Slide 1: Q4 2025 Block Investor Presentation
Q4 2025 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: 2025 Gross Profit Growth
Block Investor Presentation 4 2025 Gross Profit Growth Gross Profit We delivered year-over-year gross profit growth of 17%, with December marking our first ever $1 billion gross profit month YoY Growth 62% 36% 25% 18% 17%
Slide 5: We've meaningfully expanded multiple ecosystems
Block Investor Presentation 5 Weʼve meaningfully Gross Profit $10.36B expanded multiple $89M Corporate & Other ecosystems $8.89B $51M Weʼve become a diverse technology $7.50B ecosystem serving the finance and $53M commerce needs of sellers and consumers $5.99B $6.34B Cash App $40M $5.24B $4.42B $4.3
Slide 6: 2025 Profitability: Net Income and Adjusted EBITDA
Block Investor Presentation 6 2025 Profitability Net Income Loss Adjusted EBITDA *attributable to common stockholders 14% YoY Growth 33% Margin Margins above are all calculated as a percent of gross profit. The net income results reported here for fiscal 2023, 2024, and 2025 reflect the impact of
Slide 7: 2025 Profitability: Operating Income and Adjusted Operating Income
Block Investor Presentation 7 2025 Profitability Operating Income Loss Adjusted Operating Income Loss Adjusted Operating Income 30% YoY Growth 20% Margin grew 30% year over year, with margins expanding even as we made meaningful investments in our go to market strategies and our lending products
Slide 8: Q4 Key Messages
Block Investor Presentation 8 Q4 Key Messages ● Accelerated year-over-year gross profit growth ● Square GPV grew 10% year over year as we to 24% and outperformed our Adjusted Operating continued to gain share in our target verticals Income guidance ● Square NVA growth accelerated to 29% in Q4 as we
Slide 9: Q4 Gross Profit Growth
Block Investor Presentation 9 Q4 Gross Profit Growth Gross Profit Bitcoin We delivered year-over-year gross profit Ecosystem 10% YoY growth of 24%, accelerating from 18% growth in the third quarter as we continued Financial to launch new products and invest in Solutions go-to-market efforts across
Slide 10: Q4 Profitability: Net Income and Adjusted EBITDA
Block Investor Presentation 10 Q4 Profitability Net Income* Adjusted EBITDA *attributable to common stockholders 23% YoY Growth Margins are all calculated as a percent of gross profit. In the fourth quarter of 2025, net income included a remeasurement loss on our bitcoin investment of $234 million.
Slide 11: Q4 Profitability: Operating Income and Adjusted Operating Income
Block Investor Presentation 11 Q4 Profitability Operating Income Adjusted Operating Income Adjusted Operating Income 46% YoY Growth grew 46% year over year, driven by disciplined execution and gross profit strength Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2024 2025 2024 2025 Margins are all calculated as a per
Slide 12: Acquisition accelerated in 2025
Block Investor Presentation 12 Acquisition Cash App Monthly Transacting Actives Square New Volume Added NVA accelerated in 2025 17% YoY Growth 50M MAR JUN SEP DEC MAR JUN SEP DEC 2022 2023 2024 2025 2024 2025 YoY 6% 5% 3% 2% 0% 0% 2% 3% Growth
Slide 13: Cash App
Cash App
Slide 14: Strategic vision
Block Investor Presentation 14 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 15: Continued strong growth at scale
Block Investor Presentation 15 Continued strong Cash App Gross Profit growth at scale Bitcoin Ecosystem Gross profit grew 33% year over year driven 22% YoY by Cash App Borrow, BNPL, and Cash App Card Financial Solutions 62% YoY Commerce Enablement 20% YoY Q4 Q1 Q2 Q3 Q4 2024 2025 2024 2025 YoY Gr
Slide 16: Driving greater engagement and monetization
Block Investor Presentation 16 Driving greater engagement Cash App Inflows per Transacting Active and monetization Inflows per transacting active grew 12% year over year in Q4, driven in part by more customers bringing their paychecks into Cash App $1,000 Q4 Q1 Q2 Q3 Q4 2024 2025 YoY Growth 10% 8% 8
