Robinhood vs Coinbase Business Model (2026)
Robinhood earns most from Transaction-based revenue (58.8%), while Coinbase earns most from Net revenue (95.9%). Computed from Robinhood 10-K FY2025 and Coinbase 10-K FY2025.
Last checked 2026-10-18 on the official pages.
Robinhood
Amounts in millions of USD. Partial breakdown: these lines do not necessarily reconcile to total revenue. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Transaction-based revenue | $2,628 million ($2.6 billion) | 58.8% | 10-K FY2025 ↗ |
| Other revenue | $331 million | 7.4% | 10-K FY2025 ↗ |
| Total revenue | $4,473 million ($4.5 billion) | — | 10-K FY2025 ↗ |
Coinbase
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Net revenue | $6,883 million ($6.9 billion) | 95.9% | 10-K FY2025 ↗ |
| Other revenue | $298 million | 4.1% | 10-K FY2025 ↗ |
| Total revenue | $7,181 million ($7.2 billion) | — | 10-K FY2025 ↗ |
Shared business models
Brokerage and transaction fees
Company and model pages
Robinhood: Brokerage and transaction fees · Interest and banking
Coinbase: Brokerage and transaction fees · Subscription
Frequently asked questions
How does Robinhood make money?
Robinhood makes money mainly from Transaction-based revenue. Its FY2025 total revenue was $4,473 million ($4.5 billion), with Transaction-based revenue the biggest disclosed revenue line at $2,628 million ($2.6 billion) and 58.8% of total revenue (computed from the 10-K FY2025). Robinhood’s securities lending activity generates interest revenue and interest expense.
How does Coinbase make money?
Coinbase makes money mainly from Net revenue. Its FY2025 total revenue was $7,181 million ($7.2 billion), with Net revenue the biggest disclosed revenue line at $6,883 million ($6.9 billion) and 95.9% of total revenue (computed from the 10-K FY2025). Coinbase earns transaction fees when customers buy, sell, and trade crypto assets.