Financials · NYSE: XYZ
Block: how the business works
Block runs Square, payment and software tools for businesses, and Cash App, a money app for consumers, with $10.36 billion of gross profit in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Block, Inc. · No headquarters (principal executive office in Oakland, California) · Founded 2009
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $24.19B
- Gross profit, FY2025
- $10.36B
- Net income, FY2025
- $1.31B
- Cash App gross profit, FY2025
- $6.34B
- Jack Dorsey's share of votes, Mar 31, 2026
- 42.2%
The short version
Block in 5 points
1 · What it sells
Block runs Square, payment and software tools for businesses, and Cash App, a US money app for transfers, spending, borrowing and bitcoin, with revenue of $24.19 billion in FY2025.
2 · Who pays it
In FY2025, the Cash App segment (users and the merchants they shop at) brought in 63.8% of revenue, Square sellers 34.9% and corporate and other 1.3%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, $33.2 went on bitcoin ecosystem costs, mostly bitcoin Block bought to resell, and $5.4 was kept as net income, while operating income, before interest, bitcoin value changes and other income, was $7.1 per $100 of revenue.
4 · Where the operating profit comes from
Block reports no operating profit by segment and measures segments by gross profit instead: Cash App made 61.2% of FY2025 gross profit of $10.36 billion and Square 38.0%.
5 · The one thing to watch
Losses on payments, loans and receivables were $601.7 million in Q3 FY2026, up from $363.5 million a year earlier, while Consumer Lending origination volume was $19.0 billion.
Sources: From Block's FY2025 10-K, Q3 FY2026 10-Q and Q3 FY2026 shareholder letter (Nov 3, 2026) · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Block's money go?
Block · FY2025
Receipt for every $100
| Bitcoin ecosystem costs (mostly bitcoin bought to resell) | $33.2 |
|---|---|
| Other cost of revenue (card network and processing fees) | $23.6 |
| Product development, sales, marketing and admin | $30.0 |
| Losses on payments, loans and receivables | $5.5 |
| Net interest and bitcoin value loss | $0.8 |
| Income tax | $1.6 |
| Kept as net income | $5.4 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus $166.8 million of other income): each line = line ÷ $24,360.5 million × 100. Block kept $5.4 as net income. Bitcoin is counted at its full sale price, so bitcoin ecosystem costs, mostly bitcoin Block bought to resell, take $33.2. Stock-based pay of $1.22 billion sits inside the cost lines.
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02The business in one line
What does Block do?
Square sellers, Cash App users and the merchants they shop at pay Block fees, interest and the price of bitcoin; buying that bitcoin and paying card networks and processors take most of the money, and $5.4 of every $100 was left as net income in FY2025.
- Bitcoin ecosystem revenue, mostly bitcoin sold to Cash App customers, was $8.50 billion of FY2025 revenue but left $419 million of gross profit (Cityfort calculation from the FY2025 10-K), so Block measures itself by gross profit: $10.36 billion.
- Cash App made 61.2% of FY2025 gross profit and Square 38.0%; Cash App also lends, with $19.0 billion of consumer loans originated in Q3 FY2026.
03Who pays it
Who pays Block?
Cash App users and the merchants they shop at
64%
of revenue
Cash App segment revenue: bitcoin bought by customers ($8.35 billion), Borrow and Instant Deposit fees, card interchange paid on Cash App Card spending, and Afterpay fees paid by merchants.
Square sellers
35%
of revenue
Square segment revenue: payment processing fees, software subscriptions, hardware, and loan and banking fees from businesses.
Corporate and other
1%
of revenue
TIDAL and other businesses not assigned to a segment, net of sales between segments.
- Cash App users and the merchants they shop at64%
- Square sellers35%
- Corporate and other1%
How spread out the customers are
No customer was more than 5% of Square GPV in FY2023 to FY2025. Three payment processors that pass card payments to Block made up 40%, 25% and 12% of settlements receivable at Sep 30, 2026; they are processors, not customers.
04Why it makes money
Why does Block make money?
Gross profit from payments, lending and Cash App grew faster than operating costs, so more of each gross profit dollar reached operating income.
Gross profit rose from $4.42 billion in FY2021 to $10.36 billion in FY2025, while operating expenses rose from $4.26 billion to $8.65 billion. Operating expenses include losses on loans, which rose to $1.34 billion. Bitcoin sales add revenue but little gross profit.
Operating income per $100 of gross profit
$3.6$16.5
FY2021 to FY2025
- Free person-to-person transfers bring new Cash App users
- Users get paid into Cash App and spend with its card
- Block earns interchange, transfer fees and loan fees
- Transaction data helps it decide who can borrow
- Square sellers and Cash App users meet through Neighborhoods and Cash App Pay
- More sellers and users bring more payments and loans
↺ Step 6 feeds back into step 1.
