The news: Block’s gross profit rose to $2.54 billion, an increase of 14% YoY.

• Cash App’s gross profit grew 16% YoY
• Square’s gross profit increased 11% YoY

Following the strong metrics, Block raised its gross profit guidance to $10.17 billion, or 14% growth YoY for 2025. The company also joined the S&P 500 this quarter, drawing an opportunity for more investors.

Payment volumes: Block processed $218 billion in P2P volume and $183 billion in commerce solutions for Cash App. Square’s GPV ($64.2 billion) jumped by 10%, with international payment accounting for 18% of the growth in Q2. 

Growth points: Block excelled this quarter at shipping new products quickly, rolling out Cash App Afterpay, and serving the younger generations’ financial needs through Cash App.

• New products. Block launched Square Handheld and Square Online during the quarter.
• New payments. Bitcoin payments went live on Square; Tap to Pay for Cash App Businesses rolled out on iPhones; and Pools for Cash App debuted in Q2
• AI. Block introduced Square AI and Cashbot, the AI-powered customer service bot.
• BNPL. Block unveiled Pay Monthly for Afterpay Single Use payments. BNPL gross profit surged, driven by more  Cash App cardholders using post-purchase BNPL.
• Youth engagement. Block notched 5 million active teen Cash App accounts with nearly 80% of teen account holders using the Cash App debit card.

Our take: Block is trying to use its patchwork quilt of products to serve consumers’ banking and commerce needs all in one place. Developments like Cash App Afterpay are gradually drawing the distinct Cash App and Square ecosystems into a robust dual-sided network. 

However, the Cash App’s enduring lack of a credit card makes it harder for Block to sell itself as the one-stop shop for young people’s financial needs.

This content is part of EMARKETER’s subscription Briefings, where we pair daily updates with data and analysis from forecasts and research reports. Our Briefings prepare you to start your day informed, to provide critical insights in an important meeting, and to understand the context of what’s happening in your industry. Non-clients can click here to get a demo of our full platform and coverage.