Coinbase vs Robinhood Markets: Revenue, Profit and Business Model
Coinbase reported $7.2B of revenue in FY2025 and $1.3B of net income. Robinhood Markets reported $4.5B of revenue in FY2025 and $1.9B of net income.
Latest financial snapshot
Coinbase
- Latest revenue
- $7.2B (FY2025)
- Net income
- $1.3B
- Net margin
- 17.6%
- Revenue growth
- +41.2% a year, FY2020–FY2025
Robinhood Markets
- Latest revenue
- $4.5B (FY2025)
- Net income
- $1.9B
- Net margin
- 42.1%
- Revenue growth
- +58.9% a year, FY2019–FY2025
Financial summary
Coinbase
Coinbase's results track the crypto cycle. Total revenue went from $1.28 billion in 2020 to $7.84 billion in 2021, fell to about $3.1 billion in both 2022 and 2023, then rebounded to $6.56 billion in 2024 and $7.18 billion in 2025, when net income was $1.26 billion. The 2026 downturn reversed that: Q1 revenue was $1.41 billion with a $394 million net loss, and Q2 revenue was $1.22 billion with a $360 million net loss. The cushion is the subscription and services line (USDC income, staking, custody, interest), which was $2.8 billion in 2025 and a record 48% of net revenue in Q2 2026, plus more than $10 billion of cash reported at the end of Q1 2026.
Robinhood Markets
Robinhood swung from a $541 million net loss in 2023 to $1.411 billion of net income in 2024 and $1.883 billion in 2025, as revenue grew from $1.865 billion to $4.473 billion. Adjusted EBITDA reached about $2.5 billion in 2025, a 56% margin. Growth in 2026 has shifted toward options, equities and event contracts: Q2 2026 event contracts revenue was $156 million, more than 10 times the prior year, while crypto revenue fell to $100 million.
Revenue and profit by year
Coinbase
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $7.2B | $1.3B | 17.6% | +9.4% | Source |
| FY2024 | $6.6B | — | 0.0% | +111.2% | Source |
| FY2023 | $3.1B | — | 0.0% | -2.7% | Source |
| FY2022 | $3.2B | — | 0.0% | -59.3% | Source |
| FY2021 | $7.8B | — | 0.0% | +513.7% | Source |
| FY2020 | $1.3B | — | 0.0% | — | Source |
Robinhood Markets
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $4.5B | $1.9B | 42.1% | +51.6% | Source |
| FY2024 | $3B | $1.4B | 47.8% | +58.2% | Source |
| FY2023 | $1.9B | -$541M | -29.0% | +37.3% | Source |
| FY2022 | $1.4B | -$1B | -75.7% | -25.2% | Source |
| FY2021 | $1.8B | -$3.7B | -203.1% | +89.5% | Source |
| FY2020 | $958M | $7M | 0.7% | +245.2% | Source |
| FY2019 | $277.5M | -$106.6M | -38.4% | — | Source |
Where the revenue comes from
Coinbase
- Transaction Revenue
Majority of FY2025
Fees and spreads from consumer and institutional crypto trading, the most cyclical part of the model.
- Subscription and Services
~39% of FY2025
About $2.8 billion in FY2025: USDC stablecoin income, staking, custody, interest, Coinbase One and other services. Reached 48% of net revenue in Q2 2026.
- Institutional Custody and Prime
Included in services and transaction mix
Custody, execution, financing, and institutional platform services for asset managers, ETF sponsors, hedge funds, and corporate clients.
- Onchain and Developer InfrastructureEmerging
Products tied to Base, Coinbase Cloud, wallets, developer tools, and onchain application infrastructure.
Robinhood Markets
- options transaction revenue
- equities transaction revenue
- cryptocurrency transaction revenue
- event contracts (prediction markets)
- net interest revenue
- Robinhood Gold subscriptions
- credit card
Business model and strategy
Coinbase
How it makes money
Coinbase has two revenue lines. Transaction revenue comes from fees and spreads on consumer and institutional crypto trades and is the most cyclical part of the business. Subscription and services revenue includes stablecoin income from its USDC arrangement with Circle, staking rewards it shares with users, custody fees (including for most U.S.
Growth strategy
Coinbase's growth plan is to become an 'everything exchange' and onchain infrastructure provider. Pillars include derivatives (Deribit, acquired in 2025 for about $2.9 billion, plus U.S. futures), USDC stablecoin distribution and payments, institutional custody and prime brokerage, Base as a low-cost Ethereum layer-2 network, and newer products such as prediction markets and tokenized equities.
Competitive advantage
Coinbase's edge is regulated trust at scale. It is a U.S.-listed, audited company in the S&P 500, holds licenses across U.S. states including New York's BitLicense, and was chosen as custodian by most U.S. spot Bitcoin ETF issuers, including BlackRock. That standing matters most to institutions, which need a compliant counterparty, and to retail users who remember the 2022 FTX collapse.
Robinhood Markets
How it makes money
Robinhood charges no commission on US stock, ETF and options trades and earns revenue in three buckets. Transaction-based revenues ($776 million in Q2 2026) come from payment for order flow on options and equities, spreads on crypto trades, and fees on event contracts (prediction markets).
Growth strategy
Robinhood's growth strategy is to win "share of wallet" beyond trading: IRA matches and retirement transfers, the Gold Card, banking features, advisory custody through TradePMR, crypto exchange capacity through Bitstamp, event contracts, and expansion in the UK and EU. In June 2026 it cut about 10% of staff to flatten management layers while continuing to invest in new products.
Competitive advantage
Robinhood's edge is a single, well-designed mobile app that bundles brokerage, crypto, prediction markets, retirement, cash and credit, plus fast product shipping. Gold subscribers (4.8 million in Q2 2026) get perks such as an IRA match and a higher cash yield, which helps pull deposits away from older brokerages: net deposits were $75.7 billion in the 12 months to June 2026.
Questions about Coinbase vs Robinhood Markets
Which company has higher revenue — Coinbase Global or Robinhood Markets, Inc.?
Coinbase Global reported $7.2B (FY2025), while Robinhood Markets, Inc. reported $4.5B (FY2025). By last reported revenue, Coinbase Global is the larger business, with Robinhood Markets, Inc. reporting a smaller revenue base.
What is the market cap of Coinbase Global vs Robinhood Markets, Inc.?
Coinbase Global's market capitalisation stands at $52.6B, while Robinhood Markets, Inc.'s is $101.0B. Robinhood Markets, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Coinbase Global.
Which is more financially efficient — Coinbase Global or Robinhood Markets, Inc.?
Coinbase Global generates $1.45M / employee in revenue per employee, while Robinhood Markets, Inc. generates $1.54M / employee. Robinhood Markets, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Coinbase Global and Robinhood Markets, Inc. make money?
Coinbase Global and Robinhood Markets, Inc. generate revenue in fundamentally different ways. Coinbase Global: Coinbase has two revenue lines. Robinhood Markets, Inc.: Robinhood charges no commission on US stock, ETF and options trades and earns revenue in three buckets.
Which company is valued higher relative to revenue — Coinbase Global or Robinhood Markets, Inc.?
On a price-to-sales (P/S) basis, Coinbase Global trades at 7.3x P/S and Robinhood Markets, Inc. at 22.6x P/S. Robinhood Markets, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Coinbase Global. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Coinbase Global bigger than Robinhood Markets, Inc.?
By last reported revenue, Coinbase Global ($7.2B (FY2025)) is the larger company compared to Robinhood Markets, Inc. ($4.5B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Coinbase vs Robinhood Markets overview