SQ Company Report

For Q4 2025, Block anticipates low double-digit GPV growth for Square, a slight deceleration from Q3, while projecting 19% gross profit growth and 39% adjusted operating income growth overall.
The company expects an acceleration in Square's GPV and gross profit growth through 2028, and a high teens gross profit CAGR for Cash App over the same period.
Key strategic initiatives include the "Neighborhoods" strategy to connect buyers and sellers, AI-powered tools like ManagerBot and MoneyBot, the launch of Cash App Green for primary banking, and Afterpay on the Cash App Card pre-purchase.
Block is targeting incremental margins of 50%+ by 2028, driven by these product development and go-to-market strategies.
The company highlights its unique, real-time Cash App Score underwriting model, which leverages comprehensive data from Cash App, Afterpay, and Square to assess creditworthiness and adapt quickly to economic changes.

Dec 2, 2025, 5:55 PM

Transcript

Block Discusses Q4 Outlook and Long-Term Strategy at UBS Conference

Guidance Update

Product Launch

New Projects/Investments

Block provided a Q4 update, expecting Square GPV growth in the low double-digit range and Cash App gross profit growth of approximately 19%, with adjusted operating income growth around 39%.
Key strategic initiatives highlighted include the launch of Cash App Green, piloting Afterpay on the Cash Card pre-purchase in coming months, and the development of ManagerBot and Neighborhoods to connect buyers and sellers.
The company anticipates an acceleration in Square's GPV and gross profit growth through 2028, alongside a high teens Cash App gross profit CAGR over the same period, driven by product enhancements and an evolving sales strategy.
Block is focused on penetrating the food and beverage vertical, with 17% year-over-year GPV growth in this segment, and is building out its sales team to shift its distribution approach towards a 50/50 split between self-onboard and sales.
Owen Jennings expressed extreme confidence in achieving 50%+ incremental margins by 2028, attributing this to new product launches and distribution efforts.

Dec 2, 2025, 5:55 PM

Transcript

Block (SQ) Outlines Ambitious Growth and Profitability Targets Through 2028

Guidance Update

New Projects/Investments

Share Buyback

Block (SQ) projects substantial financial growth by 2028, aiming for approximately $16 billion in gross profit, $4.6 billion in adjusted operating income, and $5.50 in adjusted EPS.
The company expects to achieve and sustain the Rule of 40 starting in 2026, with mid-teens gross profit growth and over 30% adjusted operating income and EPS growth through 2028.
Strategic initiatives like Cash App Green are designed to drive primary banking activity and increase Borrow limits, while Neighborhoods is expanding the Cash App customer base and reducing seller payment processing costs.
Block has expanded its share repurchase authorization by an additional $5 billion and plans to return up to 80% of non-GAAP cash flow to shareholders over the next three years.
The total addressable market has nearly doubled to half a trillion dollars since 2022, with Block currently less than 2% penetrated, indicating significant long-term growth potential.

Nov 19, 2025, 5:00 PM

Transcript

Block Outlines 2028 Financial Targets and Strategic Growth Initiatives

Guidance Update

Revenue Acceleration/Inflection

Share Buyback

Block projects significant financial growth by 2028, targeting approximately $16 billion in gross profit, $4.6 billion in adjusted operating income, $5.50 in adjusted EPS, and $4 billion in non-GAAP cash flow. The company also expanded its share repurchase authorization by an additional $5 billion, intending to return up to 80% of non-GAAP cash flow to shareholders over the next three years.
Both the Cash App and Square ecosystems are driving growth, with Cash App monthly transacting actives reaching a new high of 58 million as of September. Square's new volume added (NVA) is estimated to grow north of 15% for full-year 2025, with Q4 2025 NVA projected at over 23%. The total addressable market has nearly doubled in three years to almost half a trillion dollars, with Block currently less than 2% penetrated.
Block is heavily investing in "proactive intelligence" and automation across both Cash App and Square, aiming to enhance customer experience, drive efficiency, and develop new product categories like MoneyBot and Square AI.
Starting in the fourth quarter, Block will introduce a new revenue reporting framework, categorizing revenue into Commerce Enablement, Financial Solutions, and Bitcoin Ecosystem, to better reflect its services to customers.

Nov 19, 2025, 5:00 PM

Transcript

Block (SQ) Outlines Strong Growth and Profitability Targets Through 2028

Guidance Update

Share Buyback

New Projects/Investments

Block projects significant financial growth, targeting $12 billion in gross profit for 2026 with 17% growth, and approaching $16 billion in gross profit by 2028. Adjusted EPS is expected to reach $3.20 in 2026 (up 36%) and $5.50 by 2028.
The company plans to return capital to shareholders, having repurchased over $1.5 billion of shares in 2025 through September and expanding its share repurchase authorization by an additional $5 billion. Block anticipates returning up to 80% of its non-GAAP cash flow to shareholders over the next three years.
Block identifies a nearly $500 billion total addressable market with less than 2% penetration, driven by its two at-scale ecosystems, Square and Cash App. Key growth areas include Cash App's primary banking actives, which have grown to almost 9 million and generate over $300 in annualized gross profit per active, and lending products with origination volume growth exceeding $4.5 billion year-over-year at a 28% ROIC.
Product velocity has led to 26 revenue lines each generating over $100 million in annual gross profit, more than double the number three years prior, and Cash App's monthly transacting actives reaching 58 million as of September.

