Robinhood Markets Says Market Share Gains Drove Active Trader Engagement In Q3, With Record Volumes For Equities, Options, Prediction Markets; Lowering Top End Of Prior 2026 Adjusted Operating Expenses Outlook By $25M To A Range Of $2.675B To $2.75B

Market share gains drove active trader engagement to new highs in Q3, with record volumes for equities, options, and prediction markets, and record margin balances.

The paragraph below provides information on our 2026 expense plan and outlook. We are not providing a 2026 outlook for total operating expenses and have not reconciled our 2026 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provision for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2026.

Our prior outlook for 2026 Adjusted Operating Expenses and SBC provided at Q2 2026 Earnings (July 29, 2026) was $2.675 to $2.775 billion. 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. This expense outlook does not include provision for credit losses, costs related to our pending acquisitions, costs from equity modifications of restructuring and executive awards in connection with our CFO transition, interest expenses classified as operating expenses, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time.