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Block cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$972M in Q3 2026 · $3.5B over twelve months

Operating cash flow$1.0B
Capital spending−$44.2M
Free cash flow+$972M
Cash / net income1.8×
Cash conversion cycle6 days

Analysis

In Q3 2026, Block generated $1.0B of operating cash flow and spent $44.2M on capital projects, leaving free cash flow of $972M. That is $428M less than in Q3 2025 ($1.4B).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.6B; the largest uses were other investing ($2.6B), buybacks ($1.5B), capital spending ($169M); besides operations, cash came from net borrowing (+) / repaid (−) ($447M), other financing ($107M); the cash balance fell by $7.7M.

Operating cash flow was $1.0B against net income of $564M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$273M, other operating capital +$161M, depreciation & amortization +$91.1M.

Its cash conversion cycle was 6 days (receivables 3 + inventory 6 − payables 3).

Free cash flow

Block: free cash flow by quarterBlock: free cash flow by quarter−$13.2MQ4 2024$101MQ1 2025$343MQ2 2025$1.4BQ3 2025$580MQ4 2025$935MQ1 2026$967MQ2 2026$972MQ3 2026
Operating cash flow less capital spending.
Block: operating cash flow against capital spendingBlock: operating cash flow against capital spendingOperating cash flowCapital spending$13.8M$27.0MQ4 2024$133M$31.9MQ1 2025$374M$31.3MQ2 2025$1.5B$50.6MQ3 2025$621M$41.2MQ4 2025$966M$30.6MQ1 2026$1.0B$53.2MQ2 2026$1.0B$44.2MQ3 2026
Latest (Q3 2026): Operating cash flow $1.0B, Capital spending $44.2M.

Capital allocation, year by year

Block: where the cash came from (up) and went (down), by fiscal yearBlock: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $848MFY2021: Net borrowing $1.3BFY2021: Shares issued $127MFY2021: Capital spending −$134MFY2021: Acquisitions −$164M$2.3BFY2021FY2022: Operating cash flow $176MFY2022: Net borrowing $68.3MFY2022: Shares issued $81.8MFY2022: Capital spending −$171M$326MFY2022FY2023: Operating cash flow $101MFY2023: Net borrowing $909MFY2023: Shares issued $130MFY2023: Capital spending −$151MFY2023: Acquisitions −$5.0MFY2023: Buybacks −$157M$1.1BFY2023FY2024: Operating cash flow $1.7BFY2024: Net borrowing $3.3BFY2024: Shares issued $155MFY2024: Capital spending −$154MFY2024: Buybacks −$1.2B$5.1BFY2024FY2025: Operating cash flow $2.6BFY2025: Net borrowing $1.0BFY2025: Shares issued $88.9MFY2025: Capital spending −$155MFY2025: Buybacks −$2.3B$3.7BFY2025
Over these 5 years operating cash flow totalled $5.4B; the largest uses were buybacks ($3.7B) and capital spending ($765M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.9B
Debt$5.7B
Net cash$2.1B

Block funds itself: free cash flow was $3.5B over the last twelve months, and $7.9B of cash and investments stands against $5.7B of debt.

Where the cash came from and went

Block: sources (+) and uses (−) of cash, Q3 2026Block: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$1.1BOperating cash flow$1.0BOther investing−$603MNet borrowing (+) / repaid (−)$381MOther financing$331MCapital spending−$44.2MExchange rates$4.9MShares issued$6K
Block: sources (+) and uses (−) of cash, TTM to Q3 2026Block: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.6BOther investing−$2.6BBuybacks−$1.5BNet borrowing (+) / repaid (−)$447MCapital spending−$169MOther financing$107MShares issued$81.0MExchange rates$10.0MCash drawn (+) / kept (−)$7.7M

From profit to cash

Block: net income to operating cash flow, Q3 2026Block: net income to operating cash flow, Q3 2026Net income$564MDepreciation & amortization$91.1MStock-based pay$273MDeferred taxes−$49.9MPrepaid and other assets$24.1MOther operating capital$161MOperating cash flow$1.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20263636
Q2 20263535
Q1 20264545
Q4 20253434
Q3 20253433
Q2 20252333
Q1 20252333
Q4 20242332

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.0B−$44.2M—$381M$6K−$1.1B$972M
Q2 2026$1.0B−$53.2M−$64.9M$50.2M$49.7M$643M$967M
Q1 2026$966M−$30.6M−$636M−$841M$618K−$1.0B$935M
Q4 2025$621M−$41.2M−$790M$857M$30.7M$1.5B$580M
Q3 2025$1.5B−$50.6M−$403M$2.0B$7.2M−$1.8B$1.4B
Q2 2025$374M−$31.3M−$692M$61.5M$48.8M$947M$343M
Q1 2025$133M−$31.9M−$445M−$1.9B$2.3M$141M$101M
Q4 2024$13.8M−$27.0M−$183M$849M$66.7M−$296M−$13.2M

Block: income statement and cash flow

Block, Q3 2026: revenue $6.7B (+10% year over year), operating margin 6.4%. The chart follows the revenue to costs, profit and cash.

Block: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.