Robinhood Markets (HOOD) FY2023 results: revenue $1.9 billion, up 37.3% on the year

Robinhood Markets, Inc. (HOOD) reported revenue of $1.9 billion for fiscal 2023, the year ended 31 December 2023, up 37.3% on the year before. Net income was -$541 million, and diluted earnings per share $-0.61. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$1.9 billion

+37.3% on the year

FY2019FY2023

Operating margin

-28.7%

-74.4% a year earlier

FY2019FY2023

Net income

-$541 million

FY2019FY2023

Diluted EPS

-$0.61

FY2019FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,865	1,358	1,815	+37.3%
Research and development	349	381	438	-8.4%
Operating income	-536	-1,011	n/a
Operating margin	-28.7%	-74.4%	n/a
Pre-tax income	-533	-1,027	-3,684
Income tax	8.0	1.0	2.0	+700.0%
Net income	-541	-1,028	-3,686
Net margin	-29.0%	-75.7%	-203.1%
Diluted EPS	-$0.61	-$1.17	-$7.49

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,181	-852	-885
Capital expenditure	n/a	28.0	63.0
Free cash flow	n/a	-880	-948
Free cash flow margin	n/a	-64.8%	-52.2%
Cash from investing	-582	-60.0	-238
Cash from financing	-610	0.0	5,203
Depreciation and amortisation	71.0	61.0	26.0	+16.4%
Share-based compensation	871	654	1,570	+33.2%
Buybacks	608	0.0	0.0
Diluted shares, weighted	891m	879m	492m	+1.4%
Shares outstanding at period end	n/a	n/a	0

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	6,696	6,956	7,293	-3.7%
Redeemable equity	n/a	n/a	0.0
Operating lease liabilities	89.0	127	129	-29.9%
Other liabilities	10,839	16,254	12,347	-33.3%
Total liabilities and equity	17,624	23,337	19,769	-24.5%
Fixed assets	120	146	146	-17.8%
Goodwill	175	100	101	+75.0%
Intangible assets	48.0	25.0	34.0	+92.0%
Securities held for sale or to maturity	n/a	0.0	n/a
Securities borrowed	1,602	517	0.0	+209.9%
Cash and equivalents	4,835	6,339	6,253	-23.7%
Other assets	10,844	16,210	13,235	-33.1%
Total assets	17,624	23,337	19,769	-24.5%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.