have been. This is the top institutions that people actually move money from brokerage into banking. For the longest time, it has been kind of the expected big banks, not a huge surprise there. But as we have started to roll out Robinhood Banking, we have actually seen Robinhood Banking climbing up the list.

Shiv Verma: This quarter, for the first time, Robinhood Banking became the number one withdrawal destination for Robinhood brokerage customers. This is actually even before it is generally available. It is the number one bank that customers withdraw money to by dollars, which I think is quite amazing. Obviously, we love this because that money is not leaving the Robinhood ecosystem. It just stays in people's accounts. I think it is one major proof point that customers are choosing Robinhood for their totality of their financial needs. They are coming in, they are direct depositing their paycheck. They have their checking and savings account. Of course, they move money to invest in trade. They do their spending with Gold and now Platinum. Increasingly, you do not really have to leave Robinhood because we offer best-in-class services kind of across the board.

Shiv Verma: One thing that people have been asking about is peer-to-peer payments. Of course, we did not want to just do a regular add-on, bolt-on peer-to-peer payments feature. We wanted to make it really, really nice. If you guys are ready, I can share my screen.

Vlad Tenev: This is Robinhood Banking. I have blurred out my balances. This is the new design, by the way. We have updated it to have the Liquid Glass UI. There is this button on the bottom right, which is kind of your overall transaction action button. If you open that, you see there is this new Send Money feature. Matt, would you accept a few dollars from me?

Chris koegel: Sure. I will know how much you like me based on how much you send.

Vlad Tenev: Okay, good. You will know. I like you a moderate amount.

Chris koegel: Awesome.

Vlad Tenev: It is just as simple as that. I will send Matt, who has been doing a great job from our investor relations team, $5 from my joint checking account. You can put a little message here. Of course, this is my favorite one. Check this out. I am going to send it via text. One of the really annoying things about P2P payments, I do not know if you guys have experienced this, but you want to use an app, and the person you send money to does not have it, which creates this moment of friction. I do not want them to have to install anything. Then they will ask you, "Can you send it this way? Can you do it with one of the competitors?" Then you have to install it. We have gotten rid of all of that. Matt, did you get it?

Chris koegel: I got the text.

Vlad Tenev: Okay. If you want to show, so there it is. He just taps on it, and you can accept money with Apple Pay or Google Pay without even having a Robinhood Banking account, which is pretty awesome if you think about it. Of course, it gives us an opportunity to upsell Robinhood Banking, which is just a really clean experience for those of you that have tried it, but you don't have to have it. You can just get it right into your Apple Pay. So you don't have to worry about that friction of the recipient of the funds. Right now, still in limited release. If Matt sends money to someone, they'll get it, but you should expect to see us rolling this out much more broadly in the coming weeks.

Vlad Tenev: Just another reason why everything we think can be better on Robinhood if you run more of your financial life through us.

Chris koegel: Who needs Zelle, right?

Vlad Tenev: Yeah. I mean, legacy technology, I think we can do better if we build everything in an integrated fashion.

Chris Koegel: All right. Great demo. All right, so the next question is from Marcus M, who asks, "How is global expansion going, and what countries are next?

Vlad Tenev: Yeah. So I will field that one. So when Shiv and I were kind of coming up with our plan, and we thought, "Well, what can Robinhood be in 10 years?" We called our third arc Global Financial Ecosystem. Our vision, and I think this is backed up by how big these markets are and also wealth accumulation, people outside the US keep getting wealthier. Our vision is that, over the long run, more than half of our business should be outside the US. Cut another way, more than half should be institutional. What we did not anticipate is products like Robinhood Chain, right? We said Robinhood Chain already in quarter got out of the gate really quick with 100 billion in DEX volume and 50 million of chain fees, right?

Vlad Tenev: You think about how much, and we are actually continuing to invest, frankly, the growth of the chain and associated ecosystem, and the wallet surprised and was higher than our expectations. So now we are spending a lot of time investing in how to make that even bigger, how to support the community. We know we have been hearing from a lot of builders that we could be doing more to support the community, and I think you should expect to see us really ramp that up because we want to make it the best developer ecosystem as well as the best global on-chain community. So, yeah, you should expect to see us ramping the investment because you just do not see growth of a new ecosystem like this. It is an uncommon thing.

Vlad Tenev: I mean, a lot of chains have launched over the past few months that have just had not nearly an incomparably small level of traction compared to this. We are doubling down on that. As I mentioned earlier, we are expanding into MENA with our Dubai license, and we did get, in principle, approval from MAS to expand into Singapore, and that will be our Southeast Asia APAC hub, which we are very excited about. By the way, we are continuing to get deeper in our more established markets of EU and UK. UK now has crypto and brokerage in the same offering, so it is getting to parity, and you have seen us actually increasing our download share and getting more traction there.

Vlad Tenev: I would say, Shiv, I do not know if you would disagree, I think for a while, our international business was sort of a future, very far off into the future, when we expected to see meaningful contributions. We are starting to see that accelerate, and I am seeing the most traction I have, so I feel probably the best that I have ever felt and we are kind of accelerating so much in momentum there.

Shiv Verma: No, I agree. We built a 10-year plan. It is nice to see the seeds coming. Also Canada, you forgot to mention that as well. We are now-

Vlad Tenev: Yeah

Shiv Verma: We are now live in Canada.

Vlad Tenev: Canada with the crypto business through the WonderFi acquisition there, for sure. Soon we will have Robinhood all over the world.

Chris Koegel: All right. Our next question comes from a special guest. You may have seen him driving the Robinhood neon car during the last two NASCAR seasons, three-time Cup Series race winner and driver of the number 23 Toyota for 23XI Racing, Bubba Wallace.

Vlad Tenev: Are there any new major product plans for 2027 that could increase Robinhood's revenue? No easy questions, Bubba. He is just getting right into it. It was fun watching Bubba compete at the Las Vegas Motor Speedway a couple weeks ago. Hot, but I do not know how he does that for so long. I would say one of the things that I think people find attractive about Robinhood as a business is that it is a financial compounder, right? Even if you look at the core business of equities, options, crypto, margin, we are continuing to gain in market share. We get more customers. Those customers get wealthier as they get older. The market appreciation adds to that. All of this is leading to total platform assets this quarter of about $400 billion.

