Block (XYZ) financial statements
Block reported revenue of $24.2B in fiscal 2025, up 34.2% a year over 9 years.
Net income was $1.3B and the operating margin 7.1%, against -10.0% in 2016.
Free cash flow was $2.4B, and the company returned $2.3B in net buybacks.
The diluted share count rose 82% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Block's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B | $2.2B | $3.2B | $4.7B | $9.5B | $17.7B | $17.5B | $21.9B | $24.1B | $24.2B |
| Cost of revenue | $1.1B | $1.4B | $2.0B | $2.8B | $6.8B | $13.2B | $11.5B | $14.4B | $15.2B | $13.8B |
| Gross profit | $576M | $839M | $1.3B | $1.9B | $2.7B | $4.4B | $6.0B | $7.5B | $8.9B | $10.4B |
| Research and development | $269M | $322M | $497M | $674M | $882M | $1.4B | $2.1B | $2.7B | $2.9B | $2.9B |
| Selling, general and admin | $426M | $504M | $750M | $1.1B | $1.7B | $2.6B | $3.7B | $4.2B | $4.1B | $4.3B |
| Operating income | -$170M | -$54M | -$37M | $27M | -$19M | $161M | -$625M | -$279M | $892M | $1.7B |
| Interest expense | — | — | $38M | $45M | $75M | $58M | $0 | $0 | $166M | $256M |
| Pre-tax income | -$170M | -$63M | -$36M | $378M | $216M | $157M | -$565M | -$29M | $1.4B | $1.7B |
| Income tax | $2M | $149,000 | $2M | $3M | $3M | -$1M | -$12M | -$8M | -$1.5B | $386M |
| Net income | -$172M | -$63M | -$38M | $375M | $213M | $166M | -$541M | $10M | $2.9B | $1.3B |
| EPS (diluted) | -$0.50 | -$0.17 | -$0.09 | $0.81 | $0.44 | $0.33 | -$0.93 | $0.02 | $4.56 | $2.10 |
| Diluted shares | 342M | 379M | 406M | 466M | 482M | 502M | 579M | 614M | 636M | 623M |
| Gross margin | 33.7% | 37.9% | 40.7% | 40.1% | 28.8% | 25.0% | 34.2% | 34.2% | 36.9% | 42.8% |
| Operating margin | -10.0% | -2.4% | -1.1% | 0.6% | -0.2% | 0.9% | -3.6% | -1.3% | 3.7% | 7.1% |
| Net margin | -10.0% | -2.8% | -1.2% | 8.0% | 2.2% | 0.9% | -3.1% | 0.0% | 12.0% | 5.4% |
Balance sheet
Fiscal years, from Block's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $512M | $866M | $1.1B | $1.5B | $3.9B | $5.3B | $5.6B | $5.0B | $8.1B | $6.6B |
| Receivables | $6M | $9M | $22M | $34M | $42M | $90M | $141M | $135M | $149M | $238M |
| Inventory | $14M | $17M | $29M | $48M | $61M | $77M | $98M | $110M | $105M | $158M |
| Total current assets | $1.0B | $1.8B | $2.1B | $3.2B | $7.8B | $11.6B | $15.6B | $17.8B | $19.9B | $22.9B |
| Property, plant and equipment | $88M | $91M | $142M | $149M | $234M | $282M | $329M | $296M | $314M | $323M |
| Goodwill | $57M | $58M | $262M | $266M | $317M | $519M | $12.0B | $11.9B | $11.4B | $11.8B |
| Total assets | $1.2B | $2.2B | $3.3B | $4.6B | $9.9B | $15.0B | $31.4B | $33.0B | $36.8B | $39.5B |
| Total current liabilities | $577M | $973M | $1.0B | $1.7B | $4.1B | $6.5B | $8.4B | $8.9B | $8.5B | $10.4B |
| Long-term debt | $0 | $359M | $900M | $939M | $2.6B | $4.6B | $4.1B | — | — | — |
| Total liabilities | $635M | $1.4B | $2.2B | $2.8B | $7.2B | $11.7B | $14.1B | $14.3B | $15.5B | $17.4B |
| Shareholders' equity | $576M | $786M | $1.1B | $1.7B | $2.7B | $3.3B | $17.2B | $18.7B | $21.3B | $22.2B |
| Net debt | -$452M | -$338M | $317M | -$108M | -$571M | $116M | -$434M | -$5.0B | -$8.1B | -$6.6B |
Cash flow
Fiscal years, from Block's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $23M | $128M | $295M | $328M | $173M | $848M | $176M | $101M | $1.7B | $2.6B |
| Capital spending | $25M | $26M | $61M | $62M | $138M | $134M | $171M | $151M | $154M | $155M |
| Free cash flow | -$2M | $102M | $234M | $265M | $35M | $714M | $5M | -$50M | $1.6B | $2.4B |
| Stock-based compensation | $139M | $156M | $217M | $298M | $398M | $608M | $1.1B | $1.3B | $1.3B | $1.2B |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | -$157M | -$1.2B | -$2.3B |
| Net borrowing | $0 | $0 | — | — | — | — | — | — | — | — |
| Free cash flow margin | -0.1% | 4.6% | 7.3% | 5.6% | 0.4% | 4.0% | 0.0% | -0.2% | 6.4% | 10.0% |
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What was Block's revenue in 2025?
$24.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Block generate?
$2.4B in fiscal 2025 (operating cash flow minus capital spending).
From Block's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.