Robinhood Markets vs SoFi: Revenue, Profit and Business Model
Robinhood Markets reported $4.5B of revenue in FY2025 and $1.9B of net income. SoFi reported $3.6B of revenue in FY2025 and $481.3M of net income.
Latest financial snapshot
Robinhood Markets
- Latest revenue
- $4.5B (FY2025)
- Net income
- $1.9B
- Net margin
- 42.1%
- Revenue growth
- +58.9% a year, FY2019–FY2025
SoFi
- Latest revenue
- $3.6B (FY2025)
- Net income
- $481.3M
- Net margin
- 13.3%
- Revenue growth
- +41.9% a year, FY2019–FY2025
Financial summary
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.
SoFi
Revenue net of interest expense grew from $443M in 2019 to $3.61B in 2025. SoFi posted its first GAAP-profitable quarter in Q4 2023, earned $499M in FY2024 (helped by a tax benefit) and $481M in FY2025. Growth continued in 2026: Q1 revenue was about $1.1B with $167M net income, and Q2 adjusted net revenue was $1.2B with $157M net income and $358M adjusted EBITDA. Lending drove the gains, with record Q2 originations of $14.8B, while Technology Platform revenue fell year over year.
Revenue and profit by year
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 |
SoFi
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $3.6B | $481.3M | 13.3% | +35.1% | Source |
| FY2024 | $2.7B | $498.7M | 18.6% | +26.0% | Source |
| FY2023 | $2.1B | -$300.7M | -14.2% | +34.9% | Source |
| FY2022 | $1.6B | -$320.4M | -20.4% | +59.8% | Source |
| FY2021 | $984.9M | -$483.9M | -49.1% | +74.1% | Source |
| FY2020 | $565.5M | -$224.1M | -39.6% | +27.8% | Source |
| FY2019 | $442.7M | -$239.7M | -54.1% | — | Source |
Where the revenue comes from
Robinhood Markets
- options transaction revenue
- equities transaction revenue
- cryptocurrency transaction revenue
- event contracts (prediction markets)
- net interest revenue
- Robinhood Gold subscriptions
- credit card
SoFi
- Lending
~56% of Q2 2026 segment revenue
Net interest income and gains on sale from personal, student and home loans, plus Loan Platform Business fees. Adjusted net revenue of $711.7M in Q2 2026, up 59%.
- Financial Services
~37% of Q2 2026 segment revenue
Deposits, cards, investing and related fees. Net revenue of $466.3M in Q2 2026, up 29%.
- Technology Platform
~7% of Q2 2026 segment revenue
Galileo and Technisys B2B software and processing fees, about $85M in Q2 2026.
Business model and strategy
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.
SoFi
How it makes money
SoFi reports three segments. Lending earns net interest income and gains on loan sales from personal loans, student loan refinancing and home loans, plus fees from its Loan Platform Business, which originates loans for third-party buyers; it produced $711.7M of adjusted net revenue in Q2 2026.
Growth strategy
SoFi's strategy centers on its Financial Services Productivity Loop: acquire members with low-cost products like high-yield savings, then cross-sell loans, cards and investing.
Competitive advantage
SoFi's main structural edge is its national bank charter. Unlike fintechs that rent a sponsor bank, SoFi Bank, N.A. holds insured deposits ($45.5B at mid-2026) and uses them to fund loans, lowering funding costs. It also owns its processing and core banking stack through Galileo and Technisys, and cross-sells inside one app: 51% of new products in Q2 2026 were opened by existing members.
Questions about Robinhood Markets vs SoFi
Which company has higher revenue — Robinhood Markets, Inc. or SoFi Technologies, Inc.?
Robinhood Markets, Inc. reported $4.5B (FY2025), while SoFi Technologies, Inc. reported $3.6B (FY2025). By last reported revenue, Robinhood Markets, Inc. is the larger business, with SoFi Technologies, Inc. reporting a smaller revenue base.
What is the market cap of Robinhood Markets, Inc. vs SoFi Technologies, Inc.?
Robinhood Markets, Inc.'s market capitalisation stands at $101.0B, while SoFi Technologies, Inc.'s is $21.9B. Robinhood Markets, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to SoFi Technologies, Inc..
Which is more financially efficient — Robinhood Markets, Inc. or SoFi Technologies, Inc.?
Robinhood Markets, Inc. generates $1.54M / employee in revenue per employee, while SoFi Technologies, Inc. generates $592k / 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 Robinhood Markets, Inc. and SoFi Technologies, Inc. make money?
Robinhood Markets, Inc. and SoFi Technologies, Inc. generate revenue in fundamentally different ways. Robinhood Markets, Inc.: Robinhood charges no commission on US stock, ETF and options trades and earns revenue in three buckets. SoFi Technologies, Inc.: SoFi reports three segments.
Which company is valued higher relative to revenue — Robinhood Markets, Inc. or SoFi Technologies, Inc.?
On a price-to-sales (P/S) basis, Robinhood Markets, Inc. trades at 22.6x P/S and SoFi Technologies, Inc. at 6.1x P/S. Robinhood Markets, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to SoFi Technologies, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Robinhood Markets, Inc. bigger than SoFi Technologies, Inc.?
By last reported revenue, Robinhood Markets, Inc. ($4.5B (FY2025)) is the larger company compared to SoFi Technologies, Inc. ($3.6B (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 Robinhood Markets vs SoFi overview