Robinhood Markets, Inc. (HOOD) Cash Flow Statement
Where HOOD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.64B
- Capital expenditures
- $54.0M 1.2% of revenue
- Free cash flow
- $1.58B 35.4% margin
- Returned to shareholders
- $653.0M 41% of free cash flow
- Change in cash
- $1.20B cash at year-end $9.89B
Drawn to scale: where the cash came from and how it was used. Hover for values.
HOOD operating cash flow, capex and free cash flow
HOOD cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.26B2019 | $1.64B2025 | +4.5%/yr | |
| Capital expenditures | $12.5M2019 | $54.0M2025 | +27.7%/yr | |
| Free cash flow | $1.25B2019 | $1.58B2025 | +4.1%/yr | |
| Free cash flow margin | 449.5%2019 | 35.4%2025 | −414.1 pts | |
| Operating cash flow / net income | 251.882020 | 0.872025 | −251.01 | |
| Stock-based compensation | $26.7M2019 | $305.0M2025 | +50.1%/yr | |
| Share buybacks (net) | $02021 | $653.0M2025 | — | |
| Capex / revenue | 4.5%2019 | 1.2%2025 | −3.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HOOD cash flow by activity
HOOD net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HOOD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $1.88B | $1.41B | −$541.0M | −$1.03B | −$3.69B | $7.4M | −$106.6M |
| Depreciation & amortization | $86.0M | $77.0M | $71.0M | $61.0M | $25.5M | $9.9M | $5.4M |
| Stock-based compensation | $305.0M | $304.0M | $871.0M | $654.0M | $1.57B | $24.0M | $26.7M |
| Change in working capital | −$934.0M | −$1.66B | $101.0M | −$655.0M | −$918.1M | $1.77B | $1.32B |
| Other non-cash items | $298.0M | −$293.0M | $51.0M | $116.0M | $2.12B | $61.6M | $11.3M |
| Cash from operating activities | $1.64B | −$157.0M | $553.0M | −$852.0M | −$884.8M | $1.88B | $1.26B |
| Investing activities | |||||||
| Capital expenditures | −$54.0M | −$50.0M | −$21.0M | −$57.0M | −$83.7M | −$32.3M | −$12.5M |
| Investments (net) | $156.0M | −$148.0M | −$568.0M | −$60.0M | −$27.2M | −$32.3M | $141,000 |
| Acquisitions & other investing | $39.0M | $50.0M | — | $57.0M | −$127.0M | $32.3M | $0 |
| Cash from investing activities | $141.0M | −$148.0M | — | −$60.0M | −$237.9M | −$32.3M | −$12.3M |
| Financing activities | |||||||
| Dividends paid | — | — | — | — | −$7.3M | — | — |
| Share repurchases & issuance (net) | −$653.0M | −$257.0M | −$608.0M | −$12.0M | $7.3M | — | — |
| Net borrowing (repayment) | $468.0M | $131.0M | — | $0 | $3.55B | $3.55B | $3.55B |
| Shares issued | $0 | $0 | $0 | $0 | $2.05B | $1.27B | $372.7M |
| Other financing | −$405.0M | −$219.0M | $1.71B | −$1.80B | −$400.9M | −$3.54B | −$3.55B |
| Cash from financing activities | −$590.0M | −$345.0M | $1.10B | −$1.82B | $5.20B | $1.28B | $375.4M |
| Summary | |||||||
| Net change in cash | $1.20B | −$651.0M | −$1.50B | −$913.0M | $4.08B | $3.12B | $1.62B |
| Cash at end of period | $9.89B | $8.70B | $4.83B | $9.36B | $10.27B | $6.19B | $3.07B |
| Free cash flow | $1.58B | −$207.0M | $532.0M | −$909.0M | −$968.4M | $1.84B | $1.25B |
| Free cash flow margin | 35.4% | −7.0% | 28.5% | −66.9% | −53.4% | 192.5% | 449.5% |
| Capex / revenue | 1.2% | 1.7% | 1.1% | 4.2% | 4.6% | 3.4% | 4.5% |
| Operating cash flow / net income | 0.87 | −0.11 | — | — | — | 251.88 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $573.0M | $346.0M | $605.0M | $556.0M | $386.0M | $336.0M | $916.0M | $150.0M | $188.0M | $157.0M | $30.0M | −$85.0M |
| Depreciation & amortization | $23.0M | $23.0M | $23.0M | $22.0M | $21.0M | $20.0M | $22.0M | $20.0M | $18.0M | $17.0M | $17.0M | $19.0M |
| Stock-based compensation | $105.0M | $92.0M | $76.0M | $78.0M | $78.0M | $73.0M | $77.0M | $79.0M | $86.0M | $62.0M | $81.0M | $83.0M |
| Change in working capital | $123.0M | $1.50B | −$1.85B | −$2.26B | $2.99B | $185.0M | −$2.06B | $1.49B | −$255.0M | −$875.0M | $783.0M | −$981.0M |
