Block (XYZ)
Market Price (7/14/2026): $78.06 | Market Cap: $46.6 BilInvestor Relations Sector: Financials | Industry: Transaction & Payment Processing Services
Block (XYZ)
Market Price (7/14/2026): $78.06Market Cap: $46.6 BilSector: FinancialsIndustry: Transaction & Payment Processing Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 3.4 Bil, FCF LTM is 3.3 Bil Attractive yieldFCF Yield is 6.9% Stock buyback supportStock Buyback 3Y Total is 4.3 Bil Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Crypto & Blockchain. Themes include Digital Payments, Online Banking & Lending, Show more. | Trading close to highsDist 52W High is -2.9% Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -49% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 21x, P/EPrice/Earnings or Price/(Net Income) is 58x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% Key risksXYZ key risks include [1] federal scrutiny and class-action lawsuits over alleged widespread compliance failures and user figure manipulation, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 3.4 Bil, FCF LTM is 3.3 Bil |
| Attractive yieldFCF Yield is 6.9% |
| Stock buyback supportStock Buyback 3Y Total is 4.3 Bil |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Crypto & Blockchain. Themes include Digital Payments, Online Banking & Lending, Show more. |
| Trading close to highsDist 52W High is -2.9% |
| Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -49% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 21x, P/EPrice/Earnings or Price/(Net Income) is 58x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% |
| Key risksXYZ key risks include [1] federal scrutiny and class-action lawsuits over alleged widespread compliance failures and user figure manipulation, Show more. |
Qualitative Assessment
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Updated on 7/1/2026
Block (XYZ) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Upgraded Full-Year Guidance.
Block reported adjusted earnings per share (EPS) of $0.85 for fiscal Q1 2026 on May 7, 2026, significantly surpassing analyst expectations of $0.60 to $0.68 by 26% to 41.67%. Gross profit for the quarter increased 27% year-over-year to $2.91 billion, with adjusted operating income reaching a record $728 million, up 56% year-over-year with a 25% margin. Following these results, management raised its full-year 2026 guidance, projecting gross profit of $12.33 billion (19% year-over-year growth) and adjusted diluted EPS of $3.85 (62% year-over-year growth). This strong performance and optimistic outlook for the remainder of 2026, including robust fiscal Q2 2026 guidance for gross profit and adjusted operating income, significantly boosted investor confidence, leading to a 6.5% to 6.72% stock price increase immediately after the announcement.
2. Strategic AI-Driven Corporate Overhaul and Enhanced Operational Efficiency.
Block initiated an AI-driven corporate overhaul in fiscal Q2 2026, aimed at improving operational efficiency and accelerating product development. This involved compressing management layers from approximately five to two or three and integrating AI tools across internal operations and customer-facing products. The company observed a more than 2.5-fold increase in production code changes per engineer from January to April 2026, demonstrating the tangible impact of AI on development velocity. CEO Jack Dorsey also directly took over the engineering department, signaling a focused effort to embed AI deeply into the business model. This strategic shift is expected to drive faster software feature rollouts and contribute to margin expansion.
Show more
Block (XYZ) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Upgraded Full-Year Guidance.
Block reported adjusted earnings per share (EPS) of $0.85 for fiscal Q1 2026 on May 7, 2026, significantly surpassing analyst expectations of $0.60 to $0.68 by 26% to 41.67%. Gross profit for the quarter increased 27% year-over-year to $2.91 billion, with adjusted operating income reaching a record $728 million, up 56% year-over-year with a 25% margin. Following these results, management raised its full-year 2026 guidance, projecting gross profit of $12.33 billion (19% year-over-year growth) and adjusted diluted EPS of $3.85 (62% year-over-year growth). This strong performance and optimistic outlook for the remainder of 2026, including robust fiscal Q2 2026 guidance for gross profit and adjusted operating income, significantly boosted investor confidence, leading to a 6.5% to 6.72% stock price increase immediately after the announcement.
2. Strategic AI-Driven Corporate Overhaul and Enhanced Operational Efficiency.
Block initiated an AI-driven corporate overhaul in fiscal Q2 2026, aimed at improving operational efficiency and accelerating product development. This involved compressing management layers from approximately five to two or three and integrating AI tools across internal operations and customer-facing products. The company observed a more than 2.5-fold increase in production code changes per engineer from January to April 2026, demonstrating the tangible impact of AI on development velocity. CEO Jack Dorsey also directly took over the engineering department, signaling a focused effort to embed AI deeply into the business model. This strategic shift is expected to drive faster software feature rollouts and contribute to margin expansion.
Show more
Updated on 7/1/2026
Block (XYZ) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Upgraded Full-Year Guidance.
Block reported adjusted earnings per share (EPS) of $0.85 for fiscal Q1 2026 on May 7, 2026, significantly surpassing analyst expectations of $0.60 to $0.68 by 26% to 41.67%. Gross profit for the quarter increased 27% year-over-year to $2.91 billion, with adjusted operating income reaching a record $728 million, up 56% year-over-year with a 25% margin. Following these results, management raised its full-year 2026 guidance, projecting gross profit of $12.33 billion (19% year-over-year growth) and adjusted diluted EPS of $3.85 (62% year-over-year growth). This strong performance and optimistic outlook for the remainder of 2026, including robust fiscal Q2 2026 guidance for gross profit and adjusted operating income, significantly boosted investor confidence, leading to a 6.5% to 6.72% stock price increase immediately after the announcement.
2. Strategic AI-Driven Corporate Overhaul and Enhanced Operational Efficiency.
Block initiated an AI-driven corporate overhaul in fiscal Q2 2026, aimed at improving operational efficiency and accelerating product development. This involved compressing management layers from approximately five to two or three and integrating AI tools across internal operations and customer-facing products. The company observed a more than 2.5-fold increase in production code changes per engineer from January to April 2026, demonstrating the tangible impact of AI on development velocity. CEO Jack Dorsey also directly took over the engineering department, signaling a focused effort to embed AI deeply into the business model. This strategic shift is expected to drive faster software feature rollouts and contribute to margin expansion.
3. Robust Growth and Expansion of Core Ecosystems and Product Offerings.
Growth across Block's key ecosystems, Cash App and Square, remained strong, highlighted by a 38% increase in Cash App gross profit and a 9% rise in Square gross profit in fiscal Q1 2026. The company expanded its product offerings, including the launch of a 3.50% APY High Yield Savings tier for Square sellers in June 2026. Additionally, Block deepened customer engagement by expanding Afterpay and Cash App Pay across new merchant brands, enhancing Cash App's utility beyond peer-to-peer payments and integrating buy-now-pay-later functionality directly into the Cash App Card on June 2, 2026. These initiatives are broadening the company's revenue opportunities and strengthening its competitive position in the digital payments and fintech markets.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Throughout fiscal Q2 2026, Block received numerous positive revisions and upgrades from Wall Street analysts, reflecting increased confidence in its business trajectory. Piper Sandler upgraded Block to "Overweight" on June 30, 2026, and raised its price target to $100, citing strong gross profit growth and margin expansion driven by the AI-led overhaul. Goldman Sachs added Block to its US Conviction List on June 1, 2026, with a $95 price target, while Morgan Stanley and Robert W. Baird also increased their targets to $98 and $100, respectively. The consensus analyst rating remained a "Strong Buy" or "Moderate Buy," with an average price target ranging from $84.13 to $91.67, implying significant upside potential from current levels.
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Block (XYZ) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Upgraded Full-Year Guidance.
