Block, Inc.

Listed Company

BSQKZCIK 0001512673OTCLarge AcceleratedServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2025

Revenue

$24.19B

Net Income

$1.31B

Total Assets

$39.55B

Equity

$22.20B

Shares Out

—

Op. Cash Flow

$2.58B

Business

Block, Inc. builds an ecosystem focused on economic empowerment by providing financial and commerce tools for sellers, consumers, artists, fans, and developers. It offers point-of-sale hardware and software, payments and banking services, lending, Cash App financial products (including peer-to-peer payments, debit card, investing, bitcoin, BNPL, taxes), TIDAL music services, and bitcoin-related projects. The company operates through two primary reportable segments—Square (commerce and seller-focused offerings) and Cash App (consumer financial ecosystem)—along with TIDAL and bitcoin initiatives. Its products are distributed globally via digital platforms, direct and field sales, partners, app stores, and retail/merchant integrations across multiple countries.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total net revenue	24,194	24,121	21,916	17,532	17,661
Amortization of acquired technology assets	57	68	73	70	23
Total cost of revenue	13,834	15,232	14,411	11,540	13,241
Gross profit	10,360	8,889	7,505	5,992	4,420
Product development	2,908	2,914	2,721	2,136	1,384
Sales and marketing	2,273	1,984	2,019	2,058	1,617
General and administrative	1,998	2,149	2,209	1,687	983
Transaction, loan, and consumer receivable losses	1,337	794	661	551	188
Amortization of customer and other acquired intangible assets	136	155	174	139	16
Total operating expenses	8,652	7,997	7,784	6,616	4,259
Operating income (loss)	1,708	892	−279	−625	161
Interest expense (income), net	129	9	−47	36	—
Remeasurement loss (gain) on bitcoin investment	56	−421	−207	0	—
Other expense (income), net	−167	−53	5	−95	−29
Income (loss) before income tax	1,690	1,357	−29	−565	157
Total	386	−1,509	−8	−12	−1
Net income (loss)	1,304	2,866	−21	−553	159
Less: Net loss attributable to noncontrolling interests	−1	−31	−31	−12	−7
Net income attributable to common stockholders	1,306	2,897	10	−541	166
Basic (in USD per share)	2.13	4.7	0.02	−0.93	0.36
Diluted (in USD per share)	2.1	4.56	0.02	−0.93	0.33
Basic (in shares)	612	617	609	579	458
Diluted (in shares)	623	636	614	579	502

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	6,564	8,075	4,996	4,544	4,444
Investments in short-term debt securities	518	403	852	1,082	—
Settlements receivable	1,360	1,061	3,226	2,416	1,172
Customer funds	4,772	4,183	3,170	3,180	2,831
Consumer receivables, net	2,670	2,505	—	—	—
Loans held for investment, net	3,383	365	—	—	—
Other current assets	3,590	3,288	2,353	1,627	687
Total current assets	22,857	19,880	17,819	15,623	11,622
Property and equipment, net	323	314	296	329	282
Goodwill	11,849	11,417	11,920	11,967	519
Acquired intangible assets, net	1,282	1,433	1,762	2,014	257
Investments in long-term debt securities	189	472	251	573	—
Bitcoin investment	778	792	340	—	—
Operating lease right-of-use assets	215	220	245	373	449
Deferred tax assets	1,303	1,801	9	—	—
Other non-current assets	755	447	730	484	371
Total assets	39,550	36,778	33,031	31,364	15,026
Customers payable	6,805	5,837	6,795	5,549	3,980
Accrued expenses and other current liabilities	1,539	1,525	1,335	1,074	703
Current portion of long-term debt (Note 14)	1,573	999	0	460	455,000
Warehouse funding facilities, current	467	185	753	461	0
Total current liabilities	10,384	8,547	8,883	8,435	6,536
Deferred tax liabilities	1	162	36	132	15
Warehouse funding facilities, non-current	898	1,297	855	877	0
Long-term debt (Note 14)	5,716	5,106	4,120	4,110	—
Operating lease liabilities, non-current	257	279	290	357	395
Other non-current liabilities	124	152	155	202	208
Total liabilities	17,380	15,543	14,338	14,113	11,713
Commitments and contingencies (Note 19)	—	—	—	—	—
Preferred stock, $0.0000001 par value: 100,000 shares authorized at December 31, 2025 and December 31, 2024. None issued and outstanding at December 31, 2025 and December 31, 2024.	0	0	0	0	0
Additional paid-in capital	18,895	19,900	19,602	18,315	3,317
Accumulated other comprehensive loss	−365	−1,001	−378	−523	−16
Retained earnings	3,674	2,369	−528	−569	−28
Total stockholders equity attributable to common stockholders	22,204	21,268	18,695	17,223	3,273
Noncontrolling interests	−34	−33	−2	28	41
Total stockholders equity	22,170	21,235	18,693	17,251	3,314
Total liabilities and stockholders equity	39,550	36,778	33,031	31,364	15,026