Nov 19, 2025, 5:00 PM

Transcript

Cash App Unveils New Features and Financial Ecosystem Enhancements

Product Launch

New Projects/Investments

Cash App introduced Cash App Green, a new status program offering benefits like $200 free overdraft and higher Borrow limits, which has already been adopted by over 8 million customers as of October.
The platform expanded its credit offerings, including increased access and limits for Borrow and new Afterpay features allowing customers to split payments for Cash App Card purchases, leveraging proprietary real-time underwriting. To date, Cash App has extended over $100 billion to customers across Borrow and Afterpay.
Cash App launched new Bitcoin functionalities, enabling customers to spend Bitcoin at Square sellers and introducing Bitcoin payments on USD, which facilitates transactions on Bitcoin rails using cash balances without direct Bitcoin spending.
An AI assistant called Moneybot was unveiled, designed to provide personalized financial insights, forecast cash flow, and automate tasks like saving and investing.

Nov 13, 2025, 9:00 PM

Transcript

Block's Cash App Introduces New Banking Program, Credit Enhancements, Bitcoin Payments, and AI Assistant

Product Launch

New Projects/Investments

Cash App launched Cash App Green, a new status program providing enhanced banking benefits, with over 8 million customers achieving this status as of October.
The platform expanded its credit offerings, having extended over $100 billion through Borrow and Afterpay, and now allows customers to split Cash App Card payments over time using Afterpay.
A significant new feature, Bitcoin payments on USD, was introduced, enabling customers to use their cash balance to instantly buy and spend Bitcoin (without fees or spread) for merchant payments, with the seller receiving USD.
Cash App unveiled Moneybot, an AI-powered assistant designed to help customers manage their finances through personalized insights, proactive prompts, and automated actions.
Enhanced safety measures have prevented over $2 billion in potential peer-to-peer scams, with 99.99% of P2P sends now considered safe, alongside new controls for teen accounts.

Nov 13, 2025, 9:00 PM

Transcript

Cash App Announces Significant Product Enhancements and AI Integration

Product Launch

New Projects/Investments

Cash App launched Cash App Green, a new status program for independent earners, which had over 8 million customers as of October.
The platform expanded its Borrow and Afterpay services, having extended over $100 billion to customers, and introduced the ability to split Cash App Card payments over time.
New cryptocurrency features include Bitcoin payments on USD, enabling cash-funded transactions on Bitcoin rails, and stablecoin functionality within the peer-to-peer flow.
An AI assistant, Moneybot, was introduced to offer personalized financial management, including spending analysis, bill splitting, and automated savings and investments.
Cash App reported preventing over $2 billion in potential peer-to-peer scams, with 99.99% of all peer-to-peer sends now considered safe.

Nov 13, 2025, 9:00 PM

Transcript

Block Reports Strong Q3 2025 Results and Raises Q4 Outlook

Earnings

Guidance Update

Revenue Acceleration/Inflection

Block reported Q3 2025 gross profit of $2.66 billion, an 18% year-over-year increase, and adjusted operating income of $480 million.
For Q4 2025, the company expects gross profit to grow over 19% year-over-year to $2.755 billion and adjusted operating income to reach $560 million. Full-year 2025 guidance includes $10.243 billion in gross profit (over 15% year-over-year growth) and $2.056 billion in adjusted operating income (nearly 28% year-over-year growth).
Cash App saw 24% year-over-year gross profit growth, reaching 58 million monthly actives in September, with gross profit per monthly transacting active up 25% to $94. Borrow originations increased 134% year-over-year to nearly $22 billion annualized in Q3.
Square's gross profit grew 9% year-over-year and GPV grew 12% in Q3, with strategic focus on connecting sellers with Cash App's network through "Neighborhoods" and integrating AI tools. The company will also host an Investor Day on November 19 to discuss its outlook for 2026 and long-term financial performance.

Nov 6, 2025, 10:00 PM

Transcript

Block (SQ) Reports Strong Q3 2025 Results and Raises Full-Year Guidance

Earnings

Guidance Update

Revenue Acceleration/Inflection

Block (SQ) reported accelerated year-over-year gross profit growth of 18% in Q3 2025, reaching $2.66 billion, and raised its guidance for Q4 and full year 2025. The company now expects $10.243 billion in gross profit for full year 2025, reflecting over 15% year-over-year growth, and Adjusted Operating Income of $2.056 billion, representing a 20% margin.
Cash App's gross profit grew 24% year-over-year to $1.62 billion in Q3 2025, with monthly transacting actives reaching 58 million and gross profit per monthly transacting active increasing 25% year-over-year to $94 on an annualized basis.
Square's gross profit grew 9% year-over-year to $1.018 billion in Q3 2025.
For Q4 2025, Block expects gross profit of $2.755 billion, reflecting 19% year-over-year growth, and Adjusted Operating Income of $560 million, with a 20% margin.