Q2 GP rose 25% YoY, with Adj. OPM hitting a record 27%. Full-year GP guidance was raised to $12.51bn.
MAUs increased only 3% YoY. A high base in Borrow implies Q4 GP growth will slow to the mid-teens, while the company is channeling incremental spend to Neighborhoods, ISO channels, and AI infrastructure.
Below is Dolphin Research's Trans of $Block(XYZ.US) FY26 Q1 earnings call. For the earnings analysis, please see 'US Alipay Block: growth driven by credit, profits from layoffs?'.
1) Guidance (raised): FY2026 GP lifted to $12.33bn (+19% YoY; +100bps vs. prior). Adj. OP to $3.34bn with OPM at 27% (+100bps vs. prior), and Adj. diluted EPS $3.85 (+62% YoY)...
The US 'Alipay' — $Block(XYZ.US) (XYZ.US) — reported Q1 2026 results after the US close on May 8. The quarter was solid, with revenue and profit beating estimates and momentum improving. Guidance for next quarter was also constructive, with a positive tone on trends.
1) Growth and profitability were both strong. Total revenue rose ~5% YoY, weighed by a sharp decline in bitcoin revenue.
Ex‑bitcoin, core revenue was about $4.26bn (+~23% YoY). Growth accelerated by ~100bps vs. last quarter and was clearly ahead of Bloomberg estimates...
Below is Dolphin Research's compiled FY25Q4 earnings call Trans for $Block(SQ.US). For the earnings analysis, see 'Block: US Alipay‑style platform slashes headcount by 40%! Is compute replacing labor?'.
I. Core financial highlights review. II. Earnings call details; 2.1 Key messages from management.1) Core strategy and outlook. Rationale for the organizational overhaul: Despite strong 2025 performance, the company will reduce headcount from over 10,000 to just under 6,000...The U.S. counterpart to Alipay — $Block(XYZ.US) (XYZ.US) reported Q4 2025 after hours on Feb 27. The surprise plan to cut headcount by 40% overshadowed the print.
Driven in part by that announcement, the stock jumped over 20% post-earnings. The headline move drew most of the attention.
As usual, we will first review the quarter, then discuss views on this near 'halve-the-company' move in the opinion section. 1) Core revenue and adj. profit beat expectations; on overall results...
Below is the earnings call minutes for Block in 2025Q3 compiled by Dolphin Research. For earnings interpretation, please refer to "Plunged 15%, North America's Alipay Block 'Not That Guilty'". I. Review of Key Financial Data Full-Year Guidance: Q4 2025 gross profit is expected to increase over 19% year-over-year to $2.755 billion; Q4 adjusted operating profit is projected at $560 million, with an operating profit margin of 20%; full-year gross profit is estimated at $10.243 billion (+15%); full-year adjusted operating profit is anticipated to be $2.056 billion (+28%)...
On November 7th, after the U.S. stock market closed, Block (XYZ.US), a leading player in the U.S. payment sector, released its financial report for the third quarter of 2025. Overall, the performance this quarter was not poor. The core revenue, excluding Bitcoin trading business, and the adjusted net profit both exceeded expectations. The guidance for the next quarter also basically met expectations, with no significant flaws in the performance. The sharp drop in stock price was more due to macro market reasons. The key points are as follows: 1. Core revenue and profit slightly exceeded expectations: This quarter, Block's core revenue, excluding Bitcoin, grew by 17% year-on-year...
Minutes: The following are the minutes of Block's Q2 2025 earnings call, compiled by Dolphin Research. For an interpretation of the financial report, please refer to "Block: Riding the Stablecoin Wave, Finally Rebounding?". 1. Review of Key Financial Information 1. Performance Review: Cash App Business: Second-quarter gross profit growth re-accelerated to a year-over-year increase of 16%. Cash App Card achieved healthy scaled gross profit growth. BNPL (Buy Now, Pay Later) gross profit re-accelerated...
On August 8th, after the U.S. stock market closed, the American payment sector leader Block (XYZ.US) released its Q2 2025 financial report. Overall, the performance for the quarter was quite good, with major indicators generally exceeding expectations, although there were some minor flaws. The guidance for the next quarter's adjusted operating profit is expected to decline sequentially, which is below expectations and is the main issue. Key points are as follows: 1. Block's total revenue for this quarter was $6.05 billion, continuing a year-over-year decline of 1.6%, which seems significantly below expectations. However, this was mainly due to the drag from sluggish BTC transactions in Q2. Excluding this business, core revenue grew by 10.3% year-over-year...
At the early morning of May 2nd Beijing time during the U.S. stock market after-hours, the American version of "Alipay" $Block(XYZ.US) saw its stock price plummet over 20% in a single day after releasing its Q1 2025 earnings report. What kind of "bomb" was hidden in the results that led to such a steep drop? Dolphin Research and everyone will explore it together: 1. Overall performance—growth and profits both missed: This quarter, Block's total revenue was $5.77 billion, with a shocking YoY decline of 3.1%, significantly below the market's expectation of 4.4% growth. Although this was mainly due to the sharp drop in the cryptocurrency market...
