---
schema_version: "secwatch.filing_event.v1"
accession: "0001783879-23-000097"
form_type: "8-K"
ticker: "HOOD"
cik: "0001783879"
company_name: "Robinhood Markets, Inc."
filed_at: "2023-04-28T23:59:59+00:00"
generated_at: "2026-06-16T06:39:12.959691+00:00"
event_type: "regulatory"
sentiment: "neutral"
materiality_score: 0.2
calibrated_materiality_score: 0.2
confidence: "high"
source: SEC EDGAR
---

# Robinhood releases Q1 2023 Rule 606(a) order-routing reports

## Summary
- All non-directed orders in S&P 500, non-S&P 500, and options routed 100% to affiliate Robinhood Securities, LLC.
- RHF reports zero net payment for order flow for all order types across all three months of Q1 2023.
- RHS receives PFOF from third-party venues and passes 80% of revenue to RHF under a cost-sharing agreement.
- Fractional-share, dollar-based, and certain recurring-investment orders are excluded as 'not held' and outside report scope.

## SEC filing metadata
- accession: 0001783879-23-000097
- form_type: 8-K
- ticker: HOOD
- cik: 0001783879
- company_name: Robinhood Markets, Inc.
- filed_at: 2023-04-28T23:59:59+00:00
- event_type: regulatory
- sentiment: neutral
- materiality_score: 0.2
- calibrated_materiality_score: 0.2
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1783879/000178387923000097/0001783879-23-000097-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1783879/000178387923000097/hood-20230428.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001783879-23-000097
- JSON: https://secwatch.observer/filing/0001783879-23-000097.json
- Plain text: https://secwatch.observer/filing/0001783879-23-000097.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.