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Block lifts 2026 gross profit outlook after Cash App-led quarter
CNA, carrying Reuters, said Block raised its 2026 gross profit forecast after a Cash App- and Square-led third quarter, while credit losses rose.
- CNA is now reporting this
- New headline Was: “Block raises full-year profit outlook as Cash App drives Q3 growth”
- Our desk filed its story
Based on reporting by CNA
Wire reporting: (Reuters, via CNA)
Block Inc. raised its full-year 2026 gross profit outlook on Tuesday after reporting higher third-quarter earnings, CNA said, carrying a Reuters report, citing strength in Cash App and Square amid an uncertain economic backdrop1.
Cash App gross profit rose 27 percent from a year earlier and Square merchant gross profit rose 14 percent, according to the Reuters account via CNA1. The report said Cash App reached 60 million monthly transacting actives in September, which CEO Jack Dorsey, in a shareholder letter cited by Reuters, tied to Neighborhoods1.
Block now expects 2026 gross profit of $12.63 billion, or 22 percent growth, versus a prior forecast of $12.51 billion, and fourth-quarter gross profit of $3.32 billion, CNA reported1. It also cited a 2027 gross profit forecast of $14.52 billion, implying 15 percent growth, and said Chief Operating Officer Owen Jennings expects the fourth quarter to be the first in which the company generates revenue directly from AI tools1.
Adjusted operating income was $923 million, or $1.13 a share, for the quarter ended Sept. 30, versus $480 million, or 54 cents, a year earlier, the report said1. Losses on transaction, loan and consumer receivables rose 65.6 percent to $601.7 million1. CFO Amrita Ahuja told Reuters that Cash App Card spending and Borrow repayment rates remained strong, according to CNA1.
