Block
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, Feb 26, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001628280-26-012254 · filed Feb 26, 2026
Business
How does Block make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, $5 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $24.2B
- Gross profit: $10.4B
- Operating income: $1.7B
- Net income: $1.3B
- Free cash flow: $2.4B
Where do customers sit?
91.7% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001628280-26-012254 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“Our purpose is economic empowerment, helping individuals and businesses manage, move, and grow their money through simple and connected tools.”
“Block designs and operates connected ecosystems that integrate commerce solutions, financial services, software, hardware, and networks to serve individuals and small businesses, primarily through Cash App's consumer network and Square's business ("seller") network.”
“Our platform integrates payments, banking, lending, and commerce solutions designed to provide secure, reliable, and scalable financial infrastructure.”
Item 1 · Business · 10-K · 0001628280-26-012254 · filed Feb 26, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Revenue growth
“Total net revenue for the year ended December 31, 2025, increased by $72.6 million, compared to the year ended December 31, 2024.”
Item 7 · MD&A · 10-K · 0001628280-26-012254 · filed Feb 26, 2026
Number check (revenue): stated $72.6M matches the stored change ($72.6M, ±10%)
Revenue: $24.2B FY2025 · +0.3% vs FY2024 · KPIs
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
- Position: a ‘we believe’ sentence without a number or a named product.
Position (in the company’s words): no filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 0.3% to $24.2B.
Revenue grew 9.3% YoY to $6.6B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 28.3%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
7.1% operating margin, up from 3.7%.
42.8% gross margin, up from 36.9%.
Operating income grew 91% to $1.7B.
Net income fell 55% to $1.3B.
R&D fell 0.2% to $2.9B.
SG&A grew 3.3% to $4.3B.
EPS diluted fell 54% to $2.10.
6.8% operating margin, down from 8.0%.
47.8% gross margin, up from 41.9%.
Operating income fell 7.7% YoY to $447M.
Net income fell 84% YoY to $88.5M.
R&D fell 16% YoY to $609M.
SG&A grew 49% YoY to $1.5B.
EPS diluted fell 83% YoY to $0.15.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $10 of every $100 as free cash.
Operating cash flow grew 51% to $2.6B.
Capex grew 0.7% to $155M.
Buybacks grew 99% to $2.3B.
Stock-based compensation fell 4.5% to $1.2B.
Free cash flow grew 182% YoY to $967M.
Operating cash flow grew 172% YoY to $1.0B.
Capex grew 70% YoY to $53.2M.
Buybacks fell 91% YoY to $64.9M.
Stock-based compensation fell 13% YoY to $260M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$6.6B cash vs $7.8B debt.
Total debt grew 23% to $7.8B.
Interest expense grew 55% to $256M.
Total assets grew 7.5% to $39.5B.
Equity grew 4.4% to $22.2B.
Cash grew 0.7% YoY to $6.4B.
Total debt grew 20% YoY to $6.3B.
Total assets grew 6.2% YoY to $39.2B.
Equity fell 0.5% YoY to $22.0B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Block depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Block annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Block
Block holds stakes in
No stake in a covered company found in SEC filings.
Others name Block
No mentions in covered companies’ filings.
Risks
What could go wrong?
4 of 52 risk factors, one per theme.
Competition
“Substantial and increasingly intense competition in our markets and industry may harm our business.”
Item 1A · Risk Factors · 10-K · 0001628280-26-012254 · filed Feb 26, 2026
AI and new products
“Our recently announced workforce reduction and related reorganization, including the potential for increased reliance on proactive intelligence and artificial intelligence tools, may not achieve their intended benefits and could adversely affect our business, financial condition and results of operations.”
Item 1A · Risk Factors · 10-K · 0001628280-26-012254 · filed Feb 26, 2026
Regulation and legal proceedings
“We are subject to risks related to the banking ecosystem, including through Square Financial Services, our bank partnerships, and FDIC and other regulatory obligations.”
Item 1A · Risk Factors · 10-K · 0001628280-26-012254 · filed Feb 26, 2026
Acquisitions
“Our efforts to expand our product portfolio and market reach, including through acquisitions, may not succeed and may reduce our revenue growth and profitability.”
Item 1A · Risk Factors · 10-K · 0001628280-26-012254 · filed Feb 26, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.73%.
Vanguard Capital Management LLC7.73%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Price T Rowe Associates Inc /Md/7.4%
13G/A · as of Jun 30, 2026 · filed Aug 14, 2026
BlackRock, Inc.7.1%
13G/A · as of Sep 30, 2025 · filed Oct 17, 2025
Dorsey Jack8.1% (then)
13G/A · as of Dec 31, 2023 · filed Feb 8, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
12 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.9.1%
41.6M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.6%
34.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.4%
24.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.0%
23.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Capital World Investors4.7%
21.4M shares · 13F filed Aug 12, 2026 · share of 13F-reported
1,083 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 2 large filings with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 136 sales · $86.7M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 36 SEC metrics, FY2016–FY2025
Income statement 12
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| G&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | not reported | not reported | ||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | not reported | |||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | not reported | |||||
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | not reported | not reported | not reported | |||||||
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | not reported | |||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values