Block, Inc. (XYZ)

Latest 10-Q (filed 2026-08-05)

Income Statement

Consolidated Statement of Income

Block, Inc. (XYZ)

Three and Six Months Ended (In thousands, except shares and per share data)

Jun 30, 2026 (Q2) Jun 30, 2025 (Q2) Jun 30, 2026 (YTD) Jun 30, 2025 (YTD)
          Total $6,617,687 $6,054,457 $12,674,534 $11,826,253
Commerce enablement revenue $3,341,571 $2,898,302 $6,280,041 $5,465,277
Financial solutions revenue $1,382,368 $984,553 $2,704,353 $1,859,564
Bitcoin ecosystem revenue $1,893,748 $2,171,602 $3,690,140 $4,501,412
        Cost of revenue $3,438,801 $3,503,523 $6,573,592 $6,971,042
Commerce enablement revenue $1,523,639 $1,354,370 $2,841,098 $2,506,570
Financial solutions revenue $93,819 $82,649 $183,194 $160,571
Bitcoin ecosystem revenue $1,821,343 $2,066,504 $3,549,300 $4,303,901
        Amortization of acquired technology assets $12,805 $14,404 $25,622 $29,078
          Total cost of revenue $3,451,606 $3,517,927 $6,599,214 $7,000,120
        Gross profit $3,166,081 $2,536,530 $6,075,320 $4,826,133
          Product development $608,660 $725,288 $1,647,533 $1,485,987
          Sales and marketing $664,955 $549,731 $1,315,463 $1,054,191
          General and administrative $825,869 $449,237 $1,683,433 $941,034
          Transaction, loan, and consumer receivable losses $585,450 $294,090 $1,085,575 $463,779
          Amortization of customer and other acquired intangible assets $34,277 $33,891 $68,436 $67,547
        Total operating expenses $2,719,211 $2,052,237 $5,800,440 $4,012,538
        Operating income $446,870 $484,293 $274,880 $813,595
        Interest expense, net $55,721 $23,687 $108,916 $40,930
        Remeasurement loss (gain) on bitcoin investment $88,474 $(212,165) $261,292 $(118,814)
        Other expense (income), net $1,199 $13,389 $(4,227) $5,047
      Income (loss) before income tax $301,476 $659,382 $(91,101) $886,432
      Provision for income taxes $214,407 $121,048 $130,425 $159,376
        Net income (loss) $87,069 $538,334 $(221,526) $727,056
        Less: Net loss attributable to noncontrolling interests $(1,448) $(124) $(1,362) $(1,274)
      Net income (loss) attributable to common stockholders $88,517 $538,458 $(220,164) $728,330
        Basic (in USD per share) 0.15 0.88 -0.37 1.18
        Diluted (in USD per share) 0.15 0.87 -0.37 1.17
        Basic (in shares) 597,829 612,882 597,702 616,108
        Diluted (in shares) 608,847 618,928 597,702 627,103

Balance Sheet

Consolidated Balance Sheets

Block, Inc. (XYZ)

As of June 30, 2026 and December 31, 2025 (In thousands, except shares and per share data)

Jun 30, 2026 Dec 31, 2025
            Cash and cash equivalents $6,427,331 $6,564,092
            Settlements receivable $1,385,669 $1,359,983
            Customer funds $5,530,278 $4,771,824
            Consumer receivables, net $2,477,706 $2,670,322
            Loans held for investment, net $3,749,254 $3,382,957
            Other current assets $3,574,637 $4,107,702
          Total current assets $23,144,875 $22,856,880
          Goodwill $11,966,996 $11,849,018
          Acquired intangible assets, net $1,200,262 $1,281,670
          Deferred tax assets $1,261,584 $1,302,776
          Bitcoin investment $533,866 $777,515
          Other non-current assets $1,049,084 $1,482,028
        Total assets $39,156,667 $39,549,887
            Customers payable $7,629,062 $6,805,366
            Accrued expenses and other current liabilities $2,277,051 $1,538,893
            Current portion of long-term debt (Note 12) $1,573,259
            Warehouse funding facilities, current $572,388 $466,942
          Total current liabilities $10,478,501 $10,384,460
          Warehouse funding facilities, non-current $589,556 $897,941
          Long-term debt (Note 12) $5,720,569 $5,715,759
          Other non-current liabilities $356,724 $381,845
          Total liabilities $17,145,350 $17,380,005
          Commitments and contingencies (Note 16)
            Preferred stock, $0.0000001 par value: 100,000 shares authorized at June 30, 2026 and December 31, 2025. None issued and outstanding at June 30, 2026 and December 31, 2025.
            Common stock
Class A
Class B
            Additional paid-in capital $18,850,561 $18,895,405
            Accumulated other comprehensive loss $(257,576) $(365,381)
            Retained earnings $3,454,090 $3,674,254
          Total stockholders’ equity attributable to common stockholders $22,047,075 $22,204,278
          Noncontrolling interests $(35,758) $(34,396)
          Total stockholders’ equity $22,011,317 $22,169,882
        Total liabilities and stockholders’ equity $39,156,667 $39,549,887

