Robinhood (HOOD) Q3 2025 Earnings Call Transcript

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Date

Wednesday, Nov. 5, 2025, at 5 p.m. ET

Call participants

• Chief Executive Officer — Vlad Tenev
• Chief Financial Officer — Jason Warnick
• Incoming Chief Financial Officer / SVP, Finance and Strategy — Shiv Verma

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Takeaways

• Revenue -- Nearly $1.3 billion, representing over 100% year-over-year growth from Q3 2024 and setting a new company record for Q3 2025.
• Net deposits -- Net deposits exceeded $20 billion in Q3 2025, already surpassing the full-year 2024 record of $50 billion in net deposits with one quarter remaining.
• Gold subscribers -- Robinhood Gold reached a record 3.9 million subscribers, up more than 75% year-over-year, accounting for over 14% of total accounts as of Q3 2025 and nearly 40% of new customers who joined during the quarter.
• Prediction markets volume -- Prediction market contract volume reached 2.3 billion in Q3 2025. October 2025 alone reached 2.5 billion contracts, exceeding the total for Q3 2025.
• Prediction markets revenue milestone -- Prediction Markets achieved over $100 million in annualized revenue within a year of launch and is tracking toward a $300 million run rate based on October 2025 volumes.
• Bitstamp performance -- Bitstamp volumes grew by more than 60% sequentially in Q3 2025, now also generating over $100 million in annualized revenue.
• Interest-earning assets -- Increased by over 50% year-over-year, supported by growth in margin balances and cash sweep.
• Retirement accounts -- Retirement assets topped $25 billion, more than doubling in the past year.
• Robinhood Strategies -- This digital advisor offering, launched in March, now exceeds $1 billion in assets.
• Gold Card adoption -- Robinhood Gold Card now has more than 500,000 cardholders and over $8 billion in annual spend, reflecting a fivefold increase in cardholders since the beginning of the year.
• International funded customers -- Nearly 700,000 international funded customers, including those from Bitstamp, were reported in Q3 2025.
• Staked crypto assets -- Ended Q3 2025 with approximately $1 billion in crypto assets staked by customers.
• Adjusted operating expenses and share-based compensation -- Adjusted operating expenses and share-based compensation reached $613 million in Q3, about $40 million above the prior midpoint outlook, attributed to higher employee bonus accrual and unplanned payroll tax from CEO market-based award vesting.
• Full-year 2025 cost outlook -- Adjusted OpEx plus SBC is forecast near $2.28 billion for full-year 2025, with potential variation depending on performance and investment pacing.
• Platform resiliency improvements -- Recent AWS outage revealed app continued operating at reduced speed, reflecting investments in system resilience.
• Crypto trading take rate -- CFO Warnick reported blended take rates in the high $0.60 zone, consistent into Q4; smart exchange routing features are drawing higher trading volumes from active users.
• Short selling rollout -- Shorting functionality has not yet launched for external customers despite prior announcements and pilot with internal employees.
• CFO transition -- Jason Warnick will retire in Q1 2026, remaining as an advisor until September 1, with Shiv Verma assuming CFO role.

Summary

Robinhood (NASDAQ:HOOD) delivered record revenue, net deposits, and asset growth in Q3 2025, while expanding product adoption and international reach. Diversification accelerated, as both Bitstamp and Prediction Markets surpassed $100 million in annualized revenue, bringing the platform's total distinct business lines with over $100 million in annualized revenue run-rate to eleven. Margin expansion, operating leverage, and customer engagement increased across brokerage and crypto services, while execution on cost discipline supported elevated incremental adjusted EBITDA margins. The company is rolling out new offerings including Robinhood Banking, Robinhood Social, and expanded tokenization while intensifying investments in private market access and global institutional channels. Platform improvements in resiliency and progressive customer segmentation strategies are enabling broader participation in advanced products including smart exchange routing and staking. Upcoming leadership transition features Shiv Verma as CFO, aiming to sustain the company's strategic direction in profitable growth and product velocity.

• CEO Tenev outlined an ambition for more than half of company revenue to be international and institutional within ten years, as stated during the Q3 2025 earnings call, noting early progress in the EU, UK, and through Bitstamp integration.
• CFO Warnick stated, "Year to date through Q3 2025, revenue is up 65%." and "Earnings per share is up 150% year to date through Q3 2025," emphasizing significant operating leverage.
• Robinhood Gold subscriber growth exceeded 75% year-over-year, with adoption rates markedly higher among new customers joining during the quarter.
• Robinhood Ventures, aimed at broadening retail access to private markets, has filed with the SEC and expects a forthcoming public offering, with a first fund launch in progress.
• The tokenized equities offering now features over 400 public company tokens in the EU, with management describing further phases to include secondary trading and DeFi integration.
• Robinhood Gold Card's rapid expansion led to management accelerating rollout plans, supported by favorable customer behavior patterns.
• Prediction Markets volume momentum in Q3 2025 is attributed to expanded contract diversity and new product categories, including culture and entertainment, which are driving both new user acquisition and increased engagement from active traders.
• Interest-earning asset growth and record securities lending revenue in Q3 were supported by increased IPO activity and the acquisition of higher-value customers.
• Smart exchange routing is delivering more personalized pricing, attracting higher volumes from sophisticated traders and underpenetrated segments.
• Management cited the AWS outage as an opportunity to further strengthen system resilience, reiterating commitment to service robustness even with third-party incidents.
• Capital allocation remains focused on sustainable earnings and free cash flow per share growth, with reinvestment potential stemming from tight cost controls across core business lines.
• Robinhood Banking and family financial products are positioned to capture a larger share of generational wealth transfer, with further account expansion planned.

Industry glossary

• Smart exchange routing: An order-routing method that matches crypto trades to venues for optimal execution and pricing, tailored to varying user volume or sophistication.
• Tokenization: The process of converting traditional asset ownership, such as equities, into digital tokens that can be issued and traded on blockchain networks.
• Cash sweep: The mechanism for automatically transferring idle customer balances into interest-earning accounts or money market funds.
• Prediction markets: Platforms enabling customers to trade contracts based on event outcomes, such as elections, sports, or cultural developments.
• Robinhood Gold: Company’s subscription service providing access to premium features, including margin, higher interest on uninvested cash, and advanced analytics.
• DeFi: Decentralized Finance, or blockchain-based financial services operating without traditional intermediaries.

