Watch on earnings:Assets Under Custody (AUC) growth rate and net deposits—indicates customer retention and wallet share gainsTransaction-based revenue per funded account—measures monetization efficiencyNet interest margin (NIM) and average interest-earning assets—tracks sensitivity to rate environmentCustomer acquisition cost (CAC) and funded account growth—unit economics of growth investmentsOptions and crypto revenue mix—higher-margin products driving profitability
Key metrics:VIX Index (CBOE Volatility Index)—trading volumes spike 50-100% when VIX exceeds 25 · Bitcoin and Ethereum spot prices—crypto trading revenue correlates 0.7+ with crypto price volatility · Federal funds effective rate—direct impact on net interest income spread · Nasdaq 100 performance—retail trading activity concentrates in high-beta tech stocks
⚠ Minimal debt but regulatory capital requirements constrain growth—must maintain net capital ratios as broker-dealer and hold reserves against customer deposits
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
6,253
6,339↑1.4%
4,835↓23.7%
4,332↓10.4%
4,261↓1.6%
Total Current Assets
19,283
22,917↑18.8%
17,082↓25.5%
25,103↑47.0%
28,871↑15.0%
Total Assets
19,769
23,337↑18.0%
17,624↓24.5%
26,187↑48.6%
38,137↑45.6%
Total Current Liabilities
12,347
16,253↑31.6%
10,837↓33.3%
18,104↑67.1%
28,771↑58.9%
Total Liabilities
12,476
16,381↑31.3%
10,928↓33.3%
18,215↑66.7%
28,986↑59.1%
Total Equity
7,293
6,956↓4.6%
6,696↓3.7%
7,972↑19.1%
9,151↑14.8%
Total Debt
3,651
1,834↓49.8%
3,547↑93.4%
7,463↑110.4%
15,408↑106.5%
Net Debt
-2,602
-4,505↓73.1%
-1,288↑71.4%
3,131↑343.1%
11,147↑256.0%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
-885
-852↑3.7%
1,181↑238.6%
-157↓113.3%
1,638↑1143.3%
Capital Expenditure
-84
-57↑31.9%
-21↑63.2%
-13↑38.1%
-15↓15.4%
Free Cash Flow
-968
-909↑6.1%
1,160↑227.6%
-170↓114.7%
1,623↑1054.7%
Stock-Based Comp
1,572
654↓58.4%
871↑33.2%
304↓65.1%
305↑0.3%
Net Change in Cash
4,081
-913↓122.4%
-11↑98.8%
-651↓5818.2%
1,198↑284.0%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down