Block raises full-year guidance on 27% gross profit growth despite $173M bitcoin remeasurement loss!

Jack Dorsey's Block Inc posted first-quarter 2026 gross profit of $2.91 billion — up 27% year-over-year — and lifted its full-year outlook, projecting 19% gross profit growth and 62% adjusted diluted EPS growth for the year. Adjusted operating income surged 56% to $728 million, pushing margins to a record 25% of gross profit, while adjusted EPS climbed 52% to $0.85.

The headline drag was a $173 million non-cash bitcoin remeasurement loss tied to fair-value accounting on Block's 28,355 BTC treasury and customer holdings — valued at roughly $2.2 billion — which contributed to a net loss attributable to common stockholders of $309 million. The loss is unrealized and a direct consequence of the FASB mark-to-market treatment Block adopted.

Cash App drove the quarter, with gross profit up 38% to $1.91 billion on strength in lending, banking, and commerce — though its bitcoin business was…