Full Conference Call Transcript

Vlad Tenev: It's great to be here with all of you today. We have a live audience again, this time from Downtown San Francisco. And also great to, I think for the first time in our earnings call, have institutional and retail shareholders, so buy-side joining us. So welcome, and thank you. Also, have our institutional analysts, so good to see a lot of familiar faces here. Q3 was another quarter of relentless product velocity. So we were excited to see that it was really across our three focus areas, which as a reminder are number one in active traders, number one in wallet share for the next generation, and number one global financial ecosystem.

So I'll briefly go through each of these. Active traders, we want active traders to feel like they are at a disadvantage if they trade anywhere other than Robinhood Markets, Inc. For both equities and options in the month of October, we had new single-day all-time, and new monthly records. So both of those businesses just continue to perform strongly. Prediction markets are really on fire. It's hard to believe that we launched this just about a year ago, with the presidential election markets. We've doubled volume every quarter since then to 2.3 billion contracts in Q3, and the month of October alone was up to 2.5 billion contracts. So October by itself was bigger than all of Q3 combined.

Customers really love the product, and we're bringing them even more. We're now at over a thousand live contracts, and we've expanded categories. So it's not just sports, but also economics, politics, culture. We're making the UI much cleaner, the experience even better. And I think it's really exciting to see where this can go. I mean, we love being early to this new asset class. And some people are saying this could be one of the largest asset classes. You can price risk in pretty much anything. We have a massive opportunity with assets as well. Turning to wallet share, our assets are now up to over a third of a trillion.

As the generational wealth transfer of $120 trillion is fully in motion. So I think it's really great to see our financial super app accelerating. On the long-term money side, retirement now up over $25 billion, which more than doubled in the past year. And Robinhood strategies, we just launched in March, now has over $1 billion in assets and is one of the fastest-growing digital advisors. On the banking front, Robinhood Gold Card, now over half a million cardholders with over $8 billion in annual spend. So the numbers there are just key growing. That's 5x growth in cardholders since the beginning of the year.

And, you know, we'll get into this a little bit more in Jason's section, but we like what we see there. The customer behavior is good, and that's given us confidence to accelerate the rollout. And we're gonna accelerate it even further. And Robinhood Banking started early customer rollout quite recently. So far we like what we're seeing there too. Customers are direct depositing, might have seen some nice screenshots of the user experience and the onboarding flow. And people really love that they're getting interest, not just on their savings, but they have an opportunity to earn a good interest on checking. So it's really about simplifying things for customers.

And the plan is to just keep scaling this, keep adding more services, more products. And last but not least, we've been really grinding to build out the number one global financial ecosystem. So ten years from now, the aim is to have over half of our revenue be outside the US, and also cut another way, right now we're majority retail. We think we can get to over half being non-retail, institutional. And these are tough goals but I think the opportunity is there. And we're going after it. Three areas of progress to highlight from Q3. Tokenization, which are stock tokens in the EU. We're now up to 400 plus public companies and growing.

There's a lot of innovation to be done. We're working hard. Robinhood Ventures in the US so we found a way to give exposure to non-accredited retail to private companies. Which we think is super important. And a huge opportunity for us. We've already made some initial investments. We're working towards the public offering for Robinhood Ventures in the coming months. Bitstamp Around the World is our first scaled institutional business, we're very excited about that. We are continuing to grow, we're adding capabilities, we're adding more institutional customers. Volumes were up 60 plus percent quarter for Bitstamp and it's great to see that we're accelerating even as we're integrating.

I think that's like it's not a common thing it's a big business. I think the team's done a really nice job kind of integrating and making sure that product velocity just continues to increase. And as a result of all this, great business results in Q3, revenues up over 100% year over year to a record of nearly $1.3 billion. Record net deposits in the quarter over $20 billion. We've already exceeded last year's record of $50 billion in net deposit. And we still have another entire quarter to go. So we feel really good about the traction there. Gold subscribers up to a record 3.9 million.

And that's 14 plus percent adoption when you look at the overall net account base. And it's nearly 40% for customers that joined in the quarter. Our new customers. International customers, nearly 700,000 international funded including Bitstamp, so the UK and EU are continuing to grow nicely. And we feel great about Q3 product velocity and results. I think it was a strong quarter. And turn it over to Jason to go through financials before we get into Q&A. Sounds good. Thanks, Vlad.

Jason Warnick: In Q3, we delivered another quarter of strong profitable growth. Revenue doubled while margins expanded more than tripled and earnings per share from last year. Year to date through Q3, revenues are up 65%. Earnings per share is up 150%. We continue to stay disciplined on expenses to deliver 75% incremental adjusted EBITDA margins. And it's exciting that as our business grows, we're continuing to diversify. In Q3, two more businesses, Prediction Markets and Bitstamp, each surpassed $100 million in annualized revenue. Bringing us to 11 in total and underscoring the growing diversification and strength of our business. Prediction markets reached that milestone in less than a year, it's our fastest in history.

And it's already tracking towards a $300 million run rate based on October volume. So just really going fast. Now let's take a closer look at our Q3 results compared to a year ago. Revenues doubled to an all-time high of nearly $1.3 billion as our customers remained engaged in and continue to bring more of their assets to the platform. Trading volumes were up double to triple digits across equities, options, and crypto, and we continue to grow market share across products. We're also seeing strong contributions from newer products like prediction markets, index options, and futures. Interest-earning assets were up over 50% driven by strong margin and cash sweep growth.

It's great to see margin continuing to hit new highs as we win larger customers and gain market share. And securities lending also hit an all-time high with a strong market backdrop as IPO activity continued to pick up. And Robinhood Gold grew to 3.9 million subscribers. That's over 75% year-over-year growth as we continue to broaden the value proposition. Including Robinhood Banking, which is just beginning to roll out. Turning to expenses. Q3 adjusted OpEx and share-based compensation came in at $613 million. It's about $40 million above the midpoint of our prior outlook range. This was driven by two items that are both related to our strong performance.

First, stronger year-to-date results led to higher Q3 employee bonus accrual. That is higher for Q3 but also includes a catch-up for the first half of the year. And second, the significant increase in our stock price this year triggered vesting on the remaining tranche of the 2019 CEO market-based award. This resulted in unplanned payroll tax expense in G&A. We are through that award now, so glad you get to go back to your $40,000 a year.

Vlad Tenev: Apologies.

Jason Warnick: Looking ahead to the rest of the year, we're tracking toward full-year 2025 adjusted OpEx plus SBC of around $2.28 billion. But it could be higher or lower depending on how the rest of the year plays out. This reflects our strong year-to-date business results which had us tracking to the top end of our prior outlook range. As well as some increased investment in new growth areas. Like prediction markets and Robinhood Ventures. I think each of these areas have significant potential for us. And lastly, this also incorporates the cost of Vlad's market-based award, which were not previously included in our outlook. As you may have seen in the release.