Vlad Tenev: I do not think it will be long before we are talking over half a trillion and, knock on wood, into the trillions, right? Just the core brokerage business and the crypto business has been remarkably strong. But we are not just being complacent and seeing we have a strong core business. We are moving at incredible pace, not just adding all the products and features that our competitors have, but also, I think just leading the industry across a couple of major domains. I mentioned agentic trading earlier. I think agentic trading, I do not think there is really another game in town in terms of financial companies that are really investing in agentic trading and making that a first-class experience. So I think we are at the very beginning there, and we are just continuing to invest in making the product experience really, really good. We have talked a lot about prediction markets.

Vlad Tenev: I'll also throw in perpetual futures. I mean, we are super early to that, right? A lot of companies announce plans to offer these new assets, but we announce and then we ship and we roll out. We are seeing strong traction. That is another asset class where we expect to be the leader and gain market share. On the wallet share front, you have heard me talk about Trump Accounts. Robinhood Ventures is another one where other companies are not really doing this, where they are going after the vision of democratizing private markets for retail investors. So we have RVI, RVII shipped, and you should expect even more. We are really investing because we think it is important and it is a big business opportunity, a new category that I think we can own.

Vlad Tenev: Then, of course, long term in the global financial ecosystem, tokenization and Robinhood Chain and Robinhood Wallet are unique products where it just really feels like we have got the tiger by the tail. So those are several areas, not just one, where we think we can surprise to the upside with the product bets that we are making.

Chris Koegel: All right. Thank you, Vlad. That concludes our Say Technologies questions, and now I would like to go to questions from our live audience. So if you would like to ask a question, please raise your hand.

Vlad Tenev: Into later stages of the pipeline, and then answer questions as we reflect it. So go-

Chris Koegel: I'm going to hand the mic over to Hayden.

Vlad Tenev: despite those total amounts.

Chris Koegel: Over here.

[Analyst 1]: Hi.

Vlad Tenev: Hey there.

[Analyst 1]: I know you've got active trading and you've got the strategy side of things. What are you doing to focus on the middle ground of customers who just kind of want to deposit and forget about it?

Vlad Tenev: Yeah, that's a great question. Actually, that's one thing I forgot to mention. Robinhood Strategies, which is our passive digital advice product, so over $2 billion in assets, it's been growing really quickly year over year. I think it's a bit of a dark horse, just because we launched so many things, and I think the active trading products tend to get a lot more attention and mind share. But we have all these amazing passive products, Strategies being one of them, that provides a best-in-class experience. So we've been continuing to add things to the product suite. We have this tool, Smart Income, which is part of Robinhood Strategies, where you basically can just really easily with a slider, just slide your time horizon and risk tolerance, and it'll tell you what the sort of expected return for your investments would be.

Vlad Tenev: The idea is you just put money into there, you drop money into that account, and it's a complete set-it-and-forget-it product. I think we've got some things, like that team has ambitious plans. There's a bunch of things that we're working on to make that even better. So suffice it to say, Strategies isn't staying still. I think it's a dark horse product. I think it's one that could surprise people in the coming year.

Chris Koegel: All right. Thank you, Vlad. Next, I think Hayden, did you have your hand up? Yeah. Can we get a mic to Hayden? Great.

[Analyst 2]: Hey, guys. Thanks for doing this. We have been really impressed by the product velocity and traction at Robinhood, the 14 cylinders, over 100 million. Can you speak to how many products your power users engage with versus your average user? What would it mean for your business if you are able to convert the majority of your customers into power users?

Vlad Tenev: Yeah, that is a great question. We look at this internally quite a bit, and we sort of see that basically the more products that someone uses, and once you get up to three or four products in the Robinhood ecosystem, the average revenue per user and the engagement just continues to increase with three or four products being really kind of the sweet spot. Also, we can cut it by asset classes. A lot of people come to us to trade equities or crypto first, but then if you look at the customers that trade equities, crypto, options, futures, and prediction markets, the revenue and the engagement with the platform really increases. We have been making a lot of investments. Maybe those of you that use Robinhood have been seeing our work there in just making the app more coherent and more discoverable.

Vlad Tenev: This is something I mentioned in the last earnings call. We have more work to do because we have all these products. How can we make sure that the app is coherent and that you kind of understand what we are about? Well, I think you are starting to see some of that progress because our shared services, including social, search, home, I think we are doing a much better job in kind of surfacing relevant content to you. I think the focus has been on making sure prediction markets works really well because we are kind of doing a unique thing, like combining this new asset class with other tools that are sort of personal finance centered. I think you will see us continue to invest in personalization, in making it easy to discover things, subject to all the rules and regulations, being able to surface relevant content to customers.

Vlad Tenev: I think that is another area where we are best in class and continuing to get better.

Shiv Verma: If you want to look in terms of how big it could be, I think Gold is the best way to see it. Gold, we don't view it as a subscription product. We view it as a loyalty product. What you see is a customer comes for something. It doesn't matter whether it's an equity, an option, a crypto, an event contract. They discover Gold, they then use more products, they then deposit more, they engage more, they trade more. For how big it could be, it's great, we have 5 million customers. It's only an 18% attach rate, and about 40% plus adopt it when they first come in, but there's still a large runway ahead of that.

Chris Koegel: All right. Thank you. Next question.

[Analyst 3]: What is Robinhood's strategy for educating customers about active trading products, like perpetual futures or agentic trading?

Vlad Tenev: Yeah, I think what we really try to do is make the products themselves understandable and clear within the app. I think with our various learning modules and tools, we've done a really good job at taking advantage of the limited real estate of the app and giving people the information they need at the time that they onboard without just too much of the fluff and filler. As we expand into the agentic products, and actually one of the reasons I'm excited about agentic trading and our investments there is that a lot of our customers are using that as an education tool because these AI agents are really good if you just ask them, "Hey, explain this to me. What is a wheel strategy? What are the typical options trades?" You can say, "Hey, I have this plan, this point of view.

Vlad Tenev: Can you break down, give me the top 3 ways to capitalize on that. I think there is strong potential, and we are actually seeing a lot of customers doing this, of just explaining things, not even just placing the trade or fully trading autonomously, although we are pushing ahead in that direction too, but just taking some of this complexity and breaking it down for the customer. The plan is really each interface has somewhat different affordances. On mobile, it is really about how do you clearly articulate what the functionality is, what it is for, how do you make it so that with as few taps as possible, you can actually do what you want to do as a customer.

