• Robinhood Markets average gross margin for 2023 was 89.28%, a 0.1% increase from 2022.
• Robinhood Markets average gross margin for 2022 was 89.37%, a 1.73% decline from 2021.
• Robinhood Markets average gross margin for 2021 was 90.94%, a 3.33% 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.