Block, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Block, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,709	2,214	3,298	4,714	9,498	17,661	17,532	21,916	24,121	24,194
Cost of revenue	1,133	1,375	1,994	2,824	6,764	13,241	11,540	14,411	15,232	13,834
Gross profit	576	839	1,304	1,890	2,733	4,420	5,992	7,505	8,889	10,360
Research and development	269	322	497	674	882	1,384	2,136	2,721	2,914	2,908
Selling and marketing	174	253	411	625	1,110	1,617	2,058	2,019	1,984	2,273
General and administrative	252	251	339	437	579	983	1,687	2,209	2,149	1,998
Operating expenses	746	894	1,340
Operating income	-170	-54.2	-36.6	26.6	-18.8	161	-625	-279	892	1,708
Interest expense			37.8	44.9	75.2	58.1	0	0	166	256
Interest income			19.8	23.4	18.3	0	0	127	156	127
Other non-operating income	0.78	-8.46	18.5	-0.27	292	29.5	95.4	-4.61	53.2	167
Pre-tax income	-170	-62.7	-36.1	378	216	157	-565	-29.1	1,357	1,690
Income tax	1.92	0.15	2.33	2.77	2.86	-1.36	-12.3	-8.02	-1,509	386
Net income to minority interests				0	0	-7.46	-12.3	-30.9	-30.6	-1.43
Net income	-172	-62.8	-38.5	375	213	166	-541	9.77	2,897	1,306
EBITDA	-133	-16.9	24.3	102	65.4	296	-284	130	1,268	2,078
EPS, basic	-0.50	-0.17	-0.09	0.88	0.48	0.36	-0.93	0.02	4.70	2.13
EPS, diluted	-0.50	-0.17	-0.09	0.81	0.44	0.33	-0.93	0.02	4.56	2.10
Shares, basic (weighted)	342	379	406	425	443	458	579	609	617	612
Shares, diluted (weighted)	342	379	406	466	482	502	579	614	636	623

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	452	696	583	1,047	3,158	4,444	4,544	4,996	8,075	6,564
Short-term investments	59.9	170	541	492	695	869	1,082
Receivables	6.19	8.61	22.4	33.9	42	89.7	141	135	149	238
Inventory	13.7	16.8	28.6	47.7	61.1	77.1	97.7	110	105	158
Other current assets	60.5	86.5	199	250	383	687	1,627	2,353	3,288	4,108
Total current assets	1,001	1,778	2,112	3,220	7,762	11,622	15,623	17,819	19,880	22,857
Property, plant and equipment	88.3	91.5	142	149	234	282	329	296	314	323
Lease right-of-use assets				113	457	449	373	245	220	215
Goodwill	57.2	58.3	262	266	317	519	11,967	11,920	11,417	11,849
Intangible assets	19.3	14.3	77.1	69.1	138	257	2,014	1,762	1,433	1,282
Long-term investments	27.4	204	465	537	464	1,526	573
Other non-current assets	3.19	31.4	74.2	196	499	371	484	730	447	1,482
Total assets	1,211	2,187	3,281	4,551	9,870	15,026	31,364	33,031	36,778	39,550
Accounts payable	12.6	16.8	36.4	42.1	47.1	82.2	95.8	143	118	115
Accrued liabilities	39.5	52.3	82.4	128	127	255	383	539	725	389
Deferred revenue	5.41	5.89	31.5	38.1	44.9	48.5
Short-term debt		0			0	0.46
Total current liabilities	577	973	1,019	1,694	4,126	6,536	8,435	8,883	8,547	10,384
Long-term debt	0	359	900	939	2,587	4,559	4,110
Lease liabilities				109	390	395	357	290	279	257
Other non-current liabilities	57.7	69.5	93.3	94.5	85.3	208	202	155	152	382
Total liabilities	635	1,401	2,161	2,836	7,188	11,713	14,113	14,338	15,543	17,380
Total debt	0	359	900	939	2,587	4,560	4,110	4,120	6,105	7,289
Paid-in capital	1,357	1,630	2,012	2,224	2,955	3,317	18,315	19,602	19,900	18,895
Retained earnings	-779	-843	-886	-510	-297	-28	-569	-528	2,369	3,674
Other comprehensive income	-1.99	-1.32	-6.05	1.63	23.3	-16.4	-523	-378	-1,001	-365
Shareholders' equity	576	786	1,121	1,715	2,682	3,273	17,223	18,695	21,268	22,204
Minority interests					0	40.7	28.5	-2.42	-33	-34.4
Total equity	576	786	1,121	1,715	2,682	3,314	17,251	18,693	21,235	22,170
Total liabilities and equity	1,211	2,187	3,281	4,551	9,870	15,026	31,364	33,031	36,778	39,550

