Record Margins And New Bitcoin Products Drive Block’s Growth
Liquidity Finder - Stefan CheplickBlock, Inc. posted second quarter 2025 gross profit of $2.5 billion, up 14% year on year, with Adjusted Operating Income rising 38% to $550 million and margins reaching a record 22%.
The platform’s peer-to-peer network processed $218 billion over the past 12 months and Bitcoin trading volumes reached $58 billion. The company expanded its Bitcoin capabilities by giving sellers and businesses additional tools to receive and accept the cryptocurrency. Meanwhile, Cash App, the company’s flagship financial super-app, delivered 16% gross profit growth.
The Cash App Card and buy now, pay later (BNPL) products drove the gains, while post-purchase BNPL on Cash App Card surpassed one million monthly active users in July. Borrow originations through Square Financial Services hit $18 billion annualised, with the in-house bank now originating most loans.
Jack Dorsey, Block Head, said: “We've been talking for several quarters about our focus on increasing product velocity and ramping our go to market investment. This quarter you can see our work paying off. We're back to growth mode across the company – we are shipping faster, launching new features like pools in just a few months, and we are accelerating the pace of delivering AI functionality to customers.”
Amrita Ahuja, Chief Operating Officer and Chief Financial Officer, said: “We delivered strong results in the second quarter, exceeding our gross profit and Adjusted Operating Income guidance.” New product launches included Square AI, Square Handheld, an updated Square Online, bitcoin payments on Square, Tap to Pay for Cash App Business, Cashbot – an AI-powered support agent – and Cash App Pools.
For Q3, Block projects gross profit of $2.60 billion (up 16% year on year) and Adjusted Operating Income of $460 million, or an 18% margin. Full-year guidance has been raised to gross profit of $10.17 billion and Adjusted Operating Income of $2.03 billion.
Block joined the S&P 500 this quarter and will host its investor day on 19 November.
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