BLOCK, INC., 10-K filed on 2/26/2026
Annual Report
v3.25.4
Cover Page - USD ($)
shares in Thousands, $ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Class of Stock [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 39.4
Documents Incorporated by Reference
Portions of the registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2025.
    
Entity Central Index Key 0001512673    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A      
Class of Stock [Line Items]      
Entity Common Stock, Shares Outstanding   539,103  
Class B      
Class of Stock [Line Items]      
Entity Common Stock, Shares Outstanding   59,993  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location San Francisco, California
Auditor Firm ID 42
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 6,564,092 $ 8,075,247
Investments in short-term debt securities 517,777 403,426
Settlements receivable 1,359,983 1,060,966
Customer funds 4,771,824 4,182,872
Consumer receivables, net 2,670,322 2,504,879
Loans held for investment, net 3,382,957 365,062
Other current assets 3,589,925 3,287,749
Total current assets 22,856,880 19,880,201
Property and equipment, net 323,375 314,432
Goodwill 11,849,018 11,417,422
Acquired intangible assets, net 1,281,670 1,433,067
Investments in long-term debt securities 188,887 471,977
Bitcoin investment 777,515 792,282
Operating lease right-of-use assets 214,929 219,954
Deferred tax assets 1,302,776 1,800,994
Other non-current assets 754,837 447,266
Total assets 39,549,887 36,777,595
Current liabilities:    
Customers payable 6,805,366 5,837,152
Accrued expenses and other current liabilities 1,538,893 1,525,149
Current portion of long-term debt (Note 14) 1,573,259 999,497
Warehouse funding facilities, current 466,942 185,000
Total current liabilities 10,384,460 8,546,798
Deferred tax liabilities 1,173 162,435
Warehouse funding facilities, non-current 897,941 1,296,680
Long-term debt (Note 14) 5,715,759 5,105,939
Operating lease liabilities, non-current 257,126 278,617
Other non-current liabilities 123,546 152,164
Total liabilities 17,380,005 15,542,633
Commitments and contingencies (Note 19)
Stockholders’ equity:    
Preferred stock, $0.0000001 par value: 100,000 shares authorized at December 31, 2025 and December 31, 2024. None issued and outstanding at December 31, 2025 and December 31, 2024. 0 0
Additional paid-in capital 18,895,405 19,900,379
Accumulated other comprehensive loss (365,381) (1,001,065)
Retained earnings 3,674,254 2,368,618
Total stockholders’ equity attributable to common stockholders 22,204,278 21,267,932
Noncontrolling interests (34,396) (32,970)
Total stockholders’ equity 22,169,882 21,234,962
Total liabilities and stockholders’ equity 39,549,887 36,777,595
Class A    
Stockholders’ equity:    
Common stock 0 0
Class B    
Stockholders’ equity:    
Common stock $ 0 $ 0
v3.25.4
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
shares in Thousands
Dec. 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) 100,000 100,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Class A    
Class of Stock [Line Items]    
Common stock, par value (in USD per share) $ 0.0000001 $ 0.0000001
Common stock, authorized (in shares) 1,000,000 1,000,000
Common stock, issued (in shares) 542,085 559,606
Common stock, outstanding (in shares) 542,085 559,606
Class B    
Class of Stock [Line Items]    
Common stock, par value (in USD per share) $ 0.0000001 $ 0.0000001
Common stock, authorized (in shares) 500,000 500,000
Common stock, issued (in shares) 59,993 60,070
Common stock, outstanding (in shares) 59,993 60,070
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Total net revenue $ 24,193,683 $ 24,121,053 $ 21,915,623
Cost of revenue:      
Amortization of acquired technology assets 56,850 68,364 72,829
Total cost of revenue 13,833,754 15,232,017 14,410,737
Gross profit 10,359,929 8,889,036 7,504,886
Operating expenses:      
Product development 2,907,889 2,914,415 2,720,819
Sales and marketing 2,273,072 1,984,265 2,019,009
General and administrative 1,997,587 2,149,099 2,209,190
Transaction, loan, and consumer receivable losses 1,337,246 794,221 660,663
Amortization of customer and other acquired intangible assets 135,729 154,709 174,044
Total operating expenses 8,651,523 7,996,709 7,783,725
Operating income (loss) 1,708,406 892,327 (278,839)
Interest expense (income), net 129,363 9,302 (47,221)
Remeasurement loss (gain) on bitcoin investment 55,900 (420,918) (207,084)
Other expense (income), net (166,768) (53,211) 4,609
Income (loss) before income tax 1,689,911 1,357,154 (29,143)
Total [1] 385,701 (1,509,343) (8,019)
Net income (loss) 1,304,210 2,866,497 (21,124)
Less: Net loss attributable to noncontrolling interests (1,426) (30,550) (30,896)
Net income attributable to common stockholders $ 1,305,636 $ 2,897,047 $ 9,772
Net income per share attributable to common stockholders:      
Basic (in USD per share) $ 2.13 $ 4.70 $ 0.02
Diluted (in USD per share) $ 2.10 $ 4.56 $ 0.02
Weighted-average shares used to compute net income per share attributable to common stockholders:      
Basic (in shares) 612,243 616,993 608,856
Diluted (in shares) 622,838 636,390 614,024
Commerce Enablement      
Revenue:      
Total net revenue $ 11,514,162 $ 10,512,453 $ 9,530,040
Cost of revenue:      
Cost of revenue 5,353,254 4,913,124 4,692,094
Financial Solutions      
Revenue:      
Total net revenue 4,176,734 3,250,817 2,717,261
Cost of revenue:      
Cost of revenue 339,878 311,209 292,017
Bitcoin Ecosystem      
Revenue:      
Total net revenue 8,502,787 10,357,783 9,668,322
Cost of revenue:      
Cost of revenue $ 8,083,772 $ 9,939,320 $ 9,353,797
[1] Includes benefits from income taxes of $1.9 billion in fiscal 2024 related to both the release of the Company's valuation allowance associated with certain federal and state deferred tax assets as well as the recognition of deferred tax assets as part of internal legal entity restructuring efforts. Refer to Note 15, Income Taxes within the Notes to the Consolidated Financial Statements for further details.
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]    
Income tax benefit, related to valuation allowance release and DTA recognition $ 1.9 $ 1.9
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 1,304,210 $ 2,866,497 $ (21,124)
Net foreign currency translation adjustments 636,174 (628,507) 104,728
Net unrealized gain (loss) on marketable debt securities, net of tax (490) 5,749 40,055
Total comprehensive income $ 1,939,894 $ 2,243,739 $ 123,659
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Class A and B common stock
Common stock and Additional paid-in capital
Accumulated other comprehensive income (loss)
Retained earnings (accumulated deficit)
Retained earnings (accumulated deficit)
Cumulative Effect, Period of Adoption, Adjustment
Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2022     600,060          
Beginning balance at Dec. 31, 2022 $ 17,251,355 $ 30,511   $ 18,314,681 $ (523,090) $ (568,712) $ 30,511 $ 28,476
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2023-08 [Member]              
Net income (loss) $ (21,124)         9,772   (30,896)
Shares issued in connection with employee stock plans (in shares)     18,055          
Shares issued in connection with employee stock plans 130,433     130,433        
Repurchases of common stock (in shares)     (2,466)          
Repurchases of common stock, including excise tax (156,812)     (156,812)        
Change in other comprehensive loss 144,783       144,783      
Share-based compensation 1,307,032     1,307,032        
Issuance of common stock in connection with business combination (in shares)     172          
Issuance of common stock in connection with business combinations 6,658     6,658        
Ending balance (in shares) at Dec. 31, 2023     615,821          
Ending 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) 2,866,497         2,897,047   (30,550)
Shares issued in connection with employee stock plans (in shares)     20,799          
Shares issued in connection with employee stock plans 154,779     154,779        
Repurchases of common stock (in shares)     (16,944)          
Repurchases of common stock, including excise tax (1,170,339)     (1,170,339)        
Change in other comprehensive loss (622,758)       (622,758)      
Share-based compensation 1,313,947     1,313,947        
Ending balance (in shares) at Dec. 31, 2024     619,676          
Ending 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) 1,304,210         1,305,636   (1,426)
Shares issued in connection with employee stock plans (in shares)     18,904          
Shares issued in connection with employee stock plans 88,943     88,943        
Repurchases of common stock (in shares)     (36,502)          
Repurchases of common stock, including excise tax (2,341,161)     (2,341,161)        
Change in other comprehensive loss 635,684       635,684      
Share-based compensation 1,247,244     1,247,244        
Ending balance (in shares) at Dec. 31, 2025     602,078          
Ending balance at Dec. 31, 2025 $ 22,169,882     $ 18,895,405 $ (365,381) $ 3,674,254   $ (34,396)
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 1,304,210 $ 2,866,497 $ (21,124)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 369,529 376,127 408,560
Amortization of discounts and premiums and other non-cash adjustments (1,137,906) (1,099,024) (984,442)
Non-cash lease expense 56,687 72,055 144,198
Share-based compensation 1,215,480 1,272,779 1,276,097
Loss (gain) on revaluation of equity investments (172,256) (32,245) 16,523
Remeasurement loss (gain) on bitcoin investment 55,900 (420,918) (207,084)
Transaction, loan, and consumer receivable losses 1,337,246 794,221 660,663
Change in deferred income taxes 335,038 (1,665,812) (85,879)
Goodwill and intangible asset impairment 0 133,853 132,313
Purchases and originations of loans originally classified as held for sale (14,191,399) (15,210,746) (8,586,293)
Proceeds from repayments of loans originally classified as held for sale 14,248,689 14,413,277 8,032,687
Changes in operating assets and liabilities:      
Settlements receivable (487,316) 1,947,849 (1,108,529)
Customers payable 373,925 (1,853,872) 1,256,578
Settlements payable (330) (8,139) (454,036)
Prepaid expenses (159,364) (28,573) 40,492
Other assets and liabilities (568,419) 150,021 (419,763)
Net cash provided by operating activities 2,579,714 1,707,350 100,961
Cash flows from investing activities:      
Purchases of marketable debt securities (700,777) (1,197,804) (1,126,615)
Proceeds from maturities of marketable debt securities 468,980 1,005,580 1,387,830
Proceeds from sale of marketable debt securities 409,387 446,076 339,095
Payments for originations of consumer receivables (32,145,232) (29,318,390) (23,968,787)
Proceeds from principal repayments and sales of consumer receivables 32,934,204 29,922,371 24,241,651
Purchases and originations of loans originally classified as held for investment (17,629,689) 0 0
Proceeds from repayments of loans originally classified as held for investment 14,080,787 0 0
Purchases of property and equipment (155,038) (153,947) (151,151)
Purchases of other investments (64,554) (53,934) (38,822)
Net cash provided by (used in) investing activities (2,801,932) 649,952 683,201
Cash flows from financing activities:      
Proceeds from issuance of senior notes 2,200,000 2,000,000 0
Payments of debt issuance costs from issuance of senior notes (28,346) (26,619) 0
Payments to redeem convertible notes (1,000,624) 0 (461,761)
Proceeds from warehouse facilities borrowings 1,305,288 1,255,745 1,387,662
Repayments of warehouse facilities borrowings (1,456,869) (1,329,729) (1,118,083)
Proceeds from the exercise of stock options and purchases under the employee stock purchase plan 88,943 154,779 130,433
Net increase in interest-bearing deposits 55,548 74,856 25,135
Repurchases of common stock (2,330,661) (1,170,339) (156,812)
Other financing activities (35,330) (18,473) (36,817)
Change in customer funds, restricted from use in the Company's operations 588,952 1,012,442 (9,894)
Net cash provided by (used in) financing activities (613,099) 1,952,662 (240,137)
Effect of foreign exchange rate on cash and cash equivalents 86,081 (88,539) 29,156
Net increase (decrease) in cash, cash equivalents, restricted cash, and customer funds (749,236) 4,221,425 573,181
Cash, cash equivalents, restricted cash, and customer funds, beginning of the period 13,230,512 9,009,087 8,435,906
Cash, cash equivalents, restricted cash, and customer funds, end of the period 12,481,276 13,230,512 9,009,087
Reconciliation of cash, cash equivalents, restricted cash, and customer funds:      
Cash and cash equivalents 6,564,092 8,075,247 4,996,465
Short-term restricted cash 1,071,574 902,478 770,380
Long-term restricted cash 73,786 69,915 71,812
Customer funds cash and cash equivalents 4,771,824 4,182,872 3,170,430
Total $ 12,481,276 $ 13,230,512 $ 9,009,087
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 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, provide 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 operates under a distributed work model and does not designate a headquarters location.

Basis of Presentation

The accompanying 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 Securities and Exchange Commission ("SEC"). The consolidated financial statements include the financial statements of Block and its wholly-owned and majority-owned subsidiaries. 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 consolidated balance sheets.

Reclassifications

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

The reclassifications in the consolidated statements of operations primarily represent changes to present revenue line items consisting of Commerce enablement, Financial solutions, and Bitcoin ecosystem. The Company believes this updated presentation will improve the usefulness of the financial information for the reader and is more reflective of the business today.

The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenues and cost of revenues had no impact on total revenues, gross profit, operating income, or net income previously reported.

Refer to Significant Accounting Policies below for further details on the Company’s revenue recognition and cost of revenue.
Use of Estimates

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

The Company's estimates of valuation of loans held for sale, allowance for credit losses associated with consumer receivables and loans held for investment, and accrued transaction losses are based on historical experience, adjusted for market data relevant to the current economic environment. The Company will continue to update its estimates as developments occur and additional information is obtained. Refer to Note 5, Fair Value Measurements for further details on amortized cost and 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 11, Other Consolidated Balance Sheet Components (Current) for further details on transaction losses.

Concentration of Credit Risk

For the years ended December 31, 2025, 2024, and 2023, the Company had no customer that accounted for greater than 10% of total net revenue.

As of December 31, 2025, the Company had four third-party payment processors that represented approximately 36%, 25%, 11% and 10% of settlements receivable, respectively. As of December 31, 2024, the Company had three third-party payment processors that represented approximately 42%, 17%, and 13% of settlements receivable, respectively. In both years, all other third-party 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.
Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements reflect our accounts and operations and those of our subsidiaries in which we have a controlling financial interest. In accordance with the provisions of Accounting Standards Codification ("ASC") 810, Consolidation (“ASC 810”), there are two models for determining whether a subsidiary is to be consolidated. Under the voting interest model, we consolidate entities where we are deemed to have a controlling financial interest. We also consolidate any variable interest entity (“VIE”) where we are deemed to be the primary beneficiary. The primary beneficiary is the party that has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. As described in Note 14, Indebtedness, we have formed wholly owned Warehouse Special Purpose Entities ("SPEs"), which qualify as VIEs under ASC 810. We have determined that we are the primary beneficiary of all Warehouse SPEs, which we therefore consolidate. We evaluate our relationships with all the VIEs on an ongoing basis to determine if we continue to be the primary beneficiary. As of December 31, 2025 and 2024, the Company had $426.9 million and $402.9 million, respectively, in restricted cash related to VIE's. All intercompany transactions and balances have been eliminated upon consolidation.

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company has elected a policy to exclude from the transaction price all sales taxes assessed by governmental authorities and, as a result, revenue is presented net of tax. For the Company's lending products, revenue is recognized over the life of the loan or receivable.

Commerce Enablement Revenue

Commerce enablement revenue is primarily comprised of revenue the Company generates from transaction fees related to Square payments, software, and hardware, Cash App Card, Cash App Pay, the Company’s BNPL products, Cash App Business accounts, TIDAL, and various other software as a service (“SaaS”) products.

The Company charges its sellers a transaction fee for managed payments solutions that is generally calculated as a percentage of the total transaction amount processed. The Company selectively offers custom pricing for certain large sellers. The Company collects the transaction amount from the seller's customer's bank, net of acquiring interchange and assessment fees, processing fees, and bank settlement fees paid to third-party payment processors and financial institutions. The Company retains its fees and remits the net amount to the sellers.

The Company acts as the merchant of record for its sellers and works directly with payment card networks and banks so that its sellers do not need to manage the complex systems, rules, and requirements of the payments industry. The Company satisfies its performance obligations and therefore recognizes the transaction fees as revenue upon authorization of a transaction by the seller's customer's bank.

Revenue is recognized net of refunds, which arise from reversals of transactions initiated by sellers.

The transaction fees collected from sellers are recognized as revenue on a gross basis as the Company is the principal in the delivery of the managed payments solutions to the sellers. The Company has concluded it is the principal because as the merchant of record, it controls the services before delivery to the seller, it is primarily responsible for the delivery of the services to its sellers, and it has discretion in setting prices charged to sellers. The Company also has the unilateral ability to accept or reject a transaction based on criteria established by the Company. As the merchant of record, Square is liable for the costs of processing the transactions for its sellers, and records such costs within cost of revenue.
Revenue from Square hardware includes revenue from sales of magstripe readers, contactless and chip readers, Square Stand, Square Register, Square Terminal, and third-party peripherals. Third-party peripherals include cash drawers, receipt printers, scales, and barcode scanners, all of which can be integrated with Square Stand, Square Register, or Square Terminal to provide a comprehensive point-of-sale solution. The Company generates revenue through the sale of Square hardware through e-commerce and through its retail distribution channels. The Company satisfies its performance obligation upon delivery of Square hardware to its customers which include end user customers, distributors, and retailers. The Company allows for customer returns, which are accounted for as variable consideration. The Company estimates these amounts based on historical experience and reduces revenue recognized. The Company invoices end user customers upon delivery of the products to customers, and payments from such customers are due upon invoicing. Distributors and retailers have payment terms that range from 30 to 90 days after delivery.

