BLOCK, INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover Page - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
May 01, 2026
Class of Stock [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-37622  
Entity Registrant Name Block, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 80-0429876  
Entity Address, Address Line One 1955 Broadway  
Entity Address, Address Line Two Suite 600  
Entity Address, City or Town Oakland  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94612  
City Area Code 415  
Local Phone Number 375-3176  
Title of 12(b) Security Class A common stock, $0.0000001 par value per share  
Trading Symbol XYZ  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001512673  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A    
Class of Stock [Line Items]    
Entity Common Stock, Shares Outstanding   535,195
Class B    
Class of Stock [Line Items]    
Entity Common Stock, Shares Outstanding   59,986
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 6,858,357 $ 6,564,092
Settlements receivable 1,224,007 1,359,983
Customer funds 5,941,180 4,771,824
Consumer receivables, net 2,287,001 2,670,322
Loans held for investment, net 3,430,619 3,382,957
Other current assets 4,025,261 4,107,702
Total current assets 23,766,425 22,856,880
Goodwill 11,956,264 11,849,018
Acquired intangible assets, net 1,245,784 1,281,670
Deferred tax assets 1,380,684 1,302,776
Bitcoin investment 617,290 777,515
Other non-current assets 1,019,634 1,482,028
Total assets 39,986,081 39,549,887
Current liabilities:    
Customers payable 7,868,513 6,805,366
Accrued expenses and other current liabilities 2,240,661 1,538,893
Current portion of long-term debt (Note 12) 1,574,374 1,573,259
Warehouse funding facilities, current 283,562 466,942
Total current liabilities 11,967,110 10,384,460
Warehouse funding facilities, non-current 258,938 897,941
Long-term debt (Note 12) 5,718,146 5,715,759
Other non-current liabilities 360,859 381,845
Total liabilities 18,305,053 17,380,005
Commitments and contingencies (Note 17)
Stockholders’ equity:    
Preferred stock, $0.0000001 par value: 100,000 shares authorized at March 31, 2026 and December 31, 2025. None issued and outstanding at March 31, 2026 and December 31, 2025. 0 0
Additional paid-in capital 18,601,896 18,895,405
Accumulated other comprehensive loss (252,131) (365,381)
Retained earnings 3,365,573 3,674,254
Total stockholders’ equity attributable to common stockholders 21,715,338 22,204,278
Noncontrolling interests (34,310) (34,396)
Total stockholders’ equity 21,681,028 22,169,882
Total liabilities and stockholders’ equity 39,986,081 39,549,887
Class A    
Stockholders’ equity:    
Common stock 0 0
Class B    
Stockholders’ equity:    
Common stock $ 0 $ 0
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Thousands
Mar. 31, 2026
Dec. 31, 2025
Class of Stock [Line Items]    
Preferred stock, par value (in USD per share) $ 0.0000001 $ 0.0000001
Preferred stock, authorized (in shares) 100,000 100,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Class A    
Class of Stock [Line Items]    
Common stock, par value (in USD per share) $ 0.0000001 $ 0.0000001
Common stock, authorized (in shares) 1,000,000 1,000,000
Common stock, issued (in shares) 535,280 542,085
Common stock, outstanding (in shares) 535,280 542,085
Class B    
Class of Stock [Line Items]    
Common stock, par value (in USD per share) $ 0.0000001 $ 0.0000001
Common stock, authorized (in shares) 500,000 500,000
Common stock, issued (in shares) 59,991 59,993
Common stock, outstanding (in shares) 59,991 59,993
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue:    
Total $ 6,056,847 $ 5,771,796
Cost of revenue:    
Amortization of acquired technology assets 12,817 14,674
Total cost of revenue 3,147,608 3,482,193
Gross profit 2,909,239 2,289,603
Operating expenses:    
Product development 1,038,873 760,699
Sales and marketing 650,508 504,460
General and administrative 857,564 491,797
Transaction, loan, and consumer receivable losses 500,125 169,689
Amortization of customer and other acquired intangible assets 34,159 33,656
Total operating expenses 3,081,229 1,960,301
Operating income (loss) (171,990) 329,302
Interest expense, net 53,195 17,243
Remeasurement loss on bitcoin investment 172,818 93,351
Other income, net (5,426) (8,342)
Income (loss) before income tax (392,577) 227,050
Provision for (benefit from) income taxes (83,982) 38,328
Net income (loss) (308,595) 188,722
Less: Net income (loss) attributable to noncontrolling interests 86 (1,150)
Net income (loss) attributable to common stockholders $ (308,681) $ 189,872
Net income (loss) per share attributable to common stockholders:    
Basic (in USD per share) $ (0.52) $ 0.31
Diluted (in USD per share) $ (0.52) $ 0.30
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:    
Basic (in shares) 597,586 619,370
Diluted (in shares) 597,586 635,342
Commerce enablement revenue    
Revenue:    
Total $ 2,938,470 $ 2,566,975
Cost of revenue:    
Cost of revenue 1,317,459 1,152,200
Financial solutions revenue    
Revenue:    
Total 1,321,985 875,011
Cost of revenue:    
Cost of revenue 89,375 77,922
Bitcoin ecosystem revenue    
Revenue:    
Total 1,796,392 2,329,810
Cost of revenue:    
Cost of revenue $ 1,727,957 $ 2,237,397
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ (308,595) $ 188,722
Net foreign currency translation adjustments [1] 114,871 129,820
Net unrealized gain (loss) on marketable debt securities, net of tax (1,621) 430
Total comprehensive income (loss) $ (195,345) $ 318,972
[1]
(i) Includes foreign currency translation gains related to goodwill of $107.4 million and $86.0 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Foreign currency translation gain (loss) related to goodwill $ 107.4 $ 86.0
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Class A and B common stock
Common stock and additional paid-in capital
Accumulated other comprehensive loss
Retained earnings
Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2024   619,676        
Beginning balance at Dec. 31, 2024 $ 21,234,962   $ 19,900,379 $ (1,001,065) $ 2,368,618 $ (32,970)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 188,722       189,872 (1,150)
Shares issued in connection with employee stock plans (in shares)   4,004        
Shares issued in connection with employee stock plans 2,283   2,283      
Repurchases of common stock (in shares)   (6,805)        
Repurchases of common stock, including excise tax (445,298)   (445,298)      
Change in other comprehensive loss 130,250     130,250    
Share-based compensation 324,155   324,155      
Ending balance (in shares) at Mar. 31, 2025   616,875        
Ending balance at Mar. 31, 2025 21,435,074   19,781,519 (870,815) 2,558,490 (34,120)
Beginning balance (in shares) at Dec. 31, 2025   602,078        
Beginning balance at Dec. 31, 2025 22,169,882   18,895,405 (365,381) 3,674,254 (34,396)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (308,595)       (308,681) 86
Shares issued in connection with employee stock plans (in shares)   3,893        
Shares issued in connection with employee stock plans 618   618      
Repurchases of common stock (in shares)   (10,700)        
Repurchases of common stock, including excise tax (639,988) $ (636,000) (639,988)      
Change in other comprehensive loss 113,250     113,250    
Share-based compensation 345,861   345,861      
Ending balance (in shares) at Mar. 31, 2026   595,271        
Ending balance at Mar. 31, 2026 $ 21,681,028   $ 18,601,896 $ (252,131) $ 3,365,573 $ (34,310)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ (308,595) $ 188,722
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 95,977 88,948
Amortization of discounts and premiums and other non-cash adjustments (279,936) (265,168)
Non-cash lease expense 29,920 14,369
Share-based compensation 338,700 315,236
Loss on revaluation of equity investments 5,665 126
Remeasurement loss on bitcoin investment 172,818 93,351
Transaction, loan, and consumer receivable losses 500,125 169,689
Change in deferred income taxes (79,027) 7,599
Purchases and originations of loans originally classified as held for sale (1,799,095) (5,032,615)
Proceeds from repayments of loans originally classified as held for sale 1,835,016 4,721,581
Changes in operating assets and liabilities:    
Settlements receivable 89,666 (88,267)
Customers payable (122,404) 164,904
Prepaid expenses (70,774) (147,946)
Other assets and liabilities 557,539 (97,193)
Net cash provided by operating activities 965,595 133,336
Cash flows from investing activities:    
Purchases of marketable debt securities (75,203) (162,188)
Proceeds from maturities of marketable debt securities 137,055 147,508
Proceeds from sale of marketable debt securities 28,406 265,191
Payments for originations of consumer receivables (7,788,370) (6,898,769)
Proceeds from principal repayments and sales of consumer receivables 8,440,980 7,602,325
Purchases and originations of loans originally classified as held for investment (10,645,803) 0
Proceeds from repayments of loans originally classified as held for investment 10,231,838 0
Purchases of property and equipment (30,574) (31,882)
Other investing activities 1,701 (7,477)
Net cash provided by investing activities 300,030 914,708
Cash flows from financing activities:    
Payments to redeem convertible notes 0 (1,000,624)
Proceeds from warehouse facilities borrowings 223,953 222,824
Repayments of warehouse facilities borrowings (1,065,192) (1,091,137)
Proceeds from the exercise of stock options and purchases under the employee stock purchase plan 618 2,283
Net increase in interest-bearing deposits 55,343 34,463
Repurchases of common stock (635,988) (445,298)
Change in customer funds, restricted from use in the Company's operations 1,169,356 1,065,857
Net cash used in financing activities (251,910) (1,211,632)
Effect of foreign exchange rate on cash and cash equivalents (471) 22,249
Net increase (decrease) in cash, cash equivalents, restricted cash, and customer funds 1,013,244 (141,339)
Cash, cash equivalents, restricted cash, and customer funds, beginning of the period 12,481,276 13,230,512
Cash, cash equivalents, restricted cash, and customer funds, end of the period 13,494,520 13,089,173
Reconciliation of cash, cash equivalents, restricted cash, and customer funds:    
Cash and cash equivalents 6,858,357 7,088,831
Short-term restricted cash 621,324 681,774
Long-term restricted cash 73,659 69,838
Customer funds cash and cash equivalents 5,941,180 5,248,730
Total $ 13,494,520 $ 13,089,173
v3.26.1
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business
    
Block, Inc. (together with its subsidiaries, "Block" or the "Company") creates tools that empower businesses, sellers, and individuals to participate in the economy. Block is comprised of two reportable segments, Square and Cash App. Square is a cohesive commerce ecosystem that helps sellers start, run, and grow their businesses, including enabling sellers to accept card payments, providing reporting and analytics, and facilitating next-day settlement. Square’s point-of-sale software and other business services help sellers manage inventory, locations, and employees; access financial solutions; engage buyers; build a website or online store; and grow sales. Cash App is an ecosystem of financial products and services focused on helping consumers make their money go further by enabling customers to store, send, receive, spend, invest, buy now, pay later ("BNPL"), borrow, or save their money. Cash App seeks to redefine the world’s relationship with money by making it more relatable, instantly available, and universally accessible.

Block was founded in 2009 and has offices globally. The Company operates under a distributed work model and does not designate a headquarters location.

Basis of Presentation
    
The accompanying interim condensed consolidated financial statements of the Company are unaudited. These interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and the applicable rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The December 31, 2025 condensed consolidated balance sheet was derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company's consolidated financial position, results of operations, comprehensive income (loss), and cash flows for the interim periods. The condensed consolidated financial statements include the financial statements of Block and its wholly-owned and majority-owned subsidiaries, including variable interest entities for which the Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Minority interests are recorded as a noncontrolling interest, which is reported as a component of stockholders' equity on the condensed consolidated balance sheets. The interim results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or for any other future annual or interim period.

The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Reclassifications

Certain prior period amounts reported in our condensed consolidated statements of operations and notes thereto have been reclassified to conform to the current year presentation.

The reclassifications in the condensed consolidated statements of operations primarily represent changes to present revenue line items consisting of Commerce enablement, Financial solutions, and Bitcoin ecosystem. The Company believes this updated presentation will improve the usefulness of the financial information for the reader and is more reflective of the business today.
The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenues and cost of revenues had no impact on total revenues, gross profit, operating income, or net income previously reported.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses, as well as related disclosure of contingent assets and liabilities. Actual results could differ from the Company’s estimates. To the extent that there are material differences between these estimates and actual results, the Company’s financial condition or operating results will be materially affected. The Company bases its estimates on current and past experience, to the extent that historical experience is predictive of future performance and other assumptions that the Company believes are reasonable under the circumstances. The Company evaluates these estimates on an ongoing basis.

Estimates, judgments, and assumptions in these condensed consolidated financial statements include, but are not limited to, those related to accrued transaction losses, contingencies, including outcomes from claims and disputes, valuation of loans held for sale, valuation of goodwill and acquired intangible assets, determination of goodwill and intangible asset impairment charges, determination of allowance for credit losses for loans held for investment, determination of allowance for credit losses for consumer receivables, allocation of acquired goodwill to reporting units, income and other taxes, operating lease right-of-use assets and related liabilities, severance and restructuring charges, and share-based compensation.

The Company's estimates of valuation of loans held for sale, allowance for credit losses associated with consumer receivables and loans held for investment, and accrued transaction losses are based on historical experience, adjusted for market data relevant to the current economic environment. The Company will continue to update its estimates as developments occur and additional information is obtained. Refer to Note 5, Fair Value Measurements for further details on amortized cost over fair value of the loans, Note 6, Consumer Receivables, net for further details on consumer receivables, Note 7, Customer Loans for further details on customer loans, and Note 9, Other Consolidated Balance Sheet Components (Current) for further details on transaction losses.

Concentration of Credit Risk
    
For the three months ended March 31, 2026 and March 31, 2025, the Company had no customer that accounted for greater than 10% of total net revenue.

The Company had four third-party payment processors that represented approximately 47%, 14%, 11%, and 11% of settlements receivable as of March 31, 2026. As of December 31, 2025, the Company had four third-party processors that represented approximately 36%, 25%, 11% and 10% of settlements receivable. In both periods, all other third-party payment processors were insignificant. Certain of the Company's products are reliant on third-party service providers such as partner banks, card issuers, and payment service providers. The Company's relationships with third-party service providers may result in operational concentration risks for some of these products.

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, marketable debt securities, settlements receivable, customer funds, consumer receivables, loans held for sale, and loans held for investment. To mitigate the risk of concentration associated with cash and cash equivalents, as well as restricted cash, funds are held with creditworthy institutions and, at certain times, temporarily swept into insured programs overnight to reduce single firm concentration risk. Amounts on deposit may exceed federal deposit insurance limits. The associated risk of concentration for marketable debt securities is mitigated by holding a diversified portfolio of highly rated investments. Settlements receivable are amounts due from well-established payment processing companies and normally take one or two business days to settle, which mitigates the associated risk of concentration. The associated risk of concentration for loans and consumer receivables is partially mitigated by credit evaluations that are performed prior to facilitating the offering of loans and receivables and ongoing performance monitoring of the Company’s loan customers.
Sales and Marketing Expenses

Advertising costs are expensed as incurred and included in sales and marketing expenses on the condensed consolidated statements of operations. Total advertising costs were $102.0 million for the three months ended March 31, 2026, compared to $90.7 million for the three months ended March 31, 2025. The Company also records services, incentives, and other costs to acquire customers that are not directly related to a revenue generating transaction as sales and marketing expenses, as the Company considers these to be marketing costs to encourage the usage of Cash App. These expenses include, but are not limited to, Cash App peer-to-peer processing costs and related transaction losses, overdraft losses, card issuance costs, customer referral bonuses, and promotional giveaways. These costs are generally expensed as incurred. The Company recorded $296.7 million for the three months ended March 31, 2026, compared to $203.4 million for the three months ended March 31, 2025, for such expenses.

Recent Accounting Pronouncements

In July 2025, the FASB issued ASU No. 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). The amendments allow an entity to apply a practical expedient when estimating expected credit losses, which assumes that the current conditions as of the balance sheet date will not change for the remaining life of the accounts receivable and contract assets arising from contracts with customers. The Company adopted the amendments effective for the current fiscal year and the adoption did not have a material impact on the Company's financial statements and related disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Clarifying the Effective Date ("ASU 2025-01"). The amendments are intended to enhance disclosures regarding an entity’s costs and expenses by requiring additional disaggregated information disclosures about certain income statement expense line items. The amendments, as clarified by ASU 2025-01, are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the effect of adopting the new disclosure requirements.
v3.26.1
REVENUE
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The following table presents the Company's net revenue disaggregated by revenue source (in thousands):
Three Months Ended
March 31,
20262025
Revenue from contracts with customers:
Commerce enablement revenue$2,517,706 $2,266,788 
Financial solutions revenue585,866 548,572 
Bitcoin ecosystem revenue1,796,392 2,329,810 
Revenue from other sources: (i)
Commerce enablement revenue420,764 300,187 
Financial solutions revenue736,119 326,439 
Total net revenue$6,056,847 $5,771,796 

(i) Revenue from other sources relates to revenue generated from the Company's Square Loans, Cash App Borrow loans, consumer receivables originated through, and affiliate relationship revenue from, our BNPL products, interest income earned on customer funds, and interest income earned on funds held by Square Financial Services, Inc., which is a Utah state-chartered industrial loan company ("Square Financial Services").
v3.26.1
INVESTMENTS IN DEBT SECURITIES
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS IN DEBT SECURITIES INVESTMENTS IN DEBT SECURITIES
The Company's short-term and long-term investments in debt securities as of March 31, 2026 and December 31, 2025 were as follows (in thousands):
March 31, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$19,017 $12 $— $19,029 
Corporate bonds68,414 40 (71)68,383 
Commercial paper61,322 — — 61,322 
Municipal securities130 — — 130 
Certificates of deposit3,211 — — 3,211 
U.S. government securities310,208 384 (56)310,536 
Total$462,302 $436 $(127)$462,611 
Long-term debt securities:
Corporate bonds$47,763 $15 $(160)$47,618 
Municipal securities6,904 19 (175)6,748 
U.S. government securities100,593 10 (344)100,259 
Total$155,260 $44 $(679)$154,625 

December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$19,017 $18 $— $19,035 
Corporate bonds58,954 165 — 59,119 
Commercial paper92,655 — — 92,655 
Municipal securities130 — — 130 
Certificates of deposit2,211 — — 2,211 
U.S. government securities343,923 707 (3)344,627 
Total$516,890 $890 $(3)$517,777 
Long-term debt securities:
Corporate bonds$81,332 $139 $(2)$81,469 
Municipal securities7,167 28 (244)6,951 
U.S. government securities99,981 486 — 100,467 
Total$188,480 $653 $(246)$188,887 

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.
The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2026 and December 31, 2025, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands):
March 31, 2026
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
Corporate bonds$37,544 $(71)$— $— $37,544 $(71)
U.S. government securities146,981 (56)— — 146,981 (56)
Total$184,525 $(127)$— $— $184,525 $(127)
Long-term debt securities:
Corporate bonds$39,555 $(160)$— $— $39,555 $(160)
Municipal securities4,054 (80)337 (95)4,391 (175)
U.S. government securities91,927 (344)— — 91,927 (344)
Total$135,536 $(584)$337 $(95)$135,873 $(679)

December 31, 2025
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$17 $— $— $— $17 $— 
Corporate bonds3,508 — — — 3,508 — 
U.S. government securities11,998 (3)— — 11,998 (3)
Total$15,523 $(3)$— $— $15,523 $(3)
Long-term debt securities:
Corporate bonds$4,539 $(2)$— $— $4,539 $(2)
Municipal securities3,274 (98)1,235 (146)4,509 (244)
Total$7,813 $(100)$1,235 $(146)$9,048 $(246)

The Company does not intend to sell nor anticipate that it will be required to sell these securities before recovery of the amortized cost basis. Unrealized losses on available-for-sale debt securities were determined not to be related to credit related losses, therefore, an allowance for credit losses is not required.

The contractual maturities of the Company's short-term and long-term investments as of March 31, 2026 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$462,302 $462,611 
Due after one year to five years148,356 147,877 
Due after five years6,904 6,748 
Total$617,562 $617,236 
CUSTOMER FUNDS
The following table presents the assets underlying customer funds (in thousands):
  March 31, 2026December 31, 2025
Cash$4,850,991 $3,663,727 
Cash equivalents:
Reverse repurchase agreement (i)
1,090,189 1,108,097 
Total customer funds$5,941,180 $4,771,824 

(i) The Company has accounted for the reverse repurchase agreement with a third party as an overnight lending arrangement, collateralized by the securities subject to the repurchase agreement. The Company classifies the amounts due from the counterparty as cash equivalents due to their short term nature.

