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Block
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Latest analysis
Updated Nov 3, 2026
Block Q3 2026: Gross profit up 22% YoY, AOI nearly doubles, and 2027 preliminary guidance targets Rule of 50+ with AI monetization beginning Q4.
Block delivered a Q3 2026 breakout on profitability — adjusted operating income grew 92% year-over-year to $923 million at a record 29% margin, while gross profit reached $3.24 billion, up 22%. Square GPV accelerated to 14% year-over-year growth, the strongest since Q1 2023, driven by ISO channel expansion (0 to 400 partners in one year) and self-onboarding at decade-high rates. Management raised full-year 2026 guidance to imply Rule of 50 — 22% gross profit growth plus 28% AOI margin — and introduced preliminary 2027 targets of at least 15% gross profit growth and 32% AOI margin, with AI monetization via Builderlab and Buzz expected to generate first revenue in Q4 2026.
Tone: bullishRevenue
$24.2B
XYZ 10-K · FY 2025
Employees
10,205
Revenue FY2024
$24.1B
Founded
2009
Profile
XYZ 10-K Item 1 · Feb 26, 2026Block, Inc. operates two primary ecosystems — Square, a commerce and financial services platform for businesses, and Cash App, a consumer financial services network — alongside bitcoin-focused businesses including Bitkey and Proto. The company provides payments, lending, banking, BNPL, and bitcoin products to sellers and consumers primarily in the United States. Block's strategy centers on connecting these ecosystems through shared infrastructure for payments processing, risk management, identity, and data.
Read filing description ↓ Collapse description ↑
At Block, Inc. (together with its subsidiaries, 'Block' or 'we'), we are building technology that enables people and businesses to participate more fully in the economy. Our purpose is economic empowerment, helping individuals and businesses manage, move, and grow their money through simple and connected tools. Block designs and operates connected ecosystems that integrate commerce solutions, financial services, software, hardware, and networks to serve individuals and small businesses, primarily through Cash App's consumer network and Square's business ('seller') network. Our platform integrates payments, banking, lending, and commerce solutions designed to provide secure, reliable, and scalable financial infrastructure. We apply data, automation, and AI to improve the speed, accuracy, and usability of our products. Our ecosystem strategy connects these capabilities across both sellers and consumers. The ecosystems share common infrastructure for payments processing, risk management, identity, and data, allowing customers to access multiple products across a connected platform. We continue to invest in capabilities that enhance interoperability and efficiency, including embedded financial services, automation, and open protocols such as Bitcoin. Our two reportable segments are Square and Cash App, which reflects our two primary ecosystems and the manner in which the Company's chief operating decision maker reviews and assesses performance. We have realigned our revenue categories to better reflect the evolution of our company, identifying three reportable revenue categories: Commerce Enablement, Financial Solutions, and the Bitcoin Ecosystem. Together, these revenue categories generated $10.4 billion in gross profit in 2025.
Primary products
- Square Payments
- Square Software
- Square Point of Sale
- Square Register
- Square Terminal
- Square Stand
Business segments
End markets
Geographies
Named customers
For the years ended December 31, 2025, 2024, and 2023, none of our customers accounted for greater than 5% of Square GPV.
“We seek to differentiate ourselves from competitors primarily on the basis of our extensive commerce ecosystem and our focus on building remarkable products and services that are cohesive, fast, self-serve, and elegant.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue was essentially flat year over year at approximately $24.2 billion in 2025 versus $24.1 billion in 2024, with gross profit growing 17% to $10.4 billion driven by growth in Cash App Borrow and Square Loans.
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