Robinhood sees 2026 adjusted operating expenses $2.7B-$2.825B

“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 Q4 2025 earnings was $2.6B-$2.725B. We now anticipate investing an additional $100M to build and support the user interface for Trump Accounts, which was not included in our prior outlook. Our work for Trump Accounts is contracted on a cost plus basis with a small margin, so we expect revenues to exceed costs. As a result, our updated outlook for 2026 adjusted operating expenses and SBC is $2.7B-$2.825B. This expense outlook does not include provision for credit losses, costs related to our pending acquisitions, costs related to the Rothera joint venture, costs from modifications of executive awards in connection with our CFO transition, potential significant regulatory matters, or other significant 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.”