Robinhood Markets
38 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.
Suppliers
Amazon Web Services (AWS)
depends onnamed as a riskFor example, on October 20, 2025, Amazon Web Services (AWS) experienced a major disruption in its US-EAST-1 region due to a failure in an internal system.Risk factors (Item 1A)
Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more
Circle (USDC)
depends onnamed as a riskIf we cannot maintain sufficient relationships with Circle or any other Liquidity Providers, it could be difficult for us to find alternative liquidity partners for our stablecoin offerings, which would disrupt our business and could cause cryptocurrency trading volumes and transaction-based revenues to decline significantly.Risk factors (Item 1A)
Wells Fargo Clearing Services, LLC
depends onnamed as a riskNon-compliance with applicable regulations by us or by TradePMR’s clearing firm, Wells Fargo Clearing Services, LLC, could result in censures, fines, or reputational harm.Risk factors (Item 1A)
Partners and platforms
Rothera (joint venture with SIG)
90%named as a riskOn January 20, 2026, Rothera acquired 90% of the issued and outstanding equity of Rothera E&C, a CFTC-licensed DCM, DCO, and SEF to accelerate delivery of futures and derivative product offerings, including prediction markets.Risk factors (Item 1A)
National Securities Clearing Corporation (NSCC)
subject tonamed as a riskFor example, from January 28 to February 5, 2021, due to increased deposit requirements imposed on our clearing and carrying broker-dealer by NSCC in response to unprecedented market volatility, particularly in certain securities, we implemented the Early 2021 Trading Restrictions.Risk factors (Item 1A)
Also named by CBOE
Virtu
depends onnamed as a riskAdditionally, this risk is heightened for brokerage orders executed outside of regular market hours through Robinhood 24 Hour Market, as currently brokerage trades executed overnight primarily are routed through one Liquidity Provider - Virtu.Risk factors (Item 1A)
Blue Ocean ATS (BOATS)
depends onnamed as a riskOvernight trading on Robinhood 24 Hour Market is primarily supported by BOATS, a trading venue that replicates the role that stock exchanges play during regular market hours.Risk factors (Item 1A)
Coastal Bank
depends onnamed as a riskIf RHY or Coastal Bank were to face regulatory actions that limit the growth of Robinhood Banking, or if we were forced to stop growing Robinhood Banking, or if Coastal Bank were to limit or cease their participation, this could negatively impact the operation of Robinhood Banking and our revenue.Business (Item 1)
KalshiEx LLC
depends onnamed as a riskWe also need to hold capital and make deposits with respect to certain event contracts in accordance with applicable CFTC regulations and ForecastEx, LLC, Kalshi Klear LLC, and KalshiEx LLC’s Rulebooks for RHD.Risk factors (Item 1A)
Apple iOS and Google Android app stores
depends onnamed as a riskWe are dependent on the interoperability of our app with popular mobile operating systems, networks, technologies, products, hardware, and standards that we do not control, such as the Android and iOS operating systems.Risk factors (Item 1A)
Sutton Bank
depends onnamed as a riskUnder the terms of our program agreement with Sutton, Robinhood Cash Card accounts for our users were opened and maintained by Sutton.Risk factors (Item 1A)
Visa U.S.A. Inc.
