Block (XYZ)
Connects Square sellers and Cash App consumers through payments, software, lending, and Afterpay.
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Block is two businesses sharing one customer base: Square, which sells shops the card readers and software they ring up sales on, and Cash App, the app people use to send and spend money. Much of its sales figure is bitcoin customers buy and Block passes straight through, earning almost nothing. The profit comes from lending — to shoppers and to the shops themselves — and from spending on a Cash App card.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 12 more below
Cash App bitcoin
Customers buy bitcoin inside Cash App and Block counts the entire purchase as revenue: $8.50B in 2025, of which just $419M was left after paying for the coins. The line has shrunk for eight straight quarters.
Competes with Coinbase retail brokerage (Coinbase) · Robinhood Crypto (Robinhood) · Venmo crypto (PayPal)
In plain English
When someone taps buy inside Cash App, Block goes out and gets the bitcoin, then hands it over for slightly more than it paid. The customer's entire payment runs across Block's books, so a modest business looks enormous: eight and a half billion dollars of it in 2025, of which about four hundred million was left once the coins were paid for.
It works like the currency booth at an airport — vast sums cross the counter, the booth keeps the spread. Block has been adjusting its pricing so that spread earned more even as sales fell, but the amount customers buy has dropped every quarter since early 2024.
Square Point of Sale & seller software
The readers, registers and shop software Block sells to small merchants. $250.46B of sales ran through Square in 2025, up 10%, and US growth in mid-2026 was the fastest since 2023 — with Clover and Toast pushing the same offer.
Competes with Clover (Fiserv) · Toast POS (Toast) · Shopify POS (Shopify)
In plain English
Picture the white card reader on a coffee-shop counter and the tablet the barista taps to ring you up. Block makes both, along with the software behind them — booking, online ordering and industry tools for restaurants, salons and retailers.
Two ways it earns. Every card payment leaves a few cents on the dollar with Block, less what the card networks charge, and merchants pay a monthly fee for the software they run the place on. So the number that matters is not how many shops signed up but how much they sell: a quarter of a trillion dollars crossed Square's readers last year.
Neighborhoods
Square shops appear inside Cash App so nearby customers find them and come back. About $1B of seller sales a year now runs through it — tiny beside Square's total, but 220% bigger than a year earlier.
Competes with Yelp (Yelp) · Google Business Profile (Alphabet) · DoorDash marketplace (DoorDash)
In plain English
The two halves of Block, finally introduced to each other. Shops that ring up sales on Square appear as profiles inside Cash App — the coffee place two streets over shows up on your phone, you follow it, and you drift back more often.
It isn't sold on its own. Block earns when the visit turns into a purchase: the sale runs over Square's readers, and the customer spends another evening inside Cash App rather than somewhere else. Sellers who tried it saw followers grow to about a tenth of their takings within three quarters. Small money so far, and it works best on the registers with a screen facing the customer.
Cash App Borrow and instant transfers
Small, short loans inside Cash App, alongside fees for moving money out instantly. Block lent consumers $18.9B in the spring quarter of 2026, up 59%, and this drove Cash App's profit growth — while the cost of bad loans roughly doubled.
Competes with Chime MyPay (Chime) · Dave ExtraCash (Dave) · EarnIn earned-wage access (EarnIn)
In plain English
Short of cash a few days before payday? Cash App will front a small amount for a fee and take it back when money next lands in the account. Block decides who qualifies by watching the cash already moving through the app rather than reading a credit file.
Those fees, plus what people pay to have a transfer arrive now instead of tomorrow, are the fastest-growing money in the company. The catch is that Block is the lender: it put billions of its own cash into loans last year, more than the whole business threw off, and the cost of loans going bad roughly doubled.
Afterpay
Splitting a purchase into four payments, offered both at checkout and after the fact inside Cash App. Outside estimates put Afterpay at roughly a third of US pay-later volume; Klarna has been gaining, Walmart included.
Competes with Klarna pay-later (Klarna) · Affirm instalments (Affirm) · PayPal Pay in 4 (PayPal)
In plain English
Buy the jacket now, pay a quarter of it today and the rest in three further instalments. Keep to the schedule and it costs the shopper nothing; the shop pays Block a fee on the sale.
