ROBINHOOD MARKETS, INC., 10-Q filed on 11/7/2023
Quarterly Report
v3.23.3
Cover - shares
 9 Months Ended
Sep. 30, 2023
Nov. 01, 2023
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
Document Transition Report false  
Entity File Number 001-40691  
Entity Registrant Name Robinhood Markets, Inc.  
Entity Incorporation, State DE  
Entity Tax Identification Number 46-4364776  
Entity Address, Street 85 Willow Rd  
Entity Address, City Menlo Park  
Entity Address, State CA  
Entity Address, Postal Zip Code 94025  
City Area Code 844  
Local Phone Number 428-5411  
Title of each class Class A Common Stock$0.0001 par value per share  
Trading Symbol(s) HOOD  
Name of each exchange on which registered NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001783879  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Common Class A    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   737,937,831
Common Class B    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   126,844,136
v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 4,889 $ 6,339
Cash segregated under federal and other regulations 3,448 2,995
Receivables from brokers, dealers, and clearing organizations 63 76
Receivables from users, net 3,704 3,218
Securities borrowed 1,204 517
Deposits with clearing organizations 275 186
Asset related to user cryptocurrencies safeguarding obligation 10,183 8,431
User-held fractional shares 1,396 997
Held-to-maturity investments 372 0
Prepaid expenses 75 86
Other current assets 130 72
Total current assets 25,739 22,917
Property, software, and equipment, net 123 146
Goodwill 164 100
Intangible assets, net 53 25
Non-current held-to-maturity investments 118 0
Non-current prepaid expenses 3 17
Other non-current assets 118 132
Total assets 26,318 23,337
Current liabilities:    
Accounts payable and accrued expenses 373 185
Payables to users 4,325 4,701
Securities loaned 3,245 1,834
User cryptocurrencies safeguarding obligation 10,183 8,431
Fractional shares repurchase obligation 1,396 997
Other current liabilities 126 105
Total current liabilities 19,648 16,253
Other non-current liabilities 96 128
Total liabilities 19,744 16,381
Commitments and contingencies (Note 17)
Stockholders’ equity:    
Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2022; and September 30, 2023. 0 0
Additional paid-in capital 12,054 11,861
Accumulated other comprehensive income (loss) (4) 0
Accumulated deficit (5,476) (4,905)
Total stockholders’ equity 6,574 6,956
Total liabilities and stockholders’ equity 26,318 23,337
Common Class A    
Stockholders’ equity:    
Common stock, value 0 0
Common Class B    
Stockholders’ equity:    
Common stock, value 0 0
Common Class C    
Stockholders’ equity:    
Common stock, value $ 0 $ 0
v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2023
Dec. 31, 2022
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 210,000,000 210,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common Class A    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 21,000,000,000 21,000,000,000
Common stock, shares issued (in shares) 735,575,641 764,888,917
Common stock, shares outstanding (in shares) 735,575,641 764,888,917
Common Class B    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 700,000,000 700,000,000
Common stock, shares issued (in shares) 126,983,025 127,862,654
Common stock, shares outstanding (in shares) 126,983,025 127,862,654
Common Class C    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 7,000,000,000 7,000,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Net interest revenues $ 251 $ 128 $ 693 $ 257
Total net revenues 467 361 1,394 978
Operating expenses:        
Brokerage and transaction 39 33 114 94
Technology and development 202 185 608 698
Operations 41 65 119 242
Marketing 28 19 79 74
General and administrative 230 233 1,036 727
Total operating expenses 540 535 1,956 1,835
Other (income) expense, net 2 0 0 2
Loss before income taxes (75) (174) (562) (859)
Provision for income taxes 10 1 9 3
Net loss (85) (175) (571) (862)
Net loss attributable to common stockholders:        
Basic (85) (175) (571) (862)
Diluted $ (85) $ (175) $ (571) $ (862)
Net loss per share attributable to common stockholders:        
Basic (in dollars per share) $ (0.09) $ (0.20) $ (0.64) $ (0.99)
Diluted (in dollars per share) $ (0.09) $ (0.20) $ (0.64) $ (0.99)
Weighted-average shares used to compute net loss per share attributable to common stockholders:        
Basic (in shares) 895,108,790 882,356,575 898,999,464 875,055,571
Diluted (in shares) 895,108,790 882,356,575 898,999,464 875,055,571
Transaction-based revenues        
Revenues:        
Total transaction-based revenues $ 185 $ 208 $ 585 $ 628
Other revenues        
Revenues:        
Total transaction-based revenues $ 31 $ 25 $ 116 $ 93
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net loss $ (85) $ (175) $ (571) $ (862)
Other comprehensive loss, net of tax:        
Foreign currency translation 0 (1) 0 (2)
Net loss on hedging instruments (1) 0 (4) 0
Total other comprehensive loss, net of tax (1) (1) (4) (2)
Total comprehensive loss $ (86) $ (176) $ (575) $ (864)
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net loss $ (571) $ (862)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 54 44
Impairment of long-lived assets 12 47
Provision for credit losses 29 28
Share-based compensation 790 494
Other (39) 8
Changes in operating assets and liabilities:    
Receivables from brokers, dealers, and clearing organizations 13 13
Receivables from users, net (502) 2,565
Securities borrowed (687) (139)
Deposits with clearing organizations (89) 127
Current and non-current prepaid expenses 26 29
Other current and non-current assets 0 5
Accounts payable and accrued expenses 145 (45)
Payables to users (376) (1,080)
Securities loaned 1,411 (2,228)
Other current and non-current liabilities 5 (39)
Net cash provided by (used in) operating activities 221 (1,033)
Investing activities:    
Purchases of property, software, and equipment (1) (25)
Capitalization of internally developed software (14) (22)
Purchases of available-for-sale investments 0 (24)
Proceeds from sales and maturities of available-for-sale investments 10 19
Purchases of held-to-maturity investments (651) 0
Proceeds from maturities of held-to-maturity investments 167 0
Acquisitions of a business, net of cash and cash equivalents acquired (90) 0
Other 0 (19)
Net cash used in investing activities (579) (71)
Financing activities:    
Proceeds from issuance of common stock under the Employee Stock Purchase Plan (“ESPP”) 9 13
Taxes paid related to net share settlement of equity awards (9) (9)
Payments of debt issuance costs (10) (10)
Draws on credit facilities 20 21
Repayments on credit facilities (20) (21)
Change in principal collected from customers due to Coastal Bank (3) 0
Proceeds from exercise of stock options, net of repurchases 2 6
Repurchase of common stock (608) 0
Net cash provided by (used in) financing activities (619) 0
Effect of foreign exchange rate changes on cash and cash equivalents 0 (2)
Net decrease in cash, cash equivalents, segregated cash and restricted cash (977) (1,106)
Cash, cash equivalents, segregated cash and restricted cash, beginning of the period 9,357 10,270
Cash, cash equivalents, segregated cash and restricted cash, end of the period 8,380 9,164
Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:    
Cash and cash equivalents, end of the period 4,889 6,187
Segregated cash, end of the period 3,448 2,954
Restricted cash in other current assets, end of the period 26 1
Restricted cash in other non-current assets, end of the period 17 22
Cash, cash equivalents, segregated cash and restricted cash, end of the period 8,380 9,164
Supplemental disclosures:    
Cash paid for interest 8 6
Cash paid for income taxes, net of refund received $ 9 $ 4
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY - USD ($)
$ in Millions
Total
Common stock
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated deficit
Balance at beginning of period, Common stock (in shares) at Dec. 31, 2021   863,912,613      
Balance at beginning of period at Dec. 31, 2021 $ 7,293 $ 0 $ 11,169 $ 1 $ (3,877)
Increase (decrease) in stockholder's equity          
Net loss (862)       (862)
Shares issued in connection with stock option exercise, net of repurchases (in shares)   2,152,493      
Shares issued in connection with stock option exercise, net of repurchases 6   6    
Issuance of common stock in connection with Employee Stock Purchase Plan (in shares)   1,529,727      
Issuance of common stock in connection with Employee Stock Purchase Plan 13   13    
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)   17,118,956      
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (9)   (9)    
Change in other comprehensive loss (2)     (2)  
Share-based compensation 515   515    
Balance at end of period, Common stock (in shares) at Sep. 30, 2022   884,713,789      
Balance at end of period at Sep. 30, 2022 6,954 $ 0 11,694 (1) (4,739)
Balance at beginning of period, Common stock (in shares) at Jun. 30, 2022   878,257,164      
Balance at beginning of period at Jun. 30, 2022 7,017 $ 0 11,581 0 (4,564)
Increase (decrease) in stockholder's equity          
Net loss (175)       (175)
Shares issued in connection with stock option exercise, net of repurchases (in shares)   289,539      
Shares issued in connection with stock option exercise, net of repurchases 1   1    
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)   6,167,086      
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (2)   (2)    
Change in other comprehensive loss (1)     (1)  
Share-based compensation 114   114    
Balance at end of period, Common stock (in shares) at Sep. 30, 2022   884,713,789      
Balance at end of period at Sep. 30, 2022 6,954 $ 0 11,694 (1) (4,739)
Balance at beginning of period, Common stock (in shares) at Dec. 31, 2022   892,751,571      
Balance at beginning of period at Dec. 31, 2022 6,956 $ 0 11,861 0 (4,905)
Increase (decrease) in stockholder's equity          
Net loss (571)       (571)
Shares issued in connection with stock option exercise, net of repurchases (in shares)   1,125,929      
Shares issued in connection with stock option exercise, net of repurchases 2   2    
Issuance of common stock in connection with Employee Stock Purchase Plan (in shares)   1,225,069      
Issuance of common stock in connection with Employee Stock Purchase Plan 9   9    
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)   22,729,566      
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (9)   (9)    
Repurchase and retirement of Class A common stock (in shares)   (55,273,469)      
Repurchase and retirement of Class A common stock (611)   (611)   0
Change in other comprehensive loss (4)     (4)  
Share-based compensation 802   802    
Balance at end of period, Common stock (in shares) at Sep. 30, 2023   862,558,666      
Balance at end of period at Sep. 30, 2023 6,574 $ 0 12,054 (4) (5,476)
Balance at beginning of period, Common stock (in shares) at Jun. 30, 2023   909,694,702      
Balance at beginning of period at Jun. 30, 2023 7,187 $ 0 12,581 (3) (5,391)
Increase (decrease) in stockholder's equity          
Net loss (85)       (85)
Shares issued in connection with stock option exercise, net of repurchases (in shares)   328,963      
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)   7,808,470      
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (4)   (4)    
Repurchase and retirement of Class A common stock (in shares)   (55,273,469)      
Repurchase and retirement of Class A common stock (611)   (611)    
Change in other comprehensive loss (1)     (1)  
Share-based compensation 88   88    
Balance at end of period, Common stock (in shares) at Sep. 30, 2023   862,558,666      
Balance at end of period at Sep. 30, 2023 $ 6,574 $ 0 $ 12,054 $ (4) $ (5,476)
v3.23.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1: DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Robinhood Markets, Inc. (“RHM” and, together with its subsidiaries, “Robinhood,” the “Company,” “we,” or “us”) was incorporated in the State of Delaware on November 22, 2013. Our most significant, wholly-owned subsidiaries are:
•Robinhood Financial LLC (“RHF”), a registered introducing broker-dealer;
•Robinhood Securities, LLC (“RHS”), a registered clearing broker-dealer;
•Robinhood Crypto, LLC (“RHC”), which provides users the ability to buy, sell, and transfer cryptocurrencies and is responsible for the custody of user cryptocurrencies held on our platform;
•Robinhood Money, LLC (“RHY”), which offers a pre-paid debit card (the “Robinhood Cash Card”) and a spending account that help customers invest, save, and earn rewards; and
•Robinhood Credit, Inc. (“Robinhood Credit”), which offers a no-fee credit card with rewards on each purchase.
Acting as the agent of the user, we facilitate the purchase and sale of options, cryptocurrencies, and equities through our platform by routing transactions through market makers, who are responsible for trade execution. Upon execution of a trade, users are legally required to purchase options, cryptocurrencies, or equities for cash from the transaction counterparty or to sell options, cryptocurrencies, or equities for cash to the transaction counterparty, depending on the transaction. We facilitate and confirm trades only when there are binding, matched legal obligations from the user and the market maker on both sides of the trade. Our users have ownership of the securities they transact on our platform, including those that collateralize margin loans, and, as a result, such securities are not presented on our unaudited condensed consolidated balance sheets, other than user-held fractional shares which are presented gross. Our users also have ownership of the cryptocurrencies they transact on our platform (none of which are allowed to be purchased on margin and which do not serve as collateral for margin loans), and we recognize a liability to reflect our safeguarding obligation along with a corresponding asset on our balance sheet related to the cryptocurrencies we hold in custody for users.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the SEC for interim financial reporting. The condensed consolidated financial statements are unaudited, and in management’s opinion, include all adjustments, including normal recurring adjustments and accruals necessary for a fair presentation of the results for the interim periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2023 or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”).
There have been no material changes in our significant accounting policies as described in our audited consolidated financial statements included in our 2022 Form 10-K. The unaudited condensed consolidated financial statements include the accounts of RHM and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.
Certain prior-period amounts have been reclassified to conform to the current period’s presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited condensed consolidated financial statements and had no impact on previously reported total assets, total liabilities and net loss.
During the three months ended March 31, 2023, we reorganized our management reporting structure from a single entity-level reporting unit into four reporting units. As a result, we performed a goodwill impairment assessment immediately before and after the reorganization. This quantitative assessment did not result in impairment, considering the fair value of each reporting unit was substantially in excess of the corresponding carrying amount of net assets. We continue to operate and report financial information in one operating segment.
Use of Estimates
The preparation of unaudited condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. We base our estimates on historical experience, and other assumptions we believe to be reasonable under the circumstances. Assumptions and estimates used in preparing our unaudited condensed consolidated financial statements include, but are not limited to, those related to revenue recognition and share-based compensation, the determination of allowances for credit losses, valuation of user cryptocurrencies safeguarding obligation and corresponding asset, investment valuation, capitalization of internally developed software, useful lives of property, software, and equipment, valuation and useful lives of intangible assets, incremental borrowing rate used to calculate operating lease right-of-use assets and related liabilities, impairment of long-lived assets, determination of hedge effectiveness, uncertain tax positions, income taxes, accrued and contingent liabilities. Actual results could differ from these estimates and could have a material adverse effect on our operating results.
Concentrations of Revenue and Credit Risk
Concentrations of Revenue
We derived transaction-based revenues from individual market makers in excess of 10% of total revenues, as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202320222023
Market maker:
Citadel Securities, LLC12 %11 %17 %12 %
All others individually less than 10%44 %26 %46 %28 %
Total as percentage of total revenue:56 %37 %63 %40 %

Concentrations of Credit Risk
We are engaged in various trading and brokerage activities in which the counterparties primarily include broker-dealers, banks, and other financial institutions. In the event our counterparties do not fulfill their obligations, we may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty. Default of a counterparty in equities and options trades, which are facilitated through clearinghouses, would generally be spread among the clearinghouse's members rather than falling entirely on us. It is our policy to review, as necessary, the credit standing of each counterparty.
In March 2023, certain U.S. banks failed and were taken over by the U.S. Federal Deposit Insurance Corporation (“FDIC”). Our exposure to impacted U.S. banks was immaterial. However, we took steps to
help ensure that the loss of all or a significant portion of any uninsured amount would not have had an adverse effect on our ability to pay our operational expenses or make other payments.
Investments
We invest in marketable debt securities and determine the classification at the time of purchase.
Available-for-sale investments are recorded at fair value. We have elected the fair value option for our available-for-sale investments as we believe carrying these investments at fair value and taking changes in fair value through earnings best reflects their underlying economics. Fair value adjustments are presented in other (income) expense, net and interest earned on the debt securities as net interest revenues in our unaudited condensed consolidated statements of operations.
Held-to-maturity investments are securities that we have both the ability and positive intent to hold until maturity and are recorded at amortized cost. Interest income is calculated using the effective interest method, adjusted for deferred fees or costs, premium, or discount existing at the date of purchase. Interest earned is included in net interest revenues in our unaudited condensed consolidated statements of operations. We evaluate held-to-maturity investment for credit losses on a quarterly basis. We do not expect credit losses for our held-to-maturity investments that are obligations of states and political subdivisions and securities issued by U.S. government sponsored agencies. We monitor remaining securities by type and standard credit rating. There was no reserve for credit losses as of September 30, 2023.