Vlad Tenev: Web, I think you have a little bit more of real estate to browse, and I think agentic lends itself to a back and forth, which is difficult with all of the interfaces. We are making a ton of progress on all of these simultaneously. I think the other thing we recognize is we do produce some first-party educational content, video, and so forth, but we also want to make it easier for you to discover all the great content that is out there. There are just so many content creators and influencers that are making YouTube videos and they are quite entertaining. One of the things we have been trying to do is can we make it easier for you to get some of those things in the right way through the experience, too?

Shiv Verma: You also have Robinhood Social as well, where you can learn from the community and each other. Just another surface for customers to talk to each other.

Vlad Tenev: That is a great point. I think I am much more bullish on our ability to surface third-party user generated content to you because we just have many more passionate people that can make it. Some of the content on Robinhood Social that we are seeing is actually very deep investment analysis, and we have been working hard giving people more tools to share charts, share different data sources and, I think we like what we are seeing there. We are going to do even more.

Chris Koegel: All right. Any other questions from the audience? Sure. Go ahead.

[Analyst 4]: Does Robinhood plan to get into exchange funds, like Cache and Titan? There is a lot of money that is locked in into other brokerages, which you do not want to sell. So having the ability to trade without selling can be a very big upside for Robinhood.

Vlad Tenev: Yeah. I talked a little bit about Robinhood Strategies, and I think certainly helping customers with concentrated positions to diversify and handle that in a tax-efficient way is something that we have been looking very carefully into. The other thing is a lot of these products that are offered by the incumbents have really high minimum requirements. So, of course, whenever we see that, we ask ourselves, is there an opportunity to create a really nice product and make it available to lots of people?

Chris Koegel: All right. Any other questions from the audience? Okay. With that, let us move to the Zoom Q&A. I think the first question we have today is from Devin Ryan from Citizens.

Devin Ryan: Hey, Vlad. Hey, Shiv. How are you? Good to see you guys.

Vlad Tenev: Doing well.

Shiv Verma: Good to see you, Devin.

Devin Ryan: Question on Robinhood Chain. Obviously, great to see early traction there. Also appreciate it benefited from some congestion in late August and September, which helped gas fees, so maybe seeing some normalization in fees there. Volumes have been still pretty resilient. My question is really just how should we be thinking about the financial opportunity over time and really what we should be looking for to drive maybe that next real inflection in activity? I know you mentioned perpetuals gaining traction, so maybe that is one example, but is it just more products being developed? You mentioned Robinhood can do things to support the chain, love to hear about that. Then just bigger picture too, can monetization improve over time without making the chain less competitive? Thanks.

Vlad Tenev: Yeah, I will start. Maybe you can hit your thoughts on monetization. Another thing we look at for the chain that gets us so excited is developer activity. I think last time I checked, we were number one in on-chain developer activity. Developers are actually coming to Robinhood Chain because they see the traction that we have had, and they are making a bet that this is kind of the ecosystem that they want to invest in for their activities. I think at the end of the day, the ecosystem is actually going to be driven by the developer activity. People have not had very much time to build sophisticated on-chain applications yet. That is why I think in the first instance, the applications that you have seen are relatively simple, launch pads and liquidity pools and things of that nature.

Vlad Tenev: People are working on really interesting things now that are more complex, that connect Stock Tokens with crypto assets and technology. Just sort of imagine if you take a Stock Token, make it fully programmable, just like software, what can you do? Can you have tokenized options contracts, for example? Can you have products that we have not seen before? That is why we want to invest in the developer ecosystem. I think it is interesting the whole fees and congestion and revenue. When Johann, who is our crypto GM, and I talk about this, basically we both agree that the most important thing to prioritize is a great experience for our users. I do not really want to be in the business of charging high fees for on-chain usage.

Vlad Tenev: What I would rather do is gain the market share, make the developers choose us as the best chain, give them more products, and I think we have a pretty clear roadmap for what first-party products we need. The idea is anything that you can trade on Robinhood in the US, wherever possible, should be made available in on-chain versions for our international customers. It is more Stock Tokens, but then expanding to other asset classes and making sure that these things become like Lego building blocks that developers can incorporate into their on-chain applications. Since we offer the primitives, one of the reasons Stock Tokens have been so successful is people know that Robinhood stands behind them, and that makes it much more likely that they trust them in their applications than just some third party. We are going to continue to execute on that.

Vlad Tenev: I think the way we are tracking long-term sustainability is we obviously like to see DeFi TVL go up, but we are specifically looking at Stock Token TVL, making sure that is on a healthy trajectory and we have a path there, because I think our differentiator with the chain and what has been working well for us is real-world assets. We should expect to see real-world assets adoption just continue to increase.

Shiv Verma: Yeah. On monetization, only piece I will add is it was about $50 million in gross revenue in the quarter. We shared the schedule before, we share some of it with Arbitrum. It was about 50%. So even on a net basis, about $25 million or $100 million annualized. We did not call it a cylinder just yet. We want to give it more time to bake. You should expect in a normalized environment, it is probably a couple basis points on notional value is what we monetize. But as Vlad Tenev said, the team is not goaled on revenue at this point. It is growing TVL, making developers happy, growing Stock Tokens. If we do that, a couple basis points can add up to a really large number over time.

Vlad Tenev: Yeah. I know for the developers out there, we have a lot of passionate Robinhood Chain developers that are working on projects. Just be confident that we are talking about what we can do for the community. I think you will see, since it caught us by surprise, we have had to staff up a team here. I think you will see a lot more for us supporting builders in the near future.

Chris Koegel: Great. Thank you, Vlad Tenev and Shiv Verma. Our next question is from Steven Chubak at Wolfe.

Steven Chubak: Load.

Steven Chubak: Hi, good afternoon. Thanks for taking my question.

Vlad Tenev: Once again, fast questions.

Shiv Verma: Hey, Steven.

Steven Chubak: So, wanted to just ask on the net deposit growth, which I know seasonally Q3 tends to be a touch lighter. Now, I am really evaluating this KPI on a core basis. But as the denominator has grown larger, you have been running a little bit below that 20% target, and just wanted to get a better sense as to, as we unpack some of the building blocks, how much of that 20% is expected to come from new account growth, or new store growth versus same store growth, and specifically wanted to get a better sense as you continue to expand internationally, how those efforts could potentially help close the gap.