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	370	376	409	341	135
Amortization of discounts and premiums and other non-cash adjustments	−1,138	−1,099	−984	−592	31
Non-cash lease expense	57	72	144	130	83
Share-based compensation	1,215	1,273	1,276	1,071	608
Loss (gain) on revaluation of equity investments	−172	−32	17	−73	−35
Change in deferred income taxes	335	−1,666	−86	−70	−10
Goodwill and intangible asset impairment	0	134	132	0	—
Purchases and originations of loans originally classified as held for sale	−14,191	−15,211	−8,586	−6,115	−3,227
Proceeds from repayments of loans originally classified as held for sale	14,249	14,413	8,033	—	—
Settlements receivable	−487	1,948	−1,109	−1,499	−346
Customers payable	374	−1,854	1,257	1,061	172
Settlements payable	−330,000	−8	−454	208	15
Prepaid expenses	−159	−29	40	—	—
Other assets and liabilities	−568	150	−420	−370	−62
Net cash provided by operating activities	2,580	1,707	101	176	848
Purchases of marketable debt securities	−701	−1,198	−1,127	−756	−2,715
Proceeds from maturities of marketable debt securities	469	1,006	1,388	1,000	831
Proceeds from sale of marketable debt securities	409	446	339	450	617
Payments for originations of consumer receivables	−32,145	−29,318	−23,969	−18,362	0
Proceeds from principal repayments and sales of consumer receivables	32,934	29,922	24,242	18,192	0
Purchases and originations of loans originally classified as held for investment	−17,630	0	0	—	—
Proceeds from repayments of loans originally classified as held for investment	14,081	0	0	—	—
Purchases of property and equipment	−155	−154	−151	−171	−134
Purchases of other investments	−65	−54	−39	−57	−49
Net cash provided by (used in) investing activities	−2,802	650	683	1,226	−1,311
Proceeds from issuance of senior notes	2,200	2,000	0	0	1,972
Payments of debt issuance costs from issuance of senior notes	−28	−27	0	0	—
Payments to redeem convertible notes	−1,001	0	−462	−1,072	0
Proceeds from warehouse facilities borrowings	1,305	1,256	1,388	1,621	0
Repayments of warehouse facilities borrowings	−1,457	−1,330	−1,118	−391	0
Proceeds from the exercise of stock options and purchases under the employee stock purchase plan	89	155	130	82	127
Net increase in interest-bearing deposits	56	75	25	82	60
Repurchases of common stock	−2,331	−1,170	−157	0	0
Other financing activities	−35	−18	−37	−88	−10
Change in customer funds, restricted from use in the Company's operations	589	1,012	−10	349	793
Net cash provided by (used in) financing activities	−613	1,953	−240	98	2,652
Effect of foreign exchange rate on cash and cash equivalents	86	−89	29	−38	−7
Net increase (decrease) in cash, cash equivalents, restricted cash, and customer funds	−749	4,221	573	1,461	2,182

Filings

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