I'll also provide a quick update on the strong results we're seeing so far in Q4. October was a strong month across the business. We saw continued momentum in net deposits, new records set across equities, options, prediction markets, and margin and a nice step up in crypto volumes. And before we go to Q&A, I'm sure you saw in the release that I'm going to be retiring next year. I'll transition in Q1 from my operating role into an advisory role and will stay on until September 1. I'm incredibly happy and proud to share that Shiv Verma will be stepping into the role of CFO.

I've worked closely with Shiv these past seven years, and I've got absolutely complete confidence in him. Going to find that he's seriously world-class.

Vlad Tenev: At this time, I'd like to invite Shiv Verma to join us up here. Long time no see Shiv. Okay. First of all, I want to thank Jason for all he's done for Robinhood Markets, Inc. He's been an incredible steward of the company not just the finance team, but the entire company and is leaving the finance team in a much stronger position than when he joined. Among his many assets, and you guys are obviously familiar with some of them, I would be remiss to not mention that his good looks were a main reason why we wanted to do these earnings on video. Which everyone can agree.

So I'm sure he'll be missed by this audience as well. I also want to congratulate Shiv. He's been working closely with me for some time now. You guys will increasingly see he's an exceptional operator. He's got a strong track record of not just being lean and disciplined, but also advocating for growth. And I think that balance is critical to so much that we do here. Tomorrow, Shiv celebrates seven years at Robinhood Markets, Inc. So while he's got his hands on nearly everything, he's currently SVP of finance and strategy and also our treasurer. So Shiv, welcome. Maybe you'll say a few words as well.

Shiv Verma: Yeah. Thank you, Vlad. I'm so excited and humbled for the opportunity to serve our customers and shareholders. Much appreciation to you, the board, and the entire leadership team for the trust. To Jason, heartfelt thank you. We joined six weeks apart we've been on quite the journey together. Many of you know Jason is a fantastic CFO. But he's also an incredible colleague, mentor, and friend. I just want to express my sincere gratitude. For today, I'll keep it short, just want to introduce myself.

As Vlad said, I've been here a little over seven years, and I've seen the company scale from a couple million customers and a few billion assets to now 27 million customers over $300 billion in assets globally. I work closely with Vlad, Jason, and the entire team. I've gotten to wear a lot of different hats, and as Vlad said today, I lead four teams: finance, strategy, corp dev, and treasury. In terms of what to expect big picture, more of the same. Our top goal is still to grow and to keep delivering for customers. To ship amazing products with high velocity.

We also believe in a lean and disciplined culture, and this is personally where I spend a lot of time. We obsess about capital allocation and ROI, we pride ourselves on small teams that can deliver outsized results. And we believe in profitable growth. And lastly, our financial north star is gonna remain the same. Grow earnings per share and free cash flow per share and compound long-term shareholder value. Plain and simple. So I'm excited to partner with everyone. I'll turn it back to Vlad and Jason to talk about this great quarter.

Jason Warnick: Thanks, Shiv. And I do look forward to seeing Shiv competing on Jeopardy someday. Chris, why don't we go ahead and take some questions?

Chris Koegel: Alright. Thank you, Jason. For the Q&A session, we'll start by answering shareholder questions from Say Technologies. From shareholders who are joining us on video. And after the Say questions, we'll turn to live questions from our audience and then go to dial-in participants. So I'll kick it off with our first question from Say, which comes from Preston.

Preston: Hello, Vlad and Jason. You guys see me okay?

Vlad Tenev: We can hear you. Hear you well.

Preston: Oh, okay. Yeah. Thank you for giving me this opportunity to ask a question here. Oh, I see you now. There you are. Hello. Yeah.

Chris Koegel: He's got a look at that. He's got the Robinhood logo. Did you draw that yourself?

Preston: I painted that in class a couple days ago.

Vlad Tenev: Oh, awesome.

Preston: But I was wondering how quickly do you expect to roll out Robinhood Banking to users?

Vlad Tenev: Yeah. Great question. This will be a relatively fast rollout. When you compare banking to the credit card, there's not the same considerations around making sure the economics between the borrowing and the spending are perfectly calibrated. I think banking is a simpler product in that way. And so the rollout will just be governed by customer feedback. We like what we see thus far. So we're gonna continue to roll out. And we expect that if there's no surprises, it should be pretty quick. We've already got customers trying it, including cash delivery available in some markets. And early results are really good.

So if you're in the state of New York and have access to banking, you can try it right now.

Chris Koegel: Alright, thank you, Vlad. The next question is from Hui Bin. Alright. I'll read it. So Hui Bin's question was, there was a recent AWS-related outage. How are you strengthening platform resiliency to address that?

Vlad Tenev: Sure, yeah, that's a great question. So for those of you that don't recall this, even though pretty much the entire Internet was briefly affected including my kids' elementary school. They couldn't take attendance. AWS had an outage a few weeks back. And that led to degraded app performance for a significant number of our customers. Now the good news is it actually demonstrates how much progress we've made in the resilience of our systems over the past few years. You know, if this had happened to us, like, an outage of the infrastructure provider of this magnitude, if it had happened a few years ago, we probably would have been fully down.

But we made a lot of investments in that time period. And so even though things were slower and there were higher latencies, a lot of customers could manage their risk and place orders. Although we didn't provide them with the type of experience that we would want. That's for sure. And one thing that you can be assured of is every opportunity, every outage like this, even if it's a third-party related, is an opportunity for us to further strengthen our resilience. So we've been hard at work looking at how we could become even better. And that's internally and also in conversations with all of our partners.

So this is part and parcel of what we have to do. We want to be our customers' not just primary financial account, but we want to be their secondary financial account as well, which means that we have to continue to be robust.

Chris Koegel: Alright. Thank you, Vlad. And let's take one more question from Say on video and see if we can go two for three here. So the next question is from Griffin.

Griffin: Hello.

Vlad Tenev: How are you doing? Hello. How

Griffin: Doing great. Hey. Yeah. Hey, Vlad, Jason, and Shiv. Thanks so much for taking the question and really great quarter. First of all, but I wanted to ask around the super app nature and kind of the evolution of Robinhood Markets, Inc. So obviously it was started to democratize investing for everyone. And now as you evolve into the full financial kind of ecosystem and also the true super app for the next generation, how do you see this ecosystem maturing? So what products do you think will kind of be the core tie around all of this? And also, how do you see the biggest opportunities for this next generation as everyone's finances get more complex? Thanks.

