Earnings call

Block, Inc. Block, Inc. · Q2 2026 call

Call heldAug 5, 2026
Time5:00 p.m. ET, 5 August 2026
CEOJack Dorsey

What the CEO argued

Dorsey's argument was that the models are the commodity and the capability around them is not. He said Block deliberately stayed model-agnostic — building its own harness, its own orchestration and its own evaluation layer — so that a better model arriving is an upgrade rather than a dependency, and that what cannot be rented is the two-sided data Square and Cash App generate. He asked to be judged on shipping velocity rather than on the reorganisation itself: AI now touches essentially every production code change, code changes per engineer are up 150% since January, and Square shipped 130 features in the first half against a third as many a year earlier. The same in-house habit, he said, produced Cash App Tags — hardware as a viral acquisition engine, the card reader's playbook run again fifteen years later.

More from Jack Dorsey

What they said

The quarter in one sentence
We grew gross profit 25% year-over-year while delivering an all-time high 27% adjusted operating income margin and growing adjusted diluted EPS 65% year-over-year.
Amrita Ahuja · Chief Operating Officer and Chief Financial Officer, Block
Where the new Square sellers came from
we now have more than 200 active ISO partners helping drive over 150% quarter-over-quarter growth in the number of new sellers joining Square from the ISO channel.
Amrita Ahuja · Chief Operating Officer and Chief Financial Officer, Block
Where Dorsey plants the flag on agentic tooling
We were the first to release coding harness to the world months before Claude Code.
Jack Dorsey · Block Head (co-founder and chief executive), Block
What open-sourcing the AI work costs Block
It doesn't limit it. I think it gives us a lot more information. It gives us a lot more people who can actually contribute to the code.
Jack Dorsey · Block Head (co-founder and chief executive), Block
Whether Buzz will ever be charged for
So there's a huge menu of options that we can go down to monetize Buzz. We do intend to do so. But we don't want to custom fit one too early without having a lot more information.
Jack Dorsey · Block Head (co-founder and chief executive), Block
The supply-chain claim Block keeps making
one thing that I'm proud of is that we are the only company in our space never to go on back order
Thomas Templeton · Hardware Lead, Block
What memory prices do to hardware costs from here
we can't say that we'll never be impacted, and we do expect our costs to go up over time, just like everybody else. But we have a really good handle on the trajectory of costs and supply dynamics
Thomas Templeton · Hardware Lead, Block
The two one-offs inside Square’s gross profit
We did have, in the quarter, a tariff reimbursement benefit of about 2 points. That roughly offset a network remediation comparison from Q2 '25.
Amrita Ahuja · Chief Operating Officer and Chief Financial Officer, Block
What Block’s own bank now pays for a deposit
sellers maintaining at least $10,000 in Square savings are now eligible to earn 3.5% APY. That's 8x the national average
Amrita Ahuja · Chief Operating Officer and Chief Financial Officer, Block
How the funding of the loan book is meant to change
over time, you can expect deposits through SFS to become a much bigger part of how we fund those lending originations, and it's far more efficient from a capital and returns perspective.
Amrita Ahuja · Chief Operating Officer and Chief Financial Officer, Block
Neighborhoods, in numbers
annualized seller GPV on the platform crossed the $1 billion threshold in June, which is up 220% year-over-year. And then new sellers that were onboarding on to neighborhoods was 8x in July, what it was in March.
Owen Jennings · Business Lead, Block
What a Neighborhoods follower is worth to a seller
spend from followers reaches about 10% of a seller's GPV in 3 quarters on average.
Owen Jennings · Business Lead, Block
How Cash App Tags actually sold
the second wand drop sold out in just over 30 minutes. And the really exciting thing is we did this all with 0 marketing. This was all viral. And today, we have over 3 million people who have asked to be notified for the next drop.
Thomas Templeton · Hardware Lead, Block
The proof point Dorsey offers for the AI reorg
At this point, a Block AI is involved in basically every single production code change or production code review. Code changes per engineer is up 150% since the start of the year.
Jack Dorsey · Block Head (co-founder and chief executive), Block
How much more Square shipped this year
Square, just for reference, we shipped 130 features in the first half of 2026. That's up more than 3x relative to the first half of 2025.
Jack Dorsey · Block Head (co-founder and chief executive), Block
The model-agnostic bet, restated as a cost argument
It means that we're not locked into a single provider's capabilities or pricing structure.
Amrita Ahuja · Chief Operating Officer and Chief Financial Officer, Block
Whether the AI products get a price tag
I think it's pretty clear that we have an opportunity to monetize Managerbot, Moneybot and Buzz.
Owen Jennings · Business Lead, Block

In the order they were said. Pick a name to read only that speaker.

On the call

  • Operator — Operator
  • Matthew Ross — Head of Investor Relations, Block
  • Jack Dorsey — Block Head (co-founder and chief executive), Block
  • Amrita Ahuja — Chief Operating Officer and Chief Financial Officer, Block
  • Owen Jennings — Business Lead, Block
  • Thomas Templeton — Hardware Lead, Block
  • Tien-Tsin Huang — Analyst, JPMorgan
  • Jason Kupferberg — Analyst, Wells Fargo
  • William Nance — Analyst, Goldman Sachs
  • Darrin Peller — Analyst, Wolfe Research
  • Adam Frisch — Analyst, Evercore
  • Timothy Chiodo — Analyst, UBS
  • James Friedman — Analyst, Susquehanna
  • Nikolai Cremo — Analyst, Barclays

About these quotes

Every passage above is quoted verbatim from Block, Inc.'s Q2 2026 earnings call of Aug 5, 2026, checked against the recording's transcription word for word. Block states that the content of its earnings call belongs to the company and may not be reproduced or transcribed without its consent, and the text checked against here is a third party's transcription of the recording rather than Block's own. This page quotes passages from the call instead of reproducing it, and every quote below was checked word for word against that transcription before it was published. Block publishes the prepared remarks and an audio replay of the call itself on its investor relations site; that recording is the authoritative record. Figures spoken on a call are management's own and are checked against the release before they are used anywhere else on this site.

WebcastListen to the call at Block, Inc. investor relationsThe company's own replay — the authoritative record ReleaseQ2 2026 results press releaseWhere every figure quoted here is verified NumbersQ2 2026 earnings pageThe reported figure set, Rule of 40 score and consensus comparison

Next call: Third quarter 2026 results — date not yet announced by Block.