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
| 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 |
Visa
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $40B | $20.1B | 50.1% | +11.3% | Source |
| FY2024 | $35.9B | $19.7B | 55.0% | +10.0% | Source |
| FY2023 | $32.7B | $17.3B | 52.9% | +11.4% | Source |
| FY2022 | $29.3B | $15B | 51.0% | +21.6% | Source |
| FY2021 | $24.1B | $12.3B | 51.1% | +10.3% | Source |
| FY2020 | $21.8B | $10.9B | 49.7% | -4.9% | Source |
| FY2019 | $23B | $12.1B | 52.6% | +11.5% | Source |
| FY2018 | $20.6B | $10.3B | 50.0% | +12.3% | Source |
| FY2017 | $18.4B | $6.7B | 36.5% | +21.7% | Source |
| FY2016 | $15.1B | $6B | 39.7% | — | Source |
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.
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;
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