Block Gets A Boost From Cash App Lending Surge

After a messy stretch, Block stacked up a stronger first-quarter report, with Cash App — especially consumer lending — doing the heavy lifting. The company raised its 2026 gross profit forecast to $12.33 billion from $12.20 billion, while adjusted net income came in at $513 million, or $0.85 per share. Shares rose about 8% in extended trading Thursday after the release, as Wall Street warmed up to a quarter that made the checkout lane, the Cash App wallet, and the lending counter look like they were finally pulling in the same direction.

The strongest signal came from Cash App, where the business looked a lot livelier than it did during last year’s slowdown. Cash App gross profit rose 38% from a year earlier, while consumer lending origination volume jumped 82% to $17.6 billion. The takeaway was that Cash App is becoming a more complete consumer-finance engine, with lending, cards, banking tools, and everyday spending all feeding the same machine. The app is no longer just a way to send a friend dinner money — it is becoming the part of Block that can keep consumers inside the ecosystem long after the payment is made.

On the merchant side, Square helped show this was not just a Cash App comeback. Gross payment volume through the seller business climbed 13%, showing that merchants were still putting meaningful traffic through Block’s checkout systems. That matters because Block works best when both sides of the company are moving — Cash App pulling in consumers, Square serving sellers, and the company finding ways to connect the two without making the whole setup feel like a fintech junk drawer.

Still, the quarter had a few rough seams. Block reported a GAAP net loss of $309 million after $852 million in restructuring and other charges tied to its push to operate with a smaller workforce and heavier use of artificial intelligence. But investors had enough to work with — stronger gross profit, a raised full-year outlook, a sharper Cash App rebound, and a Square business that kept processing. That gave Block something it has badly needed — a quarter where Cash App, Square, and lending looked like parts of one coherent business.

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