BLOCK, INC., 10-Q filed on 5/1/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 25, 2025
Class of Stock [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
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, $0.0000001 par value per share  
Trading Symbol XYZ  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001512673  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A    
Class of Stock [Line Items]    
Entity Common Stock, Shares Outstanding   555,001,000
Class B    
Class of Stock [Line Items]    
Entity Common Stock, Shares Outstanding   60,018,000
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 7,088,831 $ 8,075,247
Settlements receivable 1,102,538 1,060,966
Customer funds 5,248,730 4,182,872
Loans held for sale 1,322,049 1,111,107
Other current assets 2,881,431 2,945,130
Total current assets 19,712,379 19,880,201
Goodwill 11,503,741 11,417,422
Acquired intangible assets, net 1,391,242 1,433,067
Deferred tax assets 1,766,132 1,800,994
Other non-current assets 2,022,073 2,245,911
Total assets 36,395,567 36,777,595
Current liabilities:    
Customers payable 7,102,749 5,837,152
Accrued expenses and other current liabilities 1,583,962 1,525,149
Current portion of long-term debt (Note 12) 0 999,497
Warehouse funding facilities, current 0 185,000
Total current liabilities 8,686,711 8,546,798
Warehouse funding facilities, non-current 618,999 1,296,680
Long-term debt (Note 12) 5,108,385 5,105,939
Other non-current liabilities 546,398 593,216
Total liabilities 14,960,493 15,542,633
Commitments and contingencies (Note 17)
Stockholders’ equity:    
Preferred stock, $0.0000001 par value: 100,000 shares authorized at March 31, 2025 and December 31, 2024. None issued and outstanding at March 31, 2025 and December 31, 2024. 0 0
Additional paid-in capital 19,781,519 19,900,379
Accumulated other comprehensive loss (870,815) (1,001,065)
Retained earnings 2,558,490 2,368,618
Total stockholders’ equity attributable to common stockholders 21,469,194 21,267,932
Noncontrolling interests (34,120) (32,970)
Total stockholders’ equity 21,435,074 21,234,962
Total liabilities and stockholders’ equity 36,395,567 36,777,595
Consumer    
Current assets:    
Consumer receivables, net 2,068,800 2,504,879
Loans held for sale 771,550 652,489
Class A    
Stockholders’ equity:    
Common stock 0 0
Class B    
Stockholders’ equity:    
Common stock $ 0 $ 0
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
Preferred stock, par value (in USD per share) $ 0.0000001 $ 0.0000001
Preferred stock, authorized (in shares) 100,000,000 100,000,000
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) 1,000,000,000 1,000,000,000
Common stock, issued (in shares) 556,826,000 559,606,000
Common stock, outstanding (in shares) 556,826,000 559,606,000
Class B    
Class of Stock [Line Items]    
Common stock, par value (in USD per share) $ 0.0000001 $ 0.0000001
Common stock, authorized (in shares) 500,000,000 500,000,000
Common stock, issued (in shares) 60,049,000 60,070,000
Common stock, outstanding (in shares) 60,049,000 60,070,000
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue:    
Revenue $ 5,771,796 $ 5,957,128
Cost of revenue:    
Amortization of acquired technology assets 14,674 18,027
Total cost of revenue 3,482,193 3,862,655
Gross profit 2,289,603 2,094,473
Operating expenses:    
Product development 760,699 720,574
Sales and marketing 504,460 443,885
General and administrative 491,797 471,260
Transaction, loan, and consumer receivable losses 169,689 165,729
Amortization of customer and other acquired intangible assets 33,656 43,282
Total operating expenses 1,960,301 1,844,730
Operating income 329,302 249,743
Interest expense (income), net 17,243 (18,745)
Remeasurement loss (gain) on bitcoin investment 93,351 (233,404)
Other income, net (8,342) (4,420)
Income before income tax 227,050 506,312
Provision for income taxes 38,328 35,492
Net income 188,722 470,820
Less: Net loss attributable to noncontrolling interests (1,150) (1,185)
Net income attributable to common stockholders $ 189,872 $ 472,005
Net income per share attributable to common stockholders:    
Basic (in USD per share) $ 0.31 $ 0.77
Diluted (in USD per share) $ 0.30 $ 0.74
Weighted-average shares used to compute net income per share attributable to common stockholders:    
Basic (in shares) 619,370 616,401
Diluted (in shares) 635,342 637,360
Transaction-based revenue    
Revenue:    
Revenue $ 1,550,731 $ 1,511,209
Cost of revenue:    
Cost of revenue 903,822 873,165
Subscription and services-based revenue    
Revenue:    
Revenue 1,890,973 1,682,294
Cost of revenue:    
Cost of revenue 275,048 269,668
Hardware revenue    
Revenue:    
Revenue 28,690 32,501
Cost of revenue:    
Cost of revenue 52,534 50,785
Bitcoin revenue    
Revenue:    
Revenue 2,301,402 2,731,124
Cost of revenue:    
Cost of revenue $ 2,236,115 $ 2,651,010
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 188,722 $ 470,820
Net foreign currency translation adjustments [1] 129,820 (284,174)
Net unrealized gain on marketable debt securities, net of tax 430 2,278
Total comprehensive income $ 318,972 $ 188,924
[1]
(i) Includes a foreign currency translation gain related to goodwill of $86.0 million and loss of $198.2 million for the three months ended March 31, 2025 and March 31, 2024, respectively.
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Foreign currency translation gain (loss) related to goodwill $ 86.0 $ (198.2)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - 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 (Accumulated deficit)
Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2023   615,821        
Beginning balance at Dec. 31, 2023 $ 18,692,836   $ 19,601,992 $ (378,307) $ (528,429) $ (2,420)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 470,820       472,005 (1,185)
Shares issued in connection with employee stock plans (in shares)   4,806        
Shares issued in connection with employee stock plans 19,943   19,943      
Repurchases of common stock (in shares)   (3,563)        
Repurchases of common stock (252,095)   (252,095)      
Change in other comprehensive income (loss) (281,896)     (281,896)    
Share-based compensation 317,588   317,588      
Ending balance (in shares) at Mar. 31, 2024   617,064        
Ending balance at Mar. 31, 2024 18,967,196   19,687,428 (660,203) (56,424) (3,605)
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 (445,298) $ (445,300) (445,298)      
Change in other comprehensive income (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)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 188,722 $ 470,820
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 88,948 97,640
Amortization of discounts and premiums and other non-cash adjustments (265,168) (266,991)
Non-cash lease expense 14,369 14,512
Share-based compensation 315,236 311,168
Loss on revaluation of equity investments 126 1,111
Remeasurement loss (gain) on bitcoin investment 93,351 (233,404)
Transaction, loan, and consumer receivable losses 169,689 165,729
Change in deferred income taxes 7,599 (7,984)
Purchases and originations of loans (5,032,615) (3,010,609)
Proceeds from payments and forgiveness of loans 4,721,581 2,824,953
Changes in operating assets and liabilities:    
Settlements receivable (88,267) (542,070)
Customers payable 164,904 465,891
Settlements payable (330) (7,341)
Other assets and liabilities (244,809) 205,970
Net cash provided by operating activities 133,336 489,395
Cash flows from investing activities:    
Purchases of marketable debt securities (162,188) (184,048)
Proceeds from maturities of marketable debt securities 147,508 204,737
Proceeds from sale of marketable debt securities 265,191 327,128
Payments for originations of consumer receivables (6,898,769) (6,095,104)
Proceeds from principal repayments and sales of consumer receivables 7,602,325 6,824,596
Purchases of property and equipment (31,882) (31,998)
Purchases of other investments (7,477) (2,924)
Net cash provided by investing activities 914,708 1,042,387
Cash flows from financing activities:    
Payments to redeem convertible notes (1,000,624) 0
Proceeds from warehouse facilities borrowings 222,824 160,587
Repayments of warehouse facilities borrowings (1,091,137) (790,592)
Proceeds from the exercise of stock options and purchases under the employee stock purchase plan 2,283 19,943
Net increase in interest-bearing deposits 34,463 18,650
Repurchases of common stock (445,298) (252,095)
Change in customer funds, restricted from use in the Company's operations 1,065,857 875,916
Net cash provided by (used in) financing activities (1,211,632) 32,409
Effect of foreign exchange rate on cash and cash equivalents 22,249 (41,755)
Net increase (decrease) in cash, cash equivalents, restricted cash, and customer funds (141,339) 1,522,436
Cash, cash equivalents, restricted cash, and customer funds, beginning of the period 13,230,512 9,009,087
Cash, cash equivalents, restricted cash, and customer funds, end of the period 13,089,173 10,531,523
Reconciliation of cash, cash equivalents, restricted cash, and customer funds:    
Cash and cash equivalents 7,088,831 5,753,436
Short-term restricted cash 681,774 660,153
Long-term restricted cash 69,838 71,588
Customer funds cash and cash equivalents 5,248,730 4,046,346
Total $ 13,089,173 $ 10,531,523
v3.25.1
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2025
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 services; 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 does not designate a headquarters location as it adopted a distributed work model in 2021.

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, 2024 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, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, 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, 2024.

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 and financing lease right-of-use assets and related liabilities, 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, 2025 and March 31, 2024, 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 41%, 18%, 14% and 11% of settlements receivable as of March 31, 2025. As of December 31, 2024, the Company had three third-party processors that represented approximately 42%, 17% and 13% 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 $90.7 million for the three months ended March 31, 2025, compared to $61.6 million for the three months ended March 31, 2024. 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, card issuance costs, customer referral bonuses, and promotional giveaways. These costs are expensed as incurred. The Company recorded $203.4 million for the three months ended March 31, 2025, compared to $210.9 million for the three months ended March 31, 2024 for such expenses.
Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments expand income tax disclosure requirements by requiring an entity to disclose (i) specific categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, and (iii) the amount of taxes paid disaggregated by jurisdiction. The Company adopted this guidance effective for the annual reporting period beginning January 1, 2025. The adoption of ASU 2023-09 will impact the Company’s annual disclosures only.

Recently Issued Accounting Pronouncements Not Yet Adopted

In March 2024, the SEC adopted rules that require registrants to provide climate-related information in their registration statements and annual reports, such as disclosure of material climate-related risks, Board of Directors’ oversight and risk management activities, material greenhouse gas emissions, and material climate-related targets and goals. On April 4, 2024, the SEC voluntarily stayed the implementation of the rules pending the judicial review of challenges to the rules in the Eighth Circuit Court of Appeals. In March 2025, the SEC voted to end, and withdraw, its legal defense of its climate disclosure rules. The Company is currently monitoring developments with respect to these rules, including whether they will become effective.
v3.25.1
REVENUE
 3 Months Ended
Mar. 31, 2025
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,
20252024
Revenue from contracts with customers:
Transaction-based revenue$1,550,731 $1,511,209 
Subscription and services-based revenue1,264,347 1,212,118 
Hardware revenue28,690 32,501 
Bitcoin revenue2,301,402 2,731,124 
Revenue from other sources:
Subscription and services-based revenue (i)
626,626 470,176 
Total net revenue$5,771,796 $5,957,128 

(i) Subscription and services-based revenue from other sources relates to revenue generated from the Company's Square Loans, revenue generated from consumer receivables originated through our BNPL platform, 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").
v3.25.1
INVESTMENTS IN DEBT SECURITIES
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS IN DEBT SECURITIES INVESTMENTS IN DEBT SECURITIES
The Company's short-term and long-term investments as of March 31, 2025 were as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$31,999 $1 $(4)$31,996 
Corporate bonds99,096 191 (4)99,283 
Commercial paper585 — — 585 
Municipal securities305 — — 305 
Certificates of deposit1,188 — — 1,188 
U.S. government securities221,061 424 (1)221,484 
Total$354,234 $616 $(9)$354,841 
Long-term debt securities:
U.S. agency securities$39,017 $64 $— $39,081 
Corporate bonds72,364 340 (27)72,677 
Municipal securities4,445 29 (161)4,313 
U.S. government securities156,181 1,388 (26)157,543 
Total$272,007 $1,821 $(214)$273,614 

The Company's short-term and long-term investments as of December 31, 2024 were as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$34,454 $15 $(1)$34,468 
Corporate bonds160,238 248 (96)160,390 
Commercial paper333 — — 333 
Municipal securities398 1 — 399 
Certificates of deposit1,051 — — 1,051 
U.S. government securities206,340 449 (4)206,785 
Total$402,814 $713 $(101)$403,426 
Long-term debt securities:
U.S. agency securities$49,017 $23 $(10)$49,030 
Corporate bonds195,035 693 (384)195,344 
Municipal securities4,592 4 (251)4,345 
U.S. government securities222,164 1,218 (124)223,258 
Total$470,808 $1,938 $(769)$471,977 

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, 2025 and December 31, 2024, 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, 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$18,987 $(4)$— $— $18,987 $(4)
Corporate bonds16,803 (3)1,000 (1)17,803 (4)
U.S. government securities47,643 (1)— — 47,643 (1)
Total$83,433 $(8)$1,000 $(1)$84,433 $(9)
Long-term debt securities:
Corporate bonds$15,279 $(27)$— $— $15,279 $(27)
Municipal securities1,853 (58)360 (103)2,213 (161)
U.S. government securities10,166 (26)— — 10,166 (26)
Total$27,298 $(111)$360 $(103)$27,658 $(214)

December 31, 2024
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$18,954 $(1)$— $— $18,954 $(1)
Corporate bonds50,905 (93)1,995 (3)52,900 (96)
U.S. government securities— — 3,994 (4)3,994 (4)
Total$69,859 $(94)$5,989 $(7)$75,848 $(101)
Long-term debt securities:
U.S. agency securities$9,990 $(10)$— $— $9,990 $(10)
Corporate bonds80,550 (384)— — 80,550 (384)
Municipal securities2,848 (128)363 (123)3,211 (251)
U.S. government securities58,681 (124)— — 58,681 (124)
Total$152,069 $(646)$363 $(123)$152,432 $(769)

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, 2025 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$354,234 $354,841 
Due in one to five years272,007 273,614 
Total$626,241 $628,455 
CUSTOMER FUNDS
The following table presents the assets underlying customer funds (in thousands):
  March 31, 2025December 31, 2024
Cash$4,311,673 $3,195,253 
Cash equivalents:
Money market funds4,645 4,645 
Reverse repurchase agreement (i)
932,412 982,974 
Total customer funds$5,248,730 $4,182,872 

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

The Company does not have any available-for-sale debt securities for which the Company has recorded credit related losses.