Vlad Tenev: Yeah. I think that's a great question. I mean, you're seeing that part of this vision is somewhat predictable in a sense. We have to look at how does money enter our ecosystem. And of course, we have all the existing mechanisms, but Robinhood Banking, the goal with Robinhood Banking is to be the place where our customers deposit their paychecks as well. So that will handle the inflow of money. And, you know, a lot of the assets over time, we do believe will be invested, but the question is, can we minimize the reasons customers have for ever withdrawing money? And make it as easy as possible for people to get money in.

And over time there will be new products, new product categories like prediction markets that arise and we want to use our combination of best-in-class user experience and also economics. To make sure we're a big player in everything that customers want to do with their money. Not just in the US, but increasingly globally. So it's gonna be a combination of getting broader, but also it's like selectively going deeper in areas where we feel like we have a competitive advantage.

Chris Koegel: Alright. Thank you, Vlad. That concludes our shareholder questions from Say Technologies. And so now we'll move to Q&A from our live audience. The first question is gonna be from Patrick Moley at Piper Sandler.

Patrick Moley: Yes. Thank you for taking the question. For my question, I want to say congratulations to both Jason and Shiv. Jason, really enjoyed working with you. Shiv looking forward to getting to know you a little better. So I had one on prediction markets. You've obviously become one of the leaders in the space, but there's been a lot of new entrants recently. So I was hoping you could talk about just the strategy there and what you think gives you the right to win long term?

And then as a second part to that, talk through some of the strategic considerations around maintaining your position today as kind of a retail distribution for the venues versus maybe trying to develop something internally, whether that's organic, or inorganic? Thanks.

Vlad Tenev: Yeah. Yeah. So I think one of the advantages we have entering any market, prediction markets aren't an exception, is that we have distribution and we have lots of customers, 26 million plus funded accounts in the US. That are trading and using us for all sorts of things. And from an infrastructure standpoint, we actually have an increasing set of tools that can plug in and are being built to be multi-asset. So not just our mobile app, but increasingly on the web, we have Robinhood Legend. We have all of these things that we announced at Hood Summit. And it's really an ecosystem of financial services.

And you'll see great integration between all of our platforms and all of our assets and account types increasingly so in the future. I think when we think about vertical integration, like should we be a market maker or should we be an exchange in any asset, one thing we look at is, is the vertical integration going to be accretive to us? Is it gonna be something that is increasingly commoditized over time? And my feeling for how this is going to evolve in prediction markets at least is there's gonna be a lot of entrants in the space, a lot of exchanges.

And in the same way that across equities and options, customers are well served because there's a wide variety of venues that are competing on cost to offer great execution. I think prediction markets will evolve that way too. And I think in that world, the customer certainly benefits because different DCMs and markets will compete for who offers the lowest cost. And I think the power continues to be in our distribution and offering a wide variety of products and services. And we're the only ones currently that have this powerful combination of, for traders, not just being able to trade prediction markets, but crypto, options, equities, futures.

I think it's a great combination and there's certain advantages for everything being in one place under a simple easy-to-use platform. And I think we can keep pressing on that advantage. And as you've noticed, I think the product has continued to evolve at a pretty rapid pace. I think you should expect that to continue and to even accelerate.

Chris Koegel: Alright. Next question from Alex Margraf. From KeyBanc.

Alex Margraf: Alright. I'll keep talking. There it is. There we go. Everyone. Jason, Shiv, congrats. Congrats. Maybe, Jason, one on crypto. The crypto business for a second. Just want to understand better as you move through the third quarter and early part of the fourth quarter. The mix of smart exchange routing and how that sort of factored into the numbers that we're seeing.

Jason Warnick: Yeah. So the blended take rate is kind of in the high 60 cent zone and we are liking what we're seeing for smart exchange routing, really robust interest by customers. And the take rate that we're seeing so far into Q4 is kind of in the same zone. We'll have to watch how the mix plays out, but we like what we're seeing from customers. They're bringing more when they select smart exchange routing. They're bringing more of their trading volume to Robinhood Markets, Inc. We feel really good about the offering that we have.

Vlad Tenev: Yeah, I would just add one thing there. It's a big step towards pricing being a little bit more personalized. Right? And what we had a lot of people ask us, well, your take rate is so much lower across the board. Can you raise your take rate? But I think the real story is a little bit more complex than that because, you know, certainly if you're an active trader, you're trading huge volumes, you're able to use advanced offerings on exchanges. And in the past, we didn't have tools to offer those customers we might not have been super competitive for lower take rates. And that's what smart exchange routing really unlocks for us.

For those that are super active and bringing a ton of volume almost like prosumer traders. Which we're seeing more of now that we've got Robinhood Legend, can we make Robinhood a no-brainer for them? And we've seen more and more of those customers choosing us and coming in here after smart exchange routing. Which is very exciting because that's just the customer segment that we felt we were underpenetrated with.

Chris Koegel: Alright. The next question is from Devin Ryan from Citizens. And if you want to ask a question after Devin, please put your hand up after as he's wrapping up.

Devin Ryan: Thanks, Chris. Vlad, Jason, Shiv, and Shiv, welcome to the call. I know you've been a big part of the story already. So kinda welcome to the stage here. And Jason, you as well. Success to date and you know, the practices you put in place wrote to the firm strong footing. Congratulations.

Jason Warnick: Thanks, Devin.

Devin Ryan: Question on private markets. Demand and activity that we're tracking is recovering. Last week, Morgan Stanley announced the acquisition of EquityZen. I know there could be some barriers with the credit investors. Maybe that it a bit complicated. But can you just talk about whether there's demand from your customer base, and especially as companies stay private longer, just in a lot of the values created in the private markets it would seem like Robinhood Markets, Inc. is in a great position to both be a trading hub and help create liquidity in the system but then also maybe even primary capital for private markets.

So the question is just whether there's an increasing interest in private markets, if there's a plan there to do more I know it connects to tokenization as well. And also if M&A would make sense there as well. Thanks.

Vlad Tenev: Yeah, maybe I'll start, but Shiv's also been working on the Robinhood Ventures front, maybe I'll ask him to say a few words as well. Look. I think private markets are a huge opportunity and just let's focus on the US perhaps first because that's where we have the largest portion of our business. Although international with tokenization provides some interesting opportunities as well. In the US, I think it's one of the biggest inequities that we think is part of our mission to help resolve. You mentioned yourself, you have a lot of these companies that are staying private longer. They're avoiding the public markets, they're private. Evaluations of hundreds of billions now.

