Robinhood Markets, Inc. HOOD

Key data

What the scorecard pays for

Four of the five measures are money coming in. The fifth, customers outside the United States, carries the smallest weight and is the only one management missed. Every measure strips out companies Robinhood buys, which is why the bonus counted $4.4B of revenue against $4.5B in the audited statements. Officers below the CEO hold plain restricted stock on a calendar, no goal to hit, no multiplier. That instruction is to stay.

What it paid out

The bars moved in two directions at once. Revenue was asked to rise 25% on what the company had already delivered, while the profit bar was set 13% below the prior year's result. The board had a reason: the 2024 figure carried a $347M tax benefit from releasing $486M of reserves held against deferred tax assets, and the 2025 definition takes unplanned tax changes out. Measured against 2024 pre-tax income of $1.1B, the $1.2B target is a 12% raise, a real bar rather than a gift.

What happens next

Gold Subscribers have reached 4.84 million against a 4.3 million cap, and first-half revenue grew 24% with net income up 27%. The 2026 goals are not disclosed. The street looks for $5.2B of revenue this year, 16% growth, softer than the 25% the board asked for last year.

Management has already pulled the cost lever. The reduction in force announced June 16, 2026 took about 10% of a 2,958-person company, and the $23M charge sits outside Adjusted EBITDA. Watch whether compensation expense falls in the third quarter while revenue holds. The board authorized $1.5B of repurchases on March 24, 2026 and the company retired $664M in the first half, $290M of it funded out of $2.2B of zero-coupon convertible notes issued June 25, 2026. That borrowing shrinks a count the 2021 plan reopens by 5% a year, 45,066,396 shares on January 1 alone.

The thing the plan wants and cannot easily buy is international customers. That measure paid 54%, the only miss. Every move abroad Robinhood has actually made is a purchase: Bitstamp in June 2025, WonderFi in Canada for $178M in June 2026. The plan counts none of it. So the scorecard keeps asking for customers earned abroad while the checkbook keeps delivering bought ones.

Tenev sold 1,875,000 shares for $220.2M over the past twelve months, all code S, stock he owned outright, in four blocks under a preset plan adopted September 5, 2025, converting Class B and going to zero Class A each time. Officers below him show the ordinary pattern of code F tax withholding on vesting plus post-vest sales. One director, Meyer Malka, bought 680,000 shares for $55.3M in the open market in June 2026 near $81, seven months after hedging a million shares at a $97.15 floor.

Closing thoughts

Robinhood pays its operating officers to grow revenue, profit, customer deposits and paid memberships, and it pays its founder nothing, because the share price is his entire paycheck. Four of those five measures were met or beaten. The fifth, customers abroad, was missed, and the only way this company has grown abroad is by writing checks its own plan refuses to count. What replaces the founder's expired award is the disclosure that sets the next three years, and it has not been written yet.