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Block, Inc.
Financials · Transaction & Payment Processing Services
Structural: Block is a two-engine fintech - Square (seller GPV ~$240B/yr, take rate ~3%) and Cash App (~57M monthly actives, gross profit growing 20%+ YoY). Both are gross-profit compounders; ~75% of consolidated gross profit comes from Cash App as of FY25.
Bitcoin is a secondary leg: BTC on balance sheet + Cash App BTC trading revenue + Spiral/TBD R&D.
- Cash App banking-product attach (debit card, paychecks, savings, BNPL via Afterpay) lifts ARPU without subscriber-acquisition cost
- Square seller upmarket push (mid-market merchants $500K+ GPV) widens take rate vs sub-$125K SMB base
- Afterpay integration into both Square POS and Cash App closes the BNPL loop in-house
- Bitcoin holdings (~8K BTC) provide optional upside on crypto regime shifts without capex
- Operating leverage: Rule of 40 compliant, FCF positive, capital returns started in 2025
- Cash App ARPU plateau if banking attach stalls - already at $75+/user, hard comp
- Square SMB churn sensitive to small-business credit cycle and tariff-driven margin compression
- Stablecoin + Apple Cash + Zelle compress P2P moat; interchange regulation tail risk on debit
- $PYPL Venmo + $AAPL Apple Pay + $V/$MA tokenized rails crowd the consumer wallet stack
- Bitcoin treasury creates earnings volatility unrelated to operating fundamentals
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