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.
v3.25.1
CUSTOMER FUNDS
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
CUSTOMER FUNDS INVESTMENTS IN DEBT SECURITIES
The Company's short-term and long-term investments as of March 31, 2025 were as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$31,999 $1 $(4)$31,996 
Corporate bonds99,096 191 (4)99,283 
Commercial paper585 — — 585 
Municipal securities305 — — 305 
Certificates of deposit1,188 — — 1,188 
U.S. government securities221,061 424 (1)221,484 
Total$354,234 $616 $(9)$354,841 
Long-term debt securities:
U.S. agency securities$39,017 $64 $— $39,081 
Corporate bonds72,364 340 (27)72,677 
Municipal securities4,445 29 (161)4,313 
U.S. government securities156,181 1,388 (26)157,543 
Total$272,007 $1,821 $(214)$273,614 

The Company's short-term and long-term investments as of December 31, 2024 were as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$34,454 $15 $(1)$34,468 
Corporate bonds160,238 248 (96)160,390 
Commercial paper333 — — 333 
Municipal securities398 1 — 399 
Certificates of deposit1,051 — — 1,051 
U.S. government securities206,340 449 (4)206,785 
Total$402,814 $713 $(101)$403,426 
Long-term debt securities:
U.S. agency securities$49,017 $23 $(10)$49,030 
Corporate bonds195,035 693 (384)195,344 
Municipal securities4,592 4 (251)4,345 
U.S. government securities222,164 1,218 (124)223,258 
Total$470,808 $1,938 $(769)$471,977 

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, 2025 and December 31, 2024, 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, 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$18,987 $(4)$— $— $18,987 $(4)
Corporate bonds16,803 (3)1,000 (1)17,803 (4)
U.S. government securities47,643 (1)— — 47,643 (1)
Total$83,433 $(8)$1,000 $(1)$84,433 $(9)
Long-term debt securities:
Corporate bonds$15,279 $(27)$— $— $15,279 $(27)
Municipal securities1,853 (58)360 (103)2,213 (161)
U.S. government securities10,166 (26)— — 10,166 (26)
Total$27,298 $(111)$360 $(103)$27,658 $(214)

December 31, 2024
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$18,954 $(1)$— $— $18,954 $(1)
Corporate bonds50,905 (93)1,995 (3)52,900 (96)
U.S. government securities— — 3,994 (4)3,994 (4)
Total$69,859 $(94)$5,989 $(7)$75,848 $(101)
Long-term debt securities:
U.S. agency securities$9,990 $(10)$— $— $9,990 $(10)
Corporate bonds80,550 (384)— — 80,550 (384)
Municipal securities2,848 (128)363 (123)3,211 (251)
U.S. government securities58,681 (124)— — 58,681 (124)
Total$152,069 $(646)$363 $(123)$152,432 $(769)

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, 2025 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$354,234 $354,841 
Due in one to five years272,007 273,614 
Total$626,241 $628,455 
CUSTOMER FUNDS
The following table presents the assets underlying customer funds (in thousands):
  March 31, 2025December 31, 2024
Cash$4,311,673 $3,195,253 
Cash equivalents:
Money market funds4,645 4,645 
Reverse repurchase agreement (i)
932,412 982,974 
Total customer funds$5,248,730 $4,182,872 

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

The Company does not have any available-for-sale debt securities for which the Company has recorded credit related losses.

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.
v3.25.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2025
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, 2025December 31, 2024
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$1,159,181 $— $— $857,196 $— $— 
U.S. government securities32,890 — — 26,951 — — 
Commercial paper— 483 — — 509 — 
Corporate bonds— 69 — — — 
Restricted cash:
Money market funds89,017 — — 319,800 — — 
Customer funds:
Money market funds4,645 — — 4,645 — — 
Reverse repurchase agreement932,412 — — 982,974 — — 
Short-term debt securities:
U.S. government securities221,484 — — 206,785 — — 
Corporate bonds— 99,283 — — 160,390 — 
U.S. agency securities— 31,996 — — 34,468 — 
Certificates of deposit— 1,188 — — 1,051 — 
Commercial paper— 585 — — 333 — 
Municipal securities— 305 — — 399 — 
Long-term debt securities:
U.S. government securities157,543 — — 223,258 — — 
Corporate bonds— 72,677 — — 195,344 — 
U.S. agency securities— 39,081 — — 49,030 — 
Municipal securities— 4,313 — — 4,345 — 
Other:
Bitcoin investment (i)
708,450 — — 792,282 — — 
Investment in marketable equity securities4,532 — — 5,407 — — 
Total
$3,310,154 $249,980 $— $3,419,298 $445,869 $— 
(i) The Company holds an immaterial amount of bitcoin for operating purposes and, given the bitcoin is held for a relatively short period of time, typically being purchased and sold within a day, the fair value approximates carrying value. Refer to Note 11, Bitcoin for more details.

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, 2025December 31, 2024
Carrying Value Fair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$996,708 $968,970 $996,017 $960,589 
2031 Senior Notes991,316 873,884 990,971 873,868 
2032 Senior Notes1,975,686 2,009,470 1,975,026 1,999,220 
2025 Convertible Notes— — 999,497 991,941 
2026 Convertible Notes573,144 546,493 572,723 533,154 
2027 Convertible Notes571,531 504,662 571,202 497,517 
Total$5,108,385 $4,903,479 $6,105,436 $5,856,289 

The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):
March 31, 2025December 31, 2024
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$1,322,049 $1,339,906 $1,111,107 $1,112,746 
Loans held for investment402,561 421,609 365,062 382,542 
Total$1,724,610 $1,761,515 $1,476,169 $1,495,288 

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, 2025 and March 31, 2024, the Company did not have any transfers in or out of Level 1, Level 2, or Level 3 assets or liabilities.
v3.25.1
CONSUMER RECEIVABLES, NET
 3 Months Ended
Mar. 31, 2025
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 platform. 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 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, 2025, the amortized cost of Pass rated consumer receivables was $2.1 billion and the amount of Classified consumer receivables was $143.7 million.
The following table presents an aging analysis of the amortized cost of consumer receivables by delinquency status (in thousands):
  March 31, 2025December 31, 2024
Non-delinquent loans$1,773,973 $2,227,348 
1 - 60 days past due344,595 369,173 
61 - 90 days past due53,614 29,334 
90+ days past due90,038 80,817 
Total amortized cost$2,262,220 $2,706,672 

The amount listed as 1 - 60 days past due in the above table includes $266.4 million and $266.7 million of cash in transit as of March 31, 2025 and December 31, 2024, 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 were recovered. The amount of recoveries for the three months ended March 31, 2025 and March 31, 2024 were immaterial.

The following table summarizes activity in the allowance for credit losses (in thousands):
Three Months Ended
March 31,
20252024
Allowance for credit losses, beginning of the period$201,793 $185,275 
Provision for credit losses55,650 60,979 
Charge-offs and other adjustments(65,786)(62,133)
Foreign exchange effect 1,763 (2,174)
Allowance for credit losses, end of the period$193,420 $181,947 
CUSTOMER LOANS
Loans Held for Investment

The Company originates loans in the U.S. through its wholly-owned subsidiary bank, Square Financial Services. The Company sells the majority of the loans to institutional investors with a portion retained on its balance sheet. Loans retained by the Company are classified as held for investment as the Company has both the intent and ability to hold them for the foreseeable future, until maturity, or until payoff. The Company’s intent and ability in the future may change based on changes in business strategies, the economic environment, and market conditions. As of March 31, 2025 and December 31, 2024, the Company held $402.6 million and $365.1 million, respectively, as loans held for investment, net of allowance, included in other current assets on the condensed consolidated balance sheets. Refer to Note 9, Other Consolidated Balance Sheet Components (Current) for more details.

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. The allowance for credit losses, amount of charge-offs recorded, and amount of recoveries as of March 31, 2025 and December 31, 2024 were immaterial.
The Company considers loans that are greater than 60 days past due to be delinquent, and loans 90 days or more past due to be nonperforming. Loans that are 120 days or more past due are generally considered to be uncollectible and are written off. When a loan is identified as nonperforming, recognition of income is discontinued. Loans are 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. As of March 31, 2025 and December 31, 2024, the amount of loans that were identified as nonperforming loans was 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 loans generally consist of loans that are current or up to 60 days past due. Classified loans generally comprise of loans that are 60 days or greater 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, 2025 and December 31, 2024, the amortized cost of Pass rated loans was $424.1 million and $385.2 million, respectively, and the amount of Classified loans was immaterial for both periods.

Loans Held for Sale

The Company classifies loans 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. Loans held for sale primarily include Square Loans and Cash App Borrow products. Square Loans are loans facilitated by Square Financial Services to qualified Square sellers, while Cash App Borrow is a credit product for consumers that allows customers to access short-term loans for a small fee. 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 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.

The Company aggregates loans held for sale by the intended customer of the loan product. Commercial loans held for sale include Square Loans, Consumer loans held for sale include loans initiated through Cash App Borrow and consumer lending loans, and Other loans held for sale include loans outside of consumer and commercial loans.

The following table presents the Company’s loans held for sale aggregated by category (in thousands):
  March 31, 2025December 31, 2024
Consumer$771,550 $652,489 
Commercial476,687 404,844 
Other 73,812 53,774 
Total $1,322,049 $1,111,107 
v3.25.1
CUSTOMER LOANS
 3 Months Ended
Mar. 31, 2025
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 platform. 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 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, 2025, the amortized cost of Pass rated consumer receivables was $2.1 billion and the amount of Classified consumer receivables was $143.7 million.
The following table presents an aging analysis of the amortized cost of consumer receivables by delinquency status (in thousands):
  March 31, 2025December 31, 2024
Non-delinquent loans$1,773,973 $2,227,348 
1 - 60 days past due344,595 369,173 
61 - 90 days past due53,614 29,334 
90+ days past due90,038 80,817 
Total amortized cost$2,262,220 $2,706,672 

The amount listed as 1 - 60 days past due in the above table includes $266.4 million and $266.7 million of cash in transit as of March 31, 2025 and December 31, 2024, 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 were recovered. The amount of recoveries for the three months ended March 31, 2025 and March 31, 2024 were immaterial.

The following table summarizes activity in the allowance for credit losses (in thousands):
Three Months Ended
March 31,
20252024
Allowance for credit losses, beginning of the period$201,793 $185,275 
Provision for credit losses55,650 60,979 
Charge-offs and other adjustments(65,786)(62,133)
Foreign exchange effect 1,763 (2,174)
Allowance for credit losses, end of the period$193,420 $181,947 
CUSTOMER LOANS
Loans Held for Investment

The Company originates loans in the U.S. through its wholly-owned subsidiary bank, Square Financial Services. The Company sells the majority of the loans to institutional investors with a portion retained on its balance sheet. Loans retained by the Company are classified as held for investment as the Company has both the intent and ability to hold them for the foreseeable future, until maturity, or until payoff. The Company’s intent and ability in the future may change based on changes in business strategies, the economic environment, and market conditions. As of March 31, 2025 and December 31, 2024, the Company held $402.6 million and $365.1 million, respectively, as loans held for investment, net of allowance, included in other current assets on the condensed consolidated balance sheets. Refer to Note 9, Other Consolidated Balance Sheet Components (Current) for more details.

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. The allowance for credit losses, amount of charge-offs recorded, and amount of recoveries as of March 31, 2025 and December 31, 2024 were immaterial.
The Company considers loans that are greater than 60 days past due to be delinquent, and loans 90 days or more past due to be nonperforming. Loans that are 120 days or more past due are generally considered to be uncollectible and are written off. When a loan is identified as nonperforming, recognition of income is discontinued. Loans are 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. As of March 31, 2025 and December 31, 2024, the amount of loans that were identified as nonperforming loans was 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 loans generally consist of loans that are current or up to 60 days past due. Classified loans generally comprise of loans that are 60 days or greater 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, 2025 and December 31, 2024, the amortized cost of Pass rated loans was $424.1 million and $385.2 million, respectively, and the amount of Classified loans was immaterial for both periods.

Loans Held for Sale

The Company classifies loans 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. Loans held for sale primarily include Square Loans and Cash App Borrow products. Square Loans are loans facilitated by Square Financial Services to qualified Square sellers, while Cash App Borrow is a credit product for consumers that allows customers to access short-term loans for a small fee. 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 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.

The Company aggregates loans held for sale by the intended customer of the loan product. Commercial loans held for sale include Square Loans, Consumer loans held for sale include loans initiated through Cash App Borrow and consumer lending loans, and Other loans held for sale include loans outside of consumer and commercial loans.