SaaS represents software products and solutions that provide customers with access to various technologies for a fee, which is recognized as revenue ratably as the service is provided. The Company's contracts with customers are generally for a term of one month and renew automatically each month. The Company invoices its customers monthly. The Company considers that it satisfies its performance obligations over time each month as it provides the SaaS services to customers and hence recognizes revenue ratably over the month.

The Company also charges certain Cash App customers making peer-to-peer transactions using business accounts, or funding transactions with a credit card, a transaction fee that is generally calculated as a percentage of the total transaction amount processed. The Company collects the transaction amount from the customer's Cash App account, net of incurring interchange and assessment fees, processing fees, and bank settlement fees paid to third-party payment processors and financial institutions. The Company retains its fees and remits the net amount to the customers. The Company satisfies its performance obligation upon settlement of the transaction to the customer.

Cash App Card offers customers the ability to store funds in Cash App and subsequently use these funds via a Visa debit card that is linked to the balance the customer stores in Cash App. The Company earns interchange fees when a Cash App Card is used to make a purchase, which are paid by the merchant's bank and subsequently passed through to the Company by its third-party partners. Revenue is recognized for a Cash App Card transaction when charged and the Company has successfully authorized the transaction. The Company recognizes interchange revenue as a principal in the arrangement based on its control over the transaction authorization and third-party partners used to fulfill the transaction settlement.

Cash App Pay offers Cash App customers the ability to make payments, without a physical card, using their stored funds directly to eligible merchants that have enabled Cash App as a checkout option. The Company earns processing fees directly from merchants or its integrated third-party payment service provider, typically calculated as a percentage of the transaction volume plus a fixed fee per transaction. The Company recognizes processing revenues as the principal in the arrangement to complete the payment transaction.
Through our BNPL products, consumers can pay for their purchases over time by splitting their purchase price into generally three or four installments, typically due in two-week increments, without paying fees (if payments are made on time). The Company generally pays the seller the full order value upfront, less taxes, if applicable, and less a merchant fee, which consists of fixed and variable rates as contracted with the sellers. The Company also incurs other costs such as fees paid to third-party partners and processing fees to complete the consumer purchase transaction. The Company generally assumes non-repayment risk from the consumers. The Company initially recognizes a consumer receivable equal to net amounts paid to the seller plus any costs incurred to originate the consumer receivable. The Company recognizes the merchant fee less costs incurred to originate the consumer receivables as revenue using the effective interest method over the life of the consumer receivable. The effective interest rate is determined based on estimated future cash receipts over the expected life of the consumer receivable, having consideration for the historical repayment pattern of the consumer receivables on a portfolio basis. For the majority of the Company's BNPL products, consumers are not charged interest or fees, other than late fees which may be charged in certain regions by the Company as an incentive to encourage consumers to pay their outstanding balances as and when they fall due. The Company also offers the ability for consumers to pay for larger transaction sizes over a three-, six-, twelve-, or twenty-four-month period using a monthly payment option, which includes no late fees and no compounding interest with a cap on total interest owed. The Company sells certain consumer receivables to a third-party investor and records the gain or loss on sale as revenue within commerce enablement revenue. Additionally, the Company is retained to service the consumer receivables and earns a servicing fee, which is recorded within commerce enablement revenue as the services are delivered. Additionally, the Company offers a post-purchase option ("Afterpay Post-Purchase"), which allows Cash App users to retroactively convert purchases into installment payments, typically due over a three to four week period, for which the Company charges a flat finance fee that is recognized as revenue over the life of the loan.

Through its BNPL products, the Company also has an ads and affiliate program for its merchants. For affiliate relationships, the Company receives a commission when a consumer completes a purchase using its BNPL products, which is recognized as a fee earned in connection with the origination of a consumer receivable and recognized as revenue using the effective interest method. The Company may also receive digital advertising revenue on clicks, typically earned on a cost per click (“CPC”) basis, to merchant sites through its BNPL products, in addition to flat fees for premium ad placements. Revenue from CPC arrangements are generally recognized in the period the user click is delivered.

TIDAL primarily generates revenue from subscriptions to its customers, and such subscriptions allow access to the song library, video library, and improved sound quality. Customers can subscribe to services directly from the TIDAL website, through the Apple store, or through Google Play. With both offerings, the Company charges customers a monthly fee for those subscription services, which is recognized ratably as revenue as the service is provided.

Financial Solutions Revenue

Financial solutions revenue is primarily comprised of revenue the Company generates from Cash App Instant Deposit, ATM withdrawal fees, Cash App Borrow, interest earned on customer funds, and Square Loans.

Instant Deposit is a functionality within Cash App and the Company's managed payments solution that enables customers, including individuals and sellers, to instantly deposit funds into their bank accounts for a percentage-based fee of the amounts deposited. Additionally, the Company charges the customer a per transaction fee when they instantly deposit funds to their bank account or withdraw funds from an ATM. Revenue related to Instant Deposit and ATM withdrawal fees is recognized upon settlement of the transaction. While the Company is restricted from using the stored funds in the Company's operations, the Company may invest a portion of these funds in short-term marketable debt securities to generate interest income which is reported as revenue. Interest earned on customer funds related to Cash App Card was $192.1 million, $185.2 million, and $142.2 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Cash App Borrow allows customers to access short-term loans for a fee. The loans are repaid at the end of the loan term and customers may elect to prepay all or a part of the outstanding balance. If the outstanding balance is not paid when due, late fees in the form of interest may be charged. Historically, these short-term loans were facilitated through a partnership with a third-party industrial bank. The loans were originated by the bank partner, from whom the Company purchased the loans obtaining all rights, title, and interest. Beginning in the second quarter of 2025, the Company also began originating Cash App Borrow loans through the Company's subsidiary, Square Financial Services, Inc. ("Square Financial Services"), which is an industrial loan company. Net amounts paid to the bank are recorded as the cost of the loans purchased, and amounts collected in excess of the carrying value are recognized as revenue over the life of the loans.
Square Loans facilitates loans to qualified Square sellers through Square Financial Services. The loans are either repaid through withholding a percentage of the collections of the seller's receivables processed by the Company ("flex loans") or a specified monthly amount ("term loans"). The Company generally utilizes a pre-qualification process that includes an analysis of the aggregated data of the seller’s business which includes, but is not limited to, the seller’s historical processing volumes, transaction count, chargebacks, growth, and length of time as a Square customer. Generally, the loans have no stated coupon rate but the seller is charged a one-time origination fee based upon their risk rating, which is derived primarily from processing activity. For some of the loans, it is the Company’s intent to sell all of its rights, title, and interest of these loans to third-party investors for an upfront fee when the loans are sold. The Company records the amounts advanced to the customers or the net amounts paid to purchase the loans as the cost of the loans. Subsequently, the Company records a gain on sale of the loans to the third-party investors as revenue upon transfer of title. The Company is retained by the third-party investors to service the loans and earns a servicing fee for facilitating the repayment of these loans through its managed payments solutions. The Company records servicing revenue as servicing is delivered. For the loans which are not immediately sold to third-party investors or for which the Company has the intent and ability to hold through maturity, interest and fees earned are recognized as revenue using the effective interest method.

Bitcoin Ecosystem Revenue

Bitcoin ecosystem revenue primarily consists of revenue the Company generates from customer purchases of bitcoin within Cash App, Proto, and bitcoin withdrawal fees.

The Company offers its Cash App customers the ability to purchase bitcoin, a cryptocurrency denominated asset, from the Company. The Company satisfies its performance obligation and records revenue when bitcoin is transferred to the customer's account. The Company purchases bitcoin from private broker dealers or from Cash App customers and applies a marginal fee before selling it to its customers. The amounts received from customers and exchanges are recorded as revenue on a gross basis and the associated bitcoin cost as cost of revenues, as the Company is the principal in the bitcoin sale transaction. The Company has concluded it is the principal because it controls the bitcoin before delivery to the customers, it is primarily responsible for the delivery of the bitcoin to the customers, it is exposed to risks arising from fluctuations of the market price of bitcoin before delivery to customers, and has discretion in setting prices charged to customers.

Proto revenue is primarily from the sale of mining systems to a customer engaged in bitcoin mining activities. A mining system comprises a chassis unit with a 6- or 9-hashboard configuration containing Company-developed mining chips. The Company recognizes revenue from mining system sales when control of the completed system transfers to the customer, which is at the point in time the system is delivered to the customer. The majority of the transaction price is due prior to shipment, and the sale of mining systems is not subject to a return policy. The Company offers a standard product warranty that the product will operate under normal use for a period of one year.

Bitcoin withdrawal is a functionality within Cash App that enables customers to withdraw bitcoin stored on Cash App to a third-party wallet. The Company charges customers a fee for the option of faster withdrawal speeds.

Cost of Revenue

Commerce Enablement Costs

Commerce enablement costs consist primarily of interchange and assessment fees, processing fees, and bank settlement fees paid to third-party payment processors and financial institutions, as well as costs associated with the Company’s BNPL products, TIDAL, and Square hardware and software.

Financial Solutions Costs

Financial solutions costs consist primarily of partnership fees related to Cash App, including Instant Deposit and ATM withdrawals.
Bitcoin Ecosystem Costs

Bitcoin ecosystem costs primarily consist of the total amount the Company pays to purchase bitcoin that is sold to customers, which fluctuate in line with revenue related to customer purchases of bitcoin, as well as costs associated with Proto.

Amortization of Acquired Technology Assets

Amortization of acquired technology assets is primarily comprised of amortization related to the acquired technology assets from the acquisition of Afterpay.

Other Costs

Generally, other costs such as personnel-related costs, rent, and occupancy charges are not allocated to cost of revenues and are reflected in operating expenses and are not material.

Severance and Other Restructuring Expenses

The Company records severance-related expenses once they are both probable and estimable in accordance with the provisions of the applicable accounting guidance for severance provided under an ongoing benefit arrangement. One-time involuntary benefit arrangements and other costs are generally recognized in the period in which the liability is incurred. The Company recorded $78.6 million, $26.8 million, and $104.0 million of severance and other related expenses for the years ended December 31, 2025, 2024, and 2023, respectively, as part of product development, sales and marketing, and general and administrative within the Company's operating expenses. The Company also assesses its assets for impairment in connection with restructuring and other exit activities when the carrying amount of the related assets may not be fully recoverable, in accordance with the appropriate accounting guidance.

Sales and Marketing Expenses

Advertising costs are expensed as incurred and included in sales and marketing expenses on the consolidated statements of operations. Total advertising costs for the years ended December 31, 2025, 2024, and 2023 were $478.4 million, $338.1 million, and $360.1 million, respectively. 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 $904.0 million, $889.9 million, and $898.3 million for the years ended December 31, 2025, 2024, and 2023, respectively, for such expenses.

Share-based Compensation

Share-based compensation expense relates to stock options, restricted stock units ("RSUs"), and purchases under the Company’s Amended and Restated 2015 Employee Stock Purchase Plan ("ESPP"), which is measured based on the grant-date fair value. The fair value of RSUs is determined by the closing price of the Company’s common stock on each grant date. The fair value of stock options and ESPP shares granted to employees is estimated on the date of grant using the Black-Scholes-Merton option valuation model. This share-based compensation expense valuation model requires the Company to make assumptions and judgments regarding the variables used in the calculation. These variables include the expected term (weighted-average period of time that the options granted are expected to be outstanding), the expected volatility of the Company’s stock, expected risk-free interest rate, and expected dividends. The Company uses historical exercise information and contractual terms of options to estimate the expected term. Expected volatility is a blend of implied volatility based on publicly traded options on our common stock and historical volatility based on a weighted-average of the historical volatilities of the Company's common stock. The expected risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. Generally, share-based compensation expense is recorded on a straight-line basis over the requisite service period. RSUs typically vest over a term of four years. The Company accounts for forfeitures as they occur.
Interest Income and Expense

Interest income consists of interest income from the Company's investment in marketable debt securities and was $127.1 million, $156.2 million, and $126.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. Interest expense consists primarily of the Company's long-term debt and was $256.4 million and $165.5 million for the years ended December 31, 2025 and 2024, respectively. Interest expense was immaterial for the year ended December 31, 2023.

Foreign Currency

The functional currency for most subsidiaries outside of the United States is the local currency. For purposes of the Company's consolidated financial statements, the assets and liabilities of these subsidiaries, including goodwill and acquired intangible assets, are translated into U.S. dollars using the exchange rates at the balance sheet dates. Gains and losses resulting from these translations are reported as a component of accumulated other comprehensive income (loss) on the consolidated statements of comprehensive income (loss). Revenue, expenses, and gains or losses are translated into U.S. dollars using average exchange rates for each period.

Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as a component of Other expense (income), net on the consolidated statements of operations.

Income Taxes

The Company reports income taxes under the asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. Deferred tax amounts are determined by using the enacted tax rates expected to be in effect when the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

A valuation allowance reduces the deferred tax assets to the amount that is more likely than not to be realized. The Company considers historical information, tax planning strategies, the expected timing of the reversal of existing temporary differences, and may rely on financial projections to support its position on the recoverability of deferred tax assets. The Company’s judgment regarding future profitability contains significant assumptions and estimates of future operations. If such assumptions were to differ significantly from actual future results of operations, it may have a material impact on the Company’s ability to realize its deferred tax assets. At the end of each period, the Company assesses the ability to realize the deferred tax assets. If it is more likely than not that the Company will not realize the deferred tax assets, then the Company establishes a valuation allowance for all or a portion of the deferred tax assets.

The Company recognizes the effect of uncertain income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to uncertain tax positions in the provision (benefit) for income tax expense on the consolidated statements of operations.

Cash and Cash Equivalents, Restricted Cash, and Customer Funds

Cash and Cash Equivalents

The Company considers all highly liquid investments, including money market funds, with an original maturity of three months or less when purchased to be cash equivalents.
Restricted Cash

The Company records restricted cash amounts as a current asset on the consolidated balance sheets if the restriction expires in less than 12 months, or as a non-current asset if the restriction is greater than 12 months. If there is no minimum time frame during which the cash must remain restricted, the nature of the transactions related to the restriction determine the classification.

The Company's short-term restricted cash was $1.1 billion and $902.5 million as of December 31, 2025 and 2024, respectively. The majority of the balance as of December 31, 2025 was comprised of cash at the wholly-owned consolidated entities used in the warehouse funding facility arrangements. This restricted cash will be used to pay the borrowings under the warehouse funding facilities or will be distributed to the Company. The Company's total restricted cash also includes pledged cash deposits in accounts at the financial institutions that process the Company's sellers' payment transactions and collateral pursuant to various agreements with banks relating to the Company's products. The Company uses restricted cash to secure letters of credit with the related financial institutions to provide collateral for cash flow timing differences in the processing of payments.

The Company's long-term restricted cash of $73.8 million and $69.9 million as of December 31, 2025 and December 31, 2024, respectively, is primarily related to cash held as collateral as required by the FDIC for Square Financial Services. The Company has recorded these amounts as non-current assets on the consolidated balance sheets as the requirement by the FDIC specifies a time frame of 12 months or longer during which the cash must remain restricted.

Customer Funds

Customer funds represent customers' stored balances that customers would later use to send money or make payments, or customers cash in transit. As discussed under section titled Financial Solutions Revenue accounting policy above, under the terms of service associated with these funds, the Company is restricted from using the funds in the Company's operations, but may invest these funds in short-term marketable debt securities to earn interest. Refer to Note 4, Customer Funds for more details.

Investments in Marketable Debt Securities

The Company's short-term and long-term investments include marketable debt securities such as government and agency securities, corporate bonds, commercial paper, certificates of deposit, and municipal securities. The Company determines the appropriate classification of its investments in marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable debt securities as available-for-sale and carries these investments at fair value, reporting the unrealized gains and losses, net of taxes, as a component of stockholders’ equity. The U.S. government and U.S. agency securities are either explicitly or implicitly guaranteed by the U.S. government and are highly rated by major rating agencies. The corporate bonds are issued by highly rated entities. The foreign government securities are issued by highly rated international entities. The Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time, sufficient for the recovery of their amortized cost bases, which may be at maturity. The Company determines any realized gains or losses on the sale of marketable debt securities on a specific identification method, and records such gains and losses as a component of other expense (income), net on the consolidated statements of operations.

Investments in Equity Securities

The Company holds marketable and non-marketable equity investments. Marketable equity investments are measured using quoted prices in active markets with changes recorded in other expense (income), net on the consolidated statements of operations.
Non-marketable equity investments, which have no readily determinable fair values, are measured using the measurement alternative, which is defined as cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. Adjustments are recorded in other expense (income), net on the consolidated statements of operations. Non-marketable equity investments are valued using significant unobservable inputs or data in an inactive market and the valuation requires judgment due to the absence of market prices and inherent lack of liquidity. The carrying value for these investments is not adjusted if there are no observable transactions for identical or similar investments of the same issuer or if there are no identified events or changes in circumstances that may indicate impairment. The Company will adjust for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issue. Valuations of non-marketable equity investments are inherently complex due to the lack of readily available market data. In addition, the determination of whether an orderly transaction is for an identical or similar investment requires significant management judgment, including understanding the differences in the rights and obligations of the investments and the extent to which those differences would affect the fair values of those investments.