05Business segments · FY2025; revenue by segment (Block measures segments by gross profit)
Which businesses make up Block?
Cash App
64%The consumer app: transfers, Cash App Card, Borrow, Afterpay and bitcoin. Gross profit was $6.34 billion, 61.2% of Block's total; $8.35 billion of revenue was bitcoin sales.
Revenue $15.4B
Square
35%Payments, software, hardware and loans for sellers. Gross profit was $3.94 billion, 38.0% of Block's total.
Revenue $8.5B
Corporate and other
1%TIDAL and other businesses outside the two segments, net of sales between segments. Gross profit was $89.3 million, 0.9% of the total.
Revenue $317M
How the mix changed
- Cash App
- Square
- Corporate and other
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Block done?
Revenue
$24.2BFY2025
Revenue rose from $17.66 billion in FY2021 to $24.19 billion in FY2025, but $8.50 billion of FY2025 revenue came from the bitcoin ecosystem, mostly bitcoin counted at its full sale price, so Block tracks gross profit, which rose from $4.42 billion to $10.36 billion.
US$
See the numbers
Net profit
$1.3BFY2025
Net income to stockholders was $1.31 billion in FY2025, down from $2.90 billion in FY2024, which held a tax benefit of about $1.9 billion; Q1 FY2026 was a $308.7 million loss after workforce-cut charges and legal accruals.
US$
See the numbers
Profit kept per $100 of revenue
$5.4FY2025
Operating income was $7.1 per $100 of revenue in FY2025 and $16.5 per $100 of gross profit, the base Block itself uses; stock-based pay of $1.22 billion equaled 93% of FY2025 net income (Cityfort calculation from the FY2025 10-K).
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$2.4BFY2025
Free cash flow was $2.42 billion in FY2025, up from −$50.2 million in FY2023, and it leaves out lending growth, because Afterpay and Borrow loans sit in investing cash flows.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Block's fiscal year is the calendar year, so Q3 FY2026 is July to September 2026). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net income, before adding back the share of losses that belongs to noncontrolling (outside) holders.
Download Block's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (11)
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- Form 10-K, fiscal year 2024 (year ended Dec 31, 2024)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Q4 2024 shareholder letter (8-K Ex. 99.1)
- Q1 2025 shareholder letter (8-K Ex. 99.1)
- Q1 2026 shareholder letter (8-K Ex. 99.1)
- Q2 2025 shareholder letter (8-K Ex. 99.1)
- Q2 2026 shareholder letter (8-K Ex. 99.1)
- Q3 2025 shareholder letter (8-K Ex. 99.1)
- Q3 2026 shareholder letter (8-K Ex. 99.1)
- Q4 2025 shareholder letter (8-K Ex. 99.1)
07Who runs it
Who runs Block, and did they deliver?
Jack Dorsey
Co-founder, Block Head (chief executive) and Chairperson · since 2009
Principal executive officer and director since July 2009; his title changed from CEO to Block Head in April 2022. At his request he is paid a salary of $2.75 a year and no stock.
Amrita Ahuja
Foundational Lead, Chief Financial Officer, Chief Operating Officer and People Lead · since 2019
CFO since January 2019 and COO since February 2023. Her 2025 total pay was $12.32 million.
Brian Grassadonia
Ecosystem Lead · since 2024
Led Cash App from January 2013 before taking this role in August 2024.
Owen Britton Jennings
Business Lead
Previously Cash App's Chief Operating Officer, from June 2022 to August 2024.
Chrysty Esperanza
Counsel Lead, Chief Legal Officer and Corporate Secretary · since 2023
Also served as interim Chief Compliance Officer and BSA/AML Compliance Officer from September 2024 to March 2025.
James McKelvey
Co-founder and director · since 2009
Holds 19.9% of Class B and 10.5% of votes (Mar 31, 2026).
What they said, and what happened
1 delivered · 2 too early to tell
Said on Feb 26, 2026
Block said its Workforce Plan would cut the workforce by more than 40%, with charges of about $450 million to $500 million, and would be substantially complete by the end of Q2 FY2026.
DeliveredWhat happened
The Q3 FY2026 10-Q reports $495.0 million of charges and says the plan concluded in Q2 FY2026, with the workforce cut by more than 40%.
Said on Feb 26, 2026
Block said it expected 2026 gross profit growth of 18% and Adjusted Operating Income of $3.20 billion.
Too early to tellWhat happened
On Nov 3, 2026 Block raised the outlook to 22% gross profit growth and $3.519 billion of Adjusted Operating Income. Full-year results are not out yet.
