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Block

XYZ NYSE Transaction & Payment Processing Services Financials FY2016–FY2025

Block's revenue rose 0.3% to $24.2 billion in fiscal 2025. Its operating margin was 7.1%, up from 3.7% a year earlier. Free cash flow was $2.4 billion, up 56.1%. It paid out $2.3 billion in dividends and buybacks, 96% of free cash flow. The diluted share count fell 2.1%.

Last close · Oct 23, 2026

$76.46

3.2%
Value it Compare
Revenue Total sales reported in the income statement.
$24.2B
0.3% vs prior year
Operating margin Operating income as a share of revenue.
7.1%
3.4 pts
Net income Profit after all expenses, interest and tax.
$1.3B
54.9%
Free cash flow Cash from operations minus capital spending.
$2.4B
56.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.4%
1.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$46.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
136.5x
On $0.56 EPS (TTM)

About these figures. Debt is Block's long-term debt and its current portion; the warehouse facilities that fund its consumer loans aren't included.

What Block does

Block runs two main businesses. Square sells payment processing, software and hardware that let sellers, from sole proprietors to multinational businesses, accept card payments and run their shops. Cash App is a consumer app where people send and receive money, spend with a card, save, invest, buy now and pay later, borrow, and buy bitcoin. Block also owns TIDAL, a music streaming service, and builds bitcoin products such as the Bitkey wallet and the Proto mining system.

Block has two reportable segments, Square and Cash App. It also groups revenue into three categories: Commerce Enablement (payments, software, hardware and TIDAL), Financial Solutions (banking, lending and money management) and the Bitcoin Ecosystem. Together these categories produced $10.4 billion in gross profit in 2025. In 2025, more than 4.5 million sellers used Square to process $250 billion of payments. As of December 2025, Cash App had 59 million monthly transacting actives in the United States, meaning accounts that made at least one transaction in the month.

Block says it competes in markets with substantial and increasing competition. Cash App works with bank partners to offer banking services.

Legal name
Block, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 26, 2026
Accession · CIK
0001628280-26-012254
0001512673

Revenue and margins

Block had $24.2B of revenue in fiscal 2025, up 0.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.4B in fiscal 2025, 10.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Block returned $2.3B to shareholders in fiscal 2025, 96% of free cash flow. The diluted share count fell 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Block yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$207M and divides by 622.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 136.5x · peers 10.7x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Block can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $5.3B$5.6B$5.8B$8.5B$7.1B
Debt incl. finance leases $4.6B$4.6B$4.1B$6.1B$7.3B
Net debt / EBITDA −2.6x—−13.3x−1.9x0.1x
Debt / equity 1.4x0.3x0.2x0.3x0.3x
Interest coverage 2.8x——5.4x6.7x
Current ratio 1.8x1.9x2.0x2.3x2.2x
Quick ratio 1.8x1.8x2.0x2.3x2.2x
Total assets $15.0B$31.4B$33.0B$36.8B$39.5B
Total liabilities $11.7B$14.1B$14.3B$15.5B$17.4B
Shareholders' equity $3.3B$17.2B$18.7B$21.3B$22.2B
Net debt (− = net cash) −$753M−$1.1B−$1.7B−$2.4B$207M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$5.6M

