Block, Inc. · NYSE:XYZ
Block — Investor Day (2025)
114 slides from Block's investor day presentation, 2025
Slide 1: Block Product Strategy
INVESTOR DAY 2025 Block Product Strategy Owen Jennings
Slide 2: The plan
Ses BLOCK INVESTOR DAY 2025 B sss > The plan Smartest app to run your business Smartest app for consumers Connect neighborhoods globally Replace dependencies PRODUCT STRATEGY
Slide 3: Our Core Capabilities
Our Core Capabilities Money Commerce Bitcoin Banking management Lending dit origination Account infrastructure cds stat Hardware Business Money software movement Networks Block Al
Slide 4: Our Core Capabilities
Financial Commerce yand advertising Operational Hardware -Point of sale (Reader, Terminal, Handheld, Register) Consumer payment devices (Cash App Card) “Mining Rig) Financial Operational Business software Our Core Capabilities Financial Banking Operational Money movement “Funding & inbound: -Outboun
Slide 5: Capabilities Power Our Ecosystem
Capabilities Power Our Ecosystem SS Oo oe om Ee SHORE? BORER: a >) Business Money Hardware software movement | Networks | Block Al
Slide 6: But we're just getting started
But we're just getting started Cash App Square Afterpay Bitcoin TIDAL 1) Network products 1) Commerce tools 1) Merchant network 2) Banking 2) Automation 2) Flexible credit 1) Security 1) Creator platform 2) Accessibility 2) DJ tools 3) Commerce 3) Networks 3) Discovery 4) Bitcoin 4) Advertising 5) A
Slide 7: Welcome
Welcome
Slide 8: BS0Oe08
BS0Oe08
Slide 9: Slide 9
Slide 10: The neighborhood
the neighborhood
Slide 11: Cash App
CashApp ->
Slide 12: Redefine the world's relationship with money
Redefine the world's relationship with money PRODUCT STRATEGY
Slide 13: Cash App has achieved massive scale
BLOCK INVESTOR DAY 2625 CASH APP Cash App has achieved massive scale 20B 58M _~ $5T Annual transactions Transacting actives Cumulative transaction (September 2025) volume Annual transactions across all Cash App products for the 12 months ending September 2025, excluding our BNPL platform. See append
Slide 14: Cash App strategic pillars
BANKING _)(_ BITCOIN AUTOMATION BLOCK INVESTOR DAY 2025 (NETWORK )( COMMERCE») ( DC et ; Cash App is a financial services platform, not a bank. Any reference to Cash App's banking offerings refer to products and services that are offered through Block's Industrial Bank, Square Financial Services, In
Slide 15: Cash App: Network
BANKING _)(_ BITCOIN AUTOMATION BLOCK INVESTOR DAY 2625 (CASH APP») RCE) COMMERCE _) Cash App is a financial services platform, not a bank. Any reference to Cash App's banking offerings refer to products and services that are offered through Block's Industrial Bank, Square Financial Services, Inc.,
Slide 16: Network growth is our #1 priority into 2026
BLOCK INVESTOR DAY 2625 NETWORK Network growth is our #1 priority into 2026 $2,000 95.0% 100% $1,500 75% 3 co 2 rey = $1,000 50% > a ro) $500 25% $0 0% — RETENTION 1 2 3 A+ @ ov fined as ho erated by this ret Actives Retention PRODUCT STRATEGY
Slide 17: Network Growth: Engage & Expand
3LOCK INVESTOR DAY 2025 Network Growth: Engage & Expand oO Cy NETWORK ENHANCEMENTS Improved customer lifecycle management and optimizing core functionality NETWORK 0° 5 eos “SX Od MULTIPLAYER TEENS & MONEY FAMILIES Build meaningful connections Resonance with the between customers next generation PRO
Slide 18: Network Growth: Engage & Expand
3LOCK INVESTOR DAY 2025 NETWORK Network Growth: Engage & Expand oO Cy NETWORK ENHANCEMENTS Improved customer lifecycle management and optimizing core functionality PRODUCT STRATEGY
Slide 19: Network Enhancements
aoe S55 BLOCK INVESTOR DAY 2025 NETWORK Network Enhancements > Core flows + Reducing payment frictions +> Ulupgrades & redesigned flows > Lifecycle management PRODUCT STRATEGY