Derivatives and Hedging Activities
All derivatives are recorded at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate the derivative in a hedging relationship and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting if elected. As part of our interest rate risk management strategy, we use interest rate floors designated as cash flow hedges which involve the receipt of offsetting cash flows from a counterparty if interest rates fall below the strike rate on the contract in exchange for an up-front premium. Changes in fair value of the cash flow hedges are recognized in accumulated other comprehensive income (loss) (“AOCI”) and are subsequently reclassified to net interest revenues as interest payments are received on the hedged item. We assess hedge effectiveness on a quarterly basis to ensure all hedges remain highly effective. If the derivative financial instruments designated as cash flow hedges are deemed ineffective, changes in the fair value of the derivative financial instrument are recognized directly in net interest revenues.
We are exposed to credit risk if counterparties to our derivative contracts do not perform pursuant to the terms of our interest rate floors. Should a counterparty fail to perform under the terms of our interest rate floors, our credit exposure is limited to the net positive fair value and accrued interest owed from the failing counterparty. We mitigate counterparty credit risk through credit approvals, credit limits and monitoring procedures, as appropriate.

We enter into master netting agreements with counterparties that permit the net settlement of amounts owed under the derivative contracts. The master netting agreements generally provide for net settlement of all outstanding contracts with a counterparty in the case of an event of default or a termination event. We do not offset fair value amounts recognized for derivative instruments under master netting arrangements. Our derivative contracts do not require collateral to be posted by us or the counterparties.
v3.23.3
RECENT ACCOUNTING PRONOUNCEMENTS
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS
NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS
Recently Adopted Accounting Pronouncements
There are no recently adopted accounting pronouncements that are material to us as of September 30, 2023.
Recently Issued Accounting Pronouncements Not Yet Adopted
There are no new accounting pronouncements that we have not yet adopted that are material to us as of September 30, 2023.
v3.23.3
BUSINESS COMBINATIONS
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
BUSINESS COMBINATIONS
NOTE 3: BUSINESS COMBINATIONS
Acquisition of X1
On July 3, 2023, we acquired all of the outstanding equity of X1 Inc. (“X1”), a U.S.-based company that offers a no-fee credit card with rewards on each purchase. The acquisition of X1 allows us to provide access to credit for our customers. In August 2023, X1 was renamed Robinhood Credit.
The acquisition date fair value of the consideration transferred for Robinhood Credit was $104 million, which was entirely paid in cash. The purchase price allocation is based on a preliminary valuation and subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available, including certain tax matters, during the measurement period (up to one year from the acquisition date). The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition:
In millions
Fair Value
Cash and cash equivalents$14 
Receivable from users, net3 
Prepaid expenses
1 
Other current assets23 
Goodwill64 
Intangible assets36 
Accounts payable and accrued expenses(36)
Other non-current liabilities(1)
Net assets acquired$104 
The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill, which is not deductible for tax purposes. Goodwill is primarily attributed to the assembled workforce of Robinhood Credit and anticipated operational synergies. The fair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions at the time of acquisition. The following table sets forth the
components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
(in millions, except years)
Fair ValueUseful Life
Developed technology$25 4
Customer relationships10 7
Trade name
1 1
Total$36 
The overall weighted average useful life of the identified amortizable intangible assets acquired is five years. The estimated fair value of the intangible assets acquired approximate the amounts a market participant would pay for these intangible assets as of July 3, 2023. We used the replacement cost method to estimate the fair value of developed technology, and a multi-period excess earnings method was used to estimate the fair value of customer relationships.
Tangible net assets were valued at their respective carrying amounts as of the acquisition date, as these amounts approximated fair value.
Pro forma results of operations for Robinhood Credit have not been presented as the effect of this acquisition was not material.
Credit Card Program
The Robinhood Credit credit card program is funded under a program agreement between Robinhood Credit and Coastal Community Bank (“Coastal Bank”) (the “Program Agreement”), where Coastal Bank is the originator and owner of customer principal balances (refer to Note 12 - Financing Activities and Off-Balance Sheet Risk for more information). Robinhood Credit is responsible for administering the credit card program on a mobile app, including, (i) setting customer credit limits within Coastal Bank’s underwriting standards, (ii) loan servicing, (iii) remitting collected principal from customers to Coastal Bank, and (iv) offering and maintaining the customer rewards program. Coastal Bank is responsible for (i) funding the customer credit, (ii) reporting customer credit activities, and (iii) holding customer receivables. Additionally, Robinhood Credit is responsible to pay Coastal Bank customer balances that are ultimately charged off or deemed uncollectible, generally when balances become outstanding for over 180 days (refer to Note 7 - Allowance for Credit Losses for more information).
Under the Program Agreement, Robinhood Credit collects interest from customers that carry a balance and pays interest on the amount funded by Coastal Bank, with the difference between those amounts resulting in net interest revenue. In addition, Robinhood Credit earns revenue from interchange fees from each credit card transaction. As an agent, Robinhood Credit recognizes interchange revenue net of a revenue share paid to Coastal Bank, certain fees paid to third-parties, and rewards paid to customers. From the date of the acquisition through September 30, 2023, Robinhood Credit revenues were not material to our unaudited condensed consolidated statements of operations.
v3.23.3
GOODWILL AND INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
NOTE 4: GOODWILL AND INTANGIBLE ASSETS
Goodwill
The carrying amount of goodwill for the period indicated was as follows:
(in millions)
Carrying Amount
As of December 31, 2022
$100 
Additions due to Robinhood Credit
64 
As of September 30, 2023
$164 
There was no impairment of goodwill during the nine months ended September 30, 2023.
Intangible Assets
The components of intangible assets, net as of September 30, 2023 were as follows:
(in millions, except years)
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueWeighted Average Remaining Useful Life - Years
Finite-lived intangible assets
Developed technology$48 $(18)$30 3.11
Customer relationships23 (3)20 7.29
Trade names1 — 1 0.78
Indefinite-lived intangible assets2 — 2 
Total$74 $(21)$53 
As of September 30, 2023, the estimated future amortization expense of finite-lived intangible assets was as follows:
(in millions)
Finite-lived intangible assets
Remainder of 2023$5 
202414 
20259 
20269 
20276 
Thereafter8 
Total$51 
Amortization expense of intangible assets was $5 million and $9 million for three and nine months ended September 30, 2023.
There was no impairment of intangible assets during the three and nine months ended September 30, 2023.
v3.23.3
REVENUES
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 5: REVENUES
Disaggregation of Revenues
The following table presents our revenue disaggregated by revenue source:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202320222023
Transaction-based revenues:
Options$124$124$364$384
Cryptocurrencies512316392
Equities31279679
Other211530
Total transaction-based revenues208185628585
Net interest revenues:
Interest on corporate cash and investments
297540217
Margin interest4867122177
Interest on segregated cash and cash equivalents and deposits205927156
Cash sweep8351086
Securities lending, net29177670
Credit card, net—4—4
Interest expenses related to credit facilities(6)(6)(18)(17)
Total net interest revenues128251257693
Other revenues253193116
Total net revenues$361$467$978$1,394
For our fully-paid securities lending program under which we borrow fully-paid shares from participating users and lend them to third parties (“Fully-Paid Securities Lending”), we earn revenue for lending certain securities based on demand for those securities and portions of such revenues are paid to participating users, and those payments are recorded as interest expense. The program was launched during the three months ended June 30, 2022. The following table presents interest revenue earned and interest expense paid from Fully-Paid Securities Lending:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202320222023
Interest revenue$5 $12 $5 $35 
Interest expense(1)(2)(1)(5)
Fully-Paid Securities Lending, net
$4 $10 $4 $30 
Contract Balances
Contract receivables are recognized when we have an unconditional right to invoice and receive payment under a contract and are derecognized when cash is received. Transaction-based revenue receivables due from market makers are reported in receivables from brokers, dealers, and clearing organizations while other revenue receivables related to proxy revenues due from issuers are reported in other current assets on the unaudited condensed consolidated balance sheets.
Contract liabilities, which primarily consist of unearned subscription revenue, are recognized when users remit cash payments in advance of the time we satisfy our performance obligations and are recorded as other current liabilities on the unaudited condensed consolidated balance sheets.
The table below sets forth contract receivables and liabilities for the period indicated:
(in millions)Contract ReceivablesContract Liabilities
Beginning of period, January 1, 2023$60 $3 
End of period, September 30, 202358 4 
Changes during the period$(2)$1 
The change in contract receivables primarily results from lower transaction-based revenue in cryptocurrencies driven by the market environment which had a negative impact on the number of traders and notional trading volume, partially offset by increased revenues from our proxy services. In addition, contract receivable balances were impacted by timing differences between our performance and counterparties’ payments. We recognized all revenue from amounts included in the opening contract liability balances in the nine months ended September 30, 2023.
v3.23.3
RESTRUCTURING ACTIVITIES
 9 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
RESTRUCTURING ACTIVITIES
NOTE 6: RESTRUCTURING ACTIVITIES
April 2022 Restructuring
On April 26, 2022, we announced a reduction in force (the “April 2022 Restructuring”) as part of our efforts to improve efficiency and operating costs, increase our velocity, and ensure that we are responsive to the changing needs of our customers. The April 2022 Restructuring involved approximately 330 employees, representing approximately 9% of our full-time employees at that time.
We allowed affected employees’ share-based awards to continue vesting over a transitional period (generally two months during which they remained employed but were not expected to provide active service), which were generally accounted for as a modification allowing a portion of the awards to vest that otherwise would have been forfeited. However, as a result of the reversal of share-based compensation expense that had been previously recognized (under the accelerated attribution method, generally), the April 2022 Restructuring resulted in a net reduction to share-based compensation of $24 million, which was recognized in the second quarter of 2022 (refer to Note 13 - Common Stock and Stockholders' (Deficit) Equity for more information).
In addition, we recognized $17 million of cash restructuring and related charges in the second quarter of 2022, which primarily consisted of employee-related wages, benefits, and severance expense. All of the restructuring charges relating to the April 2022 Restructuring were paid in full as of the third quarter of 2022.
August 2022 Restructuring
On August 2, 2022, we announced an additional reduction in force involving approximately 780 employees, representing approximately 23% of our full-time employees at the time, the planned closure of two offices, and related matters (the “August 2022 Restructuring”). These actions were part of a Company
reorganization into a general manager (“GM”) structure under which GMs have assumed broad responsibility for our individual businesses. As we continued to execute the August 2022 Restructuring, our lower headcount led us to evaluate our real estate portfolio. On September 30, 2022, we decided to partially or completely close five additional offices as part of the August 2022 Restructuring, four of which were not occupied.
In connection with the office closures described above, we determined the carrying amount of the right-of-use assets and associated leasehold improvements exceeded their respective fair value, resulting in impairments of $32 million and $15 million. We utilized a probability-weighted approach and market estimates from a third-party real estate brokerage firm to project sublease income cash flows, net of brokerage commissions, for each of the office spaces and applied a market rate of return on similar assets as a discount factor to determine fair value. We attributed the impairments on a relative carrying value basis between the right-of-use assets and leasehold improvements. In addition, we accelerated depreciation of $9 million related to other fixed assets. The impairments were recognized in general and administrative expense on our unaudited condensed consolidated statements of operations.
Similar to the April 2022 Restructuring, we allowed affected employees’ share-based awards to continue vesting over a transitional period allowing a portion of the awards to vest that otherwise would have been forfeited. However, as a result of the reversal of share-based compensation expense that had been previously recognized (under the accelerated attribution method, generally), the August 2022 Restructuring resulted in a net reduction to share-based compensation of $53 million, which was recognized in the third quarter of 2022 (refer to Note 13 - Common Stock and Stockholders' (Deficit) Equity for more information).
In addition, we recognized $34 million of cash restructuring and related charges primarily related to employee-related wages, benefits, and severance expense. As of September 30, 2022, $21 million of the restructuring charges relating to the August 2022 Restructuring remained unpaid and were included in accounts payable and accrued liabilities on our unaudited condensed consolidated balance sheets, all of which were paid off in the fourth quarter of 2022.
v3.23.3
ALLOWANCE FOR CREDIT LOSSES
 9 Months Ended
Sep. 30, 2023
Credit Loss [Abstract]  
ALLOWANCE FOR CREDIT LOSSES
NOTE 7: ALLOWANCE FOR CREDIT LOSSES
Our allowance for credit losses relates to unsecured balances of receivables from users due to Fraudulent Deposit Transactions, losses on margin lending, and reserves on proxy revenue receivables. Fraudulent Deposit Transactions occur when users initiate deposits into their accounts, make trades on our platform using a short-term extension of credit from us, and then repatriate or reverse the deposits, resulting in a loss to us of the credited amount. The following table summarizes the allowance for credit losses as a reduction of receivables from users, net on the unaudited condensed consolidated balance sheet:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202320222023
Beginning balance$18 $20 $40 $18 
Provision for credit losses9 4 28 19 
Write-offs(9)(7)(50)(20)
Ending balance$18 $17 $18 $17 
Credit Card Expected Loss Liability
Under the Program Agreement with Coastal Bank, Robinhood Credit is responsible to pay Coastal Bank customer balances that are ultimately charged off or deemed uncollectible, generally when balances become outstanding for over 180 days. Robinhood Credit estimates the related expected credit losses liability using a current expected credit losses model by evaluating historical collection data as well as
considering charge off trends and market data by FICO cohort. The following table summarizes the credit card expected loss liability, a new liability in this quarter, as part of accounts payable and accrued expenses on the unaudited condensed consolidated balance sheet:
Three and Nine Months Ended September 30,
(in millions)
2023
Beginning balance$— 
Opening balance from acquisition of Robinhood Credit
16 
Provision for credit losses10 
Payments to Coastal Bank
(4)
Ending balance$22 
v3.23.3
INVESTMENTS AND FAIR VALUE MEASUREMENT
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
INVESTMENTS AND FAIR VALUE MEASUREMENT
NOTE 8: INVESTMENTS AND FAIR VALUE MEASUREMENT
Investments
Available-for-sale
At December 31, 2022, our available-for-sale investments, which are included in other current assets on the audited consolidated balance sheets, was $10 million with no significant unrealized gains or losses. These investments had a stated contractual maturity or redemption date within one year. As of September 30, 2023, we had no available-for-sale investments. Refer to Fair Value of Financial Instruments below for further details.
Held-to-maturity
We had no held-to-maturity investments as of December 31, 2022. The following table summarizes our held-to-maturity investments as of September 30, 2023:
September 30, 2023
(in millions)Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesFair Value
Debt securities:
Corporate debt securities$225 $— $— $(2)$223 
U.S. Treasury securities149 — — — 149 
U.S. government agency securities49 — — — 49 
Certificates of deposit48 — — — 48 
Commercial paper19 — — — 19 
Total held-to-maturity investments$490 $— $— $(2)$488 
There were no sales of held-to-maturity investments during the three and nine months ended September 30, 2023.
The table below presents the amortized cost and fair value of held-to-maturity investments by contractual maturity; the maximum maturity is two years:
September 30, 2023
(in millions)Within 1 Year1 to 2 YearsTotal
Amortized cost
Debt securities:
Corporate debt securities$125 $100 $225 
U.S. Treasury securities131 18 149 
U.S. government agency securities49 — 49 
Certificates of deposit48 — 48 
Commercial paper19 — 19 
Total held-to-maturity investments$372 $118 $490 
Fair value
Debt securities:
Corporate debt securities$124 $99 $223 
U.S. Treasury securities132 17 149 
U.S. government agency securities49 — 49 
Certificates of deposit48 — 48 
Commercial paper19 — 19 
Total held-to-maturity investments$372 $116 $488 
Fair Value of Financial Instruments
Financial assets and liabilities measured at fair value on a recurring basis were presented on our unaudited condensed consolidated balance sheets as follows:
December 31, 2022
(in millions)Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$735 $— $— $735 
Other current assets:
Available-for-sale investments:
Commercial paper— 5 — 5 
Government bonds3 — — 3 
Corporate bonds— 2 — 2 
Equity securities - securities owned8 — — 8 
Asset related to user cryptocurrencies safeguarding obligation— 8,431 — 8,431 
User-held fractional shares997 — — 997 
Total financial assets$1,743 $8,438 $— $10,181 
Liabilities
User cryptocurrencies safeguarding obligation$— $8,431 $— $8,431 
Fractional shares repurchase obligations997 — — 997 
Total financial liabilities$997 $8,431 $— $9,428 
September 30, 2023
(in millions)Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$254 $— $— $254 
Other current assets:
Stablecoin10 — — 10 
Equity securities - securities owned8 — — 8 
Other non-current assets:
Money market funds - escrow account2 — — 2 
Asset related to user cryptocurrencies safeguarding obligation— 10,183 — 10,183 
User-held fractional shares1,396 — — 1,396 
Total financial assets$1,670 $10,183 $— $11,853 
Liabilities
User cryptocurrencies safeguarding obligation$— $10,183 $— $10,183 
Fractional shares repurchase obligations1,396 — — 1,396 
Total financial liabilities$1,396 $10,183 $— $11,579 
The fair value for certain financial instruments that are not required to be measured or reported at fair value was presented on our unaudited condensed consolidated balance sheets as follows:
September 30, 2023
(in millions)Level 1Level 2Level 3Total
Assets
Held-to-maturity investments:
Corporate debt securities$— $223 $— $223 
U.S. Treasury securities149 — — 149 
U.S. government agency securities— 49 — 49 
Certificates of deposit— 48 — 48 
Commercial paper— 19 — 19 
Total held-to-maturity investments$149 $339 $— $488 
The fair values used for held-to-maturity investments are obtained from an independent pricing service and represent fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, relevant yield curves, credit spreads and prices from market makers and live trading systems. Management reviews the valuation methodology and quality controls utilized by the pricing services in management's overall assessment of the reasonableness of the fair values provided.
