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XYZ · Block

11 filings

10-K

XYZ 10-K Annual Reports

Block - 11 annual reports

Filing record · 2016–202610-K1110-Q338-K137

2025
Block Annual Report, Year Ended Dec 31, 2025
Block, Inc. (XYZ) reported total net revenue of $24.19 billion for 2025, essentially flat versus $24.12 billion in 2024, while gross profit rose to $10.36 billion from $8.89 billion. Excluding bitcoin ecosystem revenue, which fell $1.9 billion to $8.50 billion, total net revenue increased $1.9 billion, or 14%. Operating income was $1.71 billion versus $892.3 million in 2024, net income attributable to common stockholders was $1.31 billion versus $2.90 billion (2024 included $1.9 billion of tax benefits), and Adjusted EBITDA was $3.47 billion, up 14% year over year. Cash App gross profit grew 21% to $6.34 billion, driven by Cash App Borrow, and Square gross profit grew 9% to $3.94 billion. Loss-related and credit costs rose sharply: transaction, loan, and consumer receivable losses increased 68% to $1.34 billion, with loan losses up 154%, as loans are now retained on the balance sheet as held for investment. Total liquidity was $9.19 billion at year-end, against $7.35 billion of principal outstanding across convertible and senior notes, and the company repurchased $2.3 billion of stock in 2025 under an expanded $9 billion authorization. In February 2026, Block announced a Workforce Plan to reduce its workforce by more than 40%, with estimated charges of $450 million to $500 million, mostly expected in the first quarter of 2026 and substantially complete by the end of the second quarter of 2026. The filing also discloses pending matters, including state Attorney General discussions that the company says could result in a material loss, a federal securities class action whose motion to dismiss was denied, and an SEC and DOJ inquiry.
Feb 26, 2026
2024
Block Annual Report, Year Ended Dec 31, 2024
Block, Inc. (XYZ) reported total net revenue of $24.12 billion for 2024, up 10% from $21.92 billion in 2023, with gross profit of $8.89 billion, up 18% year over year. Cash App segment gross profit was $5.2 billion, up 21%, and Square segment gross profit was $3.6 billion, up 15%. Operating income was $892.3 million compared with an operating loss of $278.8 million in 2023. Net income attributable to common stockholders was $2.9 billion, compared with $9.8 million in 2023, and that result includes a $420.9 million bitcoin remeasurement gain and one-time income tax benefits of $1.9 billion from releasing valuation allowances and recognizing deferred tax assets. Adjusted EBITDA was $3.03 billion, up from $1.79 billion. The company ended 2024 with $10.7 billion in total available liquidity, including $2.0 billion of net proceeds from the 2032 Senior Notes issued in May 2024. It repurchased $1.2 billion of Class A common stock in 2024 and had $2.7 billion remaining under its share repurchase authorization at year end. Total debt principal was $6.2 billion as of December 31, 2024, and the company received non-investment grade ratings from S&P, Fitch and Moody's during 2024. The filing also discloses significant regulatory matters. In January 2025, Block agreed to a CFPB consent order with a $55 million civil penalty and $75 million to $120 million in restitution, and entered into a $80 million settlement with state money transmission regulators. Negotiations with NYDFS and state Attorneys General are ongoing, and SEC and DOJ inquiries continue. The company also paid $71.4 million to San Francisco's Tax Collector and disputes the assessment. Cash App's 57 million monthly transacting actives and Square GPV of $228 billion are key operating metrics cited.
Feb 24, 2025
2023
Block Annual Report, Year Ended Dec 31, 2023
Block, Inc. (filed under Block, Inc.; NYSE ticker SQ) reported total net revenue of $21.92 billion for 2023, up 25% from $17.53 billion in 2022, with bitcoin revenue of $9.50 billion as the primary driver. Gross profit rose to $7.50 billion, up 25% year over year, with Cash App gross profit of $4.32 billion (up 33%) and Square gross profit of $3.13 billion (up 16%). The company swung to net income attributable to common stockholders of $9.8 million from a loss of $540.7 million in 2022, but operating loss was $278.8 million, reflecting $2.72 billion in product development, $2.21 billion in general and administrative, and $660.7 million in transaction, loan, and consumer receivable losses. Management cites Adjusted EBITDA of $1.79 billion, up 81%, and Adjusted Operating Income of $351.4 million. The company ended 2023 with $7.7 billion in available liquidity, including $4.2 billion of aggregate debt principal outstanding, and a $1.0 billion share repurchase program authorized in October 2023, under which $156.8 million was repurchased in the fourth quarter. Management announced an absolute cap of 12,000 employees and recorded $104.0 million of severance and other related expenses in 2023. Cash App reported 56 million monthly transacting actives as of December 2023, and the company moved its BNPL platform fully under Cash App, changing segment reporting. The filing highlights risks including dual-class control (Class B holders held approximately 52.14% of voting power), regulatory scrutiny from the CFPB (a NORA notice in December 2023 regarding possible enforcement action), inquiries from the SEC and DOJ following a March 2023 short seller report, bitcoin price volatility, and credit ratings that are non-investment grade (BB+/Ba2). Operating cash flow was $101.0 million in 2023.
