Block Inc. (NYSE:XYZ) posted its first-quarter results after Thursday’s closing bell, blowing past analysts’ earnings expectations. Here’s a look at the details inside the report.
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Block Q1 Details
Block reported quarterly earnings of 85 cents per share, which beat the analyst consensus estimate of 68 cents by 25%, according to Benzinga Pro data.
Quarterly revenue came in at $6.057 billion, which just missed the Street estimate of $6.061 billion.
Block reported the following first-quarter highlights:
- Overall Block gross profit growth accelerated to 27% year over year in the first quarter, with 38% year-over-year growth in Cash App and 9% year-over-year growth in Square.
- Commerce Enablement year-over-year gross profit growth accelerated to 15%, led by strength in Cash App.
- Financial Solutions’ year-over-year gross profit growth also accelerated to 55% in the first quarter, driven by Cash App Consumer Lending.
- Bitcoin Ecosystem gross profit declined 26% year-over-year in the first quarter, driven by bitcoin trading dynamics and by a strategic decision to reduce the fee charged on certain bitcoin transactions on Cash App.
“We continued to deliver strong financial performance in the first quarter as AI became more central to how Block operates and what we build for customers. We exceeded our guidance across gross profit, Adjusted Operating Income, and Adjusted EPS,” CEO Jack Dorsey wrote in a letter to shareholders.
Looking Ahead
Block raised its full-year outlook and now expects gross profit growth of 19% in 2026, along with margin expansion and adjusted diluted EPS growth of 62%.
XYZ Stock Price: According to data from Benzinga Pro, Block stock was up 8.35% to $76 in Thursday’s extended trading.
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