The Company assesses the impairment of its non-marketable equity investments on a quarterly basis. The impairment analysis encompasses an assessment of the severity and duration of the impairment and a qualitative and quantitative analysis of other key factors including the investee’s financial metrics, market acceptance of the investee’s product or technology, other competitive products or technology in the market, general market conditions, and the rate at which the investee is using its cash. If the investment is considered to be impaired, the Company will record an impairment in other expense (income), net on the consolidated statements of operations and establish a new carrying value for the investment.

Fair Value Measurements

The Company applies fair value accounting for assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value accounting establishes a three-level hierarchy priority for disclosure of assets and liabilities recorded at fair value. The ordering of priority reflects the degree to which objective prices in external active markets are available to measure fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable.

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

•Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•Level 2 Inputs: Other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.
Customer Loans

Loan products consist primarily of Square Loans and Cash App Borrow products, which are described in detail under the sections titled Financial Solutions Revenue and Commerce Enablement Revenue, respectively, above.

The Company classifies customer loans as loans held for sale when the Company has the intent to sell all of its rights, title, and interest in these loans to third-party investors, and there is an available market for such loans. The Company classifies customer loans as loans held for investment when the Company has both the intent and ability to hold for the foreseeable future, or until maturity or payoff. Loans held for sale by Square Financial Services that are not sold after two business days from origination are reclassified as held for investment. For the year ended December 31, 2025, $1.1 billion of total loan balances was reclassified from loans held for sale to loans held for investment. For the years ended December 31, 2025, 2024 and 2023, net gains on sales of loans were $255.8 million, $236.8 million, and $196.1 million respectively. Loans classified as held for sale at origination are disclosed as a component of cash flows from operating activities, while loans classified as held for investment at origination are disclosed as a component of cash flows from investing activities.

Loans Held for Sale

Loans held for sale are recorded at the lower of amortized cost or fair value determined on an individual loan basis. To determine the fair value the Company utilizes discounted cash flow valuation modeling, taking into account the probability of default and estimated timing and amounts of periodic repayments. In estimating the expected timing and amounts of the future periodic repayments for the loans outstanding, the Company considered other relevant market data. The Company recognizes a charge within transaction, loan, and consumer receivable losses on the consolidated statement of operations whenever the amortized cost of a loan exceeds its fair value, with such charges being reversed for subsequent increases in fair value, but only to the extent that such reversals do not result in the amortized cost of a loan exceeding its fair value. A loan that is initially designated as held for sale may be reclassified to held for investment if and when the Company's intent for that loan changes.

Loans Held for Investment

Loans held for investment are recorded at amortized cost, less an allowance for potential uncollectible amounts. Amortized cost basis represents principal amounts outstanding, net of unearned income, unamortized deferred fees and costs on originated loans, premiums or discounts on purchased loans and charge-offs. The Company’s intent and ability to designate loans as held for investment in the future may change based on changes in business strategies, the economic environment, and market conditions.

Allowance for loans losses

The Company calculates an allowance for losses on the loans held for investment portfolio in accordance with Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The Company assesses impairment of its financial instruments based on current estimates of expected credit losses over the contractual term of its loans held for investment portfolio as of each balance sheet date. The Company determines the allowance for loan losses using both quantitative and qualitative methods and considers all available information relevant to assessing collectability. This includes, but is not limited to, historical loss and recovery experience, recent and historical trends in delinquencies, past-due loans and charge-offs, borrower behavior and repayment speed, underwriting and collection management changes, changes in the legal and regulatory environment, changes in risk and underwriting standards, current and historical macroeconomic conditions such as changes in unemployment and GDP, and various other factors that may affect the sellers’ ability to make future payments.
Consumer Receivables

The Company evaluates its consumer receivables as a single homogeneous portfolio as it is comprised of a single product type, point-of-sale unsecured installment loans. The Company classifies consumer receivables as held for investment when the Company has the intent and ability to hold these investments for the foreseeable future or until maturity or payoff. The Company classifies consumer receivables as held for sale when the Company has the intent to sell all of its rights, title, and interest in these receivables to third-party investors, and there is an available market for such receivables. For the year ended December 31, 2025, $840.0 million of consumer receivables were reclassified from loans held for investment to loans held for sale and sold to third parties. Net losses on sales of consumer receivables were immaterial for the years ended December 31, 2025, 2024 and 2023. Consumer receivables are reported at amortized cost, which includes the cost to originate the consumer receivables, adjusted for unearned merchant fees, origination costs, charge-offs, and the allowance for credit losses. Refer to Note 6, Consumer Receivables, net for more information.

Allowance for Credit Losses Related to Consumer Receivables

The Company calculates an allowance for credit losses on the consumer receivables portfolio in accordance with ASU 2016-13. The guidance requires an entity to assess impairment of its financial instruments based on the entity's current estimates of expected credit losses over the contractual term of its loans held for investment portfolio as of each balance sheet date.

Allowance for credit losses related to consumer receivables represents management’s estimate of the expected credit losses in the outstanding portfolio of consumer receivables, as of the balance sheet date. The Company determines the allowance for credit losses using both quantitative and qualitative methods that analyze portfolio performance, uses judgment regarding the quantitative components of the reserve, and considers all available information relevant to assessing collectibility. This includes, but is not limited to, historical loss and recovery experience, recent and historical trends in delinquencies, past-due receivables and charge-offs, consumer behavior and repayment speed, underwriting and collection management changes, changes in the legal and regulatory environment, changes in risk and underwriting standards, current and historical macroeconomic conditions such as changes in unemployment and GDP, and various other factors that may affect the consumers’ ability to make future payments. When available information confirms that specific consumer receivables or portions thereof are uncollectible, identified amounts are charged off against the allowance for credit losses. Consumer receivables are charged off when management considers amounts to be uncollectible, which is generally determined by the number of days past due and is typically no later than 180 days past due.

Settlements Receivable
    
Settlements receivable represents amounts due from third-party payment processors for customer transactions. Settlements receivable are typically received or paid within one or two business days of the transaction date. Under the terms of arrangements, some of the processors may process both transaction receivables and payables. Additionally, the terms may allow processors the right of offset for the amounts due to and due from the Company. No valuation allowances have been established for settlements receivable, as funds are due from large, well-established financial institutions with no historical collections issue.

Inventory

Inventory consists of contactless and chip readers, chip card readers, Square Stand, Square Register, Square Terminal, third-party peripherals, Bitkey hardware devices, and bitcoin mining systems related to Proto, as well as component parts that are used to manufacture these products. Inventory is stated at the lower of cost (generally on a first-in, first-out basis) or net realizable value. Inventory that is obsolete or in excess of forecasted usage is written down to its net realizable value based on the estimated selling prices in the ordinary course of business. The Company's inventory is held at third-party warehouses and contract manufacturer premises.
Bitcoin

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 ASC 350, Intangibles—Goodwill and Other and has ownership of and control over its bitcoin.

The Company early adopted ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets ("ASU 2023-08") in the fourth quarter of 2023 using a modified retrospective approach. ASU 2023-08 provides guidance on accounting and disclosure of crypto assets and requires an entity to (i) subsequently remeasure crypto assets at fair value at each measurement date with changes recognized in net income, (ii) present the changes in fair value separately from changes in the carrying amount of other intangible assets in the income statement, and (iii) present crypto assets measured at fair value separately from other intangible assets on the balance sheet. Prior to the adoption of ASU 2023-08, the Company's bitcoin investment was subject to impairment losses if the fair value decreased below the carrying value during the assessed period. Impairment losses on the Company's bitcoin investment could not be recovered for any subsequent increases in fair value until the asset was sold. Upon adoption of ASU 2023-08, the Company recognized a cumulative-effect adjustment increasing bitcoin value and retained earnings by $30.5 million as of the beginning of fiscal year 2023.

The Company’s bitcoin investment is initially recorded at cost, inclusive of transaction costs, and the Company uses the ‘first-in, first-out’ method to determine the cost basis. Subsequently, the Company remeasures its bitcoin investment 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 consolidated statements of operations. For the year ended December 31, 2025, the Company has purchased an approximate cumulative $41.1 million in bitcoin for investment purposes. For the years ended December 31, 2025 and 2024, the Company recognized a loss of $55.9 million and gain of $420.9 million, respectively, from the remeasurement of the Company's bitcoin investment.

The Company’s bitcoin for operating purposes is initially recorded at cost, inclusive of transaction costs, and the Company uses ‘first-in, first-out’ as its method of determining the cost basis. Subsequent to purchase, any sales related to bitcoin occur at its current market price, plus a small margin. As such, any change in fair value of bitcoin purchased and sold for customer orders is captured within bitcoin ecosystem revenue. Given the small amount of bitcoin for operating purposes held at any time, and that the bitcoin is held for a relatively short period of time, typically being purchased and sold within a day, the changes in fair value are not material to the Company.

Bitcoin trades in an active market which is not centrally managed or provided by one particular exchange. We determine the fair value of bitcoin at each period end in accordance with ASC 820, Fair Value Measurement, based on observed prices from active exchanges that the Company has determined are its principal market for bitcoin.

Refer to Note 12, Other Consolidated Balance Sheet Components (Non-Current) and Note 13, Bitcoin, for more information.

Bitcoin Held for Other Parties

The Company adopted the SEC's Staff Accounting Bulletin No. 121 ("SAB 121"), in June 2022. SAB 121 expressed the views of the SEC staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for users of its crypto platform and requires entities that hold crypto-assets on behalf of platform users to recognize a liability to reflect the entity’s obligation to safeguard the crypto-assets held for its platform users.

In January 2025, the SEC staff released Staff Accounting Bulletin No. 122 (“SAB 122”), which rescinded SAB 121. The Company early adopted SAB 122 as of December 31, 2024, resulting in the Company derecognizing the previously recognized safeguarding obligation liability related to bitcoin held for other parties and the corresponding safeguarding asset related to bitcoin held for other parties. Refer to the Recent Accounting Pronouncements section below for further information.
Property and Equipment

Property and equipment are recorded at historical cost less accumulated depreciation, which is computed on a straight-line basis over the asset’s estimated useful life. The estimated useful lives of property and equipment are described below:

Property and EquipmentUseful Life
Capitalized software18 months
Computer and data center equipment
Three years
Furniture and fixturesSeven years
Leasehold improvements
Lesser of ten years or remaining lease term

Capitalized Software

The Company capitalizes certain costs incurred in developing internal-use software when capitalization requirements have been met. Costs prior to meeting the capitalization requirements are expensed as incurred. Capitalized costs are included in property and equipment, net, and amortized on a straight-lined basis over the estimated useful life of the software and included in product development costs on the consolidated statements of operations.

Leases

The Company leases office space and equipment under non-cancellable finance and operating leases with various expiration dates.

The Company determines whether an arrangement is a lease for accounting purposes at contract inception. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized at the present value of the future lease payments, generally for the base noncancellable lease term, at the lease commencement date for each lease. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate because the interest rate implicit in most of the Company's leases is not readily determinable. The Company's incremental borrowing rate is estimated to approximate the interest rate that the Company would pay to borrow on a collateralized basis with similar terms and payments as the lease, and in economic environments where the leased asset is located. Operating lease ROU assets also include any prepaid lease payments and lease incentives. The Company's lease agreements generally contain lease and non-lease components. The Company applies the practical expedient to account for the lease and non-lease components as a single lease component for all leases, where applicable. Non-lease components primarily include payments for maintenance and utilities. The Company includes the fixed non-lease components in the determination of the ROU assets and operating lease liabilities. Variable lease payments that are not based on a rate or index are not included in the calculation of the ROU asset and lease liability, and they are recognized as lease expense in the period in which the obligation for those payments is incurred. Variable lease payments predominantly relate to variable operating expenses, taxes, parking, and electricity. The Company records the amortization of the ROU asset and the accretion of lease liability as a component of rent expense in the consolidated statements of operations.

The Company evaluates ROU assets related to leases for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount of a ROU asset may not be recoverable. When a decision has been made to exit a lease prior to the contractual term or to sublease that space, the Company evaluates the asset for impairment and recognizes the associated impact to the ROU asset and related expense, if applicable. The evaluation is performed at the asset group level initially and when appropriate, at the lowest level of identifiable cash flows, which is at the individual lease level. Undiscounted cash flows expected to be generated by the related ROU assets are estimated over the ROU assets’ useful lives. If the evaluation indicates that the carrying amount of the ROU assets may not be recoverable, any potential impairment is measured based upon the fair value of the related ROU asset or asset group as determined by appropriate valuation techniques. For the periods presented, the Company recorded no material impairment charges.
When lease agreements provide allowances for leasehold improvements, the Company assesses whether it is the owner of the leasehold improvements for accounting purposes. When the Company concludes that it is the owner, it capitalizes the leasehold improvement assets and recognizes the related depreciation expense on a straight-line basis over the lesser of the lease term or the estimated useful life of the asset. Additionally, the Company recognizes the amounts of allowances to be received from the lessor as a reduction of the lease liability and the associated ROU asset. When the Company concludes that it is not the owner, the payments that the Company makes towards the leasehold improvements are accounted as a component of the lease payments.

Business Combinations

The purchase price of an acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition dates. The excess of total consideration over the fair values of the assets acquired and the liabilities assumed is recorded as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments would be recorded on the consolidated statements of operations.

Goodwill and Long-Lived Assets, including Acquired Intangible Assets

The Company evaluates the recoverability of property and equipment and finite-lived intangible assets for impairment whenever events or circumstances indicate that the carrying amounts of such assets may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated. If the carrying amount of the long–lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third–party independent appraisals, as considered necessary. For the periods presented, the Company recorded no material impairment charges related to intangible assets.

The Company performs a goodwill impairment test annually on December 31 and more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the reporting unit’s fair value. The Company first assesses qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount and determine whether further action is needed. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary.

Acquired intangible assets consist of acquired technology and customer relationships associated with various acquisitions. Acquired technology is amortized over its estimated useful life on a straight-line basis and included as a component of cost of revenue on the consolidated statements of operations. Acquired customer relationships and other intangible assets are amortized on a straight-line basis over their estimated useful lives, and included as a component of operating expenses on the consolidated statements of operations. The Company evaluates the remaining estimated useful life of its intangible assets being amortized on an ongoing basis to determine whether events and circumstances warrant a revision to the remaining period of amortization.

Customers Payable

Customers payable represents the transaction amounts, less revenue earned by the Company, owed to sellers or Cash App customers. The payable amount consists of amounts owed to customers due to timing differences as the Company typically settles within one business day, amounts held by the Company in accordance with its risk management policies, and amounts held for customers who have not yet linked a bank account. This balance also includes the Company's liability for customer funds held on deposit in Cash App and balances related to Square Card.
Accrued Transaction Losses

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, disputes between a seller and their customer, or due to fraudulent transactions. Accrued transaction losses also include estimated losses on Cash App activity related to peer-to-peer payments sent from a credit card, Cash App Business, and Cash App Card. 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 Company also considers other relevant market data in developing such estimates and assumptions. Additions to the reserve are reflected in current operating results, while realized losses are offset against the reserve. These amounts are classified within transaction, loan, and consumer receivable losses on the consolidated statements of operations, except for the amounts associated with the peer-to-peer service offered to Cash App customers for free that are classified within sales and marketing expenses as the Company considers these to be marketing costs to encourage the usage of Cash App.

Share Repurchases

Share repurchases under the Company's share repurchase authorization 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 Company's policy is to deduct the par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in capital.

Segments

The Company reports its segments to reflect the manner in which the Company's chief operating decision maker ("CODM") reviews and assesses performance. The Company's CODM is the Block Head and Chairperson. The Company has two reportable segments, Square and Cash App. Products and services that are not assigned to a specific reportable segment, including, but not limited to, TIDAL and other emerging ecosystems, are aggregated and presented within a general corporate and other category. Square and Cash App are defined as follows:

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

•    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.

Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update ("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 impacts the Company’s annual disclosures only, which are reflected in herein. Refer to Note 15, Income Taxes for further details.
Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Clarifying the Effective Date ("ASU 2025-01"). The amendments are intended to enhance disclosures regarding an entity’s costs and expenses by requiring additional disaggregated information disclosures about certain income statement expense line items. The amendments, as clarified by ASU 2025-01, are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the effect of adopting the new disclosure requirements.

In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). The amendments are intended to clarify and modernize the accounting for costs related to internal-use software. The guidance removes all references to project stages and clarifies the threshold entities apply to begin capitalizing costs. The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Company does not expect the adoption to have a material impact on the Company's financial statements.

