PhonePe vs Robinhood Markets: Revenue, Profit and Business Model
PhonePe had ~$918.7M of annual revenue in FY2026 and a net loss of ~$323.9M. Robinhood Markets had $4.5B of annual revenue in FY2025 and $1.9B of net income.
Latest financial snapshot
PhonePe
- Latest annual revenue
- ~$918.7M (FY2026)
- Net income
- ~-$323.9M
- Net margin
- -35.3%
- Revenue growth
- +39.6% a year, FY2023–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
PhonePe
PhonePe's revenue from operations grew from ~$338 million (₹2,914 crore) in FY23 to ~$587 million (₹5,064 crore) in FY24 and ~$825 million (₹7,115 crore) in FY25, a CAGR of about 56% according to its DRHP. Over the same period, its loss margin improved from about -91% to -23%. FY25 net loss was ~$200 million (₹1,727 crore), and the company reported positive free cash flow that year. Growth then slowed. FY26 revenue rose 11% to about $919 million (₹7,920 crore), and consolidated net loss widened 62% to ~$324 million (₹2,792 crore), according to MCA filings reported by Moneycontrol. ESOP charges tied to the IPO and losses at subsidiaries drove much of the wider loss, and PhonePe put its normalised FY26 loss at about $160 million (₹1,377 crore). PhonePe is India's absolute dominant digital payments and financial services platform, commanding a massive private market valuation of approximately $12 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
PhonePe
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$918.7M | ~-$323.9M | -35.3% | +11.3% | Source |
| FY2025 | ~$825.3M | ~-$200.4M | -24.3% | +40.5% | Source |
| FY2024 | ~$587.4M | ~-$231.6M | -39.4% | +73.8% | Source |
| FY2023 | ~$338.1M | — | — | — | 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
PhonePe
- Merchant payments
About 28% (FY25)
SmartSpeaker and POS device rentals, payment gateway fees and card-based transactions.
- Consumer payments
Not formally reported
Bill payments, recharges and incentives, including government UPI incentives.
- Loan and insurance distribution
About 7.8% (FY25)
Products from partner lenders and insurers, up from about 1% of revenue in FY23. FY25 revenue from operations was ~$825 million (₹7,115 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
PhonePe
How it makes money
Consumer UPI payments on PhonePe are free, and person-to-merchant UPI has carried zero merchant discount rate (MDR), so the payments app mostly works as a way to bring in users. Revenue comes from four main areas. First, merchant payments: SmartSpeaker soundbox and POS device rentals, payment gateway fees and card-based transactions.
Growth strategy
PhonePe's growth plan is to earn more from the users it already has rather than add payments users. It is focusing on four areas. Credit distribution covers personal, merchant and secured loans through partner lenders. Insurance broking is a second area. Wealth covers mutual funds and Share.Market broking. Merchant services cover soundboxes, POS devices and the payment gateway.
Competitive advantage
PhonePe's lead comes from scale on both sides of the UPI network. It has more than 700 million registered consumers and 50 million registered merchants. Much of that merchant base was built by field sales teams placing QR codes and SmartSpeaker devices across nearly every Indian pin code. That reach lets PhonePe sell loans, insurance and investments to customers it already has, without paying much to acquire them.
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 PhonePe vs Robinhood Markets
Which company has higher revenue — PhonePe or Robinhood Markets, Inc.?
PhonePe had ~$918.7M (FY2026), while Robinhood Markets, Inc. had $4.5B (FY2025). By latest annual revenue, Robinhood Markets, Inc. is the larger business, with PhonePe 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 PhonePe vs Robinhood Markets, Inc.?
Robinhood Markets, Inc. has a market capitalisation of $101.0B. A public market cap figure for PhonePe was not available (it may be privately held).
How does revenue per employee compare for PhonePe and Robinhood Markets, Inc.?
PhonePe has $46k / 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 PhonePe and Robinhood Markets, Inc. make money?
PhonePe and Robinhood Markets, Inc. generate revenue in fundamentally different ways. PhonePe: Consumer UPI payments on PhonePe are free, and person-to-merchant UPI has carried zero merchant discount rate (MDR), so the payments app mostly works as a way to bring in users. Robinhood Markets, Inc.: Robinhood charges no commission on US stock, ETF and options trades and earns revenue in three buckets.
Is PhonePe bigger than Robinhood Markets, Inc.?
By last reported revenue, Robinhood Markets, Inc. ($4.5B (FY2025)) is the larger company compared to PhonePe (~$918.7M (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 PhonePe vs Robinhood Markets overview