StoneCo Ltd. (STNE): Business Model Canvas [Dec-2025 Updated]

You're looking past the noise to see how StoneCo Ltd. (STNE) is actually making money now, and honestly, the story has changed from pure volume to smart profit. After years of scaling, the Q3 2025 numbers confirm a successful strategic repricing, evidenced by their credit book hitting R$1.4 billion earlier in the year and client deposits growing 32% year-over-year to R$9 billion by the third quarter. This Business Model Canvas cuts through the jargon to show you the nine core components-from their agent network to their growing interest income-that are fueling this shift from chasing Total Payment Volume (TPV) to building a stickier, more profitable ecosystem for their 4.7 million MSMB clients. Keep reading to see the precise mechanics behind this transition.

StoneCo Ltd. (STNE) - Canvas Business Model: Key Partnerships

You're looking at the essential external relationships that keep StoneCo Ltd. running smoothly in the competitive Brazilian fintech space as of late 2025. These partnerships are critical for scale, technology access, and market reach. Honestly, without these foundational links, StoneCo couldn't process the volume it does.

As of the first half of 2025 (1H25), StoneCo was serving 4.6 Million Active Payment Clients, driving total revenue and income from continuing operations to R$7.5 Billion for that period. The health of these external ties directly impacts that top line.

The key partnerships fall into four main buckets:

• Brazilian banks (e.g., Itaú Unibanco) for payment processing.
• Global payment networks (Visa, Mastercard) for card acceptance.
• E-commerce platforms (VTEX, Magento) for digital integration.
• POS hardware manufacturers (Ingenico, PAX) for terminal supply.

The relationship with major financial institutions is foundational, especially as StoneCo expands its banking solutions. While direct 2025 partnership transaction data with a specific bank like Itaú Unibanco isn't public, we see the scale of the players StoneCo must integrate with. Itaú Unibanco, for instance, reported a recurring managerial result of R$11.5 Billion in the second quarter of 2025 and has a loan portfolio totaling R$1.4 Trillion as of Q2 2025. StoneCo's own banking segment is growing, evidenced by its credit portfolio expansion, which aligns with the broader market activity.

The global networks are the pipes through which most card transactions flow. StoneCo's ability to accept cards relies on these giants. Here's a snapshot of their scale in 2025, which underpins the volume StoneCo processes:

These figures show the sheer scale of the payment rails StoneCo taps into. Also, StoneCo holds about 11.3% of Brazil's fintech market share, meaning a significant portion of these network volumes flows through their systems.

For digital integration, StoneCo needs partners that support modern, scalable commerce architecture. Platforms like VTEX focus on connected commerce, offering features like headless storefronts and marketplace solutions, with a stated 'VTEX Vision 2025.' Similarly, Magento is noted for its flexibility in integrating with payment gateways and ERP systems in 2025. These integrations are key for StoneCo's online and omnichannel merchant clients.

On the physical side, the Point-of-Sale (POS) hardware from manufacturers like Ingenico and PAX must be reliable and secure. While specific 2025 supply contract details with StoneCo aren't public, the hardware capabilities define the in-person experience. PAX devices are known for their Android OS, supporting easy application integration, and Ingenico terminals emphasize security with support for EMV and NFC transactions. The terminals StoneCo deploys are the direct physical touchpoint for a large part of their merchant base.

Finance: draft 13-week cash view by Friday.

StoneCo Ltd. (STNE) - Canvas Business Model: Key Activities

You're looking at the core actions StoneCo Ltd. is taking to drive value right now, late in 2025. It's a shift from just chasing scale to making sure every transaction and every client relationship is profitable. Honestly, the numbers show they're executing this pivot well.

Developing and maintaining proprietary fintech platforms.

StoneCo Ltd. keeps its technology proprietary to maintain that competitive edge. They are actively incorporating advanced technologies like artificial intelligence (AI) to streamline operations, which helps with things like fraud detection and customer service interactions. This platform underpins their entire ecosystem. By the third quarter of 2025, the active client base stood at 4.7 million clients. Also, you saw evidence of platform depth when, in Q3 2024, the total payment volume (TPV) growth among their software clients was growing at twice the rate of the core small and medium-sized business (SMB) segment, showing the success of cross-selling the platform's capabilities.

