Block, Inc (XYZ) Cash Flow Statement
Where XYZ’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.58B +51.1% vs 2024
- Capital expenditures
- $155.0M 0.6% of revenue
- Free cash flow
- $2.42B 10.0% margin
- Returned to shareholders
- $2.33B 96% of free cash flow
- Change in cash
- −$749.2M cash at year-end $12.48B
Cash from operations
$2.58B
Capital expenditures
−$155.0M
Investments (net)
−$3.44B
Acquisitions & other
+$789.0M
Share buybacks (net)
−$2.33B
Net borrowing (repayment)
+$1.05B
Other financing
+$669.8M
Currency & other
+$86.1M
Change in cash
−$749.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
XYZ operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
XYZ cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $23.1M2016 | $2.58B2025 | +68.8%/yr | |
| Capital expenditures | $25.8M2016 | $155.0M2025 | +22.0%/yr | |
| Free cash flow | −$2.7M2016 | $2.42B2025 | — | |
| Free cash flow margin | −0.2%2016 | 10.0%2025 | +10.2 pts | |
| Operating cash flow / net income | 0.872019 | 1.982025 | +1.11 | |
| Stock-based compensation | $138.8M2016 | $1.22B2025 | +27.3%/yr | |
| Dividends paid | $02016 | $130.4M2023 | — | |
| Share buybacks (net) | $02016 | $2.33B2025 | — | |
| Capex / revenue | 1.5%2016 | 0.6%2025 | −0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XYZ cash flow by activity
OperatingInvestingFinancingChange in cash
XYZ net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
XYZ cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.30B | $2.87B | −$21.1M | −$553.0M | $158.8M | $213.1M | $375.4M | −$38.5M | −$62.8M | −$171.6M |
| Depreciation & amortization | $369.5M | $376.1M | $408.6M | $340.5M | $134.8M | $84.2M | $75.6M | $61.0M | $37.3M | $37.7M |
| Stock-based compensation | $1.22B | $1.27B | $1.28B | $1.07B | $608.0M | $397.8M | $297.9M | $216.9M | $155.8M | $138.8M |
| Change in working capital | −$841.5M | $207.3M | −$685.3M | −$599.9M | −$221.4M | −$9.2M | −$150.9M | −$16.1M | −$43.3M | $7.6M |
| Other non-cash items | $532.0M | −$3.02B | −$877.3M | −$83.0M | $167.6M | −$512.8M | −$270.4M | $71.8M | $40.7M | $10.6M |
| Cash from operating activities | $2.58B | $1.71B | $101.0M | $175.9M | $847.8M | $173.1M | $327.6M | $295.1M | $127.7M | $23.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$155.0M | −$153.9M | −$151.2M | −$170.8M | −$304.3M | −$188.4M | −$62.5M | −$62.8M | −$26.1M | −$25.8M |
| Investments (net) | −$3.44B | $650.0M | $125.4M | $1.23B | −$894.3M | −$181.1M | $4.7M | −$630.9M | −$340.6M | −$122.7M |
| Acquisitions & other investing | $789.0M | $153.9M | $708.9M | $170.8M | −$112.2M | −$237.2M | $153.0M | −$212.2M | $26.1M | $25.8M |
| Cash from investing activities | −$2.80B | $650.0M | $683.2M | $1.23B | −$1.31B | −$606.6M | $95.2M | −$905.8M | −$340.6M | −$122.7M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$130.4M | −$1.39B | −$1.78B | −$1.86B | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$2.33B | −$1.17B | −$156.8M | −$4.7M | −$323.0M | −$314.0M | −$212.3M | −$189.1M | −$44.7M | $90.9M |
| Net borrowing (repayment) | $1.05B | $1.93B | −$209.0M | $748.6M | $2.01B | $2.24B | $2.12B | $459.7M | $428.2M | −$168,000 |
| Shares issued | $0 | $0 | $0 | $0 | $793.2M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $669.8M | $1.20B | $256.1M | $739.9M | $1.95B | $3.61B | −$1.66B | $245.1M | $71.4M | $0 |
| Cash from financing activities | −$613.1M | $1.95B | −$240.1M | $97.6M | $2.65B | $3.68B | $243.4M | $515.8M | $454.9M | $90.7M |
| Summary | ||||||||||
| Net change in cash | −$749.2M | $4.22B | $573.2M | $1.46B | $2.18B | $3.26B | $670.1M | −$102.2M | $246.3M | −$807,000 |
| Cash at end of period | $12.48B | $13.23B | $9.01B | $8.44B | $6.98B | $4.79B | $1.54B | $632.8M | $735.1M | $488.7M |
| Free cash flow | $2.42B | $1.55B | −$50.2M | $5.1M | $543.5M | −$15.3M | $265.1M | $232.3M | $101.6M | −$2.7M |
| Free cash flow margin | 10.0% | 6.4% | −0.2% | 0.0% | 3.1% | −0.2% | 5.6% | 7.0% | 4.6% | −0.2% |
| Capex / revenue | 0.6% | 0.6% | 0.7% | 1.0% | 1.7% | 2.0% | 1.3% | 1.9% | 1.2% | 1.5% |
| Operating cash flow / net income | 1.98 | 0.60 | — | — | 5.34 | 0.81 | 0.87 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $87.1M | −$308.6M | $115.6M | $461.6M | $538.3M | $188.7M | $1.92B | $281.1M | $189.9M | $470.8M | $157.8M | −$33.8M |
