Robinhood(NASDAQ:HOOD) 
Robinhood Markets, Inc. operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), options, gold, and cryptocurrencies. The company also offers various learning and education solutions comprise Snacks, a digest of business ...
Website: http://www.robinhood.com
Founded: 2013
IPO Price: $38 (Jul 29, 2021)
Full Time Employees: 2,300 (Dec 2022)
CEO / Co-Founder: Vlad Tenev
Sector: Technology
Industry: Software—Infrastructure
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At a glance:
- User Growth and Engagement Remain Key Drivers: Robinhood’s performance is closely tied to growth in funded customers, monthly active users, and engagement, which influence trading activity and overall monetization.
- Net Interest Revenue Has Become a Major Earnings Lever: With higher rates and a larger customer cash base, net interest revenue (from cash sweep and margin lending) has been a significant contributor, making results more sensitive to rate and deposit trends.
- Transaction-Based Revenues Are Cyclical and Market-Dependent: Options, equities, and crypto trading revenues can rebound strongly in active markets but tend to compress during low-volatility periods, creating quarter-to-quarter variability.
- Profitability Progress Hinges on Operating Discipline: Improving adjusted EBITDA and potential GAAP profitability depend on continued expense control, efficient customer acquisition, and scaling higher-margin products while managing regulatory and operational costs.
- Regulatory and Platform Trust Factors Remain Material Risks: Payment-for-order-flow scrutiny, crypto regulation, outages, and customer trust issues can meaningfully affect product availability, revenue mix, and valuation multiples.
Bull Thesis:
- Diversification of Revenue Streams & Product Expansion: Robinhood is actively expanding beyond its core equities trading, adding crypto, IRAs, credit cards, and wealth management tools. This diversification reduces reliance on Payment for Order Flow (PFOF) and opens new avenues for revenue growth and user stickiness.
- Strong User Growth and Engagement in Key Segments: Despite market volatility, Robinhood continues to attract new users, particularly younger demographics, and shows strong engagement in its newer product offerings like IRAs and crypto. This indicates a resilient and growing customer base.
- Path to Sustained Profitability and Operational Efficiency: Robinhood has demonstrated improved operational efficiency and a clear path towards sustained GAAP profitability, evidenced by positive adjusted EBITDA and disciplined cost management. This indicates a maturing business model.
- Growing Interest Income from Customer Cash: With rising interest rates, Robinhood benefits significantly from interest income generated on uninvested customer cash balances, providing a stable and growing revenue stream independent of trading volumes.
Bear Thesis:
- Continued Regulatory Scrutiny and PFOF Dependence: Robinhood's business model remains heavily reliant on Payment for Order Flow (PFOF), which faces ongoing regulatory scrutiny and potential restrictions or bans, posing a significant threat to its primary revenue source.
- Intense Competition and Market Share Erosion: Robinhood operates in a highly competitive brokerage landscape, facing pressure from both established financial institutions and other fintech disruptors, potentially leading to market share erosion and increased customer acquisition costs.
- Sensitivity to Market Volatility and Retail Trading Activity: A significant portion of Robinhood's revenue is tied to retail trading volumes and market volatility. A prolonged period of low volatility or a sustained bear market could severely impact trading activity and, consequently, revenue.
- Reputational Challenges and Trust Deficit: Past controversies, including trading halts during meme stock events and system outages, have created a trust deficit among some users and regulators, potentially hindering future growth and product adoption.
Main Competitors:
- Fidelity Investments (Fidelity Brokerage Accounts), A major established brokerage that now offers commission-free stock, ETF, and options trading, fractional shares, and robust research tools. Fidelity competes by appealing to a broader demographic, including long-term investors and those seeking comprehensive financial planning, often seen as a more 'serious' and reliable alternative with extensive customer support and educational resources.
- Charles Schwab Corporation ($SCHW) (Schwab One Brokerage Account), Another leading discount brokerage that offers commission-free stock, ETF, and options trading, fractional shares, and a wide array of financial products including banking and wealth management. Schwab competes by providing a full-service experience with strong customer support, catering to both new investors and those with more complex financial needs, often seen as a trusted and stable platform.
- Webull Financial LLC (Webull App), A direct competitor targeting active, mobile-first traders, similar to Robinhood's core audience. Webull offers commission-free stock, ETF, options, and cryptocurrency trading, but often provides more advanced charting tools, technical indicators, and extended trading hours, appealing to users looking for more sophisticated features and data than Robinhood's basic interface.
- SoFi Technologies, Inc. ($SOFI) (SoFi Invest), SoFi competes by offering commission-free stock, ETF, fractional shares, and cryptocurrency trading, alongside automated investing options. SoFi differentiates itself by integrating investing with a broader suite of financial products like banking, lending, and credit cards, aiming to be a 'one-stop shop' for personal finance and appealing to users seeking a comprehensive financial ecosystem.
