Logo

XYZ

Block, Inc.

XYZ

Block, Inc. • NYSE
$66.76 ▲ 2.66% (+1.73)
Market Cap $40.57 B
52w High $99.26
52w Low $44.27
Dividend Yield 0%
P/E 13.17
Volume 3.46M
Outstanding Shares 607.65M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.115B ▲ $2.266B ▲ $461.544M ▼ 7.548% ▼ $0.76 ▼ $714.44M ▼
Q2-2025 $6.054B ▲ $2.052B ▲ $538.458M ▲ 8.894% ▲ $0.88 ▲ $870.78M ▲
Q1-2025 $5.772B ▼ $1.757B ▼ $189.872M ▼ 3.29% ▼ $0.31 ▼ $333.241M ▼
Q4-2024 $6.033B ▲ $1.816B ▼ $1.946B ▲ 32.259% ▲ $3.15 ▲ $382.779M ▼
Q3-2024 $5.976B $1.927B $283.754M 4.748% $0.46 $607.777M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $8.785B ▼ $39.183B ▲ $16.71B ▲ $22.507B ▲
Q2-2025 $11.719B ▼ $36.858B ▲ $14.735B ▼ $22.157B ▲
Q1-2025 $12.765B ▲ $36.396B ▼ $14.96B ▼ $21.469B ▲
Q4-2024 $12.75B ▲ $36.778B ▲ $15.543B ▼ $21.268B ▲
Q3-2024 $8.862B $36.355B $16.446B $19.921B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $461.598M ▼ $1.451B ▲ $-1.101B ▼ $1.467B ▲ $1.802B ▲ $1.4B ▲
Q2-2025 $538.334M ▲ $374.322M ▲ $-485.78M ▼ $-907.828M ▲ $-946.603M ▼ $343.012M ▲
Q1-2025 $188.722M ▼ $133.336M ▲ $914.708M ▲ $-1.212B ▼ $-141.339M ▼ $101.454M ▲
Q4-2024 $1.946B ▲ $13.8M ▼ $-323.156M ▼ $707.57M ▲ $296.075M ▼ $-13.193M ▼
Q3-2024 $283.754M $684.763M $105.694M $71.745M $915.573M $628.164M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cryptocurrency Denominated Assets
Cryptocurrency Denominated Assets
 $2.43Bn ▲$2.30Bn ▼$2.14Bn ▼$1.97Bn ▼
Hardware
Hardware
 $30.00M ▲$30.00M ▲$40.00M ▲$70.00M ▲
Software and Data Products
Software and Data Products
 $1.90Bn ▲$1.89Bn ▼$2.05Bn ▲$2.20Bn ▲
Transaction
Transaction
 $1.68Bn ▲$1.55Bn ▼$1.82Bn ▲$1.87Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Block’s income statement shows a company that has grown quickly and is now maturing into more consistent profitability. Revenue and gross profit have risen strongly over the last several years, showing that both the seller (Square) and consumer (Cash App) ecosystems are scaling. Profitability, however, has been bumpy: the business moved from profit to loss and then back to profit again. The latest year stands out with a sharp improvement in operating profit and net income, suggesting better cost control, stronger unit economics, or possibly some one‑time benefits. The big picture: growth is healthy, margins are improving, but earnings quality and stability are still worth watching given the past volatility.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, reflecting Block’s growth and acquisitions. Total assets and shareholder equity have both climbed, which points to a larger, better-capitalized company than a few years ago. Cash levels are solid and give management flexibility to invest, absorb shocks, or pursue new initiatives. Debt has also increased over time, so the company is more leveraged than it used to be, though the growing equity base helps support that. Overall, the financial foundation looks stronger and more substantial, but with a higher reliance on borrowed money than in its earlier days.

Cash Flow

Cash Flow Cash generation has been uneven but is clearly moving in a positive direction. Operating cash flow dipped after a strong year, then recovered sharply in the most recent period, now comfortably covering the company’s modest investment spending. Free cash flow followed a similar pattern, shifting from roughly break-even or slightly negative to clearly positive. This suggests that the business is beginning to convert its accounting profits into real cash more reliably. The key question going forward is whether this stronger cash performance can be sustained through different market conditions and investment cycles.

Competitive Edge

Competitive Edge Block sits in a strong but very competitive corner of financial technology. Its core edge comes from running two connected ecosystems: Square for merchants and Cash App for consumers. Merchants that use multiple Square tools tend to be quite “sticky,” as switching providers would disrupt payments, payroll, inventory, and more. Cash App benefits from network effects: the more people and businesses on it, the more useful it becomes. This creates a reinforcing loop that can be hard for rivals to break. At the same time, Block faces intense competition from traditional banks, card networks, payment processors, big tech platforms, and newer fintechs. Regulatory scrutiny, especially around payments, lending, and crypto, is also a constant backdrop. The company’s position is strong, but it operates in a crowded, fast-moving arena where missteps can be costly.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Block’s identity and strategy. The company continually builds out its two main ecosystems with new features across payments, software tools, lending, investing, and digital wallets. It is leaning heavily into artificial intelligence to automate tasks for merchants, give better insights, and improve user experiences, and it is investing in internal AI tools to speed up product development. Block is also making big bets on Bitcoin and decentralized technologies, including wallets, mining hardware, and plans for native Bitcoin payments. Add to that its Afterpay integration, push into “buy now, pay later,” and the TIDAL music platform, and you get a picture of a company willing to experiment at the frontier of finance, commerce, and content. This creates upside in terms of differentiation and growth, but also adds complexity and regulatory and execution risk.

Summary

Block has evolved from a niche payment card reader into a broad financial platform serving both businesses and consumers. Financially, it shows a clear growth story with improving profitability and a much stronger cash-flow profile in the latest year, backed by a larger and more robust balance sheet. Strategically, its ecosystem model, network effects, and focus on underserved customers give it meaningful advantages, while its aggressive push into AI, Bitcoin, and new financial products could open up additional growth paths. On the other hand, earnings and cash flows have been volatile in the past, debt levels have crept higher, and the company operates in a highly competitive and tightly regulated space. Future performance will depend heavily on Block’s ability to sustain margin improvements, manage credit and regulatory risks, and successfully execute on its innovation roadmap across Square, Cash App, and its newer initiatives.

NEWS

November 19, 2025 · 3:05 PM UTC

Block Shares Multi-Year Financial Outlook at Investor Day

Read more

November 19, 2025 · 2:09 PM UTC

Cash App Score Pilot Launches Utilizing Near Real-time Data

Read more

November 19, 2025 · 8:55 AM UTC

Block to Outline Multi-Year Outlook and Stock Repurchase Plan at Investor Day

Read more

November 18, 2025 · 6:00 AM UTC

Block Launches 'Bitcoin is Everyday Money' Campaign, Calls for De Minimis Tax Reform

Read more

November 13, 2025 · 9:00 AM UTC

Square Data Reveals How Wellness, Nightlife, and Merch Are Reshaping Food and Beverage in 2025

Read more