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Top analysts & firms

All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions

What does “challenging” mean?

Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.

Most active analysts

Analyst	Firm	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Darrin Peller	Wolfe Research	7 questions · 0% challenging
Tien-Tsin Huang	JPMorgan	7 questions · 0% challenging
Tim Chiodo	UBS	7 questions · 0% challenging
Dan Dolev	Mizuho Securities	6 questions · 0% challenging
Rayna Kumar	Oppenheimer	4 questions · 0% challenging
Ramsey El-Assal	Cantor Fitzgerald	4 questions · 25% challenging
Will Nance	Goldman Sachs	4 questions · 0% challenging
Harshita Rawat	Bernstein	4 questions · 25% challenging
Bryan Keane	Citigroup	4 questions · 0% challenging
Jason Kupferberg	Wells Fargo	4 questions · 0% challenging

Most active firms

Firm	Analysts	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
UBS	1 analyst	7 questions · 0% challenging
JPMorgan	1 analyst	7 questions · 0% challenging
Wolfe Research	1 analyst	7 questions · 0% challenging
Mizuho Securities	1 analyst	6 questions · 0% challenging
Wells Fargo	2 analysts	6 questions · 0% challenging
Oppenheimer	1 analyst	4 questions · 0% challenging
Goldman Sachs	1 analyst	4 questions · 0% challenging
Bernstein	1 analyst	4 questions · 25% challenging

Quarter in detail

· FY2026 Q1

Macro Signals

→Consumer Spending↑Enterprise Spending↑AI & Tech

Block delivered Q1 gross profit of $2.91B growing 27% with adjusted diluted EPS of $0.85 up 52%, as record adjusted profitability was achieved alongside strong GP growth. FY2026 gross profit guidance was raised from 18% to 19% growth ($12.33B) with adjusted operating margin raised from 26% to 27%, and adjusted EPS was guided at $3.85 representing 62% year-over-year growth. The Cash App lending ecosystem expanded rapidly, AI-driven product velocity transformed development, and the Neighborhoods ecosystem began connecting sellers and consumers.

Key Themes7

positive📊 company

Record Adjusted Profitability With Strong GP Growth

Gross profit grew 27% YOY to $2.91 billion. Adjusted operating income increased 56% YOY to $728 million at 25% margin. Adjusted diluted EPS grew 52% YOY to $0.85, all representing all-time highs.

MarginRevenue Growth

positive📊 company

Cash App Lending Ecosystem Expanding Rapidly

Cash App GP growth was 38% YOY driven by Commerce Enablement and Financial Solutions acceleration. Consumer lending originations up 82%. Launched Afterpay Pre-Purchase and expanded BNPL into peer-to-peer and Cash App Pay.

Revenue GrowthProduct Launch

positive📊 company

Square GPV Acceleration Across All Segments

Square GPV grew 13% YOY, 11.5% constant currency. Food and beverage GPV up 21%, mid-market up 22%, international up 35%, all the strongest growth since Q1 2023. April U.S. GPV grew 9%, international 25% constant currency.

DemandGeographic Expansion

positive📊 company

AI-Driven Product Velocity Transformation

Production code changes per engineer increased more than 2.5x from January to April. Features previously scoped for 5-6 engineers over 1-2 quarters now completed by 1-2 engineers in weeks. Moneybot generally available, Managerbot live for 1 million sellers.

Cloud & AIInnovation & R&D

positive📊 company

Neighborhoods Ecosystem Connecting Sellers And Consumers

Neighborhoods expanded to $320 million in annualized GPV, up 190% since December. In April alone, added more sellers than in the entire prior history. Follower spend reaches about 10% of a seller's overall GPV after a few quarters.

Subscriber GrowthProduct Launch

positive📊 company

Diversified Go-To-Market Channels Driving NVA Growth

March and April were record months for new GPV from recently onboarded sellers. ISO partnerships scaled to 140-plus with 200% QOQ growth in new sellers. Field sales expanded to U.S., U.K., Australia and Canada. Payback period holding at 4 to 6 quarters.