Moat:
Robinhood's initial moat was built on its pioneering commission-free trading, simplified mobile-first user experience, and early adoption of cryptocurrency trading, which attracted a new generation of investors. However, this moat has significantly eroded due to intense competition. Established players like Fidelity and Charles Schwab quickly matched commission-free trading and offer more robust research, customer service, and a wider range of financial products, appealing to both new and experienced investors. Newer fintechs like Webull directly target Robinhood's active trading demographic with similar or more advanced features, while 'super apps' like SoFi integrate investing into a broader financial ecosystem. Robinhood faces ongoing challenges from regulatory scrutiny over its payment for order flow (PFOF) model and gamified interface, as well as reputational damage from past trading restrictions. Its core differentiators have largely become industry standards, forcing it to innovate in areas like retirement accounts and advanced trading tools to retain and grow its user base amidst a highly competitive landscape.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues: | ||||||||||||||||||
transaction-based revenues | 730,000,000 | 539,000,000 | 583,000,000 | 672,000,000 | 319,000,000 | 327,000,000 | 329,000,000 | 200,000,000 | 185,000,000 | 193,000,000 | 207,000,000 | 186,000,000 | 208,000,000 | 202,000,000 | 218,000,000 | 263,947,000 | 266,797,000 | 451,167,000 |
net interest revenues | 456,000,000 | 357,000,000 | 290,000,000 | 296,000,000 | 274,000,000 | 285,000,000 | 254,000,000 | 236,000,000 | 251,000,000 | 234,000,000 | 208,000,000 | 167,000,000 | 128,000,000 | 74,000,000 | 55,000,000 | 63,351,000 | 63,405,000 | 67,709,000 |
other revenues | 88,000,000 | 93,000,000 | 54,000,000 | 46,000,000 | 44,000,000 | 70,000,000 | 35,000,000 | 35,000,000 | 31,000,000 | 59,000,000 | 26,000,000 | 27,000,000 | 25,000,000 | 42,000,000 | 26,000,000 | 35,415,000 | 34,721,000 | 46,457,000 |
total net revenues | 1,274,000,000 | 989,000,000 | 927,000,000 | 1,014,000,000 | 637,000,000 | 682,000,000 | 618,000,000 | 471,000,000 | 467,000,000 | 486,000,000 | 441,000,000 | 380,000,000 | 361,000,000 | 318,000,000 | 299,000,000 | 362,713,000 | 364,923,000 | 565,333,000 |
yoy | 100.00% | 45.01% | 50.00% | 115.29% | 36.40% | 40.33% | 40.14% | 23.95% | 29.36% | 52.83% | 47.49% | 4.77% | -1.08% | -43.75% | ||||
qoq | 28.82% | 6.69% | -8.58% | 59.18% | -6.60% | 10.36% | 31.21% | 0.86% | -3.91% | 10.20% | 16.05% | 5.26% | 13.52% | 6.35% | -17.57% | -0.61% | -35.45% | |
operating expenses: | ||||||||||||||||||
brokerage and transaction | 56,000,000 | 48,000,000 | 50,000,000 | 50,000,000 | 39,000,000 | 40,000,000 | 35,000,000 | 32,000,000 | 39,000,000 | 39,000,000 | 36,000,000 | 85,000,000 | 33,000,000 | 30,000,000 | 31,000,000 | 29,496,000 | 44,031,000 | 37,812,000 |
technology and development | 237,000,000 | 214,000,000 | 214,000,000 | 208,000,000 | 205,000,000 | 209,000,000 | 196,000,000 | 197,000,000 | 202,000,000 | 207,000,000 | 199,000,000 | 183,000,000 | 185,000,000 | 244,000,000 | 266,000,000 | 280,420,000 | 679,162,000 | 156,347,000 |
operations | 33,000,000 | 29,000,000 | 31,000,000 | -28,000,000 | 50,000,000 | 46,000,000 | 44,000,000 | 40,000,000 | 41,000,000 | 36,000,000 | 42,000,000 | 44,000,000 | 64,000,000 | 86,000,000 | 91,000,000 | 97,163,000 | 108,337,000 | 101,065,000 |
provision for credit losses | 26,000,000 | 28,000,000 | 24,000,000 | |||||||||||||||
marketing | 102,000,000 | 99,000,000 | 105,000,000 | 82,000,000 | 59,000,000 | 64,000,000 | 67,000,000 | 43,000,000 | 28,000,000 | 25,000,000 | 26,000,000 | 26,000,000 | 19,000,000 | 24,000,000 | 34,000,000 | 44,069,000 | 86,893,000 | 94,159,000 |
general and administrative | 185,000,000 | 132,000,000 | 133,000,000 | 70,000,000 | 133,000,000 | 134,000,000 | 118,000,000 | 133,000,000 | 230,000,000 | 159,000,000 | 647,000,000 | 196,000,000 | 234,000,000 | 226,000,000 | 268,000,000 | 332,000,000 | 790,060,000 | 111,346,000 |
total operating expenses | 639,000,000 | 550,000,000 | 557,000,000 | 458,000,000 | 486,000,000 | 493,000,000 | 460,000,000 | 445,000,000 | 540,000,000 | 466,000,000 | 950,000,000 | 534,000,000 | 535,000,000 | 610,000,000 | 690,000,000 | 783,148,000 | 1,708,483,000 | 500,729,000 |
other income | -1,000,000 | 3,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||||
income before income taxes | 634,000,000 | 442,000,000 | 371,000,000 | 558,000,000 | 153,000,000 | 191,000,000 | 162,000,000 | 29,000,000 | -75,000,000 | 22,000,000 | -509,000,000 | -168,000,000 | -174,000,000 | -294,000,000 | -391,000,000 | -420,309,000 | -1,366,941,000 | -464,158,000 |
provision for income taxes | 78,000,000 | 56,000,000 | 35,000,000 | -358,000,000 | 3,000,000 | 3,000,000 | 5,000,000 | -1,000,000 | 10,000,000 | -3,000,000 | 2,000,000 | -2,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 2,958,000 | -50,244,000 | 37,507,000 |
net income | 556,000,000 | 386,000,000 | 336,000,000 | 916,000,000 | 150,000,000 | 188,000,000 | 157,000,000 | 30,000,000 | -85,000,000 | 25,000,000 | -511,000,000 | -166,000,000 | -175,000,000 | -295,000,000 | -392,000,000 | -423,267,000 | -1,316,697,000 | -501,665,000 |
yoy | 270.67% | 105.32% | 114.01% | 2953.33% | -276.47% | 652.00% | -130.72% | -118.07% | -51.43% | -108.47% | 30.36% | -60.78% | -86.71% | -41.20% | ||||
qoq | 44.04% | 14.88% | -63.32% | 510.67% | -20.21% | 19.75% | 423.33% | -135.29% | -440.00% | -104.89% | 207.83% | -5.14% | -40.68% | -24.74% | -7.39% | -67.85% | 162.47% | |
