Research contextSee what supports this page, how current it is, and where comparable or historical context is available.
- Research date
- Sep 22, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
- Operating-model context
- 12 connected conceptsPart of the reviewed Online Brokerage Operating Model; issuer definitions remain distinct where disclosed.
- Company examples
- 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
Brokerage average revenue per user, or ARPU, measures revenue relative to an issuer-defined average customer population.
Robinhood defines ARPU as total revenue for a period divided by the average number of Funded Customers at the current and immediately preceding period end. Quarterly figures are annualized.
A simplified form is:
ARPU = Period Revenue ÷ Average Funded Customers
Why it matters
ARPU combines multiple monetization streams into one customer-level measure, including transaction activity, interest-sensitive revenue, subscriptions, and other services.
Investor caution
ARPU can rise even when customer economics are not improving uniformly.
Changes in interest rates, trading activity, crypto mix, customer balances, or acquisition mix can move revenue per user. It should be read with funded-customer growth and platform assets.
Source:
ARPU measures aggregate revenue per defined customer, not profit per customer.
Part of the Online Brokerage Operating Model
Connect customer and asset growth, trading engagement, margin and cash balances, and recurring or per-customer monetization to understand online brokerage economics.
How the model fits together
- Customer scale and asset gathering: Account count shows customer-base scale, client assets show the economic base on platform, and net new assets or net deposits show customer funding flows under issuer-specific methodologies. Market appreciation can increase client assets without new customer funding, so asset growth should not be read as pure organic gathering.
- Trading engagement and transaction monetization: Daily average revenue trades measure trading flow, trades per account normalize activity by the eligible customer base, and commission per order measures one form of per-trade monetization. These measures are not fully comparable across brokers because order-counting rules and monetization channels differ.
- Cash, lending, and customer monetization: Client cash balances and cash sweep balances describe different customer-liquidity channels, while margin loans show collateralized customer borrowing. ARPU and paid subscription customers add customer-level and recurring monetization context. None of these measures alone captures total brokerage profitability, and issuer scopes remain distinct.
See It in Company Research
These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.
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