Form 10-Q · Quarterly report
Block, Inc. 10-Q, filed Aug 5, 2026
- Filed
- CIK
- 0001512673
- Accession no.
- 0001628280-26-053368
Summary
Block, Inc. reported second-quarter 2026 gross profit of $3.2 billion, up 25% year over year, with Cash App gross profit of $2.0 billion and Square gross profit of $1.2 billion, while net income attributable to common stockholders fell to $88.5 million from $538.5 million a year earlier after an $88.5 million loss on remeasurement of its bitcoin investment versus a $212.2 million gain in the prior-year period. The quarter followed a February 2026 restructuring plan under which Block cut more than 40% of its workforce, incurring $495.0 million in charges and expecting $800 million to $900 million in annualized net cost savings.
Key points
- Total net revenue rose 9% to $6.62 billion, with bitcoin ecosystem revenue down 13% on lower trading volume and a lower average bitcoin price.
- Cash App gross profit grew 31% and Square gross profit 13%, while operating income was $446.9 million and Adjusted EBITDA was $1.2 billion.
- Restructuring charges for the six months ended June 30, 2026 were $495.0 million under a workforce plan announced in February 2026 that reduced headcount by more than 40% and concluded in the second quarter.
- Block ended the quarter with $8.8 billion in available liquidity, settled $1.6 billion of debt at maturity, and had repurchased $4.4 billion of Class A common stock under a $9 billion authorization.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
Item 2. Management’s Discussion Overview We launched the Square ecosystem in February 2009 to enable businesses ("sellers") to accept card payments, a critical capability that had previously been inaccessible to many businesses. We have since expanded to provide sellers additional products and services and to give them access to a cohesive ecosystem of tools to help them start, run, and grow their businesses. Similarly, with Cash App, we have built an ecosystem of financial products and services to help consumers manage their money. …
An excerpt of the text as filed with the SEC, cut for length.
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