[Shareholder Letter](index=2&type=section&id=Shareholder%20Letter) [Q2 2025 Performance Overview](index=2&type=section&id=Q2%202025%20Performance%20Overview) Block reported strong Q2 2025 performance with 14% gross profit growth, driven by accelerated Square and Cash App results Q2 2025 Key Financial Highlights | Metric | Value | YoY Growth | | :--- | :--- | :--- | | **Gross Profit** | $2.54B | +14% | | **Cash App Gross Profit** | $1.50B | +16% | | **Square Gross Profit** | $1.03B | +11% | | **Operating Income** | $484M | - | | **Adjusted Operating Income** | $550M | - | | **Net Income** | $538M | - | | **Adjusted EBITDA** | $891M | - | - The company reports strong Q2 performance with Square GPV growing **10% YoY** and Cash App gross profit growing **16% YoY**[3](index=3&type=chunk) - Shipping velocity has accelerated, exemplified by the rollout of 'Pools' on Cash App just four months after development began[3](index=3&type=chunk) [Cash App Strategy & Unique Assets](index=2&type=section&id=Cash%20App%20Strategy%20%26%20Unique%20Assets) Cash App aims to be a next-gen financial operating system, integrating P2P, commerce, banking, and bitcoin capabilities - Cash App's strategy is to build a comprehensive financial operating system by expanding its ecosystem across P2P, commerce, banking, and bitcoin capabilities[4](index=4&type=chunk)[5](index=5&type=chunk) - Younger customers are a key demographic, with users under 25 showing a **40% higher Cash App Card attach rate** compared to the rest of the customer base[4](index=4&type=chunk) [Peer-to-Peer (P2P) Network](index=3&type=section&id=Peer-to-Peer%20(P2P)%20Network) The P2P network, processing **$218 billion** annually, remains Cash App's efficient core for customer acquisition - The P2P network processed **$218 billion** in volume over the last 12 months and serves as a highly efficient customer acquisition channel[12](index=12&type=chunk)[13](index=13&type=chunk) - A new product, 'Pools', was introduced in July to facilitate group expense sharing and is expected to expand access to new customers[12](index=12&type=chunk) [Commerce Solutions](index=3&type=section&id=Commerce%20Solutions) Cash App's commerce network generated **$183 billion** in spending volume, with ongoing enhancements like 'Cash Local' - The commerce network, including Cash App Card and Afterpay, generated **$183 billion** in spending volume over the past 12 months, growing **16% YoY**[14](index=14&type=chunk) - Upcoming initiatives include personalized offers on Cash App Card, auto-selection of rewards, and the expansion of 'Cash Local' to help small businesses build deeper customer relationships[15](index=15&type=chunk)[16](index=16&type=chunk) [Banking Functionality](index=3&type=section&id=Banking%20Functionality) Cash App is deepening banking engagement, with Borrow origination volume growing **95% YoY** to an annualized **$18 billion** - Borrow origination volume grew **95% YoY**, reaching an annualized **$18 billion** in Q2[17](index=17&type=chunk) - As of June, Cash App had **2.7 million paycheck deposit actives**. However, broader definitions of banking activity (e.g., spending **$500+/month**) would increase the number of banking actives to **8 million**, growing **16% YoY**[19](index=19&type=chunk) [Bitcoin Integration](index=4&type=section&id=Bitcoin%20Integration) Block continues investing in bitcoin accessibility, with Cash App users transacting over **$58 billion** - Cash App users have bought and sold over **$58 billion** in bitcoin, demonstrating significant adoption[21](index=21&type=chunk) - The company is enabling Square sellers to accept bitcoin payments, aiming to provide more financial management options for both sellers and consumers[21](index=21&type=chunk)[22](index=22&type=chunk) [Business Highlights](index=5&type=section&id=Business%20Highlights) [Square Segment Highlights](index=5&type=section&id=Square%20Segment%20Highlights) Square focuses on seller growth through new products like Handheld and AI, expanded go-to-market strategies, and upmarket penetration - Launched new products including Square Handheld for operational efficiency and Square AI to provide sellers with data-driven answers to business questions[25](index=25&type=chunk)[26](index=26&type=chunk) - Expanding go-to-market efforts by increasing hiring for its field sales team, scaling telesales, and signing new independent sales organization (ISO) partners[28](index=28&type=chunk)[31](index=31&type=chunk) - Gaining traction with upmarket sellers, signing multi-location clients like Colectivo Coffee, Shane's Rib Shack, Live Nation Canada, and Midwest Vision Partners[29](index=29&type=chunk)[30](index=30&type=chunk) [Cash App Segment Highlights](index=6&type=section&id=Cash%20App%20Segment%20Highlights) Cash App drives network growth and engagement through product innovation, capturing the teen demographic, and scaling commerce - Started rolling out 'Pools', a group P2P product, to simplify shared expenses and attract new users to the platform[32](index=32&type=chunk) - Focusing on the next generation, Cash App has **5 million monthly active sponsored teen accounts**, with nearly **80%** being Cash App Card actives[35](index=35&type=chunk) - Commerce capabilities are scaling, with Cash App Pay volume growing **2x YoY** in Q2. Afterpay also launched the Afterpay Media Network (AMN) in Australia to provide targeted marketing for merchants[38](index=38&type=chunk)[39](index=39&type=chunk) [Financial Discussion](index=7&type=section&id=Financial%20Discussion) [Overall Financial Performance (Q2 2025)](index=7&type=section&id=Overall%20Financial%20Performance%20(Q2%202025)) The company delivered strong Q2 results with **14% YoY gross profit growth** and expanded Adjusted Operating Income margins, raising full-year guidance - Gross profit growth accelerated to **14% year over year**, outperforming guidance[42](index=42&type=chunk)[43](index=43&type=chunk) - Profitability improved across all key measures, with operating income at **$484 million** and Adjusted Operating Income at **$550 million**[43](index=43&type=chunk) - Full-year 2025 guidance was raised to **$10.17 billion** in gross profit (**+14% YoY**) and **$2.03 billion** in Adjusted Operating Income (**20% margin**)[43](index=43&type=chunk) [Block Financial Metrics](index=8&type=section&id=Block%20Financial%20Metrics) Block's gross profit grew **14% YoY** to **$2.54 billion** in Q2 2025, with significant improvements in operating income and EPS Block Financial Metrics (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Gross Profit | $2,537M | $2,233M | 14% | | Operating Income | $484M | $307M | 58% | | Adjusted Operating Income | $550M | $399M | 38% | | Diluted EPS | $0.87 | $0.31 | 181% | | Adjusted Diluted EPS | $0.62 | $0.47 | 32% | [Square Segment Financials](index=9&type=section&id=Square%20Segment%20Financials) Square's gross profit grew **11% YoY** to **$1.03 billion** in Q2, driven by **10% GPV growth**, strong international and vertical performance Square Financials (Q2 2025) | Metric | Q2 2025 Value | YoY Growth | | :--- | :--- | :--- | | Gross Profit | $1,027M | 11% | | Total GPV | $64,248M | 10% | | International Gross Profit | $144M | 19% | | International GPV | - | 25% | - GPV from food and beverage sellers grew **15% YoY**, while retail seller GPV grew **10% YoY**, its strongest growth since Q1 2023[48](index=48&type=chunk) [Cash App Segment Financials](index=10&type=section&id=Cash%20App%20Segment%20Financials) Cash App's gross profit increased **16% YoY** to **$1.50 billion**, driven by Borrow, Card, and BNPL, with deepening monetization Cash App Operating Metrics (Q2 2025) | Metric | Q2 2025 Value | YoY Growth | | :--- | :--- | :--- | | Gross Profit | $1,501M | 16% | | Monthly Transacting Actives | 57M | 0% | | Gross Profit Per Active | $87 | 15% | | Inflows Per Active | $1,338 | 8% | | BNPL GMV | $9.11B | 17% | - The number of paycheck deposit monthly actives grew both year-over-year and quarter-over-quarter to **2.7 million**[51](index=51&type=chunk) [Operating Expenses](index=11&type=section&id=Operating%20Expenses) The company demonstrated operating leverage in Q2, with product development expenses growing **2% YoY**, and loan losses rising **53% YoY** YoY Growth in GAAP Operating Expenses (Q2 2025) | Expense Category | YoY Growth | | :--- | :--- | | Product Development | +2% | | Sales and Marketing | +8% | | General and Administrative | -5% | | Transaction, loan, and consumer receivable losses | +53% | - Cash App marketing expenses were flat YoY, as a **50% increase** in advertising and acquisition spend was offset by improvements in P2P risk loss performance[55](index=55&type=chunk) [Profitability and EPS](index=12&type=section&id=Profitability%20and%20EPS) Block reported strong growth across key profitability metrics in Q2 2025, with operating income at **$484 million** and Adjusted Operating Income at **$550 million** Key Profitability Measures (Q2 2025) | Metric | Q2 2025 Value | | :--- | :--- | | Operating Income | $484M | | Adjusted Operating Income | $550M | | Net Income | $538M | | Adjusted Net Income | $385M | | Adjusted EBITDA | $891M | | Diluted EPS | $0.87 | | Adjusted Diluted EPS | $0.62 | [Cash Flow and Capital Allocation](index=13&type=section&id=Cash%20Flow%20and%20Capital%20Allocation) The company actively returned capital, repurchasing **12.5 million shares** for **$692 million** in Q2, ending with strong liquidity - Repurchased **12.5 million shares** for **$692 million** in Q2 2025, with **$1.5 billion** remaining in the share repurchase authorization[59](index=59&type=chunk) - Ended the quarter with **$8.5 billion** of total liquidity, including **$7.7 billion** in cash and investments and **$775 million** available from a revolving credit facility[61](index=61&type=chunk) - A change in classification for certain Borrow loans to 'held-for-investment' has shifted their cash flows from the operating section to the investing section of the cash flow statement[60](index=60&type=chunk) [Guidance](index=14&type=section&id=Guidance) [Full Year 2025 Outlook](index=14&type=section&id=Full%20Year%202025%20Outlook) Block raised its full-year 2025 guidance, expecting gross profit of **$10.17 billion** (**+14% YoY**) and Adjusted Operating Income of **$2.03 billion** Full Year 2025 Guidance | Metric | 2025 Guidance | Implied YoY Growth / Margin | | :--- | :--- | :--- | | Gross Profit | $10.17B | 14.4% | | Adjusted Operating Income | $2.03B | 20% Margin | - The company expects to exit 2025 with a gross profit growth rate of **19% YoY** in the fourth quarter[63](index=63&type=chunk) [Q3 2025 Outlook](index=15&type=section&id=Q3%202025%20Outlook) For Q3 2025, Block projects gross profit of **$2.60 billion** (**+16% YoY**) and Adjusted Operating Income of **$460 million** Q3 2025 Guidance | Metric | Q3 2025 Guidance | Implied YoY Growth / Margin | | :--- | :--- | :--- | | Gross Profit | $2.60B | 16% | | Adjusted Operating Income | $460M | 18% Margin | [Appendix](index=17&type=section&id=Appendix) [Key Operating Metrics and Non-GAAP Financial Measures](index=17&type=section&id=Key%20Operating%20Metrics%20and%20Non-GAAP%20Financial%20Measures) This section defines key operating and non-GAAP financial measures like GPV, Adjusted EBITDA, and Adjusted EPS for performance comparison - Provides definitions for non-GAAP measures including Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted EPS, and Adjusted Operating Income (Loss)[76](index=76&type=chunk)[77](index=77&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - Beginning in fiscal 2025, the definition of Adjusted EPS was revised to include stock-based compensation to provide a more comprehensive view of operating performance[58](index=58&type=chunk) [Consolidated Financial Statements](index=19&type=section&id=Consolidated%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, including Statements of Operations, Balance Sheets, and Cash Flows - Presents the Condensed Consolidated Statements of Operations, showing detailed revenue, cost of revenue, operating expenses, and net income[84](index=84&type=chunk) - Includes the Condensed Consolidated Balance Sheets as of June 30, 2025, and December 31, 2024, detailing assets, liabilities, and stockholders' equity[85](index=85&type=chunk) - Provides the Condensed Consolidated Statements of Cash Flows, outlining cash movements from operating, investing, and financing activities[86](index=86&type=chunk) [Segment Disclosures](index=22&type=section&id=Segment%20Disclosures) This section provides a breakdown of financial performance by Cash App and Square segments, detailing revenue, gross profit, and reconciliation Segment Gross Profit (Three Months Ended June 30, 2025) | Segment | Gross Profit | | :--- | :--- | | Cash App | $1,500.5M | | Square | $1,026.8M | | Corporate and Other | $9.2M | | **Total** | **$2,536.5M** | - Includes a reconciliation of total segment gross profit to the company's income before applicable income taxes[88](index=88&type=chunk) [Non-GAAP Reconciliations](index=24&type=section&id=Non-GAAP%20Reconciliations) This section provides detailed reconciliations of GAAP to non-GAAP financial measures, including Operating Income, Net Income, and Adjusted Free Cash Flow - Provides a reconciliation of GAAP Operating Income to non-GAAP Adjusted Operating Income[92](index=92&type=chunk) - Reconciles GAAP Net Income to non-GAAP Adjusted EBITDA[93](index=93&type=chunk) - Details the calculation of Adjusted Net Income and Adjusted EPS from GAAP Net Income[95](index=95&type=chunk)

Core Insights - Block (XYZ) is scheduled to report its second-quarter 2025 results on August 7, with expected revenues of $6.32 billion, reflecting a 2.64% increase year-over-year, while earnings per share (EPS) is projected at 60 cents, indicating a 35.5% decline from the previous year [1][6] Financial Estimates - The Zacks Consensus Estimate for Block's revenues in 2025 is $24.94 billion, representing a year-over-year increase of 3.4%, while the full-year EPS is estimated at $2.45, suggesting a 27.3% decline year-over-year [2] - For the second quarter, Block anticipates a gross profit of $2.45 billion, a 9.5% increase year-over-year, and an adjusted operating income of $450 million with an operating margin of 18% [5][6] Revenue Breakdown - Transaction revenues are expected to reach $1.81 billion, up from $1.55 billion in the prior quarter and $1.71 billion year-over-year, with Square contributing $1.74 billion and Cash App $69.47 million [8] - Subscription and Services revenues are estimated at $2.03 billion for the second quarter, an increase from $1.89 billion in the prior quarter and $1.79 billion year-over-year [9] Market Position and Innovations - Block is enhancing its fintech ecosystem through its platforms, Square and Cash App, focusing on integrated solutions across payments, commerce, lending, and banking, with Square regaining market share [6][7] - Recent positive developments include the launch of Square Handheld in the UK and partnerships aimed at expanding commerce capabilities [7] Challenges and Outlook - Despite macroeconomic challenges such as trade tariffs and reduced discretionary spending affecting Cash App Card activity, gross profit is expected to accelerate in the latter half of the year as user engagement deepens [10]

Core Viewpoint - BellRing Brands, Inc. experienced a significant decline in share price, dropping over 30% on August 5, 2025, due to narrowed full-year guidance and weaker-than-expected earnings, attributed to increased promotional spending, input cost inflation, and a legal provision [2]. Group 1: Company Performance - The company's full-year guidance was narrowed, indicating potential challenges ahead [2]. - Earnings reported were weaker than anticipated, leading to investor concerns [2]. - The decline in share price follows a previous selloff in May, where the company reaffirmed its guidance but revealed that key retailers were reducing inventory levels, which could negatively impact Q3 shipments [2]. Group 2: Investor Actions - Block & Leviton is investigating BellRing Brands for potential securities law violations, encouraging investors who have lost money to contact them for recovery options [1][4]. - Investors who purchased BellRing Brands common stock and experienced a decline in share value may be eligible for recovery, regardless of whether they sold their investment [3]. Group 3: Legal and Whistleblower Information - Block & Leviton is considering filing an action to recover losses for investors, emphasizing their reputation as a leading securities class action firm [4][7]. - Whistleblowers with non-public information about BellRing Brands are encouraged to assist in the investigation, with potential rewards of up to 30% of any successful recovery from the SEC [6].

Group 1 - Marex Group PLC shares fell over 8% on August 5, 2025, following allegations from a NINGI Research report that the company concealed nearly $1 billion in off-balance-sheet derivatives exposure through a Luxembourg fund [2] - The report claims that Marex Group used the fund to generate non-cash trading profits and inflated operating cash flow by misclassifying structured note issuance as income [2] - Block & Leviton is investigating potential securities law violations by Marex Group and may file an action to recover losses for affected investors [4][6] Group 2 - Investors who purchased Marex Group common stock and experienced a decline in share value may be eligible to recover losses, regardless of whether they sold their investment [3] - Block & Leviton is recognized as a leading securities class action firm, having recovered billions for defrauded investors and representing many top institutional investors [7]

Core Insights - Analysts forecast Block (XYZ) will report quarterly earnings of $0.59 per share, reflecting a year-over-year decline of 36.6% and revenues of $6.32 billion, which is an increase of 2.6% compared to the previous year [1] - The consensus EPS estimate has been revised 7.7% lower over the last 30 days, indicating a reevaluation of initial estimates by analysts [2] - The consensus estimate for Gross Payment Volume (GPV) is projected at $66.11 billion, up from $61.94 billion reported in the same quarter last year [8] Revenue Estimates - Revenue from Subscription and services-based is expected to reach $2.03 billion, indicating a year-over-year change of +13.8% [4] - Revenue from Hardware is projected at $40.26 million, reflecting a decline of -6.3% from the prior-year quarter [5] - Transaction-based revenue is anticipated to be $1.81 billion, suggesting a year-over-year increase of +5.8% [5] - Bitcoin revenue is expected to be $2.52 billion, indicating a year-over-year decline of -3.4% [5] - Cash App Transaction-based revenue is estimated at $69.47 million, reflecting a significant decline of -29.8% year over year [6] - Square Transaction-based revenue is projected to reach $1.74 billion, indicating a year-over-year increase of +7.9% [6] - Square Subscription and services-based revenue is expected to be $369.92 million, reflecting a year-over-year increase of +14.7% [7] - Square Total revenue is projected at $2.16 billion, indicating a year-over-year increase of +8.9% [7] - Corporate and Other Total revenue is expected to reach $52.41 million, reflecting a year-over-year increase of +10.9% [7] - Cash App Bitcoin revenue is projected at $2.51 billion, indicating a year-over-year decline of -3.7% [7] Market Performance - Over the past month, Block shares have recorded returns of +6.9%, outperforming the Zacks S&P 500 composite's +0.6% change [8]

投行Monness Crespi Hardt将金融科技公司Block目标价从75美元上调至95美元。 ...

Group 1 - Gray Media, Inc. has agreed to acquire television stations from Block Communications, Inc. for $80 million, aiming to enhance its presence in the Midwest and create a Big Four duopoly in one market [1][3] - The acquisition includes WDRB and WBKI in Louisville, Kentucky, WAND in Springfield-Champaign-Decatur, Illinois, and WLIO in Lima, Ohio, all of which are top-rated local news stations in their respective markets [3][4] - Gray anticipates closing the transaction in the fourth quarter of 2025, pending regulatory approval and customary closing conditions [4] Group 2 - Gray Media is the largest owner of top-rated local television stations in the U.S., serving 113 television markets and reaching approximately 37% of U.S. television households [6] - The company operates in 78 markets with the top-rated television station and has the largest Telemundo Affiliate group with 44 markets [6]

Core Viewpoint - CGX Energy Inc. is set to release its financial and operational results for Q2 2025 on August 13, 2025, after market close, while the ongoing dispute regarding the Corentyne block with the Government of Guyana remains unresolved [1][4]. Group 1: Financial Results Announcement - CGX Energy will announce its Q2 2025 financial results on August 13, 2025 [1]. Group 2: Dispute with Government of Guyana - Frontera Energy Corporation and its subsidiaries submitted a notice of intent to the Government of Guyana on March 26, 2025, alleging breaches of the UK-Guyana Bilateral Investment Treaty and the Guyana Investment Act [2]. - The Government of Guyana rejected the claims regarding the Corentyne block license, asserting that the Joint Venture's interest expired on June 28, 2024, but may consider a final meeting with the Investors in October 2025 [3]. - The Joint Venture, consisting of Frontera Energy Guyana Corp. and CGX Resources Inc., maintains that their interests in the Corentyne block are valid and that the Petroleum Agreement has not been terminated [4]. Group 3: Joint Venture Details - The Joint Venture holds a 100% working interest in the Corentyne block, with Frontera Guyana and CGX Resources having respective participating interests of 72.52% and 27.48% [5].

Core Insights - Cash App has launched a new feature called Pools, aimed at simplifying group payments and enhancing peer-to-peer payment capabilities [1][3] - The feature allows users to create a shared balance for group payments, enabling contributions from both Cash App users and those using Apple Pay or Google Pay [2][3] - This launch is part of Cash App's strategy to regain market share against competitors like Venmo, which has shown significant revenue growth recently [4][5] Company Strategy - The introduction of Pools marks a strategic reset for Block, as the company aims to refocus on growing Cash App's user base after disappointing first-quarter results [6] - The company views each non-user contributing to a pool as a potential new user, emphasizing network expansion and virality of peer-to-peer products [8][11] - The development of Pools reflects a cultural shift within Block, characterized by rapid development and a focus on core functionalities [9][10] Market Context - Venmo has reported over 20% year-over-year revenue growth, indicating strong competition in the peer-to-peer payment space [4][5] - Cash App's CEO has acknowledged the need to enhance peer-to-peer engagement as a foundation for the app's success, despite expanding into banking and lending products [11][12] - The Pools feature is currently available to a limited number of users, with plans for broader rollout in the coming months [13]

Jack Dorsey’s Block is adding a group payments feature to its Cash App as it aims to attract out of network users to its peer-to-peer money transfer and banking app. https://t.co/siw2XeKJ2f ...