The following table presents the Company’s loans held for sale aggregated by category (in thousands):
  March 31, 2025December 31, 2024
Consumer$771,550 $652,489 
Commercial476,687 404,844 
Other 73,812 53,774 
Total $1,322,049 $1,111,107 
v3.25.1
ACQUIRED INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2025
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, 2025
Weighted Average Estimated Useful LifeCostAccumulated AmortizationNet
Technology assets5 years$353,791 $(255,785)$98,006 
Customer assets15 years1,363,332 (311,116)1,052,216 
Trade names and other9 years389,137 (148,117)241,020 
Total$2,106,260 $(715,018)$1,391,242 

Balance at December 31, 2024
Weighted Average Estimated Useful LifeCostAccumulated AmortizationNet
Technology assets5 years$353,791 $(241,110)$112,681 
Customer assets15 years1,401,102 (332,153)1,068,949 
Trade names and other9 years389,137 (137,700)251,437 
Total$2,144,030 $(710,963)$1,433,067 

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,
20252024
Acquired intangible assets, net, beginning of the period$1,433,067 $1,761,521 
Amortization expense(48,330)(61,309)
Foreign currency translation and other adjustments6,505 (26,594)
Acquired intangible assets, net, end of the period$1,391,242 $1,673,618 

The estimated future amortization expense of intangible assets as of March 31, 2025 was as follows (in thousands):
Remainder of 2025$142,705 
2026180,956 
2027137,392 
2028133,604 
2029132,973 
Thereafter663,612 
Total$1,391,242 
v3.25.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT)
 3 Months Ended
Mar. 31, 2025
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, 2025December 31, 2024
Restricted cash (i)
$681,774 $902,478 
Processing costs receivable436,777 478,767 
Loans held for investment, net of allowance for credit losses (ii)
402,561 365,062 
Investments in short-term debt securities354,841 403,426 
Prepaid expenses277,289 129,343 
Accounts receivable, net166,891 148,898 
Inventory, net108,840 104,990 
Short-term deposits72,259 87,968 
Other380,199 324,198 
Total$2,881,431 $2,945,130 

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

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

Accrued Expenses and Other Current Liabilities

The following table presents the detail of accrued expenses and other current liabilities (in thousands):    
  March 31, 2025December 31, 2024
Accrued expenses$747,281 $725,339 
Customer deposits276,347 241,884 
Accounts payable89,021 117,963 
Accrued royalties61,446 57,605 
Accrued transaction losses (i)
57,137 58,580 
Operating lease liabilities, current52,017 52,880 
Other300,713 270,898 
Total$1,583,962 $1,525,149 

(i) 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,
20252024
Accrued transaction losses, beginning of the period$58,580 $54,042 
Provision for transaction losses29,408 30,819 
Charge-offs to accrued transaction losses(30,851)(24,845)
Accrued transaction losses, end of the period$57,137 $60,016 
In addition to amounts reflected in the table above, the Company recognized additional provision for transaction losses that was realized and written-off within the same period. Such losses are primarily related to Cash App transactions, such as peer-to-peer transactions and negative balances, that are uncertain in nature. The Company recorded $59.0 million and $47.4 million for the three months ended March 31, 2025 and March 31, 2024, respectively, for such losses.
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, 2025December 31, 2024
Bitcoin investment (i)
$708,450 $792,282 
Property and equipment, net311,333 314,432 
Investments in long-term debt securities273,614 471,977 
Investment in non-marketable equity securities (ii)
243,058 245,557 
Operating lease right-of-use assets209,980 219,954 
Restricted cash69,838 69,915 
Other205,800 131,794 
Total$2,022,073 $2,245,911 

(i) Refer to Note 11, Bitcoin for further details.

(ii) 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-marketable equity securities measured using the measurement alternative were as follows (in thousands):
Three Months Ended
March 31,
20252024
Carrying amount, beginning of period$245,557 $205,268 
Net additions (reductions)(2,499)4,000 
Gross unrealized gains— 334 
Gross unrealized losses and impairments— (98)
Carrying amount, end of period$243,058 $209,504 

The following table summarizes the cumulative net unrealized upward and downward adjustments related to the Company's non-marketable equity securities measured using the measurement alternative (in thousands):
Three Months Ended
March 31,
20252024
Upward adjustments$155,329 $115,521 
Downward adjustments (including impairment)$(2,061)$(2,476)
Other Non-Current Liabilities

The following table presents the detail of other non-current liabilities (in thousands):
  March 31, 2025December 31, 2024
Operating lease liabilities, non-current$265,556 $278,617 
Deferred tax liabilities162,718 162,435 
Other118,124 152,164 
Total$546,398 $593,216 
v3.25.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)
 3 Months Ended
Mar. 31, 2025
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, 2025December 31, 2024
Restricted cash (i)
$681,774 $902,478 
Processing costs receivable436,777 478,767 
Loans held for investment, net of allowance for credit losses (ii)
402,561 365,062 
Investments in short-term debt securities354,841 403,426 
Prepaid expenses277,289 129,343 
Accounts receivable, net166,891 148,898 
Inventory, net108,840 104,990 
Short-term deposits72,259 87,968 
Other380,199 324,198 
Total$2,881,431 $2,945,130 

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

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

Accrued Expenses and Other Current Liabilities

The following table presents the detail of accrued expenses and other current liabilities (in thousands):    
  March 31, 2025December 31, 2024
Accrued expenses$747,281 $725,339 
Customer deposits276,347 241,884 
Accounts payable89,021 117,963 
Accrued royalties61,446 57,605 
Accrued transaction losses (i)
57,137 58,580 
Operating lease liabilities, current52,017 52,880 
Other300,713 270,898 
Total$1,583,962 $1,525,149 

(i) 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,
20252024
Accrued transaction losses, beginning of the period$58,580 $54,042 
Provision for transaction losses29,408 30,819 
Charge-offs to accrued transaction losses(30,851)(24,845)
Accrued transaction losses, end of the period$57,137 $60,016 
In addition to amounts reflected in the table above, the Company recognized additional provision for transaction losses that was realized and written-off within the same period. Such losses are primarily related to Cash App transactions, such as peer-to-peer transactions and negative balances, that are uncertain in nature. The Company recorded $59.0 million and $47.4 million for the three months ended March 31, 2025 and March 31, 2024, respectively, for such losses.
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, 2025December 31, 2024
Bitcoin investment (i)
$708,450 $792,282 
Property and equipment, net311,333 314,432 
Investments in long-term debt securities273,614 471,977 
Investment in non-marketable equity securities (ii)
243,058 245,557 
Operating lease right-of-use assets209,980 219,954 
Restricted cash69,838 69,915 
Other205,800 131,794 
Total$2,022,073 $2,245,911 

(i) Refer to Note 11, Bitcoin for further details.

(ii) 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-marketable equity securities measured using the measurement alternative were as follows (in thousands):
Three Months Ended
March 31,
20252024
Carrying amount, beginning of period$245,557 $205,268 
Net additions (reductions)(2,499)4,000 
Gross unrealized gains— 334 
Gross unrealized losses and impairments— (98)
Carrying amount, end of period$243,058 $209,504 

The following table summarizes the cumulative net unrealized upward and downward adjustments related to the Company's non-marketable equity securities measured using the measurement alternative (in thousands):
Three Months Ended
March 31,
20252024
Upward adjustments$155,329 $115,521 
Downward adjustments (including impairment)$(2,061)$(2,476)
Other Non-Current Liabilities

The following table presents the detail of other non-current liabilities (in thousands):
  March 31, 2025December 31, 2024
Operating lease liabilities, non-current$265,556 $278,617 
Deferred tax liabilities162,718 162,435 
Other118,124 152,164 
Total$546,398 $593,216 
v3.25.1
BITCOIN
 3 Months Ended
Mar. 31, 2025
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, which is included within “Other non-current assets” on the condensed consolidated balance sheets, is remeasured at fair value at the end of each reporting period. Changes in fair value are recognized in net income through “Remeasurement loss (gain) on bitcoin investment” in the Company’s condensed consolidated statements of operations. As of March 31, 2025 and December 31, 2024, the Company held approximately 8,584 and 8,485 bitcoins for investment purposes with a cost basis of $261.0 million and $251.5 million, respectively.

The following table summarizes the changes in the Company’s bitcoin investment in the period (in thousands, except amount of bitcoin):
Amount of bitcoin
Value
Balance at December 31, 20248,485 $792,282 
Additions99 9,519 
Remeasurement loss— (93,351)
Balance at March 31, 20258,584 $708,450 

Amount of bitcoin
Value
Balance at December 31, 20238,038 $339,898 
Remeasurement gain— 233,404 
Balance at March 31, 20248,038 $573,302 

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 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, 2025 and December 31, 2024, the Company held approximately 158 bitcoins for operating purposes with a fair value of $13.5 million and $15.3 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, 2025.
v3.25.1
INDEBTEDNESS
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
A) Notes

The 2025 Convertible Notes, 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 table summarizes the Company's Notes as of March 31, 2025 (in thousands):
Principal OutstandingUnamortized Debt Issuance CostsNet Carrying Value
2026 Senior Notes$1,000,000 $(3,292)$996,708 
2031 Senior Notes1,000,000 (8,684)991,316 
2032 Senior Notes2,000,000 (24,314)1,975,686 
2026 Convertible Notes575,000 (1,856)573,144 
2027 Convertible Notes575,000 (3,469)571,531 
Total$5,150,000 $(41,615)$5,108,385 

The following table summarizes the Company's Notes as of December 31, 2024 (in thousands):
Principal OutstandingUnamortized Debt Issuance CostsNet Carrying Value
2026 Senior Notes$1,000,000 $(3,983)$996,017 
2031 Senior Notes1,000,000 (9,029)990,971 
2032 Senior Notes2,000,000 (24,974)1,975,026 
2025 Convertible Notes (i)
1,000,000 (503)999,497 
2026 Convertible Notes575,000 (2,277)572,723 
2027 Convertible Notes575,000 (3,798)571,202 
Total$6,150,000 $(44,564)$6,105,436 

(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,
20252024
Contractual interest expense$48,380 $16,130 
Amortization of debt issuance costs2,949 2,562 
Total$51,329 $18,692 

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, 2025. As of March 31, 2025, 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.

Convertible Notes due in 2025

On March 5, 2020, the Company issued $1.0 billion in aggregate principal amount of convertible senior notes ("2025 Convertible Notes"). As of the maturity date on March 1, 2025, certain holders of the 2025 Convertible Notes had converted an immaterial aggregate principal amount of their 2025 Convertible Notes, which were settled through the issuance of an immaterial amount of shares of the Company's Class A common stock. The Company paid a total of $1.0 billion in cash to settle the remaining unconverted principal balance, and interest, as of March 1, 2025.

B) Revolving Credit Facility & Other

In May 2020, the Company entered into a revolving credit agreement (as amended, the “Credit Agreement”) with certain lenders, which provides for a $775.0 million senior unsecured revolving credit facility maturing on June 9, 2028. The Credit Agreement contains a financial covenant requiring the Company to maintain a minimum liquidity amount (consisting of the sum of Unrestricted Cash and Cash Equivalents plus Marketable Securities, each as defined in the Credit Agreement, plus undrawn available commitments under the Credit Agreement) of at least $250.0 million, tested on the last day of each fiscal quarter. 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 Credit Agreement. As of March 31, 2025, no funds have been drawn and no letters of credit have been issued under the Credit Agreement. The Company incurred immaterial unused commitment fees during the three months ended March 31, 2025 and March 31, 2024. As of March 31, 2025, the Company was in compliance with all financial covenants under the Credit Agreement.

Loans under the Credit Agreement bear interest at the Company's option of (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 Credit Agreement also contains customary affirmative and negative covenants typical for a financing of this type that, among other things, restricts the Company and certain of its subsidiaries’ ability to incur additional indebtedness, create liens, merge or consolidate or make certain dispositions, pay dividends and make distributions, enter into restrictive agreements, enter into agreements with affiliates, and make certain investments and acquisitions.
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, 2025 and December 31, 2024.

C) 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 the BNPL platform. 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 the Company's BNPL platform. Borrowings under the Warehouse Facilities are secured against the respective consumer receivables. While the Warehouse SPEs are included in our condensed 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 2027. As of March 31, 2025, the aggregate amount of the Warehouse Facilities, using the respective exchange rates at period-end, was $1.4 billion on a revolving basis, of which $619.0 million was drawn and $827.3 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, 2025. 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 $14.9 million and $19.7 million for the three months ended March 31, 2025 and March 31, 2024, 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, 2025
2026$290,989 
2027328,010 
Total$618,999 
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company recorded an income tax expense of $38.3 million for the three months ended March 31, 2025, compared to an income tax expense of $35.5 million for the three months ended March 31, 2024. The difference between income before income tax at the U.S. federal statutory rate and the income tax expense recorded for the three months ended March 31, 2025 is primarily due to the impact of U.S. state taxes offset by benefits from tax credit generation and the release of income tax reserves due to lapsing of statute of limitations.

The difference between the income tax expense for the three months ended March 31, 2025 and the income tax expense for the three months ended March 31, 2024 primarily relates to the release of the valuation allowance in the fourth quarter of 2024.
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, 2025 and March 31, 2024 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.
v3.25.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Share Repurchase Program

In October 2023, the board of directors of the Company authorized the repurchase of up to $1 billion of the Company’s Class A common stock. On July 25, 2024, the board of directors of the Company authorized an increase to the Company's share repurchase program to repurchase up to an additional $3 billion of the Company’s Class A common stock. During the three months ended March 31, 2025, the Company repurchased 6.8 million shares of its Class A common stock for an aggregate amount of $445.3 million. As of March 31, 2025, $2.2 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.

Conversion of Convertible Notes and Exercise of Convertible Note Hedges

As of the maturity date on March 1, 2025, certain holders of the 2025 Convertible Notes had converted an immaterial aggregate principal amount of their 2025 Convertible Notes. The Company settled the conversions through the issuance of an immaterial amount of shares of the Company's Class A common stock and paid a total of $1.0 billion in cash to settle the remaining unconverted principal balance, and interest, as of March 1, 2025. Additionally, there were no convertible note hedges, and no shares were received as of March 31, 2025.

