Quarterly Report for the Quarter Ended June 30, 2025

• Strong revenue growth across all segments
• Continued investment in product development and customer acquisition
• Robust financial position with ample liquidity and cash flow

Block Inc. reported its financial results for the second quarter ended June 30, 2025. The company delivered strong performance, with total net revenue of $6.05 billion, up 4% year-over-year. Transaction-based revenue grew 6% to $1.82 billion, while subscription and services-based revenue increased 15% to $2.05 billion. Bitcoin revenue declined 18% to $2.14 billion, reflecting the volatility in the cryptocurrency market. Gross profit increased 14% to $2.54 billion, driven by improvements in transaction-based and subscription margins. Operating expenses rose 6% to $2.05 billion, primarily due to higher product development, sales and marketing, and transaction, loan, and consumer receivable losses. The company reported net income of $538 million, up 184% year-over-year. Block maintained a strong balance sheet, with $6.38 billion in cash and cash equivalents and $22.12 billion in total stockholders' equity as of June 30, 2025. The company continued to invest in product innovation and customer acquisition to drive long-term growth, while closely managing costs and capital allocation.

For the full fiscal year 2025, Block expects revenue to be in the range of $24 billion to $25 billion, with gross profit between $9.5 billion and $10 billion. The company anticipates operating expenses to be in the range of $8 billion to $8.5 billion, resulting in operating income of $1.5 billion to $2 billion.

Block remains optimistic about its long-term growth prospects, driven by continued innovation in its product portfolio, expansion of its customer base, and disciplined execution of its strategic initiatives. The company is well-positioned to capitalize on the ongoing digital transformation of the financial services industry and the increasing adoption of digital payments and financial services.