NYSE: XYZ
Block
Financials · Services-Prepackaged Software
52-week range
$48.21$86.92
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$45.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.00B |
| FY2017, ended Dec 31, 2017 | $13.7B |
| FY2018, ended Dec 31, 2018 | $23.5B |
| FY2019, ended Dec 31, 2019 | $27.2B |
| FY2020, ended Dec 31, 2020 | $98.9B |
| FY2021, ended Dec 31, 2021 | $93.7B |
| FY2022, ended Dec 31, 2022 | $37.8B |
| FY2023, ended Dec 31, 2023 | $47.6B |
| FY2024, ended Dec 31, 2024 | $52.6B |
| FY2025, ended Dec 31, 2025 | $39.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $45.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$25.0B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.71B |
| FY2017, ended Dec 31, 2017 | $2.21B |
| FY2018, ended Dec 31, 2018 | $3.30B |
| FY2019, ended Dec 31, 2019 | $4.71B |
| FY2020, ended Dec 31, 2020 | $9.50B |
| FY2021, ended Dec 31, 2021 | $17.7B |
| FY2022, ended Dec 31, 2022 | $17.5B |
| FY2023, ended Dec 31, 2023 | $21.9B |
| FY2024, ended Dec 31, 2024 | $24.1B |
| FY2025, ended Dec 31, 2025 | $24.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $25.0B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$172M | −$2.30M |
| FY2017, ended Dec 31, 2017 | −$62.8M | $102M |
| FY2018, ended Dec 31, 2018 | −$38.5M | $234M |
| FY2019, ended Dec 31, 2019 | $375M | $265M |
| FY2020, ended Dec 31, 2020 | $213M | $34.7M |
| FY2021, ended Dec 31, 2021 | $166M | $714M |
| FY2022, ended Dec 31, 2022 | −$541M | $5.09M |
| FY2023, ended Dec 31, 2023 | $9.77M | −$50.2M |
| FY2024, ended Dec 31, 2024 | $2.90B | $1.55B |
| FY2025, ended Dec 31, 2025 | $1.31B | $2.42B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $357M | $3.88B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$6.43B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $452M |
| FY2017, ended Dec 31, 2017 | $696M |
| FY2018, ended Dec 31, 2018 | $583M |
| FY2019, ended Dec 31, 2019 | $1.05B |
| FY2020, ended Dec 31, 2020 | $3.16B |
| FY2021, ended Dec 31, 2021 | $4.44B |
| FY2022, ended Dec 31, 2022 | $4.54B |
| FY2023, ended Dec 31, 2023 | $5.00B |
| FY2024, ended Dec 31, 2024 | $8.08B |
| FY2025, ended Dec 31, 2025 | $6.56B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $6.43B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$5.72B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $0 |
| FY2017, ended Dec 31, 2017 | $359M |
| FY2018, ended Dec 31, 2018 | $900M |
| FY2019, ended Dec 31, 2019 | $939M |
| FY2020, ended Dec 31, 2020 | $2.59B |
| FY2021, ended Dec 31, 2021 | $4.56B |
| FY2022, ended Dec 31, 2022 | $4.11B |
| FY2023, ended Dec 31, 2023 | $4.12B |
| FY2024, ended Dec 31, 2024 | $6.11B |
| FY2025, ended Dec 31, 2025 | $7.29B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $5.72B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 63.6% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.601M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 367M |
| FY2017, ended Dec 31, 2017 | 396M |
| FY2018, ended Dec 31, 2018 | 420M |
| FY2019, ended Dec 31, 2019 | 435M |
| FY2020, ended Dec 31, 2020 | 455M |
| FY2021, ended Dec 31, 2021 | 580M |
| FY2022, ended Dec 31, 2022 | 602M |
| FY2023, ended Dec 31, 2023 | 616M |
| FY2024, ended Dec 31, 2024 | 619M |
| FY2025, ended Dec 31, 2025 | 599M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 601M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $693M more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $139M | — |
| FY2017, ended Dec 31, 2017 | — | $156M | — |
| FY2018, ended Dec 31, 2018 | — | $217M | $140M |
| FY2019, ended Dec 31, 2019 | — | $298M | — |
| FY2020, ended Dec 31, 2020 | — | $398M | $35.3M |
| FY2021, ended Dec 31, 2021 | $0 | $608M | $28.7M |
| FY2022, ended Dec 31, 2022 | $0 | $1.07B | $13.8B |
| FY2023, ended Dec 31, 2023 | $157M | $1.28B | $6.66M |
| FY2024, ended Dec 31, 2024 | $1.17B | $1.27B | — |
| FY2025, ended Dec 31, 2025 | $2.33B | $1.22B | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.89B | $1.20B | — |
Revenue (TTM)
$25.0B
+5.1% YoY
Net income (TTM)
$357M
−87.9% YoY
Cash
$6.43B
+0.7% YoY
Total debt
$5.72B
+11.9% YoY
Valuation
At current price- Market Cap
- $45.8B
- P/E
- 128×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.8×
- Price / Book
- 2.1×
- EV / EBITDA
- 29.1×
Growth
Trailing 12 months- Revenue (TTM)
- $25.0B
- Revenue Growth YoY
- 5.1%
- Revenue CAGR 3Y
- 11.3%
- Revenue CAGR 5Y
- 20.6%
- EPS Growth YoY
- −88.0%
- Net Income Growth YoY
- −87.9%
Profitability
Trailing 12 months- Gross Margin
- 46.4%
- Operating Margin
- 4.7%
- Net Margin
- 1.4%
- FCF Margin
- 15.5%
- Return on Equity
- 1.6%
Earnings
Trailing 12 months- Net Income
- $357M
- EPS (diluted)
- $0.56
- EBITDA
- $1.55B
- Operating Income
- $1.17B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $6.43B
- Total Debt
- $5.72B
- Net Cash
- $707M
- Total Assets
- $39.2B
- Total Liabilities
- $17.1B
- Shareholders' Equity
- $22.0B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.06B
- Capital Expenditure
- $176M
- Free Cash Flow
- $3.88B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 2.54
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.1% year over year, at $25.0B.
