Block, Inc., together with its subsidiaries, builds ecosystems focused on commerce and financial products and services in the United States and internationally. It operates through two segments: Square and Cash App. The Square segment offers managed payment services; software solutions; hardware products, such as registers, terminals, stands, and readers for contactless and chips; banking services consisting of lending, instant transfer, and checking and savings accounts; and full-service setup and support services. This segment also provides loyalty, marketing, team management, and payroll services; and gift cards. It also offers Square Handheld, a portable point-of sale device for transaction purposes. The Cash App segment offers financial tools, including peer-to-peer payments, bitcoin, and stock investment brokerage; Cash App Card, a debit card; Cash App Pay, mobile-friendly way for cash app customers to pay at merchants across online and in-person channels; direct deposit, stock brokerage, and tax preparation services; and Afterpay, a buy now, pay later platform. In addition, the company operates TIDAL, a platform for musicians and fans; TBD, an open developer platform focused on making the decentralized financial world accessible; Bitkey, a self-custody bitcoin wallet; and proto. The company was formerly known as Square, Inc. and changed its name to Block, Inc. in December 2021. Block, Inc. was incorporated in 2009 and is based in Oakland, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $24.2B | $3.4B | $1.3B | $2.4B | 5.9% | 0.3% | -54.9% |
| 2024 | $24.1B | $2.1B | $2.9B | $1.6B | 13.6% | 10.1% | 29546.4% |
| 2023 | $21.9B | $790M | $10M | $-50M | 0.1% | 25.0% | -101.8% |
| 2022 | $17.5B | $313M | $-541M | $5M | -3.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 17,531.59 | 21,915.62 | 24,121.05 | 24,193.68 |
| Operating Revenue | - | 17,531.59 | 21,915.62 | 24,121.05 | 24,193.68 |
| Cost Of Revenue | - | 11,539.70 | 14,410.74 | 15,232.02 | 13,833.75 |
| Gross Profit | - | 5,991.89 | 7,504.89 | 8,889.04 | 10,359.93 |
| Operating Expense | - | 6,019.17 | 7,123.06 | 7,202.49 | 7,314.28 |
| Research And Development | - | 2,135.61 | 2,720.82 | 2,914.42 | 2,907.89 |
| Selling General And Administration | - | 3,744.80 | 4,228.20 | 4,133.36 | 4,270.66 |
| Total Expenses | - | 17,558.87 | 21,533.80 | 22,434.50 | 21,148.03 |
| Operating Income | - | -27.28 | 381.82 | 1,686.55 | 3,045.65 |
| Total Operating Income As Reported | - | -624.53 | -278.84 | 892.33 | 1,708.41 |
| EBITDA | - | 313.24 | 790.38 | 2,062.68 | 3,415.18 |
| Normalized EBITDA | - | 910.50 | 1,243.96 | 2,435.98 | 4,808.33 |
| EBIT | - | -27.28 | 381.82 | 1,686.55 | 3,045.65 |
| Interest Expense | 33.12 | 36.23 | - | - | - |
| Net Interest Income | - | -36.23 | 47.22 | -9.30 | -129.36 |
| Other Non Operating Income Expenses | - | 95.44 | -4.61 | 53.21 | 166.77 |
| Other Income Expense | - | -501.81 | -458.19 | -320.09 | -1,226.38 |
| Interest Expense Non Operating | 33.12 | 36.23 | - | - | - |
| Net Non Operating Interest Income Expense | - | -36.23 | 47.22 | -9.30 | -129.36 |