Shiv Verma: I am happy to start on this one.

Vlad Tenev: Go for it.

Shiv Verma: As we said before, we target 20% annualized, and we gave some October color on the call. We have already surpassed that. We are just through October. We have already done over the 68 billion last year and surpassed our growth target. As you mentioned, it will not be linear. There was some higher growth in Q2, and then it came down a little bit in Q3, but we have said over and over again, I do not over-index in any one month, any one week, any one quarter, but on an annualized basis, we are still seeing the business compound. The best driver of net deposits is just new products. As we keep shipping new product velocity, customers come, they adopt us more, and they continue to deposit more. In terms of new store sales versus existing customers, it is both.

Shiv Verma: More recently, it has been a little bit more of the existing customers. We got a lot of customers very fast in the prior years, and now as we ship new products, we are gaining share of wallet, and they are starting to trust us more. As we have said before, we are starting to turn the dial to try to accelerate net funded accounts again. Q3 was similar to Q1. Q2, we saw a nice bump up because of some market backdrop, and there was a couple IPOs in there as well. Big picture, our existing customers are still using us for more, and we think we have some great products next year that should also drive the top of funnel.

Vlad Tenev: Yeah, I would also add to that, we have been pushing pretty hard on Trump Accounts, making that a great product. You will see this is not just an app. It is going to be increasingly an ecosystem. So we are plugging in employers. Now, employers will be able to fund Trump Accounts on behalf of their employees. Then we are going to be plugging in donors. Donors are kind of done on a one-off basis now, but you can imagine, if you are a corporate donor or a wealthy philanthropic individual, we will make it really easy and delightful to go into the Trump Accounts. We are already seeing meaningful net deposit impacts on that, and I think that it can be much, much bigger. A lot of people are aligned in having that be a bigger number.

Vlad Tenev: We think that we have an opportunity, of course, if we continue to serve these customers very well, as we expect to, for those to be compounding assets. What was the number? 70 million, 25 million funded by Michael and Susan Dell alone. I mean, if we serve these customers well, over time, I think a large portion should be Robinhood customers.

Chris Koegel: All right. Thank you for that, Vlad and Shiv Verma. So the next question is from Michael Cyprys at Morgan Stanley.

Michael Cyprys: Great. Thanks for taking the question. I just wanted to ask about peer-to-peer payments that you just test launched here on the call here. I was hoping you could expand on your vision for this new offering, how you see this contributing in the coming years, including perhaps a funnel for new client acquisition, maybe even revenue monetization. If you could talk about your expectations there and how you see this ramping. Thank you.

Vlad Tenev: Yeah. Where we started was really just, we had a lot of customers saying that they want to send money to their friends via, the question asker asked about Zelle, but Zelle or other things, can we make that a little bit easier? Then we thought, "Well, what's the most simple, seamless thing we could do where you do not even have to enter anything? You could just send money via text." I think we deliver that experience. It is just, if you want to just literally sending money from Robinhood is as easy as texting someone. So the first thing we are looking for as we roll this out is, are our existing customers using it? Is it solving their problem? I think once we have got that, by its very nature, the product should be viral, right?

Vlad Tenev: As they continue to send money to their friends, if they use it, then we have to make a compelling case for that recipient if they do not already have Robinhood to enter that ecosystem. But that gives us another opportunity, another potential touch point to get them as customers.

Chris Koegel: All right. Thank you, Vlad. The next question is from Alex Markgraff at KeyBanc.

Vlad Tenev: No Alex?

Chris Koegel: All right. We may have lost Alex. The next question is from Ben Budish at Barclays.

Ben Budish: Hey. Good evening, and thank you for taking my question.

Vlad Tenev: Hey, Ben.

Ben Budish: One for Shiv on the expenses. The number for the quarter came in, I think a bit lower than a lot were expecting. Your full year guide was lower just a little bit. Curious if you could talk about the moving parts. I know there is some timing of Trump Accounts expenses that are expected to come in in the back half. Curious what you can share on the run rate into 2027. I know you are not giving guidance there yet. Obviously, the Trump Accounts expenses may be non-recurring. You kind of talked before about sort of a lower single digit growth rate for existing businesses, but on top of that, there are new initiatives. Curious if you could talk a bit about the near term moving pieces and how we should think about the run rate going into next year. Thank you.

Shiv Verma: Yeah, great question. What I am really excited about is even with all the new products we are shipping, we are still staying lean and disciplined. As you mentioned, we lowered our outlook by $25 million at the top end. In Q4 specifically, there are a couple things that we are rolling out that we are investing in. First, we are doing even more for the Trump Accounts, so you should expect some more expenses there. Second is the credit card. We are continuing to scale the credit card, both Gold and Platinum, so there will be some investments there. Lastly, we are in the middle of annual planning right now, but there are a couple items we got really excited for, so we pulled those forward and we started to make a couple investments there.

Shiv Verma: For Trump Accounts specifically that you asked about, for the full year, I shared earlier that we expect it to be about $100 million investment. It is still roughly going to be in that range for the full year. There were some timing things throughout the quarter, but that is what I would expect. For next year, it is early and we are going to finish our planning process, and we will come back in January and February and share the full plan. So nothing to share on that yet, but as Vlad said, it is going really well. They are asking us to do more, so I would expect that we will be continuing to invest there. In terms of our overall philosophy, very similar to prior years. As we go through planning, we are asking each of the teams to be more efficient in those core business.

Shiv Verma: We take those efficiencies and we reinvest it. We have so much more to do, as you have seen, so it will be very similar to prior years.

Chris Koegel: All right. Thank you, Shiv Verma. The next question is from Patrick Moley at Piper Sandler.

Patrick Moley: Yeah, thanks, guys. Thanks for taking the question. I have one on crypto.com and OG.com. You now own equity in two prediction market venues while running your own exchange with Susquehanna. How do you reconcile the routing decisions between the different venues, and what is the strategic logic of holding stakes in competitors to Rothera? Thanks.