Feb 22, 2024
2022
Block Annual Report, Year Ended Dec 31, 2022
Block, Inc. (filed as Block, Inc.; formerly Square, Inc., with Class A stock listed on the NYSE under "SQ") reported a 2022 net loss of $540.7 million attributable to common stockholders, compared with net income of $166.3 million in 2021. Total net revenue was $17.53 billion, down 1% from $17.66 billion, as bitcoin revenue fell $2.9 billion (29%) to $7.11 billion. Excluding bitcoin revenue, total net revenue increased $2.8 billion, or 36%, and gross profit rose to $5.99 billion from $4.42 billion. Adjusted EBITDA was $990.96 million versus $1.01 billion in 2021. The results reflect the January 31, 2022 acquisition of Afterpay Limited, a buy now, pay later platform, for consideration of $13.8 billion. Afterpay contributed $811.4 million of revenue from the acquisition date through December 31, 2022. Operating expenses rose 55% to $6.62 billion, driven by product development, general and administrative costs, and transaction, loan, and consumer receivable losses. The company reported a $568.7 million accumulated deficit and total stockholders' equity of $17.25 billion, against $4.6 billion of principal debt outstanding. Liquidity was approximately $7.5 billion in available funds, including $600.0 million undrawn under the revolving credit facility. The two reportable segments, Square and Cash App, each received an equal allocation of Afterpay results. Cash App segment revenue fell 14% to $10.63 billion, largely due to lower bitcoin revenue, while Square segment revenue rose 29% to $6.70 billion. Investors should weigh the Afterpay integration, sensitivity to bitcoin prices (including $46.6 million of impairment charges in 2022), and the dual-class structure, under which Class B holders controlled 52.93% of voting power at year-end.
Feb 23, 2023
2021
Block Annual Report, Year Ended Dec 31, 2021
Block, Inc. (filed under the name Square, Inc. at the time of filing, and now known as Block) reported fiscal 2021 total net revenue of $17.66 billion, up 86% from $9.50 billion in 2020, with net income attributable to common stockholders of $166.3 million compared with $213.1 million in 2020. Bitcoin revenue was the dominant driver, rising to $10.01 billion from $4.57 billion and accounting for 67% of the increase in total net revenue; the filing states bitcoin contributed 57% of total 2021 revenue but only 4.9% of total gross profit. Excluding bitcoin, total net revenue increased by $2.7 billion, or 55%. Gross profit rose to $4.42 billion from $2.73 billion, and operating income was $161.1 million versus an operating loss of $18.8 million in 2020. By segment, Cash App net revenue was $12.32 billion (gross profit $2.07 billion) and Square net revenue was $5.19 billion (gross profit $2.32 billion). Adjusted EBITDA was $1.01 billion versus $474.1 million in 2020. Gross Payment Volume reached $167.72 billion, and Square GPV was $152.8 billion. The company held approximately $9.4 billion of cash, restricted cash, customer funds and marketable debt securities at year end, with $6.9 billion of liquidity excluding customer funds. Total debt principal was about $4.6 billion, including $2.0 billion of senior unsecured notes issued in May 2021. The filing also describes the pending acquisition of Afterpay, a buy-now-pay-later platform, completed on January 31, 2022 for 113,387,895 Class A shares with an aggregate fair value of $13.9 billion. Investors should weigh the heavy dependence on bitcoin price for revenue, the dual-class structure in which Class B holders control 60.48% of voting power, and integration and regulatory risks from Afterpay and Square Financial Services.
