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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2025

Block, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

001-37622 80-0429876

(Commission (IRS Employer File Number) Identification No.)

1955 Broadway, Suite 600 Oakland, CA 94612[1]

(Address of principal executive offices, including zip code)

(415) 375-3176

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Class A Common Stock, $0.0000001 par value per share	Trading Symbol(s) XYZ	Name of each exchange on which registered
		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1 We have adopted a distributed work model and, therefore, have no formal headquarters. This address represents our “principal executive office,” which we are required to identify under Securities and Exchange Commission rules.

Item 2.02 Results of Operations and Financial Condition.

On August 7, 2025, Block, Inc. (the “Company”) issued a Shareholder Letter (the “Letter”) announcing its financial results for the second quarter ended June 30, 2025. In the Letter, the Company also announced that it would be holding a conference call and earnings webcast on August 7, 2025 at 2:00 p.m. Pacific Time to discuss its financial results for the second quarter ended June 30, 2025. The Letter is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).

The Company is making reference to non-GAAP financial information in both the Letter and the conference call. A reconciliation of these non-GAAP financial measures to their nearest GAAP equivalents is provided in the Letter.

The information furnished pursuant to Item 2.02 on this Report, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description 99.1 Shareholder Letter, dated August 7, 2025.

104 Cover Page Interactive Data File, formatted in inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BLOCK, INC.

Date: August 7, 2025

[By:][/s/ Chr][y][st][y][ Es][p][eranza] Chrysty Esperanza Chief Legal Officer and Corporate Secretary

Exhibit 99.1

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Q2 2025

Shareholder Letter

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investors.block.xyz

To Our Shareholders

Q2’25 Highlights[3]

Gross Profit

$2.54B

We’re back on offense

We had a strong second quarter. Square GPV grew 10% year over year and Cash App gross profit grew 16% year over year, accelerating as we exited Q2. Our focus on products that can drive network expansion is already paying off as we started rolling out Pools on Cash App in July, just four months after kicking off development work. Our shipping velocity has accelerated and I’m confident in our ability to sustain strong growth at scale. As we head into Investor Day, I’ll share why we believe we have the best assets in the industry to deliver for our customers, starting with Cash App and featuring Square next quarter.

Cash App’s unique assets

Cash App is building the financial operating system for the next generation. We want everyone to be able to run their financial lives on Cash App, and we are already seeing this happen at scale, especially with younger customers. Actives under the age of 25 have higher Paycheck Deposit attach rates and a 40% higher Cash App Card attach rate compared to the rest of our customer base.[1] Teens are central to our next-generation strategy and nearly 80% of parent - or guardian - sponsored teen accounts have a Cash App Card.

+14% YoY Growth

Cash App Gross Profit

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$1.50B
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+16% YoY Growth

Square Gross Profit

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----- Start of picture text -----

$1.03B
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+11% YoY Growth

Operating Income

$484M

19% Margin[4]

The next generation relies on Cash App because of the four key sets of capabilities we offer:

A scaled P2P network that connects customers to their local communities
A broad set of commerce tools that help customers manage their spending
Deep banking functionality that supports customers saving, investing, borrowing, and more[2]
Simple tools that make it easy for customers to transact in bitcoin

Our long-term strategy is to expand the depth of our ecosystem across these capabilities. We believe what we’ve launched, along with what we’ll soon release, provides a comprehensive set of financial tools that increasingly meets the needs of customers across the economic spectrum. And we believe we’re the only company that can deliver a complete money hub to customers. As we continue to launch new products, we will increase our ability to make each part of Cash App strengthen the others.

Adjusted Operating Income[5]

$550M

22% Margin

Net Income[6]

$538M

Adjusted EBITDA[7] $891M

1 A transacting active is a Cash App account that has at least one financial transaction using any product or service within Cash App during a specified period. A transacting active for a specific Cash App product has at least one financial transaction using that product during the specified period and is referred to as an active. Examples of transactions include sending or receiving a peer-to-peer payment, transferring money into or out of Cash App, making a purchase using Cash App Card, earning a dividend on a stock investment, and paying back a loan, among others. Certain of these accounts may share an alias identifier with one or more other transacting active accounts. This could represent, among other things, one customer with multiple accounts or multiple customers sharing one alias identifier (for example, families).

2 Square and Cash App are financial services platforms, not banks. Throughout this letter, any reference to Square or Cash App’s banking offerings such as “bank our base,” “banking offerings,” “banking products,” “banking functionality,” or “Square Banking” refer to products and services that are offered through Block’s Industrial Bank, Square Financial Services, Inc., or through our thirdparty bank partners.
3 Reconciliations of non-GAAP financial measures used in this letter to their nearest GAAP equivalents are provided at the end of this letter. Please see these reconciliations for additional detail and a description of certain items that affected operating income (loss) and net income (loss) in the second quarter of 2025.
4 Margins are all calculated as a percent of gross profit.
5 Adjusted Operating Income is a non-GAAP measure of operating performance and the profitability of our business, fully burdened by stock based compensation. For more information please refer to the “Key Operating Metrics and Non-GAAP Financial Measures” section of this letter.
6 Net income attributable to common stockholders.
7 Adjusted EBITDA is a non-GAAP measure we use to assess operating performance. It excludes certain expenses as well as stock based compensation. For more information please refer to the “Key Operating Metrics and Non-GAAP Financial Measures” section of this letter.

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Peer to peer drives network density

At its core, Cash App is a community network. We’re focused on increasing network virality through P2P innovation, and over the past year we processed $218 billion in P2P volume. We’re improving the P2P customer experience, increasing payments success rates, and improving search functionality to make it easier to find the connections you want to pay. And in July we introduced Pools, a new P2P product that helps customers share group expenses with their communities. We plan to expand access to more customers — including people who aren’t on Cash App yet.

P2P remains the foundation of our network and our go-to-market strategy. It enables the vast majority of new actives to join Cash App organically, which leads to highly efficient customer acquisition costs per active — 1/10th the cost some of our competitors pay.

Commerce solutions help customers run their day-to-day financial lives

Our commerce solutions span Cash App Card, Cash App Pay, Cash App Business, and a wide range of BNPL offerings across Afterpay and Cash App. Together, these products form our commerce network, which drove $183 billion in spending volume over the past 12 months, growing 16% year over year, or 21% excluding Cash App Business.

We’ve launched Cash App Afterpay, including post-purchase BNPL and Pay in 4, and we’re bringing more Afterpay merchants into the Cash App ecosystem through their existing Afterpay integrations. In July, we started making Offers on Cash App Card more personalized to help people save at the places they’re already shopping. We’re also focused on enabling customers to unlock higher value rewards as they spend more on Cash App, and this fall, we expect to launch auto-selection of rewards to help people save effortlessly.

Connecting small businesses and consumers to strengthen local communities has always been a foundational goal of Block. We plan to take the next step forward in this vision at our upcoming Square Releases event by expanding access to Cash Local. We’re building a set of tools that allow buyers to order ahead, earn rewards, and follow their favorite local businesses, all in Cash App. We expect these tools, along with a suite of associated marketing features, will help sellers establish a deeper relationship with their customers. This will also reduce the need for small businesses to build their own mobile apps, giving them access to digital capabilities that historically only large enterprise sellers could build.

Banking functionality to help customers build better financial futures

We’ve redesigned the money tab to better surface our financial tools and bring more awareness to our banking offerings. We’re also testing higher Borrow limits for paycheck deposit actives to drive increased conversion and incentivize millions of our most engaged customers to make Cash App their primary banking platform.[8] Borrow origination volume grew 95% year over year in the second quarter to $18 billion on an annualized basis,[9] and we’re focused on finding more ways to use Borrow to drive deeper ecosystem engagement.

We remain focused on growing paycheck deposit actives. But we also know our narrow definition does not reflect the full population of people who view Cash App as their primary bank, including independent wage earners and those who consider their primary bank to be where they spend their money, not where they get paid. We’re evolving our banking features to better serve more of our active customers, starting with a test that offers banking benefits to anyone who spends at least $500 a month with their Cash App Card.

As of June, we had 2.7 million paycheck deposit actives. If we define a banking customer based on how people use money in their everyday lives — depositing a paycheck or spending at least $500 per month across Cash App — we would have 8 million banking actives, growing 16% year over year. And if we count anyone who deposits $200+ in paychecks or transacts 15+ times a month, we’d have ended June with 11 million banking actives, adding over 1 million actives in the past year.[10] However you define it, our banking scale is significant, and we remain focused on deepening banking engagement so more of our customers spend, save, borrow, and invest with Cash App.

