Filing Flows › Block (XYZ) › Q1 2025
Block (XYZ) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Block (XYZ) reported revenue of $5.8B for the first quarter 2025 (Q1 2025), -3% from a year earlier and -4% from the quarter before. Operating margin was 5.7%, net earnings $190M (3.3% of revenue).
Block, Q1 2025: revenue $5.8B (-3% year over year), operating margin 5.7%, net earnings $190M, operating cash flow $133M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.8B | -4% | -3% |
| Gross profit | $2.3B | -0.9% | +9% |
| Operating profit | $329M | 25× | +32% |
| Net earnings | $190M | -90% | -60% |
| Operating cash flow | $133M | +866% | -73% |
| Free cash flow | $101M | — | -78% |
What changed
Revenue was $5.8B in Q1 2025, down 3% year over year and down 4% from the previous quarter. Bitcoin revenue was the largest line at 40% of revenue. Bitcoin revenue lost $0.43B year over year (down 16%), 232% of the total change.
Gross margin was 39.7%, up 4.5 points from a year earlier. Operating profit was $0.33B, a 5.7% margin (up 1.5 points year over year). Operating expenses grew 6% against a revenue fall of 3%. The fastest-growing cost line was Sales & marketing (+14%). Net earnings were $0.19B, down 60% year over year. The effective tax rate was 16.9%.
Operating cash flow was $0.13B (down 73% year over year), 71% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.32B of share-based compensation. Working capital and other items used $0.46B. Capital expenditures of $0.03B left free cash flow of $0.10B.
Questions
What was Block's revenue in the first quarter 2025?
Block (XYZ) reported revenue of $5.8B for the first quarter 2025 (Q1 2025), -3% from a year earlier and -4% from the quarter before.
Was Block profitable in the first quarter 2025?
Operating profit was $329M (5.7% of revenue) and net earnings $190M.
Source: Block 10-Q on SEC EDGAR.