Block, Inc.

XYZ · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012
Valuation
Market cap	$39,553	$52,438	$47,095	$36,381	$74,041	$96,442	$26,588	$22,757	$12,810	$4,655	$4,282	–	–	–
Enterprise value	$38,538	$51,480	$47,316	$37,116	$74,285	$96,082	$26,123	$22,533	$12,303	$4,143	$3,821	–	–	–
P/E (TTM) at period end	30.29×	18.10×	4819.38×	–	445.27×	452.56×	70.82×	–	–	–	–	–	–	–
P/S (TTM) at period end	1.63×	2.17×	2.15×	2.08×	4.19×	10.15×	5.64×	6.90×	5.79×	2.72×	3.38×	–	–	–
P/B at period end	1.78×	2.47×	2.52×	2.11×	22.62×	35.96×	15.50×	20.31×	16.29×	8.08×	8.43×	–	–	–
EV / EBITDA (TTM)	18.55×	40.58×	364.75×	–	251.08×	1469.21×	255.72×	925.49×	–	–	–	–	–	–
EV / Sales (TTM)	1.59×	2.13×	2.16×	2.12×	4.21×	10.12×	5.54×	6.83×	5.56×	2.42×	3.02×	–	–	–
Returns
Return on equity	5.9%	13.6%	0.1%	(3.1%)	5.1%	7.9%	21.9%	(3.4%)	(8.0%)	(29.8%)	(41.7%)	(56.3%)	(64.4%)	–
Return on invested capital	5.4%	4.2%	(1.0%)	(3.2%)	3.7%	(0.6%)	1.5%	(2.5%)	(12.1%)	(137.3%)	(373.4%)	(185.0%)	–	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.20×	2.33×	2.01×	1.85×	1.78×	1.88×	1.90×	2.07×	1.83×	1.73×	2.11×	2.14×	1.96×	–
Debt / equity	0.42×	0.34×	0.26×	0.29×	1.39×	0.96×	0.55×	0.80×	0.46×	–	–	0.11×	–	–
Effective tax rate	22.8%	(111.2%)	27.5%	2.2%	(0.9%)	1.3%	0.7%	(6.4%)	(0.2%)	(1.1%)	(2.1%)	(0.9%)	(0.5%)	–
Share count
Diluted shares outstanding	623	636	614	579	502	482	466	406	379	342	170	142	284	277

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012
Revenue and gross profit
Revenue	$25,042	$24,194	$24,121	$21,916	$17,532	$17,661	$9,498	$4,714	$3,298	$2,214	$1,709	$1,267	$850	$552	$203
Cost of revenue	($13,433)	($13,834)	($15,232)	($14,411)	($11,540)	($13,241)	($6,764)	($2,824)	($1,994)	($1,375)	($1,133)	($897)	($624)	($424)	($139)
Gross profit	$11,609	$10,360	$8,889	$7,505	$5,992	$4,420	$2,733	$1,890	$1,304	$839	$576	$370	$226	$129	$65
Operating expenses
Research and development	($3,069)	($2,908)	($2,914)	($2,721)	($2,136)	($1,384)	($882)	($674)	($497)	($322)	($269)	($200)	($145)	($83)	($47)
Selling, general and administrative	($2,740)	($1,998)	($2,149)	($2,209)	($1,687)	($983)	($579)	($437)	($339)	($251)	($252)	($143)	($94)	($133)	($93)
Total operating expenses	($10,439)	($8,652)	($7,997)	($7,784)	($6,616)	($4,259)	($2,752)	($1,863)	($1,340)	($894)	($746)	($544)	($377)	($234)	($150)
Total costs and expenses	($23,872)	($22,485)	($23,229)	($22,194)	($18,156)	($17,500)	($9,516)	($4,687)	($3,335)	($2,268)	($1,879)	($1,442)	($1,001)	($657)	($289)
Operating income	$1,170	$1,708	$892	($279)	($625)	$161	($19)	$27	($37)	($54)	($170)	($174)	($150)	($105)	($85)
Earnings
EBITDA	$1,549	$2,078	$1,268	$130	($284)	$296	$65	$102	$24	($17)	($133)	($147)	($132)	($97)	($82)
Interest income	–	$127	$156	$127	–	–	$18	$23	$20	–	$1	$2	–	$0	–
Interest expense	($197)	($256)	($166)	–	–	($58)	($75)	($45)	($38)	($10)	$1	–	($2)	–	($0)
Pre-tax income	$712	$1,690	$1,357	($29)	($565)	$157	$216	$378	($36)	($63)	($170)	($176)	($153)	($104)	($85)
Income tax expense	($357)	($386)	$1,509	$8	$12	$1	($3)	($3)	($2)	($0)	($2)	($4)	($1)	($1)	–
Net income	$357	$1,306	$2,897	$10	($541)	$166	$213	$375	($38)	($63)	($172)	($180)	($154)	($104)	($85)
Per share
Diluted EPS (GAAP)	$0.56	$2.10	$4.56	$0.02	($0.93)	$0.33	$0.44	$0.81	($0.09)	($0.17)	($0.50)	($1.24)	($1.08)	($0.37)	($0.31)
Basic EPS (GAAP)	$0.57	$2.13	$4.70	$0.02	($0.93)	$0.36	$0.48	$0.88	($0.09)	($0.17)	($0.50)	($1.24)	($1.08)	($0.37)	($0.31)
Basic shares outstanding	604	612	617	609	579	458	443	425	406	379	342	170	142	284	277
Margins
Gross margin	46.4%	42.8%	36.9%	34.2%	34.2%	25.0%	28.8%	40.1%	39.5%	37.9%	33.7%	29.2%	26.6%	23.3%	31.7%
Operating margin	4.7%	7.1%	3.7%	(1.3%)	(3.6%)	0.9%	(0.2%)	0.6%	(1.1%)	(2.4%)	(10.0%)	(13.8%)	(17.7%)	(19.0%)	(42.0%)
Net margin	1.4%	5.4%	12.0%	0.0%	(3.1%)	0.9%	2.2%	8.0%	(1.2%)	(2.8%)	(10.0%)	(14.2%)	(18.1%)	(18.9%)	(41.9%)

