Block, Inc. · NYSE:XYZ

Block — Investor Day (2025)

48 slides from Block's investor day presentation, 2025

1. Slide 1: Our Financial Outlook

   INVESTOR DAY 2025 Our Financial Outlook Amrita Ahuja

2. Slide 2: Forward-looking statements

   BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Forward-looking statements During the course of this Investor Day, the leadership team of Block, Industry and Market Data Inc. (the “Companyˮ, “weˮ, or “ourˮ) will make forward-looking Information, including forecasts and estimates regarding market and state

3. Slide 3: We've delivered gross profit growth at scale

   BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Weʼve delivered gross Gross Profit profit growth at scale $10.24B GR $8.89B CA 3 0% $7.50B $5.99B $4.42B $2.73B 3.7x 1.7x since 2020 since Investor Day 2022 2020 2021 2022 2023 2024 2025E CAGR represents the compound annual gross profit growth rate from 2020

4. Slide 4: While expanding multiple ecosystems

   BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK While expanding Gross Profit multiple ecosystems $10.24B $8.89B $51M $5.24B $7.50B $53M $5.99B $4.32B $40M $3.25B $4.42B $32M $2.07B $2.73B $3.60B $3.13B $1.23B $2.71B Corporate & Other $2.32B $1.51B Cash App Square 2020 2021 2022 2023 2024 2025E Chart illus

5. Slide 5: Building new vectors of growth

   BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Building new # of Products with $100M in yearly gross profit vectors of growth Consistently launching new 26 revenue streams, has led to durable & diversified growth 22 18 12 9 26 Revenue streams generating 5 $100M+ gross profit per year 2020 2021 2022 2023

6. Slide 6: Acquisition has accelerated in 2025

   BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Acquisition has Cash App Monthly Transacting Actives Square New Volume Added NVA accelerated in 2025 15% YoY 58M 57M 57M 57M 57M 57M 57M 56M 55M 54M 53M 50M $20B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025E 2023 2024 2025 See appendix for definit

7. Slide 7: And engagement is driving higher retention

   BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK And engagement Cash App Transacting Actives Retention Square GPV Retention is driving higher retention 33 pts 4 pts 79% Cash App Actives Retention represents the percent of actives in Q2 2025 who remained active in Q3 2025, based on their number of connect

8. Slide 8: We've grown monetization in each ecosystem

   BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Weʼve grown Cash App Gross Profit per Active Square Gross Profit per Seller monetization in 2.0X 1.8X each ecosystem $94 $840 Weʼve doubled gross profit per active for Cash App and nearly doubled gross profit per seller for Square since 2020. $46 $460 Q3 202

9. Slide 9: While significantly expanding margins since 2022

   BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK While significantly Adjusted Operating Income Loss & Margin Adjusted EBITDA & Margin expanding margins % of Gross Profit) % of Gross Profit) since 2022 $3.29B $3.03B 20% 34% 18% $2.06B $1.79B $1.61B 34% 34% 5% 24% $0.99B 2% 17% $0.35B 2025 Adjusted Ope

10. Slide 10: Our performance puts us in rarefied air

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Our performance puts us in rarefied air Only 23 other companies in the S&P 500 are achieving this level. Expect Block GP to grow x% in 26, exit 26 growing 15% and expect to deliver 15% growth in 27/28 Let’s talk about how we get there 15%+ $10B+ 20%+ You can

11. Slide 11: Growing market opportunity

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Growing market opportunity 2025 ~$145B Weʼve added $300B Financial Solutions gross profit opportunity ~$500B since 2022 and itʼs 2% ~$349B penetrated today. Commerce Enablement ~$190B 2022 ~$160B ~$6B 2020 Bitcoin Ecosystem Key additions: ● BNPL 2017 ● Cas

12. Slide 12: Now let's talk about the future: Redefining how we share our performance

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Now letʼs talk about the future: Current Transaction- Based Subscription & Services-Based Hardware Bitcoin Redefining how we share our performance Through new revenue categories that enhance transparency and Updated Commerce Financial Bitcoin provide insight

