Robinhood Markets (HOOD)
NASDAQFinancialsCapital MarketsSnapshot 2026-07-08
$113.53+0.56%
Close 2026-07-08 · 1-day change
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Track HOOD free→Intact: The reason to own it still holds.
Robinhood grows revenue about 22% a year. Gold subscribers rose 65% in 15 months. Share buybacks increased to $1.2 billion in 2026-Q1. Costs are controlled while investing in new products.
Costs rose 18% in 2026-Q1, which may hurt profits. The company missed EPS estimates in Q1. Leadership changes could slow product innovation.
The price is about 55% above our fair value near $72. Analysts expect 22% revenue growth, which we agree with but find the stock expensive.
Breaks if: Share repurchases fall below $800 million in next two quarters
Continue executing share repurchase program with a refreshed authorization to return capital to shareholders.
Standing thesis, reviewed periodically — not a price target or advice.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Stated as a priority in 4 of last 6 quarters. Share repurchases grew from $703 million in 2025-Q2 to $1.2 billion in 2026-Q1. Management refreshed the share repurchase authorization to $1.5 billion in March 2026 and continues to execute the program steadily, delivering on capital return commitments.
“Since starting our initial share repurchase program in Q3 2024, total share repurchases were $1.2 billion as of the end of Q1 2026.”
“Since starting our share repurchase program in Q3 2024, total share repurchases were $910 million as of Q4 2025.”
“Since starting our share repurchase program in Q3 2024, total share repurchases were $810 million as of Q3 2025.”
“Over the past twelve months, share repurchases were $703 million as of Q2 2025.”
Breaks if: Gold subscribers fall below 3.5 million next year
Grow the number of Robinhood Gold subscribers to increase premium revenue and deepen customer engagement.
Stated as a priority in 6 of last 6 quarters. Robinhood Gold Subscribers increased from 2.6 million in 2024-Q4 to 4.3 million in 2026-Q1, a growth of approximately 65%. Management consistently highlights this subscriber growth, and the financial data confirms delivering on this priority.
“Robinhood Gold Subscribers grew 36% year-over-year to a record 4.3 million.”
“Robinhood Gold Subscribers increased by 1.5 million, or 58%, year-over-year to 4.2 million.”
“Robinhood Gold Subscribers increased by 1.7 million, or 77%, year-over-year to 3.9 million.”
“Robinhood Gold Subscribers increased by 1.5 million, or 76%, year-over-year to 3.5 million.”
“Robinhood Gold Subscribers increased by 1.5 million, or 90%, year-over-year to 3.2 million.”
“Gold Subscribers increased by 1.2 million, or 86%, year-over-year to a record 2.6 million.”
Breaks if: Operating expenses exceed $2.9 billion in 2026
Maintain disciplined control over operating expenses while investing in growth areas to support long-term profitability.
Stated as a priority in 6 of last 6 quarters. Operating expenses increased from $557 million in 2025-Q1 to $656 million in 2026-Q1 (+18%). The 2026 outlook for Adjusted Operating Expenses and SBC is $2.7 billion to $2.825 billion, reflecting disciplined cost management while investing in growth. The trajectory shows management maintaining cost discipline consistent with stated plans.
“Our 2026 expense plan is designed to accelerate product velocity, drive Net Deposit growth, and grow revenues.”
“Our 2026 outlook for Adjusted Operating Expenses and SBC is $2.7 billion to $2.825 billion.”
“Our prior outlook for combined Adjusted Operating Expenses and SBC for full-year 2025 was $2.15 billion to $2.25 billion.”
“Our 2025 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses.”
“We started the year off strong, driving market share gains, closing the acquisition of TradePMR, and remaining disciplined on expenses.”
“Our 2024 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses.”
Breaks if: YoY revenue growth falls below 15% next year
Continue rapid product development and launch new features to enhance customer engagement and expand product offerings.
Stated as a priority in 6 of last 6 quarters. Revenue grew from $927 million in 2025-Q1 to $1.07 billion in 2026-Q1 (+15%). Robinhood Gold Subscribers increased from 3.2 million to 4.3 million (+36%) over the same period. Management consistently emphasizes accelerating product velocity and innovation, and the financials show delivering growth aligned with this priority.
“Driven by our relentless product velocity and innovation, Robinhood is increasingly positioned at the center of our customers’ financial lives.”
“Our 2026 expense plan is designed to accelerate product velocity, drive Net Deposit growth, and grow revenues.”
“Our team’s relentless product velocity drove record business results in Q3 and we’re not slowing down.”
“We delivered strong business results in Q2 driven by relentless product velocity.”
“This quarter, we significantly accelerated product innovation across our key initiatives.”
“We hit the gas on product development in 2024 with a new platform for active traders, Gold Card launch, an expanded UK and EU product suite, and much more.”