Strategic repricing for profitability over raw TPV growth.

This is the big strategic move. StoneCo Ltd. is deliberately slowing down raw Total Payment Volume (TPV) growth to capture better margins. For instance, TPV growth decelerated to 8% YoY in Q3 2025. This is a direct result of ongoing repricing efforts. In the first quarter of 2025, the company repriced nearly its entire client base, aligning pricing with a prevailing yield curve of around 15%. The payoff is clear: Adjusted gross profit grew 15.2% YTD as of Q3 2025, and in Q1 2025, gross profit was up 19% YoY, outpacing the initial 14% annual guidance. The Financial Services segment revenues reflected this, growing 20% in Q1 2025 as a direct effect of these pricing actions.

Expanding the credit portfolio, which reached R$1.4 billion in Q1 2025.

Growing the credit book is a key activity for monetizing the existing merchant base. By the end of the first quarter of 2025, the total credit portfolio reached R$1.4 billion. This expansion is supported by the quality of their cohorts, though it's maturing. Here's the quick math on the breakdown:

• Merchant solutions (mainly working capital) accounted for R$1.3 billion.
• Credit card offerings, focused on micro-merchants, accounted for R$161 million.

The company is leveraging its transaction data to assess creditworthiness, which is a core part of their platform advantage in offering accessible financing.

Operational efficiency management and cost control.

Management is focused on turning revenue into profit, which you see in the margin expansion and funding cost discipline. The Trailing Twelve Months (TTM) Operating Margin, as of November 2025, stood at 6.72%. For the most recent reported quarter, Q3 2025, the Net Profit Margin was 19.82%, with adjusted net income reaching R$689.9 million (a 17.6% YoY increase). A major efficiency play is the cash sweep strategy to lower funding costs. In Q1 2025, StoneCo Ltd. executed this by shifting R$6.3 billion of retail deposits into on-platform time deposits, out of total deposits that reached R$8.3 billion.

Here is a snapshot of key 2025 financial performance indicators:

Finance: draft 13-week cash view by Friday.

StoneCo Ltd. (STNE) - Canvas Business Model: Key Resources

You're looking at the core assets that make StoneCo Ltd. run, the things they own or control that let them deliver their value proposition. Honestly, these aren't just line items; they are the engine room for their growth in the Brazilian fintech space.

The intellectual property here is significant, especially when you look at the efficiency it drives. The proprietary technology platform and software ecosystem are what allow StoneCo Ltd. to maintain a strong margin profile, even while serving a massive, fragmented client base. For the third quarter of 2025, the reported Gross Margin stood at a strong 75.91%. This high margin is a direct reflection of the scalability and efficiency baked into their platform architecture.

Engagement within this ecosystem is also a key resource. It's not just about having clients; it's about how deeply they use the services. As of Q3 2025, the active MSMB client base reached 4.7 million clients. Furthermore, a significant portion of these clients are deeply integrated, with 38% classified as heavy users, meaning they leverage more than three of the solutions StoneCo Ltd. offers.

Financial resources are also critical, particularly the ability to fund growth and offer integrated services. Client deposits, a key source of funding for their expanding credit offerings, showed substantial growth. As of Q3 2025, deposits from retail clients grew 32.3% year-over-year, reaching R$9,018.2 million. This figure is right around the R$9 billion mark you mentioned, showing a real financial anchor for their banking and credit push.

The physical and human network asset that gets the technology into the hands of merchants is the distribution network. While we don't have a precise count of Stone Agents as of late 2025, the effectiveness of this network is evidenced by the client acquisition scale. The network is the mechanism that translates platform capability into market penetration.

Here's a quick look at the quantifiable assets driving the business as of Q3 2025:

You should keep an eye on how StoneCo Ltd. continues to scale the human element of its distribution versus the digital footprint. The reliance on the Stone Agents network for on-the-ground sales and support remains a defining characteristic, even as digital adoption accelerates.

The key resources can be broken down by category like this:

• Intellectual/Technological: Proprietary platform, software ecosystem, and high gross margin efficiency.
• Financial: Client deposits of R$9,018.2 million and strong Adjusted Gross Profit of R$1,604.9 million (continuing operations).
• Human/Physical: The extensive distribution network of Stone Agents.
• Customer Base: The 4.7 million active MSMB clients, with 38% being heavy users.

