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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 · 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%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Block in 5 points

  1. 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.

    More: what it sells

  2. 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%.

    More: who pays it

  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.

    More: what it keeps from $100

  4. 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%.

    More: where the operating profit comes from

  5. 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.

    More: the one thing to watch

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?

Of every $100 that came in (revenue plus other income), this is where it went.

Block · FY2025

Receipt for every $100

Where $100 of Block's money went in FY2025
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

  1. Free person-to-person transfers bring new Cash App users
  2. Users get paid into Cash App and spend with its card
  3. Block earns interchange, transfer fees and loan fees
  4. Transaction data helps it decide who can borrow
  5. Square sellers and Cash App users meet through Neighborhoods and Cash App Pay
  6. 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
How the mix changed (US$)
YearCash AppSquareCorporate and other
FY2021$12.3B$5.2B$152M
FY2022$11.0B$6.3B$206M
FY2023$14.7B$7.0B$201M
FY2024$16.2B$7.7B$192M
FY2025$15.4B$8.5B$317M

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
Revenue (US$)
PeriodRevenue (US$)
FY2021$17.7B
FY2022$17.5B
FY2023$21.9B
FY2024$24.1B
FY2025$24.2B
Q4 FY2024$6.0B
Q1 FY2025$5.8B
Q2 FY2025$6.1B
Q3 FY2025$6.1B
Q4 FY2025$6.3B
Q1 FY2026$6.1B
Q2 FY2026$6.6B
Q3 FY2026$6.7B

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
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$166M$0.33
FY2022−$541M−$0.93
FY2023$9.8M$0.02
FY2024$2.9B$4.56
FY2025$1.3B$2.10
Q4 FY2024$1.9B$3.05
Q1 FY2025$190M$0.30
Q2 FY2025$539M$0.87
Q3 FY2025$462M$0.74
Q4 FY2025$116M$0.19
Q1 FY2026−$309M−$0.52
Q2 FY2026$88.5M$0.15
Q3 FY2026$566M$0.92

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
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY20210.9%1.7%
FY2022−3.1%−1.6%
FY20230.0%0.6%
FY202412.0%5.3%
FY20255.4%8.6%

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
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$848M$134M$714M
FY2022$176M$171M$5.1M
FY2023$101M$151M−$50.2M
FY2024$1.7B$154M$1.6B
FY2025$2.6B$155M$2.4B
See all yearly numbers
Block annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Net income, total (US$)Operating cashCapexFree cash
FY2021$17.7B$296M$166M$0.33$159M$848M$134M$714M
FY2022$17.5B−$284M−$541M−$0.93−$553M$176M$171M$5.1M
FY2023$21.9B$130M$9.8M$0.02−$21.1M$101M$151M−$50.2M
FY2024$24.1B$1.3B$2.9B$4.56$2.9B$1.7B$154M$1.6B
FY2025$24.2B$2.1B$1.3B$2.10$1.3B$2.6B$155M$2.4B

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

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

  1. 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.

    What 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%.

    Delivered
  2. Said on Feb 26, 2026

    Block said it expected 2026 gross profit growth of 18% and Adjusted Operating Income of $3.20 billion.

    What 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.

    Too early to tell
  3. 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.

    What happened

    Block said savings through Sep 30, 2026 were consistent with its expectations; it does not report a savings figure.

    Too early to tell

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.

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

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?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Block
EventDateSource
Revolving credit facility ($900 million, undrawn) maturesForm 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 statedForm 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.

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13What it sells

13What it sells

What does Block sell?

Block runs two apps. Square lets businesses take card payments and run their shop with its software and hardware. Cash App lets people send money, spend with a debit card, borrow and buy bitcoin. Both also lend.
  • 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
  1. Cash App users, Square sellers and merchants paid Block $24.19 billion of revenue in FY2025, and other income added $166.8 million.
  2. Bitcoin ecosystem costs, mostly bitcoin bought to resell, were $8.08 billion, against $8.50 billion of bitcoin ecosystem revenue.
  3. Card network, processing and partner fees and other cost of revenue took $5.75 billion, leaving $10.36 billion of gross profit.
  4. Product development, sales, marketing and admin took $7.31 billion, and losses on payments, loans and receivables $1.34 billion.
  5. 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.
Management statement, Nov 3, 2026. Reported as a statement, not our forecast.
  • 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

    Mixed

    9.4M 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

    New

    Nearly $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?

