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Earnings

Block climbs 14.18% as Cash App growth drives a quarterly beat and a higher profit outlook

The Cash App and Square parent raised its full-year gross profit forecast and said it expects at least 15% growth in 2027.

· AP's Morning Brief

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Block (XYZ) shares were up $10.78, or 14.18%, at $86.78 as of 11:15 a.m. ET on Wednesday, compared with Tuesday's regular-session price of $76.00, after the payments company reported third-quarter results ahead of expectations and lifted its outlook.

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Gross profit rose 22% from a year earlier to $3.24 billion, Reuters reported, with Cash App gross profit up 27% to $2.07 billion and Square gross profit up 14%. Adjusted earnings came in at $1.13 a share, above the $1.03 consensus cited by Investing.com, on revenue of $6.72 billion. Adjusted operating income rose 92% to $923 million.

Block now expects 2026 gross profit of $12.63 billion, up from its prior forecast of $12.51 billion, and said it expects gross profit to grow at least 15% in 2027. Chief executive Jack Dorsey said in his shareholder letter that the Neighborhoods feature was a key driver of Cash App reaching 60 million monthly transacting actives in September.

There were softer spots. Losses on transaction, loan and consumer receivables rose 65.6% to $601.7 million as lending products grew, according to Reuters, and gross profit from the bitcoin business fell 50% to $52 million after Block cut certain fees, The Block reported. Yahoo Finance noted that the results gave investors more evidence of savings from the company's decision in February to cut about 40% of its workforce.

Sources

  1. Nasdaq.com quote (XYZ) — XYZ last sale $86.825, net change +10.825, +14.24% as of Nov 4, 2026 11:15 AM ET (implies prior regular-session price $76.00).
  2. Yahoo Finance chart data (XYZ) — XYZ regular-market price $86.78 at 11:15 ET Nov 4, 2026; Nov 3 regular-session price $76.00; change +10.78, +14.18%.
  3. Reuters via Investing.com — Cash App gross profit up 27%; Square gross profit up 14%; Dorsey: Neighborhoods key driver of 60 million monthly transacting actives in September; losses on transaction, loan and consumer receivables up 65.6% to $601.7 million; 2026 gross profit outlook $12.63 billion (22% growth) vs prior $12.51 billion.
  4. Investing.com — Adjusted EPS $1.13 vs consensus $1.03; revenue $6.72 billion; gross profit up 22% to $3.24 billion; adjusted operating income up 92% to $923 million; Cash App gross profit $2.07 billion.
  5. The Block — Expects gross profit to grow at least 15% in 2027; bitcoin ecosystem gross profit fell 50% to $52 million after fee reduction; shares ended Tuesday at $76.
  6. Yahoo Finance — February decision to cut 40% of workforce, about 4,000 jobs; financial benefits from workforce reduction.