[XYZ] Block: Can Cash App Gross Profit Hold as Borrow Lending Slows?

Block, the US fintech company that runs both the Square seller platform and the Cash App consumer finance app[1], is scheduled to report results for Q3 2026 (three months ended September 30, 2026) on 2026-11-03, according to the earnings calendar[2]. In its latest disclosed quarter, the second quarter of 2026, Block generated $6.618 billion of revenue and $3.166 billion of gross profit, up 25% year over year; Cash App gross profit was $1.973 billion (up 31%), Square gross profit was $1.160 billion (up 13%), and Adjusted Operating Income was $863.8 million, up 57%[3]. On August 5, management guided third-quarter gross profit to $3.13 billion (up 18%), Adjusted Operating Income to $875 million (a 28% margin) and Adjusted Diluted EPS to $1.02 (up 89%), and it raised full-year 2026 guidance to $12.51 billion of gross profit and $3.47 billion of Adjusted Operating Income[4]. Drillr's analyst estimates show a third-quarter EPS consensus of $1.03 from 21 analysts, essentially in line with company guidance; the revenue consensus of $6.581 billion from 18 analysts includes gross-reported bitcoin revenue and cannot be compared directly with the gross profit guidance[5].

Three things matter most in this Block Q3 2026 earnings report, because each tests whether the two businesses and the new cost structure can hold up at the same time. First, can Cash App gross profit hold as consumer lending slows? Second-quarter consumer lending originations were $18.9 billion, up 59%[6], management has said origination growth will normalize in the second half[7], and transaction, loan and consumer receivable losses rose 99% in the same quarter[8], so the third quarter will show whether gross profit growth or loss growth falls faster. Second, can faster Square GPV turn into matching gross profit? Square GPV grew 13% in the second quarter, but about 2 points of Square's 13% gross profit growth came from a one-time tariff reimbursement[9]; without it, the third quarter will expose monetization quality more directly. Third, can the cost base left after cutting more than 40% of staff support a 28% Adjusted Operating Income margin? Product development expense fell 16% in the second quarter while sales and marketing rose 21%[8], and the third quarter will test whether the personnel savings are stable and whether reinvestment stays within guidance.

Company Background and Business Structure

Block reports two segments, Square and Cash App, and management judges the business by segment gross profit rather than revenue[1]. Square provides payment processing, software, hardware and financial services to sellers; Cash App serves individuals with peer-to-peer payments, bitcoin and stock investing, the Cash App Card linked to stored balances, the short-term Cash App Borrow loan product and all of Block's buy now, pay later (BNPL) products[1]. In 2025, Cash App generated $15.425 billion of segment revenue and $6.336 billion of gross profit, Square generated $8.452 billion of revenue and $3.935 billion of gross profit, and Corporate and Other contributed only $89 million of gross profit[1].

Most of Square's revenue comes from commerce enablement, the payments, software and hardware that help sellers take payments and run their businesses. In 2025, Square booked $7.426 billion of commerce enablement revenue and $1.011 billion of financial solutions revenue[1]; commerce enablement cost growth that year came mainly from processing costs that grew in line with Square's 10% GPV growth, plus higher hardware costs, and some hardware made outside the United States is subject to tariffs when imported[10]. Square's customer base is diversified: from 2023 through 2025, no single customer accounted for more than 5% of Square GPV[10], and its financial solutions business is driven mainly by Square Loans[9].

Cash App has a more complicated revenue mix, in which bitcoin sets the revenue scale while lending and card spending set gross profit. In 2025, $8.347 billion of Cash App revenue came from the bitcoin ecosystem, and company-wide bitcoin ecosystem revenue was $8.503 billion, about 35% of total revenue; because bitcoin trades are recorded at the gross amount customers buy, Block measures the business by gross profit[1]. Since July 1, 2025, Cash App Borrow loans, Afterpay Post-Purchase loans and loans originated through the company's bank, Square Financial Services, have been retained on the balance sheet as loans held for investment[11], with expected credit losses recognized upfront at origination[12]. Customers who route paychecks into Cash App become stickier and more valuable, and Cash App had 9.4 million primary banking actives (PBAs) in June 2026[6].

