$XYZ

Block Non-GAAP EPS of $0.62 misses by $0.06, revenue of $6.05B misses by $240M
Aug. 07, 2025 4Q2 Non-GAAP EPS of $0.62 misses by $0.06.

Revenue of $6.05B (-1.8% Y/Y) misses by $240M.

In the second quarter, Square GPV grew 10% year over year (9.9% in constant currency), with U.S. GPV growing 7.0% year over year and International GPV growing 25% year over year (24% in constant currency).13 We observed notable strength in food and beverage and retail.

In the second quarter, Cash App’s gross profit per monthly transacting active grew 15% year over year to $87. 14 We continued to focus on increasing engagement of our 57 million actives and drove Borrow and BNPL attach rates higher while expanding Cash App Card actives to 26 million.

We are raising our guidance to reflect the strength we are seeing across our business. We now expect $10.17 billion in gross profit for 2025, reflecting growth of over 14% year over year. We expect full-year Adjusted Operating Income of $2.03 billion, or 20% margin, representing a 2% margin expansion year over year. We expect gross profit in the third quarter to grow 16% year over year to $2.60 billion with Adjusted Operating Income margins of 18%.