--- title: "Block, Inc.: Business Model" description: "Block, Inc. revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/block-inc/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Block, Inc.: Business Model & Revenue Engine ## Direct Answer Block, Inc. reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Cash App is the largest, with $15.4 billion of revenue (64% of the total), followed by Square at $8.5 billion (35%). 92% of revenue came from the United States. ## How Does Block, Inc. Make Money? Cash App supplies 64% of revenue, so Block, Inc.'s results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Square grew fastest (+10.0%) and Cash App slowest (-5.1%), so the revenue mix tilts toward Square while that gap lasts. | Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Cash App | $15.4 billion | $16.2 billion | 63.8% | -5.1% | | Square | $8.5 billion | $7.7 billion | 34.9% | 10.0% | ![Bar chart of Block, Inc. revenue by segment for fiscal 2025: Cash App 63.8%, Square 34.9%.](https://www.getswoopr.com/images/charts/block-inc-business-model-segment-mix.webp) *Block, Inc. revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## What Does Block, Inc. Sell? Block, Inc. also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business. | Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Commerce Enablement | $11.5 billion | $10.5 billion | 47.6% | 9.5% | | Bitcoin Ecosystem | $8.5 billion | $10.4 billion | 35.1% | -17.9% | | Financial Solutions | $4.2 billion | $3.3 billion | 17.3% | 28.5% | ## Where Does Block, Inc.'s Revenue Come From? Regions follow the definitions in the filing; most companies assign revenue by customer location. | Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | United States | $22.2 billion | $22.4 billion | 91.7% | -0.7% | | Outside the United States | $2.0 billion | $1.8 billion | 8.3% | 13.4% | ## What the Segment Figures Do Not Show The rows above add up to 99% of Block, Inc.'s reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value Block, Inc. reported in the segment note and revenue disclosures of its Form 10-K filed February 26, 2026 (accession 0001628280-26-012254), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are Block, Inc.'s business segments? In its fiscal 2025 Form 10-K, Block, Inc. reports revenue for Cash App and Square. ### Which part of Block, Inc. brings in the most revenue? Cash App, with $15.4 billion of revenue in fiscal 2025, or 64% of the total. ### How much of Block, Inc.'s revenue comes from outside the United States? 8% in fiscal 2025, by the geographic breakdown Block, Inc. reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies. ## References - [SEC EDGAR: Block, Inc. Form 10-K filed February 26, 2026](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm) - [SEC EDGAR: Block, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1512673&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [Block, Inc. company dossier](https://www.getswoopr.com/stocks/companies/block-inc/) - [Block, Inc. financial metrics](https://www.getswoopr.com/stocks/companies/block-inc/metrics/) - [Block, Inc. financial risk indicators](https://www.getswoopr.com/stocks/companies/block-inc/risks/) - [Block, Inc. peer comparison](https://www.getswoopr.com/stocks/companies/block-inc/competitors/) - [Block, Inc. business model and revenue mix](https://www.getswoopr.com/stocks/companies/block-inc/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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