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Block serves businesses through Square and individuals through Cash App, with most revenue coming from the United States. Square helps sellers accept payments and run their businesses. Sellers pay a fee on completed transactions and buy software subscriptions and payment hardware. Square Loans also lends to sellers, using their payment history to assess loans and generally collecting repayments from sales. Block earns loan origination and servicing fees and sells most of these loans to institutional investors.
Cash App attracts users with largely free person-to-person transfers, then earns from paid services such as instant deposits and short-term Cash App Borrow loans. Its buy-now-pay-later products charge merchants for receiving payment upfront while consumers repay in installments; Block assumes the risk that consumers do not pay. Cash App contributes more gross profit than Square.
Commerce services generate the largest share of revenue. Bitcoin sales also bring in substantial revenue: Block buys bitcoin and resells it to Cash App customers at a small markup, but this business contributes relatively little gross profit.
The business depends on sellers continuing to process sales and Cash App users bringing in money and using paid services. Banks, payment processors and card networks support transactions and customer funds, while lending depends on repayment and continued funding. Money-transmission and virtual-currency licenses restrict how Block handles customer funds and require compliance with reporting and inspection obligations.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Toast competes with Block’s Square for restaurants paying for payment processing, checkout hardware and operating software. Watch restaurant adoption of Toast’s integrated platform: food and beverage sellers drove Square’s payment-volume growth in 2025.
Shopify competes with Block’s Square for merchants paying for software and checkout tools to run their businesses. Its commerce-platform and POS Pro subscription revenue is worth watching for competition facing Square’s software subscriptions.
Affirm Holdings competes with Block’s Afterpay to let shoppers pay for purchases in installments, with merchants paying fees for facilitated sales. Watch Affirm’s interest-free installment products and their merchant fees for competition facing Afterpay’s merchant-fee revenue.
Lightspeed Commerce Inc. competes with Block’s Square for retailers and restaurants buying integrated checkout software, payment processing and financial services. Watch its software-subscription and payments revenue, particularly among North American retailers and European hospitality customers.
Block relies on Marqeta, Inc. to manage card issuance and process transactions for its Cash App and Square card programs. Watch news about Marqeta’s Block agreement, which covers Cash App, Square Debit Card and Square Card Canada.
Visa supplies the network behind Cash App Card and supports Square’s acceptance of card payments, tying both companies to card spending. Watch Visa’s payments volume alongside Block’s fees from Cash App Card purchases and sellers’ Square transactions.
Mastercard supplies the network used in Square payments, so more card transactions benefit both Mastercard and Block. Mastercard connects the banks on each side of a purchase to authorize and settle payments; watch its card volume against Square’s transaction fees paid by sellers.
Intuit competes with Block’s Square for merchants paying for tools to accept customer payments and run payroll, through its QuickBooks payments and payroll offerings.
VISA Inc. earningsV
Visa’s report will show whether spending through its network is holding up, a signal for the card purchases and seller transactions tied to Block.
Watch the change in Visa’s payments volume. A stronger figure points to firmer spending through the network, supporting the card-transaction backdrop for Cash App Card and Square; a weaker figure suggests that shared channel may be cooling, but Block’s own processed transactions and fees require Block’s report.
Fed Interest Rate Decision
Block earns interest income on financial products and pays interest on debt and warehouse funding, so Fed rate decisions can change both what it earns and what it pays.
Expected4.0%Last release4.0%
If it comes in above expectations
If rates rise more than expected, Block may pay more on debt or funding that reprices and on new borrowing; the effect on its interest income depends on how its financial products’ earnings respond.
If it comes in below expectations
If rates fall below expectations, Block may pay less on debt or funding that reprices and on new borrowing; the effect on its interest income depends on how its financial products’ earnings respond.
Block, Inc. earningsThis company
Block’s report will show whether profit growth from Cash App lending and Square financial services is holding up alongside transactions processed for Square sellers.
Read gross profit from Cash App and Square financial services alongside Square GPV, the value of seller payments Square processes. If financial-services gross profit keeps growing and GPV also advances, lending and financial tools are adding profit as seller transactions expand. If financial-services growth slows or GPV weakens, one or both of Block’s core growth engines may be losing force.
