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Robinhood Markets vs Visa: Revenue, Profit and Business Model

Robinhood Markets reported $4.5B of revenue in FY2025 and $1.9B of net income. Visa reported $40B of revenue in FY2025 and $20.1B 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

Visa

Latest revenue
$40B (FY2025)
Net income
$20.1B
Net margin
50.1%
Revenue growth
+11.4% a year, FY2016–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.

Visa

Visa's fiscal year ends September 30. Fiscal 2025 net revenue was USD 40.0 billion, up 11% from USD 35.9 billion in fiscal 2024, and GAAP net income was USD 20.1 billion. Growth continued in fiscal 2026: in the third quarter (April to June 2026) net revenue rose 14% to USD 11.6 billion, quarterly payments volume passed USD 4 trillion for the first time, and Visa returned USD 6.2 billion to shareholders through buybacks and dividends. Fiscal 2026 full-year results are due in late October 2026.

Revenue and profit by year

Robinhood Markets

Robinhood Markets revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2025$4.5B$1.9B42.1%+51.6%Source
FY2024$3B$1.4B47.8%+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$7M0.7%+245.2%Source
FY2019$277.5M-$106.6M-38.4%—Source
Full Robinhood Markets financials

Visa

Visa revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2025$40B$20.1B50.1%+11.3%Source
FY2024$35.9B$19.7B55.0%+10.0%Source
FY2023$32.7B$17.3B52.9%+11.4%Source
FY2022$29.3B$15B51.0%+21.6%Source
FY2021$24.1B$12.3B51.1%+10.3%Source
FY2020$21.8B$10.9B49.7%-4.9%Source
FY2019$23B$12.1B52.6%+11.5%Source
FY2018$20.6B$10.3B50.0%+12.3%Source
FY2017$18.4B$6.7B36.5%+21.7%Source
FY2016$15.1B$6B39.7%—Source
Full Visa financials

Where the revenue comes from

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.

Visa

  • Service revenue
  • Data processing revenue
  • International transaction revenue
  • Value-added services
  • Visa Direct
  • Fraud and risk tools

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.

Robinhood Markets business model in full

Visa

How it makes money

Visa earns fees from the banks and other clients that use its network, not interest from cardholders. Its reported revenue lines are service revenue (based on payments volume), data processing revenue (based on transactions authorized, cleared and settled over VisaNet), international transaction revenue (cross-border and currency conversion activity) and other revenue, including value-added services such as fraud and…

Growth strategy

Visa's growth strategy is to expand credentials, increase digital acceptance, grow cross-border and e-commerce volume, sell more value-added services, scale Visa Direct, support tap-to-pay and tokenized commerce, and embed Visa capabilities inside fintech and banking platforms.

Competitive advantage

Visa's moat is a three-sided network effect. Consumers use Visa because merchants accept it, merchants accept Visa because consumers carry it, and banks issue Visa credentials because both sides already participate. The company also has fraud data, global rules, brand trust, dispute standards, token infrastructure, and bank relationships built across decades. A competitor cannot simply copy the software;

Visa business model in full

Questions about Robinhood Markets vs Visa

Which company has higher revenue — Robinhood Markets, Inc. or Visa Inc.?

Robinhood Markets, Inc. reported $4.5B (FY2025), while Visa Inc. reported $40.0B (FY2025). By last reported revenue, Visa Inc. is the larger business, with Robinhood Markets, Inc. reporting a smaller revenue base.

What is the market cap of Robinhood Markets, Inc. vs Visa Inc.?

Robinhood Markets, Inc.'s market capitalisation stands at $101.0B, while Visa Inc.'s is $676.0B. Visa Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Robinhood Markets, Inc..

Which is more financially efficient — Robinhood Markets, Inc. or Visa Inc.?

Robinhood Markets, Inc. generates $1.54M / employee in revenue per employee, while Visa Inc. generates $1.17M / 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 Visa Inc. make money?

Robinhood Markets, Inc. and Visa 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. Visa Inc.: Visa earns fees from the banks and other clients that use its network, not interest from cardholders.

Which company is valued higher relative to revenue — Robinhood Markets, Inc. or Visa Inc.?

On a price-to-sales (P/S) basis, Robinhood Markets, Inc. trades at 22.6x P/S and Visa Inc. at 16.9x P/S. Robinhood Markets, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Visa 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 Visa Inc.?

By last reported revenue, Visa Inc. ($40.0B (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 Robinhood Markets vs Visa overview

Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.