Kraken vs Robinhood Markets: Revenue, Profit and Business Model
Kraken reported $2.2B of revenue in FY2025 and — of net income. Robinhood Markets reported $4.5B of revenue in FY2025 and $1.9B of net income.
Latest financial snapshot
Kraken
- Latest revenue
- $2.2B (FY2025)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +46.7% a year, FY2024–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
Kraken
Payward, Kraken's parent, reported adjusted revenue of $2.2 billion in 2025 (up 33%) and adjusted EBITDA of $531 million on $2.0 trillion of platform volume. Growth slowed in 2026: Q2 adjusted revenue rose 17% to $508 million while adjusted EBITDA fell to $23 million as spot volumes dropped.
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
Kraken
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2.2B | — | 0.0% | +46.7% | Source |
| FY2024 | $1.5B | — | 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
Kraken
No segment breakdown is published.
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
Kraken
How it makes money
Kraken earns money in four main ways. 1. Transaction fees: maker-taker fees on Kraken Pro and spreads on simple retail purchases, which made up roughly 47% of 2025 adjusted revenue. 2. Derivatives: crypto futures through Kraken Futures plus US futures and options through NinjaTrader and Bitnomial. 3.
Growth strategy
Facing large regulatory crackdowns in the US (specifically regarding their highly lucrative staking program), Kraken's large growth strategy is aggressive international expansion (specifically Europe) and heavily expanding beyond simple trading into 'Web3' infrastructure. They are aggressively applying for formal banking licenses in Europe to become a fully regulated financial institution.
Competitive advantage
Kraken's absolute competitive advantage is its large, leading reputation for security and its flawless, multi-decade track record. In an industry plagued by catastrophic hacks and large fraud, Kraken has never suffered a large, debilitating security breach. The founder, Jesse Powell, is famously paranoid about security. This large trust moat is highly valuable;
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 Kraken vs Robinhood Markets
Which company has higher revenue — Kraken or Robinhood Markets, Inc.?
Kraken reported $2.2B (FY2025), while Robinhood Markets, Inc. reported $4.5B (FY2025). By last reported revenue, Robinhood Markets, Inc. is the larger business, with Kraken reporting a smaller revenue base.
What is the market cap of Kraken vs Robinhood Markets, Inc.?
Kraken's market capitalisation stands at $21.0B, 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 Kraken.
Which is more financially efficient — Kraken or Robinhood Markets, Inc.?
Kraken generates $846k / 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 Kraken and Robinhood Markets, Inc. make money?
Kraken and Robinhood Markets, Inc. generate revenue in fundamentally different ways. Kraken: Kraken earns money in four main ways. 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 — Kraken or Robinhood Markets, Inc.?
On a price-to-sales (P/S) basis, Kraken trades at 9.5x 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 Kraken. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Kraken bigger than Robinhood Markets, Inc.?
By last reported revenue, Robinhood Markets, Inc. ($4.5B (FY2025)) is the larger company compared to Kraken ($2.2B (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 Kraken vs Robinhood Markets overview