Block, Inc.
squareup.comWhat Do They Do?
Builds payment, commerce and financial tools, including software, hardware and bitcoin products, for sellers and consumers.
10-K for FY2025, filed Feb 26, 2026Block designs and operates connected ecosystems that integrate commerce solutions, financial services, software, hardware, and networks to…View ↗
We started Block with the Square ecosystem in February 2009 to enable businesses to accept card payments, a critical capability that had…View ↗
Cash App provides an ecosystem of financial products and services to help consumers manage their money. Cash App’s mission is to redefine…View ↗
Commerce Enablement empowers sellers and consumers to transact across our ecosystems. It primarily includes Square payments, software, and…View ↗
How Do They Make Money?
Square takes fees on processed seller payments, sells hardware when delivered, and bills software monthly. Financial Solutions earns origination, servicing and loan-interest fees; customers buy bitcoin through Cash App, while most mining-system payment is due before shipment.
10-K for FY2025, filed Feb 26, 2026The Company charges its sellers a transaction fee for managed payments solutions that is generally calculated as a percentage of the total…View ↗
Revenue from Square hardware includes revenue from sales of magstripe readers, contactless and chip readers, Square Stand, Square Register…View ↗
SaaS represents software products and solutions that provide customers with access to various technologies for a fee, which is recognized…View ↗
Square Loans facilitates loans to qualified Square sellers through Square Financial Services. The loans are either repaid through…View ↗
The Company offers its Cash App customers the ability to purchase bitcoin, a cryptocurrency denominated asset, from the Company. The…View ↗
Proto revenue is primarily from the sale of mining systems to a customer engaged in bitcoin mining activities. A mining system comprises a…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$24.2B
-
10-K for FY2025, filed Feb 26, 2026
$24.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Commerce Enablement
|
48% |
Commerce Enablement, FY2025
$11.5B Sources
|
|
|
Financial Solutions
Mix
10-K for FY2025, filed Feb 26, 2026 |
17% |
Financial Solutions, FY2025
$4.2B Sources
|
Mix |
|
Bitcoin Ecosystem
|
35% |
Bitcoin Ecosystem, FY2025
$8.5B Sources
|
Who Are Their Customers?
Square sellers include businesses across services, food and retail; Cash App serves individual consumers. Square products are self-serve, and developers and other partners also offer Square solutions to their customers.
10-K for FY2025, filed Feb 26, 2026Square sellers represent a diverse range of industries (including services, food-related, and retail businesses) and sizes, ranging from…View ↗
Our Square ecosystem consists of more than 30 distinct commerce enablement and financial services products. Our products are designed to be…View ↗
In addition to direct channels, we work with third-party developers and other partners who offer our solutions to their customers. As of…View ↗
Cash App provides an ecosystem of financial products and services to help consumers manage their money. Cash App’s mission is to redefine…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$1.7BView ↗
10-K for FY2025, filed Feb 26, 2026
$1.3BView ↗
10-K for FY2025, filed Feb 26, 2026
$2.4BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
$88.5MView ↗
- ▼ −84%
- vs $538.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 5, 2026
Raised full-year guidance for gross profit and adjusted operating income
2026 gross-profit guidance is $12.51 billion, up 21%; adjusted operating income is projected at $3.47 billion, up 67%.
Sources
8-K, filed Aug 5, 2026
We are raising our full-year guidance to reflect the momentum we are seeing across Block. For 2026, we now expect $12.51 billion in gross…View ↗
Growing. Revenue grew 37% in 4 years, from $17.7B in FY2021 to $24.2B in FY2025, about 8% a year.
Cash App adds more than money management
Cash App has expanded from money-management tools centered on storing, sending, receiving, spending and investing to also include commerce, bitcoin and buy-now-pay-later products.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 26, 2026Cash App provides an ecosystem of financial products and services to help consumers manage their money. Cash App’s goal is to redefine the…View ↗
Cash App provides an ecosystem of financial products and services to help consumers manage their money. Cash App’s mission is to redefine…View ↗
Bitcoin offerings reach customers and sellers
The older report emphasizes open-source and developer infrastructure alongside hardware projects; the latest describes customer bitcoin buying and seller-facing tools such as Square Bitcoin, Bitkey and Proto.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 26, 2026Our bitcoin ecosystem includes Spiral, an independent team focused on contributing to bitcoin open source work; TBD, an open developer…View ↗
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