Stock Plans

The 2015 Equity Incentive Plan ("2015 Plan") provides that the number of shares available for issuance under the 2015 Plan will be increased on the first day of each fiscal year, in an amount equal to the least of (i) 40.0 million shares, (ii) 5% of the outstanding shares on the last day of the immediately preceding fiscal year, or (iii) such other amount as our board of directors may determine. As of March 31, 2025, there were 138.4 million shares available for future issuance under our 2015 Plan.
A summary of stock option activity for the three months ended March 31, 2025 is as follows (in thousands, except per share data):
Number of Stock OptionsWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
Outstanding, beginning of the year2,578 $72.17 5.11$67,966 
Granted— — 
Exercised(147)15.54 
Forfeited— — 
Expired(9)185.89 
Outstanding, end of the period2,422 $75.19 5.12$16,155 
Exercisable, end of the period1,863 $74.58 4.10$16,155 

Restricted Stock Activity

Activity related to restricted stock units ("RSUs") during the three months ended March 31, 2025 is set forth below (in thousands, except per share data):
Number of
Shares		Weighted
Average Grant
Date Fair Value
Unvested, beginning of the year37,079 $70.51 
Granted1,344 85.10 
Vested(3,857)77.94 
Forfeited(1,434)69.83 
Unvested, end of the period33,132 $70.27 

Share-Based Compensation

The following table summarizes the effects of share-based compensation on the Company's condensed consolidated statements of operations (in thousands):
Three Months Ended
March 31,
20252024
Cost of revenue$156 $173 
Product development222,541 221,954 
Sales and marketing33,350 31,368 
General and administrative59,189 57,673 
Total$315,236 $311,168 
    
The Company capitalized $8.9 million and $6.5 million of share-based compensation expense related to software costs during the three months ended March 31, 2025 and March 31, 2024, respectively.

As of March 31, 2025, there was $2.3 billion of total unrecognized compensation cost related to outstanding stock options and RSUs that are expected to be recognized over a weighted-average period of 2.4 years.
v3.25.1
NET INCOME PER SHARE
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
NET INCOME PER SHARE NET INCOME 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 per share (in thousands, except per share data):
Three Months Ended
March 31,
20252024
Basic net income per share:
Numerator
Net income attributable to common stockholders$189,872 $472,005 
Denominator
Shares used to compute basic net income per share619,370 616,401 
Basic net income per share$0.31 $0.77 
Diluted net income per share:
Numerator
Net income attributable to common stockholders$189,872 $472,005 
Interest expense on convertible notes1,511 — 
Net income used to compute diluted net income per share$191,383 $472,005 
Denominator
Shares used to compute basic net income per share619,370 616,401 
Stock options, restricted stock, and employee stock purchase plan6,619 8,851 
Convertible notes9,353 12,108 
Shares used to compute diluted net income per share635,342 637,360 
Diluted net income per share$0.30 $0.74 

The following potential common shares were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive for the periods presented (in thousands):
Three Months Ended
March 31,
20252024
Stock options, restricted stock, and employee stock purchase plan33,161 35,006 
Common stock warrants12,108 12,108 
Total anti-dilutive securities45,269 47,144 
v3.25.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2025
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, 2025, the Company had recorded right-of-use assets of $10.2 million and associated lease liabilities of $15.5 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.
v3.25.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
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.

In April 2025, the Company entered into a consent order with the New York State Department of Financial Services ("NYDFS"), one of its MTL and virtual currency regulators, related to, among other things, aspects of its Bank Secrecy Act/anti-money laundering and bitcoin programs. In settlement of this matter, pursuant to the consent order, the Company paid a $40 million civil monetary penalty in April 2025 and agreed to engage the services of an independent monitor selected by NYDFS for a period of twelve months, which period can be extended by NYDFS in its discretion.

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 determine if this matter can be settled on acceptable terms. The Company is unable to predict the likely outcome of this matter, which may include one or more public orders, and cannot provide any assurance that the state Attorneys General will not ultimately take legal action against the Company or that the outcome of these matters will not have a material adverse effect on the Company.

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. The Company continues to cooperate with both agencies. The Company is unable to predict the likely outcome of these matters and cannot provide any assurance that the SEC or DOJ will not ultimately take legal action against the Company or that the outcome of any such action, if brought, will not have a material adverse effect on the Company.
In June 2024, the Office of the Treasurer and Tax Collector of the City and County of San Francisco (the "Tax Collector") finalized its audit and issued an assessment of San Francisco’s gross receipts tax, including interest and penalties, following its gross receipt tax audit for fiscal years 2020, 2021 and 2022. The Tax Collector has asserted that incremental taxes are owed on a portion of the receipts generated by the Company related to sales of Bitcoin. The Company strongly disagrees with the Tax Collector’s assessment and plans to vigorously pursue all available remedies. In January 2025, the Tax Collector rejected the Company’s request for redetermination, and the Company paid the assessed amount of $71.4 million and plans to file a claim for a refund. Given the amount 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 amount as a deposit asset in the period the payment is made. Should the Company not reach a settlement or prevail in its legal challenge, the Tax Collector may challenge the Company’s gross receipts tax position going forward, including for fiscal years 2023, 2024 and 2025. The Company estimates that it could incur losses associated with taxes, interest, and penalties that range from approximately $0 to $92 million in the aggregate for the fiscal years 2020 through 2024 and first quarter of 2025. Additional taxes, interest, and penalties for future periods could be material as well. Given the Company has currently concluded that a loss for this matter is not probable, the Company has not recorded a liability for the exposure related to the dispute with the Tax Collector on San Francisco’s gross receipts tax.

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 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, 2025, the future minimum payments under the purchase commitments were as follows (in thousands):
Payments Due By Period
Remainder of 2025$241,074 
2026263,300 
2027315,100 
Total$819,474 

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.
v3.25.1
SEGMENT AND GEOGRAPHICAL INFORMATION
 3 Months Ended
Mar. 31, 2025
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. Cash App also includes the BNPL platform.

•Square includes managed payment services, software solutions, hardware, and financial services 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, 2025
Cash AppSquare
Corporate and Other
Total
Revenue:
Transaction-based revenue$66,238 $1,484,493 $— $1,550,731 
Subscription and services-based revenue1,511,374 339,150 40,449 1,890,973 
Hardware revenue— 28,518 172 28,690 
Bitcoin revenue2,301,402 — — 2,301,402 
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 
Three Months Ended
March 31, 2024
Cash AppSquare
Corporate and Other
Total
Revenue:
Transaction-based revenue$109,220 $1,401,989 $— $1,511,209 
Subscription and services-based revenue1,332,560 296,218 53,516 1,682,294 
Hardware revenue— 31,830 671 32,501 
Bitcoin revenue2,731,124 — — 2,731,124 
Segment revenue$4,172,904 $1,730,037 $54,187 $5,957,128 
Less: Cost of revenue2,914,377 909,765 38,513 3,862,655 
Segment gross profit
$1,258,527 $820,272 $15,674 $2,094,473 
Interest revenue$40,772 $8,118 $— $48,890 
Amortization of acquired technology assets$13,725 $2,537 $1,765 $18,027 

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,
20252024
Total segment gross profit$2,289,603 $2,094,473 
Less: Product development760,699 720,574 
Less: Sales and marketing504,460 443,885 
Less: General and administrative491,797 471,260 
Less: Transaction, loan, and consumer receivable losses169,689 165,729 
Less: Amortization of customer and other intangible assets33,656 43,282 
Less: Interest expense (income), net17,243 (18,745)
Less: Remeasurement loss (gain) on bitcoin investment93,351 (233,404)
Less: Other income, net(8,342)(4,420)
Income before applicable income taxes$227,050 $506,312 

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,
20252024
United States$5,347,630 $5,566,297 
International424,166 390,831 
Total$5,771,796 $5,957,128 

No individual country from the international markets contributed more than 10% of total revenue for the three months ended March 31, 2025 and March 31, 2024.
Long-Lived Assets

The following table details long-lived assets by geography (in thousands):
  March 31, 2025December 31, 2024
United States$7,384,984 $7,435,117 
Australia4,187,915 4,159,229 
Other international1,843,398 1,790,529 
Total$13,416,297 $13,384,875 

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.
v3.25.1
SUPPLEMENTAL CASH FLOW INFORMATION
 3 Months Ended
Mar. 31, 2025
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,
20252024
Supplemental cash flow data:
Cash paid for interest$19,478 $23,031 
Cash paid for income taxes22,833 38,652 
Supplemental disclosures of non-cash investing and financing activities:
Unsettled originations of consumer receivables$215,278 $297,201 
Right-of-use assets obtained in exchange for operating lease obligations1,258 9,416 
Purchases of property and equipment in accounts payable and accrued expenses1,912 3,577 
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) attributable to common stockholders $ 189,872 $ 472,005
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the quarter ended March 31, 2025, the following officers, as defined in Rule 16a-1(f), and director adopted or terminated 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 Title
Action
Date of Adoption or Termination
Expiration Date
Maximum Aggregate Number of Class A Shares to be Sold
Amrita Ahuja
Chief Operating Officer & Chief Financial Officer
Adoption
February 25, 2025
May 27, 2026, or earlier if all transactions are completed
178,963
Chrysty Esperanza
Chief Legal Officer
Adoption
February 25, 2025
June 2, 2026, or earlier if all transactions are completed
3,000
Dhananjay Prasanna
Technology + Engineering Lead
Adoption
February 25, 2025
May 27, 2026, or earlier if all transactions are completed
111,734
Anthony Eisen
Director
Adoption
February 25, 2025
May 27, 2026, or earlier if all transactions are completed
310,000
Brian Grassadonia
Ecosystem Lead
Adoption
March 3, 2025 (i)
June 2, 2026, or earlier if all transactions are completed
56,905
Brian Grassadonia
Ecosystem Lead
Termination (ii)
March 19, 2025
March 30, 2025, or earlier if all transactions are completed
652,282

(i) On March 26, 2025, Mr. Grassadonia terminated this Rule 10b5-1 trading arrangement prior to the execution of any trades.
(ii) Trading arrangement was originally adopted on November 29, 2023.
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Amrita Ahuja [Member]  
Trading Arrangements, by Individual  
Name Amrita Ahuja
Title Chief Operating Officer & Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 25, 2025
Arrangement Duration 456 days
Aggregate Available 178,963
Chrysty Esperanza [Member]  
Trading Arrangements, by Individual  
Name Chrysty Esperanza
Title Chief Legal Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 25, 2025
Arrangement Duration 462 days
Aggregate Available 3,000
Dhananjay Prasanna [Member]  
Trading Arrangements, by Individual  
Name Dhananjay Prasanna
Title Technology + Engineering Lead
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 25, 2025
Arrangement Duration 456 days
Aggregate Available 111,734
Anthony Eisen [Member]  
Trading Arrangements, by Individual  
Name Anthony Eisen
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 25, 2025
Arrangement Duration 456 days
Aggregate Available 310,000
Brian Grassadonia [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 456 days
Brian Grassadonia Plan 1 [Member] | Brian Grassadonia [Member]  
Trading Arrangements, by Individual  
Name Brian Grassadonia
Title Ecosystem Lead
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 3, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date March 26, 2025
Aggregate Available 56,905
Brian Grassadonia Plan 2 [Member] | Brian Grassadonia [Member]  
Trading Arrangements, by Individual  
Name Brian Grassadonia
Title Ecosystem Lead
Rule 10b5-1 Arrangement Terminated true
Termination Date March 19, 2025
Aggregate Available 652,282
v3.25.1
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2025
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, 2024 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, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, 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, 2024.
Recent Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments expand income tax disclosure requirements by requiring an entity to disclose (i) specific categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, and (iii) the amount of taxes paid disaggregated by jurisdiction. The Company adopted this guidance effective for the annual reporting period beginning January 1, 2025. The adoption of ASU 2023-09 will impact the Company’s annual disclosures only.

