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REVENUES
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 5: REVENUES
Disaggregation of Revenues
The following table presents our revenues disaggregated by revenue source:
Year Ended December 31,
(in millions)202320242025
Transaction-based revenues
Options$505$760$1,123
Cryptocurrencies135626901
Equities104177302
Other4184302
Total transaction-based revenues7851,6472,628
Net interest revenues:
Margin interest243319573
Interest on segregated cash, cash equivalents, securities, and deposits210261319
Cash Sweep123179229
Securities lending, net7994190
Interest on corporate cash and investments 288256167
Credit card, net92464
Interest expenses related to credit facilities(23)(24)(32)
Other ——4
Total net interest revenues9291,1091,514
Other revenues:
Gold subscription revenues $75$109$179
Proxy revenues 616063
Other152689
Total other revenues
151 195 331 
Total net revenues$1,865$2,951$4,473
The following table presents interest revenue earned and interest expense paid from securities lending:
Year Ended December 31,
(in millions)202320242025
Interest revenue$184 $321 $604 
Interest expense(105)(227)(414)
Securities lending, net
$79 $94 $190 
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 consolidated balance sheets.
As of December 31, 2025, contract liabilities include $39 million of unearned subscription revenue for Robinhood Gold and Robinhood Gold Card, recognized when users remit cash payments in advance of the time we satisfy our performance obligations. The unearned subscription revenue was recorded as other current liabilities on the consolidated balance sheets. Contract liabilities also include $17 million of TradePMR performance obligations acquired as part of the TradePMR acquisition, with $8 million recorded in other current liabilities and $9 million in other non-current liabilities which was recorded on the consolidated balance sheets. This liability represents consideration received in advance of satisfying the related performance obligations and is subject to repayment if certain contractual conditions are not met.

The table below sets forth contract receivables and liabilities balances for the periods indicated:
December 31, 2024
(in millions)Contract ReceivablesContract Liabilities
Beginning of the period, January 1, 2024$87 $4 
End of the period, December 31, 2024
294 11 
Changes during the period$207 $7 
December 31, 2025
(in millions)Contract ReceivablesContract Liabilities
Beginning of the period, January 1, 2025$294 $11 
End of the period, December 31, 2025
185 57 
Changes during the period$(109)$46 
The difference between the opening and ending balances of our contract receivables was primarily driven by lower cryptocurrency transaction-based revenues due to decreased trading volumes as well as number of traders and timing differences between our performance and counterparty payments, partially offset by higher options and equities transaction-based revenues.
The difference between the opening and ending balances of our contract liabilities was primarily driven by an increase in Robinhood Gold Subscribers, Robinhood Gold Card users, and TradePMR performance obligations, and timing differences between our performance and customer billing. We recognized all revenue from amounts included in the opening contract liabilities balance for the year end December 31, 2025.