Financial services company Block has posted its Q2 earnings, showing continued Bitcoin accumulation for the quarter ended June 30, 2025.
The firm reported stable growth in revenue and other financial metrics, rolling out multiple products such as Square AI, Square Handheld, and a new version of Square Online.
“This quarter you can see our work paying off. We’re back to growth mode across the company – we are shipping faster, launching new features like pools in just a few months, and we are accelerating the pace of delivering AI functionality to customers,” said Jack Dorsey in the earnings call as part of prepared remarks.
Gross profit for the quarter was $2.5 billion, up by 14% on a y-o-y basis. Total net revenue was $6.05 billion, of which revenue from Bitcoin was $2.14 billion, subscription-based revenue was $2.05 billion, and transaction-based revenue was $1.82. Billion.
Bitcoin costs were $2.06 billion.
How does Block define its Bitcoin sales and costs in the balance sheet?
Block’s 10-Q filing with the SEC informs what Bitcoin revenue and Bitcoin costs are as per the company’s definitions.
“bitcoin revenue is the total sale amount of bitcoin to customers,” states the report.
“Bitcoin costs are comprised of the total amount we pay to purchase bitcoin, which fluctuates in line with bitcoin revenue,”
Key profitability metrics ended up significantly higher on a y-o-y basis, with operating income of $484.3 million. Net income was $538.3 million after a remeasurement of gains on Bitcoin investment valued at $212.1 million was added.
Block entered the S&P 500 in July, replacing energy company Hess after it was acquired by Chevron.
The figures for Block’s Q2 earnings are still unaudited.