Adjusted (non-GAAP) figures and customer measures are Block's own, shown next to the official (GAAP) number. They are never added together.
  • 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?

Block owed $5.72 billion of notes at Sep 30, 2026 and held $7.86 billion of cash, a net cash position of $2.14 billion (Cityfort calculation from the Q3 FY2026 shareholder letter); warehouse loans that fund its consumer lending were another $1.54 billion.
  • 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?

The co-founders control the votes: Class A has one vote a share and Class B has 10. On Mar 31, 2026, 15 officers and directors together had 53.3% of votes and 11.4% of shares (the 11.4% is a Cityfort calculation from the 2026 proxy statement).
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
Block share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (Shares on Oct 30, 2026 (10-Q cover). Percentages are a Cityfort calculation from the Q3 FY2026 10-Q cover.)544.51Public and institutional investors; trades on the NYSE as XYZ, with CHESS depositary interests on the Australian Securities Exchange90.1%47.6%Yes
Class B common stock (Shares on Oct 30, 2026 (10-Q cover). Percentages are a Cityfort calculation from the Q3 FY2026 10-Q cover. Each Class B share converts into one Class A share, and most transfers trigger conversion.)6010Mainly co-founders Jack Dorsey (79.8%) and James McKelvey (19.9%); officers and directors held 99.7% on Mar 31, 20269.9%52.4%No
Holders of 5% or more
Block holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Jack Dorsey, co-founder, Block Head and Chairperson (% of Class B)79.8%42.2%Mar 31, 2026S1947,844,566 Class B and 1,000,000 Class A shares on Mar 31, 2026.
James McKelvey, co-founder and director (% of Class B)19.9%10.5%Mar 31, 2026S1911,940,025 Class B and 133,126 Class A shares on Mar 31, 2026.
Vanguard Capital Management (% of Class A)7.7%–Apr 29, 2026S21, S20, S1941,692,502 Class A shares on Mar 31, 2026, from its Schedule 13G. The proxy listed The Vanguard Group at 12.8% on Sep 30, 2025; that firm reported zero on Mar 26, 2026 after an internal realignment, and its units now report separately.
T. Rowe Price Associates (% of Class A)7.4%–Aug 14, 2026S2239,734,450 Class A shares on Jun 30, 2026, from its Schedule 13G/A.
BlackRock, Inc. (% of Class A)7.3%3.4%Oct 17, 2025S1938,928,405 Class A shares on Sep 30, 2025, as listed in the 2026 proxy.

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

21What it does with profit

21What it does with profit

What does Block do with its profit?

Block has never declared or paid a cash dividend. Stock-based pay was $1.22 billion in FY2025, which adds shares while buybacks remove them.
  • 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.

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

24How it got here

24How it got here

How did Block get here?

  1. 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.

  2. 2014

    Business-model change

    Into seller loans

    Square Loans launched publicly in May 2014, using sellers' Square sales data to decide who can borrow.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

25Sources and changes

Where every number on this page comes from

Sources (22 documents)
  1. S1Form 10-K, fiscal year 2025 (year ended Dec 31, 2025) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
  2. S2Form 10-K, fiscal year 2024 (year ended Dec 31, 2024) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2025
  3. S3Form 10-K, fiscal year 2023 (year ended Dec 31, 2023) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 22, 2024
  4. S4Form 10-K, fiscal year 2022 (year ended Dec 31, 2022) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 23, 2023
  5. S5Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
  6. S11Q3 2026 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
  7. S12Q2 2026 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
  8. S13Q1 2026 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
  9. S14Q4 2025 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
  10. S15Q3 2025 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
  11. S16Q2 2025 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2025
  12. S17Q1 2025 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2025
  13. S18Q4 2024 shareholder letter (8-K Ex. 99.1) · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2025
  14. S19Definitive proxy statement (DEF 14A), 2026 annual meeting · Block, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2026
  15. 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
  16. 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
  17. 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
  18. 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
  19. 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
  20. 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
  21. 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
  22. 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)
  1. 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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Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.