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.
v3.26.1
CUSTOMER FUNDS
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
CUSTOMER FUNDS INVESTMENTS IN DEBT SECURITIES
The Company's short-term and long-term investments in debt securities as of March 31, 2026 and December 31, 2025 were as follows (in thousands):
March 31, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$19,017 $12 $— $19,029 
Corporate bonds68,414 40 (71)68,383 
Commercial paper61,322 — — 61,322 
Municipal securities130 — — 130 
Certificates of deposit3,211 — — 3,211 
U.S. government securities310,208 384 (56)310,536 
Total$462,302 $436 $(127)$462,611 
Long-term debt securities:
Corporate bonds$47,763 $15 $(160)$47,618 
Municipal securities6,904 19 (175)6,748 
U.S. government securities100,593 10 (344)100,259 
Total$155,260 $44 $(679)$154,625 

December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$19,017 $18 $— $19,035 
Corporate bonds58,954 165 — 59,119 
Commercial paper92,655 — — 92,655 
Municipal securities130 — — 130 
Certificates of deposit2,211 — — 2,211 
U.S. government securities343,923 707 (3)344,627 
Total$516,890 $890 $(3)$517,777 
Long-term debt securities:
Corporate bonds$81,332 $139 $(2)$81,469 
Municipal securities7,167 28 (244)6,951 
U.S. government securities99,981 486 — 100,467 
Total$188,480 $653 $(246)$188,887 

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.
The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2026 and December 31, 2025, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands):
March 31, 2026
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
Corporate bonds$37,544 $(71)$— $— $37,544 $(71)
U.S. government securities146,981 (56)— — 146,981 (56)
Total$184,525 $(127)$— $— $184,525 $(127)
Long-term debt securities:
Corporate bonds$39,555 $(160)$— $— $39,555 $(160)
Municipal securities4,054 (80)337 (95)4,391 (175)
U.S. government securities91,927 (344)— — 91,927 (344)
Total$135,536 $(584)$337 $(95)$135,873 $(679)

December 31, 2025
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$17 $— $— $— $17 $— 
Corporate bonds3,508 — — — 3,508 — 
U.S. government securities11,998 (3)— — 11,998 (3)
Total$15,523 $(3)$— $— $15,523 $(3)
Long-term debt securities:
Corporate bonds$4,539 $(2)$— $— $4,539 $(2)
Municipal securities3,274 (98)1,235 (146)4,509 (244)
Total$7,813 $(100)$1,235 $(146)$9,048 $(246)

The Company does not intend to sell nor anticipate that it will be required to sell these securities before recovery of the amortized cost basis. Unrealized losses on available-for-sale debt securities were determined not to be related to credit related losses, therefore, an allowance for credit losses is not required.

The contractual maturities of the Company's short-term and long-term investments as of March 31, 2026 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$462,302 $462,611 
Due after one year to five years148,356 147,877 
Due after five years6,904 6,748 
Total$617,562 $617,236 
CUSTOMER FUNDS
The following table presents the assets underlying customer funds (in thousands):
  March 31, 2026December 31, 2025
Cash$4,850,991 $3,663,727 
Cash equivalents:
Reverse repurchase agreement (i)
1,090,189 1,108,097 
Total customer funds$5,941,180 $4,771,824 

(i) The Company has accounted for the reverse repurchase agreement with a third party as an overnight lending arrangement, collateralized by the securities subject to the repurchase agreement. The Company classifies the amounts due from the counterparty as cash equivalents due to their short term nature.

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.
v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company measures its cash equivalents, customer funds, short-term and long-term marketable debt securities, marketable equity investments, and bitcoin investment at fair value. The Company classifies these investments within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):
March 31, 2026December 31, 2025
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$776,426 $— $— $608,807 $— $— 
U.S. government securities12,673 — — 4,963 — — 
Commercial paper— 28,937 — — 64,805 — 
Corporate bonds— — — — 276 — 
Restricted cash:
Money market funds99,458 — — 293,514 — — 
Customer funds:
Reverse repurchase agreement1,090,189 — — 1,108,097 — — 
Short-term debt securities:
U.S. government securities310,536 — — 344,627 — — 
Corporate bonds— 68,383 — — 59,119 — 
U.S. agency securities— 19,029 — — 19,035 — 
Certificates of deposit— 3,211 — — 2,211 — 
Commercial paper— 61,322 — — 92,655 — 
Municipal securities— 130 — — 130 — 
Long-term debt securities:
U.S. government securities100,259 — — 100,467 — — 
Corporate bonds— 47,618 — — 81,469 — 
Municipal securities— 6,748 — — 6,951 — 
Other:
Bitcoin investment617,290 — — 777,515 — — 
Investment in marketable equity securities4,488 — — 5,225 — — 
Total
$3,011,319 $235,378 $— $3,243,215 $326,651 $— 

The carrying amounts of certain financial instruments, including settlements receivable, consumer receivables, accounts payable, customers payable, accrued expenses, and settlements payable, approximate their fair values due to their short-term nature. The carrying amounts of the Company's warehouse funding facilities approximate their fair values.
The Company estimates the fair value of its convertible and senior notes based on their last actively traded prices (Level 1) or market observable inputs (Level 2). The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):
March 31, 2026December 31, 2025
Carrying Value Fair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$999,520 $995,512 $998,827 $993,144 
2030 Senior Notes1,186,218 1,181,129 1,185,533 1,209,528 
2031 Senior Notes992,717 903,005 992,372 932,095 
2032 Senior Notes1,978,440 1,998,838 1,977,734 2,057,081 
2033 Senior Notes987,902 973,054 987,581 1,013,732 
2026 Convertible Notes574,854 572,583 574,432 566,103 
2027 Convertible Notes572,869 537,993 572,539 530,171 
Total$7,292,520 $7,162,114 $7,289,018 $7,301,854 

The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):
March 31, 2026December 31, 2025
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$745,612 $772,659 $782,966 $812,658 
Loans held for investment3,430,619 3,476,518 3,382,957 3,445,631 
Total$4,176,231 $4,249,177 $4,165,923 $4,258,289 

If applicable, the Company will recognize transfers into and out of levels within the fair value hierarchy at the end of the reporting period in which the actual event or change in circumstance occurs. During the three months ended March 31, 2026 and March 31, 2025, the Company did not have any transfers in or out of Level 1, Level 2, or Level 3 assets or liabilities.
v3.26.1
CONSUMER RECEIVABLES, NET
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
CONSUMER RECEIVABLES, NET CONSUMER RECEIVABLES, NET
Consumer receivables represent amounts due from consumers for outstanding installment payments on orders processed on the Company's BNPL products. Consumer receivables are classified as held for investment. These receivables are typically interest free and are generally due within 14 to 56 days.

The Company classifies consumer receivables as held for sale when the Company has the intent to sell all of its rights, title, and interest in these receivables to third-party investors, and there is an available market for such receivables. For the three months ended March 31, 2026, no loans were reclassified from loans held for investment to loans held for sale and sold to third parties. For the three months ended March 31, 2025, $210.0 million of consumer receivables were reclassified from loans held for investment to loans held for sale and sold to third parties. Net losses on sales of consumer receivables were immaterial for the three months ended March 31, 2025.

The Company closely monitors credit quality for consumer receivables to manage and evaluate its related exposure to credit risk. The criteria the Company monitors when assessing the credit quality and risk of its consumer receivables portfolio is primarily based on internal risk assessments, as they provide insight into customer risk profiles and are useful as indicators of potential future credit losses. Consumer receivables are internally rated as "Pass" or "Classified." Pass rated consumer receivables generally consist of consumer receivables that are current or up to 60 days past due. Classified consumer receivables are generally comprised of consumer receivables that are greater than 60 days past due and have a higher risk of default. Internal risk ratings are reviewed and, generally, updated at least once a year. As of March 31, 2026, the amortized cost of Pass rated consumer receivables was $2.4 billion and the amount of Classified consumer receivables was $137.7 million.
The following table presents an aging analysis of the amortized cost of consumer receivables by delinquency status (in thousands):
  March 31, 2026December 31, 2025
Non-delinquent loans$2,034,491 $2,416,017 
1 - 60 days past due351,472 363,165 
61 - 90 days past due57,555 29,984 
> 90 days past due
80,171 101,021 
Total amortized cost$2,523,689 $2,910,187 

The amount listed as 1 - 60 days past due in the above table includes $243.0 million and $245.4 million of cash in transit as of March 31, 2026 and December 31, 2025, respectively, which reflects ongoing repayments from consumers that have been sent from consumers’ bank accounts but have not yet been received at the Company’s bank account as of the date of the financial statements.

Consumer receivables are charged off when they are over 180 days past due as the Company has no reasonable expectation of recovery. When consumer receivables are charged off, the Company recognizes the charge against the allowance for credit losses. While the Company expects collections at that point to be unlikely, the Company may recover amounts from the respective consumers. Any subsequent recoveries following charge-off are credited to transaction, loan, and consumer receivable losses on the condensed consolidated statements of operations in the period they are recovered. The amount of recoveries for both the three months ended March 31, 2026 and March 31, 2025 were immaterial.

The following table summarizes activity in the allowance for credit losses for consumer receivables (in thousands):
Three Months Ended
March 31,
20262025
Allowance for credit losses, beginning of the period$239,865 $201,793 
Provision for credit losses76,552 55,650 
Charge-offs and other adjustments(80,449)(65,786)
Foreign exchange effect 720 1,763 
Allowance for credit losses, end of the period$236,688 $193,420 
CUSTOMER LOANS
Customer loans primarily consist of Square Loans, Cash App Borrow, Afterpay Post-Purchase, and Pay Monthly products. Square Loans are originated by the Company’s wholly-owned subsidiary, Square Financial Services, to qualified Square sellers. The majority of Square Loans are sold to third-party investors with a portion retained on the Company’s balance sheet. Cash App Borrow and Afterpay Post-Purchase are credit products for consumers that allow customers to access short-term loans for a fee. Pay Monthly is a buy now, pay later product that allows consumers to pay for larger transaction sizes over a three-, six-, twelve-, or twenty-four-month period using a monthly payment option. Historically, these loans were originated through a partnership with a third-party industrial bank from whom the Company purchased the loans obtaining all rights, title, and interest, and were classified as held for sale on the Company’s balance sheet. Beginning in the second quarter of 2025, the Company also began originating Cash App Borrow and Afterpay Post-Purchase loans through Square Financial Services, which are retained on the Company’s balance sheet and classified as held for investment. Beginning July 1, 2025, Cash App Borrow loans, Afterpay Post-Purchase loans, Pay Monthly, and certain other customer loan products purchased from the partnership with the third party, along with all customer loan products originated through Square Financial Services, are retained on the Company's balance sheet and classified as held for investment.

The Company classifies customer loans as held for investment when the Company has both the intent and ability to hold them for the foreseeable future, until maturity, or until payoff. Customer loans are classified as held for sale when there is an available market for such loans and it is the Company’s intent to sell all of its rights, title, and interest in these loans to third-party investors. The Company’s intent and ability in the future may change based on changes in the business strategies, the economic environment, and market conditions.
The Company categorizes loans held for investment and loans held for sale by the intended customer of the loan product. Commercial loans primarily include Square Loans; Consumer loans include Cash App Borrow, Afterpay Post-Purchase and Pay Monthly loans; and Other loans include those outside of consumer and commercial loans such as Square credit card.

Loans Held for Investment

Loans held for investment are recorded at amortized cost, less an allowance for potential uncollectible amounts. Amortized cost basis represents principal amounts outstanding, net of unearned income, unamortized deferred fees and costs on originated loans, premiums or discounts on purchased loans, and charge-offs. When loans are charged off, the related accrued interest receivable is recognized as a credit loss expense. The following table presents the Company's loans held for investment by category (in thousands):
March 31, 2026
ConsumerCommercialOtherTotal
Amortized cost basis$3,301,361 $456,932 $155,128 $3,913,421 
Allowance for credit losses(435,018)(32,062)(15,722)(482,802)
Total loans held for investment, net of allowance$2,866,343 $424,870 $139,406 $3,430,619 

December 31, 2025
ConsumerCommercialOtherTotal
Amortized cost basis$3,182,624 $481,757 $101,437 $3,765,818 
Allowance for credit losses(340,117)(33,602)(9,142)(382,861)
Total loans held for investment, net of allowance$2,842,507 $448,155 $92,295 $3,382,957 

The Company considers Square Loans that are 60 days or more past due to be delinquent, and Square Loans 90 days or more past due to be nonperforming. Square Loans that are 120 days or more past due are generally considered to be uncollectible and are written off. When a Square Loan is identified as nonperforming, recognition of income is discontinued. A Square Loan is restored to performing status after total overdue unpaid amounts are repaid and the Company has reasonable assurance that performance under the terms of the loan will continue.

Cash App Borrow, Afterpay Post-Purchase, and Pay Monthly loans that are 1 day or greater past due are considered delinquent. Cash App Borrow and Afterpay Post-Purchase loans that are 90 days or more past due, and Pay Monthly loans that are 180 days past due, are generally considered to be uncollectible and are written off.

The following table presents an aging analysis of the amortized cost of consumer loans held for investment by delinquency status (in thousands):
  March 31, 2026December 31, 2025
Non-delinquent loans$2,842,791 $2,810,925 
1 - 59 days past due
303,821 293,088 
60 - 89 days past due
153,998 78,606 
90+ days past due751 5 
Total amortized cost$3,301,361 $3,182,624 

As of March 31, 2026 and December 31, 2025, the amount of Commercial and Other loans that were identified as delinquent and nonperforming was immaterial.
The following table presents the Company's loans held for investment allowance for credit losses by category (in thousands):
March 31, 2026
ConsumerCommercialOtherTotal
Beginning balance of the allowance for credit losses$340,117 $33,602 $9,142 $382,861 
Current period provisions for expected credit losses333,828 10,393 6,584 350,805 
Write-offs charged against the allowance(263,906)(14,410)(4)(278,320)
Recoveries of amounts previously written off24,979 2,477 — 27,456 
Ending balance of the allowance for credit losses$435,018 $32,062 $15,722 $482,802 

The allowance for credit losses, amount of charge-offs recorded, and amount of recoveries as of March 31, 2025 were immaterial.

The Company closely monitors economic conditions and loan performance trends to assess and manage its exposure to credit risk. The criteria the Company monitors when assessing the credit quality and risk of its loan portfolio is primarily based on internal risk ratings, as they provide insight into borrower risk profiles and are useful as indicators of potential future credit losses. Loans are internally rated as "Pass" or "Classified." Pass rated Square Loans generally consist of loans that are current or up to 59 days past due. Classified Square Loans generally comprise of loans that are 60 days or more past due and have a higher risk of default. Pass rated Cash App Borrow, Afterpay Post-Purchase, and Pay Monthly loans generally consist of loans that are current. Classified Cash App Borrow, Afterpay Post-Purchase, and Pay Monthly loans are comprised of loans that are 1 day or greater past due, due to their short-term nature and repayment period, and have a higher risk of default. Internal risk ratings are reviewed and, generally, updated at least annually. As of March 31, 2026 and December 31, 2025, the amortized cost of Pass rated loans was $3.4 billion for both periods. As of March 31, 2026 and December 31, 2025, the amount of Classified loans was $467.3 million and $381.0 million, respectively.

Loans Held for Sale

The following table presents the Company’s loans held for sale by category (in thousands):
  March 31, 2026December 31, 2025
Commercial$713,304 $708,512 
Consumer16,422 40,735 
Other 15,886 33,719 
Total $745,612 $782,966 

Loans held for sale are recorded at the lower of amortized cost or fair value. Square Loans that are 120 days or more past due and Cash App Borrow loans that are 90 days or more past due are generally considered to be uncollectible and are written off. Past due status is based on contractual terms of the loans.
For the three months ended March 31, 2026, $1.3 billion of Square Loans were sold to third-party investors, and the Company recognized net gains on the sales of loans of $72.1 million. For the three months ended March 31, 2025, $1.1 billion of Square Loans were sold to third-party investors, and the Company recognized net gains on sales of loans of $65.4 million. The net gains on sales of loans are recognized in net income (loss) through “Financial solutions revenue” in the Company’s condensed consolidated statements of operations.
v3.26.1
CUSTOMER LOANS
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
CUSTOMER LOANS CONSUMER RECEIVABLES, NET
Consumer receivables represent amounts due from consumers for outstanding installment payments on orders processed on the Company's BNPL products. Consumer receivables are classified as held for investment. These receivables are typically interest free and are generally due within 14 to 56 days.

The Company classifies consumer receivables as held for sale when the Company has the intent to sell all of its rights, title, and interest in these receivables to third-party investors, and there is an available market for such receivables. For the three months ended March 31, 2026, no loans were reclassified from loans held for investment to loans held for sale and sold to third parties. For the three months ended March 31, 2025, $210.0 million of consumer receivables were reclassified from loans held for investment to loans held for sale and sold to third parties. Net losses on sales of consumer receivables were immaterial for the three months ended March 31, 2025.

The Company closely monitors credit quality for consumer receivables to manage and evaluate its related exposure to credit risk. The criteria the Company monitors when assessing the credit quality and risk of its consumer receivables portfolio is primarily based on internal risk assessments, as they provide insight into customer risk profiles and are useful as indicators of potential future credit losses. Consumer receivables are internally rated as "Pass" or "Classified." Pass rated consumer receivables generally consist of consumer receivables that are current or up to 60 days past due. Classified consumer receivables are generally comprised of consumer receivables that are greater than 60 days past due and have a higher risk of default. Internal risk ratings are reviewed and, generally, updated at least once a year. As of March 31, 2026, the amortized cost of Pass rated consumer receivables was $2.4 billion and the amount of Classified consumer receivables was $137.7 million.
The following table presents an aging analysis of the amortized cost of consumer receivables by delinquency status (in thousands):
  March 31, 2026December 31, 2025
Non-delinquent loans$2,034,491 $2,416,017 
1 - 60 days past due351,472 363,165 
61 - 90 days past due57,555 29,984 
> 90 days past due
80,171 101,021 
Total amortized cost$2,523,689 $2,910,187 

The amount listed as 1 - 60 days past due in the above table includes $243.0 million and $245.4 million of cash in transit as of March 31, 2026 and December 31, 2025, respectively, which reflects ongoing repayments from consumers that have been sent from consumers’ bank accounts but have not yet been received at the Company’s bank account as of the date of the financial statements.

Consumer receivables are charged off when they are over 180 days past due as the Company has no reasonable expectation of recovery. When consumer receivables are charged off, the Company recognizes the charge against the allowance for credit losses. While the Company expects collections at that point to be unlikely, the Company may recover amounts from the respective consumers. Any subsequent recoveries following charge-off are credited to transaction, loan, and consumer receivable losses on the condensed consolidated statements of operations in the period they are recovered. The amount of recoveries for both the three months ended March 31, 2026 and March 31, 2025 were immaterial.

The following table summarizes activity in the allowance for credit losses for consumer receivables (in thousands):
Three Months Ended
March 31,
20262025
Allowance for credit losses, beginning of the period$239,865 $201,793 
Provision for credit losses76,552 55,650 
Charge-offs and other adjustments(80,449)(65,786)
Foreign exchange effect 720 1,763 
Allowance for credit losses, end of the period$236,688 $193,420 
CUSTOMER LOANS
Customer loans primarily consist of Square Loans, Cash App Borrow, Afterpay Post-Purchase, and Pay Monthly products. Square Loans are originated by the Company’s wholly-owned subsidiary, Square Financial Services, to qualified Square sellers. The majority of Square Loans are sold to third-party investors with a portion retained on the Company’s balance sheet. Cash App Borrow and Afterpay Post-Purchase are credit products for consumers that allow customers to access short-term loans for a fee. Pay Monthly is a buy now, pay later product that allows consumers to pay for larger transaction sizes over a three-, six-, twelve-, or twenty-four-month period using a monthly payment option. Historically, these loans were originated through a partnership with a third-party industrial bank from whom the Company purchased the loans obtaining all rights, title, and interest, and were classified as held for sale on the Company’s balance sheet. Beginning in the second quarter of 2025, the Company also began originating Cash App Borrow and Afterpay Post-Purchase loans through Square Financial Services, which are retained on the Company’s balance sheet and classified as held for investment. Beginning July 1, 2025, Cash App Borrow loans, Afterpay Post-Purchase loans, Pay Monthly, and certain other customer loan products purchased from the partnership with the third party, along with all customer loan products originated through Square Financial Services, are retained on the Company's balance sheet and classified as held for investment.