1 insider

Of sales under plans

100%

$5.6M

DateInsiderTradeSharesPriceValueFiling
Oct 22, 2026 Anthony Mathew EisenDirector Sold plan 6,000 $78.06 $0.5M Form 4
Oct 21, 2026 Anthony Mathew EisenDirector Sold plan 6,000 $79.07 $0.5M Form 4
Oct 20, 2026 Anthony Mathew EisenDirector Sold plan 6,000 $77.25 $0.5M Form 4
Oct 19, 2026 Anthony Mathew EisenDirector Sold plan 6,000 $78.58 $0.5M Form 4
Oct 16, 2026 Anthony Mathew EisenDirector Sold plan 6,000 $80.43 $0.5M Form 4
Oct 15, 2026 Anthony Mathew EisenDirector Sold plan 6,000 $76.99 $0.5M Form 4
Oct 14, 2026 Anthony Mathew EisenDirector Sold plan 6,000 $75.70 $0.5M Form 4
Oct 13, 2026 Anthony Mathew EisenDirector Sold plan 6,000 $76.80 $0.5M Form 4
Oct 12, 2026 Anthony Mathew EisenDirector Sold plan 6,000 $76.97 $0.5M Form 4
Oct 9, 2026 Anthony Mathew EisenDirector Sold plan 6,000 $75.75 $0.5M Form 4
Oct 8, 2026 Anthony Mathew EisenDirector Sold plan 6,000 $75.17 $0.5M Form 4
Oct 7, 2026 Anthony Mathew EisenDirector Sold plan 6,000 $75.35 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✕
F-score 7 / 96 / 95 / 9
Accruals ratio −0.3%3.4%−3.3%
Altman Z'' 3.033.834.00

