A：The three parts of the company's strategy are being number one in active traders, number one in wallet share for the next generation, and the long-term mark of becoming a global financial ecosystem.

A：In the active trader segment, the company saw significant growth with prediction market volumes doubling in Q4 and over 12 billion contracts traded in 2025, which was the first full year of prediction markets. Also, customers have already traded over 4 billion contracts in 2026, and the Equities Notional Volume doubled following the launch of shorting.

A：The wallet share strategy has been performing well, with over 40% of the company's total assets now across ETFs, advisory, retirement, and cash, showing customers' trust in the company with more of their financial lives.

A：The Robin Hood Gold service has seen over a 5x increase to 600,000 customers with over $10 billion in annualized spend. The Robin Hood Banking service has been well received, with over 25,000 funded customers bringing in over $400 million in balances, and over 50% of these customers have enrolled in direct deposit.

A：The company's international expansion is making good progress, with Bitstamp scaling volumes up 2x since the previous closure, and Robin Hood has launched a local tax advantage account in the UK, responding to the top request from UK customers.

A：For 2025, the company had strong financial results with record net deposits, gold subscribers, revenue, adjusted EBITDA, and EPS. Revenues grew to $4.5 billion, up 52% year over year, and adjusted EBITDA was $2.5 billion, up 76%. Adjusted EBITDA margins were a new high of 56%, and the company managed the share count closely to deliver record EPS of $2.50.

A：The outlook for adjusted Opex and SBC in 2026 is in a range of $2.6 to $2.725 billion, indicating an 18% year-over-year expense growth at the midpoint, which is below the 22% growth rate managed in 2025.

A：The plans for 2026 include accelerating product velocity, achieving another year of 20% plus net deposit growth, and continuing profitable growth. Investments will be made in existing businesses, new and scaling businesses, and the company will focus on delivering strong returns while remaining lean and disciplined in capital allocation.

A：The key investment areas for 2026 include investments in existing businesses, full-year cost effects of 2025 acquisitions, and new and scaling businesses. These investments will focus on areas such as the Robin Hood Gold card, Robin Hood banking strategies, prediction markets, and international expansion, among others.

A：The company's vision for the next 10 years, as reiterated from the Investor Day, is to make Robin Hood increasingly synonymous with the financial service category as the financial super app. This entails ambitious plans for product expansion and market growth.

A：A new feature added to Robin Hood Social is support for prediction markets, which has been included to drive discovery and engagement and is showing promising progress.

A：The vision behind Robin Hood ventures is to invest in private assets that are often out of reach for retail investors, making these assets accessible through registered funds offered to retail investors.

A：The plans for tokenization involve seizing the tokenization opportunity with 24/7 tradable public company stock tokens and making private company stock tokens actually useful for customers. This is seen as a transformative offering outside the US.

A：Robin Hood plans to integrate DeFi and centralized products by launching and scaling Robin Hood chain, making it the best chain to trade real-world assets; continuing to make improvements to Robin Hood wallet to provide a first-class experience; and bringing its centralized and DeFi products closer together.

A：Significant progress has been made in using AI for customer support, with over 75% of cases being solved by AI, including complex cases. In software engineering, efforts are focused on making it easy for engineers to access new model releases and capabilities, leading to savings and efficiency gains estimated at 9 figures in 2025 alone.

A：During the crypto downturn, the approach is to focus on the long-term vision of crypto as a foundational technology for trading all assets, moving toward a world where crypto is more than an asset class. This strategy is not distracted by short-term fluctuations and aims to leverage the potential of crypto to provide customers with fundamental utility.

A：Roth-era gives Robin Hood full vertical control over the entire experience, allowing them to control what contracts are listed and the pricing and economics. It enables the company to optimize outcomes for customers by ensuring they receive the best price, economics, and experience.

A：The strategy for attracting new users to prediction markets includes diversifying into non-sports offerings with thousands of contracts available and enhancing the customer experience with custom data, information, and tools. They also plan to surface these contracts when most relevant to customers. For new users, they are looking at strategies similar to those in brokerage and retirement products, such as referral programs (e.g., learn and earn).

A：International expansion is being approached with a focus on markets that have already been live, namely the UK and EU. The company plans to round out the product suite and respond to customer feedback, introduce new platform level capabilities, and leverage their technology platform. The EU is considered a test case for a Robin Hood built on crypto technology, focusing on stock tokens and tokenization. For Southeast Asia and other markets, the company aims to launch quickly after regulatory engagement. In the EU, they are working on removing disadvantages such as lack of protection while providing benefits like 24/7 trading and self-custody.

A：Robin Hood is focusing on AI and advisory services that provide amazing self-serving experiences and redefined workflows for human advisors, which will allow them to service more customers at lower costs. They have efforts underway for both, including Cortex providing advice to customers and have started conversations with regulators about its safe implementation. The company believes that these advancements could transform the wealth management industry.

