XYZ: MAUs Just Wanna Have Funds; Cash App Sustainability

Research evidence excerpt

XYZ: MAUs Just Wanna Have Funds; Cash App Sustainability

Payments, Processors, & IT Services

Payments & Processors - Market Overweight

BLOCK, INC. (XYZ) June 8, 2026

XYZ: MAUs Just Wanna Have Funds; Cash App Rating:

Sustainability Outperform

Price:

$68.15

The Wolfe Byte Price Target:

Investors often ask if there's room to sustain DD growth in Cash App into 2H26 $90

% Upside:and into 2027. We believe user and inflow growth, expanded Borrow, and notably 32.1%

Afterpay on Cash App Card will support trends into 2027, with optionality to the

View XYZ Model

upside from Neighborhoods long-term. View Comp Table

Company Information

52-Week Range $49 - $81

●With elevated Cash App GP growth over the past few quarters and Market Cap. (MM) $36,474

incremental conviction around Square success, many investors have turned Enterprise Value (MM) $40,882

Shares Out. (MM) 535.2

their focus to Cash App growth sustainability, questioning Borrow runway Avg. Value Traded (MM) $325.63

and potential Afterpay contribution against difficult comps. While we believe SI% of Float 4.0%

Borrow's geographic expansion and limit increases may already be partially

captured in Street numbers, we continue to view these opportunities as 85

underappreciated. Notably, we also do not believe Afterpay on Cash App Card 75

has been accounted for by the Street. 70

●Borrow Runway Longer than Anticipated: Recent Borrow growth has been 5550

primarily driven by increasing limits while geographic expansion has remained 45

Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 a secondary driver. We see continued room for Borrow active user growth XYZ

towards 13mn+ by year-end FY27 (est. ~10mn as of 1Q26), and estimate Source: FactSet