Block reported adjusted earnings per share (EPS) of $0.85 for fiscal Q1 2026 on May 7, 2026, significantly surpassing analyst expectations of $0.60 to $0.68 by 26% to 41.67%. Gross profit for the quarter increased 27% year-over-year to $2.91 billion, with adjusted operating income reaching a record $728 million, up 56% year-over-year with a 25% margin. Following these results, management raised its full-year 2026 guidance, projecting gross profit of $12.33 billion (19% year-over-year growth) and adjusted diluted EPS of $3.85 (62% year-over-year growth). This strong performance and optimistic outlook for the remainder of 2026, including robust fiscal Q2 2026 guidance for gross profit and adjusted operating income, significantly boosted investor confidence, leading to a 6.5% to 6.72% stock price increase immediately after the announcement.
2. Strategic AI-Driven Corporate Overhaul and Enhanced Operational Efficiency.
Block initiated an AI-driven corporate overhaul in fiscal Q2 2026, aimed at improving operational efficiency and accelerating product development. This involved compressing management layers from approximately five to two or three and integrating AI tools across internal operations and customer-facing products. The company observed a more than 2.5-fold increase in production code changes per engineer from January to April 2026, demonstrating the tangible impact of AI on development velocity. CEO Jack Dorsey also directly took over the engineering department, signaling a focused effort to embed AI deeply into the business model. This strategic shift is expected to drive faster software feature rollouts and contribute to margin expansion.
3. Robust Growth and Expansion of Core Ecosystems and Product Offerings.
Growth across Block's key ecosystems, Cash App and Square, remained strong, highlighted by a 38% increase in Cash App gross profit and a 9% rise in Square gross profit in fiscal Q1 2026. The company expanded its product offerings, including the launch of a 3.50% APY High Yield Savings tier for Square sellers in June 2026. Additionally, Block deepened customer engagement by expanding Afterpay and Cash App Pay across new merchant brands, enhancing Cash App's utility beyond peer-to-peer payments and integrating buy-now-pay-later functionality directly into the Cash App Card on June 2, 2026. These initiatives are broadening the company's revenue opportunities and strengthening its competitive position in the digital payments and fintech markets.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Throughout fiscal Q2 2026, Block received numerous positive revisions and upgrades from Wall Street analysts, reflecting increased confidence in its business trajectory. Piper Sandler upgraded Block to "Overweight" on June 30, 2026, and raised its price target to $100, citing strong gross profit growth and margin expansion driven by the AI-led overhaul. Goldman Sachs added Block to its US Conviction List on June 1, 2026, with a $95 price target, while Morgan Stanley and Robert W. Baird also increased their targets to $98 and $100, respectively. The consensus analyst rating remained a "Strong Buy" or "Moderate Buy," with an average price target ranging from $84.13 to $91.67, implying significant upside potential from current levels.
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Stock Movement Drivers
Fundamental Drivers
The 30.8% change in XYZ stock from 3/31/2026 to 7/13/2026 was primarily driven by a 108.5% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 60.18 | 78.72 | 30.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,194 | 24,479 | 1.2% |
| Net Income Margin (%) | 5.4% | 3.3% | -38.9% |
| P/E Multiple | 28.0 | 58.3 | 108.5% |
| Shares Outstanding (Mil) | 607 | 598 | 1.5% |
| Cumulative Contribution | 30.8% |
Market Drivers
3/31/2026 to 7/13/2026| Return | Correlation | |
|---|---|---|
| XYZ | 30.8% | |
| Market (SPY) | 15.2% | 53.4% |
| Sector (XLF) | 13.6% | 32.9% |
Fundamental Drivers
The 20.9% change in XYZ stock from 12/31/2025 to 7/13/2026 was primarily driven by a 360.2% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 65.09 | 78.72 | 20.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,974 | 24,479 | 2.1% |
| Net Income Margin (%) | 13.1% | 3.3% | -74.8% |
| P/E Multiple | 12.7 | 58.3 | 360.2% |
| Shares Outstanding (Mil) | 610 | 598 | 2.1% |
| Cumulative Contribution | 20.9% |
Market Drivers
12/31/2025 to 7/13/2026| Return | Correlation | |
|---|---|---|
| XYZ | 20.9% | |
| Market (SPY) | 10.2% | 50.9% |
| Sector (XLF) | 2.9% | 41.2% |
Fundamental Drivers
The 15.9% change in XYZ stock from 6/30/2025 to 7/13/2026 was primarily driven by a 262.3% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.93 | 78.72 | 15.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,936 | 24,479 | 2.3% |
| Net Income Margin (%) | 10.9% | 3.3% | -69.8% |
| P/E Multiple | 16.1 | 58.3 | 262.3% |
| Shares Outstanding (Mil) | 619 | 598 | 3.6% |
| Cumulative Contribution | 15.9% |
Market Drivers
6/30/2025 to 7/13/2026| Return | Correlation | |
|---|---|---|
| XYZ | 15.9% | |
| Market (SPY) | 22.3% | 51.4% |
| Sector (XLF) | 8.3% | 43.5% |
Fundamental Drivers
The 18.3% change in XYZ stock from 6/30/2023 to 7/13/2026 was primarily driven by a 31.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.57 | 78.72 | 18.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,561 | 24,479 | 31.9% |
| P/S Multiple | 2.2 | 1.9 | -11.0% |
| Shares Outstanding (Mil) | 602 | 598 | 0.8% |
| Cumulative Contribution | 18.3% |
Market Drivers
6/30/2023 to 7/13/2026| Return | Correlation | |
|---|---|---|
| XYZ | 18.3% | |
| Market (SPY) | 75.0% | 55.4% |
| Sector (XLF) | 73.8% | 48.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| XYZ Return | -26% | -61% | 23% | 10% | -23% | 19% | -64% |
| Peers Return | -11% | -68% | 188% | 26% | 1% | -13% | -8% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| XYZ Win Rate | 50% | 42% | 42% | 58% | 58% | 71% | |
| Peers Win Rate | 47% | 32% | 65% | 48% | 53% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| XYZ Max Drawdown | -44% | -69% | -56% | -33% | -50% | -31% | |
| Peers Max Drawdown | -39% | -73% | -39% | -38% | -45% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PYPL, GPN, AFRM, COIN, SHOP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/13/2026 (YTD)
How Low Can It Go
| Event | XYZ | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.1% | -7.8% |
| % Gain to Breakeven | 12.5% | 8.5% |
| Time to Breakeven | 11 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -49.0% | -9.5% |
| % Gain to Breakeven | 96.0% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.7% | -6.7% |
| % Gain to Breakeven | 38.3% | 7.1% |
| Time to Breakeven | 62 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.3% | -33.7% |
| % Gain to Breakeven | 123.8% | 50.9% |
| Time to Breakeven | 74 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -47.7% | -19.2% |
| % Gain to Breakeven | 91.2% | 23.8% |
| Time to Breakeven | 541 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.0% | -12.2% |
| % Gain to Breakeven | 56.2% | 13.9% |
| Time to Breakeven | 42 days | 62 days |
In The Past
Block's stock fell -11.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 12.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | XYZ | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -49.0% | -9.5% |
| % Gain to Breakeven | 96.0% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.7% | -6.7% |
| % Gain to Breakeven | 38.3% | 7.1% |
| Time to Breakeven | 62 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.3% | -33.7% |
| % Gain to Breakeven | 123.8% | 50.9% |
| Time to Breakeven | 74 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -47.7% | -19.2% |
| % Gain to Breakeven | 91.2% | 23.8% |
| Time to Breakeven | 541 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.0% | -12.2% |
| % Gain to Breakeven | 56.2% | 13.9% |
| Time to Breakeven | 42 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -36.0% | -6.8% |
| % Gain to Breakeven | 56.2% | 7.3% |
| Time to Breakeven | 42 days | 15 days |
In The Past
Block's stock fell -11.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 12.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Block (XYZ)
Block, Inc. is a technology company that provides a comprehensive suite of tools designed to empower both businesses and individual consumers. For businesses, primarily operating under its "Square" brand, Block offers integrated hardware and software solutions that enable sellers to accept various card payments, including traditional swipes, chips, and contactless methods. This ecosystem includes physical payment devices like Square Terminal and Square Register, alongside specialized point-of-sale software for retail, restaurants, and appointments, complemented by tools for online stores, invoicing, and business analytics.
