Block, Inc. · NYSE:XYZ
Block — Q3 2025 Earnings Presentation
29 slides from Block's earnings presentation, Dec 23, 2025
Slide 1: Q3 2025 Block Investor Presentation
Q3 2025 Block Investor Presentation investors.block.xyz
Slide 2: Forward-looking statements and 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 profitable growth ● 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 believe we are well p
Slide 4: Q3 Key Messages
Block Investor Presentation 4 Q3 Key Messages ● Accelerated year-over-year gross profit growth to ● Growing engagement on Cash App with gross profit 18% and delivered on Adjusted Operating Income per monthly transacting active of $94 on an guidance annualized basis, up 25% year over year ● Delivered
Slide 5: Q3 Gross Profit Growth
Block Investor Presentation 5 Q3 Gross Profit Growth Gross Profit We delivered year-over-year gross profit growth of 18%, accelerating from 14% growth in the second quarter as we sustained momentum in Square and accelerated Cash App gross profit growth Q3 Q4 Q1 Q2 Q3 2024 2024 2025 2025 YoY Growth 1
Slide 6: Q3 Profitability: Net Income and Adjusted EBITDA
Block Investor Presentation 6 Q3 Profitability Net Income* Adjusted EBITDA *attributable to common stockholders 31% Margin Margins are all calculated as a percent of gross profit. In the third quarter of 2025, net income included a remeasurement gain on our bitcoin investment of $60 million and gain
Slide 7: Q3 Profitability: Operating Income and Adjusted Operating Income
Block Investor Presentation 7 Q3 Profitability Operating Income Adjusted Operating Income Adjusted Operating Income 18% Margin grew 8% year over year, with margins expanding despite meaningful investments in go to market Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2024 2025 2024 2025 Margins are all calculated as
Slide 8: Cash App
Cash App
Slide 9: Cash App Strategic vision
Block Investor Presentation 9 Strategic vision Cash App Capabilities Cash App is building the financial operating system for Network Commerce Banking Bitcoin Connect customers Help customers Support customers Allow customers the next generation to their local manage their saving, investing, to conve
Slide 10: Continued strong growth at scale
Block Investor Presentation 10 Continued strong Cash App Gross Profit growth at scale Gross profit growth of 24% year over year driven by Cash App Borrow, BNPL, and Cash App Card Q3 Q4 Q1 Q2 Q3 2024 2025 YoY Growth 21% 16% 10% 16% 24%
Slide 11: Driving greater engagement and monetization: Gross Profit per Active
Block Investor Presentation 11 Driving greater engagement Cash App Gross Profit per Monthly Transacting Active and monetization Gross profit per transacting active growth of 25% year over year in Q3 Q3 Q4 Q1 Q2 Q3 2024 2025 YoY Growth 16% 13% 9% 15% 25% Please see the appendix for a definition of gr
Slide 12: Driving greater engagement and monetization: Inflows per Active
Block Investor Presentation 12 Driving greater engagement Cash App Inflows per Transacting Active and monetization Inflows per transacting active growth of 10% year over year in Q3, driven in part by more customers bringing their paychecks into Cash App Q3 Q4 Q1 Q2 Q3 2024 2025 YoY Growth 9% 10% 8%
Slide 13: Stable Margins for Cash App Borrow
Block Investor Presentation 13 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 134% year over year to $22 billion annualiz
Slide 14: Cash App Card actives growth
Block Investor Presentation 14 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 41% 42% 43% 43% 44% 45% 45% 45% Dec Mar Jun Sep Dec Mar Jun Sep 2023
Slide 15: Afterpay healthy consumer behavior and repeat engagement
Block Investor Presentation 15 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 16: Cash App customer testimonials
Block Investor Presentation 16 “I never use any kind of money Service but today I had to….thank you cash app borrow!!!! CashAppˮ LA_DAGWOOD, X “Their savings has a higher interest rate than most other P2P pay apps.…Plus easy to send and receive money from people.ˮ ECONOMY_QUARTER7569, REDDIT “Cash
Slide 17: Square
Square
Slide 18: Square Strategic vision
Block Investor Presentation 18 Strategic vision Pillars of Square Strategy Square simplifies commerce, automates business operations, Commerce Automation Networks Make selling easy Give sellers time back by Connect the neighborhood and creates connected networks for all sellers through putting their
Slide 19: Continued strong growth at scale
Block Investor Presentation 19 Continued strong growth Square Gross Profit at scale Gross profit growth of 9% year over year driven by strength in our software and integrated payments and banking products Q3 Q4 Q1 Q2 Q3 2024 2025 YoY Growth 16% 12% 9% 11% 9%
Slide 20: Growing across diverse geographies
Block Investor Presentation 20 Growing across diverse Square GPV by Geography geographies In the third quarter, total Square GPV grew 12%, with U.S. GPV growing 8.9% and International GPV growing 26% 21% 19% 18% 19% 18% 82% 81% 82% 81% 79% Q3 Q4 Q1 Q2 Q3 2024 2025 Total YoY Growth* 7.5% 10% 7.2% 10%
Slide 21: Upmarket progress
Block Investor Presentation 21 Upmarket progress Square GPV by Seller Size GPV from mid-market sellers grew 20% year over year in the third quarter as we executed $67.2B on our go to market strategies $59.9B $55.7B 45% GPV from mid-market % mid-market sellers Q3 2023 41% Q3 2024 42% Q3 2025 45% sell
Slide 22: Square Marketing customer testimonial
Block Investor Presentation 22 “Square Marketing has helped us a lot because of the automation tools. When a customer visits for the first time, it sends them a welcome email thanking them for being here and giving them the option to rebook. And I love that I can see how many appointments or dollars
Slide 23: 2025 Full Year Guidance
Block Investor Presentation 23 2025 Full Year Guidance Our full year guidance increase incorporates our third quarter outperformance and an 2025 increase to our prior expectations for the fourth quarter. For full year 2025, we expect Gross Profit $10.243B year over year gross profit growth of over 1
Slide 24: Q4 2025 Guidance
Block Investor Presentation 24 Q4 2025 Guidance In the fourth quarter, we expect to deliver gross profit of $2.755 billion, reflecting a Q4 2025 19% year over year growth, and Adjusted Operating Income of $560 million, or 20% Gross Profit $2.755B margin. Taken together we expect to be approaching ru
Slide 25: Appendix
Appendix
Slide 26: Appendix: metric definitions
Block Investor Presentation 26 Appendix SLIDE 3 SLIDE 4 & 11 & 12 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 27: Appendix: metric definitions
Block Investor Presentation 27 Appendix SLIDE 4 & 18 & 20 & 21 SLIDE 13 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 pr
Slide 28: Reconciliations (unaudited): Adjusted Operating Income
Block Investor Presentation 28 Reconciliations (unaudited) Adjusted Operating Income (in thousands, except for percentages) THREE MONTHS ENDED Sept 30, 2025 Sept 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Operating income $409,440 $323,009 $13,013 $329,302 $484,293 Operating income margin %) o
Slide 29: Reconciliations (unaudited): Adjusted EBITDA
Block Investor Presentation 29 Reconciliations (unaudited) Adjusted EBITDA (in thousands, except for percentages) THREE MONTHS ENDED Sept 30, 2025 Sept 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Net income attributable to common stockholders $461,544 $283,754 $1,946,020 $189,872 $538,458 Net in