Key Highlights

  • Total net Revenue was USD 6,719.4 million, compared with USD 6,115.0 million, and Gross Profit was USD 3,235.3 million.
  • Net income was USD 565.6 million, with Diluted Earnings per Share of USD 0.92 versus USD 0.74.
  • Adjusted EBITDA was USD 1,227.9 million versus USD 832.7 million, and adjusted Operating Income was USD 922.7 million.
  • Net income included a USD 229.7 million Bitcoin Investment remeasurement gain, versus USD 59.6 million a year earlier.

Revenue and Gross Profit

Block, Inc. (NYSE:XYZ), the operator of the Square and Cash App ecosystems, reported third-quarter 2026 total net revenue of USD 6,719.4 million, compared with USD 6,115.0 million in the third quarter of 2025. Commerce enablement revenue was USD 3,475.9 million versus USD 2,999.1 million, financial solutions revenue was USD 1,439.6 million versus USD 1,094.9 million, and bitcoin ecosystem revenue was USD 1,803.8 million versus USD 2,021.0 million.

Total cost of revenue was USD 3,484.1 million versus USD 3,453.4 million, and gross profit was USD 3,235.3 million versus USD 2,661.6 million. Bitcoin ecosystem revenue contributed 43% of Cash App revenue but only 3% of Cash App gross profit. Excluding bitcoin ecosystem revenue, Cash App net revenue increased by USD 496.7 million, or 27%.

For the nine months, total net revenue was USD 19,393.9 million versus USD 17,941.2 million, and gross profit was USD 9,310.6 million versus USD 7,487.7 million.

Analyst estimates were EPS of USD 1.03 against reported EPS of USD 1.13, and revenue of USD 6.59 billion against reported revenue of USD 6.72 billion.

Operating Expenses and Earnings

Product development expense was USD 635.6 million versus USD 711.2 million, and sales and Marketing expense was USD 687.9 million versus USD 599.3 million. General and administrative expense was USD 847.5 million versus USD 544.0 million, and transaction, Loan and consumer receivable losses were USD 601.7 million versus USD 363.5 million.

Net income attributable to common stockholders was USD 565.6 million, compared with USD 461.5 million. Diluted earnings per share were USD 0.92 versus USD 0.74, and Basic Earnings Per Share were USD 0.94 versus USD 0.76. Net Income for both periods included a gain from the remeasurement of the bitcoin investment, which was USD 229.7 million in 2026 and USD 59.6 million in 2025.

Adjusted EBITDA was USD 1,227.9 million versus USD 832.7 million, and adjusted operating income was USD 922.7 million versus USD 480.2 million. Adjusted diluted earnings per share were USD 1.13 versus USD 0.54.

Nine-Month Results and Balance Sheet

For the nine months, net income attributable to common stockholders was USD 345.4 million, or USD 0.57 per diluted share, compared with USD 1,189.9 million, or USD 1.91. Adjusted EBITDA was USD 3,406.7 million versus USD 2,536.9 million, and adjusted diluted earnings per share were USD 3.00 versus USD 1.72.

Cash and cash equivalents were USD 7,859.3 million at September 30, 2026, compared with USD 6,564.1 million at December 31, 2025. Customer funds were USD 5,356.9 million, loans held for investment were USD 4,401.0 million, and consumer receivables were USD 2,352.2 million. Total Assets were USD 41,235.7 million, and total stockholders Equity attributable to common stockholders was USD 22,907.4 million.

Items to Follow

Items to follow are bitcoin ecosystem revenue and gross profit, financial solutions revenue, transaction, loan and consumer receivable losses, and the remeasurement of the bitcoin investment.