13. Slide 13: Introducing our new revenue categories

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Introducing our new revenue categories Commerce Financial Bitcoin Enablement Solutions Ecosystem Empowering sellers to scale with Expanding access to capital Making bitcoin accessible, secure, Square processing, software, with Square Banking and and part of

14. Slide 14: By product

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK By product Commerce Financial Bitcoin Enablement Solutions Ecosystem Cash App Card, Cash App Borrow, ATM, Consumer Buy/Sell Cash App Pay, BNPL, Instant Deposit, Interest Afterpay Post-Purchase, Income, and Paper Afterpay Pre-Purchase, Money Deposits and Cash

15. Slide 15: Block: We've grown gross profit in each category

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Block: Weʼve grown gross profit in each 19% CAG R $2.54B $2.66B category $2.03B $2.09B $2.23B $2.25B $2.31B $2.29B $1.87B $1.90B $1.71B CAGR Mix Q1‘23Q3ʼ25 Q3ʼ25 Bitcoin Ecosystem 14% 4% Financial Solutions 26% 38% Commerce Enablement 16% 58% Q1 Q2 Q3 Q

16. Slide 16: Cash App: Gross profit

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Cash App: Gross profit Stability from Commerce Enablement, with recent upside R from Financial Solutions. CAG 21% $1.62B $1.50B $1.38B $1.38B $1.30B $1.31B $1.26B $1.18B $1.05B $1.08B $1.01B CAGR Mix Q1‘23Q3ʼ25 Q3ʼ25 Bitcoin Ecosystem 10% 6% Financial S

17. Slide 17: Cash App: Commerce Enablement

    Table of Contents BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Cash App: Commerce Enablement 1.54% 1.54% 1.57% 1.60% 1.57% 1.55% 1.56% 1.57% 1.52% 1.53% 1.56% Weʼve achieved consistent growth $49.7B for Cash App, led by Cash App Card, $46.7B $46.7B $48.3B Cash App Pay, and BNPL, while $42.5B $42.7B $41

18. Slide 18: Cash App: Financial Solutions

    Table of Contents BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Cash App: Financial Solutions $13 $12 Increased engagement with banking $10 $10 $10 products from Cash App Borrow and $9 $9 Instant Deposit, driving strong gross $8 $8 $8 $8 profit growth per active. Financial Solutions Gross Profit per Mon

19. Slide 19: Cash App: Primary Banking Actives

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Cash App: Primary 15% 15% Banking Actives 12% 12% 12% 13% 14% 14% 8.7M 11% 11% 8.3M 8.3M Primary Banking Actives represent 10% 10% 7.6M 8.0M a growing share of Cash App 7.1M 6.9M 7.0M Transacting Actives and have 6.4M contributed to steady growth in 5.7M 5.6

20. Slide 20: Cash App: Lending

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Cash App: Lending Weʼve scaled this growth vector 28% 28% through disciplined underwriting and 27% 27% 26% 26% 27% 27% prudent risk management, delivering 25% 25% strong returns with stable margins. 2.1% 2.1% 2.0% 2.0% 2.1% 2.1% 2.1% 2.0% 1.9% 1.9% $13.6B $1

21. Slide 21: Cash App: Responsible Growth

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Cash App: Borrow Originations Mix by Tenure Responsible Growth Weʼve maintained stable risk performance through scientifically optimizing volume growth and risk management. Gross Loss Rate by Cohort 06 Months 3.40% 712 Months 2.85% 13 Months 2.63% 2022 20

22. Slide 22: Lending unit economics

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Lending unit Borrow: $100 loan BNPL Pay-in-Four: $100 GMV economics Gross Profit $5 Gross Profit $3 Delivering high returns on (–) Recurring Costs $3 (–) Recurring Costs $1 short-term consumer lending products. Margin $ $2 Margin $ $2 Loan Duration 2