| Other non-cash items | −$104.0M | $73.0M | $207.0M | $31.0M | $32.0M | $28.0M | −$350.0M | $78.0M | $17.0M | $16.0M | $49.0M | −$13.0M |
| Cash from operating activities | $720.0M | $2.04B | −$937.0M | −$1.58B | $3.51B | $642.0M | −$1.40B | $1.81B | $54.0M | −$623.0M | $960.0M | −$977.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$24.0M | −$18.0M | −$13.0M | −$12.0M | −$18.0M | −$11.0M | −$15.0M | −$19.0M | −$7.0M | −$9.0M | −$6.0M | −$6.0M |
| Investments (net) | −$108.0M | −$92.0M | −$191.0M | −$142.0M | $832.0M | $9.0M | $34.0M | −$123.0M | −$12.0M | −$47.0M | −$3.0M | −$97.0M |
| Acquisitions & other investing | −$638.0M | −$174.0M | −$354.0M | $12.0M | $18.0M | $11.0M | $15.0M | $19.0M | $7.0M | $9.0M | $6.0M | $6.0M |
| Cash from investing activities | −$770.0M | −$284.0M | −$558.0M | −$142.0M | $832.0M | $9.0M | $34.0M | −$123.0M | −$12.0M | −$47.0M | −$3.0M | −$97.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$15.0M | — |
| Share repurchases & issuance (net) | −$414.0M | −$250.0M | −$100.0M | −$107.0M | −$124.0M | −$322.0M | −$160.0M | $109.0M | −$59.0M | −$40.0M | −$3.0M | −$608.0M |
| Net borrowing (repayment) | $2.46B | $102.0M | $223.0M | $141.0M | $80.0M | $24.0M | $37.0M | $78.0M | — | — | — | — |
| Shares issued | $0 | $312.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$135.0M | $16.0M | −$5.0M | −$39.0M | −$242.0M | −$119.0M | −$55.0M | −$282.0M | $17.0M | $10.0M | $27.0M | −$7.0M |
| Cash from financing activities | $1.91B | $180.0M | $118.0M | −$5.0M | −$286.0M | −$417.0M | −$178.0M | −$95.0M | −$42.0M | −$30.0M | $9.0M | −$615.0M |
| Summary | ||||||||||||
| Net change in cash | $1.85B | $1.93B | −$1.38B | −$1.72B | $4.06B | $235.0M | −$1.55B | $1.59B | −$125.0M | −$700.0M | $966.0M | −$1.69B |
| Cash at end of period | $13.67B | $11.82B | $9.89B | $11.27B | $12.99B | $8.93B | $8.70B | $10.24B | $8.65B | $8.65B | $9.35B | $8.38B |
| Free cash flow | $696.0M | $2.02B | −$950.0M | −$1.59B | $3.49B | $631.0M | −$1.42B | $1.79B | $47.0M | −$632.0M | $954.0M | −$983.0M |
| Free cash flow margin | 53.2% | 189.3% | −74.0% | −124.6% | 353.0% | 68.1% | −139.5% | 281.5% | 6.9% | −102.3% | 202.5% | −210.5% |
| Capex / revenue | 1.8% | 1.7% | 1.0% | 0.9% | 1.8% | 1.2% | 1.5% | 3.0% | 1.0% | 1.5% | 1.3% | 1.3% |
| Operating cash flow / net income | 1.26 | 5.89 | −1.55 | −2.83 | 9.09 | 1.91 | −1.53 | 12.08 | 0.29 | −3.97 | 32.00 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HOOD cash generation
In fiscal 2025 (ended December 31, 2025), Robinhood generated $1.6 billion of cash from operations and spent $54.0 million on capital expenditures, leaving free cash flow of $1.6 billion, 35.4% of revenue. It returned $653.0 million to shareholders through dividends ($0) and net share buybacks ($653.0 million). Cash and equivalents rose by $1.2 billion over the year.
Related: HOOD income statement, HOOD balance sheet. See the HOOD stock overview for the latest quote and news.
HOOD cash flow FAQ
What is Robinhood's free cash flow?
Robinhood's free cash flow was $1.6 billion in fiscal 2025: $1.6 billion of operating cash flow minus $54.0 million of capital expenditures It was -$207.0 million a year earlier..
How much cash does Robinhood generate from operations?
Robinhood generated $1.6 billion of cash from operating activities in fiscal 2025, 0.87 times its net income of $1.9 billion.
How much does Robinhood spend on capital expenditures?
Robinhood spent $54.0 million on capital expenditures in fiscal 2025, 1.2% of revenue, compared with $50.0 million the year before.
How much stock does Robinhood buy back?
Robinhood spent $653.0 million on net share repurchases in fiscal 2025.