Block Raises 2026 Guidance as Bitcoin Ecosystem Gross Profit Falls 50%

Block raised its full-year 2026 outlook after third-quarter revenue and adjusted earnings topped analyst estimates, as overall gross profit increased even while its Bitcoin ecosystem gross profit fell by half.

Revenue reached $6.72 billion, compared with the $6.62 billion analyst estimate. Adjusted earnings were $1.13 per share, above the $1.02 estimate. On a GAAP basis, Block recorded net income of $565.6 million, or 92 cents per share.

Gross profit rose 22% from a year earlier to $3.24 billion. Cash App generated $2.07 billion, up 27%, and Square, Block’s merchant business, contributed $1.16 billion, an increase of 14%.

Cash App had 60 million monthly active users during the quarter. Its consumer lending origination volume climbed 40% year over year to $19 billion.

Gross profit from Block’s Bitcoin ecosystem dropped 50% to $52 million. Block attributed most of the decline to lower transaction fees on specific Bitcoin services in Cash App.

For full-year 2026, Block now expects adjusted earnings of $4.15 per share, above analyst estimates. It also raised its gross profit outlook to $12.626 billion, which would represent 22% growth.

Block expects fourth-quarter gross profit of $3.32 billion. The outlook follows a quarter in which gains in overall gross profit and Cash App accompanied a steep decline in Bitcoin ecosystem gross profit.