Block, Inc.XYZ
NYSE•Technology•Software - Infrastructure
Block, Inc., together with its subsidiaries, builds ecosystems focused on commerce and financial products and services in the United States and internationally. It operates through two segments: Square and Cash App. The Square segment offers managed payment services; software solutions; hardware products, such as registers, terminals, stands, and readers for contactless and chips; banking services consisting of lending, instant transfer, and checking and savings accounts; and full-service setup and support services. This segment also provides loyalty, marketing, team management, and payroll services; and gift cards. It also offers Square Handheld, a portable point-of sale device for transaction purposes. The Cash App segment offers financial tools, including peer-to-peer payments, bitcoin, and stock investment brokerage; Cash App Card, a debit card; Cash App Pay, mobile-friendly way for cash app customers to pay at merchants across online and in-person channels; direct deposit, stock brokerage, and tax preparation services; and Afterpay, a buy now, pay later platform. In addition, the company operates TIDAL, a platform for musicians and fans; TBD, an open developer platform focused on making the decentralized financial world accessible; Bitkey, a self-custody bitcoin wallet; and proto. The company was formerly known as Square, Inc. and changed its name to Block, Inc. in December 2021. Block, Inc. was incorporated in 2009 and is based in Oakland, California.
Block, Inc. (XYZ) reported trailing twelve months revenue of $24.48B as of March 2026, a 2.3% increase year-over-year. Quarterly revenue reached $6.06B, reflecting continued top-line momentum.
Block, Inc. generated $807.08M in TTM net income, with quarterly EBITDA of $-76.01M. The operating margin contracted from 5.7% to -2.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-2.8%) and net margin (-5.1%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 3.3% a year ago, reflecting increased costs or interest expense.
XYZ trades at a P/E of 42.2x (a premium multiple) and a P/S of 1.4x. The price-to-book ratio of 1.6x reflects a moderate premium to book value.
The company generated $935.02M in free cash flow over the trailing twelve months, a 821.6% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $39.99B in total assets with $7.29B in long-term debt against $21.68B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 4.5%. The business may lack pricing power or face rising costs.'
ROE is positive at ~9.1% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.3% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation