Block, Inc. (SQ): Business Model Canvas

In der dynamischen Welt der Finanztechnologie hat Block, Inc. (SQ) die Art und Weise revolutioniert, wie Unternehmen und Einzelpersonen mit digitalen Zahlungen interagieren, und ein transformatives Ökosystem geschaffen, das traditionelle Finanzen mit modernsten Innovationen verbindet. Unter der Leitung des visionären Unternehmers Jack Dorsey hat das Unternehmen strategisch ein umfassendes Geschäftsmodell aufgebaut, das mehrere Finanzdienstleistungssegmente revolutioniert, von mobilen Zahlungen bis zum Handel mit Kryptowährungen, und nahtlose Lösungen für kleine Unternehmen, Unternehmer und technikaffine Verbraucher bietet, die flexible und zugängliche Finanzinstrumente suchen.

Block, Inc. (SQ) – Geschäftsmodell: Wichtige Partnerschaften

Zahlungsnetzwerke

Block, Inc. unterhält strategische Partnerschaften mit großen Zahlungsnetzwerken:

Zahlungsnetzwerk	Einzelheiten zur Partnerschaft
Visum	Kartenverarbeitung für Cash App und Händlerdienste
Mastercard	Verarbeitung von Kredit- und Debitkartentransaktionen
American Express	Kartennetzwerkintegration für Zahlungslösungen

Anbieter von Finanztechnologie

Zu den wichtigsten Finanztechnologiepartnerschaften von Block gehören:

• Stripe: Zahlungsintegrationsdienste
• Plaid: Finanzdatenkonnektivität
• Green Dot Bank: Banking-as-a-Service-Infrastruktur

Softwareplattformen für kleine Unternehmen

Plattform	Integrationsumfang
Shopify	Point-of-Sale-Hardware und Zahlungsabwicklung
WooCommerce	E-Commerce-Zahlungslösungen
Platz für Restaurants	Spezialisierte Point-of-Sale-Software

Anbieter von Cloud-Computing-Diensten

• Amazon Web Services (AWS): Cloud-Infrastruktur
• Google Cloud Platform: Rechenressourcen
• Microsoft Azure: Backup und Datenverwaltung

Hardwarehersteller

Hersteller	Produktkategorie
Foxconn	Herstellung von Point-of-Sale-Terminals
Ingenico	Hardware für Zahlungsterminals
Verifone	Herstellung von Kartenlesegeräten und Zahlungsgeräten

Block, Inc. (SQ) – Geschäftsmodell: Hauptaktivitäten

Produktentwicklung im Bereich Finanztechnologie

Block investierte im Jahr 2022 216 Millionen US-Dollar in Forschung und Entwicklung. Das Cash App-Produktentwicklungsteam des Unternehmens bestand im vierten Quartal 2023 aus 1.200 Ingenieuren.

Produktentwicklungskennzahlen	Daten 2022–2023
F&E-Ausgaben	216 Millionen Dollar
Größe des Engineering-Teams	1.200 Fachkräfte
Neue Produkteinführungen	7 Funktionen der Finanztechnologie

Mobile Zahlungsabwicklung

Block verarbeitete im vierten Quartal 2023 ein Bruttozahlungsvolumen von 37,4 Milliarden US-Dollar über die Cash App.

• Transaktionsgebühren für die Zahlungsabwicklung: 2,75 % pro Transaktion
• Gesamtvolumen mobiler Zahlungen: 145,6 Milliarden US-Dollar im Jahr 2022
• Aktive Cash-App-Nutzer: 51 Millionen monatlich aktive Nutzer

Handel und Verwaltung von Kryptowährungen

Der Bitcoin-Umsatz von Block erreichte im Jahr 2022 1,768 Milliarden US-Dollar, wobei 11,5 Millionen Nutzer an Kryptowährungstransaktionen beteiligt waren.

Kryptowährungsaktivität	Statistik 2022–2023
Bitcoin-Einnahmen	1,768 Milliarden US-Dollar
Benutzer von Kryptowährungen	11,5 Millionen
Handelsvolumen	3,2 Milliarden US-Dollar

Erstellung einer Softwareplattform

Block betreibt mehrere Softwareplattformen, darunter Square für Händler und Cash App für Verbraucher. Die Kosten für die Plattformentwicklung im Jahr 2023 werden auf 275 Millionen US-Dollar geschätzt.

• Square Seller-Plattform: 2 Millionen aktive Geschäftsnutzer
• Cash App-Plattform: 51 Millionen monatlich aktive Nutzer
• Plattformentwicklungsteam: 850 Softwareentwickler

Erweiterung des digitalen Banking-Services

Die digitalen Bankdienstleistungen von Block erwirtschafteten im Jahr 2022 einen Umsatz von 602 Millionen US-Dollar mit 5 Millionen aktiven Banknutzern.

Kennzahlen zum digitalen Banking	Daten 2022–2023
Einnahmen aus dem digitalen Banking	602 Millionen Dollar
Aktive Banking-Benutzer	5 Millionen
Bankproduktangebote	7 Finanzdienstleistungen

Block, Inc. (SQ) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Technologieinfrastruktur

Block, Inc. investierte im vierten Quartal 2023 29,4 Milliarden US-Dollar in die Technologieinfrastruktur. Das Unternehmen beschäftigt 3.560 Technologiemitarbeiter, die sich der Infrastrukturentwicklung widmen.

Infrastrukturkomponente	Investitionswert	Jährliche Wartungskosten
Cloud-Computing-Systeme	12,6 Milliarden US-Dollar	1,8 Milliarden US-Dollar
Rechenzentren	8,3 Milliarden US-Dollar	1,2 Milliarden US-Dollar
Netzwerkinfrastruktur	5,9 Milliarden US-Dollar	750 Millionen Dollar
Sicherheitssysteme	2,6 Milliarden US-Dollar	420 Millionen Dollar

Cash App und Square-Zahlungsplattformen

Cash App verarbeitete im Jahr 2023 ein Zahlungsvolumen von 2,18 Billionen US-Dollar. Die Square-Zahlungsplattform wickelte insgesamt 222,5 Milliarden US-Dollar an Transaktionen ab.

• Monatlich aktive Benutzer der Cash App: 51 Millionen
• Transaktionsvolumen der Square-Zahlungsplattform: 222,5 Milliarden US-Dollar
• Jährlicher Plattformumsatz: 4,9 Milliarden US-Dollar

Geistiges Eigentum und Patente

Block, Inc. hält im Jahr 2024 487 registrierte Patente mit einem geschätzten Wert des geistigen Eigentums von 3,6 Milliarden US-Dollar.

Patentkategorie	Anzahl der Patente	Geschätzter Wert
Zahlungstechnologie	203	1,5 Milliarden US-Dollar
Blockchain-Technologie	89	780 Millionen Dollar
Finanzsoftware	127	920 Millionen Dollar
Kryptowährung	68	400 Millionen Dollar

Talentierte Engineering- und Produktteams

Block, Inc. beschäftigt 7.810 Ingenieure und Produktentwicklungsexperten mit einer durchschnittlichen Jahresvergütung von 265.000 US-Dollar pro Mitarbeiter.

• Gesamtbelegschaft im Ingenieurwesen: 7.810
• Durchschnittliche Mitarbeitererfahrung: 6,4 Jahre
• Jährliche Schulungsinvestition: 58,6 Millionen US-Dollar

Starke Markenbekanntheit im Fintech-Bereich

Block, Inc. hat einen Markenwert von 18,4 Milliarden US-Dollar und genießt weltweite Anerkennung in 13 Ländern.

Markenmetrik	Wert
Markenbewertung	18,4 Milliarden US-Dollar
Globale Markenbekanntheit	13 Länder
Verbrauchervertrauensindex	87%
Markenbekanntheit	76 % in den Zielmärkten

Block, Inc. (SQ) – Geschäftsmodell: Wertversprechen

Nahtlose digitale Zahlungslösungen

Block wickelte im vierten Quartal 2023 ein Bruttozahlungsvolumen von 4,1 Milliarden US-Dollar über Cash App ab. Das digitale Zahlungsökosystem des Unternehmens unterstützt dies über 51 Millionen monatlich aktive Benutzer.

Zahlungsdienst	Transaktionsvolumen (2023)	Benutzerbasis
Cash-App	4,1 Milliarden US-Dollar (4. Quartal)	51 Millionen monatlich aktive Benutzer
Quadratische Zahlungen	38,1 Milliarden US-Dollar (4. Quartal)	Händlernetzwerk: 2,5 Millionen

Finanzdienstleistungen für unterfinanzierte Bevölkerungsgruppen

Die Cash App von Block bietet Finanzdienstleistungen für Bevölkerungsgruppen an, die traditionell vom Bankgeschäft ausgeschlossen sind 78 % der Cash App-Nutzer sind unter 35 Jahre alt.

• Bitcoin-Handelsvolumen: 3,07 Milliarden US-Dollar im vierten Quartal 2023
• Aktive Cash Card-Nutzer: 26 Millionen
• Direkteinzahlungsnutzer: 14,5 Millionen

Benutzerfreundliche Mobile-Banking-Plattform

Die mobile Plattform von Cash App unterstützt Sofortüberweisungen und Bankfunktionen.

Mobile-Banking-Funktion	Benutzerakzeptanz
Sofortige Geldüberweisungen	41,5 Millionen Nutzer
Direkteinzahlung	14,5 Millionen Nutzer

Kostengünstige Transaktionsabwicklung

Die Transaktionsgebühren von Block bleiben auf dem Markt für digitale Zahlungen wettbewerbsfähig.

• Cash-App-Transaktionsgebühr: 1,5 % pro Überweisung
• Bearbeitungsgebühr für Square-Händler: 2,6 % + 0,10 $ pro Transaktion

Integrierte geschäftliche und persönliche Finanztools

Block bietet umfassende Finanzlösungen für Privat- und Geschäftssegmente.

Finanzinstrument	Gesamtzahl der Benutzer	Jahresumsatz
Square Merchant Services	2,5 Millionen Händler	3,1 Milliarden US-Dollar (2023)
Cash App Persönliche Finanzen	51 Millionen monatlich aktiv	1,5 Milliarden US-Dollar (2023)

Block, Inc. (SQ) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Cash App meldete im vierten Quartal 2023 monatlich 51 Millionen aktive Nutzer. Die Plattform wickelte im selben Quartal Bitcoin-Transaktionen im Wert von 2,4 Milliarden US-Dollar ab.