So And if you want access to the AI innovation economy or space technologies you don't have a ton of pure play public companies to select from. So we think it's a bigger problem, particularly as these technologies have so much potential to upend the lives of retail consumers. Giving access to that is a big part of it. A few years ago we rolled out IPO access. And I would say that at first, people were kind of skeptical about it. Like we would have to really work hard to get companies to be interested to give retail IPO allocations.

And, you know, recently, pretty much every company that's notable that's thinking about going public comes to us, talks to us about their retail engagement strategy. And now they're looking at, you know, how do we engage retail better? Earnings calls, not just shareholder Q&A but doing making earnings more compelling so that retail wants to actually watch and participate and learn as well. And we've noticed the allocations to retail going up in public companies public IPOs, which we've been very happy about. And I think that's a trend that's gonna continue. And we wanna do that at earlier stage. And I think that's really the thesis behind Robinhood Ventures and we found a way to do it.

We believe unaccredited. And maybe Shiv can talk a little bit more about that.

Shiv Verma: Yeah. We've been working on this for a while, and we're super excited. In terms of the demand when we talk to customers, it's one of the top things they want. They want access to these best-in-class technology companies that they use and love. And when you ask them, there's three big things they want. First, the daily liquidity. Second, not to be accredited. 5% of Americans aren't accredited today, so they get left out. And third, more concentrated portfolios. They want to access again the names they love. And so when we designed the product, that was our main use case. How do we do that? And we think we found a great way to do it.

We're on a file with the SEC for Robinhood Ventures one. We're in the quiet periods. We can't say too much more there. But we think this vehicle will be great and expect pretty strong customer demand. And then the other thing we're working on is how do you make it great for companies? Because you need both the customers but also the companies. And so we're trying to think what's the best way to partner and innovate with these customers and companies as well and have some really great traction there. So we're excited to hear more about the fund in the coming months, but as Vlad said, this is just fund one and just the start.

Our ambitions in the space are pretty large.

Chris Koegel: The next question is gonna come from Jeff John Roberts. From Fortune.

Jeff John Roberts: Hi, My question is about tokenized equities, which seem to be the future and they seem very cool. But I'm curious, when do you think they're gonna scale Vlad? And also, what implications they might have for Robinhood Markets, Inc.'s revenue? When it comes to the payment for order flow or other

Vlad Tenev: Yeah. Great to see you, by the way. I forgot to mention we have some folks from the media joining us today too. So thanks for the question. So tokenized equities as you might remember from the event in France, there's three phases to the rollout. And we're still in phase one. But we're really ramping up the number of tokens available on the platform. So we're now up over 400 available. And I think that makes us the largest in terms of selection. I think the largest, maybe one of the largest at the very least. But I think where it really starts to get interesting is phase two and phase three.

Which is them available for secondary trading on Bitstamp, and then eventually them being on DeFi. Where the possibilities really start to multiply. You start thinking about self-custody, collateralized lending and borrowing, which we think could be very, very disruptive as well. Currently, the model is just foreign exchange. In the EU. Yeah. We take a relatively low simple foreign exchange fee. For tokens and actually, we're pretty happy with that. I think that's 10 basis points if I'm not mistaken. Which is actually slightly higher than what we would be foregoing with payment for order flow.

Chris Koegel: Alright, the next question in the front row.

Audience Member: Thanks for taking the question. Vlad is for you. Anyone who's had the pleasure of being an investor or customer for the last many years in incredibly change. Product is base, I'm curious to understand from you guys what have been the contributing factors there. How do you see that maintaining or increasing over the coming years? But really incredible job and it's so fun to be a customer.

Vlad Tenev: Well, thank you. Well, yeah, we appreciate that. I think that we've grown as a company, and I think it's easy to sort of like dismiss what happened during COVID as we were sort of like too bloated and got too big and got away from us. But I think a lot of what we did actually was we built the foundation for the company subsequent to that. So we brought great people into the company.

And I think we realized well, realized that we had to ask ourselves serious questions about what kind of culture we wanted, what we wanted to be, did we want to ship fast, and I think that set the foundation both infrastructurally and from a people standpoint to the product velocity that you see now. So I think we obviously had to make some tough decisions getting fit. I think we've also I think this is sort of underreported. I think a lot of people don't like to talk about but we were pretty early to adopt AI and actually, like, drive that through the organization. Particularly in the areas where we think there's maximum impact.

Customer service and engineering where we actually I believe, were our best in class our industry. So you'll hear more about that at the AI event but I think that you know, there's not a lot said about that because we're not a foundation model company. But I think we're right up there leading the financial services industry with how we're deploying it at scale. Two things that I would add. Which I think both relate to speed of decision making. We made the change to a general manager model. And I think having leaders over their specific business owning goals and driving against their milestones helped us move faster.

The second piece was alignment on what our financial tenants were around kind of what the ROI and other financial, guardrails are and just getting a complete alignment across the teams that build and the teams that support on what those hurdles are and what those requirements are. Allowed us to move even faster once there was alignment on that. So those are two aspects that I think help us move faster.

Chris Koegel: Yes. And also in the front row.

Audience Member: Hi. Thanks for taking my question. Cryptocurrency-related products and revenue have been an important part of Robinhood Markets, Inc.'s growth story. What are your thoughts on adopting Bitcoin or other digital assets, part of your corporate treasury strategy?

Shiv Verma: Shiv, what do you think about that one? So spent a lot of time thinking about this. We like alignment with the community. We are a big player in crypto. We want to keep doing it. We like that our customers are engaged in it. What we always try to figure out is, is it the right thing for shareholders as well? If you put it on your balance sheet, it has the positives and that you're aligned with the community. But it does take up capital. Our shareholders can also go and buy Bitcoin directly on Robinhood Markets, Inc. And so are we making that decision for them? And is it the best use of our capital?

There's a lot of different things you're doing, you know, from new products, for growth, investing in engineering. So we have this debate constantly. And I think the short answer is we're still thinking about it. There's pros and cons to both of it. And it's one that we're gonna keep actively looking at.

Chris Koegel: Alright. Before we move to the virtual queue, are there any other questions from folks in person?

Audience Member: Alright.

Chris Koegel: Now to the dial-in community. Alright. So for those who are dialing in, please press 11 on your phone. To enter the queue. And if you'd like to remove yourself from the queue, please press 11 again. So the first question is from James Yarrow at Goldman Sachs.