The Company classifies customer loans as held for investment when the Company has both the intent and ability to hold them for the foreseeable future, until maturity, or until payoff. Customer loans are classified as held for sale when there is an available market for such loans and it is the Company’s intent to sell all of its rights, title, and interest in these loans to third-party investors. The Company’s intent and ability in the future may change based on changes in the business strategies, the economic environment, and market conditions.
The Company categorizes loans held for investment and loans held for sale by the intended customer of the loan product. Commercial loans primarily include Square Loans; Consumer loans include Cash App Borrow, Afterpay Post-Purchase and Pay Monthly loans; and Other loans include those outside of consumer and commercial loans such as Square credit card.

Loans Held for Investment

Loans held for investment are recorded at amortized cost, less an allowance for potential uncollectible amounts. Amortized cost basis represents principal amounts outstanding, net of unearned income, unamortized deferred fees and costs on originated loans, premiums or discounts on purchased loans, and charge-offs. When loans are charged off, the related accrued interest receivable is recognized as a credit loss expense. The following table presents the Company's loans held for investment by category (in thousands):
March 31, 2026
ConsumerCommercialOtherTotal
Amortized cost basis$3,301,361 $456,932 $155,128 $3,913,421 
Allowance for credit losses(435,018)(32,062)(15,722)(482,802)
Total loans held for investment, net of allowance$2,866,343 $424,870 $139,406 $3,430,619 

December 31, 2025
ConsumerCommercialOtherTotal
Amortized cost basis$3,182,624 $481,757 $101,437 $3,765,818 
Allowance for credit losses(340,117)(33,602)(9,142)(382,861)
Total loans held for investment, net of allowance$2,842,507 $448,155 $92,295 $3,382,957 

The Company considers Square Loans that are 60 days or more past due to be delinquent, and Square Loans 90 days or more past due to be nonperforming. Square Loans that are 120 days or more past due are generally considered to be uncollectible and are written off. When a Square Loan is identified as nonperforming, recognition of income is discontinued. A Square Loan is restored to performing status after total overdue unpaid amounts are repaid and the Company has reasonable assurance that performance under the terms of the loan will continue.

Cash App Borrow, Afterpay Post-Purchase, and Pay Monthly loans that are 1 day or greater past due are considered delinquent. Cash App Borrow and Afterpay Post-Purchase loans that are 90 days or more past due, and Pay Monthly loans that are 180 days past due, are generally considered to be uncollectible and are written off.

The following table presents an aging analysis of the amortized cost of consumer loans held for investment by delinquency status (in thousands):
  March 31, 2026December 31, 2025
Non-delinquent loans$2,842,791 $2,810,925 
1 - 59 days past due
303,821 293,088 
60 - 89 days past due
153,998 78,606 
90+ days past due751 5 
Total amortized cost$3,301,361 $3,182,624 

As of March 31, 2026 and December 31, 2025, the amount of Commercial and Other loans that were identified as delinquent and nonperforming was immaterial.
The following table presents the Company's loans held for investment allowance for credit losses by category (in thousands):
March 31, 2026
ConsumerCommercialOtherTotal
Beginning balance of the allowance for credit losses$340,117 $33,602 $9,142 $382,861 
Current period provisions for expected credit losses333,828 10,393 6,584 350,805 
Write-offs charged against the allowance(263,906)(14,410)(4)(278,320)
Recoveries of amounts previously written off24,979 2,477 — 27,456 
Ending balance of the allowance for credit losses$435,018 $32,062 $15,722 $482,802 

The allowance for credit losses, amount of charge-offs recorded, and amount of recoveries as of March 31, 2025 were immaterial.

The Company closely monitors economic conditions and loan performance trends to assess and manage its exposure to credit risk. The criteria the Company monitors when assessing the credit quality and risk of its loan portfolio is primarily based on internal risk ratings, as they provide insight into borrower risk profiles and are useful as indicators of potential future credit losses. Loans are internally rated as "Pass" or "Classified." Pass rated Square Loans generally consist of loans that are current or up to 59 days past due. Classified Square Loans generally comprise of loans that are 60 days or more past due and have a higher risk of default. Pass rated Cash App Borrow, Afterpay Post-Purchase, and Pay Monthly loans generally consist of loans that are current. Classified Cash App Borrow, Afterpay Post-Purchase, and Pay Monthly loans are comprised of loans that are 1 day or greater past due, due to their short-term nature and repayment period, and have a higher risk of default. Internal risk ratings are reviewed and, generally, updated at least annually. As of March 31, 2026 and December 31, 2025, the amortized cost of Pass rated loans was $3.4 billion for both periods. As of March 31, 2026 and December 31, 2025, the amount of Classified loans was $467.3 million and $381.0 million, respectively.

Loans Held for Sale

The following table presents the Company’s loans held for sale by category (in thousands):
  March 31, 2026December 31, 2025
Commercial$713,304 $708,512 
Consumer16,422 40,735 
Other 15,886 33,719 
Total $745,612 $782,966 

Loans held for sale are recorded at the lower of amortized cost or fair value. Square Loans that are 120 days or more past due and Cash App Borrow loans that are 90 days or more past due are generally considered to be uncollectible and are written off. Past due status is based on contractual terms of the loans.
For the three months ended March 31, 2026, $1.3 billion of Square Loans were sold to third-party investors, and the Company recognized net gains on the sales of loans of $72.1 million. For the three months ended March 31, 2025, $1.1 billion of Square Loans were sold to third-party investors, and the Company recognized net gains on sales of loans of $65.4 million. The net gains on sales of loans are recognized in net income (loss) through “Financial solutions revenue” in the Company’s condensed consolidated statements of operations.
v3.26.1
ACQUIRED INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
ACQUIRED INTANGIBLE ASSETS ACQUIRED INTANGIBLE ASSETS
The following table details acquired intangible assets (in thousands):
Balance at March 31, 2026
Weighted Average Estimated Useful LifeCostAccumulated AmortizationNet
Technology assets5 years$361,908 $(313,677)$48,231 
Customer assets15 years1,416,607 (418,741)997,866 
Trade names and other9 years389,137 (189,450)199,687 
Total$2,167,652 $(921,868)$1,245,784 

Balance at December 31, 2025
Weighted Average Estimated Useful LifeCostAccumulated AmortizationNet
Technology assets5 years$359,008 $(297,960)$61,048 
Customer assets15 years1,401,701 (391,100)1,010,601 
Trade names and other9 years389,137 (179,116)210,021 
Total$2,149,846 $(868,176)$1,281,670 

All intangible assets are amortized over their estimated useful lives.

The change in the carrying value of intangible assets was as follows (in thousands):
Three Months Ended
March 31,
20262025
Acquired intangible assets, net, beginning of the period$1,281,670 $1,433,067 
Amortization expense(46,976)(48,330)
Foreign currency translation and other adjustments11,090 6,505 
Acquired intangible assets, net, end of the period$1,245,784 $1,391,242 

The estimated future amortization expense of intangible assets as of March 31, 2026 was as follows (in thousands):
Remainder of 2026$138,651 
2027141,987 
2028138,199 
2029137,569 
2030134,169 
Thereafter555,209 
Total$1,245,784 
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT)
Other Current Assets

The following table presents the detail of other current assets (in thousands):
  March 31, 2026December 31, 2025
Loans held for sale (i)
$745,612 $782,966 
Restricted cash (ii)
621,324 1,071,574 
Processing costs receivable577,743 448,406 
Investments in short-term debt securities462,611 517,777 
Prepaid expenses359,481 288,707 
Accounts receivable, net242,508 238,207 
Inventory, net174,318 158,319 
Other841,664 601,746 
Total$4,025,261 $4,107,702 

(i) Refer to Note 7, Customer Loans for further details.

(ii) Includes a portion invested in money market funds. Refer to Note 5, Fair Value Measurements for further details.

The following table presents the detail of inventory, net (in thousands):
  March 31, 2026December 31, 2025
Raw materials
$16,557 $16,054 
Work in process54,457 46,791 
Finished goods103,304 95,474 
Total inventory, net$174,318 $158,319 
Accrued Expenses and Other Current Liabilities

The following table presents the detail of accrued expenses and other current liabilities (in thousands):    
  March 31, 2026December 31, 2025
Accrued expenses (i)
$1,228,181 $562,237 
Customer deposits352,775 297,432 
Accounts payable134,013 114,572 
Processing fee payable104,854 106,815 
Accrued transaction losses (ii)
59,051 49,250 
Operating lease liabilities, current56,026 55,349 
Accrued royalties54,963 51,596 
Other250,798 301,642 
Total$2,240,661 $1,538,893 

(i) Includes $327.2 million of accrued severance and related expenses as of March 31, 2026 related to the workforce reduction restructuring plan. Refer to Note 20, Restructuring for further details.

(ii) The Company is exposed to potential credit losses related to transactions processed by sellers that are subsequently subject to chargebacks when the Company is unable to collect from the sellers primarily due to insolvency. Generally, the Company estimates the potential loss rates based on historical experience that is continuously adjusted for new information and incorporates, where applicable, reasonable and supportable forecasts about future expectations.

The following table summarizes the activities of the Company’s reserve for transaction losses (in thousands):
Three Months Ended
March 31,
20262025
Accrued transaction losses, beginning of the period$49,250 $58,580 
Provision for transaction losses (i)
34,101 29,408 
Charge-offs to accrued transaction losses(24,300)(30,851)
Accrued transaction losses, end of the period$59,051 $57,137 

(i) Estimated losses related to Cash App overdrafts are classified within sales and marketing expenses and are accounted for separately from the provision for transaction losses. Such losses were immaterial for the three months ended March 31, 2026.
In addition to amounts reflected in the table above, the Company recognized additional provisions for transaction losses that were realized and written-off within the same period. Such losses are primarily related to Cash App transactions, such as peer-to-peer transactions, overdrafts, and negative balances, that are uncertain in nature. The Company recorded $81.2 million and $59.0 million for the three months ended March 31, 2026 and March 31, 2025, respectively, for such losses. Losses from peer-to-peer activity and overdrafts are classified within sales and marketing expenses, while other transaction losses, including negative balances, are presented within transaction, loan, and consumer receivable losses on the condensed consolidated statements of operations.OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)
Other Non-Current Assets

The following table presents the detail of other non-current assets (in thousands):
  March 31, 2026December 31, 2025
Property and equipment, net294,895 323,375 
Operating lease right-of-use assets188,393 214,929 
Investments in long-term debt securities154,625 188,887 
Investment in non-marketable equity securities (i)
88,112 423,198 
Restricted cash73,659 73,786 
Other219,950 257,853 
Total$1,019,634 $1,482,028 

(i) Investment in non-marketable equity securities represents the Company's investments in equity of non-public entities. These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. Adjustments are recorded within other expense (income), net on the condensed consolidated statements of operations.

The adjustments to the carrying value of the Company's non-current non-marketable equity securities measured using the measurement alternative were as follows (in thousands):
Three Months Ended
March 31,
20262025
Carrying amount, beginning of period$423,198 $245,557 
Net reductions (i)
(329,798)(2,499)
Gross unrealized losses and impairments(5,288)— 
Carrying amount, end of period$88,112 $243,058 

(i) Net reductions for the three months ended March 31, 2026 relates to a reclassification from non-current to current assets.

The following table summarizes the cumulative net unrealized upward and downward adjustments related to the Company's non-current non-marketable equity securities measured using the measurement alternative (in thousands):
  March 31, 2026December 31, 2025
Upward adjustments$6,150 $326,970 
Downward adjustments and impairments$(7,349)$(2,061)

Other Non-Current Liabilities

The following table presents the detail of other non-current liabilities (in thousands):
  March 31, 2026December 31, 2025
Operating lease liabilities, non-current$242,345 $257,126 
Deferred tax liabilities54 1,173 
Other118,460 123,546 
Total$360,859 $381,845 
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT)
Other Current Assets

The following table presents the detail of other current assets (in thousands):
  March 31, 2026December 31, 2025
Loans held for sale (i)
$745,612 $782,966 
Restricted cash (ii)
621,324 1,071,574 
Processing costs receivable577,743 448,406 
Investments in short-term debt securities462,611 517,777 
Prepaid expenses359,481 288,707 
Accounts receivable, net242,508 238,207 
Inventory, net174,318 158,319 
Other841,664 601,746 
Total$4,025,261 $4,107,702 

(i) Refer to Note 7, Customer Loans for further details.

(ii) Includes a portion invested in money market funds. Refer to Note 5, Fair Value Measurements for further details.

The following table presents the detail of inventory, net (in thousands):
  March 31, 2026December 31, 2025
Raw materials
$16,557 $16,054 
Work in process54,457 46,791 
Finished goods103,304 95,474 
Total inventory, net$174,318 $158,319 
Accrued Expenses and Other Current Liabilities

The following table presents the detail of accrued expenses and other current liabilities (in thousands):    
  March 31, 2026December 31, 2025
Accrued expenses (i)
$1,228,181 $562,237 
Customer deposits352,775 297,432 
Accounts payable134,013 114,572 
Processing fee payable104,854 106,815 
Accrued transaction losses (ii)
59,051 49,250 
Operating lease liabilities, current56,026 55,349 
Accrued royalties54,963 51,596 
Other250,798 301,642 
Total$2,240,661 $1,538,893 

(i) Includes $327.2 million of accrued severance and related expenses as of March 31, 2026 related to the workforce reduction restructuring plan. Refer to Note 20, Restructuring for further details.

(ii) The Company is exposed to potential credit losses related to transactions processed by sellers that are subsequently subject to chargebacks when the Company is unable to collect from the sellers primarily due to insolvency. Generally, the Company estimates the potential loss rates based on historical experience that is continuously adjusted for new information and incorporates, where applicable, reasonable and supportable forecasts about future expectations.

The following table summarizes the activities of the Company’s reserve for transaction losses (in thousands):
Three Months Ended
March 31,
20262025
Accrued transaction losses, beginning of the period$49,250 $58,580 
Provision for transaction losses (i)
34,101 29,408 
Charge-offs to accrued transaction losses(24,300)(30,851)
Accrued transaction losses, end of the period$59,051 $57,137 

(i) Estimated losses related to Cash App overdrafts are classified within sales and marketing expenses and are accounted for separately from the provision for transaction losses. Such losses were immaterial for the three months ended March 31, 2026.
In addition to amounts reflected in the table above, the Company recognized additional provisions for transaction losses that were realized and written-off within the same period. Such losses are primarily related to Cash App transactions, such as peer-to-peer transactions, overdrafts, and negative balances, that are uncertain in nature. The Company recorded $81.2 million and $59.0 million for the three months ended March 31, 2026 and March 31, 2025, respectively, for such losses. Losses from peer-to-peer activity and overdrafts are classified within sales and marketing expenses, while other transaction losses, including negative balances, are presented within transaction, loan, and consumer receivable losses on the condensed consolidated statements of operations.OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)
Other Non-Current Assets

The following table presents the detail of other non-current assets (in thousands):
  March 31, 2026December 31, 2025
Property and equipment, net294,895 323,375 
Operating lease right-of-use assets188,393 214,929 
Investments in long-term debt securities154,625 188,887 
Investment in non-marketable equity securities (i)
88,112 423,198 
Restricted cash73,659 73,786 
Other219,950 257,853 
Total$1,019,634 $1,482,028 

(i) Investment in non-marketable equity securities represents the Company's investments in equity of non-public entities. These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. Adjustments are recorded within other expense (income), net on the condensed consolidated statements of operations.

The adjustments to the carrying value of the Company's non-current non-marketable equity securities measured using the measurement alternative were as follows (in thousands):
Three Months Ended
March 31,
20262025
Carrying amount, beginning of period$423,198 $245,557 
Net reductions (i)
(329,798)(2,499)
Gross unrealized losses and impairments(5,288)— 
Carrying amount, end of period$88,112 $243,058 

(i) Net reductions for the three months ended March 31, 2026 relates to a reclassification from non-current to current assets.

The following table summarizes the cumulative net unrealized upward and downward adjustments related to the Company's non-current non-marketable equity securities measured using the measurement alternative (in thousands):
  March 31, 2026December 31, 2025
Upward adjustments$6,150 $326,970 
Downward adjustments and impairments$(7,349)$(2,061)

Other Non-Current Liabilities

The following table presents the detail of other non-current liabilities (in thousands):
  March 31, 2026December 31, 2025
Operating lease liabilities, non-current$242,345 $257,126 
Deferred tax liabilities54 1,173 
Other118,460 123,546 
Total$360,859 $381,845 
v3.26.1
BITCOIN
 3 Months Ended
Mar. 31, 2026
Other Liabilities Disclosure [Abstract]  
BITCOIN BITCOIN
A) Company Owned Bitcoin

The Company holds bitcoin for long-term investment purposes ("bitcoin investment") and also holds bitcoin for the facilitation of customer sales and purchases of bitcoin on Cash App ("bitcoin for operating purposes"). The Company accounts for its bitcoin as an indefinite-lived intangible asset in accordance with Accounting Standards Codification ("ASC") 350, Intangibles—Goodwill and Other and has ownership of and control over its bitcoin.

The Company's bitcoin investment is initially recorded at cost, inclusive of transaction costs, and remeasured at fair value at the end of each reporting period. Changes in fair value are recognized in net income (loss) through “Remeasurement loss (gain) on bitcoin investment” on the Company’s condensed consolidated statements of operations. As of March 31, 2026 and December 31, 2025, the Company held approximately 9,032 and 8,883 bitcoins for investment purposes with a cost basis of $305.2 million and $292.6 million, respectively.

The following table summarizes the changes in the Company’s bitcoin investment (in thousands, except amount of bitcoin):
Amount of bitcoin
Value
Balance at December 31, 20258,883 $777,515 
Additions (i)
149 12,593 
Remeasurement loss— (172,818)
Balance at March 31, 20269,032 $617,290 

Amount of bitcoin
Value
Balance at December 31, 20248,485 $792,282 
Additions (i)
99 9,519 
Remeasurement loss— (93,351)
Balance at March 31, 20258,584 $708,450 

(i) Additions primarily represent the Company's purchases of bitcoin for investment purposes.

The Company’s bitcoin for operating purposes is initially recorded at cost, inclusive of transaction costs. Subsequent to purchase, any sales related to bitcoin occur at its current market price, plus a small margin. As such, any change in fair value of bitcoin purchased and sold for customer orders is captured within bitcoin ecosystem revenue. Given the small amount of bitcoin for operating purposes held at any time, and that the bitcoin is held for a relatively short period of time, typically being purchased and sold within a day, the changes in fair value are not material to the Company. As of March 31, 2026 and December 31, 2025, the Company held approximately 267 and 238 bitcoins for operating purposes with a fair value of $18.8 million and $20.0 million, respectively, to facilitate the purchases and sales of bitcoin on behalf of Cash App customers. The bitcoin for operating purposes is reflected on the condensed consolidated balance sheets within “Other current assets.”
B) Bitcoin Held for Other Parties

The Company allows its Cash App customers to store their bitcoin in the Company’s digital wallets free of charge. The Company also holds an immaterial amount of bitcoin from select trading partners to facilitate bitcoin transactions for customers on Cash App. Other than bitcoin, the Company does not hold or store any other types of crypto-assets for customers or trading partners. The Company holds the cryptographic key information and maintains the internal recordkeeping of the bitcoin held for other parties. The Company's contractual arrangements state that its customers and trading partners retain legal ownership of the bitcoin; have the right to sell, pledge, or transfer the bitcoin; and also benefit from the rewards and bear the risks associated with the ownership, including as a result of any bitcoin price fluctuations. The customer also bears the risk of loss as a result of fraud or theft, unless the loss was caused by the Company’s gross negligence or the Company’s willful misconduct. The Company does not use any of the bitcoin custodied for customers or trading partners as collateral for any of the Company’s loans or other financing arrangements; nor does it lend or pledge bitcoin held for others to any third parties. The Company occasionally engages third-party custodians to store and safeguard bitcoin on the Company's behalf. The Company has concluded, under ASC 450-20, Loss Contingencies, that it does not have a probable loss that would require it to recognize a custodial obligation as of March 31, 2026.
v3.26.1
INDEBTEDNESS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
A) Notes

The 2026 Convertible Notes and 2027 Convertible Notes (each, as defined below, and collectively, the “Convertible Notes”), together with the Senior Notes (as defined below), are collectively referred to as the “Notes.”

