Regional Banks

Pathward Fin

Square/Block

CASH

Below is Dolphin Research's Trans of $Block(XYZ.US) FY26 Q1 earnings call. For the earnings analysis, please see 'US Alipay Block: growth driven by credit, profits from layoffs?'.1) Guidance (raised): FY2026 GP lifted to $12.33bn (+19% YoY; +100bps vs. prior). Adj. OP to $3.34bn with OPM at 27% (+100bps vs. prior), and Adj. diluted EPS $3.85 (+62% YoY)...

Block

SQ (Trans): From app co. to AI co.

Financial Analysis

The US 'Alipay' — $Block(XYZ.US) (XYZ.US) — reported Q1 2026 results after the US close on May 8. The quarter was solid, with revenue and profit beating estimates and momentum improving. Guidance for next quarter was also constructive, with a positive tone on trends.1) Growth and profitability were both strong. Total revenue rose ~5% YoY, weighed by a sharp decline in bitcoin revenue.Ex‑bitcoin, core revenue was about $4.26bn (+~23% YoY). Growth accelerated by ~100bps vs. last quarter and was clearly ahead of Bloomberg estimates...

Grayscale Bitcoin Mini Trust ETF

SQ, the 'US Alipay': growth via credit, profits via layoffs?

Conference Minutes

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09988

89988

HBBD

BABA

KBAB

BABO

BABX

Below is Dolphin Research's compiled FY25Q4 earnings call Trans for $Block(SQ.US). For the earnings analysis, see 'Block: US Alipay‑style platform slashes headcount by 40%! Is compute replacing labor?'.I. Core financial highlights review. II. Earnings call details; 2.1 Key messages from management.1) Core strategy and outlook. Rationale for the organizational overhaul: Despite strong 2025 performance, the company will reduce headcount from over 10,000 to just under 6,000...

Greenpower Motor

ANT GROUP

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Block (Trans): Layoff tailwinds to kick in Q2, margins to trend higher

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The U.S. counterpart to Alipay — $Block(XYZ.US) (XYZ.US) reported Q4 2025 after hours on Feb 27. The surprise plan to cut headcount by 40% overshadowed the print.Driven in part by that announcement, the stock jumped over 20% post-earnings. The headline move drew most of the attention.As usual, we will first review the quarter, then discuss views on this near 'halve-the-company' move in the opinion section. 1) Core revenue and adj. profit beat expectations; on overall results...

Block: US 'Alipay' slashes headcount by 40%; is compute displacing labor?

Block 4Q25 First Take: Beyond the print, the company announced two major moves this quarter. First, it will lay off 40% of staff, cutting headcount from just over 10k to roughly 6k. Management said the business is improving, so the decision is not financial, but to boost organizational agility and leverage AI tools for much higher productivity. Separately, the company changed its reporting taxonomy. Headline segments remain Square merchant / Cash App / Other, but sub-categories shift from transaction/service/hardware/crypto to commerce-related/financial-related/Bitcoin-related. Historical financials were adjusted modestly, and we will reference legacy taxonomy for this quarter. Overall, results were solid. Core revenue ex-Bitcoin rose 22% YoY, beating the Street by ~5pct. GP grew 24% YoY, also ~5pct above estimates, with GPM continuing to improve on better mix and operating efficiency. A small blemish was opex coming in above Bloomberg consensus, largely because estimates were too low (–2% YoY). Actual opex rose 3.8% YoY, with no meaningful step-up in investment. On an Adj. OP basis, results still beat. By segment, Square merchant was soft, with revenue and GP both below expectations. The drag came from a QoQ slowdown in GPV growth. The bright spot was Cash App, with revenue and GP materially above estimates, as active users, inflows, and transaction counts all improved broadly. Guidance for next quarter was also above. The company guided GP of $2.8bn (+22% YoY), ~3% above consensus, and Adj. OP of $600mn vs. $575mn expected. The implied OPM is roughly in line, with OP outperformance driven by the stronger GP guide. $Block(XYZ.US)

Meta/Facebook

Appraisal value

Hot topic

00700

TCEHY

TCTZF

80700

BLUE

HTCD

These days, it's rare to see trillion-dollar giants fluctuating by 10% or 20% in a single day, but Meta is an exception. It took Meta just one quarter to fall from grace. After the Q3 earnings report, investors' panic seemed to have just been digested. Recently, with the expectation of interest rate cuts rising, $Meta Platforms(META.US) has rebounded 10% from the bottom. In terms of narrative, first, Meta has the most extensive application scenarios, and the AI investment process will be accompanied by accelerated revenue, the &#34;AI darling&#34; narrative; then came the Q3 combination of increased investment and slowed revenue growth guidance...

