Block Raises Forecast After Strong Q2 Results

Block, the fintech company founded by Jack Dorsey, has revised its forecast for 2026 after reporting strong second-quarter results. According to its 10-Q report, Block's gross profit increased by 25% year-over-year, reaching $3.17 billion.

The company's adjusted operating income was $863.8 million, surpassing Wall Street's consensus forecast of 87 cents per share. Adjusted diluted earnings per share also reached $1.02.

Block's bitcoin ecosystem revenue declined by 13% year-over-year to $1.89 billion, while the segment's gross profit fell by 31% to $72 million. The company attributed this decline to a strategic decision to reduce fees on bitcoin transactions via Cash App and a slowdown in activity in the primary cryptocurrency market.

Block also recorded an unrealized loss on its bitcoin reserve of $88.5 million due to changes in asset value. At the time of writing, Block held 9117 BTC, according to Bitcoin Treasuries.