The Revenue LinesThin moat

StoneCo (STNE) — moat facet

Seven reais in ten are financial income on prepayment and credit; the card fee is 18% and falling on purpose.

StoneCo reports four revenue lines. In 2025 its continuing operations earned 10,017.3 million reais of financial income, 2,493.1 million of net revenue from transaction activities, 889.3 million from subscriptions and equipment rental and 754.1 million of other financial income, a total of 14,153.8 million 1. Financial income was 71% of the total 2.

Revenue by line, 2025 against 2024 (% change)+51.3%Other financial income+30.5%Financial income+19.2%Subscriptions-20.3%Transaction activitiesStoneCo 20-F, FY2025, continuing operations
The card fee shrank while the prepayment discount that replaced it grew.

The mix is moving on purpose. StoneCo has been shifting price from card fees to the prepayment of merchants' receivables, which it describes as "ongoing pricing optimizations between card MDRs and prepayment revenues across our bundled offers" 3. Transaction revenue fell 20.3% in 2025 and financial income rose 30.5% 4.

The software business bought with Linx in 2021 has been sold and is reported as discontinued, so the lines here are continuing operations only 5.

StoneCo does not report profit by line, but its funding cost sits against financial income: financial expenses were 4,479.3 million reais in 2025 6. The leaves follow the four lines. The test for them together is financial income's share of revenue, 74.3% in the second quarter of 2026 7: the higher it goes, the more StoneCo's results depend on Brazil's interest rate rather than on payments.

Moat trajectory: Narrowing

Transaction revenue fell 35.1% in Q2 2026 and financial income rose to 74.3% of revenue.

The number that tests this moat
Reported
Financial income as a share of revenue, latest quarter
74.3% in Q2 2026 (R$2,665.9m of R$3,587.4m), from 68.8%

The higher it goes, the more results depend on Brazil's interest rate rather than on payments.

Source: StoneCo Q2 2026 earnings release ↗
Dig deeper
DIG DEEPER 01
Financial income
The line that made StoneCo a lender: prepayment discounts plus a credit book that doubled.
DIG DEEPER 02
Transaction activities
The card fee is being moved into prepayment, so this line shrinks even when volume grows.
DIG DEEPER 03
Subscriptions and equipment rental
Terminal rent and what software is left after Linx, bundled and repriced at will.
DIG DEEPER 04
Other financial income
Interest on StoneCo's own cash, shrinking as the cash is handed back.
References
  1. ReportedIn 2025 its continuing operations earned 10,017.3 million reais of financial income, 2,493.1 million of net revenue from transaction activities, 889.3 million from subscriptions and equipment rental and 754.1 million of other financial income, a total of 14,153.8 million .
    StoneCo Form 20-F for FY2025 - revenue and income by line from continuing operations 2023-2025 and the MD&A explanation of each line; TPV; receivables from card issuers; financial expenses; discontinued Linx — FY2023-FY2025 · publ. 2026 · source ↗
  2. Moat Explorer calcFinancial income was 71% of the total .
    Moat Explorer calculation from StoneCo's FY2025 20-F: shares of revenue by line (of 14,153.8m) and transaction revenue per real of TPV (3,144.4m / 438.3bn in 2023; 2,493.1m / 560.9bn in 2025) — FY2023-FY2025 · publ. 2026-09-23 · source ↗
  3. ReportedStoneCo has been shifting price from card fees to the prepayment of merchants' receivables, which it describes as "ongoing pricing optimizations between card MDRs and prepayment revenues across our bundled offers" .
    StoneCo Form 20-F for FY2025 - revenue and income by line from continuing operations 2023-2025 and the MD&A explanation of each line; TPV; receivables from card issuers; financial expenses; discontinued Linx — FY2023-FY2025 · publ. 2026 · source ↗
  4. ReportedTransaction revenue fell 20.3% in 2025 and financial income rose 30.5% .
    StoneCo Form 20-F for FY2025 - revenue and income by line from continuing operations 2023-2025 and the MD&A explanation of each line; TPV; receivables from card issuers; financial expenses; discontinued Linx — FY2023-FY2025 · publ. 2026 · source ↗
  5. ReportedThe software business bought with Linx in 2021 has been sold and is reported as discontinued, so the lines here are continuing operations only .
    StoneCo Form 20-F for FY2025 - revenue and income by line from continuing operations 2023-2025 and the MD&A explanation of each line; TPV; receivables from card issuers; financial expenses; discontinued Linx — FY2023-FY2025 · publ. 2026 · source ↗
  6. ReportedStoneCo does not report profit by line, but its funding cost sits against financial income: financial expenses were 4,479.3 million reais in 2025 .
    StoneCo Form 20-F for FY2025 - revenue and income by line from continuing operations 2023-2025 and the MD&A explanation of each line; TPV; receivables from card issuers; financial expenses; discontinued Linx — FY2023-FY2025 · publ. 2026 · source ↗
  7. ReportedThe test for them together is financial income's share of revenue, 74.3% in the second quarter of 2026 : the higher it goes, the more StoneCo's results depend on Brazil's interest rate rather than on payments.
    StoneCo second-quarter 2026 earnings release - revenue by line with explanations, TPV by card and Pix QR, credit revenue and quality, cash returned to shareholders — Q2 2026 · publ. 13 August 2026 · source ↗
Sources
Generated September 23, 2026