Beyond its robust seller-focused platforms, Block also serves individual consumers through its popular "Cash App." This mobile application allows users to easily send, spend, and store money, providing a versatile personal finance solution. Furthermore, Block supports online presence creation with "Weebly," offering website hosting and domain name registration services, which rounds out its digital offerings for businesses aiming to establish an online footprint.
Overall, Block's mission is to simplify financial interactions and business operations across a broad spectrum of users. Its primary customers include small to large businesses seeking efficient payment processing and management tools, as well as individual consumers utilizing Cash App for their everyday financial needs. The company operates globally, serving markets across the United States, Canada, Japan, Australia, and several European countries.
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Shopify for small businesses with physical locations.
A blend of Venmo and Chime for personal finance.
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- Seller Ecosystem / Payment Processing Tools: A comprehensive suite of hardware and software solutions that enable businesses to accept card payments, manage operations, and analyze sales data.
- Cash App: A mobile financial service allowing users to send, spend, and store money, along with peer-to-peer payments and banking functionalities.
- Weebly: A web hosting and domain name registration platform that helps customers create and manage websites.
- Developer Platform: Provides application programming interfaces (APIs) and software development kits (SDKs) for third-party integration and custom development.
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Block, Inc. serves a diverse customer base that can be categorized as follows:
- Small and Medium-Sized Businesses (SMBs): These customers utilize Block's Square ecosystem for various business operations. This includes merchants in retail, restaurants, and service industries who use Square's hardware (e.g., Square Register, Square Terminal), software (e.g., Square Point of Sale, Square for Retail), and payment processing services to accept card payments, manage appointments, inventory, and online sales.
- Individual Consumers: This significant customer segment primarily uses the Cash App for personal financial activities. Cash App users send, spend, and store money, make peer-to-peer payments, access direct deposit, and utilize debit card services, as well as engage in investment features.
- Online Presence Seekers (Individuals and Small Businesses): Customers looking to establish or maintain an online presence use Weebly, a Block subsidiary, for website hosting and domain name registration solutions.
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- Visa Inc. (V)
- Mastercard Incorporated (MA)
- Amazon.com, Inc. (AMZN)
- Wells Fargo & Company (WFC)
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Jack Dorsey, Block Head and Chairperson
Jack Dorsey co-founded Block (formerly Square) in 2009. He also co-founded Twitter (now X) in 2006, serving as its CEO from 2007-2008 and again from 2015-2021. Earlier in his career, he created dispatch software at age 15 that some taxicab companies still use, and in 2000, he started a company to dispatch couriers, taxis, and emergency services online. Dorsey stepped down as Twitter's CEO in November 2021 to dedicate his focus to Block. He is recognized as a tech visionary and a strong advocate for Bitcoin.
Amrita Ahuja, Chief Financial Officer and Chief Operating Officer
Amrita Ahuja joined Block (then Square) in January 2019 as CFO and took on the expanded role of COO in February 2023. She also serves as Chairperson of Block's industrial bank, Square Financial Services. Prior to Block, Ahuja was CFO of Blizzard Entertainment, a division of Activision Blizzard, and held leadership positions at Fox Networks Group, where she contributed to the launch of Hulu. Her career also includes roles at The Walt Disney Company in Strategic Planning and as an investment banking analyst at Morgan Stanley. She was drawn to Block by its mission to empower small business owners, a cause resonant with her own parents, who were Indian immigrants and ran a daycare center. Ahuja is a board member for both Airbnb and Discord. She has been instrumental in Block's strategic initiatives, including long-term investments in AI and cryptocurrency, and the acquisitions of TIDAL and Afterpay.
Brian Grassadonia, Ecosystem Lead
Brian Grassadonia is Block's Ecosystem Lead, focusing on integrating Square, Cash App, and other parts of Block's ecosystem through product experiences. He played a pivotal role as Square's first product lead, helping launch its initial card reader in 2010. He also co-created Cash App and previously served as its CEO. Before joining Block, Grassadonia worked at a startup that was acquired by Google and in investment banking at UBS.
Robert Andersen, Principal Designer
Robert Andersen is Block's Principal Designer. As Block's first employee in 2009, he led the creative processes that resulted in the original Square and Cash App products. He is a self-taught designer with over 20 years of professional experience, having joined Apple's internet services team at the age of 19.
Roelof Botha, Lead Independent Director
Roelof Botha has been a member of Block's board since 2011 and has served as Lead Independent Director since June 2022. He is a Senior Steward and Managing Member at Sequoia Capital, a venture capital firm, a role he has held since 2003. Prior to his tenure at Sequoia, Botha served as the Chief Financial Officer of PayPal from 2000 to 2003, where he oversaw the company's IPO in 2002 and its subsequent acquisition by eBay. He has served on the boards of numerous companies, including YouTube and Meebo (both acquired by Google), Weebly (acquired by Square/Block), and Tumblr (acquired by Yahoo!).
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The key risks to Block, Inc.'s business are:
- Regulatory Scrutiny and Compliance Failures: Block, Inc. faces significant regulatory challenges, particularly concerning anti-money laundering (AML) and Bank Secrecy Act (BSA) compliance on its Cash App platform, especially regarding Bitcoin transactions. Recent regulatory findings have highlighted deficiencies in its compliance framework, leading to substantial financial penalties. For instance, in early 2025, Block agreed to an $80 million settlement with 48 state financial regulators for BSA/AML violations. Separately, the New York Department of Financial Services (NYDFS) imposed a $40 million penalty for "critical gaps" in its anti-money laundering requirements and failures to comply with virtual currency regulations. These settlements also mandate the appointment of independent monitors to oversee remediation efforts and ensure a more robust compliance program, indicating ongoing oversight.
- Bitcoin Volatility and Related Business Risks: Block's substantial involvement with Bitcoin, including direct investments, its Spiral and TBD ecosystems, and Bitcoin services within Cash App, exposes the company to the inherent volatility and unpredictable nature of the cryptocurrency market. This exposure has previously led to significant unrealized losses on its Bitcoin investments. The experimental nature of Bitcoin, coupled with potential future regulations, macroeconomic factors, and risks of fraud and cybercrime, could lead to future downturns and impact Block's financial performance.
- Intense Competition and Profitability Concerns: Block operates in a highly competitive fintech market, contending with both traditional financial institutions and numerous emerging technology companies such as PayPal, Stripe, Shopify, Venmo, Zelle, Apple Pay, and Google Pay. This intense competition can exert pressure on pricing, increase customer acquisition costs, and potentially lead to market share erosion. Furthermore, Block has historically struggled with profitability, recording net losses and experiencing relatively low operating margins compared to competitors, raising questions about its ability to generate sufficient cash flow to fund growth and achieve higher valuations. Recent large-scale workforce reductions, while aimed at efficiency through AI integration, also introduce execution risks that could impact operational stability and customer experience.