During the nine months ended September 30, 2023, we did not have any transfers in or out of Level 3 assets or liabilities.
Safeguarded user cryptocurrencies
Safeguarded user cryptocurrencies were as follows:
December 31,September 30,
(in millions)20222023
Bitcoin (BTC)$2,327 $3,858 
Ethereum (ETH)2,341 2,870 
Dogecoin (DOGE)2,802 2,405 
Other961 1,050 
Total user cryptocurrencies safeguarding obligation and corresponding asset$8,431 $10,183 
The fair value of the user cryptocurrencies safeguarding obligation and the corresponding asset were determined based on observed market pricing representing the last price executed for trades of each cryptocurrency as of December 31, 2022 and September 30, 2023.
v3.23.3
DERIVATIVES AND HEDGING ACTIVITIES
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING ACTIVITIES
NOTE 9: DERIVATIVES AND HEDGING ACTIVITIES
As of September 30, 2023, we had two interest rate floors that were designated as cash flow hedges of interest rate risk associated with our margin receivables. One interest rate floor with a notional amount of $2 billion was effective as of June 30, 2023 and another with a notional amount of $1 billion will be effective in the first quarter of 2024. Both interest rate floors have a maturity of six months.

As of September 30, 2023, the fair value of hedging instruments was immaterial and included in other current assets in our unaudited condensed consolidated balance sheets. We had no derivatives and hedging activities during the year ended December 31, 2022.
Amounts reported in AOCI related to interest rate floors will be reclassified to net interest revenues as interest payments are received or paid on the hedged items. During the next 12 months, we expect to reclassify $4 million of losses from AOCI as a reduction to net interest revenues. As of September 30, 2023, we hedged our exposure to the variability in future cash flows for forecasted transactions over a maximum period of one year.
The following table summarizes the amount of gain or loss recognized in AOCI on our unaudited condensed consolidated financial statements:

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202320222023
Derivatives designated as hedging instruments:
Loss on derivatives included in effectiveness assessment$— $(1)$— $(4)

The following table summarizes the components of AOCI related to hedging activities on our unaudited condensed consolidated financial statements:

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202320222023
Beginning balance$— $(3)$— $— 
Other comprehensive loss before reclassifications, net of tax— (1)— (4)
Reclassification adjustment for net losses included in net interest revenues, net of tax— — — — 
Other comprehensive loss after reclassifications, net of tax$— $(1)$— $(4)
Ending balance$— $(4)$— $(4)
v3.23.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 10: INCOME TAXES
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions, except percentages)2022202320222023
Loss before income taxes
$(174)$(75)$(859)$(562)
Provision for income taxes1 10 3 9 
Effective tax rate(0.8)%(12.7)%(0.4)%(1.5)%
Our tax provision for interim periods is determined using an estimated annual effective tax rate (“ETR”), adjusted for discrete items arising in the period. In each quarter, we update our estimated annual ETR and make a year-to-date calculation of the provision.
For the three and nine months ended September 30, 2022, the ETR was lower than the U.S. federal statutory rate primarily due to the full valuation allowance on our U.S. federal and state deferred tax assets offset by current state taxes payable.
For the three months ended September 30, 2023, the ETR was lower than the U.S. federal statutory rate primarily due to the accrual of the non-deductible regulatory matters offset by the partial release of our valuation allowance resulting from the recognition of net deferred tax liabilities with the Robinhood
Credit acquisition. For the nine months ended September 30, 2023, the ETR was lower than the U.S. federal statutory rate primarily due to the non-deductible 2021 Founders Award Cancellation and the non-deductible regulatory matters, and by the change in valuation allowance on our U.S. federal and state deferred tax assets offset by our current taxes payable.
The realization of tax benefits of net deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence during the nine months ended September 30, 2023, we believe it is more likely than not that the tax benefits of the remaining U.S. net deferred tax assets may not be realized.
Utilization of the net operating loss and credit carryforwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and tax credits before utilization.
v3.23.3
SECURITIES BORROWING AND LENDING
 9 Months Ended
Sep. 30, 2023
Offsetting [Abstract]  
SECURITIES BORROWING AND LENDING
NOTE 11: SECURITIES BORROWING AND LENDING
When we lend securities to third parties we receive cash as collateral for the securities loaned. In the table below, the cash collateral we hold related to loaned securities is presented in “securities loaned” and the fair value of securities lent is presented in “security collateral pledged.” Similarly, when we borrow securities from third parties or fully-paid securities from users, we provide cash collateral. In the table below, the amount of that cash collateral is presented in “securities borrowed” and the fair value of the securities received is presented in “security collateral received.”
Our securities lending transactions are subject to enforceable master netting arrangements with other broker-dealers; however, we do not net securities borrowing and lending transactions. Therefore, activity related to securities borrowing and lending activities are presented gross in our unaudited condensed consolidated balance sheets.
The following tables set forth certain balances related to our securities borrowing and lending activities as of December 31, 2022 and September 30, 2023:
December 31,September 30,
(in millions)20222023
AssetsSecurities borrowed
Gross amount of securities borrowed$517 $1,204 
Gross amount offset on the consolidated balance sheets— — 
Amounts of assets presented on the consolidated balance sheets517 1,204 
Gross amount of securities borrowed not offset on the consolidated balance sheets:
Securities borrowed517 1,204 
Security collateral received(509)(1,187)
Net amount$8 $17 
LiabilitiesSecurities loaned
Gross amount of securities loaned$1,834 $3,245 
Gross amount of securities loaned offset on the consolidated balance sheets— — 
Amounts of liabilities presented on the consolidated balance sheets1,834 3,245 
Gross amount of securities loaned not offset on the consolidated balance sheets:
Securities loaned1,834 3,245 
Security collateral pledged(1,629)(2,978)
Net amount$205 $267 

We obtain securities on terms that permit us to pledge and/or transfer securities to others. As of December 31, 2022 and September 30, 2023, we were permitted to re-pledge securities with a fair value of $4.36 billion and $5.09 billion under margin account agreements with users, and securities with a fair value of $18 million and an immaterial balance that we had borrowed under master securities loan agreements (“MSLAs”) with third parties. Under the Fully-Paid Securities Lending program, as of September 30, 2023, we were permitted to re-pledge securities with a fair value of $10.20 billion including securities with a fair value of $1.19 billion that we had borrowed from users.
As of December 31, 2022 and September 30, 2023, we had re-pledged securities with a fair value of $1.63 billion and $2.98 billion, in each case under MSLAs and fixed-term securities lending agreements with third parties. In addition, as of December 31, 2022 and September 30, 2023, we had re-pledged $231 million and $540 million of the permitted amounts under the margin account agreements with clearing organizations to meet deposit requirements.
v3.23.3
FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK
NOTE 12: FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK
Revolving Credit Facilities
October 2019 Credit Facility
In October 2019, we entered into a $200 million committed and unsecured revolving line of credit with a syndicate of banks maturing in October 2023 (the “October 2019 Credit Facility”). The October 2019 Credit Facility was subsequently amended to, among other things, increase the aggregate committed and unsecured revolving line of credit amount to $625 million with a maturity date of October 29, 2024 and
change the applicable interest rates. Refer to Note 12 - Financing Activities and Off-Balance Sheet Risk, of the 2022 Form 10-K for more information.
April 2023 Credit Agreement
On March 24, 2023, RHS, our wholly-owned subsidiary, entered into the Second Amended and Restated Credit Agreement (the “April 2023 Credit Agreement”) among RHS, as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, amending and restating the $2.275 billion 364-day senior secured revolving credit facility entered into in April 2022 (Refer to Note 12 - Financing Activities and Off-Balance Sheet Risk, of the 2022 Form 10-K for more information).
The April 2023 Credit Agreement provides for a 364-day senior secured revolving credit facility with a total commitment of $2.175 billion. Under circumstances described in the April 2023 Credit Agreement, the aggregate commitments may be increased by up to $1.0875 billion, for a total commitment under the April 2023 Credit Agreement of $3.2625 billion. Borrowings under the credit facility must be specified to be Tranche A, Tranche B, Tranche C or a combination thereof. Tranche A loans are secured by users’ securities purchased on margin and are used primarily to finance margin loans. Tranche B loans are secured by the right to the return from National Securities Clearing Corporation (“NSCC”) of NSCC margin deposits and cash and property in a designated collateral account and used for the purpose of satisfying NSCC deposit requirements. Tranche C loans are secured by the right to the return of eligible funds from any reserve account of the borrower and cash and property in a designated collateral account and used for the purpose of satisfying reserve requirements under Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Borrowings under the April 2023 Credit Agreement will bear interest at a rate per annum equal to the greatest of (i) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10%, (ii) the Federal Funds Effective Rate (as defined in the April 2023 Credit Agreement) and (iii) the Overnight Bank Funding Rate (as defined in the April 2023 Credit Agreement), in each case, as of the day the loan is initiated, plus an applicable margin rate. The applicable margin rate is 1.25% for Tranche A loans and 2.50% for Tranche B and Tranche C loans. Undrawn commitments will accrue commitment fees at a rate per annum equal to 0.50%.
The April 2023 Credit Agreement requires RHS to maintain a minimum consolidated tangible net worth and a minimum excess net capital, and subjects RHS to a specified limit on minimum net capital to aggregate debit items. In addition, the April 2023 Credit Agreement contains certain customary affirmative and negative covenants, including limitations with respect to debt, liens, fundamental changes, asset sales, restricted payments, investments and transactions with affiliates, subject to certain exceptions. Amounts due under the April 2023 Credit Agreement may be accelerated upon an “event of default,” as defined in the April 2023 Credit Agreement, such as failure to pay amounts owed thereunder when due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject in some cases to cure periods.
As of December 31, 2022 and September 30, 2023, there were no borrowings outstanding and we were in compliance with all covenants, as applicable, under our revolving credit facilities.
Credit Card Funding Trust
Robinhood Credit has a trust subsidiary that has entered into an arrangement with a financial institution to purchase up to $100 million of credit card receivables originated by Coastal Bank under the Program Agreement, providing incremental availability to offer customer credit. Since inception of the arrangement and as of September 30, 2023, no purchases have occurred and no balances were outstanding with this financial institution.
Off-Balance Sheet Risk
Coastal Bank Program Agreement
Under the Program Agreement, Coastal Bank may fund up to $225 million of credit card receivables. Robinhood Credit pays Coastal Bank interest which accrues daily based on the average balance of advances during the month at the federal funds rate plus a margin of 8.50%, 7.00%, 5.75%, 4.50% and 4.50% for each sequential increment of $50 million and residual $25 million. The credit card receivables and the funding from Coastal Bank are treated as off-balance sheet, considering Coastal Bank is the legal lender and originator, the party to which the customer has a creditor-borrower relationship; and the legal owner of the receivables. As of September 30, 2023, off-balance sheet customer principal amounts funded under the Program Agreement were approximately $197 million. The related accrued interest payable and interest expense were immaterial.

Transaction Settlement
In the normal course of business, we engage in activities involving settlement and financing of securities transactions. User securities transactions are recorded on a settlement date basis, which is generally two business days after the trade date for equities and one business day after the trade date for options. These activities may expose us to off-balance sheet risk in the event that the other party to the transaction is unable to fulfill its contractual obligations. In such events, we may be required to purchase financial instruments at prevailing market prices in order to fulfill our obligations.
v3.23.3
COMMON STOCK AND STOCKHOLDERS' (DEFICIT) EQUITY
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
COMMON STOCK AND STOCKHOLDERS' (DEFICIT) EQUITY
NOTE 13: COMMON STOCK AND STOCKHOLDERS' (DEFICIT) EQUITY
Preferred Stock
As of September 30, 2023, no terms of the preferred stock were designated and no shares of preferred stock were outstanding.
Common Stock
We have three authorized classes of common stock: Class A, Class B, and Class C. Holders of our Class A common stock are entitled to one vote per share on all matters to be voted upon by our stockholders, holders of our Class B common stock are entitled to 10 votes per share on all matters to be voted upon by our stockholders and, except as otherwise required by applicable law, holders of our Class C common stock are not entitled to vote on any matter to be voted upon by our stockholders. The holders of our Class A common stock and Class B common stock vote together as a single class, unless otherwise required by our Amended and Restated Certificate of Incorporation (our “Charter”) or applicable law.
Warrants
As of September 30, 2023, warrants outstanding consisted of warrants to purchase 14.3 million shares of Class A common stock with a strike price of $26.60 per share. The warrants expire on February 12, 2031 and can be exercised with cash or net shares at the holder’s option. In aggregate, the maximum purchase amount of all warrants is $380 million. As of September 30, 2023, the warrants have not been
exercised and are included as a component of additional paid in capital on the unaudited condensed consolidated balance sheets.
Share Repurchase and Retirement
On August 30, 2023, we entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with the United States Marshal Service (the “USMS”), for and on behalf of the United States, pursuant to which we agreed to repurchase 55,273,469 shares of the Company's Class A common stock from the USMS for $10.96 per share. The transaction closed on August 31, 2023. We repurchased, and subsequently retired, all of the shares for an aggregate amount of $608 million, recorded entirely in additional paid-in capital on the unaudited condensed consolidated balance sheet in absence of retained earnings, which included $2 million in transaction costs. As of September 30, 2023, we have accrued $3 million, also recorded in additional paid-in capital, related to the 1% excise tax on net share repurchases as a result of the Inflation Reduction Act of 2022.
Equity Incentive Plans
Amended and Restated 2013 Stock Plan and 2020 Equity Incentive Plan
Our Amended and Restated 2013 Stock Plan, as amended (the “2013 Plan”), and our 2020 Equity Incentive Plan, as amended (the “2020 Plan”), provided for share-based awards to eligible participants, granted as incentive stock options (“ISOs”), non-statutory stock options (“NSOs”), restricted stock units (“RSUs”), stock appreciation rights (“SARs”) or restricted stock awards (“RSAs”). Our 2013 Plan was terminated in connection with adoption of our 2020 Plan, and our 2020 Plan was terminated in connection with the adoption of our 2021 Omnibus Incentive Plan (the “2021 Plan“) but any awards outstanding under our 2013 Plan and 2020 Plan remain in effect in accordance with their terms. Any shares that were or otherwise would become available for grant under the 2013 Plan or 2020 Plan will be available for grant under the 2021 Plan. No new awards may be granted under our 2013 Plan or 2020 Plan.
2021 Omnibus Incentive Plan
Our 2021 Plan became effective on July 27, 2021, and provides for the grant of share-based awards (such as options, including ISOs and NSOs, SARs, RSAs, RSUs, performance units, and other equity-based awards) and cash-based awards.
As of September 30, 2023, an aggregate of 405 million shares had been authorized for issuance under the 2013 Plan, 2020 Plan, and 2021 Plan, of which 122 million shares had been issued under the plans, 82 million shares were reserved for issuance upon the exercise or settlement of outstanding equity awards under the plans, and 201 million shares remained available for new grants under the 2021 Plan.
Time-Based RSUs
We grant RSUs that vest upon the satisfaction of a time-based service condition (“Time-Based RSUs”). The following table summarizes the activity related to our Time-Based RSUs for the nine months ended September 30, 2023, which is the period we grant our company-wide annual refresh grants:
Number of RSUsWeighted- average grant date fair value
Unvested at December 31, 202256,116,782 $18.55 
Granted22,985,696 9.80 
Vested(23,319,956)13.63 
Forfeited(10,788,897)20.06 
Unvested at September 30, 202344,993,625 $15.05 
Market-Based RSUs
In 2019 and 2021, we granted to our founders RSUs under which vesting is conditioned upon both the achievement of share price targets and the continued employment by each recipient over defined service periods (“Market-Based RSUs”).