Note
Net margin of 1.4% over the last 12 months.
Strength
Turns 15.5% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 26, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K71Good news
71Good news
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 24, 2025 · Read the filing on EDGAR
- Revenue rose 10% to $24.1 billion, and gross profit rose 18% to $8.9 billion. Cash App gross profit grew 21% and Square's grew 15%.
- Operating income was $892.3 million, up from a $278.8 million loss in 2023. Net income was $2.9 billion, but $1.9 billion of that came from one-time tax benefits.
- Block borrowed $2.0 billion through new bonds due 2032, ended the year with $10.7 billion in available cash and credit, and raised its buyback authorization to $4 billion.
- Legal and regulatory charges rose by $231.9 million. Loan losses rose $221.3 million, and TIDAL took another impairment charge.
Business momentum
Strong improvement
“In 2024, operating income was $892.3 million and Adjusted Operating Income was $1.6 billion, compared to an operating loss of $278.8 million and Adjusted Operating Income of $351.4 million in 2023.”
Outlook
Positive
“We continue to realize benefits related to our focus on disciplined growth and cost efficiencies and we expect to continue to benefit from these actions in future periods.”
Financial stress
Low
“We ended 2024 with $10.7 billion in available liquidity, with $9.9 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as an undrawn amount of $775.0 million available under our revolving credit facility.”
Tone against the previous report
More positive
Red flags
- Medium
Major lawsuit
“an increase in accrued expenses for estimated and settled amounts in connection with certain litigation and regulatory matters of $231.9 million”
- Minor
Large write-down
“Impairment charges of certain assets related to TIDAL of $60.3 million were also recognized in the fourth quarter of 2024.”
Positives
Swing to operating profit
“In 2024, operating income was $892.3 million and Adjusted Operating Income was $1.6 billion, compared to an operating loss of $278.8 million”
Strong Cash App and Square gross profit growth
“Cash App generated gross profit of $5.2 billion in 2024, up 21% year over year.”
Much higher operating cash flow
“Net cash provided by operating activities $ 1,707,350 $ 100,961”
Concerns
Profit boosted by one-time tax gains
“which resulted in one-time benefits to net income for 2024 of $1.9 billion”
Loan losses climbing with lending growth
“an increase in loan losses of $221.3 million compared to the year ended December 31, 2023, primarily due to increased loan volumes”
Repeated TIDAL write-downs and charges
“a charge of $32.2 million related to adjustments of certain TIDAL acquisition deferred purchase consideration during the first quarter of 2024”
New risks since the previous report
Rising legal and regulatory settlement costs
“an increase in accrued expenses for estimated and settled amounts in connection with certain litigation and regulatory matters of $231.9 million”
Slowing growth in Cash App users
“However, the growth rate of transacting actives has fluctuated over time, has slowed in recent quarters, and may slow or decline in the future.”
Below-investment-grade credit rating
“Our liquidity, access to capital, and borrowing costs could be adversely impacted by declines in our credit rating.”
Risks from using AI in products
“AI algorithms or automated processing of data may be flawed, and datasets may be insufficient or may use third party AI with unclear intellectual property rights or interests.”
Biggest risks named
- Loan, buy now pay later and consumer credit losses
- Fraud, scams and chargebacks
- Bitcoin price swings and custody risk
- Heavy banking, lending and money transmission regulation
- Litigation and regulatory enforcement costs
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −3.9 | |
| New risks | −2 | |
| Score | 71 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 26, 2026 | Pro | |||
| 10-K | Feb 24, 2025 | 71 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 22, 2024 | 71 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 23, 2023 | 40 | Sharp deterioration | 1 minor | |
| 10-K | Feb 24, 2022 | 59 | Mixed | 1 minor | |
| 10-K | Feb 23, 2021 | 41 | Sharp deterioration | None | |
| 10-K | Feb 26, 2020 | 72 | Strong improvement | None | |
| 10-K | Feb 27, 2019 | 69 | Strong improvement | 1 minor | |
| 10-K | Feb 27, 2018 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 27, 2017 | 67 | Strong improvement | 1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR