Block vs Toyota: Revenue, Profit and Business Model
Block reported $24.2B of revenue in FY2025 and $1.3B of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B 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.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar.
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 |
Toyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | 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.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
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.
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about Block vs Toyota
Which company has higher revenue — Block Inc or Toyota Motor Corporation?
Block Inc reported $24.2B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Block 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 Toyota Motor Corporation?
Block Inc's market capitalisation stands at $44.5B, while Toyota Motor Corporation's is $258.0B. Toyota Motor Corporation 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 Toyota Motor Corporation?
Block Inc generates $2.37M / employee in revenue per employee, while Toyota Motor Corporation generates $905k / 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 Toyota Motor Corporation make money?
Block Inc and Toyota Motor Corporation generate revenue in fundamentally different ways. Block Inc: Block runs a two-sided network. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
Which company is valued higher relative to revenue — Block Inc or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, Block Inc trades at 1.8x P/S and Toyota Motor Corporation at 0.8x P/S. Block Inc commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toyota Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Block Inc bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Block Inc ($24.2B (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 Block vs Toyota overview