Block, Inc. (XYZ) financials
NYSE · Technology · Software - Infrastructure · 10,205 employees · CEO Jack Dorsey
- Price
- $76.27 -0.88%
- Market cap
- $45.8B
- Enterprise value
- $41B
- Last report
- Q2 '26 filed 2026-08-05
- Next report
- 2026-11-03 EPS est. $1.03
Revenue (TTM)$25B+5.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)10.2%+2.4 pp vs a year agoOperating income $2.54B
Net income (TTM)$357M-87.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.88B+266.4% vs a year agoCapex $176M
Diluted EPS (TTM)$0.56-88.0% vs a year agoSum of the last 4 quarters
Net cash$5.1B-8.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $45.8B EV $41B
- Revenue
- $25B Trailing 12 months
- Revenue growth
- +8% FY2026 consensus
- Profit margin
- 1.4% Net income / revenue, TTM
- P/E
- 133.8× Forward 18.8× (FY2026)
- P/S
- 1.8× Price / sales, TTM
- EV / EBITDA
- 31.8× TTM
- Free cash flow
- $3.88B Trailing 12 months
- Net income
- $357M Trailing 12 months
- Revenue estimate
- $26B FY2026 consensus
- Earnings
- 2026-11-03 Revenue est. $6.58B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-05): revenue beat by 2.2%, EPS beat by 17.1%Revenue $6.62B vs $6.47B expected (+2.2%); EPS $1.02 vs $0.87 (+17.1%).
- Revenue growth accelerating: 9.3% year on yearQ2 '26 revenue $6.62B, against an average of 2.3% over the four quarters before.
- Operating margin 10.2% (TTM), +2.4 pp on a year agoOperating income grew 36.9% while revenue grew 5.1%.
- 257.0% of pre-tax profit is eaten by non-operating lossesPre-tax income $712M vs operating income $2.54B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.7% of revenue (a year ago 0.6%)$176M invested in the last 4 quarters (+19.7% on a year earlier). Free cash flow $3.88B = 1,086.9% of net income.
- Returned $1.89B to shareholders = 48.8% of free cash flowBuybacks $1.89B (a year earlier $1.67B), dividends $0, stock-based pay $1.2B (TTM).
- Diluted share count down 1.6% in a year609M diluted shares in Q2 '26, 619M a year earlier.
- Net cash $5.1BCash + short-term investments $12.3B, debt incl. leases $7.17B; a year ago net cash $5.6B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $6.62B | $6.05B | +9.3% |
| Gross margin | 47.8% | 41.9% | +5.9 pp |
| Operating income | $447M | $778M | -42.6% |
| Operating margin | 6.7% | 12.9% | -6.1 pp |
| Net income | $88.5M | $538M | -83.6% |
| Diluted EPS | $0.15 | $0.87 | -82.8% |
| Operating cash flow | $1.02B | $374M | +172.4% |
| Capex | $53.2M | $31.3M | +70.0% |
| Free cash flow | $967M | $343M | +181.8% |
| R&D | $609M | $725M | -16.1% |
| Stock-based compensation | $260M | $297M | -12.6% |
Reported vs consensus
2026-08-05| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $6.62B | $6.47B | +2.2% |
| EPS (as estimated) | $1.02 | $0.87 | +17.1% |
From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Cryptocurrency Denominated Assets | $1.97B | -19.0% | 32.2% | $8.84B | -14.1% | |
| Software and Data Products | $2.2B | +22.6% | 36.1% | $8.05B | +16.7% | |
| Transaction | $1.87B | +9.4% | 30.6% | $6.92B | +5.9% | |
| Hardware | $70.2M | +90.5% | 1.1% | $170M | +17.7% |
Revenue by region
share of total| Segment | Q3 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $5.69B | +2.9% | 91.0% | $22.2B | -0.7% | |
| Non-US | $561M | +12.4% | 9.0% | $2.01B | +13.4% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.06B
- Capex