If onboarding or supporting the Stone Agents network slows down, churn risk rises for new merchants, so you want to see consistent investment there. Finance: draft 13-week cash view by Friday.

StoneCo Ltd. (STNE) - Canvas Business Model: Value Propositions

You're looking at StoneCo Ltd. (STNE) and trying to map out exactly what they are offering the Micro, Small, and Medium Businesses (MSMBs) they serve as of late 2025. It's all about simplification and integration, honestly.

Simplified, integrated payment and financial solutions for MSMBs.

StoneCo Ltd. delivers a unified platform that bundles payments with banking and credit, moving beyond just transaction processing. The scale of their payments operation in the third quarter of 2025 saw the MSMB Total Payment Volume (TPV) hit R$ 126 billion. This volume was supported by an active client base that reached 4.7 million clients in that same quarter. The company's strategic focus on profitability over raw volume is evident in metrics like the gross profit-to-TPV ratio, which stood at 1.23% in the first quarter of 2025. For the trailing twelve months ending November 2025, the Gross Margin was a strong 75.91%.

Digital banking and credit access for underserved businesses.

The value proposition extends deep into financial services, helping businesses manage cash flow and access capital. Client deposits in the third quarter of 2025 totaled R$ 9 billion. The credit portfolio expansion is a key feature; it reached R$ 1.4 billion as of the first quarter of 2025. This credit offering is data-driven, leveraging transaction history to assess risk for businesses that might not qualify elsewhere. The active banking client base grew to 3.3 million clients in the second quarter of 2025.

High-engagement ecosystem: 38% of MSNB clients are heavy users.

The success of the integrated model is measured by how many solutions clients adopt. The percentage of MSMB clients classified as heavy users-meaning they leverage more than 3 of the solutions StoneCo Ltd. offers-was consistently reported at 38% across Q1, Q2, and Q3 of 2025. This metric shows a significant deepening of the relationship, up sharply from 26% a year prior in Q1 2024. This cross-selling success is central to their strategy.

Fast payment settlement and competitive pricing.

The shift to instant payments is a major driver of volume and engagement, even as it pressures traditional fee structures. PIX QR code volumes in the third quarter of 2025 grew 49% year-over-year, while traditional card volumes grew at a slower 6% in the same period. In the first quarter of 2025, PIX transaction volumes had surged 95% year-over-year. The company's 2025 financial outlook includes guidance for adjusted gross profit growth of 14% and adjusted EPS growth of 18% year-over-year.

Here's a quick look at some of the key operational metrics supporting these value propositions:

The company defintely showed strong financial results, with Q3 2025 GAAP EPS hitting $0.48, leading management to raise full-year 2025 adjusted basic EPS guidance to more than $1.74. Also, the Consolidated Return on Equity expanded to 24% in Q3 2025.

StoneCo Ltd. (STNE) - Canvas Business Model: Customer Relationships

You're looking at how StoneCo Ltd. keeps its millions of merchants engaged and spending more with them. The relationship strategy hinges on a dual approach: boots-on-the-ground sales support and increasingly sophisticated digital tools.

Dedicated sales and service through the Stone Agent model

StoneCo Ltd. relies on its network of Stone Agents for direct, dedicated sales and service, especially for Micro, Small, and Medium Businesses (MSMBs) in Brazil. While the exact number of agents isn't public for late 2025, the scale of the client base they serve is clear. StoneCo Ltd.'s total MSMB active client base reached 4.7 million clients as of the third quarter of 2025, a 17% year-over-year increase. This network is crucial for onboarding and supporting merchants who might prefer in-person assistance over purely digital channels. The company distributes its solutions principally through proprietary and franchised Stone Hubs, which are physical manifestations of this agent-led service model.

