These forward-looking statements include discussions of our outlook, strategy, and guidance, as well as our long-term targets and goals, and how we plan to operate moving forward. With Rule of 40, we are evaluating the sum of our gross profit growth and adjusted operating income margin. In 2025, gross profit growth more than doubled from the first quarter to the fourth quarter. We accelerated Square GPV growth and had our strongest new volume added year on record.
Small businesses that rely on us to get paid, to manage their money, to access capital. Amrita will now share more detail on the quarter and our outlook for the year. The organizational changes we're sharing today represent a deliberate choice about Block's next phase of growth. In the fourth quarter, we outperformed our guidance across gross profit, adjusted operating income, and adjusted EPS, translating product velocity into strong financial performance.
Gross profit growth more than doubled from the first quarter to the fourth quarter, leading to $10.36 billion in gross profit for the full year and growth of 17% year-over-year. Even with additional investment in go-to-market, we grew adjusted operating income 30% year-over-year in 2025, delivering 2 points of margin expansion. We grew consumer lending origination volume by 50% year-over-year in 2025, while sustaining strong margins and healthy risk loss performance. We accelerated Square GPV growth from 8.6% in 2024 to 10% in 2025 and delivered our strongest year ever for new volume added, or NVA, as we expanded our distribution channels.
| Metric | Period | Current guidance |
|---|---|---|
| Full-year gross profit growth | FY2026 | 18% to $12.2 billion (Raised) |
| Q1 gross profit growth | Q1 2026 | 22% to $2.8 billion |
| Adjusted operating income | FY2026 | $3.2 billion (up 54% YoY, 6 points margin expansion) (Raised) |
| Adjusted diluted EPS | FY2026 | $3.66 (up 54% YoY) (Raised) |
| Q1 adjusted operating income | Q1 2026 | $600 million (up 29% YoY) |
| Q1 adjusted diluted EPS | Q1 2026 | $0.67 (up 20% YoY) |
| Metric | YoY | Note |
|---|---|---|
| Total gross profit (Q4) | +24% to $2.87 billion | Strength across Cash App and Square translating product velocity into financial performance |
| Adjusted operating income (Q4) | +46% to $588 million | Margin expansion of 3 points even with investment in high-ROI initiatives |
| Cash App gross profit (Q4) | +33% to $1.83 billion | Reignited network growth, deeper engagement, and primary banking actives growth |
| Consumer lending origination volume (Q4) | +69% | Borrow expansion via Square Financial Services and integration with Cash App Green |
| Square GPV (Q4) | +10.3% | Distribution gains across self-onboarding, sales, and partnerships |
| Square gross profit (Q4) | +7.5% | Growth in financial solutions, partly offset by hardware and processing cost headwinds |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| AI / intelligence-native operating model | — | Reorganizing as a smaller, faster, intelligence-native company; developer velocity up over 40% in production code per engineer since September | New emphasis |
| Cash App Green / primary banking | Launched November | Drove primary banking actives to 9.3 million and lifted offer attach rates from ~2% to ~14% | Scaling |
| Cash App Borrow | Growing | Origination volume up over 3x year-over-year; transitioned fully to Square Financial Services enabling new states and improved unit economics | Accelerating |
| Square go-to-market expansion | 15 US sales reps in Q1 | Over 140 reps by year-end, over 100 independent sales organizations, sales-led NVA up 62% | Expanding |
| Cash App Score monetization | — | Made available to third-party lenders with strong early demand; intends to show score to customers and sell data | Emerging |
| Buy now, pay later / Afterpay | Post-purchase scaling | Launched Afterpay pre-purchase on Cash App Card in February and Pay in Four for peer-to-peer | Expanding |