Slide 20: Network Growth: Engage & Expand
CK INVESTOR DAY 2625 NETWORK Network Growth: Engage & Expand Oo OO MULTIPLAYER MONEY Build meaningful connections between customers PRODUCT STRATEGY
Slide 21: Multiplayer launch: pools strengthen the network
BLOCK INVESTOR DAY 2625 Multiplayer launch: pools strengthen the network 1.7M Pools created since August launch 00% Annual GPV per active Of contributors to the same pool have never paid each other before ween two actives who have ne\ isly as of October 31, 2025 reated as of November 10, 2025 ash Ap
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Slide 23: Network Growth: Engage & Expand
BLOCK INVESTOR DAY 2625 Network Growth: Engage & Expand NETWORK 0°00 eos “SX TEENS & FAMILIES Resonance with the next generation PRODUCT STRATEGY
Slide 24: Teens and families
BLOCK INVESTOR DAY 2625 Teens and families Building a network for the next generation. Early Cash App Child's investment grows over time and receive contributions from friends and family (parent-controlled). Ages 0-5 Cash App for Kids Give parents a safe, simple way to introduce kids to money with d
Slide 25: Teens and families
LOCK INVESTOR DAY 2625 NETWORK Teens and families Building a network for the next generation. Expanding Products Building trust access that resonate into adulthood 3.5% savings yield 79 % Cash App Card adoption 1 7M Graduated teen actives for teens 13-17 {e) for monthly teen . (LTM Q3 2025) transact
Slide 26: Cash App: Commerce
AUTOMATION _) VEST Y c a > C a BLOCK INVESTOR DAY 2025 (cas app) ( ) C panaine —) ( Cash App is a financial services platform, not a bank. Any reference to Cash App's banking offerings refer to products and services that are offered through Block's Industrial Bank, Square Financial Services, Inc., o
Slide 27: Commerce tools designed to work for everyone
BLOCK INVESTOR DAY 2625 Commerce tools designed to work for everyone Volumes on commerce products on Cash App include direct merchant payments (such as Cash App Pay), Cash App Card spend, Cash for Business transactions, and othe! integrations, for 12 months ending Septemb Annual transactions using c
Slide 28: A platform built for every way consumers spend
BLOCK INVESTOR DAY 2625 COMMERCE A platform built for every way consumers spend arm Pay whenever and however you want. Pay Now am * Pay Monthly, Afterpay Single Use Payments, Afterpay In-Store/Online Cash App is a financial services platform, not a bank. Banking services provided by Cash App's bank
Slide 29: Pay later solutions
BLOCK INVESTOR DAY 2625 Pay later solutions Designed for the next generation of consumers that want the flexibility to pay over time. Cash App is a financial services platform, no by First Electronic Bank. Cash App Visa® Del Pay Later nk. Banking services provided by Cash App's bank partner(s). Afte
Slide 30: Pay later solutions reimagined for you
aoe S85 BLOCK INVESTOR DAY 2025 COMMERCE Pay later solutions reimagined for you PRODUCT STRATEGY
Slide 31: Global buy-now-pay-later
BLOCK INVESTOR DAY 2625 SH APP) NETWORK _») MMERC BANKING) BITCOIN _) (_ AUTOMATION Global buy-now-pay-later 1OM BNPL monthly actives (across Afterpay & Cash App) $36B Annual BNPL GMV See appendix for definition of active. BNPL monthly actives as of September 2025. BNPL monthly actives include After
Slide 32: We're integrating Cash App & Afterpay
BLOCK INVESTOR DAY 2625 CASH APP) (NETWORK COMMERCE BANKING BITCOIN AUTOMATION We're integrating Cash App & Afterpay By converging our brands in our apps and at checkout. 3M A31% BNPL monthly actives YoY growth (Sept 2025) via Cash App BNPL monthly actives as of September 2025. BNPL products include
Slide 33: Afterpay Post-Purchase has strong market fit
