Financial Data and Key Metrics Changes - In Q3 2025, revenues doubled year-over-year to nearly $1.3 billion, marking a record high [10][12] - Year-to-date revenues increased by 65%, and earnings per share rose by 150% [12][13] - Adjusted EBITDA margins reached 75%, indicating strong profitability [12] - Record net deposits exceeded $20 billion in the quarter, surpassing last year's total of $50 billion with another quarter remaining [10][12] Business Line Data and Key Metrics Changes - Trading volumes for equities, options, and crypto saw double to triple-digit growth [13] - Prediction Markets achieved over $100 million in annualized revenue within a year, tracking towards a $300 million run rate based on October volumes [12][13] - Robinhood Gold subscribers increased to a record 3.9 million, representing over 75% year-over-year growth [13][14] Market Data and Key Metrics Changes - International customer base grew to nearly 700,000 funded accounts, with significant growth in the U.K. and EU markets [11] - Assets under management reached over $300 billion, benefiting from a generational wealth transfer of $120 trillion [7][10] Company Strategy and Development Direction - The company aims to become a global financial ecosystem, targeting over half of its revenue from non-U.S. markets in the next decade [8][9] - Focus on expanding product offerings, including Robinhood Banking and Prediction Markets, to enhance customer engagement and wallet share [7][8] - Plans to leverage tokenization and private market access through Robinhood Ventures to tap into new growth opportunities [9][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing product velocity and customer engagement, with expectations for continued strong performance in Q4 [11][18] - The company is actively monitoring regulatory developments and is prepared to adapt its strategies accordingly [2] - Management highlighted the importance of building resilience in their platform following recent outages, emphasizing ongoing improvements [25][26] Other Important Information - The CFO announced plans to retire, with Shiv Verma set to take over the role, ensuring continuity in leadership [18][20] - The company is focusing on enhancing its user experience and product discoverability, particularly in the Prediction Markets segment [77] Q&A Session Summary Question: How quickly do you expect to roll out Robinhood Banking to users? - The rollout will be relatively fast, governed by customer feedback, with early results being positive [24] Question: How are you strengthening platform resiliency after the recent AWS-related outage? - Significant progress has been made in system resilience, allowing many customers to manage risk despite performance degradation [25][26] Question: How do you see the evolution of Robinhood as a super app for the next generation? - The goal is to be the primary financial account for customers, minimizing reasons for withdrawals and expanding product offerings [30] Question: What is the strategy for maintaining leadership in Prediction Markets amidst new entrants? - The company leverages its existing customer base and distribution advantages to maintain a competitive edge [33][34] Question: Can you discuss the demand for private markets and plans for Robinhood Ventures? - There is significant customer demand for access to private markets, and the company is working on innovative solutions to meet this need [46][49] Question: When do you expect tokenized equities to scale, and what implications might they have for revenue? - The company is ramping up the number of tokens available and anticipates greater interoperability in the future [52][70]

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Group 1 - The Bank of Lithuania has reached out to Robinhood for clarifications regarding its tokenized equities after concerns were raised by OpenAI [1][2] - The central bank is awaiting information to assess the legality and compliance of Robinhood's stock tokens, emphasizing the need for clear and non-misleading communication to investors [2] - Robinhood holds a brokerage license and a crypto asset service provider license from the Bank of Lithuania, which serves as its lead regulator in the European Union [2]