In July 2025, the FASB issued ASU No. 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). The amendments allow an entity to apply a practical expedient when estimating expected credit losses, which assumes that the current conditions as of the balance sheet date will not change for the remaining life of the accounts receivable and contract assets arising from contracts with customers. The amendments are effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years, with early adoption permitted. If the practical expedient is elected, the amendments should be applied prospectively. The Company does not expect the adoption to have a material impact on the Company's financial statements.
v3.25.4
REVENUE
 12 Months Ended
Dec. 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):
Year Ended December 31,
202520242023
Revenue from contracts with customers:
Commerce enablement revenue$10,100,198 $9,298,307 $8,618,519 
Financial solutions revenue2,260,121 2,165,553 2,003,765 
Bitcoin ecosystem revenue8,502,787 10,357,783 9,668,322 
Revenue from other sources: (i)
Commerce enablement revenue1,413,964 1,214,146 911,521 
Financial solutions revenue1,916,613 1,085,264 713,496 
Total net revenue$24,193,683 $24,121,053 $21,915,623 

(i) Revenue from other sources relates to revenue generated from the Company's Square Loans, Cash App Borrow loans, consumer receivables originated through, and affiliate relationship revenue from, our BNPL products, interest income earned on customer funds, and interest income earned on funds held by Square Financial Services, Inc., which is a Utah state-chartered industrial loan company ("Square Financial Services").
v3.25.4
INVESTMENTS IN DEBT SECURITIES
 12 Months Ended
Dec. 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 in debt securities as of December 31, 2025 and December 31, 2024 were as follows (in thousands):
December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$19,017 $18 $— $19,035 
Corporate bonds58,954 165 — 59,119 
Commercial paper92,655 — — 92,655 
Municipal securities130 — — 130 
Certificates of deposit2,211 — — 2,211 
U.S. government securities343,923 707 (3)344,627 
Total$516,890 $890 $(3)$517,777 
Long-term debt securities:
Corporate bonds$81,332 $139 $(2)$81,469 
Municipal securities7,167 28 (244)6,951 
U.S. government securities99,981 486 — 100,467 
Total$188,480 $653 $(246)$188,887 

December 31, 2024
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 December 31, 2025 and 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):
December 31, 2025
Less than 12 monthsGreater than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$17 $— $— $— $17 $— 
Corporate bonds3,508 — — — 3,508 — 
U.S. government securities11,998 (3)— — 11,998 (3)
Total$15,523 $(3)$— $— $15,523 $(3)
Long-term debt securities:
Corporate bonds$4,539 $(2)$— $— $4,539 $(2)
Municipal securities3,274 (98)1,235 (146)4,509 (244)
Total$7,813 $(100)$1,235 $(146)$9,048 $(246)

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 December 31, 2025 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$516,890 $517,777 
Due after one year to five years181,313 181,936 
Due after five years
7,167 6,951 
Total$705,370 $706,664 
CUSTOMER FUNDS
The following table presents the assets underlying customer funds (in thousands):
December 31,
2025		December 31,
2024
Cash$3,663,727 $3,195,253 
Cash equivalents:
Money market funds— 4,645 
Reverse repurchase agreement (i)
1,108,097 982,974 
Total customer funds$4,771,824 $4,182,872 

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

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.
v3.25.4
CUSTOMER FUNDS
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
CUSTOMER FUNDS INVESTMENTS IN DEBT SECURITIES
The Company's short-term and long-term investments in debt securities as of December 31, 2025 and December 31, 2024 were as follows (in thousands):
December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$19,017 $18 $— $19,035 
Corporate bonds58,954 165 — 59,119 
Commercial paper92,655 — — 92,655 
Municipal securities130 — — 130 
Certificates of deposit2,211 — — 2,211 
U.S. government securities343,923 707 (3)344,627 
Total$516,890 $890 $(3)$517,777 
Long-term debt securities:
Corporate bonds$81,332 $139 $(2)$81,469 
Municipal securities7,167 28 (244)6,951 
U.S. government securities99,981 486 — 100,467 
Total$188,480 $653 $(246)$188,887 

December 31, 2024
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 December 31, 2025 and 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):
December 31, 2025
Less than 12 monthsGreater than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$17 $— $— $— $17 $— 
Corporate bonds3,508 — — — 3,508 — 
U.S. government securities11,998 (3)— — 11,998 (3)
Total$15,523 $(3)$— $— $15,523 $(3)
Long-term debt securities:
Corporate bonds$4,539 $(2)$— $— $4,539 $(2)
Municipal securities3,274 (98)1,235 (146)4,509 (244)
Total$7,813 $(100)$1,235 $(146)$9,048 $(246)

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 December 31, 2025 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$516,890 $517,777 
Due after one year to five years181,313 181,936 
Due after five years
7,167 6,951 
Total$705,370 $706,664 
CUSTOMER FUNDS
The following table presents the assets underlying customer funds (in thousands):
December 31,
2025		December 31,
2024
Cash$3,663,727 $3,195,253 
Cash equivalents:
Money market funds— 4,645 
Reverse repurchase agreement (i)
1,108,097 982,974 
Total customer funds$4,771,824 $4,182,872 

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

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 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):
December 31, 2025December 31, 2024
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$608,807 $— $— $857,196 $— $— 
U.S. government securities4,963 — — 26,951 — — 
Commercial paper— 64,805 — — 509 — 
Corporate bonds— 276 — — — — 
Restricted Cash:
Money market funds293,514 — — 319,800 — — 
Customer funds:
Money market funds— — — 4,645 — — 
Reverse repurchase agreement1,108,097 — — 982,974 — — 
Short-term debt securities:
U.S. government securities344,627 — — 206,785 — — 
Corporate bonds— 59,119 — — 160,390 — 
U.S. agency securities— 19,035 — — 34,468 — 
Commercial paper— 92,655 — — 333 — 
Municipal securities— 130 — — 399 — 
Certificates of deposit— 2,211 — — 1,051 — 
Long-term debt securities:
U.S. government securities100,467 — — 223,258 — — 
Corporate bonds— 81,469 — — 195,344 — 
U.S. agency securities— — — — 49,030 — 
Municipal securities— 6,951 — — 4,345 — 
Other:
Bitcoin investment
777,515 — — 792,282 — — 
Investment in marketable equity securities5,225 — — 5,407 — — 
Total$3,243,215 $326,651 $— $3,419,298 $445,869 $— 

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):
December 31, 2025December 31, 2024
Carrying ValueFair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$998,827 $993,144 $996,017 $960,589 
2030 Senior Notes1,185,533 1,209,528 — — 
2031 Senior Notes992,372 932,095 990,971 873,868 
2032 Senior Notes1,977,734 2,057,081 1,975,026 1,999,220 
2033 Senior Notes987,581 1,013,732 — — 
2025 Convertible Notes— — 999,497 991,941 
2026 Convertible Notes574,432 566,103 572,723 533,154 
2027 Convertible Notes572,539 530,171 571,202 497,517 
Total$7,289,018 $7,301,854 $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):
December 31, 2025December 31, 2024
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$782,966 $812,658 $1,111,107 $1,112,746 
Loans held for investment3,382,957 3,445,631 365,062 382,542 
Total$4,165,923 $4,258,289 $1,476,169 $1,495,288 
    
For the years ended December 31, 2025, 2024, and 2023, the Company recorded incremental charges for the excess of amortized cost over the fair value of the loans of $263.0 million, $290.2 million, and $111.2 million, respectively. To determine the fair value of the loans held for sale, the Company utilizes discounted cash flow valuation modeling, taking into account the probability of default and estimated timing and amounts of periodic repayments. In estimating the expected timing and amounts of the future periodic repayments for the loans outstanding, the Company considered other relevant market data in developing such estimates and assumptions. As of December 31, 2025, there were no material changes to the Company's estimates of fair value, and the Company will continue to evaluate facts and circumstances that could impact its estimates and affect its results of operations in future periods.
    
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 years ended December 31, 2025, 2024, and 2023, the Company did not have any transfers in or out of Level 1, Level 2, or Level 3 assets or liabilities.
v3.25.4
CONSUMER RECEIVABLES, NET
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
CONSUMER RECEIVABLES, NET CONSUMER RECEIVABLES, NET
Consumer receivables represent amounts due from consumers for outstanding installment payments on orders processed using the Company's BNPL products. Further discussed in Note 1, Description of Business and Summary of Significant Accounting Policies, 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 rated 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 December 31, 2025, the amortized cost of Pass rated consumer receivables was $2.8 billion and the amount of Classified consumer receivables was $131.0 million.

The following table presents an aging analysis of the amortized cost of consumer receivables by delinquency status (in thousands):
December 31, 2025December 31, 2024
Non-delinquent loans$2,416,017 $2,227,348 
1 - 60 days past due363,165 369,173 
61 - 90 days past due29,984 29,334 
90+ days past due101,021 80,817 
Total amortized cost$2,910,187 $2,706,672 

The amount listed as 1 - 60 days past due in the above table includes $245.4 million and $266.7 million of cash in transit as of December 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 consolidated statements of operations in the period they were recovered. The amount of recoveries for the year ended December 31, 2025 and December 31, 2024 were immaterial.

The following table summarizes activity in the consumer receivable allowance for credit losses (in thousands):
Year Ended December 31,
20252024
Allowance for credit losses, beginning of the period
$201,793 $185,275 
Provision for credit losses333,845 293,921 
Charge-offs and other adjustments(302,626)(271,727)
Foreign exchange effect6,853 (5,676)
Allowance for credit losses, end of the period$239,865 $201,793 
CUSTOMER LOANS
Customer loans primarily consist of Square Loans, Cash App Borrow, and Afterpay Post-Purchase products. Square Loans are originated by the Company’s wholly-owned subsidiary, Square Financial Services, to qualified Square sellers. The majority of Square Loans are sold to third-party investors with a portion retained on the Company’s balance sheet. Cash App Borrow and Afterpay Post-Purchase are credit products for consumers that allow customers to access short-term loans for a fee. Historically, these loans were originated through a partnership with a third-party industrial bank, from whom the Company purchased the loans obtaining all rights, title, and interest, and were classified as held for sale on the Company’s balance sheet. Beginning in the second quarter of 2025, the Company also began originating Cash App Borrow and Afterpay Post-Purchase loans through Square Financial Services, which are retained on the Company’s balance sheet and classified as held for investment. Beginning July 1, 2025, Cash App Borrow loans, Afterpay Post-Purchase loans, and certain other customer loan products purchased from the partnership with the third party, along with all customer loan products originated through Square Financial Services, are retained on the Company's balance sheet and classified as held for investment.

The Company classifies customer loans as held for investment when the Company has both the intent and ability to hold them for the foreseeable future, until maturity, or until payoff. Customer loans are classified as held for sale when there is an available market for such loans and it is the Company’s intent to sell all of its rights, title, and interest in these loans to third-party investors. The Company’s intent and ability in the future may change based on changes in the business strategies, the economic environment, and market conditions.

The Company categorizes loans held for investment and loans held for sale by the intended customer of the loan product. Commercial loans primarily include Square Loans; Consumer loans include Cash App Borrow, Afterpay Post-Purchase and Pay Monthly loans; and Other loans include those outside of consumer and commercial loans such as Square credit card.

Loans Held for Investment

Loans held for investment are recorded at amortized cost, less an allowance for potential uncollectible amounts. Amortized cost basis represents principal amounts outstanding, net of unearned income, unamortized deferred fees and costs on originated loans, premiums or discounts on purchased loans, and charge-offs. When loans are charged off, the related accrued interest receivable is recognized as a credit loss expense. The following table presents the Company's loans held for investment by category (in thousands):
Year Ended December 31, 2025
ConsumerCommercialOtherTotal
Amortized cost basis$3,182,624 $481,757 $101,437 $3,765,818 
Allowance for credit losses(340,117)(33,602)(9,142)(382,861)
Total loans held for investment, net of allowance$2,842,507 $448,155 $92,295 $3,382,957 

The following table presents the Company's loans held for investment allowance for credit losses by category (in thousands):
Year Ended December 31, 2025
ConsumerCommercialOtherTotal
Beginning balance of the allowance for credit losses
$— $23,143 $— $23,143 
Current period provisions for expected credit losses
515,326 36,580 9,446 561,352 
Write-offs charged against the allowance
(182,497)(33,625)(333)(216,455)
Recoveries of amounts previously written off
7,288 7,504 29 14,821 
Ending balance of the allowance for credit losses
$340,117 $33,602 $9,142 $382,861 

As of December 31, 2024, the Company held $365.1 million of Commercial loans held for investment, net of allowance of $23.1 million. The amount of charge-offs recorded and amount of recoveries for the year ended December 31, 2024 were immaterial.
The Company considers Square Loans that are greater than 60 days past due to be delinquent, and Square Loans 90 days or more past due to be nonperforming. Square Loans that are 120 days or more past due are generally considered to be uncollectible and are written off. When a Square Loan is identified as nonperforming, recognition of income is discontinued. Square 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. Cash App Borrow and Afterpay Post-Purchase loans that are 1 day or greater past due are considered delinquent, and those that are 90 days or more past due are generally considered to be uncollectible and written off. As of December 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 Square Loans generally consist of loans that are current or up to 60 days past due. Classified Square Loans generally comprise of loans that are greater than 60 days past due and have a higher risk of default. Pass rated Cash App Borrow and Afterpay Post-Purchase loans generally consist of loans that are current. Classified rated Cash App Borrow and Afterpay Post-Purchase loans are comprised of loans that are 1 day or greater past due, due to their short-term nature and repayment period, and have a higher risk of default. Internal risk ratings are reviewed and, generally, updated at least annually. As of December 31, 2025 and 2024, the amortized cost of Pass rated loans was $3.4 billion and $385.2 million, respectively. As of December 31, 2025, the amortized cost of Classified rated loans was $381.0 million. The amount of Classified rated loans was immaterial as of December 31, 2024.

Loans Held For Sale

The following table presents the Company’s loans held for sale by category (in thousands):
December 31, 2025December 31, 2024
Commercial$708,512 $404,844 
Consumer40,735 652,489 
Other 33,719 53,774 
Total $782,966 $1,111,107 

Loans held for sale are recorded at the lower of amortized cost or fair value. Square Loans that are 120 days or more past due, and Cash App Borrow and Afterpay Post-Purchase 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 the contractual terms of the loans.

For the years ended December 31, 2025 and 2024, $4.5 billion and $4.2 billion of Square Loans were sold to third-party investors, respectively, and the Company recognized net gains on the sales of loans of $255.8 million and $236.8 million for the same periods. The net gains on sales of loans are recognized in net income through “Financial solutions revenue” in the Company’s consolidated statements of operations.
v3.25.4
CUSTOMER LOANS
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
CUSTOMER LOANS CONSUMER RECEIVABLES, NET
Consumer receivables represent amounts due from consumers for outstanding installment payments on orders processed using the Company's BNPL products. Further discussed in Note 1, Description of Business and Summary of Significant Accounting Policies, 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 rated 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 December 31, 2025, the amortized cost of Pass rated consumer receivables was $2.8 billion and the amount of Classified consumer receivables was $131.0 million.

The following table presents an aging analysis of the amortized cost of consumer receivables by delinquency status (in thousands):
December 31, 2025December 31, 2024
Non-delinquent loans$2,416,017 $2,227,348 
1 - 60 days past due363,165 369,173 
61 - 90 days past due29,984 29,334 
90+ days past due101,021 80,817 
Total amortized cost$2,910,187 $2,706,672 

The amount listed as 1 - 60 days past due in the above table includes $245.4 million and $266.7 million of cash in transit as of December 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 consolidated statements of operations in the period they were recovered. The amount of recoveries for the year ended December 31, 2025 and December 31, 2024 were immaterial.

The following table summarizes activity in the consumer receivable allowance for credit losses (in thousands):
Year Ended December 31,
20252024
Allowance for credit losses, beginning of the period
$201,793 $185,275 
Provision for credit losses333,845 293,921 
Charge-offs and other adjustments(302,626)(271,727)
Foreign exchange effect6,853 (5,676)
Allowance for credit losses, end of the period$239,865 $201,793 
CUSTOMER LOANS
Customer loans primarily consist of Square Loans, Cash App Borrow, and Afterpay Post-Purchase products. Square Loans are originated by the Company’s wholly-owned subsidiary, Square Financial Services, to qualified Square sellers. The majority of Square Loans are sold to third-party investors with a portion retained on the Company’s balance sheet. Cash App Borrow and Afterpay Post-Purchase are credit products for consumers that allow customers to access short-term loans for a fee. Historically, these loans were originated through a partnership with a third-party industrial bank, from whom the Company purchased the loans obtaining all rights, title, and interest, and were classified as held for sale on the Company’s balance sheet. Beginning in the second quarter of 2025, the Company also began originating Cash App Borrow and Afterpay Post-Purchase loans through Square Financial Services, which are retained on the Company’s balance sheet and classified as held for investment. Beginning July 1, 2025, Cash App Borrow loans, Afterpay Post-Purchase loans, and certain other customer loan products purchased from the partnership with the third party, along with all customer loan products originated through Square Financial Services, are retained on the Company's balance sheet and classified as held for investment.

The Company classifies customer loans as held for investment when the Company has both the intent and ability to hold them for the foreseeable future, until maturity, or until payoff. Customer loans are classified as held for sale when there is an available market for such loans and it is the Company’s intent to sell all of its rights, title, and interest in these loans to third-party investors. The Company’s intent and ability in the future may change based on changes in the business strategies, the economic environment, and market conditions.

The Company categorizes loans held for investment and loans held for sale by the intended customer of the loan product. Commercial loans primarily include Square Loans; Consumer loans include Cash App Borrow, Afterpay Post-Purchase and Pay Monthly loans; and Other loans include those outside of consumer and commercial loans such as Square credit card.

