Block Raises 2026 Gross-Profit Outlook After 22% Third-Quarter Gain

Block lifted its 2026 gross-profit forecast to $12.63 billion after third-quarter gross profit rose 22% year over year, even as profit from its Bitcoin (BTC) business fell by half. The company reported $3.24 billion in gross profit for the quarter. Cash App generated $2.07 billion, up 27%, while Square contributed $1.16 billion, a 14% increase. Bitcoin-related revenue was $1.8 billion, but gross profit for the business declined 50% to $52 million. Block attributed the drop mainly to lower fees on some Bitcoin trades in Cash App. Adjusted operating profit reached $923 million, up 92% from a year earlier.