Chris Koegel: Alright. We're we don't have James at the moment, so we'll go to the next question. And James, jump back in if you can hear us. Alright, so the next question is from Ben Budish at Barclays.

Chris Koegel: Alright. Well, in the meantime, while we work to connect with our virtual community, Alex Margraf, do you have another question? Alright. Let's get Alex and Mike. Jim, do you wanna tell share any more about yourself while we're waiting? I think we're getting Alex and Mike.

Shiv Verma: So we're in good shape. Yeah.

Jason Warnick: Thanks for your patience as work through.

Alex Margraf: Thanks. Vlad, you mentioned the wealth transfer in your prepared remarks, and I'd just be curious to get your thoughts as to in that sort of longer arc opportunity where we are today. And then Jason or Shiv maybe just thinking about the contribution to growth how should we sort of again, sort of a longer-term question, but when we think about the contribution to growth from the wealth transfer think about that over a five, ten-year arc?

Vlad Tenev: Yeah, maybe I'll start with the things we're thinking about on the product side. We've been really thinking about how to make Robinhood Markets, Inc. more useful for you the more of your family is on it. So and you see this with credit card and now the banking offering. Like the product, is really a family product. Family is a first-class experience. You can get, you know, your partner a credit card or a bank account and make it really easy to create accounts for children, and other household staff as well. And a lot of people have been using it as like a family financial hub.

And I think you should expect that to be broader and deeper across the entire ecosystem. You guys might probably recognize even though we've added a bunch of account types to the product, a few years ago, Robinhood Markets, Inc. just used to be a single individual brokerage account. Didn't even have retirement accounts. Now you have retirement accounts. You can have recently launched up to 10 custom individual brokerage accounts, which people have been really loving. But we still have a ways to go. We don't have trust. We don't have custodial but we think that's an opportunity.

To continue to both get people when they're younger, but also, you know, customers get wealthier, they tend to start diversifying, putting things into trust. So we see that as an opportunity as well. I think this is an area where trade PMR is also gonna become increasingly important. As we work to integrate that platform, particularly as financial needs become a little bit more complicated having a person there to help you navigate the entire thing and give a little bit more customized advice. I think will be a great complement to our suite of digital services. So over the next year, you'll see a lot more.

We're attacking this problem and this huge, you know, 100 plus trillion opportunity from multiple angles. And I actually don't think it's on the radar of a lot of our competitors. I mean, you don't hear about people designing with the whole family in mind. And I think that's a big opportunity for us to differentiate.

Jason Warnick: Stepping back we've been winning market share really across every category that we're in. And I think, you know, as we execute against the vision that Vlad was sharing. We're positioned to take an outsized share of that of the wealth transfer.

Chris Koegel: The next question I'm gonna read on behalf of James Yarrow from Goldman Sachs. We are seeing tokenization across Robinhood Markets, Inc. and other firms. And your tokenized equities product and those appears are not interoperable. As they are slightly differently structured and on different blockchains in many cases. Does this result in fragmentation of liquidity across the equity market? How do you expect this market to develop? And how would you make these tokenized stocks interoperable?

Vlad Tenev: Yeah. Yeah. I can feel that one. So right now, certainly Robinhood Markets, Inc. stock tokens are not as interoperable as we would like. But that's just because they're actually not on DeFi yet. So they're very much the Robinhood Markets, Inc. walled garden, which has certain advantages. You know, right now, every trade that a customer does is backed by a traditional equities trade in a trad fine market. And as we continue to build up the liquidity and the collection of and the supply of tokens. I think that's gonna lead to actually a really great initial customer experience.

Over time, I do expect greater interoperability as you've seen with other assets in the crypto world, even if they're on other chains, the community tends to get involved and build bridges and wrappers. And so I think that's less of a concern. I think every major tokenized asset will eventually end up being multichain. So it's just a question of how do we get there. But interoperability, not a huge concern. I think it will come. In terms of liquidity fragmentation, I mean, that's nothing new. Especially if you look at it on a global level across all asset classes, there's multiple exchanges. There are multiple market makers involved.

And, you know, this is something that they know how to deal with, you know, managing liquidity and trading across different venues. And I think in some ways, crypto technology and infrastructure makes that a somewhat easier problem. Because the cost and complexity of integration from an engineering standpoint is just tends to be much simpler.

Chris Koegel: Alright. Thank you, Vlad. The next question is for Jason, and it's from Ben Budish at Barclays. I'll read it on his behalf. You've called out a number of cost items impacting this year. Some of which it sounds like won't recur. How should we think about the run rate into 2026?

Jason Warnick: Yeah. So we're working through planning right now for 2026, but what I would tell you is that we're approaching it the same way that we've approached the last couple of years, which is we think that we can invest for growth while delivering profitable growth, meaning margin expansion. The way that we approach that is that we ask the existing businesses to find efficiencies. And when we set targets and build our plans, we ask them to grow their cost base in the low single digits and in some cases even lower.

And we use those savings then to reinvest into growth, things like increase spend in marketing, which, we love the ROI efficiency of our marketing spend, but then also investing in new businesses. And you see the kind of outcomes that we've been able to deliver the last couple of years in terms of fast revenue growth and relatively more modest expense growth, and that's the approach that we're taking right now for as we plan for 2026.

Chris Koegel: Thank you, Jason. We're gonna take another shot at going the live phone queue. Alright. So the next question is from Brian Bedell at Deutsche Bank.

Brian Bedell: Great. Thanks. Can you hear me okay?

Vlad Tenev: We hear you. The telephone works. Excellent.

Brian Bedell: Alright. The old-fashioned TradFi telephone. Yes. Oh, finally, we're cool. Okay. I just wanna say, first of all, congrats, Jason, on retirement. You. It's been great working with you, and welcome, Shiv. Looking forward to working with you as well. Maybe my question will go to our prediction markets. So maybe if you can just talk about how the customer behavior has been forming just in the last two months. We've seen a big increase in volume, obviously, in September with the NFL and college games added. And how are you seeing that maybe sort of shape in coming into October?

Or are you seeing that volume increase coming from more new users coming into the prediction markets or rather greater usage of existing users? And then if you can talk about maybe just your thoughts around the timeline of launching new contracts and potentially even weaving in things around maybe single stocks that active traders can start using.

Vlad Tenev: Yeah. I can start. We are working on this. We've actually increased the diversity of the contracts we offer tremendously in the past few weeks. Launching entirely new categories. I mean, lots of new entertainment and culture markets. You've seen us broaden out the technology markets as well. So now we're offering over a thousand live event contracts for customers to trade. We're seeing a lot of adoption. It might not be a surprise because we have such a large established customer base. A lot of adoption from existing users, particularly traders, but we're seeing new customers as well. So there are customers that join Robinhood Markets, Inc. because they want access to our prediction markets offering.