Vlad Tenev: Yeah, maybe I can start. We want to give our customers the best prediction markets experience. We want them to have choices, too. I do not think we can send all of our flow to one venue. So we think that the combination of Rothera and crypto.com positions us well to actually serve our customers well, have great execution quality, and have broad coverage of all of the assets that our customers want to trade. Maybe you can take the financials.

Shiv Verma: Yeah. As Vlad mentioned, it is good to have a resilient and a second exchange. What you should expect is Rothera will be our primary exchange, and crypto.com/OG.com will now be our main second exchange, and we will be getting off most of our competitors. By the end of the year into early next year, you should expect the vast majority of our flow goes through both of those. From the financial standpoint, what we are doing now is in addition to sending them flow, we are also becoming owners. Before, we were sending our flow to other exchanges and we were not getting any financial incentives because of that. There is no conflicts, to be clear. A product is listed on a particular exchange. It is depending on where you can get a product experience, so there is no routing, like equities or options. They are not interoperable.

Shiv Verma: You have to list it on either Rothera or either crypto.com. But now, in addition to getting a great customer experience, we can also provide a little monetization for shareholders. So that is why we are super excited to both build and get a great product experience for customers, but now also having some financial upside for shareholders as well.

Chris Koegel: All right. Thank you. The next question is from Brian Bedell at Deutsche Bank.

Brian Bedell: Can you see me? Hey, guys. Hope all is well. Thanks for taking the question. If I can ask a two-parter, one, just the timing of company KPIs, for launching those now that CBOE has final approval for that. Secondly, Shiv Verma, if you could just talk about a little bit more color or give a little bit more color on the October volumes to date. I think it is down 5% on equities, options, and crypto. If you could just sort of maybe bifurcate between those areas and any comments on tape rate in crypto. I know that tends to be

Shiv Verma: You want to do the KPIs and I will do the other one?

Vlad Tenev: Why don't you take them all?

Shiv Verma: Sure. On the KPIs, we were actually just talking with the GMs this morning, Steve Quirk and Johann. They are both coming very soon. The teams are hard at work on them. We are getting the final approvals. We announced them at HOOD Summit, so you should expect them in the near term. We are just waiting for all the approvals to come through, but we are ready to go and excited for customers. In terms of the October color, as a reminder, Q3 was a record quarter. Everything was our highest quarter ever for equities, options, and margin, so great to see in October for equities, options, and crypto, they are within plus or minus 5%.

Shiv Verma: I grouped them all together, but they are all trending to similar levels and early in the quarter, call it within 5% of the high-water mark in Q3. I called out event contracts specifically because that was a little bit different and up about seven times year-over-year, so starting to see some more increased there. On take rate, what we are seeing to start the quarter is that spreads are a little bit tighter, so we will see where the full quarter shakes out. Early indications are spreads are a little bit tighter, and we will see how it plays out for the next two months.

Chris Koegel: Great. All right. The next question is from Gav Glasberg from WOLF Financial.

Shiv Verma: Gav.

Gav Blaxberg: Hey, how is it going, Vlad and Shiv? Great to see you guys. I am going to go into an area that I do not think has been discussed too much yet, and that is Robinhood Social. Talked with you about this, Vlad. I have been power using the platform, love it, spending probably an hour plus a day on there, and I am talking to more and more people, and people are like, "Well, what are the plans for this? What are the goals? How does this create revenue? How does this drive things for the platform and create shareholder value?" I would just love to hear also how it is being prioritized and balanced with so many other things going on.

Gav Blaxberg: Building out a social media is no small undertaking. I want to hear some of the vision for this and how this is ultimately going to lead to revenue generation and increasing shareholder value.

Vlad Tenev: How have you been liking it? Any critical feedback? Anything we could be doing better?

Gav Blaxberg: Oh, I've been chatting with Anna, Tarek,

Vlad Tenev: Yeah

Gav Blaxberg: and some others on the team, and giving a ton of pieces of feedback, and also trying to talk to the other power users, and connect with them and get pieces of feedback. I think it's continuing to progress really nicely. Listen, if you want a feedback session at some point, I'll give it to you, but I don't know if that's the best use of your time right now.

Vlad Tenev: Yeah, that is good. You do not want to do that too much at earnings. No, he is a tough customer. I think that the reason we get excited about Robinhood Social is because, frankly, I believe that it is the best way to learn. Rather than which way am I most bullish on Robinhood producing all the content that teaches people how to invest and gives them all the tools, or am I more bullish on 28 million customers and those customers using our product and bringing the best ideas that they find from everywhere in the world to us? So, definitely the latter, and I think if done well, we can just surface really good content for our customers that they can use to learn new things. We are already seeing kind of a community form around this. So, we have a lot to do.

Vlad Tenev: We have made it so that people can share things outside of the platform, and we have continued to also increase the type of content that you can share on social. It started out with just trades, but now you can share P&L, you can share charts, you can do your portfolio. We have the creator offering. Also creators, a lot have been asking about creator monetization, so that is something we will obviously want to look into, and I think at that point, it becomes a business line for us.

Vlad Tenev: But as of now, I think we are thinking about it in the context of the broad Robinhood experience, and we think that if we do a really, really good job, it just gives people one more reason to not just do the execution of the trade on Robinhood, but just stay in Robinhood for getting the idea and the context behind the trade.

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

James Yaro: Thanks for taking the question. I was hoping you might be able to just update us on your Rothera strategy at this point. How do you plan to generate market share gains? Maybe you could speak to the pricing strategy at this point. Then finally, maybe just an update on how you are thinking about adding other FCMs to the platform beyond just the Robinhood brokerage.

Vlad Tenev: Yeah, that is a great question. Again, we are a significant equity holder in Rothera, us and SIG, but we are not actually operating Rothera ourselves. Of course, hopefully Tom and team do listen to us occasionally on retail, but it is like an independent business. I do not want to speak too much about their strategy for getting FCMs, though I know they are highly motivated. I think Rothera could become the default neutral gateway for FCMs because a lot of the other prediction markets venues, they have their first-party offerings where they are trying to acquire customers while they are offering a service to others. I think when we talk to a lot of other FCMs, they do not like the idea and the potential conflict of their provider also operating a first-party business.

