Block reported third-quarter gross profit of $3.24 billion, up 22% from a year earlier, even as gross profit from its Bitcoin business fell by half. The payments company beat estimates with adjusted earnings of $1.13 per share and revenue of $6.72 billion.
Cash App led the growth with $2.07 billion in gross profit, up 27%. Block credited gains in lending, card use and Afterpay’s post-purchase financing. Square’s gross profit rose 14% to $1.16 billion as the value of payments it processed also grew 14%.
Block’s Bitcoin business generated $1.80 billion in revenue, down 11% year over year, and $52 million in gross profit, down 50%. The company said lower fees on certain Cash App Bitcoin transactions were the main reason gross profit fell. Trading volume rose even as a lower average Bitcoin price weighed on revenue.
Separately, Block booked a $229.7 million gain from revaluing its Bitcoin investment. The company held about 9,237 BTC for long-term investment at September 30, worth $771.9 million at quarter-end. Bitcoin’s price had moved the company’s reported earnings in the opposite direction in the first quarter.
Block raised its 2026 outlook to $12.626 billion in gross profit, $3.519 billion in adjusted operating income and $4.15 in adjusted diluted earnings per share. It expects fourth-quarter gross profit of $3.315 billion, up 15% year over year.
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