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- The emergence of payment acceptance solutions like Apple's "Tap to Pay on iPhone," which allows merchants to accept contactless payments directly on a smartphone without requiring dedicated hardware, thereby threatening Block's Square hardware sales and integrated point-of-sale solutions.
- The aggressive expansion of major technology companies, particularly Apple, into comprehensive consumer financial services, including peer-to-peer payments (Apple Cash), debit card functionality, and high-yield savings accounts, directly challenging Block's Cash App ecosystem as a primary mobile financial hub for consumers.
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Block, Inc. - Addressable Markets
Block, Inc. (formerly Square, Inc.) operates in several large and growing addressable markets through its Square seller ecosystem, Cash App, and Weebly platform.
Square Seller Services (Payment Processing, POS Solutions, Business Software)
- The global Point-of-Sale (POS) terminal market was valued at approximately USD 123.15 billion in 2025 and is projected to reach USD 226.87 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 7.9% from 2026 to 2033. North America held a significant share of 29.09% in this market in 2025.
- Another estimate places the global POS market size at USD 38.56 billion in 2025, growing to USD 138.92 billion by 2034 with a CAGR of 15.3%.
- The global payment processing solutions market was valued at USD 173.38 billion in 2025 and is projected to reach USD 1,051.93 billion by 2035, with a CAGR of 19.76% from 2026 to 2035.
- In the United States, the payment processing solutions market was valued at USD 40 billion in 2025 and is expected to reach USD 36.75 billion by 2030, growing at a CAGR of 12.6% from 2024 to 2030.
- For Europe, the payment processing solutions market generated USD 14,458.3 million in revenue in 2023 and is projected to reach USD 35,181.9 million by 2030, with a CAGR of 13.5% from 2024 to 2030.
- Block's management identifies a market opportunity for its Square segment as large as USD 130 billion in annual gross profit.
Cash App (Digital Wallets, P2P Payments, Consumer Financial Services)
- The total addressable market (TAM) for digital payments globally is estimated at USD 16.7 trillion by 2028. The serviceable addressable market (SAM) for cash apps and digital wallets is estimated at USD 4.2 trillion globally by 2028.
- The global P2P payment market was valued at USD 3.07 trillion in 2024 and is projected to reach approximately USD 16.21 trillion by 2034, exhibiting a CAGR of 18.10% from 2025 to 2034. North America captured approximately 40% of the global P2P payment market in 2023.
- The U.S. mobile P2P payments market reached transaction values of USD 1,261.53 billion in 2023 and is projected to increase to approximately USD 1,375.93 billion in 2024.
- The global mobile wallet market was valued at USD 204.66 billion in 2024 and is projected to grow to USD 784.67 billion by 2032, with a CAGR of 18.56%.
- The U.S. mobile wallet market is projected to grow from USD 2.52 billion in 2024 to USD 6.76 billion in 2032, at a CAGR of 13.12% during the forecast period 2025-2032.
- Block's management identifies a market opportunity for Cash App as large as USD 75 billion in annual gross profit.
Weebly (Website Builders and Web Hosting)
- The global website builder market was expected to reach approximately USD 1.8 billion in 2023 and is projected to surpass USD 3.5 billion over the next decade, with a CAGR of 6.9% from 2022-2032. Another report indicates the global website builder tool market was valued at USD 14.34 billion in 2025 and is expected to reach USD 98.94 billion by 2033, with a CAGR of 27.30%.
- North America dominated the website builder tool market with a share of approximately 40% in 2025.
- The global web hosting services market was valued at USD 137.73 billion in 2025 and is estimated to reach USD 389.52 billion by 2034, exhibiting a CAGR of 12.25% from 2026-2034. North America dominates this market, holding a 43% market share.
- The U.S. accounts for approximately 89% of the web hosting services market growth.
AI Analysis | Feedback
Block, Inc. (symbol: XYZ) is expected to drive future revenue growth over the next 2-3 years through several key strategies centered on expanding its two primary ecosystems, Square and Cash App, enhancing product offerings, and extending its global reach.
Here are the expected drivers of Block's future revenue growth:
* **Cash App Ecosystem Expansion and Monetization:** Block aims to establish Cash App as a leading provider of banking services for U.S. households earning up to $150,000 annually. This will involve broadening its offerings beyond peer-to-peer payments to include services like direct deposit, savings, investing, and small-dollar credit. Further monetization is expected through increased card interchange, instant deposit fees, and brokerage revenues. The integration of Afterpay's Buy Now, Pay Later (BNPL) functionality within Cash App is also projected to boost seller conversion, average order value, and gross profit per active user. Products like Cash App Borrow, which provides small, short-term loans, are also contributing to growth.
* **Square Ecosystem Upmarket Expansion and Product Innovation:** Block is focusing on expanding its Square ecosystem to serve larger, mid-market, and multi-location sellers. This strategy involves offering more specialized software solutions, such as Square for Restaurants, Square for Retail, and Square Appointments, along with integrated payroll, banking, and marketing tools to increase average revenue per user (ARPU). The company is also enhancing its developer platform and partner ecosystem, introducing new products and features, and improving gross payment volume (GPV) growth through ongoing innovation and go-to-market initiatives, including consolidating existing Point of Sale apps and launching new payment functionalities.
* **International Expansion:** Block is actively pursuing international growth, particularly in markets such as the U.K., EU, Australia, Japan, and Canada. The company aims for sustained double-digit international gross profit growth and plans to achieve product parity and localized payment solutions in these regions through 2025-2026. International Gross Payment Volume (GPV) for Square has demonstrated significantly faster growth compared to its U.S. counterpart, indicating strong potential for this driver.
* **Ecosystem Synergies and AI-Driven Product Velocity:** A core part of Block's growth strategy involves creating stronger synergies and cross-selling opportunities between its Square and Cash App ecosystems. By connecting Cash App's large user base with Square sellers through features like discovery, offers, and loyalty programs, Block intends to foster a closed-loop demand flywheel, driving increased engagement and transaction volume across both platforms. Additionally, Block is transitioning to an "AI-native operational model" and expects enterprise-wide AI deployment to not only boost operating income margins through efficiency but also contribute to product-led expansion and accelerate product development across its offerings.
AI Analysis | Feedback
Share Repurchases
- In November 2025, Block announced a $5 billion increase to its existing share repurchase program for its Class A common stock.
- As of September 30, 2025, approximately $1.1 billion remained available under Block's previous $4 billion share repurchase authorization.
- Block repurchased $790 million worth of Class A shares in Q4 2025, contributing to $2.3 billion in total repurchases for the year 2025.
Share Issuance
- Block's acquisition of Afterpay in January 2022 involved a payment of US$29 billion in stock.
- The acquisition of a majority ownership in Tidal in March 2021 by Square (now Block) was for $297 million in cash and stock.
Inbound Investments
- Institutional investors and hedge funds owned 70.44% of Block's stock as of March 9, 2026, reflecting increasing confidence.
- In Q2 2025, several large institutions acquired significant new positions in Block, including Vanguard Group Inc. ($3.73 billion) and Sands Capital Management LLC ($702.4 million).