Recently Issued Accounting Pronouncements Not Yet Adopted

In March 2024, the SEC adopted rules that require registrants to provide climate-related information in their registration statements and annual reports, such as disclosure of material climate-related risks, Board of Directors’ oversight and risk management activities, material greenhouse gas emissions, and material climate-related targets and goals. On April 4, 2024, the SEC voluntarily stayed the implementation of the rules pending the judicial review of challenges to the rules in the Eighth Circuit Court of Appeals. In March 2025, the SEC voted to end, and withdraw, its legal defense of its climate disclosure rules. The Company is currently monitoring developments with respect to these rules, including whether they will become effective.
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 and financing lease right-of-use assets and related liabilities, 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, 2025 and March 31, 2024, 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 41%, 18%, 14% and 11% of settlements receivable as of March 31, 2025. As of December 31, 2024, the Company had three third-party processors that represented approximately 42%, 17% and 13% 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 $90.7 million for the three months ended March 31, 2025, compared to $61.6 million for the three months ended March 31, 2024. 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, card issuance costs, customer referral bonuses, and promotional giveaways. These costs are expensed as incurred.
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.
v3.25.1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company's net revenue disaggregated by revenue source (in thousands):
Three Months Ended
March 31,
20252024
Revenue from contracts with customers:
Transaction-based revenue$1,550,731 $1,511,209 
Subscription and services-based revenue1,264,347 1,212,118 
Hardware revenue28,690 32,501 
Bitcoin revenue2,301,402 2,731,124 
Revenue from other sources:
Subscription and services-based revenue (i)
626,626 470,176 
Total net revenue$5,771,796 $5,957,128 

(i) Subscription and services-based revenue from other sources relates to revenue generated from the Company's Square Loans, revenue generated from consumer receivables originated through our BNPL platform, 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").
v3.25.1
INVESTMENTS IN DEBT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Short-term and Long-term Investments
The Company's short-term and long-term investments as of March 31, 2025 were as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$31,999 $1 $(4)$31,996 
Corporate bonds99,096 191 (4)99,283 
Commercial paper585 — — 585 
Municipal securities305 — — 305 
Certificates of deposit1,188 — — 1,188 
U.S. government securities221,061 424 (1)221,484 
Total$354,234 $616 $(9)$354,841 
Long-term debt securities:
U.S. agency securities$39,017 $64 $— $39,081 
Corporate bonds72,364 340 (27)72,677 
Municipal securities4,445 29 (161)4,313 
U.S. government securities156,181 1,388 (26)157,543 
Total$272,007 $1,821 $(214)$273,614 

The Company's short-term and long-term investments as of December 31, 2024 were as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$34,454 $15 $(1)$34,468 
Corporate bonds160,238 248 (96)160,390 
Commercial paper333 — — 333 
Municipal securities398 1 — 399 
Certificates of deposit1,051 — — 1,051 
U.S. government securities206,340 449 (4)206,785 
Total$402,814 $713 $(101)$403,426 
Long-term debt securities:
U.S. agency securities$49,017 $23 $(10)$49,030 
Corporate bonds195,035 693 (384)195,344 
Municipal securities4,592 4 (251)4,345 
U.S. government securities222,164 1,218 (124)223,258 
Total$470,808 $1,938 $(769)$471,977 
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, 2025 and December 31, 2024, 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, 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$18,987 $(4)$— $— $18,987 $(4)
Corporate bonds16,803 (3)1,000 (1)17,803 (4)
U.S. government securities47,643 (1)— — 47,643 (1)
Total$83,433 $(8)$1,000 $(1)$84,433 $(9)
Long-term debt securities:
Corporate bonds$15,279 $(27)$— $— $15,279 $(27)
Municipal securities1,853 (58)360 (103)2,213 (161)
U.S. government securities10,166 (26)— — 10,166 (26)
Total$27,298 $(111)$360 $(103)$27,658 $(214)

December 31, 2024
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$18,954 $(1)$— $— $18,954 $(1)
Corporate bonds50,905 (93)1,995 (3)52,900 (96)
U.S. government securities— — 3,994 (4)3,994 (4)
Total$69,859 $(94)$5,989 $(7)$75,848 $(101)
Long-term debt securities:
U.S. agency securities$9,990 $(10)$— $— $9,990 $(10)
Corporate bonds80,550 (384)— — 80,550 (384)
Municipal securities2,848 (128)363 (123)3,211 (251)
U.S. government securities58,681 (124)— — 58,681 (124)
Total$152,069 $(646)$363 $(123)$152,432 $(769)
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, 2025 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$354,234 $354,841 
Due in one to five years272,007 273,614 
Total$626,241 $628,455 
v3.25.1
CUSTOMER FUNDS (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Assets Underlying Customer Funds
The following table presents the assets underlying customer funds (in thousands):
  March 31, 2025December 31, 2024
Cash$4,311,673 $3,195,253 
Cash equivalents:
Money market funds4,645 4,645 
Reverse repurchase agreement (i)
932,412 982,974 
Total customer funds$5,248,730 $4,182,872 

(i) The Company has accounted for the reverse repurchase agreement with various third parties as an overnight lending arrangement, collateralized by the securities subject to the repurchase agreement. The Company classifies the amounts due from the counterparties as cash equivalents due to their short-term nature.
v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
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, 2025December 31, 2024
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$1,159,181 $— $— $857,196 $— $— 
U.S. government securities32,890 — — 26,951 — — 
Commercial paper— 483 — — 509 — 
Corporate bonds— 69 — — — 
Restricted cash:
Money market funds89,017 — — 319,800 — — 
Customer funds:
Money market funds4,645 — — 4,645 — — 
Reverse repurchase agreement932,412 — — 982,974 — — 
Short-term debt securities:
U.S. government securities221,484 — — 206,785 — — 
Corporate bonds— 99,283 — — 160,390 — 
U.S. agency securities— 31,996 — — 34,468 — 
Certificates of deposit— 1,188 — — 1,051 — 
Commercial paper— 585 — — 333 — 
Municipal securities— 305 — — 399 — 
Long-term debt securities:
U.S. government securities157,543 — — 223,258 — — 
Corporate bonds— 72,677 — — 195,344 — 
U.S. agency securities— 39,081 — — 49,030 — 
Municipal securities— 4,313 — — 4,345 — 
Other:
Bitcoin investment (i)
708,450 — — 792,282 — — 
Investment in marketable equity securities4,532 — — 5,407 — — 
Total
$3,310,154 $249,980 $— $3,419,298 $445,869 $— 
(i) The Company holds an immaterial amount of bitcoin for operating purposes and, given the bitcoin is held for a relatively short period of time, typically being purchased and sold within a day, the fair value approximates carrying value. Refer to Note 11, Bitcoin for more details.
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, 2025December 31, 2024
Carrying Value Fair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$996,708 $968,970 $996,017 $960,589 
2031 Senior Notes991,316 873,884 990,971 873,868 
2032 Senior Notes1,975,686 2,009,470 1,975,026 1,999,220 
2025 Convertible Notes— — 999,497 991,941 
2026 Convertible Notes573,144 546,493 572,723 533,154 
2027 Convertible Notes571,531 504,662 571,202 497,517 
Total$5,108,385 $4,903,479 $6,105,436 $5,856,289 

The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):
March 31, 2025December 31, 2024
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$1,322,049 $1,339,906 $1,111,107 $1,112,746 
Loans held for investment402,561 421,609 365,062 382,542 
Total$1,724,610 $1,761,515 $1,476,169 $1,495,288 
v3.25.1
CONSUMER RECEIVABLES, NET (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
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, 2025December 31, 2024
Non-delinquent loans$1,773,973 $2,227,348 
1 - 60 days past due344,595 369,173 
61 - 90 days past due53,614 29,334 
90+ days past due90,038 80,817 
Total amortized cost$2,262,220 $2,706,672 
Activity in Allowance for Credit Losses
The following table summarizes activity in the allowance for credit losses (in thousands):
Three Months Ended
March 31,
20252024
Allowance for credit losses, beginning of the period$201,793 $185,275 
Provision for credit losses55,650 60,979 
Charge-offs and other adjustments(65,786)(62,133)
Foreign exchange effect 1,763 (2,174)
Allowance for credit losses, end of the period$193,420 $181,947 
v3.25.1
CUSTOMER LOANS (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Loans Held for Sale by Category
The following table presents the Company’s loans held for sale aggregated by category (in thousands):
  March 31, 2025December 31, 2024
Consumer$771,550 $652,489 
Commercial476,687 404,844 
Other 73,812 53,774 
Total $1,322,049 $1,111,107 
v3.25.1
ACQUIRED INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Finite Lived Intangible Assets
The following table details acquired intangible assets (in thousands):
Balance at March 31, 2025
Weighted Average Estimated Useful LifeCostAccumulated AmortizationNet
Technology assets5 years$353,791 $(255,785)$98,006 
Customer assets15 years1,363,332 (311,116)1,052,216 
Trade names and other9 years389,137 (148,117)241,020 
Total$2,106,260 $(715,018)$1,391,242 

Balance at December 31, 2024
Weighted Average Estimated Useful LifeCostAccumulated AmortizationNet
Technology assets5 years$353,791 $(241,110)$112,681 
Customer assets15 years1,401,102 (332,153)1,068,949 
Trade names and other9 years389,137 (137,700)251,437 
Total$2,144,030 $(710,963)$1,433,067 
The change in the carrying value of intangible assets was as follows (in thousands):
Three Months Ended
March 31,
20252024
Acquired intangible assets, net, beginning of the period$1,433,067 $1,761,521 
Amortization expense(48,330)(61,309)
Foreign currency translation and other adjustments6,505 (26,594)
Acquired intangible assets, net, end of the period$1,391,242 $1,673,618 
Future Amortization Expense of Intangible Assets
The estimated future amortization expense of intangible assets as of March 31, 2025 was as follows (in thousands):
Remainder of 2025$142,705 
2026180,956 
2027137,392 
2028133,604 
2029132,973 
Thereafter663,612 
Total$1,391,242 
v3.25.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Current Assets
The following table presents the detail of other current assets (in thousands):
  March 31, 2025December 31, 2024
Restricted cash (i)
$681,774 $902,478 
Processing costs receivable436,777 478,767 
Loans held for investment, net of allowance for credit losses (ii)
402,561 365,062 
Investments in short-term debt securities354,841 403,426 
Prepaid expenses277,289 129,343 
Accounts receivable, net166,891 148,898 
Inventory, net108,840 104,990 
Short-term deposits72,259 87,968 
Other380,199 324,198 
Total$2,881,431 $2,945,130 

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

(ii) Refer to Note 7, Customer Loans for further details.
Accrued Expenses and Other Current Liabilities
The following table presents the detail of accrued expenses and other current liabilities (in thousands):    
  March 31, 2025December 31, 2024
Accrued expenses$747,281 $725,339 
Customer deposits276,347 241,884 
Accounts payable89,021 117,963 
Accrued royalties61,446 57,605 
Accrued transaction losses (i)
57,137 58,580 
Operating lease liabilities, current52,017 52,880 
Other300,713 270,898 
Total$1,583,962 $1,525,149 

(i) 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.
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,
20252024
Accrued transaction losses, beginning of the period$58,580 $54,042 
Provision for transaction losses29,408 30,819 
Charge-offs to accrued transaction losses(30,851)(24,845)
Accrued transaction losses, end of the period$57,137 $60,016 
v3.25.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Non-Current Assets
The following table presents the detail of other non-current assets (in thousands):
  March 31, 2025December 31, 2024
Bitcoin investment (i)
$708,450 $792,282 
Property and equipment, net311,333 314,432 
Investments in long-term debt securities273,614 471,977 
Investment in non-marketable equity securities (ii)
243,058 245,557 
Operating lease right-of-use assets209,980 219,954 
Restricted cash69,838 69,915 
Other205,800 131,794 
Total$2,022,073 $2,245,911 

(i) Refer to Note 11, Bitcoin for further details.

(ii) 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.
Summary of Non-Marketable Equity Securities
The adjustments to the carrying value of the Company's non-marketable equity securities measured using the measurement alternative were as follows (in thousands):
Three Months Ended
March 31,
20252024
Carrying amount, beginning of period$245,557 $205,268 
Net additions (reductions)(2,499)4,000 
Gross unrealized gains— 334 
Gross unrealized losses and impairments— (98)
Carrying amount, end of period$243,058 $209,504 

The following table summarizes the cumulative net unrealized upward and downward adjustments related to the Company's non-marketable equity securities measured using the measurement alternative (in thousands):
Three Months Ended
March 31,
20252024
Upward adjustments$155,329 $115,521 
Downward adjustments (including impairment)$(2,061)$(2,476)
Other Non-Current Liabilities
The following table presents the detail of other non-current liabilities (in thousands):
  March 31, 2025December 31, 2024
Operating lease liabilities, non-current$265,556 $278,617 
Deferred tax liabilities162,718 162,435 
Other118,124 152,164 
Total$546,398 $593,216 
v3.25.1
BITCOIN (Tables)
 3 Months Ended
Mar. 31, 2025
Other Liabilities Disclosure [Abstract]  
Summary of Changes in Bitcoin Investment
The following table summarizes the changes in the Company’s bitcoin investment in the period (in thousands, except amount of bitcoin):
Amount of bitcoin
Value
Balance at December 31, 20248,485 $792,282 
Additions99 9,519 
Remeasurement loss— (93,351)
Balance at March 31, 20258,584 $708,450 

Amount of bitcoin
Value
Balance at December 31, 20238,038 $339,898 
Remeasurement gain— 233,404 
Balance at March 31, 20248,038 $573,302 
v3.25.1
INDEBTEDNESS (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Net Carrying Amount of Convertible Notes
The following table summarizes the Company's Notes as of March 31, 2025 (in thousands):
Principal OutstandingUnamortized Debt Issuance CostsNet Carrying Value
2026 Senior Notes$1,000,000 $(3,292)$996,708 
2031 Senior Notes1,000,000 (8,684)991,316 
2032 Senior Notes2,000,000 (24,314)1,975,686 
2026 Convertible Notes575,000 (1,856)573,144 
2027 Convertible Notes575,000 (3,469)571,531 
Total$5,150,000 $(41,615)$5,108,385 

The following table summarizes the Company's Notes as of December 31, 2024 (in thousands):
Principal OutstandingUnamortized Debt Issuance CostsNet Carrying Value
2026 Senior Notes$1,000,000 $(3,983)$996,017 
2031 Senior Notes1,000,000 (9,029)990,971 
2032 Senior Notes2,000,000 (24,974)1,975,026 
2025 Convertible Notes (i)
1,000,000 (503)999,497 
2026 Convertible Notes575,000 (2,277)572,723 
2027 Convertible Notes575,000 (3,798)571,202 
Total$6,150,000 $(44,564)$6,105,436 