- -$176M
- Buybacks
- -$1.89B
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $1.09B
- Stock-based compensation
- $1.2B
- Free cash flow
- $3.88B
- Returned to shareholders / FCF
- 48.8%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 133.8× | 1,332.9× 4 of 5 years | 18.1× – 4,834.4× |
| EV / EBITDA | 31.8× | 74.7× 4 of 5 years | 17.1× – 135.3× |
| EV / Sales | 1.6× | 2.4× | 1.5× – 4.3× |
| Price / FCF | 11.8× | 1,834.2× 4 of 5 years | 16.4× – 7,150.4× |
| Price / Book | 2.1× | 6.3× | 1.8× – 22.6× |
| FCF yield | 8.5% | 1.9% | -0.1% – 6.1% |
| Return on invested capital | 4.3% | 3.2% | -0.1% – 7.5% |
| Return on equity | 1.6% | 4.3% | -3.1% – 13.6% |
Analysts
Consensus target $97.47 (+27.8%)
range $75.00 – $115.00 · rating Buy
Strong buy0
Buy29
Hold9
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $26B | +7.7% | $4.06 | +93.3% | 18.8× | 26 |
| FY2027 | $29B | +11.3% | $5.24 | +29.1% | 14.6× | 27 |
| FY2028 | $32.3B | +11.4% | $6.54 | +24.9% | 11.7× | 18 |
| FY2029 | $31.1B | -3.9% | $7.90 | +20.8% | 9.7× | 9 |
| FY2030 | $20.7B | -33.3% | $8.44 | +6.8% | 9.0× | 8 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 283 figures Block, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $122M | $119M | +3.0% | $115M | $118M | -2.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $194M | $159M | +22.3% | $238M | $149M | +60.0% |
| Accrued Liabilities and Other Liabilities | $2.28B | $1.42B | +60.0% | $1.54B | $1.53B | +0.9% |
| Accrued Liabilities, Current | $564M | $554M | +1.7% | $669M | $725M | -7.8% |
| Accrued Royalties, Current | $55.9M | $64.8M | -13.7% | $51.6M | $57.6M | -10.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $538M2025-12-31 | $457M | +17.8% | $538M | $457M | +17.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$258M | -$382M | +32.6% | -$365M | -$1B | +63.5% |
| Additional Paid in Capital | $18.9B | $19.4B | -3.0% | $18.9B | $19.9B | -5.1% |
| Advertising Expense | $137M | $119M | +15.4% | $478M | $338M | +41.5% |
| Amortization | $12.8M | $14.4M | -11.1% | $56.9M | $68.4M | -16.8% |
| Amortization of Intangible Assets | $34.3M | $33.9M | +1.1% | $136M | $155M | -12.3% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 48.8M | 53.2M | -8.3% | 44.5M | 49.8M | -10.6% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $266M | $304M | -12.5% | $1.25B | $1.31B | -5.1% |
| Assets | $39.2B | $36.9B | +6.2% | $39.5B | $36.8B | +7.5% |
| Assets, Current | $23.1B | $19.7B | +17.4% | $22.9B | $19.9B | +15.0% |
| Broker-Dealer, Payable to Customer | $7.63B | $6.96B | +9.7% | $6.81B | $5.84B | +16.6% |
| Cash and Cash Equivalents, at Carrying Value | $6.43B | $6.38B | +0.7% | $6.56B | $8.08B | -18.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $12.9B | $12.1B | +5.8% | $12.5B | $13.2B | -5.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$643M | -$947M | +32.0% | -$749M | $4.22B | -117.7% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $81.6M | $1.03B | -92.1% | $1.94B | $2.24B | -13.5% |
| Cost of Revenue | $3.45B | $3.52B | -1.9% | $13.8B | $15.2B | -9.2% |
| Cost, Amortization | $12.8M | $14.4M | -11.1% | $56.9M | $68.4M | -16.8% |
| Costs and Expenses | $2.72B | $2.05B | +32.5% | $8.65B | $8B | +8.2% |
| CryptoAssetAddition | $5.05M | $11M | -54.3% | $41.1M | $31.5M | +30.7% |
| CryptoAssetFairValue | $534M | $932M | -42.7% | $778M | $792M | -1.9% |