Slide 17: Cash App Primary Banking Actives growth
Block Investor Presentation 17 Cash App Primary Cash App Primary Banking Actives Banking Actives growth Cash App primary banking actives actives grew 22% year over year in December as we continued to invest in Cash App Green as a cornerstone of our engagement strategy DEC MAR JUN SEP DEC 2024 2025 Y
Slide 18: Cash App Lending
Block Investor Presentation 18 Cash App Lending Cash App Consumer Lending Origination Volume Cash App Consumer Lending origination volume grew 69% year over year as we continued to scale Cash App Borrow to new customer cohorts through Cash App Green and increased Afterpay Post-Purchase attach rates
Slide 19: Cash App Borrow
Block Investor Presentation 19 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 13 Months Q4 Q1 Q2 Q3 Q4 2024 2025
Slide 20: We use Cash App Score to manage credit outcomes across economic scenarios
Block Investor Presentation 20 We use Cash App Score to Cash App Score Approx.) manage credit outcomes Current Cash App Score Distribution Stress Case across economic scenarios Understanding how credit outcomes would evolve across our population in various macro scenarios. Example: Consumer Sentime
Slide 21: Customer testimonials on Cash App
Block Investor Presentation 21 “One the best decisions I made in a good yr was making CashApp my main account and Iʼve got green status now yes lord..best benefits are the weekly offers and overdraft protectionˮ THATGUYCALLEDG, X “Made cashapp my main account recently. Best decision ever. #cashapp
Slide 22: Square
Square
Slide 23: Strategic vision
Block Investor Presentation 23 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 24: Continued growth at scale
Block Investor Presentation 24 Continued growth Square Gross Profit at scale Bitcoin Ecosystem nm Gross profit growth of 7% year over year driven by strength in Financial Solutions, Financial most notably Square Loans, which grew Solutions 25% YoY origination volume 23% year over year. Gross profit
Slide 25: Growing across diverse geographies
Block Investor Presentation 25 Growing across diverse Square GPV by Geography geographies In the fourth quarter, total Square GPV 21% grew 10%, with U.S. GPV growing 7.0% 19% 22% International and International GPV growing 24% 19% 18% 81% 79% 81% 78% U.S. 82% Q4 Q1 Q2 Q3 Q4 2024 2025 Total YoY Growt
Slide 26: Square Monetization Rate
Block Investor Presentation 26 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 0% Q4 Q1 Q2 Q3 Q4 2024 2025 Please se
Slide 27: Square AI customer quote
Block Investor Presentation 27 “Tools like Square AI put us on par with billion-dollar brands by transforming our access to data, and thus our speed to innovation.ˮ GARY THOMAS, OWNER & CEO, KEVA JUICE
Slide 28: 2026 Full Year Guidance
Block Investor Presentation 28 2026 Full Year Guidance At Investor Day, we shared our preliminary financial outlook for 2026, which called for 2026 17% year-over-year gross profit growth and $2.7 billion in Adjusted Operating Income. Gross Profit $12.20B We now expect to deliver gross profit growth
Slide 29: Q1 2026 Guidance
Block Investor Presentation 29 Q1 2026 Guidance For the first quarter, we expect gross profit growth of 22% year over year to $2.80 billion Q1 2026 and Adjusted Operating Income of $600 million. Gross Profit $2.80B YoY Growth 22% Adjusted Operating Income $600M % Margin 21% Rule of X 44% Adjusted Di
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Slide 31: Appendix
Appendix
Slide 32: Appendix: Metric definitions
Block Investor Presentation 32 Appendix SLIDE 3 SLIDE 8 & 12 Gross profit retention is calculated as year-over-year gross profit growth New Volume Added NVA is the total GPV processed, or expected to be of all existing quarterly Cash App cohorts, averaged over the last four processed, by new selle
Slide 33: Appendix: Metric definitions
