XYZ
Block, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Block, Inc.
Block, Inc. (ticker XYZ; formerly Square) builds financial tools for individuals and businesses. Square provides payment acceptance, point-of-sale software, banking, and capital for sellers. Cash App provides peer-to-peer payments, investing, bitcoin, and banking-like services for consumers. Other businesses have included Afterpay buy-now-pay-later and music platform TIDAL.
Coverage
Block Already Custodies Its Customers' Bitcoin for Free. Its New Bank Is Not for Them.
Block applied to charter Builders Bank for bitcoin custody. It already holds that bitcoin free: a $1.41bn book, worth $3.5M a year at a named fund's fee.
Block's Rule of 40 Says 20. Its Gross Profit Grew 25%. Only One of Those Describes the Business.
Block Q2: net revenue $6.62B up 9.4%, gross profit $3.17B up 25%, a record 27% adjusted operating margin, adjusted EPS $1.02. The score reads the wrong line.
Block (XYZ): The AI-Efficiency Rebound Faces Its Next Test on August 5
Block has erased a 39% drawdown in five months on an AI-driven efficiency story — profit growing twice as fast as gross profit after Jack Dorsey's early-2026 layoffs. Q2 2026 earnings, expected around August 5, are the next checkpoint.
Where the revenue goes next
Latest: $6.62B (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | $5.54B |
| 2023Q3 | $5.62B |
| 2023Q4 | $5.77B |
| 2024Q1 | $5.96B |
| 2024Q2 | $6.16B |
| 2024Q3 | $5.98B |
| 2024Q4 | $6.03B |
| 2025Q1 | $5.77B |
| 2025Q2 | $6.05B |
| 2025Q3 | $6.12B |
| 2025Q4 | $6.25B |
| 2026Q1 | $6.06B |
| 2026Q2 | $6.62B |
Latest: $0.15 (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | −$0.17 |
| 2023Q3 | −$0.15 |
| 2023Q4 | $0.28 |
| 2024Q1 | $0.74 |
| 2024Q2 | $0.31 |
| 2024Q3 | $0.45 |
| 2024Q4 | $3.05 |
| 2025Q1 | $0.30 |
| 2025Q2 | $0.87 |
| 2025Q3 | $0.74 |
| 2025Q4 | $0.19 |
| 2026Q1 | −$0.52 |
| 2026Q2 | $0.15 |
Latest: 135.7 (2026Q2)
| Period | Value |
|---|---|
| 2023Q4 | 3867.5 |
| 2024Q1 | 120.8 |
| 2024Q2 | 54.6 |
| 2024Q3 | 37.7 |
| 2024Q4 | 18.6 |
| 2025Q1 | 13.2 |
| 2025Q2 | 14.5 |
| 2025Q3 | 14.5 |
| 2025Q4 | 31.0 |
| 2026Q1 | 47.0 |
| 2026Q2 | 135.7 |
Latest: $967M (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | $84M |
| 2023Q3 | $453M |
| 2023Q4 | −$850M |
| 2024Q1 | $457M |
| 2024Q2 | $481M |
| 2024Q3 | $628M |
| 2024Q4 | −$13M |
| 2025Q1 | $101M |
| 2025Q2 | $343M |
| 2025Q3 | $1.40B |
| 2025Q4 | $580M |
| 2026Q1 | $935M |
| 2026Q2 | $967M |
Latest: 609M (2026Q2)
| Period | Value |
|---|---|
| 2018Q2 | 403M |
| 2018Q3 | 475M |
| 2019Q1 | 419M |
| 2019Q2 | 423M |
| 2019Q3 | 466M |
| 2020Q1 | 435M |
| 2020Q2 | 440M |
| 2020Q3 | 488M |
| 2021Q1 | 501M |
| 2021Q2 | 523M |
| 2021Q3 | 504M |
| 2022Q1 | 541M |
| 2022Q2 | 581M |
| 2022Q3 | 593M |
| 2023Q2 | 607M |
| 2023Q3 | 611M |
| 2024Q1 | 637M |
| 2024Q2 | 634M |
| 2024Q3 | 633M |
| 2025Q1 | 635M |
| 2025Q2 | 619M |
| 2025Q3 | 622M |
| 2026Q1 | 598M |
| 2026Q2 | 609M |
Latest: $5.57B (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | $84M |
| 2023Q3 | $537M |
| 2023Q4 | −$312M |
| 2024Q1 | $145M |
| 2024Q2 | $626M |
| 2024Q3 | $1.25B |
| 2024Q4 | $1.24B |
| 2025Q1 | $1.34B |
| 2025Q2 | $1.69B |
| 2025Q3 | $3.09B |
| 2025Q4 | $3.67B |
| 2026Q1 | $4.60B |
| 2026Q2 | $5.57B |
Latest earnings
Company History
Jack Dorsey co-founds Square to enable card payments via a small mobile card reader.
Square goes public on the NYSE.
Cash App becomes a major growth driver; Square acquires Afterpay and rebrands to Block.
Dorsey announces a significant AI-driven restructuring, including workforce reductions, alongside a raised full-year outlook.
Key Players
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Funds we follow holding XYZ
By latest reported 13F position value. Market value at quarter-end, not cost basis.
