Block, Inc. (XYZ)
Income Statement
Consolidated Statement of Income
BLOCK, INC. (XYZ)
Year Ended (In thousands, except shares and per share data)
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | |
|---|---|---|---|
| Total net revenue | $24,193,683 | $24,121,053 | $21,915,623 |
| Commerce enablement revenue | $11,514,162 | $10,512,453 | $9,530,040 |
| Financial solutions revenue | $4,176,734 | $3,250,817 | $2,717,261 |
| Bitcoin ecosystem revenue | $8,502,787 | $10,357,783 | $9,668,322 |
| Cost of revenue | $13,776,904 | $15,163,653 | $14,337,908 |
| Commerce enablement revenue | $5,353,254 | $4,913,124 | $4,692,094 |
| Financial solutions revenue | $339,878 | $311,209 | $292,017 |
| Bitcoin ecosystem revenue | $8,083,772 | $9,939,320 | $9,353,797 |
| Amortization of acquired technology assets | $56,850 | $68,364 | $72,829 |
| Total cost of revenue | $13,833,754 | $15,232,017 | $14,410,737 |
| Gross profit | $10,359,929 | $8,889,036 | $7,504,886 |
| Product development | $2,907,889 | $2,914,415 | $2,720,819 |
| Sales and marketing | $2,273,072 | $1,984,265 | $2,019,009 |
| General and administrative | $1,997,587 | $2,149,099 | $2,209,190 |
| Transaction, loan, and consumer receivable losses | $1,337,246 | $794,221 | $660,663 |
| Amortization of customer and other acquired intangible assets | $135,729 | $154,709 | $174,044 |
| Total operating expenses | $8,651,523 | $7,996,709 | $7,783,725 |
| Operating income (loss) | $1,708,406 | $892,327 | $(278,839) |
| Interest expense (income), net | $129,363 | $9,302 | $(47,221) |
| Remeasurement loss (gain) on bitcoin investment | $55,900 | $(420,918) | $(207,084) |
| Other expense (income), net | $(166,768) | $(53,211) | $4,609 |
| Income (loss) before income tax | $1,689,911 | $1,357,154 | $(29,143) |
| Total | $385,701 | $(1,509,343) | $(8,019) |
| Net income (loss) | $1,304,210 | $2,866,497 | $(21,124) |
| Less: Net loss attributable to noncontrolling interests | $(1,426) | $(30,550) | $(30,896) |
| Net income attributable to common stockholders | $1,305,636 | $2,897,047 | $9,772 |
| Basic (in USD per share) | 2.13 | 4.70 | 0.02 |
| Diluted (in USD per share) | 2.10 | 4.56 | 0.02 |
| Basic (in shares) | 612,243 | 616,993 | 608,856 |
| Diluted (in shares) | 622,838 | 636,390 | 614,024 |
Balance Sheet
Consolidated Balance Sheets
BLOCK, INC. (XYZ)
As of December 31, 2025 and December 31, 2024 (In thousands, except shares and per share data)
| Dec 31, 2025 | Dec 31, 2024 | |
|---|---|---|
| Cash and cash equivalents | $6,564,092 | $8,075,247 |
| Investments in short-term debt securities | $517,777 | $403,426 |
| Settlements receivable | $1,359,983 | $1,060,966 |
| Customer funds | $4,771,824 | $4,182,872 |
| Consumer receivables, net | $2,670,322 | $2,504,879 |
| Loans held for investment, net | $3,382,957 | $365,062 |
| Other current assets | $3,589,925 | $3,287,749 |
| Total current assets | $22,856,880 | $19,880,201 |
| Property and equipment, net | $323,375 | $314,432 |
| Goodwill | $11,849,018 | $11,417,422 |
| Acquired intangible assets, net | $1,281,670 | $1,433,067 |
| Investments in long-term debt securities | $188,887 | $471,977 |
| Bitcoin investment | $777,515 | $792,282 |
| Operating lease right-of-use assets | $214,929 | $219,954 |
| Deferred tax assets | $1,302,776 | $1,800,994 |
| Other non-current assets | $754,837 | $447,266 |
| Total assets | $39,549,887 | $36,777,595 |
| Customers payable | $6,805,366 | $5,837,152 |
| Accrued expenses and other current liabilities | $1,538,893 | $1,525,149 |
| Current portion of long-term debt (Note 14) | $1,573,259 | $999,497 |
| Warehouse funding facilities, current | $466,942 | $185,000 |
| Total current liabilities | $10,384,460 | $8,546,798 |
| Deferred tax liabilities | $1,173 | $162,435 |
| Warehouse funding facilities, non-current | $897,941 | $1,296,680 |
| Long-term debt (Note 14) | $5,715,759 | $5,105,939 |
| Operating lease liabilities, non-current | $257,126 | $278,617 |
| Other non-current liabilities | $123,546 | $152,164 |
| Total liabilities | $17,380,005 | $15,542,633 |
| Commitments and contingencies (Note 19) | ||
| Preferred stock, $0.0000001 par value: 100,000 shares authorized at December 31, 2025 and December 31, 2024. None issued and outstanding at December 31, 2025 and December 31, 2024. | ||
| Common stock | ||
| Class A | ||
| Class B | ||
| Additional paid-in capital | $18,895,405 | $19,900,379 |