Said on Nov 3, 2026
Block said it expects annualized net cost savings of about $800 million to $900 million from the Workforce Plan, part of which it is reinvesting.
Too early to tellWhat happened
Block said savings through Sep 30, 2026 were consistent with its expectations; it does not report a savings figure.
Sources (5)
08What could go wrong
What could go wrong for Block?
- Legal
DOJ anti-money laundering resolution is not final
Block reached an agreement in principle in October 2026 for a deferred prosecution agreement over a charge that it failed to maintain an effective anti-money laundering program. It accrued $764 million. The deal still needs a final agreement and court approval, and Block says losses above the accrual are reasonably possible. A breach during the three years could lead to prosecution.
Watch The legal note in each 10-Q and 10-K, and any final agreement filed.
- Execution
Losses grow with lending
Losses on payments, loans and consumer receivables were $1.34 billion in FY2025, up from $794.2 million in FY2024, and $601.7 million in Q3 FY2026, up from $363.5 million a year earlier. Loans held for investment rose to $4.40 billion at Sep 30, 2026 from $3.38 billion at Dec 31, 2025.
Watch Transaction, loan and consumer receivable losses, and Consumer Lending origination volume, in each shareholder letter.
- Governance
Co-founders control the votes
Class B shares carry 10 votes each. On Mar 31, 2026 Jack Dorsey had 42.2% of votes and James McKelvey 10.5%, and officers and directors together 53.3%. Class B was 52.4% of votes on Oct 30, 2026 (Cityfort calculation from the Q3 FY2026 10-Q cover). Dorsey is also Chairperson and principal executive officer.
Watch The voting power column in each proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more, and Class B share counts on each 10-Q cover.
- Raw-material prices
Bitcoin moves revenue and profit
Bitcoin ecosystem revenue was $8.50 billion in FY2025. Block's own bitcoin, worth $771.9 million at Sep 30, 2026, is marked to market: it caused a $172.8 million loss in Q1 FY2026 and a $229.7 million gain in Q3 FY2026.
Watch Bitcoin ecosystem revenue and the bitcoin remeasurement line in each shareholder letter.
- Execution
A workforce cut of more than 40%
Block cut its workforce by more than 40% in the first half of 2026, with $495.0 million of charges. Its Q3 FY2026 10-Q says workforce reductions have caused, and may continue to cause, disruption and loss of institutional knowledge.
Watch Product development and admin costs, and Block's statements on savings, in each 10-Q.
- Legal
Shareholder class action
A securities class action alleges Block made materially false or misleading statements about its anti-money laundering and compliance programs between Feb 26, 2020 and Aug 1, 2024. The motion to dismiss was denied on Jan 6, 2026. Block has accrued an amount it calls not material, and says a larger, possibly material loss is reasonably possible.
Watch The litigation section of the legal note in each 10-Q.
- Concentration
Reliance on payment processors and partner banks
Three processors made up 40%, 25% and 12% of settlements receivable at Sep 30, 2026. Partner banks issue the Cash App Card and Square Checking.
Watch Settlements receivable concentration in each 10-Q.
Sources (5)
09Both sides
What do supporters and critics point to?
What supporters point to
- Gross profit rose every year, from $4.42 billion in FY2021 to $10.36 billion in FY2025.
- Cash App gross profit was $2.07 billion in Q3 FY2026, up from $1.62 billion a year earlier.
- Free cash flow was $2.42 billion in FY2025, and cash of $7.86 billion was above $5.72 billion of notes at Sep 30, 2026.
- During 2025 Fitch gave Block an investment grade rating of BBB-.
- Block bought back $2.33 billion of its shares in FY2025 and had $4.6 billion of its program left at Sep 30, 2026.
What critics point to
- Block expects to enter a deferred prosecution agreement with the DOJ over its anti-money laundering program and accrued $764 million for it.
- Losses on payments, loans and consumer receivables rose to $1.34 billion in FY2025 from $794.2 million in FY2024.
- Officers and directors had 53.3% of the votes on Mar 31, 2026, mostly through 10-vote Class B shares.
- Stock-based pay of $1.22 billion equaled 93% of FY2025 net income.
- Bitcoin ecosystem revenue was $8.50 billion in FY2025 but left $419 million of gross profit.
10What to watch next
What should you watch next at Block?
Next event
Q4 FY2026 results
Date not announced yet.
A final DOJ agreement
Block reached an agreement in principle with the DOJ in October 2026 and accrued $764 million; it still needs a final agreement and court approval.
Lending losses and lending volume
Losses on payments, loans and receivables were $601.7 million in Q3 FY2026, and Consumer Lending origination volume was $19.0 billion.
