Block
Block's revenue rose 0.3% to $24.2 billion in fiscal 2025. Its operating margin was 7.1%, up from 3.7% a year earlier. Free cash flow was $2.4 billion, up 56.1%. It paid out $2.3 billion in dividends and buybacks, 96% of free cash flow. The diluted share count fell 2.1%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Block does
Block runs two main businesses. Square sells payment processing, software and hardware that let sellers, from sole proprietors to multinational businesses, accept card payments and run their shops. Cash App is a consumer app where people send and receive money, spend with a card, save, invest, buy now and pay later, borrow, and buy bitcoin. Block also owns TIDAL, a music streaming service, and builds bitcoin products such as the Bitkey wallet and the Proto mining system.
Block has two reportable segments, Square and Cash App. It also groups revenue into three categories: Commerce Enablement (payments, software, hardware and TIDAL), Financial Solutions (banking, lending and money management) and the Bitcoin Ecosystem. Together these categories produced $10.4 billion in gross profit in 2025. In 2025, more than 4.5 million sellers used Square to process $250 billion of payments. As of December 2025, Cash App had 59 million monthly transacting actives in the United States, meaning accounts that made at least one transaction in the month.
Block says it competes in markets with substantial and increasing competition. Cash App works with bank partners to offer banking services.
Its biggest risks, as it describes them
- Slower growth, and a history of net losses that could return as it keeps investing in the business.
- Its recent workforce reduction and reorganization may not achieve their intended benefits.
- Its dependence on bank partners and the rules that apply to banks, including through Square Financial Services.
- Customer defaults on its loan products, especially if economic conditions get worse.
- Changes in the cryptocurrency market, which expose Block to additional risks through its bitcoin products.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2019 to 2025, earnings per share grew 17.2% a year and net income 23.1% a year, as new shares raised the share count by 34% and diluted each share's earnings.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Block yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Block's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
Value per share on three example scenarios, from Block's fiscal 2025 free cash flow of $2.4B, net cash of −$207M at December 31, 2025 and 623 million diluted shares, from its filings. The scenarios are fitted to Block: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 11.3% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Transaction & Payment Processing Services), plus 1 point for unsteady results (a loss in fiscal 2022); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $74.55
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from Block's earnings per share of $0.56 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Block's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $74.55
- Value at this multiple, against the last close
- —
- Block's P/E at the last close
- 133.1×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| BlockXYZ | $74.55 | $0.56 | 133.1× |
| MastercardMA | $613.50 | $18.18 | 33.7× |
| PayPalPYPL | $54.99 | $5.33 | 10.3× |
| FiservFISV | $48.33 | $5.21 | 9.3× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 5.3 | 5.6 | 5.8 | 8.5 | 7.1 |
| Debt incl. finance leases | 4.6 | 4.6 | 4.1 | 6.1 | 7.3 |
| Net debt (negative means net cash) | −0.8 | −1.1 | −1.7 | −2.4 | 0.2 |
| Net debt to EBITDA | −2.5x | — | −13.3x | −1.9x | 0.1x |
| Debt to equity | 1.4x | 0.3x | 0.2x | 0.3x | 0.3x |
| Interest coverage | 2.8x | — | — | 5.4x | 6.7x |
| Current ratio | 1.8x | 1.9x | 2.0x | 2.3x | 2.2x |
| Quick ratio | 1.8x | 1.8x | 2.0x | 2.3x | 2.2x |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Block shares on the open market, and 7 insiders sold $90.9 million, $88.7 million of it under trading plans set up in advance.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 22, 2026 | Anthony Mathew EisenDirector | Sold plan | 6,000 | $78.06 | $468,360 | Form 4 |
| Oct 21, 2026 | Anthony Mathew EisenDirector | Sold plan | 6,000 | $79.07 | $474,420 | Form 4 |