Loans Held for Investment

Loans held for investment are recorded at amortized cost, less an allowance for potential uncollectible amounts. Amortized cost basis represents principal amounts outstanding, net of unearned income, unamortized deferred fees and costs on originated loans, premiums or discounts on purchased loans, and charge-offs. When loans are charged off, the related accrued interest receivable is recognized as a credit loss expense. The following table presents the Company's loans held for investment by category (in thousands):
Year Ended December 31, 2025
ConsumerCommercialOtherTotal
Amortized cost basis$3,182,624 $481,757 $101,437 $3,765,818 
Allowance for credit losses(340,117)(33,602)(9,142)(382,861)
Total loans held for investment, net of allowance$2,842,507 $448,155 $92,295 $3,382,957 

The following table presents the Company's loans held for investment allowance for credit losses by category (in thousands):
Year Ended December 31, 2025
ConsumerCommercialOtherTotal
Beginning balance of the allowance for credit losses
$— $23,143 $— $23,143 
Current period provisions for expected credit losses
515,326 36,580 9,446 561,352 
Write-offs charged against the allowance
(182,497)(33,625)(333)(216,455)
Recoveries of amounts previously written off
7,288 7,504 29 14,821 
Ending balance of the allowance for credit losses
$340,117 $33,602 $9,142 $382,861 

As of December 31, 2024, the Company held $365.1 million of Commercial loans held for investment, net of allowance of $23.1 million. The amount of charge-offs recorded and amount of recoveries for the year ended December 31, 2024 were immaterial.
The Company considers Square Loans that are greater than 60 days past due to be delinquent, and Square Loans 90 days or more past due to be nonperforming. Square Loans that are 120 days or more past due are generally considered to be uncollectible and are written off. When a Square Loan is identified as nonperforming, recognition of income is discontinued. Square 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. Cash App Borrow and Afterpay Post-Purchase loans that are 1 day or greater past due are considered delinquent, and those that are 90 days or more past due are generally considered to be uncollectible and written off. As of December 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 Square Loans generally consist of loans that are current or up to 60 days past due. Classified Square Loans generally comprise of loans that are greater than 60 days past due and have a higher risk of default. Pass rated Cash App Borrow and Afterpay Post-Purchase loans generally consist of loans that are current. Classified rated Cash App Borrow and Afterpay Post-Purchase loans are comprised of loans that are 1 day or greater past due, due to their short-term nature and repayment period, and have a higher risk of default. Internal risk ratings are reviewed and, generally, updated at least annually. As of December 31, 2025 and 2024, the amortized cost of Pass rated loans was $3.4 billion and $385.2 million, respectively. As of December 31, 2025, the amortized cost of Classified rated loans was $381.0 million. The amount of Classified rated loans was immaterial as of December 31, 2024.

Loans Held For Sale

The following table presents the Company’s loans held for sale by category (in thousands):
December 31, 2025December 31, 2024
Commercial$708,512 $404,844 
Consumer40,735 652,489 
Other 33,719 53,774 
Total $782,966 $1,111,107 

Loans held for sale are recorded at the lower of amortized cost or fair value. Square Loans that are 120 days or more past due, and Cash App Borrow and Afterpay Post-Purchase 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 the contractual terms of the loans.

For the years ended December 31, 2025 and 2024, $4.5 billion and $4.2 billion of Square Loans were sold to third-party investors, respectively, and the Company recognized net gains on the sales of loans of $255.8 million and $236.8 million for the same periods. The net gains on sales of loans are recognized in net income through “Financial solutions revenue” in the Company’s consolidated statements of operations.
v3.25.4
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
The following table details property and equipment, less accumulated depreciation and amortization (in thousands):
December 31,
2025		December 31,
2024
Capitalized software$453,569 $362,418 
Computer equipment245,740 254,742 
Leasehold improvements131,681 126,221 
Office furniture and equipment30,265 27,706 
Total861,255 771,087 
Less: Accumulated depreciation and amortization(537,880)(456,655)
Property and equipment, net$323,375 $314,432 
Depreciation and amortization expense on property and equipment was $177.0 million, $153.1 million, and $172.8 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
GOODWILL
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL GOODWILL
Goodwill is recorded when the consideration paid for an acquisition of a business exceeds the fair value of identifiable net tangible and intangible assets acquired.

The change in the carrying value of goodwill was as follows (in thousands):
Balance at December 31, 2023$11,919,720 
Foreign currency translation adjustments(428,790)
Impairment charge(73,508)
Balance at December 31, 2024$11,417,422 
Foreign currency translation adjustments431,596 
Balance at December 31, 2025$11,849,018 

As discussed further in Note 20, Segment and Geographical Information, the Company has two reportable segments, Square and Cash App. For purposes of completing its goodwill impairment tests, the Company performs either a qualitative or a quantitative analysis on a reporting unit basis. In the fourth quarter of 2024, the Company performed quantitative goodwill impairment testing of its reporting units and recognized impairment charges of $73.5 million, related to the TIDAL reporting unit. The impairment charges were as a result of changes in TIDAL's strategic focus, including terminations of certain revenue arrangements and investment into new product areas. These charges are included within general and administrative expenses in the Company's consolidated statements of operations. The fair value of the TIDAL reporting unit was estimated by evaluating the cost approach, based on the value of the reporting unit's net assets, and the income approach, which was based upon the present value of estimated future cash flows. The Company performed its annual goodwill impairment assessment as of December 31, 2025 and concluded no goodwill impairment should be recognized.

The change in the carrying value of goodwill allocated to the reportable segments was as follows (in thousands):
Cash AppSquareCorporate and OtherTotal
Balance at December 31, 2023$6,651,128 $5,195,099 $73,493 $11,919,720 
Foreign currency translation adjustments(236,041)(192,764)15 (428,790)
Impairment charge— — (73,508)(73,508)
Balance at December 31, 2024$6,415,087 $5,002,335 $— $11,417,422 
Foreign currency translation adjustments237,784 193,812 — 431,596 
Balance at December 31, 2025$6,652,871 $5,196,147 $— $11,849,018 
v3.25.4
ACQUIRED INTANGIBLE ASSETS
 12 Months Ended
Dec. 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 December 31, 2025
Weighted Average Estimated Useful LifeCostAccumulated AmortizationNet
Technology assets5 years$359,008 $(297,960)$61,048 
Customer assets15 years1,401,701 (391,100)1,010,601 
Trade names and other9 years389,137 (179,116)210,021 
Total$2,149,846 $(868,176)$1,281,670 

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):
Year Ended December 31,
202520242023
Acquired intangible assets, net, beginning of the period$1,433,067 $1,761,521 $2,014,034 
Acquisitions5,217 7,536 6,300 
Amortization expense(192,579)(223,072)(246,873)
Foreign currency translation and other adjustments35,965 (112,918)(11,940)
Acquired intangible assets, net, end of the period$1,281,670 $1,433,067 $1,761,521 

The estimated future amortization expense of intangible assets as of December 31, 2025 is as follows (in thousands):
2026$184,557 
2027140,993 
2028137,205 
2029136,575 
2030133,175 
Thereafter549,165 
Total$1,281,670 
v3.25.4
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT)
 12 Months Ended
Dec. 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):
December 31,
2025		December 31,
2024
Restricted cash (i)
$1,071,574 $902,478 
Loans held for sale (ii)
782,966 1,111,107 
Processing costs receivable448,406 478,767 
Prepaid expenses288,707 129,343 
Accounts receivable, net238,207 148,898 
Inventory, net158,319 104,990 
Short term deposits110,236 87,968 
Other491,510 324,198 
Total$3,589,925 $3,287,749 

(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.

The following table presents the detail of inventory, net (in thousands):
December 31,
2025		December 31,
2024
Raw materials
$16,054 $16,168 
Work in process
46,791 3,784 
Finished goods
95,474 85,038 
Total inventory, net
$158,319 $104,990 

Accrued Expenses and Other Current Liabilities

The following table presents the detail of accrued expenses and other current liabilities (in thousands):
December 31,
2025		December 31,
2024
Accrued expenses$669,052 $725,339 
Customer deposits297,432 241,884 
Accounts payable114,572 117,963 
Operating lease liabilities, current55,349 52,880 
Accrued royalties51,596 57,605 
Accrued transaction losses (i)
49,250 58,580 
Other301,642 270,898 
Total$1,538,893 $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):
Year Ended December 31,
20252024
Accrued transaction losses, beginning of the period$58,580 $54,042 
Provision for transaction losses114,173 111,163 
Charge-offs to accrued transaction losses(123,503)(106,625)
Accrued transaction losses, end of the period$49,250 $58,580 

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 $265.8 million and $274.8 million for the years ended December 31, 2025 and 2024, respectively, for such losses. Losses from peer-to-peer activity are classified within sales and marketing expenses, while all other transaction losses, including negative balances, are presented within transaction, loan, and consumer receivable losses on the consolidated statements of operations.
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)
Other Non-Current Assets

The following table presents the detail of other non-current assets (in thousands):
December 31,
2025		December 31,
2024
Investment in non-marketable equity securities (i)
$423,198 $245,557 
Restricted cash73,786 69,915 
Other257,853 131,794 
Total$754,837 $447,266 

(i) Investment in non-marketable equity securities represents the Company's investments in equity of non-public entities. These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. During the year ended December 31, 2025, one of the Company's investments closed on an additional financing round, which the Company assessed as an observable price change in an orderly transaction. The Company recorded a $171.6 million upward adjustment to the carrying value of this investment, resulting in a carrying value of $329.8 million as of December 31, 2025. Adjustments are recorded within other expense (income), net on the 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):
December 31,
2025		December 31,
2024
Carrying amount, beginning of period$245,557 $205,268 
Net additions6,001 4,500 
Gross unrealized gains171,640 70,702 
Gross unrealized losses and impairments— (34,913)
Carrying amount, end of period$423,198 $245,557 
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):
December 31,
2025		December 31,
2024
Upward adjustments$326,970 $155,329 
Downward adjustments (including impairment)$(2,061)$(2,061)
v3.25.4
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)
 12 Months Ended
Dec. 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):
December 31,
2025		December 31,
2024
Restricted cash (i)
$1,071,574 $902,478 
Loans held for sale (ii)
782,966 1,111,107 
Processing costs receivable448,406 478,767 
Prepaid expenses288,707 129,343 
Accounts receivable, net238,207 148,898 
Inventory, net158,319 104,990 
Short term deposits110,236 87,968 
Other491,510 324,198 
Total$3,589,925 $3,287,749 

(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.

The following table presents the detail of inventory, net (in thousands):
December 31,
2025		December 31,
2024
Raw materials
$16,054 $16,168 
Work in process
46,791 3,784 
Finished goods
95,474 85,038 
Total inventory, net
$158,319 $104,990 

Accrued Expenses and Other Current Liabilities

The following table presents the detail of accrued expenses and other current liabilities (in thousands):
December 31,
2025		December 31,
2024
Accrued expenses$669,052 $725,339 
Customer deposits297,432 241,884 
Accounts payable114,572 117,963 
Operating lease liabilities, current55,349 52,880 
Accrued royalties51,596 57,605 
Accrued transaction losses (i)
49,250 58,580 
Other301,642 270,898 
Total$1,538,893 $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):
Year Ended December 31,
20252024
Accrued transaction losses, beginning of the period$58,580 $54,042 
Provision for transaction losses114,173 111,163 
Charge-offs to accrued transaction losses(123,503)(106,625)
Accrued transaction losses, end of the period$49,250 $58,580 

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 $265.8 million and $274.8 million for the years ended December 31, 2025 and 2024, respectively, for such losses. Losses from peer-to-peer activity are classified within sales and marketing expenses, while all other transaction losses, including negative balances, are presented within transaction, loan, and consumer receivable losses on the consolidated statements of operations.
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)
Other Non-Current Assets

The following table presents the detail of other non-current assets (in thousands):
December 31,
2025		December 31,
2024
Investment in non-marketable equity securities (i)
$423,198 $245,557 
Restricted cash73,786 69,915 
Other257,853 131,794 
Total$754,837 $447,266 

(i) Investment in non-marketable equity securities represents the Company's investments in equity of non-public entities. These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. During the year ended December 31, 2025, one of the Company's investments closed on an additional financing round, which the Company assessed as an observable price change in an orderly transaction. The Company recorded a $171.6 million upward adjustment to the carrying value of this investment, resulting in a carrying value of $329.8 million as of December 31, 2025. Adjustments are recorded within other expense (income), net on the 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):
December 31,
2025		December 31,
2024
Carrying amount, beginning of period$245,557 $205,268 
Net additions6,001 4,500 
Gross unrealized gains171,640 70,702 
Gross unrealized losses and impairments— (34,913)
Carrying amount, end of period$423,198 $245,557 
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):
December 31,
2025		December 31,
2024
Upward adjustments$326,970 $155,329 
Downward adjustments (including impairment)$(2,061)$(2,061)
v3.25.4
BITCOIN
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
BITCOIN BITCOIN
A) Company Owned Bitcoin

Bitcoin investment

The Company's bitcoin investment is initially recorded at cost, inclusive of transaction costs, and remeasured at fair value at the end of each reporting period. As of December 31, 2025 and 2024, the Company held approximately 8,883 and 8,485 bitcoins for investment purposes with a cost basis of $292.6 million and $251.5 million, respectively.

The following table summarizes the changes in the Company’s bitcoin investment (in thousands, except number of bitcoin):
Amount of bitcoin
Value
Balance at December 31, 20238,038 $339,898 
Additions (i)
447 31,466 
Remeasurement gain— 420,918 
Balance at December 31, 20248,485 $792,282 
Additions (i)
398 41,133 
Remeasurement loss— (55,900)
Balance at December 31, 20258,883 $777,515 

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

Bitcoin for operating purposes

The Company holds a small amount of bitcoin for operating purposes, at any time, to facilitate the purchases and sales of bitcoin on behalf of Cash App customers. The bitcoin for operating purposes is reflected on the consolidated balance sheets within “Other current assets”. As of December 31, 2025 and 2024, the Company held approximately 238 and 158 bitcoins for operating purposes with a fair value of $20.0 million and $15.3 million, respectively.

Given the Company holds a small amount of bitcoin for operating purposes and such bitcoin is held for only a short period, typically less than a day, any remeasurement gains or losses on the Company's bitcoin for operating purposes were immaterial.
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 December 31, 2025.
v3.25.4
INDEBTEDNESS
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
A) Notes

The 2025 Convertible Notes, 2026 Convertible Notes, and 2027 Convertible Notes (collectively, the “Convertible Notes”), together with the 2026 Senior Notes, 2030 Senior Notes, 2031 Senior Notes, 2032 Senior Notes, and 2033 Senior Notes (collectively, the "Senior Notes") are collectively referred to as the “Notes".

The following tables summarize the Company's Notes as of December 31, 2025 and December 31, 2024 (in thousands):
December 31, 2025
Principal OutstandingUnamortized Debt Issuance CostsNet Carrying Value
2026 Senior Notes (i)
$1,000,000 $(1,173)$998,827 
2030 Senior Notes1,200,000 (14,467)1,185,533 
2031 Senior Notes1,000,000 (7,628)992,372 
2032 Senior Notes2,000,000 (22,266)1,977,734 
2033 Senior Notes1,000,000 (12,419)987,581 
2026 Convertible Notes (i)
575,000 (568)574,432 
2027 Convertible Notes575,000 (2,461)572,539 
Total$7,350,000 $(60,982)$7,289,018 
December 31, 2024
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 consolidated balance sheet.

The Company recognized interest expense on the Notes as follows (in thousands):
Year Ended December 31,
202520242023
Contractual interest expense$241,003 $148,425 $65,566 
Amortization of debt issuance costs
11,927 11,964 10,538 
Total$252,930 $160,389 $76,104 

Senior Unsecured Notes due in 2026 and 2031

On May 20, 2021, the Company issued $2.0 billion in aggregate principal amount of senior unsecured notes comprised of $1.0 billion in aggregate principal amount of senior unsecured notes due 2026 ("2026 Senior Notes") and $1.0 billion in aggregate principal amount of senior unsecured notes due 2031 ("2031 Senior Notes"). The 2026 Senior Notes mature on June 1, 2026, unless earlier redeemed or repurchased, and bear interest at a rate of 2.75% payable semi-annually on June 1 and December 1 of each year. The 2031 Senior Notes mature on June 1, 2031, unless earlier redeemed or repurchased, and bear interest at a rate of 3.50% payable semi-annually on June 1 and December 1 of each year. The 2026 Senior Notes and 2031 Senior Notes are subject to optional redemption provisions. At any time prior to May 1, 2026, in the case of the 2026 Senior Notes, and March 1, 2031, in the case of the 2031 Senior Notes, the Company may redeem the applicable series in whole or part at a price equal to 100% of the principal amount of the notes to be redeemed plus an applicable premium and accrued and unpaid interest, if any, to but excluding the redemption date. The applicable premium for any note is the greater of: (i) 1.0% of the principal amount of such note, and (ii) the excess, if any, of (a) the present value at the redemption date of all scheduled payments of interest plus principal on such note (excluding accrued but unpaid interest, if any, to, but excluding, the redemption date) computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points, over (b) the principal amount of such note. At any time on or after May 1, 2026, in the case of the 2026 Senior Notes, and March 1, 2031, in the case of the 2031 Senior Notes, the Company may redeem the notes of the applicable series in whole or part at a price of 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest, if any, to but excluding the redemption date. If the Company experiences a change of control triggering event (as defined in the applicable indenture), the Company must offer to repurchase the 2026 Senior Notes or 2031 Senior Notes, as applicable, at a repurchase price equal to 101% of the principal amount of the applicable notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. In the event of default, the trustee or holders of at least 25% in aggregate principal amount of the applicable series of outstanding Senior Notes under the applicable indenture may declare all of the notes of the applicable series to be due and immediately payable. If the event of default is the result of specified events of bankruptcy, insolvency or reorganization, all of the notes of the applicable series will become due without any declaration or action by the trustee or holders. If there is a default in the payment of interest, the Company shall pay the defaulted interest plus, to the extent lawful, interest payable on the defaulted interest at the rate provided in the applicable indenture.
Debt issuance costs related to the 2026 Senior Notes and 2031 Senior Notes were comprised of discounts and commissions payable to the initial purchasers of $22.5 million and third-party offering costs of $5.7 million. Issuance costs are amortized to interest expense using the effective interest method at an effective interest rate of 3.06% and 3.69% for each of the respective terms of the 2026 Senior Notes and 2031 Senior Notes, respectively.

