Platforms that let customers trade contracts on events, from sports to economics. The CFTC, states and courts are still setting the rules, so we treat regulation as the central risk.
Retail brokerage and financial platform offering equities, options, crypto, event contracts, margin lending and cash management to 28.4m funded…
Net revenue of $1,412m was 3.7% above our estimate, led by $236m of event-contract revenue, but FY26 spending guidance rose by $125m at the midpoint. Sell and $92 target unchanged. Sample update with illustrative figures and sources.
Robinhood has become a financial platform with FY25A revenue of $4.5bn, but at 43.8x our FY27E EPS the shares discount more growth than our base case. We initiate at Sell with a $92 target.