Cash Flow

Consolidated Statement of Cash Flows

Block, Inc. (XYZ)

Six Months Ended (In thousands, except shares and per share data)

Jun 30, 2026 (YTD) Jun 30, 2025 (YTD)
      Net income (loss) $(221,526) $727,056
      Depreciation and amortization $191,028 $181,345
      Amortization of discounts and premiums $(603,136) $(548,138)
      Non-cash lease expense and other non-cash adjustments $118,256 $29,950
      Share-based compensation $598,451 $612,577
      Loss (gain) on revaluation of equity investments $9,805 $(1,456)
      Remeasurement loss (gain) on bitcoin investment $261,292 $(118,814)
      Transaction, loan, and consumer receivable losses $1,085,575 $463,779
      Change in deferred income taxes $49,545 $52,019
      Purchases and originations of loans originally classified as held for sale $(3,651,413) $(10,634,603)
      Proceeds from repayments of loans originally classified as held for sale $3,665,214 $10,163,789
      Settlements receivable $(145,045) $(258,566)
      Customers payable $41,096 $315,632
      Prepaid expenses $(30,849) $(126,309)
      Other assets and liabilities $617,123 $(350,603)
    Net cash provided by operating activities $1,985,416 $507,658
      Purchases of marketable debt securities $(243,338) $(282,149)
      Proceeds from maturities of marketable debt securities $370,645 $278,624
      Proceeds from sale of marketable debt securities $44,352 $373,759
      Payments for originations of consumer receivables $(16,363,722) $(14,638,790)
      Proceeds from principal repayments and sales of consumer receivables $17,049,383 $15,494,483
      Purchases and originations of loans originally classified as held for investment $(21,877,108) $(1,164,089)
      Proceeds from repayments of loans originally classified as held for investment $20,773,837 $457,152
      Purchases of property and equipment $(83,786) $(63,192)
      Other investing activities $323,413 $(26,870)
    Net cash provided by (used in) investing activities $(6,324) $428,928
      Repayments of senior notes $(1,000,000)
Senior Unsecured Notes - Senior Notes
      Payments to redeem convertible notes $(575,000) $(1,000,624)
2026 Convertible Notes - Convertible Debt
      Proceeds from warehouse facilities borrowings $939,190 $435,497
      Repayments of warehouse facilities borrowings $(1,155,192) $(1,242,317)
      Proceeds from the exercise of stock options and purchases under the employee stock purchase plan $50,276 $51,082
      Net increase in interest-bearing deposits $89,990 $54,792
      Repurchases of common stock $(700,935) $(1,137,502)
      Other financing activities $(15,427) $(35,330)
      Change in customer funds, restricted from use in the Company's operations 758,455 754,942
    Net cash used in financing activities $(1,608,643) $(2,119,460)
    Effect of foreign exchange rate on cash and cash equivalents $(526) $94,932
  Net increase (decrease) in cash, cash equivalents, restricted cash, and customer funds $369,923 $(1,087,942)
    Total
    Total
      Cash and cash equivalents
      Short-term restricted cash
      Long-term restricted cash
      Customer funds cash and cash equivalents
    Total