Slide 1: Block Investor Presentation Q1 2026
Q1 2026 Block Investor Presentation investors.block.xyz
Slide 2: Forward-looking statements and Non-GAAP Financial Measures
Block Investor Presentation 2 Forward-looking statements Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of Section To supplement our financial information presented in accordance with 27A of the Securities Act of 1933, as amended, and Section 21E
Slide 3: Block Financial Objectives
Block Investor Presentation 3 Block Financial Objectives 1 2 3 4 Drive consistent Maximize gross profit Rule of 401 Create value for shareholders profitable growth Committed to delivering positive We continue to view Rule of 40 Focusing on enhancing Pursuing balance between gross profit retention ac
Slide 4: Q1 Key Messages
Block Investor Presentation 4 Q1 Key Messages ● Delivered strong 27% gross profit growth year over ● Consumer Lending origination volume growth year and all time high Adjusted Operating Income accelerated to 82% year over year, driven by strength margin of 25%, as we seek to make intelligence in Cas
Slide 5: Q1 Gross Profit Growth
Block Investor Presentation 5 Q1 Gross Profit Growth Gross Profit Bitcoin $2,872M $2,909M Ecosystem We delivered year-over-year gross profit $118M $68M 26% YoY $2,662M growth of 27% in the first quarter, with $2,537M $104M growth accelerating across both Cash App $105M Financial $2,290M and Square
Slide 6: Q1 Profitability
Block Investor Presentation 6 Q1 Profitability Net Income Loss Adjusted EBITDA *attributable to common stockholders 24% YoY Growth $1,010M $538M $930M $891M $462M $833M $813M $190M $116M Margins are all calculated as a percent of gross profit. In the first quarter of 2026, net income included $85
Slide 7: Q1 Profitability
Block Investor Presentation 7 Q1 Profitability Operating Income Loss Adjusted Operating Income Adjusted Operating Income 56% YoY Growth grew 56% year over year, driven $484M $485M by disciplined execution and $728M gross profit strength $409M $588M $329M $550M $480M $466M Margins are all calculate
Slide 8: Neighborhoods is scaling
Block Investor Presentation 8 Neighborhoods is scaling Seller locations enabled on Neighborhoods Seller locations enabled have accelerated driven in part by starting auto-enrollment in the first quarter Aug 2025 Q1Oct 2025 Q2 Q3 Q4 Q1 Apr 2026 Early-stage rollout 2025 Launched 2026 Chart shows cumul
Slide 9: Lending portfolio growth
Block Investor Presentation 9 Lending portfolio growth Origination Volume by Lending Product Afterpay Post-Purchase Each new Block lending product has scaled Cash App Borrow originations at a faster rate than the last one BNPL Square Loans 0 25 50 75 100 125 150 Months since launch Origination volum
Slide 10: Cash App
Cash App
Slide 11: Strategic vision
Block Investor Presentation 11 Strategic vision Cash App Capabilities Cash App is building the financial operating system for the modern earner Network Commerce Banking Bitcoin Connect customers Help customers Support customers Allow customers to their local manage their saving, investing, to conven
Slide 12: Continued strong growth at scale
Block Investor Presentation 12 Continued strong Cash App Gross Profit $1,908M growth at scale $1,831M $63M Bitcoin Ecosystem $84M 31% YoY Gross profit grew 38% year over year driven $1,624M by Cash App Borrow and Commerce $1,501M $96M Enablement, most notably our BNPL $1,380M $107M Financial produc
Slide 13: Driving greater engagement and monetization
Block Investor Presentation 13 Driving greater engagement Cash App Inflows per Transacting Active and monetization $1,494 Inflows per transacting active grew 10% year over year in Q1, driven in part by $1,410 more customers bringing their paychecks $1,366 $1,361 into Cash App $1,345 $1,000 Q1 Q2 Q3
Slide 14: Cash App Primary Banking Actives growth
Block Investor Presentation 14 Cash App Primary Cash App Primary Banking Actives Banking Actives growth 9.3M 9.7M Cash App Primary Banking Actives grew 18% year over year in March to 8.3M 8.0M 8.3M 9.7 million MAR JUN SEP DEC MAR 2025 2026 YoY Growth 17% 16% 18% 22% 18% Please see the appendix for a
Slide 15: Cash App Lending
Block Investor Presentation 15 Cash App Lending Cash App Consumer Lending Origination Volume Cash App Consumer Lending origination volume grew 82% year over year driven by $18.5B strength in Cash App Borrow $17.6B $13.6B $11.9B $10.9B $9.7B $5.0B Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 Volume YoY 31% 32% 4
Slide 16: Cash App Borrow
Block Investor Presentation 16 Cash App Borrow Cash App Borrow Originations Mix by Tenure Strong growth and profitability amidst mix shift to first time Borrow customer cohorts driven by Cash App Green 06 Months 712 Months Q1 2026 Gross Loss Rate by Cohort 13Months 06 Months 3.16% 712 Months 3.