The following tables summarize the Company's Notes as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Principal OutstandingUnamortized Debt Issuance CostsNet Carrying Value
2026 Senior Notes (i)
$1,000,000 $(480)$999,520 
2030 Senior Notes1,200,000 (13,782)1,186,218 
2031 Senior Notes1,000,000 (7,283)992,717 
2032 Senior Notes2,000,000 (21,560)1,978,440 
2033 Senior Notes1,000,000 (12,098)987,902 
2026 Convertible Notes (i)
575,000 (146)574,854 
2027 Convertible Notes575,000 (2,131)572,869 
Total$7,350,000 $(57,480)$7,292,520 
December 31, 2025
Principal OutstandingUnamortized Debt Issuance CostsNet Carrying Value
2026 Senior Notes (i)
$1,000,000 $(1,173)$998,827 
2030 Senior Notes1,200,000 (14,467)1,185,533 
2031 Senior Notes1,000,000 (7,628)992,372 
2032 Senior Notes2,000,000 (22,266)1,977,734 
2033 Senior Notes1,000,000 (12,419)987,581 
2026 Convertible Notes (i)
575,000 (568)574,432 
2027 Convertible Notes575,000 (2,461)572,539 
Total$7,350,000 $(60,982)$7,289,018 

(i) Net carrying value disclosed as current portion of long-term debt within total current liabilities on the condensed consolidated balance sheet.

The Company recognized interest expense on the Notes as follows (in thousands):
Three Months Ended
March 31,
20262025
Contractual interest expense$79,723 $48,380 
Amortization of debt issuance costs3,503 2,949 
Total$83,226 $51,329 

Convertible Notes due in 2026 and 2027

On November 13, 2020, the Company issued $1.2 billion in aggregate principal amount of convertible senior notes comprised of $575.0 million in aggregate principal amount of convertible senior notes due 2026 ("2026 Convertible Notes") and $575.0 million in aggregate principal amount of convertible senior notes due 2027 ("2027 Convertible Notes"). The 2026 Convertible Notes mature on May 1, 2026, unless earlier converted or repurchased, and bear a zero rate of interest. The 2027 Convertible Notes mature on November 1, 2027, unless earlier converted or repurchased, and bear interest at a rate of 0.25% payable semi-annually on May 1 and November 1 of each year.

The circumstances to allow the holders to convert their 2026 Convertible Notes and 2027 Convertible Notes were not met during the three months ended March 31, 2026. As of March 31, 2026, no principal had converted and the if-converted value did not exceed the outstanding principal amount on either the 2026 Convertible Notes or 2027 Convertible Notes.
B) Revolving Credit Facility

On January 14, 2026, the Company amended and restated its revolving credit agreement (the "Restated Credit Agreement") with certain lenders, which, among other things, increased the revolving loan commitments from $775 million to $900 million and extended the maturity date to January 14, 2031, provided that if on the date that is 91 days prior to the maturity date of any of the Company's existing convertible notes or senior notes, the aggregate amount of liquidity (as defined in the Restated Credit Agreement) would be less than $250 million after giving pro forma effect to the repayment of such existing convertible notes or such senior notes at maturity, then the maturity date of the revolving loan facility shall be modified to be such date. The Restated Credit Agreement replaced the prior financial covenant with a maximum total net leverage ratio covenant, determined as set forth in the Restated Credit Agreement, to be tested on the last day of each fiscal quarter.

Loans under the Restated Credit Agreement bear interest at the Company's option at (i) an annual rate based on the forward-looking term rate based on the Secured Overnight Financing Rate ("Term SOFR") or (ii) a base rate. Loans based on Term SOFR shall bear interest at a rate equal to Term SOFR plus a margin of between 1.25% and 1.75%, depending on the Company's total net leverage ratio. Loans based on the base rate shall bear interest at a rate based on the highest of the prime rate, the federal funds rate plus 0.50%, and Term SOFR with a tenor of one-month plus 1.00%, in each case, plus a margin ranging from 0.25% to 0.75%, depending on the Company's total net leverage ratio.

The Restated Credit Agreement also contains customary affirmative and negative covenants typical for a facility of this type that, among other things, restrict the Company's domestic restricted subsidiaries from incurring debt for borrowed money, the Company and its domestic restricted subsidiaries from granting liens to secure debt for borrowed money and entering into sale and leaseback transactions, and the Company and its subsidiaries from making certain investments and certain restricted payments.

The Company is obligated to pay customary fees for a credit facility of this size and type including a commitment fee of 0.10% to 0.20% per annum on the undrawn portion of the revolving loan commitments available under the Restated Credit Agreement. As of March 31, 2026, no funds have been drawn and no letters of credit have been issued under the Restated Credit Agreement. The Company incurred immaterial unused commitment fees during the three months ended March 31, 2026 and March 31, 2025. As of March 31, 2026, the Company was in compliance with all financial covenants under the Restated Credit Agreement.

C) Square Financial Services Lines of Credit

The Company also has uncommitted and unsecured lines of credit with certain third-party banks for short-term liquidity needs, subject to availability of funds, through Square Financial Services. There were no outstanding balances as of March 31, 2026 and December 31, 2025.

D) Warehouse Funding Facilities

The Company has financing arrangements with financial institutions in Australia, New Zealand, the United States, and the United Kingdom (collectively, the “Warehouse Facilities”) in connection with certain of its BNPL products. The Warehouse Facilities have been arranged utilizing wholly-owned and consolidated entities (collectively, the Warehouse Special Purpose Entities ("Warehouse SPEs")) formed for the sole purpose of financing the origination of consumer receivables to partly fund certain BNPL products. Borrowings under the Warehouse Facilities are secured against the respective consumer receivables. While the Warehouse SPEs are included in our consolidated financial statements, they are separate legal entities that maintain legal ownership of the receivables they hold. The assets of the Warehouse SPEs are not available to satisfy our claims or those of our creditors.

These Warehouse Facilities have maturity dates through September 2028. As of March 31, 2026, the aggregate amount of the Warehouse Facilities, using the respective exchange rates at period-end, was $1.5 billion on a revolving basis, of which $542.5 million was drawn and $960.9 million remained available. All Warehouse Facilities contain portfolio parameters based on performance of the underlying consumer receivables, which each respective region has satisfied as of March 31, 2026. None of the Warehouse Facilities contain corporate financial covenants.
All Warehouse Facilities are on a variable rate basis which aligns closely to the weighted-average life of the consumer receivables they finance. Borrowings under these facilities bear interest at (i) a base rate aligned to either the local risk free rate, such as Term SOFR and the Sterling Overnight Index Average or similar, and (ii) a margin which is set for the term of the availability period. The interest expense incurred on the Company's Warehouse Facilities is included within general and administrative as part of the Company's operating expenses. Interest expense on the Company's Warehouse Facilities was $12.6 million and $14.9 million for the three months ended March 31, 2026 and March 31, 2025, respectively. In addition, each Warehouse Facility requires payment of immaterial commitment fees.

The table below summarizes the future scheduled principal payments of amounts drawn on the Company's Warehouse Facilities (in thousands):
March 31, 2026
2026
$169,045 
2027 (i)
318,455 
202855,000 
Total$542,500 

(i) Includes $114.5 million of future scheduled principal payments disclosed as warehouse funding facilities, current, on the condensed consolidated balance sheet.
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company recorded an income tax benefit of $84.0 million and income tax expense of $38.3 million for the three months ended March 31, 2026 and March 31, 2025, respectively. The shift to a tax benefit reflects a pre-tax loss of $392.6 million in the current period, compared to pre-tax income of $227.1 million in the prior-year period. The current period pre-tax loss was driven in part by restructuring charges related to the Workforce Plan and accruals for litigation and regulatory matters. Refer to Note 20, Restructuring, and Note 17, Commitments and Contingencies for more details.

The difference between the income tax benefit at the U.S. federal statutory rate and the income tax benefit recorded for the three months ended March 31, 2026 was primarily due to the impact of U.S. state taxes and tax shortfalls from share-based compensation.

The difference between the income tax benefit for the three months ended March 31, 2026 and the income tax expense for the three months ended March 31, 2025 primarily relates to the pre-tax results for each quarter, partially offset by smaller benefits from the release of income tax reserves due to lapsing of statute limitations and tax shortfalls from share-based compensation for the three months ended March 31, 2026.

The Company is subject to income taxes in the U.S. and certain foreign tax jurisdictions. The tax provision for the three months ended March 31, 2026 and March 31, 2025 is calculated on a jurisdictional basis. The Company estimated the worldwide income tax provision using the estimated annual effective income tax rate expected to be applicable for the full year. The Company’s effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect, among other things, the assumptions used to estimate the annual effective tax rate, including factors such as the mix of forecasted pre-tax earnings in the various jurisdictions in which the Company operates, changes in valuation allowances against deferred tax assets, the recognition and de-recognition of tax benefits related to uncertain tax positions, and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business.
v3.26.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Share Repurchase Program

In November 2025, the board of directors of the Company authorized an increase to the Company's share repurchase program to repurchase up to an additional $5 billion of the Company’s Class A common stock, for a total authorization of $9 billion. During the three months ended March 31, 2026, the Company repurchased 10.7 million shares of its Class A common stock for an aggregate amount of $636.0 million, excluding excise tax, which was immaterial. As of March 31, 2026, $4.7 billion remained available and authorized for repurchases under this share repurchase program.
Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company’s discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.

Stock Plans

The Company maintains two share-based employee compensation plans: the 2015 Equity Incentive Plan ("2015 Plan") and the 2025 Equity Incentive Plan ("2025 Plan"). The 2025 Plan became effective as of June 17, 2025 and replaced the 2015 Plan as of such date, such that no further awards will be granted under the 2015 Plan. Any awards outstanding under the 2015 Plan as of the date the 2025 Plan became effective will remain outstanding under the 2015 Plan in accordance with their existing terms.

Under the 2025 Plan, shares of the Company's Class A common stock are reserved for the issuance of incentive and nonstatutory stock options (ISOs and NSOs, respectively), stock appreciation rights ("SARs"), restricted stock awards, restricted stock units ("RSUs"), performance awards, and other stock and cash-based awards to eligible employees, directors, and consultants. The awards must be granted at a price per share not less than the fair market value at the date of grant. A maximum aggregate of 80,000,000 shares were reserved for issuance pursuant to awards under the 2025 Plan. As of March 31, 2026, there were 26.0 million shares outstanding under the 2015 Plan and 74.9 million shares available for future issuance under our 2025 Plan.

A summary of stock option activity for the three months ended March 31, 2026 is as follows (in thousands, except per share data):
Number of Stock Options OutstandingWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
Outstanding, beginning of the year3,757 $69.29 6.95$29,151 
Granted— — 
Exercised(11)57.40 
Forfeited(266)58.19 
Expired(11)65.60 
Outstanding, end of the period3,469 $70.20 6.78$15,661 
Exercisable, end of the period2,076 $77.63 5.44$10,623 
Restricted Stock Activity

Activity related to RSUs during the three months ended March 31, 2026 is set forth below (in thousands, except per share data):
Number of
Shares		Weighted
Average Grant
Date Fair Value
Unvested, beginning of the year31,287 $66.31 
Granted1,529 56.05 
Vested(3,921)68.04 
Forfeited(1,972)65.15 
Unvested, end of the period26,923 $65.56 

Share-Based Compensation

The following table summarizes the effects of share-based compensation on the condensed consolidated statements of operations (in thousands):
Three Months Ended
March 31,
20262025
Cost of revenue$113 $156 
Product development245,040 222,541 
Sales and marketing31,357 33,350 
General and administrative62,190 59,189 
Total$338,700 $315,236 
    
The Company capitalized $7.2 million and $8.9 million of share-based compensation expense related to capitalized software costs during the three months ended March 31, 2026 and March 31, 2025, respectively.

As of March 31, 2026, there was $1.8 billion of total unrecognized compensation cost related to outstanding stock options and restricted stock awards that are expected to be recognized over a weighted-average period of 2.4 years.
v3.26.1
NET INCOME (LOSS) PER SHARE
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE NET INCOME (LOSS) PER SHARE
The Company computes net income (loss) per share attributable to our common stockholders using the two-class method required for multiple classes of common stock and participating securities. The holders of our Class A and Class B common stock (together, "common stock") have identical liquidation and dividend rights but different voting rights. Accordingly, we present net income (loss) per share for Class A and Class B common stock together.

Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding adjusted for the dilutive effect of all potential shares of common stock. In periods when the Company reported a net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive.
The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except per share data):
Three Months Ended
March 31,
20262025
Basic net income (loss) per share:
Numerator
Net income (loss) attributable to common stockholders$(308,681)$189,872 
Denominator
Shares used to compute basic net income (loss) per share597,586 619,370 
Basic net income (loss) per share$(0.52)$0.31 
Diluted net income (loss) per share:
Numerator
Net income (loss) attributable to common stockholders$(308,681)$189,872 
Interest expense on convertible notes— 1,511 
Net income (loss) used to compute diluted net income per share$(308,681)$191,383 
Denominator
Shares used to compute basic net income (loss) per share597,586 619,370 
Stock options, restricted stock, and employee stock purchase plan— 6,619 
Convertible notes— 9,353 
Shares used to compute diluted net income (loss) per share597,586 635,342 
Diluted net income (loss) per share$(0.52)$0.30 

The following potential common shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented (in thousands):
Three Months Ended
March 31,
20262025
Stock options, restricted stock, and employee stock purchase plan33,721 33,161 
Convertible notes3,844 — 
Common stock warrants3,844 12,108 
Total anti-dilutive securities41,409 45,269 
v3.26.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
In July 2019, the Company entered into a lease agreement for office space in St. Louis, Missouri, from an affiliate of one of the Company’s co-founders and current member of its board of directors, Mr. Jim McKelvey, for a term of 15.5 years with options to extend the lease term for two five-year terms. The lease possession date varied by floor, beginning in May 2020. As of March 31, 2026, the Company had recorded right-of-use assets of $9.6 million and associated lease liabilities of $14.4 million related to this lease arrangement.

Under the lease agreement, the Company has an option to terminate the lease for the entire property on January 1, 2034. Termination penalties specified in the lease agreement will apply if the Company exercises the option to terminate the lease.
v3.26.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Litigation and Regulatory Matters

The Company is currently subject to, and may in the future be involved in, various litigation matters, legal claims, investigations, and regulatory proceedings.

Regulatory and Governmental Matters

The Company received subpoenas from Attorneys General from multiple states, seeking the production of information related to, among other things, Cash App’s handling of customer complaints and disputes. In June 2024, the state Attorneys General presented the Company with the results of their investigations. In December 2024, the state Attorneys General presented the Company with potential terms for resolving this matter and the Company is engaging in conversations with the state Attorneys General to resolve this matter on acceptable terms. In April 2026, the Company reached an agreement with the Executive Committee in principle on terms for resolving the matter. The final terms are not expected to be material.

The Company also received inquiries from the SEC and Department of Justice (“DOJ”) shortly after the publication of a short seller report in March 2023. In July 2024, the Company received a follow-on inquiry from the SEC. The Company believes these inquiries primarily relate to the allegations raised in the short seller report, the Company’s compliance and risk practices, and related disclosures. In March 2026, the SEC staff notified the Company that it had concluded its investigation and did not intend to recommend an enforcement action against the Company.

The DOJ inquiry remains ongoing, and in March 2026, the DOJ presented the Company with potential terms for resolving this matter. The Company disputes the basis and methodology underlying the DOJ's assessment of the matter, and it does not reflect the Company’s view of the merits or its view of an appropriate measure of loss, harm or the Company's potential financial liability. In April 2026, the Company made a counterproposal, and discussions are ongoing.

The Company has accrued an estimate of loss in the amount of $240 million as of the first quarter of 2026. The Company cannot provide any assurance that the DOJ will not ultimately take legal action against the Company should negotiations not result in an acceptable resolution. While the Company cannot predict the final outcome or estimate a range of loss in excess of amounts accrued, it is reasonably possible that the ultimate resolution could result in losses in excess of the amount accrued and such losses could be material. The Company cannot provide any assurance that the ultimate resolution will not have a material adverse effect on the Company.

Litigation Matters

On January 17, 2025, a putative federal securities class action was filed in the U.S. District Court for the Northern District of California against the Company and certain of its officers alleging violations of Sections 10(b) and 20(a) of the Exchange Act on behalf of a putative class of persons who purchased or otherwise acquired the Company’s Class A common stock between February 26, 2020 and August 1, 2024. The plaintiff alleges, among other things, that the Company made materially false or misleading statements regarding its anti-money laundering (“AML”) and compliance programs and seeks unspecified damages, attorneys’ fees and other costs. On June 18, 2025, plaintiffs filed an amended consolidated complaint. On January 6, 2026, the court denied the Company’s motion to dismiss.

In addition, between February 5, 2025 and April 24, 2025, multiple shareholder derivative actions were filed in the U.S. District Court for the Northern District of California against certain of the Company’s current and former directors and officers based on allegations substantially similar to the securities class action. The plaintiffs seek unspecified damages, attorneys' fees and other costs. On May 7, 2025, the Court ordered that the actions were related and renamed the related cases as “In re Block, Inc. Shareholder Derivative Litigation.” On January 6, 2026, the court denied the Company’s motions to dismiss in the derivative actions. A separate derivative action making similar claims and requesting similar damages was filed on October 9, 2025 in the U.S. District Court for the Northern District of California that has not been consolidated. In April 2026, the board of directors of the Company formed a special litigation committee and empowered it to investigate the claims raised in the derivative actions.
It is reasonably possible that the Company will incur a loss in connection with these federal securities and derivative matters, and the loss could be material; however, the Company cannot estimate the amount of loss or range of loss at this time.

Tax Matters

In June 2024, the Office of the Treasurer and Tax Collector of the City and County of San Francisco (the "Tax Collector") issued an assessment of San Francisco gross receipts tax, including interest and penalties, for fiscal years 2020 through 2022, asserting the Company owes incremental taxes on a portion of the receipts generated by the Company related to sales of bitcoin. The Company paid the assessed amount of $71.4 million in January 2025. In September 2025, the Tax Collector issued an assessment of gross receipt tax, including tax, interest, and penalties, of $42.7 million for fiscal years 2023 and 2024, which the Company paid in October 2025. In both cases, the Company paid the assessment in order to preserve its rights to dispute the assessments and initiate the dispute process. The Company strongly disagrees with the Tax Collector’s assessments and plans to vigorously pursue all available remedies. Given the assessed amounts must be paid to initiate the dispute process and will be returned in full or used to settle any final amount due to the Tax Collector, the Company views the amounts as deposit assets.

The Company estimates its aggregate exposure for fiscal years 2020 through 2024 could be up to $114 million, which is the full amount of the assessments already paid. The Tax Collector may continue to challenge the Company's gross receipts tax positions. The Company has currently concluded that a loss for this matter is not probable.

The Company regularly assesses the likelihood of adverse outcomes resulting from litigation and regulatory proceedings and adjusts the financial statements based on such assessments. The eventual outcome of these matters may differ materially from the estimates the Company has currently accrued in the financial statements.

In addition, the Company is subject to various legal matters, investigations, subpoenas, inquiries, audits, claims, lawsuits, arbitrations, and disputes, including with regulatory bodies and governmental agencies. The Company cannot at this time fairly estimate a reasonable range of exposure, if any, of the potential liability, if any, with respect to any of these other matters. Although the Company may be subject to an adverse decision or settlement, it does not believe that the final disposition of any of these other matters will have a material adverse effect on its results of operations, financial position, or liquidity. However, the Company cannot give any assurance regarding the ultimate outcome of any of these matters, and their resolution could be material to the Company's operating results.

Purchase Commitments

From time to time, we may enter into non-cancelable purchase obligations related to cloud computing infrastructure. The commitment amounts in the table below are associated with contracts that are enforceable and legally binding and that specify all significant terms, including fixed or minimum services to be used, and the approximate timing of the actions under the contracts.

As of March 31, 2026, the future minimum payments under the purchase commitments were as follows (in thousands):
Payments Due By Period
Remainder of 2026$281,714 
2027427,317 
2028355,000 
2029370,000 
2030410,000 
Thereafter392,000 
Total$2,236,031 
Other Contingencies

The Company is under examination, or may be subject to examination, by several tax authorities. These examinations may lead to proposed adjustments to the Company's taxes or net operating losses with respect to years under examination, as well as subsequent periods. The Company regularly assesses the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of the Company's provision for direct and indirect taxes. The Company continues to monitor the progress of ongoing discussions with tax authorities and the effect, if any, on the Company's provision for direct and indirect taxes.