net income margin % | 43.64% | 39.03% | 36.25% | 90.34% | 23.55% | 27.57% | 25.40% | 6.37% | -18.20% | 5.14% | -115.87% | -43.68% | -48.48% | -92.77% | -131.10% | -116.69% | -360.82% | -88.74% |
net income attributable to common stockholders: | ||||||||||||||||||
basic | 556,000,000 | 386,000,000 | 336,000,000 | 916,000,000 | 150,000,000 | 188,000,000 | 157,000,000 | 30,000,000 | -85,000,000 | 25,000,000 | -511,000,000 | -166,000,000 | -175,000,000 | -295,000,000 | -392,000,000 | -423,267,000 | -1,316,697,000 | -501,665,000 |
diluted | 556,000,000 | 386,000,000 | 336,000,000 | 916,000,000 | 150,000,000 | 188,000,000 | 157,000,000 | 30,000,000 | -85,000,000 | 25,000,000 | -511,000,000 | -166,000,000 | -175,000,000 | -295,000,000 | -392,000,000 | -423,267,000 | -1,316,697,000 | -501,665,000 |
net income per share | ||||||||||||||||||
basic | 0.63 | 0.44 | 0.38 | 1.04 | 0.17 | 0.21 | 0.18 | 0.03 | -0.09 | 0.03 | -0.57 | -0.18 | -0.2 | -0.34 | -0.45 | 1.36 | -2.06 | -2.16 |
diluted | 0.61 | 0.42 | 0.37 | 1.01 | 0.17 | 0.21 | 0.18 | 0.03 | -0.09 | 0.03 | -0.57 | -0.18 | -0.2 | -0.34 | -0.45 | 1.36 | -2.06 | -2.16 |
weighted-average shares used for eps calculation | ||||||||||||||||||
basic | 889,261,220 | 882,149,402 | 884,577,603 | 881,113,156 | 884,108,545 | 881,076,624 | 875,319,407 | 890,857,659 | 895,108,790 | 904,984,863 | 896,924,695 | 878,630,024 | 882,356,575 | 874,873,301 | 867,769,168 | 492,381,190 | 638,168,188 | 232,223,019 |
diluted | 917,940,660 | 909,127,658 | 909,241,619 | 906,171,504 | 905,544,750 | 904,490,572 | 895,779,155 | 890,857,659 | 895,108,790 | 921,269,749 | 896,924,695 | 878,630,024 | 882,356,575 | 874,873,301 | 867,769,168 | 492,381,190 | 638,168,188 | 232,223,019 |
other expense | -4,000,000 | 2,000,000 | -2,000,000 | 14,000,000 | -126,000 | -1,955,000 | 710,000 | |||||||||||
change in fair value of convertible notes and warrant liability | 25,336,000 | 528,052,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
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assets | ||||||||||||||||||
current assets: | ||||||||||||||||||
cash and cash equivalents | 4,331,000,000 | 4,162,000,000 | 4,416,000,000 | 4,332,000,000 | 4,611,000,000 | 4,524,000,000 | 4,717,000,000 | 4,835,000,000 | 4,889,000,000 | 5,829,000,000 | 5,459,000,000 | 6,339,000,000 | 6,187,000,000 | 5,962,000,000 | 6,191,000,000 | 6,253,477,000 | 6,166,705,000 | 5,077,752,000 |
cash, cash equivalents, and securities segregated under federal and other regulations | 8,443,000,000 | 8,939,000,000 | 4,442,000,000 | 4,724,000,000 | 4,584,000,000 | 4,521,000,000 | 3,420,000,000 | |||||||||||
receivables from brokers, dealers, and clearing organizations | 482,000,000 | 374,000,000 | 267,000,000 | 471,000,000 | 139,000,000 | 149,000,000 | 207,000,000 | 89,000,000 | 63,000,000 | 117,000,000 | 112,000,000 | 76,000,000 | 75,000,000 | 89,000,000 | 124,000,000 | 88,326,000 | ||
receivables from users | 14,390,000,000 | 9,685,000,000 | 9,167,000,000 | 8,239,000,000 | 5,546,000,000 | 5,040,000,000 | 4,303,000,000 | 3,495,000,000 | 3,704,000,000 | 3,313,000,000 | 3,152,000,000 | 3,218,000,000 | 4,046,000,000 | 4,146,000,000 | 5,215,000,000 | 6,638,900,000 | 6,099,497,000 | 5,423,643,000 |
securities borrowed | 6,607,000,000 | 6,159,000,000 | 4,114,000,000 | 3,236,000,000 | 3,704,000,000 | 2,217,000,000 | 2,107,000,000 | 1,602,000,000 | 1,204,000,000 | 960,000,000 | 844,000,000 | 517,000,000 | 139,000,000 | |||||
deposits with clearing organizations | 1,440,000,000 | 720,000,000 | 641,000,000 | 489,000,000 | 464,000,000 | 551,000,000 | 585,000,000 | 338,000,000 | 275,000,000 | 223,000,000 | 247,000,000 | 186,000,000 | 201,000,000 | 289,000,000 | 294,000,000 | 327,917,000 | 316,221,000 | 272,204,000 |
user-held fractional shares | 3,618,000,000 | 3,083,000,000 | 2,531,000,000 | 2,530,000,000 | 2,201,000,000 | 2,011,000,000 | 1,975,000,000 | 1,592,000,000 | 1,396,000,000 | 1,409,000,000 | 1,217,000,000 | 997,000,000 | 1,029,000,000 | 1,297,000,000 | 1,929,000,000 | 1,834,479,000 | ||
held-to-maturity investments | 53,000,000 | 134,000,000 | 192,000,000 | 398,000,000 | 527,000,000 | 503,000,000 | 495,000,000 | 413,000,000 | 372,000,000 | 321,000,000 | 290,000,000 | |||||||
prepaid expenses | 128,000,000 | 108,000,000 | 89,000,000 | 75,000,000 | 86,000,000 | 65,000,000 | 64,000,000 | 63,000,000 | 75,000,000 | 88,000,000 | 90,000,000 | 86,000,000 | 80,000,000 | 88,000,000 | 75,000,000 | |||
deferred customer match incentives | 161,000,000 | 124,000,000 | 113,000,000 | 100,000,000 | 73,000,000 | 67,000,000 | ||||||||||||
other current assets | 326,000,000 | 345,000,000 | 243,000,000 | 509,000,000 | 251,000,000 | 352,000,000 | 348,000,000 | 207,000,000 | 130,000,000 | 123,000,000 | 75,000,000 | 72,000,000 | 41,000,000 | 115,000,000 | 29,000,000 | 120,835,000 | 1,674,013,000 | 1,542,902,000 |
total current assets | 39,979,000,000 | 33,833,000,000 | 26,215,000,000 | 25,103,000,000 | 42,605,000,000 | 40,706,000,000 | 45,545,000,000 | 31,790,000,000 | 25,739,000,000 | 28,106,000,000 | 27,188,000,000 | 22,917,000,000 | 24,145,000,000 | 24,045,000,000 | 18,355,000,000 | 19,283,542,000 | 18,849,696,000 | 17,900,887,000 |
property, software, and equipment | 150,000,000 | 149,000,000 | 140,000,000 | 139,000,000 | 133,000,000 | 123,000,000 | 122,000,000 | 120,000,000 | 123,000,000 | 131,000,000 | 137,000,000 | 146,000,000 | 151,000,000 | 170,000,000 | 166,000,000 | 146,419,000 | ||
goodwill | 386,000,000 | 383,000,000 | 292,000,000 | 179,000,000 | 179,000,000 | 179,000,000 | 175,000,000 | 175,000,000 | 164,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,521,000 | 95,564,000 | |
