Strong execution and revenue diversification driving premium valuation

The chart below shows $HOOD's revenue sources: 1. In Q4 '24, crypto revenue was $358M with no betting market, while stock trading revenue was $61M. 2. In Q3 '26, crypto revenue dropped to $120M (a two-thirds decline), but stock trading revenue doubled to $121M, and the betting market generated $173M, bringing total revenue up by 30% compared to then. 3. Meanwhile, what about COINBASE? Its most recent quarter's revenue was only half of its peak. 4. This clearly highlights the gap in execution between the two companies. The market has also awarded $HOOD a valuation premium above the industry average.