Block reported full-year 2025 gross profit of $10.36 billion, a 17% increase year-on-year, the financial technology company announced on 26 February 2026. The result capped a year of accelerating growth across the group's two principal business segments — Cash App, its consumer financial services platform, and Square, its merchant commerce ecosystem — and included a landmark moment in December 2025, when the company recorded its first ever calendar month with gross profit exceeding $1 billion, crossing a threshold that management described as a significant milestone in the group's development.
Cash App was the primary engine of growth in the fourth quarter of 2025, with its gross profit rising 33% to $1.83 billion. Monthly transacting actives on the platform reached 59 million, indicating that the user base continues to expand beyond the core peer-to-peer payments functionality that originally built Cash App's audience. The segment of users treating Cash App as their primary banking relationship grew 22% to 9.3 million, a cohort that management highlighted as evidence of deepening engagement and higher lifetime value within the consumer financial services product.
CASH APP PRIMARY BANKING ACTIVES GROW 22%
The 22% growth in primary banking actives to 9.3 million is a metric that Block has increasingly emphasised as a measure of Cash App's penetration of the mainstream retail banking market in the United States. Users classified as primary banking actives exhibit higher transaction frequencies, larger account balances and broader product adoption — spanning direct deposit, debit card spending, investing and lending — than occasional or secondary users, making them disproportionately valuable to the platform's long-term revenue trajectory. The 22% growth rate suggests that Cash App's strategy of adding banking features alongside its peer-to-peer payments core is attracting and retaining users at a meaningful pace.
Block repurchased $2.3 billion of its own shares during 2025, a capital allocation decision that signals management's confidence in the group's financial position and its view of the stock's long-term value relative to its price during the year. The buyback programme was executed alongside continued investment in product development, sales and marketing, and expansion of the Cash App and Square ecosystems, demonstrating the group's ability to simultaneously grow the business and return capital to shareholders as profitability has scaled.
COMPANY GUIDES FOR $12.2 BILLION IN 2026
For the full year 2026, Block guided for gross profit of $12.2 billion, representing projected growth of approximately 18% year-on-year from the 2025 base. The guidance implies that management expects the momentum in Cash App's primary banking adoption, and the continued growth of the Square merchant acquiring and software business, to sustain or slightly accelerate the group's growth rate into the current fiscal year. Reaching $12.2 billion in gross profit would represent a roughly five-year compounding growth story that has transformed Block from a mobile card reader start-up into one of the largest consumer and merchant fintech platforms in the United States.
The full-year results were disclosed alongside fourth-quarter figures that showed Q4 gross profit growth accelerating to 24%, a pace comfortably ahead of the full-year 17% and suggesting that exit momentum into 2026 was building. The December milestone of a single month exceeding $1 billion in gross profit is particularly significant as a symbol of the business's maturity, and Block's investor materials published on 26 February 2026 set out in detail the drivers of the group's performance across its operating segments.