Digital self-service via proprietary banking app

The shift to digital is evident in the growth of StoneCo Ltd.'s banking services. The active client base specifically utilizing the banking operation grew by 22% year-over-year to reach 3.5 million clients in Q3 2025. This growth strongly suggests high adoption of their proprietary banking app for self-service needs, even if the specific number of app-only users isn't itemized. The success of this digital channel is further supported by the fact that client deposits grew 32% year-over-year to reach BRL 9 billion in the same period. The average daily deposit base, a key indicator of daily engagement, saw an even stronger increase of 40% year-over-year in Q3 2025. That's a massive increase in digital financial activity.

Cross-selling of banking and credit to increase monetization

The core of StoneCo Ltd.'s strategy is deepening monetization by moving clients from pure payment processing to a full suite of financial products. This cross-selling effort is working, as seen in the engagement metrics. As of Q3 2025, 38% of the total active client base were classified as heavy users, meaning they leverage more than 3 of the solutions StoneCo Ltd. offers. The credit portfolio is a major monetization lever. While the Q1 2025 credit portfolio stood at R$1.4 billion, the overall strategy is clearly driving revenue mix toward higher-margin financial income. The growth in banking deposits, up 32% year-over-year, is a direct result of successfully bundling these services.

Building a stickier product through ecosystem expansion

Stickiness is measured by how many solutions a client uses, and the heavy user metric is the clearest data point here. The 38% of active clients using over 3 solutions in Q3 2025 shows that the ecosystem expansion-which includes software tools like ERP and CRM-is successfully locking in merchants. The Software segment revenue grew 11% year-over-year in Q1 2025, driven by an increase in the Software active client base. This integration of payments, banking, and software creates high switching costs for the merchant. The company is also signaling confidence in its long-term value by repurchasing nearly 7.8 million shares for R$652.56 million since May 2025, which aligns with strengthened capital returns.

Here is a summary of the key client-related metrics from the latest reporting period:

The focus on driving clients to use more than one service is central to the relationship strategy. You can see the direct result in the engagement levels:

• 38% of clients are heavy users.
• Banking active clients grew 22% YoY.
• Client deposits grew 32% YoY.
• Software segment revenue grew 11% YoY (Q1 2025).

Finance: draft 13-week cash view by Friday.

StoneCo Ltd. (STNE) - Canvas Business Model: Channels

You're looking at how StoneCo Ltd. gets its products and services into the hands of merchants as of late 2025. It's a multi-pronged approach touching physical stores, digital platforms, and direct sales efforts.

Point-of-Sale (POS) terminals for in-store payments

The physical in-store channel remains central, evidenced by the Total Payment Volume (TPV) generated. StoneCo Ltd. reported a Total TPV of R$140.2 billion in the third quarter of 2025, which was an increase of 8.8% compared with the third quarter of 2024. The Micro and Small- and Medium Business (MSMB) segment, which heavily relies on POS terminals, drove R$126.4 billion of that TPV, marking a 10.9% year-over-year increase. Furthermore, the integration of new payment methods directly impacts the utility of these terminals; for instance, Pix transactions showed an impressive growth of +95% year-over-year in the context of the first quarter of 2025, largely through POS systems. The gross profit-to-TPV ratio for the first quarter of 2025 increased 5 basis points to 1.23%, showing better monetization across these payment channels.

Proprietary digital banking application

The digital banking application acts as a key retention and cross-selling tool. As of early 2025 reporting, the banking active client base had climbed by 46% to reach 3.1 million users. This digital engagement supports a growing financial ecosystem; demand deposits reached R$6.7 billion in one reported period, representing a 50% increase compared to the previous year. More recently, deposit balances were noted as growing by +36% year-over-year, signaling deeper client wallet share capture through the digital platform. The company is actively shifting its deposit mix, moving R$6.3 billion out of a total of R$8.3 billion in retail deposits into on-platform time deposits during the first quarter of 2025.

E-commerce and online payment gateway integrations

StoneCo Ltd. distributes solutions across online and mobile channels, supporting e-commerce. The company provides e-commerce tools as part of its Software segment. While specific TPV for e-commerce is often bundled, the overall MSMB TPV growth of 10.9% year-over-year in Q3 2025 reflects strength across all merchant types, including digital ones. The Financial Services segment, which includes online payment solutions, saw its revenues grow a robust 20% year-over-year in the first quarter of 2025, outpacing the Software segment's 11% growth rate for the same period. This channel supports the company's focus on integrated commerce.