(i) Net carrying value disclosed as current portion of long-term debt within total current liabilities on the condensed consolidated balance sheet.
Interest Expense on Convertible Notes
The Company recognized interest expense on the Notes as follows (in thousands):
Three Months Ended
March 31,
20252024
Contractual interest expense$48,380 $16,130 
Amortization of debt issuance costs2,949 2,562 
Total$51,329 $18,692 
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, 2025
2026$290,989 
2027328,010 
Total$618,999 
v3.25.1
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
A summary of stock option activity for the three months ended March 31, 2025 is as follows (in thousands, except per share data):
Number of Stock OptionsWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
Outstanding, beginning of the year2,578 $72.17 5.11$67,966 
Granted— — 
Exercised(147)15.54 
Forfeited— — 
Expired(9)185.89 
Outstanding, end of the period2,422 $75.19 5.12$16,155 
Exercisable, end of the period1,863 $74.58 4.10$16,155 
Restricted Stock Awards and Restricted Stock Units Activity
Activity related to restricted stock units ("RSUs") during the three months ended March 31, 2025 is set forth below (in thousands, except per share data):
Number of
Shares		Weighted
Average Grant
Date Fair Value
Unvested, beginning of the year37,079 $70.51 
Granted1,344 85.10 
Vested(3,857)77.94 
Forfeited(1,434)69.83 
Unvested, end of the period33,132 $70.27 
Summary 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 Company's condensed consolidated statements of operations (in thousands):
Three Months Ended
March 31,
20252024
Cost of revenue$156 $173 
Product development222,541 221,954 
Sales and marketing33,350 31,368 
General and administrative59,189 57,673 
Total$315,236 $311,168 
v3.25.1
NET INCOME PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Basic and Diluted Net Income (Loss) Per Share
The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data):
Three Months Ended
March 31,
20252024
Basic net income per share:
Numerator
Net income attributable to common stockholders$189,872 $472,005 
Denominator
Shares used to compute basic net income per share619,370 616,401 
Basic net income per share$0.31 $0.77 
Diluted net income per share:
Numerator
Net income attributable to common stockholders$189,872 $472,005 
Interest expense on convertible notes1,511 — 
Net income used to compute diluted net income per share$191,383 $472,005 
Denominator
Shares used to compute basic net income per share619,370 616,401 
Stock options, restricted stock, and employee stock purchase plan6,619 8,851 
Convertible notes9,353 12,108 
Shares used to compute diluted net income per share635,342 637,360 
Diluted net income per share$0.30 $0.74 
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 per share because their effect would have been anti-dilutive for the periods presented (in thousands):
Three Months Ended
March 31,
20252024
Stock options, restricted stock, and employee stock purchase plan33,161 35,006 
Common stock warrants12,108 12,108 
Total anti-dilutive securities45,269 47,144 
v3.25.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Recorded Unconditional Purchase Obligations
As of March 31, 2025, the future minimum payments under the purchase commitments were as follows (in thousands):
Payments Due By Period
Remainder of 2025$241,074 
2026263,300 
2027315,100 
Total$819,474 
v3.25.1
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
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, 2025
Cash AppSquare
Corporate and Other
Total
Revenue:
Transaction-based revenue$66,238 $1,484,493 $— $1,550,731 
Subscription and services-based revenue1,511,374 339,150 40,449 1,890,973 
Hardware revenue— 28,518 172 28,690 
Bitcoin revenue2,301,402 — — 2,301,402 
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 
Three Months Ended
March 31, 2024
Cash AppSquare
Corporate and Other
Total
Revenue:
Transaction-based revenue$109,220 $1,401,989 $— $1,511,209 
Subscription and services-based revenue1,332,560 296,218 53,516 1,682,294 
Hardware revenue— 31,830 671 32,501 
Bitcoin revenue2,731,124 — — 2,731,124 
Segment revenue$4,172,904 $1,730,037 $54,187 $5,957,128 
Less: Cost of revenue2,914,377 909,765 38,513 3,862,655 
Segment gross profit
$1,258,527 $820,272 $15,674 $2,094,473 
Interest revenue$40,772 $8,118 $— $48,890 
Amortization of acquired technology assets$13,725 $2,537 $1,765 $18,027 
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,
20252024
Total segment gross profit$2,289,603 $2,094,473 
Less: Product development760,699 720,574 
Less: Sales and marketing504,460 443,885 
Less: General and administrative491,797 471,260 
Less: Transaction, loan, and consumer receivable losses169,689 165,729 
Less: Amortization of customer and other intangible assets33,656 43,282 
Less: Interest expense (income), net17,243 (18,745)
Less: Remeasurement loss (gain) on bitcoin investment93,351 (233,404)
Less: Other income, net(8,342)(4,420)
Income before applicable income taxes$227,050 $506,312 
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,
20252024
United States$5,347,630 $5,566,297 
International424,166 390,831 
Total$5,771,796 $5,957,128 
Long-lived Assets by Geographic Area
The following table details long-lived assets by geography (in thousands):
  March 31, 2025December 31, 2024
United States$7,384,984 $7,435,117 
Australia4,187,915 4,159,229 
Other international1,843,398 1,790,529 
Total$13,416,297 $13,384,875 
v3.25.1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Cash Flow, Supplemental Disclosures
The supplemental disclosures of cash flow information consist of the following (in thousands):
Three Months Ended
March 31,
20252024
Supplemental cash flow data:
Cash paid for interest$19,478 $23,031 
Cash paid for income taxes22,833 38,652 
Supplemental disclosures of non-cash investing and financing activities:
Unsettled originations of consumer receivables$215,278 $297,201 
Right-of-use assets obtained in exchange for operating lease obligations1,258 9,416 
Purchases of property and equipment in accounts payable and accrued expenses1,912 3,577 
v3.25.1
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
segment
Mar. 31, 2024
USD ($)
Dec. 31, 2024
Concentration Risk [Line Items]      
Number of reportable segments | segment 2    
Advertising costs $ 90.7 $ 61.6  
Selling and marketing expenses not directly related to a revenue generating transaction $ 203.4 $ 210.9  
Minimum      
Concentration Risk [Line Items]      
Settlements receivable period 1 day    
Maximum      
Concentration Risk [Line Items]      
Settlements receivable period 2 days    
Settlements Receivable | Credit Concentration Risk | Third Party Processor One      
Concentration Risk [Line Items]      
Concentration risk 41.00%   42.00%
Settlements Receivable | Credit Concentration Risk | Third Party Processor Two      
Concentration Risk [Line Items]      
Concentration risk 18.00%   17.00%
Settlements Receivable | Credit Concentration Risk | Third Party Processor Three      
Concentration Risk [Line Items]      
Concentration risk 14.00%   13.00%
Settlements Receivable | Credit Concentration Risk | Third Party Processor Four      
Concentration Risk [Line Items]      
Concentration risk 11.00%    
v3.25.1
REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenue $ 5,771,796 $ 5,957,128
Transaction-based revenue    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 1,550,731 1,511,209
Revenue 1,550,731 1,511,209
Subscription and services-based revenue    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 1,264,347 1,212,118
Revenues from other sources 626,626 470,176
Revenue 1,890,973 1,682,294
Hardware revenue    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 28,690 32,501
Revenue 28,690 32,501
Bitcoin revenue    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 2,301,402 2,731,124
Revenue $ 2,301,402 $ 2,731,124
v3.25.1
INVESTMENTS IN DEBT SECURITIES - Short-Term and Long-Term Investments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 626,241  
Fair Value 628,455  
Short-term debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 354,234 $ 402,814
Gross Unrealized Gains 616 713
Gross Unrealized Losses (9) (101)
Fair Value 354,841 403,426
Long-term debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 272,007 470,808
Gross Unrealized Gains 1,821 1,938
Gross Unrealized Losses (214) (769)
Fair Value 273,614 471,977
U.S. agency securities | Short-term debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 31,999 34,454
Gross Unrealized Gains 1 15
Gross Unrealized Losses (4) (1)
Fair Value 31,996 34,468
U.S. agency securities | Long-term debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 39,017 49,017
Gross Unrealized Gains 64 23
Gross Unrealized Losses 0 (10)
Fair Value 39,081 49,030
Corporate bonds | Short-term debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 99,096 160,238
Gross Unrealized Gains 191 248
Gross Unrealized Losses (4) (96)
Fair Value 99,283 160,390
Corporate bonds | Long-term debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 72,364 195,035
Gross Unrealized Gains 340 693
Gross Unrealized Losses (27) (384)
Fair Value 72,677 195,344
Commercial paper | Short-term debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 585 333
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 585 333
Municipal securities | Short-term debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 305 398
Gross Unrealized Gains 0 1
Gross Unrealized Losses 0 0
Fair Value 305 399
Municipal securities | Long-term debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,445 4,592
Gross Unrealized Gains 29 4
Gross Unrealized Losses (161) (251)
Fair Value 4,313 4,345
Certificates of deposit | Short-term debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,188 1,051
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 1,188 1,051
U.S. government securities | Short-term debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 221,061 206,340
Gross Unrealized Gains 424 449
Gross Unrealized Losses (1) (4)
Fair Value 221,484 206,785
U.S. government securities | Long-term debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 156,181 222,164
Gross Unrealized Gains 1,388 1,218
Gross Unrealized Losses (26) (124)
Fair Value $ 157,543 $ 223,258
v3.25.1
INVESTMENTS IN DEBT SECURITIES - Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Short-term debt securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value $ 83,433 $ 69,859
Less than 12 Months, Gross Unrealized Losses (8) (94)
Greater than 12 months, Fair Value 1,000 5,989
Greater than 12 months, Gross Unrealized Losses (1) (7)
Total, Fair Value 84,433 75,848
Total, Gross Unrealized Losses (9) (101)
Short-term debt securities | U.S. agency securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 18,987 18,954
Less than 12 Months, Gross Unrealized Losses (4) (1)
Greater than 12 months, Fair Value 0 0
Greater than 12 months, Gross Unrealized Losses 0 0
Total, Fair Value 18,987 18,954
Total, Gross Unrealized Losses (4) (1)
Short-term debt securities | Corporate bonds    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 16,803 50,905
Less than 12 Months, Gross Unrealized Losses (3) (93)
Greater than 12 months, Fair Value 1,000 1,995
Greater than 12 months, Gross Unrealized Losses (1) (3)
Total, Fair Value 17,803 52,900
Total, Gross Unrealized Losses (4) (96)
Short-term debt securities | U.S. government securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 47,643 0
Less than 12 Months, Gross Unrealized Losses (1) 0
Greater than 12 months, Fair Value 0 3,994
Greater than 12 months, Gross Unrealized Losses 0 (4)
Total, Fair Value 47,643 3,994
Total, Gross Unrealized Losses (1) (4)
Long-term debt securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 27,298 152,069
Less than 12 Months, Gross Unrealized Losses (111) (646)
Greater than 12 months, Fair Value 360 363
Greater than 12 months, Gross Unrealized Losses (103) (123)
Total, Fair Value 27,658 152,432
Total, Gross Unrealized Losses (214) (769)
Long-term debt securities | U.S. agency securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value   9,990
Less than 12 Months, Gross Unrealized Losses   (10)
Greater than 12 months, Fair Value   0
Greater than 12 months, Gross Unrealized Losses   0
Total, Fair Value   9,990
Total, Gross Unrealized Losses   (10)
Long-term debt securities | Corporate bonds    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 15,279 80,550
Less than 12 Months, Gross Unrealized Losses (27) (384)
Greater than 12 months, Fair Value 0 0
Greater than 12 months, Gross Unrealized Losses 0 0
Total, Fair Value 15,279 80,550
Total, Gross Unrealized Losses (27) (384)
Long-term debt securities | Municipal securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 1,853 2,848
Less than 12 Months, Gross Unrealized Losses (58) (128)
Greater than 12 months, Fair Value 360 363
Greater than 12 months, Gross Unrealized Losses (103) (123)
Total, Fair Value 2,213 3,211
Total, Gross Unrealized Losses (161) (251)
Long-term debt securities | U.S. government securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 10,166 58,681
Less than 12 Months, Gross Unrealized Losses (26) (124)
Greater than 12 months, Fair Value 0 0
Greater than 12 months, Gross Unrealized Losses 0 0
Total, Fair Value 10,166 58,681
Total, Gross Unrealized Losses $ (26) $ (124)
v3.25.1
INVESTMENTS IN DEBT SECURITIES - Contractual Maturities of Short-Term and Long-Term Investments (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Amortized Cost  
Due in one year or less $ 354,234
Due in one to five years 272,007
Amortized Cost 626,241
Fair Value  
Due in one year or less 354,841
Due in one to five years 273,614
Fair Value $ 628,455
v3.25.1
CUSTOMER FUNDS - Assets Underlying Customer Funds (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Customer funds $ 5,248,730 $ 4,182,872
Cash    
Debt Securities, Available-for-sale [Line Items]    
Customer funds 4,311,673 3,195,253
Cash Equivalents | Money market funds    
Debt Securities, Available-for-sale [Line Items]    
Customer funds 4,645 4,645
Cash Equivalents | Reverse repurchase agreement    
Debt Securities, Available-for-sale [Line Items]    
Customer funds $ 932,412 $ 982,974
v3.25.1
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Customer funds $ 5,248,730 $ 4,182,872    
Bitcoin investment 708,450 792,282 $ 573,302 $ 339,898
Fair Value, Measurements, Recurring | Level 1        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Bitcoin investment 708,450 792,282    
Investment in marketable equity securities 4,532 5,407    
Total 3,310,154 3,419,298    
Fair Value, Measurements, Recurring | Level 1 | Money market funds        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 1,159,181 857,196    
Restricted cash 89,017 319,800    
Customer funds 4,645 4,645    
Fair Value, Measurements, Recurring | Level 1 | U.S. government securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 32,890 26,951    
Short-term debt securities 221,484 206,785    
Long-term debt securities 157,543 223,258    
Fair Value, Measurements, Recurring | 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    
Long-term debt securities 0 0    
Fair Value, Measurements, Recurring | Level 1 | Commercial paper        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 0 0    
Fair Value, Measurements, Recurring | 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    
Fair Value, Measurements, Recurring | Level 1 | Reverse repurchase agreement        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Customer funds 932,412 982,974    
