Block, Inc. reported a total net revenue of $24.19 billion for the fiscal year 2025, a slight increase from $24.12 billion in 2024. Excluding Bitcoin ecosystem revenue, total net revenue increased by 14%. The company's gross profit reached $10.36 billion, up 17% year-over-year, driven by growth in both the Cash App and Square ecosystems. Cash App's gross profit grew by 21% to $6.34 billion, while Square's gross profit increased by 9% to $3.94 billion. Operating income for 2025 was $1.71 billion, compared to $892.3 million in the previous year. Net income attributable to common stockholders was $1.31 billion, compared to $2.90 billion for the same period in 2024, which included a significant tax benefit.
The company's revenue streams are categorized into Commerce Enablement, Financial Solutions, and the Bitcoin Ecosystem. Commerce Enablement revenue increased by 10%, driven by Square payments, Cash App Card usage, and revenue from Afterpay Post-Purchase. Financial Solutions revenue saw a 28% increase, primarily due to growth in Cash App Borrow volumes and Square Lending. However, Bitcoin Ecosystem revenue decreased by 18% due to lower trading volumes, partially offset by an increase in the average market price of Bitcoin.
Operationally, Block reported that Square processed $250 billion in gross payment volume (GPV) from 5.9 billion individual sales transactions made by over 4.5 million sellers in 2025. Cash App had 59 million monthly transacting actives as of December 2025, with average inflows of $1,410 per active during the fourth quarter. The company's strategic priorities include strengthening local commerce ecosystems, leveraging AI to increase productivity, and expanding financial access through Cash App.
Looking ahead, Block announced a workforce reduction restructuring plan in February 2026, expecting to reduce its workforce by over 40%. The company anticipates incurring charges between $450 million and $500 million related to this plan, with the majority expected in the first quarter of fiscal 2026. Block aims to improve efficiency through AI automation, prioritization, performance management, and centralization of teams. As of December 31, 2025, Block had $9.2 billion in available liquidity, including $8.4 billion in cash, cash equivalents, restricted cash, and investments, and an undrawn $775 million revolving credit facility, which was subsequently increased to $900 million in January 2026.
About Block, Inc.
Block, Inc. operates an integrated financial technology ecosystem serving sellers, consumers, artists, and developers worldwide. Its core segments include the Square ecosystem, offering over 30 software, hardware, and financial services to help businesses start, run, and grow, and the Cash App ecosystem, providing consumer financial services like payments, banking, investing, and bitcoin trading. Block’s model emphasizes cohesive, self-serve products, seamless integration, and broad accessibility across diverse markets.
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