Senior Unsecured Notes due in 2030 and 2033

On August 18, 2025, the Company issued $2.2 billion in aggregate principal amount of senior unsecured notes, comprised of $1.2 billion in aggregate principal amount of senior notes due 2030 ("2030 Senior Notes") and $1.0 billion in aggregate principal amount of senior notes due 2033 ("2033 Senior Notes"). The 2030 Senior Notes mature on August 15, 2030, unless earlier redeemed or repurchased, and bear interest at a rate of 5.625% payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2026. The 2033 Senior Notes mature on August 15, 2033, unless earlier redeemed or repurchased, and bear interest at a rate of 6.000% payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2026. At any time prior to August 15, 2027, in the case of the 2030 Senior Notes, and at any time prior to August 15, 2028, in the case of the 2033 Senior Notes, the Company may redeem the applicable series, in whole or part, at a price equal to 100% of the principal amount of the notes to be redeemed plus an applicable premium and accrued and unpaid interest, if any, to but excluding the redemption date. The applicable premium for the 2030 Senior Notes and the 2033 Senior Notes, respectively, is the greater of (1) 1.0% of the principal amount of such series of notes, and (2) the excess, if any, of (a) the sum of the present values at the redemption date of (i) the applicable redemption price of such note that would apply if such note were redeemed on August 15, 2027, in the case of the 2030 Senior Notes, and August 15, 2028, in the case of the 2033 Senior Notes, plus (ii) the remaining scheduled payments of interest due on such note to, and including, August 15, 2027, in the case of the 2030 Senior Notes, and August 15, 2028, in the case of the 2033 Senior Notes, (excluding accrued but unpaid interest to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate (as defined in the applicable indenture) plus 50 basis points, over (b) the principal amount of such note to be redeemed. On and after August 15, 2027, in the case of the 2030 Senior Notes, and August 15, 2028, in the case of the 2033 Senior Notes, the Company may redeem the notes of the applicable series at specified prices as set forth in the applicable indenture plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company experiences a change of control triggering event (as defined in the applicable indenture), the Company must offer to repurchase the 2030 Senior Notes or 2033 Senior Notes, as applicable, at a repurchase price equal to 101% of the principal amount of the applicable notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

The indentures governing the 2030 Senior Notes and 2033 Senior Notes each contain covenants that, among other things, restrict the ability of the Company and/or its domestic restricted subsidiaries to create certain liens and certain indebtedness, enter into sale and leaseback transactions, or to transfer all or substantially all of the Company and its subsidiaries assets to another person. These covenants are subject to a number of other limitations and exceptions, each as set forth in the applicable indenture governing the 2030 Senior Notes and 2033 Senior Notes.

The indentures governing the 2030 Senior Notes and 2033 Senior Notes, as applicable, each provide for customary events of default, including, but not limited to, failure to pay principal and interest, failure to comply with covenants, agreements or conditions, and certain events of bankruptcy or insolvency involving the Company and its significant subsidiaries. In the case of an event of default arising from specified events of bankruptcy or insolvency involving the Company, all outstanding notes of the applicable series will become due and payable immediately without further action or notice. If any other event of default under the indenture governing the applicable notes occurs or is continuing, the trustee or holders of at least 25% in aggregate principal amount of the outstanding applicable notes may declare all the applicable notes to be due and payable immediately.

Aggregate debt issuance costs related to the 2030 Senior Notes and 2033 Senior Notes were comprised of commissions payable to the initial purchasers of $22.0 million and third-party offering costs of $6.3 million. Issuance costs are amortized to interest expense using the effective interest method at effective interest rates of 5.9% and 6.2% for the terms of the 2030 Senior Notes and 2033 Senior Notes, respectively.
Senior Unsecured Notes due 2032

On May 9, 2024, the Company issued $2.0 billion in aggregate principal amount of senior unsecured notes due 2032 ("2032 Senior Notes"). The 2032 Senior Notes mature on May 15, 2032, unless earlier redeemed or repurchased, and bear interest at a rate of 6.50% payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2024. At any time prior to May 15, 2027, the Company may redeem the 2032 Senior Notes, in whole or part, at a price equal to 100% of the principal amount of the 2032 Senior Notes to be redeemed plus an applicable premium and accrued and unpaid interest, if any, to but excluding the redemption date. The applicable premium for the 2032 Senior Notes is the greater of (1) 1.0% of the principal amount of such note, and (2) the excess, if any, of (a) the sum of the present values at the redemption date of (i) the applicable redemption price of such note that would apply if such note were redeemed on May 15, 2027 plus (ii) the remaining scheduled payments of interest due on such note to, and including, May 15, 2027 (excluding accrued but unpaid interest to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate (as defined in the indenture governing the 2032 Senior Notes) plus 50 basis points, over (b) the principal amount of such note to be redeemed. On and after May 15, 2027, the Company may redeem the 2032 Senior Notes at specified prices as set forth in the indenture governing the 2032 Senior Notes plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company experiences a change of control triggering event (as defined in the indenture governing the 2032 Senior Notes), the Company must offer to repurchase the 2032 Senior Notes at a repurchase price equal to 101% of the principal amount of the applicable 2032 Senior Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. In the event of default, the trustee or holders of at least 25% in aggregate principal amount of the outstanding 2032 Senior Notes under the indenture governing the 2032 Senior Notes may declare all of the notes of the 2032 Senior Notes to be due and immediately payable. If the event of default is the result of specified events of bankruptcy, insolvency or reorganization, all of the 2032 Senior Notes will become due without any declaration or action by the trustee or holders. If there is a default in the payment of interest, the Company shall pay the defaulted interest plus, to the extent lawful, interest payable on the defaulted interest at the rate provided in the indenture governing the 2032 Senior Notes.

The indenture governing the 2032 Senior Notes contains covenants that, among other things, restrict the ability of the Company and/or its domestic restricted subsidiaries to create certain liens and certain indebtedness, enter into sale and leaseback transactions, or to transfer all or substantially all of the Company and its subsidiaries assets to another person. These covenants are subject to a number of other limitations and exceptions set forth in the indenture governing the 2032 Senior Notes.

The indenture governing the 2032 Senior Notes provides for customary events of default, including, but not limited to, failure to pay principal and interest, failure to comply with covenants, agreements or conditions, and certain events of bankruptcy or insolvency involving the Company and its significant subsidiaries. In the case of an event of default arising from specified events of bankruptcy or insolvency involving the Company, all outstanding 2032 Senior Notes will become due and payable immediately without further action or notice. If any other event of default under the indenture governing the 2032 Senior Notes occurs or is continuing, the trustee or holders of at least 25% in aggregate principal amount of the outstanding 2032 Senior Notes may declare all the 2032 Senior Notes to be due and payable immediately.

Debt issuance costs related to the 2032 Senior Notes were comprised of commissions payable to the initial purchasers of $21.0 million and third-party offering costs of $5.6 million. Issuance costs are amortized to interest expense using the effective interest method at an effective interest rate of 6.7% for the term of the 2032 Senior 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.
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. Both the 2026 Convertible Notes and 2027 Convertible Notes are convertible at an initial conversion rate of 3.3430 shares of the Company's Class A common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $299.13 per share of Class A common stock. Holders may convert their relevant series of notes at any time prior to the close of business on the business day immediately preceding February 1, 2026 and August 1, 2027 for the 2026 Convertible Notes and 2027 Convertible Notes, respectively, only under the following circumstances: (i) during any calendar quarter, commencing after the calendar quarter ending on March 31, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period (the "measurement period") in which the trading price (as defined in the indenture governing the 2026 Convertible Notes and 2027 Convertible Notes) per $1,000 principal amount of 2026 Convertible Notes and 2027 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day; (iii) if the Company calls any or all of the 2026 Convertible Notes and 2027 Convertible Notes for redemption, such relevant series of notes called for redemption may be converted at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate events, including certain distributions, the occurrence of a fundamental change (as defined in the indenture governing the 2026 Convertible Notes and 2027 Convertible Notes) or a transaction resulting in the Company’s Class A common stock converting into other securities or property or assets. In addition, upon occurrence of the specified corporate events prior to the maturity date, the Company would increase the conversion rate for a holder who elects to convert their relevant series of notes in connection with such an event in certain circumstances. On or after February 1, 2026 in the case of the 2026 Convertible Notes, and on or after August 1, 2027 in the case of the 2027 Convertible Notes, up until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder of the relevant series of notes may convert all or any portion of its 2026 Convertible Notes or 2027 Convertible Notes regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its Class A common stock, or a combination of cash and shares of its Class A common stock, at the Company’s election. On or after November 5, 2023 for the 2026 Convertible Notes, and on or after November 5, 2024 for the 2027 Convertible Notes, the Company may redeem all or a portion of each series of convertible notes for cash at its option, if the last reported sale price of the Company's Class A common stock has been at least 130% of the conversion price for the relevant series of notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2026 Convertible Notes and 2027 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

The circumstances to allow the holders to convert their 2026 Convertible Notes and 2027 Convertible Notes were not met during the year ended December 31, 2025. As of December 31, 2025, no principal had converted and the if-converted value did not exceed the outstanding principal amount of either the 2026 Convertible Notes or 2027 Convertible Notes.
Convertible Note Hedge and Warrant Transactions

In connection with the offering of the 2027 Convertible Notes, the Company entered into convertible note hedge transactions ("2027 Convertible Note Hedges") with certain financial institution counterparties ("2027 Note Hedge Counterparties") whereby the Company has the option to purchase a total of approximately 1.9 million shares of its Class A common stock at a price of approximately $299.13 per share. The total cost of the 2027 convertible note hedge transactions was $104.3 million. In addition, the Company sold warrants ("2027 Warrants") to the 2027 Note Hedge Counterparties whereby the 2027 Note Hedge Counterparties have the option to purchase a total of 1.9 million shares of the Company’s Class A common stock at a price of approximately $414.18 per share for the 2027 Warrants. The Company received $68.0 million in cash proceeds from the sale of the 2027 Warrants. Taken together, the purchase of the 2027 Convertible Note Hedges and sale of the 2027 Warrants are intended to reduce dilution from the conversion of the 2027 Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted 2027 Convertible Notes, as the case may be, and to effectively increase the overall conversion price from approximately $299.13 per share to approximately $414.18 per share for the 2027 Warrants. As these instruments are considered indexed to the Company's own stock and are considered equity classified, the 2027 Convertible Note Hedges and 2027 Warrants are recorded in stockholders’ equity, are not accounted for as derivatives, and are not remeasured each reporting period. The net costs incurred in connection with the 2027 Convertible Note Hedges and 2027 warrant transactions were recorded as a reduction to additional paid-in capital on the consolidated balance sheets.

In connection with the offering of the 2026 Convertible Notes, the Company entered into convertible note hedge transactions ("2026 Convertible Note Hedges") with certain financial institution counterparties ("2026 Note Hedge Counterparties") whereby the Company has the option to purchase a total of approximately 1.9 million shares of its Class A common stock at a price of approximately $299.13 per share. The total cost of the 2026 Convertible Note Hedges was $84.6 million. In addition, the Company sold warrants ("2026 Warrants") to the 2026 Note Hedge Counterparties whereby the 2026 Note Hedge Counterparties have the option to purchase a total of 1.9 million shares of the Company’s Class A common stock at a price of approximately $368.16 per share for the 2026 Warrants. The Company received $64.6 million in cash proceeds from the sale of the 2026 Warrants. Taken together, the purchase of the 2026 Convertible Note Hedges and sale of the 2026 Warrants are intended to reduce dilution from the conversion of the 2026 Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted 2026 Convertible Notes, as the case may be, and to effectively increase the overall conversion price from approximately $299.13 per share to approximately $368.16 per share for the 2026 Warrants. As these instruments are considered indexed to the Company's own stock and are considered equity classified, the 2026 Convertible Note Hedges and 2026 Warrants are recorded in stockholders’ equity, are not accounted for as derivatives, and are not remeasured each reporting period. The net costs incurred in connection with the 2026 Convertible Note Hedges and 2026 Warrants were recorded as a reduction to additional paid-in capital on the consolidated balance sheets.

In connection with the offering of the 2025 Convertible Notes, the Company entered into convertible note hedge transactions ("2025 Convertible Note Hedges"). As of December 31, 2025, the 2025 Convertible Note Hedges were completely settled and no longer outstanding and did not result in the receipt of common stock shares. In addition, the warrants entered into in connection with the issuance of the 2025 Convertible Notes expired evenly over a 60 trading day period starting on June 2, 2025 and ending on August 26, 2025. None of the warrants were exercised over the trading day period.
B) Revolving Credit Facility

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 December 31, 2025, no funds have been drawn and no letters of credit have been issued under the Credit Agreement. As of December 31, 2025, $775.0 million remained available for draw subject to compliance with our covenants. The Company incurred immaterial unused commitment fees during the years ended December 31, 2025, 2024, and 2023. As of December 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.

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

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

C) Square Financial Services Lines of Credit

The Company also has uncommitted and unsecured lines of credit with certain third-party banks for short-term liquidity needs, subject to availability of funds, through Square Financial Services. There were no outstanding balances as of December 31, 2025 and 2024.
D) Warehouse Funding Facilities

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

These Warehouse Facilities have maturity dates through September 2028. As of December 31, 2025, the aggregate amount of the Warehouse Facilities, using the respective exchange rates at period-end, was $1.7 billion on a revolving basis, of which $1.4 billion was drawn and $323.9 million remained available. All Warehouse Facilities contain portfolio parameters based on performance of the underlying consumer receivables, which each respective region has satisfied as of December 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 $49.4 million, $72.0 million, and $65.9 million for the years ended December 31, 2025, 2024, and 2023, 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):
December 31,
2025
2026 (i)
$466,942 
2027597,941 
2028300,000 
Total$1,364,883 

(i) Future scheduled principal payments in 2026 are disclosed as warehouse funding facilities, current, within total current liabilities on the consolidated balance sheet.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The domestic and foreign components of income (loss) before income taxes were as follows (in thousands):
Year Ended December 31,
202520242023
Domestic$1,509,181 $1,332,836 $(30,304)
Foreign180,730 24,318 1,161 
Income (loss) before income taxes$1,689,911 $1,357,154 $(29,143)
The components of the provision for income taxes were as follows (in thousands):
Year Ended December 31,
202520242023
Current:
Federal$(26,436)$46,390 $12,003 
State24,468 38,489 14,351 
Foreign52,631 71,590 51,506 
Total current provision for income taxes50,663 156,469 77,860 
Deferred:
Federal339,239 (1,481,491)(58,532)
State49,517 (189,913)(25,072)
Foreign(53,718)5,592 (2,275)
Total deferred tax provision for (benefit from) income taxes335,038 (1,665,812)(85,879)
Total provision for (benefit from) income taxes$385,701 $(1,509,343)$(8,019)

The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows (in thousands, except percentages):
Year Ended December 31, 2025
Tax at federal statutory rate$357,813 21.2 %
State and local taxes, net of federal benefit (i)
72,230 4.3 
Foreign tax effects
Ireland
Change in valuation allowance(55,904)(3.3)
Other4,958 0.3 
Other foreign jurisdictions27,402 1.6 
Effect of cross border tax laws
Subpart F inclusion
21,872 1.3 
Other
3,819 0.2 
Tax credits
Research and development credits(55,885)(3.3)
Changes in valuation allowance(2,160)(0.1)
Non-taxable or non-deductible items
Share-based compensation13,371 0.8 
Other18,975 1.1 
Changes in unrecognized tax benefits
(13,605)(0.8)
Other(7,185)(0.5)
Total$385,701 22.8 %

(i) A multitude of states contribute to the majority (greater than 50%) of the tax effect in this category, however there is no single jurisdiction that is individually material to the state tax expense.
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
December 31,
2024		December 31,
2023
Tax at federal statutory rate21.0 %21.0 %
State taxes, net of federal benefit3.9 45.9 
Foreign rate differential1.4 (175.6)
Other non-deductible expenses2.7 (21.7)
Credits(4.8)292.9 
Other items0.1 (2.2)
Change in valuation allowance0.4 11.2 
Share-based compensation(2.7)(16.1)
Change in uncertain tax positions1.3 (27.4)
Income (loss) inclusions of U.S. foreign subsidiaries0.9 (216.5)
Non-deductible executive compensation0.2 (9.2)
Non-deductible acquisition-related costs— (15.0)
Foreign exchange gain0.1 174.1 
Impairment loss2.1 (60.8)
Return to provision adjustments0.3 26.9 
U.S. valuation allowance release(96.3)— 
Internal restructuring(44.4)— 
Non-deductible penalties2.6 — 
Total(111.2)%27.5 %

The following is a summary of income taxes paid for the year ended December 31, 2025 (in thousands):
Year Ended December 31, 2025
Federal$35,000 
State and local
California19,465 
Other state and local31,869 
Foreign
United Kingdom33,665 
Other foreign9,391 
Total income taxes, net of amounts refunded$129,390 
The tax effects of temporary differences and related deferred tax assets and liabilities were as follows (in thousands):
December 31,
2025		December 31,
2024
Deferred tax assets:
Capitalized costs & research and development capitalization$300,263 $886,474 
Accrued expenses229,327 122,470 
Net operating loss carryforwards548,336 388,199 
Tax credit carryforwards530,468 485,266 
Intangible and other assets291,363 375,316 
Other213,070 250,371 
Total deferred tax assets2,112,827 2,508,096 
Valuation allowance(557,063)(646,223)
Total deferred tax assets, net of valuation allowance1,555,764 1,861,873 
Deferred tax liabilities:
Unrealized gain on investments(80,433)(36,582)
Operating lease right-of-use asset(52,419)(52,849)
Cryptocurrency investment(121,309)(133,883)
Total deferred tax liabilities(254,161)(223,314)
Net deferred tax assets
$1,301,603 $1,638,559 
Reported on the consolidated balance sheets as (after valuation allowance and jurisdictional netting):
Deferred tax assets$1,302,776 $1,800,994 
Deferred tax liabilities(1,173)(162,435)
Net deferred tax assets$1,301,603 $1,638,559 

Realization of deferred tax assets is dependent upon the generation of future taxable income, the timing and amount of which are uncertain. The Company's deferred tax assets and liabilities are primarily related to U.S. operations. In 2025, the Company's U.S. consolidated group generated a current tax benefit resulting from, among other factors, the One Big Beautiful Bill Act (H.R. 1), which no longer requires the capitalization of certain research and development expenses under Internal Revenue Code ("IRC") Section 174. The Company's U.S. consolidated group has significant deferred tax assets in the form of net operating loss carryovers, tax credit carryovers, capitalized costs resulting from the IRC Section 174 capitalization requirement, and other tax deductible temporary differences.

