NET INCOME (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2025

NOTE 13: NET INCOME (LOSS) PER SHARE

The following table presents the calculation of basic and diluted income (loss) per share:


(in millions, except share and per share data)	Year Ended December 31,
	2023				2024				2025
	Class A		Class B		Class A		Class B		Class A		Class B
Basic EPS:
Numerator
Net income (loss)	$	(465)	$	(76)	$	1,214	$	197	$	1,641	$	242
Net income (loss) attributable to non-controlling interest	—		—		—		—		—		—
Net income (loss) attributable to Robinhood common stockholders	$	(465)	$	(76)	$	1,214	$	197	$	1,641	$	242
Denominator
Weighted-average common shares outstanding - basic	763,580,698		127,276,961		758,213,055		122,900,101		774,107,256		114,397,702
Basic EPS	$	(0.61)	$	(0.61)	$	1.60	$	1.60	$	2.12	$	2.12

Diluted EPS:
Numerator
Net income (loss)	$	(465)	$	(76)	$	1,214	$	197	$	1,641	$	242
Net income (loss) attributable to non-controlling interest	—		—		—		—		—		—
Net income (loss) attributable to Robinhood common stockholders	$	(465)	$	(76)	$	1,214	$	197	$	1,641	$	242
Reallocation of net income (loss) as a result of conversion of Class B to Class A common stock	—		—		197		—		242		—
Reallocation of net income (loss) to Class B common stock	—		—		—		(5)		—		(8)
Net income (loss) attributable to Robinhood common stockholders for diluted EPS	$	(465)	$	(76)	$	1,411	$	192	$	1,883	$	234
Denominator
Weighted-average common shares outstanding - basic	763,580,698		127,276,961		758,213,055		122,900,101		774,107,256		114,397,702
Dilutive effect of stock options, warrants, and unvested shares	—		—		25,058,348		—		30,276,888		—
Conversion of Class B to Class A common stock	—		—		122,900,101		—		114,397,702		—
Weighted-average common shares outstanding - diluted	763,580,698		127,276,961		906,171,504		122,900,101		918,781,846		114,397,702
Diluted EPS	$	(0.61)	$	(0.61)	$	1.56	$	1.56	$	2.05	$	2.05

The following potential common shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions that were not satisfied by the end of the period:


	Year Ended December 31,
	2023	2024	2025
Time-Based RSUs	34,625,253	828,224	24,418
Market-Based RSUs	22,476,722	11,065,463	—
Stock options	12,141,566	—	—
Warrants	14,278,034	12,868,262	—
ESPP	305,692	—	—
Total anti-dilutive securities	83,827,267	24,761,949	24,418

Robinhood Markets, Inc. 10-K/A