Block projects 30% annual growth in adjusted operating income through 2028

Block Inc. (NYSE: SQ) outlined its three-year financial projections during its 2025 Investor Day, forecasting significant growth across key metrics through 2028.

The financial services company expects gross profit to grow in the mid-teens range annually, reaching approximately $15.8 billion by 2028. Adjusted operating income is projected to increase about 30% annually to $4.6 billion in 2028, while adjusted earnings per share are expected to grow in the low 30% range annually to $5.50.

Block introduced a new metric called non-GAAP cash flow, which accounts for capital required to grow its lending products. The company expects this measure to reach 25% of gross profit by 2028, totaling more than $4.0 billion. The company also projects achieving Rule of 40 in 2026 and sustaining it through 2028.

For 2026 specifically, Block forecasts 17% gross profit growth to $11.98 billion year-over-year. Adjusted operating income and adjusted earnings per share are expected to grow over 30% to $2.70 billion and $3.20 respectively. Non-GAAP cash flow is projected at 20% of gross profit, or $2.40 billion, for 2026.

The company announced a $5 billion increase to its share repurchase program. As of September 30, 2025, approximately $1.1 billion remained under Block's prior $4 billion share repurchase authorization.

"Our guidance reflects the strength of our connected ecosystems and our ability to deliver compounding growth while expanding margins," said Amrita Ahuja, Block's chief operating officer and chief financial officer.

Block operates several brands including Square for commerce services, Cash App for money transfers, and Proto for bitcoin mining products and services.

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