Q4 FY2026 gross profit
Block said on Nov 3, 2026 that it expects $3.315 billion of Q4 FY2026 gross profit; Q4 FY2025 gross profit was $2.87 billion.
11Key dates
What are the key dates for Block?
| Event | Date | Source |
|---|---|---|
| Revolving credit facility ($900 million, undrawn) matures | Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Form 8-K, Items 1.01 and 2.03: amended and restated revolving credit agreement | |
| 2027 convertible notes ($575 million) matureThe Q3 FY2026 10-Q lists the notes as due in 2027. | Not yet stated | Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026) |
12Key facts
Key facts about Block
- What does Block do?
- Block, Inc. runs two main businesses: Square, which gives businesses card readers, point-of-sale software, payments and loans, and Cash App, a US money app for sending, spending, borrowing and buying bitcoin. Block's revenue was $24.19 billion and its gross profit $10.36 billion in FY2025 (calendar 2025).
- How does Block make money, and what is its business model?
- Block earns fees on card payments it processes for Square sellers, interchange when the Cash App Card is used, fees on instant transfers and loans, fees from merchants on Afterpay purchases, and the full price of bitcoin it sells. In FY2025, Block's commerce enablement revenue was $11.51 billion, financial solutions $4.18 billion and bitcoin ecosystem $8.50 billion.
- Is Block profitable?
- Block's net income to common stockholders was $1.31 billion in FY2025 and $2.90 billion in FY2024, which included a tax benefit of about $1.9 billion. Block had a $308.7 million net loss in Q1 FY2026, after charges for cutting its workforce, and net income of $565.6 million in Q3 FY2026.
- What is Block's revenue by segment?
- In FY2025, Block's Cash App segment had revenue of $15.43 billion and gross profit of $6.34 billion, and its Square segment had revenue of $8.45 billion and gross profit of $3.94 billion. Block measures its segments by gross profit and reports no operating profit by segment.
- How big is Block's Cash App?
- Block's Cash App had 60 million monthly transacting actives in September 2026, a Block measure of accounts with at least one financial transaction in the month. Cash App's gross profit was $2.07 billion in Q3 FY2026, up from $1.62 billion a year earlier, and $6.34 billion in FY2025.
- How big is Block's Square business?
- More than 4.5 million sellers used Block's Square in 2025, processing $250 billion of Square gross payment volume (GPV), a Block measure. Square's gross profit was $3.94 billion in FY2025 and $1.16 billion in Q3 FY2026.
- How much does Block earn from bitcoin?
- Block's bitcoin ecosystem revenue, mostly bitcoin sold to Cash App customers and counted at its full price, was $8.50 billion in FY2025, 35.1% of revenue. Bitcoin ecosystem costs were $8.08 billion, leaving $419 million of gross profit. Block also held bitcoin worth $771.9 million at Sep 30, 2026.
- How much does Block earn from lending and banking services?
- Block's financial solutions revenue, which includes Cash App Borrow loans, Instant Deposit fees, interest on customer funds and Square Loans, was $4.18 billion in FY2025, up from $3.25 billion in FY2024. Block's Consumer Lending origination volume, a company measure, was $19.0 billion in Q3 FY2026.
- Who are Block's customers?
- Block's customers are businesses using Square, from sole owners to multinationals, in the US, Canada, Japan, Australia, the UK, Ireland, France and Spain, and consumers using Cash App and Afterpay. In FY2025 Block's Cash App segment brought in 63.8% of revenue and Square 34.9%. No Square customer was more than 5% of Square GPV in FY2023 to FY2025.
- Who owns Block?
- Block has two share classes: Class A, with one vote each and listed on the NYSE as XYZ, and Class B, with 10 votes each. On Mar 31, 2026 co-founder Jack Dorsey had 42.2% of Block's votes and co-founder James McKelvey 10.5%; officers and directors together had 53.3%. Vanguard Capital Management reported 7.73% of Class A on Mar 31, 2026.
Sources (5)
Terms on this page
- Capital expenditures (capex)
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- P/E ratio
- Revenue vs net income
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Block sell?
Square payments, software and hardware ($7.43B in FY2025)
Card readers, registers and point-of-sale software for sellers. Square earns a fee on each payment it processes. More than 4.5 million sellers processed $250 billion through Square in 2025.
Square loans and banking ($1.01B in FY2025)
Square Loans, Instant Transfer, checking and savings accounts for sellers. Loans are repaid from a fixed share of each card sale. Block sells most of these loans to outside investors.
Cash App (60 million monthly transacting actives, Sep 2026)
A US money app for free person-to-person transfers, a debit card, direct deposit and stock investing. Block earns interchange on card spending and fees on instant transfers to a bank.
