Block (XYZ) FY2022 results: revenue $17.5 billion, down 0.7% on the year

Block, Inc. (XYZ) reported revenue of $17.5 billion for fiscal 2022, the year ended 31 December 2022, down 0.7% on the year before. Net income was -$541 million, and diluted earnings per share $-0.93. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$17.5 billion

-0.7% on the year

FY2015FY2022

Operating margin

-3.6%

0.9% a year earlier

FY2015FY2022

Net income

-$541 million

FY2015FY2022

Diluted EPS

-$0.93

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	17,532	17,661	9,498	-0.7%
Cost of revenue	11,540	13,241	6,764	-12.9%
Gross profit	5,992	4,420	2,733	+35.6%
Gross margin	34.2%	25.0%	28.8%
Research and development	2,136	1,384	882	+54.3%
Operating income	-625	161	-18.8
Operating margin	-3.6%	0.9%	-0.2%
Interest expense	0.0	58.1	75.2
Pre-tax income	-565	157	216
Income tax	-12.3	-1.4	2.9
Effective tax rate	n/a	-0.9%	1.3%
Net income	-541	166	213
Net margin	-3.1%	0.9%	2.2%
Diluted EPS	-$0.93	$0.33	$0.44

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	176	848	173	-79.3%
Capital expenditure	171	134	138	+27.2%
Free cash flow	5.1	714	34.7	-99.3%
Free cash flow margin	0.0%	4.0%	0.4%
Cash from investing	1,226	-1,311	-607
Cash from financing	97.6	2,652	3,677	-96.3%
Depreciation and amortisation	341	135	84.2	+152.7%
Share-based compensation	1,071	608	398	+76.2%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	579m	502m	482m	+15.4%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	17,223	3,273	2,682	+426.2%
Non-controlling interest	28.5	40.7	0.0	-30.1%
Debt	5,908	5,057	3,051	+16.8%
Operating lease liabilities	357	395	390	-9.5%
Other liabilities	7,847	6,261	3,747	+25.3%
Total liabilities and equity	31,364	15,026	9,870	+108.7%
Fixed assets	329	282	234	+16.7%
Goodwill	11,967	519	317	+2,204.5%
Intangible assets	2,014	257	138	+683.5%
Investments	1,655	2,396	1,159	-30.9%
Cash and equivalents	4,544	4,444	3,158	+2.3%
Receivables	141	89.7	42.0	+56.6%
Inventory	97.7	77.1	61.1	+26.8%
Other assets	10,617	6,962	4,762	+52.5%
Total assets	31,364	15,026	9,870	+108.7%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.