Stripe Revenue: The Real Number Is $6.8 Billion, Not $19 Billion

Stripe is private and publishes no audited financials, so "Stripe revenue" gets answered with three very different numbers depending on who is talking. Here is the honest version. In 2025, businesses running on Stripe processed $1.9 trillion in total payment volume, up 34% year over year, per the company's annual letter published in February 2026. Stripe's own cut of that — net revenue, after the fees passed through to card networks and banks — was roughly $6.8 billion in 2025, up about 33%, according to reporting by The Information. The $16 billion and $19 billion figures that circulate (including in GetLatka's own database) are gross revenue: money that touches Stripe's books before most of it is handed to Visa, Mastercard, and issuing banks. Conflating those is the classic Stripe-revenue error, and the previous version of this article made it.

What is Stripe's revenue? Three numbers, one company

Every Stripe figure you see belongs to one of three layers, and they differ by orders of magnitude:

• Total payment volume (TPV) — the value of transactions processed on Stripe's rails. $1.9 trillion in 2025 and $1.4 trillion in 2024, both from Stripe's annual letters. Stripe said the 2024 figure equaled roughly 1.3% of global GDP. This is not revenue; it is other companies' sales flowing through Stripe.
• Gross revenue — what Stripe collects before passing interchange and network fees onward. Analysts at Sacra estimate this at about $19.4 billion for 2025. This is the layer the widely-shared "$14B in 2022, $16B in 2023" tables describe.
• Net revenue — what Stripe actually keeps. The Information reported approximately $5.1 billion for 2024 and approximately $6.8 billion for 2025. This is the number comparable to a public payment company's reported revenue.

The take-rate arithmetic ties the layers together: $6.8 billion kept on $1.9 trillion processed is roughly 0.36% of volume, while the ~$19.4 billion gross estimate is about 1% of volume — consistent with card processing economics, where most of the sticker fee is passed through to banks and networks.

Stripe revenue by year

Net revenue figures are third-party reporting, not company disclosures; Stripe confirms TPV and directional profitability in its letters but does not publish revenue.

Two growth notes worth flagging. The Collisons attributed much of 2024's 38% volume growth to AI companies scaling on Stripe. And The Information noted 2025's ~33% net revenue growth was Stripe's fastest since 2021 — on a base more than four times larger.

Is Stripe profitable?

Yes, since 2024. Stripe's February 2025 annual letter stated the company was profitable in 2024 and expected to remain so in 2025 and beyond — its first such public claim. FXC Intelligence's February 2025 analysis put the swing at roughly $102 million in pre-tax profit for 2024, against a pre-tax loss of about $1.2 billion in 2023. For 2025, The Information reported free cash flow of about $3.2 billion, up 52% year over year. The loss-making years were largely a choice: heavy spending on international expansion and new product lines (Billing, Radar, Terminal, Issuing) while payments margins funded it. Per the 2025 letter cycle, Stripe's non-payments "revenue suite" was on track for a $1 billion annual run rate in 2026.

Stripe's valuation: $95B down to $50B, back up to $159B

Because Stripe has stayed private for sixteen years, its valuation history is a series of funding rounds and employee tender offers, and it is not a straight line:

The 2023 down round — a 47% markdown from the 2021 peak — raised $6.5 billion largely to cover employee tax obligations on expiring stock grants. The recovery since has been steep: the February 2026 tender priced Stripe 74% above the year before, with Thrive Capital, Coatue, and a16z participating, per CNBC. Each tender lets employees and early holders sell without an IPO, which is a large part of why there still is no IPO.

Where GetLatka's numbers fit

GetLatka's Stripe company page lists $19.4 billion in estimated 2025 revenue, $18 billion for 2024, and $16 billion for 2023, alongside the $159 billion valuation, $9.1 billion in total funding, roughly 1 million customers, and about 8,500 employees. To be explicit about our own data: those revenue rows track the gross layer, not the ~$6.8 billion Stripe keeps. Both are legitimate ways to describe the business — gross revenue is what flows through Stripe's income statement top line — but they answer different questions, and anyone comparing Stripe to PayPal (which reports net) should use the net figure.

Background, briefly

Patrick and John Collison founded Stripe in 2010 after selling their first company, Auctomatic, to Canada's Live Current Media for about $5 million in 2008, while still in their teens. (An earlier version of this article misnamed that company "Automatic," attributed an unsourced quote to the founders, and claimed Stripe built proprietary data centers — Stripe is famously a cloud-hosted company. Those errors are corrected here, and the ten-lessons listicle framing is retired.) Stripe launched publicly in September 2011 and has since layered financial infrastructure — billing, fraud tooling, card issuing, incorporation via Atlas — on top of the payments business that still generates the bulk of its revenue.