In February 2023, we cancelled the 2021 Market-Based RSUs of 35.5 million unvested shares (the “2021 Founders Award Cancellation”). We recognized $485 million share-based compensation (“SBC”) expense related to the cancellation during the nine months ended September 30, 2023, which was included in the general and administrative expense in our unaudited condensed statement of operations. No further expense associated with these awards was recognized after the cancellation. No other payments, replacement equity awards or benefits were granted in connection with the cancellation.
The following table summarizes the activity related to our Market-Based RSUs for the nine months ended September 30, 2023:
Eligible to Vest(1)
Not Eligible to Vest(2)
Total Number of RSUsWeighted- average grant date fair value
Unvested at December 31, 2022806,858 57,650,926 58,457,784 $23.67 
Granted— — — 
Vested(345,796)— (345,796)2.34 
Cancelled— (35,520,000)(35,520,000)22.68 
Unvested at September 30, 2023461,062 22,130,926 22,591,988 $25.55 
________________
(1)Represents RSUs that became eligible to vest upon achievement of share price targets and vest upon satisfaction of time-based service requirements.
(2)Represents RSUs that have not yet become eligible to vest because share price targets have not yet been achieved.
Share-Based Compensation
The following table presents SBC on our unaudited condensed consolidated statements of operations for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202320222023
Brokerage and transaction$2 $2 $4 $6 
Technology and development 25 51 166 161 
Operations — 3 5 6 
Marketing— 1 3 3 
General and administrative83 26 316 614 
Total(1)(2)
$110 $83 $494 $790 
________________
(1) For the three and nine months ended September 30, 2023, SBC expense primarily consisted of $10 million and $563 million related to Market-Based RSUs and $70 million and $218 million related to Time-Based RSUs, compared to $79 million and $245 million and $27 million and $235 million for the same periods in the prior year.
(2) The April 2022 Restructuring and the August 2022 Restructuring resulted in a net reduction of $24 million and $53 million in SBC expense, which was recognized in the three months ended June 30, 2022 and September 30, 2022. Both reductions were substantially all related to Time-Based RSUs. The net reductions were primarily recognized in technology and development expense, $16 million and $22 million, and general and administrative expense, $6 million and $28 million.
We capitalized SBC expense related to internally developed software of $5 million and $12 million during the three and nine months ended September 30, 2023 and $4 million and $21 million during the three and nine months ended September 30, 2022.
As of September 30, 2023, there was $0.5 billion of unrecognized SBC expense that is expected to be recognized over a weighted-average period of 1.1 years.
v3.23.3
NET LOSS PER SHARE
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
NET LOSS PER SHARE
NOTE 14: NET LOSS PER SHARE
We present net loss per share using the two-class method required for multiple classes of common stock. The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical for Class A common stock and Class B common stock, the undistributed earnings are allocated on a proportionate basis and the resulting loss per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis.
The following table presents the calculation of basic and diluted loss per share:
(in millions, except share and per share data)Three Months Ended
September 30,		Nine Months Ended
 September 30,
2022202320222023
Net loss$(175)$(85)$(862)$(571)
Less: allocation of earnings to participating securities— — — — 
Net loss attributable to common stockholders$(175)$(85)$(862)$(571)
Weighted-average common shares outstanding - basic882,356,575895,108,790875,055,571898,999,464
Dilutive effect of stock options and unvested shares————
Weighted-average common shares used to compute diluted loss per share882,356,575895,108,790875,055,571898,999,464
Net loss per share attributable to common stockholders:
Basic$(0.20)$(0.09)$(0.99)$(0.64)
Diluted$(0.20)$(0.09)$(0.99)$(0.64)
The following potential common shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202320222023
Time-Based RSUs107,457,215 45,066,880 107,457,215 45,066,880 
Market-Based RSUs23,053,048 22,591,988 23,053,048 22,591,988 
Stock options15,905,575 13,668,390 15,905,575 13,668,390 
Warrants14,278,034 14,278,034 14,278,034 14,278,034 
ESPP824,292 838,958 824,292 838,958 
Total anti-dilutive securities161,518,164 96,444,250 161,518,164 96,444,250 
v3.23.3
RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
NOTE 15: RELATED PARTY TRANSACTIONS
Related party transactions may include any transaction between entities under common control or with a related party. We have defined related parties as members of the board of directors, executive officers, principal owners of our outstanding stock and any immediate family members of each such related party, as well as any other person or entity with significant influence over our management or operations and any other affiliates.
For the three and nine months ended September 30, 2022 and 2023, we did not have any material related party transactions.
v3.23.3
LEASES
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
LEASES
NOTE 16: LEASES
Our operating leases are comprised of office facilities and we do not have any finance leases. Lease assets and liabilities recognized on our unaudited condensed consolidated balance sheets were as follows:
December 31,September 30,
(in millions)Classification20222023
Lease right-of-use assets:
Operating lease assetsOther non-current assets$92 $76 
Lease liabilities:
Current operating lease liabilitiesOther current liabilities21 20 
Non-current operating lease liabilitiesOther non-current liabilities127 95 
Total lease liabilities$148 $115 
Cash flows related to leases were as follows:
Nine Months Ended
September 30,
(in millions)20222023
Operating cash flows:
Payments for operating lease liabilities$18 $32 
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets$32 $— 
v3.23.3
COMMITMENTS & CONTINGENCIES
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS & CONTINGENCIES
NOTE 17: COMMITMENTS & CONTINGENCIES
We are subject to contingencies arising in the ordinary course of our business, including contingencies related to legal, regulatory, non-income tax and other matters. We record an accrual for loss contingencies at management’s best estimate when we determine that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If the reasonable estimate is a range and no amount within that range is considered a better estimate than any other amount, an accrual is recorded based on the bottom amount of the range. If a loss is not probable, or a probable loss cannot be reasonably estimated, no accrual is recorded. Amounts accrued for contingencies in the aggregate were $85 million as of December 31, 2022 and $179 million as of September 30, 2023. In our opinion, an adequate accrual had been made as of each such date to provide for the probable losses of which we are aware and for which we can reasonably estimate an amount.
Legal and Regulatory Matters
The securities industry is highly regulated and many aspects of our business involve substantial risk of liability. In past years, there has been an increase in litigation and regulatory investigations involving the brokerage and cryptocurrency industries. Litigation has included and may in the future include class action suits that generally seek substantial and, in some cases, punitive damages. Federal and state regulators, exchanges, or other SROs investigate issues related to regulatory compliance that may result in enforcement action. We are also subject to periodic regulatory audits and inspections that have in the past and could in the future lead to enforcement investigations or actions.
We have been named as a defendant in lawsuits and from time to time we have been threatened with, or named as a defendant in arbitrations and administrative proceedings. The outcomes of these matters are inherently uncertain and some may result in adverse judgments or awards, including penalties, injunctions, or other relief, and we may also determine to settle a matter because of the uncertainty and risks of litigation.
With respect to matters discussed below, we believe, based on current knowledge, that any losses (in excess of amounts accrued, if applicable) as of September 30, 2023 that are reasonably possible and can be reasonably estimated will not, in the aggregate, have a material adverse effect on our business, financial position, operating results, or cash flows. However, for many of the matters disclosed below, particularly those in early stages, we cannot reasonably estimate the reasonably possible loss (or range of loss), if any. In addition, the ultimate outcome of legal proceedings involves judgments and inherent uncertainties and cannot be predicted with certainty. Any judgment entered against us, or any adverse settlement, could materially and adversely impact our business, financial condition, operating results, and cash flows. We might also incur substantial legal fees, which are expensed as incurred, in defending against legal and regulatory claims.
Described below are certain pending matters in which there is at least a reasonable possibility that a material loss could be incurred. We intend to continue to defend these matters vigorously.
Best Execution, Payment for Order Flow, and Sources of Revenue Civil Litigation
Beginning in December 2020, multiple putative securities fraud class action lawsuits were filed against RHM, RHF, and RHS. Five cases were consolidated in the United States District Court for the Northern District of California. An amended consolidated complaint was filed in May 2021, alleging violations of Section 10(b) of the Exchange Act and various state law causes of action based on claims that we violated the duty of best execution and misled putative class members by publishing misleading statements and omissions in customer communications relating to the execution of trades and revenue sources (including PFOF). Plaintiffs seek damages, restitution, disgorgement, and other relief. In February 2022, the court granted Robinhood’s motion to dismiss the amended consolidated complaint without prejudice. In March 2022, plaintiffs filed a second consolidated amended complaint, alleging only violations of Section 10(b) of the Exchange Act, which Robinhood moved to dismiss. In October 2022, the court granted Robinhood’s motion in part and denied it in part. In November 2022, Robinhood filed a motion for judgment on the pleadings, which the court denied in January 2023.
March 2020 Outages
A consolidated putative class action lawsuit relating to the service outages on our stock trading platform on March 2-3, 2020 and March 9, 2020 (“March 2020 Outages”) was pending in the United States District Court for the Northern District of California. The lawsuit generally alleged that putative class members were unable to execute trades during the March 2020 Outages because our platform was inadequately designed to handle customer demand and we failed to implement appropriate backup systems. The lawsuit included, among other things, claims for breach of contract, negligence, gross negligence, breach of fiduciary duty, unjust enrichment and violations of certain California consumer protection statutes. The lawsuit generally sought damages, restitution, and/or disgorgement, as well as
declaratory and injunctive relief. In May 2022, the parties notified the court that they had reached an agreement in principle resolving this action. The settlement agreement was approved by the court in July 2023.
State Regulatory Matters
Certain state regulatory authorities have conducted investigations regarding RHF’s options trading and related customer communications and displays, options and margin trading approval process, the March 2020 Outages, and customer support prior to June 2020. RHF reached settlements with several state regulators including the Alabama Securities Commission, the California Department of Financial Protection and Innovation, the Colorado Division of Securities, the Delaware Department of Justice - Investor Protection Unit, the New Jersey Bureau of Securities, the South Dakota Division of Insurance, and the Texas State Securities Board, under which we paid a monetary penalty of $200,000 per state. RHF has reached additional state settlements and anticipates reaching more as part of a multi-state settlement related to these issues totaling up to approximately $10 million. The Financial Industry Regulatory Authority (“FINRA”) previously conducted an investigation and reached a settlement with RHF regarding many of these issues. The New York Attorney General is conducting an investigation into brokerage execution quality. We are cooperating with this investigation.
Brokerage Enforcement Matters
FINRA Enforcement staff are conducting investigations related to, among other things, RHS’s reporting of fractional share trades, as applicable, to a Trade Reporting Facility, the Over-the-Counter Reporting Facility, the Order Audit Trail System, and the Consolidated Audit Trail; RHS’s reporting of accounts holding significant options positions to the Large Option Position Report system; processing of certain requests for transfers of assets from Robinhood through the Automated Customer Account Transfer System; responses to Electronic Blue Sheets requests from FINRA; the delays in notification from third parties and process failures within our brokerage systems and operations in connection with the handling of a 1-for-25 reverse stock split transaction of Cosmo Health, Inc, in December 2022 (the “Q4 2022 Processing Error”); RHF’s compliance with FINRA registration requirements for member personnel; marketing involving social media influencers and affiliates; collaring the prices of certain trade orders; and RHS’ compliance with best execution obligations and FINRA Rule 6190. We are cooperating with these investigations.

RHS has received requests from the SEC Division of Enforcement regarding its compliance with Regulation SHO’s trade reporting and other requirements in connection with securities lending, fractional share trading, and the Q4 2022 Processing Error, and previously received similar requests from FINRA examinations staff. RHS and RHF have also received requests from the SEC Division of Enforcement and FINRA Enforcement staff related to the Firms’ compliance with recordkeeping requirements, including requests regarding off-channel communications. We are cooperating with these investigations.

Robinhood Crypto Matters
RHC has received subpoenas from the California Attorney General’s Office seeking information about, among other things, RHC’s trading platform, business and operations, custody of customer assets, customer disclosures, and coin listings. RHC also has received investigative subpoenas from the SEC regarding, among other topics, RHC’s cryptocurrency listings, custody of cryptocurrencies, and platform operations. RHC is cooperating with this investigation.

Account Takeovers, Anti-Money Laundering, and Cybersecurity Matters
FINRA Enforcement and the SEC Division of Enforcement are investigating account takeovers (i.e., circumstances under which an unauthorized actor successfully logs into a customer account), as well as anti-money laundering compliance and cybersecurity issues, including the data security incident we experienced in November 2021 when an unauthorized third-party socially engineered a customer support employee by phone and obtained access to certain customer support systems (the “November 2021 Data
Security Incident”). The SEC’s Division of Enforcement is also investigating issues related to compliance with the Electronic Funds Transfer Act. We are cooperating with these investigations.
In January 2021, Siddharth Mehta filed a putative class action in California state court against RHF and RHS, purportedly on behalf of approximately 2,000 Robinhood customers whose accounts were allegedly accessed by unauthorized users. RHF and RHS removed this action to the United States District Court for the Northern District of California. Plaintiff generally alleged that RHF and RHS breached commitments made and duties owed to customers to safeguard customer data and assets and seeks monetary damages and injunctive relief. In April 2022, the parties reached a settlement in principle to resolve this matter. The settlement agreement has been approved by the court.
Massachusetts Securities Division Matter
In December 2020, the Enforcement Section of the Massachusetts Securities Division (“MSD”) filed an administrative complaint against RHF, which stems from an investigation initiated by the MSD in July 2020. The complaint alleged three counts of Massachusetts securities law violations regarding alleged unethical and dishonest conduct or practices, failure to supervise, and failure to act in accordance with the Massachusetts fiduciary duty standard, which became effective on March 6, 2020 and had an effective enforcement date beginning September 1, 2020. Among other things, the MSD alleged that our product features and marketing strategies, outages, and options trading approval process constitute violations of Massachusetts securities laws. MSD subsequently filed an amended complaint that seeks, among other things, injunctive relief (a permanent cease and desist order), censure, restitution, disgorgement, appointment of an independent consultant, an administrative fine, and revocation of RHF's license to operate in Massachusetts. If RHF were to lose its license to operate in Massachusetts, we would not be able to acquire any new customers in Massachusetts, and we expect that our current customers in Massachusetts would be unable to continue utilizing any of the services or products offered on our platform (other than closing their positions) and that we may be forced to transfer such customers’ accounts to other broker-dealers. Additionally, revocation of RHF’s Massachusetts license could trigger similar disqualification or proceedings to restrict or condition RHF’s registration by other state regulators. A revocation of RHF’s license to operate in Massachusetts would result in RHF and RHS being subject to statutory disqualification by FINRA and the SEC, which would then result in RHF needing to obtain relief from FINRA subject to SEC review in order to remain a FINRA member and RHS possibly needing relief from FINRA or other SROs.
In April 2021, RHF filed a complaint and motion for preliminary injunction and declaratory relief in Massachusetts state court seeking to enjoin the MSD administrative proceeding and challenging the legality of the Massachusetts fiduciary duty standard. In September 2021, the parties filed cross-motions for partial judgment on the pleadings. In March 2022, the court ruled in favor of RHF, declaring that the Massachusetts fiduciary duty regulation was unlawful. In August 2023, the Massachusetts Supreme Judicial Court reversed the decision of the Massachusetts Superior Court. A hearing on the amended administrative complaint has yet to be scheduled.
Text Message Litigation
In August 2021, Cooper Moore filed a putative class action against RHF alleging that RHF initiated or assisted in the transmission of commercial electronic text messages to Washington State residents without their consent in violation of Washington state law. The complaint seeks statutory and treble damages, injunctive relief, and attorneys’ fees and costs. The case is currently pending in the U.S. District Court for the Western District of Washington. RHF filed a motion to dismiss the complaint. In February 2022, Moore and Andrew Gillette filed an amended complaint, which RHF again moved to dismiss. In August 2022, the court denied RHF’s motion to dismiss.
Early 2021 Trading Restrictions Matters
Beginning on January 28, 2021, due to increased deposit requirements imposed on RHS by the NSCC in response to unprecedented market volatility, particularly in certain securities, RHS temporarily restricted or limited its customers’ purchase of certain securities, including GameStop Corp. and AMC Entertainment Holdings, Inc., on our platform (the “Early 2021 Trading Restrictions”).