8 A paycheck deposit active is a Cash App account that receives ACH inflows during a specified period, but excludes tax refunds and ACH transfers.

9 Borrow origination volume is calculated based on annualized Borrow originations during a given quarter.

10 References to spend or transactions across Cash App include Cash App Card, Cash App Pay, Cash App Afterpay, and ACH bill pay.

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Making bitcoin everyday money

The next generation of consumers has a different relationship with money and wants the option to use bitcoin and other forms of payment as part of their financial lives. For the last 8 years we’ve focused on making bitcoin more accessible — and we’ve delivered: millions of people have used Cash App to buy and sell over $58 billion in bitcoin. More recently, we’ve increased withdrawal limits for bitcoin, giving Cash App actives more flexibility to use bitcoin to meet their needs. And in May, we showcased the ability for Square sellers to accept bitcoin, giving both sellers and Cash App consumers more ways to manage their financial lives.

Our longstanding investment in bitcoin as a technology protocol represents a slow and steady conviction in a new open, decentralized paradigm for payments that doesn’t rely on gatekeepers. No matter how our customers choose to pay and get paid in the future, Block will be ready.

Cash App is just getting started

$218 billion in P2P volume. $183 billion in commerce volume. $18 billion in annualized Borrow originations and millions of banking actives. These numbers reflect the scale of our ecosystem and how we’re making Cash App a daily part of our customers’ lives. They also represent the trust millions of people place in us and our success in building the finance platform for the next generation. We’re just getting started.

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Business Highlights

Square

Sellers choose Square to help them grow and run more profitable businesses. We’re launching new products to fulfill that purpose.

We launched our new Square Handheld in May in the U.S. and have begun rolling it out in international markets, helping our sellers deliver a better customer experience, turn tables quicker, and run back office operations more efficiently. Product innovations like Square Handheld are gaining recognition in the market. We showcased this device and other recent product launches at the National Restaurant Association in May, making it clear to sellers and partners that we are a leading technology provider in the food and beverage industry.

In the second quarter, we also launched Square AI to give sellers instant, data-driven answers to their business questions. Leveraging our AI agent, codename goose, and powered by Square data, this tool is available directly in the Square Dashboard and it helps sellers work smarter and faster. Through a conversational interface, sellers can explore sales trends, top-selling items by time of day, customer spending patterns, and more. It’s the start of a broader push to bring powerful AI tools to our sellers.

We believe sellers should be able to take any form of payment that crosses the counter, and we’re connecting our ecosystems to make that a reality. In the second quarter, we showcased bitcoin payments on Square, which will enable sellers to accept bitcoin directly through Square hardware for nearinstantaneous, low-cost transactions that settle in either bitcoin or local currency. We expect to begin rolling out this experience to millions of sellers in the second half of 2025.

As we execute on our product roadmap, we are reaching more sellers.

Since hiring our first field sales team last November, we’ve seen strong early returns and are increasing hiring through year-end to continue building on this momentum. We’ve also continued to scale our telesales team, maintaining strong ROI as we grow, and are encouraged by growth trends as we invest in sales across international markets. We’re empowering our sales team to sell Square upmarket, and our product is resonating with larger sellers.

We’re focused on winning the quick-service restaurant market and have rolled out new products and features for these sellers. We signed a number of new upmarket sellers including Colectivo Coffee, a coffee shop with more than 20 locations in the Midwest that partners closely with coffee farmers and cooperatives around the world. They chose Square due to our ability to integrate directly into their custom app. We also signed Shane’s Rib Shack, an American fast-casual BBQ restaurant chain with over 35 locations that specializes in slow-cooked baby back ribs, hand-chopped chicken and pork, and Southern-style side dishes. This October, we’ll host our next biannual Square Releases event, where we’ll showcase additional products and features designed for quick-service restaurants.

Our sales and partnership efforts are also driving success across other verticals. Square has established a strong presence in concerts and stadiums globally, and we are continuing to expand in this space. In the second quarter, we signed Live Nation Canada, making Square the exclusive payment processing partner at major concert venues and festivals across Canada. We also signed Midwest Vision Partners, a vision care provider with more than 70 locations, that chose Square due to our modern and flexible payment options.

We continue to build out our partnership motion and have exceeded our targets for partner-driven volume. We launched our first U.S. independent sales organization (“ISO”) partnership earlier this year, and signed multiple new ISO partners in the second quarter. While early, initial results are promising, and we’re continuing to invest in this channel.

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Cash App

We’re delivering product innovation to drive network virality and deepen engagement.

In July we started rolling out Pools, a group P2P product that makes collecting and managing shared money simple and social. Approximately 60% of adults pool money to manage shared expenses or contribute to shared goals — whether that’s rent, a group trip, or organizing a youth sports league. Now, Cash App will enable proactive contributions, allowing groups to fund collective expenses in advance and reducing the upfront individual cost. After moving from prototype to pilot in just four months, we plan to expand access more broadly, unlocking network growth by allowing group P2P participation — even from those outside the platform — and making it easier for new customers to discover Cash App.

We estimate that nearly 20% of our customers receive at least a portion of their pay in cash, and we’ve more than doubled paper money deposit limits to better serve them. We believe increasing transaction limits across Cash App will enable customers to conduct more of their financial lives with us, deepening engagement and loyalty.

In the second quarter we launched Tap to Pay on iPhone for Cash App Business sellers, powered by Square as a Tap to Pay processor. This unlocks card acceptance for millions of eligible Cash App Business sellers on iOS, and early beta testing found Cash App Business sellers using Tap to Pay saw an approximately 35% increase in gross payment volume (“GPV”). We’re going to continue to invest in Cash App Business, helping nanosellers grow with innovations powered by Square technology.[11]

We see a major opportunity to grow our network by becoming the financial platform for the next generation.

We’re focused on winning teens early — driving viral adoption through their social circles and giving them and their sponsors tools to responsibly grow with Cash App as their financial needs evolve. As of June, we had 5 million monthly active sponsored teen accounts on Cash App and these actives are highly engaged: nearly 80% were Cash App Card Actives and over 25% were Cash App Pay actives as of June. When sponsored accounts turn 18, nearly half have made the choice to graduate to an individual Cash App account, with the vast majority of these active in June. As our product set grows, we expect our ability to grow with these customers will continue to improve.

In the second quarter we rolled out a new feature that instantly notifies sponsors whenever a teen transacts with a new connection on Cash App, giving sponsors more visibility and control over their teen’s Cash App experience.

Marketing investments are scaling alongside product innovation. In July, we increased teen-focused referrals and campaigns, and are now expanding into creator content, interactive ads, and new formats across various social media channels in an effort to drive broader awareness and adoption.

We’re continuing to scale our Commerce capabilities.

Cash App Pay volume grew 2x year over year in the second quarter. We continued to add new merchants across food delivery, gaming platforms, and general retail, giving millions of customers more ways to pay with Cash App. We also continued to grow Afterpay GMV and signed new merchants including Uber and Uber Eats in Australia.

Over the last three years advertising has become a meaningful new growth vector for Cash App Afterpay. Building on this success, we launched the Afterpay Media Network (“AMN”) late last year, an advertising platform that harnesses data from millions of Afterpay actives in Australia to deliver targeted marketing solutions for merchants. We’re empowering brands to reach the right audiences and have driven measurable sales and conversion improvements, with analysis from early case studies indicating up to 15x return on ad spend.

In the second quarter we launched Pay Monthly for Single Use Payments (“SUP”) in the U.S. SUP lets customers split purchases into installments at merchants that advertise on the Afterpay app, and we are now offering greater payment flexibility with 6- and 12-month term options for higher value purchases. We view advertising as a powerful growth vector for Afterpay and will continue to innovate to better serve merchants and consumers.

11 Nanosellers are individuals or sellers who make less than $10,000 per year in GPV. Nanosellers make up the majority of Cash App Business sellers.