Meta Platforms

TENCENT

Blue Owl Capital

Tencent

Tencent Holdings Limited

TENCENT-R

Bluebird Bio

Tencent HK SDR 10to1

"AI Darling" Quickly Becomes a "Spendthrift", Can Meta Make a Comeback?

ABTC

GBTC

SBET

NVAWW

Below is the earnings call minutes for Block in 2025Q3 compiled by Dolphin Research. For earnings interpretation, please refer to &#34;Plunged 15%, North America's Alipay Block 'Not That Guilty'&#34;. I. Review of Key Financial Data Full-Year Guidance: Q4 2025 gross profit is expected to increase over 19% year-over-year to $2.755 billion; Q4 adjusted operating profit is projected at $560 million, with an operating profit margin of 20%; full-year gross profit is estimated at $10.243 billion (+15%); full-year adjusted operating profit is anticipated to be $2.056 billion (+28%)...

American Bitcoin

Grayscale Bitcoin Trust BTC - ETF

Sharplink

Nova Minerals

VanEck Short Muni ETF

Ameriprise Financial

NOVA MINERALS LTD C/WTS 24/07/2029 (TO PUR ADS)

Block (Minutes): Bitcoin payment feature to be launched soon

CRCL

DLPN

On November 7th, after the U.S. stock market closed, Block (XYZ.US), a leading player in the U.S. payment sector, released its financial report for the third quarter of 2025. Overall, the performance this quarter was not poor. The core revenue, excluding Bitcoin trading business, and the adjusted net profit both exceeded expectations. The guidance for the next quarter also basically met expectations, with no significant flaws in the performance. The sharp drop in stock price was more due to macro market reasons. The key points are as follows: 1. Core revenue and profit slightly exceeded expectations: This quarter, Block's core revenue, excluding Bitcoin, grew by 17% year-on-year...

Circle

Dolphin ENT

Wt Inlt L-Cp Dvd

Plummeting 15%, North America's Alipay Block 'not guilty of this'

HOOD

Block 3Q25 Quick Interpretation: Overall, the company's performance this quarter was not bad. Although at first glance, total revenue and GAAP operating profit were below expectations, the former was dragged down by the Bitcoin trading business, which has high revenue but very low profit impact. Core revenue actually exceeded expectations. Similarly, the adjusted operating profit, which is more closely watched by the market and the company, also exceeded expectations. The company's guidance for 4Q, while not particularly outstanding, was generally in line with or slightly better than expectations. Therefore, Dolphin Research believes that the post-earnings plunge was more due to the overall decline in the US stock market. As long as the performance is not perfect and significantly exceeds expectations, the trend is generally downward. As a member of the cryptocurrency/stablecoin concept, the company's elasticity is relatively greater. Similarly, Hood and Circle also experienced similar declines yesterday, despite Hood's strong performance. Specifically: 1) Core revenue, excluding Bitcoin trading, grew by 17% year-on-year this quarter, significantly accelerating from 10% last quarter and better than expected. Adjusted operating profit was $480 million, also better than expected. The downside is that the year-on-year growth rates of revenue, gross profit, and adjusted profit are gradually slowing down, and the company's operating leverage is currently negatively amplifying. 2) In the Square segment, the total payment volume (TPV) grew by 12.2% year-on-year this quarter, accelerating by 2 percentage points from last quarter. The trend is also positive. The downside is that the gross profit of the Square segment grew by 9% year-on-year, which is slower than the TPV growth rate, indicating that the company has not been able to obtain proportional profit from the increased business volume. 3) In the Cash App segment, the gross profit excluding Bitcoin business grew by 25% year-on-year this quarter, accelerating by nearly 10 percentage points from last quarter, also showing strong performance. On the underlying metrics, the number of active users this quarter finally increased to 58 million after staying at 57 million for six quarters. The amount of funds flowing into the app reached $78.8 billion, also setting a new historical high. 4) Although the Bitcoin segment performed poorly despite the industry's recovery, its impact on profit is minimal. $Block(SQ.US)

Robinhood

GROW

Unity 3Q25 Quick Interpretation: The Q3 performance overall slightly exceeded BBG consensus expectations. The market was particularly focused on advertising revenue, which grew by 11% quarter-on-quarter in Q3, and the guidance for Q4 indicates a mid-single-digit quarter-on-quarter growth (around 5%). Although the quarter-on-quarter growth trend did not surpass the previously expected Q4/Q3 growth rate (+7.6% qoq), considering the cautious guidance style of the new management over the past year (actual growth rates generally exceed guidance by 4-5 percentage points), it is still reasonable to expect a near 10% quarter-on-quarter growth similar to Q3. Although the growth rate is not fast enough, especially compared to Applovin, it can slightly alleviate the nearly month-long sentiment suppression caused by poor channel research data in September and October. Specifically: 1. Total revenue of $471 million, a year-on-year growth rate of 5.4%. The company guides Q4 revenue of $480-490 million, a year-on-year growth of 5-7%, slightly exceeding market expectations. (1) Create engine business grew by 3%, quarter-on-quarter -1%, but the guidance for Q4 indicates a high single-digit year-on-year growth, implying a quarter-on-quarter growth rate of 7-8%, finally showing signs of significant improvement (driven by the higher-priced Unity 6). (2) Grow advertising business grew by 6%, significantly exceeding expectations, and the guidance is also positive, with a quarter-on-quarter growth rate of around 5%. The growth was mainly driven by the launch of the Vector model, while other revenue in the Grow business declined year-on-year, so the actual performance of Grow should be even better. Although the quarter-on-quarter growth rate for Q4 guidance has slowed down, it is slightly more positive than the concerns raised by previous research. 2. Profitability improvement, cash flow at a record high: Although the company is currently in a critical transition period, it is not necessary to be too demanding on profits. However, if the company can exceed the loss reduction and profitability targets, it would certainly be better. In Q3, Unity achieved this, with a Non-GAAP EBITDA margin increasing by 3 percentage points quarter-on-quarter. Benefiting from the improvement in the main business, free cash flow reached $150 million, the highest free cash flow in the company's history. $Unity Software(U.US)

Unity Software

U.S. Global Investors

Pathward Financial Reports Strong Q2 Earnings, Tax Season Performance and Continued Growth

Pathward Fin released FY2026 Q2 earnings on April 22 After-Market EST, forecast revenue USD 271.15 M, forecast EPS USD 3.3466, actual values not provided

Pathward Fin released FY2026 Semi-Annual Earnings on April 22 After-Market EST, with actual revenue of USD 400.56 M and EPS of USD 4.8921

Pathward Fin to Release FY2026 Q2 Earnings on April 22 After-Market EST, Forecast Revenue USD 271.15 M, EPS USD 3.3466

Pathward Financial Inc. Director Kendall E. Stork Sells Company Shares

Pathward Fin released FY2026 Q1 earnings on January 22 After-Market (EST), actual revenue USD 169.87 M (forecast USD 185.8 M), actual EPS USD 1.5699 (forecast USD 1.38)

Pathward Fin to Release FY2026 Q1 Earnings on January 22 After-Market (EST), Forecast Revenue USD 185.8 M, EPS USD 1.38

Pathward Financial Inc. Reports Material Weakness in Internal Control Over Financial Reporting

Analyst Switzer Gives Pathward Financial a Moderate Buy Rating

Pathward Fin released FY2025 Q4 earnings on October 21 After-Market EST, actual revenue USD 193.14 M (forecast USD 197.2 M), actual EPS USD 1.6899 (forecast USD 1.39)

Pathward Fin released FY2025 Annual Earnings on October 21 After-Market (EST), actual revenue USD 780.12 M (forecast USD 836.9 M), actual EPS USD 7.8725 (forecast USD 7.58)

Pathward Fin to Release FY2025 Q4 Earnings on October 21 After-Market (EST), Forecast Revenue USD 197.2 M, EPS USD 1.39

