As of Q4'25, Robinhood's latest reported operating expenses show R&D Expenses at $232M and SG&A Expenses at $271M. This marks a slight decrease in R&D from the previous quarter's $237M, while SG&A Expenses also declined from $287M in Q3'25. Over the period from Q1'23 to Q4'25, both R&D and SG&A Expenses have exhibited fluctuations, with SG&A showing a notable spike in Q1'23 at $673M before stabilizing in subsequent quarters. R&D Expenses have remained relatively stable, generally ranging between $196M and $214M until a moderate rise in the second half of 2025. The overall trend suggests that after initial volatility, operating expenses have settled into a more consistent pattern, with modest growth in the latter quarters.