Cash App Borrow
Short-term loans to Cash App customers for a fixed fee. The average Borrow loan in 2025 was repaid in less than four weeks.
Afterpay (pay later in installments)
Shoppers split a purchase into installments, generally three or four, with no fee if paid on time. The merchant pays Afterpay a percentage fee, and Block carries the risk of non-payment.
Bitcoin in Cash App ($8.35B of Cash App revenue in FY2025)
Customers buy and sell bitcoin from $1. Block counts each sale at its full price, and the bitcoin it buys to resell costs nearly as much.
TIDAL, Bitkey and Proto
TIDAL is a music streaming service; Bitkey is a bitcoin wallet device and Proto makes bitcoin mining systems. TIDAL sits in corporate and other, which had $316.7 million of revenue in FY2025.
What it does
- Does: Processes card payments for sellers as merchant of record and pays the money out to them
- Does: Lends to sellers and consumers through Square Loans, Cash App Borrow and Afterpay
- Does: Owns a bank, Square Financial Services, which must keep a leverage ratio of at least 20% under FDIC rules
- Does: Holds bitcoin of its own, worth $771.9 million at Sep 30, 2026
What it does not do
- Does not: Does not charge for most person-to-person transfers funded from a linked debit account
- Does not: Does not treat customer money as its own: $5.36 billion of customer funds at Sep 30, 2026 is shown apart from its cash
- Does not: Does not report operating profit by segment; it measures segments by gross profit
- Does not: Has no headquarters: it adopted a distributed work model in 2020
- Does not: Has never declared or paid a cash dividend
14How the money flows
14How the money flows · FY2025
How does money flow through Block?
Money in
- Commerce enablement (payments, software, hardware, Cash App Card, Afterpay)$11.5B
- Financial solutions (Borrow, Instant Deposit, interest, Square Loans)$4.2B
- Bitcoin ecosystem (mostly bitcoin sold to customers)$8.5B
- Other income$167M
The company
Block
$24.4B came in
Money out
- Bitcoin ecosystem costs (mostly bitcoin bought to resell)$8.1B
- Other cost of revenue (card network, processing and partner fees, hardware, TIDAL)$5.8B
- Product development, sales, marketing and admin$7.3B
- Losses on payments, loans and consumer receivables$1.3B
- Net interest and bitcoin value loss$185M
- Income tax$386M
- Net income$1.3B
- Cash App users, Square sellers and merchants paid Block $24.19 billion of revenue in FY2025, and other income added $166.8 million.
- Bitcoin ecosystem costs, mostly bitcoin bought to resell, were $8.08 billion, against $8.50 billion of bitcoin ecosystem revenue.
- Card network, processing and partner fees and other cost of revenue took $5.75 billion, leaving $10.36 billion of gross profit.
- Product development, sales, marketing and admin took $7.31 billion, and losses on payments, loans and receivables $1.34 billion.
- After $185.3 million of net interest and bitcoin value loss and $385.7 million of income tax, $1.30 billion was left as net income.
15What it needs to run
15What it needs to run
What does Block need to run?
Its own bank and partner banks
Square Financial Services, a bank Block owns, makes Square Loans and holds Square Savings. Partner banks issue the Cash App Card and Square Checking.
Card networks and payment processors
Square is merchant of record and contracts with acquiring processors and card networks. Three processors made up 40%, 25% and 12% of settlements receivable at Sep 30, 2026.
Funding for lending
Warehouse facilities of $2.4 billion, with $1.5 billion drawn, fund Afterpay and Borrow loans. Block funds most Square Loans by selling them to outside investors.
A credit line
A $900 million revolving credit facility, amended Jan 14, 2026 and maturing in 2031, was undrawn at Sep 30, 2026.
People
Block had 10,205 full-time employees at Dec 31, 2025, then cut its workforce by more than 40% in the first half of 2026.
16Where it sells
16Where it sells · FY2025
Where does Block sell?
- United States92%
- International (no single country above 10%)8%
17Where growth could come from
17Where growth could come from
Where could Block's growth come from?
Block said in its Q3 FY2026 shareholder letter (Nov 3, 2026) that it expects 2026 gross profit of $12.626 billion, up 22%, Adjusted Operating Income of $3.519 billion and Adjusted Diluted EPS of $4.15. It also gave a preliminary 2027 outlook of at least 15% gross profit growth and $4.575 billion of Adjusted Operating Income. The adjusted figures are company measures, and Block gives no GAAP equivalents for them.
Consumer lending
Working$19.0B originated in Q3 FY2026
Block says Consumer Lending origination volume rose 40% from a year earlier, led by Cash App Borrow and Afterpay Post-Purchase. Losses on payments, loans and receivables rose to $601.7 million from $363.5 million.