The newer trick runs backwards. Tap a Cash App card for something already bought, then split that charge into four afterwards — Block says most of the takers are new to pay-later altogether, and it grew faster in its first year than Cash App's loan product did at the same age. Whether it is worth having depends on shoppers paying back, and on how pay-later ends up being regulated.
Square Loans and Square Financial Services
Working-capital loans to shops that already sell through Square, sized off the takings Block watches crossing their readers. Over 4 million loans and $32.8B since 2014 — and the main reason Square's profit grew in 2025.
Competes with PayPal Working Capital (PayPal) · Shopify Capital (Shopify) · Toast Capital (Toast)
In plain English
A bakery wants a second oven. Ordinary banks are slow to lend to a shop that size, and Block already knows what the bakery took last Tuesday, because the money came through its reader. So it makes the loan itself and carries the risk.
It earns a fee on each advance. It also owns the bank that holds them, an industrial bank chartered in Utah, and from June 2026 that bank began handling some of Square's card processing too — keeping fees that used to go to the partner banks standing behind those payments.
Cash App Card and Cash App Pay
The debit card people spend their Cash App balance with, and the button that pays with Cash App online. Spending on it grew over 20% and it is the fourth-largest US debit card programme; the watch item is users, up just 3% in a year.
Competes with Venmo Debit Card (PayPal) · Chime debit account (Chime) · Zelle (Early Warning Services)
In plain English
One in five American teenagers carries one. The Cash App card is a debit card the holder designs, spending whatever sits in their Cash App balance, and Cash App Pay is that same balance reaching other companies' checkouts — Uber and Uber Eats among them from this year.
Every purchase hands Block a small share of the amount, paid by the shop through the card networks. So this is a depth business rather than a width one: it earns more when someone routes their pay into the app and does the week's shopping with it. Money coming in per user is rising faster than the number of users.
Cash App bitcoinCustomers buy bitcoin inside Cash App and Block counts the entire purchase as revenue: $8.50B in 2025, of which just $419M was left after paying for the coins. The line has shrunk for eight straight quarters.Customers buy bitcoin inside Cash App and Block counts the entire purchase as revenue: $8.50B in 2025, of which just $419M was left after paying for the coins. The line has shrunk for eight straight quarters.
In plain English
When someone taps buy inside Cash App, Block goes out and gets the bitcoin, then hands it over for slightly more than it paid. The customer's entire payment runs across Block's books, so a modest business looks enormous: eight and a half billion dollars of it in 2025, of which about four hundred million was left once the coins were paid for.
It works like the currency booth at an airport — vast sums cross the counter, the booth keeps the spread. Block has been adjusting its pricing so that spread earned more even as sales fell, but the amount customers buy has dropped every quarter since early 2024.
Competes with Coinbase retail brokerage (Coinbase) · Robinhood Crypto (Robinhood) · Venmo crypto (PayPal)
Square Point of Sale & seller softwareThe readers, registers and shop software Block sells to small merchants. $250.46B of sales ran through Square in 2025, up 10%, and US growth in mid-2026 was the fastest since 2023 — with Clover and Toast pushing the same offer.The readers, registers and shop software Block sells to small merchants. $250.46B of sales ran through Square in 2025, up 10%, and US growth in mid-2026 was the fastest since 2023 — with Clover and Toast pushing the same offer.
In plain English
Picture the white card reader on a coffee-shop counter and the tablet the barista taps to ring you up. Block makes both, along with the software behind them — booking, online ordering and industry tools for restaurants, salons and retailers.
Two ways it earns. Every card payment leaves a few cents on the dollar with Block, less what the card networks charge, and merchants pay a monthly fee for the software they run the place on. So the number that matters is not how many shops signed up but how much they sell: a quarter of a trillion dollars crossed Square's readers last year.
Competes with Clover (Fiserv) · Toast POS (Toast) · Shopify POS (Shopify)
NeighborhoodsSquare shops appear inside Cash App so nearby customers find them and come back. About $1B of seller sales a year now runs through it — tiny beside Square's total, but 220% bigger than a year earlier.Square shops appear inside Cash App so nearby customers find them and come back. About $1B of seller sales a year now runs through it — tiny beside Square's total, but 220% bigger than a year earlier.
In plain English
The two halves of Block, finally introduced to each other. Shops that ring up sales on Square appear as profiles inside Cash App — the coffee place two streets over shows up on your phone, you follow it, and you drift back more often.
It isn't sold on its own. Block earns when the visit turns into a purchase: the sale runs over Square's readers, and the customer spends another evening inside Cash App rather than somewhere else. Sellers who tried it saw followers grow to about a tenth of their takings within three quarters. Small money so far, and it works best on the registers with a screen facing the customer.
Competes with Yelp (Yelp) · Google Business Profile (Alphabet) · DoorDash marketplace (DoorDash)
Cash App Borrow and instant transfersSmall, short loans inside Cash App, alongside fees for moving money out instantly. Block lent consumers $18.9B in the spring quarter of 2026, up 59%, and this drove Cash App's profit growth — while the cost of bad loans roughly doubled.Small, short loans inside Cash App, alongside fees for moving money out instantly. Block lent consumers $18.9B in the spring quarter of 2026, up 59%, and this drove Cash App's profit growth — while the cost of bad loans roughly doubled.
In plain English
Short of cash a few days before payday? Cash App will front a small amount for a fee and take it back when money next lands in the account. Block decides who qualifies by watching the cash already moving through the app rather than reading a credit file.
Those fees, plus what people pay to have a transfer arrive now instead of tomorrow, are the fastest-growing money in the company. The catch is that Block is the lender: it put billions of its own cash into loans last year, more than the whole business threw off, and the cost of loans going bad roughly doubled.
Competes with Chime MyPay (Chime) · Dave ExtraCash (Dave) · EarnIn earned-wage access (EarnIn)
AfterpaySplitting a purchase into four payments, offered both at checkout and after the fact inside Cash App. Outside estimates put Afterpay at roughly a third of US pay-later volume; Klarna has been gaining, Walmart included.Splitting a purchase into four payments, offered both at checkout and after the fact inside Cash App. Outside estimates put Afterpay at roughly a third of US pay-later volume; Klarna has been gaining, Walmart included.
In plain English
Buy the jacket now, pay a quarter of it today and the rest in three further instalments. Keep to the schedule and it costs the shopper nothing; the shop pays Block a fee on the sale.
The newer trick runs backwards. Tap a Cash App card for something already bought, then split that charge into four afterwards — Block says most of the takers are new to pay-later altogether, and it grew faster in its first year than Cash App's loan product did at the same age. Whether it is worth having depends on shoppers paying back, and on how pay-later ends up being regulated.
Competes with Klarna pay-later (Klarna) · Affirm instalments (Affirm) · PayPal Pay in 4 (PayPal)
Square Loans and Square Financial ServicesWorking-capital loans to shops that already sell through Square, sized off the takings Block watches crossing their readers. Over 4 million loans and $32.8B since 2014 — and the main reason Square's profit grew in 2025.Working-capital loans to shops that already sell through Square, sized off the takings Block watches crossing their readers. Over 4 million loans and $32.8B since 2014 — and the main reason Square's profit grew in 2025.
In plain English
A bakery wants a second oven. Ordinary banks are slow to lend to a shop that size, and Block already knows what the bakery took last Tuesday, because the money came through its reader. So it makes the loan itself and carries the risk.
It earns a fee on each advance. It also owns the bank that holds them, an industrial bank chartered in Utah, and from June 2026 that bank began handling some of Square's card processing too — keeping fees that used to go to the partner banks standing behind those payments.
Competes with PayPal Working Capital (PayPal) · Shopify Capital (Shopify) · Toast Capital (Toast)
Cash App Card and Cash App PayThe debit card people spend their Cash App balance with, and the button that pays with Cash App online. Spending on it grew over 20% and it is the fourth-largest US debit card programme; the watch item is users, up just 3% in a year.The debit card people spend their Cash App balance with, and the button that pays with Cash App online. Spending on it grew over 20% and it is the fourth-largest US debit card programme; the watch item is users, up just 3% in a year.