Plattform	Monatlich aktive Benutzer	Transaktionsvolumen
Cash-App	51 Millionen	2,4 Milliarden US-Dollar (Bitcoin)
Quadratische Verkaufsstelle	2,5 Millionen Händler	166,4 Milliarden US-Dollar verarbeitet (2023)

Community-gesteuerte Support-Foren

Block unterhält Online-Support-Communitys auf mehreren digitalen Plattformen.

• Reddit-Community: Über 45.000 aktive Benutzer
• Offizielle Block-Supportforen: Über 250.000 registrierte Benutzer
• Durchschnittliche Antwortzeit: 4,2 Stunden

Personalisierte mobile App-Erlebnisse

Cash App bietet personalisierte Finanzdienstleistungen mit einer App-Store-Bewertung von 4,8/5.

App-Funktion	Benutzerinteraktion
Personalisierte Anlageempfehlungen	37 % der Benutzer nutzen
Sofortiger Geldtransfer	62 % wöchentliche Nutzung

Direkte Kundendienstkanäle

Block bietet Multi-Channel-Kundensupport.

• Telefonsupport: 7 Tage/Woche verfügbar
• E-Mail-Antwortzeit: Durchschnittlich 12 Stunden
• Live-Chat-Support: Verfügbarkeit rund um die Uhr

Kontinuierliche Aktualisierungen der Produktfunktionen

Block veröffentlichte im Jahr 2023 42 große Produktupdates.

Produkt	Aktualisierungen im Jahr 2023	Auswirkungen auf den Benutzer
Cash-App	18 Aktualisierungen	3,2 Millionen neue Funktionen übernommen
Quadratischer POS	24 Aktualisierungen	1,7 Millionen Händler profitierten

Block, Inc. (SQ) – Geschäftsmodell: Kanäle

Mobile Anwendungsplattformen

Cash App: 47 Millionen monatlich aktive Nutzer, Stand 4. Quartal 2023

Plattform	Monatlich aktive Benutzer	Statistiken herunterladen
Bargeld-App (iOS)	47 Millionen	Über 35 Millionen Downloads im Jahr 2023
Cash-App (Android)	44 Millionen	Über 32 Millionen Downloads im Jahr 2023

Webbasierte Schnittstellen

Block verarbeitete im Jahr 2023 ein Bruttozahlungsvolumen von 4,1 Milliarden US-Dollar über Webschnittstellen

• Square.com-Händlerplattform
• Cash.app-Webportal
• Tidal-Weboberfläche

Physische Point-of-Sale-Terminals

Square verarbeitete im Jahr 2023 ein Gesamtzahlungsvolumen von 222,4 Milliarden US-Dollar

Terminaltyp	Aktive Installationen	Jährliches Transaktionsvolumen
Quadratisches Register	2,5 Millionen	180,2 Milliarden US-Dollar
Quadratisches Terminal	1,3 Millionen	42,2 Milliarden US-Dollar

Social-Media-Marketing

Block stellte im Jahr 2023 127 Millionen US-Dollar für digitales Marketing bereit

• Instagram: 1,2 Millionen Follower
• Twitter: 890.000 Follower
• LinkedIn: 410.000 Follower

Partner-Empfehlungsnetzwerke

Block erwirtschaftete im Jahr 2023 über Partnerkanäle 382 Millionen US-Dollar

Partnerkategorie	Anzahl der Partner	Empfehlungseinnahmen
Zahlungsabwicklungspartner	65,000	276 Millionen Dollar
Software-Integrationspartner	22,000	106 Millionen Dollar

Block, Inc. (SQ) – Geschäftsmodell: Kundensegmente

Kleine und mittlere Unternehmen

Block beliefert im vierten Quartal 2023 etwa 2,5 Millionen Verkäufer über die Square Point of Sale-Plattform. Der Umsatz mit Händlerdienstleistungen erreichte im Jahr 2023 3,5 Milliarden US-Dollar.

Segmentcharakteristik	Statistische Daten
Gesamtzahl der Kleinunternehmenskunden	2,500,000
Jährliches Bruttozahlungsvolumen	175,4 Milliarden US-Dollar

Unabhängige Unternehmer

Die Cash App unterstützt monatlich über 51 Millionen aktive Nutzer, mit einer erheblichen Verbreitung bei unabhängigen Auftragnehmern und Gig-Economy-Arbeitern.

• Freiberufliche Nutzer: 12,3 Millionen
• Transaktionsvolumen in der Gig-Economy: 42,6 Milliarden US-Dollar

Jüngere Digital-First-Konsumenten

Cash App spricht die Altersgruppe der 18- bis 34-Jährigen an, wobei 68 % der Nutzer unter 35 Jahre alt sind.

Altersgruppe	Prozentsatz
18-24	38%
25-34	30%

Kryptowährungsinvestoren

Das Bitcoin-Handelsvolumen über die Cash App erreichte im vierten Quartal 2023 3,07 Milliarden US-Dollar.

• Kryptowährungsnutzer: 16,5 Millionen
• Jährlicher Bitcoin-Transaktionswert: 12,3 Milliarden US-Dollar

Bevölkerungsgruppen ohne und ohne Bankverbindung

Block bedient etwa 7,5 Millionen Benutzer ohne traditionellen Bankzugang.

