Filing Flows › Block (XYZ) › Q3 2025
Block (XYZ) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Block (XYZ) reported revenue of $6.1B for the third quarter 2025 (Q3 2025), +2% from a year earlier and +1% from the quarter before. Operating margin was 6.7%, net earnings $462M (7.5% of revenue).
Block, Q3 2025: revenue $6.1B (+2% year over year), operating margin 6.7%, net earnings $462M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.1B | +1% | +2% |
| Gross profit | $2.7B | +5% | +18% |
| Operating profit | $409M | -15% | +27% |
| Net earnings | $462M | -14% | +64% |
| Operating cash flow | $1.5B | +288% | +112% |
| Free cash flow | $1.4B | +308% | +123% |
What changed
Revenue was $6.1B in Q3 2025, up 2% year over year and up 1% from the previous quarter. Subscription and services-based revenue was the largest line at 36% of revenue. Subscription and services-based revenue added $0.41B year over year (up 23%), 292% of the total change. Bitcoin revenue declined 19%.
Gross margin was 43.5%, up 5.9 points from a year earlier. Operating profit was $0.41B, a 6.7% margin (up 1.3 points year over year). Of the extra revenue versus a year earlier, 62% reached operating profit, above the 5% margin then. Operating expenses grew 17% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+74%). Net earnings were $0.46B, up 63% year over year. The effective tax rate was 23.3%. Non-operating items added $0.19B, 32% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.5B (up 112% year over year), 314% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.31B of share-based compensation. Working capital and other items added $0.59B. Capital expenditures of $0.05B left free cash flow of $1.4B.
Questions
What was Block's revenue in the third quarter 2025?
Block (XYZ) reported revenue of $6.1B for the third quarter 2025 (Q3 2025), +2% from a year earlier and +1% from the quarter before.
Was Block profitable in the third quarter 2025?
Operating profit was $409M (6.7% of revenue) and net earnings $462M.
Source: Block 10-Q on SEC EDGAR.