Block's Q3 Earnings: Another Miss, Another Excuse
Okay, so Block (XYZ) just dropped their Q3 2025 numbers, and surprise, surprise, they whiffed it. Shares are down 13%? Should be more, frankly. They're blaming increased expenses, naturally. Always someone else's fault, right?
EPS at $0.54 against an expected $0.64. Revenue, $6.11 billion when the Street wanted $6.31 billion. Give me a break.
And here's the kicker: they're trying to spin it. Gross Payment Volume beat estimates, gross profit exceeded forecasts. So what? You can juggle numbers all you want, but the bottom line is still in the toilet. It's like trying to convince me a turd is a chocolate bar because it kinda looks like one.
The Cash App Mirage
Let's be real, Block is basically the Cash App company these days. That's where the real money is—$1.62 billion in profit for Q3, up 24% year-over-year. Good for them. So, when does the actual Block part of Block start pulling its weight? All these side projects—Tidal, Bitkey, Proto—are they actually contributing anything or just sucking up resources?
They're touting growth in the Buy Now, Pay Later space. BNPL? More like "Buy Now, Regret Later." It's predatory lending dressed up in millennial-friendly packaging. And we're supposed to celebrate this?
I saw something else too. If you try to go to investors.block.xyz to see their earnings releases, you get an "Access Denied" error, claiming you're using automation tools. What's that about? Are they actively trying to hide something? It's a bad look, offcourse. Access to this page has been denied.
The Wall Street Shills
Of course, Wall Street's still clinging to hope. "Moderate Buy" rating, 26% upside potential. Analysts are smoking something potent, I guess. 25 Buys, 4 Holds, and a measly 3 Sells. Are these guys even paying attention? Or are they just regurgitating whatever PR fluff Block feeds them?
I'm looking at this "consensus Moderate Buy rating" and wondering if these analysts are using the same reality I am. Maybe I'm missing something, but it feels like they're grading on a curve so generous it's practically horizontal. What happens when the music stops and the BNPL bubble bursts? Or when some other shiny new fintech app steals Cash App's thunder? Then what?
So, What's the Real Story?
They're selling a dream built on shaky foundations, and Wall Street's lapping it up. I ain't buying it.