Slide 17: Customer quotes on Cash App
Block Investor Presentation 17 “so in love with my new cash app card itʼs so prettyˮ @hideaaaaa2, X “CashApp closer to getting my car thanks to using my savings accountˮ @simsim2xs, X “CashApp you have been a blessing for me so many times & I just wanted to let ya know that I will forever have you
Slide 18: Square
Square
Slide 19: Strategic vision
Block Investor Presentation 19 Strategic vision Pillars of Square Strategy Square simplifies commerce, automates business operations, and creates connected networks that empower sellers to scale Commerce Automation Networks with ease Make selling easy Give sellers time back by Connect the neighborho
Slide 20: Continued growth at scale
Block Investor Presentation 20 Continued growth Square Gross Profit at scale $1,027M $1,018M $993M Bitcoin $982M Ecosystem Gross profit growth of 9% year over year $898M nm $246M driven by strength in Financial Solutions, $255M $267M Financial $276M Solutions most notably Square Loans. Gross profit
Slide 21: Growing across diverse geographies
Block Investor Presentation 21 Growing across diverse Square GPV by Geography geographies $67.2B $64.2B $65.0B $61.2B In the first quarter, total Square GPV grew 21% 13% year over year, with U.S. GPV up 8.2% $54.1B 19% 22% 22% International and International GPV up 35%, reflecting strong returns on
Slide 22: Square Monetization Rate
Block Investor Presentation 22 Square Monetization Rate Square Monetization Rate Commerce Enablement and Financial Commerce Enablement (excluding Hardware) Monetization Rate Financial Solutions Monetization Rate Solutions continue to show stable GPV attach rates 1.30% 1.27% 1.22% 1.20% 1.18% 0.45% 0
Slide 23: Seller testimonials
Block Investor Presentation 23 “Our coaches want to devote their energy to their students, not wrestling with payment processing. Square gives them the freedom to keep their attention where it should be: on fixing swings and helping players enjoy the game more. That frictionless ease of use is why w
Slide 24: 2026 Full Year Guidance
Block Investor Presentation 24 2026 Full Year Guidance We are raising our full-year guidance to reflect our strong execution and increased 2026 expectations for the remainder of the year. We now expect year-over-year gross profit Gross Profit $12.33B growth of 19% in 2026, along with 27% Adjusted Op
Slide 25: Q2 2026 Guidance
Block Investor Presentation 25 Q2 2026 Guidance In the second quarter, we expect to deliver gross profit of $3.04 billion, reflecting 20% Q2 2026 year-over-year growth, and Adjusted Operating Income of $740 million, or 24% Gross Profit $3.04B margin. We also expect to deliver $0.86 in Adjusted Dilut
Slide 26: Slide 26
Slide 27: Appendix
Appendix
Slide 28: Appendix: definitions
Block Investor Presentation 28 Appendix SLIDE 3 SLIDE 4 & 14 Gross profit retention is calculated as year-over-year gross profit growth Primary Banking Active PBA is a Cash App account that receives inflows of all existing quarterly Cash App cohorts, averaged over the last four from ACH or certain
Slide 29: Appendix: definitions
Block Investor Presentation 29 Appendix SLIDE 4 & 21 SLIDE 13 Square Gross Payment Volume GPV is defined as the total dollar amount Inflows per transacting active refers to total inflows in the quarter divided by of all card and bank payments processed by sellers using Square, net of monthly activ
Slide 30: Reconciliations: Adjusted Operating Income
Block Investor Presentation 30 Reconciliations (unaudited) Adjusted Operating Income (in thousands, except for percentages) THREE MONTHS ENDED Mar 31, 2026 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Operating income (loss) $171,990 $329,302 $484,293 $409,440 $485,371 Amortization of acqui
Slide 31: Reconciliations: Adjusted EBITDA
Block Investor Presentation 31 Reconciliations (unaudited) Adjusted EBITDA (in thousands, except for percentages) THREE MONTHS ENDED Mar 31, 2026 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Net income (loss) attributable to common stockholders $308,681 $189,872 $538,458 $461,544 $115,762 A
Slide 32: Reconciliations: Consolidated Gross Profit
Block Investor Presentation 32 Reconciliations (unaudited) Block, Inc. Consolidated Gross Profit (in millions) THREE MONTHS ENDED Mar 31, 2026 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Revenue: Commerce enablement revenue $2,938 $2,567 $2,898 $2,999 $3,050 Financial solutions revenue 1,322
Slide 33: Reconciliations: Consolidated Gross Profit
Block Investor Presentation 33 Reconciliations (unaudited) Block, Inc. Consolidated Gross Profit (in millions) THREE MONTHS ENDED Mar 31, 2025 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Revenue: Commerce enablement revenue $2,567 $2,421 $2,665 $2,682 $2,745 Financial solutions revenue 875 7
Slide 34: Reconciliations: Cash App Gross Profit
Block Investor Presentation 34 Reconciliations (unaudited) Cash App Gross Profit (in millions) THREE MONTHS ENDED Mar 31, 2026 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Revenue: Commerce enablement revenue $1,086 $900 $940 $976 $1,096 Financial solutions revenue 1,040 649 733 834 949 Bitco
Slide 35: Reconciliations: Cash App Gross Profit
Block Investor Presentation 35 Reconciliations (unaudited) Cash App Gross Profit (in millions) THREE MONTHS ENDED Mar 31, 2025 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Revenue: Commerce enablement revenue $900 $832 $853 $848 $949 Financial solutions revenue 649 566 617 620 607 Bitcoin eco
Slide 36: Reconciliations: Square Gross Profit
Block Investor Presentation 36 Reconciliations (unaudited) Square Gross Profit (in millions) THREE MONTHS ENDED Mar 31, 2026 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Revenue: Commerce enablement revenue $1,803 $1,627 $1,915 $1,979 $1,905 Financial solutions revenue 282 226 251 261 273 Bit
Slide 37: Reconciliations: Square Gross Profit
Block Investor Presentation 37 Reconciliations (unaudited) Square Gross Profit (in millions) THREE MONTHS ENDED Mar 31, 2025 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Revenue: Commerce enablement revenue $1,627 $1,535 $1,764 $1,790 $1,751 Financial solutions revenue 226 195 215 212 220 Bit
Slide 38: Reconciliations: Square Operating Metrics
Block Investor Presentation 38 Reconciliations (unaudited) Square Operating Metrics (in millions) THREE MONTHS ENDED Mar 31, 2026 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Square commerce enablement gross profit $706 $678 $781 $762 $726 Less: Hardware contribution to Square commerce enable