Feb 24, 2022
2020
Block Annual Report, Year Ended Dec 31, 2020
Square, Inc. (now Block, Inc.) reported total net revenue of $9.50 billion for the year ended December 31, 2020, up from $4.71 billion in 2019, with bitcoin revenue of $4.57 billion accounting for the bulk of the increase. Gross profit was $2.73 billion, but operating income was a loss of $18.8 million, while net income was $213.1 million, helped by a $295.3 million gain on revaluation of equity investments (including the DoorDash stake). The Seller segment generated $3.53 billion of net revenue and $1.51 billion of gross profit, while the Cash App segment generated $5.97 billion of net revenue and $1.23 billion of gross profit. Gross Payment Volume was $112.3 billion, and Cash App had more than 36 million monthly transacting active customers as of December 2020. The company's balance sheet strengthened considerably over the year, with cash and cash equivalents of $3.16 billion and total stockholders' equity of $2.68 billion, compared with $1.05 billion and $1.72 billion at the end of 2019. Long-term debt rose to $2.59 billion, reflecting the March 2020 issuance of $1.0 billion of 2025 convertible notes and the November 2020 issuance of $1.15 billion of 2026 and 2027 convertible notes. Square also disclosed that it participated in the Paycheck Protection Program, facilitating approximately $857 million of PPP loans, and that it purchased $50 million of bitcoin in October 2020 and another $170 million in February 2021. Investors should weigh several risks highlighted in the filing: the COVID-19 pandemic's effect on seller activity, reliance on bitcoin revenue for much of the growth, a dual-class structure in which Class B holders controlled 62.8% of the voting power, pending tax assessments from the Texas Comptroller of $38 million, and the planned opening of Square Financial Services, an industrial loan corporation subject to FDIC conditions.
Feb 23, 2021
2019
Block Annual Report, Year Ended Dec 31, 2019
Square, Inc. reported total net revenue of $4.71 billion for 2019, up 43% from $3.30 billion in 2018, and net income of $375.4 million, compared with a net loss of $38.5 million in 2018. The result was helped by a $373.4 million gain on the sale of the Caviar business to DoorDash, which closed on October 31, 2019 for $410 million in gross proceeds ($310 million cash and $100 million of DoorDash preferred stock). Operating income was $26.6 million versus an operating loss of $36.6 million in 2018. Growth was led by transaction-based revenue of $3.08 billion (up 25%), subscription and services-based revenue of $1.03 billion (up 74%), and bitcoin revenue of $516.5 million (up 210%). Gross Payment Volume reached $106.2 billion, and Adjusted EBITDA was $416.9 million versus $256.5 million in 2018. Cash App, the company's peer-to-peer and financial services app, had approximately 24 million monthly active customers as of December 2019 and stored balances of $676 million, up 102% year over year. Sales and marketing costs rose 52% to $624.8 million, driven largely by Cash App marketing and peer-to-peer costs. The company held $2.1 billion of cash, cash equivalents, restricted cash and marketable debt securities at year-end, and carried $1.1 billion of convertible senior notes in principal amount, with a $375.0 million revolving credit facility undrawn. Investors should weigh the dual-class structure, under which Class B holders controlled about 69.5% of combined voting power at December 31, 2019, and the unresolved San Francisco Gross Receipts Tax dispute, with potential losses of approximately $0 to $63 million. The company also disclosed that it expects to change from one reportable segment to two (Seller and Cash App) in 2020.
Feb 26, 2020
2018
Block Annual Report, Year Ended Dec 31, 2018
Square, Inc. (now Block, Inc.) reported total net revenue of $3,298.2 million for 2018, up from $2,214.3 million in 2017, while net loss narrowed to $38.5 million from $62.8 million. Gross Payment Volume (GPV) grew to $84.7 billion from $65.3 billion, and transaction-based revenue rose to $2,471.5 million. Adjusted EBITDA, a non-GAAP measure, was $256.5 million versus $139.0 million in 2017. Growth was broad-based, with subscription and services-based revenue increasing to $591.7 million, driven by Instant Deposit, Caviar, Cash Card and Square Capital, and bitcoin revenue of $166.5 million added from Cash App. The company's cost base also rose, with total operating expenses of $1,340.3 million, led by product development ($497.5 million) and sales and marketing ($411.2 million). Operating loss narrowed to $36.6 million from $54.2 million. Cash provided by operating activities was $295.1 million. As of December 31, 2018, the company held $1.6 billion in cash, cash equivalents and marketable debt securities, and it issued $862.5 million of 0.50% convertible notes due 2023 in May 2018. Investors should note the risk factors highlighted in the filing: a dual-class structure in which Class B holders held approximately 74.3% of voting power, an accumulated deficit of $885.8 million, a pending San Francisco Gross Receipts Tax classification dispute, and class action litigation over the classification of Caviar couriers as independent contractors.