Ses BLOCK INVESTOR DAY 2025 HH COMMERCE Afterpay Post-Purchase has strong market fit ff Every Merchant No more out-of-network (7 More Consumers Cash App Card connection r Better Access Proprietary data $B ~$3B 5 Oe Annualized run rate ———__. April 2024 Oct 2025 PRODUCT STRATEGY
Slide 34: Introducing a new way to pay later
BLOCK INVESTOR DAY 2625 Introducing a new way to pay later a financial services platform, not a bank. Banking services by Cash App's bank partner(s). Afterpay loans originated by First Electronic Bank. Cash App Visa® Debit Flex Cards issued by Sutton Bank, Member FDIC, or The Bancorp Bank, N.A COMME
Slide 35: Pay now solutions
BLOCK INVESTOR DAY 2625 Pay now solutions Designed for speed, efficiency, and convenience. Cash App Pay Cash App Card Cash App is a financial services platform, not a bank. Banking services provided by Cash App's bank partner(s). Afterpay loans originated by First Electronic Bank. Cash App Visa® Deb
Slide 36: Cash App Pay achieving rapid growth
BLOCK INVESTOR DAY 2625 COMMERCE Cash App Pay achieving rapid growth A seamless way to pay with Cash App, online or in-store. $7B = 300K Cash App Pay GPV annualized as of Q3 New Merchants Added (+72% YoY) Scan QR code to pay 44% “= DoOoRDASH lyf o BF instacart Google 7.3M : SHEIN © GRUBHUB TARGET Mo
Slide 37: Cash App Card is at tremendous scale
BLOCK INVESTOR DAY 2625 SH APP) NETWORK _») MMERC BANKING )(__BITCOIN _) (_ AUTOMATION Cash App Card is at tremendous scale 4TH Largest debit program in the U.S. $148B Cash App Card GPV 26M Monthly transacting actives 20% of American teens ‘See appendix for definition of Cash App Card monthly active
Slide 38: Cash App: Banking
AUTOMATION _) BLOCK INVESTOR DAY 2625 "a ~\- CASH APP) NETWORK) (_ COMMERCE Cash App is a financial services platform, not a bank. Any reference to Cash App's banking offerings refer to products and services that are offered through Block's Industrial Bank, Square Financial Services, Inc., or throug
Slide 39: Cash App is the primary banking platform for millions
BLOCK INVESTOR DAY 2625 Cash App is the primary banking platform for millions of customers today _ 87M Primary Banking Actives 90M 80M 70M 60M 5.0M. 40M 3.0M 2.0M 10M 0.0M DEC 2020 DEC 2021 DEC 2022 DEC 2023 DEC 2024 OCT 2025 See appendix for definition of Primary Banking Active. Cash App is a finan
Slide 40: Banking adoption drives gross profit growth
BLOCK INVESTOR DAY 2625 Banking adoption drives gross profit growth As customers engage with more banking products, gross profit per active increases significantly. Gross profit per active represents the gross profit generated by active customers for a given product plus any gross profit derived fro
Slide 41: Of customers do not get paid by Direct Deposit
of customers do not get paid by Direct Deposit
Slide 42: Cash App Green benefits
Custom weekly offers 5 Higher Borrow limit Free overdrafts $200 Savings interest 3.5% In-network ATM $0 fees Paper money deposits $0 Priority support
Slide 43: We design programs that successfully drive customer behavior
Ses BLOCK INVESTOR DAY 2025 HH BANKING We design programs that successfully drive customer behavior Building complex systems with levers to increase customer adoption. Save With Boost Cas al ) G reen Referral Program Boost Rewards Cash App Green From January 2015 through December 2018, Cash App acqu
Slide 44: Cash App Borrow has found product-market fit
BLOCK INVESTOR DAY 2625 Cash App Borrow has found product-market fit with our customers Borrow actives take out another loan nations as of @3 2025. 1d as Cash App actives who received at least one Bi Originations run rate represents annualiz Borrow actives taking out an 0 and have taken out an addit
Slide 45: Borrow benefits the ecosystem