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-172	-62.8	-38.5	375	213	159	-553	-21.1	2,866	1,304
Depreciation and amortization	37.7	37.3	61	75.6	84.2	135	341	409	376	370
Stock-based compensation	139	156	217	298	398	608	1,071	1,276	1,273	1,215
Deferred income tax	0.06	-1.39	-0.65	-1.38	-8.02	-10.4	-69.6	-85.9	-1,666	335
Cash from operations	23.1	128	295	328	173	848	176	101	1,707	2,580
Capital expenditures	-25.4	-26.1	-61.2	-62.5	-138	-134	-171	-151	-154	-155
Acquisitions	-1.36	-1.92	-112	-20.4	-79.2	-164		-4.97
Purchases of investments	-165	-545	-1,000	-993	-1,322	-2,715	-756	-1,127	-1,198	-701
Sales and maturities of investments	43.2	168	197	431	607	831	1,000	1,388	1,006	469
Cash from investing	-114	-341	-906	95.2	-607	-1,311	1,226	683	650	-2,802
Debt issued	0			0	0	1,972	0	0	2,000	2,200
Debt repaid	0	0
Share buybacks						0	0	-157	-1,170	-2,331
Cash from financing	90.7	455	516	243	3,677	2,652	97.6	-240	1,953	-613
Exchange rate effect	-0.44	4.3	-7.22	3.84	13	-7.07	-38.4	29.2	-88.5	86.1
Net change in cash	-0.81	246	-102	670	3,256	2,182	1,461	573	4,221	-749
Free cash flow	-2.3	102	234	265	34.7	714	5.09	-50.2	1,553	2,425
Interest paid	0.57	1.37	4.13	5.68	3.86	40.4	84.9	130	206	246
Income taxes paid	0.4	1.25	1.62	2.74	6	10	39	81.4	270	129

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $74.63 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	46.4%	Gross profit / revenue.
Operating margin	4.7%	Operating income / revenue.
EBITDA margin	6.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.8%	Pre-tax income / revenue.
Net margin	1.4%	Net income / revenue.
FCF margin	15.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.2%	Cash from operations / revenue.
Effective tax rate	50.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.9%	Net income / average total assets.
Return on invested capital (ROIC)	4.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.3%	Research and development expense / revenue.
Stock-based pay / revenue	4.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	1.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	16.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	20.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	30.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	91.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	63.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	99.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-54.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	43.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-53.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	36.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	51.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	144.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	71.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	56.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	681.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	133.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	52.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	32.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.21x	Current assets / current liabilities.
Quick ratio	0.63x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.61x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.26x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.6%	Total debt / total assets.
Liabilities / assets	43.8%	Total liabilities / total assets.
Net debt	-$706.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.46x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$12.67B	Current assets - current liabilities.
Goodwill and intangibles / assets	33.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.88B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.64x	Revenue / average total assets.
Fixed asset turnover	85.4x	Revenue / average property, plant and equipment.
Inventory turnover	67.5x	Cost of revenue / average inventory.
Days inventory	5 days	365 x average inventory / cost of revenue.
Receivables turnover	129x	Revenue / average receivables.
Days sales outstanding	3 days	365 x average receivables / revenue.
Days payables	3 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	5 days	Days inventory + days sales outstanding - days payables.
FCF conversion	1,087.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$41.13	Revenue / diluted weighted shares.
FCF per share	$6.38	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.66	Cash from operations / diluted weighted shares.
Book value per share	$36.21	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.58	Tangible book value / shares outstanding.
Cash per share	$10.56	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	48.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$44.84B	Share price x shares outstanding.
Enterprise value	$44.13B	Market cap + total debt - cash - short-term investments.
P/E	126x	Market cap / net income. Only when net income is positive.
P/S	1.79x	Market cap / revenue.
P/B	2.03x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.05x	Market cap / tangible book value, when positive.
P/FCF	11.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.1x	Market cap / cash from operations, when positive.
EV/Sales	1.76x	Enterprise value / revenue.
EV/EBIT	37.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	28.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.7%	Free cash flow / market cap.
Earnings yield	0.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	4.2%	(Dividends paid + share buybacks) / market cap.

What was Block, Inc.'s revenue in fiscal 2025?

Block, Inc. reported revenue of $24.19B for fiscal 2025, 0.3% higher than the year before.

Was Block, Inc. profitable in fiscal 2025?

Yes. Net income was $1.31B, a net margin of 5.4%.

How much free cash flow did Block, Inc. generate in fiscal 2025?

Cash from operations of $2.58B minus capital expenditures of $155.0M left free cash flow of $2.42B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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