Paytm vs Robinhood Markets: Revenue, Profit and Business Model
Paytm had ~$978.7M of annual revenue in FY2026 and ~$64.1M of net income. Robinhood Markets had $4.5B of annual revenue in FY2025 and $1.9B of net income.
Latest financial snapshot
Paytm
- Latest annual revenue
- ~$978.7M (FY2026)
- Net income
- ~$64.1M
- Net margin
- 6.6%
- Revenue growth
- +14.1% a year, FY2022–FY2026
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
Paytm
Paytm lost money every year after its 2021 IPO, with net losses of about $278 million (₹2,393 crore) in FY22 and ~$206 million (₹1,776 crore) in FY23. The 2024 RBI action on Paytm Payments Bank cut FY25 revenue to ~$800 million (₹6,900 crore). Recovery followed: FY26 revenue from operations rose 22.2% to ~$979 million (₹8,437 crore) with a full-year profit of about $64 million (₹552 crore), and Q4 FY26 profit was about $21.3 million (₹184 crore) against a ~$62.6 million (₹540 crore) loss a year earlier. Q1 FY27 set records with ~$284 million (₹2,448 crore) revenue (+28%), EBITDA of ~$23.5 million (₹203 crore) (8% margin) and profit after tax of ~$25.5 million (₹220 crore) (+79%). In July 2026 the board decided not to proceed with a proposed bonus share issue. One97 Communications, operating as Paytm, is India's pioneer in digital payments, experiencing a highly volatile market valuation of approximately $3 billion following severe regulatory crackdowns by the Reserve Bank of India.
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
Paytm
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$978.7M | ~$64.1M | 6.6% | +22.3% | Source |
| FY2025 | ~$800.4M | ~-$76.4M | -9.6% | -30.8% | Source |
| FY2024 | ~$1.2B | ~-$164.4M | -14.2% | +24.9% | Source |
| FY2023 | ~$926.9M | ~-$206M | -22.2% | +60.6% | Source |
| FY2022 | ~$577M | ~-$277.6M | -48.1% | — | 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
Paytm
- Merchant payments
Not formally reported
Monthly subscription fees for Soundbox devices and card machines, plus processing revenue on cards, EMI and online payments.
- Consumer payments
Not formally reported
UPI, bill payments, recharges and travel bookings in the Paytm app.
- Financial services distribution
Not formally reported
Paytm sources merchant and personal loans for partner lenders and does not lend from its own balance sheet. FY26 revenue from operations was ~$979 million (₹8,437 crore).
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
Paytm
How it makes money
Paytm runs a capital-light, two-sided model. On the merchant side it deploys QR codes, Soundbox audio devices and Android card machines, charging monthly device subscription fees and earning payment processing revenue on cards, EMI and online payments (UPI person-to-merchant payments carry zero MDR, so device rentals and online gateway fees matter).
Growth strategy
Paytm's strategy since 2024 has three parts: grow the device merchant base and its payment processing revenue, use merchant and consumer data to distribute more loans for partner banks and NBFCs, and keep costs flat through AI and automation. In 2026 the company said it would hire about 4,000 people, mostly in sales, while trimming roughly 1% of staff. Marketing spend fell 19% in FY26.
Competitive advantage
Paytm's edge is its offline merchant base. It pioneered the Soundbox in 2019 and added about 2.7 million Soundboxes in the year to June 2026. Daily transaction data from these device merchants lets partner lenders underwrite small shopkeepers who lack credit bureau history, which is why lending distribution has become Paytm's fastest-growing revenue line.
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 Paytm vs Robinhood Markets
Which company has higher revenue — Paytm or Robinhood Markets, Inc.?
Paytm had ~$978.7M (FY2026), while Robinhood Markets, Inc. had $4.5B (FY2025). By latest annual revenue, Robinhood Markets, Inc. is the larger business, with Paytm showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Paytm vs Robinhood Markets, Inc.?
Paytm's market capitalisation stands at $12.0B, 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 Paytm.
How does revenue per employee compare for Paytm and Robinhood Markets, Inc.?
Paytm has $24k / 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 Paytm and Robinhood Markets, Inc. make money?
Paytm and Robinhood Markets, Inc. generate revenue in fundamentally different ways. Paytm: Paytm runs a capital-light, two-sided model. 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 — Paytm or Robinhood Markets, Inc.?
On a price-to-sales (P/S) basis, Paytm trades at 12.3x 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 Paytm. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Paytm bigger than Robinhood Markets, Inc.?
By last reported revenue, Robinhood Markets, Inc. ($4.5B (FY2025)) is the larger company compared to Paytm (~$978.7M (FY2026)). 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 Paytm vs Robinhood Markets overview