Block, Inc.XYZ
Block, Inc. Segments Disclosure
SEGMENT AND GEOGRAPHICAL INFORMATION
The Company reports its segments to reflect the manner in which the Company's chief operating decision maker ("CODM") reviews and assesses performance. The Company's CODM is the Block Head and Chairperson. The Company has two reportable segments, Square and Cash App. Products and services that are not assigned to a specific reportable segment, including but not limited to TIDAL and other emerging ecosystems, are aggregated and presented within a general corporate and other category. Square and Cash App are defined as follows:
•Cash App includes the financial tools available to individuals within the mobile Cash App, including peer-to-peer payments, bitcoin and stock investments. Cash App also includes Cash App Card, which is linked to customer stored balances that customers can use to pay for purchases or withdraw funds from an ATM, as well as Cash App Borrow, which is a credit product that allows eligible customers to access short-term loans for a fee. Cash App also includes all BNPL products.
•Square includes managed payment services, software solutions, hardware, and financial services offered to sellers, excluding those that involve Cash App.
The primary financial measures used by the CODM to evaluate performance and allocate resources are revenue and gross profit. The CODM uses segment gross profit for each segment during the annual budgeting and forecasting process. Further, the CODM uses gross profit as the metric to guide the business trajectory and to consider the overall gross profit growth by segment on a quarterly basis, when making decisions about the allocation of operating and capital resources to each segment. The CODM does not evaluate performance or allocate resources based on segment asset data, and therefore such information is not included.
The following tables present information on the reportable segments revenue and segment gross 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):
| Year Ended December 31, 2025 | |||||||||||||||||||||||
| Cash App | Square | Corporate and Other | Total | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Commerce enablement revenue | $ | 3,912,171 | $ | 7,425,962 | $ | 176,029 | $ | 11,514,162 | |||||||||||||||
| Financial solutions revenue | 3,165,594 | 1,011,140 | — | 4,176,734 | |||||||||||||||||||
| Bitcoin ecosystem revenue | 8,347,278 | 14,809 | 140,700 | 8,502,787 | |||||||||||||||||||
Segment revenue | $ | 15,425,043 | $ | 8,451,911 | $ | 316,729 | $ | 24,193,683 | |||||||||||||||
| Less: Cost of revenue | 9,089,500 | 4,516,870 | 227,384 | 13,833,754 | |||||||||||||||||||
Segment gross profit | $ | 6,335,543 | $ | 3,935,041 | $ | 89,345 | $ | 10,359,929 | |||||||||||||||
| Interest revenue | $ | 192,054 | $ | 38,553 | $ | — | $ | 230,607 | |||||||||||||||
| Amortization of acquired technology assets | $ | 51,553 | $ | 5,297 | $ | — | $ | 56,850 | |||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||
| Cash App | Square | Corporate and Other | Total | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Commerce enablement revenue | $ | 3,482,648 | $ | 6,840,133 | $ | 189,672 | $ | 10,512,453 | |||||||||||||||
| Financial solutions revenue | 2,409,294 | 841,523 | — | 3,250,817 | |||||||||||||||||||
| Bitcoin ecosystem revenue | 10,355,938 | — | 1,845 | 10,357,783 | |||||||||||||||||||
| Segment revenue | $ | 16,247,880 | $ | 7,681,656 | $ | 191,517 | $ | 24,121,053 | |||||||||||||||
| Less: Cost of revenue | 11,008,869 | 4,082,744 | 140,404 | 15,232,017 | |||||||||||||||||||
Segment gross profit | $ | 5,239,011 | $ | 3,598,912 | $ | 51,113 | $ | 8,889,036 | |||||||||||||||
| Interest revenue | $ | 185,185 | $ | 36,837 | $ | — | $ | 222,022 | |||||||||||||||
| Amortization of acquired technology assets | $ | 55,343 | $ | 7,726 | $ | 5,295 | $ | 68,364 | |||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||
| Cash App | Square | Corporate and Other | Total | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Commerce enablement revenue | $ | 2,986,409 | $ | 6,343,078 | $ | 200,553 | $ | 9,530,040 | |||||||||||||||
| Financial solutions revenue | 2,026,955 | 690,306 | — | 2,717,261 | |||||||||||||||||||
| Bitcoin ecosystem revenue | 9,668,322 | — | — | 9,668,322 | |||||||||||||||||||
| Segment revenue | $ | 14,681,686 | $ | 7,033,384 | $ | 200,553 | $ | 21,915,623 | |||||||||||||||
| Less: Cost of revenue | 10,358,223 | 3,904,730 | 147,784 | 14,410,737 | |||||||||||||||||||
Segment gross profit | $ | 4,323,463 | $ | 3,128,654 | $ | 52,769 | $ | 7,504,886 | |||||||||||||||
| Interest revenue | $ | 142,222 | $ | 28,011 | $ | — | $ | 170,233 | |||||||||||||||
| Amortization of acquired technology assets | $ | 56,135 | $ | 10,632 | $ | 6,062 | $ | 72,829 | |||||||||||||||
The following table provides a reconciliation of total segment gross profit to the Company’s income (loss) before applicable income taxes (in thousands):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Total segment gross profit | $ | 10,270,584 | $ | 8,837,923 | $ | 7,452,117 | |||||||||||
| Add: Corporate and other gross profit | 89,345 | 51,113 | 52,769 | ||||||||||||||
| Less: Product development | 2,907,889 | 2,914,415 | 2,720,819 | ||||||||||||||
| Less: Sales and marketing | 2,273,072 | 1,984,265 | 2,019,009 | ||||||||||||||
| Less: General and administrative | 1,997,587 | 2,149,099 | 2,209,190 | ||||||||||||||
| Less: Transaction, loan, and consumer receivable losses | 1,337,246 | 794,221 | 660,663 | ||||||||||||||
| Less: Amortization of customer and other intangible assets | 135,729 | 154,709 | 174,044 | ||||||||||||||
| Less: Interest expense (income), net | 129,363 | 9,302 | (47,221) | ||||||||||||||
| Less: Remeasurement loss (gain) on bitcoin investment | 55,900 | (420,918) | (207,084) | ||||||||||||||
| Less: Other expense (income), net | (166,768) | (53,211) | 4,609 | ||||||||||||||
| Income (loss) before applicable income taxes | $ | 1,689,911 | $ | 1,357,154 | $ | (29,143) | |||||||||||
Revenue
Revenue by geography is based on the addresses of the sellers or customers. The following table details revenue by geographic area (in thousands):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| United States | $ | 22,186,575 | $ | 22,351,832 | $ | 20,416,462 | |||||||||||
| International | 2,007,108 | 1,769,221 | 1,499,161 | ||||||||||||||
| Total | $ | 24,193,683 | $ | 24,121,053 | $ | 21,915,623 | |||||||||||
No individual country from the international markets contributed more than 10% of total revenue for the years ended December 31, 2025, 2024, and 2023.
Long-Lived Assets
The following table details long-lived assets by geographic area (in thousands):
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| United States | $ | 7,281,727 | $ | 7,435,117 | |||||||
| Australia | 4,453,807 | 4,159,229 | |||||||||
| International | 1,933,458 | 1,790,529 | |||||||||
| Total | $ | 13,668,992 | $ | 13,384,875 | |||||||
Assets by reportable segment were not included, as this information is not reviewed by the CODM to make operating decisions or allocate resources, and is reviewed on a consolidated basis.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 27, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.