Block Investor Presentation 33 Appendix SLIDE 8 & 25 SLIDE 16 Square Gross Payment Volume GPV is defined as the total dollar Inflows per transacting active refers to total inflows in the quarter divided by amount of all card and bank payments processed by sellers using Square, monthly actives for
Slide 34: Reconciliations (unaudited)
Block Investor Presentation 34 Reconciliations (unaudited) Adjusted Operating Income (in thousands, except for percentages) THREE MONTHS ENDED Dec 31, 2025 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Operating income $485,371 $13,013 $329,302 $484,293 $409,440 Amortization of acquired techno
Slide 35: Reconciliations (unaudited)
Block Investor Presentation 35 Reconciliations (unaudited) Adjusted Operating Income (in thousands, except for percentages) TWELVE MONTHS ENDED Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Operating income (loss) $1,708,406 $892,327 $278,839 $624,532 $161,112 Amortization of
Slide 36: Reconciliations (unaudited)
Block Investor Presentation 36 Reconciliations (unaudited) Adjusted EBITDA (in thousands, except for percentages) THREE MONTHS ENDED Dec 31, 2025 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Net income attributable to common stockholders $115,762 $1,946,020 $189,872 $538,458 $461,544 Net inco
Slide 37: Reconciliations (unaudited)
Block Investor Presentation 37 Reconciliations (unaudited) Adjusted EBITDA (in thousands, except for percentages) TWELVE MONTHS ENDED Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Net income (loss) attributable to common stockholders $1,305,636 $2,897,047 $9,772 $540,747 $166,28
Slide 38: Reconciliations (unaudited)
Block Investor Presentation 38 Reconciliations (unaudited) Block, Inc. Consolidated Gross Profit (in millions) THREE MONTHS ENDED Dec 31, 2025 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Revenue: Commerce enablement revenue $3,050 $2,745 $2,567 $2,898 $2,999 Financial solutions revenue 1,222
Slide 39: Reconciliations (unaudited)
Block Investor Presentation 39 Reconciliations (unaudited) Block, Inc. Consolidated Gross Profit (in millions) THREE MONTHS ENDED Dec 31, 2024 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Revenue: Commerce enablement revenue $2,745 $2,489 $2,421 $2,665 $2,682 Financial solutions revenue 826 7
Slide 40: Reconciliations (unaudited)
Block Investor Presentation 40 Reconciliations (unaudited) Cash App Gross Profit (in millions) THREE MONTHS ENDED Dec 31, 2025 Dec 31, 2024 Mar 31, 2025 Jun. 30, 2025 Sept. 30, 2025 Revenue: Commerce enablement revenue $1,096 $949 $900 $940 $976 Financial solutions revenue 949 607 649 733 834 Bitcoi
Slide 41: Reconciliations (unaudited)
Block Investor Presentation 41 Reconciliations (unaudited) Cash App Gross Profit (in millions) THREE MONTHS ENDED Dec 31, 2024 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sept 30, 2024 Revenue: Commerce enablement revenue $949 $820 $832 $853 $848 Financial solutions revenue 607 519 566 617 620 Bitcoin ec
Slide 42: Reconciliations (unaudited)
Block Investor Presentation 42 Reconciliations (unaudited) Square Gross Profit (in millions) THREE MONTHS ENDED Dec 31, 2025 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Revenue: Commerce enablement revenue $1,905 $1,751 $1,627 $1,915 $1,979 Financial solutions revenue 273 220 226 251 261 Bit
Slide 43: Reconciliations (unaudited)
Block Investor Presentation 43 Reconciliations (unaudited) Square Gross Profit (in millions) THREE MONTHS ENDED Dec 31, 2024 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sept 30, 2024 Revenue: Commerce enablement revenue $1,751 $1,619 $1,535 $1,764 $1,790 Financial solutions revenue 220 194 195 215 212 Bi
Slide 44: Reconciliations (unaudited)
Block Investor Presentation 44 Reconciliations (unaudited) Square Operating Metrics (in millions) THREE MONTHS ENDED Dec 31, 2025 Dec 31, 2024 Dec 31, 2024 Mar. 31, 2025 Jun. 30, 2025 Square commerce enablement gross profit $726 $710 $678 $781 $762 Less: Hardware contribution to Square commerce enab