Robinhood Markets, Inc. 2026 Annual Meeting

Thank you, Lucas, and thank you everyone for joining us today. So, to our knowledge, this is the second outdoor annual shareholder meeting ever. The first one was Ben & Jerry's, but that was under tents, and I'm still upset that they cancelled my favorite flavor. Joining me today on the call, you just heard from him, the mythical Lucas Moscowitz, our corporate secretary and general counsel. I'd like to thank all of the shareholders for supporting our mission. It's a noble one. I'd also like to welcome the members of our board of directors. They're right here who joined us today. We've got a great board and we're grateful for their steadfast service and commitment to the company. Look at that great looking board, too. Finally, I'd like to thank the members of the Robin Hood team, many of whom are in the audience, for continuing to work tirelessly for customers and shareholders, and there's some overlap there to get us where we are today. So, let's talk about the business. As a reminder, our strategy is three-fold. Number one, want to build the best platform for active traders. Number two, we want to be number one in wallet share for the next generation. And third, our long-term arc, building the number one global financial ecosystem. We're building a financial super app to serve our customers across the entirety of their financial assets and all of their financial transactions as well, anywhere in the world. And at the heart of that goal, what we're really talking about is ownership. We want to make it possible for anyone to own a piece of our great economy, which continues to be the envy of the world. And we believe if we can get everyone to own a piece of our economy, they'll have skin in the game. They'll have a stake in its growth and success. And that'll make for a more prosperous, stable society as well. We're shipping products faster than ever to achieve this goal. And Lucas and I will walk through some of the progress we've made and how we're contributing to making everyone around us owners of this great American economy. Starting with Trump accounts, a product and initiative near and dear to both of our hearts. Lucas and I have been working very very hard along with many people around the country to make this happen. So again, Trump accounts is a new initiative spearheaded by the administration and Treasury to give all American newborns a brokerage account funded with $1,000 and potentially more by Treasury. Robin Hood serves as broker and sole initial trustee under the direction of the US Department of the Treasury in partnership with BNY who's serving as the financial agent. Nearly 6 million American children are already signed up. Over 60 million are eligible. We just introduced the Trump accounts app and have started onboarding people. Response has been pretty great so far, Lucas. Number one in finance on day one. So that's the number one finance app in the app store. We actually reached number three overall and we're the fastest growing non-AI app which I think is very cool. The aspiration is really to build the best product that the government has ever been associated with. We're off to a great start. We have been working alongside Treasury, the National Design Studio, and BNY, which is the United States oldest and most storied bank to make the platform as intuitive and educational as possible. We think we're off to a great start. It's a historic milestone in our mission to democratize finance for all, expanding the remit of Robin Hood to customers at age zero. So now you don't have to be 18 to benefit from the power of compounding. You can be a newborn. And there's plenty more to come, particularly as we approach July 4th. And we're excited to get our technology in front of the next generation of investors. I know you're excited about that as well. Next, private markets. We want to make it possible for people to own a stake in the private companies shaping the future before they go public. And I think if we do this right, I believe we can solve one of the greatest and most long-standing inequities in capital markets today. As you guys know, you've heard me say a few times, companies are waiting longer and longer to go public. We have several private companies that are reaching valuations in the high hundreds of billions. And we are hard at work with Robin Hood Ventures solving this problem in the US. So, Robin Hood Ventures IPOed our first fund, RVI, back in March. And the goal of RVI was and continues to be investing in private companies at the frontier of their industries, making them accessible to retail. The response so far has been very strong. Market cap of RVI has exceeded 1 billion and we're making good progress actually on standing up additional funds with complimentary strategies. We're investing big here. We're excited to do more to unlock this asset class for our customers. And plenty more to come there. Now moving on to artificial intelligence. It's no surprise AI tools have redefined the financial world and Robin Hood again is leading the charge with these new innovative products and tools. So over the past few years we've been increasingly integrating AI into our platform. Robin Hood Cortex is now embedded throughout the app. And just last week we took a big step forward with the launch of a new category that we're calling agentic finance. And the idea behind Agentic Finance is you're seeing all these developments and the core models, the Agentic harnesses. And we want to make those models and those innovations available to all the financial products and services we offer. So we want to make it so that you can benefit from them with the safety and security that you expect from your financial accounts. And we're starting with two products that we rolled out last week. Agentic Trading, which allows customers to build agents that trade on their behalf via Robin Hood accounts. And Agentic Trading is a great tool for self-directed traders and investors to add these capabilities while staying in control. The second thing, Agentic credit cards, and this is our first foray into what's called the Agentic Commerce space. So, with our Agentic credit cards, customers can build agents and give them access to the Robin Hood Gold cards with our 3% cash back. So, what can that do? That'll allow your agent to go online, scan for best prices, get hard to find reservation bookings, monitor availability, make purchases automatically based on your instructions, all while earning 3% cash back. And the goal is to make this the best way the dominant way that you can use your AI agent to buy things online. The principle under which we designed Agentic Finance is that the human, in this case you the customer, is in control at all times with safety features built in. So for example on Agentic trading your trading agent will operate in a dedicated Agentic account completely separated and walled off from the rest of your portfolio and your credit card agent has access to the fantastic virtual cards functionality and infrastructure that we've already had for humans. And we also added an additional safety feature where you as the user can approve every purchase. And there was some awesome engineering work to make that happen. Your agent only works with what you give it. And if anything looks off, you can sever the connection in a single tap from the app. We also monitor closely for fraud. So, if a trade or payment looks suspicious, Robin Hood's support team can review exactly what you asked the agent to do, see what it actually did, and help you quickly resolve any disputes. Obviously, it's very early, but it's great to see thousands of our customers signing up, starting to use these products. Rollout status, trading is rolled out to about half of our customers with the goal to be fully rolled out to everyone by the end of this week. So, this is a fast roll out. Agentic credit cards were rolled out to everyone on day one. So, all gold card holders and you can sign up on the website as well. We believe we're the leader in Agentic Finance and you should expect to see regular updates here. So, it's just the very beginning. The goal is to have a wide surface area of capabilities and really the agents being a first-class consumer of our broad service suite. So we're going to keep adding things on a regular basis. Next, prediction markets. So we think we're at the very beginning of a prediction market super cycle. This has been our fastest growing product ever. So we launched this just over 18 months ago and event contracts are already generating over 400 million in annualized revenues. We had more than 12 billion contracts traded in 2025 and more than 15 billion already traded in 2026. So this is going to be a much bigger year than last year. Rother, which is our new joint venture with Susuana, is rapidly making progress as the world's premier exchange and clearing house. So the idea behind Rother is to bring institutional rigor to our prediction markets offering and not only positions us to expand the contracts that we offer but also to build faster and to deliver more competitive pricing for our customers and for the industry. We think this is going to be growing far beyond Robin Hood. So we'll be serving other brokers, lots of market makers and other institutions as well. I'm really excited about the opportunities this will open up and it's gotten off to a strong start. So plenty more to come on Rother. Now global expansion and the goal there is take all of the great things we've delivered to the US market and really transformed the space here, take that global, make every citizen anywhere in the world have access to our great capital markets. A big area of emphasis here is tokenization and the Robin Hood chain. Robin Hood chain, remember our layer 2, will be at the center of all this and our goal is to make it the best chain to trade real world assets. International more broadly, we now have crossed 1 million international customers and we just closed our acquisition of WonderFi, which marks Robin Hood's expansion to the great country of Canada. And we're not slowing down. We've received in principal approval from the Monetary Authority of Singapore to offer a comprehensive suite of brokerage services over there. And we're on track to further expansion in Southeast Asia through our planned brokerage and crypto acquisitions in Indonesia closing later this year. So you'll hear much more from us about what's next both on the tokenization front, Robin Hood chain, and of course international expansion writ large at Robin Hood presents the world is flat which is coming July 1st. So just a couple of weeks away. We hope you'll tune in. Overall, the year is shaping up quite nicely. Big plans on the horizon. We're moving fast to make more people owners of our great country and our great economy. So, road map is full. There's so much to do. Shall we take some questions?