Pathward Financial Inc. Delays Quarterly Report Submission

Pathward Financial Inc. CEO Attends Digital Bank Conference

Pathward Fin released FY2025 9 Months earnings on July 28 After-Market (EST), actual revenue USD 580.92 M, actual EPS USD 6.2099

Pathward Fin released FY2025 Q3 earnings on July 28 After-Market EST, actual revenue USD 186.48 M (forecast USD 185.05 M), actual EPS USD 1.8148 (forecast USD 1.67)

Mitafin Reports Q3 Net Income

Pathward Financial Reports Expected 4.7% Quarterly Revenue Growth

Pathward Financial to Report 2025Q2 Earnings, EPS Expected at $1.64

Pathward Fin to Release FY2025 Q3 Earnings on July 28 After-Market (EST), Forecast Revenue USD 185.05 M, EPS USD 1.67

AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

Akanda

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NewGenIvf

Tradr 2X Long QBTS Daily ETF

Co-Diagnostics

AMPLITECH GROUP INC. USD0.001 S/R 20/11/26 SER B

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Pathward Financial has declared a quarterly cash dividend of $0.05 per share for Q3 2026, payable on July 1, 2026, to shareholders of record by June 11, 2026. As of March 31, 2026, the company reported total assets of $7.11 billion and shareholders’ equity of $850.7 million.

PUBT

Pathward Financial declares $0.05 per share quarterly cash dividend

Pathward Financial (CASH) has seen a recent share price pullback, down 19% over the past month despite a 0.8% increase in the last day. The stock is currently trading at $80.57, significantly below its fair value of $103.50, indicating it may be undervalued. The company's ongoing investments in digital banking are expected to drive future growth, but risks remain regarding accounting and compliance costs. Investors are encouraged to assess the balance of risks and rewards in their portfolios.

Simplywall

Assessing Pathward Financial (CASH) Valuation After Recent Share Price Pullback And Intrinsic Value Gap

Pathward’s Matt Dekutoski Among ABF Journal’s 2026 Icons | CASH Stock News

StockTitan

Pathward’s Matt Dekutoski Among ABF Journal’s 2026 Icons | CASH Stock News

Pathward Financial, Inc. has been named to KBW's 2026 Bank Honor Roll, recognizing it as one of only 17 U.S. banks to achieve this distinction. The company met the criteria of consistent earnings growth and a top 5% earnings per share growth rate over the past decade. Pathward reported strong fiscal results, with a return on average assets of 2.75% and return on average tangible equity of 40.69% for the first half of fiscal year 2026. This marks the third consecutive year Pathward has received this honor.

KBW Names Pathward Financial to its 2026 Bank Honor Roll | CASH Stock News

Pathward Financial's stock (NASDAQ:CASH) recently crossed above its 200-day moving average, trading at $86.32. Analysts have mixed ratings, with some downgrading to 'hold' while others maintain 'buy' ratings. The company reported earnings of $3.35 per share, meeting estimates, and a revenue of $276.30 million, up 5.1% year-over-year. Pathward also announced a quarterly dividend of $0.05. CEO Brett L. Pharr and Director Douglas J. Hajek sold shares recently, indicating insider trading activity. The stock has a market cap of $1.88 billion and a P/E ratio of 10.25.

Market Beat

Piper Sandler Cos

Pathward Financial (NASDAQ:CASH) Stock Price Crosses Above Two Hundred Day Moving Average   - Here's Why

Earnings Watch

Pathward Fin | 10-Q: FY2026 Q2 Revenue: USD 276.3 M

Pathward Fin(CASH.US)

Pathward Financial declares $0.05 per share quarterly cash dividend

Assessing Pathward Financial (CASH) Valuation After Recent Share Price Pullback And Intrinsic Value Gap

Pathward’s Matt Dekutoski Among ABF Journal’s 2026 Icons | CASH Stock News

KBW Names Pathward Financial to its 2026 Bank Honor Roll | CASH Stock News

Pathward Financial (NASDAQ:CASH) Stock Price Crosses Above Two Hundred Day Moving Average - Here's Why

SQ (Trans): From app co. to AI co.

SQ, the 'US Alipay': growth via credit, profits via layoffs?

Pathward Fin | 10-Q: FY2026 Q2 Revenue: USD 276.3 M