Fiserv vs Robinhood Markets: Revenue, Profit and Business Model
Fiserv had $21.2B of annual revenue in FY2025 and $3.5B of net income. Robinhood Markets had $4.5B of annual revenue in FY2025 and $1.9B of net income.
Latest financial snapshot
Fiserv
- Latest annual revenue
- $21.2B (FY2025)
- Net income
- $3.5B
- Net margin
- 16.4%
- Revenue growth
- +16.2% a year, FY2016–FY2025
Robinhood Markets
- Latest annual revenue
- $4.5B (FY2025)
- Net income
- $1.9B
- Net margin
- 42.1%
- Revenue growth
- +58.9% a year, FY2019–FY2025
Financial summary
Fiserv
Fiserv's revenue climbed from $5.8 billion in 2018 to $10.2 billion in 2019 after the First Data deal and reached $21.19 billion in 2025, with GAAP EPS of $6.34. Adjusted revenue was $19.8 billion in 2025 and free cash flow was $4.44 billion. The trajectory then turned: in Q2 2026 GAAP revenue fell 4% to $5.29 billion, GAAP EPS dropped 37% to $1.17 and adjusted EPS fell to $1.84, although free cash flow stayed at $1.1 billion for the quarter. Management now expects 2026 organic revenue between -1% and flat. Fiserv, Inc. is a monumental global provider of financial services technology, commanding a market valuation that frequently exceeds $90 billion.
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. Robinhood Markets, Inc. is a highly disruptive American financial services company that pioneered zero-commission stock trading, sustaining a market valuation typically over $15 billion.
Revenue and profit by year
Fiserv
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $21.2B | $3.5B | 16.4% | +3.6% | Source |
| FY2024 | $20.5B | $3.1B | 15.3% | +7.1% | Source |
| FY2023 | $19.1B | $3.1B | 16.1% | +7.6% | Source |
| FY2022 | $17.7B | $2.5B | 14.3% | +9.3% | Source |
| FY2021 | $16.2B | $1.3B | 8.2% | +9.3% | Source |
| FY2020 | $14.9B | $958M | 6.5% | +45.8% | Source |
| FY2019 | $10.2B | $893M | 8.8% | +74.9% | Source |
| FY2018 | $5.8B | $1.2B | 20.4% | +2.2% | Source |
| FY2017 | $5.7B | $1.2B | 21.9% | +3.5% | Source |
| FY2016 | $5.5B | $930M | 16.9% | — | 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
Fiserv
- Merchant Solutions
About half of revenue
Card processing fees, Clover subscriptions and hardware, and enterprise/e-commerce acquiring. Segment GAAP revenue grew 5% in 2025 and fell 1% in Q2 2026.
- Financial Solutions
About half of revenue
Core account processing, digital banking, card issuing and processing, bill pay and Accel debit network fees. Segment GAAP revenue grew 2% in 2025 and fell 8% in Q2 2026.
Robinhood Markets
- Transaction-Based Revenues
$776M (Q2 2026)
Payment for order flow on options and equities, spreads on crypto trades, and fees on event contracts (prediction markets).
- Net Interest Revenues
$389M (Q2 2026)
Margin loans, securities lending, cash sweep balances and the credit card loan book.
- Other Revenues
$143M (Q2 2026)
Robinhood Gold subscriptions ($5 per month or $50 per year) and Trump Account service revenues.
Business model and strategy
Fiserv
How it makes money
Fiserv earns mostly recurring, volume-based fees from two customer groups. Merchant Solutions charges merchants processing fees on card transactions, plus subscription and hardware revenue from Clover terminals and software, and fees from larger enterprise and e-commerce clients.
Growth strategy
Under the 'One Fiserv' plan launched in late 2025, management is reinvesting in technology, putting Clover at the center of its merchant strategy, adding AI and value-added services for banks, and simplifying the product portfolio.
Competitive advantage
Fiserv's main advantage is switching cost. Moving a bank's core ledger to a new vendor is a multi-year, high-risk project, so core banking clients rarely leave. Fiserv also sits on both sides of many transactions: it processes for card-issuing banks and for the merchants accepting those cards, and many of its bank clients refer local businesses to Clover.
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 Fiserv vs Robinhood Markets
Which company has higher revenue — Fiserv, Inc. or Robinhood Markets, Inc.?
Fiserv, Inc. had $21.2B (FY2025), while Robinhood Markets, Inc. had $4.5B (FY2025). By latest annual revenue, Fiserv, Inc. is the larger business, with Robinhood Markets, Inc. showing a smaller revenue base.
What is the market cap of Fiserv, Inc. vs Robinhood Markets, Inc.?
Fiserv, Inc.'s market capitalisation stands at $25.0B, 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 Fiserv, Inc..
How does revenue per employee compare for Fiserv, Inc. and Robinhood Markets, Inc.?
Fiserv, Inc. has $558k / employee in revenue per employee, while Robinhood Markets, Inc. has $1.54M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Fiserv, Inc. and Robinhood Markets, Inc. make money?
Fiserv, Inc. and Robinhood Markets, Inc. generate revenue in fundamentally different ways. Fiserv, Inc.: Fiserv earns mostly recurring, volume-based fees from two customer groups. 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 — Fiserv, Inc. or Robinhood Markets, Inc.?
On a price-to-sales (P/S) basis, Fiserv, Inc. trades at 1.2x 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 Fiserv, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Fiserv, Inc. bigger than Robinhood Markets, Inc.?
By last reported revenue, Fiserv, Inc. ($21.2B (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 Fiserv vs Robinhood Markets overview