In Q4'25, HOOD's total operating expenses reached $464M USD, with R&D expenses at $232M USD and SG&A expenses at $271M USD, reflecting a modest quarterly increase driven primarily by higher SG&A spending. Over the period from Q1'23 to Q4'25, R&D expenses exhibited relative stability, fluctuating between $196M USD and $237M USD with a slight upward trend in the latter half, peaking in Q3'25 before a minor pullback. In contrast, SG&A expenses showed greater volatility, starting high at $673M USD in Q1'23 before dropping sharply to $152M USD in Q4'24, then surging to $287M USD in Q3'25 amid potential operational expansions, contributing to an overall rising trajectory in total expenses from approximately $872M USD in Q1'23 to $464M USD in Q4'25 despite early declines. The stacked bar chart highlights SG&A as the dominant component, often comprising over 50% of total expenses post-Q1'23, underscoring its role in driving cost fluctuations.