Outbound Investments
- In January 2022, Block finalized the acquisition of Afterpay, a "buy now, pay later" service, for US$29 billion in stock.
- In March 2021, Square (now Block) acquired a majority stake in the music streaming platform Tidal for $297 million in cash and stock.
- Square acquired Credit Karma Tax for $50 million in November 2020, integrating it into its Cash App unit.
Capital Expenditures
- Capital expenditures were reported as $298 million for 2025, $250 million for 2024, and $217 million for 2023.
- In Q4 2025, Block invested $41.2 million in capital expenditures, focusing on funding long-term assets and infrastructure.
- The primary focus of capital expenditures includes investing in product development and advancing the Square and Cash App ecosystems.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 80.33 |
| Mkt Cap | 42.6 |
| Rev LTM | 10,616 |
| Op Inc LTM | 1,593 |
| FCF LTM | 1,938 |
| FCF 3Y Avg | 1,704 |
| CFO LTM | 1,980 |
| CFO 3Y Avg | 1,830 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.3% |
| Rev Chg 3Y Avg | 19.0% |
| Rev Chg Q | 19.9% |
| QoQ Delta Rev Chg LTM | 4.3% |
| Op Inc Chg LTM | 26.1% |
| Op Inc Chg 3Y Avg | 125.3% |
| Op Mgn LTM | 14.6% |
| Op Mgn 3Y Avg | 15.3% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 19.7% |
| CFO/Rev 3Y Avg | 21.7% |
| FCF/Rev LTM | 16.7% |
| FCF/Rev 3Y Avg | 17.4% |
Price Behavior
Price Behavior
| Market Price | $78.72 | |
| Market Cap ($ Bil) | 47.0 | |
| First Trading Date | 11/19/2015 | |
| Distance from 52W High | -2.9% | |
| 50 Days | 200 Days | |
| DMA Price | $72.54 | $67.34 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 8.5% | 16.9% |
| 3M | 1YR | |
| Volatility | 42.5% | 47.2% |
| Downside Capture | 101.90 | 189.26 |
| Upside Capture | 148.18 | 169.51 |
| Correlation (SPY) | 53.6% | 51.9% |
XYZ Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.60 | 1.58 | 1.78 | 1.95 | 1.97 | 1.85 |
| Up Beta | 2.69 | 2.55 | 2.31 | 2.06 | 1.85 | 1.52 |
| Down Beta | 1.89 | 1.89 | 1.81 | 2.39 | 2.34 | 1.87 |
| Up Capture | 135% | 130% | 171% | 216% | 249% | 1074% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 21 | 34 | 65 | 128 | 392 |
| Down Capture | 111% | 106% | 134% | 156% | 154% | 112% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 20 | 29 | 60 | 122 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XYZ | |
|---|---|---|---|---|
| XYZ | 14.5% | 47.6% | 0.43 | - |
| Sector ETF (XLF) | 7.7% | 14.8% | 0.29 | 43.5% |
| Equity (SPY) | 20.8% | 12.6% | 1.23 | 51.5% |
| Gold (GLD) | 20.0% | 27.9% | 0.64 | 15.6% |
| Commodities (DBC) | 27.6% | 18.9% | 1.16 | -7.5% |
| Real Estate (VNQ) | 13.3% | 13.9% | 0.66 | 20.9% |
| Bitcoin (BTCUSD) | -44.8% | 42.7% | -1.28 | 35.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XYZ | |
|---|---|---|---|---|
| XYZ | -20.1% | 60.0% | -0.14 | - |
| Sector ETF (XLF) | 10.5% | 18.6% | 0.44 | 53.3% |
| Equity (SPY) | 13.0% | 17.1% | 0.59 | 63.7% |
| Gold (GLD) | 17.0% | 18.3% | 0.75 | 9.3% |
| Commodities (DBC) | 7.8% | 19.5% | 0.29 | 8.4% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.06 | 45.6% |
| Bitcoin (BTCUSD) | 13.6% | 53.5% | 0.44 | 36.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XYZ | |
|---|---|---|---|---|
| XYZ | 24.1% | 56.7% | 0.62 | - |
| Sector ETF (XLF) | 13.7% | 22.1% | 0.57 | 44.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 60.8% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 8.3% |
| Commodities (DBC) | 6.3% | 18.0% | 0.28 | 15.2% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 43.1% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 24.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 6.7% | 2.0% | -0.3% |
| 2/26/2026 | 16.8% | 23.6% | 2.7% |
| 11/6/2025 | -7.7% | -12.2% | -13.2% |
| 8/7/2025 | -4.5% | -1.1% | -1.3% |
| 5/1/2025 | -20.4% | -14.3% | 5.6% |
| 2/20/2025 | -17.7% | -22.6% | -26.4% |
| 11/7/2024 | -0.9% | 10.8% | 26.8% |
| 8/1/2024 | 0.8% | 2.2% | 10.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 12 |
| # Negative | 11 | 12 | 12 |
| Median Positive | 10.2% | 11.0% | 13.7% |
| Median Negative | -4.5% | -10.2% | -15.0% |
| Max Positive | 26.1% | 25.0% | 47.8% |
| Max Negative | -20.4% | -22.6% | -27.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 6.7% | 2.0% | -0.3% |
| 2/26/2026 | 16.8% | 23.6% | 2.7% |
| 11/6/2025 | -7.7% | -12.2% | -13.2% |
| 8/7/2025 | -4.5% | -1.1% | -1.3% |
| 5/1/2025 | -20.4% | -14.3% | 5.6% |
| 2/20/2025 | -17.7% | -22.6% | -26.4% |
| 11/7/2024 | -0.9% | 10.8% | 26.8% |
| 8/1/2024 | 0.8% | 2.2% | 10.3% |
| 5/2/2024 | -1.2% | 4.1% | -8.5% |
| 2/22/2024 | 16.1% | 16.9% | 18.8% |
| 11/2/2023 | 10.7% | 16.1% | 47.8% |
| 8/3/2023 | -13.6% | -15.4% | -20.9% |
| 5/4/2023 | -2.0% | -5.2% | 5.1% |
| 2/23/2023 | 4.3% | 5.2% | -18.2% |
| 11/3/2022 | 11.5% | 25.0% | 17.1% |
| 8/4/2022 | -2.2% | -4.1% | -26.1% |
| 5/5/2022 | 0.7% | -20.7% | -12.7% |
| 2/24/2022 | 26.1% | 20.2% | 37.2% |
| 11/4/2021 | -4.1% | -8.5% | -27.4% |
| 8/2/2021 | 10.2% | 11.3% | 10.0% |
| 5/6/2021 | 4.2% | -12.0% | -3.1% |
| 2/23/2021 | -7.5% | -1.7% | -16.8% |
| 11/5/2020 | 13.0% | 1.9% | 21.3% |
| 8/5/2020 | 5.1% | -5.1% | 4.3% |
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 12 |
| # Negative | 11 | 12 | 12 |
| Median Positive | 10.2% | 11.0% | 13.7% |
| Median Negative | -4.5% | -10.2% | -15.0% |
| Max Positive | 26.1% | 25.0% | 47.8% |
| Max Negative | -20.4% | -22.6% | -27.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/02/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