All right. Well, thank you for the question. So, you might have seen already as the SpaceX S1 has dropped, customers will be able to invest in the SpaceX IPO through Robin Hood. And actually, unlike some of the other platforms, there's no minimum account size to do so. Now, for all the other ones, we'll have to see. One thing that I would say, and I'm hopeful that Robin Hood will continue to drive this. I think we made a lot of progress. Our IPO access offering has really taken off in the past few years. When we started this in 2021 giving retail access to IPOs it took a lot of work and a lot of persuasion to get companies comfortable with this idea and now I think pretty much every large IPO of consequence is thinking about retail and giving them increasingly large allocations. So we think we've done a lot to further IPO access for retail and I think we're excited to continue doing that. I should also add you're asking about IPOs of AI companies. Robin Hood Ventures, which is our vehicle for giving access to these companies while they're still private, recently invested in Open AI. So RVI invested $75 million in Open AI and so we're looking at opening up access to private markets as well.

Yeah, thank you for that. Robin Hood banking is actually making really strong progress. So, we've seen over 2.5 billion in deposits from over 170,000 funded customers since launch, which is just the end of last year. And the thing I'm perhaps most excited about is the 40% direct deposit attach rate. So that shows you that these customers aren't just dabbling with these accounts, but they're really thinking of them as their primary financial account because the paychecks are actually going in there. We plan to keep accelerating the roll out through the year and actually as it pertains to Zelle, it has been one of the top feature requests from early customers. So the team has been working hard to create a solution there and we don't have anything specific to share but rest assured we hear the feedback and we'll have more to share on that soon.