Vlad Tenev: I think the great thing about Rothera for any FCMs that want to connect to it is that it is purely working with FCMs, so you do not have to worry about your provider also competing with you in the marketplace. At least from our standpoint, we have been investing a lot in the non-sports contracts. You saw us announce KPI prediction markets. We have been seeing a lot of growth in the crypto contracts and commodities. I think that over time, we see an opportunity in integrating these financial. I think we can own the financial category, because that is a unique advantage we have.

Vlad Tenev: Rothera can support just a more sophisticated financial contract and be a leader there, because I think we are less excited about doing what everyone else is doing, which is just all sports all the time, because I think that is rapidly going to get commoditized, and is just, frankly, a little bit less differentiated from my standpoint.

Shiv Verma: Yeah. The two things I will add there, on the non-sports side, if you look in the quarter, it was actually about 30% non-sport, and that was up from 15% the quarter before. As Vlad said, we are starting to see adoption across some of these other asset classes, which was great to see. On the pricing side, we are really excited that our pricing is now official, but we lowered pricing for customers when we bought Rothera. What we did is we made a dynamic pricing model. What we heard from customers was if you were trading something in the wing relative to the center, you actually paid a higher take rate. Instead of just increasing monetization, what we decided to do is redo the pricing model. We made it dynamic.

Shiv Verma: We listened to customers, but we did not impact our take rate because we were able to share some with them and take some of that back. On top of that, we made it even better with Gold. We talked a lot about Gold, but now if you are a Robinhood customer and you are a Gold member, you also get even better pricing as well. A couple different things all going on there at the same time.

Vlad Tenev: Yeah. If you look at the experience, those of you that trade prediction markets on Robinhood, you can see we have really done a nice job just refining the experience, having specific modules for different types of prediction markets. The midterms hub in particular, I think just looks amazing. It is not just if you want to trade them, but just as a way to explore and find what is likely to happen through the midterms. I think we have done a really nice job. The 15-minute up and down markets on crypto have been looking good. Yeah, I think you can see the chiseling that is happening on the product to make it even more usable.

Chris Koegel: All right. Thank you. The next question comes from somebody right off a plane, Dan Dolev from Mizuho.

Dan Dolev: Dan Dolev. Hey, Vlad. Hey, Shiv. How are you?

Vlad Tenev: Are you in the airport?

Dan Dolev: I am in Munich.

Vlad Tenev: Oh, nice.

Dan Dolev: I just got back from Israel en route to New York.

Vlad Tenev: Oh, country.

Dan Dolev: Big vote today. Great results as always. We've done some work. I'm very interested in perpetual futures. Sounds like you guys are headed to something really big there, and I think we're getting a lot of questions on it. I just want to know, how big do you think this one could be? Because it sounds like it's a huge opportunity here. Would love to get some more color on that. Thank you.

Vlad Tenev: Yeah. I think that if you look at the leaders in perpetual futures, perpetual futures is a huge market by volume with daily volumes in the billions. In fact, some of the platforms globally have tens of billions in daily perps volume. Then we saw even on Robinhood Chain, which again, is just a couple months old, we're seeing over 1 billion in USD notional in on-chain perps. So I see no reason why our offering can't get to a similar, if not greater scale than the DeFi offering as time goes on.

Chris Koegel: All right. The next question is from David Smith at Truist.

David Smith: Hey, good afternoon.

Chris Koegel: Hello.

Vlad Tenev: Hey, David.

David Smith: Could you flesh out a little bit more about what you are seeing in terms of the drivers on take rates? Q3 came in lighter than what a lot of us were expecting, and it sounded like that the clients continued to start the Q4. I am sure it differs across asset class, but is this a mix issue on the user front or on the sub-asset class front, trade sizes, volumes, other dynamics? What would you point to there?

Shiv Verma: Yeah, I am happy to take this one. On equities, it is usually a mix shift between single names and ETFs, and it also depends on what the spreads are. Options is also similar. It depends on what the vol is and also the spreads. Are they trading more index options? Are they trading more single names? Is it more indices? That tends to be a bigger driver there. On crypto, the main driver was our Robinhood Earn, our stablecoin product. That product is doing great. It now has over $500 million of assets there, but because it is stablecoin, we monetize it less than the normal platform, and so that is what drove it down. If you take out the stablecoin, it was basically similar to the quarter before, the same zip code. That was the main driver there.

Shiv Verma: ECs, as I mentioned, we updated our pricing, and so it will depend on what the customer is trading. Are they trading the money line? Are they trading at the wings? Are they using Robinhood Gold? That is why we saw it moving a little bit. I would say each of them is a little bit different, and what we are seeing in October is, as a start, they are similar to what we saw and maybe a touch lighter as spreads are a little bit tighter. Again, it is about three weeks into the quarter, and so we will see what the full quarter shakes out. Great. Thank you. The next question is from Dr. Crossroads.

Shiv Verma: Hey, guys. Thanks for taking my call. Just wanted to ask, given that you have given us, last year, some information regarding the impact of rate hikes, and we are in a very different, or rate cuts, and we are in a very different situation with rate hikes. I am wondering if it is going to be a similar impact on the ecosystem. I believe you guided for a -$50 million impact for each rate cut on net interest income, especially now that banking is a part of your ecosystem and also credit cards are a meaningful part as well.

Vlad Tenev: You remember, by the way, was it like a year ago, everyone was like, "What is your business going to do? You have done so well in a high-rate environment with all this interest income. How will you survive in a low-rate environment?" Now, it is funny, every couple of years, it is like the question reverses. "Oh, you have been doing so well with these declining rates. Now rates are going to go up again.

Shiv Verma: I am happy to take it. It is great. I mean, first,

Vlad Tenev: Good to see you, by the way. Hope you are doing well.

Shiv Verma: The first thing we like, as Vlad Tenev said, is the business is diversified. So some products do well in a low-rate environment, such as the trading products, and others do better in a higher interest rate environment, such as the NIM products. The actual math is, for every 25 basis point hike or decline, it is about a 1.5% change to revenue. All else being equal, if the Fed hikes another 25 basis points, that should be a lift. The really simple math is we have about $80 billion of interest-earning assets. About half of that, $40 billion, is interest-sensitive assets because the sweep program and a few other things are interest sensitive.

