Block Inc
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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Consolidated Statements of Operations
(In thousands, except per share data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenue: | |||
| Transaction-based revenue | $6,613,680 | $6,315,301 | $5,701,540 |
| Subscription and services-based revenue | 7,164,799 | 5,944,842 | 4,552,773 |
| Hardware revenue | 143,369 | 157,178 | 164,418 |
| Bitcoin revenue | 10,199,205 | 9,498,302 | 7,112,856 |
| Total net revenue | 24,121,053 | 21,915,623 | 17,531,587 |
| Cost of revenue: | |||
| Transaction-based costs | 3,881,013 | 3,702,016 | 3,364,028 |
| Subscription and services-based costs | 1,135,813 | 1,075,129 | 861,745 |
| Hardware costs | 236,441 | 267,650 | 286,995 |
| Bitcoin costs | 9,910,386 | 9,293,113 | 6,956,733 |
| Amortization of acquired technology assets | 68,364 | 72,829 | 70,194 |
| Total cost of revenue | 15,232,017 | 14,410,737 | 11,539,695 |
| Gross profit | 8,889,036 | 7,504,886 | 5,991,892 |
| Operating expenses: | |||
| Product development | 2,914,415 | 2,720,819 | 2,135,612 |
| Sales and marketing | 1,984,265 | 2,019,009 | 2,057,951 |
| General and administrative | 2,149,099 | 2,209,190 | 1,686,849 |
| Transaction, loan, and consumer receivable losses | 794,221 | 660,663 | 550,683 |
| Bitcoin impairment losses | — | — | 46,571 |
| Amortization of customer and other acquired intangible assets | 154,709 | 174,044 | 138,758 |
| Total operating expenses | 7,996,709 | 7,783,725 | 6,616,424 |
| Operating income (loss) | 892,327 | (278,839) | (624,532) |
| Interest expense (income), net | 9,302 | (47,221) | 36,228 |
| Remeasurement gain on bitcoin investment | (420,918) | (207,084) | — |
| Other expense (income), net | (53,211) | 4,609 | (95,443) |
| Income (loss) before income tax | 1,357,154 | (29,143) | (565,317) |
| Benefit from income taxes (i) | (1,509,343) | (8,019) | (12,312) |
| Net income (loss) | 2,866,497 | (21,124) | (553,005) |
| Less: Net loss attributable to noncontrolling interests | (30,550) | (30,896) | (12,258) |
| Net income (loss) attributable to common stockholders | $2,897,047 | $9,772 | $(540,747) |
| Net income (loss) per share attributable to common stockholders: | |||
| Basic | $4.70 | $0.02 | $(0.93) |
| Diluted | $4.56 | $0.02 | $(0.93) |
| Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: | |||
| Basic | 616,993 | 608,856 | 578,949 |
| Diluted | 636,390 | 614,024 | 578,949 |
(i)Includes one-time benefits from income taxes of $1.9 billion in fiscal 2024 related to both the release of the Company's valuation allowance associated with certain federal and state deferred tax assets as well as the recognition of deferred tax assets as part of internal legal entity restructuring efforts. Refer to Note 15, Income Taxes within the Notes to the Consolidated Financial Statements for further details.
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