| CryptoAssetNumberOfUnits | 9,117 bitcoin | 8,692 bitcoin | +4.9% | 8,883 bitcoin | 8,485 bitcoin | +4.7% |
| CryptoAssetRealizedGainLossNonoperating | -$88.5M | $212M | -141.7% | -$55.9M | $421M | -113.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$26.4M | $46.4M | -157.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $52.6M | $71.6M | -26.5% |
| Current Income Tax Expense (Benefit) | – | – | – | $50.7M | $156M | -67.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $24.5M | $38.5M | -36.4% |
| Customer Funds | $5.53B | $4.94B | +12.0% | $4.77B | $4.18B | +14.1% |
| Debt Issuance Costs, Net | $54.4M | $39.1M | +39.1% | – | – | – |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | $217M | $196M | +10.7% | $181M | $471M | -61.5% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | $216M | $197M | +9.9% | $182M | $472M | -61.5% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $311M | $313M | -0.6% | $517M | $403M | +28.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $311M | $313M | -0.8% | $518M | $403M | +28.3% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss | $538M | $509M | +5.7% | $705M | $874M | -19.3% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $536M | $510M | +5.2% | $707M | $875M | -19.3% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent | $311M | $313M | -0.8% | $518M | $403M | +28.3% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterestNoncurrent | $225M | $197M | +14.7% | $189M | $472M | -60.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $339M | -$1.48B | +122.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$53.7M | $5.59M | -1,060.6% |
| Deferred Income Tax Assets, Net | $1.26B | $1.79B | -29.7% | $1.3B | $1.8B | -27.7% |
| Deferred Income Tax Expense (Benefit) | $129M | $44.4M | +189.4% | $335M | -$1.67B | +120.1% |
| Deferred Income Tax Liabilities, Net | $1.17M2025-12-31 | $162M | -99.3% | $1.17M | $162M | -99.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $49.5M | -$190M | +126.1% |
| Deferred Tax Assets, Gross | $2.11B2025-12-31 | $2.51B | -15.8% | $2.11B | $2.51B | -15.8% |
| Deferred Tax Assets, Net | $1.3B2025-12-31 | $1.64B | -20.6% | $1.3B | $1.64B | -20.6% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.56B2025-12-31 | $1.86B | -16.4% | $1.56B | $1.86B | -16.4% |
| Deferred Tax Assets, Operating Loss Carryforwards | $548M2025-12-31 | $388M | +41.3% | $548M | $388M | +41.3% |
| Deferred Tax Assets, Other | $213M2025-12-31 | $250M | -14.9% | $213M | $250M | -14.9% |
| Deferred Tax Assets, Tax Credit Carryforwards | $530M2025-12-31 | $485M | +9.3% | $530M | $485M | +9.3% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $229M2025-12-31 | $122M | +87.3% | $229M | $122M | +87.3% |
| Deferred Tax Assets, Valuation Allowance | $557M2025-12-31 | $646M | -13.8% | $557M | $646M | -13.8% |
| Deferred Tax Liabilities, Gross | $254M2025-12-31 | $223M | +13.8% | $254M | $223M | +13.8% |
| Deferred Tax Liabilities, Investments | $80.4M2025-12-31 | $36.6M | +119.9% | $80.4M | $36.6M | +119.9% |
| Deferred Tax Liabilities, Leasing Arrangements | $52.4M2025-12-31 | $52.8M | -0.8% | $52.4M | $52.8M | -0.8% |
| Deferred Tax Liabilities, Net | $9.53M | $163M | -94.1% | $26.3M2023-12-31 | $119M | -77.8% |
| Deposits Assets, Current | $110M2025-12-31 | $88M | +25.3% | $110M | $88M | +25.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02