Block
XYZ · NYSEServices-Prepackaged Software · Fiscal year ends Dec 31
Block reported revenue of $24.2B in the fiscal year ended Dec 2025, up 0.3% from the year before. Operating income was $1.7B, an operating margin of 7.1%, and net income was $1.3B. Operating cash flow of $2.6B less capital expenditure of $155M left free cash flow of $2.4B. Net debt was $725M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $17.7B | $17.5B | $21.9B | $24.1B | $24.2B |
| Cost of revenue | $13.2B | $11.5B | $14.4B | $15.2B | $13.8B |
| Gross profit | $4.4B | $6B | $7.5B | $8.9B | $10.4B |
| Research & development | $1.4B | $2.1B | $2.7B | $2.9B | $2.9B |
| Operating income | $161M | −$625M | −$279M | $892M | $1.7B |
| Net interest incomeBanks | −$33M | −$36M | $47M | – | – |
| Interest expense | $58M | $0 | $0 | $166M | $256M |
| Pre-tax income | $157M | −$565M | −$29M | $1.4B | $1.7B |
| Income tax | −$1M | −$12M | −$8M | −$1.5B | $386M |
| Net income | $166M | −$541M | $10M | $2.9B | $1.3B |
| Diluted EPS | 0.33 | −0.93 | 0.02 | 4.56 | 2.10 |
| Diluted shares | 502M | 579M | 614M | 636M | 623M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.4B | $4.5B | $5B | $8.1B | $6.6B |
| Receivables | $90M | $141M | $135M | $149M | $238M |
| Inventory | $77M | $98M | $110M | $105M | $158M |
| Current assets | $11.6B | $15.6B | $17.8B | $19.9B | $22.9B |
| Net PP&E | $282M | $329M | $296M | $314M | $323M |
| Goodwill | $519M | $12B | $11.9B | $11.4B | $11.8B |
| Total assets | $15B | $31.4B | $33B | $36.8B | $39.5B |
| Payables | $82M | $96M | $143M | $118M | $115M |
| Deferred revenue | $48M | – | – | – | – |
| Current liabilities | $6.5B | $8.4B | $8.9B | $8.5B | $10.4B |
| Short-term debt | $455,000 | – | – | – | – |
| Long-term debt | $4.6B | $4.1B | $4.1B | $6.1B | $7.3B |
| Total liabilities | $11.7B | $14.1B | $14.3B | $15.5B | $17.4B |
| Shareholders' equity | $3.3B | $17.2B | $18.7B | $21.3B | $22.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $848M | $176M | $101M | $1.7B | $2.6B |
| Capital expenditure | $134M | $171M | $151M | $154M | $155M |
| Free cash flow | $714M | $5M | −$50M | $1.6B | $2.4B |
| Depreciation & amortisation | $135M | $341M | $409M | $376M | $370M |
| Stock-based compensation | $608M | $1.1B | $1.3B | $1.3B | $1.2B |
| Acquisitions | $164M | – | $5M | – | – |
| Share buybacks | $0 | $0 | $157M | $1.2B | $2.3B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.7% | 25.0% | 10.1% | 0.3% |
| Operating income growth (YoY) | – | −487.6% | – | – | 91.5% |
| EPS growth (YoY) | – | −381.8% | – | 22700.0% | −53.9% |
| Gross margin | 25.0% | 34.2% | 34.2% | 36.9% | 42.8% |
| Operating margin | 0.9% | −3.6% | −1.3% | 3.7% | 7.1% |
| Net margin | 0.9% | −3.1% | 0.0% | 12.0% | 5.4% |
| Return on equityBlank when equity is negative | 5.1% | −3.1% | 0.1% | 13.6% | 5.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.9% | −2.7% | −1.2% | 3.2% | 5.9% |
| Free cash flow margin | 4.0% | 0.0% | −0.2% | 6.4% | 10.0% |
| Cash conversion (CFO ÷ net income) | 5.10x | −0.33x | 10.3x | 0.59x | 1.98x |
| Receivable days | 2 | 3 | 2 | 2 | 4 |
| Inventory days | 2 | 3 | 3 | 3 | 4 |
| Payable days | 2 | 3 | 4 | 3 | 3 |
| Interest cover | 2.77x | – | – | 5.39x | 6.66x |
| Debt ÷ equity | 1.39x | 0.24x | 0.22x | 0.29x | 0.33x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $116M | −$434M | −$876M | −$2B | $725M |
| Current ratio | 1.78x | 1.85x | 2.01x | 2.33x | 2.20x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.