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Arphra AIPlain-English read on Block, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $17.66B | $17.53B | $21.92B | $24.12B | $24.19B | $25.96B | $29B | $32.63B | $35.49B |
| Cost of revenue | $13.35B | $11.54B | $14.58B | $15.23B | $13.83B | $16.16B | $17.91B | $20.64B | $22.07B |
| Gross profit | $4.31B | $5.99B | $7.33B | $8.89B | $10.36B | $9.55B | $10.9B | $12.61B | $13.15B |
| Gross margin | +24.39% | +34.18% | +33.45% | +36.85% | +42.82% | +36.80% | +37.59% | +38.63% | +37.06% |
| Operating | |||||||||
| Research & development | $1.32B | $2.14B | $2.72B | $2.91B | $0 | $2.06B | $2.3B | $2.6B | $2.98B |
| Selling, general & administrative | $2.53B | $3.74B | $3.98B | $4.13B | $2B | $3.86B | $4.27B | $4.67B | $5.21B |
| Total operating expenses | $3.85B | $6.62B | $6.7B | $8B | $8.65B | $8.82B | $9.4B | $10.76B | $11.69B |
| Operating income | $458.34M | -$624.53M | $632.83M | $892.33M | $1.71B | $1.17B | $1.28B | $1.52B | $1.66B |
| Operating margin | +2.60% | -3.56% | +2.89% | +3.70% | +7.06% | +4.50% | +4.43% | +4.65% | +4.68% |
| EBITDA | $408.48M | $313.25M | $379.42M | $2.06B | $1.82B | $1.51B | $1.7B | $1.92B | $2.14B |
| EBIT | $190.59M | -$27.28M | -$29.14M | $1.69B | $1.82B | $1.22B | $1.41B | $1.55B | $1.71B |
| Below the line | |||||||||
| Interest expense | $33.12M | $36.23M | $0 | $9.3M | $129.36M | $50.2M | $57.01M | $63.93M | $67.23M |
| Interest income | $0 | $0 | $47.22M | $0 | $0 | $18.4M | $20.35M | $23.5M | $25.38M |
| Other income / expense | -$300.87M | $59.22M | -$661.97M | $464.83M | -$18.5M | — | — | — | — |
| Pre-tax income | $157.46M | -$565.32M | -$29.14M | $1.36B | $1.69B | $1.09B | $1.2B | $1.38B | $1.45B |
| Income tax expense | -$1.36M | -$12.31M | -$8.02M | -$1.51B | $385.7M | $247.15M | $279.37M | $301.74M | $339.14M |
| Earnings | |||||||||
| Net income | $166.28M | -$540.75M | $9.77M | $2.9B | $1.3B | $1.2B | $1.31B | $1.45B | $1.61B |
| Net income · continuing ops | $158.83M | -$553.01M | -$21.12M | $2.87B | $1.3B | $1.51B | $1.69B | $1.89B | $2.07B |
| Net margin | +0.94% | -3.08% | +0.04% | +12.01% | +5.39% | +4.62% | +4.51% | +4.44% | +4.54% |
| EPS · basic | $0.36 | $-0.93 | $0.02 | $4.70 | $2.13 | $4.02 | $5.18 | $6.32 | $7.58 |
| EPS · diluted | $0.33 | $-0.93 | $0.02 | $4.55 | $2.10 | $3.89 | $5.05 | $6.28 | $7.45 |
| EPS · low estimate | — | — | — | — | — | $3.72 | $4.11 | $4.14 | $6.96 |
| EPS · high estimate | — | — | — | — | — | $4.02 | $5.64 | $8.48 | $8.58 |
| Shares · basic | 458.43M | 578.95M | 608.86M | 616.99M | 612.24M | 618.26M | 612.67M | 611.63M | 613.55M |
| Shares · diluted | 501.78M | 578.95M | 614.02M | 636.39M | 622.84M | 622.05M | 619.1M | 626.38M | 618.62M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 27 | 26 | 16 | 15 |
| Analysts (EPS) | — | — | — | — | — | 24 | 26 | 13 | 11 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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