Fair Value, Measurements, Recurring | Level 1 | Certificates of deposit        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 0 0    
Fair Value, Measurements, Recurring | Level 1 | Commercial paper        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 0 0    
Fair Value, Measurements, Recurring | 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    
Fair Value, Measurements, Recurring | 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 249,980 445,869    
Fair Value, Measurements, Recurring | 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    
Customer funds 0 0    
Fair Value, Measurements, Recurring | 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    
Fair Value, Measurements, Recurring | Level 2 | U.S. agency securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 31,996 34,468    
Long-term debt securities 39,081 49,030    
Fair Value, Measurements, Recurring | Level 2 | Commercial paper        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 483 509    
Fair Value, Measurements, Recurring | Level 2 | Corporate bonds        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 69    
Short-term debt securities 99,283 160,390    
Long-term debt securities 72,677 195,344    
Fair Value, Measurements, Recurring | Level 2 | Reverse repurchase agreement        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Customer funds 0 0    
Fair Value, Measurements, Recurring | Level 2 | Certificates of deposit        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 1,188 1,051    
Fair Value, Measurements, Recurring | Level 2 | Commercial paper        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 585 333    
Fair Value, Measurements, Recurring | Level 2 | Municipal securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 305 399    
Long-term debt securities 4,313 4,345    
Fair Value, Measurements, Recurring | 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    
Fair Value, Measurements, Recurring | 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    
Customer funds 0 0    
Fair Value, Measurements, Recurring | 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    
Fair Value, Measurements, Recurring | 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    
Long-term debt securities 0 0    
Fair Value, Measurements, Recurring | Level 3 | Commercial paper        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents 0 0    
Fair Value, Measurements, Recurring | 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    
Fair Value, Measurements, Recurring | Level 3 | Reverse repurchase agreement        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Customer funds 0 0    
Fair Value, Measurements, Recurring | Level 3 | Certificates of deposit        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 0 0    
Fair Value, Measurements, Recurring | Level 3 | Commercial paper        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Short-term debt securities 0 0    
Fair Value, Measurements, Recurring | 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    
v3.25.1
FAIR VALUE MEASUREMENTS - Fair Value and Carrying Value of Convertible Senior Notes (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument $ 5,108,385 $ 6,105,436
Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 4,903,479 5,856,289
2026 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 996,708 996,017
2026 Senior Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 968,970 960,589
2031 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 991,316 990,971
2031 Senior Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 873,884 873,868
2032 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 1,975,686 1,975,026
2032 Senior Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 2,009,470 1,999,220
2025 Convertible Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes 0 999,497
2025 Convertible Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes 0 991,941
2026 Convertible Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes 573,144 572,723
2026 Convertible Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes 546,493 533,154
2027 Convertible Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes 571,531 571,202
2027 Convertible Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes $ 504,662 $ 497,517
v3.25.1
FAIR VALUE MEASUREMENTS - Fair Value and Carrying Value of Loans Held for Sale (Details) - Level 3 - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale $ 1,322,049 $ 1,111,107
Loans held for investment 402,561 365,062
Total 1,724,610 1,476,169
Fair Value (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale 1,339,906 1,112,746
Loans held for investment 421,609 382,542
Total $ 1,761,515 $ 1,495,288
v3.25.1
CONSUMER RECEIVABLES, NET - Narrative (Details) - Consumer - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Threshold period past due 60 days  
Consumer receivables $ 2,262,220 $ 2,706,672
Cash in transit $ 266,400 $ 266,700
Threshold period past due to consider amounts to be uncollectible 180 days  
Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Consumer receivables $ 2,100,000  
Classified    
Financing Receivable, Credit Quality Indicator [Line Items]    
Consumer receivables $ 143,700  
Minimum    
Financing Receivable, Credit Quality Indicator [Line Items]    
Payment period 14 days  
Maximum    
Financing Receivable, Credit Quality Indicator [Line Items]    
Payment period 56 days  
v3.25.1
CONSUMER RECEIVABLES, NET - Aging Analysis (Details) - Consumer - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Consumer receivables $ 2,262,220 $ 2,706,672
Non-delinquent loans    
Financing Receivable, Past Due [Line Items]    
Consumer receivables 1,773,973 2,227,348
1 - 60 days past due    
Financing Receivable, Past Due [Line Items]    
Consumer receivables 344,595 369,173
61 - 90 days past due    
Financing Receivable, Past Due [Line Items]    
Consumer receivables 53,614 29,334
90+ days past due    
Financing Receivable, Past Due [Line Items]    
Consumer receivables $ 90,038 $ 80,817
v3.25.1
CONSUMER RECEIVABLES, NET - Activity in Allowance for Credit Losses (Details) - Consumer - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Allowance for credit losses, beginning of the period $ 201,793 $ 185,275
Provision for credit losses 55,650 60,979
Charge-offs and other adjustments (65,786) (62,133)
Foreign exchange effect 1,763 (2,174)
Allowance for credit losses, end of the period $ 193,420 $ 181,947
v3.25.1
CUSTOMER LOANS - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Loan Portfolio Segment, Held For Investment    
Financing Receivable, Past Due [Line Items]    
Loans held for investment, net of allowance for loan losses $ 402,561 $ 365,062
Threshold period past due 60 days  
Nonperforming Financial Instruments | Loan Portfolio Segment, Held For Investment    
Financing Receivable, Past Due [Line Items]    
Threshold period past due 90 days  
Unlikely to be Collected Financing Receivable | Loan Portfolio Segment, Held For Investment    
Financing Receivable, Past Due [Line Items]    
Threshold period past due 120 days  
Unlikely to be Collected Financing Receivable | Loan Portfolio Segment, Held For Sale | Square Loans    
Financing Receivable, Past Due [Line Items]    
Threshold period past due 120 days  
Unlikely to be Collected Financing Receivable | Loan Portfolio Segment, Held For Sale | Cash Borrow Loans    
Financing Receivable, Past Due [Line Items]    
Threshold period past due 90 days  
Pass | Loan Portfolio Segment, Held For Investment    
Financing Receivable, Past Due [Line Items]    
Consumer receivables $ 424,100 $ 385,200
v3.25.1
CUSTOMER LOANS - Loans Held for Sale by Category (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans held for sale $ 1,322,049 $ 1,111,107
Consumer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans held for sale 771,550 652,489
Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans held for sale 476,687 404,844
Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans held for sale $ 73,812 $ 53,774
v3.25.1
ACQUIRED INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]        
Cost $ 2,106,260   $ 2,144,030  
Accumulated Amortization (715,018)   (710,963)  
Net $ 1,391,242 $ 1,673,618 1,433,067 $ 1,761,521
Technology assets        
Acquired Finite-Lived Intangible Assets [Line Items]        
Weighted Average Estimated Useful Life 5 years 5 years    
Cost $ 353,791   353,791  
Accumulated Amortization (255,785)   (241,110)  
Net $ 98,006   112,681  
Customer assets        
Acquired Finite-Lived Intangible Assets [Line Items]        
Weighted Average Estimated Useful Life 15 years 15 years    
Cost $ 1,363,332   1,401,102  
Accumulated Amortization (311,116)   (332,153)  
Net $ 1,052,216   1,068,949  
Trade names and other        
Acquired Finite-Lived Intangible Assets [Line Items]        
Weighted Average Estimated Useful Life 9 years 9 years    
Cost $ 389,137   389,137  
Accumulated Amortization (148,117)   (137,700)  
Net $ 241,020   $ 251,437  
v3.25.1
ACQUIRED INTANGIBLE ASSETS - Change in Carrying Value of Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Finite-lived Intangible Assets [Roll Forward]    
Acquired intangible assets, net, beginning of the period $ 1,433,067 $ 1,761,521
Amortization expense (48,330) (61,309)
Foreign currency translation and other adjustments 6,505 (26,594)
Acquired intangible assets, net, end of the period $ 1,391,242 $ 1,673,618
v3.25.1
ACQUIRED INTANGIBLE ASSETS - Future Amortization Expense of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Remainder of 2025 $ 142,705      
2026 180,956      
2027 137,392      
2028 133,604      
2029 132,973      
Thereafter 663,612      
Net $ 1,391,242 $ 1,433,067 $ 1,673,618 $ 1,761,521
v3.25.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Other Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Restricted cash $ 681,774 $ 902,478 $ 660,153
Processing costs receivable 436,777 478,767  
Investments in short-term debt securities 354,841 403,426  
Prepaid expenses 277,289 129,343  
Accounts receivable, net 166,891 148,898  
Inventory, net 108,840 104,990  
Short term deposits 72,259 87,968  
Other 380,199 324,198  
Total 2,881,431 2,945,130  
Loan Portfolio Segment, Held For Investment      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans held for investment, net of allowance for loan losses $ 402,561 $ 365,062  
v3.25.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued expenses $ 747,281 $ 725,339
Customer deposits 276,347 241,884
Accounts payable 89,021 117,963
Accrued royalties 61,446 57,605
Accrued transaction losses 57,137 58,580
Operating lease liabilities, current $ 52,017 $ 52,880
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Total Total
Other $ 300,713 $ 270,898
Total $ 1,583,962 $ 1,525,149
v3.25.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Reserve for Transaction Losses (Details) - Transaction Losses - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Loss Contingency Accrual [Roll Forward]    
Accrued transaction losses, beginning of the period $ 58,580 $ 54,042
Provision for transaction losses 29,408 30,819
Charge-offs to accrued transaction losses (30,851) (24,845)
Accrued transaction losses, end of the period $ 57,137 $ 60,016
v3.25.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Transaction Losses    
Loss Contingencies [Line Items]    
Provisions for transaction losses realized and written-off within the same period $ 59.0 $ 47.4
v3.25.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Other Non-Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Bitcoin investment $ 708,450 $ 792,282 $ 573,302 $ 339,898
Property and equipment, net 311,333 314,432    
Investments in long-term debt securities 273,614 471,977    
Investment in non-marketable equity securities 243,058 245,557    
Operating lease right-of-use assets $ 209,980 $ 219,954    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total Total    
Restricted cash $ 69,838 $ 69,915 $ 71,588  
Other 205,800 131,794    
Total $ 2,022,073 $ 2,245,911    
v3.25.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Adjustments of Non-Marketable Equity Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity Securities without Readily Determinable Fair Value [Roll Forward]    
Carrying amount, beginning of period $ 245,557 $ 205,268
Net additions (reductions) (2,499) 4,000
Gross unrealized gains 0 334
Gross unrealized losses and impairments 0 (98)
Carrying amount, end of period $ 243,058 $ 209,504
v3.25.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Summary of Non-Marketable Equity Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Upward adjustments $ 155,329 $ 115,521
Downward adjustments (including impairment) $ (2,061) $ (2,476)
v3.25.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Other Non-Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Operating lease liabilities, non-current $ 265,556 $ 278,617
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Total Total
Deferred tax liabilities $ 162,718 $ 162,435
Other 118,124 152,164
Total $ 546,398 $ 593,216
v3.25.1
BITCOIN - Narrative (Details)
$ in Millions
Mar. 31, 2025
USD ($)
bitcoin
Dec. 31, 2024
USD ($)
bitcoin
Mar. 31, 2024
bitcoin
Dec. 31, 2023
bitcoin
Platform Operator, Crypto-Asset [Line Items]        
Number of bitcoins (in bitcoin) 8,584 8,485 8,038 8,038
Crypto-Asset, Investing Purposes        
Platform Operator, Crypto-Asset [Line Items]        
Number of bitcoins (in bitcoin) 8,584 8,485    
Bitcoin, purchase value | $ $ 261.0 $ 251.5    
Crypto-Asset, Operating Purposes        
Platform Operator, Crypto-Asset [Line Items]        
Number of bitcoins (in bitcoin) 158 158    
Bitcoin, purchase value | $ $ 13.5 $ 15.3    
v3.25.1
BITCOIN - Summary of Changes in Bitcoin Investment (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
bitcoin
Mar. 31, 2024
USD ($)
bitcoin
Crypto Asset [Roll Forward]    
Amount of bitcoin, beginning balance (in bitcoin) | bitcoin 8,485 8,038
Value, beginning balance $ 792,282 $ 339,898
Additions (in bitcoin) | bitcoin 99  
Additions $ 9,519  
Remeasurement gain (loss) $ (93,351) $ 233,404
Amount of bitcoin, ending balance (in bitcoin) | bitcoin 8,584 8,038
Value, ending balance $ 708,450 $ 573,302
v3.25.1
INDEBTEDNESS - Net Carrying Amount of Convertible Notes (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Principal Outstanding $ 5,150,000 $ 6,150,000
Unamortized Debt Issuance Costs (41,615) (44,564)
Net Carrying Value 5,108,385 6,105,436
2026 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 1,000,000 1,000,000
Unamortized Debt Issuance Costs (3,292) (3,983)
Net Carrying Value 996,708 996,017
2031 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 1,000,000 1,000,000
Unamortized Debt Issuance Costs (8,684) (9,029)
Net Carrying Value 991,316 990,971
2032 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 2,000,000 2,000,000
Unamortized Debt Issuance Costs (24,314) (24,974)
Net Carrying Value 1,975,686 1,975,026
2025 Convertible Notes | Convertible Debt    
Debt Instrument [Line Items]    
Principal Outstanding   1,000,000
Unamortized Debt Issuance Costs   (503)
Net Carrying Value   999,497
2026 Convertible Notes | Convertible Debt    
Debt Instrument [Line Items]    
Principal Outstanding 575,000 575,000
Unamortized Debt Issuance Costs (1,856) (2,277)
Net Carrying Value 573,144 572,723
2027 Convertible Notes | Convertible Debt    
Debt Instrument [Line Items]    
Principal Outstanding 575,000 575,000