Management believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company's tax audits are resolved in a manner not consistent with the Company’s expectations, the Company could be required to adjust the Company's provision for direct and indirect taxes in the period such resolution occurs.
v3.26.1
SEGMENT AND GEOGRAPHICAL INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHICAL INFORMATION SEGMENT AND GEOGRAPHICAL INFORMATION
The Company reports its segments to reflect the manner in which the Company's chief operating decision maker ("CODM") reviews and assesses performance. The Company's CODM is the Block Head and Chairperson. The Company has two reportable segments, Square and Cash App. Products and services that are not assigned to a specific reportable segment, including but not limited to TIDAL and other emerging ecosystems, are aggregated and presented within a general corporate and other category. Square and Cash App are defined as follows:

•Cash App includes the financial tools available to individuals within the mobile Cash App, including peer-to-peer payments, bitcoin and stock investments. Cash App also includes Cash App Card, which is linked to customer stored balances that customers can use to pay for purchases or withdraw funds from an ATM, as well as Cash App Borrow, which is a credit product that allows eligible customers to access short-term loans for a fee. Cash App also includes all BNPL products.

•Square includes managed payment services, software solutions, hardware, and financial solutions offered to sellers, excluding those that involve Cash App.

The primary financial measures used by the CODM to evaluate performance and allocate resources are revenue and gross profit. The CODM uses segment gross profit for each segment during the annual budgeting and forecasting process. Further, the CODM uses gross profit as the metric to guide the business trajectory and to consider the overall gross profit growth by segment on a quarterly basis, when making decisions about the allocation of operating and capital resources to each segment. The CODM does not evaluate performance or allocate resources based on segment asset data, and therefore such information is not included.
The following tables present information on the reportable segments revenue and segment gross profit, as well as amounts for the "Corporate and Other" category, which includes products and services not assigned to reportable segments and intersegment eliminations (in thousands):
Three Months Ended
March 31, 2026
Cash AppSquareCorporate and Other Total
Revenue:
Commerce enablement revenue$1,086,465 $1,802,824 $49,181 $2,938,470 
Financial solutions revenue1,040,020 281,965 — 1,321,985 
Bitcoin ecosystem revenue1,744,221 27,532 24,639 1,796,392 
Segment revenue$3,870,706 $2,112,321 $73,820 $6,056,847 
Less: Cost of revenue1,962,572 1,130,772 54,264 3,147,608 
Segment gross profit$1,908,134 $981,549 $19,556 $2,909,239 
Interest revenue$43,373 $8,372 $— $51,745 
Amortization of acquired technology assets$11,671 $1,146 $— $12,817 

Three Months Ended
March 31, 2025
Cash AppSquareCorporate and Other Total
Revenue:
Commerce enablement revenue$900,104 $1,626,622 $40,249 $2,566,975 
Financial solutions revenue649,472 225,539 — 875,011 
Bitcoin ecosystem revenue2,329,438 — 372 2,329,810 
Segment revenue$3,879,014 $1,852,161 $40,621 $5,771,796 
Less: Cost of revenue2,499,063 954,262 28,868 3,482,193 
Segment gross profit $1,379,951 $897,899 $11,753 $2,289,603 
Interest revenue$49,238 $7,937 $— $57,175 
Amortization of acquired technology assets$13,166 $1,508 $— $14,674 
The following table provides a reconciliation of total segment gross profit to the Company’s income (loss) before applicable income taxes (in thousands):
Three Months Ended
March 31,
20262025
Total segment gross profit$2,889,683 $2,277,850 
Add: Corporate and other gross profit19,556 11,753 
Less: Product development1,038,873 760,699 
Less: Sales and marketing650,508 504,460 
Less: General and administrative857,564 491,797 
Less: Transaction, loan, and consumer receivable losses500,125 169,689 
Less: Amortization of customer and other intangible assets34,159 33,656 
Less: Interest expense, net53,195 17,243 
Less: Remeasurement loss on bitcoin investment172,818 93,351 
Less: Other income, net(5,426)(8,342)
Income (loss) before applicable income taxes$(392,577)$227,050 

Revenue

Revenue by geography is based on the addresses of the sellers or customers. The following table details revenue by geographic area (in thousands):
Three Months Ended
March 31,
20262025
United States$5,530,750 $5,347,630 
International526,097 424,166 
Total$6,056,847 $5,771,796 

No individual country from the international markets contributed more than 10% of total revenue for the three months ended March 31, 2026 and March 31, 2025.

Long-Lived Assets

The following table details long-lived assets by geography (in thousands):
  March 31, 2026December 31, 2025
United States$7,193,280 $7,281,727 
Australia4,594,832 4,453,807 
Other international1,897,224 1,933,458 
Total$13,685,336 $13,668,992 

Assets by reportable segment were not included, as this information is not reviewed by the CODM to make operating decisions or allocate resources and is reviewed on a consolidated basis.
v3.26.1
SUPPLEMENTAL CASH FLOW INFORMATION
 3 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
The supplemental disclosures of cash flow information consist of the following (in thousands):
Three Months Ended
March 31,
20262025
Supplemental cash flow data:
Cash paid for interest$78,161 $19,478 
Cash paid for income taxes50,727 22,833 
Supplemental disclosures of non-cash investing and financing activities:
Unsettled originations of consumer receivables$201,976 $215,278 
Right-of-use assets obtained in exchange for operating lease obligations212 1,258 
Purchases of property and equipment in accounts payable and accrued expenses8,590 1,912 
v3.26.1
RESTRUCTURING
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
In February 2026, the Company announced a workforce reduction restructuring plan (the “Workforce Plan”) designed to better align our organizational structure with our operating model and strategic priorities. As part of the Workforce Plan, the Company reduced its workforce by more than 40%. Restructuring charges in connection with the Workforce Plan for the three months ended March 31, 2026 were $495.3 million, which primarily consisted of cash expenditures for notice period and severance payments, employee benefits and related costs, as well as share-based compensation expense. The Company expects to incur immaterial additional related charges related to the Workforce Plan and expects that these remaining charges will be substantially recognized by the end of the second quarter of fiscal 2026.

The following table presents a summary of severance and other personnel costs related to the Workforce Plan (in thousands):
Three Months Ended
March 31, 2026
Product development$351,350 
Sales and marketing45,260 
General and administrative98,643 
Total$495,253 

The following table summarizes the changes in the restructuring reserve related to the Workforce Plan, which are included within accrued expenses and other current liabilities on the condensed consolidated balance sheets, for the three months ended March 31, 2026 (in thousands):
Severance and other termination benefits
Charges (i)
$373,029 
Payments(45,845)
Accrued liability, end of period$327,184 

(i) Excludes share-based compensation expense of $100.3 million as well as severance payments incurred and paid within the period.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the quarterly period ended March 31, 2026, the following officer, as defined in Rule 16a-1(f), and director adopted or modified a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, that are each intended to satisfy the affirmative defense in Rule 10b5-1(c), as follows:

Name and TitleActionDate of Adoption, Modification, or TerminationExpiration DateMaximum Aggregate Number of Class A Shares to be Sold
James McKelvey
Director
Termination
February 19, 2026
March 10, 2027, or earlier if all transactions are completed
1,000,000 (i)
Amrita Ahuja
Chief Financial Officer & Chief Operating Officer
Adoption
March 2, 2026
May 25, 2027, or earlier if all transactions are completed
223,788
Anthony Eisen
Director
Modification (ii)
March 2, 2026
March 2, 2027, or earlier if all transactions are completed
1,314,750

(i) Mr. McKelvey's Rule 10b5-1 trading arrangement provided for shares to be sold through the James M. McKelvey, Jr. Revocable Trust.
(ii) Modification of the Rule 10b5-1 plan originally adopted by Mr. Eisen on February 25, 2025. Under Rule 10b5-1, such modification is treated as a termination of the original plan and entrance into a new plan as of March 2, 2026.
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
James McKelvey [Member]  
Trading Arrangements, by Individual  
Name James McKelvey
Title Director
Rule 10b5-1 Arrangement Terminated true
Termination Date February 19, 2026
Arrangement Duration 449 days
Aggregate Available 1,000,000
Amrita Ahuja [Member]  
Trading Arrangements, by Individual  
Name Amrita Ahuja
Title Chief Financial Officer & Chief Operating Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 2, 2026
Arrangement Duration 449 days
Aggregate Available 223,788
Anthony Eisen [Member]  
Trading Arrangements, by Individual  
Name Anthony Eisen
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 2, 2026
Arrangement Duration 365 days
Aggregate Available 1,314,750
v3.26.1
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
    
The accompanying interim condensed consolidated financial statements of the Company are unaudited. These interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and the applicable rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The December 31, 2025 condensed consolidated balance sheet was derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company's consolidated financial position, results of operations, comprehensive income (loss), and cash flows for the interim periods. The condensed consolidated financial statements include the financial statements of Block and its wholly-owned and majority-owned subsidiaries, including variable interest entities for which the Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Minority interests are recorded as a noncontrolling interest, which is reported as a component of stockholders' equity on the condensed consolidated balance sheets. The interim results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or for any other future annual or interim period.

The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
Reclassifications
Reclassifications

Certain prior period amounts reported in our condensed consolidated statements of operations and notes thereto have been reclassified to conform to the current year presentation.

The reclassifications in the condensed consolidated statements of operations primarily represent changes to present revenue line items consisting of Commerce enablement, Financial solutions, and Bitcoin ecosystem. The Company believes this updated presentation will improve the usefulness of the financial information for the reader and is more reflective of the business today.
The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenues and cost of revenues had no impact on total revenues, gross profit, operating income, or net income previously reported.
Use of Estimates
Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses, as well as related disclosure of contingent assets and liabilities. Actual results could differ from the Company’s estimates. To the extent that there are material differences between these estimates and actual results, the Company’s financial condition or operating results will be materially affected. The Company bases its estimates on current and past experience, to the extent that historical experience is predictive of future performance and other assumptions that the Company believes are reasonable under the circumstances. The Company evaluates these estimates on an ongoing basis.

Estimates, judgments, and assumptions in these condensed consolidated financial statements include, but are not limited to, those related to accrued transaction losses, contingencies, including outcomes from claims and disputes, valuation of loans held for sale, valuation of goodwill and acquired intangible assets, determination of goodwill and intangible asset impairment charges, determination of allowance for credit losses for loans held for investment, determination of allowance for credit losses for consumer receivables, allocation of acquired goodwill to reporting units, income and other taxes, operating lease right-of-use assets and related liabilities, severance and restructuring charges, and share-based compensation.
The Company's estimates of valuation of loans held for sale, allowance for credit losses associated with consumer receivables and loans held for investment, and accrued transaction losses are based on historical experience, adjusted for market data relevant to the current economic environment. The Company will continue to update its estimates as developments occur and additional information is obtained.
Concentration of Credit Risk
Concentration of Credit Risk
    
For the three months ended March 31, 2026 and March 31, 2025, the Company had no customer that accounted for greater than 10% of total net revenue.

The Company had four third-party payment processors that represented approximately 47%, 14%, 11%, and 11% of settlements receivable as of March 31, 2026. As of December 31, 2025, the Company had four third-party processors that represented approximately 36%, 25%, 11% and 10% of settlements receivable. In both periods, all other third-party payment processors were insignificant. Certain of the Company's products are reliant on third-party service providers such as partner banks, card issuers, and payment service providers. The Company's relationships with third-party service providers may result in operational concentration risks for some of these products.

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, marketable debt securities, settlements receivable, customer funds, consumer receivables, loans held for sale, and loans held for investment. To mitigate the risk of concentration associated with cash and cash equivalents, as well as restricted cash, funds are held with creditworthy institutions and, at certain times, temporarily swept into insured programs overnight to reduce single firm concentration risk. Amounts on deposit may exceed federal deposit insurance limits. The associated risk of concentration for marketable debt securities is mitigated by holding a diversified portfolio of highly rated investments. Settlements receivable are amounts due from well-established payment processing companies and normally take one or two business days to settle, which mitigates the associated risk of concentration. The associated risk of concentration for loans and consumer receivables is partially mitigated by credit evaluations that are performed prior to facilitating the offering of loans and receivables and ongoing performance monitoring of the Company’s loan customers.
Sales and Marketing Expenses
Sales and Marketing Expenses
Advertising costs are expensed as incurred and included in sales and marketing expenses on the condensed consolidated statements of operations. Total advertising costs were $102.0 million for the three months ended March 31, 2026, compared to $90.7 million for the three months ended March 31, 2025. The Company also records services, incentives, and other costs to acquire customers that are not directly related to a revenue generating transaction as sales and marketing expenses, as the Company considers these to be marketing costs to encourage the usage of Cash App. These expenses include, but are not limited to, Cash App peer-to-peer processing costs and related transaction losses, overdraft losses, card issuance costs, customer referral bonuses, and promotional giveaways. These costs are generally expensed as incurred.
Recent Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements

In July 2025, the FASB issued ASU No. 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). The amendments allow an entity to apply a practical expedient when estimating expected credit losses, which assumes that the current conditions as of the balance sheet date will not change for the remaining life of the accounts receivable and contract assets arising from contracts with customers. The Company adopted the amendments effective for the current fiscal year and the adoption did not have a material impact on the Company's financial statements and related disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Clarifying the Effective Date ("ASU 2025-01"). The amendments are intended to enhance disclosures regarding an entity’s costs and expenses by requiring additional disaggregated information disclosures about certain income statement expense line items. The amendments, as clarified by ASU 2025-01, are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the effect of adopting the new disclosure requirements.
Fair Value of Financial Instruments
The Company measures its cash equivalents, customer funds, short-term and long-term marketable debt securities, marketable equity investments, and bitcoin investment at fair value. The Company classifies these investments within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
v3.26.1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents the Company's net revenue disaggregated by revenue source (in thousands):
Three Months Ended
March 31,
20262025
Revenue from contracts with customers:
Commerce enablement revenue$2,517,706 $2,266,788 
Financial solutions revenue585,866 548,572 
Bitcoin ecosystem revenue1,796,392 2,329,810 
Revenue from other sources: (i)
Commerce enablement revenue420,764 300,187 
Financial solutions revenue736,119 326,439 
Total net revenue$6,056,847 $5,771,796 

(i) Revenue from other sources relates to revenue generated from the Company's Square Loans, Cash App Borrow loans, consumer receivables originated through, and affiliate relationship revenue from, our BNPL products, interest income earned on customer funds, and interest income earned on funds held by Square Financial Services, Inc., which is a Utah state-chartered industrial loan company ("Square Financial Services").
v3.26.1
INVESTMENTS IN DEBT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Short-term and Long-term Investments
The Company's short-term and long-term investments in debt securities as of March 31, 2026 and December 31, 2025 were as follows (in thousands):
March 31, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$19,017 $12 $— $19,029 
Corporate bonds68,414 40 (71)68,383 
Commercial paper61,322 — — 61,322 
Municipal securities130 — — 130 
Certificates of deposit3,211 — — 3,211 
U.S. government securities310,208 384 (56)310,536 
Total$462,302 $436 $(127)$462,611 
Long-term debt securities:
Corporate bonds$47,763 $15 $(160)$47,618 
Municipal securities6,904 19 (175)6,748 
U.S. government securities100,593 10 (344)100,259 
Total$155,260 $44 $(679)$154,625 

December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$19,017 $18 $— $19,035 
Corporate bonds58,954 165 — 59,119 
Commercial paper92,655 — — 92,655 
Municipal securities130 — — 130 
Certificates of deposit2,211 — — 2,211 
U.S. government securities343,923 707 (3)344,627 
Total$516,890 $890 $(3)$517,777 
Long-term debt securities:
Corporate bonds$81,332 $139 $(2)$81,469 
Municipal securities7,167 28 (244)6,951 
U.S. government securities99,981 486 — 100,467 
Total$188,480 $653 $(246)$188,887 
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2026 and December 31, 2025, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands):
March 31, 2026
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
Corporate bonds$37,544 $(71)$— $— $37,544 $(71)
U.S. government securities146,981 (56)— — 146,981 (56)
Total$184,525 $(127)$— $— $184,525 $(127)
Long-term debt securities:
Corporate bonds$39,555 $(160)$— $— $39,555 $(160)
Municipal securities4,054 (80)337 (95)4,391 (175)
U.S. government securities91,927 (344)— — 91,927 (344)
Total$135,536 $(584)$337 $(95)$135,873 $(679)

December 31, 2025
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$17 $— $— $— $17 $— 
Corporate bonds3,508 — — — 3,508 — 
U.S. government securities11,998 (3)— — 11,998 (3)
Total$15,523 $(3)$— $— $15,523 $(3)
Long-term debt securities:
Corporate bonds$4,539 $(2)$— $— $4,539 $(2)
Municipal securities3,274 (98)1,235 (146)4,509 (244)
Total$7,813 $(100)$1,235 $(146)$9,048 $(246)
Schedule of Contractual Maturities of Short-Term and Long-Term Investments
The contractual maturities of the Company's short-term and long-term investments as of March 31, 2026 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$462,302 $462,611 
Due after one year to five years148,356 147,877 
Due after five years6,904 6,748 
Total$617,562 $617,236 
v3.26.1
CUSTOMER FUNDS (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Assets Underlying Customer Funds
The following table presents the assets underlying customer funds (in thousands):
  March 31, 2026December 31, 2025
Cash$4,850,991 $3,663,727 
Cash equivalents:
Reverse repurchase agreement (i)
1,090,189 1,108,097 
Total customer funds$5,941,180 $4,771,824 

(i) The Company has accounted for the reverse repurchase agreement with a third party as an overnight lending arrangement, collateralized by the securities subject to the repurchase agreement. The Company classifies the amounts due from the counterparty as cash equivalents due to their short term nature.
v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):
March 31, 2026December 31, 2025
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$776,426 $— $— $608,807 $— $— 
U.S. government securities12,673 — — 4,963 — — 
Commercial paper— 28,937 — — 64,805 — 
Corporate bonds— — — — 276 — 
Restricted cash:
Money market funds99,458 — — 293,514 — — 
Customer funds:
Reverse repurchase agreement1,090,189 — — 1,108,097 — — 
Short-term debt securities:
U.S. government securities310,536 — — 344,627 — — 
Corporate bonds— 68,383 — — 59,119 — 
U.S. agency securities— 19,029 — — 19,035 — 
Certificates of deposit— 3,211 — — 2,211 — 
Commercial paper— 61,322 — — 92,655 — 
Municipal securities— 130 — — 130 — 
Long-term debt securities:
U.S. government securities100,259 — — 100,467 — — 
Corporate bonds— 47,618 — — 81,469 — 
Municipal securities— 6,748 — — 6,951 — 
Other:
Bitcoin investment617,290 — — 777,515 — — 
Investment in marketable equity securities4,488 — — 5,225 — — 
Total
$3,011,319 $235,378 $— $3,243,215 $326,651 $— 
The Company estimates the fair value of its convertible and senior notes based on their last actively traded prices (Level 1) or market observable inputs (Level 2). The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):
March 31, 2026December 31, 2025
Carrying Value Fair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$999,520 $995,512 $998,827 $993,144 
2030 Senior Notes1,186,218 1,181,129 1,185,533 1,209,528 
2031 Senior Notes992,717 903,005 992,372 932,095 
2032 Senior Notes1,978,440 1,998,838 1,977,734 2,057,081 
2033 Senior Notes987,902 973,054 987,581 1,013,732 
2026 Convertible Notes574,854 572,583 574,432 566,103 
2027 Convertible Notes572,869 537,993 572,539 530,171 
Total$7,292,520 $7,162,114 $7,289,018 $7,301,854 