Direct sales force (Stone Agents) for client acquisition

Client acquisition is heavily supported by a direct, localized distribution network. StoneCo Ltd. distributes solutions principally through proprietary and franchised Stone Hubs, which offer hyper-local sales and services, alongside a dedicated sales team targeting brick-and-mortar and digital merchants. The total active client base reached 4.7 million in the third quarter of 2025, an increase of 17.6% year-over-year, driven by this direct engagement and cross-selling efforts. The MSMB active client base specifically grew by approximately 17% year-over-year to reach ~4.58 million in Q3 2025, showing the direct sales force's effectiveness in capturing the core market.

Here is a quick look at the scale of the client base and transaction volume across these channels as of the third quarter of 2025.

The credit portfolio, which is distributed through these same channels, expanded by 25% sequentially to BRL 1.8 billion in the second quarter of 2025, further demonstrating the reach of the integrated offering.

StoneCo Ltd. (STNE) - Canvas Business Model: Customer Segments

You're looking at the core client base of StoneCo Ltd. as of late 2025, which is heavily concentrated in the Brazilian market, focusing on merchant services and expanding financial offerings.

The primary focus remains the Micro, Small, and Medium Businesses (MSMBs) in Brazil. This segment drives the bulk of the payment volume. For the third quarter of 2025, the MSMB Total Payment Volume (TPV) was reported at R$126.4 billion, showing a year-over-year increase of 10.9%. The active client base within the payments business for MSMBs reached 4.7 million in Q3 2025, marking a 17.2% increase compared to the prior year. This indicates strong acquisition and retention within the core merchant base.

StoneCo Ltd. also serves Large retail merchants and integrated partners, though their volume contribution appears to be decelerating relative to the MSMB segment. In Q3 2025, the Large Accounts TPV actually showed a 7.5% decrease year-over-year. The total consolidated payments active client base for StoneCo Ltd. stood at 4.7 million clients in Q3 2025, with a total TPV of R$140.2 billion, up 8.8% year-over-year.

The growth in financial services is evident through the expansion of active banking clients. As of Q3 2025, this specific group totaled 3.5 million, representing a 22% year-over-year increase. This banking segment is crucial as it drives deposits, which reached R$9 billion in the quarter, up 32% year-over-year.

Here's a quick comparison of the key volume and client metrics for the two merchant types in Q3 2025:

Engagement within the MSMB segment is deepening, which is a key indicator of value capture beyond simple payment processing. You can see this in the adoption of bundled services:

• 38% of MSMB Active Payment Clients were classified as heavy users in Q3 2025.
• Heavy users leverage more than three of the solutions StoneCo Ltd. offers.
• Client deposits grew 32% year-over-year, reaching R$9 billion.
• The average daily deposit base increased 40% year-over-year.

Finance: draft 13-week cash view by Friday.

StoneCo Ltd. (STNE) - Canvas Business Model: Cost Structure

You're looking at the expense side of StoneCo Ltd.'s operations as of late 2025. It's a mix of funding costs tied to the local economy, spending on physical assets, and the necessary overhead to run a fintech platform. Honestly, the Brazilian CDI rate is the big variable you need to watch here.

Financial expenses, heavily influenced by the Brazilian CDI rate.

The cost of funding is a major lever for StoneCo Ltd., directly tied to the Brazilian Interbank Deposit Certificate (CDI) rate. For instance, in the second quarter of 2025, financial expenses jumped by 29% year-over-year, which translated to a 210 basis points increase as a percentage of revenues. This was mostly because the average CDI rate was higher than in the prior year period. To fight this, StoneCo Ltd. actively managed its funding structure. In the first quarter of 2025, they executed a cash sweep plan, moving R$6.3 billion out of the total R$8.3 billion in retail deposits into on-platform time deposits. This move is designed to secure lower-cost funding sources and mitigate the impact of high interest rates. Still, even with these efforts, higher financial expenses partially offset adjusted gross profit growth in the third quarter of 2025.

Cost of equipment (POS terminals) and logistics.

While specific line items for POS terminal procurement and logistics aren't broken out in the latest reports, capital expenditure (Capex) gives us a view into infrastructure investment. For the third quarter of 2025, StoneCo Ltd.'s reported Capex was R$29.1 million. This spending supports the physical footprint needed to service their growing merchant base. The company's strategy relies on an integrated distribution approach, which requires ongoing investment in hardware and the associated movement of those assets.

Technology development and platform maintenance costs.

Specific figures for Research & Development (R&D) or technology platform maintenance for the full fiscal year 2025 aren't explicitly detailed in the most recent filings, though the company is clearly technology-forward. For the third quarter of 2025, the reported R&D expense line item is not specified with a value, showing a dash in the available data. This suggests that technology costs are either embedded within Cost of Services or SG&A, or that the focus has shifted post-divestiture to core platform efficiency rather than large, separate R&D reporting.

Selling, General, and Administrative (SG&A) expenses.

SG&A is a significant component, covering the costs to acquire and support the client base. You can see the breakdown of these costs from the third quarter of 2025 data. The company is focused on operating leverage here; for example, selling expenses in the second quarter of 2025 increased 17% year-over-year but actually decreased 40 basis points relative to revenues, showing marketing spend is becoming more efficient. Here's a quick look at the Q3 2025 components, which make up the bulk of SG&A:

The overall operating expenses for the last fully reported fiscal year, 2024, totaled $1.96 billion. StoneCo Ltd. is definitely managing these overheads while pushing for growth in its active client base, which reached 4.7 million clients in Q3 2025.

• Financial expenses are sensitive to the prevailing CDI rate.
• Selling expenses showed improved leverage in Q2 2025.
• G&A for Q3 2025 was R$143.0 million.
• S&M for Q3 2025 was R$99.1 million.
• The company is actively managing funding costs via deposit conversion.

Finance: draft 13-week cash view by Friday.

StoneCo Ltd. (STNE) - Canvas Business Model: Revenue Streams

You're looking at StoneCo Ltd.'s revenue streams as of late 2025, and the story is one of deliberate focus on high-margin financial services following a strategic pivot. The company defintely reported total revenue and income from continuing operations of R$3,566.8 million in the third quarter of 2025, which was a 16.5% year-over-year increase. This top-line performance is supported by strong operational efficiency, with the Adjusted Gross Profit from continuing operations reaching R$1,604.9 million in 3Q25.

Here's a quick look at the core metrics underpinning the revenue generation in Q3 2025:

Transaction fees (MDR) from payment processing (TPV) remain the foundational element of StoneCo Ltd.'s revenue. This is directly tied to the Total Payment Volume (TPV) processed across its network. In Q3 2025, the total TPV hit R$140.2 billion. The company's strategy has been to prioritize client monetization, meaning they are earning more per transaction, even as the overall TPV growth slowed to about 8% year-over-year. The Micro and Small- and Medium Business (MSMB) segment, the core focus, saw its TPV increase by 10.9% year-over-year to R$126.4 billion.

Interest and fees from the credit portfolio are an increasingly important component, reflecting the shift to an integrated financial platform. The growth in client deposits, which exceeded R$9 billion in Q3 2025, provides the necessary funding base for this lending activity. Management noted that the credit portfolio is expected to play a more significant role in the profit and loss statements moving into 2026. This revenue stream is bolstered by strategic repricing initiatives across the platform.

Subscription fees for software and digital banking services contribute, but the focus has narrowed significantly. StoneCo Ltd. has strategically divested a large portion of its software business, specifically divesting roughly 79% of its 2024 software revenue as of July 22, 2025. This action allows the company to concentrate resources on the higher-margin Financial Services segment. The digital banking aspect, however, is integrated with the Financial Services segment, driving client stickiness and cross-selling opportunities.

The quality of this revenue is reflected in the profitability metrics:

• Adjusted Net Income from continuing operations was R$641.5 million in 3Q25.
• Adjusted Net Margin from continuing operations stood at 18.0% in 3Q25.
• Consolidated Return on Equity (ROE) expanded by 8 percentage points to 24% in 3Q25.
• The active client base for MSMBs grew by 17% year-over-year.

StoneCo Ltd. deployed R$465.2 million in share buybacks during Q3 2025 alone, showing confidence in its cash generation from these revenue streams.