# Block, Inc. (XYZ)

> Source: Nexqual · https://nexqual.com/XYZ · data as of 2026-10-22 20:01 UTC · cite as "Nexqual, Block, Inc. (XYZ), nexqual.com/XYZ" · informational, not investment advice.

**Price:** USD 79.02 (+1.04% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 78.21 · day 77.83–79.87 · 52w 48.21–86.92 · market cap $47.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $25.0B, net income $357M (1.4% margin), free cash flow $3.88B (SEC filings).
- Valuation: P/E 132.9x (avg 1636.7x at the last 3 fiscal year-ends), EV/EBITDA 30.0x, net cash $1.02B.
- 2 of 80 tracked superinvestors hold XYZ (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 1.96 on a 1–5 scale) (47 analysts), mean target USD 98.24 (range 75–125).
- Total return with dividends: 1Y +0.6% vs S&P 500 +14.9%; 5Y -68.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.03, revenue estimate $6.58B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $17.7B | $17.5B | $21.9B | $24.1B | $24.2B | $25.0B |
| Gross profit | $4.42B | $5.99B | $7.50B | $8.89B | $10.4B | — |
| Operating income | $161M | -$625M | -$279M | $892M | $1.71B | $1.17B |
| Net income | $166M | -$541M | $9.8M | $2.90B | $1.31B | $357M |
| EPS (diluted) | $0.33 | -$0.93 | $0.02 | $4.56 | $2.10 | — |
| Free cash flow | $714M | $5.1M | -$50.2M | $1.55B | $2.42B | $3.88B |
| Gross margin | 25.0% | 34.2% | 34.2% | 36.9% | 42.8% | — |
| Operating margin | 0.9% | -3.6% | -1.3% | 3.7% | 7.1% | 4.7% |
| Net margin | 0.9% | -3.1% | 0.0% | 12.0% | 5.4% | 1.4% |
| Revenue growth | +86.0% | -0.7% | +25.0% | +10.1% | +0.3% | — |
| Cash + short-term investments | $5.31B | $5.63B | $5.85B | $8.48B | $7.08B | — |
| Total debt | $4.56B | $4.11B | $4.12B | $6.11B | $7.29B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 132.9x · P/S 1.9x · EV/EBITDA 30.0x · EV/Sales 1.9x · P/FCF 12.2x · P/B 2.1x · FCF yield 8.18% · Earnings yield 0.75% · Buyback yield (TTM) 3.99% · Net cash $1.02B · EV $46.5B
P/E at fiscal year-ends: Dec 2025 31.1x, Dec 2024 18.7x, Dec 2023 4860.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold XYZ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Daniel Loeb | Third Point | 4.19% | $194M | New position |
| Chase Coleman | Tiger Global Management | 1.45% | $348M | Added +14.4% |

## Analysts
Consensus Buy (mean 1.96 on a 1–5 scale), 47 analysts; mean target USD 98.24 (low 75, high 125).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | RBC Capital | Reiterated | Outperform | $95 |
| 2026-10-02 | Baird | Target raised | Outperform | $105 → $106 |
| 2026-09-25 | Cantor Fitzgerald | Reiterated | Overweight | $95 |
| 2026-09-25 | BTIG | Reiterated | Buy | $100 |
| 2026-09-10 | Macquarie | Maintained | Neutral | $75 |
| 2026-09-10 | StoneX | Upgrade | Hold → Buy | $105 |
| 2026-09-02 | Scotiabank | Initiated | Sector Perform | $82 |
| 2026-08-25 | Wolfe Research | Target raised | Outperform | $100 → $115 |
| 2026-08-13 | Canaccord Genuity | Target raised | Buy | $85 → $100 |
| 2026-08-11 | Evercore ISI Group | Target raised | Outperform | $96 → $105 |
| 2026-08-07 | Argus Research | Target raised | Buy | $86 → $103 |
| 2026-08-06 | TD Cowen | Target raised | Buy | $101 → $105 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.6% | -68.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.6% | -20.7% |
| Volatility (annualized) | 46.1% | 56.5% |
| Max drawdown | -38.8% (Oct 2025→Feb 2026) | -84.3% (Oct 2021→Oct 2023) |

