Financial incomeNarrow moat

StoneCo (STNE) — moat facet

The line that made StoneCo a lender: prepayment discounts plus a credit book that doubled.

Financial income is what StoneCo earns for paying merchants before card issuers pay it, and on its loans. It was 6,229.3 million reais in 2023, 7,676.2 million in 2024 and 10,017.3 million in 2025, up 30.5% 1, 71% of revenue 2.

Financial income (R$ m)6,229.320237,676.2202410,017.32025StoneCo 20-F, FY2025; credit contributed 653.4 in 2025
Financial income grew 61% in two years, most of it prepayment.

Most of it is prepayment. A merchant selling on card instalments can take the money now, less a discount; StoneCo funds the advance and collects from the issuer later. Receivables from card issuers were 41.3 billion reais at the end of 2025, against 23.9 billion two years earlier 3.

Credit is the growing part. Credit contributed 653.4 million reais to financial income in 2025, against 223.1 million in 2024 4, and credit revenue reached 348.5 million in the second quarter of 2026 alone, up 153.0% 5.

The line is priced off Brazil's interest rate, and so is its cost. StoneCo attributes 2025's growth to pricing changes, the shift of price from card fees into prepayment, and higher prepaid volumes 6; its financial expenses were 4,479.3 million reais 7.

In the second quarter of 2026 financial income was 2,665.9 million reais, up 10.7%, and 74.3% of revenue 8. The number to watch is that share. A line this large, set by the Selic and funded at a spread to it, makes StoneCo a lender to small businesses more than a payments company, and its credit quality (over-90-day delinquency 8.60%) is now the moat's main test 9.

Moat trajectory: Holding steady

Financial income rose 10.7% in Q2 2026 on credit and prepayment, while over-90-day delinquency rose to 8.60%.

The number that tests this moat
Reported
Credit contribution to financial income
R$653.4m in 2025, from R$223.1m

Credit is the growing part of the line; its losses decide whether that growth is worth having.

Source: StoneCo 20-F, FY2025 ↗
References
  1. ReportedIt was 6,229.3 million reais in 2023, 7,676.2 million in 2024 and 10,017.3 million in 2025, up 30.5% , 71% of revenue .
    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 calcIt was 6,229.3 million reais in 2023, 7,676.2 million in 2024 and 10,017.3 million in 2025, up 30.5% , 71% of revenue .
    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. ReportedReceivables from card issuers were 41.3 billion reais at the end of 2025, against 23.9 billion two years earlier .
    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. ReportedCredit contributed 653.4 million reais to financial income in 2025, against 223.1 million in 2024 , and credit revenue reached 348.5 million in the second quarter of 2026 alone, up 153.0% .
    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. ReportedCredit contributed 653.4 million reais to financial income in 2025, against 223.1 million in 2024 , and credit revenue reached 348.5 million in the second quarter of 2026 alone, up 153.0% .
    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 ↗
  6. ReportedStoneCo attributes 2025's growth to pricing changes, the shift of price from card fees into prepayment, and higher prepaid volumes ; its financial expenses were 4,479.3 million reais .
    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. ReportedStoneCo attributes 2025's growth to pricing changes, the shift of price from card fees into prepayment, and higher prepaid volumes ; its financial expenses were 4,479.3 million reais .
    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 ↗
  8. ReportedIn the second quarter of 2026 financial income was 2,665.9 million reais, up 10.7%, and 74.3% of revenue .
    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 ↗
  9. ReportedA line this large, set by the Selic and funded at a spread to it, makes StoneCo a lender to small businesses more than a payments company, and its credit quality (over-90-day delinquency 8.60%) is now the moat's main test .
    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