Block reported third quarter results that exceeded expectations across all primary financial metrics. Gross profit grew 22% year over year to $3.24 billion, surpassing company guidance and analyst estimates. The company achieved record Adjusted Operating Income and Adjusted Diluted EPS, driven by operating leverage from previous workforce reductions and accelerated product velocity in the Square and Cash App ecosystems.
Key Highlights
- Cash App gross profit increased 27% year over year to $2.07 billion, supported by 60 million monthly transacting actives and strong performance in commerce enablement.
- Square GPV growth accelerated to 14% year over year, reaching $76.4 billion, which the company attributed to distribution expansion and increased feature releases.
- Adjusted Operating Income rose 92% year over year to $923 million, representing an all-time high margin of 29% as a percentage of gross profit.
- The company raised its full-year 2026 gross profit guidance to $12.63 billion and provided a preliminary 2027 outlook targeting at least 15% gross profit growth.