DISTRIBUTED-WORK-MODEL/OAKLAND, Calif.–(BUSINESS WIRE)–Block, Inc. (NYSE: XYZ) will share its three-year financial outlook during its previously announced 2025 Investor Day. The company will outline a plan for profitable growth and operating leverage over the next three years, reflecting the scale of its ecosystems, including Cash App, Square and Proto, as well as continued discipline in execution.
At the event, Block will share guidance on key business performance metrics it expects over the next three years including:
- Gross Profit: Expected to grow in the mid-teens range annually through 2028, reaching approximately $15.8 billion.
- Adjusted Operating Income: Projected to grow about 30% annually, to $4.6 billion in 2028.
- Adjusted Earnings Per Share: Expected to grow in the low 30% range annually through 2028 to $5.50.
- Non-GAAP Cash Flow: Block’s new measure of adjusted cash flow that accounts for Block’s capital required to grow its lending products. The company expects this to reach 25% of gross profit by 2028, or more than $4.0 billion on a non-GAAP cash flow basis.
- Rule of 40: Expect to achieve Rule of 40 in 2026 and sustain through 2028.
For 2026, Block expects to deliver 17% gross profit growth year over year to $11.98 billion, with Adjusted Operating Income and Adjusted Earnings per Share to grow over 30% to $2.70 billion and $3.20 respectively. For 2026, Block expects non-GAAP Cash Flow to be 20% of gross profit or $2.40 billion. In addition to providing its financial guidance, Block noted the $5 billion increase to its share repurchase program announced earlier in the day. As of September 30, 2025, approximately $1.1 billion remained under the Company’s prior $4 billion share repurchase authorization.
“We’re moving faster with greater scale and efficiency, driving product velocity across Square and Cash App to serve more customers and help them participate in the modern economy,” said Amrita Ahuja, Block’s Chief Operating Officer and Chief Financial Officer. “Our guidance reflects the strength of our connected ecosystems and our ability to deliver compounding growth while expanding margins. We’ll continue to invest in innovation across our networks to sustain performance and create long-term value for our customers and shareholders.”
A replay of the Investor Day webcast and accompanying materials will be available at www.block.xyz/investor-day-2025.
Non-GAAP Financial Measures
We have not provided the forward-looking GAAP equivalents to our non-GAAP financial targets or outlook or GAAP reconciliations as a result of the uncertainty regarding, and the potential variability of reconciling items such as stock-based compensation and income tax. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalent is not available without unreasonable effort. However, it is important to note that the reconciling items could have a significant effect on future GAAP results.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance. These statements include, but are not limited to, statements regarding our future plans, strategies, expectations, and anticipated trends. Forward-looking statements are often identified by words such as “may,” “will,” “appears,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions.
These forward-looking statements are based on our management’s current beliefs, expectations, and assumptions regarding future events and are, therefore, subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, performance, or achievements to differ materially from results expressed or implied by such statements. Important factors that could cause actual results to differ materially include those described in our most recent filings with the Securities and Exchange Commission. Except as required by law, we assume no obligation to update any of these forward-looking statements.
About Block
Block, Inc. (NYSE: XYZ) builds technology to increase access to the global economy. Each of our brands unlocks different aspects of the economy for more people. Square makes commerce and financial services accessible to sellers. Cash App is the easy way to spend, send, and store money. Afterpay is transforming the way customers manage their spending over time. TIDAL is a music platform that empowers artists to thrive as entrepreneurs. Bitkey is a simple self-custody wallet built for bitcoin. Proto is a suite of bitcoin mining products and services. Together, we’re helping build a financial system that is open to everyone. Block.xyz
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