Robinhood says not providing outlook for total operating expenses

Robinhood (HOOD) said: “We are not providing a 2025 outlook for total operating expenses and have not reconciled our 2025 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provision for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2025. Our 2025 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses. Our prior outlook for combined Adjusted Operating Expenses and SBC for full-year 2025 provided at Q2 2025 Earnings (July 30, 2025) was $2.15 billion to $2.25 billion. Our strong year-to-date business and revenue growth had put us on track to be around the top end of that outlook range. This included an increased employee bonus accrual, as we are currently exceeding the performance targets we set at the beginning of the year. Additionally, our stock price appreciation triggered the vesting of the 2019 CEO Market-Based RSUs, resulting in payroll taxes reflected in general and administrative expenses primarily in Q3 that were not included in our prior outlook. And we are also increasing our investments in new growth areas like Prediction Markets and Robinhood Ventures that we believe have significant potential. Taken together, we now expect our 2025 full year Adjusted Operating Expenses and SBC to be approximately $2.28 billion, which could be higher or lower depending on how the rest of the year plays out. This expense outlook does not include provision for credit losses, costs related to our pending acquisition of WonderFi, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time.”