Filing Flows › Block (XYZ) › Q2 2025
Block (XYZ) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Block (XYZ) reported revenue of $6.1B for the second quarter 2025 (Q2 2025), -2% from a year earlier and +5% from the quarter before. Operating margin was 8.0%, net earnings $538M (8.9% of revenue).
Block, Q2 2025: revenue $6.1B (-2% year over year), operating margin 8.0%, net earnings $538M, operating cash flow $374M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.1B | +5% | -2% |
| Gross profit | $2.5B | +11% | +14% |
| Operating profit | $484M | +47% | +58% |
| Net earnings | $538M | +185% | +184% |
| Operating cash flow | $374M | +181% | -28% |
| Free cash flow | $343M | +238% | -29% |
What changed
Revenue was $6.1B in Q2 2025, down 2% year over year and up 5% from the previous quarter. Bitcoin revenue was the largest line at 35% of revenue. Bitcoin revenue lost $0.47B year over year (down 18%), 463% of the total change.
Gross margin was 41.9%, up 5.6 points from a year earlier. Operating profit was $0.48B, a 8.0% margin (up 3.0 points year over year). Operating expenses grew 7% against a revenue fall of 2%. The fastest-growing cost line was Other operating costs (+41%). Net earnings were $0.54B, up 176% year over year. The effective tax rate was 18.4%. Non-operating items added $0.18B, 27% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.37B (down 28% year over year), 70% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.30B of share-based compensation. Working capital and other items used $0.55B. Capital expenditures of $0.03B left free cash flow of $0.34B.
Questions
What was Block's revenue in the second quarter 2025?
Block (XYZ) reported revenue of $6.1B for the second quarter 2025 (Q2 2025), -2% from a year earlier and +5% from the quarter before.
Was Block profitable in the second quarter 2025?
Operating profit was $484M (8.0% of revenue) and net earnings $538M.
Source: Block 10-Q on SEC EDGAR.