TREE NEWS reports: Block reported third-quarter gross profit of $3.24 billion, up 22% year over year. Cash App gross profit rose 27% to $2.07 billion and Square rose 14% to $1.16 billion, while bitcoin-related revenue was $1.8 billion with gross profit of $52 million, down 50%, which Block attributed to lower bitcoin transaction fees on Cash App. Adjusted operating income was $923 million, up 92%, and Block raised its full-year 2026 gross profit guidance to $12.63 billion, up 22%.
Block Q3 gross profit rises 22% to $3.24B, bitcoin gross profit falls 50%
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AI take
The divergence is the story: Block's overall profitability is accelerating on Cash App and Square, while bitcoin gross profit halves on softer transaction fees — a reminder that bitcoin exposure inside fintechs can be a thin-margin, fee-dependent business rather than a reliable profit engine. The raised 2026 guidance signals management expects the non-bitcoin segments to carry the outlook. Worth watching is whether the bitcoin fee softness proves cyclical or structural, and whether Cash App's momentum keeps offsetting it as bitcoin's contribution to group profit continues to shrink.
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