HOOD — what changed in the latest 10-Q
A section-by-section comparison of HOOD's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-28 vs the prior 10-Q · 2026-07-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +27 | −25 | ~35 | 40 |
| Market risk (Item 3) | Text added/removed | +1 | −1 | ~3 | 6 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 2 |
| Risk factors | Some risk factors updated | +132 | −124 | ~106 | 266 |
| Other information | Text added/removed | +5 | −1 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-28
•Net Deposits were $15.7 billion, which translates to an annualized growth rate of 17% relative to Total Platform Assets at the end of the second quarter of 2026, compared to $20.4 billion, which translates to an annualized growth rate of 29% relative to Total Platform Assets at the end of the secon…
In September 2026, we entered into agreements with Crypto.com and its affiliates under which we may receive over a three-year term up to a 10% equity interest in Crypto.com and certain of its affiliates as consideration for routing a selection of event contracts to its CFTC-regulated exchange and cl…
(1) For the three and nine months ended September 30, 2026, primarily related to investments in the Funds.
Cryptocurrencies revenues decreased, for the three and nine months ended September 30, 2026, primarily due to a 37% and 25% decrease in the number of users placing cryptocurrency trades, a 13% and 18% decrease in the average Notional Trading Volume traded per trader, and lower cryptocurrency rebate …
Interest expenses related to credit facilities(8)(8)— %(22)(26)18 %
Text removed vs the prior filing · source: 10-Q · 2026-07-30
•Net Deposits were $21.7 billion, which translates to an annualized growth rate of 28% relative to Total Platform Assets at the end of the first quarter of 2026, compared to $13.8 billion, which translates to an annualized growth rate of 25% relative to Total Platform Assets at the end of the first …
On June 16, 2026, we announced a reduction in force as part of our efforts to maintain a high performance culture, further accelerate product velocity, and remain lean and disciplined. This reduction in force involved approximately 10% of our full-time employees, and additionally involved the closur…
(1) The $106 million gain from deconsolidation excludes a $17 million unrealized gain recognized in net income earlier in the current period, which was reflected in the carrying value of RVI at deconsolidation and is presented separately as a realized gain.
(2) For the three and six months ended June 30, 2026, primarily related to investments held by RVI.
Cryptocurrencies revenues decreased primarily due to lower cryptocurrency rebate rates from crypto market makers, a 16% and 24% decrease in the number of users placing cryptocurrency trades, and a 20% and 21% decrease in the average Notional Trading Volume traded per trader, partially offset by cryp…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-10-28
Our exposure to changes in interest rates also relates to our fixed rate to floating rate swap agreements, which are used to effectively convert fixed-rate borrowings to variable rate borrowings and are designated as fair value hedges on certain debt. See Note 12 - Derivatives and Hedging Activities…
Text removed vs the prior filing · source: 10-Q · 2026-07-30
effectiveness of our hedging strategies. Interest rate instruments will be used for hedging purposes only and not for speculation.
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-10-28
A large portion of our revenue is transaction-based, in that we receive consideration in exchange for routing our users’ equity, option, and cryptocurrency trade orders to market makers, wholesalers and other liquidity providers (together, “Liquidity Providers”) for execution. With respect to equiti…
U.S. equities that we plan to introduce (subject to regulatory review), as currently brokerage trades executed outside of regular market hours are primarily routed through two Liquidity Providers. If one or more of those Liquidity Providers become unwilling or unable to do business with us in the fu…
Additionally, disruptions in the services provided by Liquidity Providers, whether, for example, due to technical or operational issues on their part, or external factors such as legal or regulatory changes or market volatility, have in the past, and may in the future, impair our ability to execute …
Additionally, any negative publicity surrounding PFOF or Transaction Rebate practices generally, or our implementation of these practices, could harm our brand and reputation. For example, as a result of the Early 2021 Trading Restrictions (as defined in Note 16 - Commitments & Contingencies to our …
react to the rising interest rate environment by moving cash that would have otherwise been spent on services or products with higher revenue potential for Robinhood into Robinhood accounts that offer customers high interest rates. For a more detailed discussion of interest rate risk and an estimate…
Text removed vs the prior filing · source: 10-Q · 2026-07-30
A large portion of our revenue is transaction-based, in that we receive consideration in exchange for routing our users’ equity, option, and cryptocurrency trade orders to market makers, wholesalers and other liquidity providers (together, “Liquidity Providers”) for execution. With respect to equiti…
dependent on trading volumes and therefore tends to decline during periods in which we experience decreased levels of trading generally. Computer-generated buy/sell programs and other technological advances and regulatory changes in the marketplace might continue to tighten spreads on transactions, …
Additionally, disruptions in the services provided by Liquidity Providers, whether, for example, due to technical or operational issues on their part, or external factors such as legal or regulatory changes or market volatility, have in the past, and may in the future impair our ability to execute o…
particularly during peak trading hours, our ability to execute customer orders could be compromised and could have an adverse impact on our business, financial condition, and results of operations.
Additionally, any negative publicity surrounding PFOF or Transaction Rebate practices generally, or our implementation of these practices, could harm our brand and reputation. For example, as a result of the Early 2021 Trading Restrictions (as defined in Note 15 - Commitments & Contingencies to our …
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-28
On July 31, 2026, Shiv Verma, our Chief Financial Officer, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell (i) up to 40,258 shares of our Class…
On August 3, 2026, Dara Bazzano, our Chief Accounting Officer, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which she may sell shares of our Class A common st…
On August 5, 2026, Daniel Gallagher, our Chief Legal Officer, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell (i) up to 120,000 shares of our C…
On September 14, 2026, Vlad Tenev, our Chair and Chief Executive Officer, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell up to 1,900,000 share…
In addition, certain of our officers may, from time to time, make elections to participate in our ESPP and to have shares withheld to cover withholding taxes or pay the exercise price of options, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Ac…
Text removed vs the prior filing · source: 10-Q · 2026-07-30
Certain of our officers may, from time to time, make elections to participate in our ESPP and to have shares withheld to cover withholding taxes or pay the exercise price of options, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may cons…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice