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XYZ · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 9.3% y/y to $6.62B, operating margin 6.8% vs 8.0%, net income $88.5M (−83.6% y/y).
Net income (loss) attributable to common stockholders
$88.5M
down 83.6% y/y
Total net revenue
$6,618M
up 9.3% y/y
Operating income
$447M
down 7.7% y/y
Gross profit
$3,166M
up 24.8% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Commerce enablement revenue | $3,342 · +15.3% |
| Financial solutions revenue | $1,382 · +40.4% |
| Bitcoin ecosystem revenue | $1,894 · −12.8% |
| Total net revenue | $6,618 · +9.3% |
| Commerce enablement costs | $1,524 · +12.5% |
| Financial solutions costs | $93.8 · +13.5% |
| Bitcoin ecosystem costs | $1,821 · −11.9% |
| Amortization of acquired technology assets | $12.8 · −11.1% |
| Gross profit | $3,166 · +24.8% · 47.8% margin |
| Product development | $609 · −16.1% |
| Sales and marketing | $665 · +21.0% |
| General and administrative | $826 · +83.8% |
| Transaction, loan, and consumer receivable losses | $585 · +99.1% |
| Amortization of customer and other acquired intangible assets | $34.3 · +1.1% |
| Operating income | $447 · −7.7% · 6.8% margin |
| Interest expense, net | $55.7 · +135% |
| Remeasurement loss (gain) on bitcoin investment | $88.5 · vs $212 |
| Other expense (income), net | $1.2 · −91.0% |
| Income (loss) before income tax | $301 · −54.3% |
| Provision for income taxes | $214 · +77.1% · 71.1% effective rate |
| Less: Net loss attributable to noncontrolling interests | $1.4 · +1068% |
| Net income (loss) attributable to common stockholders | $88.5 · −83.6% · $0.15/sh · 1.3% margin |
Verdict: revenue grew 9.3% y/y to $6.62B, operating margin 6.8% vs 8.0%, net income $88.5M (−83.6% y/y).
Source and notation
Source: Block press release, 8-K EX-99.1 of 08/05/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
Open as an image: XYZ, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “XYZ Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/xyz/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/xyz/q2-2026"><img src="https://whoreportstoday.com/t/xyz/q2-2026/sankey.png" alt="XYZ Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/xyz/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/xyz/q2-2026">XYZ Q2 2026 earnings chart (Who Reports Today)</a>
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- Year over year gross profit growth was 25%, with record profitability.
- Gross margin was 47.8% vs 41.9% a year earlier.
- Operating income was $447M, a 6.8% margin vs 8.0% a year earlier.
- The effective tax rate was 71.1% vs 18.4% a year earlier.
- Diluted EPS was $0.15 vs $0.87 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
XYZ — a financial technology company that runs two ecosystems for small businesses and individuals.
It reports two segments: Square, which gives sellers card acceptance, point-of-sale software, hardware, banking and lending, and Cash App, which lets consumers send, spend, save and borrow money and buy bitcoin; it earns from transaction fees, subscriptions and services, hardware and bitcoin sales. · Source: annual report (Form 10-K, SEC)
Heads-up
- net income fell 84% y/y in Q2 2026
Net income for Q2 2026: $88.5M, −84% y/y. In the report's figures: costs grew faster than revenue: general and administrative +84% y/y, transaction, loan, and consumer receivable losses +99% y/y, provision for income taxes +77% y/y. Based on the Q2 2026 report.
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