Financial History and Current Position

On a fiscal 2025 annual basis, Block's gross profit grew much faster than its revenue. Revenue was $24.194 billion in 2025, essentially flat against $24.121 billion in 2024, while gross profit rose from $8.889 billion to $10.360 billion, an increase of about 16.5%[1]. GAAP operating income was $1.7 billion and Adjusted Operating Income was $2.1 billion in 2025, compared with $892.3 million and $1.6 billion in 2024[1]; net income was $1.304 billion in 2025, down from $2.866 billion in 2024[13]. The cost of growth showed up in losses: transaction, loan and consumer receivable losses totaled $1.337 billion in 2025, up 68%, including loan losses of $821 million, up 154%, driven mainly by 143% growth in Cash App Borrow volume while loss rates stayed stable[12].

The 2025 cash flow statement shows Block funding loan growth from operations while buying back stock heavily. Operating cash flow was $2.580 billion in 2025, up from $1.707 billion in 2024, and share-based compensation was $1.215 billion[13]. In investing activities, loans held for investment produced net outflows of $3.5 billion and property and equipment purchases were $155 million; in financing activities, Block repurchased $2.3 billion of stock and paid $1.0 billion in cash to settle convertible notes that matured in 2025[13]. Block ended 2025 with $9.2 billion of available liquidity, including $8.4 billion of cash and marketable debt securities, and in November 2025 the board raised the total repurchase authorization to $9 billion[13].

In 2026, margins and gross profit growth both moved higher. First-quarter 2026 gross profit grew 27% year over year, the Adjusted Operating Income margin reached an all-time high of 25%, and Cash App consumer lending origination growth accelerated to 82%[14]; Cash App gross profit was $1.908 billion that quarter[6]. Second-quarter GAAP operating income was $446.9 million, below $484.3 million a year earlier, and net income attributable to common stockholders was $88.5 million, down from $538.5 million, including an $88.5 million loss from remeasuring Block's bitcoin investment against a $212.2 million gain a year earlier[3]. Second-quarter GAAP diluted EPS was $0.15, while Adjusted Diluted EPS was $1.02, up 65%[4].

Balance sheet changes in the first half of 2026 centered on debt repayment, buybacks and a larger loan book. First-half operating cash flow was $1.985 billion; Block repaid $1.0 billion of senior notes, redeemed $575 million of convertible notes and repurchased $701 million of stock, and it ended June with $8.8 billion of available liquidity, including $7.9 billion of cash and marketable debt securities[3]. At the same date, loans held for investment were $3.749 billion net, including consumer loans with an amortized cost of $3.583 billion and a $528 million allowance for credit losses, and first-half restructuring charges tied to the workforce plan were $495 million[11].

Operating Model

Block's revenue is driven by Square transaction volume, Cash App spending volume and lending fees, and gross profit ties the three together. On the Square side, GPV multiplied by the payment take rate net of card network costs produces payments gross profit, to which software subscriptions, hardware and Square Loans are added; Square GPV was $72.8 billion in the second quarter[9]. On the Cash App side, commerce enablement volume from card spending, Cash App Pay and BNPL was $56.5 billion in the second quarter at a 1.65% monetization rate, up 12 basis points; inflows per transacting active grew 9%, partly because more customers brought their paychecks into Cash App[6]. On top of that, Borrow and other lending fees flow into financial solutions gross profit, so consumer lending originations directly affect Cash App gross profit growth[6].

The key variable on the profit side is credit losses, which arrive almost at the same time as the loans. Adjusted Operating Income equals gross profit minus non-GAAP product development, sales and marketing, general and administrative expense, and transaction, loan and consumer receivable losses; because loans held for investment carry expected losses from the day they are made, loan losses in any period reflect the volume, mix and timing of that period's originations[11]. Second-quarter losses were $585.5 million, about 18% of quarterly gross profit[3]. On expenses, product development fell 16% because of the workforce reduction, while sales and marketing rose 21% on higher go-to-market investment[8]; GAAP operating income also absorbs share-based compensation, restructuring and legal accruals, and GAAP net income is further affected by bitcoin remeasurement[3].

On cash, operating cash flow comes mainly from gross profit after cash expenses, while loan originations and collections run through investing activities, so credit growth consumes cash outside operating cash flow. Loans held for investment produced net outflows of $3.5 billion in 2025[13], and those loans stood at $3.749 billion net at the end of June 2026[11]. Management guided third-quarter interest expense to $50 million to $55 million and full-year interest expense to $200 million to $210 million[7]; the $8.8 billion of available liquidity at the end of June supports the loan book, debt repayment and buybacks at the same time[3].

