Square (Block) vs Toast
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Square is the horizontal SMB platform; Toast wins restaurants with deeper vertical software.
At a glance
| Metric | Square (Block) | Toast |
|---|---|---|
| Revenue | $24.2B (FY2025); $10.4B gross profit (+17% YoY) | $6.15B (FY2025, up from $4.96B) |
| Profit | Adjusted Operating Income $728M in Q1'26 (25% margin) | $342M GAAP Net Income (vs $19M in 2024) |
| Active users | 59M Cash App monthly actives | 140,000+ Locations (+30,000 net in 2025) |
| Employees | ~10,000 (after ~40% workforce reduction) | 5,000+ |
| Founded | 2009 | 2011 |
| HQ | San Francisco, USA | Boston, MA |
LLitmus Framework Score
Overall: Square (Block) 86 · Toast 93
Customer Segment
92
98
Value Proposition
90
96
Marketing Channel
85
97
Engagement
88
99
Income Source
87
90
Asset Validation
89
95
Core Operations
84
88
Strategic Alliance
80
85
Expense Validation
82
86
Square (Block) leads 0 modules, Toast leads 9. Overall edge: Toast.
Head to head
| Dimension | Square (Block) | Toast |
|---|---|---|
| Focus | All SMB verticals + Cash App | Restaurants only |
| Model | Payments + software + lending | Payments + restaurant SaaS |
| Scale | $10.4B gross profit (FY2025) | Smaller, restaurant-specialized |
| Consumer reach | Cash App (59M MAU) | None |
FAQ
Is Square (Block) or Toast a better business?
Square is the horizontal SMB platform; Toast wins restaurants with deeper vertical software. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between Square (Block) and Toast's business model?
Square (Block) operates in Fintech (Economic empowerment), while Toast is Fintech / SaaS (To point of sale and beyond). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, Square (Block) or Toast?
Square (Block): Adjusted Operating Income $728M in Q1'26 (25% margin). Toast: $342M GAAP Net Income (vs $19M in 2024).