Block, Inc. demonstrated continued momentum in Q3 2025 with accelerated growth in Square GPV and Cash App gross profit, driven by product innovation and ecosystem integration. The company is raising its full-year guidance, reflecting strong execution and optimism for continued acceleration.
Square GPV growth accelerated to 12% year-over-year, with international GPV growing 26%.
positiveCash App gross profit growth accelerated to 24% year-over-year, reaching $1.62B.
positiveCash App monthly actives reached 58 million, with primary banking actives up 18% year-over-year.
positiveProto generated its first revenue, indicating potential for a new major ecosystem.
positiveRaised full-year 2025 guidance for gross profit and Adjusted Operating Income.
positiveTransaction, loan, and consumer receivable losses increased 89% year-over-year, driven by growth in loan volumes, particularly Cash App Borrow.
attentionSales and marketing expenses grew 17% year-over-year, with Cash App customer acquisition spend up 60%.
attentionBitcoin revenue decreased by 19% year-over-year, impacting overall revenue.
negativeSquare gross profit growth slowed to 9% year-over-year compared to prior periods.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Focus on Square's strategy to be the best platform for sellers to grow, run, and automate their businesses.
Highlighting vertical integration and obsession with simplicity as key competitive advantages.
Emphasis on connecting Square and Cash App ecosystems to deliver more value.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.