Visa vs Block
Visa reported revenue of $40.0 billion in fiscal 2025, 1.7 times Block's $24.2 billion in fiscal 2025. Visa's revenue grew 11.3% in its latest year, and Block's grew 0.3%. Visa had an operating margin of 60.0%, against 7.1% at Block. Free cash flow was $21.6 billion at Visa and $2.4 billion at Block. Their fiscal years end in different months (September 30 and December 31), so the periods don't line up exactly.
Side by side
| Visa | Block | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 30, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $40.0B | $24.2B |
| Revenue growth | 11.3% | 0.3% |
| Revenue growth a year, last 5 years | 12.9% | 20.6% |
| Gross margin | — | 42.8% |
| Operating margin | 60.0% | 7.1% |
| Net margin | 50.1% | 5.4% |
| Free cash flow | $21.6B | $2.4B |
| Free cash flow margin | 53.9% | 10.0% |
| Return on capital | 42.4% | 6.4% |
| Net debt to EBITDA | 0.3x | 0.1x |
| Dividends and buybacks | $22.9B | $2.3B |
| Change in diluted share count | — | −2.1% |
| Last close | $404.16 | $74.55 |
| P/E at the last close | — | 133.1× |
| Insider trades, last 12 months | sold $86.3 million | sold $90.9 million |
| Piotroski F-score | — | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
VisaBlock
Operating margin
Percent of revenue
VisaBlock
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
VisaBlock