intangible assets | 172,000,000 | 191,000,000 | 109,000,000 | 38,000,000 | 39,000,000 | 45,000,000 | 46,000,000 | 48,000,000 | 53,000,000 | 21,000,000 | 23,000,000 | 25,000,000 | 27,000,000 | 30,000,000 | 32,000,000 | 34,107,000 | 35,227,000 | |
non-current deferred customer match incentives | 360,000,000 | 267,000,000 | 238,000,000 | 195,000,000 | 159,000,000 | 159,000,000 | ||||||||||||
other non-current assets, including non-current prepaid expenses of 17 as of december 31, 2024 and 13 as of september 30, 2025 | 405,000,000 | |||||||||||||||||
total assets | 41,452,000,000 | 35,324,000,000 | 27,517,000,000 | 26,187,000,000 | 43,245,000,000 | 41,346,000,000 | 46,088,000,000 | 32,332,000,000 | 26,318,000,000 | 28,660,000,000 | 27,785,000,000 | 23,337,000,000 | 24,601,000,000 | 24,548,000,000 | 18,872,000,000 | 19,769,179,000 | 19,317,368,000 | 18,088,582,000 |
liabilities and stockholders’ equity | ||||||||||||||||||
current liabilities: | ||||||||||||||||||
accounts payable and accrued expenses | 399,000,000 | 369,000,000 | 319,000,000 | 397,000,000 | 443,000,000 | 386,000,000 | 351,000,000 | 384,000,000 | 373,000,000 | 236,000,000 | 203,000,000 | 185,000,000 | 203,000,000 | 243,000,000 | 249,000,000 | 252,313,000 | 237,147,000 | 292,851,000 |
payables to users | 12,317,000,000 | 10,511,000,000 | 7,116,000,000 | 7,448,000,000 | 6,264,000,000 | 5,789,000,000 | 6,074,000,000 | 5,097,000,000 | 4,325,000,000 | 5,111,000,000 | 4,986,000,000 | 4,701,000,000 | 5,396,000,000 | 5,795,000,000 | 7,149,000,000 | 6,475,728,000 | 6,811,169,000 | 7,768,181,000 |
securities loaned | 15,666,000,000 | 12,640,000,000 | 9,098,000,000 | 7,463,000,000 | 7,306,000,000 | 5,091,000,000 | 4,215,000,000 | 3,547,000,000 | 3,245,000,000 | 2,982,000,000 | 2,609,000,000 | 1,834,000,000 | 1,423,000,000 | 1,367,000,000 | 2,151,000,000 | 3,651,035,000 | 3,129,650,000 | 2,642,900,000 |
fractional shares repurchase obligation | 3,618,000,000 | 3,083,000,000 | 2,531,000,000 | 2,530,000,000 | 2,201,000,000 | 2,011,000,000 | 1,975,000,000 | 1,592,000,000 | 1,396,000,000 | 1,409,000,000 | 1,217,000,000 | 997,000,000 | 1,029,000,000 | 1,297,000,000 | 1,929,000,000 | 1,834,479,000 | ||
other current liabilities | 762,000,000 | 519,000,000 | 367,000,000 | 266,000,000 | 288,000,000 | 220,000,000 | 275,000,000 | 217,000,000 | 126,000,000 | 115,000,000 | 113,000,000 | 105,000,000 | 75,000,000 | 82,000,000 | 80,000,000 | 133,787,000 | 1,620,452,000 | 1,536,344,000 |
total current liabilities | 32,762,000,000 | 27,122,000,000 | 19,431,000,000 | 18,104,000,000 | 35,958,000,000 | 34,140,000,000 | 39,113,000,000 | 25,545,000,000 | 19,648,000,000 | 21,356,000,000 | 20,617,000,000 | 16,253,000,000 | 17,509,000,000 | 17,399,000,000 | 11,581,000,000 | 12,347,342,000 | 11,798,418,000 | 12,240,276,000 |
other non-current liabilities | 123,000,000 | 130,000,000 | 133,000,000 | 111,000,000 | 79,000,000 | 84,000,000 | 90,000,000 | 91,000,000 | 96,000,000 | 117,000,000 | 122,000,000 | 128,000,000 | 128,745,000 | 134,368,000 | 463,548,000 | |||
total liabilities | 32,885,000,000 | 27,252,000,000 | 19,564,000,000 | 18,215,000,000 | 36,037,000,000 | 34,224,000,000 | 39,203,000,000 | 25,636,000,000 | 19,744,000,000 | 21,473,000,000 | 20,739,000,000 | 16,381,000,000 | 17,647,000,000 | 17,531,000,000 | 11,741,000,000 | 12,476,087,000 | 11,932,786,000 | 17,893,607,000 |
commitments and contingencies | ||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||
preferred stock, 0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of december 31, 2024 and september 30, 2025. | ||||||||||||||||||
class a common stock | 73,000 | 73,000 | ||||||||||||||||
class b common stock | ||||||||||||||||||
class c common stock, 0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of december 31, 2024 and september 30, 2025. | ||||||||||||||||||
additional paid-in capital | 11,317,000,000 | 11,378,000,000 | 11,652,000,000 | 12,008,000,000 | 12,158,000,000 | 12,223,000,000 | 12,176,000,000 | 12,145,000,000 | 12,054,000,000 | 12,581,000,000 | 12,462,000,000 | 11,861,000,000 | 11,694,000,000 | 11,581,000,000 | 11,400,000,000 | 11,169,136,000 | 10,837,381,000 | 151,281,000 |
accumulated other comprehensive income | 7,000,000 | 7,000,000 | 1,000,000 | -3,000,000 | -4,000,000 | -3,000,000 | -1,000,000 | 405,000 | 383,000 | 525,000 | ||||||||
accumulated deficit | -2,757,000,000 | -3,313,000,000 | -3,699,000,000 | -4,035,000,000 | -4,951,000,000 | -5,101,000,000 | -5,289,000,000 | -5,446,000,000 | -5,476,000,000 | -5,391,000,000 | -5,416,000,000 | -4,905,000,000 | -4,739,000,000 | -4,564,000,000 | -4,269,000,000 | -3,876,535,000 | -3,453,268,000 | -2,136,571,000 |
total stockholders’ equity | 8,567,000,000 | 8,072,000,000 | 7,953,000,000 | 7,972,000,000 | 7,208,000,000 | 7,122,000,000 | 6,885,000,000 | 6,696,000,000 | 6,574,000,000 | 7,187,000,000 | 7,046,000,000 | 6,956,000,000 | 6,954,000,000 | 7,017,000,000 | 7,131,000,000 | |||
total liabilities and stockholders’ equity | 41,452,000,000 | 35,324,000,000 | 27,517,000,000 | 26,187,000,000 | 43,245,000,000 | 41,346,000,000 | 46,088,000,000 | 32,332,000,000 | 26,318,000,000 | 28,660,000,000 | 27,785,000,000 | 23,337,000,000 | 24,601,000,000 | 24,548,000,000 | 18,872,000,000 | |||
other non-current assets, including non-current prepaid expenses of 17 as of december 31, 2024 and 15 as of june 30, 2025 | 501,000,000 | |||||||||||||||||
preferred stock, 0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of december 31, 2024 and june 30, 2025. | ||||||||||||||||||
class c common stock, 0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of december 31, 2024 and june 30, 2025. | ||||||||||||||||||