| 06/30/2019 | 08/01/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Gross Profit | 3.04 Bil | ||||||
| Q2 2026 Gross Profit Growth | 20.0% | ||||||
| Q2 2026 Adjusted Operating Income | 740.00 Mil | ||||||
| Q2 2026 Adjusted Operating Income Margin | 24.0% | ||||||
| Q2 2026 Adjusted Diluted EPS | 0.86 | ||||||
| Q2 2026 Adjusted Diluted EPS Growth | 39.0% | ||||||
| 2026 Gross Profit | 12.33 Bil | 1.1% | Raised | Guidance: 12.20 Bil for 2026 | |||
| 2026 Gross Profit Growth | 19.0% | 1.0% | Raised | Guidance: 18.0% for 2026 | |||
| 2026 Adjusted Operating Income | 3.34 Bil | 4.4% | Raised | Guidance: 3.20 Bil for 2026 | |||
| 2026 Adjusted Operating Income Margin | 27.0% | ||||||
| 2026 Adjusted Diluted EPS | 3.85 | 5.2% | Raised | Guidance: 3.66 for 2026 | |||
| 2026 Adjusted Diluted EPS Growth | 62.0% | ||||||
Prior: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Gross Profit | 2.80 Bil | 1.6% | Higher New | Actual: 2.75 Bil for Q4 2025 | |||
| Q1 2026 Gross Profit Growth | 22.0% | 3.0% | Higher New | Actual: 19.0% for Q4 2025 | |||
| Q1 2026 Adjusted Operating Income | 600.00 Mil | 7.1% | Higher New | Actual: 560.00 Mil for Q4 2025 | |||
| Q1 2026 Adjusted Diluted EPS | 0.67 | ||||||
| 2026 Gross Profit | 12.20 Bil | 19.1% | Higher New | Actual: 10.24 Bil for 2025 | |||
| 2026 Gross Profit Growth | 18.0% | 3.0% | Higher New | Actual: 15.0% for 2025 | |||
| 2026 Adjusted Operating Income | 3.20 Bil | 55.6% | Higher New | Actual: 2.06 Bil for 2025 | |||
| 2026 Adjusted Diluted EPS | 3.66 | ||||||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Gross Profit | 2.75 Bil | 6.0% | Higher New | Actual: 2.60 Bil for Q3 2025 | |||
| Q4 2025 Gross Profit Growth | 19.0% | 0.0% | Affirmed | Guidance: 19.0% for Q4 2025 | |||
| Q4 2025 Adjusted Operating Income | 560.00 Mil | 21.7% | Higher New | Actual: 460.00 Mil for Q3 2025 | |||
| 2025 Gross Profit | 10.24 Bil | 0.7% | Raised | Guidance: 10.17 Bil for 2025 | |||
| 2025 Gross Profit Growth | 15.0% | 0.6% | Raised | Guidance: 14.4% for 2025 | |||
| 2025 Adjusted Operating Income | 2.06 Bil | 1.3% | Raised | Guidance: 2.03 Bil for 2025 | |||
| 2025 Sales-led NVA Growth | 40.0% | ||||||
Insider Activity
Updated 7/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Eisen, Anthony Mathew | Direct | Sell | 7132026 | 78.35 | 6,000 | 470,100 | 144,059,951 | Form | |
| 2 | Eisen, Anthony Mathew | Direct | Sell | 7132026 | 78.91 | 6,000 | 473,460 | 145,563,068 | Form | |
| 3 | Eisen, Anthony Mathew | Direct | Sell | 7132026 | 76.14 | 6,000 | 456,840 | 140,910,166 | Form | |
| 4 | Eisen, Anthony Mathew | Direct | Sell | 7082026 | 76.66 | 6,000 | 459,960 | 142,332,476 | Form | |
| 5 | Eisen, Anthony Mathew | Direct | Sell | 7082026 | 79.49 | 6,000 | 476,940 | 148,063,797 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Eisen, Anthony Mathew | Direct | Sell | 7132026 | 78.35 | 6,000 | 470,100 | 144,059,951 | Form | |
| 2 | Eisen, Anthony Mathew | Direct | Sell | 7132026 | 78.91 | 6,000 | 473,460 | 145,563,068 | Form | |
| 3 | Eisen, Anthony Mathew | Direct | Sell | 7132026 | 76.14 | 6,000 | 456,840 | 140,910,166 | Form | |
| 4 | Eisen, Anthony Mathew | Direct | Sell | 7082026 | 76.66 | 6,000 | 459,960 | 142,332,476 | Form | |
| 5 | Eisen, Anthony Mathew | Direct | Sell | 7082026 | 79.49 | 6,000 | 476,940 | 148,063,797 | Form | |
| 6 | Eisen, Anthony Mathew | Direct | Sell | 7082026 | 78.77 | 6,000 | 472,620 | 147,195,293 | Form | |
| 7 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 7072026 | 80.00 | 43,348 | 3,467,840 | 44,612,320 | Form |
| 8 | Eisen, Anthony Mathew | Direct | Sell | 7022026 | 79.83 | 36,000 | 2,873,820 | 149,651,941 | Form | |
| 9 | Eisen, Anthony Mathew | Direct | Sell | 7022026 | 76.40 | 6,000 | 458,400 | 145,975,341 | Form | |
| 10 | Eisen, Anthony Mathew | Direct | Sell | 7022026 | 78.80 | 6,000 | 472,800 | 151,033,754 | Form | |
| 11 | Eisen, Anthony Mathew | Direct | Sell | 6292026 | 78.93 | 6,000 | 473,580 | 151,756,501 | Form | |
| 12 | Eisen, Anthony Mathew | Direct | Sell | 6292026 | 74.80 | 6,000 | 448,800 | 144,264,666 | Form | |
| 13 | Eisen, Anthony Mathew | Direct | Sell | 6292026 | 75.70 | 6,000 | 454,200 | 146,454,670 | Form | |
| 14 | Eisen, Anthony Mathew | Direct | Sell | 6242026 | 74.01 | 6,000 | 444,060 | 143,629,135 | Form | |
| 15 | Eisen, Anthony Mathew | Direct | Sell | 6242026 | 72.29 | 6,000 | 433,740 | 140,724,919 | Form | |
| 16 | Eisen, Anthony Mathew | Direct | Sell | 6242026 | 74.28 | 6,000 | 445,680 | 145,044,476 | Form | |
| 17 | Eisen, Anthony Mathew | Direct | Sell | 6182026 | 73.99 | 6,000 | 443,940 | 144,922,141 | Form | |
| 18 | Eisen, Anthony Mathew | Direct | Sell | 6182026 | 74.10 | 6,000 | 444,600 | 145,582,195 | Form | |
| 19 | Eisen, Anthony Mathew | Direct | Sell | 6182026 | 74.95 | 6,000 | 449,700 | 147,701,866 | Form | |
| 20 | Ahuja, Amrita | CFO & COO | Direct | Sell | 6182026 | 75.00 | 8,093 | 606,975 | 34,743,450 | Form |
| 21 | Eisen, Anthony Mathew | Direct | Sell | 6152026 | 72.26 | 6,000 | 433,560 | 142,568,257 | Form | |
| 22 | Eisen, Anthony Mathew | Direct | Sell | 6152026 | 69.78 | 6,000 | 418,680 | 138,093,922 | Form | |
| 23 | Eisen, Anthony Mathew | Direct | Sell | 6112026 | 66.07 | 6,000 | 396,420 | 131,148,289 | Form | |
| 24 | Eisen, Anthony Mathew | Direct | Sell | 6112026 | 66.64 | 6,000 | 399,840 | 132,679,574 | Form | |
