Subscriptions and equipment rentalThin moat

StoneCo (STNE) — moat facet

Terminal rent and what software is left after Linx, bundled and repriced at will.

This line is the monthly rent StoneCo charges for card terminals and subscriptions to its remaining software. It was 717.4 million reais in 2023, 746.2 million in 2024 and 889.3 million in 2025, up 19.2% 1, 6% of revenue 2.

Subscription and equipment-rental revenue by quarter (R$ m)218.9Q2 2025251.8Q1 2026244.3Q2 2026StoneCo Q2 2026 earnings release; 889.3 for 2025
Up 11.6% on a year earlier, down 3.0% on the quarter as bundles cut equipment rental.

It grew on software and equipment rental 3. In the second quarter of 2026 it was 244.3 million reais, up 11.6%, but down 3.0% on the first quarter as changes to bundled offers reduced equipment-rental revenue 4.

The line is part of the bundle. StoneCo sells terminal, prepayment and banking together, and in its bundles it can move price between rent, card fees and prepayment 5.

StoneCo reports no profit for the line. The number to watch is its quarterly revenue: a steady decline would mean StoneCo is giving terminals away to hold merchants.

Moat trajectory: Holding steady

Up 11.6% in Q2 2026 but down 3.0% on the quarter as bundles cut equipment rental.

The number that tests this moat
Reported
Subscription and equipment-rental revenue, latest quarter
R$244.3m in Q2 2026, +11.6%

A steady decline would mean terminals are being given away to hold merchants.

Source: StoneCo Q2 2026 earnings release ↗
References
  1. ReportedIt was 717.4 million reais in 2023, 746.2 million in 2024 and 889.3 million in 2025, up 19.2% , 6% 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 717.4 million reais in 2023, 746.2 million in 2024 and 889.3 million in 2025, up 19.2% , 6% 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. ReportedIt grew on software and equipment rental .
    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. ReportedIn the second quarter of 2026 it was 244.3 million reais, up 11.6%, but down 3.0% on the first quarter as changes to bundled offers reduced equipment-rental 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 ↗
  5. ReportedStoneCo sells terminal, prepayment and banking together, and in its bundles it can move price between rent, card fees and prepayment .
    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