Block Inc - Ordinary Shares - Class A
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+ FollowMarket Cap$50.29B
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Earnings Call Q3 2026
November 3, 2026 - AI Summary
Strong Q3 performance; raises full-year outlook
- Block outperformed guidance and raised its outlook for the year.
- Gross profit: +$22% YoY to $3.24B
- Adjusted operating income: +$92% YoY to $923M (record 29% margin)
- Adjusted EPS: +$109% YoY to $1.13 (record, quarterly)
- Square GPV growth: accelerated to +14% YoY (strongest growth rate since Q1’23)
- Cash App gross profit: +$27% YoY (Q3)
2026 guidance raised + new “preliminary” Rule of 50/50-ish path; strong margin + growth targets
- Full-year 2026 expectations:
- Gross profit: $12.626B (+22% YoY)
- Adjusted operating income: $3.519B (28% margin)
- Adjusted diluted EPS: $4.15 (+75% YoY)
- Q4 2026 expectations: gross profit growth >+15% YoY, AOI margin ~30%, adjusted EPS +77% YoY
- Management framed this as an upgrade from prior targets: implying ~Rule of 50 in 2026 (vs earlier ~Rule of 40 concept).
- 2027 preliminary outlook:
- Sustain momentum with ≥+15% YoY gross profit growth
- Adjusted operating income margin ~32% (and AOI growth ~30% YoY)
- Important “good” signal: margin expansion is not just volume-driven—incremental margins are strong while still investing.
Square momentum driven by distribution + product velocity; major go-to-market “compounding”
- Square’s acceleration attributed to:
- Faster product velocity: 180 features released in 2026 YTD (more than ’24 + ’25 combined)
- New seller acquisition channels:
- Self-onboarding new volume (YTD through Aug): fastest growth in over a decade
- ISO partner growth: 400+ ISOs; ISO sellers up ~90% QoQ
- Product attach and monetized software adoption opportunity:
- Only ~16% of U.S. sellers use monetized software (as of Sept) → runway for software + banking attach
- Neighborhoods scaling (Square side): annualized GPV of Neighborhoods sellers increased ~5x from June to Sept; management expects continued growth.
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$49.03
41.3% downside
Current Fair Value
41.3% downsideOvervalued by 41.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $50.29 Billion |
|---|---|
| Enterprise Value | $48.24 Billion |
| Earnings per Share | $0 |
| Beta | 2.48 |
| Outstanding Shares | 602,507,000 |
Return
| Return on Equity | -3.70% |
|---|---|
| Return on Assets | -2.05% |
| Return on Invested Capital | 6.55% |
Valuation & Multiples
| P/E Ratio | 112.77 |
|---|---|
| PEG | 446.56 |
| Price to Sales | 1.99 |
| Price to Book Ratio | 2.26 |
| Enterprise Value to Revenue | 1.87 |
| Enterprise Value to EBIT | 24.89 |
| Enterprise Value to Net Income | -58 |
| Total Debt to Enterprise | 0.13 |
| Debt to Equity | 0.28 |
Revenue Sources
No data
Last Earnings Call
Report Date
February 26, 2026
EPS
-$1.91
Est. $0.65Revenue
$6.25 B
Est. $6.21 BInstitutional Sentiment (Put/Call)
No data available for the latest quarter.
Institutional Ownership
No data available for the latest quarter.
About Square Inc
12,000 employees
CEO: Jack Dorsey
Block, Inc., operating through its subsidiaries, develops extensive solutions that empower merchants to process card payments, gain critical reporting and analytical insights, and receive funds via expedited next-day settlement. The comp...