Block vs Monzo: Revenue, Profit and Business Model
Block reported $24.2B of revenue in FY2025 and $1.3B of net income. Monzo reported ~$2.2B of revenue in FY2026 and ~$115.2M 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.
Monzo
Monzo spent its first years losing money while it grew a free account base. After a 2020 down-round, it added paid subscriptions, lending and business plans, and higher interest rates in 2022 and 2023 lifted income on its deposit base. It posted its first annual profit in FY2024 (~$20.3 million (£15.4 million) pre-tax on ~$1.16 billion (£880 million) revenue), then ~$79.9 million (£60.5 million) on about $1.58 billion (£1.2 billion) in FY2025. In FY2026 revenue rose 39% to ~$2.24 billion (£1.7 billion), gross profit passed ~$1.32 billion (£1 billion) for the first time, statutory pre-tax profit reached ~$115 million (£87.3 million) and adjusted pre-tax profit ~$228 million (£172.6 million). Operating expenses grew more than a third to ~$1.22 billion (£925.5 million) as it invested in staff and expansion.
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 |
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.
Monzo
- Net interest income
Not disclosed
Interest on deposits held with the Bank of England and on personal loans, overdrafts and Monzo Flex balances.
- Subscriptions
Not disclosed
Monthly fees for Monzo Extra, Perks and Max and paid Monzo Business plans.
- Interchange and other fees
Not disclosed
Card interchange, partner commissions and investment and pension platform fees.
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.
Monzo
How it makes money
Monzo makes money in four main ways. First, net interest income: it earns interest on customer deposits placed with the Bank of England and on its loan book of personal loans, overdrafts and Monzo Flex credit. Second, subscriptions: customers pay monthly for Monzo Extra, Perks and Max plans, which bundle perks such as insurance and higher savings rates.
Growth strategy
Monzo's growth strategy has three parts: get more UK customers to make Monzo their main account, sell them more products (loans, Flex, savings, investments, pensions and paid plans), and expand into Europe using its EU banking licence, starting with Ireland. In April 2026 it chose to exit the US, saying it would focus on its home market and Europe; about 50 roles were affected.
Competitive advantage
Monzo's edge is a combination of brand, scale and low-cost growth. It reports that 79% of new customers arrive by word of mouth, it holds a full UK banking licence that lets it fund lending with cheap deposits, and it runs on its own cloud-based core banking system rather than legacy mainframes, which lets it ship features quickly.
Questions about Block vs Monzo
Which company has higher revenue — Block Inc or Monzo Bank Limited?
Block Inc reported $24.2B (FY2025), while Monzo Bank Limited reported ~$2.2B (FY2026). By last reported revenue, Block Inc is the larger business, with Monzo Bank Limited 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 Monzo Bank Limited?
Block Inc has a market capitalisation of $44.5B. A public market cap figure for Monzo Bank Limited was not available (it may be privately held).
Which is more financially efficient — Block Inc or Monzo Bank Limited?
Block Inc generates $2.37M / employee in revenue per employee, while Monzo Bank Limited generates $425k / 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 Monzo Bank Limited make money?
Block Inc and Monzo Bank Limited generate revenue in fundamentally different ways. Block Inc: Block runs a two-sided network. Monzo Bank Limited: Monzo makes money in four main ways.
Is Block Inc bigger than Monzo Bank Limited?
By last reported revenue, Block Inc ($24.2B (FY2025)) is the larger company compared to Monzo Bank Limited (~$2.2B (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 Monzo overview