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Block (XYZ) FY2025 results: revenue $24.2 billion, up 0.3% on the year

Block, Inc. (XYZ) reported revenue of $24.2 billion for fiscal 2025, the year ended 31 December 2025, up 0.3% on the year before. Net income was $1.3 billion, down 54.9%, and diluted earnings per share $2.10. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$24.2 billion
+0.3% on the year
FY2018FY2025
Operating margin
7.1%
3.7% a year earlier
FY2018FY2025
Net income
$1.3 billion
-54.9% on the year
FY2018FY2025
Diluted EPS
$2.10
-53.9% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 3 raised, 3 new.

  • Gross profit growth accelerated to 24%: Gross profit reached $2.87 billion in the fourth quarter. Full-year 2025 gross profit was $10.36 billion, up 17%, with Cash App up 21% and Square up 9%.
  • Consumer lending volume rose 69%: Consumer lending origination volume reached $18.5 billion. Financial Solutions gross profit grew 51%, driven by Cash App Consumer Lending.
  • Square NVA growth reached 29%: Square NVA growth accelerated in the fourth quarter. Self-onboard NVA grew at its fastest rate since the second quarter of 2021.
  • Adjusted Operating Income reached $588 million: Adjusted Operating Income was a 20% margin on gross profit and grew 46% year over year. GAAP operating income was $485 million.
  • Fourth-quarter buybacks of $790 million: The company repurchased 11.9 million Class A shares in the quarter. Remaining repurchase authorization was $5.3 billion at December 31, 2025.
Read the Q4 FY2025 earnings call summary

From this 10-K

Block runs connected ecosystems combining commerce, financial services, software, hardware and networks, serving small businesses through Square and consumers through Cash App. The two reportable segments are Square and Cash App. Alongside them sit TIDAL, a platform for musicians and their fans, and a bitcoin ecosystem. The ecosystems share common infrastructure for payments processing, risk management, identity and data.

Block, Inc., the 10-K for 2025

Block runs connected ecosystems combining commerce, financial services, software, hardware and networks, serving small businesses through Square and consumers through Cash App. The two reportable segments are Square and Cash App. Alongside them sit TIDAL, a platform for musicians and their fans, and a bitcoin ecosystem. The ecosystems share common infrastructure for payments processing, risk management, identity and data.

Square

Square started in February 2009 so that businesses could accept card payments, and it now provides more than 30 distinct products and services. Its sellers span services, food-related and retail businesses, from sole proprietors to multinational businesses, across the United States, Canada, Japan, Australia, the United Kingdom, Ireland, France and Spain. It also serves mid-market sellers, defined as those generating more than $500,000 in annualised Square Gross Payment Volume. No customer accounted for more than 5% of that volume in any of the last three years.

In 2025 more than 4.5 million sellers used Square to make 5.9 billion individual sales transactions totalling $250 billion of Square Gross Payment Volume, which the company defines as the total dollar amount of all card and bank payments processed by sellers net of refunds. Those transactions came from more than 800 million payment cards across more than 300 million buyer profiles.

Square Payments takes card-present and card-not-present payments across in-person, online, mobile and invoice channels. Square acts as both merchant of record and payment service provider, settling funds with sellers and managing the payment-related risk, and it holds the contractual relationships with acquiring processors, card networks and other transaction-processing providers, on terms the filing says are not typically available to a seller contracting independently. It earns a payment processing fee on each completed transaction. Square Software covers point-of-sale operations, commerce across in-person and online channels and customer engagement, and in 2025 Square introduced a pricing and packaging framework of three bundled tiers.

Financial Solutions run through the wholly-owned subsidiary bank, Square Financial Services, and through third-party bank partners, covering lending, deposits, savings and payment acceleration. Square Loans facilitates loans to qualified sellers through Square Financial Services, underwritten using the seller's own Square transaction data, with repayment normally taken automatically as a fixed percentage of every card transaction. Loans are sized at less than 20% of a seller's expected annual Square Gross Payment Volume, and the filing says sellers have historically repaid within ten months on average. A majority of the loans are funded by institutional third-party investors who buy them on a forward-flow basis. Since its public launch in May 2014, Square Loans has facilitated more than 4.0 million loans and advances.

Cash App

Cash App had 59 million monthly transacting actives across the United States as of December 2025, with actives in each of the 50 states and nearly every county. A transacting active is an account with at least one financial transaction in the period, such as sending or receiving a peer-to-peer payment, moving money in or out, buying with the Cash App Card, earning a dividend on a stock investment, or repaying a loan. Cash App transacting actives brought $316 billion of inflows in 2025, averaging $1,410 per active in the fourth quarter. In 2025 it was the number one finance app on Google Play and number three on iOS by downloads in the United States.

A customer funds the account by receiving money from another Cash App customer, transferring from a bank account, depositing a mobile check, adding physical cash at participating retailers, or receiving a paycheck by direct deposit. Those funds can be sent to another customer, spent anywhere that accepts Visa cards or Cash App Pay, withdrawn from an ATM with the Cash App Card, invested in stocks or exchange-traded funds, used to buy bitcoin, or transferred to a bank account, instantly for a fee or free in one to three days. Pay-later instalment products are offered across the United States, Australia, Canada, New Zealand and the United Kingdom.

TIDAL and bitcoin

TIDAL carries a catalogue of more than 250 million songs and 1,000,000 high-quality videos, with listeners in more than 60 countries and relationships with nearly 300 labels and distributors.

The bitcoin ecosystem holds the hardware projects: Bitkey, a self-custody bitcoin wallet, and Proto, a bitcoin mining system, alongside Spiral, an independent team contributing to bitcoin open source work.

From Block's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue24,19424,12121,916+0.3%
Cost of revenue13,83415,23214,411-9.2%
Gross profit10,3608,8897,505+16.5%
Gross margin42.8%36.9%34.2%
Research and development2,9082,9142,721-0.2%
Operating income1,708892-279+91.5%
Operating margin7.1%3.7%-1.3%
Interest expense2561660.0+54.9%
Pre-tax income1,6901,357-29.1+24.5%
Income tax386-1,509-8.0
Effective tax rate22.8%-111.2%n/a
Net income1,3062,8979.8-54.9%
Net margin5.4%12.0%0.0%
Diluted EPS$2.10$4.56$0.02-53.9%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,5801,707101+51.1%
Capital expenditure155154151+0.7%
Free cash flow2,4251,553-50.2+56.1%
Free cash flow margin10.0%6.4%-0.2%
Cash from investing-2,802650683
Cash from financing-6131,953-240
Depreciation and amortisation370376409-1.8%
Share-based compensation1,2151,2731,276-4.5%
Buybacks2,3311,170157+99.1%
Diluted shares, weighted623m636m614m-2.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity22,20421,26818,695+4.4%
Non-controlling interest-34.4-33.0-2.4
Debt8,6547,5875,728+14.1%
Operating lease liabilities257279290-7.7%
Other liabilities8,4697,6778,321+10.3%
Total liabilities and equity39,55036,77833,031+7.5%
Fixed assets323314296+2.8%
Goodwill11,84911,41711,920+3.8%
Intangible assets1,2821,4331,762-10.6%
Securities held for sale or to maturity7078751,103-19.3%
Cash and equivalents6,5648,0754,996-18.7%
Receivables238149135+60.0%
Inventory158105110+50.8%
Other assets18,42914,40812,710+27.9%
Total assets39,55036,77833,031+7.5%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.