And I think there's plenty more we could do, not just increasing contract diversity, but making the user experience better, making it a little bit more discoverable in the product. And the team continues to work hard. You should see the product continue to improve week over week.

Jason Warnick: Much like our active trader offering, a relatively smaller portion of our customers are participating in the market. And I think as we continue to work on the user interface and discoverability of the product, we've got an expectation that we can take that higher.

Chris Koegel: Alright, thank you. The next question is from Dan Dolev at Mizuho.

Dan Dolev: Hey, guys. Great job again on an outstanding quarter. Wanted to thank you, Jason. It was a pleasure working with you, and I look forward to working with you, Shiv. And you know, my question for you, Vlad, is Bitstamp. Very, very strong, I think over 60% growth quarter over quarter. This seems incredibly strategic to Robinhood Markets, Inc. Can you maybe elaborate on the long-term strategic importance of this because it seems to be off to a great start? Thank you.

Vlad Tenev: Yeah. And actually, you know, it was we've had the pleasure of the Bitstamp team on the engineering side is actually at our offices. So we got to hang out with a lot of them yesterday with Johan and really talk through, you know, what's our plan for next year. And you're right that we've had pretty tremendous success growing volumes and improving the product post-acquisition. But we definitely aren't getting complacent. We're not slowing down. We see a huge opportunity. I think Bitstamp can be very key to our tokenization plans as we enter phase two of our tokenization vision.

We really want to lean in there and give people access to real assets that have fundamental utility on the platform. It's also our first institutional business in the one thing I really appreciate with institutional customers is they have lots of choices for where they take their business, and they're definitely not shy about telling us all of the things that we do that we need to do better. Which there are a lot of believe it or not, I think we, you know, there's so many things that we hear from our institutional customers. So we're gonna have a busy year.

And I think that as we continue to be successful and build more things, I think we'll see that volumes and market shares will follow.

Vlad Tenev: Next And Johann's very nervous watching me say all this.

Chris Koegel: Alright. The next question is from Brett Knoblauch at Cantor.

Brett Knoblauch: Perfect. Hey, guys. Congrats on the congrats on the quarter. Thank you. Taking my question. On the Robinhood Social, could you maybe just dive into that a bit deeper when you expect for that to roll out and how you expect many users to know, begin using that and how the should impact you know, maybe financials and when you would expect it to impact financials going forward?

Vlad Tenev: Yeah. I think this is something where it may be somewhat challenging to forecast precisely the impact because the way we see it is this is gonna be a new source of information for customers. It'll be a source of trading ideas. We really want the product to be great and we think that it can be just a source of information. We wanna we think we can be the place where a lot of business and financial-related discussion can happen and hopefully originate. And we've done some experiments with social features over the years.

And we have seen that, you know, when executed properly, and I think we're being very thoughtful with how to make sure all of the content is high quality course, with verification of traders we have an advantage there. We think it can be an engaging product that makes Robinhood Markets, Inc. not just useful when you have an idea that you want to trade on, but it can be actually where your ideas originate. Which I think is a big opportunity because it allows us to close the loop and you know, if the ideas come from Robinhood Markets, Inc. and we're the place where they execute on the trades. The platform just becomes more powerful.

And that power in the network of effect will continue as we continue to roll out more assets. I think we're gonna be the only place where you're gonna have live verified trades across not just equities, options, and crypto, but also prediction markets. And futures. And so the diversity of content, I think, should be quite compelling. For folks that are interested in business and finance.

Jason Warnick: In terms of monetization, we really see this as an opportunity to spin the flywheel, attract more customers to the platform because of the rich social experience. And then, be able to capture a greater share of trading activity and other financial activities. Across the platform.

Chris Koegel: Next question is from Ed Engel at Compass Point.

Ed Engel: Hi. For taking the question. You talked about aspirations outside the US, and you guys talked about over of them, hopefully, one day. Your user base will be outside the US. How does M&A play into that strategy and do we expect you to kind of continue kind of launching market by market? Or could there be an opportunity to kind of launch in a couple of markets simultaneously given the bigger transaction? Thanks.

Jason Warnick: Over time, I think it's probably a mix. I mean, we naturally gravitate towards organic growth and you're seeing examples of that, for example, in the UK. But we do have an active corp dev team. Actually, Shiv has been leading that for some time now. And you know, when deals make sense for us, great team, great technology, ability to accelerate the road map. We don't shy away from those kinds of opportunities as well.

Chris Koegel: Okay, the next question is from Steven Chubak at Wolfe Research.

Steven Chubak: Thanks, Chris. And congrats, Jason and Shiv. Wanted to start with a question just on the international and the growth that you've seen thus far, I was hoping to get some perspective, Vlad, in terms of how that growth is tracking relative to plan. Is there more that you can do in terms of product deployment and innovation to maybe help accelerate that growth? Just hasn't gotten as much airplay as, like, some of the other opportunities. So was hoping you can unpack that a little bit further.

Vlad Tenev: Yeah. I think it's still early in our international plan. That's why when we talk about this opportunity, it's really a ten-year vision because unlike the US, when we expand into these markets, we don't have an existing established customer base to cross-sell into. But we're really seeing signs that we like, and so we've continued to invest even more cohort activity both in the UK and the EU has been improving. And that's actually led us to start doing marketing initiatives. Because we're starting to see like real ROIs to marketing activity as revenue goes online? In the EU, with the to catch a token event.

Just a few months ago we launched in 30 countries with stock tokens, which we're really excited about. I mean, you've seen that ramp up. But, again, who's a couple of months ago. So I think this is one of those things where five, ten years from now, we'll look back and we'll say, man, we underestimated the growth of that business as we tend to do with things that are early. But we like the early signs, and we're continuing to increase our investment. And there's so much to build. I mean, even I mentioned with tokenization, we're still just in phase one.

So I think over time, it'll become clear how those products actually have significant advantages over what you might find elsewhere?

Chris Koegel: Alright. Thank you. The next question is from Amit is Investing.

Amit: Hey, Vlad. Hey, Jason. Thank you, guys. For taking my question and a big thank you, Jason, over the years on your execution, and congrats to you, Shiv, on your new role. My question is for you Vlad. Going back to tokenization, you recently said tokenization will eat the broader financial system. Out of just tokenized equities, can you give us a more larger look on how big of a size the opportunity is? Why right now is the time to go after it. And what Robinhood Markets, Inc. is really thinking about over the next couple of years in terms of taking advantage of the opportunity. I know there's a lot of different other assets besides equities. Effectively tokenized.