| Depreciation & amortization | $95.1M | $96.0M | $96.1M | $92.1M | $92.4M | $88.9M | $88.9M | $92.7M | $96.9M | $97.6M | $105.3M | $115.5M |
| Stock-based compensation | $259.8M | $338.7M | $293.5M | $309.4M | $297.3M | $315.2M | $316.9M | $324.1M | $320.6M | $311.2M | $331.6M | $345.7M |
| Change in working capital | $28.3M | $454.0M | −$486.4M | $64.8M | −$251.3M | −$168.5M | −$151.0M | $199.4M | $36.5M | $122.5M | −$664.1M | $269.2M |
| Other non-cash items | $549.7M | $385.5M | $602.3M | $523.2M | −$302.4M | −$291.1M | −$2.17B | −$212.5M | −$124.5M | −$512.7M | −$728.5M | −$205.4M |
| Cash from operating activities | $1.02B | $965.6M | $621.0M | $1.45B | $374.3M | $133.3M | $13.8M | $684.8M | $519.4M | $489.4M | −$797.9M | $491.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$53.2M | −$30.6M | −$41.2M | −$50.6M | −$31.3M | −$31.9M | −$27.0M | −$56.6M | −$38.4M | −$32.0M | −$51.7M | −$37.7M |
| Investments (net) | −$286.2M | −$322.0M | −$1.71B | −$1.10B | −$485.8M | $914.7M | −$323.2M | $105.7M | −$175.0M | $1.04B | $278.2M | −$173.9M |
| Acquisitions & other investing | $33.1M | $652.6M | −$379.0M | $50.6M | $31.3M | $31.9M | $27.0M | $56.6M | $38.4M | $32.0M | $51.7M | $37.7M |
| Cash from investing activities | −$306.4M | $300.0M | −$2.13B | −$1.10B | −$485.8M | $914.7M | −$323.2M | $105.7M | −$175.0M | $1.04B | $278.2M | −$173.9M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$150.4M | — |
| Share repurchases & issuance (net) | −$64.9M | −$636.0M | −$790.1M | −$403.0M | −$692.2M | −$445.3M | −$183.2M | −$345.6M | −$389.5M | −$252.1M | −$156.8M | $70.4M |
| Net borrowing (repayment) | −$949.8M | −$841.2M | $856.8M | $2.00B | $61.5M | −$1.87B | $573.7M | $679,000 | — | — | — | $130.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$342.0M | $1.23B | −$26.8M | −$128.9M | −$277.1M | $1.10B | $317.0M | $416.6M | $1.53B | $284.5M | $1.11B | −$520.5M |
| Cash from financing activities | −$1.36B | −$251.9M | $39.8M | $1.47B | −$907.8M | −$1.21B | $707.6M | $71.7M | $1.14B | $32.4M | $800.4M | −$319.6M |
| Summary | ||||||||||||
| Net change in cash | −$643.3M | $1.01B | −$1.46B | $1.80B | −$946.6M | −$141.3M | $296.1M | $915.6M | $1.49B | $1.52B | $338.4M | −$37.7M |
| Cash at end of period | $12.85B | $13.49B | $12.48B | $13.95B | $12.14B | $13.09B | $13.23B | $12.93B | $12.02B | $10.53B | $9.01B | $8.67B |
| Free cash flow | $966.6M | $935.0M | $579.8M | $1.40B | $343.0M | $101.5M | −$13.2M | $628.2M | $481.0M | $457.4M | −$849.6M | $453.5M |
| Free cash flow margin | 14.6% | 15.4% | 9.3% | 22.9% | 5.7% | 1.8% | −0.2% | 10.5% | 7.8% | 7.7% | −14.7% | 8.1% |
| Capex / revenue | 0.8% | 0.5% | 0.7% | 0.8% | 0.5% | 0.6% | 0.4% | 0.9% | 0.6% | 0.5% | 0.9% | 0.7% |
| Operating cash flow / net income | 11.71 | — | 5.37 | 3.14 | 0.70 | 0.71 | 0.01 | 2.44 | 2.74 | 1.04 | −5.06 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
XYZ cash generation
In fiscal 2025 (ended December 31, 2025), Block generated $2.6 billion of cash from operations (up 51.1%) and spent $155.0 million on capital expenditures, leaving free cash flow of $2.4 billion, 10.0% of revenue. It returned $2.3 billion to shareholders through dividends ($0) and net share buybacks ($2.3 billion). Cash and equivalents fell by $749.2 million over the year.
Related: XYZ income statement, XYZ balance sheet. See the XYZ stock overview for the latest quote and news.
XYZ cash flow FAQ
What is Block's free cash flow?
Block's free cash flow was $2.4 billion in fiscal 2025: $2.6 billion of operating cash flow minus $155.0 million of capital expenditures It was $1.6 billion a year earlier..
How much cash does Block generate from operations?
Block generated $2.6 billion of cash from operating activities in fiscal 2025, 1.98 times its net income of $1.3 billion.
How much does Block spend on capital expenditures?
Block spent $155.0 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $153.9 million the year before.
How much stock does Block buy back?
Block spent $2.3 billion on net share repurchases in fiscal 2025.