other non-current assets, including non-current prepaid expenses of 17 as of december 31, 2024 and march 31, 2025 | 523,000,000 | |||||||||||||||||
preferred stock, 0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of december 31, 2024 and march 31, 2025. | ||||||||||||||||||
class c common stock, 0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of december 31, 2024 and march 31, 2025. | ||||||||||||||||||
accumulated other comprehensive loss | -1,000,000 | -2,000,000 | ||||||||||||||||
non-current held-to-maturity investments | 2,000,000 | 10,000,000 | 73,000,000 | 118,000,000 | 165,000,000 | 195,000,000 | ||||||||||||
other non-current assets, including non-current prepaid expenses of 4 as of december 31, 2023 and 17 as of december 31, 2024 | 533,000,000 | |||||||||||||||||
preferred stock, 0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of december 31, 2023 and december 31, 2024. | ||||||||||||||||||
class c common stock, 0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of december 31, 2023 and december 31, 2024. | ||||||||||||||||||
cash and cash equivalents segregated under federal and other regulations | 5,547,000,000 | 2,954,000,000 | ||||||||||||||||
asset related to user cryptocurrencies safeguarding obligation | 19,456,000,000 | 20,643,000,000 | 26,223,000,000 | 14,708,000,000 | 10,183,000,000 | 11,503,000,000 | 11,489,000,000 | 8,431,000,000 | 9,361,000,000 | 8,593,000,000 | ||||||||
other non-current assets, including non-current prepaid expenses of 4 as of december 31, 2023 and 22 as of september 30, 2024 | 130,000,000 | |||||||||||||||||
user cryptocurrencies safeguarding obligation | 19,456,000,000 | 20,643,000,000 | 26,223,000,000 | 14,708,000,000 | 10,183,000,000 | 11,503,000,000 | 11,489,000,000 | 8,431,000,000 | 9,361,000,000 | 8,593,000,000 | ||||||||
preferred stock, 0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of december 31, 2023 and september 30, 2024. | ||||||||||||||||||
class c common stock, 0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of december 31, 2023 and september 30, 2024. | ||||||||||||||||||
other non-current assets, including non-current prepaid expenses of 3 as of december 31, 2023 and 22 as of june 30, 2024 | 132,000,000 | |||||||||||||||||
preferred stock, 0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of december 31, 2023 and june 30, 2024. | ||||||||||||||||||
class c common stock, 0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of december 31, 2023 and june 30, 2024. | ||||||||||||||||||
other non-current assets, including non-current prepaid expenses of 3 as of december 31, 2023 and 4 as of march 31, 2024 | 190,000,000 | |||||||||||||||||
preferred stock, 0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of december 31, 2023 and march 31, 2024. | ||||||||||||||||||
class c common stock, 0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of december 31, 2023 and march 31, 2024. | ||||||||||||||||||
cash segregated under federal and other regulations | 4,448,000,000 | 3,448,000,000 | 4,220,000,000 | 4,213,000,000 | 2,995,000,000 | |||||||||||||
non-current prepaid expenses | 4,000,000 | 3,000,000 | 6,000,000 | 11,000,000 | 17,000,000 | 27,000,000 | 37,000,000 | 35,000,000 | ||||||||||
other non-current assets | 122,000,000 | 118,000,000 | 131,000,000 | 131,000,000 | 132,000,000 | 29,000,000 | 16,000,000 | 5,000,000 | 180,817,000 | 198,442,000 | ||||||||
preferred stock, 0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of december 31, 2022; and december 31, 2023. | ||||||||||||||||||
class b common stock, par value 0.0001... | 13,000 | 13,000 | ||||||||||||||||
class c common stock, par value 0.0001... | ||||||||||||||||||
preferred stock, 0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of december 31, 2022; and september 30, 2023. | ||||||||||||||||||
class c common stock, 0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of december 31, 2022 and september 30, 2023. | ||||||||||||||||||
preferred stock, 0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of december 31, 2022 and june 30, 2023. | ||||||||||||||||||
class c common stock, 0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of december 31, 2022 and june 30, 2023. | ||||||||||||||||||
preferred stock, 0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of december 31, 2022 and march 31, 2023. | ||||||||||||||||||
class c common stock, 0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of december 31, 2022 and march 31, 2023. | ||||||||||||||||||
investments | 32,000,000 | 46,000,000 | 40,000,000 | 27,189,000 | ||||||||||||||
restricted cash | 22,000,000 | 22,000,000 | 24,000,000 | 23,773,000 | 23,773,000 | 17,273,000 | ||||||||||||
operating lease right-of-use-assets | 100,000,000 | 128,000,000 | 155,000,000 | |||||||||||||||
operating lease liabilities | 22,000,000 | 22,000,000 | 23,000,000 | |||||||||||||||
operating lease liabilities, non-current | 138,000,000 | 132,000,000 | 160,000,000 | |||||||||||||||
cash and securities segregated under federal and other regulations | 4,458,000,000 | 3,992,419,000 | 4,468,298,000 | 5,374,594,000 | ||||||||||||||
liabilities, mezzanine equity and stockholders’ (deficit) equity | ||||||||||||||||||
mezzanine equity | ||||||||||||||||||
redeemable convertible preferred stock | 2,179,739,000 | |||||||||||||||||
stockholders’ (deficit) equity: | ||||||||||||||||||
preferred stock, 0.0001 par value. no shares authorized, issued and outstanding as of december 31, 2020; 210,000,000 shares authorized and no shares issued and outstanding as of december 31, 2021. | ||||||||||||||||||
common stock | ||||||||||||||||||