| Accumulated other comprehensive loss | $(365,381) | $(1,001,065) |
| Retained earnings | $3,674,254 | $2,368,618 |
| Total stockholders’ equity attributable to common stockholders | $22,204,278 | $21,267,932 |
| Noncontrolling interests | $(34,396) | $(32,970) |
| Total stockholders’ equity | $22,169,882 | $21,234,962 |
| Total liabilities and stockholders’ equity | $39,549,887 | $36,777,595 |
Cash Flow
Consolidated Statement of Cash Flows
BLOCK, INC. (XYZ)
Year Ended (In thousands, except shares and per share data)
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | |
|---|---|---|---|
| Net income (loss) | $1,304,210 | $2,866,497 | $(21,124) |
| Depreciation and amortization | $369,529 | $376,127 | $408,560 |
| Amortization of discounts and premiums and other non-cash adjustments | $(1,137,906) | $(1,099,024) | $(984,442) |
| Non-cash lease expense | $56,687 | $72,055 | $144,198 |
| Share-based compensation | $1,215,480 | $1,272,779 | $1,276,097 |
| Loss (gain) on revaluation of equity investments | $(172,256) | $(32,245) | $16,523 |
| Remeasurement loss (gain) on bitcoin investment | $55,900 | $(420,918) | $(207,084) |
| Transaction, loan, and consumer receivable losses | $1,337,246 | $794,221 | $660,663 |
| Change in deferred income taxes | $335,038 | $(1,665,812) | $(85,879) |
| Goodwill and intangible asset impairment | $133,853 | $132,313 | |
| Purchases and originations of loans originally classified as held for sale | $(14,191,399) | $(15,210,746) | $(8,586,293) |
| Proceeds from repayments of loans originally classified as held for sale | $14,248,689 | $14,413,277 | $8,032,687 |
| Settlements receivable | $(487,316) | $1,947,849 | $(1,108,529) |
| Customers payable | $373,925 | $(1,853,872) | $1,256,578 |
| Settlements payable | $(330) | $(8,139) | $(454,036) |
| Prepaid expenses | $(159,364) | $(28,573) | $40,492 |
| Other assets and liabilities | $(568,419) | $150,021 | $(419,763) |
| Net cash provided by operating activities | $2,579,714 | $1,707,350 | $100,961 |
| Purchases of marketable debt securities | $(700,777) | $(1,197,804) | $(1,126,615) |
| Proceeds from maturities of marketable debt securities | $468,980 | $1,005,580 | $1,387,830 |
| Proceeds from sale of marketable debt securities | $409,387 | $446,076 | $339,095 |
| Payments for originations of consumer receivables | $(32,145,232) | $(29,318,390) | $(23,968,787) |
| Proceeds from principal repayments and sales of consumer receivables | $32,934,204 | $29,922,371 | $24,241,651 |
| Purchases and originations of loans originally classified as held for investment | $(17,629,689) | ||
| Proceeds from repayments of loans originally classified as held for investment | $14,080,787 | ||
| Purchases of property and equipment | $(155,038) | $(153,947) | $(151,151) |
| Purchases of other investments | $(64,554) | $(53,934) | $(38,822) |
| Net cash provided by (used in) investing activities | $(2,801,932) | $649,952 | $683,201 |
| Proceeds from issuance of senior notes | $2,200,000 | $2,000,000 | |
| Payments of debt issuance costs from issuance of senior notes | $(28,346) | $(26,619) | |
| Payments to redeem convertible notes | $(1,000,624) | $(461,761) | |
| 2025 Convertible Notes - Convertible Debt | |||
| Proceeds from warehouse facilities borrowings | $1,305,288 | $1,255,745 | $1,387,662 |
| Repayments of warehouse facilities borrowings | $(1,456,869) | $(1,329,729) | $(1,118,083) |
| Proceeds from the exercise of stock options and purchases under the employee stock purchase plan | $88,943 | $154,779 | $130,433 |
| Net increase in interest-bearing deposits | $55,548 | $74,856 | $25,135 |
| Repurchases of common stock | $(2,330,661) | $(1,170,339) | $(156,812) |
| Other financing activities | $(35,330) | $(18,473) | $(36,817) |
| Change in customer funds, restricted from use in the Company's operations | 588,952 | 1,012,442 | (9,894) |
| Net cash provided by (used in) financing activities | $(613,099) | $1,952,662 | $(240,137) |
| Effect of foreign exchange rate on cash and cash equivalents | $86,081 | $(88,539) | $29,156 |
| Net increase (decrease) in cash, cash equivalents, restricted cash, and customer funds | $(749,236) | $4,221,425 | $573,181 |
| Total | |||
| Total | |||
| Cash and cash equivalents | |||
| Short-term restricted cash | |||
| Long-term restricted cash | |||
| Customer funds cash and cash equivalents | |||
| Total |