Robinhood (HOOD) official guidance

As we look ahead to the rest of the year, we are lowering the top end of our prior outlook by $25 million to a range of $2.675 to $2.75 billion to reflect ongoing efficiency gains across our business.

We're lowering and tightening our 2026 outlook for adjusted OpEx and SBC to a range of $2.675 billion-$2.775 billion.

As we look ahead to the rest of the year, we are lowering and tightening our 2026 outlook for Adjusted Operating Expenses and SBC to a range of $2.675 to $2.775 billion to reflect efficiencies we have captured, part of which were used to fund costs related to two new businesses, Rothera and WonderFi.

Given this $100 million investment in building Trump Accounts, we are raising our full year 2026 outlook for adjusted OpEx and SBC by equivalent $100 million, our updated range is $2.7 billion-$2.825 billion.

As a result, our updated outlook for 2026 Adjusted Operating Expenses and SBC is $2.7 billion to $2.825 billion.

So to our expense outlook, for 2026, our outlook for adjusted OpEx and SBC is in a range of $2.6 billion-$2.725 billion. This translates to an 18% year-over-year expense growth at the midpoint, which is below the 22% growth rate we managed to in 2025 on a comparable basis.

Our outlook for 2026 Adjusted Operating Expenses and SBC is $2.6 billion to $2.725 billion, which represents 18% year-over-year growth at the midpoint relative to 2025 Adjusted Operating Expenses and SBC.

As we've been rolling out the card, we've built increasing confidence in the economics. So we plan to continue accelerating the rollout, more than doubling the amount of customers with Gold Cards this year to well over 1 million by the end of the year.

Taken together, we now expect our 2025 full year Adjusted Operating Expenses and SBC to be approximately $2.28 billion, which could be higher or lower depending on how the rest of the year plays out.