## Peers (Software - Infrastructure)
NTAP (NetApp, Inc.) USD 212.51 -2.16% · TWLO (Twilio Inc.) USD 253.63 -4.89% · ZS (Zscaler, Inc.) USD 237.76 +2.78% · OKTA (Okta, Inc.) USD 201.33 -3.50% · CRWV (CoreWeave, Inc.) USD 55.6 -10.06% · MDB (MongoDB, Inc.) USD 362.24 -7.30%

## More
Full page: https://nexqual.com/XYZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in XYZ's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Visa (V) | "These funds can then be sent to another customer through the app, spent anywhere that accepts Visa cards or Cash App Pay, withdrawn from an ATM using the Cash App Card, invested in stocks or exchange-traded funds ("ETFs"…" |
| Customer | Apple (AAPL) | "Furthermore, Apple, Google, or other operators of app marketplaces regularly provide software updates, and such software updates may not operate effectively with our products and services, which may reduce the demand for…" |
| Customer | Alphabet (Google) (GOOGL) | "Furthermore, Apple, Google, or other operators of app marketplaces regularly provide software updates, and such software updates may not operate effectively with our products and services, which may reduce the demand for…" |
| Partner | Federal Deposit Insurance | "•Square Checking provides sellers with an account provided through our bank partner that is eligible for FDIC deposit insurance if certain conditions are met." |
| Partner | Square Financial Services | "Through Square Financial Services and with our third-party bank partners, we offer direct deposit and lending products." |

Other companies that name XYZ in their own reports (relationship from XYZ's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Core Scientific, Inc./tx (CORZ) | 10-K 2026-03-02 | "we entered into an agreement with Block, Inc. a technology company developing ASICs, to acquire 3 nm ASICs customized for" |
| supplier | Marqeta, Inc. (MQ) | 10-K 2026-02-24 | "On January 31, 2022, Block completed its acquisition of our customer, Afterpay Limited." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Cash App | $4.02B | 60.8% | +4.6% |
| Square | $2.50B | 37.8% | +15.6% |
| Total revenue | $6.62B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Commerce enablement revenue | $2.90B | 43.9% | +12.8% |
| Bitcoin ecosystem revenue | $1.89B | 28.6% | -12.8% |
| Financial solutions revenue | $624.2M | 9.4% | +10.3% |
| Total revenue | $6.62B | 100% | — |
The lines above cover 81.9% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $6.03B | 91.0% | +8.3% |
| International | $592.3M | 9.0% | +20.4% |
| Total revenue | $6.62B | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Guidance 11 Q3'26 Gross Profit $3.13B YoY Growth 18% Adjusted Operating Income $875M % Margin 28% Rule of X 12 46% Adjusted Diluted EPS $1.02 YoY Growth 89% 2026 Gross Profit $12.51B YoY Growth 21% Adjusted Operating Income $3.47B % Margin 28% Rule of X 49% Adjusted Diluted EPS $4.02 YoY Growth 70% We are raising our full-year guidance to reflect the momentum we are seeing across Block."
- "For 2026, we now expect $12.51 billion in gross profit, up 21% year over year, and Adjusted Operating Income of $3.47 billion, or 28% margin, growing 67% year over year."
- "Accordingly, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.03 | $1.02 | +0.9% | $6.58B | 32 |
| Next quarter (ends 2026-12-31) | $1.16 | $1.18 | -1.7% | $6.74B | 31 |
| Current fiscal year (ends 2026-12-31) | $4.05 | $3.90 | +3.8% | $26.06B | 41 |
| Next fiscal year (ends 2027-12-31) | $5.21 | $5.05 | +3.3% | $28.97B | 42 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±11.0%; earnings reaction alone ±8.7%; last 8 reports averaged ±11.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 42.1% | ±5.0% |
| 2026-11-06 | 14 | 68.2% | ±11.0% |
| 2026-11-13 | 21 | 60.9% | ±11.9% |
| 2026-11-20 | 28 | 53.9% | ±12.3% |
| 2026-11-27 | 35 | 53.3% | ±13.3% |
| 2026-12-04 | 42 | 47.6% | ±13.0% |
| 2026-12-18 | 56 | 46.9% | ±14.8% |
| 2027-01-15 | 84 | 44.2% | ±17.1% |