Block, Inc. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $24.2B |
| Gross margin | 42.8% |
| Operating income | $1.7B |
| Net income | $1.3B |
| Diluted EPS | $2.10 |
| Cash & equivalents | $6.6B |
| Total assets | $39.5B |
| Long-term debt | — not reported |
Key takeaway
Gross profit grew 17% to $10.4 billion in 2025, with Cash App up 21% (driven by Cash App Borrow) and Square up 9% (driven by Square Loans).
🔒 4 more takeaways in the full analysis
Beneath the surface
Bitcoin ecosystem revenue was 35% of total revenue in 2025 but generated only 4% of gross profit, showing the segment is a low-margin pass-through that inflates top-line comparisons.
🔒 3 more insights a headline reader would miss
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