The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):
March 31, 2026December 31, 2025
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$745,612 $772,659 $782,966 $812,658 
Loans held for investment3,430,619 3,476,518 3,382,957 3,445,631 
Total$4,176,231 $4,249,177 $4,165,923 $4,258,289 
v3.26.1
CONSUMER RECEIVABLES, NET (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Aging Analysis of Consumer Receivables held for Investment
The following table presents an aging analysis of the amortized cost of consumer receivables by delinquency status (in thousands):
  March 31, 2026December 31, 2025
Non-delinquent loans$2,034,491 $2,416,017 
1 - 60 days past due351,472 363,165 
61 - 90 days past due57,555 29,984 
> 90 days past due
80,171 101,021 
Total amortized cost$2,523,689 $2,910,187 
The following table presents an aging analysis of the amortized cost of consumer loans held for investment by delinquency status (in thousands):
  March 31, 2026December 31, 2025
Non-delinquent loans$2,842,791 $2,810,925 
1 - 59 days past due
303,821 293,088 
60 - 89 days past due
153,998 78,606 
90+ days past due751 5 
Total amortized cost$3,301,361 $3,182,624 
Schedule of Activity in Allowance for Credit Losses for Consumer Receivables
The following table summarizes activity in the allowance for credit losses for consumer receivables (in thousands):
Three Months Ended
March 31,
20262025
Allowance for credit losses, beginning of the period$239,865 $201,793 
Provision for credit losses76,552 55,650 
Charge-offs and other adjustments(80,449)(65,786)
Foreign exchange effect 720 1,763 
Allowance for credit losses, end of the period$236,688 $193,420 
The following table presents the Company's loans held for investment allowance for credit losses by category (in thousands):
March 31, 2026
ConsumerCommercialOtherTotal
Beginning balance of the allowance for credit losses$340,117 $33,602 $9,142 $382,861 
Current period provisions for expected credit losses333,828 10,393 6,584 350,805 
Write-offs charged against the allowance(263,906)(14,410)(4)(278,320)
Recoveries of amounts previously written off24,979 2,477 — 27,456 
Ending balance of the allowance for credit losses$435,018 $32,062 $15,722 $482,802 
v3.26.1
CUSTOMER LOANS (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Loans Held for Investment by Category The following table presents the Company's loans held for investment by category (in thousands):
March 31, 2026
ConsumerCommercialOtherTotal
Amortized cost basis$3,301,361 $456,932 $155,128 $3,913,421 
Allowance for credit losses(435,018)(32,062)(15,722)(482,802)
Total loans held for investment, net of allowance$2,866,343 $424,870 $139,406 $3,430,619 

December 31, 2025
ConsumerCommercialOtherTotal
Amortized cost basis$3,182,624 $481,757 $101,437 $3,765,818 
Allowance for credit losses(340,117)(33,602)(9,142)(382,861)
Total loans held for investment, net of allowance$2,842,507 $448,155 $92,295 $3,382,957 
Schedule of Aging Analysis of the Amortized Cost of Consumer Loans Held for Investment
The following table presents an aging analysis of the amortized cost of consumer receivables by delinquency status (in thousands):
  March 31, 2026December 31, 2025
Non-delinquent loans$2,034,491 $2,416,017 
1 - 60 days past due351,472 363,165 
61 - 90 days past due57,555 29,984 
> 90 days past due
80,171 101,021 
Total amortized cost$2,523,689 $2,910,187 
The following table presents an aging analysis of the amortized cost of consumer loans held for investment by delinquency status (in thousands):
  March 31, 2026December 31, 2025
Non-delinquent loans$2,842,791 $2,810,925 
1 - 59 days past due
303,821 293,088 
60 - 89 days past due
153,998 78,606 
90+ days past due751 5 
Total amortized cost$3,301,361 $3,182,624 
Schedule of Activity in Allowance for Credit Losses for Consumer Receivables
The following table summarizes activity in the allowance for credit losses for consumer receivables (in thousands):
Three Months Ended
March 31,
20262025
Allowance for credit losses, beginning of the period$239,865 $201,793 
Provision for credit losses76,552 55,650 
Charge-offs and other adjustments(80,449)(65,786)
Foreign exchange effect 720 1,763 
Allowance for credit losses, end of the period$236,688 $193,420 
The following table presents the Company's loans held for investment allowance for credit losses by category (in thousands):
March 31, 2026
ConsumerCommercialOtherTotal
Beginning balance of the allowance for credit losses$340,117 $33,602 $9,142 $382,861 
Current period provisions for expected credit losses333,828 10,393 6,584 350,805 
Write-offs charged against the allowance(263,906)(14,410)(4)(278,320)
Recoveries of amounts previously written off24,979 2,477 — 27,456 
Ending balance of the allowance for credit losses$435,018 $32,062 $15,722 $482,802 
Schedule of Loans Held for Sale by Category
The following table presents the Company’s loans held for sale by category (in thousands):
  March 31, 2026December 31, 2025
Commercial$713,304 $708,512 
Consumer16,422 40,735 
Other 15,886 33,719 
Total $745,612 $782,966 
v3.26.1
ACQUIRED INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite Lived Intangible Assets
The following table details acquired intangible assets (in thousands):
Balance at March 31, 2026
Weighted Average Estimated Useful LifeCostAccumulated AmortizationNet
Technology assets5 years$361,908 $(313,677)$48,231 
Customer assets15 years1,416,607 (418,741)997,866 
Trade names and other9 years389,137 (189,450)199,687 
Total$2,167,652 $(921,868)$1,245,784 

Balance at December 31, 2025
Weighted Average Estimated Useful LifeCostAccumulated AmortizationNet
Technology assets5 years$359,008 $(297,960)$61,048 
Customer assets15 years1,401,701 (391,100)1,010,601 
Trade names and other9 years389,137 (179,116)210,021 
Total$2,149,846 $(868,176)$1,281,670 
The change in the carrying value of intangible assets was as follows (in thousands):
Three Months Ended
March 31,
20262025
Acquired intangible assets, net, beginning of the period$1,281,670 $1,433,067 
Amortization expense(46,976)(48,330)
Foreign currency translation and other adjustments11,090 6,505 
Acquired intangible assets, net, end of the period$1,245,784 $1,391,242 
Schedule of Future Amortization Expense of Intangible Assets
The estimated future amortization expense of intangible assets as of March 31, 2026 was as follows (in thousands):
Remainder of 2026$138,651 
2027141,987 
2028138,199 
2029137,569 
2030134,169 
Thereafter555,209 
Total$1,245,784 
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Current Assets
The following table presents the detail of other current assets (in thousands):
  March 31, 2026December 31, 2025
Loans held for sale (i)
$745,612 $782,966 
Restricted cash (ii)
621,324 1,071,574 
Processing costs receivable577,743 448,406 
Investments in short-term debt securities462,611 517,777 
Prepaid expenses359,481 288,707 
Accounts receivable, net242,508 238,207 
Inventory, net174,318 158,319 
Other841,664 601,746 
Total$4,025,261 $4,107,702 

(i) Refer to Note 7, Customer Loans for further details.

(ii) Includes a portion invested in money market funds. Refer to Note 5, Fair Value Measurements for further details.
Schedule of Inventory, Net
The following table presents the detail of inventory, net (in thousands):
  March 31, 2026December 31, 2025
Raw materials
$16,557 $16,054 
Work in process54,457 46,791 
Finished goods103,304 95,474 
Total inventory, net$174,318 $158,319 
Schedule of Accrued Expenses and Other Current Liabilities
The following table presents the detail of accrued expenses and other current liabilities (in thousands):    
  March 31, 2026December 31, 2025
Accrued expenses (i)
$1,228,181 $562,237 
Customer deposits352,775 297,432 
Accounts payable134,013 114,572 
Processing fee payable104,854 106,815 
Accrued transaction losses (ii)
59,051 49,250 
Operating lease liabilities, current56,026 55,349 
Accrued royalties54,963 51,596 
Other250,798 301,642 
Total$2,240,661 $1,538,893 

(i) Includes $327.2 million of accrued severance and related expenses as of March 31, 2026 related to the workforce reduction restructuring plan. Refer to Note 20, Restructuring for further details.

(ii) The Company is exposed to potential credit losses related to transactions processed by sellers that are subsequently subject to chargebacks when the Company is unable to collect from the sellers primarily due to insolvency. Generally, the Company estimates the potential loss rates based on historical experience that is continuously adjusted for new information and incorporates, where applicable, reasonable and supportable forecasts about future expectations.
Schedule of Reserve for Transaction Losses
The following table summarizes the activities of the Company’s reserve for transaction losses (in thousands):
Three Months Ended
March 31,
20262025
Accrued transaction losses, beginning of the period$49,250 $58,580 
Provision for transaction losses (i)
34,101 29,408 
Charge-offs to accrued transaction losses(24,300)(30,851)
Accrued transaction losses, end of the period$59,051 $57,137 

(i) Estimated losses related to Cash App overdrafts are classified within sales and marketing expenses and are accounted for separately from the provision for transaction losses. Such losses were immaterial for the three months ended March 31, 2026.
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Non-Current Assets
The following table presents the detail of other non-current assets (in thousands):
  March 31, 2026December 31, 2025
Property and equipment, net294,895 323,375 
Operating lease right-of-use assets188,393 214,929 
Investments in long-term debt securities154,625 188,887 
Investment in non-marketable equity securities (i)
88,112 423,198 
Restricted cash73,659 73,786 
Other219,950 257,853 
Total$1,019,634 $1,482,028 

(i) Investment in non-marketable equity securities represents the Company's investments in equity of non-public entities. These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. Adjustments are recorded within other expense (income), net on the condensed consolidated statements of operations.
Schedule of Non-Marketable Equity Securities
The adjustments to the carrying value of the Company's non-current non-marketable equity securities measured using the measurement alternative were as follows (in thousands):
Three Months Ended
March 31,
20262025
Carrying amount, beginning of period$423,198 $245,557 
Net reductions (i)
(329,798)(2,499)
Gross unrealized losses and impairments(5,288)— 
Carrying amount, end of period$88,112 $243,058 

(i) Net reductions for the three months ended March 31, 2026 relates to a reclassification from non-current to current assets.

The following table summarizes the cumulative net unrealized upward and downward adjustments related to the Company's non-current non-marketable equity securities measured using the measurement alternative (in thousands):
  March 31, 2026December 31, 2025
Upward adjustments$6,150 $326,970 
Downward adjustments and impairments$(7,349)$(2,061)
Schedule of Other Non-Current Liabilities
The following table presents the detail of other non-current liabilities (in thousands):
  March 31, 2026December 31, 2025
Operating lease liabilities, non-current$242,345 $257,126 
Deferred tax liabilities54 1,173 
Other118,460 123,546 
Total$360,859 $381,845 
v3.26.1
BITCOIN (Tables)
 3 Months Ended
Mar. 31, 2026
Other Liabilities Disclosure [Abstract]  
Schedule of Changes in Bitcoin Investment
The following table summarizes the changes in the Company’s bitcoin investment (in thousands, except amount of bitcoin):
Amount of bitcoin
Value
Balance at December 31, 20258,883 $777,515 
Additions (i)
149 12,593 
Remeasurement loss— (172,818)
Balance at March 31, 20269,032 $617,290 

Amount of bitcoin
Value
Balance at December 31, 20248,485 $792,282 
Additions (i)
99 9,519 
Remeasurement loss— (93,351)
Balance at March 31, 20258,584 $708,450 

(i) Additions primarily represent the Company's purchases of bitcoin for investment purposes.
v3.26.1
INDEBTEDNESS (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Net Carrying Amount of Convertible Notes
The following tables summarize the Company's Notes as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Principal OutstandingUnamortized Debt Issuance CostsNet Carrying Value
2026 Senior Notes (i)
$1,000,000 $(480)$999,520 
2030 Senior Notes1,200,000 (13,782)1,186,218 
2031 Senior Notes1,000,000 (7,283)992,717 
2032 Senior Notes2,000,000 (21,560)1,978,440 
2033 Senior Notes1,000,000 (12,098)987,902 
2026 Convertible Notes (i)
575,000 (146)574,854 
2027 Convertible Notes575,000 (2,131)572,869 
Total$7,350,000 $(57,480)$7,292,520 
December 31, 2025
Principal OutstandingUnamortized Debt Issuance CostsNet Carrying Value
2026 Senior Notes (i)
$1,000,000 $(1,173)$998,827 
2030 Senior Notes1,200,000 (14,467)1,185,533 
2031 Senior Notes1,000,000 (7,628)992,372 
2032 Senior Notes2,000,000 (22,266)1,977,734 
2033 Senior Notes1,000,000 (12,419)987,581 
2026 Convertible Notes (i)
575,000 (568)574,432 
2027 Convertible Notes575,000 (2,461)572,539 
Total$7,350,000 $(60,982)$7,289,018 

(i) Net carrying value disclosed as current portion of long-term debt within total current liabilities on the condensed consolidated balance sheet.
Schedule of Interest Expense on Convertible Notes
The Company recognized interest expense on the Notes as follows (in thousands):
Three Months Ended
March 31,
20262025
Contractual interest expense$79,723 $48,380 
Amortization of debt issuance costs3,503 2,949 
Total$83,226 $51,329 
Schedule of Amounts Drawn on Facilities by Year of Maturity
The table below summarizes the future scheduled principal payments of amounts drawn on the Company's Warehouse Facilities (in thousands):
March 31, 2026
2026
$169,045 
2027 (i)
318,455 
202855,000 
Total$542,500 

(i) Includes $114.5 million of future scheduled principal payments disclosed as warehouse funding facilities, current, on the condensed consolidated balance sheet.
v3.26.1
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
A summary of stock option activity for the three months ended March 31, 2026 is as follows (in thousands, except per share data):
Number of Stock Options OutstandingWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
Outstanding, beginning of the year3,757 $69.29 6.95$29,151 
Granted— — 
Exercised(11)57.40 
Forfeited(266)58.19 
Expired(11)65.60 
Outstanding, end of the period3,469 $70.20 6.78$15,661 
Exercisable, end of the period2,076 $77.63 5.44$10,623 
Schedule of Restricted Stock Awards and Restricted Stock Units Activity
Activity related to RSUs during the three months ended March 31, 2026 is set forth below (in thousands, except per share data):
Number of
Shares		Weighted
Average Grant
Date Fair Value
Unvested, beginning of the year31,287 $66.31 
Granted1,529 56.05 
Vested(3,921)68.04 
Forfeited(1,972)65.15 
Unvested, end of the period26,923 $65.56 
Schedule of the Effect of Share-Based Compensation on the Condensed Consolidated Statements of Operations
The following table summarizes the effects of share-based compensation on the condensed consolidated statements of operations (in thousands):
Three Months Ended
March 31,
20262025
Cost of revenue$113 $156 
Product development245,040 222,541 
Sales and marketing31,357 33,350 
General and administrative62,190 59,189 
Total$338,700 $315,236 
v3.26.1
NET INCOME (LOSS) PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income (loss) Per Share
The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except per share data):
Three Months Ended
March 31,
20262025
Basic net income (loss) per share:
Numerator
Net income (loss) attributable to common stockholders$(308,681)$189,872 
Denominator
Shares used to compute basic net income (loss) per share597,586 619,370 
Basic net income (loss) per share$(0.52)$0.31 
Diluted net income (loss) per share:
Numerator
Net income (loss) attributable to common stockholders$(308,681)$189,872 
Interest expense on convertible notes— 1,511 
Net income (loss) used to compute diluted net income per share$(308,681)$191,383 
Denominator
Shares used to compute basic net income (loss) per share597,586 619,370 
Stock options, restricted stock, and employee stock purchase plan— 6,619 
Convertible notes— 9,353 
Shares used to compute diluted net income (loss) per share597,586 635,342 
Diluted net income (loss) per share$(0.52)$0.30 
Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Income (loss) Per Share
The following potential common shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented (in thousands):
Three Months Ended
March 31,
20262025
Stock options, restricted stock, and employee stock purchase plan33,721 33,161 
Convertible notes3,844 — 
Common stock warrants3,844 12,108 
Total anti-dilutive securities41,409 45,269 
v3.26.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Recorded Unconditional Purchase Obligations
As of March 31, 2026, the future minimum payments under the purchase commitments were as follows (in thousands):
Payments Due By Period
Remainder of 2026$281,714 
2027427,317 
2028355,000 
2029370,000 
2030410,000 
Thereafter392,000 
Total$2,236,031 
v3.26.1
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables present information on the reportable segments revenue and segment gross profit, as well as amounts for the "Corporate and Other" category, which includes products and services not assigned to reportable segments and intersegment eliminations (in thousands):
Three Months Ended
March 31, 2026
Cash AppSquareCorporate and Other Total
Revenue:
Commerce enablement revenue$1,086,465 $1,802,824 $49,181 $2,938,470 
Financial solutions revenue1,040,020 281,965 — 1,321,985 
Bitcoin ecosystem revenue1,744,221 27,532 24,639 1,796,392 
Segment revenue$3,870,706 $2,112,321 $73,820 $6,056,847 
Less: Cost of revenue1,962,572 1,130,772 54,264 3,147,608 
Segment gross profit$1,908,134 $981,549 $19,556 $2,909,239 
Interest revenue$43,373 $8,372 $— $51,745 
Amortization of acquired technology assets$11,671 $1,146 $— $12,817 

Three Months Ended
March 31, 2025
Cash AppSquareCorporate and Other Total
Revenue:
Commerce enablement revenue$900,104 $1,626,622 $40,249 $2,566,975 
Financial solutions revenue649,472 225,539 — 875,011 
Bitcoin ecosystem revenue2,329,438 — 372 2,329,810 
Segment revenue$3,879,014 $1,852,161 $40,621 $5,771,796 
Less: Cost of revenue2,499,063 954,262 28,868 3,482,193 
Segment gross profit $1,379,951 $897,899 $11,753 $2,289,603 
Interest revenue$49,238 $7,937 $— $57,175 
Amortization of acquired technology assets$13,166 $1,508 $— $14,674 
Schedule of Reconciliation of Total Segment Profit to Income before applicable Income Taxes
The following table provides a reconciliation of total segment gross profit to the Company’s income (loss) before applicable income taxes (in thousands):
Three Months Ended
March 31,
20262025
Total segment gross profit$2,889,683 $2,277,850 
Add: Corporate and other gross profit19,556 11,753 
Less: Product development1,038,873 760,699 
Less: Sales and marketing650,508 504,460 
Less: General and administrative857,564 491,797 
Less: Transaction, loan, and consumer receivable losses500,125 169,689 
Less: Amortization of customer and other intangible assets34,159 33,656 
Less: Interest expense, net53,195 17,243 
Less: Remeasurement loss on bitcoin investment172,818 93,351 
Less: Other income, net(5,426)(8,342)
Income (loss) before applicable income taxes$(392,577)$227,050 
Schedule of Revenue by Geographic Area
Revenue by geography is based on the addresses of the sellers or customers. The following table details revenue by geographic area (in thousands):
Three Months Ended
March 31,
20262025
United States$5,530,750 $5,347,630 
International526,097 424,166 
Total$6,056,847 $5,771,796 
Schedule of Long-lived Assets by Geographic Area
The following table details long-lived assets by geography (in thousands):
  March 31, 2026December 31, 2025
United States$7,193,280 $7,281,727 
Australia4,594,832 4,453,807 
Other international1,897,224 1,933,458 
Total$13,685,336 $13,668,992 
v3.26.1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Disclosures of Cash Flow Information
The supplemental disclosures of cash flow information consist of the following (in thousands):
Three Months Ended
March 31,
20262025
Supplemental cash flow data:
Cash paid for interest$78,161 $19,478 
Cash paid for income taxes50,727 22,833 
Supplemental disclosures of non-cash investing and financing activities:
Unsettled originations of consumer receivables$201,976 $215,278 
Right-of-use assets obtained in exchange for operating lease obligations212 1,258 
Purchases of property and equipment in accounts payable and accrued expenses8,590 1,912 
v3.26.1
RESTRUCTURING (Tables)
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs
The following table presents a summary of severance and other personnel costs related to the Workforce Plan (in thousands):
Three Months Ended
March 31, 2026
Product development$351,350 
Sales and marketing45,260 
General and administrative98,643 
Total$495,253 
Schedule of Restructuring Reserve by Type of Cost
The following table summarizes the changes in the restructuring reserve related to the Workforce Plan, which are included within accrued expenses and other current liabilities on the condensed consolidated balance sheets, for the three months ended March 31, 2026 (in thousands):
Severance and other termination benefits
Charges (i)
$373,029 
Payments(45,845)
Accrued liability, end of period$327,184 