Status: Working, on track against what the company said.
Cash App gross profit
Working$2.07B in Q3 FY2026
Up from $1.62 billion a year earlier. Cash App monthly transacting actives were 60 million in September 2026, against 58 million a year earlier.
Status: Working, on track against what the company said.
Square payment volume
Working$76.4B GPV in Q3 FY2026
Square GPV was $67.2 billion a year earlier. Square gross profit was $1.16 billion, up from $1.02 billion.
Status: Working, on track against what the company said.
Bitcoin sales
Mixed$1.77B Cash App bitcoin revenue, Q3 FY2026
Down from $1.99 billion a year earlier. Bitcoin sales carry little gross profit because Block buys the bitcoin it resells.
Status: Mixed, partly on track.
Primary banking customers
Mixed9.4M primary banking actives, Q3 FY2026
Up from 8.3 million a year earlier, but below 9.7 million in Q1 FY2026. Block counts accounts that get paychecks in, or spend at least $500 a month.
Status: Mixed, partly on track.
Neighborhoods
NewNearly $5B annualized GPV, Sep 2026
A loyalty and rewards program linking Square sellers with Cash App users. Block said it auto-enrolled more than 30,000 seller locations in August 2026.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
18The company's own measures (non-GAAP)
18The company's own measures · Q3 FY2026
What do Block's own measures show?
Official (GAAP): Operating income, Q3 FY2026
$429M
Company's own measure: Adjusted Operating Income, Q3 FY2026
$923M
Block leaves out contingency, restructuring and other charges (including legal accruals), restructuring stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more, impairments and amortization of acquired intangibles. Ordinary stock-based pay stays in.
Official (GAAP): Net income to common stockholders, Q3 FY2026
$566M
Company's own measure: Adjusted EBITDA, Q3 FY2026
$1.2B
Net income before stock-based pay, depreciation and amortization, contingency and restructuring charges, interest, bitcoin value changes, other income and tax.
Official (GAAP): Diluted EPS, Q3 FY2026
$0.92
Company's own measure: Adjusted Diluted EPS, Q3 FY2026
$1.13
Block's adjusted net income per diluted share.
Official (GAAP): Cash from operations, Q3 FY2026
$1.0B
Company's own measure: Free cash flow (Block's measure), Q3 FY2026
$972M
Block defines it as cash from operations minus purchases of property and equipment, the same formula this page uses.
Official (GAAP): Cash App gross profit, Q3 FY2026
$2.1B
Company's own measure: Cash App monthly transacting actives, Sep 2026
60 million
Cash App accounts with at least one financial transaction in the month. Some accounts may belong to the same person, or one alias may be shared.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Cash App primary banking actives, Q3 FY2026
9.4 million
Accounts receiving paycheck-type inflows, or spending at least $500 a month across Cash App.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Inflows per transacting active, Q3 FY2026
1,446 US$
Money entering Cash App in the quarter, divided by monthly actives in the quarter's last month.
Official (GAAP): Square revenue, Q3 FY2026
$2.6B
Company's own measure: Square gross payment volume (GPV), Q3 FY2026
76.4 US$ billion
Card and bank payments processed by sellers using Square, net of refunds ($76,359 million). US GPV was 77% of it.
Official (GAAP): Loans held for investment, Sep 30, 2026
$4.4B
Company's own measure: Consumer Lending origination volume, Q3 FY2026
19 US$ billion
Consumer loans made in the quarter, led by Cash App Borrow and Afterpay Post-Purchase. Most loans are short, so the quarter's volume is far above the loans on the balance sheet.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
19Financial strength and debt
19Financial strength · Sep 30, 2026
How much debt does Block have?
- Total debt$5.7B
- Cash and investments$7.9B
- Net cash (cash minus debt)$2.1B
- Net worth (shareholders' money)$22.9B
- Debt to equity
- 0.25×
- $ of debt for every $1 of shareholders' money
- Debt here is senior and convertible notes at carrying value. Principal was $5.78 billion: $5.20 billion of senior notes due 2030 to 2033 and $575 million of 2027 convertible notes. Block repaid $1.0 billion of 2026 senior notes and $575 million of 2026 convertible notes during 2026.
- Warehouse facilities of $1.54 billion ($447.4 million current and $1.10 billion non-current; Cityfort calculation from the Q3 FY2026 shareholder letter) fund Afterpay and Borrow loans through special-purpose entities. Counting them too, net cash was about $593 million.
- Customer funds of $5.36 billion and customers payable of $7.70 billion are money held for and owed to customers, not borrowings, so total liabilities ($18.37 billion) are not debt.
- Lending assets at Sep 30, 2026: consumer receivables (mainly Afterpay) of $2.35 billion and loans held for investment (Cash App Borrow) of $4.40 billion.
