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XYZBlock, Inc.

Financials · Software · NYSE, OTC

At Block, Inc. (together with its subsidiaries, "Block" or "we"), we are building technology that enables people and businesses to participate more fully in the economy. 10-K, Item 1

XYZ quote by TradingView
Employees
10,205
Headquarters
Oakland, CA
CEO
Jack Dorsey
Next results
around Feb 25, 2027
Compare with peers → Embed
All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)0.76Sales (ttm)25.6BNet income (ttm)461.1MSales growth+0.3%EPS growth-53.9%Sales Q/Q+9.9%
Free cash flow3.5BGross margin47.5%Oper. margin4.6%Net margin1.8%FCF margin13.5%ROE2.0%
ROA1.1%R&D / sales12.0%Dividend-Debt/Eq0.25Curr. ratio2.23Cash7.9B
Op. cash flow (ttm)3.6BEBITDA2.1BEBITDA margin8.6%Net debt-2.1BQuick ratio2.21Interest cover6.66
ROIC4.6%Tax rate22.8%Stock pay / sales5.0%Shares out.614.8MShares Y/Y-2.1%Book / share37.26
Cash / share12.78Sales / share41.72Asset turnover0.62Inventory turns87.38Days sales out.4Sales 3Y CAGR+11.3%
Sales 5Y CAGR+20.6%EPS 5Y CAGR+36.7%Employees10,205Sales / employee2.5M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 56%$1.6B → $2.4B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth slowed to +0.3%+10.1% → +0.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 7.1%3.7% → 7.1% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

XYZ against Financials peers

Ten years, side by side → · All 76 →
GrowthProfitBalanceCleanInsiders
XYZPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth
+0.3%66th of 76 · median +7.2%
Net margin
1.8%71st of 76 · median 20.4%
Return on equity
2.0%69th of 74 · median 16.7%
Free cash flow margin
13.5%39th of 49 · median 21.5%
Debt / equity (less is better)
0.2513th of 62 · median 0.70
XYZ and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
XYZ Block, Inc.$25.6B +0.3%47.5%1.8%2.0%13.5%0.25
BLK BlackRock$28.5B +18.7%-24.2%11.9%16.8%0.22
MRSH Marsh McLennan$28.5B +10.3%-14.2%27.1%14.6%1.38
AIG American International Group$27.7B -1.7%-11.9%8.5%-0.24
SCHW Charles Schwab Corporation$27.1B +22.0%-39.3%20.7%43.2%0.46
PNC PNC Financial Services$25.7B +7.2%-29.3%12.1%-1.28

From $17.7B of sales to $166.3M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $4.4BRevenue to Cost of revenue: $13.2BGross profit to Operating profit: $161.1MGross profit to Operating expenses: $4.3BOperating profit to Net profit: $161.1MOther income to Net profit: $5.2MOperating expenses to R&D: $1.4BOperating expenses to Sales, admin & other: $2.9B Revenue: $17.7B Revenue$17.7B +86% Y/Y Gross profit: $4.4B · 25% margin Gross profit$4.4B25% margin +62% Y/Y Cost of revenue: $13.2B · 75% of revenue Cost of revenue$13.2B75% of revenue Operating profit: $161.1M · 1% margin Operating profit$161.1M1% margin Other income: $5.2M · 0% of revenue Other income$5.2M0% of revenue Operating expenses: $4.3B · 24% of revenue Operating expenses$4.3B24% of revenue Net profit: $166.3M · 1% margin Net profit$166.3M1% margin −22% Y/Y R&D: $1.4B · 8% of revenue R&D$1.4B8% of revenue Sales, admin & other: $2.9B · 16% of revenue Sales, admin & other$2.9B16% of revenue

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From $21.9B of sales to $9.8M of profit

FY2023, from the 10-K income statement and revenue by segment
Cash App to Revenue: $14.7BSquare to Revenue: $7.0BRevenue to Gross profit: $7.5BRevenue to Cost of revenue: $14.4BGross profit to Net profit: $9.8MGross profit to Costs, tax, other: $7.5B Cash App: $14.7B · 68% Cash App$14.7B68% Square: $7.0B · 32% Square$7.0B32% Revenue: $21.9B Revenue$21.9B +25% Y/Y Gross profit: $7.5B · 34% margin Gross profit$7.5B34% margin +25% Y/Y Cost of revenue: $14.4B · 66% of revenue Cost of revenue$14.4B66% of revenue Net profit: $9.8M · 0% margin Net profit$9.8M0% margin Costs, tax, other: $7.5B · 34% of revenue Costs, tax, other$7.5B34% of revenue

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From $24.1B of sales to $2.9B of profit

FY2024, from the 10-K income statement and revenue by segment
Cash App to Revenue: $16.2BSquare to Revenue: $7.7BRevenue to Gross profit: $8.9BRevenue to Cost of revenue: $15.2BGross profit to Operating profit: $892.3MGross profit to Operating expenses: $8.0BOperating profit to Net profit: $892.3MOther income to Net profit: $2.0BOperating expenses to R&D: $2.9BOperating expenses to Sales, admin & other: $5.1B Cash App: $16.2B · 68% Cash App$16.2B68% Square: $7.7B · 32% Square$7.7B32% Revenue: $24.1B Revenue$24.1B +10% Y/Y Gross profit: $8.9B · 37% margin Gross profit$8.9B37% margin +18% Y/Y Cost of revenue: $15.2B · 63% of revenue Cost of revenue$15.2B63% of revenue Operating profit: $892.3M · 4% margin Operating profit$892.3M4% margin Other income: $2.0B · 8% of revenue Other income$2.0B8% of revenue Operating expenses: $8.0B · 33% of revenue Operating expenses$8.0B33% of revenue Net profit: $2.9B · 12% margin Net profit$2.9B12% margin +29546% Y/Y R&D: $2.9B · 12% of revenue R&D$2.9B12% of revenue Sales, admin & other: $5.1B · 21% of revenue Sales, admin & other$5.1B21% of revenue

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From $24.2B of sales to $1.3B of profit

FY2025, from the 10-K income statement and revenue by segment
Cash App to Revenue: $15.4BSquare to Revenue: $8.5BRevenue to Gross profit: $10.4BRevenue to Cost of revenue: $13.8BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $8.7BOperating profit to Net profit: $1.3BOperating profit to Tax & other: $402.8MOperating expenses to R&D: $2.9BOperating expenses to Sales, admin & other: $5.7B Cash App: $15.4B · 65% Cash App$15.4B65% Square: $8.5B · 35% Square$8.5B35% Revenue: $24.2B Revenue$24.2B +0% Y/Y Gross profit: $10.4B · 43% margin Gross profit$10.4B43% margin +17% Y/Y Cost of revenue: $13.8B · 57% of revenue Cost of revenue$13.8B57% of revenue Operating profit: $1.7B · 7% margin Operating profit$1.7B7% margin +91% Y/Y Operating expenses: $8.7B · 36% of revenue Operating expenses$8.7B36% of revenue Net profit: $1.3B · 5% margin Net profit$1.3B5% margin −55% Y/Y Tax & other: $402.8M · 2% of revenue Tax & other$402.8M2% of revenue R&D: $2.9B · 12% of revenue R&D$2.9B12% of revenue Sales, admin & other: $5.7B · 24% of revenue Sales, admin & other$5.7B24% of revenue

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Where each $100 of sales went

FY2021
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Net profit
  • R&D
  • Tax & other

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 4
  • !
    Net margin below the peer median1.8% vs 20.4%
  • ✓
    Gross margin up over 5 years28.8% → 42.8%
  • !
    Return on equity below 15%2.0%
  • !
    A profit in 6 of 10 years
Net margin, FY2016 to FY2025: -10.0% → 5.4%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 6.7× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.25 on the latest balance sheet (peer median 0.70)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.23
  • ✓
    More cash than debtNet cash $2.1B
Debt / equity at each year end, FY2016 to FY2025: 0.00 → 0.33

Cash and shareholders

1 of 3
  • !
    Free cash flow positive in 8 of 10 years$2.4B last year
  • !
    Share count up over 5 years+29.2%
  • ✓
    Cash from operations above net income$2.6B vs $1.3B
Free cash flow, FY2016 to FY2025: -2.3M → 2.4B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 24.2B Net income 1.3B
FY2016 revenue 1.7B · Revenues, 0001512673-19-000003 FY2016 net income -171.6M · NetIncomeLoss, 0001512673-19-000003 1.7B FY2016 FY2017 revenue 2.2B · Revenues, 0001628280-20-002303 FY2017 net income -62.8M · NetIncomeLoss, 0001628280-20-002303 2.2B FY2017 FY2018 revenue 3.3B · Revenues, 0001512673-21-000008 FY2018 net income -38.5M · NetIncomeLoss, 0001512673-21-000008 3.3B FY2018 FY2019 revenue 4.7B · Revenues, 0001628280-22-003825 FY2019 net income 375.4M · NetIncomeLoss, 0001628280-22-003825 4.7B FY2019 FY2020 revenue 9.5B · Revenues, 0001628280-23-004840 FY2020 net income 213.1M · NetIncomeLoss, 0001628280-23-004840 9.5B FY2020 FY2021 revenue 17.7B · Revenues, 0001628280-24-006354 FY2021 net income 166.3M · NetIncomeLoss, 0001628280-24-006354 17.7B FY2021 FY2022 revenue 17.5B · Revenues, 0001628280-25-007376 FY2022 net income -540.7M · NetIncomeLoss, 0001628280-25-007376 17.5B FY2022 FY2023 revenue 21.9B · Revenues, 0001628280-26-012254 FY2023 net income 9.8M · NetIncomeLoss, 0001628280-26-012254 21.9B FY2023 FY2024 revenue 24.1B · Revenues, 0001628280-26-012254 FY2024 net income 2.9B · NetIncomeLoss, 0001628280-26-012254 24.1B FY2024 FY2025 revenue 24.2B · Revenues, 0001628280-26-012254 FY2025 net income 1.3B · NetIncomeLoss, 0001628280-26-012254 24.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

XYZ's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue24.2B
FY2016: 1.7BFY2017: 2.2BFY2018: 3.3BFY2019: 4.7BFY2020: 9.5BFY2021: 17.7BFY2022: 17.5BFY2023: 21.9BFY2024: 24.1BFY2025: 24.2B FY2017FY2019FY2021FY2023FY2025
Net income1.3B
FY2016: -171.6MFY2017: -62.8MFY2018: -38.5MFY2019: 375.4MFY2020: 213.1MFY2021: 166.3MFY2022: -540.7MFY2023: 9.8MFY2024: 2.9BFY2025: 1.3B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.4B
FY2016: -2.3MFY2017: 101.6MFY2018: 233.9MFY2019: 265.1MFY2020: 34.7MFY2021: 713.5MFY2022: 5.1MFY2023: -50.2MFY2024: 1.6BFY2025: 2.4B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)2.10
FY2016: -0.50FY2017: -0.17FY2018: -0.09FY2019: 0.81FY2020: 0.44FY2021: 0.33FY2022: -0.93FY2023: 0.02FY2024: 4.56FY2025: 2.10 FY2017FY2019FY2021FY2023FY2025
Diluted shares622.8M
FY2016: 341.6MFY2017: 379.3MFY2018: 405.7MFY2019: 466.1MFY2020: 482.2MFY2021: 501.8MFY2022: 578.9MFY2023: 614.0MFY2024: 636.4MFY2025: 622.8M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Cash App 15.4B63.8% -5.1%
Square 8.5B34.9% +10.0%

10-K 0001628280-26-012254, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Commerce enablement revenue 10.1B41.7% +8.6%
Bitcoin ecosystem revenue 8.5B35.1% -17.9%
Financial solutions revenue 2.3B9.3% +4.4%

10-K 0001628280-26-012254, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 22.2B91.7% -0.7%
International 2.0B8.3% +13.4%

10-K 0001628280-26-012254, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.7B2.2B3.3B4.7B9.5B17.7B17.5B21.9B24.1B24.2B
Cost of revenue1.1B1.4B2.0B2.8B6.8B13.2B11.5B14.4B15.2B13.8B
Gross profit576.0M839.3M1.3B1.9B2.7B4.4B6.0B7.5B8.9B10.4B
R&D268.5M321.9M497.5M674.2M881.8M1.4B2.1B2.7B2.9B2.9B
SG&A252.0M250.6M339.2M436.9M579.2M982.8M1.7B2.2B2.1B2.0B
Operating income-170.5M-54.2M-36.6M26.6M-18.8M161.1M-624.5M-278.8M892.3M1.7B
Interest expense570K1.4M37.8M44.9M75.2M58.1M00165.5M256.4M
Pretax income-169.7M-62.7M-36.1M378.2M216.0M157.5M-565.3M-29.1M1.4B1.7B
Income tax1.9M149K2.3M2.8M2.9M-1.4M-12.3M-8.0M-1.5B385.7M
Net income-171.6M-62.8M-38.5M375.4M213.1M166.3M-540.7M9.8M2.9B1.3B
EPS (diluted)-0.50-0.17-0.090.810.440.33-0.930.024.562.10
Diluted shares341.6M379.3M405.7M466.1M482.2M501.8M578.9M614.0M636.4M622.8M
Depreciation & amortization37.7M37.3M61.0M75.6M84.2M134.8M340.5M408.6M376.1M369.5M
EBITDA-132.7M-16.9M24.3M102.2M65.4M295.9M-284.0M129.7M1.3B2.1B
Gross margin33.7%37.9%39.5%40.1%28.8%25.0%34.2%34.2%36.9%42.8%
Operating margin-10.0%-2.4%-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%
Revenue growth-+29.6%+49.0%+42.9%+101%+86.0%-0.7%+25.0%+10.1%+0.3%
EPS growth-----45.7%-25.0%-382%-+22700%-53.9%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash452.0M696.5M583.2M1.0B3.2B4.4B4.5B5.0B8.1B6.6B
Short-term investments59.9M169.6M541.0M492.5M695.1M869.3M1.1B---
Receivables6.2M8.6M22.4M33.9M42.0M89.7M140.5M134.8M148.9M238.2M
Inventory13.7M16.8M28.6M47.7M61.1M77.1M97.7M110.1M105.0M158.3M
Current assets1.0B1.8B2.1B3.2B7.8B11.6B15.6B17.8B19.9B22.9B
Property & equipment88.3M91.5M142.4M149.2M233.5M282.1M329.3M296.1M314.4M323.4M
Goodwill57.2M58.3M261.7M266.3M316.7M519.3M12.0B11.9B11.4B11.8B
Total assets1.2B2.2B3.3B4.6B9.9B15.0B31.4B33.0B36.8B39.5B
Accounts payable12.6M16.8M36.4M42.1M47.1M82.2M95.8M142.6M118.0M114.6M
Current liabilities577.5M972.8M1.0B1.7B4.1B6.5B8.4B8.9B8.5B10.4B
Total debt0358.6M899.7M938.8M2.6B4.6B4.1B4.1B6.1B7.3B
Total liabilities635.2M1.4B2.2B2.8B7.2B11.7B14.1B14.3B15.5B17.4B
Shareholders' equity576.2M786.3M1.1B1.7B2.7B3.3B17.2B18.7B21.3B22.2B
Retained earnings-779.2M-842.7M-885.8M-510.3M-297.2M-28.0M-568.7M-528.4M2.4B3.7B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow23.1M127.7M295.1M327.6M173.1M847.8M175.9M101.0M1.7B2.6B
Capital spending25.4M26.1M61.2M62.5M138.4M134.3M170.8M151.2M153.9M155.0M
Free cash flow-2.3M101.6M233.9M265.1M34.7M713.5M5.1M-50.2M1.6B2.4B
Stock-based pay (added back)138.8M155.8M216.9M297.9M397.8M608.0M1.1B1.3B1.3B1.2B
Buybacks-----00156.8M1.2B2.3B
Acquisitions1.4M1.9M112.4M20.4M79.2M164.0M-5.0M--
Debt raised0--002.0B002.0B2.2B
Debt repaid00--------
Investing cash flow-114.2M-340.6M-905.8M95.2M-606.6M-1.3B1.2B683.2M650.0M-2.8B
Financing cash flow90.7M454.9M515.8M243.4M3.7B2.7B97.6M-240.1M2.0B-613.1M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)138.8M155.8M216.9M297.9M397.8M608.0M1.1B1.3B1.3B1.2B
Stock-based pay / revenue8.1%7.0%6.6%6.3%4.2%3.4%6.1%5.8%5.3%5.0%
Operating lease cost---29.4M70.3M83.1M93.4M77.7M57.2M56.4M
Operating lease cash paid---33.3M46.9M77.2M92.7M93.9M74.1M71.8M
Finance lease principal paid---5.0M2.4M0----
Right-of-use assets---113.1M456.9M449.4M373.2M244.7M220.0M214.9M
Operating lease liabilities---136.1M442.4M459.0M424.5M343.4M331.3M312.2M
Finance lease liabilities---2.4M000000

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on XYZ in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/XYZ/export.csv") into a cell.