Industry and Competitive Position

Square is one of the main platforms in US small-business payments and point of sale, and it is shifting its growth push toward larger sellers. Competitors in this market include restaurant-focused Toast, Fiserv's Clover, Stripe, Shopify POS and bank acquirers. Square now has more than 200 active ISO partners, and its mid-market segment is growing more than 20%[7]; in the second quarter, GPV from food and beverage sellers grew 20%, retail 13% and services 7%, and US GPV growth of 10% was the fastest since the second quarter of 2023[9]. The available material does not include competitors' volume or gross profit on a comparable basis, so Square's share shift cannot be measured, and its competitive position can only be read from its own growth and new-seller contribution.

Cash App competes across a wider field, and with user growth close to flat, its growth comes mostly from deeper use by existing customers. The annual report lists money transfer apps, debit card offerings, brokerages, tax firms, financial technology apps, banks and crypto trading services as competitors, and says Cash App competes on its differentiated lifestyle brand, network breadth, product range and simple customer experience[10]. Management said monthly transacting active growth would stay in the low single digits for full-year 2026[7]; Cash App had 59 million monthly transacting actives in June while PBAs grew 17%[6], which shows that growth relies on primary banking adoption and credit penetration rather than new users.

Core Debates

Can Cash App gross profit hold up as Borrow lending growth normalizes?

This debate decides the direction of roughly 60% of Block's gross profit. Cash App generated $6.336 billion of gross profit in 2025, more than 60% of Block's $10.360 billion total[1]; its acceleration since the second half of 2025 has come mainly from Borrow short-term loans and BNPL, and in the second quarter Cash App gross profit grew 31% while consumer lending originations grew 59%[6] and losses grew 99%[8]. Management has already signaled that origination growth will normalize in the second half[7], making the third quarter the first test of whether Cash App can hold roughly $1.96 billion of gross profit as credit slows; that figure is derived from total gross profit guidance, because the company does not provide segment guidance.

Current evidence shows Cash App growth is still strong, but credit carries more weight. In the second quarter, Cash App gross profit was $1.973 billion, commerce enablement volume was $56.5 billion (up 17%), the monetization rate was 1.65%, consumer lending originations were $18.9 billion, monthly transacting actives were 59 million and PBAs were 9.4 million; as the year-ago base for the third quarter, Cash App gross profit was $1.624 billion and originations were $13.6 billion in the third quarter of 2025, before jumping to $18.5 billion in the fourth quarter[6], so the third-quarter origination base is not yet high. Second-quarter losses were $585.5 million, and first-half losses totaled $1.086 billion[3]; at the end of June, consumer loans had an amortized cost of $3.583 billion against a $528 million allowance, an allowance rate of about 14.7%[11]. Management said cohort-level Borrow risk loss rates remained healthy as more volume shifted toward the six-week loan product, and that it expects growth in losses to moderate through the rest of 2026[8].

The financial transmission runs as follows: customers' short-term funding needs and the credit limits approved by Cash App's models set origination volume, and lending fees flow into Cash App financial solutions gross profit; the same loans carry expected losses booked upfront at origination, which flow into credit losses and then into Adjusted Operating Income. Slower originations would lower both gross profit growth and loss growth, and the relative pace of the two determines profit. The alternative reading is that Cash App gross profit growth already leans increasingly on credit, so if originations slow and card spending and BNPL do not take over, gross profit growth will step down with originations; conversely, if originations do not slow, losses will keep eating into incremental gross profit. Block does not separately disclose Borrow originations, loss rates or average loan duration, so this question can only be judged indirectly through the allowance rate and management commentary.

Four sets of numbers matter in the third quarter: whether Cash App gross profit is at least about $1.96 billion (roughly 21% above the third quarter of 2025), whether consumer lending origination growth lands between 30% and 45%, whether losses are no higher than $600 million with growth well below 99%, and whether monthly transacting actives and PBAs keep growing, along with how management describes cohort loss rates. If loss growth does not slow and the allowance rate rises above 16%, growth is coming at the expense of credit quality; if origination growth falls below 25% and Cash App gross profit drops below $1.9 billion, no other business has picked up the slack after lending slowed.

Can Square turn faster seller growth into matching gross profit growth?

