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Company Research23 Feb 2024
Klarna: From Stockholm Startup to Wall Street IPO
Klarna grew from a 2005 startup into a fintech powerhouse, redefining payments with buy now, pay later before making its Wall Street debut in 2025.
Block (XYZ) investor relations material
Block Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Gross profit grew 18% year-over-year to $2.66B–$2.7B in Q3 2025, accelerating from 14% in Q2, led by Cash App and Square segments.
Cash App reached 58 million monthly actives, with gross profit per active up 25% year-over-year to $94.
Square gross profit grew 9% year-over-year, with GPV up 12% and international GPV up 26%.
Net income attributable to common stockholders was $1.95B, with adjusted EBITDA margin of 31%.
Cost efficiency initiatives included an employee cap and $10M in severance and restructuring costs.
Financial highlights
Q3 2025 gross profit: $2.66B–$2.7B, up 18% year-over-year; Cash App gross profit up 24%; Square gross profit up 9%.
Adjusted operating income: $480M–$550M; adjusted EBITDA: $832.7M–$833M; adjusted operating margin: 18%–20%.
Transaction-based revenue grew 9% to $1.87B; subscription and services-based revenue rose 23% to $2.2B.
Cash App Borrow originations grew 134% year-over-year, with annualized net margins of 23%–24%.
Cash and cash equivalents at quarter-end were $8.3B; total liquidity was $10.5B.
Outlook and guidance
Q4 2025 gross profit expected to grow over 19% year-over-year to $2.755B.
Adjusted operating income for Q4 expected at $560M, with margins expanding to 20%.
Full-year 2025 gross profit guidance raised to $10.243B, up more than 15% year-over-year.
Full-year adjusted operating income expected at $2.056B, up nearly 28% year-over-year.
Management expects continued cost discipline and sufficient liquidity for foreseeable needs.
Detail path to Rule of 40 for 2026
Explain stable Borrow margins despite 134% growth
Square mid-market GPV growth drivers
Impact of loan reclassification on credit losses?
What are key risks of Block's AI product integration?
Update on SF bitcoin gross receipts tax dispute
What levers sustain Cash App primary banking growth?
What drives Square's competitive win-backs and low churn?
How does Block's real-time data uniquely power AI?
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Next Block earnings date
Investor Day 202519 Nov, 2025
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Frequently asked questions
The digital payment provider with Bitcoin close to its heart
Block Inc (formerly Square Inc) is an American financial services and digital payments company based in San Francisco, California. The company creates tools to help expand access to the economy through their broad range of products, including point-of-sale hardware and software. The company operates an FDIC-insured bank, consumer payments platform, offers stock and cryptocurrency trading and has made a high number of high-profile acquisitions.
They have four primary services, these are:
Square: a payments platform to make accepting credit card payments and use tablets as payment registers possible for small and medium businesses.
Cash App: an app which allows for p2p money transfers via the app or website. A further extension to this app is “Square Cash for businesses” which makes it possible for individuals, organizations, and business owners to send and receive money. Since 2019 the app allows the buying and selling of bitcoin.
Afterpay: buy-now-pay-later (BNPL) service. Weebly - web hosting service.
Tidal: Jay-Z’s subscription-based music, podcast and video streaming service.
The Founding of Square
It all started with a tiny square card reader - a stamp-sized dongle in plastic, which could be plugged into an iPhone jack, this dongle became the simple solution for artists and vendors to accept credit cards. The two tech entrepreneurs Jack Dorsey and Jim Mckelvey launched Square, now called Block, in 2009. Riding the megatrend of smartphones and online payments, the two St. Louis natives realized that convenient plastic card payments were just the tip of the iceberg.
The original iPhone dongle quickly evolved into an iPad app to get rid of the need for cash registers. Square struck a deal with Apple to sell its hardware in the stores, and later with Starbucks, becoming its official card processor. From there, Square started focusing on all things small business, including loans and payroll.
Cash App – simplifying mobile peer-to-peer payments
Dorsey said that “Cash app was something that everyone in the company, at the time we started, didn’t think we should be doing”. “It was a very hard sell and we weren’t seeing much traction in the market, and every day I was losing credibility”. Eventually the team found a model and made it work. Cash App is a mobile app-focused money transfer service. With the app, users can send and receive funds, set up a bank account and debit card, and also invest in stocks and Bitcoin. The user interface is extremely simple, making it handy for sending and receiving money. Transfers are swift, and the bonus of being able to invest and use a debit card with the service makes it a very useful tool in today's digital environment.
The Afterpay Deal
In the sphere of M&As, where armies of advisors often spend months negotiating key terms and inspecting books and business plans, three months is not a lot of time. Nevertheless, three months was all it took for Square to complete the purchase of the Australian BNPL provider, Afterpay. The takeover interest was big from six potential buyers, but Square made more sense, considering the companies were already exploring services tie-ups. Square was keen on being able to provide a buy-now-pay-later service for Cash App and Afterpay wanted to accelerate growth in the U.S. market, competing with Affirm and Klarna.
The negotiations for the largest buyout ever for an Australian company took place in Hawaii, where key executives met. After a couple of days they left the tropical island, agreeing on the need to combine their services and expertise. 11 weeks after leaving Hawaii, the transaction terms were finalized.
Putting Bitcoin on the balance sheet
Dorsey has been one of the most high-profile pioneers of Bitcoin and often refers to it as “the native currency of the internet”. Back in 2014, the company started experimenting with cryptocurrency within the Cash App, enabling online stores to accept crypto as a payment. After years without any major breakthroughs, the company now facilitates buying and selling of bitcoin within the Cash App, in addition to equities. Additionally, the company holds bitcoin on its balance sheet as an alternative to cash. They have launched several open-source projects within the company and are working on a decentralized cryptocurrency exchange and mining project.
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