Research · Sep 3, 2026
Robinhood FY25 (Dec 31, 2025) at $4.47B revenue (+52%). OpInc $2.09B (+98%, 47% margin); Net income $1.88B (+33%); Diluted EPS $2.05. FCF $1.62B. Total debt $15.4B (margin book). Transaction revenue ~70% (crypto + options + equities); NII ~25%; Other ~5% (Gold). 25M+ customers; ~3.4M+ Gold subs (+90% YoY). 18+ analyst actions Feb-Apr 2026: synchronized PT cuts. JPM $113→$92; MS $147→$95 (-$52 largest); Mizuho $172→$115; PT range $113-$180 → $75-$130 collapse.
Research · Aug 25, 2026
Since the pattern day trader rule ended on 4 June 2026, Webull's options contracts rose 34% sequentially against 7% for equity notional, and Cboe measured it.
Research · Apr 23, 2026
Blackstone's Q1 beat and 'best year ever' IPO forecast confirm the $197B pipeline is executable, yet Goldman Sachs and Morgan Stanley trade at the same 12-13x forward multiple as JPMorgan despite deriving 18-22% of revenue from investment banking versus JPM's 7%. Long GS and MS versus JPM over six months targets 8-12% relative return as Q2 and Q3 underwriting revenue surfaces the fee differential.
Research · Apr 10, 2026
CFTC's lawsuit against Illinois boosts prediction markets by asserting federal control, favoring platforms like IBKR's ForecastEx and CME's event contracts. DraftKings, Robinhood, and Coinbase gain from product launches, while JPMorgan eyes indirect entry. Ranked: IBKR > CME > DKNG.
Research · Apr 10, 2026
JPM CEO Jamie Dimon's prediction markets comments spotlight growth potential for exchanges like CME and brokers like IBKR. We rank six players by exposure, with CME leading on scale and profitability. Banks' entry could multiply volumes but intensify competition.
Research · Apr 10, 2026
Malta's dispute with EU crypto regs spotlights MiCA risks, favoring US-listed winners like COIN and HOOD for volume gains while miners MARA/RIOT pivot. Diversified PYPL/SQ lag. Ranked: COIN > HOOD > MARA.
