Block boosts 2026 profit guidance after Q2 earnings beat
- Block reported second-quarter gross profit of US$3.17 billion, exceeding market expectations while lifting full-year profit guidance.
- Block shares rose 4.5% in after-hours trading following the beat on gross payment volume and adjusted earnings per share.
- The fintech company raised its full-year 2026 gross profit guidance to US$12.5 billion, driven by strength in its Cash App and Square platforms.
Block (ASX:XYZ) posted a second-quarter gross profit of US$3.17 billion, topping market estimates of US$3.06 billion as payment volumes climbed to US$74.7 billion.
The result compares with a gross profit of US$2.54 billion in the same period last year and US$2.91 billion in the previous quarter.
Non-GAAP operating expenses fell to US$2.32 billion from US$2.91 billion in the prior quarter, while Bitcoin ecosystem gross profit reached US$72 million.
The company stated that full-year 2026 gross profit is expected to reach US$12.5 billion, up from its previous projection of US$12.3 billion.
Following the announcement, the Block share price stood at $120.83.
The parent entity of Cash App and Square relies on transaction fees and subscription services across its merchant and consumer financial ecosystem.
The company previously generated US$1.97 billion in quarterly gross profit from Cash App and US$1.16 billion from Square, alongside US$1.17 billion in adjusted EBITDA.