(i) Excludes share-based compensation expense of $100.3 million as well as severance payments incurred and paid within the period.
v3.26.1
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
payment_processor
segment
Mar. 31, 2025
USD ($)
Dec. 31, 2025
payment_processor
Concentration Risk [Line Items]      
Number of reportable segments | segment 2    
Advertising costs $ 102.0 $ 90.7  
Selling and marketing expenses not directly related to a revenue generating transaction $ 296.7 $ 203.4  
Minimum      
Concentration Risk [Line Items]      
Settlements receivable period (in days) 1 day    
Maximum      
Concentration Risk [Line Items]      
Settlements receivable period (in days) 2 days    
Settlements Receivable | Credit Concentration Risk      
Concentration Risk [Line Items]      
Number of third party processors | payment_processor 4   4
Third Party Processor, 1 | Settlements Receivable | Credit Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (as percent) 47.00%   36.00%
Third Party Processor, 2 | Settlements Receivable | Credit Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (as percent) 14.00%   25.00%
Third Party Processor, 3 | Settlements Receivable | Credit Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (as percent) 11.00%   11.00%
Third Party Processor, 4 | Settlements Receivable | Credit Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (as percent) 11.00%   10.00%
v3.26.1
REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total net revenue $ 6,056,847 $ 5,771,796
Commerce enablement revenue    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers: 2,517,706 2,266,788
Revenue from other sources 420,764 300,187
Total net revenue 2,938,470 2,566,975
Financial solutions revenue    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers: 585,866 548,572
Revenue from other sources 736,119 326,439
Total net revenue 1,321,985 875,011
Bitcoin ecosystem revenue    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers: 1,796,392 2,329,810
Total net revenue $ 1,796,392 $ 2,329,810
v3.26.1
INVESTMENTS IN DEBT SECURITIES - Schedule of Short-term and Long-term Investments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 617,562  
Fair Value 617,236  
Short-term debt securities:    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 462,302 $ 516,890
Gross Unrealized Gains 436 890
Gross Unrealized Losses (127) (3)
Fair Value 462,611 517,777
Short-term debt securities: | U.S. agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 19,017 19,017
Gross Unrealized Gains 12 18
Gross Unrealized Losses 0 0
Fair Value 19,029 19,035
Short-term debt securities: | Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 68,414 58,954
Gross Unrealized Gains 40 165
Gross Unrealized Losses (71) 0
Fair Value 68,383 59,119
Short-term debt securities: | Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 61,322 92,655
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 61,322 92,655
Short-term debt securities: | Municipal securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 130 130
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 130 130
Short-term debt securities: | Certificates of deposit    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 3,211 2,211
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 3,211 2,211
Short-term debt securities: | U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 310,208 343,923
Gross Unrealized Gains 384 707
Gross Unrealized Losses (56) (3)
Fair Value 310,536 344,627
Long-term debt securities:    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 155,260 188,480
Gross Unrealized Gains 44 653
Gross Unrealized Losses (679) (246)
Fair Value 154,625 188,887
Long-term debt securities: | Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 47,763 81,332
Gross Unrealized Gains 15 139
Gross Unrealized Losses (160) (2)
Fair Value 47,618 81,469
Long-term debt securities: | Municipal securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 6,904 7,167
Gross Unrealized Gains 19 28
Gross Unrealized Losses (175) (244)
Fair Value 6,748 6,951
Long-term debt securities: | U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 100,593 99,981
Gross Unrealized Gains 10 486
Gross Unrealized Losses (344) 0
Fair Value $ 100,259 $ 100,467
v3.26.1
INVESTMENTS IN DEBT SECURITIES - Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Short-term debt securities:    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value $ 184,525 $ 15,523
Less than 12 Months, Gross Unrealized Losses (127) (3)
Greater than 12 months, Fair Value 0 0
Greater than 12 months, Gross Unrealized Losses 0 0
Total, Fair Value 184,525 15,523
Total, Gross Unrealized Losses (127) (3)
Short-term debt securities: | U.S. agency securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value   17
Less than 12 Months, Gross Unrealized Losses   0
Greater than 12 months, Fair Value   0
Greater than 12 months, Gross Unrealized Losses   0
Total, Fair Value   17
Total, Gross Unrealized Losses   0
Short-term debt securities: | Corporate bonds    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 37,544 3,508
Less than 12 Months, Gross Unrealized Losses (71) 0
Greater than 12 months, Fair Value 0 0
Greater than 12 months, Gross Unrealized Losses 0 0
Total, Fair Value 37,544 3,508
Total, Gross Unrealized Losses (71) 0
Short-term debt securities: | U.S. government securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 146,981 11,998
Less than 12 Months, Gross Unrealized Losses (56) (3)
Greater than 12 months, Fair Value 0 0
Greater than 12 months, Gross Unrealized Losses 0 0
Total, Fair Value 146,981 11,998
Total, Gross Unrealized Losses (56) (3)
Long-term debt securities:    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 135,536 7,813
Less than 12 Months, Gross Unrealized Losses (584) (100)
Greater than 12 months, Fair Value 337 1,235
Greater than 12 months, Gross Unrealized Losses (95) (146)
Total, Fair Value 135,873 9,048
Total, Gross Unrealized Losses (679) (246)
Long-term debt securities: | Corporate bonds    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 39,555 4,539
Less than 12 Months, Gross Unrealized Losses (160) (2)
Greater than 12 months, Fair Value 0 0
Greater than 12 months, Gross Unrealized Losses 0 0
Total, Fair Value 39,555 4,539
Total, Gross Unrealized Losses (160) (2)
Long-term debt securities: | Municipal securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 4,054 3,274
Less than 12 Months, Gross Unrealized Losses (80) (98)
Greater than 12 months, Fair Value 337 1,235
Greater than 12 months, Gross Unrealized Losses (95) (146)
Total, Fair Value 4,391 4,509
Total, Gross Unrealized Losses (175) $ (244)
Long-term debt securities: | U.S. government securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 91,927  
Less than 12 Months, Gross Unrealized Losses (344)  
Greater than 12 months, Fair Value 0  
Greater than 12 months, Gross Unrealized Losses 0  
Total, Fair Value 91,927  
Total, Gross Unrealized Losses $ (344)  
v3.26.1
INVESTMENTS IN DEBT SECURITIES - Schedule of Contractual Maturities of Short-Term and Long-Term Investments (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Amortized Cost  
Due in one year or less $ 462,302
Due after one year to five years 148,356
Due after five years 6,904
Amortized Cost 617,562
Fair Value  
Due in one year or less 462,611
Due after one year to five years 147,877
Due after five years 6,748
Fair Value $ 617,236
v3.26.1
CUSTOMER FUNDS (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Customer funds $ 5,941,180 $ 4,771,824
Cash    
Debt Securities, Available-for-sale [Line Items]    
Customer funds 4,850,991 3,663,727
Cash equivalents: | Reverse repurchase agreement    
Debt Securities, Available-for-sale [Line Items]    
Customer funds $ 1,090,189 $ 1,108,097
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Customer funds $ 5,941,180 $ 4,771,824    
Bitcoin investment 617,290 777,515 $ 708,450 $ 792,282
Level 1        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Bitcoin investment 617,290 777,515    
Investment in marketable equity securities 4,488 5,225    
Total 3,011,319 3,243,215    
Level 1 | Money market funds        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 776,426 608,807    
Restricted cash 99,458 293,514    
Level 1 | U.S. government securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 12,673 4,963    
Short-term debt securities 310,536 344,627    
Long-term debt securities 100,259 100,467    
Level 1 | Commercial paper        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 0 0    
Level 1 | Corporate bonds        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 0 0    
Short-term debt securities 0 0    
Long-term debt securities 0 0    
Level 1 | Reverse repurchase agreement        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Customer funds 1,090,189 1,108,097    
Level 1 | U.S. agency securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 0 0    
Level 1 | Certificates of deposit        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 0 0    
Level 1 | Commercial paper        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 0 0    
Level 1 | Municipal securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 0 0    
Long-term debt securities 0 0    
Level 2        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Bitcoin investment 0 0    
Investment in marketable equity securities 0 0    
Total 235,378 326,651    
Level 2 | Money market funds        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 0 0    
Restricted cash 0 0    
Level 2 | U.S. government securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 0 0    
Short-term debt securities 0 0    
Long-term debt securities 0 0    
Level 2 | Commercial paper        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 28,937 64,805    
Level 2 | Corporate bonds        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 0 276    
Short-term debt securities 68,383 59,119    
Long-term debt securities 47,618 81,469    
Level 2 | Reverse repurchase agreement        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Customer funds 0 0    
Level 2 | U.S. agency securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 19,029 19,035    
Level 2 | Certificates of deposit        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 3,211 2,211    
Level 2 | Commercial paper        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 61,322 92,655    
Level 2 | Municipal securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 130 130    
Long-term debt securities 6,748 6,951    
Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Bitcoin investment 0 0    
Investment in marketable equity securities 0 0    
Total 0 0    
Level 3 | Money market funds        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 0 0    
Restricted cash 0 0    
Level 3 | U.S. government securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 0 0    
Short-term debt securities 0 0    
Long-term debt securities 0 0    
Level 3 | Commercial paper        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 0 0    
Level 3 | Corporate bonds        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 0 0    
Short-term debt securities 0 0    
Long-term debt securities 0 0    
Level 3 | Reverse repurchase agreement        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Customer funds 0 0    
Level 3 | U.S. agency securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 0 0    
Level 3 | Certificates of deposit        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 0 0    
Level 3 | Commercial paper        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 0 0    
Level 3 | Municipal securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 0 0    
Long-term debt securities $ 0 $ 0    
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Fair Value and Carrying Value of Convertible Senior Notes (Details) - Level 2 - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument $ 7,292,520 $ 7,289,018
Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 7,162,114 7,301,854
2026 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 999,520 998,827
2026 Senior Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 995,512 993,144
2030 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 1,186,218 1,185,533
2030 Senior Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 1,181,129 1,209,528
2031 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 992,717 992,372
2031 Senior Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 903,005 932,095
2032 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 1,978,440 1,977,734
2032 Senior Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 1,998,838 2,057,081
2033 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 987,902 987,581
2033 Senior Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 973,054 1,013,732
2026 Convertible Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes 574,854 574,432
2026 Convertible Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes 572,583 566,103
2027 Convertible Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes 572,869 572,539
2027 Convertible Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes $ 537,993 $ 530,171
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Fair Value and Carrying Value of Loans Held for Sale (Details) - Level 3 - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale $ 745,612 $ 782,966
Loans held for investment 3,430,619 3,382,957
Total 4,176,231 4,165,923
Fair Value (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale 772,659 812,658
Loans held for investment 3,476,518 3,445,631
Total $ 4,249,177 $ 4,258,289
v3.26.1
CONSUMER RECEIVABLES, NET - Narrative (Details) - Consumer - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Financing Receivable, Credit Quality Indicator [Line Items]      
Consumer receivables reclassified from loans held for investment to loans held for sale and sold to third parties $ 0 $ 210,000  
Threshold period past due (in days) 60 days    
Consumer receivables $ 2,523,689   $ 2,910,187
Cash in transit $ 243,000   $ 245,400
Threshold period past due to consider amounts to be uncollectible 180 days    
Pass      
Financing Receivable, Credit Quality Indicator [Line Items]      
Consumer receivables $ 2,400,000    
Classified      
Financing Receivable, Credit Quality Indicator [Line Items]      
Consumer receivables $ 137,700    
Minimum      
Financing Receivable, Credit Quality Indicator [Line Items]      
Payment period 14 days    
Maximum      
Financing Receivable, Credit Quality Indicator [Line Items]      
Payment period 56 days    
v3.26.1
CONSUMER RECEIVABLES, NET - Schedule of Aging Analysis of Consumer Receivables held for Investment (Details) - Consumer - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Financing Receivable, Past Due [Line Items]    
Total amortized cost $ 2,523,689 $ 2,910,187
Non-delinquent loans    
Financing Receivable, Past Due [Line Items]    
Total amortized cost 2,034,491 2,416,017
1 - 60 days past due    
Financing Receivable, Past Due [Line Items]    
Total amortized cost 351,472 363,165
61 - 90 days past due    
Financing Receivable, Past Due [Line Items]    
Total amortized cost 57,555 29,984
> 90 days past due    
Financing Receivable, Past Due [Line Items]    
Total amortized cost $ 80,171 $ 101,021
v3.26.1
CONSUMER RECEIVABLES, NET - Schedule of Activity in Allowance for Credit Losses for Consumer Receivables (Details) - Consumer - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Allowance for credit losses, beginning of the period $ 239,865 $ 201,793
Provision for credit losses 76,552 55,650
Charge-offs and other adjustments (80,449) (65,786)
Foreign exchange effect 720 1,763
Allowance for credit losses, end of the period $ 236,688 $ 193,420
v3.26.1
CUSTOMER LOANS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Financing Receivable, Past Due [Line Items]      
Amortized cost basis $ 3,913,421   $ 3,765,818
Loan Portfolio Segment, Held For Investment | Unlikely to be Collected Financing Receivable | Square Loans      
Financing Receivable, Past Due [Line Items]      
Threshold period past due (in days) 120 days    
Loan Portfolio Segment, Held For Investment | Pass      
Financing Receivable, Past Due [Line Items]      
Consumer receivables $ 3,400,000   3,400,000
Loan Portfolio Segment, Held For Investment | Pass | Square Loans      
Financing Receivable, Past Due [Line Items]      
Threshold period past due (in days) 59 days    
Loan Portfolio Segment, Held For Investment | Classified      
Financing Receivable, Past Due [Line Items]      
Amortized cost basis $ 467,300   $ 381,000
Loan Portfolio Segment, Held For Investment | Delinquent | Square Loans      
Financing Receivable, Past Due [Line Items]      
Threshold period past due (in days) 60 days    
Loan Portfolio Segment, Held For Investment | Delinquent | Classified | Square Loans      
Financing Receivable, Past Due [Line Items]      
Threshold period past due (in days) 60 days    
Loan Portfolio Segment, Held For Investment | Nonperforming Financial Instruments | Square Loans      
Financing Receivable, Past Due [Line Items]      
Threshold period past due (in days) 90 days    
Loan Portfolio Segment, Held For Sale      
Financing Receivable, Past Due [Line Items]      
Proceeds from sale of finance receivables $ 1,300,000 $ 1,100,000  
Gain on sale of financing receivable $ 72,100 $ 65,400  
Loan Portfolio Segment, Held For Sale | Unlikely to be Collected Financing Receivable | Cash App Borrow Loans      
Financing Receivable, Past Due [Line Items]      
Threshold period past due (in days) 90 days    
Loan Portfolio Segment, Held For Sale | Unlikely to be Collected Financing Receivable | Square Loans      
Financing Receivable, Past Due [Line Items]      
Threshold period past due (in days) 120 days    
Customer Payment Options, Term One | Commerce enablement revenue | Afterpay Limited      
Financing Receivable, Past Due [Line Items]      
Payment period 3 months    
Customer Payment Options, Term Two | Commerce enablement revenue | Afterpay Limited      
Financing Receivable, Past Due [Line Items]      
Payment period 6 months    
Customer Payment Options, Term Three | Commerce enablement revenue | Afterpay Limited      
Financing Receivable, Past Due [Line Items]      
Payment period 12 months    
Customer Payment Options, Term Four | Commerce enablement revenue | Afterpay Limited      
Financing Receivable, Past Due [Line Items]      
Payment period 24 months    
v3.26.1
CUSTOMER LOANS - Schedule of Loans Held for Investment by Category (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized cost basis $ 3,913,421 $ 3,765,818
Allowance for credit losses (482,802) (382,861)
Total loans held for investment, net of allowance 3,430,619 3,382,957
Consumer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized cost basis 3,301,361 3,182,624
Allowance for credit losses (435,018) (340,117)
Total loans held for investment, net of allowance 2,866,343 2,842,507
Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized cost basis 456,932 481,757
Allowance for credit losses (32,062) (33,602)
Total loans held for investment, net of allowance 424,870 448,155
Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized cost basis 155,128 101,437
Allowance for credit losses (15,722) (9,142)
Total loans held for investment, net of allowance $ 139,406 $ 92,295
v3.26.1
CUSTOMER LOANS - Schedule of Aging Analysis of the Amortized Cost of Consumer Loans Held for Investment (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Financing Receivable, Past Due [Line Items]    
Total amortized cost $ 3,913,421 $ 3,765,818
Consumer    
Financing Receivable, Past Due [Line Items]    
Total amortized cost 3,301,361 3,182,624
Consumer | Non-delinquent loans    
Financing Receivable, Past Due [Line Items]    
Total amortized cost 2,842,791 2,810,925
Consumer | 1 - 59 days past due    
Financing Receivable, Past Due [Line Items]    
Total amortized cost 303,821 293,088
Consumer | 60 - 89 days past due    
Financing Receivable, Past Due [Line Items]    
Total amortized cost 153,998 78,606
Consumer | 90+ days past due    
Financing Receivable, Past Due [Line Items]    
Total amortized cost $ 751 $ 5
v3.26.1
CUSTOMER LOANS - Schedule of Activity in Allowance for Credit Losses for Consumer Receivables (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]  
Beginning balance of the allowance for credit losses $ 382,861
Current period provisions for expected credit losses 350,805
Write-offs charged against the allowance (278,320)
Recoveries of amounts previously written off 27,456
Ending balance of the allowance for credit losses 482,802
Consumer  
Financing Receivable, Credit Quality Indicator [Line Items]  
Beginning balance of the allowance for credit losses 340,117
Current period provisions for expected credit losses 333,828
Write-offs charged against the allowance (263,906)
Recoveries of amounts previously written off 24,979
Ending balance of the allowance for credit losses 435,018
Commercial  
Financing Receivable, Credit Quality Indicator [Line Items]  
Beginning balance of the allowance for credit losses 33,602
Current period provisions for expected credit losses 10,393
Write-offs charged against the allowance (14,410)
Recoveries of amounts previously written off 2,477
Ending balance of the allowance for credit losses 32,062
Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Beginning balance of the allowance for credit losses 9,142
Current period provisions for expected credit losses 6,584
Write-offs charged against the allowance (4)
Recoveries of amounts previously written off 0
Ending balance of the allowance for credit losses $ 15,722
v3.26.1
CUSTOMER LOANS - Schedule of Loans Held for Sale by Category (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total $ 745,612 $ 782,966
Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total 713,304 708,512
Consumer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total 16,422 40,735
Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total $ 15,886 $ 33,719
v3.26.1
ACQUIRED INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Cost $ 2,167,652 $ 2,149,846    
Accumulated Amortization (921,868) (868,176)    
Net $ 1,245,784 $ 1,281,670 $ 1,391,242 $ 1,433,067
Technology assets        
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Weighted Average Estimated Useful Life 5 years 5 years    
Cost $ 361,908 $ 359,008    
Accumulated Amortization (313,677) (297,960)    
Net $ 48,231 $ 61,048    
Customer assets        
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Weighted Average Estimated Useful Life 15 years 15 years    
Cost $ 1,416,607 $ 1,401,701    
Accumulated Amortization (418,741) (391,100)    
Net $ 997,866 $ 1,010,601    
Trade names and other        
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Weighted Average Estimated Useful Life 9 years 9 years    
Cost $ 389,137 $ 389,137    
Accumulated Amortization (189,450) (179,116)    
Net $ 199,687 $ 210,021    
v3.26.1
ACQUIRED INTANGIBLE ASSETS - Schedule of Change in Carrying Value of Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finite-lived Intangible Assets [Roll Forward]    
Acquired intangible assets, net, beginning of the period $ 1,281,670 $ 1,433,067
Amortization expense (46,976) (48,330)
Foreign currency translation and other adjustments 11,090 6,505
Acquired intangible assets, net, end of the period $ 1,245,784 $ 1,391,242
v3.26.1
ACQUIRED INTANGIBLE ASSETS - Schedule of Future Amortization Expense of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Remainder of 2026 $ 138,651      
