• Q1 2026 revenue of $6.06 billion, up 5% year-over-year
• Q1 2026 net loss of $308.6 million, impacted by $172.8 million in bitcoin remeasurement losses
• Announced workforce reduction of 10% to drive operational efficiency

Block, Inc. reported its financial results for the first quarter of 2026. The company generated total net revenue of $6.06 billion, up 5% compared to the same period in the prior year. This was driven by growth in the company's commerce enablement and financial solutions segments, partially offset by a decline in bitcoin ecosystem revenue. Gross profit for the quarter was $2.91 billion.The company reported a net loss of $308.6 million for the quarter, which was impacted by a $172.8 million remeasurement loss on its bitcoin investment. Other notable items included $500.1 million in transaction, loan, and consumer receivable losses, and $338.7 million in share-based compensation expense.During the quarter, Block continued to invest in product development, with $1.04 billion in R&D spending. The company also announced a 10% reduction in its global workforce to drive greater operational efficiency and align its cost structure with its revenue profile.Block ended the quarter with $6.86 billion in cash and cash equivalents, and $5.94 billion in customer funds. The company's balance sheet remains strong, with $21.68 billion in total stockholders' equity.

Block remains focused on investing in its product roadmap and driving innovation, particularly in the areas of artificial intelligence and cryptocurrency. The company believes these initiatives will enhance the customer experience and drive long-term growth. However, the company expects near-term headwinds from macroeconomic conditions and the impact of its recent workforce reduction.