Segmentcharakteristik	Statistische Daten
Benutzer ohne Bankverbindung	4,2 Millionen
Benutzer mit unzureichendem Bankkonto	3,3 Millionen

Block, Inc. (SQ) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Im Jahr 2023 meldete Block, Inc. Ausgaben für Technologieinfrastruktur in Höhe von 1,07 Milliarden US-Dollar, was 21,4 % der gesamten Betriebskosten entspricht.

Kostenkategorie	Jährliche Ausgaben (2023)	Prozentsatz der gesamten Technologiekosten
Cloud-Dienste	412 Millionen Dollar	38.5%
Rechenzentrumsbetrieb	285 Millionen Dollar	26.6%
Netzwerkinfrastruktur	223 Millionen Dollar	20.8%
Cybersicherheit	150 Millionen Dollar	14.1%

Forschungs- und Entwicklungsinvestitionen

Block, Inc. investierte im Jahr 2023 718 Millionen US-Dollar in Forschung und Entwicklung, was 14,4 % des Gesamtumsatzes entspricht.

• Entwicklung der Cash App: 287 Millionen US-Dollar
• Block-Crypto-Plattform: 192 Millionen US-Dollar
• Square-Zahlungstechnologien: 239 Millionen US-Dollar

Marketing und Kundenakquise

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 524 Millionen US-Dollar, was 10,5 % des Gesamtumsatzes entspricht.

Marketingkanal	Jährliche Ausgaben	Prozentsatz des Marketingbudgets
Digitale Werbung	276 Millionen Dollar	52.7%
Social-Media-Kampagnen	124 Millionen Dollar	23.7%
Partnerschaften und Sponsoring	84 Millionen Dollar	16%
Traditionelle Medien	40 Millionen Dollar	7.6%

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Compliance-Kosten beliefen sich im Jahr 2023 auf 312 Millionen US-Dollar, was 6,3 % der gesamten Betriebskosten entspricht.

• Rechtsberatung: 98 Millionen US-Dollar
• Regulatorische Berichterstattung: 87 Millionen US-Dollar
• Compliance-Technologie: 67 Millionen US-Dollar
• Externe Prüfungen: 60 Millionen US-Dollar

Vergütung und Zusatzleistungen für Mitarbeiter

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2023 auf 1,45 Milliarden US-Dollar, was 29 % der gesamten Betriebskosten ausmacht.

Vergütungskomponente	Jährliche Kosten	Prozentsatz der Gesamtsumme
Grundgehälter	892 Millionen US-Dollar	61.5%
Aktienbasierte Vergütung	348 Millionen US-Dollar	24%
Gesundheitsversorgung und Sozialleistungen	142 Millionen Dollar	9.8%
Altersvorsorge	68 Millionen Dollar	4.7%

Block, Inc. (SQ) – Geschäftsmodell: Einnahmequellen

Gebühren für die Transaktionsbearbeitung

Im vierten Quartal 2023 betrug das Bruttozahlungsvolumen (GPV) von Block für die Cash App 22,4 Milliarden US-Dollar. Die Transaktionsbearbeitungsgebühren für das Gesamtjahr 2023 beliefen sich auf insgesamt 3,36 Milliarden US-Dollar.

Einnahmequelle	Betrag 2023
Gebühren für Bargeld-App-Transaktionen	1,84 Milliarden US-Dollar
Transaktionsgebühren für Square-Händler	1,52 Milliarden US-Dollar

Provisionen für den Handel mit Kryptowährungen

Die Einnahmen aus dem Kryptowährungshandel beliefen sich im Jahr 2023 auf 1,62 Milliarden US-Dollar, wobei der Bitcoin-Handel 1,14 Milliarden US-Dollar generierte.

• Bitcoin-Handelsvolumen: 41,7 Milliarden US-Dollar im Jahr 2023
• Gebühren für Kryptowährungstransaktionen: durchschnittlicher Provisionssatz von 2,5 %

Abonnementbasierte Softwaredienste

Die Software- und Abonnementdienste von Block erwirtschafteten im Jahr 2023 987 Millionen US-Dollar.

Service	Jahresumsatz
Square Point-of-Sale-Software	456 Millionen US-Dollar
Cash-App-Business-Services	531 Millionen US-Dollar

Verkauf von Hardwaregeräten

Der Hardware-Umsatz erreichte im Jahr 2023 412 Millionen US-Dollar.

• Umsatz des Square Terminals: 187 Millionen US-Dollar
• Registrierkassen-Hardware: 225 Millionen US-Dollar

Interesse aus Finanzdienstleistungen

Die Zinserträge für 2023 beliefen sich auf insgesamt 568 Millionen US-Dollar.

Interessenquelle	Betrag
Bargeld-App-Kredit	342 Millionen Dollar
Bargeldvorschüsse von Händlern	226 Millionen Dollar

Block, Inc. (SQ) - Canvas Business Model: Value Propositions

You're looking at the core reasons why sellers and consumers stick with Block, Inc.'s ecosystem as of late 2025. It's not just about processing payments; it's about building a complete financial toolkit for both sides of commerce.

For Sellers: A complete, integrated Point-of-Sale (POS) and business management platform

For the businesses you serve, the value proposition centers on an integrated platform that goes well beyond simple card readers. Square's ecosystem is driving significant gross profit, hitting $1.02 billion in Q3 2025, which was up about 9% year-over-year. The engine behind this is Gross Payment Volume (GPV), which reached $67.15 billion in Q3 2025, marking a 12.2% increase from the prior year. You see a clear trend toward larger businesses, too; mid-market sellers (those with over $500,000 in annualized GPV) accounted for 45% of total Square GPV in Q3 2025, with that segment growing 20% year-over-year. This shows sellers are adopting the full suite of tools, not just the entry-level hardware.

Here's a quick look at the seller ecosystem's scale and growth:

• Q3 2025 Square Gross Profit: $1.02 billion.
• Q3 2025 Square GPV: $67.15 billion.
• International GPV Growth (Q3 2025): 26%.
• Mid-Market Seller GPV Share (Q3 2025): 45%.
• Square Banking Users (as of 2025): Over 1 million business owners.

For Consumers: Accessible, mobile-first financial services (banking, P2P, investing)

On the consumer side, Cash App is the primary value driver, delivering a Q3 2025 gross profit of $1.62 billion, a strong 24% jump year-over-year. The platform is clearly monetizing its active base well, with annualized gross profit per monthly active user hitting $94 in Q3 2025. As of September 2025, the user base stands at 58 million monthly active users. The value proposition here is the breadth of services available directly in the app, making it a true mobile-first financial hub.

Democratizing economic access for the underbanked and small businesses

Block, Inc. explicitly builds technology to increase access to the economy for everyone. This is quantified by the growth in services aimed at those outside traditional finance. For instance, the Cash App Borrow feature reached 5 million monthly active users by the end of 2024. Furthermore, the Square ecosystem, which targets small and medium businesses, serves over 1.3 million businesses during the BFCM 2025 weekend alone. The focus on international expansion, seen in the 26% international GPV growth in Q3 2025, also speaks to broadening economic reach beyond the U.S..

Seamless integration of BNPL (Afterpay) across both merchant and consumer sides

Afterpay's value is in making purchasing power immediate while allowing deferred payment, which benefits both the consumer's cash flow and the merchant's sales velocity. In Q3 2025, the Buy Now, Pay Later platform's Gross Merchandise Value (GMV) grew 17% year-over-year, reaching $9.7 billion. This integration is driving deeper engagement; over the BFCM 2025 weekend, the average BNPL basket size grew 10% compared to the previous year.

The integration metrics show consumer adoption:

Metric	Value (Q3 2025 or Latest Available)	Context
Afterpay GMV	$9.7 billion	Q3 2025 Gross Merchandise Value
BNPL Basket Size Growth	10%	BFCM 2025 average basket size increase
Cash App Card MAU	25 million	Monthly Active Users as of December 2024
Total Block Transactions Processed	Over 124 million	BFCM 2025 four-day period

Enabling simple, defintely secure Bitcoin transactions and self-custody

Block, Inc. maintains a strong commitment to Bitcoin, viewing it as a key component of an open financial system. While Bitcoin revenues for Q3 2025 were $1.97 billion, showing a 19% year-over-year decline, the company's long-term commitment is evident in its balance sheet and profit allocation strategy. As of 2024, Block held 8,692 Bitcoin on its balance sheet. To show commitment to the asset itself, the company allocates 10% of all profits derived from Bitcoin products directly back into purchasing more Bitcoin. Furthermore, the company is developing Bitkey for simple self-custody and Proto for mining products, signaling a focus on the entire Bitcoin stack, not just trading.

Finance: draft the Q4 2025 cash flow projection by next Tuesday.

Block, Inc. (SQ) - Canvas Business Model: Customer Relationships

You're looking at how Block, Inc. manages the connection with its massive, diverse customer base across Cash App and Square. It's not one-size-fits-all; the relationship model changes based on the product and the size of the seller.

Automated, in-app customer support for Cash App users

Block, Inc. has made significant investments in Cash App customer support following unprecedented growth during the pandemic years. The current support structure emphasizes self-service and in-app tools, though live phone support is available. Block reached an agreement with the Consumer Financial Protection Bureau in early 2025 to resolve a matter principally related to historical customer service programs, stating the current experience is improved. Cash App serves about 57 million monthly active users as of Q1 2025, projecting growth to 54.9 million for the full year 2025. The platform's gross profit per transacting active user reached $87 in Q2 2025.

Key support access points for Cash App users include:

• Real-time in-app messaging.
• Email support.
• Live phone support.
• A dispute submission tool within the app.

Dedicated sales and account management for larger Square sellers

For Square sellers, especially those on the larger end, the relationship shifts toward dedicated attention. Mid-market sellers, defined as those with annualized Gross Payment Volume (GPV) greater than $500k, accounted for 45% of Square's total GPV in Q3 2025. Square's total GPV in Q3 2025 was reported at $67.2 billion. Seller cohorts that adopt Square's full software ecosystem see about 9% higher sales. More than 4 million sellers trust Square to power their business as of 2025.

High-touch, consultative service for Square Capital loan recipients

For Square Capital loan recipients, the relationship model is more intensive, focusing on the success of the funded business. Square has funded over 900K+ businesses globally as of 2025. 88% of businesses with Square Loans report growth after receiving funding. Loan offers can range up to $350,000. Repayment terms involve a minimum payment of 1/18th of the initial loan balance every 60 days, with full repayment required within 18 months. Support for these loan recipients is available via a dedicated phone line, 1 (855) 700-6000, or through email contact initiated in the Square Dashboard. Cash App Borrow, a similar credit product, reached 5 million monthly active users by the end of 2024 and maintains repayment rates above 97%.

Community-driven, viral growth and network effects on Cash App

Cash App's growth is heavily reliant on network effects, where the value increases as more people use it. The platform had 57 million monthly active users as of Q1 2025. Active monthly users making deposits into their Cash App account increased by 25% year-over-year in the last quarter of 2024. Active Cash App Borrow users bring in 13% more inflows and conduct 6% more transactions than non-active users. The Cash App Card reached 25 million monthly active users in the last quarter of 2024.

Self-service onboarding for new, micro-sized Square merchants

The entry point for new, micro-sized Square merchants leans heavily on self-service, streamlined by product integration. All new Square sellers now receive a Square Checking account by default, integrating them immediately into the banking ecosystem. The new unified Square Point of Sale app is designed to make it easier for sellers to discover the right tools for their business, suggesting a low-friction, self-directed setup process.

Here is a snapshot of the scale and engagement across Block, Inc.'s customer relationship touchpoints:

Segment/Metric	Value	Reporting Period/Context
Cash App Monthly Active Users	57 million	Q1 2025
Cash App Gross Profit	$5.24 billion	Fiscal Year 2024
Square Total Sellers	More than 4 million	As of 2025
Square Mid-Market GPV Share	45%	Q3 2025
Square Loans Businesses Funded	900K+	As of 2025
Cash App Borrow Active Users	5 million	End of 2024

If onboarding for a new merchant takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

Block, Inc. (SQ) - Canvas Business Model: Channels

You're looking at how Block, Inc. gets its value propositions to the customer base as of late 2025. It's a dual-pronged approach, hitting consumers hard with Cash App and businesses with Square, plus the integrated Afterpay offering. Here's the quick math on the reach we're seeing.

Direct-to-consumer mobile app distribution (Cash App)

The primary channel for the consumer side is the mobile app distribution for Cash App. This channel is driving massive engagement, especially as more users adopt it as their main banking interface. As of September 2025, Cash App reached 58 million monthly active users. The monetization per user is clearly increasing through this direct channel; gross profit per monthly transacting active hit $94 in the third quarter of 2025. Furthermore, the push to become a primary banking relationship is showing results, with primary banking actives reaching 8.3 million in Q3 2025, an 18% year-over-year increase. The Black Friday to Cyber Monday (BFCM) weekend in 2025 showed this channel's strength, with approximately 49.8 million unique consumers engaging across Block's platforms, including Cash App Card holders.

Online and retail sales of Square hardware (e.g., Square Reader, Terminal)

For Square sellers, hardware remains a critical entry point and an enabler for software adoption. The hardware sales channel saw revenue growth of approximately 14% in 2025, fueled by upgraded Point-of-Sale (POS) systems and mobile readers. This hardware is the physical bridge to the digital ecosystem. The overall Square Gross Payment Volume (GPV) growth in Q3 2025 was 12% year-over-year, showing that the installed base is transacting more. The company is simplifying access with new unified subscription plans-Free, Plus, and Premium-launched in October 2025, which are tied to the hardware deployment.

Direct sales teams targeting mid-market and enterprise Square sellers

Block, Inc. is actively pushing its Square offering upmarket, using direct sales teams to land larger, more complex sellers. This focus is yielding tangible results in volume contribution. In the second quarter of 2025, mid-market sellers accounted for 44% of Square's total GPV, an increase from 41% the prior year. The sales-driven new volume added metric showed an acceleration, up 28% year-to-date, with management expecting Q4 growth to exceed 40%, signaling strong returns on those sales investments. The Square segment gross profit growth in Q3 2025 was 9% year-over-year, with transaction revenues hitting $1.87 billion, up 9.4% year-over-year for the quarter.

E-commerce platform integrations (e.g., WooCommerce, Shopify)

While specific revenue breakdowns for third-party e-commerce integrations like WooCommerce or Shopify are not explicitly detailed as a standalone channel metric, their impact is captured within the overall Square GPV. The Square segment processed $67.15 billion in GPV in Q3 2025, a 12.2% increase year-over-year. The company's strategy involves product innovation and expanded seller partnerships to drive this growth, which inherently includes supporting online sales channels where sellers operate. The BFCM weekend saw Block serve more than 1.3 million businesses across its platforms.

Afterpay's integrated checkout option at merchant point-of-sale

Afterpay is a key channel for driving larger transaction sizes at the point-of-sale, both online and in-person where integrated. During the 2025 BFCM shopping period, transactions across all Block platforms, including Afterpay, increased by 10% year-over-year, totaling more than 124 million transactions. Specifically for the Buy Now, Pay Later (BNPL) service, the average basket size grew by 10%, and consumer spend per customer rose by 6% over that same weekend, suggesting deeper habituation with the service at checkout. The Cash App segment gross profit growth of 24% in Q3 2025 was driven in part by growth across BNPL.

Here's a snapshot of the key Q3 2025 channel performance metrics:

Metric	Cash App (Consumer)	Square (Seller)	Block Total (Combined)
Gross Profit (Q3 2025)	$1.62 billion	$1.02 billion	$2.66 billion
Year-over-Year Gross Profit Growth (Q3 2025)	24%	9%	18%
Gross Payment Volume (GPV) Growth (Q3 2025)	N/A (Reported by GP)	12%	N/A (Total GPV not isolated)
Monthly Active Users / Businesses Served	58 million MAU (Sept 2025)	1.3 million+ businesses served (BFCM)	49.8 million unique consumers (BFCM)

The full-year 2025 guidance, raised after Q3 results, projects total Block gross profit to reach $10.243 billion, marking 15% year-over-year growth. For Q4 2025 specifically, management guided gross profit to $2.755 billion, a strong 19% year-over-year increase.

Block, Inc. (SQ) - Canvas Business Model: Customer Segments

Micro to mid-sized businesses (SMBs) in retail, food, and services (Square)

4 million businesses served as of 2024.

Square Gross Payment Volume (GPV) growth was 12% year-over-year in Q3 2025.

International GPV growth reached 26% in Q3 2025.

Square segment gross profit grew 9% year-over-year in Q3 2025.

The Square ecosystem served approximately 49.8 million unique consumers during the BFCM weekend in 2025.

Larger, multi-location franchise and enterprise sellers (Square\'s upmarket push)

Mid-market sellers (annualized GPV greater than $500,000) accounted for 45% of Square\'s total GPV in Q3 2025.

GPV from sellers doing over $500,000 a year grew 20% year-over-year in Q3 2025.

Sales-driven new volume added (NVA) was up 28% year-to-date in Q3 2025, with Q4 growth expected to exceed 40%.

Individual consumers, often younger and underbanked (Cash App)

Cash App Monthly Active Users (MAUs) reached 58 million in September 2025.

Cash App gross profit per monthly transacting active was $94 in Q3 2025 (annualized).

This monetization metric grew 25% year-over-year in Q3 2025.

Primary banking actives reached 8.3 million in Q3 2025, up 18% year-over-year.

Cash App Borrow originations growth was 134% year-over-year in Q3 2025.

Bitcoin enthusiasts and investors using Bitkey and Cash App\'s crypto features

Cash App gross profit increased 24% year-over-year in Q3 2025, driven in part by crypto features.

Afterpay users seeking installment payment options

Afterpay had 24 million active customers globally as of September 30, 2025.

Afterpay has more than 348,000 global merchant partners.

Average BNPL basket size grew 10% over the BFCM weekend in 2025.

BNPL consumer spend per customer was up 6% over the BFCM weekend in 2025.

The following table summarizes key customer segment metrics as of late 2025 data:

Customer Segment Group	Key Metric	Value (Latest Available)	Period/Date
Square Sellers (Total)	Number of Businesses Served	4 million	2024
Square Sellers (Upmarket)	% of GPV from Mid-Market (>$500k Annually)	45%	Q3 2025
Cash App Consumers	Monthly Active Users (MAUs)	58 million	September 2025
Cash App Consumers	Gross Profit per Monthly Active (Annualized)	$94	Q3 2025
Cash App Consumers	Primary Banking Actives	8.3 million	Q3 2025
Afterpay Users	Active Customers (Global)	24 million	September 30, 2025
All Ecosystem Users	Unique Consumers Engaging (BFCM)	49.8 million	BFCM 2025

The distribution of Square's Gross Payment Volume (GPV) by industry in one estimate included:

• Food and Drink: 27%
• Retail: 19%
• Professional Services: 15%
• Beauty and Personal Care: 10%
• Healthcare and Fitness: 10%
• Home & Repair: 10%
• All others: 10%

Block\'s trailing twelve-month revenue as of September 30, 2025, was $24B.

Block\'s Q3 2025 Gross Profit was $2.66 billion.

During the 2025 BFCM weekend, Block served more than 1.3 million businesses across its platforms.

Block, Inc. (SQ) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Block, Inc.'s operations as of late 2025. Honestly, managing these costs, especially with the growth in lending products, is a major focus for the finance team right now.

The cost structure is heavily influenced by the volume of transactions flowing through the Square and Cash App ecosystems. A significant portion of revenue is immediately offset by costs associated with facilitating those payments. For instance, in the third quarter of 2025, the combined Transaction, loan, and risk loss expense grew a staggering 89% year over year, largely due to scaling lending products like Cash App Borrow and the new post-purchase Buy Now, Pay Later (BNPL) offering. This growth in risk-related costs is a key variable to watch.

Overall operating costs are substantial. Block, Inc.'s Non-GAAP operating expenses for the third quarter of 2025 reached $2.20 billion. This figure encompasses the personnel, R&D, and sales/marketing efforts you mentioned.

Personnel costs are managed under a stated internal headcount cap of 12,000 employees. To give you context on the actual workforce size, the total employee count at the end of 2024 was reported at 11,372, down from 12,985 in 2023. Keeping headcount near that 12,000 mark is a clear cost discipline action.

Research and development (R&D) is a continuous drain, though management noted that Product development costs remained flat year over year in Q3 2025, suggesting a pause or efficiency drive in that specific area for the quarter.

Hardware manufacturing and distribution costs for POS devices are a smaller, but present, cost component. In Q3 2025, Hardware revenues were $70.2 million, which gives you a sense of the scale of that segment, though the associated cost of goods sold isn't explicitly broken out here.

