Robinhood Markets, Inc. ($HOOD)

Welcome to Robinhood's 2026 Annual Stockholder Meeting. Thank you for joining us today. Once the meeting is called to order, our Chair and CEO, Vlad Tenev, will provide a few words and answer questions from our stockholders, then our General Counsel and Corporate Secretary, Lucas Moskowitz, will cover the 3 proposals presented in the proxy ballot as well as any other matters that are properly presented. During today's session, we may make forward-looking statements, including about our business outlook. Actual results could differ materially from our expectations. Potential risk factors that could cause differences are described in our Form 10-Q for the quarter ended March 31, 2026, and other SEC filings. We encourage you to review these filings carefully. Today's discussion may also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the first quarter 2026 earnings presentation on our Investor Relations website at investors.robinhood.com. This meeting is being held pursuant to Delaware law and our bylaws. Mediant has certified that notice of this meeting was distributed beginning April 22 to all stockholders of record as of April 8, along with instructions on how to access the materials. Ryan Bennett from Mediant, our Inspector of Election, has confirmed that a majority of the outstanding voting power is represented at the meeting either in person or by proxy. Accordingly, a quorum is present, and we may proceed with the meeting. A representative of Ernst & Young LLP, our independent audit firm, has also joined us and is available to respond to appropriate questions.

The meeting is called to order. The time is 10:01 a.m. Pacific, and the polls are now open. Only stockholders on the April 8 record date are entitled to vote today. If you haven't already voted or wish to change your vote, you may do so now through the virtual meeting portal. Now Vlad, over to you.