| Oct 20, 2026 | Anthony Mathew EisenDirector | Sold plan | 6,000 | $77.25 | $463,500 | Form 4 |
| Oct 19, 2026 | Anthony Mathew EisenDirector | Sold plan | 6,000 | $78.58 | $471,480 | Form 4 |
| Oct 16, 2026 | Anthony Mathew EisenDirector | Sold plan | 6,000 | $80.43 | $482,580 | Form 4 |
| Oct 15, 2026 | Anthony Mathew EisenDirector | Sold plan | 6,000 | $76.99 | $461,940 | Form 4 |
| Oct 14, 2026 | Anthony Mathew EisenDirector | Sold plan | 6,000 | $75.70 | $454,200 | Form 4 |
| Oct 13, 2026 | Anthony Mathew EisenDirector | Sold plan | 6,000 | $76.80 | $460,800 | Form 4 |
| Oct 12, 2026 | Anthony Mathew EisenDirector | Sold plan | 6,000 | $76.97 | $461,820 | Form 4 |
| Oct 9, 2026 | Anthony Mathew EisenDirector | Sold plan | 6,000 | $75.75 | $454,500 | Form 4 |
| Oct 8, 2026 | Anthony Mathew EisenDirector | Sold plan | 6,000 | $75.17 | $451,020 | Form 4 |
| Oct 7, 2026 | Anthony Mathew EisenDirector | Sold plan | 6,000 | $75.35 | $452,100 | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Pass | Fail |
| Cash from operations exceeds net income | Pass | Fail | Pass |
| Debt fell relative to assets | Pass | Fail | Fail |
| Current ratio rose | Pass | Pass | Fail |
| Share count didn't rise | Fail | Fail | Pass |
| Gross margin rose | Pass | Pass | Pass |
| Revenue rose relative to assets | Fail | Pass | Fail |
| F-score | 7 of 9 | 6 of 9 | 5 of 9 |
| Accruals ratio | −0.3% | 3.4% | −3.3% |
Compare
Put Block side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Block | FY25 | 0.3% | 7.1% | 10.0% | 6.4% | 0.1x | 5 | |
| Fiserv | FY25 | 3.6% | 27.4% | 20.3% | 8.9% | 3.2x | 6 | Compare |
| Mastercard | FY25 | 16.4% | 57.6% | 52.3% | 93.8% | 0.4x | 8 | Compare |
| PayPal | FY25 | 4.3% | 18.3% | 16.8% | 25.7% | −0.1x | 7 | Compare |
| Visa | FY25 | 11.3% | 60.0% | 53.9% | 42.4% | 0.3x | — | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 1.7 | 2.2 | 3.3 | 4.7 | 9.5 | 17.7 | 17.5 | 21.9 | 24.1 | 24.2 |
| Revenue growth | 34.9% | 29.6% | 49.0% | 42.9% | 101.5% | 86.0% | −0.7% | 25.0% | 10.1% | 0.3% |
| Gross profit | 0.6 | 0.8 | 1.3 | 1.9 | 2.7 | 4.4 | 6.0 | 7.5 | 8.9 | 10.4 |
| Research and development | 0.3 | 0.3 | 0.5 | 0.7 | 0.9 | 1.4 | 2.1 | 2.7 | 2.9 | 2.9 |
| Operating income | −0.2 | −0.1 | −0.0 | 0.0 | −0.0 | 0.2 | −0.6 | −0.3 | 0.9 | 1.7 |
| Net income | −0.2 | −0.1 | −0.0 | 0.4 | 0.2 | 0.2 | −0.5 | 0.0 | 2.9 | 1.3 |
| Diluted EPS (US$) | −0.50 | −0.17 | −0.09 | 0.81 | 0.44 | 0.33 | −0.93 | 0.02 | 4.56 | 2.10 |
| Diluted shares (millions) | 342 | 379 | 406 | 466 | 482 | 502 | 579 | 614 | 636 | 623 |
| Cash flow | ||||||||||
| Cash from operations | 0.0 | 0.1 | 0.3 | 0.3 | 0.2 | 0.8 | 0.2 | 0.1 | 1.7 | 2.6 |
| Capital expenditure | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 |
| Free cash flow | −0.0 | 0.1 | 0.2 | 0.3 | 0.0 | 0.7 | 0.0 | −0.1 | 1.6 | 2.4 |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 1.2 | 2.3 |
| Acquisitions | 0.0 | 0.0 | 0.1 | 0.0 | 0.1 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 |
| Stock-based compensation | 0.1 | 0.2 | 0.2 | 0.3 | 0.4 | 0.6 | 1.1 | 1.3 | 1.3 | 1.2 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 0.5 | 0.9 | 1.1 | 1.5 | 3.9 | 5.3 | 5.6 | 5.8 | 8.5 | 7.1 |
| Debt incl. finance leases | 0.0 | 0.4 | 0.9 | 0.9 | 2.6 | 4.6 | 4.6 | 4.1 | 6.1 | 7.3 |
| Total assets | 1.2 | 2.2 | 3.3 | 4.6 | 9.9 | 15.0 | 31.4 | 33.0 | 36.8 | 39.5 |
| Total liabilities | 0.6 | 1.4 | 2.2 | 2.8 | 7.2 | 11.7 | 14.1 | 14.3 | 15.5 | 17.4 |
| Shareholders' equity | 0.6 | 0.8 | 1.1 | 1.7 | 2.7 | 3.3 | 17.2 | 18.7 | 21.3 | 22.2 |
| Margins and ratios | ||||||||||
| Gross margin | 33.7% | 37.9% | 39.5% | 40.1% | 28.8% | 25.0% | 34.2% | 34.2% | 36.9% | 42.8% |
| Operating margin | −10.0% | −2.5% | −1.1% | 0.6% | −0.2% | 0.9% | −3.6% | −1.3% | 3.7% | 7.1% |
| Net margin | −10.0% | −2.8% | −1.2% | 8.0% | 2.2% | 0.9% | −3.1% | 0.0% | 12.0% | 5.4% |
| Free cash flow margin | −0.1% | 4.6% | 7.1% | 5.6% | 0.4% | 4.0% | 0.0% | −0.2% | 6.4% | 10.0% |
| Return on capital | — | −25.0% | −4.9% | 2.6% | −1.5% | 8.1% | −5.3% | −1.3% | 5.0% | 6.4% |
| Return on equity | −31.6% | −9.2% | −4.0% | 26.5% | 9.7% | 5.6% | −5.3% | 0.1% | 14.5% | 6.0% |
| Return on assets | −16.3% | −3.7% | −1.4% | 9.6% | 3.0% | 1.3% | −2.3% | 0.0% | 8.3% | 3.4% |
| Net debt to EBITDA | — | — | −9.2x | −5.9x | −19.4x | −2.5x | — | −13.3x | −1.9x | 0.1x |