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| Metric | Pre-Earnings | Post-Q2 (Implied) |
|---|---|---|
| FY25 EPS (Adj.) | $2.74 | ~$2.48–2.52 est. |
| FY25 Revenue | $25.13B | ~$25B (flat) |
Top-line and gross profit beat across key segments.
Cash App Borrow and BNPL emerging as primary margin levers.
Operational tone focused on velocity, product rollout, and young cohort retention.
Full-year outlook raised, fueling 7.35% AH rally despite GAAP/Adj. EPS variance.
Raised FY25 and Q3 guidance on strong GP momentum.
New Cash App metrics redefine banking engagement to reflect actual spend behavior.
Square GPV hit $64.2B, up 10%, led by F&B and retail acceleration.
Pools, Tap to Pay, and teen-focused Cash App features launched.
$692M in share buybacks executed; $1.5B authorization remains.
Borrow loans now originated via in-house bank, changing cash flow classification.
Cash App is scaling wallet utility with Borrow (+95% YoY origination), BNPL integration, and broader deposit-based metrics redefining “banking actives” to 11M+ .
| Metric | Q2 2025 | YoY Change |
|---|---|---|
| Gross Profit | $2.54B | +14% |
| Cash App Gross Profit | $1.50B | +16% |
| Square Gross Profit | $1.03B | +11% |
| Adj. Operating Income | $550M | +38% YoY |
| Adjusted EBITDA | $891M | +17% YoY |
| Adjusted EBITDA Margin | 35% | +1pt YoY |
| Cash App Monthly Actives | 57M | Flat YoY |
| GP per Active (Cash App) | $87 | +15% YoY |
| BNPL GMV | $9.1B | +17% YoY |
| Cash App Card Actives | 26M | +5% YoY |
“We had a strong second quarter… shipping velocity has accelerated, and I’m confident in our ability to sustain strong growth at scale.”
— Jack Dorsey, CEO
Block emphasized it’s “back on offense” — highlighting accelerated product launches (e.g. Cash App Pools), deeper platform engagement, and strong Borrow growth. The tone was confident and proactive, suggesting that key infrastructure investments are beginning to scale efficiently.
Block delivered solid top-line and gross profit growth, with strong performance across Cash App (+16% YoY GP) and Square (+11%), while adjusted EBITDA surged to $891M. Despite a minor miss on the EPS line (depending on which version of EPS is benchmarked), the market rallied on accelerating unit economics, upgraded full-year guidance, and signs of healthy ecosystem engagement, particularly with Cash App Borrow, BNPL, and teens/young adults.
| Metric | Actual | Estimate | Beat/Miss |
|---|---|---|---|
| Revenue | $6.05B | $5.77B | ✅ Beat |
| EPS (Adj.) | $0.62 | $0.68* | ❌ Miss |
| Gross Profit | $2.54B | N/A | ✅ Beat (implied) |
Block has delivered four straight EPS beats, yet the stock has sold off sharply after recent results. The Q1 and Q4 2024 prints triggered double-digit drawdowns, pointing to skepticism around forward guidance and cash flow conversion. Despite occasional rebounds by day 14, the average 7-day move across these quarters is –7.83%, highlighting a persistent pattern of post-earnings pressure.
| Quarter | EPS Surprise | 1-Day Move | 7-Day Move | 14-Day Move |
|---|---|---|---|---|
| Q1 2025 | +21.4% | –20.42% | –14.30% | –2.50% |
| Q4 2024 | +17.2% | –18.52% | –23.38% | –28.72% |
| Q3 2024 | +8.3% | –3.97% | +7.44% | +19.40% |
| Q2 2024 | +11.0% | –2.42% | –1.08% | +3.83% |
Live coverage has ended. The full story is below.
Block Inc. (Nasdaq: XYZ | XYZ Price Prediction) is set to report Q2 2025 results after the close today, with investors closely watching for signs of operating leverage and monetization progress across Cash App and Square. Wall Street expects a sharp year-over-year EPS decline despite modest revenue growth, as cost pressures and mix shifts weigh on margins.
We’ll be updating this live blog with news and analysis right after Block’s earnings hit the newswires. To receive updates, all you have to do is leave this page open, and updates will post automatically.
Quarter Ending June 2025
Revenue: $5.77B
EPS (Normalized): $0.68
Full-Year 2025
Revenue: $25.13B
EPS (Normalized): $2.74
Full-Year 2026
Revenue: $27.86B
EPS (Normalized): $3.83
Q2 revenue would grow just 2.2% YoY, while EPS is expected to fall ~27% YoY vs. $0.93 in Q2 2024 — highlighting a compression in profitability despite top-line gains.
Cash App Borrow expansion and unit economics
Block received FDIC approval to originate Cash App Borrow loans through its in-house bank, enabling the company to double the number of eligible users and improve unit economics. Management expects Borrow to be a key driver of gross profit acceleration in H2 2025, supported by short-duration loans and real-time underwriting models.
Retroactive BNPL via Afterpay and new lending mechanics
The new Cash App Afterpay feature lets users split past purchases made with their Cash Card. Attach rates were strong in the initial rollout, and management plans to scale eligibility in Q3–Q4. Early signs suggest BNPL is enhancing customer stickiness and may encourage payroll deposit conversion.
Square share gains and field sales ramp
Square delivered 9% YoY gross profit growth in Q1, outpacing benchmarks. Block plans to accelerate field sales hiring in H2 after signing large clients like Bambu Dessert & Drinks. These efforts support continued expansion into mid-market verticals and complex sellers.
Proto mining hardware and developer ecosystem
Block reiterated plans to launch Bitcoin mining chips and systems under Project Proto in H2. Positioned as a ~$3–6B market opportunity, Proto is being built in the U.S. and open-sourced to enable developer experimentation. Management sees this as a potential platform play similar to early-stage Cash App.
Macro caution embedded in H2 guidance
Despite early April stabilization, Block revised its 2025 gross profit outlook to reflect increased macro risk, especially on Cash App card spend and discretionary behavior. The company is preserving flexibility to cut back on investments if conditions worsen.
Contact [email protected] for any questions or corrections.
Joel South covers large-cap stocks, dividend investing, and major market trends, with a focus on earnings analysis, valuation, and turning complex data into actionable insights for investors.
He brings more than 15 years of experience as an investor and financial journalist, including 12 years at The Motley Fool, where he served as an investment analyst, Bureau Chief, and later led the Fool.com investing news desk. He has also co-hosted an investing podcast and appeared across TV and radio discussing market trends.
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