Analyst consensus

Buy39 analysts

Bearish · 1 · Hold · 8 · Bullish · 30

Earnings history

	EPS	Estimate
Q3 2024	$0.88	$0.88	Match
Q4 2024	$0.71	$0.88	Miss
Q1 2025	$0.56	$0.97	Miss
Q2 2025	$0.62	$0.63	Miss
Q3 2025	$0.54	$0.64	Miss
Q4 2025	$0.65	$0.65	Match
Q1 2026	$0.85	$0.68	Beat
Q2 2026	$1.02	$0.87	Beat

Peers

Company overview

IPO dateNov 19, 2015

CEOJack Dorsey

Employees10,205

SectorTechnology

IndustrySoftware - Infrastructure

CountryUS

ExchangeNew York Stock Exchange

Websitewww.block.xyz

Block, Inc., operating through its subsidiaries, develops innovative tools that empower merchants to process card payments, gain insights from robust reporting and analytics, and benefit from expedited next-day fund settlement. The company offers a diverse range of hardware solutions, including the Magstripe reader for traditional swipe-based transactions, and the Contactless and chip reader, which accommodates Europay, MasterCard, and Visa (EMV) chip cards alongside Near Field Communication (NFC) payments. For comprehensive point-of-sale functionality, Block provides the Square Stand, enabling an iPad to serve as a complete payment terminal, and the Square Register, an integrated system combining proprietary hardware, software, and payment processing capabilities. Additionally, the Square Terminal offers a modern alternative to conventional keypad devices, functioning as both a payment processor and receipt printer, accepting tap, dip, and swipe payment methods. Beyond physical devices, Block supplies an extensive suite of software products. These encompass Square Point of Sale, Square Appointments, specialized applications for Retail and Restaurants, online commerce solutions like Square Online and Checkout, Square Invoices, Square Virtual Terminal, Square Team Management, Square Contracts, and a suite for Loyalty, Marketing, and Gift Cards, all managed through the Square Dashboard. Furthermore, Block supports developers with a dedicated platform featuring application programming interfaces (APIs) and software development kits (SDKs). Its portfolio also includes Cash App, a popular mobile service for sending, spending, and saving money, and Weebly, which delivers website hosting and domain registration services to customers. Serving an international clientele, the company's operations extend across the United States, Canada, Japan, Australia, Ireland, France, Spain, and the United Kingdom. Originally established as Square, Inc. in 2009, the San Francisco, California-based firm officially adopted the name Block, Inc. in December 2021.

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