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Financial Discussion

We delivered strong financial performance in the second quarter, with gross profit growth accelerating to 14% year over year and Adjusted Operating Income margins expanding to 22%. We are executing on our strategic growth initiatives across Square and Cash App, accelerating GPV growth in Square and gross profit per monthly transacting active in Cash App. We are raising our full year guidance to reflect our strong execution. We expect to continue to accelerate gross profit growth in the second half of 2025 and to exit 2025 with year-over-year growth of 19%, while delivering 20% Adjusted Operating Income margin, positioning us well for 2026.[12]

Second Quarter 2025 Financial Highlights

Gross Profit	We outperformed our gross profit guidance as we continue to launch new products across Square and Cash App to sustain strong
	growth at scale.
Profitability	We drove year-over-year improvement across all key profitability measures and outperformed our profitability guidance in the
	second quarter of 2025.
	Operating income was $484 million while Adjusted Operating Income was $550 million. Net income attributable to common
	stockholders was $538 million and Adjusted EBITDA was $891 million.
Square Gross	In the second quarter, Square GPV grew 10% year over year (9.9% in constant currency), with U.S. GPV growing 7.0% year over
Payment Volume (GPV)	year and International GPV growing 25% year over year (24% in constant currency).13We observed notable strength in food and beverage and retail.
Gross Profit	In the second quarter, Cash App’s gross profit per monthly transacting active grew 15% year over year to $87.14We continued to
per Monthly Transacting Active	focus on increasing engagement of our 57 million actives and drove Borrow and BNPL attach rates higher while expanding Cash App Card actives to 26 million.
Guidance	We are raising our guidance to reflect the strength we are seeing across our business. We now expect $10.17 billion in gross profit
	for 2025, reflecting growth of over 14% year over year. We expect full-year Adjusted Operating Income of $2.03 billion, or 20%
	margin, representing a 2% margin expansion year over year. We expect gross profit in the third quarter to grow 16% year over year
	to $2.60 billion with Adjusted Operating Income margins of 18%.

12 Rule of 40 is the sum of our gross profit growth and Adjusted Operating Income margin as a percent of gross profit. We may refer to a “Rule of” number other than 40 to refer to the sum of gross profit growth and Adjusted Operating Income margin as a percent of gross profit for the period given.

13 Square GPV is defined as the total dollar amount of all card and bank payments processed by sellers using Square, net of refunds.

14 Gross profit per monthly transacting active is calculated based on Cash App annualized gross profit excluding our BNPL platform during a given quarter divided by the monthly transacting actives for the last month of the quarter. Cash App annualized gross profit includes gross profit from our post-purchase BNPL on Cash App Card. In the second quarter, BNPL platform gross profit (which does not include post-purchase BNPL on Cash App Card), was $261 million, up 18% year over year.

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Block Financial Metrics

Q2’24
Q3’24
Q4’24
Q1’25
Q2’25
Gross Profit ($M)
2,233
2,250
2,311
2,290
2,537
YoY Growth
20%
19%
14%
9%
14%
Operating Income (Loss) ($M)
307
323
13
329
484
Operating Income (Loss) Margin (%) of gross profit
14%
14%
1%
14%
19%
Adjusted Operating Income ($M)
399
444
402
466
550
Adjusted Operating Income Margin (%) of gross profit
18%
20%
17%
20%
22%
Diluted Net Income Per Share (“EPS”) ($)
0.31
0.45
3.05
0.30
0.87
Adjusted Diluted EPS ($)
0.47
0.53
0.47
0.56
0.62

Block grew gross profit 14% year over year in the second quarter, with 16% year-over-year growth in Cash App and 11% year-over-year growth in Square. Within Cash App, gross profit growth was driven by Cash App Borrow, Cash App Card, and BNPL. For Square, growth was driven by software and integrated payments and banking products. On a GAAP basis, we generated $484 million of operating income compared to $307 million in the second quarter of 2024, a 58% improvement year over year. Adjusted Operating Income grew 38% year over year as we continued to focus on efficiently increasing product velocity. On a GAAP basis, we grew diluted EPS to $0.87 and Adjusted Diluted EPS to $0.62, representing a 181% and 32% increase year over year, respectively.

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Square

Q2’24
Q3’24
Q4’24
Q1’25
Q2’25
Square Gross Profit ($M)
923
932
924
898
1,027
YoY Growth
15%
16%
12%
9%
11%
International Gross Profit ($M)
121
129
129
114
144
YoY Growth
34%
30%
22%
11%
19%
Total Square GPV ($M)
58,372
59,873
58,898
54,101
64,248
YoY Growth
7.8%
7.5%
10%
7.2%
10%
Constant Currency (“CC”) GPV
YoY Growth
8.0%
7.6%
9.8%
8.2%
9.9%
Square U.S. GPV
YoY Growth
5.6%
4.9%
6.9%
5.6%
7.0%
% of Total Square GPV
83%
82%
81%
82%
81%
Square International GPV
YoY Growth
19%
20%
25%
15%
25%
CC GPV YoY Growth
22%
21%
24%
21%
24%
% of Total Square GPV
17%
18%
19%
18%
19%

Square GPV in the second quarter was $64.2 billion, up 10% and 9.9% year over year on a reported and constant currency basis, respectively. On a year-over-year basis in the second quarter, GPV from food and beverage sellers was up 15% while GPV from retail sellers achieved the strongest growth since the first quarter of 2023, up 10%. GPV from services sellers grew 6% year over year. We saw faster growth in our mid-market seller segments (>$500K in annualized GPV) compared to our other seller segments during the second quarter.

Growth in Square gross profit was driven primarily by our software and integrated payments and banking products as we continued to move upmarket and expand our market share in our target verticals.

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Cash App

Q2’24
Q3’24
Q4’24
Q1’25
Q2’25
Cash App Gross Profit ($M)
1,299
1,306
1,376
1,380
1,501
YoY Growth
23%
21%
16%
10%
16%
Cash App Operating Metrics
Cash App Monthly Transacting Actives (M)
57
57
57
57
57
YoY Growth
5%
3%
2%
0%
0%
Cash App Card Monthly Transacting Actives (M)
24
24
25
25
26
YoY Growth
13%
11%
9%
7%
5%
Total Cash App Inflows ($B)15
70.7
70.0
71.1
76.9
76.4
YoY Growth
15%
13%
12%
8%
8%
Inflows Per Transacting Active ($)16
1,243
1,233
1,255
1,355
1,338
YoY Growth
10%
9%
10%
8%
8%
Monetization Rate17
1.53%
1.52%
1.51%
1.49%
1.62%
YoY Growth (bps)
9
9
3
1
10
Gross Profit Per Monthly Transacting Active ($)18
76
75
76
81
87
YoY Growth
17%
16%
13%
9%
15%

Cash App gross profit increased 16% year over year, driven by growth across Cash App Borrow, Cash App Card, and BNPL.

Gross profit per transacting active reached $87 in the second quarter, up 15% year over year. Inflows per transacting active in the second quarter were $1,338, up 8% year over year, driven in part by more customers bringing their paychecks into Cash App. Cash App’s paycheck deposit monthly actives grew year over year and quarter over quarter to 2.7 million as we continued to execute on our “bank the base” strategy.

BNPL GMV, which now includes post-purchase BNPL on Cash App Card, reached $9.11 billion in the second quarter, growing 17% and 18% year over year on a reported and constant currency basis, respectively. Growth was driven by our Pay-in-Four offering, post-purchase BNPL, and Gift Cards from our eligibility expansion. BNPL gross profit, which now includes post-purchase BNPL on Cash App Card, was $268 million, up 22% year over year.[19]

15 Historically, our Cash App ecosystem has experienced improvements in revenue, gross profit, and inflows related to the distribution of government funds as customers have deposited more funds into Cash App during these times, including during the first quarter when U.S. tax refunds are typically distributed.
16 Inflows per transacting active refers to total inflows in the quarter divided by monthly actives for the last month of the quarter. Inflows refers to funds entering the Cash App ecosystem. Inflows does not include the movement of funds when funds remain in the Cash App ecosystem or when funds leave the Cash App ecosystem, or inflows related to the Afterpay app.
17 We calculate monetization rate by dividing Cash App gross profit, excluding contributions from our BNPL platform, by Cash App inflows.
18 Gross profit per monthly transacting active is calculated based on Cash App annualized gross profit excluding our BNPL platform during a given quarter divided by the monthly transacting actives for the last month of the quarter. Gross profit for our BNPL platform was $220 million or $881 million on an annualized basis for Q2’24, $242 million or $968 million on an annualized basis for Q3’24, $298 million or $1.19 billion on an annualized basis for Q4’24, $237 million or $948 million on an annualized basis for Q1’25, and $261 million or $1.04 billion on an annualized basis for Q2’25.
19 In the second quarter, BNPL platform gross profit (which does not include post-purchase BNPL on Cash App Card) was $261 million, up 18% year over year.