Thank you, Lucas, and thank you, everyone, for joining us today. So to our knowledge, this is the second outdoor annual shareholder meeting ever. The first one was Ben and Jerry's, but that was under tents, and I'm still upset that they canceled my favorite flavor. Joining me today on the call, you just heard from him, the mythical Lucas Moskowitz, our Corporate Secretary and General Counsel. I'd like to thank all of the shareholders for supporting our mission. It's a noble one. I'd also like to welcome the members of our Board of Directors, they're right here, who joined us today. We've got a great Board, and we're grateful for their steadfast service and commitment to the company. Look at that, great looking Board too. Finally, I'd like to thank the members of the Robinhood team, many of whom are in the audience, for continuing to work tirelessly for customers and shareholders, and there's some overlap there, to get us where we are today. So let's talk about the business. As a reminder, our strategy is threefold: number one, we want to build the best platform for active traders; number two, we want to be #1 in wallet share for the next generation; and third, our long-term arc, building the #1 global financial ecosystem. We're building a financial super app to serve our customers across the entirety of their financial assets and all of their financial transactions as well, anywhere in the world. And at the heart of that goal, what we're really talking about is ownership. We want to make it possible for anyone to own a piece of our great economy, which continues to be the envy of the world. And we believe if we can get everyone to own a piece of our economy, they'll have skin in the game, they'll have a stake in its growth and success. And that will make for a more prosperous, stable society as well. We're shipping products faster than ever to achieve this goal. And Lucas and I will walk through some of the progress we've made and how we're contributing to making everyone around us owners of this great American economy. Starting with Trump Accounts, a product and initiative near and dear to both of our hearts. Lucas and I have been working very, very hard along with many people around the country to make this happen. So again, Trump Accounts is a new initiative spearheaded by the administration and Treasury to give all American newborns a brokerage account funded with $1,000 and potentially more by Treasury. Robinhood serves as broker and sole initial trustee under the direction of the U.S. Department of the Treasury in partnership with BNY, who's serving as the financial agent. Nearly 6 million American children are already signed up. Over 60 million are eligible. We just introduced the Trump Accounts app and have started onboarding people. Response has been pretty great so far, Lucas. #1 in finance on day 1. So that's the #1 finance app in the App Store. We actually reached #3 overall, and we're the fastest-growing non-AI app, which I think is very cool. The aspiration is really to build the best product that the government has ever been associated with. We're off to a great start. We have been working alongside Treasury, the National Design Studio and BNY, which is the United States' oldest and most storied bank, to make the platform as intuitive and educational as possible. We think we're off to a great start. It's a historic milestone in our mission to democratize finance for all, expanding the remit of Robinhood to customers at age 0. So now you don't have to be 18 to benefit from the power of compounding. You can be a newborn. And there's plenty more to come, particularly as we approach July 4. And we're excited to get our technology in front of the next generation of investors. I know you're excited about that as well. Next, private markets. We want to make it possible for people to own a stake in the private companies shaping the future before they go public. And I think if we do this right, I believe we can solve one of the greatest and most long-standing inequities in capital markets today. As you guys know, you've heard me say a few times, companies are waiting longer and longer to go public. We have several private companies that are reaching valuations in the high hundreds of billions. And we are hard at work with Robinhood Ventures solving this problem in the U.S. So Robinhood Ventures IPO-ed our first fund, RVI, back in March. And the goal of RVI was and continues to be investing in private companies at the frontier of their industries, making them accessible to retail. The response so far has been very strong. Market cap of RVI has exceeded $1 billion. And we're making good progress actually on standing up additional funds with complementary strategies. We're investing big here. We're excited to do more to unlock this asset class for our customers, and plenty more to come there. Now moving on to artificial intelligence. It's no surprise, AI tools have redefined the financial world, and Robinhood again is leading the charge with these new innovative products and tools. So over the past few years, we've been increasingly integrating AI into our platform. Robinhood Cortex is now embedded throughout the app. And just last week, we took a big step forward with the launch of a new category that we're calling agentic finance, okay? And the idea behind agentic finance is you're seeing all of these developments in the core models, the agentic harnesses. And we want to make those models and those innovations available to all the financial products and services we offer. So we want to make it so that you can benefit from them with the safety and security that you expect from your financial accounts. And we're starting with 2 products that we rolled out last week. Agentic Trading, which allows customers to build agents that trade on their behalf via Robinhood accounts. And Agentic Trading is a great tool for self-directed traders and investors to add these capabilities while staying in control. The second thing, Agentic Credit Cards. And this is our first foray into what's called the agentic commerce space. So with our Agentic Credit Cards, customers can build agents and give them access to their Robinhood Gold cards with our 3% cash back. So what can that do? That will allow your agent to go online, scan for best prices, get hard-to-find reservation bookings, monitor availability, make purchases automatically based on your instructions, all while earning 3% cash back. And the goal is to make this the best way, the dominant way that you can use your AI agent to buy things online. The principle under which we designed agentic finance is that the human -- in this case, you, the customer, is in control at all times with safety features built in. So for example, on Agentic Trading, your trading agent will operate in a dedicated agentic account completely separated and walled off from the rest of your portfolio. And your credit card agent has access to the fantastic virtual cards functionality and infrastructure that we've already had for humans. And we also added an additional safety feature where you, as the user, can approve every purchase. And there were some awesome engineering work to make that happen. Your agent only works with what you give it. And if anything looks off, you can sever the connection in a single tap from the app. We also monitor closely for fraud. So if a trade or payment looks suspicious, Robinhood's support team can review exactly what you asked the agent to do, see what it actually did and help you quickly resolve any disputes. Obviously, it's very early, but it's great to see thousands of our customers signing up, starting to use these products. Rollout status. Trading is rolled out to about half of our customers, with the goal to be fully rolled out to everyone by the end of this week. So this is a fast rollout. Agentic Credit Cards were rolled out to everyone on day 1, so all Gold cardholders, and you can sign up on the website as well. We believe we're the leader in agentic finance, and you should expect to see regular updates. So it's just the very beginning. The goal is to have a wide surface area of capabilities, and really, the agents being a first-class consumer of our broad service suite. So we're going to keep adding things on a regular basis. Next, prediction markets. So we think we're at the very beginning of a prediction market super cycle. It's been our fastest-growing product ever. So we launched this just over 18 months ago, and event contracts are already generating over $400 million in annualized revenues. We had more than $12 billion contracts traded in 2025 and more than $15 billion already traded in 2026. So this is going to be a much bigger year than last year. Rothera, which is our new joint venture with Susquehanna, is rapidly making progress as the world's premier exchange and clearinghouse. So the idea behind Rothera is to bring institutional rigor to our prediction markets offering and not only positions us to expand the contracts that we offer, but also to build faster and to deliver more competitive pricing for our customers and for the industry. We think this is going to be growing far beyond Robinhood. So we'll be serving other brokers, lots of market makers and other institutions as well. I'm really excited about the opportunities this will open up, and it's gotten off to a strong start. So plenty more to come on Rothera. Now, global expansion. And the goal there is take all of the great things we've delivered to the U.S. market and really transform the space here, take that global, make every citizen anywhere in the world have access to our great capital markets. A big area of emphasis here is tokenization and the Robinhood Chain. Robinhood Chain, remember, our Layer 2, will be at the center of all this. And our goal is to make it the best chain to trade real-world assets. International, more broadly, we now have crossed 1 million international customers. And we just closed our acquisition of WonderFi, which marks Robinhood's expansion to the great country of Canada. And we're not slowing down. We've received in-principle approval from the Monetary Authority of Singapore to offer a comprehensive suite of brokerage services over there. And we're on track to further expansion in Southeast Asia through our planned brokerage and crypto acquisitions in Indonesia closing later this year. So you'll hear much more from us about what's next both on the tokenization front, Robinhood Chain, and of course, international expansion writ large at Robinhood Presents: The World is Flat, which is coming July 1. So just a couple of weeks away. We hope you'll tune in. Overall, the year is shaping up quite nicely. Big plans on the horizon. We're moving fast. We're moving fast to make more people owners of our great country and our great economy. So road map is full. There's so much to do. Shall we take some questions?

