Adyen vs Block: Revenue, Profit and Business Model
Adyen reported ~$2.7B of revenue in FY2025 and ~$1.2B of net income. Block reported $24.2B of revenue in FY2025 and $1.3B of net income.
Latest financial snapshot
Financial summary
Adyen
Adyen reported 2025 net revenue of ~$2.67 billion (€2.3642 billion), up 18% year over year, while processed volume reached ~$1.58 trillion (€1.3943 trillion). EBITDA was ~$1.41 billion (€1.2457 billion) and the EBITDA margin was 53%. These measures must be kept distinct: processed volume is the value of payments handled, while net revenue is Adyen's primary top-line KPI after specified pass-through costs.
Block
Revenue was nearly flat in 2025, $24.19 billion against $24.12 billion, because bitcoin sales fell from $10.36 billion to $8.50 billion. Gross profit, which strips out the cost of the bitcoin Block resells, rose 17% to $10.36 billion and adjusted operating income rose 30% to about $2.3 billion. Net income attributable to common stockholders was $1.31 billion, down from $2.90 billion in 2024, a year lifted by a large fourth-quarter tax benefit. 2026 opened with a $308.7 million first-quarter net loss as layoff costs landed (about $495 million of restructuring charges across the first half), then second-quarter gross profit grew 25% to $3.17 billion with a record 27% adjusted operating margin. Block now guides to $12.51 billion of 2026 gross profit and $3.47 billion of adjusted operating income. It bought back $2.3 billion of stock in 2025, had $4.6 billion of repurchase authorization left at June 30, 2026, and pays no dividend.
Revenue and profit by year
Adyen
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$2.7B | ~$1.2B | 44.9% | +17.3% | Source |
| FY2024 | ~$2.3B | ~$1B | 45.9% | +23.9% | Source |
| FY2023 | ~$1.8B | ~$789.1M | 42.9% | +22.2% | Source |
| FY2022 | ~$1.5B | ~$637.5M | 42.4% | +32.8% | Source |
| FY2021 | ~$1.1B | ~$530.8M | 46.9% | +46.4% | Source |
| FY2020 | ~$773.1M | — | 0.0% | +37.7% | Source |
| FY2019 | ~$561.6M | — | 0.0% | +42.4% | Source |
| FY2018 | ~$394.3M | — | 0.0% | +60.0% | Source |
| FY2017 | ~$246.3M | — | 0.0% | — | Source |
Block
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $24.2B | $1.3B | 5.4% | +0.3% | Source |
| FY2024 | $24.1B | $2.9B | 12.0% | +10.1% | Source |
| FY2023 | $21.9B | $9.8M | 0.0% | +25.0% | Source |
| FY2022 | $17.5B | -$541M | -3.1% | -0.7% | Source |
| FY2021 | $17.7B | $166M | 0.9% | +85.9% | Source |
| FY2020 | $9.5B | $213M | 2.2% | +101.5% | Source |
| FY2019 | $4.7B | $375M | 8.0% | +42.9% | Source |
| FY2018 | $3.3B | -$38M | -1.2% | +49.0% | Source |
| FY2017 | $2.2B | -$63M | -2.8% | +29.5% | Source |
| FY2016 | $1.7B | -$172M | -10.1% | — | Source |
Where the revenue comes from
Adyen
- Settlement fees
Fees tied to payment acquiring and settlement; Adyen does not disclose this as a standalone percentage of net revenue.
- Processing fees
Per-transaction fees for platform services; no audited percentage split is disclosed.
- Other platform and financial-product fees
Includes services for platforms, issuing, accounts, capital, data, and optimization products without a reported percentage split.
Block
- Commerce enablement revenue47.6%
$11.51 billion in 2025: Square payment processing, software and hardware for sellers, plus Afterpay.
- Financial solutions revenue17.3%
$4.18 billion in 2025: Cash App Card interchange, instant transfer fees, Borrow and Square Loans, and banking products. It is the fastest-growing line and carries high margins.
- Bitcoin ecosystem revenue35.1%
$8.50 billion in 2025, down from $10.36 billion in 2024. Bitcoin sold to Cash App customers is booked at full value, so gross profit is small: $72 million in the second quarter of 2026.
Business model and strategy
Adyen
How it makes money
Adyen earns net revenue from processing and settlement fees and from other services delivered through its platform. Interchange, scheme fees, and costs from financial institutions are generally passed through and are not the same as Adyen's net revenue. The company reports Digital, Unified Commerce, and Platforms as commercial pillars rather than separate reportable revenue segments.
Growth strategy
Adyen is expanding share of wallet with existing customers, adding local payment and acquiring capabilities, and extending its platform beyond payments. In 2026 it added Talon.One for loyalty and incentives and Orb for usage-based billing, while launching Adyen Agentic and Intelligent Money Movement.
Competitive advantage
Adyen operates gateway, risk, acquiring, payment processing, and financial products through a single technology platform. This structure gives merchants one integration and a unified data view across online and in-person channels.
Block
How it makes money
Block runs a two-sided network. On the seller side, Square charges a fee on each card payment (in the U.S. on its free plan, 2.6% plus 15 cents in person and 3.3% plus 30 cents online) and adds paid software, hardware, payroll, banking and Square Loans. On the consumer side, basic Cash App transfers are free;
Growth strategy
Block's 2026 plan has four parts. Square is selling to larger and international sellers through a field sales team and independent sales organization partners; international GPV grew 28% in the second quarter of 2026. Cash App wants to be the main bank account for people with several income sources, using direct deposit and Cash App Green rewards status;
Competitive advantage
Block's advantage is owning both ends of many small transactions. Cash App's peer-to-peer network spreads by itself, since receiving money means downloading the app, and every added product (the Cash App Card, direct deposit, Borrow, Afterpay) raises revenue per customer without new acquisition cost.
Questions about Adyen vs Block
Which company has higher revenue — Adyen N.V. or Block Inc?
Adyen N.V. reported ~$2.7B (FY2025), while Block Inc reported $24.2B (FY2025). By last reported revenue, Block Inc is the larger business, with Adyen N.V. reporting a smaller revenue base.
What is the market cap of Adyen N.V. vs Block Inc?
Adyen N.V.'s market capitalisation stands at $28.1B, while Block Inc's is $44.5B. Block Inc carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Adyen N.V..
Which is more financially efficient — Adyen N.V. or Block Inc?
Adyen N.V. generates $560k / employee in revenue per employee, while Block Inc generates $2.37M / employee. Block Inc shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Adyen N.V. and Block Inc make money?
Adyen N.V. and Block Inc generate revenue in fundamentally different ways. Adyen N.V.: Adyen earns net revenue from processing and settlement fees and from other services delivered through its platform. Block Inc: Block runs a two-sided network.
Which company is valued higher relative to revenue — Adyen N.V. or Block Inc?
On a price-to-sales (P/S) basis, Adyen N.V. trades at 10.5x P/S and Block Inc at 1.8x P/S. Adyen N.V. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Block Inc. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Adyen N.V. bigger than Block Inc?
By last reported revenue, Block Inc ($24.2B (FY2025)) is the larger company compared to Adyen N.V. (~$2.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Adyen vs Block overview