So can you just speak a little bit more on how you guys are thinking? Of the opportunity?

Vlad Tenev: Yeah. I think the opportunity is very exciting. One of the things that I think is both a problem and an opportunity with traditional crypto is that crypto and the traditional financial system up until fairly recently have kind of been two separate worlds. And I think Robinhood Markets, Inc. has a unique position as a scaled crypto business, but also scaled business in traditional finance to bridge the two. And actually make room for what we consider traditional assets. But really things like securities, products with real fundamental utility. To leverage blockchain technology and actually be tradable on-chain where customers can self-custody.

They can engage with a variety of protocols collateralized borrowing and lending, and where those assets can be traded twenty-four seven real-time and fractional quantities. You've obviously seen some efforts in private companies in the EU with our OpenAI and SpaceX token giveaways there. So I think we're really interested in continuing to pull on that and making those products available to customers. The other opportunities that I'm personally excited about are real estate private credit, unique assets and collectibles like art, if you think about what's a part of your portfolio if you're a high net worth individual there's a lot of these assets that actually retail can't access currently.

And I think that tokenization is a way to enable that at scale and sort of like reduce some of the downsides that would typically be associated with holding those assets? Like, lack of liquidity, being locked into positions, not being able to, like, chunk the assets out, and invest in portions of them. So that's why we're continuing to push on it. Both in the US and outside. And you should expect this to become bigger and bigger in the coming years, of course. Starting with stocks, which is the asset class that we think has the most potential and we're also closest to.

Chris Koegel: Okay. Thank you, Vlad. The next question is from Roy from Crossroads. Thank you.

Roy: Congrats quarter too. And very impressive, there's been a huge increase in predictions market activity. I'm curious if the volume shown in the platform is a mixture of Kalshi and Robinhood Markets, Inc. or is it just pure Robinhood Markets, Inc.? And also, is Robinhood Markets, Inc. considering expanding this internationally? Even alongside or even ahead of its current trading extension. Plan.

Jason Warnick: Good question. You wanna field it?

Shiv Verma: Yeah. I mean, sure. The volumes that we're showing are the volumes that are on Robinhood Markets, Inc. I'm sure Kalshi is counting our the activity that we send to them, is quite substantial. And for contracts that we offer, I think a very large chunk of Kalshi's volume is actually coming from Robinhood Markets, Inc. In terms of international, Vlad, I'll let you cover that one.

Vlad Tenev: Yeah. We're definitely looking into it closely. And, you know, you talk about tokenization as some of the previous callers have brought up. Prediction markets is another asset class that actually has a strong crypto component, particularly outside the US. So we're definitely taking a look at what's the most effective way to get that to our customers. And I think it's going to be on a case-by-case basis, maybe slightly different in each jurisdiction. But we have some options. As a scaled traditional player, but also on the crypto side. I think we will have our pick of what's best in each jurisdiction. And that's something we're definitely closely looking at.

Chris Koegel: Okay. The next question is from Matti Deliden from JPMorgan.

Matti Deliden: Hi. Good afternoon. This is Nadia on for Ken. Thank you for taking our question. On shorting, has Robinhood Markets, Inc. experienced a noticeable pick in customers applying for margin accounts in order to participate in the short selling since your 3Q launch? What have early adoption numbers and customer behavior looked like in these first few months? Thank you.

Vlad Tenev: Yeah, so shorting is something that we've announced at the Hood Summit event in Vegas a couple of weeks ago. Customers are very excited about it. It's somewhat hard to believe that we've been able to get to this point without offering shorting. But we've been rolling it out to employees and doing final testing. It's actually not yet rolled out to external customers. So we think people love it. But too early to tell and I guess to answer your question, no mean, I don't think the increase in margin usage has been in anticipation of shorting. Because it's just not yet available.

Chris Koegel: Okay. Thank you. The next question is from Tanner with Future Invest.

Tanner: Hey guys, First off, I just wanted to start off with a you guys hear me? Yes. We can. Hear you. Okay. Sorry. With a crypto question around crypto staking, on the Robinhood Markets, Inc. platform so far, if there's any insight there. And then also just maybe a small request, if you guys are open to publishing event volume on their monthly metrics updates going forward. That's it.

Jason Warnick: On the amount staked, I think it's we exited the quarter at about a billion. The market's been pretty volatile over the last few days, so I think it's come down a little bit. But yeah. You know, customers are responding very well to the ability to stake.

Vlad Tenev: And what about the event contracts volume published in monthly metrics?

Jason Warnick: Yeah. I'll leave that with Shiv as something to consider. I don't want to promise that for him, but we do like, in all seriousness, being as transparent as possible for investors and we're always looking at ways to provide incremental disclosure to help you understand the business. So that's something we'll look at.

Vlad Tenev: Yeah, thanks for the suggestion.

Chris Koegel: Alright. That is the last question from our virtual queue. Is there anybody else in the audience here who didn't get to ask a question earlier? And wants to ask a question. Perhaps.

Vlad Tenev: One of the virtual no?

Chris Koegel: Alright. Well, then I think let's pass it back to pass it back to you. What?

Vlad Tenev: Okay. I think you guys should know that we are not slowing down. The team remains incredibly excited to continue our mission, and there's so much to do. Roadmap is full. AI event is coming up, which I think will be very, very exciting. So hopefully, some of you will be able to join us there. At least virtually. And to commemorate this occasion, bittersweet though it might be, I've learned that Jason has a favorite dessert. And so we've actually brought one here. And Jason wanted to share this with everyone in person and virtually vicariously. A baked Alaska. You all wonder why I'm retiring.

Unfortunately, they wouldn't let us light it here, even though that would have been very cool. So this is a it looks incredible. It's the first time I've ever had it actually.

Jason Warnick: Growing up, my favorite was lemon meringue pie and this brings back fond memories. So and underneath, I anticipate there's ice cream, which is my favorite. I wish they gave me the lighter and I just like tried unsuccessfully to light it.

Vlad Tenev: But well, thank you and I appreciate all the kind words of encouragement, and I do believe we're leaving the company in an incredible position. And I think you're gonna find in short order that Shiv is if not an upgrade equally, as good at driving the company forward. So thank you.

Vlad Tenev: Thank you. We'll see if he can finish an entire one of these. Looks like there's one for each of us up. We'll bring some of the teams to help with that.

Vlad Tenev: Alright. Thank you. Thank you all.

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