All right, let's do it. The first question comes from Skyler R., who asks, will Robinhood support the SpaceX or OpenAI IPOs? How about Anthropic?

All right. Well, thank you for the question. So you might have seen already as the SpaceX S-1 has dropped, customers will be able to invest in the SpaceX IPO through Robinhood. And actually, unlike some of the other platforms, there's no minimum account size to do so. Now for all the other ones, we'll have to see. One thing that I would say, and I'm hopeful that Robinhood will continue to drive this. I think we made a lot of progress. Our IPO Access offering has really taken off in the past few years. When we started this in 2021, giving retail access to IPOs, it took a lot of work and a lot of persuasion to get companies comfortable with this idea. And now I think pretty much every large IPO of consequence is thinking about retail and giving them increasingly large allocations. So we think we've done a lot to further IPO Access for retail, and I think we're excited to continue doing that. I should also add, you're asking about IPOs of AI companies. Robinhood Ventures, which is our vehicle for giving access to these companies while they're still private, recently invested in OpenAI. So RVI invested $75 million in OpenAI. And so we're looking at opening up access to private markets as well.

Next question comes from Nicholas C., who asks, will Robinhood Banking get Zelle and bill pay? .

Yes. Robinhood Banking is actually making really strong progress. So we've seen over $2.5 billion in deposits from over 170,000 funded customers since launch, which is just the end of last year. And the thing I'm perhaps most excited about is the 40% direct deposit attach rate. So that shows you that these customers aren't just dabbling with these accounts, but they're really thinking of them as their primary financial account because the paychecks are actually going in there. We plan to keep accelerating the rollout through the year. And actually, as it pertains to Zelle, it has been one of the top feature requests from early customers. So the team has been working hard to create a solution there. And we don't have anything specific to share, but rest assured, we hear the feedback, and we'll have more to share on that soon.