2027 141,987      
2028 138,199      
2029 137,569      
2030 134,169      
Thereafter 555,209      
Net $ 1,245,784 $ 1,281,670 $ 1,391,242 $ 1,433,067
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Restricted cash $ 621,324 $ 1,071,574 $ 681,774
Processing costs receivable 577,743 448,406  
Investments in short-term debt securities 462,611 517,777  
Prepaid expenses 359,481 288,707  
Accounts receivable, net 242,508 238,207  
Inventory, net 174,318 158,319  
Other 841,664 601,746  
Total 4,025,261 4,107,702  
Loan Portfolio Segment, Held For Sale      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans held for sale $ 745,612 $ 782,966  
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Schedule of Inventory, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 16,557 $ 16,054
Work in process 54,457 46,791
Finished goods 103,304 95,474
Total inventory, net $ 174,318 $ 158,319
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accrued Expenses and Other Liabilities [Line Items]    
Accrued expenses $ 1,228,181 $ 562,237
Customer deposits 352,775 297,432
Accounts payable 134,013 114,572
Processing fee payable 104,854 106,815
Accrued transaction losses 59,051 49,250
Operating lease liabilities, current $ 56,026 $ 55,349
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Total Total
Accrued royalties $ 54,963 $ 51,596
Other 250,798 301,642
Total 2,240,661 $ 1,538,893
Severance and Other Related Expenses    
Accrued Expenses and Other Liabilities [Line Items]    
Accrued severance and related expenses $ 327,184  
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Schedule of Reserve for Transaction Losses (Details) - Transaction Losses - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Loss Contingency Accrual [Roll Forward]    
Accrued transaction losses, beginning of the period $ 49,250 $ 58,580
Provision for transaction losses 34,101 29,408
Charge-offs to accrued transaction losses (24,300) (30,851)
Accrued transaction losses, end of the period $ 59,051 $ 57,137
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Transaction Losses    
Loss Contingencies [Line Items]    
Provisions for transaction losses realized and written-off within the same period $ 81.2 $ 59.0
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Schedule of Other Non-Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Property and equipment, net $ 294,895 $ 323,375  
Operating lease right-of-use assets $ 188,393 $ 214,929  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other non-current assets Other non-current assets  
Investments in long-term debt securities $ 154,625 $ 188,887  
Investment in non-marketable equity securities 88,112 423,198  
Restricted cash 73,659 73,786 $ 69,838
Other 219,950 257,853  
Other non-current assets $ 1,019,634 $ 1,482,028  
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Schedule of Adjustments of Non-Marketable Equity Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity Securities without Readily Determinable Fair Value [Roll Forward]    
Carrying amount, beginning of period $ 423,198 $ 245,557
Net reductions (329,798) (2,499)
Gross unrealized losses and impairments (5,288) 0
Carrying amount, end of period $ 88,112 $ 243,058
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Schedule of Non-Marketable Equity Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Upward adjustments $ 6,150 $ 326,970
Downward adjustments and impairments $ (7,349) $ (2,061)
v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Schedule of Other Non-Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Operating lease liabilities, non-current $ 242,345 $ 257,126
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Total Total
Deferred tax liabilities $ 54 $ 1,173
Other 118,460 123,546
Total $ 360,859 $ 381,845
v3.26.1
BITCOIN - Narrative (Details)
$ in Millions
Mar. 31, 2026
USD ($)
bitcoin
Dec. 31, 2025
USD ($)
bitcoin
Mar. 31, 2025
bitcoin
Dec. 31, 2024
bitcoin
Platform Operator, Crypto-Asset [Line Items]        
Number of bitcoins (in bitcoin) 9,032 8,883 8,584 8,485
Crypto-Asset, Investing Purposes        
Platform Operator, Crypto-Asset [Line Items]        
Number of bitcoins (in bitcoin) 9,032 8,883    
Bitcoin, purchase value | $ $ 305.2 $ 292.6    
Crypto-Asset, Operating Purposes        
Platform Operator, Crypto-Asset [Line Items]        
Number of bitcoins (in bitcoin) 267 238    
Bitcoin, purchase value | $ $ 18.8 $ 20.0    
v3.26.1
BITCOIN - Changes in Bitcoin Investment (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
bitcoin
Mar. 31, 2025
USD ($)
customer
bitcoin
Dec. 31, 2025
bitcoin
Dec. 31, 2024
bitcoin
Amount of bitcoin        
Balance (in bitcoin) | bitcoin 9,032 8,584 8,883 8,485
Additions (in Bitcoin) 149 99    
Value        
Value, beginning balance $ 777,515 $ 792,282    
Additions 12,593 9,519    
Remeasurement loss (172,818) (93,351)    
Value, ending balance $ 617,290 $ 708,450    
v3.26.1
INDEBTEDNESS - Schedule of Net Carrying Amount of Convertible Notes (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Principal Outstanding $ 7,350,000 $ 7,350,000
Unamortized Debt Issuance Costs (57,480) (60,982)
Total 7,292,520 7,289,018
2026 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 1,000,000 1,000,000
Unamortized Debt Issuance Costs (480) (1,173)
Total 999,520 998,827
2030 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 1,200,000 1,200,000
Unamortized Debt Issuance Costs (13,782) (14,467)
Total 1,186,218 1,185,533
2031 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 1,000,000 1,000,000
Unamortized Debt Issuance Costs (7,283) (7,628)
Total 992,717 992,372
2032 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 2,000,000 2,000,000
Unamortized Debt Issuance Costs (21,560) (22,266)
Total 1,978,440 1,977,734
2033 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 1,000,000  
Unamortized Debt Issuance Costs (12,098)  
Total 987,902  
2033 Senior Notes | Convertible Debt    
Debt Instrument [Line Items]    
Principal Outstanding   1,000,000
Unamortized Debt Issuance Costs   (12,419)
Total   987,581
2026 Convertible Notes | Convertible Debt    
Debt Instrument [Line Items]    
Principal Outstanding 575,000 575,000
Unamortized Debt Issuance Costs (146) (568)
Total 574,854 574,432
2027 Convertible Notes | Convertible Debt    
Debt Instrument [Line Items]    
Principal Outstanding 575,000 575,000
Unamortized Debt Issuance Costs (2,131) (2,461)
Total $ 572,869 $ 572,539
v3.26.1
INDEBTEDNESS - Schedule of Interest Expense on Convertible Notes (Details) - Convertible Debt - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Contractual interest expense $ 79,723 $ 48,380
Amortization of debt issuance costs 3,503 2,949
Total $ 83,226 $ 51,329
v3.26.1
INDEBTEDNESS - Convertible Notes Narrative (Details) - Convertible Debt
$ in Millions
Nov. 13, 2020
USD ($)
2026 and 2027 Notes  
Debt Instrument [Line Items]  
Aggregate principal amount $ 1,200.0
2026 Convertible Notes  
Debt Instrument [Line Items]  
Aggregate principal amount $ 575.0
Interest rate (as percent) 0.00%
2027 Convertible Notes  
Debt Instrument [Line Items]  
Aggregate principal amount $ 575.0
Interest rate (as percent) 0.25%
v3.26.1
INDEBTEDNESS - Facilities Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Jan. 14, 2026
Dec. 31, 2025
2020 Credit Facility | Line of Credit | Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity     $ 900,000,000 $ 775,000,000
Debt covenant, minimum quarterly liquidity amount     $ 250,000,000  
Amounts drawn to date $ 0      
Letters of credit outstanding $ 0      
2020 Credit Facility | Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)        
Debt Instrument [Line Items]        
Basis spread on variable rate (as percent) 1.00%      
2020 Credit Facility | Line of Credit | Revolving Credit Facility | Federal Funds Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate (as percent) 0.50%      
2020 Credit Facility | Line of Credit | Revolving Credit Facility | Prime Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate (as percent) 0.50%      
2020 Credit Facility | Line of Credit | Revolving Credit Facility | Minimum        
Debt Instrument [Line Items]        
Unused commitment fee percentage 0.10%      
2020 Credit Facility | Line of Credit | Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)        
Debt Instrument [Line Items]        
Basis spread on variable rate (as percent) 1.25%      
Additional basis spread on variable rate (as percent) 0.25%      
2020 Credit Facility | Line of Credit | Revolving Credit Facility | Minimum | Federal Funds Rate        
Debt Instrument [Line Items]        
Additional basis spread on variable rate (as percent) 0.25%      
2020 Credit Facility | Line of Credit | Revolving Credit Facility | Minimum | Prime Rate        
Debt Instrument [Line Items]        
Additional basis spread on variable rate (as percent) 0.25%      
2020 Credit Facility | Line of Credit | Revolving Credit Facility | Maximum        
Debt Instrument [Line Items]        
Unused commitment fee percentage 0.20%      
2020 Credit Facility | Line of Credit | Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)        
Debt Instrument [Line Items]        
Basis spread on variable rate (as percent) 1.75%      
Additional basis spread on variable rate (as percent) 0.75%      
2020 Credit Facility | Line of Credit | Revolving Credit Facility | Maximum | Federal Funds Rate        
Debt Instrument [Line Items]        
Additional basis spread on variable rate (as percent) 0.75%      
2020 Credit Facility | Line of Credit | Revolving Credit Facility | Maximum | Prime Rate        
Debt Instrument [Line Items]        
Additional basis spread on variable rate (as percent) 0.75%      
Warehouse Funding Facilities | Secured Debt | Line of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 1,500,000,000      
Amounts drawn to date 542,500,000      
Remaining borrowing capacity 960,900,000      
Interest expense $ 12,600,000 $ 14,900,000    
v3.26.1
INDEBTEDNESS - Schedule of Amounts Drawn on Facilities by Year of Maturity (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total $ 7,292,520 $ 7,289,018
Warehouse funding facilities, current 283,562 $ 466,942
Secured Debt | Warehouse Funding Facilities | Line of Credit    
Debt Instrument [Line Items]    
2026 169,045  
2027 318,455  
2028 55,000  
Total 542,500  
Warehouse funding facilities, current $ 114,500  
v3.26.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ (83,982) $ 38,328
Income (loss) before income tax $ (392,577) $ 227,050
v3.26.1
STOCKHOLDERS' EQUITY - Stock Plans and Restricted Stock - Narrative (Details)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
plan
shares
Mar. 31, 2025
USD ($)
shares
Nov. 30, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Repurchases of common stock $ 639,988 $ 445,298  
Remaining authorized repurchase amount $ 4,700,000    
Number of share-based compensation plans | plan 2    
2015 Equity Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares available for future issuance (in shares) | shares 26,000    
2025 Stock Option Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares reserved (in shares) | shares 80,000    
Shares available for future issuance (in shares) | shares 74,900    
Class A and B common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock repurchase program, authorized amount     $ 9,000,000
Repurchase of common stock (in shares) | shares 10,700 6,805  
Repurchases of common stock $ 636,000    
Class A and B common stock | Class A      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock Repurchase Program, Additional Authorized Amount     $ 5,000,000
v3.26.1
STOCKHOLDERS' EQUITY - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Number of Stock Options Outstanding    
Outstanding, beginning of the year (in shares) 3,757  
Granted (in shares) 0  
Exercised (in shares) (11)  
Forfeited (in shares) (266)  
Expired (in shares) (11)  
Outstanding, end of the period (in shares) 3,469 3,757
Weighted Average Exercise Price    
Beginning balance (in USD per share) $ 69.29  
Granted (in USD per share) 0  
Exercised (in USD per share) 57.40  
Forfeited (in USD per share) 58.19  
Expired (in USD per share) 65.60  
Ending balance (in USD per share) $ 70.20 $ 69.29
Additional Disclosures    
Outstanding, weighted average remaining contractual term (in years) 6 years 9 months 10 days 6 years 11 months 12 days
Outstanding, aggregate intrinsic value $ 15,661 $ 29,151
Exercisable, end of the period (in shares) 2,076  
Exercisable, end of the period, weighted average exercise price (in USD per share) $ 77.63  
Exercisable, end of the period, weighted average remaining contractual term 5 years 5 months 8 days  
Exercisable, end of the period, aggregate intrinsic value $ 10,623  
v3.26.1
STOCKHOLDERS' EQUITY - Schedule of Restricted Stock Awards and Restricted Stock Units Activity (Details) - RSAs and RSUs
shares in Thousands
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Number of Shares  
Unvested, beginning of the year (in shares) | shares 31,287
Granted (in shares) | shares 1,529
Vested (in shares) | shares (3,921)
Forfeited (in shares) | shares (1,972)
Unvested, end of the period (in shares) | shares 26,923
Weighted Average Grant Date Fair Value  
Unvested, beginning of the period (in USD per share) | $ / shares $ 66.31
Granted (in USD per share) | $ / shares 56.05
Vested (in USD per share) | $ / shares 68.04
Forfeited (in USD per share) | $ / shares 65.15
Unvested, end of the period (in USD per share) | $ / shares $ 65.56
v3.26.1
STOCKHOLDERS' EQUITY - Schedule of the Effect of Share-Based Compensation on the Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total $ 338,700 $ 315,236
Cost of revenue    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total 113 156
Product development    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total 245,040 222,541
Sales and marketing    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total 31,357 33,350
General and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total $ 62,190 $ 59,189
v3.26.1
STOCKHOLDERS' EQUITY - Share-Based Compensation Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]    
Capitalized share-based compensation expense $ 7.2 $ 8.9
Unrecognized compensation cost $ 1,800.0  
Unrecognized compensation cost related to outstanding stock options and restricted stock awards, recognition period 2 years 4 months 24 days  
v3.26.1
NET INCOME (LOSS) PER SHARE - Schedule of Basic and Diluted Net Income (loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator    
Net income (loss) attributable to common stockholders $ (308,681) $ 189,872
Denominator    
Shares used to compute basic net income (loss) per share (in shares) 597,586 619,370
Basic net income (loss) per share(in USD per share) $ (0.52) $ 0.31
Numerator    
Net income (loss) attributable to common stockholders $ (308,681) $ 189,872
Interest expense on convertible notes 0 1,511
Net income (loss) used to compute diluted net income per share $ (308,681) $ 191,383
Denominator    
Shares used to compute basic net income (loss) per share (in shares) 597,586 619,370
Stock options, restricted stock, and employee stock purchase plan (in shares) 0 6,619
Convertible notes (in shares) 0 9,353
Shares used to compute diluted net income (loss) per share (in shares) 597,586 635,342
Diluted net income (loss) per share (in USD per share) $ (0.52) $ 0.30
v3.26.1
NET INCOME (LOSS) PER SHARE - Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Income (loss) Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from calculation of diluted net Income per share (in shares) 41,409 45,269
Stock options, restricted stock, and employee stock purchase plan    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from calculation of diluted net Income per share (in shares) 33,721 33,161
Convertible notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from calculation of diluted net Income per share (in shares) 3,844 0
Common stock warrants    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from calculation of diluted net Income per share (in shares) 3,844 12,108
v3.26.1
RELATED PARTY TRANSACTIONS (Details)
$ in Thousands
 1 Months Ended
Jul. 31, 2019
renewalOption
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Related Party Transaction [Line Items]      
Operating lease right-of-use assets   $ 188,393 $ 214,929
Related Party      
Related Party Transaction [Line Items]      
Operating lease term (in years) 15 years 6 months    
Operating lease, number of renewal options | renewalOption 2    
Operating lease renewal term (in years) 5 years    
Operating lease right-of-use assets   9,600  
Operating lease liability   $ 14,400  
v3.26.1
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Oct. 31, 2025
Sep. 30, 2025
Mar. 31, 2026
Jan. 31, 2025
Loss Contingencies [Line Items]        
Incremental tax payment resulting from audit       $ 71.4
Payment for income tax assessment, interest and penalties $ 42.7      
Estimate of possible liability for additional taxes, interest and penalties   $ 42.7    
Regulatory and Governmental Matters        
Loss Contingencies [Line Items]        
Estimated litigation liability     $ 240.0  
Maximum        
Loss Contingencies [Line Items]        
Estimate of possible liability for additional taxes, interest and penalties     $ 114.0  
v3.26.1
COMMITMENTS AND CONTINGENCIES - Future Minimum Payments under the Purchase Commitments (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Remainder of 2026 $ 281,714
2027 427,317
2028 355,000
2029 370,000
2030 410,000
Thereafter 392,000
Total $ 2,236,031
v3.26.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.26.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Total $ 6,056,847 $ 5,771,796
Less: Cost of revenue 3,147,608 3,482,193
Gross profit 2,909,239 2,289,603
Interest revenue 51,745 57,175
Amortization of acquired technology assets 12,817 14,674
Commerce enablement revenue    
Segment Reporting Information [Line Items]    
Total 2,938,470 2,566,975
Financial solutions revenue    
Segment Reporting Information [Line Items]    
Total 1,321,985 875,011
Bitcoin ecosystem revenue    
Segment Reporting Information [Line Items]    
Total 1,796,392 2,329,810
Operating Segments | Cash App    
Segment Reporting Information [Line Items]    
Total 3,870,706 3,879,014
Less: Cost of revenue 1,962,572 2,499,063
Gross profit 1,908,134 1,379,951
Interest revenue 43,373 49,238
Amortization of acquired technology assets 11,671 13,166
Operating Segments | Square    
Segment Reporting Information [Line Items]    
Total 2,112,321 1,852,161
Less: Cost of revenue 1,130,772 954,262
Gross profit 981,549 897,899
Interest revenue 8,372 7,937
Amortization of acquired technology assets 1,146 1,508
Operating Segments | Commerce enablement revenue | Cash App    
Segment Reporting Information [Line Items]    
Total 1,086,465 900,104
Operating Segments | Commerce enablement revenue | Square    
Segment Reporting Information [Line Items]    
Total 1,802,824 1,626,622
Operating Segments | Financial solutions revenue | Cash App    
Segment Reporting Information [Line Items]    
Total 1,040,020 649,472
Operating Segments | Financial solutions revenue | Square    
Segment Reporting Information [Line Items]    
Total 281,965 225,539
Operating Segments | Bitcoin ecosystem revenue | Cash App    
Segment Reporting Information [Line Items]    
Total 1,744,221 2,329,438
Operating Segments | Bitcoin ecosystem revenue | Square    
Segment Reporting Information [Line Items]    
Total 27,532 0
Corporate and Other    
Segment Reporting Information [Line Items]    
Total 73,820 40,621
Less: Cost of revenue 54,264 28,868
Gross profit 19,556 11,753
Interest revenue 0 0
Amortization of acquired technology assets 0 0
Corporate and Other | Commerce enablement revenue    
Segment Reporting Information [Line Items]    
Total 49,181 40,249
Corporate and Other | Financial solutions revenue    
Segment Reporting Information [Line Items]    
Total 0 0
Corporate and Other | Bitcoin ecosystem revenue    
Segment Reporting Information [Line Items]    
Total $ 24,639 $ 372
v3.26.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Reconciliation of Total Segment Profit to Income before applicable Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Abstract]    
Total segment gross profit $ 2,889,683 $ 2,277,850
Add: Corporate and other gross profit 19,556 11,753
Less: Product development 1,038,873 760,699
Less: Sales and marketing 650,508 504,460
Less: General and administrative 857,564 491,797
Less: Transaction, loan, and consumer receivable losses 500,125 169,689
Less: Amortization of customer and other intangible assets 34,159 33,656
Less: Interest expense, net 53,195 17,243
Less: Remeasurement loss on bitcoin investment 172,818 93,351
Less: Other income, net (5,426) (8,342)
Income (loss) before income tax $ (392,577) $ 227,050
v3.26.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 6,056,847 $ 5,771,796
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total 5,530,750 5,347,630
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 526,097 $ 424,166
v3.26.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Long-lived Assets by Geographic Area (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 13,685,336 $ 13,668,992
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total 7,193,280 7,281,727
Australia    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total 4,594,832 4,453,807
Other international    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 1,897,224 $ 1,933,458
v3.26.1
SUPPLEMENTAL CASH FLOW INFORMATION - (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Supplemental cash flow data:    
Cash paid for interest $ 78,161 $ 19,478
Cash paid for income taxes 50,727 22,833
Supplemental disclosures of non-cash investing and financing activities:    
Unsettled originations of consumer receivables 201,976 215,278
Right-of-use assets obtained in exchange for operating lease obligations 212 1,258
Purchases of property and equipment in accounts payable and accrued expenses $ 8,590 $ 1,912
v3.26.1
RESTRUCTURING - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Feb. 28, 2026
Mar. 31, 2026
Restructuring Cost and Reserve [Line Items]    
Restructuring charges   $ 495,300
Severance and Other Personnel Costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges   $ 373,029
Severance and Other Personnel Costs | Workforce Plan    
Restructuring Cost and Reserve [Line Items]    
Restructuring, percentage of positions eliminated 40.00%  
v3.26.1
RESTRUCTURING - Schedule of Restructuring and Related Costs (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Cost and Reserve [Line Items]  
Total $ 495,300
Severance and Other Personnel Costs  
Restructuring Cost and Reserve [Line Items]  
Total 495,253
Product development | Severance and Other Personnel Costs  
Restructuring Cost and Reserve [Line Items]  
Total 351,350
Sales and marketing | Severance and Other Personnel Costs  
Restructuring Cost and Reserve [Line Items]  
Total 45,260
General and administrative | Severance and Other Personnel Costs  
Restructuring Cost and Reserve [Line Items]  
Total $ 98,643
v3.26.1
RESTRUCTURING - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]    
Charges $ 495,300  
Stock-based compensation expense 338,700 $ 315,236
Severance and other termination benefits    
Restructuring Cost and Reserve [Line Items]    
Charges 373,029  
Payments (45,845)  
Accrued liability, end of period 327,184  
Stock-based compensation expense $ 100,300