Slide 1: Q2 2025 Block Investor Presentation
Q2 2025 Block Investor Presentation investors.block.xyz
Slide 2: Forward-looking statements; Non-GAAP Financial Measures
Block Investor Presentation 2 Forward-looking statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified
Slide 3: Block Financial Objectives
Block Investor Presentation 3 Block Financial Objectives ● Drive consistent growth while ensuring profitability ● Rule of 401 Pursuing balance between delivering consistent We continue to view Rule of 40 as our guiding growth without sacrificing profitability, setting the financial framework and bel
Slide 4: Q2 Key Messages
Block Investor Presentation 4 Q2 Key Messages ● Accelerated year-over-year gross profit growth to ● Growing engagement on Cash App with gross profit 14% and outperformed our gross profit guidance per monthly transacting active of $87 on an annualized basis, up 15% year over year ● Strong profitabili
Slide 5: Q2 Gross Profit Growth
Block Investor Presentation 5 Q2 Gross Profit Growth Gross Profit We delivered year-over-year gross profit growth of 14% as we sustained momentum in Square and drove reacceleration in Cash App gross profit growth Q2 Q3 Q4 Q1 Q2 2024 2024 2025 2025 YoY Growth 20% 19% 14% 9% 14%
Slide 6: Q2 Profitability
Block Investor Presentation 6 Q2 Profitability Net Income Loss Adjusted EBITDA *attributable to common stockholders 17% YoY Growth Margins are all calculated as a percent of gross profit. In the second quarter of 2025, net income included a remeasurement gain on our bitcoin investment of $212 mil
Slide 7: Q2 Profitability
Block Investor Presentation 7 Q2 Profitability Operating Income Loss Adjusted Operating Income Loss Adjusted Operating Income grew 38% year over year, 38% YoY Growth with margins expanding despite meaningful investments in go to market Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2024 2025 2024 2025 Margins ar
Slide 8: Square
Square
Slide 9: Strategic priorities
Block Investor Presentation 9 Strategic priorities Improve Square GPV growth through new product launches and go-to-market initiatives ● Building a rock solid and flexible platform Drive acquisition of new sellers ● Providing a local experience to sellers of all sizes ● Growing with artificial intel
Slide 10: Continued strong growth at scale
Block Investor Presentation 10 Continued strong growth Square Gross Profit at scale Gross profit growth of 11% year over year driven by strength in our software and integrated payments and banking products Q2 Q3 Q4 Q1 Q2 2024 2025 YoY Growth 15% 16% 12% 9% 11%
Slide 11: Growing across diverse geographies
Block Investor Presentation 11 Growing across diverse Square GPV by Geography geographies In the second quarter, total Square GPV grew 10%, with U.S. GPV growing 7.0% and International GPV growing 25% 19% 17% 18% 19% 18% 83% 82% 81% 82% 81% Q2 Q3 Q4 Q1 Q2 2024 2025 Total* 7.8% 7.5% 10% 7.2% 10% Inte
Slide 12: Upmarket progress
Block Investor Presentation 12 Upmarket progress Square GPV by Seller Size GPV from mid-market sellers grew 17% year over year in the second quarter as we $64.2B executed on our go to market strategies $58.4B $54.2B 44% GPV from mid-market % mid-market sellers Q2 2023 40% Q2 2024 41% Q2 2025 44% sel
Slide 13: Customer testimonial from Bluestone Lane
Block Investor Presentation 13 “From day one, Square has demonstrated an exceptional commitment to understanding our needs and delivering solutions that align with our vision. Their willingness to evolve alongside us and drive innovation makes them an ideal partner as we enhance the experience for b
Slide 14: Cash App
Cash App
Slide 15: Strategic vision
Block Investor Presentation 15 Strategic vision Cash App Capabilities Cash App is building the financial operating system for P2P Network Commerce Banking Making Bitcoin Connect customers Solutions Functionality Everyday Money the next generation to their local Help customers Support customers Allow
Slide 16: Continued strong growth at scale
Block Investor Presentation 16 Continued strong Cash App Gross Profit growth at scale Gross profit growth of 16% year over year driven by Cash App Borrow, Cash App Card, and BNPL Q2 Q3 Q4 Q1 Q2 2024 2025 YoY Growth 23% 21% 16% 10% 16%
Slide 17: Driving greater engagement and monetization