Great. Next question comes from Paul D., who asks, when will we get dividend tracking?

Yes. So we have a lot of dividend investors at Robinhood. I'd like to call them dividend hounds. One of the things we've been working on, we're really paying a lot of attention to our dividend investors. We launched a feature called Early Dividends at our Take Flight event just a couple of months ago. And what this allows you to do is get access to the dividends up to 17 days early. So you can take advantage of dividend reinvestment and extra compounding. And I think it's an innovative feature. I'd be shocked if our competitors aren't scrambling to copy that. But of course, early dividends are only the beginning of what we're doing for our dividend investors. The dividend tracker, an often requested feature, is actually in internal testing now. I've been enjoying using it. It's on my smartphone. So it's coming soon. We want to make sure that it's to the standards that you expect, and it's super delightful. So you should expect it very soon.

All right. Next question comes from Safik A., who asks, when will Robinhood give us access to international stocks?

Yes. So we already have a large and growing list of ADRs that customers have access to today. As a matter of fact, we've been adding more and more just in the past few days. And over time, we want to make sure you have access to direct investments in international stocks as well, both for our U.S. customers who are here, so you can diversify, but for international expansion. So if we expand to a new market, we don't want to just offer U.S. stocks. We want to integrate with their local exchanges and offer access to local markets as well. So this isn't something that we can easily flip a switch, but we've been hard at work building scalable infrastructure that unlocks this, starting with multicurrency support with our multicurrency wallets in the U.K. So yes, you should expect that all of this is on the road map, and we'll be delivering it to customers.

All right. Next comes from Matt S., who's joining us live. Matt, over to you.

So a question, will the Robinhood Venture Fund be investing in Anthropic?

Yes. Great question. Of course, Anthropic is doing a lot of great things, so we understand the demand there. We can't be too specific about what companies we're looking at. But the general principle is we want to make investments that our customers are excited about and we believe we can underwrite to deliver significant value over time. So RVI, I mentioned earlier, has some great names in it, and we are also working on subsequent funds. So excited to give customers exposure to innovative companies in the private markets. Feel free to add anything there.

I'll just add that we're having some, I think, productive discussions in Washington with regulators and policymakers on potential rule changes to also help open up access for retail investors to the private market. So hopefully, there's more to come there soon, too.

Yes, absolutely. I mean, now that the PDT rule has been has been improved, accreditation is kind of our next crusade.

Great. Next question comes from Ravindra B., who asks, where are Robinhood's top priorities for growth and innovation over the next few years?

Yes. So to name a few, agentic finance. Now again, this is a new category, and it's really about how do we couple the power and flexibility of AI agents with your financial life and all the tools we make available on Robinhood. I think this is a big category, and we're very much at the frontier. So you should expect that to continue to develop and for us to invest more and more. We're already getting tons of feedback, and the team has been moving super quickly. So we started with equity trading and credit cards. So you should expect us to innovate both on selection, making available more of the great things we offer on Robinhood, but also on the interface, just making it easy to get started, make it more understandable so that you don't have to be a computer scientist to use this stuff and to take advantage of the power and the automation. Prediction markets, including Rothera, which is our new DCM and DCO, so exchange and clearinghouse. And I think, yes, you should expect a lot of development there in this nascent space. Like I said, we're at the beginning of a prediction market super cycle. So we're still very, very early in that industry as well. And we have 3 arcs of our strategy: #1 in active traders; #1 in wallet share for the next generation; and #1 global financial ecosystem. So tokenization, of course, is an area we're continuing to make progress in. And you should see a lot of new products, a lot of new innovations, including at our crypto and international event in London in a few weeks.

All right. Next question comes from Edgar H., who asks, does Robinhood plan on offering AI trading bots?