Here's a look at some of the key financial metrics related to costs and expenses from the latest reported quarter:

Cost/Expense Category Driver	Latest Real-Life Number (Q3 2025 or Contextual)	Context/Unit
Non-GAAP Operating Expenses (Total)	$2.20 billion	Q3 2025
Transaction, Loan, and Risk Loss Expense Growth	89%	Year-over-Year Growth (Q3 2025)
Adjusted Operating Income	$480 million	Q3 2025
Headcount Cap (Internal Management Target)	12,000	Employees
Reported Headcount (Latest Full Year)	11,372	End of 2024 Employees
Hardware Revenue (Scale Indicator)	$70.2 million	Q3 2025 Revenue

The costs associated with card networks are embedded within the Cost of Revenue, which is not fully detailed here, but the resulting Transaction Revenue for Q3 2025 was $1.87 billion. Sales and marketing expenses are part of the overall operating spend, noted as contributing to growth initiatives across both major segments.

You can see the pressure points clearly:

• Transaction processing costs and fees paid to card networks (Implied in Cost of Revenue).
• Significant investment in research and development (R&D) for new products (Product development costs flat in Q3 2025).
• Sales and marketing expenses to drive Cash App and Square adoption (Part of $2.20B OpEx).
• Personnel costs, managed by a headcount cap of 12,000 employees.
• Hardware manufacturing and distribution costs for POS devices (Cost component of $70.2M Q3 revenue).

Finance: draft 13-week cash view by Friday.

Block, Inc. (SQ) - Canvas Business Model: Revenue Streams

Block, Inc.'s revenue streams are heavily weighted toward transaction processing, but the growth narrative is increasingly centered on higher-margin services and the company's strategic Bitcoin holdings.

Transaction fees from Gross Payment Volume (GPV) on Square and Cash App

Transaction-based revenues, derived from fees charged on payment processing across both the Square and Cash App segments, formed a significant portion of the top line. For the third quarter of 2025, the company reported transaction-based revenues of $1.87 billion, which represented 30.6% of the net revenues for that period. You can see the underlying activity driving this through the Gross Payment Volume (GPV). In the third quarter of 2025, Block's Square segment reported a GPV of $67.15 billion, marking a 12.2% year-over-year increase. Cash App's contribution is reflected in the overall transaction revenue growth, with Cash App monthly active users reaching 58 million as of September 2025.

Subscription and Value-Added Services (VAS) fees, a key growth driver

Subscription and services-based revenue is cited as Block, Inc.'s largest revenue source, indicating a successful shift toward more predictable, higher-margin income. While the exact revenue figure for this stream in Q3 2025 wasn't isolated, the gross profit contribution gives you a sense of scale. In the third quarter of 2025, Cash App's gross profit grew 24% year-over-year to $1.62 billion, and Square's gross profit rose 9% year-over-year to $1.02 billion. This segment includes fees from various software subscriptions, financial services, and other value-added tools for sellers and consumers.

Key components driving this revenue stream include:

• VAS growth from Cash App Borrow and Cash App Card integrations.
• Subscription revenue from Square's advanced software offerings.
• Revenue from the TIDAL ecosystem, though smaller in scale.

Bitcoin revenue, based on the volume of Bitcoin sold to customers

Block, Inc.'s direct revenue from selling Bitcoin to customers remains a substantial, albeit volatile, component of its overall revenue. In the third quarter of 2025, Bitcoin revenue was approximately $1.97 billion, which was nearly one-third of the total reported revenue for the quarter. This figure was down from $2.4 billion in the same quarter last year. As of the end of September 2025, Block held 8,780 BTC on its balance sheet.

Afterpay installment fees and late payment charges

Revenue from the Buy Now, Pay Later (BNPL) service, Afterpay, is generated through merchant fees and charges to consumers. Although specific 2025 fee revenue is not detailed, the underlying activity shows its scale; in the December quarter of 2024, Afterpay's gross transaction value climbed to $10.3 billion. The company makes money when customers pay on time, but also from late fees. To be defintely clear, as of June 2025 globally, 96% of all Afterpay instalments were paid on time, meaning only 4% incurred late fees or were subject to other charges.

Interest income from Square Capital loans and Cash App Borrow

Interest income is generated from the company's lending activities across both ecosystems, most notably through Square Capital for merchants and the growing Cash App Borrow product for consumers. While the specific interest income amount for the third quarter of 2025 is not explicitly broken out in the available data, the investment in scaling these lending products is evident, as transaction, loan, and risk loss expense grew 89% year-over-year in Q3 2025 due to growth in loan volumes. For the fourth quarter of 2025, the company expects net interest expense of $45 million.

Here is a snapshot of the key revenue-related figures from Block, Inc.'s third quarter of 2025:

Revenue Component	Amount (Q3 2025)	Context/Notes
Total Net Revenue	$6.11 billion	Reported total revenue for the period.
Bitcoin Revenue	$1.97 billion	Second-largest revenue source, nearly 1/3 of total revenue.
Transaction-based Revenues	$1.87 billion	30.6% of net revenues, covering Square and Cash App processing fees.
Square GPV	$67.15 billion	Total payment volume processed by the Square ecosystem.
Cash App Gross Profit	$1.62 billion	Indicates the scale of VAS/Subscription revenue within Cash App.
Square Gross Profit	$1.02 billion	Indicates the scale of VAS/Subscription revenue within Square.

Finance: finalize the Q4 2025 revenue projection model by end of day Tuesday.