Square’s Q1 Gross Profit Growth Driven by Square Loans

Block didn’t divulge the precise number of business loans it originated in Q1 2026 but did say that it grew. deBanked, which tracks online small business lender originations, estimates the number to be ~$1.9B.

“Square gross profit grew 9% year over year in the first quarter, driven primarily by Financial Solutions, most notably Square Loans,” the company said.

Lending has become a significant business for the company across all of its verticals. Consumer lending origination volume growth accelerated to 82% YoY, for example. Its “Borrow” product grew by 300% over that time period.

“Each new Block lending product has scaled originations at a faster rate than the last one,” the company revealed in its earnings presentation. A snapshot from that presentation is below: