Block reported third-quarter gross profit of $3.24 billion in a shareholder letter filed with the U.S. Securities and Exchange Commission, marking a 22% increase from a year earlier. Cash App generated $2.07 billion in gross profit, up 27%, while Square contributed $1.16 billion, up 14%. The company’s Bitcoin business brought in $1.8 billion in revenue, but gross profit fell 50% year over year to $52 million. Block said the drop was mainly due to lower Bitcoin transaction fees on parts of Cash App. Adjusted operating income reached $923 million, up 92% from the same period last year. The company also raised its full-year 2026 gross profit guidance to $12.63 billion, which would represent 22% annual growth. Following the earnings update, Block shares rose about 8% in after-hours trading.
Block reported third-quarter gross profit of $3.24 billion, up 22% year over year, according to a shareholder letter the company filed with the U.S. Securities and Exchange Commission.
By segment, Cash App posted $2.07 billion in gross profit, up 27% from a year earlier. Square recorded $1.16 billion, up 14%.
Block’s Bitcoin-related business generated $1.8 billion in revenue during the quarter, while gross profit came in at $52 million, down 50% year over year. The company said the main reason was a reduction in Bitcoin transaction fees for part of Cash App.
Adjusted operating income reached $923 million, up 92% from the same period last year.
Block also raised its full-year 2026 gross profit guidance to $12.63 billion, which would represent 22% annual growth. Its shares rose about 8% in after-hours trading following the update.
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