depends onRobinhood Credit is not a bank, and its credit card is issued by Coastal Bank, member FDIC, pursuant to a license from Visa U.S.A. Inc.Business (Item 1)
Other companies
Cryptocurrency Liquidity Providers
insures or lends to · $100 millionnamed as a riskIt is not uncommon for us to have an intra-day outstanding net receivable of $100 million that we are owed by any one cryptocurrency Liquidity Provider.Risk factors (Item 1A)
OpenAI
named as a riskFor example, OpenAI has publicly stated that OpenAI tokens issued in connection with the Private Company Stock Token Promotion are not OpenAI equity, that they did not partner with us and did not endorse the OpenAI tokens, and that any transfer of OpenAI equity requires OpenAI’s approval and OpenAI did not approve such transfer.Risk factors (Item 1A)
Also named by AMD, COMP, CRWV, MRNA, MSFT, NVDA, NYT, PVH and 3 more
Bitstamp
operates innamed as a riskThese offerings to certain institutional clients expose us to risks we have not historically faced at scale, including credit risk, regulations and laws.Risk factors (Item 1A)
Cryptocurrency custody insurance
depends onnamed as a riskThe total value of cryptocurrencies under our control on behalf of customers is significantly greater than the current total value of insurance coverage that would compensate us in the event of theft or other loss of such assets.Risk factors (Item 1A)
Places
Nevada
subject tonamed as a riskFor example, after the U.S. District Court for the District of Nevada denied our motion for a preliminary injunction on November 25, 2025, we agreed to cease offering new sports-related event contracts in Nevada as of December 1, 2025, and to take action to explore unwinding longer-duration open sports-related event contracts in Nevada.Risk factors (Item 1A)
Commodities and inputs
Federal funds rate / interest rates on interest-earning assets
exposed to its price · $152named as a riskInterest revenue is affected by various factors such as the distribution and composition of interest-earning assets and the federal funds rate.Market risk (Item 7A)
Regulators
U.S. Securities and Exchange Commission (SEC)
subject to · $45 millionnamed as a riskIn January 2025, we settled multiple matters with the SEC (including investigations into Regulation SHO, the timeliness of our broker-dealers’ SAR filings, EBS submissions, various brokerage recordkeeping issues, the November 2021 Data Security Incident, and Regulation S-ID violations) in which RHF and RHS paid penalties totaling $45 million, and agreed to certain undertakings (together, the “January 2025 SEC Settlement”).Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Financial Industry Regulatory Authority (FINRA)
subject to · $26 millionnamed as a riskRHS, along with RHF, paid a penalty totaling $26 million and agreed to pay restitution and to certain undertakings to resolve these investigations, among others.Risk factors (Item 1A)
Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more
New York State Department of Financial Services (NYDFS)
subject to · $30 millionnamed as a riskFor example, in August 2022, we settled an NYDFS investigation of our cryptocurrency business related primarily to AML and cybersecurity-related issues, under which we paid a monetary penalty of $30 million and engaged an independent compliance consultant and in January 2025, as part of the January 2025 SEC Settlement, RHF and RHS paid penalties totaling $13 million for violations of the timeliness of our broker-dealers’ compliance with SAR filing requirements from January 2020 through March 2022.Risk factors (Item 1A)
Also named by AFL, AIG, AMP, BPOP, COIN, EFX, FNF, GS and 9 more
Massachusetts Securities Division (MSD)
subject to · $7.5 millionnamed as a riskIn January 2024, we settled a matter with the MSD related to supervision of certain product features and marketing strategies, the service outages on our U.S. stock trading platform on March 2-3, 2020 and March 9, 2020 (the “March 2020 Outages”), and our options trading approval process, as well as the November 2021 Data Security Incident, under which we paid a $7.5 million fine and engaged an independent consultant to review, among other things, implementation of the FINRA independent consultant’s recommendations, policies and procedures regarding certain application features, and cybersecurity measures.Risk factors (Item 1A)
Commodity Futures Trading Commission (CFTC)
subject tonamed as a riskChanges in CFTC or other regulatory policy that seek to ban or more heavily regulate event contracts, particularly event contracts that we offer such as those related to sporting events, could also require us to cease offering event contracts or materially impact our ability to offer event contracts and we may be required to cease offering such contracts in one or more jurisdictions in which we operate either immediately or with minimal advanced notice to customers.Risk factors (Item 1A)
Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more
UK Financial Conduct Authority (FCA)