A：The company's commitment to profitable growth implies that revenue is expected to grow faster than expenses, and they underwrite each investment for a good return on a standalone basis. They consider whether a new product can scale to be a substantial business and not just a short-term move. They also focus on payback periods and incrementality to ensure investments are worthwhile.

A：When considering the migration of prediction market volume to Roth-era, the primary focus is on delivering the best product experience to customers. While a significant portion of volume is expected to move to Roth-era, the overarching goal is to offer the best pricing and experience. Partnering with other prediction market venues allows for flexibility and competition in the market. The economics of Roth-era will enable better control of unit economics and more value to customers, and the company is also open to competing with other futures commission merchants for business.

A：The strategy for Robinhood Social is to launch and scale it in the US before international due to its benefits from a dense network and the need to ensure a good product experience that is well-integrated with the rest of Robinhood. Over time, the product is expected to come to international markets, especially as translation technologies improve.

A：The current plans for Bitstamp include improving pricing, market share, and business performance. They aim to address institutional customer complaints about packet processing and system reliability, and these improvements have been a focus area since the integration with Robinhood. The company has made retail offerings attractive to institutions and is bringing in retail volume to make it more appealing for institutions to quote and make markets on the exchange. The pricing strategy involves lowering prices for competitive customers and adjusting pricing tiers based on volume, leading to stronger engagement from active traders during periods of lower market volatility.

A：The vision for prediction markets involves creating an ecosystem of information and products around individual stocks, which could include linking to company KPIs and earnings metrics. Internationally, while prediction markets are currently available in the US, there is potential to list more prediction markets around company fundamentals and KPIs, and to explore the integration of on-chain versions for ex-US markets. However, regulatory relief is needed to list financial KPIs, and there is ambiguity in the current regulations.

A：The goal is to get Rothera operational by the middle of the year, which is targeted just closed last week. Specific details about the timeline and operational readiness are not provided.

A：Tokenization and AI are planned to be integrated to allow for exponential scaling of trading volume and potentially for micro-lending among other applications. The integration is anticipated to be streamlined due to blockchain ecosystems, making it easier to write agents and develop software that integrates with these offerings. The potential impact on Robinhood could be transformative, significantly changing transaction activity and positioning the company well for competing in that environment, especially with the expected growth of the DeFi ecosystem and the stablecoin partnership with Paxos.

A：The strategy for international expansion involves considering the possibility of launching prediction markets internationally, potentially in markets outside the US where a crypto-powered Robinhood is available or alongside traditional brokerage services. While there is an opportunity for on-chain prediction markets, nothing concrete is announced yet. Internationally, the company is also looking at the potential for private assets to be offered through registered funds.

A：For private markets, the goal is to offer any private assets that have not been traditionally offered to retail, such as private equities, real estate, or credit, through registered funds. Chairman Atkins has highlighted these funds as the best vehicles for retail access. The SEC filing allows for broad capabilities to offer these assets. The hurdles to be overcome include regulatory approval and operational readiness to provide access to these funds to retail investors.

A：Robinhood has been involved in the Trump accounts initiative from the beginning, attending the first summit at the White House. The company has expressed its belief in the initiative's potential to be a game-changer and has offered to contribute its best resources to ensure its success, emphasizing the importance of high quality and exceptional engineering.

A：The use of promotions at Robinhood is expected to continue due to the high ROI received. Promotions are becoming more personalized, utilizing AI and ML models for better customer engagement and efficiency in marketing spend. The focus remains on market share for active traders, net deposits, gold subscribers for the wallet, and nfas and institutional accounts for the third arc. Efforts are also directed towards accelerating top-of-funnel growth in addition to growing net deposits.

A：The recent achievements include becoming number one in the options industry-wide business.

A：The banking product has contributed to customer experience by offering competitive rates of 3.5% APY on deposits, which is particularly beneficial for customers who have a significant portion of their assets with Robin Hood. It allows for flawless experience with APY on both savings and checking without the need to move money around.

A：The benefits include a strong and durable link between the banking product and the brokerage account, where customers can receive cash back, and budget better, set goals, and seamlessly transfer large amounts of money between accounts, allowing access to leading APYs without leaving the platform.

A：The company plans to continue expanding and diversifying the business by integrating banking products within the Robin Hood platform, offering seamless experiences, and leveraging the feedback from the market to improve and add more features.

A：The flywheel effect of net deposits and assets on customer experience refers to the concept that as the number of net deposits increases, so does the number of assets and the overall customer experience, creating a positive feedback loop that enhances value for customers.

A：The company views the tokenization of private markets as highly impactful and resonant both inside and outside the US, pending hurdles around accreditation and market structure. They see potential to offer compelling products for private markets, both in the US and abroad, and believe a properly executed offering would be very differentiated, drawing a lot of assets.

A：The capital allocation strategy for international expansion includes both organic growth and acquisitions. The company aims to serve customers in every country, focusing on speed to market and ROI, and will partner closely in capital allocation. The company is careful to avoid duplicative infrastructure and integration issues by acquiring assets, teams, and technologies that complement what they offer in-house.