This debate determines whether roughly 40% of Block's gross profit can become a second growth source. Square generated $3.935 billion of gross profit in 2025[1] and has grown more slowly than Cash App over the past two years; in 2026, Block expanded its field sales team and ISO channels, Square GPV growth returned to 13% in the second quarter, and US growth was the fastest since the second quarter of 2023[9]. Management guided Square gross profit to grow roughly in line with GPV in the second half, with Square gross profit growth accelerating in the back half of the year[7]; the third quarter is the first without the one-time tariff reimbursement, so it will show directly how well new volume is monetized.

Current evidence shows GPV acceleration has arrived, but the matching gross profit growth contained a one-time item. Second-quarter Square GPV was $72.8 billion, up 13%, with food and beverage, retail and services sellers up 20%, 13% and 7%; Square gross profit was $1.160 billion, up 13%, driven mainly by payments volume, software adoption and Square Loans, and about 2 points of that growth came from a one-time tariff reimbursement that roughly offset the lapping of a network remediation payment a year earlier[9]. Square GPV grew 10% for full-year 2025[10], US GPV grew 10% in the second quarter[9], and the mid-market segment grew more than 20%[7].

The financial transmission runs as follows: new sellers from field sales, ISO partners and self-onboarding, plus same-store growth at existing sellers, lift Square GPV; GPV net of card network costs produces payments gross profit, software subscriptions and financial services such as Square Loans add to it, and hardware acquisition subsidies and memory chip inflation subtract from it, leaving Square gross profit. The alternative reading is that mid-market sellers won through ISOs and field sales have more pricing power and need more hardware subsidies, so faster GPV could come with a lower take rate; management also described global memory and hardware cost inflation as an unprecedented industry-wide issue[7], so gross profit growth could lag GPV. On a derived basis, third-quarter Square gross profit would be about $1.13 billion, and the company does not provide this segment figure either.

Three points matter in the third quarter: whether Square GPV growth stays above 12% and US GPV growth is at least 10%, whether the gap between Square gross profit growth and GPV growth stays within 1 percentage point, and what management says about hardware and memory chip costs and ISO revenue sharing. If GPV meets that bar but gross profit growth falls below 10%, the take rate is declining; if US GPV growth falls below 8%, US seller acquisition is slowing.

After cutting more than 40% of staff, can Block hold a 28% adjusted operating margin?

This debate decides whether Block's new profit level is structural or temporary. On February 26, 2026, while the business was accelerating, Block announced a workforce reduction of more than 40% and estimated related charges of $450 million to $500 million[10]; the plan concluded in the second quarter, first-half restructuring charges were $495 million, and second-quarter restructuring charges were immaterial[11]. The second quarter was therefore the first clean quarter under the new cost structure, while Block also stepped up go-to-market spending and said it would reinvest any additional second-half profit upside in Square go-to-market, Neighborhoods and AI infrastructure[7].

Current evidence shows the personnel savings are already visible in the income statement, but other costs are rising. Second-quarter Adjusted Operating Income was $863.8 million, about 27.3% of gross profit, compared with $549.6 million a year earlier; product development expense was $608.7 million, down from $725.3 million[3]. Sales and marketing expense was $665.0 million, up 21%, with Cash App up 28% and other sales and marketing up 11%; GAAP general and administrative expense was $825.9 million, up 84%, mainly because of accrued legal contingencies, while non-GAAP G&A rose only 4%[8]. Management also flagged that AI token and compute costs are rising across the industry[7].

The financial transmission runs as follows: the layoffs lower product development and administrative personnel costs; AI tools and compute, along with Cash App and Square go-to-market spending, push product development and sales and marketing back up; gross profit minus non-GAAP operating expenses, including credit losses, gives Adjusted Operating Income, which then flows into Adjusted Diluted EPS, guided at $1.02 for the third quarter[4]. GAAP results are also affected by legal contingencies and bitcoin remeasurement. The alternative reading is that part of the second-quarter margin came from a temporary gap after the layoffs, so expenses will climb again in the second half as AI spending, rehiring and go-to-market investment increase, and margin expansion would then depend on gross profit continuing to beat guidance.

Four points matter in the third quarter: whether Adjusted Operating Income is at least $875 million and gross profit at least $3.13 billion, whether product development expense stays below $630 million, whether higher sales and marketing spend comes with gross profit above guidance, and whether another large legal accrual appears in GAAP G&A. If product development expense climbs back above $650 million, the personnel savings are eroding; if Adjusted Operating Income meets guidance while sales and marketing expense falls from the prior quarter, the margin was bought by cutting customer acquisition.

Risks and Falsifiers

Consumer protection and anti-fraud regulation of Cash App is the most direct risk to GAAP profit. Multistate investigations and class actions have already led to settlements, and second-quarter GAAP G&A rose 84% because of accrued legal contingencies[8]; such accruals are excluded from Adjusted Operating Income but directly reduce GAAP operating income and net income, and second-quarter GAAP operating income of $446.9 million was about $417 million below the adjusted figure[3]. If third-quarter GAAP G&A falls back below $500 million and the quarterly filing shows no new material regulatory or litigation accrual, this risk's weight on the current understanding diminishes.

Bitcoin price swings amplify volatility in GAAP net income and total revenue, but they do not change the gross profit story. Block's bitcoin investment is remeasured at fair value, producing an $88.5 million loss in the second quarter against a $212.2 million gain a year earlier, which left second-quarter net income at just $88.5 million[3]; bitcoin revenue is recognized on a gross basis and reached $8.503 billion in 2025, about 35% of total revenue, with thin gross profit[1]. As long as bitcoin price moves do not change the read on gross profit and Adjusted Operating Income, this risk stays at the level of reporting noise.

Weaker consumer repayment capacity in a softer economy would raise loss rates on Borrow and BNPL. Every $100 million of losses above the second quarter's $585.5 million equals about 11% of the $875 million third-quarter Adjusted Operating Income guidance[3]; management has also acknowledged uncertainty about consumer repayment behavior during economic shifts[7]. If third-quarter losses are no higher than $600 million and the consumer loan allowance rate is no higher than 15%, credit quality remains under control[11].

Lower pricing for mid-market sellers and ISO channels, together with rising hardware costs, could keep Square gross profit growth behind GPV. On the derived third-quarter base of about $1.13 billion, every percentage point by which Square gross profit growth trails GPV costs about $10 million of gross profit, and a 3-point lag costs about $30 million, close to 1% of total gross profit guidance; management's stated view is that Square gross profit will grow roughly in line with GPV in the second half[9]. If the gap between Square gross profit growth and GPV growth is no more than 1 percentage point in the third quarter, this risk has not materialized.

AI compute, model costs and rehiring could offset the layoff savings and lift the cost base again. Every $50 million of product development expense above the second quarter's $608.7 million would lower the Adjusted Operating Income margin by about 1.6 percentage points on $3.13 billion of gross profit[3]; management has already flagged rising AI token and compute costs across the industry[7]. If third-quarter product development expense is no higher than $630 million and Adjusted Operating Income is at least $875 million[4], the new cost structure will have survived its first round of reinvestment pressure.

What to Watch Next

• Cash App lending slowdown: Cash App gross profit was $1.624 billion in the third quarter of 2025 and $1.973 billion in the second quarter of 2026. Watch whether it reaches at least about $1.96 billion; below $1.9 billion together with origination growth under 25% would mean nothing has taken over from lending.
• Cash App originations: consumer lending originations were $13.6 billion in the third quarter of 2025 and $18.9 billion (up 59%) in the second quarter of 2026. Growth between 30% and 45% fits the current understanding; growth below 25% would signal too sharp a slowdown.
• Losses and allowance: second-quarter losses were $585.5 million (up 99%) with an allowance rate of about 14.7%. Losses at or below $600 million with clearly slower growth would support the current understanding; unchanged loss growth with an allowance rate above 16% would mean growth is being bought with credit quality.
• Square monetization: second-quarter GPV grew 13% to $72.8 billion and gross profit grew 13%, including about 2 points from the tariff reimbursement. GPV growth above 12% with a gap within 1 point would confirm; GPV on target but gross profit growth below 10% would signal a falling take rate.
• Square US GPV: growth was 10% in the second quarter. At least 10% would confirm; below 8% would mean US seller acquisition is slowing.
• Cost base and margin: second-quarter Adjusted Operating Income was $863.8 million and product development expense was $608.7 million. Watch for at least $875 million and product development below $630 million; product development above $650 million would mean the savings are eroding.
• Sales and marketing and GAAP G&A: second-quarter sales and marketing was $665.0 million (up 21%) and GAAP G&A was $825.9 million. Watch whether go-to-market spending comes with gross profit above guidance and whether another large legal accrual appears; profit on target with sales and marketing down sequentially would mean the margin relied on cutting acquisition.

Conclusion

Block's business now runs on two engines, but they are not of the same quality. Cash App contributes more than 60% of gross profit, and its 31% second-quarter gross profit growth rested on $18.9 billion of consumer lending originations, up 59%[6]; Square GPV growth returned to 13%, but its matching gross profit growth included a one-time tariff reimbursement[9]. After cutting more than 40% of its workforce, Block produced $863.8 million of Adjusted Operating Income in the second quarter and still had $8.8 billion of available liquidity at the end of June[3], and it guided third-quarter gross profit to $3.13 billion and Adjusted Operating Income to $875 million[4]. The most important unresolved relationship is whether, once lending growth slows, Cash App gross profit growth or credit loss growth falls faster.

Outside interpretations since the second-quarter report have focused on credit dependence and the ceiling on Square's growth. In a view relayed by Stocktwits on September 2, a Scotiabank analyst described Cash App growth as strong but "increasingly credit-led," said lending was taking a bigger share of expansion so that credit performance matters more, and called Square Block's "missing second engine"[15]. In a view relayed by Stocktwits on October 26, Morgan Stanley analyst James Faucette expected a near-term slowdown in Cash App Borrow loans as Block shifts toward longer-duration lending, said those longer loans could weigh on near-term origination growth and increase credit losses, and expected steep competition in Square's target market to limit gains for that business[16]. The two firms agree that Cash App leans increasingly on credit and that Square has not yet become a second growth engine, but Morgan Stanley's concern about credit losses directly contrasts with management's statement that cohort loss rates remain healthy and loss growth will moderate[8]; these are outside interpretations rather than established facts, and the third-quarter numbers will test them all at once.

The combination that would materially strengthen the current understanding is Cash App gross profit holding above about $1.96 billion while consumer lending origination growth eases to 30% to 45% and losses stay at or below $600 million; the gap between Square gross profit growth and GPV growth staying within 1 percentage point; and product development expense staying below $630 million while Adjusted Operating Income reaches at least $875 million. Conversely, if loss growth does not slow and the allowance rate exceeds 16%, or origination growth falls below 25% while Cash App gross profit drops below $1.9 billion, and Square gross profit growth also slips below 10% while product development expense rises back above $650 million, then the second quarter's high growth and high margin would look more like a temporary result of credit expansion combined with the post-layoff gap.

Sources

[1] XYZ FY2025 10-K filed 2026-02-26 · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001512673

[2] XYZ earnings calendar updated 2026-10-30 · 2026-10-30 · Drillr earnings calendar

[3] XYZ Q2 2026 10-Q filed 2026-08-05 · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001512673

[4] XYZ Q2 2026 8-K filed 2026-08-05 · 2026-08-05 · 8-K · https://investors.block.xyz

[5] Drillr analyst estimates XYZ Q3 2026 retrieved 2026-10-30 · 2026-10-30 · Drillr analyst estimates · https://gateway.drillr.ai/mcp/private

[6] XYZ Q2 2026 8-K Cash App metrics · 2026-08-05 · 8-K · https://investors.block.xyz

[7] XYZ Q2 2026 earnings call 2026-08-05 · 2026-08-05 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] XYZ Q2 2026 8-K operating expenses · 2026-08-05 · 8-K · https://investors.block.xyz

[9] XYZ Q2 2026 8-K Square · 2026-08-05 · 8-K · https://investors.block.xyz

[10] XYZ FY2025 10-K workforce plan and competition · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001512673

[11] XYZ Q2 2026 10-Q loans and restructuring · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001512673

[12] XYZ FY2025 10-K losses and lending · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001512673

[13] XYZ FY2025 10-K liquidity and cash flow · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001512673

[14] XYZ Q1 2026 8-K filed 2026-05-07 · 2026-05-07 · 8-K · https://investors.block.xyz

[15] Stocktwits on Scotiabank view of Block 2026-09-02 · 2026-09-02 · Scotiabank(经 Stocktwits 转述) · https://stocktwits.com/news-articles/markets/equity/block-cash-app-growth-is-strong-credit-led-square-second-engine-scotiabank/cZsAH9zRJux

[16] Stocktwits on Morgan Stanley view of Block 2026-10-26 · 2026-10-26 · Morgan Stanley(经 Stocktwits 转述) · https://stocktwits.com/news-articles/markets/equity/xyz-stock-in-focus-with-wall-street-cutting-price-targets-ahead-of-q3-earnings/cZU3GWNRBym