Block vs Carta: Revenue, Profit and Business Model
Block had $24.2B of annual revenue in FY2025 and $1.3B of net income. Carta had $442M (unaudited) of annual revenue in FY2024.
Latest financial snapshot
Financial summary
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. Block, Inc. maintains a formidable presence in the fintech space, with a market valuation generally exceeding $40 billion.
Carta
Carta does not publish audited financials. Henry Ward has said the company was approaching $500 million in annual recurring revenue in 2025. Sacra estimates revenue of about $373 million in 2023, $442 million in 2024 (+19%), and $515 million in 2025 (+16.5%), with growth slowing after the end of zero-rate venture funding. Carta raised its last primary round, a $500 million Series G led by Silver Lake and Lightspeed, at a $7.4 billion valuation in August 2021; a January 2022 employee secondary sale reportedly priced it at $8.5 billion. Total equity funding is roughly $1 billion.
Revenue and profit by year
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 |
Carta
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 run-rate | $515M | — | — | — | Source |
| FY2024 (unaudited) | $442M | — | — | — | Source |
| FY2023 (unaudited) | $373M | — | — | — | Source |
Where the revenue comes from
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.
Carta
- Cap table and 409A valuation subscriptions
~67% (2023, Sacra estimate)
Annual subscriptions priced by company stage and stakeholder count, plus 409A valuation packages.
- Fund administration and Fund ERP
~27% (2023, Sacra estimate)
Fees tied to fund size and complexity for accounting, tax, reporting, and related software.
- Private equity, private credit, and legal services
~5% (2023, Sacra estimate; growing)
Newer PE and private credit products, plus Carta Law from 2026.
Business model and strategy
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.
Carta
How it makes money
Carta sells annual software subscriptions plus service fees on both sides of the private market. Companies pay for cap table management, equity plan administration, and 409A valuations, with prices rising as stakeholder counts and funding stages grow.
Growth strategy
Carta grows by selling more products to the firms already on its ledger. The playbook is to take a professional service (409A valuations, fund accounting, legal work), automate it, and tie the output to Carta's system of record. Fund ERP bundles fund administration, fund tax, portfolio valuations, data collection, forecasting, and CRM.
Competitive advantage
Carta's main advantage is its two-sided network. Startups put investors on their Carta cap tables, investors adopt Carta for fund administration, and those funds steer portfolio companies to Carta. As a registered transfer agent holding the legal record of ownership, Carta is also costly to leave: switching means migrating years of grants, vesting schedules, and investor records.
Questions about Block vs Carta
Which company has higher revenue — Block Inc or Carta, Inc.?
Block Inc had $24.2B (FY2025), while Carta, Inc. had $442.0M (unaudited) (FY2024). By latest annual revenue, Block Inc is the larger business, with Carta, Inc. showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Block Inc vs Carta, Inc.?
Block Inc has a market capitalisation of $44.5B. A public market cap figure for Carta, Inc. was not available (it may be privately held).
How does revenue per employee compare for Block Inc and Carta, Inc.?
Block Inc has $2.37M / employee in revenue per employee, while Carta, Inc. has $233k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Block Inc and Carta, Inc. make money?
Block Inc and Carta, Inc. generate revenue in fundamentally different ways. Block Inc: Block runs a two-sided network. Carta, Inc.: Carta sells annual software subscriptions plus service fees on both sides of the private market.
Is Block Inc bigger than Carta, Inc.?
By last reported revenue, Block Inc ($24.2B (FY2025)) is the larger company compared to Carta, Inc. ($442.0M (unaudited) (FY2024)). 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 Block vs Carta overview