Shiv Verma: The DV01, 25 million, 25 basis points and $40 billion is about $100 million of a change, and then $100 million on about a $5.5 to $6 billion run rate gets you to about that 1.5%. Big picture, though, we like being diversified and a rate hike is a tailwind. Regardless of the rate environment, we have got a business that does well in both of them. Thank you, Shiv Verma. The next question is from Adam Frisch from Evercore.

Adam Frisch: Hey, guys. Good afternoon, and thanks for taking my question. I wanted to follow up a little bit on net deposit growth and actually monthly actives as a percentage of fully funded. Both were a little weaker this quarter, so would appreciate some color on what drove that in the quarter, if we should be aware of any new or incremental initiatives you are thinking about or enacting already to reverse that, or if it is just a 90-day period that is not necessarily indicative of the overall trends and what you are seeing so far in Q4. Thank you.

Shiv Verma: Yeah, I would say it is more the latter. We do not over-index on any one month or quarter, and the best way to see it is October. As we mentioned, October was already a record of over $13 billion of net deposits, and ADVs were very similar or just a touch lighter than what we saw in a record Q3. Things are going to move around. There is timing of when we launch new products. There is timing of when promos happen. There is some seasonality. There are macro events. There is the IPO market. All of those come together, but if you look at it on an annualized basis, or if you just look at October alone, already seeing really healthy engagement across trading at net deposits. All right. Thank you, Shiv Verma. The next question is from Ramsey El-Assal at Cantor.

Ramsey El-Assal: Hi, thanks so much for taking my question tonight. I wanted to ask if you could elaborate a little bit, Vlad, on the rationale for the Ripple partnership. How is that going to benefit you guys? I know there are a few different dimensions there. Internal treasury operations, also external-facing benefits for Bitstamp, et cetera. Where do you see the nearest term opportunity, the greatest near-term opportunity, and just sort of if you could expand a little bit on the overall strategic rationale. Thanks.

Vlad Tenev: Yeah. I like Brad and the team at Ripple, and I think that we were excited to do more business together. I think that there is a lot of ways in which we offer complementary things, and we are never afraid to get more integration into, I think more integration, more products, more selection for the Robinhood ecosystem, both in the app and in chain, is just strictly better. I think we kind of bring complementary things to the table, with their institutional business and our more retail-oriented business. In fact, today is another example of this, Ondo integrating into Robinhood Chain. Ondo also has tokenized products, but our thought is, well, we want our chain to be the best home of tokenized products. They do not need to be our own.

Vlad Tenev: And in fact, it is important for us to just make sure everyone has an equal opportunity to list on our chain and on our properties for our customers, because that just leads to the best product. So of course, we would like our own first-party products to always be used, but they also have to be better than the competition.

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

Ed Engel: Hey, thank you for taking my question. I guess how are you thinking about bringing Stock Tokens onshore the US after the SEC's innovation exemption? Is there anything regulatory-wise on your radar that might unlock private stock tokens that you announced last year?

Vlad Tenev: Yeah, that is a great question, something we have been very passionate about. For private companies, we basically have two bets, one being Robinhood Ventures, which is in the form of fund products in the US, and then Stock Tokens overseas, where we have the ability to tokenize individual companies. In a sense, through what we benefit from, these two things help each other because, with Robinhood Ventures, we have relationships with companies. We have been investing in a lot of companies. We have an active pipeline. A lot of those companies actually inquire about what tokenization is and can they join, and we have the relationships, and we have been a leader in this space. So I would say we have a path to doing it overseas. We know how to do it. We have demonstrated the technology and the capability.

Vlad Tenev: It is just a question of getting all the regulatory stuff in place. We do intend to launch these products overseas. When it comes to in the US, for private stocks specifically, there is another layer to it, which is the accreditation requirements. We are working hard to find a path that satisfies the current accreditation requirements and also leads to a great customer experience. I think Robinhood Ventures is an example of this in the construct of funds, but of course, a lot of customers want exposure to individual names as well, and so we are working hard to do that within the constraints. As far as the innovation exemption goes, I think it is a really positive step. We are supportive of it. We think that obviously the US needs to be a leader in this new technology.

Vlad Tenev: I do think more needs to be done to give people a little bit of certainty. Because as we talk to customers, I think the uncertainty of what happens in five years is likely to be an impediment to putting serious assets onto this technology. So I still think some rulemaking or legislation is going to be necessary, even though, of course, it is a positive step, and we hope to have more to share on our own US tokenization plans in the near future.

Chris Koegel: All right. Thank you, Vlad. The next question is from John Todaro at Needham.

John Todaro: Hey, guys. Good to see you, and thanks for taking my question. I was hoping we could just get some commentary on maybe the health of the retail trader within equities. In particular, AI stocks have come down quite a bit in the last several weeks, and many of those were trafficked quite a bit by retail. Just wondering if we can get any commentary there on engagement post the sell-off.

Shiv Verma: Yeah. I am happy to take this one. Engagement continues to be really strong. I mean, the best way to see that is through the ADVs and through net deposits, and both of those were incredibly strong in the start of October. As we said before, our customers, they tend to be younger, they tend to be techno-optimists, they tend to be technology-forward. They use sell-offs as a buying opportunity. When you saw a sell-off in AI stocks or in chip makers or in semis, our customers leaned in and continued to buy more. On down days, we tend to see some of our strongest net buying. But the best metrics I would look at are just net deposits and ADVs, and both of those were really strong the start of October.

Chris Koegel: All right. Thank you, Shiv. The next question is from Andrew Harte from BTIG.

Andrew Harte: Hey, thanks for taking my question. Shiv, you talked about turning up the dial a bit on top-of-funnel. Just wondering if you can share some details on the strategy there and any traction you have seen. Then a bit of a follow-up on the MAU question. I realize it is kind of just one period, but in the past year, we have been in that 13 to 14 million user range on MAUs. Just curious anything you can do there to try to drive that number higher as well. Thanks.

Shiv Verma: Yeah. Could you repeat what was the first part of the question? Apologies, before the MAU.

Andrew Harte: Anything on top-of-funnel.

Shiv Verma: Oh, yeah.

Andrew Harte: That you're doing, then similar question, but how to increase the MAU number as well.

