v3.25.4
INVESTMENTS AND FAIR VALUE MEASUREMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Held-to-Maturity Investments
The following tables summarize our held-to-maturity investments:
December 31, 2024
(in millions)
Amortized Cost
Allowance for Credit Losses
Unrealized Gains
Unrealized LossesFair Value
Debt securities:
U.S. Treasury securities$337 $— $1 $— $338 
Corporate debt securities51 — — — 51 
U.S. government agency securities10 — — — 10 
Total held-to-maturity investments$398 $— $1 $— $399 
Schedule of Amortized Cost and Fair Value of Held-to-Maturity Investments by Contractual Maturity Date
The table below presents the amortized cost and fair value of held-to-maturity investments by contractual maturity:
December 31, 2024
(in millions)
Within 1 Year
1 to 2 Years
Total
Amortized cost
Debt securities:
U.S. Treasury securities$337 $— $337 
Corporate debt securities51 — 51 
U.S. government agency securities10 — 10 
Total held-to-maturity investments$398 $— $398 
Fair value
Debt securities:
U.S. Treasury securities$338 $— $338 
Corporate debt securities51 — 51 
U.S. government agency securities10 — 10 
Total held-to-maturity investments$399 $— $399 
Schedule Of Financial Assets and Liabilities Measured At Fair Value On A Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis were presented on our consolidated balance sheets as follows:
December 31, 2024
(in millions)Level 1Level 2Level 3Total
Assets
Cash equivalents:
Time deposits$— $750 $— $750 
Money market funds53 — — 53 
Cash, cash equivalents, and securities segregated under federal and other regulations:
U.S. Treasury securities1,193 — — 1,193 
Other current assets:
Stablecoin361 — — 361 
Equity securities - securities owned15 — — 15 
Other non-current assets:
Money market funds - escrow account2 — — 2 
User-held fractional shares2,530 — — 2,530 
Total financial assets$4,154 $750 $— $4,904 
Liabilities
Fractional shares repurchase obligations
$2,530 $— $— $2,530 
Total financial liabilities$2,530 $— $— $2,530 
December 31, 2025
(in millions)Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$52 $— $— $52 
Cash, cash equivalents, and securities segregated under federal and other regulations:
U.S. Treasury securities311 — — 311 
Foreign Treasury securities53 — — 53 
Deposits with clearing organizations:
U.S. Treasury securities(1)
1 — — 1 
Other current assets:
U.S. Treasury securities (2)
200 — — 200 
Stablecoin152 — — 152 
Equity securities - securities owned28 — — 28 
Other non-current assets:
Non-marketable securities (3)
— — 232 232 
Money market funds - escrow account2 — — 2 
User-held fractional shares3,782 — — 3,782 
Total financial assets$4,581 $— $232 $4,813 
Liabilities
Fractional shares repurchase obligations
$3,782 $— $— $3,782 
Total financial liabilities$3,782 $— $— $3,782 
______________
(1) As of December 31, 2025, $1 million of our U.S. Treasury securities are deposited with an exchange to enable the execution, clearing, and settlement of event contracts.
(2) Classified as trading securities in which the amortized cost approximates fair value as of December 31, 2025.
(3) Represents non-marketable equity securities held by Robinhood Ventures Fund I.
Schedule of Estimated Fair Value of Robinhood Ventures Fund I Investments in Non-Marketable Equity Securities
The following table sets forth a summary of the changes in the estimated fair value of Robinhood Ventures Fund I investments in non-marketable equity securities classified as a Level 3 in the fair value hierarchy:
December 31,
(in millions)2025
Beginning of period, January 1, 2025$— 
Purchases during the period
225 
Net unrealized gains (losses)7 
End of period, December 31, 2025$232 
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The fair value for certain financial instruments that are not required to be measured or reported at fair value was presented on our consolidated balance sheets as follows:
December 31, 2024
(in millions)
Level 1
Level 2
Level 3
Total
Assets
Held-to-maturity investments:
U.S. Treasury securities$338 $— $— $338 
Corporate debt securities— 51 — 51 
U.S. government agency securities— 10 — 10 
Total held-to-maturity investments
$
338 
$
61 
$
— 
$
399