NYSE$XYZ
Block Inc. · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Block Inc. outperformed gross profit and profitability guidance.
In Q1 2024, Block Inc. reported a 22% year-over-year increase in gross profit, reaching $2.09 billion, driven by strong performances in both Cash App and Square ecosystems. Operating income was $250 million, with Adjusted Operating Income at $364 million. Net income attributable to common stockholders was $472 million, with Adjusted EBITDA up 91% year over year to $705 million.
- Gross profit grew 22% year over year to $2.09 billion.
- Cash App gross profit increased by 25% year over year, driven by inflows per active and monetization rate.
- Square gross profit grew 19% year over year, driven by banking products and international markets.
- Operating income was $250 million and Adjusted Operating Income was $364 million.
Headline financials
Revenue & EPS history
Block Inc. · Revenue · Quarterly
$5.96B
Revenue by segment
Block Inc. · $7.98B total across 3 segments · Q3 2023
- Cash App$3.58B+33.6%44.9%
- Bitcoin Ecosystem$2.42B+37.3%30.3%
- Square$1.98B+11.9%24.8%
Forward guidance
Block provided guidance for Q2 2024, expecting gross profit between $2.165 billion and $2.185 billion, with year-over-year growth of 16% to 17%. Adjusted EBITDA is projected to be between $670 million and $690 million, representing a 31% to 32% margin. Adjusted Operating Income is expected to be between $305 million and $325 million, with a 14% to 15% margin.
Tailwinds
- Gross Profit $2.165B to $2.185B
- YoY Growth 16% to 17%
- Adjusted EBITDA $670M to $690M
- Margin 31% to 32%
- Adjusted Operating Income $305M to $325M
Headwinds
- Share-based compensation expense to remain relatively stable year over year on a dollar basis
- Macroeconomic deterioration could impact results.
- Expenses related to amortization of intangible assets in the second quarter would be approximately $58 million
- Expenses related to amortization of intangible assets in the third quarter would be approximately $53 million
- Expenses related to amortization of intangible assets in the fourth quarter would be approximately $53 million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.2%
Avg return
Earnings day
+2.5%
Avg return
5 days after
+4.0%
Avg return
30 days after
52%
24 / 46 earnings
Positive
+35.1%
Q4 2021
Best reaction
-24.5%
Q1 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +7.3% | +1.7% | -3.6% | |
| Q4 2025 | -4.2% | +19.6% | +2.7% | |
| Q3 2025 | -7.7% | -7.3% | -13.8% | |
| Q2 2025 | -4.5% | +0.1% | -2.5% | |
| Q1 2025 | -20.4% | -18.0% | +5.6% | |
| Q4 2024 | -17.7% | -21.4% | -26.4% | |
| Q3 2024 | -4.0% | +12.4% | +26.5% | |
| Q2 2024 | -2.4% | -7.5% | +6.8% | |
| Q1 2024 | +3.9% | +7.1% | -4.1% | |
| Q4 2023 | +22.4% | +20.5% | +25.3% | |
| Q3 2023 | +18.8% | +24.6% | +58.8% | |
| Q2 2023 | -14.7% | -16.3% | -21.9% | |
| Q1 2023 | -0.1% | +0.0% | +7.0% | |
| Q4 2022 | +6.1% | +5.2% | -16.8% | |
| Q3 2022 | +10.0% | +14.4% | +24.8% | |
| Q2 2022 | -0.4% | -7.9% | -24.7% | |
| Q1 2022 | -9.9% | -21.0% | -22.2% | |
| Q4 2021 | +35.1% | +42.1% | +46.9% | |
| Q3 2021 | -6.0% | -8.6% | -28.2% | |
| Q2 2021 | +10.2% | +11.3% | +8.4% | |
| Q1 2021 | +0.6% | -4.8% | -7.8% | |
| Q4 2020 | -11.5% | -14.2% | -22.2% | |
| Q3 2020 | +15.6% | +0.4% | +21.5% | |
| Q2 2020 | +8.7% | +9.2% | +13.4% | |
| Q1 2020 | +11.9% | +12.3% | +34.8% | |
| Q4 2019 | +2.9% | +4.7% | -30.8% | |
| Q3 2019 | +5.5% | +4.5% | +11.3% | |
| Q2 2019 | -13.4% | -19.7% | -23.1% | |
| Q1 2019 | -7.0% | -3.7% | -14.9% | |
| Q4 2018 | +4.2% | -4.2% | -3.9% | |
| Q3 2018 | -2.7% | -9.7% | -21.4% | |
| Q2 2018 | +12.4% | +9.7% | +37.1% | |
| Q1 2018 | +2.1% | +6.1% | +23.3% | |
| Q4 2017 | -1.1% | -1.1% | +5.7% | |
| Q3 2017 | +3.3% | +8.8% | +3.6% | |
| Q2 2017 | -5.9% | -4.2% | -3.3% | |
| Q1 2017 | +5.8% | +4.0% | +23.3% | |
| Q4 2014 | -0.6% | -3.1% | -1.2% | |
| Q4 2016 | +17.2% | +22.6% | +13.4% | |
| Q3 2015 | +8.3% | +10.4% | +18.0% | |
| Q3 2016 | +5.2% | +8.8% | +13.5% | |
| Q2 2015 | +6.8% | +8.2% | +15.4% | |
| Q2 2016 | +12.6% | +12.0% | +19.9% | |
| Q1 2015 | -24.5% | — | — | |
| Q1 2016 | -23.7% | — | — | |
| Q4 2015 | -1.6% | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — |
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