Yeah. So we have a lot of dividend investors at Robin Hood. I like to call them dividend hounds. One of the things we've been working on, we're really paying a lot of attention to our dividend investors. We launched a feature called early dividends at our TakeFlight event just a couple months ago. And what this allows you to do is get access to the dividends up to 17 days early. So, you can take advantage of dividend reinvestment and extra compounding. And I think it's an innovative feature. I'd be shocked if our competitors aren't scrambling to copy that. But of course early dividends are only the beginning of what we're doing for our dividend investors. The dividend tracker, a often requested feature, is actually in internal testing now. I've been enjoying using it. It's on my smartphone. So it's coming soon. We want to make sure that it's to the standards that you expect and it's super delightful. So you should expect it very soon.

Yeah. So we already have a large and growing list of ADRs that customers have access to today. As a matter of fact, we've been adding more and more just in the past few days. And over time, we want to make sure you have access to direct investments in international stocks as well. Both for our US customers who are here so you can diversify, but for international expansion. So, you know, if we expand to a new market, we don't want to just offer US stocks. We want to integrate with their local exchanges and offer access to local markets as well. So this isn't something that we can easily flip a switch. But we've been hard at work building scalable infrastructure that unlocks this starting with multicurrency support with our multicurrency wallets in the UK. So yeah, you should expect that all of this is on the road map and we'll be delivering it to customers.

Hello Matt. Good.

Yeah. A great question. Of course, Anthropic is doing a lot of great things. So we understand the demand there. We can't be too specific about what companies we're looking at, but the general principle is we want to make investments that our customers are excited about and we believe we can underwrite to deliver significant value over time. So, RVI mentioned earlier has some great names in it. And we are also working on subsequent funds. So excited to give customers exposure to innovative companies in the private markets and feel free to add anything there.

Yeah, absolutely. I mean, now that the PDT rule has been improved, accreditation is kind of our next crusade.

Yeah, so to name a few, Agentic Finance. Now again this is a new category and it's really about how do we couple the power and flexibility of AI agents with your financial life and all the tools we make available on Robin Hood. I think this is a big category and we're very much at the frontier so you should expect that to continue to develop and for us to invest more and more. We're already getting tons of feedback and the team has been moving super quickly. So, you know, we started with equity trading and credit cards. So you should expect us to innovate both on selection making available more of the great things we offer on Robin Hood but also on the interface just making it easy to get started make it more understandable so that you don't have to be a computer scientist to use this stuff and to take advantage of the power and the automation. Prediction markets including Rother which is our new DCM and DCO so exchange and clearing house and I think you should expect a lot of development there in this space. Like I said we're at the beginning of a prediction market super cycle so we're still very very early in that industry as well. And you know, we have three arcs of our strategy: number one in active traders, number one in wallet share for the next generation, and number one global financial ecosystem. So tokenization, of course, is an area we're continuing to make progress in. And you should see a lot of new products, a lot of new innovations, including at our crypto and international event in London in a few weeks.

Yeah, absolutely. So, I would encourage you to take a look at Agentic Trading by Robin Hood. Just launched last week, and it's rolled out to about 50% right now with the goal to roll out to everyone by the end of the week. And we're going to continue to refine both the assets you can trade and also the customer experience. And the goal is to make it native, more seamless, more intuitive, more frictionless. So, you can get started now and you should expect with every Robin Hood product, it continues to get better and more attuned to customer needs as time goes on.

Well, this is a great question and you know Lucas here who is the corporate secretary presiding over this meeting also moonlights as the general counsel. So you've been spending a lot of time on this. Maybe you can share your thoughts and I'll share mine.

Yep. We will defend your right to trade and predict in peace. Okay. And just to add, we have a large diversified business. So last we shared 11 business lines generating 100 million in annual revenue and plenty more that are on deck there. So we continue to grow, we continue to win market share across several verticals. The core business continues to be strong. I was just on CNBC earlier today and I shared you know yesterday was all-time record in equities trading. So, a lot of people love talking about all the new stuff, but you know, equities trading, which is such an important business, had its all-time high volume watermark just yesterday. And 24-hour market, you know, we pioneered round-the-clock equities trading. That was the largest day by far in the previous overnight session. So, it's just great to see the core business continuing to grow and compound organically. So we're not relying on just one product to grow the business, but it's increasingly diversified. So I think that's the last user submitted question. With that, we want to thank all of you. Thank all the shareholders and stockholders who submitted questions. And thank you for participating in the annual meeting and for giving us your trust as a shareholder. We're super excited about the year ahead and we look forward to sharing more updates. There will be plenty more. So, back to you, Lucas.

You should know that the team continues to work incredibly hard to deliver value and build great products for our customers, deliver great value for our shareholders. And to that end, don't forget to join our live stream. Robin Hood presents the world is flat in London and we'll be streaming live on the internet. This will be on July 1st and there we'll be unveiling the next chapter of Robin Hood's crypto products around the world. So with that, Lucas and I will get back to work for you. The road map is full. So much to do. Be well.