A number of individual and putative class actions related to the Early 2021 Trading Restrictions were filed against RHM, RHF, and RHS, among others, in various federal and state courts. In April 2021, the Judicial Panel on Multidistrict Litigation entered an order centralizing the federal cases identified in a motion to transfer and coordinate or consolidate the actions filed in connection with the Early 2021 Trading Restrictions in the United States District Court for the Southern District of Florida. The court subsequently divided plaintiffs’ claims against Robinhood into three tranches: federal antitrust claims, federal securities law claims, and state law claims. In July 2021, plaintiffs filed consolidated complaints seeking monetary damages in connection with the federal antitrust and state law tranches. The federal antitrust complaint asserted one violation of Section 1 of the Sherman Act; the state law complaint asserted negligence and breach of fiduciary duty claims. In August 2021, we moved to dismiss both of these complaints.
In September 2021, plaintiffs filed an amended complaint asserting state law claims of negligence, breach of fiduciary duty, tortious interference with contract and business relationship, civil conspiracy, and breaches of the covenant of good faith and fair dealing and implied duty of care. In January 2022, the court dismissed the state law complaint with prejudice. In August 2023, the United States Court of Appeals for the Eleventh Circuit affirmed the district court’s order.
In November 2021, the court dismissed the federal antitrust complaint without prejudice. In January 2022, plaintiffs filed an amended complaint in connection with the federal antitrust tranche and Robinhood moved to dismiss the amended complaint. In May 2022, the court dismissed the federal antitrust complaint with prejudice. Plaintiffs have appealed the court’s order to the United States Court of Appeals for the Eleventh Circuit.
In November 2021, plaintiffs for the federal securities tranche filed a complaint alleging violations of Sections 9(a) and 10(b) of the Exchange Act. In January 2022, we moved to dismiss the federal securities law complaint. In August 2022, the court granted in part and denied in part Robinhood’s motion to dismiss.
RHM, RHF, RHS, and our Co-Founder and CEO, Vladimir Tenev, among others, have received requests for information, and in some cases, subpoenas and requests for testimony, related to investigations and examinations of the Early 2021 Trading Restrictions from the United States Attorney’s Office for the Northern District of California (“USAO”), the U.S. Department of Justice ("DOJ”), Antitrust Division, the SEC’s Division of Enforcement, FINRA, the New York Attorney General’s Office, other state attorneys general offices, and a number of state securities regulators. Also, a related search warrant was executed by the USAO to obtain Mr. Tenev's cell phone. There have been several inquiries based on specific customer complaints. We have also received requests from the SEC Division of Enforcement and FINRA related to employee trading in certain securities that were subject to the Early 2021 Trading Restrictions, including GameStop Corp. and AMC Entertainment Holdings, Inc., during the week of January 25, 2021. These matters include requests related to whether any employee trading in these securities may have occurred after the decision to impose the Early 2021 Trading Restrictions and before the public announcement of the Early 2021 Trading Restrictions on January 28, 2021. We are cooperating with these investigations. FINRA Enforcement has also requested information about policies, procedures, and supervision related to employee trading generally.
In January 2023, approximately 4,700 jointly represented customers filed a statement of claim with FINRA to initiate arbitration of individual claims against RHF and RHS arising out of the Early 2021
Trading Restrictions. A motion to sever the arbitration was granted in July 2023 and any customer seeking to proceed with a claim is required to file a separate individual arbitration.
IPO Litigation
In December 2021, Philip Golubowski filed a putative class action in the U.S. District Court for the Northern District of California against RHM, the officers and directors who signed Robinhood’s initial public offering (“IPO”) offering documents, and Robinhood’s IPO underwriters. Plaintiff’s claims are based on alleged false or misleading statements in Robinhood’s IPO offering documents allegedly in violation of Sections 11 and 12(a) of the Securities Act of 1933, as amended (the “Securities Act”). Plaintiff seeks compensatory damages, rescission of shareholders’ share purchases, and an award for attorneys’ fees and costs. In February 2022, certain alleged Robinhood stockholders submitted applications seeking appointment by the court to be the lead plaintiff to represent the putative class in this matter, and in March 2022, the court appointed lead plaintiffs. In June 2022, plaintiffs filed an amended complaint. In August 2022, Robinhood filed a motion to dismiss the complaint. In February 2023, the court granted Robinhood’s motion without prejudice. In March 2023, plaintiffs filed a second amended complaint. Robinhood has moved to dismiss the complaint.
In January 2022, Robert Zito filed a complaint derivatively on behalf of Robinhood against Robinhood’s directors at the time of its IPO in the U.S. District Court for the District of Delaware. Plaintiff alleges breach of fiduciary duties, waste of corporate assets, unjust enrichment, and violations of Section 10(b) of the Exchange Act. Plaintiff’s claims are based on allegations of false or misleading statements in Robinhood’s IPO offering documents, and plaintiff seeks an award of damages and restitution to the Company, injunctive relief, and an award for attorney’s fees and costs. In March 2022, the district court entered a stay of this litigation pending resolution of Robinhood’s motion to dismiss in the Golubowski securities action discussed above.
In August 2022, a shareholder sent a letter to the RHM board of directors demanding, among other things, that the board of directors pursue causes of action on behalf of the Company related to allegations of misconduct in connection with the Early 2021 Trading Restrictions, Robinhood’s IPO offering documents, and the November 2021 Data Security Incident. The board has formed a Demand Review Committee that is reviewing the demand.
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure        
Net loss $ (85) $ (175) $ (571) $ (862)
v3.23.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2023
shares
Sep. 30, 2023
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On September 8, 2023, Daniel Gallagher, our Chief Legal, Compliance, and Corporate Affairs Officer adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell up to 100,000 shares of our Class A common stock on or prior to December 20, 2024. RSUs convert into Class A common stock on a one-for-one basis upon vesting and settlement.
On September 11, 2023, Vlad Tenev, our Chair, Chief Executive Officer, Co-Founder and President, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell up to 4,000,000 shares of our Class A common stock on or prior to November 29, 2024. RSUs convert into Class A common stock on a one-for-one basis upon vesting and settlement.
On September 13, 2023, The Baiju Prafulkumar Bhatt Living Trust dated 11/30/17, for which Baiju Bhatt, our Chief Creative Officer, Co-Founder and a member of our Board of Directors, serves as sole trustee, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell up to 5,208,868 shares of our Class A common stock on or prior to December 10, 2024. RSUs convert into Class A common stock on a one-for-one basis upon vesting and settlement.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Daniel Gallagher [Member]    
Trading Arrangements, by Individual    
Name Daniel Gallagher  
Title Chief Legal, Compliance, and Corporate Affairs Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date September 8, 2023  
Arrangement Duration 469 days  
Aggregate Available 100,000 100,000
Vlad Tenev [Member]    
Trading Arrangements, by Individual    
Name Vlad Tenev  
Title Chair, Chief Executive Officer, Co-Founder and President  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date September 11, 2023  
Arrangement Duration 445 days  
Aggregate Available 4,000,000 4,000,000
Baiju Bhatt [Member]    
Trading Arrangements, by Individual    
Name Baiju Bhatt  
Title Chief Creative Officer, Co-Founder and a member of our Board of Directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date September 13, 2023  
Arrangement Duration 454 days  
Aggregate Available 5,208,868 5,208,868
v3.23.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the SEC for interim financial reporting. The condensed consolidated financial statements are unaudited, and in management’s opinion, include all adjustments, including normal recurring adjustments and accruals necessary for a fair presentation of the results for the interim periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2023 or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”).
There have been no material changes in our significant accounting policies as described in our audited consolidated financial statements included in our 2022 Form 10-K. The unaudited condensed consolidated financial statements include the accounts of RHM and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.
Certain prior-period amounts have been reclassified to conform to the current period’s presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited condensed consolidated financial statements and had no impact on previously reported total assets, total liabilities and net loss.
Use of Estimates
Use of Estimates
The preparation of unaudited condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. We base our estimates on historical experience, and other assumptions we believe to be reasonable under the circumstances. Assumptions and estimates used in preparing our unaudited condensed consolidated financial statements include, but are not limited to, those related to revenue recognition and share-based compensation, the determination of allowances for credit losses, valuation of user cryptocurrencies safeguarding obligation and corresponding asset, investment valuation, capitalization of internally developed software, useful lives of property, software, and equipment, valuation and useful lives of intangible assets, incremental borrowing rate used to calculate operating lease right-of-use assets and related liabilities, impairment of long-lived assets, determination of hedge effectiveness, uncertain tax positions, income taxes, accrued and contingent liabilities. Actual results could differ from these estimates and could have a material adverse effect on our operating results.
Concentrations of Credit Risk
Concentrations of Credit Risk
We are engaged in various trading and brokerage activities in which the counterparties primarily include broker-dealers, banks, and other financial institutions. In the event our counterparties do not fulfill their obligations, we may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty. Default of a counterparty in equities and options trades, which are facilitated through clearinghouses, would generally be spread among the clearinghouse's members rather than falling entirely on us. It is our policy to review, as necessary, the credit standing of each counterparty.
In March 2023, certain U.S. banks failed and were taken over by the U.S. Federal Deposit Insurance Corporation (“FDIC”). Our exposure to impacted U.S. banks was immaterial. However, we took steps to
help ensure that the loss of all or a significant portion of any uninsured amount would not have had an adverse effect on our ability to pay our operational expenses or make other payments.
Investments
Investments
We invest in marketable debt securities and determine the classification at the time of purchase.
Available-for-sale investments are recorded at fair value. We have elected the fair value option for our available-for-sale investments as we believe carrying these investments at fair value and taking changes in fair value through earnings best reflects their underlying economics. Fair value adjustments are presented in other (income) expense, net and interest earned on the debt securities as net interest revenues in our unaudited condensed consolidated statements of operations.
Held-to-maturity investments are securities that we have both the ability and positive intent to hold until maturity and are recorded at amortized cost. Interest income is calculated using the effective interest method, adjusted for deferred fees or costs, premium, or discount existing at the date of purchase. Interest earned is included in net interest revenues in our unaudited condensed consolidated statements of operations. We evaluate held-to-maturity investment for credit losses on a quarterly basis. We do not expect credit losses for our held-to-maturity investments that are obligations of states and political subdivisions and securities issued by U.S. government sponsored agencies. We monitor remaining securities by type and standard credit rating. There was no reserve for credit losses as of September 30, 2023.
Derivatives and Hedging Activities
Derivatives and Hedging Activities
All derivatives are recorded at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate the derivative in a hedging relationship and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting if elected. As part of our interest rate risk management strategy, we use interest rate floors designated as cash flow hedges which involve the receipt of offsetting cash flows from a counterparty if interest rates fall below the strike rate on the contract in exchange for an up-front premium. Changes in fair value of the cash flow hedges are recognized in accumulated other comprehensive income (loss) (“AOCI”) and are subsequently reclassified to net interest revenues as interest payments are received on the hedged item. We assess hedge effectiveness on a quarterly basis to ensure all hedges remain highly effective. If the derivative financial instruments designated as cash flow hedges are deemed ineffective, changes in the fair value of the derivative financial instrument are recognized directly in net interest revenues.
We are exposed to credit risk if counterparties to our derivative contracts do not perform pursuant to the terms of our interest rate floors. Should a counterparty fail to perform under the terms of our interest rate floors, our credit exposure is limited to the net positive fair value and accrued interest owed from the failing counterparty. We mitigate counterparty credit risk through credit approvals, credit limits and monitoring procedures, as appropriate.

We enter into master netting agreements with counterparties that permit the net settlement of amounts owed under the derivative contracts. The master netting agreements generally provide for net settlement of all outstanding contracts with a counterparty in the case of an event of default or a termination event. We do not offset fair value amounts recognized for derivative instruments under master netting arrangements. Our derivative contracts do not require collateral to be posted by us or the counterparties.
Recently Adopted Accounting Pronouncements/Recently Issued Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements
There are no recently adopted accounting pronouncements that are material to us as of September 30, 2023.
Recently Issued Accounting Pronouncements Not Yet Adopted
There are no new accounting pronouncements that we have not yet adopted that are material to us as of September 30, 2023.
