Robinhood is cutting 10% of its workforce as CEO Vlad Tenev pushes to flatten the company’s structure, even as the trading platform says its business has never been stronger.

The move affects about 290 employees, based on the company’s roughly 2,900 full time headcount at the end of 2025. Robinhood expects to take about $28 million in restructuring charges in the second quarter tied to severance, benefits, and share based compensation.

In a memo to employees, Tenev said the decision was not driven by financial weakness, but by a push to avoid becoming a heavily layered organization as Robinhood scales.

He said the company is reducing overall headcount to maximize talent density and maintain what he described as a higher performance bar.

The cuts come after a strong stretch for Robinhood’s business. The company reported record revenue of $4.5 billion in 2025, while first quarter 2026 revenue rose 15% from a year earlier to $1.07 billion. Net income for the quarter reached $346 million.

Tenev said Robinhood will continue hiring strategically and investing in top talent and frontier technologies. The company has been expanding beyond stock and crypto trading into futures, index options, and other financial products as it looks to deepen its role across retail markets.