Business Description
Block Inc. is an American financial technology company founded in 2009 that provides digital payment solutions and merchant services through offerings like the Square point-of-sale system and Cash App. Led by co-founder and CEO Jack Dorsey, the firm generates revenue from processing fees, hardware sales, and subscription services. It holds a significant market presence in the fintech space, and its commitment to innovations in Bitcoin and blockchain technology positions it for further growth.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 24,193,700 | 24,121,100 | 21,915,600 | 17,531,600 |
| Cost of Sales | 13,776,900 | 15,163,700 | 14,337,900 | 11,469,500 |
| Gross Profit | 10,416,800 | 8,957,400 | 7,577,720 | 6,062,090 |
| Selling, General & Administrative Expenses | 4,270,660 | 4,133,360 | 4,228,200 | 3,744,800 |
| Depreciation & Amortization Expenses | 192,579 | 223,073 | 246,873 | 208,952 |
| Research & Development Expenses | 2,907,890 | 2,914,420 | 2,720,820 | 2,135,610 |
| Other Operating Expenses | 1,337,250 | 794,221 | 660,663 | 597,254 |
| Operating Profit | 1,708,410 | 892,327 | (278,839) | (624,532) |
| Interest Expense | (129,363) | (9,302) | 47,221 | (36,228) |
| Non-Operating Income | 110,868 | 474,129 | 202,475 | 95,443 |
| Total Non-Operating Income | (18,495) | 464,827 | 249,696 | 59,215 |
| Income Before Provision for Income Taxes | 1,689,910 | 1,357,150 | (29,143) | (565,317) |
| Provision for Income Taxes | 385,701 | (1,509,340) | (8,019) | (12,312) |
| Consolidated Net Income | 1,304,210 | 2,866,500 | (21,124) | (553,005) |
| Net Income Attributable to Minority Interests and Other | (1,426) | (30,550) | (30,896) | (12,258) |
| Net Income Attributable to Common Shareholders | 1,305,640 | 2,897,050 | 9,772 | (540,747) |
| Basic EPS | 2.13 | 4.70 | 0.02 | -0.93 |
| Diluted EPS | 2.10 | 4.56 | 0.02 | -0.93 |
| Basic Weighted Average Shares Outstanding | 612,243 | 616,993 | 608,856 | 578,949 |
| Diluted Weighted Average Shares Outstanding | 622,838 | 636,390 | 614,024 | 578,949 |
| Shares Outstanding | 602,078 | 619,676 | 615,821 | 600,060 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 6,564,090 | 8,075,250 | 4,996,470 | 4,544,200 |
| Short-Term Investments | 517,777 | 403,426 | 851,901 | 1,081,850 |
| Total Cash and Cash Equivalents | 7,081,870 | 8,478,670 | 5,848,370 | 5,626,050 |
| Accounts Receivable | 4,030,310 | 3,565,850 | 5,670,990 | 4,287,480 |
| Total Trade Receivables | 4,030,310 | 3,565,850 | 5,670,990 | 4,287,480 |
| Other Current Assets | 11,744,700 | 7,835,680 | 6,299,340 | 5,709,870 |
| Total Current Assets | 22,856,900 | 19,880,200 | 17,818,700 | 15,623,400 |
| Net Property, Plant & Equipment | 538,304 | 534,386 | 540,757 | 702,474 |
| Net Intangible Assets | 1,281,670 | 1,433,070 | 1,761,520 | 2,014,030 |
| Goodwill | 11,849,000 | 11,417,400 | 11,919,700 | 11,966,800 |
| Long-Term Investments | 966,402 | 1,264,260 | 251,127 | 573,429 |
| Other Long-Term Assets | 2,057,610 | 2,248,260 | 739,486 | 484,237 |
| Total Assets | 39,549,900 | 36,777,600 | 33,031,300 | 31,364,300 |
| Accounts Payable | 6,805,370 | 5,837,150 | 6,795,340 | 6,011,160 |
| Accrued Expenses | 1,538,890 | 1,525,150 | 1,334,670 | 1,073,520 |
| Short-Term Debt | 466,942 | 185,000 | 753,035 | 461,240 |
| Current Portion of Long-Term Debt | 1,573,260 | 999,497 | — | 460,356 |
| Other Current Liabilities | — | — | — | 428,243 |
| Total Current Liabilities | 10,384,500 | 8,546,800 | 8,883,040 | 8,434,520 |
| Long-Term Debt | 6,613,700 | 6,402,620 | 4,974,970 | 4,986,900 |
| Leases | 257,126 | 278,617 | 289,788 | 357,419 |
| Other Long-Term Liabilities | 124,719 | 314,599 | 190,667 | 334,155 |
