Robinhood guides 2026 adjusted operating expenses and SBC to $2.6B-$2.725B

In its Q4 2025 release, Robinhood guided 2026 non-GAAP adjusted operating expenses and stock-based compensation to $2.6 billion to $2.725 billion. The midpoint implies about 18% growth over 2025. The company did not give a 2026 outlook for total GAAP operating expenses, so the cost base for margin estimates depends on this non-GAAP range.

• 2026 adjusted operating expenses plus SBC guided to $2.6B-$2.725B
• Midpoint implies about 18% year-over-year growth versus 2025
• No 2026 outlook given for total GAAP operating expenses