Block reported FY2025 revenue of $24.2 billion and Q1 2026 revenue of $6.1 billion, but the thesis turns on Square, Cash App, Afterpay credit exposure, bitcoin revenue mix, operating leverage and regulatory control.
Block: a fintech ecosystem where profit quality has to outrun crypto noise
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Thesis summary
Block reported FY2025 revenue of $24.2 billion and Q1 2026 revenue of $6.1 billion, but the thesis turns on Square, Cash App, Afterpay credit exposure, bitcoin revenue mix, operating leverage and regulatory control.
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