| 25 | Eisen, Anthony Mathew | Direct | Sell | 6112026 | 68.82 | 6,000 | 412,920 | 137,432,852 | Form | |
| 26 | Eisen, Anthony Mathew | Direct | Sell | 6082026 | 68.22 | 6,000 | 409,320 | 136,643,978 | Form | |
| 27 | Eisen, Anthony Mathew | Direct | Sell | 6082026 | 70.19 | 6,000 | 421,140 | 141,011,008 | Form | |
| 28 | Eisen, Anthony Mathew | Direct | Sell | 6082026 | 70.84 | 6,000 | 425,040 | 142,741,892 | Form | |
| 29 | Eisen, Anthony Mathew | Direct | Sell | 6032026 | 72.82 | 6,000 | 436,920 | 147,168,492 | Form | |
| 30 | Eisen, Anthony Mathew | Direct | Sell | 6032026 | 76.35 | 6,000 | 458,100 | 154,760,686 | Form | |
| 31 | Eisen, Anthony Mathew | Direct | Sell | 6032026 | 76.81 | 135,750 | 10,426,774 | 156,151,208 | Form | |
| 32 | Ahuja, Amrita | CFO & COO | Direct | Sell | 6032026 | 76.62 | 11,076 | 848,624 | 36,113,198 | Form |
| 33 | Jennings, Owen Britton | Business Lead | Direct | Sell | 5272026 | 68.54 | 1,316 | 90,199 | 32,876,033 | Form |
| 34 | Jennings, Owen Britton | Business Lead | Direct | Sell | 5212026 | 69.83 | 583 | 40,711 | 33,586,694 | Form |
| 35 | Jennings, Owen Britton | Business Lead | Direct | Sell | 5212026 | 71.00 | 44 | 3,124 | 35,444,052 | Form |
| 36 | Esperanza, Chrysty | Chief Legal Officer | Direct | Sell | 4222026 | 75.00 | 3,000 | 225,000 | 20,112,675 | Form |
| 37 | Ahuja, Amrita | CFO & COO | Direct | Sell | 4222026 | 75.00 | 30,919 | 2,318,925 | 37,561,200 | Form |
| 38 | Jennings, Owen Britton | Business Lead | Direct | Sell | 4082026 | 60.25 | 133 | 8,013 | 13,862,983 | Form |
| 39 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 4082026 | 60.25 | 1,769 | 106,582 | 30,170,971 | Form |
| 40 | Jennings, Owen Britton | Business Lead | Direct | Sell | 3052026 | 63.41 | 3,555 | 225,423 | 14,664,323 | Form |
| 41 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 2242026 | 50.00 | 10,349 | 517,450 | 25,189,200 | Form |
| 42 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 1062026 | 68.52 | 1,983 | 135,875 | 35,516,040 | Form |
| 43 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 1062026 | 63.98 | 1,038 | 66,411 | 33,289,690 | Form |
| 44 | Jennings, Owen Britton | Business Lead | Direct | Sell | 1062026 | 63.98 | 822 | 52,592 | 15,529,098 | Form |
| 45 | Esperanza, Chrysty | Chief Legal Officer | Direct | Sell | 1062026 | 63.98 | 331 | 21,177 | 7,861,031 | Form |
| 46 | Dale, Ajmere | Chief Accounting Officer | Direct | Sell | 1062026 | 65.09 | 1,173 | 76,354 | 6,405,886 | Form |
| 47 | Ahuja, Amrita | CFO & COO | Direct | Sell | 1062026 | 63.98 | 1,101 | 70,442 | 17,393,859 | Form |
| 48 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 11252025 | 61.96 | 8,085 | 500,952 | 32,303,338 | Form |
| 49 | Weber, Arnaud | Engineering Lead | Direct | Sell | 11252025 | 61.40 | 7,095 | 435,633 | 15,910,950 | Form |
| 50 | Jennings, Owen Britton | Business Lead | Direct | Sell | 11252025 | 61.40 | 10,417 | 639,604 | 14,953,356 | Form |
| 51 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 11252025 | 61.40 | 6,460 | 396,644 | 32,507,432 | Form |
| 52 | Esperanza, Chrysty | Chief Legal Officer | Direct | Sell | 11252025 | 61.40 | 3,608 | 221,531 | 7,564,357 | Form |
| 53 | Dale, Ajmere | Chief Accounting Officer | Direct | Sell | 11252025 | 61.40 | 2,724 | 167,254 | 6,114,519 | Form |
| 54 | Ahuja, Amrita | CFO & COO | Direct | Sell | 11252025 | 61.40 | 9,959 | 611,483 | 16,760,051 | Form |
| 55 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 10102025 | 80.00 | 35,145 | 2,811,600 | 42,871,680 | Form |
| 56 | Dale, Ajmere | Chief Accounting Officer | Direct | Sell | 10102025 | 80.00 | 750 | 60,000 | 8,184,640 | Form |
| 57 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 10062025 | 76.69 | 1,679 | 128,763 | 43,793,134 | Form |
| 58 | Ahuja, Amrita | CFO & COO | Direct | Sell | 10062025 | 76.69 | 1,276 | 97,856 | 21,697,442 | Form |
| 59 | Jennings, Owen Britton | Business Lead | Direct | Sell | 10062025 | 74.77 | 1,050 | 78,508 | 18,988,290 | Form |
| 60 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 10062025 | 74.77 | 1,342 | 100,341 | 42,822,274 | Form |
| 61 | Esperanza, Chrysty | Chief Legal Officer | Direct | Sell | 10062025 | 74.77 | 406 | 30,357 | 9,481,285 | Form |
| 62 | Ahuja, Amrita | CFO & COO | Direct | Sell | 10062025 | 74.77 | 1,351 | 101,014 | 21,249,634 | Form |
| 63 | Dale, Ajmere | Chief Accounting Officer | Direct | Sell | 10032025 | 74.77 | 520 | 38,880 | 7,705,647 | Form |
| 64 | Dale, Ajmere | Chief Accounting Officer | Direct | Sell | 10032025 | 72.22 | 750 | 54,165 | 7,480,403 | Form |
| 65 | Ahuja, Amrita | CFO & COO | Direct | Sell | 9182025 | 75.00 | 6,581 | 493,575 | 21,416,325 | Form |
| 66 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 9042025 | 76.24 | 9,760 | 744,102 | 43,766,487 | Form |
| 67 | Dale, Ajmere | Chief Accounting Officer | Direct | Sell | 8252025 | 80.00 | 750 | 60,000 | 8,346,240 | Form |
| 68 | Jennings, Owen Britton | Business Lead | Direct | Sell | 8252025 | 73.87 | 8,501 | 628,010 | 18,838,512 | Form |
| 69 | Ahuja, Amrita | CFO & COO | Direct | Sell | 8252025 | 75.00 | 6,299 | 472,425 | 21,909,900 | Form |
| 70 | Dale, Ajmere | Chief Accounting Officer | Direct | Sell | 8252025 | 73.32 | 3,158 | 231,556 | 7,704,686 | Form |
| 71 | Prasanna, Dhananjay | Technology Lead | Direct | Sell | 8252025 | 73.72 | 5,659 | 417,181 | 21,341,350 | Form |
| 72 | Jennings, Owen Britton | Business Lead | Direct | Sell | 8252025 | 73.20 | 10,424 | 763,037 | 19,288,712 | Form |
