Block lifts FY26 earnings guidance after record Q1 performance
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The news: Payment processing software company Block has lifted its full-year adjusted operating income guidance to USD3.34 billion ($4.63 billion), representing 60% year-on-year growth.
Block has also raised its adjusted diluted earnings per share guidance to USD3.85, citing outperformance in the first quarter and optimism for the remainder of the year.
The numbers: In the first quarter, adjusted operating income increased to USD728 million, up from USD466 million a year ago. Adjusted EBITDA reached USD1 billion, up from USD813 million in the prior corresponding period.
Total revenue rose to USD6.05 billion, compared to USD5.77 billion a year prior.
The company now expects to deliver USD12.33 billion in full-year gross profit, representing 19% year-on-year growth.
The context: Block stated that the upgraded FY26 guidance reflects robust first-quarter performance driven by strong volume growth in its Cash App business, which recorded a 38% year-on-year increase.
The source: ASX
