Block raises 2026 profit outlook as Cash App growth offsets Bitcoin profit drop

Block Inc. reported second‑quarter 2026 earnings with total profit rising 25% year‑over‑year. The fintech firm lifted its full‑year gross‑profit forecast to $12.51 billion, a 21% increase from the prior outlook of $12.33 billion. Cash App, Block’s consumer‑finance platform, saw gross profit surge 31% in the quarter, driving overall gross‑profit growth of 25% across the business.

Despite the strong performance, Block’s Bitcoin‑related gross profit fell 31% after the company cut fees on Bitcoin purchases over $2,000 and on recurring buys. Bitcoin ecosystem revenue for the quarter was $1.8 billion, reflecting high transaction volume despite lower margins. The firm also began rolling out stablecoin payment options and continues to reinvest 10% of Bitcoin‑related profit into BTC purchases.

Block’s adjusted earnings per share came in at $1.02, comfortably beating analysts’ expectations of $0.87. Revenue reached $6.62 billion, above the $6.49 billion forecast. The company highlighted cost‑cutting measures, including a workforce reduction of more than half and the integration of AI tools that now handle nearly all production code changes, contributing to higher operating margins. Jack Dorsey, co‑founder and chairman, and CFO Amrita Ahuja emphasized the resilience of consumer spending and the strategic shift toward broader financial services.