- Block held bitcoin worth $771.9 million. Its $900 million revolving credit facility was undrawn.
- Interest cover is left blank: Block reports interest as one net line, interest expense minus interest income.
20Who owns it
20Who owns it · ownership as of Mar 31, 2026
Who owns Block?
- Officers and directors (as a group), shares
- 11.4%
- Officers and directors (as a group), votes
- 53.3%
Shares vs votes by class
Block has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.
- Class A common stock: share of all votes47.6%
- Class B common stock: share of all votes52.4%
Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
Sources (6)
- Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Schedule 13G by Vanguard Capital Management (41,692,502 Class A, 7.73%, as of Mar 31, 2026)
- Schedule 13G/A by The Vanguard Group (0%, internal realignment; event Mar 13, 2026)
- Schedule 13G/A by T. Rowe Price Associates (39,734,450 Class A, 7.4%, as of Jun 30, 2026)
21What it does with profit
21What it does with profit
What does Block do with its profit?
Buyback · Dec 31, 2023
FY2023 repurchases of common stock.
$157M
Buyback · Dec 31, 2024
FY2024 repurchases of common stock.
$1.2B
Buyback · Dec 31, 2025
FY2025 repurchases. On Nov 19, 2025 Block added $5.0 billion to its program, for $9 billion in total.
$2.3B
Buyback · Sep 30, 2026
First nine months of 2026: 11.6 million shares, none in Q3. $4.6 billion of the program was left at Sep 30, 2026.
$701M
Money raised · Dec 31, 2024
Senior notes issued in FY2024.
$2.0B
Money raised · Aug 18, 2025
5.625% senior notes due 2030 ($1.2 billion) and 6.000% senior notes due 2033 ($1.0 billion).
$2.2B
22Governance signals
22Governance signals
What do Block's governance filings show?
- Auditor
- Ernst & Young LLP, since 2019
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Block pays Roc Nation, co-founded and part-owned by director Shawn Carter, for artist, marketing and concert services. It leases St. Louis offices from an entity affiliated with co-founder James McKelvey, paying about $1.3 million in FY2025. The audit and risk committee approved both.
- Credit rating
- Fitch, Moody's and S&P Global (as stated in Block's filings: ratings received or affirmed during 2025) BBB- (Fitch, investment grade) / Ba1 (Moody's) / BB+ (S&P, affirmed) (not stated in the filings), Nov 3, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
regulatory · Nov 3, 2026
DOJ agreement in principle
After inquiries that followed a March 2023 short seller report, Block reached an agreement in principle with the DOJ in October 2026 for a three-year deferred prosecution agreement. The DOJ would defer a charge that Block failed to maintain an effective anti-money laundering program under the Bank Secrecy Act. The expected net payment is about $764 million, which Block accrued at Sep 30, 2026. It still needs a final agreement and court approval.
regulatory
SEC and state settlements
In March 2026 the SEC staff told Block it had concluded its investigation and did not intend to recommend enforcement action. In July 2026 Block settled claims by several state Attorneys General about Cash App's handling of customer complaints and disputes, for an amount it calls immaterial.
other
Shareholder lawsuits
A securities class action filed Jan 17, 2025 alleges Block made materially false or misleading statements about its anti-money laundering and compliance programs; the court denied Block's motion to dismiss on Jan 6, 2026. In October 2026 the parties to related derivative actions agreed in principle to a settlement including a $150 million payment from the defendants' insurers to Block, subject to court approval.
other
San Francisco tax dispute
San Francisco assessed gross receipts tax on part of Block's bitcoin sales. Block paid $71.4 million and $42.7 million to dispute it, sued for a refund in September 2026, and says a loss is not probable.
other
Dual-class control
Class B shares carry 10 votes each, and Class B holders had about 53% of voting power at Dec 31, 2025, according to the FY2025 10-K. Block bars employees and directors from hedging its shares or using them as collateral.
disclosure
What Block does not report
Block gives no operating profit by segment and names no competitors. Its revenue categories changed in the FY2025 10-K and were restated only for FY2023 and FY2024, so there is no five-year series by category.
23What the market paid
23What the market paid · price as of Nov 5, 2026
What did the market pay for Block on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Block's Class A shares closed at $84.04, from Nasdaq's historical price table; Block's shares are listed on the NYSE. Market value of about $50.8 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q cover) = $84.04 × 604.52 million Class A and Class B shares (Oct 30, 2026); Class B is not listed and converts one for one. P/E is price ÷ earnings per share: 113.6 on $0.74, the sum of diluted EPS for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 shareholder letters), which include workforce-cut charges and a $764 million legal accrual. EV/EBITDA is left blank because customer funds would make it misleading.
