Robinhood Markets, Inc. (HOOD)

No commission does not mean no revenue. Most of it is payment for routing orders to market makers, especially in options and crypto where the rate exceeds equities. That model regularly draws regulatory attention, and restricting it would change the broker's economics fundamentally.

The second source is interest: client cash balances and margin lending. It grew with rates and made the company markedly less dependent on trading activity. The third is a subscription tier and retirement accounts, designed to retain customers for the long run.

The audience is young and active, so volumes respond more sharply to bursts of interest in individual stocks and in crypto than at traditional brokers. The company pays no dividend.