Block (XYZ) FY2021 results: revenue $17.7 billion, up 86.0% on the year

Block, Inc. (XYZ) reported revenue of $17.7 billion for fiscal 2021, the year ended 31 December 2021, up 86.0% on the year before. Net income was $166 million, down 22.0%, and diluted earnings per share $0.33. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue

$17.7 billion

+86.0% on the year

FY2014FY2021

Operating margin

0.9%

-0.2% a year earlier

FY2014FY2021

Net income

$166 million

-22.0% on the year

FY2014FY2021

Diluted EPS

$0.33

-25.0% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	17,661	9,498	4,714	+86.0%
Cost of revenue	13,241	6,764	2,824	+95.8%
Gross profit	4,420	2,733	1,890	+61.7%
Gross margin	25.0%	28.8%	40.1%
Research and development	1,384	882	674	+56.9%
Operating income	161	-18.8	26.6
Operating margin	0.9%	-0.2%	0.6%
Interest expense	58.1	75.2	44.9	-22.7%
Pre-tax income	157	216	378	-27.1%
Income tax	-1.4	2.9	2.8
Effective tax rate	-0.9%	1.3%	0.7%
Net income	166	213	375	-22.0%
Net margin	0.9%	2.2%	8.0%
Diluted EPS	$0.33	$0.44	$0.81	-25.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	848	173	328	+389.8%
Capital expenditure	134	138	62.5	-2.9%
Free cash flow	714	34.7	265	+1,955.8%
Free cash flow margin	4.0%	0.4%	5.6%
Cash from investing	-1,311	-607	95.2
Cash from financing	2,652	3,677	243	-27.9%
Depreciation and amortisation	135	84.2	75.6	+60.0%
Share-based compensation	608	398	298	+52.9%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	502m	482m	466m	+4.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	3,273	2,682	1,715	+22.1%
Non-controlling interest	40.7	0.0	n/a
Debt	5,057	3,051	939	+65.8%
Operating lease liabilities	395	390	109	+1.4%
Other liabilities	6,261	3,747	1,789	+67.1%
Total liabilities and equity	15,026	9,870	4,551	+52.2%
Fixed assets	282	234	149	+20.8%
Goodwill	519	317	266	+64.0%
Intangible assets	257	138	69.1	+86.8%
Investments	2,396	1,159	1,030	+106.7%
Cash and equivalents	4,444	3,158	1,047	+40.7%
Receivables	89.7	42.0	33.9	+113.8%
Inventory	77.1	61.1	47.7	+26.1%
Other assets	6,962	4,762	1,908	+46.2%
Total assets	15,026	9,870	4,551	+52.2%

10-K for the year ended 31 December 2021, filed 24 February 2022: the filing.