subject tonamed as a riskIn particular, any increase in capital or liquidity requirements under the proposed FCA regime could reduce available liquidity and constrain flexibility in Bitstamp’s operations.Risk factors (Item 1A)
Also named by CG, CME, EVR, HIG, IBKR, IP, KKR, RITM and 1 more
New Jersey Division of Gaming Enforcement (NJDGE)
subject tonamed as a riskIn March 2025, the NJDGE issued a letter to RHM demanding that we, among other things, cease and desist from offering sports-related event contracts, which the NJDGE views as unlicensed sports wagering under state law.Risk factors (Item 1A)
Also named by DKNG
Bank of Lithuania
subject tonamed as a riskIf the Bank of Lithuania determines that our Robinhood Stock Token offering or the Private Company Stock Token Promotion is not being conducted in compliance with applicable laws or regulations, such determination could result in financial penalties or other non-monetary penalties, limitation of certain of our business activities (including with respect to our Robinhood Stock Token offering), loss or non-renewal of existing licenses or authorizations, increased scrutiny from other regulators, loss of our customers and reputational harm.Risk factors (Item 1A)
Laws and programs
Commodity Exchange Act (CEA)
subject tonamed as a riskIn particular, additional federal or state courts, including appellate courts, may conclude that state laws attempting to prevent the trading of CFTC-regulated sports-related event contracts are not preempted by the CEA, or that outcome based event contracts are not “swaps” or contracts in excluded commodities falling within the jurisdiction of the CFTC, which would likely require us to cease offering certain event contracts in one or more states (or across all jurisdictions in which we operate) and could lead to adverse litigation and regulatory actions against us for doing so.Risk factors (Item 1A)
Markets in Crypto-Assets Regulation (MiCA)
subject tonamed as a riskFailure to meet these capital requirements or any future increases to these requirements could limit our ability to obtain or maintain authorization, constrain operational flexibility, or result in penalties or sanctions.Risk factors (Item 1A)
California Digital Financial Assets Law (DFAL)
subject tonamed as a riskWe expect to apply for a license under DFAL in connection with our cryptocurrency trading operations in California.Risk factors (Item 1A)
Also named by GLXY
Payment for order flow (PFOF)
earns fromnamed as a riskA large portion of our revenue is transaction-based, in that we receive consideration in exchange for routing our users’ equity, option, and cryptocurrency trade orders to market makers, wholesalers and other liquidity providers (together, the “Liquidity Providers”) for execution.Risk factors (Item 1A)
Robinhood Gold Card Program Agreement (Coastal Bank)
insures or lends tonamed as a riskWe market consumer credit cards, such as the Robinhood Gold Card, originated by our partner bank, Coastal Bank, pursuant to the Program Agreement, and indemnify Coastal Bank for certain losses under the Program Agreement.Risk factors (Item 1A)
Cryptocurrency Transaction Rebates
earns fromnamed as a riskTransaction Rebates from cryptocurrency trading have historically, and might continue, to comprise a significant percentage of our total net revenues.Risk factors (Item 1A)
SEC Regulation NMS September 2024 Final Rules (tick size, Rule 605)
subject tonamed as a riskAny new or heightened PFOF regulation, including the September 2024 Final Rules will result in increased compliance costs and otherwise could materially decrease our transaction-based revenue, might make it more difficult for us to expand our platforms in certain jurisdictions, and could require us to make significant changes to our revenue model, which changes might not be successful.Risk factors (Item 1A)
SEC Rule 15c3-3
subject tonamed as a riskFor example, in December 2024, the SEC adopted proposed amendments to Rule 15c3-3, which require certain broker-dealers, including RHS, by June 2026 to increase the frequency with which they perform computations of the net cash they owe to customers and other broker-dealers from weekly to daily.Risk factors (Item 1A)
CLARITY Act
subject tonamed as a riskIf the CLARITY Act or any of the related bills discussed above are enacted, or as the GENIUS Act is implemented, we could be required to make significant operational changes and incur increased compliance costs.Risk factors (Item 1A)
FDIC pass-through deposit insurance
subject tonamed as a riskIf the FDIC were to determine that our users’ funds held at our partner banks are not covered by deposit insurance, participating users might decide to withdraw their funds, which could adversely affect our brand and our business.Risk factors (Item 1A)
Infrastructure Investment and Jobs Act digital asset broker reporting
subject tonamed as a riskFurthermore, the Infrastructure Investment and Jobs Act significantly changes the tax reporting requirements applicable to brokers and holders of cryptocurrency and digital assets.Risk factors (Item 1A)