In Q1 2025, approximately 63% of Robinhood’s total revenue came from payment for order flow by market makers, up from 52% in Q1 2024. Citadel Securities, B2C2 USA, and Wintermute Trading contributed 12%, 12%, and 11% of total revenue, respectively. https://www.sec.gov/Archives/edgar/data/1783879/000178387925000145/hood-20250331.htm#ieb8b81867b844d428e88aba4b4502696_37