Block reported a second-quarter earnings beat, yet its Bitcoin business weakened sharply during the period. According to the company’s filing with the U.S. Securities and Exchange Commission, adjusted earnings per share came in at $1.02, above analysts’ expectation of $0.87, while revenue rose 9% year over year to $6.62 billion. The softer spot was Bitcoin. Revenue from Block’s Bitcoin ecosystem fell from $2.17 billion a year earlier to $1.89 billion, and gross profit from that segment declined 31% to $72 million. The company attributed the drop to lower fees on some Bitcoin transactions through Cash App, along with trading conditions. Elsewhere, Cash App’s overall gross profit rose 31%, helped by growth in commerce volume, lending, and core financial tools. At the company level, Q2 gross profit increased 25% to $3.17 billion, above its earlier outlook of $3.04 billion, and adjusted operating income reached a record $864 million. Block also raised its full-year 2026 gross profit forecast to $12.51 billion and said it expects third-quarter gross profit of about $3.13 billion with adjusted EPS of $1.02.
Block reported better-than-expected second-quarter results, though its Bitcoin business weakened during the quarter.
In a filing submitted to the U.S. Securities and Exchange Commission, the company said adjusted earnings per share reached $1.02 in Q2, ahead of analysts’ expectation of $0.87. Revenue rose 9% from a year earlier to $6.62 billion.
Bitcoin gross profit fell to $72 million
Block said revenue from its Bitcoin ecosystem dropped from $2.17 billion in the same period last year to $1.89 billion. Gross profit for that segment fell 31% year over year to $72 million.
The company attributed the decline to lower fees on some Bitcoin transactions on Cash App, as well as trading conditions.
Cash App overall gross profit still increased
By contrast, Cash App’s overall gross profit rose 31%, supported by growth in commerce volume, lending, and core financial tools.
Company-wide gross profit hit a record, full-year outlook raised
On a consolidated basis, Block posted Q2 gross profit of $3.17 billion, up 25% from a year earlier and above its prior forecast of $3.04 billion. Adjusted operating income reached a record $864 million.
Block also raised its full-year 2026 gross profit forecast to $12.51 billion. Even so, the company’s stock moved lower after the earnings release despite the stronger-than-expected results.
For the third quarter, Block expects gross profit of about $3.13 billion and adjusted earnings per share of $1.02.
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