v3.23.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Schedule of Concentration of Credit Risk
We derived transaction-based revenues from individual market makers in excess of 10% of total revenues, as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202320222023
Market maker:
Citadel Securities, LLC12 %11 %17 %12 %
All others individually less than 10%44 %26 %46 %28 %
Total as percentage of total revenue:56 %37 %63 %40 %
v3.23.3
BUSINESS COMBINATIONS (Tables)
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Acquisition Date Fair Value of Consideration Transferred The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition:
In millions
Fair Value
Cash and cash equivalents$14 
Receivable from users, net3 
Prepaid expenses
1 
Other current assets23 
Goodwill64 
Intangible assets36 
Accounts payable and accrued expenses(36)
Other non-current liabilities(1)
Net assets acquired$104 
Schedule of Components of Identifiable Intangible Assets Acquired The following table sets forth the
components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
(in millions, except years)
Fair ValueUseful Life
Developed technology$25 4
Customer relationships10 7
Trade name
1 1
Total$36 
v3.23.3
GOODWILL AND INTANGIBLE ASSETS (Tables)
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Movement on Goodwill
The carrying amount of goodwill for the period indicated was as follows:
(in millions)
Carrying Amount
As of December 31, 2022
$100 
Additions due to Robinhood Credit
64 
As of September 30, 2023
$164 
Schedule of Components of Finite-Lived Intangible Assets
The components of intangible assets, net as of September 30, 2023 were as follows:
(in millions, except years)
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueWeighted Average Remaining Useful Life - Years
Finite-lived intangible assets
Developed technology$48 $(18)$30 3.11
Customer relationships23 (3)20 7.29
Trade names1 — 1 0.78
Indefinite-lived intangible assets2 — 2 
Total$74 $(21)$53 
Schedule of Components of Indefinite-Lived Intangible Assets
The components of intangible assets, net as of September 30, 2023 were as follows:
(in millions, except years)
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueWeighted Average Remaining Useful Life - Years
Finite-lived intangible assets
Developed technology$48 $(18)$30 3.11
Customer relationships23 (3)20 7.29
Trade names1 — 1 0.78
Indefinite-lived intangible assets2 — 2 
Total$74 $(21)$53 
Schedule of Future Amortization Expense in Acquired Intangible Assets
As of September 30, 2023, the estimated future amortization expense of finite-lived intangible assets was as follows:
(in millions)
Finite-lived intangible assets
Remainder of 2023$5 
202414 
20259 
20269 
20276 
Thereafter8 
Total$51 
v3.23.3
REVENUES (Tables)
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Disaggregated by Revenue Source
The following table presents our revenue disaggregated by revenue source:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202320222023
Transaction-based revenues:
Options$124$124$364$384
Cryptocurrencies512316392
Equities31279679
Other211530
Total transaction-based revenues208185628585
Net interest revenues:
Interest on corporate cash and investments
297540217
Margin interest4867122177
Interest on segregated cash and cash equivalents and deposits205927156
Cash sweep8351086
Securities lending, net29177670
Credit card, net—4—4
Interest expenses related to credit facilities(6)(6)(18)(17)
Total net interest revenues128251257693
Other revenues253193116
Total net revenues$361$467$978$1,394
Schedule of Contract Receivables and Liabilities Balances
The table below sets forth contract receivables and liabilities for the period indicated:
(in millions)Contract ReceivablesContract Liabilities
Beginning of period, January 1, 2023$60 $3 
End of period, September 30, 202358 4 
Changes during the period$(2)$1 
Schedule of Interest Revenue Earned and Interest Expense Paid from Fully-paid Securities Lending The following table presents interest revenue earned and interest expense paid from Fully-Paid Securities Lending:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202320222023
Interest revenue$5 $12 $5 $35 
Interest expense(1)(2)(1)(5)
Fully-Paid Securities Lending, net
$4 $10 $4 $30 
v3.23.3
ALLOWANCE FOR CREDIT LOSSES (Tables)
 9 Months Ended
Sep. 30, 2023
Credit Loss [Abstract]  
Schedule of Allowance for Credit Losses Receivable The following table summarizes the allowance for credit losses as a reduction of receivables from users, net on the unaudited condensed consolidated balance sheet:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202320222023
Beginning balance$18 $20 $40 $18 
Provision for credit losses9 4 28 19 
Write-offs(9)(7)(50)(20)
Ending balance$18 $17 $18 $17 
The following table summarizes the credit card expected loss liability, a new liability in this quarter, as part of accounts payable and accrued expenses on the unaudited condensed consolidated balance sheet:
Three and Nine Months Ended September 30,
(in millions)
2023
Beginning balance$— 
Opening balance from acquisition of Robinhood Credit
16 
Provision for credit losses10 
Payments to Coastal Bank
(4)
Ending balance$22 
v3.23.3
INVESTMENTS AND FAIR VALUE MEASUREMENT (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Held-to-Maturity Investments The following table summarizes our held-to-maturity investments as of September 30, 2023:
September 30, 2023
(in millions)Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesFair Value
Debt securities:
Corporate debt securities$225 $— $— $(2)$223 
U.S. Treasury securities149 — — — 149 
U.S. government agency securities49 — — — 49 
Certificates of deposit48 — — — 48 
Commercial paper19 — — — 19 
Total held-to-maturity investments$490 $— $— $(2)$488 
Schedule of Amortized Cost and Fair Value of Held-to-Maturity Investments by Contractual Maturity Date
The table below presents the amortized cost and fair value of held-to-maturity investments by contractual maturity; the maximum maturity is two years:
September 30, 2023
(in millions)Within 1 Year1 to 2 YearsTotal
Amortized cost
Debt securities:
Corporate debt securities$125 $100 $225 
U.S. Treasury securities131 18 149 
U.S. government agency securities49 — 49 
Certificates of deposit48 — 48 
Commercial paper19 — 19 
Total held-to-maturity investments$372 $118 $490 
Fair value
Debt securities:
Corporate debt securities$124 $99 $223 
U.S. Treasury securities132 17 149 
U.S. government agency securities49 — 49 
Certificates of deposit48 — 48 
Commercial paper19 — 19 
Total held-to-maturity investments$372 $116 $488 
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis were presented on our unaudited condensed consolidated balance sheets as follows:
December 31, 2022
(in millions)Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$735 $— $— $735 
Other current assets:
Available-for-sale investments:
Commercial paper— 5 — 5 
Government bonds3 — — 3 
Corporate bonds— 2 — 2 
Equity securities - securities owned8 — — 8 
Asset related to user cryptocurrencies safeguarding obligation— 8,431 — 8,431 
User-held fractional shares997 — — 997 
Total financial assets$1,743 $8,438 $— $10,181 
Liabilities
User cryptocurrencies safeguarding obligation$— $8,431 $— $8,431 
Fractional shares repurchase obligations997 — — 997 
Total financial liabilities$997 $8,431 $— $9,428 
September 30, 2023
(in millions)Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$254 $— $— $254 
Other current assets:
Stablecoin10 — — 10 
Equity securities - securities owned8 — — 8 
Other non-current assets:
Money market funds - escrow account2 — — 2 
Asset related to user cryptocurrencies safeguarding obligation— 10,183 — 10,183 
User-held fractional shares1,396 — — 1,396 
Total financial assets$1,670 $10,183 $— $11,853 
Liabilities
User cryptocurrencies safeguarding obligation$— $10,183 $— $10,183 
Fractional shares repurchase obligations1,396 — — 1,396 
Total financial liabilities$1,396 $10,183 $— $11,579 
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The fair value for certain financial instruments that are not required to be measured or reported at fair value was presented on our unaudited condensed consolidated balance sheets as follows:
September 30, 2023
(in millions)Level 1Level 2Level 3Total
Assets
Held-to-maturity investments:
Corporate debt securities$— $223 $— $223 
U.S. Treasury securities149 — — 149 
U.S. government agency securities— 49 — 49 
Certificates of deposit— 48 — 48 
Commercial paper— 19 — 19 
Total held-to-maturity investments$149 $339 $— $488 
Schedule of Safeguarded Cryptocurrencies
Safeguarded user cryptocurrencies were as follows:
December 31,September 30,
(in millions)20222023
Bitcoin (BTC)$2,327 $3,858 
Ethereum (ETH)2,341 2,870 
Dogecoin (DOGE)2,802 2,405 
Other961 1,050 
Total user cryptocurrencies safeguarding obligation and corresponding asset$8,431 $10,183 
v3.23.3
DERIVATIVES AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the Amount of Gain or Loss Recognized in AOCI
The following table summarizes the amount of gain or loss recognized in AOCI on our unaudited condensed consolidated financial statements:

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202320222023
Derivatives designated as hedging instruments:
Loss on derivatives included in effectiveness assessment$— $(1)$— $(4)
Schedule of the Components of AOCI Related to Hedging Activities
The following table summarizes the components of AOCI related to hedging activities on our unaudited condensed consolidated financial statements:

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202320222023
Beginning balance$— $(3)$— $— 
Other comprehensive loss before reclassifications, net of tax— (1)— (4)
Reclassification adjustment for net losses included in net interest revenues, net of tax— — — — 
Other comprehensive loss after reclassifications, net of tax$— $(1)$— $(4)
Ending balance$— $(4)$— $(4)
v3.23.3
INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision (Benefit)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions, except percentages)2022202320222023
Loss before income taxes
$(174)$(75)$(859)$(562)
Provision for income taxes1 10 3 9 
Effective tax rate(0.8)%(12.7)%(0.4)%(1.5)%
v3.23.3
SECURITIES BORROWING AND LENDING (Tables)
 9 Months Ended
Sep. 30, 2023
Offsetting [Abstract]  
Schedule of Assets Subject to Master Netting Arrangement
The following tables set forth certain balances related to our securities borrowing and lending activities as of December 31, 2022 and September 30, 2023:
December 31,September 30,
(in millions)20222023
AssetsSecurities borrowed
Gross amount of securities borrowed$517 $1,204 
Gross amount offset on the consolidated balance sheets— — 
Amounts of assets presented on the consolidated balance sheets517 1,204 
Gross amount of securities borrowed not offset on the consolidated balance sheets:
Securities borrowed517 1,204 
Security collateral received(509)(1,187)
Net amount$8 $17 
LiabilitiesSecurities loaned
Gross amount of securities loaned$1,834 $3,245 
Gross amount of securities loaned offset on the consolidated balance sheets— — 
Amounts of liabilities presented on the consolidated balance sheets1,834 3,245 
Gross amount of securities loaned not offset on the consolidated balance sheets:
Securities loaned1,834 3,245 
Security collateral pledged(1,629)(2,978)
Net amount$205 $267 
Schedule of liabilities Subject to Master Netting Arrangement
The following tables set forth certain balances related to our securities borrowing and lending activities as of December 31, 2022 and September 30, 2023:
December 31,September 30,
(in millions)20222023
AssetsSecurities borrowed
Gross amount of securities borrowed$517 $1,204 
Gross amount offset on the consolidated balance sheets— — 
Amounts of assets presented on the consolidated balance sheets517 1,204 
Gross amount of securities borrowed not offset on the consolidated balance sheets:
Securities borrowed517 1,204 
Security collateral received(509)(1,187)
Net amount$8 $17 
LiabilitiesSecurities loaned
Gross amount of securities loaned$1,834 $3,245 
Gross amount of securities loaned offset on the consolidated balance sheets— — 
Amounts of liabilities presented on the consolidated balance sheets1,834 3,245 
Gross amount of securities loaned not offset on the consolidated balance sheets:
Securities loaned1,834 3,245 
Security collateral pledged(1,629)(2,978)
Net amount$205 $267 
v3.23.3
COMMON STOCK AND STOCKHOLDERS' (DEFICIT) EQUITY (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Schedule of Activity Related to Time-Based and Market-Based RSUs The following table summarizes the activity related to our Time-Based RSUs for the nine months ended September 30, 2023, which is the period we grant our company-wide annual refresh grants:
Number of RSUsWeighted- average grant date fair value
Unvested at December 31, 202256,116,782 $18.55 
Granted22,985,696 9.80 
Vested(23,319,956)13.63 
Forfeited(10,788,897)20.06 
Unvested at September 30, 202344,993,625 $15.05 
The following table summarizes the activity related to our Market-Based RSUs for the nine months ended September 30, 2023:
Eligible to Vest(1)
Not Eligible to Vest(2)
Total Number of RSUsWeighted- average grant date fair value
Unvested at December 31, 2022806,858 57,650,926 58,457,784 $23.67 
Granted— — — 
Vested(345,796)— (345,796)2.34 
Cancelled— (35,520,000)(35,520,000)22.68 
Unvested at September 30, 2023461,062 22,130,926 22,591,988 $25.55 
________________
(1)Represents RSUs that became eligible to vest upon achievement of share price targets and vest upon satisfaction of time-based service requirements.
(2)Represents RSUs that have not yet become eligible to vest because share price targets have not yet been achieved.
Schedule of Share-Based Compensation
The following table presents SBC on our unaudited condensed consolidated statements of operations for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202320222023
Brokerage and transaction$2 $2 $4 $6 
Technology and development 25 51 166 161 
Operations — 3 5 6 
Marketing— 1 3 3 
General and administrative83 26 316 614 
Total(1)(2)
$110 $83 $494 $790 
________________
(1) For the three and nine months ended September 30, 2023, SBC expense primarily consisted of $10 million and $563 million related to Market-Based RSUs and $70 million and $218 million related to Time-Based RSUs, compared to $79 million and $245 million and $27 million and $235 million for the same periods in the prior year.
(2) The April 2022 Restructuring and the August 2022 Restructuring resulted in a net reduction of $24 million and $53 million in SBC expense, which was recognized in the three months ended June 30, 2022 and September 30, 2022. Both reductions were substantially all related to Time-Based RSUs. The net reductions were primarily recognized in technology and development expense, $16 million and $22 million, and general and administrative expense, $6 million and $28 million.
v3.23.3
NET LOSS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Loss Per Share
The following table presents the calculation of basic and diluted loss per share:
(in millions, except share and per share data)Three Months Ended
September 30,		Nine Months Ended
 September 30,
2022202320222023
Net loss$(175)$(85)$(862)$(571)
Less: allocation of earnings to participating securities— — — — 
Net loss attributable to common stockholders$(175)$(85)$(862)$(571)
Weighted-average common shares outstanding - basic882,356,575895,108,790875,055,571898,999,464
Dilutive effect of stock options and unvested shares————
Weighted-average common shares used to compute diluted loss per share882,356,575895,108,790875,055,571898,999,464
Net loss per share attributable to common stockholders:
Basic$(0.20)$(0.09)$(0.99)$(0.64)
Diluted$(0.20)$(0.09)$(0.99)$(0.64)
Schedule of Potential Common Shares Excluded from the Calculation of Diluted Net Income (Loss) Per Share
The following potential common shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202320222023
Time-Based RSUs107,457,215 45,066,880 107,457,215 45,066,880 
Market-Based RSUs23,053,048 22,591,988 23,053,048 22,591,988 
Stock options15,905,575 13,668,390 15,905,575 13,668,390 
Warrants14,278,034 14,278,034 14,278,034 14,278,034 
ESPP824,292 838,958 824,292 838,958 
Total anti-dilutive securities161,518,164 96,444,250 161,518,164 96,444,250 
v3.23.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Schedule of Assets and Liabilities Lessee Lease assets and liabilities recognized on our unaudited condensed consolidated balance sheets were as follows:
December 31,September 30,
(in millions)Classification20222023
Lease right-of-use assets:
Operating lease assetsOther non-current assets$92 $76 
Lease liabilities:
Current operating lease liabilitiesOther current liabilities21 20 
Non-current operating lease liabilitiesOther non-current liabilities127 95 
Total lease liabilities$148 $115 
Schedule of Component of Lease Expense, Other Information and Cash Flows Cash flows related to leases were as follows:
Nine Months Ended
September 30,
(in millions)20222023
Operating cash flows:
Payments for operating lease liabilities$18 $32 
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets$32 $— 
v3.23.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 3 Months Ended
Mar. 31, 2023
segment
unit
Accounting Policies [Abstract]  
Number of reporting units | unit 4
Number of operating segments | segment 1
v3.23.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Concentration of Credit Risk (Details) - Customer Concentration Risk - Revenue Benchmark
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Citadel Securities, LLC        
Concentration Risk [Line Items]        
Concentration risk, percentage 11.00% 12.00% 12.00% 17.00%
All others individually less than 10%        
Concentration Risk [Line Items]        
Concentration risk, percentage 26.00% 44.00% 28.00% 46.00%
Total as percentage of total revenue        
Concentration Risk [Line Items]        
Concentration risk, percentage 37.00% 56.00% 40.00% 63.00%
v3.23.3
BUSINESS COMBINATIONS - Narrative (Details) - Robinhood credit
$ in Millions
Jul. 03, 2023
USD ($)
Business Acquisition [Line Items]  
Consideration transferred $ 104
Weighted average useful life 5 years
v3.23.3
BUSINESS COMBINATIONS - Schedule of Acquisition Date Fair Value of Consideration Transferred (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Jul. 03, 2023
Dec. 31, 2022
Business Acquisition [Line Items]      
Prepaid expenses   $ 1  
Goodwill $ 164   $ 100
Robinhood credit      
Business Acquisition [Line Items]      
Cash and cash equivalents   14  
Receivable from users, net   3  
Other current assets   23  
Goodwill   64  
Intangible assets   36  
Accounts payable and accrued expenses   (36)  
Other non-current liabilities   (1)  
Net assets acquired   $ 104  
v3.23.3
BUSINESS COMBINATIONS - Schedule of Components of Identifiable Intangible Assets Acquired (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Jul. 03, 2023
Robinhood credit    
Acquired Indefinite-lived Intangible Assets [Line Items]    
Fair Value   $ 36
Developed technology    
Acquired Indefinite-lived Intangible Assets [Line Items]    
Useful Life 3 years 1 month 9 days  
Developed technology | Robinhood credit    
Acquired Indefinite-lived Intangible Assets [Line Items]    
Fair Value   $ 25
Useful Life   4 years
Customer relationships    
Acquired Indefinite-lived Intangible Assets [Line Items]    
Useful Life 7 years 3 months 14 days  
Customer relationships | Robinhood credit    
Acquired Indefinite-lived Intangible Assets [Line Items]    
Fair Value   $ 10
Useful Life   7 years
Trade name    
Acquired Indefinite-lived Intangible Assets [Line Items]    
Useful Life 9 months 10 days  
Trade name | Robinhood credit    
Acquired Indefinite-lived Intangible Assets [Line Items]    
Fair Value   $ 1
Useful Life   1 year
v3.23.3
GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF MOVEMENT ON GOODWILL (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2023
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 100
Goodwill, ending balance 164
Robinhood credit  
Goodwill [Roll Forward]  
Additions due to Robinhood Credit $ 64
v3.23.3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill, impairment loss   $ 0
Amortization expense of intangible assets $ 5,000,000 9,000,000
Impairment of intangible assets $ 0 $ 0
v3.23.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Components of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization $ (21)  
Net Carrying Value 51  
Indefinite-lived intangible assets 2  
Intangible assets, gross carrying value 74  
Intangible assets, net 53 $ 25
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 48  
Accumulated Amortization (18)  
Net Carrying Value $ 30  
Weighted Average Remaining Useful Life - Years 3 years 1 month 9 days  
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 23  
Accumulated Amortization (3)  
Net Carrying Value $ 20  
Weighted Average Remaining Useful Life - Years 7 years 3 months 14 days  
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 1  
Accumulated Amortization 0  
Net Carrying Value $ 1  
Weighted Average Remaining Useful Life - Years 9 months 10 days  
v3.23.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Future Amortization Expenses In Acquired In Intangible Assets (Details)
$ in Millions
Sep. 30, 2023
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
Remainder of 2023 $ 5
2024 14
2025 9
2026 9
2027 6
Thereafter 8
Net Carrying Value $ 51
v3.23.3
REVENUES - Revenue Disaggregated By Revenue Source (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]        
Interest expenses related to credit facilities $ (6) $ (6) $ (17) $ (18)
Total net interest revenues 251 128 693 257
Total net revenues 467 361 1,394 978
Options        
Disaggregation of Revenue [Line Items]        
Total transaction-based revenues 124 124 384 364
Cryptocurrencies        
Disaggregation of Revenue [Line Items]        
Total transaction-based revenues 23 51 92 163
Equities        
Disaggregation of Revenue [Line Items]        
Total transaction-based revenues 27 31 79 96
Other        
Disaggregation of Revenue [Line Items]        
Total transaction-based revenues 11 2 30 5
Transaction-based revenues        
Disaggregation of Revenue [Line Items]        
Total transaction-based revenues 185 208 585 628
Other revenues        
Disaggregation of Revenue [Line Items]        
Total transaction-based revenues 31 25 116 93
Interest on corporate cash and investments        
Disaggregation of Revenue [Line Items]        
Net interest revenues 75 29 217 40
Margin interest        
Disaggregation of Revenue [Line Items]        
Net interest revenues 67 48 177 122
Interest on segregated cash and cash equivalents and deposits        
Disaggregation of Revenue [Line Items]        
Net interest revenues 59 20 156 27
Cash sweep        
Disaggregation of Revenue [Line Items]        
Net interest revenues 35 8 86 10
Securities lending, net        
Disaggregation of Revenue [Line Items]        
Net interest revenues 17 29 70 76
Credit card, net        
Disaggregation of Revenue [Line Items]        
Net interest revenues $ 4 $ 0 $ 4 $ 0
v3.23.3
REVENUES - Schedule of Interest Revenue Earned and Interest Expense Paid from Fully-paid Securities Lending (Details) - Fully-Paid Securities Lending - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]        
Interest revenue $ 12 $ 5 $ 35 $ 5
Interest expense (2) (1) (5) (1)
Fully-Paid Securities Lending, net $ 10 $ 4 $ 30 $ 4
v3.23.3
REVENUES - Receivables and Contract Liabilities Balances (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2023
USD ($)
Contract with Customer, Asset [Roll Forward]  
Beginning of period, January 1, 2023 $ 60
End of period, September 30, 2023 58
Changes during the period (2)
Contract with Customer, Liability [Roll Forward]  
Beginning of period, January 1, 2023 3
End of period, September 30, 2023 4
Changes during the period $ 1
v3.23.3
RESTRUCTURING ACTIVITIES - NARRATIVE (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 02, 2022
USD ($)
employee
office
Apr. 26, 2022
employee
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
office
Jun. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
office
Restructuring Cost and Reserve [Line Items]              
Share-based compensation     $ 83 $ 110   $ 790 $ 494
April 2022 Restructuring | Workforce Reduction              
Restructuring Cost and Reserve [Line Items]              
Number of employees involved in workforce reduction | employee   330          
Number of employees involved in workforce reduction, percentage   9.00%          
Vesting period   2 months          
Share-based compensation       53 $ 24    
Restructuring charges         $ 17    
August 2022 Restructuring | Workforce Reduction              
Restructuring Cost and Reserve [Line Items]              
Number of employees involved in workforce reduction | employee 780            
Number of employees involved in workforce reduction, percentage 23.00%            
Share-based compensation       $ 53      
Restructuring charges $ 34            
Number of office closures | office 2     5     5
Number of unoccupied office closures | office       4     4
Right-of-use assets $ 32            
Leasehold improvements 15            
Accelerated depreciation $ 9            
August 2022 Restructuring | Workforce Reduction | Accounts Payable and Accrued Liabilities              
Restructuring Cost and Reserve [Line Items]              
Unpaid restructuring charges       $ 21     $ 21
v3.23.3
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses of Receivables From Users (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Contract with Customer, Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance $ 20 $ 18 $ 18 $ 40
Provision for credit losses 4 9 19 28
Write-offs (7) (9) (20) (50)
Ending balance $ 17 $ 18 $ 17 $ 18
v3.23.3
ALLOWANCE FOR CREDIT LOSSES - Expected Credit Loss of Accounts Payable (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Contract with Customer, Receivable, Allowance for Credit Loss [Roll Forward]                
Beginning balance $ 17 $ 18 $ 17 $ 18 $ 20 $ 18 $ 18 $ 40
Provision for credit losses 4 9 19 28        
Ending balance 17 $ 18 17 $ 18        
Credit Card Receivable                
Contract with Customer, Receivable, Allowance for Credit Loss [Roll Forward]                
Beginning balance 22   22     $ 0    
Opening balance from acquisition of Robinhood Credit     16          
Provision for credit losses     10          
Payments to Coastal Bank     (4)          
Ending balance $ 22   $ 22          
v3.23.3
INVESTMENTS AND FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]      
Available-for-sale investments $ 0 $ 0 $ 10,000,000
Unrealized gain     0
Unrealized loss     0
Held-to-maturity investments 490,000,000 490,000,000 $ 0
Sales of held-to-maturity investments $ 0 $ 0  
v3.23.3
INVESTMENTS AND FAIR VALUE MEASUREMENT - Held-To-Maturity Debt Securities (Details) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Amortized Cost $ 490,000,000 $ 0
Allowance for Credit Losses 0  
Unrealized Gains 0  
Unrealized Losses (2,000,000)  
Fair Value 488,000,000  
Corporate debt securities    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Amortized Cost 225,000,000  
Allowance for Credit Losses 0  
Unrealized Gains 0  
Unrealized Losses (2,000,000)  
Fair Value 223,000,000  
U.S. Treasury securities    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Amortized Cost 149,000,000  
Allowance for Credit Losses 0  
Unrealized Gains 0  
Unrealized Losses 0  
Fair Value 149,000,000  
U.S. government agency securities    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Amortized Cost 49,000,000  
Allowance for Credit Losses 0  
Unrealized Gains 0  
Unrealized Losses 0  
Fair Value 49,000,000  
Certificates of deposit    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Amortized Cost 48,000,000  
Allowance for Credit Losses 0  
Unrealized Gains 0  
Unrealized Losses 0  
Fair Value 48,000,000  
Commercial paper    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Amortized Cost 19,000,000  
Allowance for Credit Losses 0  
Unrealized Gains 0  
Unrealized Losses 0  
Fair Value $ 19,000,000  
v3.23.3
INVESTMENTS AND FAIR VALUE MEASUREMENT - Amortized Cost and Fair Value of Held-To-Maturity Investments by Contractual Maturity Date (Details) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Amortized cost    
Within 1 Year $ 372,000,000  
1 to 2 Years 118,000,000  
Amortized Cost 490,000,000 $ 0
Fair value    
Within 1 Year 372,000,000  
1 to 2 Years 116,000,000  
Total 488,000,000  
Corporate debt securities    
Amortized cost    
Within 1 Year 125,000,000  
1 to 2 Years 100,000,000  
Amortized Cost 225,000,000  
Fair value    
Within 1 Year 124,000,000  
1 to 2 Years 99,000,000  
Total 223,000,000  
U.S. Treasury securities    
Amortized cost    
Within 1 Year 131,000,000  
1 to 2 Years 18,000,000  
Amortized Cost 149,000,000  
Fair value    
Within 1 Year 132,000,000  
1 to 2 Years 17,000,000  
Total 149,000,000  
Certificates of deposit    
Amortized cost    
Within 1 Year 48,000,000  
1 to 2 Years 0  
Amortized Cost 48,000,000  
Fair value    
Within 1 Year 48,000,000  
1 to 2 Years 0  
Total 48,000,000  
U.S. government agency securities    
Amortized cost    
Within 1 Year 49,000,000  
1 to 2 Years 0  
Amortized Cost 49,000,000  
Fair value    
Within 1 Year 49,000,000  
1 to 2 Years 0  
Total 49,000,000  
Commercial paper    
Amortized cost    
Within 1 Year 19,000,000  
1 to 2 Years 0  
Amortized Cost 19,000,000  
Fair value    
Within 1 Year 19,000,000  
1 to 2 Years 0  
Total $ 19,000,000  
v3.23.3
INVESTMENTS AND FAIR VALUE MEASUREMENT - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Assets    
Asset related to user cryptocurrencies safeguarding obligation $ 10,183 $ 8,431
Liabilities    
User cryptocurrencies safeguarding obligation 10,183 8,431
Fair Value, Recurring    
Assets    
Total financial assets 11,853 10,181
Liabilities    
Total financial liabilities 11,579 9,428
Fair Value, Recurring | Commercial paper    
Assets    
Available-for-sale investments   5
Fair Value, Recurring | Government bonds    
Assets    
Available-for-sale investments   3
Fair Value, Recurring | Corporate debt securities    
Assets    
Available-for-sale investments   2
Fair Value, Recurring | Stablecoin    
Assets    
Other current assets 10  
Fair Value, Recurring | Equity securities - securities owned    
Assets    
Other current assets 8 8
Fair Value, Recurring | Money market funds - escrow account    
Assets    
Other current assets 2  
Fair Value, Recurring | Asset related to user cryptocurrencies safeguarding obligation    
Assets    
Asset related to user cryptocurrencies safeguarding obligation 10,183 8,431
Fair Value, Recurring | User-held fractional shares    
Assets    
Other current assets 1,396 997
Fair Value, Recurring | User cryptocurrencies safeguarding obligation    
Liabilities    
User cryptocurrencies safeguarding obligation 10,183 8,431
Fair Value, Recurring | Fractional shares repurchase obligations    
Liabilities    
Other liabilities 1,396 997
Fair Value, Recurring | Money market funds    
Assets    
Cash equivalents 254 735
Fair Value, Recurring | Level 1    
Assets    
Total financial assets 1,670 1,743
Liabilities    
Total financial liabilities 1,396 997
Fair Value, Recurring | Level 1 | Commercial paper    
Assets    
Available-for-sale investments   0
Fair Value, Recurring | Level 1 | Government bonds    
Assets    
Available-for-sale investments   3
Fair Value, Recurring | Level 1 | Corporate debt securities    
Assets    
Available-for-sale investments   0
Fair Value, Recurring | Level 1 | Stablecoin    
Assets    
Other current assets 10  
Fair Value, Recurring | Level 1 | Equity securities - securities owned    
Assets    
Other current assets 8 8
Fair Value, Recurring | Level 1 | Money market funds - escrow account    
Assets    
Other current assets 2  
Fair Value, Recurring | Level 1 | Asset related to user cryptocurrencies safeguarding obligation    
Assets    
Asset related to user cryptocurrencies safeguarding obligation 0 0
Fair Value, Recurring | Level 1 | User-held fractional shares    
Assets    
Other current assets 1,396 997
Fair Value, Recurring | Level 1 | User cryptocurrencies safeguarding obligation    
Liabilities    
User cryptocurrencies safeguarding obligation 0 0
Fair Value, Recurring | Level 1 | Fractional shares repurchase obligations    
Liabilities    
Other liabilities 1,396 997
Fair Value, Recurring | Level 1 | Money market funds    
Assets    
Cash equivalents 254 735
Fair Value, Recurring | Level 2    
Assets    
Total financial assets 10,183 8,438
Liabilities    
Total financial liabilities 10,183 8,431
Fair Value, Recurring | Level 2 | Commercial paper    
Assets    
Available-for-sale investments   5
Fair Value, Recurring | Level 2 | Government bonds    
Assets    
Available-for-sale investments   0
Fair Value, Recurring | Level 2 | Corporate debt securities    
Assets    
Available-for-sale investments   2
Fair Value, Recurring | Level 2 | Stablecoin    
Assets    
Other current assets 0  
Fair Value, Recurring | Level 2 | Equity securities - securities owned    
Assets    
Other current assets 0 0
Fair Value, Recurring | Level 2 | Money market funds - escrow account    
Assets    
Other current assets 0  
Fair Value, Recurring | Level 2 | Asset related to user cryptocurrencies safeguarding obligation    
Assets    
Asset related to user cryptocurrencies safeguarding obligation 10,183 8,431
Fair Value, Recurring | Level 2 | User-held fractional shares    
Assets    
Other current assets 0 0
Fair Value, Recurring | Level 2 | User cryptocurrencies safeguarding obligation    
Liabilities    
User cryptocurrencies safeguarding obligation 10,183 8,431
Fair Value, Recurring | Level 2 | Fractional shares repurchase obligations    
Liabilities    
Other liabilities 0 0
Fair Value, Recurring | Level 2 | Money market funds    
Assets    
Cash equivalents 0 0
Fair Value, Recurring | Level 3    
Assets    
Total financial assets 0 0
Liabilities    
Total financial liabilities 0 0
Fair Value, Recurring | Level 3 | Commercial paper    
Assets    
Available-for-sale investments   0
Fair Value, Recurring | Level 3 | Government bonds    
Assets    
Available-for-sale investments   0
Fair Value, Recurring | Level 3 | Corporate debt securities    
Assets    
Available-for-sale investments   0
Fair Value, Recurring | Level 3 | Stablecoin    
Assets    
Other current assets 0  
Fair Value, Recurring | Level 3 | Equity securities - securities owned    
Assets    
Other current assets 0 0
Fair Value, Recurring | Level 3 | Money market funds - escrow account    
Assets    
Other current assets 0  
Fair Value, Recurring | Level 3 | Asset related to user cryptocurrencies safeguarding obligation    
Assets    
Asset related to user cryptocurrencies safeguarding obligation 0 0
Fair Value, Recurring | Level 3 | User-held fractional shares    
Assets    
Other current assets 0 0
Fair Value, Recurring | Level 3 | User cryptocurrencies safeguarding obligation    
Liabilities    
User cryptocurrencies safeguarding obligation 0 0
Fair Value, Recurring | Level 3 | Fractional shares repurchase obligations    
Liabilities    
Other liabilities 0 0
Fair Value, Recurring | Level 3 | Money market funds    
Assets    
Cash equivalents $ 0 $ 0
v3.23.3
INVESTMENTS AND FAIR VALUE MEASUREMENT - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details)
$ in Millions
Sep. 30, 2023
USD ($)
Assets  
Held-to-maturity investments $ 488
Corporate debt securities  
Assets  
Held-to-maturity investments 223
U.S. Treasury securities  
Assets  
Held-to-maturity investments 149
U.S. government agency securities  
Assets  
Held-to-maturity investments 49
Certificates of deposit  
Assets  
Held-to-maturity investments 48
Commercial paper  
Assets  
Held-to-maturity investments 19
Estimate of Fair Value Measurement  
Assets  
Held-to-maturity investments 488
Estimate of Fair Value Measurement | Corporate debt securities  
Assets  
Held-to-maturity investments 223
Estimate of Fair Value Measurement | U.S. Treasury securities  
Assets  
Held-to-maturity investments 149
Estimate of Fair Value Measurement | U.S. government agency securities  
Assets  
Held-to-maturity investments 49
Estimate of Fair Value Measurement | Certificates of deposit  
Assets  
Held-to-maturity investments 48
Estimate of Fair Value Measurement | Commercial paper  
Assets  
Held-to-maturity investments 19
Estimate of Fair Value Measurement | Level 1  
Assets  
Held-to-maturity investments 149
Estimate of Fair Value Measurement | Level 1 | Corporate debt securities  
Assets  
Held-to-maturity investments 0
Estimate of Fair Value Measurement | Level 1 | U.S. Treasury securities  
Assets  
Held-to-maturity investments 149
Estimate of Fair Value Measurement | Level 1 | U.S. government agency securities  
Assets  
Held-to-maturity investments 0
Estimate of Fair Value Measurement | Level 1 | Certificates of deposit  
Assets  
Held-to-maturity investments 0
Estimate of Fair Value Measurement | Level 1 | Commercial paper  
Assets  
Held-to-maturity investments 0
Estimate of Fair Value Measurement | Level 2  
Assets  
Held-to-maturity investments 339
Estimate of Fair Value Measurement | Level 2 | Corporate debt securities  
Assets  
Held-to-maturity investments 223
Estimate of Fair Value Measurement | Level 2 | U.S. Treasury securities  
Assets  
Held-to-maturity investments 0
Estimate of Fair Value Measurement | Level 2 | U.S. government agency securities  
Assets  
Held-to-maturity investments 49
Estimate of Fair Value Measurement | Level 2 | Certificates of deposit  
Assets  
Held-to-maturity investments 48
Estimate of Fair Value Measurement | Level 2 | Commercial paper  
Assets  
Held-to-maturity investments 19
Estimate of Fair Value Measurement | Level 3  
Assets  
Held-to-maturity investments 0
Estimate of Fair Value Measurement | Level 3 | Corporate debt securities  
Assets  
Held-to-maturity investments 0
Estimate of Fair Value Measurement | Level 3 | U.S. Treasury securities  
Assets  
Held-to-maturity investments 0
Estimate of Fair Value Measurement | Level 3 | U.S. government agency securities  
Assets  
Held-to-maturity investments 0
Estimate of Fair Value Measurement | Level 3 | Certificates of deposit  
Assets  
Held-to-maturity investments 0
Estimate of Fair Value Measurement | Level 3 | Commercial paper  
