XYZ

MKT CAP:$44B

Block, Inc.

Market Cap

$44B

Technology·Software - Infrastructure·🇺🇸 United States·NYSE

Technology·Software Infra·🇺🇸·NYSE

Stock Price

$72.03+$6.88 (+10.56%)

Apr 24, 2026

Company Details

Block, Inc., together with its subsidiaries, creates tools that enables sellers to accept card payments and provides reporting and analytics, and next-day settlement. It provides hardware products, including Magstripe reader, which enables ...

CEO

Jack Dorsey

IPO Date

Nov 19, 2015

Website

www.block.xyz

Key Metrics TTM

Revenue

$24.2B

+10.7% YoY

Net Income

$3.2B

EPS (Diluted)

$5.10

Free Cash Flow

$2.4B

Revenue / Share

$38.89

Gross Margin

40.3%

Operating Margin

6.9%

Net Margin

13.4%

FCF Margin

9.8%

P/S

1.8x

P/E

13.6x

Earnings Reports

Q4 2025

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$24.2B+0.3%EPS $2.10

Q3 2025

Nov 6, 2025

$6.1B+2.3%EPS $0.74

Q2 2025

Aug 7, 2025

$6.1B-1.6%EPS $0.87

FY 2024

Feb 24, 2025

$24.1BEPS $4.55

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 19	$959M	$380M	$6M
Q2 19	$1.2B	$449M	$33M
Q3 19	$1.3B	$483M	$65M
Q4 19	$1.3B	$510M	$49M
Q1 20	$1.4B	$521M	$19M
Q2 20	$1.9B	$578M	$15M
Q3 20	$3.0B	$777M	$65M
Q4 20	$3.2B	$785M	$65M
Q1 21	$5.1B	$964M	$68M
Q2 21	$4.7B	$1.1B	$125M
Q1 24	$6.0B	$2.1B	$250M
Q2 24	$6.2B	$2.2B	$533M
Q3 24	$6.0B	$2.2B	$323M
Q4 24	$6.0B	$2.3B	$461M
Q2 25	$6.1B	$2.5B	$484M
Q3 25	$6.1B	$2.7B	$409M

Valuation

Quarter	P/S	P/E
Q1 19	9.0x	—
Q2 19	7.9x	—
Q3 19	6.1x	—
Q4 19	5.6x	70.0x
Q1 20	4.7x	77.7x
Q2 20	7.8x	150.6x
Q3 20	9.3x	230.4x
Q4 20	10.4x	464.4x
Q1 21	7.2x	263.3x
Q2 21	7.0x	195.8x
Q1 24	2.7x	49.9x
Q2 24	1.8x	43.2x
Q3 24	1.9x	37.1x
Q4 24	2.3x	19.3x
Q2 25	1.7x	14.0x
Q3 25	1.9x	14.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	$32M	$14M
Q2 19	$133M	$121M
Q3 19	$239M	$223M
Q4 19	$61M	$44M
Q1 20	$121M	$95M
Q2 20	-$273M	-$304M
Q3 20	$413M	$383M
Q4 20	$121M	$69M
Q1 21	-$29M	-$233M
Q2 21	$275M	$243M
Q1 24	$489M	$457M
Q2 24	$519M	$481M
Q3 24	$685M	$628M
Q4 24	$14M	-$13M
Q2 25	$374M	$343M
Q3 25	$1.5B	$1.4B

