Transaction activitiesThin moat

StoneCo (STNE) — moat facet

The card fee is being moved into prepayment, so this line shrinks even when volume grows.

Transaction revenue is the fee StoneCo keeps on card and Pix payments. It was 3,144.4 million reais in 2023, 3,128.9 million in 2024 and 2,493.1 million in 2025, down 20.3% 1, 18% of revenue 2.

Transaction revenue (R$ m)3,144.420233,128.920242,493.12025StoneCo 20-F, FY2025; TPV rose 28% over the same two years
Volume grew 28% in two years and the fee on it fell 21%.

The decline is mostly a choice. StoneCo has moved price from card fees to prepayment within its bundles, and says the shift "negatively impacts" this line while it "positively contributes to financial income" 3. Pix QR-code revenue and transactional banking partly offset it 4.

Volume still grows, slowly. Total payment volume was 438.3 billion reais in 2023, 516.2 billion in 2024 and 560.9 billion in 2025 5. In the second quarter of 2026 it was 142.2 billion, up 4.3%, with card volume down to 111.5 billion from 115.0 billion and Pix QR-code volume up 44.3% to 30.7 billion 6.

So the fee per real of volume is falling fast: transaction revenue was about 0.72% of volume in 2023 and 0.44% in 2025 7. In the second quarter of 2026 the line fell 35.1% to 427.2 million reais 8.

The measure to watch is total TPV growth against Brazilian card-market growth. The fee can move to prepayment without harm; volume lost to rivals cannot.

Moat trajectory: Narrowing

Transaction revenue per real of TPV fell from about 0.72% in 2023 to 0.44% in 2025.

The number that tests this moat
Moat Explorer calc
Transaction revenue as a share of annual TPV
about 0.44% in 2025, from 0.72% in 2023

The fee falling faster than price moves into prepayment would mean rivals are taking it.

How it's calculated: Net revenue from transaction activities / TPV: 2,493.1m / 560.9bn; 3,144.4m / 438.3bn
Source: StoneCo 20-F, FY2025 ↗
References
  1. ReportedIt was 3,144.4 million reais in 2023, 3,128.9 million in 2024 and 2,493.1 million in 2025, down 20.3% , 18% 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 3,144.4 million reais in 2023, 3,128.9 million in 2024 and 2,493.1 million in 2025, down 20.3% , 18% 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. ReportedStoneCo has moved price from card fees to prepayment within its bundles, and says the shift "negatively impacts" this line while it "positively contributes to financial income" .
    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. ReportedPix QR-code revenue and transactional banking partly offset it .
    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. ReportedTotal payment volume was 438.3 billion reais in 2023, 516.2 billion in 2024 and 560.9 billion 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 ↗
  6. ReportedIn the second quarter of 2026 it was 142.2 billion, up 4.3%, with card volume down to 111.5 billion from 115.0 billion and Pix QR-code volume up 44.3% to 30.7 billion .
    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 ↗
  7. Moat Explorer calcSo the fee per real of volume is falling fast: transaction revenue was about 0.72% of volume in 2023 and 0.44% in 2025 .
    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 ↗
  8. ReportedIn the second quarter of 2026 the line fell 35.1% to 427.2 million reais .
    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