Competitive DynamicsCapex Investment

mixed📊 company

GAAP Results Distorted By Restructuring Charges

Significant gap between GAAP and adjusted results driven by organizational restructuring and acquisition intangible amortization. Adjusted operating income reached $728 million at 25% margin while adjusted EPS was $0.85, both all-time highs despite GAAP losses.

Cost PressureMargin

Q&A Topicsfrequency by quarter

	Revenue Growth	Competitive Dynamics	Subscriber Growth	Credit	Innovation & R&D	Guidance Reliability	Product Launch	Margin
2024Q4	4	5	1	1	1	2	4	2
2025Q1	3	1	1	3	1	5	2	1
2025Q2	4	4	2	2	2	1	1	2
2025Q3	4	5	3	2	3		1
2025Q4	4	2	2	3	2	1		3
2026Q1	4	2	3	1	3	1	2

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4	'26Q1
Revenue Growth	4	3	4	4	4	4
Competitive Dynamics	5	1	4	5	2	2
Subscriber Growth	1	1	2	3	2	3
Credit	1	3	2	2	3	1
Innovation & R&D	1	1	2	3	2	3
Guidance Reliability	2	5	1		1	1
Product Launch	4	2	1	1		2
Margin	2	1	2		3

Analyst Q&A11 analysts · 11 questions

Andrew SchmidtKeyBanc Capital Markets

whether the spread should fully converge or whether there's a smaller persistent spread that we should be modeling

View in transcript →

Bryan BerginTD Cowen

what you're seeing in terms of any early impact on retention, cross-sell, GPV

View in transcript →

Bryan KeaneCitigroup

View Technology sector trends →View Software - Infrastructure industry trends →

Key financials

FY2026 Q1 selectedReported GAAP figures from SEC filings

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Quarter	Revenue	Rev YoY	EPS	EPS YoY	Gross margin	Op margin	Net margin	FCF
FY2024 Q4	$6.03B	+4.5%	$3.04	+985.7%	38.3%	0.2%	32.3%	$-13M
FY2025 Q1	$5.77B	-3.1%	$0.30	-59.5%	39.7%	5.7%	3.3%	$101M
FY2025 Q2	$6.05B	-1.6%	$0.87	+180.6%	41.9%	8.0%	8.9%	$343M
FY2025 Q3	$6.11B	+2.3%	$0.74	+64.4%	43.5%	6.7%	7.5%	$1.40B
FY2025 Q4	$6.25B	+3.6%	$0.19	-93.8%	45.9%	7.8%	1.9%	$580M
FY2026 Q1Selected	$6.06B	+4.9%	$-0.52	-273.3%	48.0%	-2.8%	-5.1%	$935M
FY2026 Q2	$6.62B	+9.3%	$0.15	-82.8%	47.8%	6.7%	1.3%	$967M

As stated by management

Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).

EPS: “adjusted diluted EPS grew 52% year-over-year to $0.85”
Revenue: “Gross profit grew 27% year-over-year to $2.91 billion in the first quarter”
Guidance: “We now expect $12.33 billion in gross profit in 2026 or 19% year-over-year growth, up 1 percentage point from our prior expectations”
Key metric: “Cash App gross profit growth was 38% year-over-year in the first quarter”

Industry Peersas of Q1 2026

Software - Infrastructure

Company	Score	Rev YoY	Headline
XYZ Block, Inc.	8	+4.9%	Record Adjusted Profitability With Strong GP Growth
ADBE Adobe Inc.	7	+12.0%	Strong Q1 Revenue of $6.4B With Subscription Growth Accelerating
AKAM Akamai Technologies	6	+5.8%	Landmark $1.8 Billion Seven-Year CIS Deal with Frontier Model Company
CPAY Corpay	8	+25.4%	Blowout Q1 with 25% revenue and 29% EPS growth
CRWD CrowdStrike	9	+23.3%	CrowdStrike closed FY2026 with Q4 revenue of $1.31 billion, up 23% and exceeding guidance, while ending ARR crossed the $5 billion milestone
CRWV CoreWeave, Inc. Class A Common Stock	8	+111.7%	CoreWeave's first quarter of 2026 delivered record bookings of more than $40 billion, lifting contracted revenue backlog to $99.4 billion, and revenue of approximately $2.1 billion, up 112% year-over-year, as active power surpassed 1 gigawatt
FFIV F5, Inc.	8	+11.0%	F5 grew revenue 11% to $812 million, led by 22% product growth, its seventh consecutive quarter of double-digit product growth, with systems revenue up 26% to $226 million and software up 17% to $184 million
FTNT Fortinet	10	+20.1%	Fortinet delivered 20% revenue growth with EPS surging 29% as AI-driven security demand accelerated and OT security billings surged over 70%
GDDY GoDaddy	7	+6.1%	Revenue grew 6% with EBITDA margin expanding 210 basis points to 33%
GEN Gen Digital	6	+27.0%	Revenue crosses $5 billion for first time with 10th consecutive EPS beat
IOT Samsara Inc.	10	+28.3%	Samsara closed FY2026 with $1.9 billion in ARR, up 30% year-over-year, and added $145 million of net new ARR in Q4 (up 33% year-over-year), its third consecutive quarter of accelerating net new ARR growth
MDB MongoDB, Inc.	9	+26.8%	MongoDB closed fiscal 2026 with total revenue of $695 million, up 27% year-over-year and above the high end of guidance, led by Atlas growth of 29% as it crossed a $2 billion run rate and non-Atlas growth of 20%, its best quarter in two years
MSFT Microsoft Corporation	9	+18.3%	Microsoft delivered revenue of $82.9 billion, up 18%, with Azure growing 40% in constant currency against an accelerating prior-year comparison and the AI business surpassing $37 billion in annualized revenue growing 123%
NET Cloudflare, Inc.	10	+33.5%	Revenue accelerates to 34% with record sales productivity
ORCL Oracle Corporation	9	+21.7%	First 20%+ Organic Revenue and EPS Growth in 15 Years
PANW Palo Alto Networks	6	+14.9%	Record Q2 platformizations with broad-based organic strength
PATH UiPath Inc.	9	+13.6%	UiPath closed fiscal 2026 with fourth quarter revenue up 14% to $481 million (10% FX-neutral) and ARR of $1.853 billion, up 11%, while delivering its first full year of GAAP profitability on $282 million of GAAP net income
PLTR Palantir Technologies	10	+84.7%	Palantir delivered record Q1 revenue growth of 85% year-over-year to $1.633 billion, with US revenue surpassing 100% growth for the first time
SNPS Synopsys	7	+65.5%	Strong Q1 with Revenue at High End of Guidance
TWLO Twilio Inc.	10	+20.0%	Twilio's GAAP EPS rose to $0.57 from $0.12 a year earlier, and CFO Aidan Viggiano said on the Q1 call that nothing unusual lifted the 8% GAAP operating margin, crediting non-GAAP profit growth, lower stock-based compensation and declining intangible amortization
VRSN Verisign	7	+6.6%	Record Domain Base at 176.1 Million Names
ZS Zscaler	9	+25.9%	ARR Grows 25% to $3.4B with Organic Net New ARR Accelerating

Shared themes this quarter

XYADAKCPCRCRFFFTGDGEIOMDMSNEORPAPAPLSNTWVRZS

Revenue growth

XYADAK

Macro signal alignment

AI & tech

↑ XYZ↑ ADBE↑ AKAM↑ CRWD↑ CRWV↑ FFIV↑ FTNT↑ GDDY GEN MDB↑ MSFT↑ NET↑ ORCL↑ PANW↑ PATH↑ PLTR↑ SNPS

Top analysts & firms

Most active analysts

Most active firms

Corporate events

Quarter in detail

Q&A Topicsfrequency by quarter

Block, Inc. XYZ

Score details · FY2026 Q1

Share price · trailing year

Key financials

As stated by management

Who’s talking about XYZ