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Operating Expenses and Non-GAAP Operating Expenses ($M)

Q2’24
Q3’24
Q4’24
Q1’25
Q2’25
Operating Expenses
1,927
1,927
2,298
1,960
2,052
Restructuring Share-Based Compensation
-
-
1
11
0
Amortization of Customer and Other Acquired
Intangible Assets
41
36
35
34
34
Acquisition-Related and Integration Costs
15
1
1
0
1
Contingencies, Restructuring and Other Charges
19
67
203
78
16
Goodwill and Intangible Asset Impairment
-
-
134
-
-
Non-GAAP Operating Expenses
1,852
1,823
1,925
1,838
2,001

In the second quarter, we achieved significant leverage on our product development expenses as we reduced software and cloud costs, with spend up only 2% on a GAAP basis. Sales and marketing expenses grew 8% year over year on a GAAP basis, driven by an increase in go-to-market investments to support the growth of our business. Of this, Cash App marketing expenses were relatively flat year over year as we grew advertising and customer acquisition spend by over 50%, offset by improvements in peer-to-peer risk loss performance. Other sales and marketing expenses were up 22% year over year as we significantly increased go-to-market investment in Square. General and administrative expenses were down 5% year over year on a GAAP basis, driven primarily by decreased personnel costs and our continued focus on expense efficiency. Transaction, loan, and consumer receivable losses increased 53% year over year on a GAAP basis, driven primarily by growth in loan volumes, particularly from Cash App Borrow.

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Key Profitability Measures and EPS ($M, except per share figures)

Q2’24
Q3’24
Q4’24
Q1’25
Q2’25
Operating Income
307
323
13
329
484
Adjusted Operating Income
399
444
402
466
550
Net Income
195
284
1,946
190
538
Adjusted Net Income
301
338
302
355
385
Adjusted EBITDA
759
807
757
813
891
Weighted-average shares used to compute Diluted EPS
634
633
639
635
619
Weighted-average shares used to compute Adjusted Diluted EPS
636
633
639
635
619
Diluted EPS ($)
0.31
0.45
3.05
0.30
0.87
Adjusted Diluted EPS ($)20
0.47
0.53
0.47
0.56
0.62

20 Beginning in fiscal 2025, we revised our definition of Adjusted EPS to include stock-based compensation. We believe this change provides a more comprehensive view of our operating performance and aligns with our non-GAAP measure of Adjusted Operating Income. Prior period amounts have been recast to reflect the updated presentation.

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Cash Flow ($M)

Q2’24
Q3’24
Q4’24
Q1’25
Q2’25
TRAILING 12
MONTHS21
Net cash provided by operating activities
519
685
14
133
374
1,206
Consumer receivables and loans cash flows included within investing
activities in the GAAP statements of cash flows:
Payments for originations of consumer receivables
(6,772)
(7,331)
(9,121)
(6,899)
(7,740)
(31,090)
Proceeds from principal repayments and sales of consumer receivables
6,903
7,415
8,780
7,602
7,892
31,689
Purchases and originations of loans originally classified as held for
investment
-
-
-
-
(1,164)
(1,164)
Proceeds from repayments of loans originally classified as held for
investment
-
-
-
-
457
457
Less: Purchase of property and equipment
(38)
(57)
(27)
(32)
(31)
(147)
Reversal of:
Changes in settlements receivable
287
(2,407)
(370)
88
170
(2,519)
Changes in customers payable
(406)
2,192
534
(165)
(151)
2,410
Changes in settlements payable
1
0
-
0
-
0
Sales, principal payments and forgiveness of PPP loans
(1)
(1)
(1)
(1)
(1)
(3)
Adjusted Free Cash Flow
493
496
(191)
727
(193)
840
YoY Growth
281%
16%
75%
-43%
-139%
-41%
Net cash provided by (used in) investing activities
(175)
106
(323)
915
(486)
211
Net cash provided by (used in) financing activities
1,141
72
708
(1,212)
(908)
(1,340)

In the second quarter of 2025, we continued to prudently invest in our lending products, including growing Borrow given the strong unit economics and returns we have seen. We are also focused on returning capital to shareholders. In the second quarter of 2025, we repurchased 12.5 million shares of our Class A common stock for an aggregate amount of $692 million. As of June 30, 2025, we had $1.5 billion in remaining authorization for repurchases.

In the second quarter, we began originating Borrow loans through SFS. Borrow loans originated through SFS are classified as held-for-investment rather than held-for-sale, which has the effect of shifting those Borrow receivables from cash flow from operations to cash flow from investing activities. We plan to share a comprehensive overview of our cash generation capabilities at Investor Day.

We ended the quarter with $8.5 billion of total liquidity, with $7.7 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as $775 million available to be withdrawn from our revolving credit facility.

21 Quarterly figures presented may not sum precisely due to rounding.

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Guidance

2025 Outlook[22]

	2025 Gross Profit $10.17B YoY Growth 14.4% Adjusted Operating Income $2.03B % Margin 20% Rule of X 34%

We’re raising our gross profit and Adjusted Operating Income guidance by more than our second quarter outperformance to reflect our strong execution. We now expect $10.17 billion in gross profit for 2025, for growth of over 14% year over year. We expect gross profit in the third quarter to grow 16% year over year to $2.60 billion. We expect to accelerate gross profit growth further in the fourth quarter, exiting the year at 19% gross profit growth, with the drivers of acceleration consistent with our prior outlook. We expect Borrow to be the most meaningful contributor to growth acceleration in the third and fourth quarters. In addition, expansion of post purchase BNPL on Cash App Card, Square GPV acceleration from product and go to market investment, and Proto chip deliveries are all expected to drive gross profit growth. We continue to be mindful of the dynamic macro backdrop as we forecast our business.

We expect to deliver $460 million of Adjusted Operating Income in the third quarter and $2.03 billion in Adjusted Operating Income for the full year. We are raising our Adjusted Operating Income guidance even with our expectation for increased levels of go to market investment relative to our prior outlook. We’ve continued to see attractive returns on go to market spend and healthy risk loss in our underwriting products and we will continue to be data driven and prudent in our growth investments.

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22 We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP metrics, including Adjusted Operating Income (Loss), or GAAP reconciliations of any of the aforementioned, as a result of the uncertainty regarding, and the potential variability of, reconciling items such as contingencies, restructuring and other charges. Accordingly, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided reconciliations of other historical GAAP to non-GAAP metrics in tables at the end of this letter, as well as relevant non-GAAP definitions.

Q3 2025 Outlook[23]

	Q3 2025 Gross Profit $2.60B YoY Growth 16% Adjusted Operating Income $460M % Margin 18% Rule of X 33%

23 We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP metrics, including Adjusted Operating Income (Loss) or GAAP reconciliations of the aforementioned, as a result of the uncertainty regarding, and the potential variability of, reconciling items such as contingencies, restructuring, and other charges. Accordingly, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided reconciliations of other historical GAAP to non-GAAP metrics in tables at the end of this letter.

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Earnings Webcast

Block (NYSE:XYZ) will host a conference call and earnings webcast at 2:00 p.m. Pacific time /5:00 p.m. Eastern time, August 7, to discuss these financial results. To register to participate in the conference call, or to listen to the live audio webcast, please visit the Events & Presentations section of Block’s Investor Relations website at investors.block.xyz. A replay will be available on the same website following the call. We will release financial results for the third quarter of 2025 on November 6, 2025 , after the market closes, and will also host a conference call and earnings webcast at 2:00 p.m. Pacific time/5:00 p.m. Eastern time on the same day to discuss those financial results.

Media Contact [email protected]

Investor Relations Contact [email protected]

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Jack Dorsey

Amrita Ahuja

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Exchange Commission (the SEC), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and its subsequent Quarterly Reports on Form 10-Q, which are on file with the SEC and available on the Investor Relations page of the Company’s website. Additional information will also be set forth in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. All forward-looking statements represent management’s current expectations and predictions regarding trends affecting the Company’s business and industry and are based on information and estimates available to the Company at the time of this letter and are not guarantees of future performance. Earnings guidance for 2025 reflects assumptions the Company believes are reasonable as of the date of this filing, and actual results may vary based on changing macroeconomic conditions and other risks and uncertainties outlined in this safe harbor section and in the Company’s periodic reports filed with the SEC. Except as required by law, the Company assumes no obligation to update any of the statements in this letter.

