TLDR
- Coinbase reported $6.9B in 2025 revenue, with $1.26B net income, but Q4 swung to a loss
- Robinhood posted record 2025 revenue of $4.5B and record diluted EPS of $2.05
- Coinbase is a pure-play crypto stock; Robinhood earns from crypto, stocks, options, and subscriptions
- Wall Street rates Coinbase a Hold and Robinhood a Moderate Buy
- Coinbase’s analyst price target is $272.31; Robinhood’s is $120.59
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Coinbase and Robinhood are two of the most talked-about crypto-linked stocks in the market. But they are very different companies, and they offer investors very different things.
Coinbase is built around crypto. Its main businesses are crypto trading, stablecoins, custody, and digital-asset infrastructure. When crypto markets are hot, Coinbase tends to do very well. When they cool off, earnings can drop fast.
Robinhood is a broader retail finance platform. It earns money from stocks, options, crypto, subscriptions, and interest income. Crypto is part of the story, but it is not the whole story.
In 2025, Coinbase brought in about $6.9 billion in net revenue. Around $4.1 billion of that came from transaction fees, and $2.8 billion came from subscriptions and services. Net income for the full year was about $1.26 billion.
But Coinbase’s Q4 2025 results showed how quickly things can shift. The company swung to a net loss in the quarter, even though the full year was profitable. That shows how tied the business still is to trading volumes.
Robinhood Posts Record Numbers
Robinhood had a strong 2025. The company reported record revenue of $4.5 billion for the year, including $1.28 billion in Q4 alone. Full-year diluted EPS hit a record $2.05, with Q4 EPS at $0.66.
Robinhood also brought in a record $68 billion in net deposits during 2025. Its paid subscription tier, Robinhood Gold, reached 4.2 million members.
Those numbers show a company expanding beyond trading into a wider financial platform. That diversification helps protect it when any single market slows down.
What Analysts Think
Wall Street currently rates Coinbase a Hold. It has 19 Buy ratings, 11 Holds, and 3 Sells, according to MarketBeat data. The analyst consensus price target is $272.31.
Robinhood holds a Moderate Buy consensus. It has 17 Buy ratings, 6 Holds, and 1 Sell. The consensus price target is $120.59.
In simple terms, analysts are slightly more positive on Robinhood right now. They see Coinbase as more exposed to crypto market cycles.
The bull case for Coinbase is direct exposure to crypto growth. If trading volumes rise or stablecoin use expands, Coinbase benefits across several parts of its business.
The bear case is volatility. Earnings can move sharply depending on market conditions, as the Q4 loss showed.
For Robinhood, the bull case is platform breadth. Multiple revenue streams make it less dependent on any one market.
The bear case is valuation and execution. If user growth or product expansion slows, investors may pull back on the premium they currently assign the stock.
Robinhood Gold subscribers reached 4.2 million in 2025, and net deposits hit a record $68 billion for the year.
Final Thoughts
Both stocks offer crypto exposure but in very different ways. Coinbase is the higher-risk, higher-reward pure play. Robinhood is the steadier, more diversified option. Your choice comes down to how much volatility you are willing to accept.
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