| Total Long-Term Liabilities | 6,995,550 | 6,995,840 | 5,455,430 | 5,678,470 |
| Total Liabilities | 17,380,000 | 15,542,600 | 14,338,500 | 14,113,000 |
| Additional Paid-in Capital | 18,895,400 | 19,900,400 | 19,602,000 | 18,314,700 |
| Accumulated Other Comprehensive Income | (365,381) | (1,001,070) | (378,307) | (523,090) |
| Retained Earnings | 3,674,250 | 2,368,620 | (528,429) | (568,712) |
| Total Common Shareholders' Equity | 22,204,300 | 21,267,900 | 18,695,300 | 17,222,900 |
| Minority Interests and Other | (34,396) | (32,970) | (2,420) | 28,476 |
| Total Shareholders' Equity | 22,169,900 | 21,235,000 | 18,692,800 | 17,251,400 |
| Total Liabilities and Shareholders' Equity | 39,549,900 | 36,777,600 | 33,031,300 | 31,364,300 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 1,304,210 | 2,866,500 | (21,124) | (553,005) |
| Depreciation & Amortization | 369,529 | 376,127 | 408,560 | 340,523 |
| Share-Based Compensation Expense | 1,215,480 | 1,272,780 | 1,276,100 | 1,071,280 |
| Other Adjustments | 608,562 | (2,351,720) | (323,708) | (8,474) |
| Changes in Trade Receivables | (487,316) | 1,947,850 | (1,108,530) | (1,499,060) |
| Changes in Other Operating Activities | (296,898) | (2,538,030) | (130,335) | 824,638 |
| Cash from Operating Activities | 2,579,710 | 1,707,350 | 100,961 | 175,903 |
| Capital Expenditure | (155,038) | (153,947) | (151,151) | (170,815) |
| Purchases of Investments | (18,395,000) | (1,251,740) | (1,165,440) | (812,409) |
| Proceeds from Sale of Investments | 14,959,200 | 1,451,660 | 1,726,930 | 1,838,870 |
| Payments for Business Acquisitions | — | — | — | 539,453 |
| Other Investing Activities | 788,972 | 603,981 | 272,864 | (169,401) |
| Cash from Investing Activities | (2,801,930) | 649,952 | 683,201 | 1,225,700 |
| Issuance of Short-Term Debt | 1,305,290 | 1,255,750 | 1,387,660 | 1,620,810 |
| Repayments of Short-Term Debt | (1,456,870) | (1,329,730) | (1,118,080) | (872,157) |
| Net Issuance / (Repayments) of Short-Term Debt | (151,581) | (73,984) | 269,579 | 748,648 |
| Issuance of Long-Term Debt | 2,200,000 | 2,000,000 | — | — |
| Repayments of Long-Term Debt | (1,000,620) | — | (461,761) | (1,071,790) |
| Net Issuance / (Repayments) of Long-Term Debt | 1,199,380 | 2,000,000 | (461,761) | (1,071,790) |
| Issuance of Common Shares | 88,943 | 154,779 | 130,433 | 81,768 |
| Repurchases of Common Shares | (2,330,660) | (1,170,340) | (156,812) | (4,735) |
| Net Issuance / (Repurchases) of Common Shares | (2,241,720) | (1,015,560) | (26,379) | 77,033 |
| Other Financing Activities | 580,824 | 1,042,210 | (21,576) | 343,687 |
| Cash from Financing Activities | (613,099) | 1,952,660 | (240,137) | 97,580 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 86,081 | (88,539) | 29,156 | (38,363) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (749,236) | 4,221,430 | 573,181 | 1,460,820 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $39.19B |
| P/E | 31.00x |
| P/S | 1.62x |
| EV/EBITDA | 19.72x |
| Return on Equity | 6.0% |
| Return on Invested Capital | 5.9% |
| Current Ratio | 2.20x |
| Free Cash Flow Margin | 10.0% |
Margins
Gross margin
43.1%
Operating margin
7.1%
Net margin
5.4%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $6.06B | +4.9% | -2.8% | $-172M |
| Q4 2025 | $6.25B | +3.6% | 7.8% | $485M |
| Q3 2025 | $6.11B | +2.3% | 6.7% | $409M |
| Q2 2025 | $6.05B | -1.6% | 8.0% | $484M |
| Q1 2025 | $5.77B | — | 5.7% | $329M |
| Q4 2024 | $6.03B | — | 0.2% | $13M |
| Q3 2024 | $5.98B | — | 5.4% | $323M |
| Q2 2024 | $6.16B | — | 5.0% | $307M |
More on Block Inc.
Figures compiled from public company filings.
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