INTELLIGENCE · COMPANY DOSSIER
UPDATED 2026-08-20Block, Inc.
Payments and consumer finance: Square, Cash App, Afterpay and Bitcoin (Bitkey/Proto).
Adjusted EBITDA (USD)
$3.47B
Cash and Investments (USD)
$7.27B
Cashapp Actives
$59M
Free Cash Flow (USD)
$2.40B
GPV (USD)
$259.60B
What It Does
Cash App
consumer finance: P2P, banking, investing, Bitcoin, BNPL. 59M monthly actives.
Square
seller commerce: payments, POS, payroll, lending for 4.5M+ merchants.
Bitcoin
Bitkey wallet, Proto mining, Spiral open-source dev.
TIDAL
music streaming (2021, since scaled back).
Financial Metrics
Adjusted EBITDA (USD)
$3.47B
2025-12-31
Cash and Investments (USD)
$7.27B
2025-12-31
Cashapp Actives
$59M
2025-12-31
Free Cash Flow (USD)
$2.40B
2025-12-31
GPV (USD)
$259.60B
2025-12-31
Gross Profit (USD)
$10.36B
2025-12-31
headcount
$1,282
2014-12-31
headcount
$5,477
2020-12-31
headcount
$12,428
2022-12-31
headcount
$12,985
2023-12-31
headcount
$11,372
2024-12-31
headcount
$6,000
2026-02-28
Market Cap (USD)
$48.30B
2026-07-21
Net Income (USD)
$1.31B
2025-12-31
Operating Income (USD)
$1.71B
2025-12-31
Revenue (USD)
$24.19B
2025-12-31
Rnd (USD)
$2.91B
2025-12-31
Total Assets (USD)
$39.55B
2025-12-31
Total Debt (USD)
$5.80B
2025-12-31
Ownership Structure
Jack Dorsey
~8.2% equity · ~42% vote (Class B)
The Vanguard Group
~7.4%
BlackRock
~5.1%
All institutions
>50% of float
Dual-class: Class B = 10 votes/share. Founders hold <11% of shares but >48% of the vote; a push to scrap super-voting stock was rejected.
Licences & Regulation
6 licences
New York virtual currency (BitLicense) 122486 and money transmission 104921
US BitLicense (virtual currency)
US Cash App Borrow — nationwide consumer lending
US (Utah) Industrial bank (ILC) — Square Financial Services
US / EU / UK / AU Money transmitter
United States (50 states plus DC) money transmitter (NMLS 942933)
Notable Coverage
14 items
Cuts ~4,000 jobs (~40%), cites AI
46-state $45M + Washington $20M Cash App settlements
Settled; requires 24/7 live phone support & marketing changes.
CFPB $175M + 48-state $80M + NY DFS $40M settlements
All settled with remediation & independent monitors.
Fitch upgrades Block to investment grade (BBB-)
Added to the S&P 500
First GAAP-profitable quarter
Federal prosecutors (SDNY) examine transactions — UNRESOLVED
Block disputes the methodology; ongoing.
Hindenburg short report
Block: factually inaccurate and misleading.