📜 What This Document Is 🔮

This is a Proxy Statement (DEF 14A), which is a highly detailed legal filing required by the SEC. Think of it as the company’s comprehensive yearbook and instruction manual for its annual meeting. It tells shareholders exactly what votes they need to cast, who the company leaders are, and what the company plans to do in the future.

The filing, dated April 22, 2026, relates to the annual meeting of stockholders scheduled for June 2, 2026. It covers everything from the financial results of 2025 to the specific proposals for the vote.

👉 Why it matters: This document is how the company communicates its biggest strategy, its governance structure, and its financial health directly to its owners (the stockholders).

🏢 What Robinhood Does 🏦

In simple terms, Robinhood is a technology platform designed to democratize finance, giving everyone easy, low-cost access to investing and wealth management. They function as a digital financial gateway, making complex financial systems feel simple and approachable for millions of users.

The company builds a "global financial SuperApp" that goes far beyond simple stock trading. It integrates services like bank accounts, crypto exchanges, investment advisory tools, and retirement planning all in one place.

👉 Core Business Model: Robinhood makes money by providing commission-free access to markets while selling premium services, deposits, and professional investment tools to its users.

📈 Financial Performance Highlights 🚀

This section summarizes the company’s growth, providing key metrics for the fiscal years 2024 and 2025. These numbers give a quick look at the scale and growth trajectory of the business.

Robinhood demonstrated significant growth across its key metrics between 2024 and 2025.

• Total Platform Assets: Increased sharply from $193 billion in 2024 to $322 billion in 2025.
  • Why it matters: This massive jump indicates that the total amount of money managed and stored on the platform is growing rapidly, suggesting increased customer trust and adoption.
• Net Deposits: Grew from $50.5 billion in 2024 to $68.1 billion in 2025.
  • Why it matters: Net deposits reflect the core money entrusted to Robinhood, signaling a steady and healthy stream of cash flow and customer retention.
• Total Net Revenues: Rose from $2.95 billion in 2024 to $4.5 billion in 2025.
  • Why it matters: This shows that the company is not only bringing in more money from its users but is also growing its revenue streams year over year.
• Funded Customers: Increased from 25.2 million in 2024 to 27.0 million in 2025.
  • Why it matters: The growing user base demonstrates the platform's continuing ability to attract and retain new customers.

🖋️ Letter from the CEO: Strategic Vision for Growth ✨

Robinhood's Chair and CEO, Vladimir Tenev, provided an extremely detailed letter outlining the company's aggressive strategy. The core message is that Robinhood aims to be the indispensable "global financial SuperApp."

Tenev stated, "Our vision hasn’t changed: we are building a global financial SuperApp." This indicates a commitment to diversification and market expansion across multiple financial products.

For 2026, the strategy centers on three major "strategic arcs":

1. Become #1 for active traders: Enhancing tools for users who trade frequently.
2. Become #1 in wallet share for the next generation: Attracting younger customers by covering more of their financial needs.
3. Build the #1 global financial ecosystem: Expanding internationally and across different types of assets (DeFi, traditional finance).

👉 Key Announcements:

• Prediction Markets: This is highlighted as the fastest-growing business line, with over 12 billion event contracts traded in 2025. They also partnered with Susquehanna International Group to acquire MIAXdx and build a CFTC-licensed exchange.
• Wealth Management: Robinhood Retirement assets under custody doubled in 2025 to $26.5 billion. Furthermore, the "Robinhood Strategies" digital advisory service scaled to over $1.5 billion in assets under management.
• Global Expansion: They launched a stocks and shares ISA in the U.K. and entered agreements to acquire a brokerage and crypto firm in Indonesia. They also completed the acquisition of Bitstamp to serve institutional and retail customers across the EU, U.K., U.S., and Asia.
• Future Technology: They plan to roll out Cortex, an AI-powered investing assistant, across the app and "Robinhood Legend." They will also launch the Robinhood Chain (currently in testnet) and aim to open up private markets.

💎 The Financial Ecosystem and Premium Offerings 👑

Robinhood has launched several specialized products designed to enhance customer stickiness and increase revenue per user. The premium services are central to their strategy of capturing a larger share of the customer's total wealth.

Robinhood Gold This paid subscription service (either $5/month or $50/year) offers significant perks, including:

• A 3.35% annual percentage yield on uninvested brokerage cash (as of March 31, 2026).
• A 3% match on eligible IRA contributions.
• Access to advanced tools like Robinhood Cortex and professional research from Morningstar.

Robinhood Money (Banking) Starting at the end of 2025, this brings private banking services exclusively to Gold subscribers. This provides checking and savings accounts with FDIC insurance coverage (subject to applicable limits).

Robinhood Strategies (Advisory Service) This digital advisory service allows customers access to expert-managed portfolios. It has a low annual management fee of only 0.25% (with a yearly cap of $250 for Gold subscribers).

• Why it matters: This allows Robinhood to move from being just a platform to being a full-service financial provider.

💸 Handling Deposits, Crypto, and Wealth Transfer 🪙

The company is aggressively expanding its offerings into non-traditional financial sectors, particularly digital assets and generational wealth planning. These areas are critical to its vision of being a "SuperApp."

Digital Assets (Crypto & DeFi)

• Crypto Trading: As of March 31, 2026, customers can trade over 50 different cryptocurrencies (including one stablecoin). They also offer Perpetual Futures trading through Bitstamp, allowing continuous exposure to crypto prices.
• Robinhood Chain: This is an Ethereum Layer 2 blockchain designed to support fast, cost-efficient digital asset transactions. The testnet launched in February 2026.
• Tokenization: They enable eligible EU customers to get exposure to U.S. stocks and ETFs through blockchain-based tokens.
• Bitstamp: The acquisition of this global crypto exchange solidifies their institutional and retail digital asset offering.

Wealth Preservation (Retirement & Families)

• Robinhood Retirement: Supports accessible savings through traditional IRA or Roth IRA accounts, expanding options for freelance and gig workers. It provides a 1% match for customers and a 3% match for Gold subscribers.
• Family Services: New products include a Family Hub (allowing customers to view/manage multiple accounts), and new custodial and trust accounts, supporting multigenerational wealth transfer.
• TradePMR: The acquisition of this custodial and portfolio management platform for Registered Investment Advisors (RIAs) expands their professional wealth management footprint.

🛠️ Operational Products & Market Access 🌐

The platform's breadth of services is one of its greatest strengths, covering everything from basic investing to highly advanced, global markets.

• Brokerage Investing: Customers can trade U.S. listed stocks and ETFs, as well as related options. Options are available in two tiers: Level 2 (basic strategies) and Level 3 (advanced strategies like fixed-risk spreads).
• 24 Hour Market: This feature allows customers to place limit orders 24/7, five days a week, running from 8:00 p.m. Eastern time on Sunday to 8:00 p.m. Eastern time on Friday.
• UK Market: For the United Kingdom, they offer a Stocks and Shares ISA and allow access to more than 5,000 global companies listed on U.S. markets, all without Foreign Exchange ("FX") fees.
• Robinhood Legend: This is an advanced trading platform that lets customers analyze trends and trade multiple asset classes (equities, options, crypto, futures, index options) in one desktop interface, featuring 90+ indicators and complex drawing tools.

🏛️ Board Governance and Corporate Proposals 🧑‍⚖️

This section details the mandatory voting proposals and the governance structure of the company. Stockholders are asked to vote on three main matters during the June 2, 2026 annual meeting.

The Board strongly recommends voting "FOR" all proposals:

1. Electing Directors: Voting for the ten director nominees.
   • Requirement: A nominee must receive a majority of votes cast (over 50%) to be elected.
2. Advisory Compensation Vote: Approving, on an advisory basis, the compensation for the Named Executive Officers (NEOs).
   • Requirement: A majority of votes cast (over 50%) is needed for approval.
3. Ratifying Auditor: Approving the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026.
   • Requirement: A majority of votes cast (over 50%) is needed for ratification.

The record date for voting purposes is set at the close of business on April 8, 2026.

🧑‍💼 Board of Directors Nominees and Expertise 👩‍💼

The Board is comprised of highly experienced leaders from the technology, finance, and governance sectors. Their diverse backgrounds help guide the company's strategic operations.

• Baiju Bhatt: Co-founded Robinhood with Mr. Tenev and has over a decade of experience in financial services. He brings deep historical and institutional knowledge.
• John Hegeman: Brings deep experience in products, emerging technologies, and consumer-facing companies, having worked with Meta Platforms, Inc. and Quora, Inc.
• Paula Loop: Brings extensive experience in corporate governance, technical accounting, and SEC financial reporting from her career at PwC.
• Meyer Malka: Offers extensive experience in the financial and technology sectors, with background roles at Banco Lemon and Patagon.com, Inc.
• Christopher Payne: Offers extensive operational experience in the technology and e-commerce sectors, having worked with DoorDash, Inc. and Microsoft Corporation.
• Jonathan Rubinstein: A senior leader in high-profile technology companies, bringing insight into cybersecurity, development strategies, and operational best practices.
• Susan Segal: Provides expertise in executive leadership and finance, with background roles at JPMorgan Chase and Scotiabank.

📅 Meeting Logistics and Contact Information 📬

This section contains all the necessary details for shareholders to participate in the annual meeting and get help.

• Annual Meeting Date: June 2, 2026 (Tuesday) at 10:00 a.m. Pacific time.
• Location: Online (held via a live webcast).
• Proxy Materials Access: The proxy statement and the 2025 Annual Report are available online at www.proxydocs.com/HOOD.
• Questions Submission: Stockholders can submit and upvote questions using the Say Technologies platform, starting May 22, 2026, and until June 1, 2026, at 5:00 p.m. Pacific time.
• General Questions: For help with the meeting, contact Robinhood Investor Relations by email at [email protected].
• Replays: A replay of the meeting will be available for at least two weeks on the Investor Relations website at investors.robinhood.com.

🧠 The Analogy 🧭

Running Robinhood is like building a massive, customizable Swiss Army knife for your personal finances. Instead of just offering a blade (stock trading), they are attaching specialized tools—a miniature bank, a crypto vault, a retirement calculator, and an advisory AI—all in one pocket. The goal is for the user to stop needing any other financial "tool" and stay right on the Robinhood platform forever.

🧩 Final Takeaway 💡

Robinhood is executing a massive "SuperApp" strategy, moving beyond traditional brokerage services to dominate the global, multi-asset financial landscape (crypto, banking, retirement). The company's growth in platform assets and net deposits, combined with aggressive new product rollouts (Cortex AI, Robinhood Money), signals a high-growth, highly integrated financial services future.