Safe Harbor Statement

This letter contains “forward-looking statements” within the meaning of the Safe Harbor which are on file with the SEC and available on the Investor Relations page of the Company’s provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other website. Additional information will also be set forth in the Company’s Quarterly Report on Form than statements of historical fact could be deemed forward-looking, including, but not limited 10-Q for the quarter ended June 30, 2025. All forward-looking statements represent to, statements regarding the future performance of Block, Inc. and its consolidated subsidiaries management’s current expectations and predictions regarding trends affecting the Company’s (the Company); the Company’s strategies, including expected impact of such strategies on our business and industry and are based on information and estimates available to the Company at customers, actives, and sellers; our business and financial performance, expected financial the time of this letter and are not guarantees of future performance. Earnings guidance for 2025 results, guidance, and general business outlook for current and future periods, including trends reflects assumptions the Company believes are reasonable as of the date of this filing, and in U.S. and global GPV and statements that the Company’s performance will accelerate; our actual results may vary based on changing macroeconomic conditions and other risks and ability to manage our risk losses; the Company’s plans with respect to its emerging initiatives uncertainties outlined in this safe harbor section and in the Company’s periodic reports filed with and product development plans and product launches and functionalities, including the SEC. Except as required by law, the Company assumes no obligation to update any of the expectations regarding the growth of Cash App Borrow and Cash App Afterpay and the statements in this letter. Company’s ability and timing to integrate artificial intelligence and cryptocurrency features into its products; the ability of the Company’s products to attract and retain sellers and customers, The bitcoin payments on Square feature is subject to change and may not be available in all particularly in new or different markets or demographics or through partnerships, sales locations. At present, this feature is not anticipated to be available to sellers that are located in organizations, or advertising campaigns; trends in the Company’s markets and the New York State or outside the U.S. and may be subject to regulatory approval, where applicable. continuation of such trends; the Company’s expectations and intentions regarding future Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. expenses and marketing investments; and management’s statements related to business states and territories. Block, Inc. operates in New York as Block of Delaware and is licensed to strategy, plans, investments, opportunities, and objectives for future operations. In some engage in virtual currency business activity by the New York State Department of Financial cases, forward-looking statements can be identified by terms such as “may,” “will,” “appears,” Services. “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Key Operating Metrics And Non-GAAP Financial Measures Such statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause the Company’s actual results, performance, or To supplement our financial information presented in accordance with generally accepted achievements to differ materially from results expressed or implied in this letter. Investors are accounting principles in the United States (GAAP), from period to period, we consider and cautioned not to place undue reliance on these statements, and reported results should not be present certain operating and financial measures that we consider key metrics or are not considered as an indication of future performance. prepared in accordance with GAAP, including Gross Payment Volume (GPV), Gross Merchandise Value (GMV), Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income Risks that contribute to the uncertain nature of the forward-looking statements include, among (Loss), Diluted Adjusted Net Income (Loss) Per Share (Adjusted EPS), Adjusted Operating others, a deterioration of general macroeconomic conditions; the Company’s investments in its Income (Loss), Adjusted Operating Income (Loss) margin, Adjusted Free Cash Flow, constant business and ability to maintain profitability; the Company’s efforts to expand its product currency, and non-GAAP operating expenses. We believe these metrics and measures are portfolio and market reach; the Company’s ability to develop products and services to address useful to facilitate period-to-period comparisons of our business and to facilitate comparisons of the rapidly evolving market for payments and financial services; the Company’s ability to deal our performance to that of other payments solution providers. GPV includes Square GPV and with the substantial and increasingly intense competition in its industry; acquisitions, strategic Cash App Business GPV. Square GPV is defined as the total dollar amount of all card and bank investments, entries into new businesses, joint ventures, divestitures, and other transactions payments processed by sellers using Square, net of refunds. Cash App Business GPV that the Company may undertake; the Company’s ability to ensure the integration of its comprises Cash App activity related to peer-to-peer transactions received by business accounts services with a variety of operating systems and the interoperability of its technology with that and peer-to-peer payments sent from a credit card. GPV does not include transactions from our of third parties; the Company’s ability to successfully integrate artificial intelligence into its BNPL platform. We define GMV as the total order value processed on our BNPL platform. systems, initiatives, and products; the Company’s ability to retain existing customers, attract new customers, and increase sales to all customers; the Company’s dependence on payment Adjusted Net Income (Loss) and Diluted Adjusted Net Income (Loss) Per Share (Adjusted EPS) card networks and acquiring processors; the effect of extensive regulation and oversight are non-GAAP financial measures that represent our net income (loss) and net income (loss) per related to the Company’s business in a variety of areas; risks related to the banking share, adjusted to eliminate the effect of restructuring share-based compensation expense, ecosystem, including through our bank partnerships, and FDIC and other regulatory contingencies, restructuring, and other charges; goodwill and intangible asset impairment; obligations; the liabilities and loss potential associated with new products, product features, amortization of intangible assets; amortization of debt discount and issuance costs; gain or loss and services; litigation, including intellectual property claims, government investigations or on revaluation of equity investments; remeasurement gain or loss on revaluation of bitcoin inquiries, and regulatory matters or disputes; the adequacy of reserves for such matters and investment; the gain or loss on the disposal of property and equipment; acquired deferred the impact of any such matters or settlements thereof on our business; adoption of the revenue and cost adjustments; the tax effect of one-time income tax benefits from deferred tax Company’s products and services in international markets; changes in political, business, and assets; and the tax effect of non-GAAP net income adjustments, as applicable. Additionally, for economic conditions, including changes due to actual or potential tariffs; as well as other risks purposes of calculating diluted Adjusted EPS, we add back cash interest expense on convertible listed or described from time to time in the Company’s filings with the Securities and senior notes, as if converted at the beginning of the period, if the impact is dilutive. To calculate

The bitcoin payments on Square feature is subject to change and may not be available in all locations. At present, this feature is not anticipated to be available to sellers that are located in New York State or outside the U.S. and may be subject to regulatory approval, where applicable. Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.

Adjusted Net Income (Loss) and Diluted Adjusted Net Income (Loss) Per Share (Adjusted EPS) are non-GAAP financial measures that represent our net income (loss) and net income (loss) per share, adjusted to eliminate the effect of restructuring share-based compensation expense, contingencies, restructuring, and other charges; goodwill and intangible asset impairment; amortization of intangible assets; amortization of debt discount and issuance costs; gain or loss on revaluation of equity investments; remeasurement gain or loss on revaluation of bitcoin investment; the gain or loss on the disposal of property and equipment; acquired deferred revenue and cost adjustments; the tax effect of one-time income tax benefits from deferred tax assets; and the tax effect of non-GAAP net income adjustments, as applicable. Additionally, for purposes of calculating diluted Adjusted EPS, we add back cash interest expense on convertible senior notes, as if converted at the beginning of the period, if the impact is dilutive. To calculate the diluted Adjusted EPS, we adjust the weighted-average number of shares of common stock

