Slide 1: Q1 2025 Block Investor Presentation
Q1 2025 Block Investor Presentation investors.block.xyz
Slide 2: Forward-looking statements
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: Q1 Key Messages
Block Investor Presentation 4 Q1 Key Messages ● Delivered year-over-year gross profit growth of 9% ● Growing engagement on Cash App with gross profit as we continue to launch new products across per monthly transacting active of $81 in Q1 on an Square and Cash App to accelerate our growth annualized
Slide 5: Q1 Gross Profit Growth
Block Investor Presentation 5 Q1 Gross Profit Growth Gross Profit We delivered year-over-year gross profit growth of 9% as we continue to launch new products across Square and Cash App to accelerate our growth at scale YoY Growth 22% 20% 19% 14% 9%
Slide 6: Q1 Profitability
Block Investor Presentation 6 Q1 Profitability Net Income Loss Adjusted EBITDA *attributable to common stockholders 15% YoY Growth Margins are all calculated as a percent of gross profit. In the first quarter of 2025, net income included a remeasurement loss on our bitcoin investment of $93 milli
Slide 7: Q1 Profitability
Block Investor Presentation 7 Q1 Profitability Operating Income Loss Adjusted Operating Income Loss 28% YoY Growth Margins are all calculated as a percent of gross profit. Reconciliations of non-GAAP financial measures used in this presentation to their nearest GAAP equivalents are provided at t
Slide 8: Cash App
Cash App
Slide 9: Bank our Base strategy
Block Investor Presentation 9 Bank our Base strategy Cash App aims to become one of the top providers of financial services to households in the U.S. which earn up to $150k per year ● Expand access by growing our network and Increase gross profit per active launching best-in-class financial services
Slide 10: Continued strong growth at scale
Block Investor Presentation 10 Continued strong Cash App Gross Profit growth at scale Gross profit growth of 10% year over year driven by Cash App Borrow, Cash App Card, and BNPL YoY Growth 25% 23% 21% 16% 10%
Slide 11: Driving greater engagement and monetization
Block Investor Presentation 11 Driving greater Cash App Gross Profit per Monthly Transacting Active engagement and monetization Gross profit per transacting active growth of 9% year over year in Q1 YoY Growth 16% 17% 16% 13% 9% Please see the appendix for a definition of gross profit per monthly tra
Slide 12: Driving greater engagement and monetization
Block Investor Presentation 12 Driving greater Cash App Inflows per Transacting Active engagement and monetization Inflows per transacting active growth of 8% year over year in Q1, driven by more customers bringing their paychecks into Cash App YoY Growth 11% 10% 9% 10% 8% Please see the appendix fo
Slide 13: Cash App Card actives growth
Block Investor Presentation 13 Cash App Card Cash App Card Monthly Actives as a % of Overall Monthly Actives actives growth Cash App Card monthly actives have grown as a % of overall Cash App actives over time 39% 40% 41% 42% 43% 43% 44% 45%
Slide 14: Actives scale across Cash App product areas
Block Investor Presentation 14 Actives scale across Cash App product areas 2.5M Paycheck Deposit 7MCash App Pay 5M Cash App Borrow 25M Cash App Card Monthly Actives Monthly Actives Monthly Actives Monthly Actives Paycheck Deposit actives and Cash App Borrow actives as of December 2024. All other dat
Slide 15: With Afterpay, we focused on driving healthy consumer behavior and repeat engagement
Block Investor Presentation 15 With Afterpay, we 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 fees
Slide 16: Cash App customer quotes
Block Investor Presentation 16 “I absolutely just love using Cash App. It makes it so easy to send/receive money to/from family and friends! The debit card isn't too bad either! Love my design lolˮ ELIAS PATLAN MERCADO, FACEBOOK “This is why I switched to Cash App. No overdraft fees, ever.ˮ PIGGLYWI
Slide 17: Square
Square
Slide 18: Strategic priorities
Block Investor Presentation 18 Strategic priorities Improve Square GPV growth through new product launches and go-to-market initiatives Drive acquisition of new sellers ● Building a rock solid and flexible platform ● Providing a local experience to sellers of all sizes ● Growing with artificial inte
Slide 19: Continued strong growth at scale
Block Investor Presentation 19 Continued strong Square Gross Profit growth at scale Gross profit growth of 9% year over year driven by strength in our banking products and software and integrated payments YoY Growth 19% 15% 16% 12% 9%
Slide 20: Growing across diverse geographies
Block Investor Presentation 20 Growing across Square GPV by Geography diverse geographies In the first quarter, total Square GPV grew 7.2%, with U.S. GPV growing 5.6% and International GPV growing 15% 18% 17% 19% 18% 17% 83% 83% 82% 81% 82% Total* 9.2% 7.8% 7.5% 10% 7.2% International 23% 19% 20% 25
Slide 21: Upmarket progress
Block Investor Presentation 21 Upmarket progress Square GPV by Seller Size $54.1B $50.5B $46.2B 41% GPV from mid-market % mid-market 38% 39% 41% sellers in Q1 2025 sellers We determine seller size based on annualized Square GPV during the applicable quarter. A mid-market seller generates more than $
Slide 22: Square customer quotes
Block Investor Presentation 22 “Square makes my life way easier. I can send invoices and ring items up right from the Square app on my phone. Itʼs really awesome to be able to do that on the fly. The KDS was the main reason I got Square. Itʼs so easy to look back through tickets and mark orders read
Slide 23: 2025 Full Year Guidance
Block Investor Presentation 23 2025 Full Year Guidance We recognize we are operating in a more 2025 dynamic macro environment, so we have reflected a more cautious stance on the Gross Profit $9.96B macro outlook into our guidance. For the full year, we expect 12% gross profit growth year YoY Growth
Slide 24: Q2 2025 Guidance
Block Investor Presentation 24 Q2 2025 Guidance We expect gross profit in the second quarter to Q2 2025 grow 9.5% year over year to $2.45 billion. We expect to accelerate gross profit growth Gross Profit $2.45B meaningfully in the second half of the year as we execute on our strategies to deepen eng
Slide 25: Appendix
Appendix
Slide 26: Appendix
Block Investor Presentation 26 Appendix SLIDE 4 & 11 SLIDE 4 & 21 Gross profit per monthly transacting active is calculated based on Cash App Square GPV is defined as the total dollar amount of all card and bank annualized gross profit excluding our BNPL platform during a given quarter payments proc
Slide 27: Appendix
Block Investor Presentation 27 Appendix SLIDE 12 Inflows per transacting active refers to total inflows in the quarter divided by monthly actives for the last month of the quarter. Inflows refers to funds entering the Cash App ecosystem. Inflows does not include the movement of funds when funds rema
Slide 28: Reconciliations (unaudited)
Block Investor Presentation 28 Reconciliations (unaudited) Adjusted Operating Income (in thousands, except for percentages) THREE MONTHS ENDED Mar 31, 2025 Mar 31, 2024 Jun 30, 2024 Sept 30, 2024 Dec 31, 2024 Operating income (loss) $329,402 $249,743 $306,562 $323,009 $13,013 Amortization of acquire
Slide 29: Reconciliations (unaudited)
Block Investor Presentation 29 Reconciliations (unaudited) Adjusted EBITDA (in thousands, except for percentages) THREE MONTHS ENDED Mar 31, 2025 Mar 31, 2024 Jun 30, 2024 Sept 30, 2024 Dec 31, 2024 Net income (loss) attributable to common stockholders $189,872 $472,005 $195,268 $283,754 $1,946,020