In plain English
One in five American teenagers carries one. The Cash App card is a debit card the holder designs, spending whatever sits in their Cash App balance, and Cash App Pay is that same balance reaching other companies' checkouts — Uber and Uber Eats among them from this year.
Every purchase hands Block a small share of the amount, paid by the shop through the card networks. So this is a depth business rather than a width one: it earns more when someone routes their pay into the app and does the week's shopping with it. Money coming in per user is rising faster than the number of users.
Competes with Venmo Debit Card (PayPal) · Chime debit account (Chime) · Zelle (Early Warning Services)
Named in filings, launches and programs
- Builders Bank & TrustBrand · AnnouncedApplied in September 2026 to run a national trust bank that would only safekeep bitcoin and dollar-pegged digital coins — no deposits, no lending.
- Cash App stablecoins (USDC)ProductUSDC, a digital coin meant to hold a dollar's value, rolled out to Cash App users through 2026 and generally available by the summer.
- Cash App TagsProduct · RampingWands, mini cards and heart charms with a chip inside that turn objects into ways to pay; the second wand drop sold out in about half an hour.
- Cash App ScoreService · RampingThe credit read Block builds from money moving through Cash App, opened to outside lenders through Nova Credit, a credit-data firm, from September 2026.
- Cash App GreenCustomer programA membership tier Block credits with keeping cardholders active and getting more of them to use its small loans.
- BitkeyProductA pocket device that lets someone hold their own bitcoin instead of leaving it with an app; management has barely mentioned it since 2025.
- Square Register and Square HandheldProductCounter-top and handheld registers launched in late 2025, another generation due in 2026; hardware earns Block little itself but carries the software that does.
- Square credit cardProduct · RampingA business card for Square sellers, at about $1B of annual spend by mid-2026, with paying suppliers added in August.
- Square Appointments, Square Online and vertical softwareProduct lineBooking, online-store and industry-specific tools sellers pay a monthly fee for — the quiet subscription layer under the card reader.
- Square BitcoinServiceBitcoin acceptance for Square shops, expanded in 2026; it sits inside the bitcoin line rather than being sized on its own.
- BuzzPlatform · RampingA work platform launched in July 2026 where AI assistants handle tasks alongside staff; never mentioned on an earnings call until August 2026.
- goose, Managerbot and MoneybotProductAI helpers for sellers and customers, plus the open-source framework behind them; Managerbot reached over a million sellers, and Block cited such tools when cutting staff.
Builders Bank & TrustBrand · Announced
Applied in September 2026 to run a national trust bank that would only safekeep bitcoin and dollar-pegged digital coins — no deposits, no lending.
Cash App stablecoins (USDC)Product
USDC, a digital coin meant to hold a dollar's value, rolled out to Cash App users through 2026 and generally available by the summer.
Cash App TagsProduct · Ramping
Wands, mini cards and heart charms with a chip inside that turn objects into ways to pay; the second wand drop sold out in about half an hour.
Cash App ScoreService · Ramping
The credit read Block builds from money moving through Cash App, opened to outside lenders through Nova Credit, a credit-data firm, from September 2026.
Cash App GreenCustomer program
A membership tier Block credits with keeping cardholders active and getting more of them to use its small loans.
BitkeyProduct
A pocket device that lets someone hold their own bitcoin instead of leaving it with an app; management has barely mentioned it since 2025.
Square Register and Square HandheldProduct
Counter-top and handheld registers launched in late 2025, another generation due in 2026; hardware earns Block little itself but carries the software that does.
Square credit cardProduct · Ramping
A business card for Square sellers, at about $1B of annual spend by mid-2026, with paying suppliers added in August.
Square Appointments, Square Online and vertical softwareProduct line
Booking, online-store and industry-specific tools sellers pay a monthly fee for — the quiet subscription layer under the card reader.
Square BitcoinService
Bitcoin acceptance for Square shops, expanded in 2026; it sits inside the bitcoin line rather than being sized on its own.
BuzzPlatform · Ramping
A work platform launched in July 2026 where AI assistants handle tasks alongside staff; never mentioned on an earnings call until August 2026.
goose, Managerbot and MoneybotProduct
AI helpers for sellers and customers, plus the open-source framework behind them; Managerbot reached over a million sellers, and Block cited such tools when cutting staff.