Feb 27, 2019
2017
Block Annual Report, Year Ended Dec 31, 2017
Square, Inc. reported total net revenue of $2,214.3 million for 2017, up from $1,708.7 million in 2016 and $1,267.1 million in 2015. Gross Payment Volume (GPV) reached $65.3 billion in 2017, compared with $49.7 billion in 2016 and $35.6 billion in 2015. Adjusted Revenue, a non-GAAP measure that excludes Starbucks activity and transaction-based costs, grew to $983.963 million, and Adjusted EBITDA improved to $139.0 million from $44.9 million in 2016. Despite this, the company still reported a net loss of $62.8 million for 2017 (versus $171.6 million in 2016), and an accumulated deficit of $842.7 million as of December 31, 2017. The filing highlights growth in subscription and services-based revenue, which rose to $252.7 million from $129.4 million, driven by Instant Deposit, Caviar, and Square Capital. The Starbucks processing relationship ended in the fourth quarter of 2016, so no Starbucks transaction-based revenue was recorded in 2017. Cash provided by operating activities was $127.7 million for 2017. The company issued $440.0 million of 0.375% convertible senior notes due 2022 in March 2017, and it held $1.1 billion of cash, cash equivalents, restricted cash, and marketable securities at year-end. Investors should note the dual-class structure, under which Class B holders controlled approximately 80.4% of voting power as of December 31, 2017. The company also disclosed ongoing regulatory exposure, including money transmission licensing, a San Francisco Tax Collector notice it is contesting, and risks tied to its bank partner for Square Capital. Management also noted that its revenue growth rate has slowed as revenue has increased.
Feb 27, 2018
2016
Block Annual Report, Year Ended Dec 31, 2016
Square, Inc. (now Block, Inc.) reported total net revenue of $1,708.7 million for 2016, up 35% from $1,267.1 million in 2015, and Gross Payment Volume (GPV) of $49.7 billion, up 39% from $35.6 billion. The company remained loss-making, with a net loss of $171.6 million in 2016 compared with $212.0 million net loss attributable to common stockholders in 2015, and an accumulated deficit of $779.2 million at December 31, 2016. Adjusted EBITDA, a non-GAAP measure that excludes Starbucks activity, share-based compensation and other items, was $44.9 million in 2016 versus $(41.1) million in 2015. Growth was driven by transaction-based revenue, which rose $405.7 million to $1,456.2 million, and by subscription and services-based revenue, which rose 123% to $129.4 million, led by Square Capital and Caviar. Starbucks transaction-based revenue fell 45% to $78.9 million as Starbucks completed its transition to another payments provider in the fourth quarter of 2016, and the company does not expect that revenue to recur. Operating loss narrowed slightly to $170.5 million from $174.5 million, though general and administrative expenses included a $48.0 million legal settlement with Robert E. Morley. Share-based compensation rose to $138.8 million. Investors should note the dual-class structure, under which Class B holders controlled approximately 89.3% of voting power at December 31, 2016, and the company's reliance on card networks, acquiring processors and a single bank partner for Square Capital. Cash, cash equivalents and marketable securities totaled $539.3 million, and the company reported $23.1 million of operating cash inflow in 2016.
Feb 27, 2017
2015
Block Annual Report, Year Ended Dec 31, 2015
Square, Inc. (now Block, Inc.) reported total net revenue of $1,267.1 million for 2015, up 49% from $850.2 million in 2014, while its net loss widened to $179.8 million from $154.1 million. Adjusted Revenue, a non-GAAP measure that excludes Starbucks activity and transaction costs, grew to $452.2 million, up 64%. Gross Payment Volume reached $35.6 billion across 712 million card payments. The company stated its Starbucks payment processing agreement will expire in the third quarter of 2016 and that Starbucks will transition to another processor, so total net revenue may decrease meaningfully going forward. Transaction revenue remained about 83% of total net revenue, while software and data product revenue, led by Square Capital and Caviar, rose to 5% of total net revenue from 1%. The company's accumulated deficit was $607.6 million at year-end 2015. Its IPO on the New York Stock Exchange closed in November 2015, generating net proceeds of $245.7 million, and cash and cash equivalents stood at $470.8 million. Class B shareholders held approximately 99.0% of voting power as of December 31, 2015, and the company has never paid cash dividends. The filing also discloses ongoing litigation with Robert E. Morley and REM Holdings 3, LLC over patent inventorship and a claim of an alleged joint venture in the formation of Square, for which the company stated it was unable to estimate a possible loss. The filing states that the company expects its rate of revenue growth to decline, and it reports ongoing investment in product development, sales and marketing, and international expansion. Management described the company as not yet profitable and said existing cash and credit facility availability are sufficient to meet working capital and planned capital expenditures for at least the next 12 months.
Mar 10, 2016