Robinhood 8-K

Summary

Robinhood’s broker-dealer subsidiaries released their Q4 2025 order-routing reports. The reports describe where certain customer orders were routed and payments received from venues; they are unaudited and do not present Robinhood’s consolidated results. Robinhood Securities passes 80% of its venue revenue to Robinhood Financial.

Key Figures

• For December 2025 stock orders, Robinhood Financial reported Virtu as the largest disclosed venue for S&P 500 stocks, receiving 42.87% of non-directed orders; for non-S&P 500 stocks, Virtu received 30.49%.
• For December 2025 options orders, Citadel received 37.60% of Robinhood Financial’s reported non-directed order flow; Dash/IMC received 29.45%.
• Robinhood Securities says equity venue payments are generally based on 12.35% of the bid-ask spread during regular market hours and 9% during extended hours; orders executed from 8 p.m. to 4 a.m. receive $0.0006 per share. Options payments vary by contract, symbol spread and order size; no payments are received for index-option orders.
• The reports present some, but not necessarily all, payments for order flow. Stock statistics exclude several categories of “not held” orders, including fractional-share and dollar-based orders.