Block Inc. Beats Q2 Forecasts After AI Pivot

Block Inc. reported second-quarter earnings that surpassed analyst expectations, driven by a strategic transition into an intelligence-oriented organization. The company achieved a third-quarter gross profit of $3.17 billion and adjusted earnings per share of $1.02, following a workforce reduction of over 40% intended to prioritize artificial intelligence.

Growth was led by the Square unit, which saw a 10% increase in gross payment volume, and Cash App, which reported a 31% rise in gross profit to $1.97 billion. Based on these results, management increased its full-year gross profit forecast to $12.51 billion and adjusted earnings per share to $4.02.

Business lead Owen Jennings credited AI innovation for the company's ability to ship higher-quality products more rapidly, noting that the first half of 2026 saw more feature releases than the same period in 2025.