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Sankey diagram of Block, Inc.. A complete text table follows the diagram.
Low-margin bitcoin makes the revenue line look enormous, but consumer financial products now drive two-thirds of the gross profit generated across Block's Cash App and Square ecosystems
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All product-to-ecosystem and ecosystem-to-gross-profit flows are directly reported. The visual stops at gross profit because bitcoin revenue contains large pass-through acquisition costs; extending the chart from headline revenue without preserving this distinction would obscure the economics. Filing-backed operating-cost and loss context appears in annotations.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Cash App commerce enablement | 1 | $1.1B | Interchange, instant transfer and commerce services |
| Cash App financial solutions | 1 | $1.0B | Borrow, Afterpay and interest-bearing products |
| Cash App bitcoin sales | 1 | $1.7B | Large pass-through revenue; -25% |
| Square commerce enablement | 1 | $1.8B | Seller payments, software and services |
| Square financial solutions | 1 | $282M | Merchant lending and financial services |
| Square bitcoin ecosystem | 1 | $27.5M | Seller-side bitcoin products |
| Corporate & other revenue | 1 | $73.8M | Other commerce and bitcoin activity |
| Cash App ecosystem | 2 | $3.9B | Consumer money network |
| Square ecosystem | 2 | $2.1B | $63.1B quarterly seller GPV |
| Corporate & other | 2 | $73.8M | Emerging and shared products |
| Cash App gross profit | 3 | $1.9B | 66% of segment gross profit; +38% |
| Cash App direct costs | 3 | $2.0B | Mostly bitcoin acquisition plus payment costs |
| Square gross profit | 3 | $982M | 34% of segment gross profit; +9% |
| Square direct costs | 3 | $1.1B | Payment processing, hardware and service delivery |
| Corporate gross profit | 3 | $19.6M | Other product contribution |
| Corporate direct costs | 3 | $54.3M | Other ecosystem costs |
| Block gross profit | 4 | $2.9B | Up 27% despite only 5% revenue growth |
| From | To | Value |
|---|---|---|
| Cash App commerce enablement | Cash App ecosystem | $1.1B |
| Cash App financial solutions | Cash App ecosystem | $1.0B |
| Cash App bitcoin sales | Cash App ecosystem | $1.7B |
| Square commerce enablement | Square ecosystem | $1.8B |
| Square financial solutions | Square ecosystem | $282M |
| Square bitcoin ecosystem | Square ecosystem | $27.5M |
| Corporate & other revenue | Corporate & other | $73.8M |
| Cash App ecosystem | Cash App gross profit | $1.9B |
| Cash App ecosystem | Cash App direct costs | $2.0B |
| Square ecosystem | Square gross profit | $982M |
| Square ecosystem | Square direct costs | $1.1B |
| Corporate & other | Corporate gross profit | $19.6M |
| Corporate & other | Corporate direct costs | $54.3M |
| Cash App gross profit | Block gross profit | $1.9B |
| Square gross profit | Block gross profit | $982M |
| Corporate gross profit | Block gross profit | $19.6M |