Yes, absolutely. So yes, I would encourage you to take a look at Agentic Trading by Robinhood just launched last week. And it's rolled out to about 50% right now with the goal to roll out to everyone by the end of the week. And we're going to continue to refine both the assets you can trade and also the customer experience. And the goal is to make it native, more seamless, more intuitive, more frictionless. So yes, you can get started now, and you should expect with every Robinhood product, it continues to get better and more attuned to customer needs as time goes on.

All right. Our final question comes from Joseph G., who asks, does Robinhood plan -- what does Robinhood plan to do if they have to remove prediction markets due to legislation? Any ideas in place to replace that revenue?

Well, this is a great question. And Lucas here, who is the Corporate Secretary presiding over this meeting, also moonlights as the General Counsel. So you've been spending a lot of time on this. Maybe you can share your thoughts, and I'll share mine.

Happy to share some thoughts. You mentioned it's a fast-growing market, lots of products. I think we think a categorical ban on prediction markets is unlikely. We're continuing to have good conversations with Congress and regulators on this. The main question around certain contracts, sports being a big one, we believe along with the CFTC that these are federally regulated products. So ultimately, we'll have to see how these conversations go. But we're going to remain nimble, and we're busy at work every day in Washington, advocating for -- to preserve access to these markets for our customers.

Yes. We will defend your right to trade and predict in peace, okay? And just to add, we have a large diversified business. So last -- we shared 11 business lines generating $100 million in annual revenue and plenty more that are that are on deck there. So we continue to grow. We continue to win market share across several verticals. The core business continues to be strong. I was just on CNBC earlier today, and I shared yesterday was all-time record in equities trading. So a lot of people love talking about the -- all the new stuff, but equities trading, which is such an important business, had its all-time high volume watermark just yesterday. And 24-hour market, we pioneered round-the-clock equities trading. That was the largest day by far in the previous overnight session. So yes, it's just great to see the core business continuing to grow and compound organically. So we're not reliant on just 1 product to grow the business, but it's increasingly diversified. So I think that's the last user submitted question. With that, we want to thank all of you, thank all the shareholders and stockholders who submitted questions. And thank you for participating in the annual meeting and for giving us your trust as a shareholder. We're super excited about the year ahead, and we look forward to sharing more updates. There will be plenty more. So back to you, Lucas.

All right. Thanks, Vlad. All right. There are 3 proposals before our stockholders today. Voting will close right after we present Proposal 3. The first proposal is the election of 10 director nominees to serve until the next annual meeting. Robinhood's Board has nominated and recommends the election of Vlad Tenev; Baiju Bhatt; John Hegeman; Paula Loop; Micky Malka; Christopher Payne; Jonathan Rubinstein; Susan Segal; Dara Treseder; and Robert Zoellick. As there were no other nominations, the nominations are now closed. The second proposal is the advisory vote to approve the compensation of our named executive officers. Our Board recommends that stockholders vote for this proposal. The third proposal is to ratify the appointment of Ernst & Young as the company's independent registered public accounting firm. EY does not wish to make a statement. Our Board recommends that stockholders vote for this proposal. There are no other proposals or business for the meeting. Please note that now is the final opportunity to submit your vote. [Voting]

It's 10:27 a.m. Pacific Time, and the polls are now closed. Thank you again for participating. Our Inspector of Election has provided the preliminary voting results. All 10 director nominees have been elected. The advisory vote on executive compensation is passed, and the appointment of EY has been ratified. We will file a Form 8-K with the SEC to report the final results. The business portion of the meeting is now concluded. Vlad, back over to you for closing remarks.

You should know that the team continues to work incredibly hard to deliver value and build great products for our customers, deliver great value for our shareholders. And to that end, don't forget to join our livestream, Robinhood Presents: The World is Flat in London, and we'll be streaming live on the Internet. This will be on July 1. And there, we'll be unveiling the next chapter of Robinhood's crypto products around the world. So with that, Lucas and I will get back to work for you. The road map is full. So much to do. Be well.