Block, Inc. (ticker XYZ), Jack Dorsey’s fintech and digital-payments giant with a significant Bitcoin footprint, reported third-quarter earnings of $461.5 million on revenue of $6.11 billion in the period, according to its 10-Q filing with the Securities and Exchange Commission.
“Block grew gross profit 18% year over year in the third quarter, with 24% year-over-year growth in Cash App and 9% year-over-year growth in Square,” Dorsey wrote in a shareholder letter.
Shares of XYZ were down 3.7% to $70.94 at market close and down 9.6% to $64.10 after hours, according to The Block’s price page and the Wall Street Journal.
The company met or exceeded some analyst expectations, while missing other key metrics. Adjusted operating income, for instance, came in at $409 million, missing consensus estimates of $473 million, while Block’s EBITDA — or earnings before interest, taxes, depreciation, and amortization — rose 3% to $833 million, short of its estimated $840 million, according to Investor’s Business Daily.
Block’s bitcoin revenue accounted for about $1.97 billion of its total revenue, down from $2.4 billion during the same quarter last year. That said, bitcoin represents Block’s second-largest revenue source behind subscription and services-based revenue.
Bitcoin costs were also down to $1.89 billion in Q3 2025 from $2.36 billion in Q3 2024. The firm’s BTC holdings — totalling over $1 billion — recorded a negative remeasurement of about $59 million in the quarter and $178 million year-to-date.
As of the end of September, Block held 8,780 BTC, up from 8,485 BTC at the beginning of the year.
In October, Block rolled out new bitcoin payment tools and a merchant wallet for merchants. Earlier this year, the firm paid $40 million to settle with the New York Department of Financial Services over alleged anti-money laundering failures related in part to its bitcoin operations.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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