Block Investor Presentation 17 Driving greater engagement Cash App Gross Profit per Monthly Transacting Active and monetization Gross profit per transacting active growth of 15% year over year in Q2 Q2 Q3 Q4 Q1 Q2 2024 2025 YoY Growth 17% 16% 13% 9% 15% Please see the appendix for a definition of gr
Slide 18: Driving greater engagement and monetization
Block Investor Presentation 18 Driving greater engagement Cash App Inflows per Transacting Active and monetization Inflows per transacting active growth of 8% year over year in Q2, driven in part by more customers bringing their paychecks into Cash App Q2 Q3 Q4 Q1 Q2 2024 2025 YoY Growth 10% 9% 10%
Slide 19: Stable Margins for Cash App Borrow
Block Investor Presentation 19 Stable Margins for Cash App Borrow Annualized Net Margin Trailing Twelve Months) Cash App Borrow even as we significantly ramp originations Strong margins driven by stable underwriting performance as Borrow originations grew 95% year over year to $18 billion annualize
Slide 20: Cash App Card actives growth
Block Investor Presentation 20 Cash App Card Cash App Card Monthly Actives as a % of Overall Monthly Actives actives growth Cash App Card Actives Cash App Card monthly actives have grown as a % of overall Cash App actives over time 40% 41% 42% 43% 43% 44% 45% 45% Sep Dec Mar Jun Sep Dec Mar Jun 2023
Slide 21: Millions of actives engage with Cash App
Block Investor Presentation 21 Millions of actives Cash App Actives engage with Cash App across a wide range of Cash App Commerce Banking Bitcoin commerce, banking, and bitcoin functionality 57 million 26 million 8 million 8 million Monthly Transacting Cash App Card Banking Actives Cash App Bitcoin
Slide 22: Afterpay focus on healthy consumer behavior and repeat engagement
Block Investor Presentation 22 With Afterpay, weʼre focused on driving healthy consumer behavior and repeat engagement 1% risk loss on Afterpay 95% of Afterpay GMV comes 96% of all installments 98% of all purchases consumer receivables from returning customers were paid on time incurred no late fe
Slide 23: Customer quotes about Cash App
Block Investor Presentation 23 “I love the sound Cashapp makes when I get a sendˮ WORSHIIPANGEL, X “love seeing cash app notificationsˮ FEEDOFDRI, X “I use cashapp itʼs simple and I can just have it automatically investˮ RONNIEBOUDREAUX, REDDIT
Slide 24: 2025 Full Year Guidance
Block Investor Presentation 24 2025 Full Year Guidance Weʼre raising our gross profit and Adjusted 2025 Operating Income guidance by more than our second quarter outperformance to reflect Gross Profit $10.17B our strong execution. For the full year, we YoY Growth 14.4% expect year over year gross pr
Slide 25: Q3 2025 Guidance
Block Investor Presentation 25 Q3 2025 Guidance We expect gross profit in the third quarter to Q3 2025 grow 16% year over year to $2.60 billion. We expect to accelerate gross profit further in Gross Profit $2.60B the fourth quarter as we focus on increasing YoY Growth 16% network density and deepeni
Slide 26: Appendix
Appendix
Slide 27: Appendix
Block Investor Presentation 27 Appendix SLIDE 3 SLIDE 4 & 18 & 21 Gross profit retention is calculated as year-over-year gross profit growth Gross profit per monthly transacting active is calculated based on Cash App of all existing quarterly Cash App cohorts, averaged over the last four annualized
Slide 28: Appendix
Block Investor Presentation 28 Appendix SLIDE 4 & 11 & 12 SLIDE 19 Square GPV is defined as the total dollar amount of all card and bank Cash App Borrow annualized net margin is calculated by taking Cash App payments processed by sellers using Square, net of refunds. Constant Borrow variable profit
Slide 29: Reconciliations (unaudited)
Block Investor Presentation 29 Reconciliations (unaudited) Adjusted Operating Income (in thousands, except for percentages) THREE MONTHS ENDED Jun 30, 2025 Jun 30, 2024 Sept 30, 2024 Dec 31, 2024 Mar 31, 2025 Operating income $484,293 $306,562 $323,009 $13,013 $329,402 Operating Income margin %) of
Slide 30: Reconciliations (unaudited)
Block Investor Presentation 30 Reconciliations (unaudited) Adjusted EBITDA (in thousands, except for percentages) THREE MONTHS ENDED Jun 30, 2025 Jun 30, 2024 Sept 30, 2024 Dec 31, 2024 Mar 31, 2025 Net income attributable to common stockholders $538,458 $195,268 $283,754 $1,946,020 $189,872 Net los