- Share price
- $84.04
- Market value (market cap)
- $50.8B
- P/E
- 113.6×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
2×
$50.8B market value ÷ $25.6B revenue (four quarters to Sep 30, 2026) = 2×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases. Source: XYZ historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $84.04); Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Q3 2026 shareholder letter (8-K Ex. 99.1) and 3 more
How price ratios workFree cash flow yield
4.8%
$2.4B free cash flow (FY2025) ÷ $50.8B market value = 4.8%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: XYZ historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $84.04); Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Q3 2026 shareholder letter (8-K Ex. 99.1) and 4 more
What free cash flow means
Shares used for the market value: 604.52 million ($84.04 × 604.52 million shares ≈ $50.8B). Source: Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Definitive proxy statement (DEF 14A), 2026 annual meeting; Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
Source: XYZ historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $84.04); Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Q3 2026 shareholder letter (8-K Ex. 99.1) and 3 more
Sources (8)
- XYZ historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $84.04)
- Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Q3 2026 shareholder letter (8-K Ex. 99.1)
- Q2 2026 shareholder letter (8-K Ex. 99.1)
- Q1 2026 shareholder letter (8-K Ex. 99.1)
- Q4 2025 shareholder letter (8-K Ex. 99.1)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
24How it got here
24How it got here
How did Block get here?
2009
Milestone
Square starts
Block started with Square in February 2009, letting small businesses accept card payments. It was incorporated in Delaware in June 2009.
2014
Business-model change
Into seller loans
Square Loans launched publicly in May 2014, using sellers' Square sales data to decide who can borrow.
2021
Milestone
Renamed Block
Square, Inc. changed its name to Block, Inc. on Dec 1, 2021. By then it had added Cash App and TIDAL to the seller business.
2022
Business-model change
Buys Afterpay
Block completed its purchase of Afterpay, which lets shoppers pay in installments, in January 2022. Goodwill rose from $519.3 million to $11.97 billion.
2023
Crisis
Short seller report and inquiries
After a short seller report in March 2023, the SEC and the DOJ sent Block inquiries about the report's allegations and its compliance and risk practices.
2024
Milestone
A $2.90 billion net income year
Net income to stockholders reached $2.90 billion, including a tax benefit of about $1.9 billion from releasing a valuation allowance.
2026
Business-model change
Workforce cut by more than 40%
Block announced the cut on Feb 26, 2026. Charges were $495.0 million, and the plan ended in Q2 FY2026.
2026
Crisis
SEC closes, DOJ agreement in principle
The SEC staff closed its investigation in March 2026 without recommending action. In October 2026 Block reached an agreement in principle with the DOJ for a deferred prosecution agreement, subject to a final agreement and court approval.
Sources (5)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 10-K, fiscal year 2022 (year ended Dec 31, 2022)
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Form 8-K, Items 2.02 and 2.05: Q4 2025 results and workforce reduction plan (more than 40%)
25Sources and changes
Where every number on this page comes from
Sources (22 documents)
- S1Form 10-K, fiscal year 2025 (year ended Dec 31, 2025) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
- S2Form 10-K, fiscal year 2024 (year ended Dec 31, 2024) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2025
- S3Form 10-K, fiscal year 2023 (year ended Dec 31, 2023) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 22, 2024
- S4Form 10-K, fiscal year 2022 (year ended Dec 31, 2022) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 23, 2023
- S5Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
- S11Q3 2026 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
- S12Q2 2026 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
- S13Q1 2026 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
- S14Q4 2025 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
- S15Q3 2025 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
- S16Q2 2025 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2025
- S17Q1 2025 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2025
- S18Q4 2024 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2025
- S19Definitive proxy statement (DEF 14A), 2026 annual meeting · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2026
- S20Schedule 13G/A by The Vanguard Group (0%, internal realignment; event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S21Schedule 13G by Vanguard Capital Management (41,692,502 Class A, 7.73%, as of Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S22Schedule 13G/A by T. Rowe Price Associates (39,734,450 Class A, 7.4%, as of Jun 30, 2026) · T. Rowe Price Associates, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
- S23Form 8-K, Items 2.02 and 2.05: Q4 2025 results and workforce reduction plan (more than 40%) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
- S24Form 8-K, Item 8.01: $5.0 billion increase to share repurchase program · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 19, 2025
- S25Form 8-K, Items 1.01 and 2.03: amended and restated revolving credit agreement · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 14, 2026
- S26Form 8-K, Items 1.01, 2.03 and 8.01: senior notes issuance (Aug 2025) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 18, 2025
- S28XYZ historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $84.04) · Nasdaq, Inc. · Tier 2: rating agency or regulator · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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