Capital Expenditures

Quarter	CapEx
Q1 19	$18M
Q2 19	$12M
Q3 19	$16M
Q4 19	$17M
Q1 20	$26M
Q2 20	$30M
Q3 20	$30M
Q4 20	$52M
Q1 21	$204M
Q2 21	$32M
Q1 24	$32M
Q2 24	$38M
Q3 24	$57M
Q4 24	$27M
Q2 25	$31M
Q3 25	$51M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 19	+43.5%	+42.0%
Q2 19	+44.1%	+43.6%
Q3 19	+43.6%	+38.9%
Q4 19	+40.8%	+38.7%
Q1 20	+44.0%	+42.9%
Q2 20	+63.8%	+67.3%
Q3 20	+139.6%	+147.1%
Q4 20	+140.5%	+144.8%
Q1 21	+266.2%	+266.2%
Q2 21	+143.3%	+138.6%
Q1 24	+96.4%	+92.2%
Q2 24	+94.9%	+81.8%
Q3 24	+18.2%	+13.3%
Q4 24	+28.9%	+22.3%
Q2 25	+1.6%	-2.4%
Q3 25	-0.7%	+1.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$61M	6.4%
Q2 19	$79M	6.8%
Q3 19	$77M	6.1%
Q4 19	$80M	6.1%
Q1 20	$77M	5.6%
Q2 20	$96M	5.0%
Q3 20	$110M	3.6%
Q4 20	$114M	3.6%
Q1 21	$119M	2.3%
Q2 21	$146M	3.1%
Q1 24	$311M	5.2%
Q2 24	$321M	5.2%
Q3 24	$324M	5.4%
Q4 24	$317M	5.3%
Q2 25	$297M	4.9%
Q3 25	$309M	5.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 19	$142M	—	—	$231M
Q2 19	$163M	—	—	$253M
Q3 19	$157M	—	—	$261M
Q4 19	$162M	—	—	$299M
Q1 20	$183M	—	—	$320M
Q2 20	$194M	—	—	$369M
Q3 20	$215M	—	—	$497M
Q4 20	$241M	—	—	$479M
Q1 21	$310M	$196M	$349M	—
Q2 21	$324M	$221M	$374M	—
Q1 24	$721M	$471M	$444M	—
Q2 24	$713M	—	—	$947M
Q3 24	$711M	$476M	$512M	—
Q4 24	$770M	—	—	$1.0B
Q2 25	$725M	$449M	$550M	—
Q3 25	$711M	$533M	$599M	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 19	43.5%	-0.8%	42.7
Q2 19	44.1%	2.1%	46.2
Q3 19	43.6%	5.1%	48.7
Q4 19	40.8%	32.3%	73.1
Q1 20	44.0%	-4.4%	39.5
Q2 20	63.8%	2.1%	65.9
Q3 20	139.6%	2.9%	142.5
Q4 20	140.5%	11.3%	151.9
Q1 21	266.2%	1.4%	267.5
Q2 21	143.3%	4.9%	148.2
Q1 24	96.4%	8.6%	105.0
Q2 24	94.9%	5.6%	100.5
Q3 24	18.2%	10.2%	28.3
Q4 24	28.9%	6.3%	35.2
Q2 25	1.6%	14.4%	16.0
Q3 25	-0.7%	14.1%	13.5

Rule of 40

Revenue Segments

Quarter	Cryptocurrency Denominated Assets	Hardware	Software and Data Products	Transaction
Q1 24	$2.7B	$33M	$1.7B	$1.5B
Q2 24	$2.6B	$43M	$1.8B	$1.7B
Q3 24	$2.4B	$37M	$1.8B	$1.7B
Q4 24	$2.4B	$31M	$1.9B	$1.7B
Q2 25	$2.1B	$40M	$2.1B	$1.8B
Q3 25	$2.0B	$70M	$2.2B	$1.9B

Revenue by Geography

Quarter	Non-US	United States
Q1 24	$391M	$5.6B
Q2 24	$424M	$5.7B
Q3 24	$456M	$5.5B
Q4 24	$499M	$5.5B
Q2 25	$492M	$5.6B
Q3 25	$530M	$5.6B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$7.2B	$797M	$8.0B
Q2 22	$6.9B	$939M	$7.9B
Q3 22	$7.3B	$1.1B	$8.4B
Q4 22	$7.7B	$1.1B	$8.8B
Q1 23	$8.9B	$1.0B	$9.9B
Q2 23	$8.1B	$1.1B	$9.2B
Q3 23	$8.0B	$1.2B	$9.2B
Q4 23	$8.2B	$1.2B	$9.4B
Q1 24	$9.8B	$615M	$10.4B
Q2 24	$11.3B	$697M	$12.0B
Q3 24	$12.2B	$562M	$12.8B
Q4 24	$12.3B	$491M	$12.7B
Q1 25	$12.3B	$427M	$12.8B
Q2 25	$11.3B	$397M	$11.7B
Q3 25	$13.1B	$449M	$13.6B
Q4 25	$11.3B	$628M	$12.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 19	419M	+3.3%	+5.9%
Q2 19	423M	+1.0%	+5.0%
Q3 19	466M	+10.1%	-1.9%
Q4 19	466M	-0.0%	+14.9%
Q1 20	435M	-6.7%	+3.7%
Q2 20	440M	+1.2%	+4.0%
Q3 20	488M	+10.9%	+4.7%
Q4 20	482M	-1.2%	+3.5%
Q1 21	501M	+4.0%	+15.3%
Q2 21	523M	+4.2%	+18.7%
Q1 24	637M	+22.0%	+30.6%
Q2 24	634M	-0.5%	+31.5%
Q3 24	633M	-0.2%	+26.2%
Q4 24	639M	+1.0%	+22.3%
Q2 25	619M	-3.2%	-2.9%
Q3 25	622M	+0.4%	-2.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 19	$286.5K	3K
Q2 19	$350.6K	3K
Q3 19	$378.2K	3K
Q4 19	$342.5K	4K
Q1 20	$360.1K	4K
Q2 20	$501.6K	4K
Q3 20	$791.1K	4K
Q4 20	$576.8K	5K
Q1 21	$923.4K	5K
Q2 21	$854.6K	5K
Q1 24	$458.8K	13K
Q2 24	$474.1K	13K
Q3 24	$460.2K	13K
Q4 24	$530.5K	11K
Q2 25	$532.4K	11K
Q3 25	$537.7K	11K

Revenue / Employee