The Company has maintained a valuation allowance on certain federal deferred tax assets in the form of loss carryovers that have federal limits or restrictions on utilization, foreign tax credit carryovers, and capital losses which do not have sufficient evidence of future income of the appropriate character to recognize. Further, the Company has maintained a full valuation allowance against its California deferred tax assets, which consist primarily of tax loss carryovers and tax credit carryovers. The Company does not have sufficient evidence of future income to realize the California deferred tax assets on a more likely than not basis.

The Company also has a history of tax losses in certain foreign jurisdictions, which it believes are not more likely than not to be realized as of December 31, 2025. Accordingly, the Company retained a full valuation allowance on its deferred tax assets in these jurisdictions. The amount of deferred tax assets considered realizable in future periods may change as management continues to reassess the underlying factors it uses in estimating future taxable income. The valuation allowance decreased by approximately $89.2 million and $1.4 billion during the years ended December 31, 2025 and 2024, respectively. The year ended December 31, 2024 included one-time benefits from income taxes of $1.9 billion related to both the release of the Company's valuation allowance associated with certain federal and state deferred tax assets as well as the recognition of deferred tax assets as part of internal legal entity restructuring efforts.
As of December 31, 2025, the Company had $1.4 billion of federal, $3.9 billion of state, and $755.7 million of foreign net operating loss carryforwards. The remaining federal net operating loss carryforwards have no expiration date. The state operating losses will begin to expire in 2030 and the foreign net operating loss carryforwards will begin to expire in 2026. As of December 31, 2025, the Company had $478.4 million of federal, $300.5 million of state, and $33.4 million of foreign research credit carryforwards. The remaining federal research credit carryforwards will begin to expire in 2038. The state and foreign credit carryforwards have no expiration date.
Utilization of the net operating loss carryforwards and credits may be subject to annual limitations due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before they are able to be utilized. The Company does not expect any previous ownership changes, as defined under Section 382 and 383 of the Internal Revenue Code, to result in an ultimate limitation that will materially reduce the total amount of net operating loss carryforwards and credits that can be utilized.
As of December 31, 2025, the Company had unrecognized tax benefits of $626.8 million, of which $69.1 million would impact the annual effective tax rate if recognized and the remainder of which would result in a corresponding adjustment to the valuation allowance.
The change in the balance of unrecognized tax benefit was as follows (in thousands):
Year Ended December 31,
202520242023
Unrecognized tax benefit, beginning of the period$633,589 $465,103 $506,512 
Gross increases (decreases) related to prior period tax positions(24,004)34,050 (7,348)
Gross increases (decreases) related to current period tax positions27,221 139,217 (30,063)
Reductions related to lapse of statute of limitations(10,051)(4,781)(3,998)
Unrecognized tax benefit, end of the period$626,755 $633,589 $465,103 

The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. The Company had total accrued interest and penalties of $22.0 million, $23.8 million, and $22.1 million related to uncertain tax positions for the years ended December 31, 2025, 2024, and 2023, respectively.
The Company is subject to taxation in the United States and various state and foreign jurisdictions. The Company is currently under examination in California for tax years 2013, 2014, and 2016 and in Texas for tax years 2015 to 2019 and Illinois for tax years 2022 and 2023. The Company’s various tax years starting with 2009 to 2024 remain open in various taxing jurisdictions.
v3.25.4
STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Common Stock

The Company has two classes of authorized common stock outstanding: Class A common stock and Class B common stock. Class A common stock and Class B common stock are referred to as "common stock" throughout these Notes to the Consolidated Financial Statements, unless otherwise noted. Holders of the Company's Class A common stock and Class B common stock are entitled to dividends when, as and if, declared by the Company's board of directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. As of December 31, 2025, the Company did not declare any dividends. Holders of shares of Class A common stock are entitled to one vote per share, while holders of shares of Class B common stock are entitled to ten votes per share. Shares of the Company's Class B common stock are convertible into an equivalent number of shares of its Class A common stock and generally convert into shares of its Class A common stock upon transfer. The holders of Class A common stock and Class B common stock have no preemptive or other subscription rights and there are no redemption or sinking fund provisions with respect to such shares.
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 exercised, and no shares were received as of December 31, 2025.

Warrants

In conjunction with the 2025 Convertible Notes offering, the Company sold the 2025 Warrants whereby the counterparties had the option to purchase a total of approximately 8.3 million shares of the Company’s Class A common stock at a price of $161.34 per share. The 2025 Warrants expired evenly over a 60 trading day period starting on June 1, 2025 and ending on August 26, 2025. None of the warrants were exercised.

In conjunction with the 2026 Convertible Notes offering, the Company sold the 2026 Warrants whereby the counterparties have the option to purchase a total of approximately 1.9 million shares of the Company’s Class A common stock at a price of $368.16 per share. The 2026 Warrants expire evenly over a 60 trading day period starting on August 1, 2026. None of the warrants were exercised as of December 31, 2025.

In conjunction with the 2027 Convertible Notes offering, the Company sold the 2027 Warrants whereby the counterparties have the option to purchase a total of approximately 1.9 million shares of the Company’s Class A common stock at a price of $414.18 per share. The 2027 Warrants expire evenly over a 60 trading day period starting on February 1, 2028. None of the warrants were exercised as of December 31, 2025.

Share Repurchase Program

In November 2025, the board of directors of the Company authorized an increase to the Company's share repurchase program to repurchase up to an additional $5 billion of the Company's Class A common stock, for a total authorization of $9 billion. During the year ended December 31, 2025, the Company repurchased 36.5 million shares of its Class A common stock for an aggregate amount of $2.3 billion, excluding excise tax, which were immaterial. As of December 31, 2025, $5.3 billion remained available and authorized for repurchases under this share repurchase program.

Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company’s discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.

Stock Plans

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

Under the 2025 Plan, shares of the Company's Class A common stock are reserved for the issuance of incentive and nonstatutory stock options (ISOs and NSOs, respectively), stock appreciation rights ("SARs"), restricted stock awards, restricted stock units ("RSUs"), performance awards, and other stock and cash-based awards to eligible employees, directors, and consultants. The awards must be granted at a price per share not less than the fair market value at the date of grant. A maximum aggregate of 80,000,000 shares were reserved for issuance pursuant to awards under the 2025 Plan. As of December 31, 2025, there were 31.7 million shares outstanding under the 2015 Plan and 76.2 million shares available for future issuance under our 2025 Plan.
A summary of stock option activity for the year ended December 31, 2025 is as follows (in thousands, except share and per share data):
Number of Stock Options OutstandingWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
Outstanding, beginning of the period2,578 $72.17 5.11$67,966 
Granted1,769 55.66 
Exercised(514)25.83 
Forfeited— — 
Expired(76)143.45 
Outstanding, end of the period3,757 $69.29 6.95$29,151 
Exercisable, end of the period1,947 $78.37 5.27$15,377 

Aggregate intrinsic value represents the difference between the Company’s estimated fair value of its common stock and the exercise price of outstanding, in-the-money options. Aggregate intrinsic value for stock options exercised for the years ended December 31, 2025, 2024, and 2023 was $20.2 million, $145.1 million, and $96.1 million, respectively.

The total weighted-average grant-date fair value of options granted was $28.62, $45.81, and $39.13 per share for the years ended December 31, 2025, 2024, and 2023, respectively.

Restricted Stock Activity

Activity related to RSUs during the year ended December 31, 2025 is set forth below:
Number of
Shares		Weighted
Average Grant
Date Fair Value
Unvested, beginning of the period37,079 $70.51 
Granted19,273 64.19 
Vested(16,829)72.60 
Forfeited(8,236)67.42 
Unvested, end of the period31,287 $66.31 

The total fair value of shares vested was $1.2 billion, $1.2 billion, and $873.0 million in the years ended December 31, 2025, 2024, and 2023, respectively.

Employee Stock Purchase Plan

The Block, Inc. Amended and Restated 2015 Employee Stock Purchase Plan ("ESPP") was approved by stockholders on June 17, 2025. The ESPP allows eligible employees to purchase shares of the Company’s Class A common stock at a discount through payroll deductions of up to 25% of eligible compensation, subject to any plan limitations. The ESPP provides for 12-month offering periods that commence on the first trading day on or after May 15 and November 15 of each year. Each offering period includes two purchase periods, which commence on the first trading day on or after November 15 and May 15, and terminate on the last trading day on or before May 15 and November 15, respectively. Employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or the last trading day of the applicable purchase period. A maximum aggregate of 34,000,000 shares of the Company's Class A common stock are available for purchase under the ESPP. As of December 31, 2025, 12.5 million shares had been purchased under the ESPP and 21.5 million shares remained available for future purchase under the ESPP.
Share-Based Compensation

The fair values of stock options granted were estimated using the following weighted-average assumptions:
Year Ended December 31,
202520242023
Dividend yield— %— %— %
Risk-free interest rate3.98 %4.65 %3.48 %
Expected volatility57.91 %62.92 %62.32 %
Expected term (years)4.626.026.02

The following table summarizes the effects of share-based compensation on the consolidated statements of operations (in thousands):
Year Ended December 31,
202520242023
Cost of revenue$545 $707 $601 
Product development874,680 903,262 902,130 
Sales and marketing114,390 131,233 130,665 
General and administrative225,865 237,355 242,701 
Total$1,215,480 $1,272,557 $1,276,097 

The Company recorded a tax expense related to stock-based compensation of $26.5 million during the year ended December 31, 2025 and a tax benefit related to stock-based compensation of $322.0 million and $228.2 million during the years ended December 31, 2024 and 2023, respectively.

The Company recorded $38.3 million, $25.0 million, and $63.3 million of share-based compensation expense related to the Company's Amended and Restated 2015 Employee Stock Purchase Plan during the years ended December 31, 2025, 2024 and 2023, respectively. The Company capitalized $31.8 million, $41.2 million, and $30.9 million of share-based compensation expense related to capitalized software during the years ended December 31, 2025, 2024, and 2023, respectively.
    
As of December 31, 2025, there was $2.1 billion of total unrecognized compensation cost related to outstanding stock options and restricted stock awards that are expected to be recognized over a weighted-average period of 2 years.
v3.25.4
NET INCOME (LOSS) PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
NET INCOME PER SHARE NET INCOME (LOSS) PER SHARE
The Company computes net income (loss) per share attributable to our common stockholders using the two-class method required for multiple classes of common stock and participating securities. The holders of our Class A and Class B common stock (together, "common stock") have identical liquidation and dividend rights but different voting rights. Accordingly, we present net income (loss) per share for Class A and Class B common stock together.

Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding adjusted for the dilutive effect of all potential shares of common stock. In periods when the Company reported a net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive.
The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except per share data):
Year Ended December 31,
202520242023
Basic net income per share:
Numerator
Net income attributable to common stockholders$1,305,636 $2,897,047 $9,772 
Denominator
Shares used to compute basic net income per share612,243 616,993 608,856 
Basic net income per share$2.13 $4.70 $0.02 
Diluted net income per share:
Numerator
Net income attributable to common stockholders$1,305,636 $2,897,047 $9,772 
Interest expense on convertible notes4,016 6,216 — 
Net income used to compute diluted net income (loss) per share$1,309,652 $2,903,263 $9,772 
Denominator
Shares used to compute basic net income per share612,243 616,993 608,856 
Stock options, restricted stock, and employee stock purchase plan5,392 7,289 5,168 
Convertible notes5,203 12,108 — 
Shares used to compute diluted net income per share622,838 636,390 614,024 
Diluted net income per share$2.10 $4.56 $0.02 

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):
Year Ended December 31,
202520242023
Stock options, restricted stock, and employee stock purchase plan36,268 37,687 40,431 
Convertible notes— — 14,297 
Common stock warrants8,248 12,108 20,243 
Total anti-dilutive securities44,516 49,795 74,971 
v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 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 December 31, 2025, the Company had recorded right-of-use assets of $9.7 million and associated lease liabilities of $14.7 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.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Operating and Finance Leases

The Company’s operating leases are primarily comprised of office facilities. The Company's leases have remaining lease terms of one year to eleven years, some of which include options to extend up to five year terms, or include options to terminate the leases with advanced notice. None of the options to extend the leases have been included in the measurement of the right-of-use asset or the associated lease liability. There were no finance lease obligations as of December 31, 2025.

The components of lease costs for the year ended December 31, 2025 were as follows (in thousands):
Year Ended December 31,
20252024
Fixed operating lease costs$56,379 $57,232 
Variable operating lease costs22,722 22,344 
Short-term lease costs1,504 1,939 
Sublease income(394)(1,119)
Total lease costs$80,211 $80,396 

Other information related to operating leases was as follows:
Year Ended December 31,
20252024
Weighted-average remaining lease term5.4 years6.2 years
Weighted-average discount rate3.83 %3.75 %

Cash flows related to leases were as follows (in thousands):
Year Ended December 31,
20252024
Cash flows from operating activities:
Payments for operating lease liabilities$(71,849)$(74,129)
Supplemental cash flow data:
Right-of-use assets obtained in exchange for operating lease obligations$38,919 $36,976 

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of December 31, 2025 are as follows (in thousands):
2026$66,746 
202767,850 
202861,793 
202955,819 
203051,204 
Thereafter44,333 
Total$347,745 
Less: Amount representing interest34,822 
Less: Lease incentives738 
Total$312,185 

The Company recognized total rental expenses for operating leases of $58.2 million, $52.1 million, and $75.8 million during the years ended December 31, 2025, 2024, and 2023, respectively.
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 December 31, 2025, the future minimum payments under the purchase commitments were as follows (in thousands):
Payments Due By Period
2026$419,504 
2027404,504 
2028355,000 
2029370,000 
2030410,000 
Thereafter392,000 
Total$2,351,008 

Litigation and Regulatory Matters

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

Regulatory and Governmental Matters

The Company received subpoenas from Attorneys General from multiple states, seeking the production of information related to, among other things, Cash App’s handling of customer complaints and disputes. In June 2024, the state Attorneys General presented the Company with the results of their investigations. In December 2024, the state Attorneys General presented the Company with potential terms for resolving this matter and the Company is engaging in conversations with the state Attorneys General to resolve this matter on acceptable terms. 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. It is probable that the Company will incur a loss in connection with this matter, and the loss could be material; however, the Company cannot estimate the amount of possible loss or range of loss at this time.

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.

Litigation Matters

On January 17, 2025, a putative federal securities class action was filed in the U.S. District Court for the Northern District of California against the Company and certain of its officers alleging violations of Sections 10(b) and 20(a) of the Exchange Act on behalf of a putative class of persons who purchased or otherwise acquired the Company’s Class A common stock between February 26, 2020 and August 1, 2024. The plaintiff alleges, among other things, that the Company made materially false or misleading statements regarding its anti-money laundering (“AML”) and compliance programs and seeks unspecified damages, attorneys’ fees and other costs. On June 18, 2025, plaintiffs filed an amended consolidated complaint. On January 6, 2026, the court denied the Company’s motion to dismiss.
In addition, between February 5, 2025 and April 24, 2025, multiple shareholder derivative actions were filed in the U.S. District Court for the Northern District of California against certain of the Company’s current and former directors and officers based on allegations substantially similar to the securities class action. The plaintiffs seek unspecified damages, attorneys' fees and other costs. On May 7, 2025, the Court ordered that the actions were related and renamed the related cases as “In re Block, Inc. Shareholder Derivative Litigation.” On January 6, 2026, the court denied the Company’s motions to dismiss in the derivative actions.

