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Robinhood Markets cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.2B in Q3 2026 · $3.0B over twelve months

Operating cash flow$1.2B
Free cash flow+$1.2B
Cash / net income2.6×

Analysis

In Q3 2026, Robinhood Markets generated $1.2B of operating cash flow. That is $2.8B more than in Q3 2025 (−$1.6B).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.0B; the largest uses were other investing ($1.8B), buybacks ($789M), acquisitions ($249M); besides operations, cash came from other financing ($3.3B), partners ($60.0M); the cash balance rose by $3.5B.

Operating cash flow was $1.2B against net income of $468M — 2.6× profit, cash ran ahead of reported earnings. The largest differences: receivables −$463M, other liabilities +$258M, stock-based pay +$80.0M.

Free cash flow

Robinhood Markets: free cash flow by quarterRobinhood Markets: free cash flow by quarter−$1.4BQ4 2024$642MQ1 2025$3.5BQ2 2025−$1.6BQ3 2025−$937MQ4 2025$2.0BQ1 2026$720MQ2 2026$1.2BQ3 2026
Operating cash flow less capital spending.
Robinhood Markets: operating cash flow against capital spendingRobinhood Markets: operating cash flow against capital spendingOperating cash flowCapital spending−$1.4B$0Q4 2024$642M$0Q1 2025$3.5B$0Q2 2025−$1.6B$0Q3 2025−$937M$0Q4 2025$2.0B$0Q1 2026$720M$0Q2 2026$1.2B$0Q3 2026
Latest (Q3 2026): Operating cash flow $1.2B, Capital spending $0.

Capital allocation, year by year

Robinhood Markets: where the cash came from (up) and went (down), by fiscal yearRobinhood Markets: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$885MFY2021: Shares issued $2.1BFY2021: Capital spending −$63.0MFY2021: Acquisitions −$125M$2.1BFY2021FY2022: Operating cash flow −$852MFY2022: Shares issued $6.0MFY2022: Capital spending −$28.0M$6.0MFY2022FY2023: Operating cash flow $1.2BFY2023: Shares issued $5.0MFY2023: Acquisitions −$93.0MFY2023: Buybacks −$608M$1.2BFY2023FY2024: Operating cash flow −$157MFY2024: Net borrowing $131MFY2024: Shares issued $18.0MFY2024: Acquisitions −$6.0MFY2024: Buybacks −$257M$149MFY2024FY2025: Operating cash flow $1.6BFY2025: Net borrowing $468MFY2025: Shares issued $16.0MFY2025: Acquisitions −$399MFY2025: Buybacks −$653M$2.1BFY2025
Over these 5 years operating cash flow totalled $925M; the largest uses were operating cash flow ($1.9B) and buybacks ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.8B
Debt$2.7B
Net cash$3.2B

Robinhood Markets funds itself: free cash flow was $3.0B over the last twelve months, and $5.8B of cash and investments stands against $2.7B of debt.

Where the cash came from and went

Robinhood Markets: sources (+) and uses (−) of cash, Q3 2026Robinhood Markets: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.2BCash drawn (+) / kept (−)−$1.1BOther investing−$479MOther financing$380MBuybacks−$25.0MExchange rates−$19.0MTaxes on employees’ shares−$11.0MPartners$8.0MShares issued$1.0M
Robinhood Markets: sources (+) and uses (−) of cash, TTM to Q3 2026Robinhood Markets: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$3.5BOther financing$3.3BOperating cash flow$3.0BOther investing−$1.8BBuybacks−$789MAcquisitions−$249MPartners$60.0MTaxes on employees’ shares−$58.0MExchange rates−$27.0MShares issued$6.0M

From profit to cash

Robinhood Markets: net income to operating cash flow, Q3 2026Robinhood Markets: net income to operating cash flow, Q3 2026Net income$468MDepreciation & amortization$26.0MStock-based pay$80.0MDeferred taxes$61.0MReceivables−$463MPayables$49.0MDeferred revenue$8.0MContract assets$34.0MOther liabilities$258MOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.2B—−$25.0M—$1.0M−$1.1B$1.2B
Q2 2026$720M−$178M−$414M$255M$1.0M−$1.9B$720M
Q1 2026$2.0B−$71.0M−$250M$102M$314M−$1.9B$2.0B
Q4 2025−$937M—−$100M$223M$2.0M$1.4B−$937M
Q3 2025−$1.6B—−$107M$141M$3.0M$1.7B−$1.6B
Q2 2025$3.5B−$224M−$124M$80.0M$4.0M−$4.1B$3.5B
Q1 2025$642M−$150M−$322M$24.0M$7.0M−$235M$642M
Q4 2024−$1.4B—−$160M$37.0M$8.0M$1.5B−$1.4B

Robinhood Markets: income statement and cash flow

Robinhood Markets, Q3 2026: revenue $1.4B (+12% year over year), operating margin 43.3%. The chart follows the revenue to costs, profit and cash.

Robinhood Markets: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.