| 73 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 8252025 | 73.20 | 6,465 | 473,238 | 42,735,770 | Form |
| 74 | Esperanza, Chrysty | Chief Legal Officer | Direct | Sell | 8252025 | 73.20 | 3,609 | 264,179 | 9,311,918 | Form |
| 75 | Ahuja, Amrita | CFO & COO | Direct | Sell | 8252025 | 73.20 | 9,966 | 729,511 | 21,845,149 | Form |
| 76 | Prasanna, Dhananjay | Technology + Engineering Lead | Direct | Sell | 8192025 | 76.19 | 3,600 | 274,284 | 22,487,555 | Form |
| 77 | Prasanna, Dhananjay | Technology + Engineering Lead | Direct | Sell | 8122025 | 81.99 | 400 | 32,796 | 24,494,594 | Form |
| 78 | Prasanna, Dhananjay | Technology + Engineering Lead | Direct | Sell | 8052025 | 74.93 | 3,600 | 269,748 | 22,415,384 | Form |
| 79 | Dale, Ajmere | Chief Accounting Officer | Direct | Sell | 7252025 | 80.00 | 500 | 40,000 | 8,658,880 | Form |
| 80 | Prasanna, Dhananjay | Technology + Engineering Lead | Direct | Sell | 7252025 | 80.00 | 800 | 64,000 | 24,220,080 | Form |
| 81 | Ahuja, Amrita | CFO & COO | Direct | Sell | 7232025 | 78.60 | 16,358 | 1,285,739 | 24,240,004 | Form |
| 82 | Jennings, Owen Britton | Business Lead | Direct | Sell | 7232025 | 78.60 | 3,993 | 313,850 | 21,530,977 | Form |
| 83 | Prasanna, Dhananjay | Technology + Engineering Lead | Direct | Sell | 7172025 | 70.00 | 800 | 56,000 | 21,248,570 | Form |
| 84 | Prasanna, Dhananjay | Technology + Engineering Lead | Direct | Sell | 7172025 | 68.06 | 2,800 | 190,568 | 20,714,129 | Form |
| 85 | Jennings, Owen Britton | Business Lead | Direct | Sell | 7072025 | 69.26 | 1,050 | 72,723 | 19,249,016 | Form |
| 86 | Grassadonia, Brian | Ecosystem Lead | Direct | Sell | 7072025 | 69.26 | 1,342 | 92,947 | 40,883,278 | Form |
| 87 | Esperanza, Chrysty | Chief Legal Officer | Direct | Sell | 7072025 | 69.26 | 406 | 28,120 | 9,060,662 | Form |
| 88 | Dale, Ajmere | Chief Accounting Officer | Direct | Sell | 7072025 | 69.26 | 366 | 25,349 | 7,531,055 | Form |
| 89 | Ahuja, Amrita | CFO & COO | Direct | Sell | 7072025 | 69.26 | 1,351 | 93,570 | 22,492,531 | Form |
| 90 | Prasanna, Dhananjay | Technology + Engineering Lead | Direct | Sell | 7022025 | 70.00 | 800 | 56,000 | 21,500,570 | Form |
| 91 | Prasanna, Dhananjay | Technology + Engineering Lead | Direct | Sell | 7022025 | 67.74 | 2,800 | 189,672 | 20,860,601 | Form |
| 92 | Prasanna, Dhananjay | Technology + Engineering Lead | Direct | Sell | 7022025 | 67.24 | 2,400 | 161,376 | 20,894,897 | Form |
Investor Activity (13F)
Updated Jul 14, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Opti Capital Management, LP | $82.2 Mil | 5.9% | 36 | TRIM -36.4% | 13F |
| Dragoneer Investment Group, LLC | $175.6 Mil | 5.9% | 17 | TRIM -41.4% | 13F |
| Woodson Capital Management, LP | $34.9 Mil | 5.6% | 28 | TRIM -16.1% | 13F |
| PointState Capital LP | $239.4 Mil | 5.6% | 44 | ADD +93.4% | 13F |
| Ribbit Management Company, LLC | $86.1 Mil | 5.1% | 16 | ADD +23.2% | 13F |
| Hyperion Asset Management Ltd | $151.1 Mil | 4.8% | 18 | TRIM -5.4% | 13F |
| a16z Capital Management, L.L.C. | $61.2 Mil | 4.7% | 16 | Hold | 13F |
| Ravenswood Partners LP | $10.2 Mil | 3.8% | 35 | Hold | 13F |
| Azora Capital LP | $41.8 Mil | 2.8% | 45 | New | 13F |
| Evergreen Quality Fund GP, Ltd. | $112.6 Mil | 2.6% | 40 | Hold | 13F |
| Glenview Capital Management, LLC | $82.1 Mil | 2.2% | 41 | ADD +60.2% | 13F |
| Gladstone Capital Management LLP | $11.6 Mil | 1.2% | 32 | TRIM -62.6% | 13F |
| SC US (TTGP), LTD. | $59.6 Mil | 0.6% | 36 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Fernbridge Capital Management LP | $28.4 Mil | 1.4% | 20 | Exited | Dec 31, 2025 | 13F |
| Nishkama Capital, LLC | $12.2 Mil | 1.7% | 49 | Exited | Dec 31, 2025 | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $12.0 Mil | 2.5% | 46 | Exited | Dec 31, 2025 | 13F |
| ADAPT Investment Managers SA | $6.3 Mil | 1.3% | 28 | Exited | Dec 31, 2025 | 13F |
| Gladstone Capital Management LLP | $11.6 Mil | 1.2% | 32 | TRIM -62.6% | Mar 31, 2026 | 13F |
| Dragoneer Investment Group, LLC | $175.6 Mil | 5.9% | 17 | TRIM -41.4% | Mar 31, 2026 | 13F |
| Opti Capital Management, LP | $82.2 Mil | 5.9% | 36 | TRIM -36.4% | Mar 31, 2026 | 13F |
| Woodson Capital Management, LP | $34.9 Mil | 5.6% | 28 | TRIM -16.1% | Mar 31, 2026 | 13F |
| Hyperion Asset Management Ltd | $151.1 Mil | 4.8% | 18 | TRIM -5.4% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| PointState Capital LP | $239.4 Mil | 5.6% | 44 | ADD +93.4% | 13F |
| Dragoneer Investment Group, LLC | $175.6 Mil | 5.9% | 17 | TRIM -41.4% | 13F |
| Hyperion Asset Management Ltd | $151.1 Mil | 4.8% | 18 | TRIM -5.4% | 13F |
| Evergreen Quality Fund GP, Ltd. | $112.6 Mil | 2.6% | 40 | Hold | 13F |
| Ribbit Management Company, LLC | $86.1 Mil | 5.1% | 16 | ADD +23.2% | 13F |
| Opti Capital Management, LP | $82.2 Mil | 5.9% | 36 | TRIM -36.4% | 13F |
| Glenview Capital Management, LLC | $82.1 Mil | 2.2% | 41 | ADD +60.2% | 13F |
| a16z Capital Management, L.L.C. | $61.2 Mil | 4.7% | 16 | Hold | 13F |
| SC US (TTGP), LTD. | $59.6 Mil | 0.6% | 36 | Hold | 13F |
| Azora Capital LP | $41.8 Mil | 2.8% | 45 | New | 13F |
| Woodson Capital Management, LP | $34.9 Mil | 5.6% | 28 | TRIM -16.1% | 13F |
| Gladstone Capital Management LLP | $11.6 Mil | 1.2% | 32 | TRIM -62.6% | 13F |
| Ravenswood Partners LP | $10.2 Mil | 3.8% | 35 | Hold | 13F |
Block — Investor Video Playlist
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