23. Slide 23: Square: Gross profit

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Square: Gross profit 17% C AGR $1,027M $1,018M $923M $932M $924M Steady Commerce Enablement $898M growth, with a growing mix from $804M $805M $828M $820M Financial Solutions. $692M CAGR Mix Q1‘23Q3ʼ25 Q3ʼ25 Financial Solutions 27% 25% Commerce Enablemen

24. Slide 24: Square: Product adoption

    block BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Square: Gross Profit per Seller Product adoption 14X Higher gross profit and greater monetization as sellers adopt $2,540 more of our ecosystem. $180 1 2 3 4 5 See appendix for definition of Product Adoption Cohort. The chart above shows average gros

25. Slide 25: Square: Monetization

    Table of Contents BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Square: 1.30% Monetization 1.29% 1.26% 1.27% 1.24% 1.23% 1.25% 1.25% 1.23% 1.20% 1.20% Strong GPV attach rates across both Commerce Enablement and Financial Solutions. 0.41% 0.38% 0.38% 0.38% 0.36% 0.36% 0.36% 0.35% 0.30% 0.31% 0.31% Commer

26. Slide 26: Square: Underlying gross profit trends

    Table of Contents BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Square: Underlying gross 13% profit trends 12% Underlying gross profit growth remained faster than GPV in Q3, excluding 11% hardware and operational processing change. 9% 9% Gross Profit Growth YoY % (excluding hardware, operational proce

27. Slide 27: Guidance: Building scalable, profitable growth

    FINANCIAL OUTLOOK FINANCIAL OUTLOOK Guidance: Building scalable, profitable growth

28. Slide 28: Preliminary 2026 guidance

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Preliminary 2026 guidance We remain committed to achieving Rule of 40 in 2026. We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP metrics, including Adjusted Operating Income Loss, Adjusted Earnings Per Share EP

29. Slide 29: Preliminary 2026 guidance

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Preliminary 2026 2026 guidance We remain committed to Block Gross Profit Growth YoY 17% $11.98B achieving Rule of 40 in 2026. Delivering 17% gross profit growth We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP

30. Slide 30: Preliminary 2026 guidance

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Preliminary 2026 2026 guidance We remain committed to Block Gross Profit Growth YoY 17% $11.98B achieving Rule of 40 in 2026. Delivering 17% gross Adjusted Operating Income Growth YoY 31% $2.70B profit growth with 31% Adjusted Operating Income growth and

31. Slide 31: Preliminary 2026 guidance

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Preliminary 2026 2026 guidance We remain committed to Block Gross Profit Growth YoY 17% $11.98B 17% achieving Rule of 40 in 2026. Delivering 17% gross Adjusted Operating Income Growth YoY 31% $2.70B 30% profit growth with 31% Adjusted Operating Income gr

32. Slide 32: Long-term 2027-2028 guidance

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Long-term 20272028 guidance Durable value creation with at Block Gross Profit Growth Mid-teens least mid-teens gross profit growth, 30% Adjusted Operating Income growth, Adjusted Operating Income Growth 30% and low-30% adjusted EPS growth. Adjusted Earnings

33. Slide 33: Cash App: Sustaining growth through engagement

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Cash App: Sustaining growth H igh - te ens CAG R through engagement Monetization Rate Bitcoin Inflows per Active Cash App Borrow Banking and monetization Actives Pay Later Launches Cash App Green Teens & Families We expect network expansion Network Enhanceme

34. Slide 34: Square: Driving GPV growth through scale and ecosystem depth

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Square: V Driving GPV growth s GP i d teen AGR -to-m fit C Low ross pro g and through scale and US GPV Global GPV Growth US GPV ecosystem depth Retention Acquisition Automation Self-Onboarding Product Velocity Brand Transformation Sales Motion GPV growth thr

35. Slide 35: Strong incremental profit margins

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Strong incremental Incremental Adjusted Operating Income as % of Incremental Gross Profit profit margins 50% We expect incremental profitability margins to increase each year, converting over 50% of incremental gross profit to 33% Adjusted Operating Income

36. Slide 36: We're investing behind incredible returns on our go-to-market

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Weʼre investing behind incredible returns on our go-to-market 2x ROI on go-to-market 9x ROI on go-to-market spend investments over three years investments over three years 6 quarter 2 quarter payback period payback period Return on Investment ROI) and Payba

37. Slide 37: Expense leverage

    https://docs.google.com/presentatio n/d/1hUEC5TX3tk4kjkK78Q35qJr32 g0eVcXPlUeY7RgDBVc/edit?disco =AAABuKDeFOo BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Expense leverage Non-GAAP Operating Expenses % of Gross Profit) Continuing to scale efficiently, gaining leverage from automation to free up invest

38. Slide 38: Our capital allocation priorities

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Our capital allocation priorities 1 2 3 Invest in long-term growth. Return capital to shareholders. Optimize capital structure. Ongoing investments in product Consistent share repurchase program. Reduce Block capital required for lending development and go-t

39. Slide 39: We seek to maximize long-term Non-GAAP Cash Flow

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK 2024 We seek to Cash Flow from Operations CFO $1.71B maximize long-term Non-GAAP Cash (–) Capital Expenditures $0.15B Flow Free Cash Flow FCF $1.55B Non-GAAP Cash Flow is free cash flow less capital required to fund growth of our lending (+/–) Settleme

40. Slide 40: We expect to meaningfully inflect our Non-GAAP Cash Flow over the next three years

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK We expect to meaningfully $4.0B inflect our Non-GAAP Cash Flow over the next three years $2.4B $5B $9B new share repurchase expected non-GAAP FY2026 FY2027 FY2028 authorization. cash flow over the next three years. 20% 25% of Gross Profit of Gross Profit N

41. Slide 41: 2028 financial profile

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK 2028 financial profile Based on our $15.8B $4.6B long-term guidance. Gross Profit Adj. Operating Income Mid-Teens CAGR 30% CAGR $5.50 $4.0B Adj. EPS Non-GAAP Cash Flow Low-30% CAGR 25% of gross profit Gross Profit assumes 16% CAGR. Adjusted EPS assumes 33% C

42. Slide 42: Block is a technology company building connected ecosystems

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Block is a technology company building connected ecosystems that empower people into the economy.

43. Slide 43: Our strategy is to drive durable growth, compound profitability, and generate meaningful cash flow

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Our strategy is to drive durable growth, compound profitability, and generate meaningful cash flow through: Unique Differentiated Network Proactive capabilities interfaces advantages intelligence Weʼve built a combination We design simple, Weʼve scaled multi

44. Slide 44: Thank you!

    THANK YOU!

45. Slide 45: Appendix

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Appendix Adjusted EBITDA is a non-GAAP financial measure that Cash App Commerce Enablement Monetization Rate is Commerce Volume includes Cash Card gross payment represents our net income (loss), adjusted to exclude calculated by dividing Cash App Commerce En

46. Slide 46: Appendix

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Appendix Gross Receivables is the period‑end total outstanding New Volume Added NVA is the GPV processed, or Return on Equity ROE is calculated as Margin divided balance of customer loans and consumer receivables expected to be processed, by new sellers

47. Slide 47: Appendix

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Appendix Square Commerce Enablement Gross Profit is primarily Square Gross Profit per Seller is calculated based on composed of Payments, Software, and Hardware. annual gross profit divided by annual active sellers. These sellers are defined as sellers who p

48. Slide 48: Appendix

    BLOCK INVESTOR DAY 2025 FINANCIAL OUTLOOK Appendix Total Addressable Gross Profit Opportunity: Financial Solutions gross profit opportunity includes Bitcoin Ecosystem gross profit opportunity includes Commerce Enablement gross profit opportunity Cash App Instant Deposit, Cash App Borrow, Square Cash

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