aoe $85 BLOCK INVESTOR DAY 2025 BANKING Borrow benefits the ecosystem OX 3X /0% Paycheck deposit Inflows per active Borrow funds remain in adoption Cash App ecosystem INCREASING WITH CASH APP GREEN 7 Uplletels Betinoty Ae oESE vy Higher Borrow Limits Figures above were calculated by comparing Cash A
Slide 46: Cash App: Bitcoin
AUTOMATION BLOCK INVESTOR DAY 2025 (CASH APP )(__NETWORK (COMMERCE _) BANKING _) Cash App is a financial services platform, not a bank. Any reference to Cash App's banking offerings refer to products and services that are offered through Block's Industrial Bank, Square Financial Services, Inc., or t
Slide 47: Our goal: simplest way to acquire bitcoin
S88 BLOCK INVESTOR DAY 2025 (CASH APP) NETWORK (COMMERCE) (BANKING) QQIESARNOUND (AUTOMATION) Our goal: be the simplest, easiest way to acquire bitcoin in the world Higher purchase limits Easier on-ramps More favorable pricing Ecosystem integrations VVVY PRODUCT STRATEGY
Slide 48: Cash App is the bitcoin gateway for Main Street America
BLOCK INVESTOR DAY 2625 Cash App is the bitcoin gateway for Main Street America Of Global Bitcoin Blockspace . sseseaey cash Ape x) ' 2x) Attach Rate Bitcoin accounts (September 2025) PRODUCT STRATEGY
Slide 49: Easy to buy, get paid, spend
Ses BLOCK INVESTOR DAY 2025 HH Easy ~ Easy to buy. * to get paid. ®LY Bitcoin BITCOIN Easy to spend. PRODUCT STRATEGY
Slide 50: Spend bitcoin
‘Spend bitcoin
Slide 51: CASH APP
BLOCK INVESTOR DAY 2625 CASH APP NETWORK COMMERCE )(|__ BANKING AUTOMATION _) be PRODUCT STRATEGY
Slide 52: Scan a Bitcoin or Lightning QR code
941 as x Y Scan a Bitcoin or Lightning QR code Position the QR Code in view to activate Paste address
Slide 53: Fund your bitcoin payment
How would you like to fund your $10 bitcoin payment? Continue
Slide 54: Cash App: Automation
BLOCK INVESTOR DAY 2025 (CASH APP )(|_NETWORK (COMMERCE _) BANKING _)(_ BITCOIN Cash App is a financial services platform, not a bank. Any reference to Cash App's banking offerings refer to products and services that are offered through Block's Industrial Bank, Square Financial Services, Inc., or th
Slide 55: Meet Moneybot
Meet Moneybot
Slide 56: ‘Add money Withdraw
$300.00 ‘Add money Withdraw Green status Pools $320.00 Borrow
Slide 57: Moneybot daily ideas
x Hi Emma! A few ideas to start your day. You've spent 12% less on groceries this week, see more? found a Taco Bell bill for $52.80, want to split it? You've added $60 this month, keep the streak alive?
Slide 58: Moneybot spending insights
ly grocery spending $210.29 © You've spent $63.54 less on groceries thi You've got $60 left before payday, Put this aside every payday, and with 35% interest, you could have $1,560 by the end of the year. M Rainy Day ni
Slide 59: Slide 59
Slide 60: Split bill with Moneybot
Split Gulp Noodles bill Sure thing. You spent $82.32 at Gulp Noodles who do you want to split it with?
Slide 61: Split bill breakdown
Danks, but I'l cover the tip ‘Sounds good — here's the breakdown: + The total was $82.82, including a 20% tip + Split evenly before the tip, that's $34.30 each + After the tip, i's $48.02 for you and $34.30 for Justin Danks. Let’s split the bill now. 3 Request $34.30 from Justin Danks for Gulp Noodl
Slide 62: ws oz
ws oz Foney Q OO Cash balance #e4465 > $300.00 Add money Withdraw
Slide 63: Recurring bitcoin buy
Buy $50 of bitcoin Every paycheck >
Slide 64: Cash balance +4219 >
Cash balance +4219 > $81.29 ‘Add money Withdraw Green status Renews Dec 1 Pools $320.00 For Frien Bitcoin $70.01
Slide 65: Moneybot proactive assistance
My rent’s due on the 12th. ? How can | hel Dp: Noted. I'll give you a heads-up a few days before. Buy $50 Send $30 of bitcoir to Robin One-time payment > : While you were away S Moneybot moved $14 from your savings to Cash balance to cover your upcoming energy bill and rounded up $15.30 to bitcoin.
