Block vs Intuit: Revenue, Profit and Business Model
Block reported $24.2B of revenue in FY2025 and $1.3B of net income. Intuit reported $21.4B of revenue in FY2026 and $4.6B of net income.
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.
Intuit
Revenue rose from $7.7 billion in fiscal 2020 to $21.4 billion in fiscal 2026, helped by the Credit Karma (2020) and Mailchimp (2021) acquisitions and by organic growth in QuickBooks Online and TurboTax Live. Fiscal 2026 GAAP operating income grew 20% to $5.9 billion and non-GAAP operating income grew 18% to $8.9 billion; GAAP diluted EPS was $16.46. The company's 'Big Bets' (assisted tax, money/payments, and mid-market) grew 34% and made up 30% of revenue.
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 |
Intuit
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $21.4B | $4.6B | 21.3% | +13.9% | Source |
| FY2025 | $18.8B | $3.9B | 20.5% | +15.6% | Source |
| FY2024 | $16.3B | $3B | 18.2% | +13.3% | Source |
| FY2023 | $14.4B | $2.4B | 16.6% | +12.9% | Source |
| FY2022 | $12.7B | $2.1B | 16.2% | +32.1% | Source |
| FY2021 | $9.6B | $2.1B | 21.4% | +25.4% | Source |
| FY2020 | $7.7B | $1.8B | 23.8% | +13.2% | Source |
| FY2019 | $6.8B | $1.6B | 23.0% | +12.6% | Source |
| FY2018 | $6B | $1.3B | 22.1% | +16.0% | Source |
| FY2017 | $5.2B | $985M | 19.0% | — | 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.
Intuit
- Global Business Solutions (QuickBooks & Mailchimp)60
QuickBooks Online and Desktop subscriptions, payroll, payments, bill pay, lending, Intuit Enterprise Suite, and Mailchimp; $12.9 billion in fiscal 2026.
- TurboTax25
DIY and TurboTax Live assisted tax preparation; $5.3 billion in fiscal 2026, with TurboTax Live at 53%.
- Credit Karma12
Referral fees from lenders, card issuers, and insurers plus Credit Karma Money; $2.6 billion in fiscal 2026.
- ProTax3
Lacerte, ProSeries, and ProConnect software for tax professionals; $647 million in fiscal 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.
Intuit
How it makes money
Intuit earns money from four product lines. QuickBooks charges small and mid-sized businesses monthly subscriptions and adds fees for payroll, payments processing, bill pay, and lending; together with Mailchimp's email and SMS marketing plans this formed the Global Business Solutions segment, which produced $12.9 billion (about 60%) of fiscal 2026 revenue.
Growth strategy
Intuit's growth plan centers on three Big Bets: shifting TurboTax customers to assisted TurboTax Live, expanding money movement (payments, bill pay, lending, Credit Karma Money), and winning mid-market businesses with Intuit Enterprise Suite and QuickBooks Advanced.
Competitive advantage
Intuit's advantage is the depth of its installed base. QuickBooks is the default ledger for millions of U.S. small businesses and is reinforced by the ProAdvisor network of accountants trained on the product, so switching means moving years of books, payroll, and payments history. TurboTax holds the largest share of U.S.
Questions about Block vs Intuit
Which company has higher revenue — Block Inc or Intuit Inc.?
Block Inc reported $24.2B (FY2025), while Intuit Inc. reported $21.4B (FY2026). By last reported revenue, Block Inc is the larger business, with Intuit Inc. reporting 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 Intuit Inc.?
Block Inc's market capitalisation stands at $44.5B, while Intuit Inc.'s is $72.0B. Intuit Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Block Inc.
Which is more financially efficient — Block Inc or Intuit Inc.?
Block Inc generates $2.37M / employee in revenue per employee, while Intuit Inc. generates $1.18M / 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 Block Inc and Intuit Inc. make money?
Block Inc and Intuit Inc. generate revenue in fundamentally different ways. Block Inc: Block runs a two-sided network. Intuit Inc.: Intuit earns money from four product lines.
Which company is valued higher relative to revenue — Block Inc or Intuit Inc.?
On a price-to-sales (P/S) basis, Block Inc trades at 1.8x P/S and Intuit Inc. at 3.4x P/S. Intuit Inc. 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 Block Inc bigger than Intuit Inc.?
By last reported revenue, Block Inc ($24.2B (FY2025)) is the larger company compared to Intuit Inc. ($21.4B (FY2026)). 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 Intuit overview