| NET INCOME (LOSS) PER SHARE |
NOTE 13: NET INCOME (LOSS) PER SHARE The following table presents the calculation of basic and diluted income (loss) per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions, except share and per share data) | Year Ended December 31, | | 2023 | | 2024 | | 2025 | | Class A | Class B | | Class A | Class B | | Class A | Class B | Basic EPS: | | | | | | | | | Numerator | | | | | | | | | Net income (loss) | $ | (465) | | $ | (76) | | | $ | 1,214 | | $ | 197 | | | $ | 1,641 | | $ | 242 | | Net income (loss) attributable to non-controlling interest | — | | — | | | — | | — | | | — | | — | | Net income (loss) attributable to Robinhood common stockholders | $ | (465) | | $ | (76) | | | $ | 1,214 | | $ | 197 | | | $ | 1,641 | | $ | 242 | | Denominator | | | | | | | | | Weighted-average common shares outstanding - basic | 763,580,698 | | 127,276,961 | | | 758,213,055 | | 122,900,101 | | | 774,107,256 | | 114,397,702 | | | Basic EPS | $ | (0.61) | | $ | (0.61) | | | $ | 1.60 | | $ | 1.60 | | | $ | 2.12 | | $ | 2.12 | | | | | | | | | | | Diluted EPS: | | | | | | | | | Numerator | | | | | | | | | Net income (loss) | $ | (465) | | $ | (76) | | | $ | 1,214 | | $ | 197 | | | $ | 1,641 | | $ | 242 | | Net income (loss) attributable to non-controlling interest | — | | — | | | — | | — | | | — | | — | | Net income (loss) attributable to Robinhood common stockholders | $ | (465) | | $ | (76) | | | $ | 1,214 | | $ | 197 | | | $ | 1,641 | | $ | 242 | | Reallocation of net income (loss) as a result of conversion of Class B to Class A common stock | — | | — | | | 197 | | — | | | 242 | | — | | Reallocation of net income (loss) to Class B common stock | — | | — | | | — | | (5) | | | — | | (8) | | Net income (loss) attributable to Robinhood common stockholders for diluted EPS | $ | (465) | | $ | (76) | | | $ | 1,411 | | $ | 192 | | | $ | 1,883 | | $ | 234 | | Denominator | | | | | | | | | Weighted-average common shares outstanding - basic | 763,580,698 | | 127,276,961 | | | 758,213,055 | | 122,900,101 | | | 774,107,256 | | 114,397,702 | | Dilutive effect of stock options, warrants, and unvested shares | — | | — | | | 25,058,348 | | — | | | 30,276,888 | | — | | Conversion of Class B to Class A common stock | — | | — | | | 122,900,101 | | — | | | 114,397,702 | | — | | Weighted-average common shares outstanding - diluted | 763,580,698 | | 127,276,961 | | | 906,171,504 | | 122,900,101 | | | 918,781,846 | | 114,397,702 | | Diluted EPS | $ | (0.61) | | $ | (0.61) | | | $ | 1.56 | | $ | 1.56 | | | $ | 2.05 | | $ | 2.05 | |
The following potential common shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions that were not satisfied by the end of the period: | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2024 | | 2025 | | Time-Based RSUs | 34,625,253 | | | 828,224 | | | 24,418 | | | Market-Based RSUs | 22,476,722 | | | 11,065,463 | | | — | | | Stock options | 12,141,566 | | | — | | | — | | | Warrants | 14,278,034 | | | 12,868,262 | | | — | | ESPP | 305,692 | | | — | | | — | | | Total anti-dilutive securities | 83,827,267 | | | 24,761,949 | | | 24,418 | |
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