Unamortized Debt Issuance Costs (3,469) (3,798)
Net Carrying Value $ 571,531 $ 571,202
v3.25.1
INDEBTEDNESS - Interest Expense on Convertible Notes (Details) - Convertible Debt - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Instrument [Line Items]    
Contractual interest expense $ 48,380 $ 16,130
Amortization of debt issuance costs 2,949 2,562
Total $ 51,329 $ 18,692
v3.25.1
INDEBTEDNESS - Convertible Notes Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 60 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 01, 2025
Nov. 13, 2020
Mar. 05, 2020
Debt Instrument [Line Items]          
Payment to settle debt $ 1,000,624 $ 0      
Convertible Debt | 2026 and 2027 Notes          
Debt Instrument [Line Items]          
Aggregate principal amount       $ 1,200,000  
Convertible Debt | 2026 Convertible Notes          
Debt Instrument [Line Items]          
Aggregate principal amount       $ 575,000  
Interest rate       0.00%  
Convertible Debt | 2027 Convertible Notes          
Debt Instrument [Line Items]          
Aggregate principal amount       $ 575,000  
Interest rate       0.25%  
Convertible Debt | 2025 Convertible Notes          
Debt Instrument [Line Items]          
Aggregate principal amount         $ 1,000,000
Payment to settle debt     $ 1,000,000    
v3.25.1
INDEBTEDNESS - Facilities Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended
Feb. 23, 2022
May 31, 2020
Mar. 31, 2025
Mar. 31, 2024
Revolving Credit Facility | 2020 Credit Facility | Line of Credit        
Debt Instrument [Line Items]        
Remaining borrowing capacity   $ 775,000,000    
Debt covenant, minimum quarterly liquidity amount   $ 250,000,000    
Amounts drawn to date     $ 0  
Letters of credit outstanding     0  
Revolving Credit Facility | 2020 Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)        
Debt Instrument [Line Items]        
Basis spread on variable rate 1.00%      
Revolving Credit Facility | 2020 Credit Facility | Line of Credit | Prime Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate 0.50%      
Revolving Credit Facility | 2020 Credit Facility | Line of Credit | Federal Funds Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate 0.50%      
Revolving Credit Facility | 2020 Credit Facility | Line of Credit | Minimum        
Debt Instrument [Line Items]        
Unused commitment fee percentage   0.10%    
Revolving Credit Facility | 2020 Credit Facility | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR)        
Debt Instrument [Line Items]        
Basis spread on variable rate 1.25%      
Additional basis spread on variable rate 0.25%      
Revolving Credit Facility | 2020 Credit Facility | Line of Credit | Minimum | Prime Rate        
Debt Instrument [Line Items]        
Additional basis spread on variable rate 0.25%      
Revolving Credit Facility | 2020 Credit Facility | Line of Credit | Minimum | Federal Funds Rate        
Debt Instrument [Line Items]        
Additional basis spread on variable rate 0.25%      
Revolving Credit Facility | 2020 Credit Facility | Line of Credit | Maximum        
Debt Instrument [Line Items]        
Unused commitment fee percentage   0.20%    
Revolving Credit Facility | 2020 Credit Facility | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR)        
Debt Instrument [Line Items]        
Basis spread on variable rate 1.75%      
Additional basis spread on variable rate 0.75%      
Revolving Credit Facility | 2020 Credit Facility | Line of Credit | Maximum | Prime Rate        
Debt Instrument [Line Items]        
Additional basis spread on variable rate 0.75%      
Revolving Credit Facility | 2020 Credit Facility | Line of Credit | Maximum | Federal Funds Rate        
Debt Instrument [Line Items]        
Additional basis spread on variable rate 0.75%      
Line of Credit | Warehouse Funding Facilities | Secured Debt        
Debt Instrument [Line Items]        
Remaining borrowing capacity     827,300,000  
Amounts drawn to date     619,000,000.0  
Maximum borrowing capacity     1,400,000,000  
Interest expense     $ 14,900,000 $ 19,700,000
v3.25.1
INDEBTEDNESS - Amounts Drawn on Facilities by Year of Maturity (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Net Carrying Value $ 5,108,385 $ 6,105,436
Secured Debt | Warehouse Funding Facilities | Line of Credit    
Debt Instrument [Line Items]    
2026 290,989  
2027 328,010  
Net Carrying Value $ 618,999  
v3.25.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ 38,328 $ 35,492
v3.25.1
STOCKHOLDERS' EQUITY - Stock Plans, Restricted Stock and Share Based Compensation Narrative (Details) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 60 Months Ended
Nov. 17, 2015
Mar. 31, 2025
Mar. 31, 2024
Mar. 01, 2025
Jul. 25, 2024
Oct. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Payment to settle debt   $ 1,000,624 $ 0      
Repurchases of common stock   445,298 252,095      
Remaining authorized repurchase amount   2,200,000        
Capitalized share-based compensation expense   8,900 $ 6,500      
Unrecognized compensation cost   $ 2,300,000        
Unrecognized compensation cost, period for recognition   2 years 4 months 24 days        
2025 Convertible Notes | Convertible Debt            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Payment to settle debt       $ 1,000,000    
Class A Common Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock repurchase program, authorized amount         $ 3,000,000 $ 1,000,000
Repurchase of common stock (in shares)   6,805 3,563      
Repurchases of common stock   $ 445,300        
2015 Equity Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares reserved for future issuance, percentage of annual increase 5.00%          
Shares available for future issuance (in shares)   138,400        
Maximum | 2015 Equity Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares reserved for future issuance, amount of annual increase (in shares) 40,000          
v3.25.1
STOCKHOLDERS' EQUITY - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Number of Stock Options    
Outstanding, beginning of the year (in shares) 2,578  
Granted (in shares) 0  
Exercised (in shares) (147)  
Forfeited (in shares) 0  
Expired (in shares) (9)  
Outstanding, end of the period (in shares) 2,422 2,578
Weighted Average Exercise Price    
Beginning balance (in USD per share) $ 72.17  
Granted (in USD per share) 0  
Exercised (in USD per share) 15.54  
Forfeited (in USD per share) 0  
Expired (in USD per share) 185.89  
Ending balance (in USD per share) $ 75.19 $ 72.17
Additional Disclosures    
Exercisable, end of the period (in shares) 1,863  
Exercisable, end of the period, weighted average exercise price (in USD per share) $ 74.58  
Outstanding, weighted average remaining contractual term 5 years 1 month 13 days 5 years 1 month 9 days
Exercisable, end of the period, weighted average remaining contractual term 4 years 1 month 6 days  
Outstanding, aggregate intrinsic value $ 16,155 $ 67,966
Exercisable, end of the period, aggregate intrinsic value $ 16,155  
v3.25.1
STOCKHOLDERS' EQUITY - Restricted Stock Awards and Restricted Stock Units Activity (Details) - RSAs and RSUs
shares in Thousands
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Number of Shares  
Unvested, beginning of the year (in shares) | shares 37,079
Granted (in shares) | shares 1,344
Vested (in shares) | shares (3,857)
Forfeited (in shares) | shares (1,434)
Unvested, end of the period (in shares) | shares 33,132
Weighted Average Grant Date Fair Value  
Unvested, beginning of the period (in USD per share) | $ / shares $ 70.51
Granted (in USD per share) | $ / shares 85.10
Vested (in USD per share) | $ / shares 77.94
Forfeited (in USD per share) | $ / shares 69.83
Unvested, end of the period (in USD per share) | $ / shares $ 70.27
v3.25.1
STOCKHOLDERS' EQUITY - Effects of Share-Based Compensation on Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense $ 315,236 $ 311,168
Cost of revenue    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense 156 173
Product development    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense 222,541 221,954
Sales and marketing    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense 33,350 31,368
General and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense $ 59,189 $ 57,673
v3.25.1
NET INCOME PER SHARE - Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator    
Net income attributable to common stockholders, basic $ 189,872 $ 472,005
Denominator    
Shares used to compute basic net income (loss) per share (in shares) 619,370 616,401
Basic net income per share (in USD per share) $ 0.31 $ 0.77
Numerator    
Net income attributable to common stockholders, diluted $ 189,872 $ 472,005
Interest expense on convertible notes 1,511 0
Net income used to compute diluted net income per share $ 191,383 $ 472,005
Denominator    
Shares used to compute basic net income (loss) per share (in shares) 619,370 616,401
Stock options, restricted stock, and employee stock purchase plan (in shares) 6,619 8,851
Convertible notes (in shares) 9,353 12,108
Shares used to compute diluted net income per share (in shares) 635,342 637,360
Diluted net income per share (in USD per share) $ 0.30 $ 0.74
v3.25.1
NET INCOME PER SHARE - Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from calculation of diluted net loss per share (in shares) 45,269 47,144
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 loss per share (in shares) 33,161 35,006
Common stock warrants    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from calculation of diluted net loss per share (in shares) 12,108 12,108
v3.25.1
RELATED PARTY TRANSACTIONS (Details)
$ in Thousands
 1 Months Ended
Jul. 31, 2019
renewal_options
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Related Party Transaction [Line Items]      
Operating lease right-of-use assets   $ 209,980 $ 219,954
Related Party      
Related Party Transaction [Line Items]      
Operating lease term 15 years 6 months    
Operating lease, number of renewal options | renewal_options 2    
Operating lease renewal term 5 years    
Operating lease right-of-use assets   10,200  
Operating lease liability   $ 15,500  
v3.25.1
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended
Apr. 30, 2025
Mar. 31, 2025
Jan. 31, 2025
Loss Contingencies [Line Items]      
Incremental tax payment resulting from audit     $ 71,400,000
MTL Regulators - Anti Money Laundering Program | Subsequent Event      
Loss Contingencies [Line Items]      
Payments for legal settlements $ 40,000,000    
Independent monitor, monitoring term 12 months    
Minimum      
Loss Contingencies [Line Items]      
Estimate of possible liability for additional taxes, interest and penalties   $ 0  
Maximum      
Loss Contingencies [Line Items]      
Estimate of possible liability for additional taxes, interest and penalties   $ 92,000,000  
v3.25.1
COMMITMENTS AND CONTINGENCIES - Future Minimum Payments under the Purchase Commitments (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Remainder of 2025 $ 241,074
2026 263,300
2027 315,100
Total $ 819,474
v3.25.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Segment Reporting Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Revenue $ 5,771,796 $ 5,957,128
Cost of Revenue 3,482,193 3,862,655
Gross profit 2,289,603 2,094,473
Interest income 57,175 48,890
Amortization 14,674 18,027
Corporate and Other    
Segment Reporting Information [Line Items]    
Revenue 40,621 54,187
Cost of Revenue 28,868 38,513
Gross profit 11,753 15,674
Interest income 0 0
Amortization 0 1,765
Cash App | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 3,879,014 4,172,904
Cost of Revenue 2,499,063 2,914,377
Gross profit 1,379,951 1,258,527
Interest income 49,238 40,772
Amortization 13,166 13,725
Square | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 1,852,161 1,730,037
Cost of Revenue 954,262 909,765
Gross profit 897,899 820,272
Interest income 7,937 8,118
Amortization 1,508 2,537
Transaction-based revenue    
Segment Reporting Information [Line Items]    
Revenue 1,550,731 1,511,209
Transaction-based revenue | Corporate and Other    
Segment Reporting Information [Line Items]    
Revenue 0 0
Transaction-based revenue | Cash App | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 66,238 109,220
Transaction-based revenue | Square | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 1,484,493 1,401,989
Subscription and services-based revenue    
Segment Reporting Information [Line Items]    
Revenue 1,890,973 1,682,294
Subscription and services-based revenue | Corporate and Other    
Segment Reporting Information [Line Items]    
Revenue 40,449 53,516
Subscription and services-based revenue | Cash App | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 1,511,374 1,332,560
Subscription and services-based revenue | Square | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 339,150 296,218
Hardware revenue    
Segment Reporting Information [Line Items]    
Revenue 28,690 32,501
Hardware revenue | Corporate and Other    
Segment Reporting Information [Line Items]    
Revenue 172 671
Hardware revenue | Cash App | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 0 0
Hardware revenue | Square | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 28,518 31,830
Bitcoin revenue    
Segment Reporting Information [Line Items]    
Revenue 2,301,402 2,731,124
Bitcoin revenue | Corporate and Other    
Segment Reporting Information [Line Items]    
Revenue 0 0
Bitcoin revenue | Cash App | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 2,301,402 2,731,124
Bitcoin revenue | Square | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue $ 0 $ 0
v3.25.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Reconciliation of Total Segment Profit to Loss before applicable Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting [Abstract]    
Total segment gross profit $ 2,289,603 $ 2,094,473
Less: Product development 760,699 720,574
Less: Sales and marketing 504,460 443,885
Less: General and administrative 491,797 471,260
Less: Transaction, loan, and consumer receivable losses 169,689 165,729
Less: Amortization of customer and other intangible assets 33,656 43,282
Less: Interest expense (income), net 17,243 (18,745)
Remeasurement loss (gain) on bitcoin investment 93,351 (233,404)
Less: Other income, net (8,342) (4,420)
Income before income tax $ 227,050 $ 506,312
v3.25.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue $ 5,771,796 $ 5,957,128
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue 5,347,630 5,566,297
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue $ 424,166 $ 390,831
v3.25.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Long-lived Assets by Geographic Area (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 13,416,297 $ 13,384,875
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 7,384,984 7,435,117
Australia    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 4,187,915 4,159,229
Other international    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 1,843,398 $ 1,790,529
v3.25.1
SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Data (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Supplemental cash flow data:    
Cash paid for interest $ 19,478 $ 23,031
Cash paid for income taxes 22,833 38,652
Supplemental disclosures of non-cash investing and financing activities:    
Unsettled originations of consumer receivables 215,278 297,201
Right-of-use assets obtained in exchange for operating lease obligations 1,258 9,416
Purchases of property and equipment in accounts payable and accrued expenses $ 1,912 $ 3,577