Block, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Participants: Jack Dorsey (CEO), Amrita Ahuja (CFO), Owen Jennings (Business Lead), Nick Molnar (Sales & Marketing Lead for Block)

Financial Performance Highlights (Q1 2026 vs. Q1 2025)

  • Gross Profit: $2.91 billion, +27% year-over-year, exceeding guidance and driven by accelerating growth in both Cash App and Square.
  • Adjusted Operating Income: $728 million (+56% YoY) at 25% margin; all-time high in dollars and margin.
  • Adjusted EBITDA: $1 billion (all-time high).
  • Adjusted Diluted EPS: $0.85 (+52% YoY), all-time high.
  • Broad-based strength noted across ecosystems with record profitability metrics.

Cash App Segment Performance

  • Gross profit growth accelerated to +38% year-over-year.
  • Monthly transacting actives (MTAs): +4% YoY; inflows per transacting active: +10% YoY.
  • Primary banking actives: 9.7 million (+18% YoY), reflecting deeper engagement.
  • Key product expansions: Afterpay Pre-Purchase launched (Cash App Card), BNPL extended to P2P and Cash App Pay; Moneybot generally available; Cash App Score rolling out.
  • Consumer lending originations +82% YoY; Commerce Enablement volumes +18% YoY.

Square Segment Performance

  • Gross profit: +9% YoY; GPV: +13% YoY (+11.5% constant currency), accelerating from prior periods.

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Matthew Ross: Hi, everyone. Thanks for joining our first quarter 2026 earnings call. We have Jack and Amrita with us today, along with Owen Jennings, our business lead; and Nick Molnar, Sales and Marketing Lead for Block. We will begin this call with some short remarks before opening the call directly to your questions. During Q&A, we will take questions from conference call participants. We would also like to remind everyone that we will be making forward-looking statements on this call. All statements other than statements of historical fact could be considered to be forward-looking. These forward-looking statements include discussions of our outlook, strategy and guidance as well as our long-term targets and goals. These statements are subject to risks and uncertainties, including changes in macroeconomic conditions. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered an indication of future performance. Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ. Also note that the forward-looking statements, including earnings guidance for 2026 discussed on this call are based on information available to us and assumptions we believe are reasonable as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law. Further, any discussion during this call of our lending and bankin

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