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outstanding for the dilutive effect of all potential shares of common stock. In periods when we adjusted to remove the impact of restructuring share-based compensation; amortization of recorded an Adjusted Net Loss, the diluted Adjusted EPS is the same as basic Adjusted EPS customer and other acquired intangible assets; acquisition-related and integration costs; because the effects of potentially dilutive items were anti-dilutive given the Adjusted Net Loss contingencies, restructuring, and other charges; and goodwill and intangible asset impairment. position. We have included Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Operating Income (Loss), Adjusted Operating Income (Loss) margin, Adjusted Net Income, Adjusted EPS, and Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures that non-GAAP operating expenses because they are key measures used by our management to represent our net income (loss), adjusted to exclude share-based compensation expense; evaluate our operating performance, generate future operating plans, and make strategic restructuring share-based compensation expense; depreciation and amortization; decisions, including those relating to operating expenses and the allocation of internal resources. contingencies, restructuring, and other charges; interest income and expense; remeasurement Accordingly, we believe that Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Operating gain or loss on bitcoin investment; other income and expense; provision for (benefit from) Income (Loss), Adjusted Operating Income (Loss) margin, Adjusted Net Income, Adjusted EPS, income taxes; gain or loss on disposal of property and equipment; and acquired deferred and non-GAAP operating expenses provide useful information to investors and others in revenue and cost adjustment, as applicable. Adjusted EBITDA margin is calculated as understanding and evaluating our operating results in the same manner as our management and Adjusted EBITDA divided by gross profit. board of directors. In addition, they provide useful measures for period-to-period comparisons of Adjusted Operating Income (Loss) is a non-GAAP financial measure that represents our our business, as they remove the effect of certain non-cash items and certain variable charges operating income (loss), adjusted to eliminate the effect of amortization of acquired technology that do not vary with our operations. We have included measures excluding our BNPL platform assets; contingencies, restructuring, and other charges; restructuring share-based because we believe these measures are useful in understanding the ongoing results of our compensation expenses; goodwill and intangible asset impairment and amortization of operations. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted customer and other acquired intangible assets. Adjusted Operating Income (Loss) margin is Operating Income (Loss), Adjusted Operating Income (Loss) margin, Adjusted EPS, and calculated as Adjusted Operating Income (Loss) divided by gross profit. non-GAAP operating expenses, as well as other measures defined in the shareholder letter, such as measures excluding our BNPL platform, have limitations as financial measures, should We also exclude from these measures certain acquisition-related and integration costs be considered as supplemental in nature, and are not meant as substitutes for the related associated with business combinations, and various other costs that are not reflective of our financial information prepared in accordance with GAAP. We believe that the aforementioned core operating performance. We exclude amortization of intangible assets arising from metrics and measures provide useful information about our operating results, enhance the business combinations from Adjusted Net Income (Loss), Adjusted EPS, Adjusted Operating overall understanding of our past performance and future prospects, and provide useful Income (Loss), and Adjusted Operating Income (Loss) Margin because the amount of such measures for period-to-period comparisons of our business, as they remove the effect of certain expenses in any specific period may not directly correlate to the underlying performance of our variable amounts, or they remove amounts that were not repeated across periods and therefore ongoing business operations. Acquisition-related costs include amounts paid to redeem make comparisons more difficult. Our management uses these measures to evaluate our acquirees’ unvested stock-based compensation awards; charges associated with holdback operating performance, generate future operating plans, and make strategic decisions, including liabilities; and legal, accounting, and due diligence costs. Integration costs include advisory those relating to operating expenses and the allocation of internal resources. These non-GAAP and other professional services or consulting fees necessary to integrate acquired businesses. financial measures should not be considered in isolation from, or as a substitute for, financial Other costs that are not reflective of our core business operating expenses may include information prepared in accordance with GAAP. These non-GAAP financial measures are not contingencies, restructuring, and other charges; impairment charges; restructuring sharebased on any standardized methodology prescribed by GAAP. Other companies, including based compensation expense; and certain litigation and regulatory charges. For Adjusted Net companies in our industry, may calculate the non-GAAP financial measures differently or not at Income (Loss) and Adjusted EPS, we also add back the impact of the acquired deferred all, which reduces their usefulness as comparative measures. revenue and deferred cost adjustment, which was written down to fair value in purchase accounting, and adjust for the tax effect of the non-GAAP net income adjustments. Adjusted Free Cash Flow is a non-GAAP financial measure that represents our net cash provided by operating activities adjusted for changes in settlements receivable; changes in customers payable; changes in settlements payable; the purchase of property and equipment; payments for originations of consumer receivables; proceeds from principal repayments and sales of consumer receivables; and sales, and principal payments, and forgiveness of PPP loans. We present Adjusted Free Cash Flow because we use it to understand the cash generated by our business and make strategic decisions related to our balance sheet, and because we are focused on growing our Adjusted Free Cash Flow generation over time. It is not intended to represent amounts available for discretionary purposes. Constant currency growth is calculated by assuming international results in a given period and the comparative prior period are translated from local currencies to the U.S. dollar at rates consistent with the monthly average rates in the comparative prior period. We discuss growth on a constant currency basis because a portion of our business operates in markets outside the U.S. and is subject to changes in foreign exchange rates. Non-GAAP operating expenses is a non-GAAP financial measure that represents operating expenses

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Condensed Consolidated Statements of Operations

Unaudited

In thousands, except per share data

		THREE MONTHS ENDED June 30, 2025 June 30, 2024 $ 1,817,398$ 1,712,967 2,052,604 1,787,893 40,423 42,960 2,144,032 2,611,743 6,054,457 6,155,563 1,066,028 1,000,055 298,069 291,801 76,548 68,309 2,062,878 2,544,329 14,404 17,589 3,517,927 3,922,083 2,536,530 2,233,480 725,288 713,163 549,731 507,562 449,237 473,568 294,090 191,812 33,891 40,813 2,052,237 1,926,918 484,293 306,562 23,687 (1,871) (212,165) 70,116 13,389 (10,584) 659,382 248,901 121,048 59,029 538,334 189,872 (124) (5,396) $ 538,458$ 195,268 $ 0.88$ 0.32 $ 0.87$ 0.31 612,882 617,666 618,928 634,221	SIX MONTHS ENDED June 30, 2025 June 30, 2024 $ 3,368,129$ 3,224,176 3,943,577 3,470,187 69,113 75,461 4,445,434 5,342,867 11,826,253 12,112,691 1,969,850 1,873,220 573,117 561,469 129,082 119,094 4,298,993 5,195,339 29,078 35,616 7,000,120 7,784,738 4,826,133 4,327,953 1,485,987 1,433,737 1,054,191 951,447 941,034 944,828 463,779 357,541 67,547 84,095 4,012,538 3,771,648 813,595 556,305 40,930 (20,616) (118,814) (163,288) 5,047 (15,004) 886,432 755,213 159,376 94,521 727,056 660,692 (1,274) (6,581) $ 728,330 $ 667,273 $ 1.18 $ 1.08 $ 1.17 $ 1.05 616,108 617,033 627,103 636,751
	Revenue: Transaction-based revenue Subscription and services-based revenue Hardware revenue Bitcoin revenue
	Total net revenue
	Cost of revenue: Transaction-based costs Subscription and services-based costs Hardware costs Bitcoin costs Amortization of acquired technologyassets
	Total cost of revenue
	Gross profit
	Operating expenses: Product development Sales and marketing General and administrative Transaction, loan, and consumer receivable losses Amortization of customer and other acquired intangible assets
	Total operating expenses
	Operating income
	Interest expense (income), net Remeasurement loss (gain) on bitcoin investment Other expense(income), net
	Income before income tax
	Provision for income taxes
	Net income Less: Net loss attributable to noncontrollinginterests
	Net income attributable to common stockholders
	Net income per share attributable to common stockholders: Basic
	Diluted
	Weighted-average shares used to compute net income per share attributable to common stockholders: Basic
	Diluted

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Condensed Consolidated Balance Sheets

In thousands, except per share data

	Assets Current assets: Cash and cash equivalents Settlements receivable Customer funds Consumer receivables, net Loans held for sale Loans held for investment, net of allowance Other current assets	June 30, 2025 Dec 31, 2024 UNAUDITED $ 6,384,224$ 8,075,247 1,235,325 1,060,966 4,937,814 4,182,872 2,202,592 2,504,879 1,411,653 1,111,107 1,039,544 365,062 2,496,510 2,580,068 19,707,662 19,880,201 11,816,794 11,417,422 1,368,735 1,433,067 1,793,827 1,800,994 2,171,373 2,245,911 $ 36,858,391 $ 36,777,595 $ 6,957,104$ 5,837,152 1,423,231 1,525,149 1,570,979 999,497 120,000 185,000 10,071,314 8,546,798 583,924 1,296,680 3,539,887 5,105,939 540,374 593,216 14,735,499 15,542,633 — — — — — — 19,442,101 19,900,379 (381,913) (1,001,065) 3,096,948 2,368,618 22,157,136 21,267,932 (34,244) (32,970) 22,122,892 21,234,962 $ 36,858,391$ 36,777,595
	Total current assets
	Goodwill Acquired intangible assets, net Deferred tax assets Other non-current assets
	Total assets
	Liabilities and Stockholders’ Equity Current liabilities: Customers payable Accrued expenses and other current liabilities Current portion of long-term debt Warehouse funding facilities, current
	Total current liabilities
	Warehouse funding facilities, non-current Long-term debt Other non-current liabilities
	Total liabilities
	Commitments and contingencies Stockholders’ equity: Preferred stock, $0.0000001 par value: 100,000 shares authorized at June 30, 2025 and December 31, 2024. None issued and outstanding at June 30, 2025 and December 31, 2024. Class A common stock, $0.0000001 par value: 1,000,000 shares authorized at June 30, 2025 and December 31, 2024; 550,191 and 559,606 issued and outstanding at June 30, 2025 and December 31, 2024, respectively. Class B common stock, $0.0000001 par value: 500,000 shares authorized at June 30, 2025 and December 31, 2024; 60,012 and 60,070 issued and outstanding at June 30, 2025 and December 31, 2024, respectively. Additional paid-in capital Accumulated other comprehensive loss Retained earnings
	Total stockholders’ equity attributable to common stockholders Noncontrolling interests
	Total stockholders’ equity
	Total liabilities and stockholders’ equity

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Condensed Consolidated Statements of Cash Flows

Unaudited In thousands

		SIX MONTHS ENDED June 30, 2025 June 30, 2024 $ 727,056$ 660,692 181,345 194,543 (546,560) (537,806) 28,372 31,475 612,577 631,791 (1,456) (2,483) (118,814) (163,288) 463,779 357,541 52,019 3,528 (10,634,603) (6,911,321) 10,163,789 6,585,211 (258,566) (829,379) 315,632 871,931 (330) (8,134) (476,582) 124,486 507,658 1,008,787 (282,149) (757,335) 278,624 458,029 373,759 395,455 (14,638,790) (12,866,904) 15,494,483 13,727,603 (1,164,089) — 457,152 — (63,192) (70,355) (26,870) (19,079) 428,928 867,414 — 2,000,000 — (26,619) (1,000,624) — 435,497 319,634 (1,242,317) (968,045) 51,082 86,201 54,792 41,969 (1,137,502) (641,603) (35,330) (18,473) 754,942 380,283 (2,119,460) 1,173,347 94,932 (39,771) (1,087,942) 3,009,777 13,230,512 9,009,087 $ 12,142,570$ 12,018,864
	Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Amortization of discounts and premiums and other non-cash adjustments Non-cash lease expense Share-based compensation Gain on revaluation of equity investments Remeasurement gain on bitcoin investment Transaction, loan, and consumer receivable losses Change in deferred income taxes Purchases and originations of loans originally classified as held for sale Proceeds from repayments of loans originally classified as held for sale Changes in operating assets and liabilities: Settlements receivable Customers payable Settlements payable Other assets and liabilities
	Net cash provided by operating activities
	Cash flows from investing activities: Purchases of marketable debt securities Proceeds from maturities of marketable debt securities Proceeds from sale of marketable debt securities Payments for originations of consumer receivables Proceeds from principal repayments and sales of consumer receivables Purchases and originations of loans originally classified as held for investment Proceeds from repayments of loans originally classified as held for investment Purchases of property and equipment Purchases of other investments
	Net cash provided by investing activities
	Cash flows from financing activities: Proceeds from issuance of senior notes Payments of debt issuance costs from issuance of senior notes Payments to redeem convertible notes Proceeds from warehouse facilities borrowings Repayments of warehouse facilities borrowings Proceeds from the exercise of stock options and purchases under the employee stock purchase plan Net increase in interest-bearing deposits Repurchases of common stock Other financing activities Change in customer funds, restricted from use in the Company’s operations
	Net cashprovided by (used in)financingactivities
	Effect of foreign exchange rate on cash and cash equivalents
	Net increase (decrease) in cash, cash equivalents, restricted cash, and customer funds Cash, cash equivalents, restricted cash, and customer funds, beginning of the period
	Cash, cash equivalents, restricted cash, and customer funds, end of theperiod

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Reportable Segment Disclosures

Unaudited

Information on the reportable segments revenue and segment operating profit, as well as amounts for the “Corporate and Other” category, which includes products and services not assigned to reportable segments and intersegment eliminations (in thousands):

		THREE MONTHS ENDED	THREE MONTHS ENDED			SIX MONTHS ENDED	SIX MONTHS ENDED
Revenue: Transaction-based revenue Subscription and services-based revenue	Cash App $ 60,515 1,640,381	June 30, 2025 Square Corporate and Other $ 1,756,883 $ — 369,292 42,931		Total $ 1,817,398 2,052,604	Cash App $ 126,753 3,151,755	June 30, 2025 Square Corporate and Other $ 3,241,376 $ — 708,441 83,381		Total $ 3,368,129 3,943,577
Hardware revenue	—	40,100	323	40,423	—	68,618	495	69,113

Bitcoin revenue	2,144,032	—	—	2,144,032	4,445,434	—	—	4,445,434

Segment revenue	$ 3,844,928	$ 2,166,275	$ 43,254	$ 6,054,457	$ 7,723,942	$ 4,018,435	$ 83,876	$ 11,826,253
Less: Cost of revenue	2,344,428	1,139,464	34,035	3,517,927	4,843,491	2,093,726	62,903	7,000,120
Segmentgrossprofit	$ 1,500,500	$ 1,026,811	$ 9,219	$ 2,536,530	$ 2,880,451	$ 1,924,709	$ 20,973	$ 4,826,133
Interest revenue Amortization of acquired technology assets	$ 50,126 $ 12,897	$ 10,548 $ 1,507	$ — $ —	$ 60,674 $ 14,404	$ 99,364 $ 26,063	$ 18,485 $ 3,015	$ — $ —	$ 117,849 $ 29,078

		THREE MONTHS ENDED	THREE MONTHS ENDED			SIX MONTHS ENDED	SIX MONTHS ENDED
Revenue: Transaction-based revenue Subscription and services-based revenue Hardware revenue Bitcoin revenue	Cash App $ 98,912 1,418,172 — 2,611,743	June 30, 2024 Square Corporate and Other $ 1,614,055 $ — 322,617 47,104 42,818 142 — —		Total $ 1,712,967 1,787,893 42,960 2,611,743	Cash App $ 208,131 2,750,732 — 5,342,867	June 30, 2024 Square Corporate and Other $ 3,016,045 $ — 618,835 100,620 74,648 813 — —		Total $ 3,224,176 3,470,187 75,461 5,342,867
Segment revenue	$ 4,128,827	$ 1,979,490	$ 47,246	$ 6,155,563	$ 8,301,730	$ 3,709,528	$ 101,433	$ 12,112,691
Less: Cost of revenue	2,829,883	1,056,906	35,294	3,922,083	5,744,260	1,966,671	73,807	7,784,738

Segment gross profit	$ 1,298,944	$ 922,584	$ 11,952	$ 2,233,480	$ 2,557,470	$ 1,742,857	$ 27,626	$ 4,327,953
Interest revenue Amortization of acquired technology assets	$ 44,999 $ 13,635	$ 9,597 $ 2,189	$ — $ 1,765	$ 54,596 $ 17,589	$ 85,771 $ 27,360	$ 17,715 $ 4,726	$ — $ 3,530	$ 103,486 $ 35,616

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Operating Segment Disclosures

Unaudited

A reconciliation of total segment gross profit to the Company’s income (loss) before applicable income taxes (in thousands):

		THREE MONTHS ENDED June 30, 2025 June 30, 2024 $ 2,536,530$ 2,233,480 725,288 713,163 549,731 507,562 449,237 473,568 294,090 191,812 33,891 40,813 23,687 (1,871) (212,165) 70,116 13,389 (10,584) $ 659,382$ 248,901	SIX MONTHS ENDED June 30, 2025 June 30, 2024 $ 4,826,133$ 4,327,953 1,485,987 1,433,737 1,054,191 951,447 941,034 944,828 463,779 357,541 67,547 84,095 40,930 (20,616) (118,814) (163,288) 5,047 (15,004) $ 886,432$ 755,213
	Total segment gross profit Less: Product development Less: Sales and marketing Less: General and administrative Less: Transaction, loan, and consumer receivable losses Less: Amortization of customer and other intangible assets Less: Interest expense (income), net Less: Remeasurement loss (gain) on bitcoin investment Less: Other expense(income), net
	Income before applicable income taxes

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Select Operating Metrics and Non-GAAP Financial Measures Unaudited

		THREE MONTHS ENDED June 30, 2025 June 30, 2024 $ 66,615$ 61,941 $ 549,569$ 399,118 $ 891,422$ 759,476 $ 0.63$ 0.49 $ 0.62$ 0.47		SIX MONTHS ENDED June 30, 2025 June 30, 2024 $ 123,412$ 116,366 $ 1,015,838$ 763,382 $ 1,704,216$ 1,464,550 $ 1.20$ 0.97 $ 1.18$ 0.95
	Gross Payment Volume (GPV) (in millions) Adjusted Operating Income (in thousands) Adjusted EBITDA (in thousands) Adjusted Net Income Per Share:(i) Basic Diluted

(i) Beginning in fiscal 2025, we revised our definition of Adjusted Net Income Per Share to include stock-based compensation. Prior period amounts have been recast to reflect the updated presentation.

		THREE MONTHS ENDED June 30, 2025 June 30, 2024 $ 64,248$ 58,372 2,367 3,569 $ 66,615$ 61,941		SIX MONTHS ENDED June 30, 2025 June 30, 2024 $ 118,350$ 108,837 5,062 7,529 $ 123,412$ 116,366
	Square GPV (in millions) Cash AppGPV(in millions)
	Total GPV (in millions)

Key Metric Margins

Unaudited In thousands, except for percentages

		THREE MONTHS ENDED June 30, 2025 June 30, 2024 $ 2,536,530 $ 2,233,480 14% 20% 484,293 306,562 19% 14% 538,458 195,268 21% 9% 549,569 399,118 22% 18% 891,422 759,476 35% 34%
	Gross profit Gross profit change (%) YoY Operating income Operating income margin (%) of gross profit Net income Net income margin (%) of gross profit Adjusted Operating Income Adjusted Operating Income margin (%) of gross profit Adjusted EBITDA Adjusted EBITDA margin(%) ofgrossprofit

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Adjusted Operating Income (Loss) and Margin

Unaudited

In thousands, except for percentages

		THREE MONTHS ENDED June 30, 2025 June 30, 2024 Sept. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 $ 484,293 $ 306,562 $ 323,009 $ 13,013 $ 329,302 14,404 17,589 17,186 15,562 14,674 1,042 15,350 608 549 320 15,844 18,804 66,694 202,885 77,811 95 — — 1,434 10,506 — — — 133,854 — 33,891 40,813 36,021 34,593 33,656 $ 549,569 $ 399,118 $ 443,518 $ 401,890 $ 466,269 22% 18% 20% 17% 20%
	Operating income Amortization of acquired technology assets Acquisition-related and integration costs Contingencies, restructuring and other charges Restructuring share-based compensation Goodwill and intangible asset impairment Amortization of customer and other acquired intangible assets
	Adjusted Operating Income Adjusted Operating Income margin (%) of gross profit

Adjusted EBITDA

Unaudited In thousands

		THREE MONTHS ENDED June 30, 2025 June 30, 2024 Sept. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 $ 538,458 $ 195,268 $ 283,754 $ 1,946,020 $ 189,872 (124) (5,396) (2,618) (21,351) (1,150) 538,334 189,872 281,136 1,924,669 188,722 297,246 320,368 324,055 315,532 304,730 95 — — 1,434 10,506 92,397 96,903 92,706 88,878 88,948 1,042 15,350 608 549 320 15,844 18,804 66,694 202,885 77,811 — — — 133,854 — 23,687 (1,871) 13,811 16,107 17,243 (212,165) 70,116 (5,288) (252,342) 93,351 13,389 (10,584) (9,661) (28,546) (8,342) 121,048 59,029 43,011 (1,646,875) 38,328 495 1,471 384 850 1,164 10 18 16 14 13 $ 891,422 $ 759,476 $ 807,472 $ 757,009 $ 812,794 35% 34% 36% 33% 35%
	Net income attributable to common stockholders Net loss attributable to noncontrollinginterests
	Net income Share-based compensation expense Restructuring share-based compensation expense Depreciation and amortization Acquisition-related and integration costs Contingencies, restructuring and other charges Goodwill and intangible asset impairment Interest expense (income), net Remeasurement loss (gain) on bitcoin investment Other expense (income), net Provision for (benefit from) income taxes Loss on disposal of property and equipment Acquired deferred revenue and cost adjustment
	Adjusted EBITDA Adjusted EBITDA margin (%) of gross profit

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Adjusted Free Cash Flow

Unaudited In thousands

THREE MONTHS ENDED
TRAILING 12
MONTHS

June 30,
2023
Sept. 30,
2023
Dec. 31,
2023
Mar. 31,
2024
June 30,
2024
Net cash provided by (used in) operating activities
$ 113,318 $ 491,165 $ (797,923) $ 489,395 $ 702,029
Consumer receivables and loans cash flows included within investing activities in the
GAAP statements of cash flows:
Payments for originations of consumer receivables
(5,634,992) (5,855,172) (7,567,114) (6,095,104) (26,289,190)
Proceeds from principal repayments and sales of consumer receivables
5,594,147 5,880,142 7,427,562 6,824,596 27,035,307
Less: Purchases of property and equipment

(29,522)
(37,682)
(51,694)
(31,998)
(159,731)
Reversal of:
Changes in settlements receivable

249,171 1,722,168
(409,942)
542,070
2,141,605
Changes in customers payable

(234,378) (1,575,458)
134,310
(465,891)
(2,313,079)
Changes in settlements payable

74,780
(192,313)
507,041
7,341
322,862
Sales,principalpayments and forgiveness of PPP loans

(3,027)
(5,381)
(1,351)
(1,142)
(8,760)
Adjusted Free Cash Flow
$ 129,497 $ 427,469 $ (759,111) $ 1,269,267 $ 1,431,043
Net cash provided by (used in) investing activities
$ (45,025) $ (173,931) $ 278,233 $ 1,042,387 $ 971,716
Net cash provided by (used in) financing activities
$ (711,927) $ (319,563) $ 800,436 $ 32,409 $ 1,654,220

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Adjusted Net Income and Adjusted EPS

Unaudited In thousands, except per share data

		THREE MONTHS ENDED June 30, 2025 June 30, 2024 Sept. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 $ 538,458$ 195,268 $ 283,754 $ 1,946,020 $ 189,872 (124) (5,396) (2,618) (21,351) (1,150) 538,334 189,872 281,136 1,924,669 188,722 1,042 15,350 608 549 320 15,844 18,804 66,694 202,885 77,811 95 — — 1,434 10,506 — — — 133,854 — 48,295 58,402 53,207 50,154 48,330 2,835 3,432 4,042 3,868 3,299 (1,582) (3,594) 2,952 (32,714) 126 (212,165) 70,116 (5,288) (252,342) 93,351 495 1,471 384 850 1,164 10 18 16 14 13 (52,600) — — (1,909,848) — 44,538 (53,442) (66,774) 178,218 (69,371) $ 385,141$ 300,429 $ 336,977 $ 301,591 $ 354,271 267 674 682 682 433 $ 385,408$ 301,103 $ 337,659 $ 302,273 $ 354,704 612,882 617,666 616,428 617,481 619,370 618,928 634,221 632,760 639,302 635,342 $ 0.88$ 0.32 $ 0.46 $ 3.15 $ 0.31 $ 0.87$ 0.31 $ 0.45 $ 3.05 $ 0.30 612,882 617,666 616,428 617,481 619,370 618,928 636,143 632,760 639,302 635,342 $ 0.63$ 0.49 $ 0.55 $ 0.49 $ 0.57 $ 0.62$ 0.47 $ 0.53 $ 0.47 $ 0.56
	Net income attributable to common stockholders Net loss attributable to noncontrollinginterests
	Net income Acquisition-related and integration costs Contingencies, restructuring and other charges Restructuring share-based compensation expense Goodwill and intangible asset impairment Amortization of intangible assets Amortization of debt discount and issuance costs Loss (gain) on revaluation of equity investments Remeasurement loss (gain) on bitcoin investment Loss on disposal of property and equipment Acquired deferred revenue and cost adjustment Tax effect of one-time income tax benefits from deferred tax assets Tax effect of non-GAAP net income adjustments
	Adjusted Net Income - basic
	Cash interest expense on convertible notes
	Adjusted Net Income - diluted
	Weighted-average shares used to compute net income per share attributable to common stockholders: Basic
	Diluted
	Net income per share attributable to common stockholders: Basic
	Diluted
	Weighted-average shares used to compute Adjusted Net Income Per Share: Basic
	Diluted
	Adjusted Net Income Per Share: Basic
	Diluted

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AI assistant

Block, Inc. — Interim / Quarterly Report 2025

30034_rns_2025-08-07_84e09c58-0668-4be7-93c8-78d02c5a6ce1.pdf

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

Block, Inc.

Emerging growth company ☐

Item 2.02 Results of Operations and Financial Condition.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

SIGNATURES

BLOCK, INC.

Q2 2025

To Our Shareholders

Q2’25 Highlights[3]

Gross Profit

$2.54B

We’re back on offense

Cash App’s unique assets

$484M

$538M

Peer to peer drives network density

Commerce solutions help customers run their day-to-day financial lives

Banking functionality to help customers build better financial futures

Making bitcoin everyday money

Cash App is just getting started

Business Highlights

Square

Sellers choose Square to help them grow and run more profitable businesses. We’re launching new products to fulfill that purpose.

As we execute on our product roadmap, we are reaching more sellers.

Cash App

We’re delivering product innovation to drive network virality and deepen engagement.

We see a major opportunity to grow our network by becoming the financial platform for the next generation.

We’re continuing to scale our Commerce capabilities.

Financial Discussion

Second Quarter 2025 Financial Highlights

Block Financial Metrics

Square

Cash App

Operating Expenses and Non-GAAP Operating Expenses ($M)

Key Profitability Measures and EPS ($M, except per share figures)

Cash Flow ($M)

Guidance

2025 Outlook[22]

Q3 2025 Outlook[23]

Earnings Webcast

Safe Harbor Statement

Condensed Consolidated Statements of Operations

Unaudited

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Cash Flows

Reportable Segment Disclosures

Unaudited

Operating Segment Disclosures

Unaudited

Key Metric Margins

Adjusted Operating Income (Loss) and Margin

Adjusted EBITDA

Adjusted Free Cash Flow

Adjusted Net Income and Adjusted EPS

More from Block, Inc.

Block, Inc. Interim / Quarterly Report 2025