Block reports 31% drop in bitcoin gross profit, raises 2026 forecast to 12.51 billion

Block reported a 31% year-over-year decline in bitcoin ecosystem gross profit for Q2, attributed to reduced Cash App transaction fees. Revenue from the bitcoin ecosystem was 1.89 billion dollars, down 13% from 2.17 billion dollars a year earlier, but up 5% from Q1. Gross profit fell to 72 million dollars from 105 million dollars. Cash App generated 1.81 billion dollars of this revenue. The company recorded an 88.5 million dollar paper loss on its bitcoin holdings, compared to a 212.2 million dollar gain a year prior. As of May 8, Block held 9,032 BTC, valued at over 586 million dollars. Net income for the quarter was 89 million dollars, down from 538 million dollars a year earlier. Total gross profit rose 25% year-over-year to 3.17 billion dollars, with Cash App gross profit increasing 31% to 1.97 billion dollars. Block raised its full-year profit forecast to 12.51 billion dollars, indicating a potential 21% annual growth. Following the results, Block shares reversed an initial 4.5% gain, trading over 2% lower at 84.20 dollars.

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