total stockholders’ (deficit) equity | 7,293,092,000 | 7,384,582,000 | ||||||||||||||||
total liabilities, mezzanine equity and stockholders’ (deficit) equity | 19,769,179,000 | 19,317,368,000 | ||||||||||||||||
revenues: | ||||||||||||||||||
transaction-based revenues | 720,133,000 | 266,797,000 | ||||||||||||||||
net interest revenues | 177,437,000 | 63,405,000 | ||||||||||||||||
other revenues | 61,263,000 | 34,721,000 | ||||||||||||||||
total net revenues | 958,833,000 | 364,923,000 | ||||||||||||||||
operating expenses: | ||||||||||||||||||
brokerage and transaction | 111,083,000 | 44,031,000 | ||||||||||||||||
technology and development | 215,630,000 | 679,162,000 | ||||||||||||||||
operations | 137,905,000 | 108,337,000 | ||||||||||||||||
marketing | 185,741,000 | 86,893,000 | ||||||||||||||||
general and administrative | 294,694,000 | 790,060,000 | ||||||||||||||||
total operating expenses | 945,053,000 | 1,708,483,000 | ||||||||||||||||
change in fair value of convertible notes and warrant liability | 25,336,000 | |||||||||||||||||
other income | -50,000 | -1,955,000 | ||||||||||||||||
income before income tax | 13,830,000 | -1,366,941,000 | ||||||||||||||||
benefit from income taxes | 6,381,000 | -50,244,000 | ||||||||||||||||
net income | 7,449,000 | -1,316,697,000 | ||||||||||||||||
net income attributable to common stockholders: | ||||||||||||||||||
basic | 2,848,000 | -1,316,697,000 | ||||||||||||||||
diluted | 2,848,000 | -1,316,697,000 | ||||||||||||||||
net income per share | ||||||||||||||||||
weighted-average shares used for eps calculation | ||||||||||||||||||
receivables from brokers, dealers and clearing organizations | 124,962,000 | 209,792,000 | ||||||||||||||||
property, software and equipment | 114,666,000 | 71,078,000 | ||||||||||||||||
preferred stock, 0.0001 par value. no shares authorized, issued and outstanding as of december 31, 2020; 210,000,000 shares authorized and no shares issued and outstanding as of september 30, 2021. | ||||||||||||||||||
non-current assets | 99,344,000 | |||||||||||||||||
liabilities, mezzanine equity and stockholders’ deficit | ||||||||||||||||||
convertible notes | 5,189,783,000 | |||||||||||||||||
stockholders’ deficit: | ||||||||||||||||||
common stock, 0.0001 par value... | 1,000 | |||||||||||||||||
total stockholders’ deficit | -1,984,764,000 | |||||||||||||||||
total liabilities, mezzanine equity and stockholders’ deficit | 18,088,582,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities: | |||||||||||||||||
net income | 556,000,000 | 386,000,000 | 336,000,000 | 916,000,000 | 150,000,000 | 188,000,000 | 157,000,000 | ||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
depreciation and amortization | 22,000,000 | 21,000,000 | 20,000,000 | 22,000,000 | 20,000,000 | 18,000,000 | 17,000,000 | 17,000,000 | 19,000,000 | 15,000,000 | 20,000,000 | 17,000,000 | 15,000,000 | 17,000,000 | 12,000,000 | 9,761,000 | 7,040,000 |
provision for credit losses | 26,000,000 | 28,000,000 | 24,000,000 | 19,000,000 | 23,000,000 | 18,000,000 | 16,000,000 | 14,000,000 | 14,000,000 | 6,000,000 | 9,000,000 | 8,000,000 | 9,000,000 | 11,000,000 | 8,000,000 | 16,541,000 | 25,051,000 |
share-based compensation | 78,000,000 | 78,000,000 | 73,000,000 | 77,000,000 | 79,000,000 | 86,000,000 | 62,000,000 | 81,000,000 | 83,000,000 | 109,000,000 | 598,000,000 | 160,000,000 | 110,000,000 | 164,000,000 | 220,000,000 | 317,802,000 | 1,242,450,000 |
other | 5,000,000 | 4,000,000 | 4,000,000 | 42,000,000 | 5,000,000 | 27,000,000 | 13,000,000 | 12,000 | |||||||||
changes in operating assets and liabilities: | |||||||||||||||||
securities segregated under federal and other regulations | -1,392,000,000 | -198,000,000 | 397,000,000 | 145,000,000 | -692,000,000 | ||||||||||||
receivables from brokers, dealers, and clearing organizations | -93,000,000 | -94,000,000 | 206,000,000 | -332,000,000 | 10,000,000 | 58,000,000 | -118,000,000 | -26,000,000 | 54,000,000 | -5,000,000 | -36,000,000 | -1,000,000 | 14,000,000 | 35,000,000 | -36,000,000 | ||
receivables from users | -4,514,000,000 | -389,000,000 | -911,000,000 | -2,621,000,000 | -433,000,000 | -742,000,000 | -796,000,000 | 204,000,000 | -391,000,000 | -168,000,000 | 57,000,000 | 821,000,000 | 92,000,000 | 1,056,000,000 | 1,417,000,000 | -556,840,000 | -700,602,000 |
securities borrowed | -448,000,000 | -2,045,000,000 | -878,000,000 | 468,000,000 | -1,487,000,000 | -110,000,000 | -505,000,000 | -398,000,000 | -244,000,000 | -116,000,000 | -327,000,000 | -378,000,000 | |||||
deposits with clearing organizations | -720,000,000 | -79,000,000 | -152,000,000 | -25,000,000 | 87,000,000 | 34,000,000 | -247,000,000 | -63,000,000 | -52,000,000 | 24,000,000 | -61,000,000 | 15,000,000 | 88,000,000 | 5,000,000 | 34,000,000 | -11,696,000 | -44,017,000 |
current and non-current prepaid expenses | -18,000,000 | -11,000,000 | -13,000,000 | 16,000,000 | -21,000,000 | 11,000,000 | 17,000,000 | 7,000,000 | 2,000,000 | 4,000,000 | 18,000,000 | -15,000,000 | 26,000,000 | ||||
current and non-current deferred customer match incentives | -130,000,000 | -40,000,000 | -56,000,000 | -63,000,000 | -6,000,000 | ||||||||||||
other current and non-current assets | 86,000,000 | 0 | 351,000,000 | -404,000,000 | 117,000,000 | 29,000,000 | -157,000,000 | -50,000,000 | -8,000,000 | -23,000,000 | 73,000,000 | -78,000,000 | 2,000,000 | 768,218,000 | -226,989,000 | ||
accounts payable and accrued expenses | 37,000,000 | 12,000,000 | -124,000,000 | -63,000,000 | 54,000,000 | 20,000,000 | -46,000,000 | -11,000,000 | 94,000,000 | 33,000,000 | 18,000,000 | -17,000,000 | -38,000,000 | -5,000,000 | -2,000,000 | 15,630,000 | -63,754,000 |
