Block raises profit outlook as Cash App growth lifts quarterly results

Business · First reported 3 Nov, 21:09 · Updated 21:55

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Block raised its gross profit forecasts after third-quarter growth at Cash App and Square, while reporting higher credit losses. It also disclosed a preliminary agreement with the US Department of Justice over its anti-money laundering program.

Block raised its 2026 gross profit forecast to $12.63 billion, from $12.51 billion, and forecast $3.32 billion for the fourth quarter.
Third-quarter gross profit rose 27% at Cash App and 14% at Square; losses on transaction, loan and consumer receivables increased 65.6% to $601.7 million.
Block said it had reached an agreement in principle with the DOJ to defer a charge related to its anti-money laundering program; the arrangement remains subject to a final agreement and court approval.

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Key facts

2026 gross profit forecast: $12.63 billion, up from the prior $12.51 billion forecast.
Fourth-quarter gross profit forecast: $3.32 billion.
Cash App gross profit: Up 27% year over year in the third quarter.
Credit losses: Losses on transaction, loan and consumer receivables rose 65.6% to $601.7 million in the third quarter.
DOJ agreement: Block reported an agreement in principle to defer for three years a charge concerning its anti-money laundering program; final terms and court approval remained pending.