A Business at a Glance
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Block, Inc.
XYZ
$48.0B
Mkt Cap
$77.15
+0.86%
Block, Inc. (XYZ) has a current P/E ratio of 36.7, compared to its historical median P/E of 31.6. The stock is currently considered Fair based on its historical valuation range.
Block, Inc. (XYZ) has a 5-year average return on invested capital (ROIC) of 5.5%. This is below average and may indicate limited pricing power.
Block, Inc. (XYZ) has a market capitalization of $46.1B. It is classified as a large-cap stock.
Block, Inc. (XYZ) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 5.47%.
Based on historical P/E analysis, Block, Inc. (XYZ) appears fair. The current P/E of 36.7 is 16% above its historical median of 31.6. The estimated fair value CAGR (P/E method) is 38.1%.
Block, Inc. (XYZ) operates in the Services-Prepackaged Software industry, within the Technology sector.
Block, Inc. (XYZ) reported annual revenue of $24.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Block, Inc. operates two primary interconnected ecosystems—Square and Cash App—that integrate payments, financial services, software, hardware, and networks to serve small businesses and consumers respectively. Square provides over 30 integrated commerce and financial products to sellers, including point-of-sale systems, payment processing, software for inventory and customer management, hardware terminals, lending, and banking services; sellers range from sole proprietors to mid-market businesses across diverse industries and geographies including the United States, Canada, Japan, Australia, and Europe. Cash App offers a consumer financial ecosystem enabling peer-to-peer payments, banking, lending, investing, buy-now-pay-later, and bitcoin functionality, targeting households earning up to $150,000 annually in the United States. Block also operates TIDAL, a global music streaming platform with over 250 million songs serving listeners in more than 60 countries, and a bitcoin ecosystem including self-custody wallets, mining systems, and open-source development. The company generates revenue through three categories: Commerce Enablement (payments, software, hardware, and BNPL products), Financial Solutions (lending, banking, and money management), and Bitcoin Ecosystem offerings. Block's business model combines transaction-based fees from payment processing, subscription and software licensing, lending interest income, and hardware sales, leveraging shared infrastructure for payments processing, risk management, identity, and data across both ecosystems to drive cross-selling and customer retention.
【AI-driven automation and ecosystem expansion】 Management expects to accelerate gross profit growth in 2026 through pricing and packaging initiatives, expanded go-to-market investments in high-ROI channels, and continued scaling of nascent products including Cash App Borrow, post-purchase BNPL, and Cash App Green. The company is deploying AI and automation tools across both Square and Cash App to enhance seller productivity and customer engagement, with management noting that automation work streams are ramping and expected to drive meaningful operational improvements. Square is expected to see gross profit growth accelerate in the second half of 2026 as pricing initiatives scale and software attach rates increase, while Cash App is anticipated to deepen engagement through expanded banking and lending products integrated across the platform. Management expects to exit 2026 at a mid-teens gross profit growth rate consistent with long-term guidance, with expanding margins in the second half of the year despite increased investment in go-to-market channels.
| Metric | Target | Period |
|---|---|---|
| Gross profit | $12.33 billion | FY2026 |
| Adjusted operating income | $3.34 billion | FY2026 |
| Adjusted diluted EPS | $3.66 | FY2026 |
| Full year 2026 interest expense | $200 million-$210 million | FY2026 |
Gross profit (FY2026): “We now expect $12.33 billion in gross profit in 2026, or 19% year-over-year growth”
Adjusted operating income (FY2026): “along with $3.34 billion in adjusted operating income, with margin expectations also up one percentage point relative to our prior guide”
Adjusted diluted EPS (FY2026): “We are increasing our expectation for adjusted diluted EPS in 2026 to $3.66, also reflecting year-over-year growth of 54%”
Full year 2026 interest expense (FY2026): “we expect Q2 interest expense of $55 million-$60 million and full-year interest expense of approximately $200 million-$210 million”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Commerce enablement revenue | — | — | $8.62B | $9.30B | $10.10B | 48% |
Bitcoin ecosystem revenue | — | — | $9.67B | $10.36B | $8.50B | 41% |
Financial solutions revenue | — | — | $2.00B | $2.17B | $2.26B | 11% |
Transaction-based revenue | $4.79B | $5.70B | $6.32B | $6.61B | — | — |
Subscription and services-based revenue | $2.45B | $3.39B | $4.32B | $4.87B | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 24.5B | 24.2B | 24.1B | 21.9B | 17.5B | 17.7B |
| Net Income | 807M | 1.3B | 2.9B | 9.8M | -541M | 166M |
| EPS | $1.27 | $2.10 | $4.56 | $0.02 | $-0.93 | $0.33 |
| Free Cash Flow | 3.3B | 2.4B | 1.6B | -50M | 5.1M | 714M |
| ROIC | 4.1% | 5.9% | 11.8% | 0.0% | -3.7% | 13.4% |
| Gross Margin | 44.9% | 42.8% | 36.9% | 34.2% | 34.2% | 25.0% |
| Debt/Equity | 0.35 | 0.38 | 0.36 | 0.28 | 0.34 | 1.53 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.2B | 1.7B | 892M | -279M | -625M | 161M |
| Operating Margin | 4.9% | 7.1% | 3.7% | -1.3% | -3.6% | 0.9% |
| ROE | 3.7% | 6.0% | 14.5% | 0.1% | -5.3% | 5.6% |
| Shares Outstanding | 598M | 622M | 635M | 489M | 581M | 504M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 850M | 1.3B | 1.7B | 2.2B | 3.3B | 4.7B | 9.5B | 17.7B | 17.5B | 21.9B | 24.1B | 24.2B | 24.5B |
| Gross Margin | 26.6% | 29.2% | 33.7% | 37.9% | 39.5% | 40.1% | 28.8% | 25.0% | 34.2% | 34.2% | 36.9% | 42.8% | 44.9% |
| R&D | 145M | 200M | 269M | 322M | 497M | 674M | 882M | 1.4B | 2.1B | 2.7B | 2.9B | 2.9B | 3.2B |
| SG&A | 94M | 143M | 252M | 251M | 339M | 437M | 579M | 983M | 1.7B | 2.2B | 2.1B | 2.0B | 2.4B |
| EBIT | -150M | -174M | -170M | -54M | -37M | 27M | -19M | 161M | -625M | -279M | 892M | 1.7B | 1.2B |
| Op. Margin | -17.7% | -13.8% | -10.0% | -2.4% | -1.1% | 0.6% | -0.2% | 0.9% | -3.6% | -1.3% | 3.7% | 7.1% | 4.9% |
| Net Income | -154M | -212M | -172M | -63M | -38M | 375M | 213M | 166M | -541M | 9.8M | 2.9B | 1.3B | 807M |
| Net Margin | -18.1% | -16.7% | -10.0% | -2.8% | -1.2% | 8.0% | 2.2% | 0.9% | -3.1% | 0.0% | 12.0% | 5.4% | 3.3% |
| Non-Recurring | -133K | -270K | 49K | 0 | 0 | 0 | 0 | 0 | 0 | 236M | 100M | 79M | 79M |
| Returns on Capital | |||||||||||||
| ROIC | N/A | -52.2% | -31.7% | -7.3% | -2.4% | 16.1% | 5.4% | 13.4% | -3.7% | 0.0% | 11.8% | 5.9% | 4.1% |
| ROE | N/A | -54.2% | -31.7% | -9.2% | -4.0% | 26.5% | 9.7% | 5.6% | -5.3% | 0.1% | 14.5% | 6.0% | 3.7% |
| ROA | N/A | -47.3% | -16.3% | -3.7% | -1.4% | 9.6% | 3.0% | 1.3% | -2.3% | 0.0% | 8.3% | 3.4% | 2.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -112M | 21M | 23M | 128M | 295M | 328M | 173M | 848M | 176M | 101M | 1.7B | 2.6B | 3.4B |
| Free Cash Flow | -141M | -16M | -2.3M | 102M | 234M | 265M | 35M | 714M | 5.1M | -50M | 1.6B | 2.4B | 3.3B |
| Owner Earnings | -167M | -89M | -153M | -65M | 17M | -46M | -309M | 105M | -1.2B | -1.6B | 58M | 995M | 1.8B |
| CapEx | 29M | 37M | 25M | 26M | 61M | 62M | 138M | 134M | 171M | 151M | 154M | 155M | 154M |
| Maint. CapEx | 19M | 28M | 38M | 37M | 61M | 76M | 84M | 135M | 341M | 409M | 376M | 370M | 377M |
| Growth CapEx | 10M | 9.8M | 0 | 0 | 242K | 0 | 54M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 19M | 28M | 38M | 37M | 61M | 76M | 84M | 135M | 341M | 409M | 376M | 370M | 377M |
| CapEx/OCF | N/A | 177.2% | 110.0% | 20.4% | 20.7% | 13.4% | 80.0% | 15.8% | 97.1% | 149.7% | 9.0% | 6.0% | 4.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 157M | 1.2B | 2.3B | 2.5B |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.4% | 2.1% | 5.7% | 5.5% |
| Stock-Based Comp | 36M | 82M | 139M | 156M | 217M | 298M | 398M | 608M | 1.1B | 1.3B | 1.3B | 1.2B | 1.2B |
| Debt Repayment | 0 | 30M | 0 | 0 | 219M | 0 | 0 | 0 | 1.1B | 462M | 27M | 1.0B | 1.0B |
| Balance Sheet | |||||||||||||
| Net Debt | -192M | -461M | -539M | -711M | -689M | -1.0B | -1.3B | -1.8B | -328M | 322M | -342M | 1.9B | 693M |
| Cash & Equiv. | 222M | 461M | 452M | 696M | 583M | 1.0B | 3.2B | 4.4B | 4.5B | 5.0B | 8.1B | 6.6B | 6.9B |
| Long-Term Debt | 30M | 0 | 0 | 359M | 900M | 939M | 2.6B | 4.6B | 4.1B | 4.1B | 5.1B | 5.7B | 5.7B |
| Debt/Equity | N/A | 0.00 | 0.00 | 0.46 | 0.80 | 0.63 | 1.13 | 1.53 | 0.34 | 0.28 | 0.36 | 0.38 | 0.35 |
| Interest Coverage | -160.1 | -177.8 | -319.8 | -5.4 | -1.0 | 0.6 | -0.3 | 2.8 | -68.6 | -12.6 | 5.4 | 6.7 | 31.9 |
| Equity | N/A | 508M | 576M | 786M | 1.1B | 1.7B | 2.7B | 3.3B | 17.2B | 18.7B | 21.3B | 22.2B | 21.7B |
| Total Assets | N/A | 895M | 1.2B | 2.2B | 3.3B | 4.6B | 9.9B | 15.0B | 31.4B | 33.0B | 36.8B | 39.5B | 40.0B |
| Total Liabilities | N/A | 387M | 635M | 1.4B | 2.2B | 2.8B | 7.2B | 11.7B | 14.1B | 14.3B | 15.5B | 17.4B | 18.3B |
| Intangibles | N/A | 27M | 19M | 14M | 77M | 69M | 138M | 257M | 2.0B | 1.8B | 1.4B | 1.3B | 1.2B |
| Retained Earnings | N/A | -608M | -779M | -843M | -886M | -510M | -297M | -28M | -569M | -528M | 2.4B | 3.7B | 3.4B |
| Working Capital | 11M | 371M | 424M | 805M | 1.1B | 1.5B | 3.6B | 5.1B | 7.2B | 8.9B | 11.3B | 12.5B | 11.8B |
| Current Assets | 14M | 706M | 1.0B | 1.8B | 2.1B | 3.2B | 7.8B | 11.6B | 15.6B | 17.8B | 19.9B | 22.9B | 23.8B |
| Current Liabilities | 3.0M | 334M | 577M | 973M | 1.0B | 1.7B | 4.1B | 6.5B | 8.4B | 8.9B | 8.5B | 10.4B | 12.0B |
| Per Share Data | |||||||||||||
| EPS | -1.08 | -1.24 | -0.50 | -0.17 | -0.09 | 0.81 | 0.44 | 0.33 | -0.93 | 0.02 | 4.56 | 2.10 | 1.27 |
| Owner EPS | -1.17 | -0.52 | -0.45 | -0.18 | 0.04 | -0.10 | -0.64 | 0.21 | -2.13 | -3.24 | 0.09 | 1.60 | 3.01 |
| Book Value | N/A | 2.97 | 1.68 | 2.13 | 2.62 | 3.70 | 5.54 | 6.50 | 29.62 | 38.26 | 33.48 | 35.71 | 36.34 |
| Cash Flow/Share | -0.79 | 0.12 | 0.07 | 0.35 | 0.69 | 0.71 | 0.36 | 1.68 | 0.30 | 0.21 | 2.69 | 4.15 | 1.98 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 142.7M | 171.0M | 343.2M | 369.5M | 427.3M | 463.5M | 484.3M | 503.9M | 581.4M | 488.6M | 635.3M | 621.7M | 597.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 78.8 | 507.6 | 496.0 | N/A | N/A | 19.5 | 31.6 | 60.9 |
| P/FCF | N/A | N/A | N/A | 127.7 | 102.1 | 111.5 | N/A | 115.6 | N/A | N/A | 36.4 | 17.0 | 14.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 507.2 | N/A | N/A | 53.2 | 21.6 | 38.8 |
| Price/Book | N/A | 9.3 | 8.3 | 16.5 | 21.3 | 17.2 | 40.3 | 25.2 | 2.0 | 2.1 | 2.7 | 1.9 | 2.1 |
| Price/Sales | N/A | 3.6 | 2.3 | 4.1 | 8.0 | 6.7 | 6.1 | 6.7 | 2.9 | 1.4 | 1.9 | 1.8 | 1.9 |
| FCF Yield | N/A | -0.3% | -0.0% | 0.8% | 1.0% | 0.9% | 0.0% | 0.9% | 0.0% | -0.1% | 2.7% | 5.9% | 7.1% |
| Market Cap | N/A | 4.7B | 4.8B | 13.0B | 23.9B | 29.6B | 108.2B | 82.5B | 34.4B | 38.8B | 56.5B | 41.2B | 46.1B |
| Avg. Price | N/A | 12.26 | 11.38 | 24.64 | 62.07 | 68.44 | 119.27 | 235.48 | 87.42 | 63.83 | 72.15 | 69.34 | 77.15 |
| Year-End Price | N/A | 12.83 | 13.95 | 35.13 | 55.87 | 63.80 | 223.34 | 163.67 | 59.08 | 79.51 | 88.97 | 66.27 | 77.15 |
Block, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Block, Inc. trades at 36.7x trailing earnings, compared to its 15-year median P/E of 31.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.2x vs a median of 26.7x. The company's 5-year average ROIC is 5.5% with a gross margin of 34.6%. Total shareholder yield (buybacks) is 5.5%. At current prices, the estimated annualized return to fair value is +19.2%.
Block, Inc. (XYZ) has a net profit margin of 5.4%. This is a modest margin.
Block, Inc. (XYZ) generated $2.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Block, Inc. (XYZ) has a debt-to-equity ratio of 0.38. This indicates a conservatively financed balance sheet.
Block, Inc. (XYZ) reported earnings per share (EPS) of $2.10 in its most recent fiscal year.
Block, Inc. (XYZ) has a return on equity (ROE) of 6.0%. This indicates moderate shareholder returns.
Block, Inc. (XYZ) has a 5-year average gross margin of 34.6%. This indicates decent pricing power.
The Ledger Terminal provides 12 years of financial data for Block, Inc. (XYZ), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Block, Inc. (XYZ) has a book value per share of $35.71, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to accelerate gross profit growth in 2026 through pricing and packaging initiatives, expanded go-to-market investments in high-ROI channels, and continued scaling of nascent products including Cash App Borrow, post-purchase BNPL, and Cash App Green. The company is deploying AI and automation tools across both Square and Cash App to enhance seller productivity and customer engagement, with management noting that automation work streams are ramping and expected to drive meaningful operational improvements. Square is expected to see gross profit growth accelerate in the second half of 2026 as pricing initiatives scale and software attach rates increase, while Cash App is anticipated to deepen engagement through expanded banking and lending products integrated across the platform. Management expects to exit 2026 at a mid-teens gross profit growth rate consistent with long-term guidance, with expanding margins in the second half of the year despite increased investment in go-to-market channels.
Based on recent SEC filings and earnings calls, Block, Inc. (XYZ) has provided the following forward guidance: Gross profit: $12.33 billion (FY2026); Adjusted operating income: $3.34 billion (FY2026); Adjusted diluted EPS: $3.66 (FY2026); Full year 2026 interest expense: $200 million-$210 million (FY2026).