Coinbase vs Robinhood

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The short version

Coinbase is the larger business, with $7.2B of revenue in fiscal 2025 against $4.5B for Robinhood, about 1.6 times as much.
Robinhood grew revenue faster (51.6%, against 9.4%).
Robinhood turned more of its sales into free cash flow (36.3% FCF margin, against 31.9%).

Latest fiscal year	COIN · FY25	HOOD · FY25
Size
Market cap	$43.3B	$86.7B
Revenue	$7.2B	$4.5B
Free cash flow	$2.3B	$1.6B
Net income	$1.3B	$1.9B
Growth
Revenue growth	9.4%	51.6%
5-year growth	41.2%	36.1%
Share count change	5.1%	1.4%
Profitability
Gross margin	—	—
Operating margin	20.0%	—
Net margin	17.6%	42.1%
FCF margin	31.9%	36.3%
Return on capital	14.5%	—
Return on equity	10.1%	22.0%
Balance sheet
Net debt	−$3.9B	—
Net debt / EBITDA	−2.4x	—
Dividends and buybacks	$790M	$653M
Valuation & quality
P/E	—	41.9x
Piotroski F-score	4	—

Revenue

FY19

COIN $534M

HOOD $278M

FY20

COIN $1.3B

HOOD $958M

FY21

COIN $7.8B

HOOD $1.8B

FY22

COIN $3.2B

HOOD $1.4B

FY23

COIN $3.1B

HOOD $1.9B

FY24

COIN $6.6B

HOOD $3.0B

FY25

COIN $7.2B

HOOD $4.5B

COIN HOOD

Operating margin

FY19

COIN −8.6%

HOOD —

FY20

COIN 32.0%

HOOD —

FY21

COIN 39.2%

HOOD —

FY22

COIN −84.9%

HOOD —

FY23

COIN −5.2%

HOOD —

FY24

COIN 35.2%

HOOD —

FY25

COIN 20.0%

HOOD —

COIN HOOD

Free cash flow

FY19

COIN −$114M

HOOD $1.3B

FY20

COIN $284M

HOOD $1.9B

FY21

COIN $4.0B

HOOD −$948M

FY22

COIN −$1.6B

HOOD −$880M

FY23

COIN $673M

HOOD $1.2B

FY24

COIN $3.0B

HOOD −$170M

FY25

COIN $2.3B

HOOD $1.6B

COIN HOOD

Return on capital

FY19

COIN —

HOOD —

FY20

COIN —

HOOD —

FY21

COIN —

HOOD —

FY22

COIN —

HOOD —

FY23

COIN —

HOOD —

FY24

COIN 43.3%

HOOD —

FY25

COIN 14.5%

HOOD —

COIN HOOD

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.