payables to users | 1,806,000,000 | 2,280,000,000 | -332,000,000 | 1,184,000,000 | 475,000,000 | -285,000,000 | 977,000,000 | 772,000,000 | -786,000,000 | 125,000,000 | 285,000,000 | -695,000,000 | -400,000,000 | -1,353,000,000 | 673,000,000 | -335,441,000 | -957,012,000 |
securities loaned | 3,026,000,000 | 3,542,000,000 | 1,635,000,000 | 157,000,000 | 2,215,000,000 | 876,000,000 | 668,000,000 | 302,000,000 | 263,000,000 | 373,000,000 | 775,000,000 | 411,000,000 | 56,000,000 | -784,000,000 | -1,500,000,000 | 521,385,000 | 486,750,000 |
other current and non-current liabilities | 97,000,000 | 14,000,000 | 62,000,000 | 15,000,000 | -19,000,000 | -64,000,000 | 41,000,000 | 40,000,000 | 6,000,000 | -3,000,000 | 2,000,000 | 6,000,000 | -7,000,000 | 1,000,000 | -31,000,000 | -684,373,000 | 129,490,000 |
net cash from operating activities | -1,576,000,000 | 3,509,000,000 | 642,000,000 | -1,400,000,000 | 1,812,000,000 | 54,000,000 | -623,000,000 | 960,000,000 | -977,000,000 | 370,000,000 | 828,000,000 | 181,000,000 | -207,000,000 | -1,263,000,000 | 437,000,000 | -275,632,000 | -1,008,262,000 |
capital expenditures | -12,000,000 | -18,000,000 | -11,000,000 | -15,000,000 | -19,000,000 | -7,000,000 | -9,000,000 | -6,000,000 | -5,000,000 | -4,000,000 | -10,000,000 | -14,000,000 | -12,000,000 | -21,000,000 | -7,852,000 | -30,864,000 | |
free cash flows | -1,588,000,000 | 3,491,000,000 | 631,000,000 | -1,415,000,000 | 1,793,000,000 | 47,000,000 | -632,000,000 | 954,000,000 | -982,000,000 | 366,000,000 | 171,000,000 | -221,000,000 | -1,275,000,000 | 416,000,000 | -283,484,000 | -1,039,126,000 | |
investing activities: | |||||||||||||||||
purchases of property, software, and equipment | -3,000,000 | -8,000,000 | -2,000,000 | -4,000,000 | -7,000,000 | 0 | -2,000,000 | -1,000,000 | |||||||||
capitalization of internally developed software | -9,000,000 | -10,000,000 | -9,000,000 | -11,000,000 | -12,000,000 | -7,000,000 | -7,000,000 | -5,000,000 | -5,000,000 | -4,000,000 | -5,000,000 | -7,000,000 | -8,000,000 | -6,000,000 | -8,000,000 | -7,852,000 | -6,842,000 |
consideration transferred for business acquisitions | 0 | ||||||||||||||||
cash, cash equivalents, and segregated cash acquired in business acquisitions | 0 | ||||||||||||||||
purchases of held-to-maturity investments | -87,000,000 | -167,000,000 | -131,000,000 | -171,000,000 | -108,000,000 | ||||||||||||
proceeds from maturities of held-to-maturity investments | 81,000,000 | 58,000,000 | 208,000,000 | 219,000,000 | 150,000,000 | 135,000,000 | 154,000,000 | 115,000,000 | 165,000,000 | ||||||||
purchases of credit card receivables by credit card funding trust | -1,389,000,000 | -979,000,000 | -549,000,000 | -509,000,000 | |||||||||||||
collections of purchased credit card receivables | 1,180,000,000 | 835,000,000 | 511,000,000 | 426,000,000 | 82,000,000 | 37,000,000 | 11,000,000 | ||||||||||
asset acquisition, net of cash acquired | 0 | 0 | 0 | -3,000,000 | |||||||||||||
net cash from investing activities | -142,000,000 | 832,000,000 | 9,000,000 | 34,000,000 | -123,000,000 | -12,000,000 | -47,000,000 | -3,000,000 | -97,000,000 | -1,000,000 | -481,000,000 | 11,000,000 | -11,000,000 | -26,000,000 | -34,000,000 | -58,405,000 | -151,613,000 |
financing activities: | |||||||||||||||||
proceeds from exercise of stock options | 3,000,000 | 4,000,000 | 7,000,000 | ||||||||||||||
proceeds from issuance of common stock under the employee share purchase plan | 0 | ||||||||||||||||
taxes paid related to net share settlement of equity awards | -41,000,000 | -252,000,000 | -120,000,000 | -89,000,000 | -56,000,000 | -59,000,000 | -40,000,000 | -3,000,000 | -4,000,000 | -3,000,000 | -2,000,000 | -3,000,000 | -2,000,000 | -4,000,000 | -3,000,000 | -10,304,000 | |
repurchase of class a common stock | -107,000,000 | -124,000,000 | -322,000,000 | -160,000,000 | |||||||||||||
draws on credit facilities | 2,700,000,000 | 10,000,000 | 1,000,000 | 0 | 10,000,000 | 0 | 10,000,000 | 0 | 11,000,000 | 10,000,000 | 610,000,000 | ||||||
repayments on credit facilities | -2,700,000,000 | -10,000,000 | -1,000,000 | 0 | -10,000,000 | 0 | -10,000,000 | 0 | -11,000,000 | -10,000,000 | -610,000,000 | ||||||
borrowings by the credit card funding trust | 141,000,000 | 80,000,000 | 24,000,000 | ||||||||||||||
change in principal collected from customers due to coastal bank | -9,000,000 | 10,000,000 | 21,000,000 | -22,000,000 | 4,000,000 | 3,000,000 | 4,000,000 | ||||||||||
repayments on borrowings by the credit card funding trust | |||||||||||||||||
payments of debt issuance costs | 0 | 0 | -16,000,000 | -1,000,000 | 0 | 0 | -14,000,000 | 0 | 0 | 0 | -10,000,000 | 0 | 0 | ||||
net cash from financing activities | -5,000,000 | -286,000,000 | -417,000,000 | -178,000,000 | -95,000,000 | -42,000,000 | -30,000,000 | 9,000,000 | -615,000,000 | 7,000,000 | -11,000,000 | -6,092,000 | 1,650,848,000 | ||||
effect of foreign exchange rate changes on cash and cash equivalents | 0 | 7,000,000 | 1,000,000 | -2,000,000 | 1,000,000 | 22,000 | -142,000 | ||||||||||
net increase in cash, cash equivalents, segregated cash, and restricted cash | -1,723,000,000 | 4,062,000,000 | 235,000,000 | 1,595,000,000 | 0 | -700,000,000 | |||||||||||
cash, cash equivalents, segregated cash, and restricted cash, beginning of the period | 0 | 0 | 8,695,000,000 | 0 | 0 | 0 | 9,346,000,000 | ||||||||||
cash, cash equivalents, segregated cash, and restricted cash, end of the period | -1,723,000,000 | 4,062,000,000 | 8,930,000,000 | -1,546,000,000 | 1,595,000,000 | 0 | 8,646,000,000 | ||||||||||