Slide 66: Cash App takeaways
BLOCK INVESTOR DAY 2625 Accelerating actives Making our spending growth with a focus on products even stronger Driving Primary Banking Actives with Making Bitcoin everyday Built a personal, money from buy/sell, to proactive, agentic Cash App Green earning, to payments assistant in the finance space
Slide 67: Square
Square >
Slide 68: Build the future of neighborhood commerce
Build the future of neighborhood commerce PRODUCT STRATEGY
Slide 69: Square operates at a global scale
BLOCK INVESTOR DAY 2625 327M Buyers Square operates at a global scale oM Employees Metrics are approximations for the 12 months ending September 2025. Employees represent total global employees of Square sellers for the 12 months ending September 2025. individual employees may be counted more than o
Slide 70: Running a business today is almost impossible
Ses BLOCK INVESTOR DAY 2025 SQUARE HH Running a business today is almost impossible + Fragmented, legacy software solutions ) Compressed operating margins Connecting with customers & growing sales NN PRODUCT STRATEGY
Slide 71: Strategic Pillars
BLOCK INVESTOR DAY 2625 Strategic Pillars COMMERCE Integrated, end-to-end tools to make commerce easy for all sellers AUTOMATION Al tools for sellers that put their operations and finances on autopilot SQUARE 00 O+ NETWORKS Deliver value and unlock growth for sellers, staff, and buyers PRODUCT STRAT
Slide 72: Our ecosystem advantage is vertical integration
LOCK INVESTOR DAY 2625 SQUARE Our ecosystem advantage is vertical integration Banking hecking Savings Software Payments Hardware Reader Terminal Open Platform Google C Integrations “D> doorDASH Chuuty (Credit Card Bitcoin Bitcoin Accessories ®Meta GRUBHUB @ Wiekbooks ‘woo Etsy +O cpentabie Uber Eats
Slide 73: Our ecosystem advantage is vertical integration
BLOCK INVESTOR DAY 2625 Our ecosystem advantage is vertical integration > QsR > Apparel > FSR > Home goods & Gifts > Bars & Breweries > Alcohol > Grocery & Convenience > Garden > Other finished goods Open Platform Google Meta Integrations D DoorDASH Ghuity +O cpentabie > Home & Commercial > Automoti
Slide 74: Our ecosystem advantage is vertical integration
aoe S85 BLOCK INVESTOR DAY 2025 ‘SQUARE Our ecosystem advantage is vertical integration & Food & Beverage Retail Services Health & Beauty International Banking Software Payments Hardware Open Platform Google 9 Meta GRUBHUB @Miekbooks ‘woo Etsy Integrations > voorpasH Chuuty °@ opentabie Uber Eats Re
Slide 75: Strategic Pillars: Commerce
BLOCK INVESTOR DAY 2625 Strategic Pillars COMMERCE Integrated, end-to-end tools to make commerce easy for all sellers COMMERCE PRODUCT STRATEGY
Slide 76: INVESTOR DAY 2025
INVESTOR DAY 2025 PRODUCT STRATEGY
Slide 77: INVESTOR DAY 2025
INVESTOR DAY 2025 PRODUCT STRATEGY
Slide 78: Square software is the operating system for sellers
BLOCK INVESTOR DAY 2625 COMMERCE Square software is the operating system for sellers Jobs We Do | ss | Manage Operations Manage Staff w - Social Security Tax oe ° - Sy 5 = Net sales by category \ _onttll Every sale is simple, Sales, inventory and From scheduling, Turn transaction Acquire, retain and
Slide 79: Software moves us upmarket with larger sellers
BLOCK INVESTOR DAY 2025 WORKS Software moves us upmarket with larger sellers And we have meaningful room to cross-sell. 61% ® $500K+ @ $125-500K Developer Platform Marketing Software Staff Software SOFTWARE ATTACH RATE (% OF GPV USING EACH CATEGORY) ‘Table represents the percentage of GPV for @3'202
Slide 80: More to come in 2026
BLOCK INVESTOR DAY 2625 More to come in 2026 > Square Credit Card Refunds Policy Change HR Manager Square Messages Plus House Accounts Tap to Pay Warranty Period Enforcement ‘Square Go Geographic Expansion SMB Contracts Team Communication Contracts in JP Restaurants in JP OpenTable integration Bill
Slide 81: 2025
BLOCK INVESTOR DAY 2025 PRODUCT STRATEGY
Slide 82: Slide 82
Slide 83: Slide 83
Slide 84: Slide 84
Slide 85: It's hard to bank as a small business
Slide 86: Square Banking simplifies cash flow so sellers can focus
Slide 87: Square's advantage over legacy lenders
Slide 88: Banking has been a significant growth driver
Slide 89: Commerce: Sub-Pillars
Slide 90: Slide 90
Slide 91: Square means sellers never miss a sale
Slide 92: We've delivered for food & beverage
Slide 93: Case Study: ecosystem adoption drives growth
Slide 94: Strategic Pillars: Automation
Slide 95: AI Automation = Operational Leverage
Slide 96: Automation at Square today
Slide 97: Square AI
Slide 98: Slide 98
Slide 99: Voice Ordering
Slide 100: Slide 100
Slide 101: ManagerBot
Slide 102: Slide 102
Slide 103: AI Tomorrow: ManagerBot
Slide 104: Strategic Pillars: Networks
Slide 105: Connecting Square's Networks
Slide 106: Buyer-Seller Network
Slide 107: Employee Network
Slide 108: Vendor Network
Slide 109: Square: Key Takeaways
Slide 110: Product Strategy Takeaways
Slide 111: Product Strategy Takeaways
Slide 112: Building new vectors of growth
Slide 113: Time to build
Slide 114: Product Strategy Takeaways