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Block XYZ $46.5B 0.3% 7.1% 10.0% 6.4% 136.5x 5
Fiserv FISV $26.6B 3.6% 27.5% 20.3% 9.0% 9.6x 6 Compare →
Mastercard MA $550.6B 16.4% 57.6% 52.3% 93.8% 34.3x 8 Compare →
PayPal PYPL $52.5B 4.3% 18.3% 16.8% 25.7% 10.7x 7 Compare →
Visa V — 11.3% 60.0% 53.9% 42.4% — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.7B $2.2B $3.3B $4.7B $9.5B $17.7B $17.5B $21.9B $24.1B $24.2B
Gross profit $576M $839M $1.3B $1.9B $2.7B $4.4B $6.0B $7.5B $8.9B $10.4B
Research and development $269M $322M $498M $674M $882M $1.4B $2.1B $2.7B $2.9B $2.9B
Operating income −$171M −$54.2M −$36.6M $26.6M −$18.8M $161M −$625M −$279M $892M $1.7B
Interest expense $0.6M $1.4M $37.8M $44.9M $75.2M $58.1M $0.0M $0.0M $166M $256M
Pretax income −$170M −$62.7M −$36.1M $378M $216M $158M −$565M −$29.1M $1.4B $1.7B
Income tax $1.9M $0.1M $2.3M $2.8M $2.9M −$1.4M −$12.3M −$8.0M −$1.5B $386M
Net income −$172M −$62.8M −$38.5M $375M $213M $166M −$541M $9.8M $2.9B $1.3B
Diluted EPS −$0.50 −$0.17 −$0.09 $0.81 $0.44 $0.33 −$0.93 $0.02 $4.56 $2.10
Diluted shares 0.34B 0.38B 0.41B 0.47B 0.48B 0.50B 0.58B 0.61B 0.64B 0.62B
Cash flow
Cash from operations $23.1M $128M $295M $328M $173M $848M $176M $101M $1.7B $2.6B
Capital expenditure $25.4M $26.1M $61.2M $62.5M $138M $134M $171M $151M $154M $155M
Free cash flow −$2.3M $102M $234M $265M $34.7M $714M $5.1M −$50.2M $1.6B $2.4B
Depreciation and amortization $37.7M $37.3M $61.0M $75.6M $84.2M $135M $341M $409M $376M $370M
Stock-based compensation $139M $156M $217M $298M $398M $608M $1.1B $1.3B $1.3B $1.2B
Acquisitions $1.4M $1.9M $112M $20.4M $79.2M $164M $0.0M $5.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $157M $1.2B $2.3B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $157M $1.2B $2.3B
Balance sheet
Cash and short-term investments $512M $866M $1.1B $1.5B $3.9B $5.3B $5.6B $5.8B $8.5B $7.1B
Total debt $0.0M $359M $900M $939M $2.6B $4.6B $4.6B $4.1B $6.1B $7.3B
Finance lease liabilities $0.0M $0.0M $0.0M $2.4M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.0B $1.8B $2.1B $3.2B $7.8B $11.6B $15.6B $17.8B $19.9B $22.9B
Current liabilities $578M $973M $1.0B $1.7B $4.1B $6.5B $8.4B $8.9B $8.5B $10.4B
Inventory $13.7M $16.8M $28.6M $47.7M $61.1M $77.1M $97.7M $110M $105M $158M
Property and equipment, net $88.3M $91.5M $142M $149M $234M $282M $329M $296M $314M $323M
Total assets $1.2B $2.2B $3.3B $4.6B $9.9B $15.0B $31.4B $33.0B $36.8B $39.5B
Total liabilities $635M $1.4B $2.2B $2.8B $7.2B $11.7B $14.1B $14.3B $15.5B $17.4B
Shareholders' equity $576M $786M $1.1B $1.7B $2.7B $3.3B $17.2B $18.7B $21.3B $22.2B
Margins
Gross margin 33.7% 37.9% 39.5% 40.1% 28.8% 25.0% 34.2% 34.2% 36.9% 42.8%
Operating margin −10.0% −2.5% −1.1% 0.6% −0.2% 0.9% −3.6% −1.3% 3.7% 7.1%
EBITDA margin −7.8% −0.8% 0.7% 2.2% 0.7% 1.7% −1.6% 0.6% 5.3% 8.6%
Net margin −10.0% −2.8% −1.2% 8.0% 2.2% 0.9% −3.1% 0.0% 12.0% 5.4%
FCF margin −0.1% 4.6% 7.1% 5.6% 0.4% 4.0% 0.0% −0.2% 6.4% 10.0%
Returns
Return on capital — −25.0% −4.9% 2.6% −1.5% 8.1% −5.3% −1.3% 5.0% 6.4%
Return on capital employed −28.5% −5.9% −2.1% 1.0% −0.4% 2.3% −4.0% −1.2% 3.4% 6.0%
Return on equity −31.7% −9.2% −4.0% 26.5% 9.7% 5.6% −5.3% 0.1% 14.5% 6.0%
Return on assets −16.3% −3.7% −1.4% 9.6% 3.0% 1.3% −2.3% 0.0% 8.3% 3.4%
Growth
Revenue growth 34.9% 29.6% 49.0% 42.9% 101.5% 86.0% −0.7% 25.0% 10.1% 0.3%
Net income growth — — — — −43.2% −22.0% −425.2% — 29,546.4% −54.9%
EPS growth — — — — −45.7% −25.0% −381.8% — 22,700.0% −54.0%
FCF growth — — 130.2% 13.4% −86.9% 1,955.8% −99.3% −1,086.4% — 56.1%
Share count change 100.3% 11.1% 7.0% 14.9% 3.5% 4.1% 15.4% 6.1% 3.6% −2.1%
Financial health
Net debt / EBITDA — — −9.2x −5.9x −19.4x −2.6x — −13.3x −1.9x 0.1x
Debt / equity 0.0x 0.5x 0.8x 0.6x 1.0x 1.4x 0.3x 0.2x 0.3x 0.3x
Interest coverage −299.0x −39.5x −1.0x 0.6x −0.3x 2.8x — — 5.4x 6.7x
Current ratio 1.7x 1.8x 2.1x 1.9x 1.9x 1.8x 1.9x 2.0x 2.3x 2.2x
Quick ratio 1.7x 1.8x 2.1x 1.9x 1.9x 1.8x 1.8x 2.0x 2.3x 2.2x
Capital allocation
Capex / revenue 1.5% 1.2% 1.9% 1.3% 1.5% 0.8% 1.0% 0.7% 0.6% 0.6%
Stock comp / revenue 8.1% 7.0% 6.6% 6.3% 4.2% 3.4% 6.1% 5.8% 5.3% 5.0%
Payouts / FCF — 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% — 75.3% 96.1%
Quality scores
Piotroski F-score — 5.0 5.0 5.0 3.0 3.0 5.0 7.0 6.0 5.0
Altman Z'' 0.2 1.6 1.8 2.5 2.7 2.6 2.6 3.0 3.8 4.0
Accruals ratio −18.5% −11.2% −12.2% 1.2% 0.6% −5.5% −3.1% −0.3% 3.4% −3.3%

Source: SEC EDGAR XBRL filings (CIK 0001512673). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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