Assets  
Held-to-maturity investments $ 0
v3.23.3
INVESTMENTS AND FAIR VALUE MEASUREMENT - Summary of Crypto Assets Held in Custody (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Total user cryptocurrencies safeguarding obligation and corresponding asset $ 10,183 $ 8,431
Total user cryptocurrencies safeguarding obligation and corresponding asset 10,183 8,431
Bitcoin (BTC)    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Total user cryptocurrencies safeguarding obligation and corresponding asset 3,858 2,327
Total user cryptocurrencies safeguarding obligation and corresponding asset 3,858 2,327
Ethereum (ETH)    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Total user cryptocurrencies safeguarding obligation and corresponding asset 2,870 2,341
Total user cryptocurrencies safeguarding obligation and corresponding asset 2,870 2,341
Dogecoin (DOGE)    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Total user cryptocurrencies safeguarding obligation and corresponding asset 2,405 2,802
Total user cryptocurrencies safeguarding obligation and corresponding asset 2,405 2,802
Other    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Total user cryptocurrencies safeguarding obligation and corresponding asset 1,050 961
Total user cryptocurrencies safeguarding obligation and corresponding asset $ 1,050 $ 961
v3.23.3
DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details)
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 31, 2024
contract
Jun. 30, 2023
USD ($)
contract
Sep. 30, 2023
USD ($)
contract
Jan. 01, 2024
USD ($)
Dec. 31, 2022
USD ($)
Derivatives, Fair Value [Line Items]          
Losses expected to be reclassified from AOCI     $ 4,000,000    
Forecasted transactions over a maximum period (in years)     1 year    
Hedging instruments - Interest rate floor          
Derivatives, Fair Value [Line Items]          
Number of interest rate floors | contract   1      
Aggregated notional amount   $ 2,000,000,000      
Maturity of derivative contract   6 months      
Hedging instruments - Interest rate floor | Forecast          
Derivatives, Fair Value [Line Items]          
Number of interest rate floors | contract 1        
Aggregated notional amount       $ 1,000,000,000  
Maturity of derivative contract 6 months        
Designated as Hedging Instrument          
Derivatives, Fair Value [Line Items]          
Number of interest rate floors | contract     2    
Fair value of hedging instrument     $ 0   $ 0
v3.23.3
DERIVATIVES AND HEDGING ACTIVITIES - Schedule of the Amount of Gain or Loss Recognized in AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Loss on derivatives included in effectiveness assessment $ (1) $ 0 $ (4) $ 0
v3.23.3
DERIVATIVES AND HEDGING ACTIVITIES - Schedule of the Components of AOCI Related to Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance at beginning of period $ 7,187 $ 7,017 $ 6,956 $ 7,293
Total other comprehensive loss, net of tax (1) (1) (4) (2)
Balance at end of period 6,574 6,954 6,574 6,954
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance at beginning of period (3) 0 0 0
Other comprehensive loss before reclassifications, net of tax (1) 0 (4) 0
Reclassification adjustment for net losses included in net interest revenues, net of tax 0 0 0 0
Total other comprehensive loss, net of tax (1) 0 (4) 0
Balance at end of period $ (4) $ 0 $ (4) $ 0
v3.23.3
INCOME TAXES - Schedule of Income Tax Provision (Benefit) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Tax Disclosure [Abstract]        
Loss before income taxes $ (75) $ (174) $ (562) $ (859)
Provision for income taxes $ 10 $ 1 $ 9 $ 3
Effective tax rate (12.70%) (0.80%) (1.50%) (0.40%)
v3.23.3
SECURITIES BORROWING AND LENDING - Schedule of Assets and Liabilities Subject to Master Netting Arrangements (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Assets    
Gross amount of securities borrowed $ 1,204 $ 517
Gross amount offset on the consolidated balance sheets 0 0
Amounts of assets presented on the consolidated balance sheets 1,204 517
Securities borrowed 1,204 517
Security collateral received (1,187) (509)
Net amount 17 8
Liabilities    
Gross amount of securities loaned 3,245 1,834
Gross amount of securities loaned offset on the consolidated balance sheets 0 0
Amounts of liabilities presented on the consolidated balance sheets 3,245 1,834
Securities loaned 3,245 1,834
Security collateral pledged (2,978) (1,629)
Net amount $ 267 $ 205
v3.23.3
SECURITIES BORROWING AND LENDING - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Offsetting Assets [Line Items]    
Security collateral received $ 1,187 $ 509
Security collateral pledged 2,978 1,629
Amount re-pledged with clearing organizations to meet deposit requirements 540 231
Third Parties    
Offsetting Assets [Line Items]    
Security collateral received 0 18
Asset Pledged as Collateral    
Offsetting Assets [Line Items]    
Securities pledged 5,090 $ 4,360
Asset Pledged as Collateral | Securities Sold under Agreements to Repurchase    
Offsetting Assets [Line Items]    
Securities pledged 10,200  
Security collateral received $ 1,190  
v3.23.3
FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK - Narrative (Details) - USD ($)
 1 Months Ended 9 Months Ended
Jul. 03, 2023
Mar. 24, 2023
Apr. 30, 2022
Sep. 30, 2023
Dec. 31, 2022
Oct. 31, 2019
Debt Instrument [Line Items]            
Credit card receivables authorized amount       $ 100,000,000    
Credit card receivables outstanding       0    
Accrued interest payable and interest expense       $ 197,000,000    
Settlement date basis, equities       2 days    
Settlement date basis, options       1 day    
Robinhood credit | Coastal Bank            
Debt Instrument [Line Items]            
Customer advance limit $ 225,000,000          
Increment in customer advance limit 50,000,000          
Customer advance limit residual amount $ 25,000,000          
Robinhood credit | Coastal Bank | Interest Rate Margin One            
Debt Instrument [Line Items]            
Variable rate on loan 8.50%          
Robinhood credit | Coastal Bank | Interest Rate Margin Two            
Debt Instrument [Line Items]            
Variable rate on loan 7.00%          
Robinhood credit | Coastal Bank | Interest Rate Margin Three            
Debt Instrument [Line Items]            
Variable rate on loan 5.75%          
Robinhood credit | Coastal Bank | Interest Rate Margin Four            
Debt Instrument [Line Items]            
Variable rate on loan 4.50%          
Robinhood credit | Coastal Bank | Interest Rate Margin, Five            
Debt Instrument [Line Items]            
Variable rate on loan 4.50%          
Revolving Credit Facility | Line of Credit | April 2023 Credit Agreement            
Debt Instrument [Line Items]            
Increase limit on credit facility   $ 1,087,500,000.0000        
Agreement fee   $ 3,262,500,000        
Unused capacity, commitment fee percentage   0.50%        
Revolving Credit Facility | Line of Credit | April 2023 Credit Agreement | SOFR            
Debt Instrument [Line Items]            
Variable rate on loan   0.10%        
Revolving Credit Facility | Line of Credit | April 2023 Credit Facility, Tranche A            
Debt Instrument [Line Items]            
Variable rate on loan   1.25%        
Revolving Credit Facility | Line of Credit | April 2023 Credit Facility, Tranche B and C            
Debt Instrument [Line Items]            
Variable rate on loan   2.50%        
Revolving Credit Facility | Line of Credit | October 2019 Credit Facility            
Debt Instrument [Line Items]            
Line of credit facility, amount entered into           $ 200,000,000
Outstanding borrowings, long-term       $ 0 $ 0  
Revolving Credit Facility | Line of Credit | October 2019 Credit Facility, As Amended            
Debt Instrument [Line Items]            
Line of credit facility, amount entered into       $ 625,000,000    
Revolving Credit Facility | Line of Credit | April 2023 Credit Agreement            
Debt Instrument [Line Items]            
Line of credit facility, amount entered into   $ 2,175,000,000 $ 2,275,000,000      
Line of credit facility, term   364 days 364 days      
v3.23.3
COMMON STOCK AND STOCKHOLDERS' (DEFICIT) EQUITY - Narrative (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Aug. 30, 2023
USD ($)
$ / shares
shares
Feb. 28, 2023
shares
Sep. 30, 2023
USD ($)
vote
class
$ / shares
shares
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
vote
class
$ / shares
shares
Sep. 30, 2022
USD ($)
Dec. 31, 2022
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Preferred stock, shares outstanding (in shares) | shares     0   0   0
Number of classes of common stock | class     3   3    
Stock repurchased and retired, amount     $ 611   $ 611    
Share-based compensation     83 $ 110 790 $ 494  
Capitalized share-based compensation expense     5 4 12 21  
Unrecognized compensation cost     500   $ 500    
Unrecognized compensation cost related to outstanding stock options, weighted-average period         1 year 1 month 6 days    
General and administrative              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Share-based compensation     26 83 $ 614 316  
Market-Based RSUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Canceled (in shares) | shares   35,500,000          
Share-based compensation     $ 10 $ 79 563 $ 245  
Market-Based RSUs | General and administrative              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Share-based compensation         $ 485    
2013, 2020 and 2021 Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares of common stock authorized (in shares) | shares     405,000,000   405,000,000    
Shares issued under plans (in shares) | shares         122,000,000    
Common stock reserved for issuance (in shares) | shares         82,000,000    
2021 Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares remaining available for issuance (in shares) | shares     201,000,000   201,000,000    
Tranche 1 Convertible Note Holders              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Maximum amount of all warrants     $ 380   $ 380    
Common Class A              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of voting rights per share | vote     1   1    
Common Class A | Share Purchase Agreement | United States Marshal Service              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares acquired (in shares) | shares 55,273,469            
Average cost of common stock repurchased (in dollars per share) | $ / shares $ 10.96            
Stock repurchased and retired, amount $ 608            
Stock repurchase program transaction costs $ 2            
Inflation reduction act, excise tax     $ 3   $ 3    
Common Class A | IPO              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Aggregate warrants exercisable (in shares) | shares     14,300,000   14,300,000    
Exercise price (in dollars per share) | $ / shares     $ 26.60   $ 26.60    
Common Class B              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of voting rights per share | vote     10   10    
v3.23.3
COMMON STOCK AND STOCKHOLDERS' (DEFICIT) EQUITY - Schedule of Activity Related to Time-Based and Market-Based RSUs (Details) - $ / shares
 1 Months Ended 9 Months Ended
Feb. 28, 2023
Sep. 30, 2023
Time-Based RSUs    
Number of RSUs    
Unvested restricted stock, beginning balance (in shares)   56,116,782
Granted (in shares)   22,985,696
Vested (in shares)   (23,319,956)
Forfeited (in shares)   (10,788,897)
Unvested restricted stock, ending balance (in shares)   44,993,625
Weighted- average grant date fair value    
Unvested restricted stock, Weighted-average grant date fair value, beginning balance (in dollars per share)   $ 18.55
Granted, Weighted-average grant date fair value (in dollars per share)   9.80
Vested, Weighted-average grant date fair value (in dollars per share)   13.63
Forfeited, weighted-average grant date fair value (in dollars per share)   20.06
Unvested restricted stock, Weighted-average grant date fair value, ending balance (in dollars per share)   $ 15.05
Market-Based RSUs Eligible to Vest    
Number of RSUs    
Unvested restricted stock, beginning balance (in shares)   806,858
Granted (in shares)   0
Vested (in shares)   (345,796)
Cancelled (in shares)   0
Unvested restricted stock, ending balance (in shares)   461,062
Market-Based RSUs Not Eligible to Vest    
Number of RSUs    
Unvested restricted stock, beginning balance (in shares)   57,650,926
Granted (in shares)   0
Vested (in shares)   0
Cancelled (in shares)   (35,520,000)
Unvested restricted stock, ending balance (in shares)   22,130,926
Market-Based RSUs    
Number of RSUs    
Unvested restricted stock, beginning balance (in shares)   58,457,784
Granted (in shares)   0
Vested (in shares)   (345,796)
Forfeited (in shares) (35,500,000)  
Cancelled (in shares)   (35,520,000)
Unvested restricted stock, ending balance (in shares)   22,591,988
Weighted- average grant date fair value    
Unvested restricted stock, Weighted-average grant date fair value, beginning balance (in dollars per share)   $ 23.67
Granted, Weighted-average grant date fair value (in dollars per share)  
Vested, Weighted-average grant date fair value (in dollars per share)   2.34
Cancelled, weighted-average grant date fair value (in dollars per share)   22.68
Unvested restricted stock, Weighted-average grant date fair value, ending balance (in dollars per share)   $ 25.55
v3.23.3
COMMON STOCK AND STOCKHOLDERS' (DEFICIT) EQUITY - Schedule of Share-Based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Jun. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share-based compensation $ 83 $ 110   $ 790 $ 494
Workforce Reduction | April 2022 Restructuring          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share-based compensation   53 $ 24    
Market-Based RSUs          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share-based compensation 10 79   563 245
Time-Based RSUs          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share-based compensation 70 27   218 235
Brokerage and transaction          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share-based compensation 2 2   6 4
Technology and development          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share-based compensation 51 25   161 166
Technology and development | Time-Based RSUs | Workforce Reduction | April 2022 Restructuring          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share-based compensation   22 16    
Operations          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share-based compensation 3 0   6 5
Marketing          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share-based compensation 1 0   3 3
General and administrative          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share-based compensation $ 26 83   614 $ 316
General and administrative | Market-Based RSUs          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share-based compensation       $ 485  
General and administrative | Time-Based RSUs | Workforce Reduction | April 2022 Restructuring          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share-based compensation   $ 28 $ 6    
v3.23.3
NET LOSS PER SHARE - Calculation of Basic and Diluted Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Earnings Per Share [Abstract]        
Net loss $ (85) $ (175) $ (571) $ (862)
Less: allocation of earnings to participating securities 0 0 0 0
Net loss attributable to common stockholders (85) (175) (571) (862)
Net loss attributable to common stockholders $ (85) $ (175) $ (571) $ (862)
Weighted-average common stock outstanding - basic (in shares) 895,108,790 882,356,575 898,999,464 875,055,571
Dilutive effect of stock options and unvested shares (in shares) 0 0 0 0
Weighted-average common shares used to compute diluted loss per share (in shares) 895,108,790 882,356,575 898,999,464 875,055,571
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.09) $ (0.20) $ (0.64) $ (0.99)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.09) $ (0.20) $ (0.64) $ (0.99)
v3.23.3
NET LOSS PER SHARE - Potential Common Shares Excluded from the Calculation of Diluted Net Income (Loss) Per Share (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities (in shares) 96,444,250 161,518,164 96,444,250 161,518,164
Time-Based RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities (in shares) 45,066,880 107,457,215 45,066,880 107,457,215
Market-Based RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities (in shares) 22,591,988 23,053,048 22,591,988 23,053,048
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities (in shares) 13,668,390 15,905,575 13,668,390 15,905,575
Warrants        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities (in shares) 14,278,034 14,278,034 14,278,034 14,278,034
ESPP        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities (in shares) 838,958 824,292 838,958 824,292
v3.23.3
RELATED PARTY TRANSACTIONS (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Related Party Transactions [Abstract]        
Related party transaction $ 0 $ 0 $ 0 $ 0
v3.23.3
LEASES - Supplemental Balance Sheet Disclosures (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Leases [Abstract]    
Operating lease assets $ 76 $ 92
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other non-current assets Other non-current assets
Current operating lease liabilities $ 20 $ 21
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Non-current operating lease liabilities $ 95 $ 127
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other non-current liabilities Other non-current liabilities
Total lease liabilities $ 115 $ 148
v3.23.3
LEASES - Schedule of Cash Flows (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating cash flows:    
Payments for operating lease liabilities $ 32 $ 18
Supplemental cash flow data:    
Lease liabilities arising from obtaining right-of-use assets $ 0 $ 32
v3.23.3
COMMITMENTS & CONTINGENCIES (Details)
$ in Thousands
 1 Months Ended 9 Months Ended
Jan. 31, 2023
customer
Dec. 31, 2022
USD ($)
Jan. 31, 2021
customer
Dec. 31, 2020
case
count
Sep. 30, 2023
USD ($)
Jan. 28, 2021
tranche
Loss Contingencies [Line Items]            
Accrued for legal and regulatory contingencies   $ 85,000     $ 179,000  
Number of tranches | tranche           3
Cosmo Health, Inc.            
Loss Contingencies [Line Items]            
Reverse stock split   0.04        
Massachusetts Securities Law Violations            
Loss Contingencies [Line Items]            
Number of lawsuits | count       3    
Putative Securities Fraud Class Action Lawsuit            
Loss Contingencies [Line Items]            
Number of lawsuits | case       5    
State Regulatory Matters | Unfavorable Regulatory Action | Settled Litigation            
Loss Contingencies [Line Items]            
Monetary penalty         200  
Additional damages sought value         $ 10,000  
Putative Class Actions            
Loss Contingencies [Line Items]            
Number of customers | customer     2,000      
Early 2021 Trading Restrictions Matters            
Loss Contingencies [Line Items]            
Number of customers | customer 4,700