| Pretax Income | - | -565.32 | -29.14 | 1,357.15 | 1,689.91 |
| Tax Provision | - | -12.31 | -8.02 | -1,509.34 | 385.70 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -13.14 | -124.73 | -78.39 | -317.64 |
| Net Income Continuous Operations | - | -553 | -21.12 | 2,866.50 | 1,304.21 |
| Net Income From Continuing And Discontinued Operation | - | -540.75 | 9.77 | 2,897.05 | 1,305.64 |
| Net Income From Continuing Operation Net Minority Interest | - | -540.75 | 9.77 | 2,897.05 | 1,305.64 |
| Net Income | - | -540.75 | 9.77 | 2,897.05 | 1,305.64 |
| Net Income Common Stockholders | - | -540.75 | 9.77 | 2,897.05 | 1,305.64 |
| Net Income Including Noncontrolling Interests | - | -553 | -21.12 | 2,866.50 | 1,304.21 |
| Normalized Income | - | 43.37 | 338.62 | 3,191.96 | 2,381.14 |
| Diluted NI Availto Com Stockholders | - | -540.75 | 9.77 | 2,903.26 | 1,309.65 |
| Basic Average Shares | - | 578.95 | 608.86 | 616.99 | 612.24 |
| Diluted Average Shares | - | 578.95 | 614.02 | 636.39 | 622.84 |
| Reconciled Depreciation | - | 340.52 | 408.56 | 376.13 | 369.53 |
| Reconciled Cost Of Revenue | - | 11,337.93 | 14,176.22 | 15,010.60 | 13,599.95 |
| Total Unusual Items | - | -597.25 | -453.58 | -373.30 | -1,393.15 |
| Total Unusual Items Excluding Goodwill | - | -597.25 | -453.58 | -373.30 | -1,393.15 |
| Minority Interests | - | 12.26 | 30.90 | 30.55 | 1.43 |
| Special Income Charges | - | -597.25 | -660.66 | -794.22 | -1,337.25 |
| Write Off | 71.13 | 46.57 | 0 | 0 | - |
| Restructuring And Mergern Acquisition | - | 550.68 | 660.66 | 794.22 | 1,337.25 |
| Gain On Sale Of Security | - | - | 207.08 | 420.92 | -55.90 |
| Depreciation Amortization Depletion Income Statement | - | 138.76 | 174.04 | 154.71 | 135.73 |
| Depreciation And Amortization In Income Statement | - | 138.76 | 174.04 | 154.71 | 135.73 |
| General And Administrative Expense | - | 1,686.85 | 2,209.19 | 2,149.10 | 1,997.59 |
| Other Gand A | - | 1,686.85 | 2,209.19 | 2,149.10 | 1,997.59 |
| Gain On Sale Of Ppe | 0 | - | - | - | - |
| Total Other Finance Cost | - | 36.23 | -47.22 | 9.30 | 129.36 |
| Other Operating Expenses | 187.99 | 550.68 | - | - | - |
| Selling And Marketing Expense | - | 2,057.95 | 2,019.01 | 1,984.26 | 2,273.07 |
| Average Dilution Earnings | - | - | 0 | 6.22 | 4.02 |
| Amortization | - | 138.76 | 174.04 | 154.71 | 135.73 |
| Amortization Of Intangibles Income Statement | - | 138.76 | 174.04 | 154.71 | 135.73 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Block, Inc.this co. | XYZ | $42.2B | 32.32β premium | 1.90 | 5.9% | 11.66 |
| Autodesk, Inc. | ADSK | $49.3B | 43.89 | 16.20 | 36.9% | 25.05 |
| Garmin Ltd. | GRMN | $46.7B | 28.04 | 5.20 | 18.5% | 21.58 |
| Strategy Inc | MSTR | $45.5B | -11.83 | 1.03 | -8.7% | -9.47 |
| Jabil Inc. | JBL | $39.4B | 60.03 | 26.07 | 43.4% |
| - |
| - |
| - |
| - |
| 23.86 |
| Workday, Inc. | WDAY | $36.5B | 52.71 | 4.68 | 8.9% | 23.75 |
| Paychex, Inc. | PAYX | $35.6B | 21.51 | 8.63 | 40.1% | 15.67 |
| NetApp, Inc. | NTAP | $35.4B | 29.87 | 34.06 | 114.0% | 21.41 |
| First Solar, Inc. | FSLR | $33.8B | 22.14 | 3.55 | 16.0% | 14.71 |
| Peer Median | - | 28.96 | 6.92 | 27.7% | 21.49 | |