• Robinhood Markets average gross margin for 2023 was 89.86%, a 0.93% increase from 2022.
• Robinhood Markets average gross margin for 2022 was 89.03%, a 2.24% increase from 2021.
• Robinhood Markets average gross margin for 2021 was 91.07%, a 3.44% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.