Shiv Verma: Yeah. On the top-of-funnel, there are two things. First is product, and the second is marketing. What we have been focusing on this year is primarily product. We have been testing a tiny bit on marketing, but we have not done it yet. But if you look at a lot of the things that Vlad Tenev shared, whether it was P2P or Robinhood Banking or other products, we think those can be pretty meaningful drivers. So we are making some investments, and we pulled some of that forward to make them and develop them this year, and you will see them launch in 2027. But the big drivers are generally just products and a little bit of marketing. On MAUs, the honest answer is we do not goal on it. The teams are goaled on are customers are engaged. Are they using the platform? Are they trusting us? Are they depositing? All of those are incredibly healthy.

Shiv Verma: MAUs is an output metric. It is going to move around a little bit with the market. As I mentioned before, it could be seasonal, it could be the macro, it is what they are doing. Everything we are seeing is customers are incredibly healthy, and if they are depositing more and they are engaging more, they are using more of our products, we call that a win, then MAUs are just going to move around.

Vlad Tenev: Yeah. I think longer term, we have some bets that we are working on. I think, obviously, having the opportunity to serve upwards of 70 million children with the Trump Accounts and serving as the broker and the initial trustee of the program with BNY, I think it is a big opportunity for us to just be in front of the next generation there. We have also been thinking about how to invest. I mean, we have custodial accounts, which have been a nice addition to the platform. How can we actually invest in getting customers as they are even younger and build an even better experience? We are starting to see some smoke there. I think that in the next year, we are going to be making several bets that I believe will not just increase top-of-funnel net funded account growth, but also MAU growth.

Vlad Tenev: The two are sort of high-level interconnected. You should see those move, that is outside of marketing and outside of, I think, the long-term opportunity of serving as the trustee of the Trump Accounts initiative. Oh, you are muted.

Andrew Harte: Oh. Can you hear me?

Vlad Tenev: Now you are back, yeah.

Andrew Harte: I told you last quarter, my son was about to be born, and I signed him up, and I can confirm it was a very easy onboarding process for his Trump Account.

Vlad Tenev: Oh, thank you. That warms my heart. Hopefully, you will have many more.

Shiv Verma: Also, you can see if your employer will match you now and get a little bit more for your son in there as well.

Andrew Harte: Yeah. Good call.

Chris Koegel: All right. The next question is from Alex Markgraff at KeyBanc.

Alex Markgraff: Hi, guys. Thanks for taking my question. Sounds like things are going quite well in banking. I certainly appreciate the withdrawal destination data point that you shared. What should we be looking for to determine when the product's in a state that warrants more intentional marketing efforts, or when you're ready to pour fuel on the fire, so to say? Thanks.

Vlad Tenev: Yeah, that's a good question. That's going to be tied with the general availability of the product. So right now, you have to be a Robinhood brokerage customer to be eligible for banking, which essentially means there's no independent onboarding. Sorry, my hair makes these tufts. No independent onboarding yet in the banking app. Of course, we do intend to roll that out. Once we have independent onboarding, that unlocks the possibility of performance marketing, which will be a new capability of ours because now we're marketing multiple things. We're still early, but I think we've got a great team on the marketing side, and we're going to be investing more in the capability. We do believe that banking will actually give growth to brokerage and not just the other way around.

Vlad Tenev: This is just a greenfields opportunity for us, which will also impact net funded account growth and MAUs.

Shiv Verma: Banking is a little different than the credit card. Credit card, we were rolling out more delivery because you have to get the unit economics right, you have to get the credit risk right. Banking is just like any of the other products that we launch. You make sure that customers like it, you fix their pain points, once you find product-market fit. It will be much more akin to a regular software product relative to the credit card, which took a little bit longer to roll out.

Vlad Tenev: Yeah, I would also add that it is a little bit more of a predictable compounder, because the trading products, there is a dependence on the market and seasonality. But banking, people just receive their paychecks, they spend, they are in the ecosystem week in, week out, which counterbalances the trading business quite nicely.

Chris Koegel: All right, finishing strong here, our next question is from Ken Worthington at JP Morgan.

Vlad Tenev: All right.

Ken Worthington: Hi. Good afternoon. Thanks for the last licks here. Keeping it sort of high picture, ARPU doubled over the last two years to about $1 million. Roadmap of new products and new cross-selling, how do you see ARPU evolving from here? If I pick an ARPU figure, like $300, do you see this as feasible? Given all that you have going on, what does Robinhood need to get right to get to a figure like that?

Vlad Tenev: Yeah, I think that is an interesting question. The reason I am reluctant to just give you our ARPU goal is I think we also think there is a lot of opportunity to grow customers and grow down-market. If we get more younger customers, you could see, for example, ARPU decreasing, but the total size of the customer base increasing dramatically. Particularly, depending on how you count Robinhood Wallet users and international customers as we continue to put our foot on the gas of the international expansion, which I think we are still in the relative early days. We crossed 1 million international customers, but not hard to imagine that itself growing exponentially on the way to the majority of our customers being international over the long run. So it is a complicated optimization of our existing customers continuing to get more valuable, get wealthier, and their ARPU should be continuing to increase.

Vlad Tenev: There is going to be a counterbalancing effect of us just getting plenty of more customers from international markets and who are younger.

Shiv Verma: Yeah. A couple of things I will add there. ARPU is an output metric, so we actually do not goal to teams on that. We goal them on market share and then ROI. What we have said before is we believe Robinhood can 10x from here. You can take any metric you want, whether that is revenue, net deposits, et cetera. The highest predictor in correlation to revenue is just net deposits. If we keep gaining net deposits, if customers keep trusting us, whether that is new-funded customers, whether that is an existing customer trusting us with more, that is how you grow the business and that is how you grow revenue. ARPU is going to grow wherever it is going to go. But again, that is not what we goal on. We just grow on market share and giving a great customer experience.

Chris Koegel: All right. Well, that concludes the Q&A portion of the call. Vlad, would you like to make any closing comments?

Vlad Tenev: Yeah. I just wanted to tell you guys again, thank you for being here, for those of you in person and also those of you watching remotely. We are building a community here, not just of customers, but also shareholders, investors, retail and institutional, have some content creators on the call. You should know that we are far from done, and we are not complacent, and the roadmap just continues to be incredibly full. So rolling out all the things from HOOD Summit and a bunch of other things in the hopper to make this your financial super app and to deliver the power of ownership to people worldwide. So thank you for being with us on the journey, and thank you for listening, bearing the heat. Okay, team show.

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