business acquisition, net of cash and cash equivalents acquired | -150,000,000 | 0 | |||||||||||||||
reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period: | |||||||||||||||||
cash and cash equivalents, end of the period | 4,416,000,000 | 87,000,000 | -193,000,000 | 4,717,000,000 | -54,000,000 | -940,000,000 | 370,000,000 | 5,459,000,000 | 152,000,000 | 225,000,000 | -229,000,000 | 6,191,000,000 | 86,772,000 | 1,088,953,000 | |||
segregated cash and cash equivalents, end of the period | 4,442,000,000 | 1,510,000,000 | 208,000,000 | 3,829,000,000 | |||||||||||||
restricted cash in other current assets, end of the period | 54,000,000 | -2,000,000 | -14,000,000 | 83,000,000 | 20,000,000 | ||||||||||||
restricted cash in other non-current assets, end of the period | 18,000,000 | 0 | -1,000,000 | 17,000,000 | 0 | ||||||||||||
cash, cash equivalents, segregated cash and restricted cash, end of the period | 8,930,000,000 | -1,689,000,000 | 376,000,000 | 9,693,000,000 | 193,000,000 | -221,000,000 | -1,288,000,000 | 10,673,000,000 | -340,107,000 | 490,831,000 | |||||||
supplemental disclosures: | |||||||||||||||||
cash paid for interest | 9,000,000 | 4,000,000 | 1,000,000 | 7,000,000 | 4,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | 6,000,000 | 0 | 3,000,000 | 3,000,000 | 5,719,000 | 3,100,000 | |||
cash paid for income taxes, net of refund received | 29,000,000 | 8,000,000 | 4,000,000 | 2,000,000 | 0 | 7,000,000 | 0 | 1,000,000 | 2,000,000 | 1,000,000 | 2,952,000 | ||||||
impairment of long-lived assets | -7,000,000 | -2,000,000 | |||||||||||||||
deferred income taxes | |||||||||||||||||
purchases of available-for-sale investments | |||||||||||||||||
proceeds from sales and maturities of available-for-sale investments | 0 | ||||||||||||||||
proceeds from exercise of stock options, net of repurchases | 8,000,000 | 2,000,000 | 4,000,000 | 4,000,000 | 3,000,000 | 0 | 1,000,000 | 1,000,000 | 0 | 1,000,000 | 2,000,000 | 3,000,000 | 2,016,000 | 5,090,000 | |||
net decrease in cash, cash equivalents, segregated cash, and restricted cash | |||||||||||||||||
proceeds from issuance of common stock under the employee stock purchase plan | 0 | 5,000,000 | 0 | 3,000,000 | 0 | ||||||||||||
borrowings on credit card funding trust | 78,000,000 | 0 | 17,000,000 | ||||||||||||||
repayments on credit card funding trust | 0 | ||||||||||||||||
purchases of credit card receivables | -41,000,000 | -29,000,000 | |||||||||||||||
business acquisition | |||||||||||||||||
net loss | 30,000,000 | -511,000,000 | -175,000,000 | -295,000,000 | -392,000,000 | ||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
change in fair value of convertible notes and warrant liability | 0 | 25,336,000 | |||||||||||||||
acquisitions of a business, net of cash and cash equivalents acquired | -3,000,000 | ||||||||||||||||
proceeds from issuance of common stock in connection with initial public offering, net of offering costs | -5,148,000 | ||||||||||||||||
proceeds from issuance of convertible notes and warrants | 0 | 0 | |||||||||||||||
repurchase of common stock | 0 | ||||||||||||||||
reconciliation of cash, cash equivalents, segregated cash, and restricted cash, end of the period: | |||||||||||||||||
segregated cash, end of the period | 1,000,000,000 | -772,000,000 | 7,000,000 | 4,213,000,000 | 41,000,000 | -446,000,000 | -1,058,000,000 | 4,458,000,000 | -425,879,000 | -606,312,000 | |||||||
net decrease in cash, cash equivalents, segregated cash and restricted cash | |||||||||||||||||
cash, cash equivalents, segregated cash and restricted cash, beginning of the period | 0 | 0 | 9,357,000,000 | 0 | 0 | 0 | 10,270,000,000 | 0 | 0 | ||||||||
purchase of property, software, and equipment | -3,000,000 | -6,000,000 | -6,000,000 | -13,000,000 | |||||||||||||
purchase of available-for-sale investments | |||||||||||||||||
proceeds from maturities of available-for-sale investments | 1,000,000 | 9,000,000 | |||||||||||||||
purchase of held-to-maturity investments | 0 | -485,000,000 | |||||||||||||||
net increase in cash, cash equivalents, segregated cash and restricted cash | 376,000,000 | 336,000,000 | 193,000,000 | -221,000,000 | -1,288,000,000 | 403,000,000 | -340,107,000 | 490,831,000 | |||||||||
restricted cash (current and non-current), end of the period | -1,000,000 | 21,000,000 | 0 | 0 | |||||||||||||
segregated securities under federal and other regulations | 50,000,000 | 299,984,000 | |||||||||||||||
acquisitions of a business, net of cash acquired | -6,265,000 | ||||||||||||||||
purchase of investments | 2,000,000 | 0 | -13,000,000 | -14,000,000 | |||||||||||||
sales of investments | 23,000,000 | 14,000,000 | 4,000,000 | 1,000,000 | |||||||||||||
proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | |||||||||||||||||
operating lease right-of-use assets | 7,000,000 | 27,000,000 | -26,000,000 | ||||||||||||||
current and non-current operating lease liabilities | -5,000,000 | -29,000,000 | 32,000,000 | ||||||||||||||
non-cash operating activities: | |||||||||||||||||
asset related to user cryptocurrencies safeguarding obligation | 768,000,000 | ||||||||||||||||
user cryptocurrencies safeguarding obligation | 768,000,000 | ||||||||||||||||
non-cash financing activities: | |||||||||||||||||
unpaid offering costs in connection with initial public offering | |||||||||||||||||
restricted cash, end of the period | 24,000,000 | -1,000,000 | 8,190,000 | ||||||||||||||
receivables from brokers, dealers and clearing organizations | 84,830,000 | ||||||||||||||||
purchase of property, software and equipment | -24,022,000 | ||||||||||||||||
cash paid for income taxes |