A separate derivative action making similar claims and requesting similar damages was filed on October 9, 2025 in the U.S. District Court for the Northern District of California that has not been consolidated.

It is reasonably possible that the Company will incur a loss in connection with these federal securities and derivative matters, and the loss could be material; however, the Company cannot estimate the amount of loss or range of loss at this time.

Tax Matters

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

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

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

In addition, the Company is subject to various legal matters, investigations, subpoenas, inquiries, audits, claims, lawsuits, arbitrations, and disputes, including with regulatory bodies and governmental agencies. The Company cannot at this time fairly estimate a reasonable range of exposure, if any, of the potential liability, if any, with respect to any of these other matters. Although the Company may be subject to an adverse decision or settlement, it does not believe that the final disposition of any of these other matters will have a material adverse effect on its results of operations, financial position, or liquidity. However, the Company cannot give any assurance regarding the ultimate outcome of any of these matters, and their resolution could be material to the Company's operating results.
v3.25.4
SEGMENT AND GEOGRAPHICAL INFORMATION
 12 Months Ended
Dec. 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, as well as Cash App Borrow, which is a credit product that allows eligible customers to access short-term loans for a fee. Cash App also includes all BNPL products.

•Square includes managed payment services, software solutions, hardware, and financial 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):
Year Ended December 31, 2025
Cash AppSquare
Corporate and Other
Total
Revenue:
Commerce enablement revenue$3,912,171 $7,425,962 $176,029 $11,514,162 
Financial solutions revenue3,165,594 1,011,140 — 4,176,734 
Bitcoin ecosystem revenue8,347,278 14,809 140,700 8,502,787 
Segment revenue
$15,425,043 $8,451,911 $316,729 $24,193,683 
Less: Cost of revenue9,089,500 4,516,870 227,384 13,833,754 
Segment gross profit
$6,335,543 $3,935,041 $89,345 $10,359,929 
Interest revenue$192,054 $38,553 $— $230,607 
Amortization of acquired technology assets$51,553 $5,297 $— $56,850 
Year Ended December 31, 2024
Cash AppSquare
Corporate and Other
Total
Revenue:
Commerce enablement revenue$3,482,648 $6,840,133 $189,672 $10,512,453 
Financial solutions revenue2,409,294 841,523 — 3,250,817 
Bitcoin ecosystem revenue10,355,938 — 1,845 10,357,783 
Segment revenue$16,247,880 $7,681,656 $191,517 $24,121,053 
Less: Cost of revenue11,008,869 4,082,744 140,404 15,232,017 
Segment gross profit
$5,239,011 $3,598,912 $51,113 $8,889,036 
Interest revenue$185,185 $36,837 $— $222,022 
Amortization of acquired technology assets$55,343 $7,726 $5,295 $68,364 

Year Ended December 31, 2023
Cash AppSquare
Corporate and Other
Total
Revenue:
Commerce enablement revenue$2,986,409 $6,343,078 $200,553 $9,530,040 
Financial solutions revenue2,026,955 690,306 — 2,717,261 
Bitcoin ecosystem revenue9,668,322 — — 9,668,322 
Segment revenue$14,681,686 $7,033,384 $200,553 $21,915,623 
Less: Cost of revenue10,358,223 3,904,730 147,784 14,410,737 
Segment gross profit
$4,323,463 $3,128,654 $52,769 $7,504,886 
Interest revenue$142,222 $28,011 $— $170,233 
Amortization of acquired technology assets$56,135 $10,632 $6,062 $72,829 

The following table provides a reconciliation of total segment gross profit to the Company’s income (loss) before applicable income taxes (in thousands):
Year Ended December 31,
202520242023
Total segment gross profit$10,270,584 $8,837,923 $7,452,117 
Add: Corporate and other gross profit89,345 51,113 52,769 
Less: Product development2,907,889 2,914,415 2,720,819 
Less: Sales and marketing2,273,072 1,984,265 2,019,009 
Less: General and administrative1,997,587 2,149,099 2,209,190 
Less: Transaction, loan, and consumer receivable losses1,337,246 794,221 660,663 
Less: Amortization of customer and other intangible assets    135,729 154,709 174,044 
Less: Interest expense (income), net129,363 9,302 (47,221)
Less: Remeasurement loss (gain) on bitcoin investment55,900 (420,918)(207,084)
Less: Other expense (income), net(166,768)(53,211)4,609 
Income (loss) before applicable income taxes$1,689,911 $1,357,154 $(29,143)
Revenue

Revenue by geography is based on the addresses of the sellers or customers. The following table details revenue by geographic area (in thousands):
Year Ended December 31,
202520242023
United States$22,186,575 $22,351,832 $20,416,462 
International2,007,108 1,769,221 1,499,161 
Total$24,193,683 $24,121,053 $21,915,623 

No individual country from the international markets contributed more than 10% of total revenue for the years ended December 31, 2025, 2024, and 2023.

Long-Lived Assets

The following table details long-lived assets by geographic area (in thousands):
December 31,
20252024
United States$7,281,727 $7,435,117 
Australia4,453,807 4,159,229 
International1,933,458 1,790,529 
Total$13,668,992 $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.
v3.25.4
SUPPLEMENTAL CASH FLOW INFORMATION
 12 Months Ended
Dec. 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):
Year Ended December 31,
202520242023
Supplemental cash flow data:
Cash paid for interest$246,331 $205,776 $130,009 
Cash paid for income taxes129,390 270,314 81,376 
Supplemental disclosures of non-cash investing and financing activities:
Unsettled originations of consumer receivables185,781 180,443 261,151 
Right-of-use assets obtained in exchange for operating lease obligations38,919 36,976 7,106 
Purchases of property and equipment in accounts payable and accrued expenses8,806 3,266 3,921 
Deferred purchase consideration related to business combinations— — 2,550 
Fair value of common stock issued related to business combinations— — (6,658)
v3.25.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
On February 26, 2026, we announced a workforce reduction restructuring plan (the “Workforce Plan") designed to better align our organizational structure with our operating model and strategic priorities. As part of the Workforce Plan, we expect to reduce our current workforce by more than 40%. We currently estimate that we will incur charges of approximately $450 million to $500 million in connection with the Workforce Plan, consisting primarily of cash expenditures for notice period and severance payments, employee benefits, and related costs as well as non-cash expenses related to vesting of share-based awards. We expect that the majority of the restructuring charges will be incurred in the first quarter of fiscal 2026, and that the execution of the Workforce Plan will be substantially complete by the end of the second quarter of fiscal 2026. The Company’s estimates are subject to a number of assumptions, and the actual costs incurred may differ materially from those initial estimates.
v3.25.4
Insider Trading Arrangements
shares in Thousands
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the quarterly period ended December 31, 2025, the following directors adopted or modified a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, that are each intended to satisfy the affirmative defense in Rule 10b5-1(c), as follows:

Name and TitleActionDate of Adoption or TerminationExpiration DateMaximum Aggregate Number of Class A Shares to be Sold
Anthony Eisen
Director
Modification (i)
November 28, 2025
November 28, 2026, or earlier if all transactions are completed
710,000
James McKelvey
Director
Adoption
December 1, 2025
March 10, 2027, or earlier if all transactions are completed
1,000,000 (ii)

(i) Modification of the Rule 10b5-1 plan adopted by Director Eisen on February 25, 2025.
(ii) Director McKelvey's Rule 10b5-1 trading arrangement provides for shares to be sold through the James M. McKelvey, Jr. Revocable Trust.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Anthony Eisen [Member]  
Trading Arrangements, by Individual  
Name Anthony Eisen
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 28, 2025
Arrangement Duration 365 days
Aggregate Available 710
James McKelvey [Member]  
Trading Arrangements, by Individual  
Name James McKelvey
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 1, 2025
Arrangement Duration 464 days
Aggregate Available 1,000
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have a cybersecurity risk management program consisting of policies and procedures for assessing, identifying, and managing material risk from cybersecurity threats, and we have integrated these policies and procedures into our overall risk management systems and processes. Our cybersecurity policies and procedures are based on recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards. We routinely assess material risks from cybersecurity threats and regularly assess and update our cybersecurity risk management program in response to emerging trends and changes in our operations.

Our cybersecurity risk management program includes, among other elements:

Identification: We aim to proactively identify sources of risk, areas of impact, and relevant events that could give rise to cybersecurity risks, such as changes to our infrastructure, service providers, personnel, or operational environment.

Assessment: We conduct ongoing and continuous risk assessments to identify cybersecurity threats. We also conduct likelihood and impact assessments with the goal of identifying reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks.

Management: Following our risk assessments, management designs and implements reasonable risk response and reduction initiatives to address any identified security risks, including taking steps to address gaps in our existing controls, processes, and procedures. Our employees participate in cybersecurity training and awareness upon hire and at least annually thereafter as part of management's ongoing risk mitigation efforts. These training and awareness programs are continuously updated with learnings from our risk management practices and the evolution of the threat landscape.

We engage third parties, including consultants and auditors, to evaluate the effectiveness of our risk management program, control environment, and cybersecurity practices through security audits, penetration testing, and other engagements.

We have processes in place to identify, review and evaluate cybersecurity risks associated with our use of third-party service providers. These reviews are conducted at onboarding and periodically throughout the tenure of the service provider based on risk tier rating of each service provider. We believe these processes enable us to evaluate a third-party service provider’s security posture, identify risks that may arise out of our use of the third-party’s service, and make decisions regarding acceptable levels of risk and risk mitigation.
For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents and events, have materially affected or are reasonably likely to materially affect our company, including our business strategy, results of operations, or financial condition, please refer to Item 1A, “Risk Factors,” in this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have a cybersecurity risk management program consisting of policies and procedures for assessing, identifying, and managing material risk from cybersecurity threats, and we have integrated these policies and procedures into our overall risk management systems and processes.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our board of directors recognizes the oversight of risk management as one of its primary responsibilities and central to maintaining an effective, risk-aware and accountable organization.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] While the board of directors maintains ultimate responsibility for the oversight of our data privacy and cybersecurity program and risks, it has delegated certain oversight responsibilities to our audit and risk committee. Our board of directors and audit and risk committee’s principal role is one of oversight, recognizing that management is responsible for the design, implementation, and maintenance of an effective program for protecting against and mitigating data privacy and cybersecurity risks. The audit and risk committee assists the board of directors in enhancing its understanding of data privacy and cybersecurity issues by overseeing our data privacy and information security programs, strategy, policies, processes, and material risks, as well as overseeing responses to security and data incidents, as appropriate.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The full board of directors receives an annual information security update by our Chief Information Security Officer (“CISO”) and an annual privacy update, which covers, among other matters, our privacy and cybersecurity programs and risks. Our audit and risk committee receives updates, at least quarterly, on significant data privacy and security risks, including any significant incidents, relevant industry developments, threat vectors and significant risks identified in risk assessments, periodic penetration tests or vulnerability scans. The board of directors also receives updates that include significant legal and legislative developments concerning data privacy and security, our approach to complying with applicable law, and significant engagement with regulators concerning data privacy and cybersecurity, including maturity of our cybersecurity common controls. Our audit and risk committee provides regular updates to the board of directors on such reports.
Cybersecurity Risk Role of Management [Text Block] Our board of directors and audit and risk committee’s principal role is one of oversight, recognizing that management is responsible for the design, implementation, and maintenance of an effective program for protecting against and mitigating data privacy and cybersecurity risks. The audit and risk committee assists the board of directors in enhancing its understanding of data privacy and cybersecurity issues by overseeing our data privacy and information security programs, strategy, policies, processes, and material risks, as well as overseeing responses to security and data incidents, as appropriate.
The full board of directors receives an annual information security update by our Chief Information Security Officer (“CISO”) and an annual privacy update, which covers, among other matters, our privacy and cybersecurity programs and risks. Our audit and risk committee receives updates, at least quarterly, on significant data privacy and security risks, including any significant incidents, relevant industry developments, threat vectors and significant risks identified in risk assessments, periodic penetration tests or vulnerability scans. The board of directors also receives updates that include significant legal and legislative developments concerning data privacy and security, our approach to complying with applicable law, and significant engagement with regulators concerning data privacy and cybersecurity, including maturity of our cybersecurity common controls. Our audit and risk committee provides regular updates to the board of directors on such reports.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our CISO oversees our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. Our data security governance, infrastructure security, product security, applied security engineering and security operations teams report directly to our CISO and provide regular updates on significant or potentially significant threats and incidents. Additionally, we have an incident response team and an incident response plan that outlines the roles and responsibilities of key personnel, including representatives from information security, compliance, and counsel, that are involved in responding to, remediating and escalating such incidents to the CISO, as appropriate. Our CISO reports directly to our Engineering Lead and indirectly to our Board's audit and risk Committee. Our CISO provides updates on significant or potentially significant threats and incidents to our Block Head and leadership team, in addition to the audit and risk committee and our board of directors as appropriate and in accordance with the processes detailed in the prior paragraph.
Our CISO is primarily responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO has over 20 years of experience in information security, including serving as head of cybersecurity and privacy response at a global public company and information security leadership positions with the United States government. Our CISO holds undergraduate and graduate degrees in computer information systems and computer science with an information security focus and possesses various certifications, including the Information Systems Security Professional (NSTISSI No. 4011) and Information Systems Security Officer (CNSSI No. 4014) certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The full board of directors receives an annual information security update by our Chief Information Security Officer (“CISO”) and an annual privacy update, which covers, among other matters, our privacy and cybersecurity programs and risks. Our audit and risk committee receives updates, at least quarterly, on significant data privacy and security risks, including any significant incidents, relevant industry developments, threat vectors and significant risks identified in risk assessments, periodic penetration tests or vulnerability scans. The board of directors also receives updates that include significant legal and legislative developments concerning data privacy and security, our approach to complying with applicable law, and significant engagement with regulators concerning data privacy and cybersecurity, including maturity of our cybersecurity common controls. Our audit and risk committee provides regular updates to the board of directors on such reports.

Our CISO oversees our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. Our data security governance, infrastructure security, product security, applied security engineering and security operations teams report directly to our CISO and provide regular updates on significant or potentially significant threats and incidents. Additionally, we have an incident response team and an incident response plan that outlines the roles and responsibilities of key personnel, including representatives from information security, compliance, and counsel, that are involved in responding to, remediating and escalating such incidents to the CISO, as appropriate. Our CISO reports directly to our Engineering Lead and indirectly to our Board's audit and risk Committee. Our CISO provides updates on significant or potentially significant threats and incidents to our Block Head and leadership team, in addition to the audit and risk committee and our board of directors as appropriate and in accordance with the processes detailed in the prior paragraph.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying 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 Securities and Exchange Commission ("SEC"). The consolidated financial statements include the financial statements of Block and its wholly-owned and majority-owned subsidiaries. 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 consolidated balance sheets.
Reclassifications
Reclassifications

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

The reclassifications in the consolidated statements of operations primarily represent changes to present revenue line items consisting of Commerce enablement, Financial solutions, and Bitcoin ecosystem. The Company believes this updated presentation will improve the usefulness of the financial information for the reader and is more reflective of the business today.

The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenues and cost of revenues had no impact on total revenues, gross profit, operating income, or net income previously reported.
Use of Estimates
Use of Estimates

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

The Company's estimates of valuation of loans held for sale, allowance for credit losses associated with consumer receivables and loans held for investment, and accrued transaction losses are based on historical experience, adjusted for market data relevant to the current economic environment. The Company will continue to update its estimates as developments occur and additional information is obtained. Refer to Note 5, Fair Value Measurements for further details on amortized cost and 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 11, Other Consolidated Balance Sheet Components (Current) for further details on transaction losses.
Concentration of Credit Risk
Concentration of Credit Risk

For the years ended December 31, 2025, 2024, and 2023, the Company had no customer that accounted for greater than 10% of total net revenue.

As of December 31, 2025, the Company had four third-party payment processors that represented approximately 36%, 25%, 11% and 10% of settlements receivable, respectively. As of December 31, 2024, the Company had three third-party payment processors that represented approximately 42%, 17%, and 13% of settlements receivable, respectively. In both years, all other third-party 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.
Principles of Consolidation
Principles of Consolidation

The accompanying consolidated financial statements reflect our accounts and operations and those of our subsidiaries in which we have a controlling financial interest. In accordance with the provisions of Accounting Standards Codification ("ASC") 810, Consolidation (“ASC 810”), there are two models for determining whether a subsidiary is to be consolidated. Under the voting interest model, we consolidate entities where we are deemed to have a controlling financial interest. We also consolidate any variable interest entity (“VIE”) where we are deemed to be the primary beneficiary. The primary beneficiary is the party that has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. As described in Note 14, Indebtedness, we have formed wholly owned Warehouse Special Purpose Entities ("SPEs"), which qualify as VIEs under ASC 810. We have determined that we are the primary beneficiary of all Warehouse SPEs, which we therefore consolidate. We evaluate our relationships with all the VIEs on an ongoing basis to determine if we continue to be the primary beneficiary. As of December 31, 2025 and 2024, the Company had $426.9 million and $402.9 million, respectively, in restricted cash related to VIE's. All intercompany transactions and balances have been eliminated upon consolidation.
Revenue Recognition and Cost of Revenue
Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company has elected a policy to exclude from the transaction price all sales taxes assessed by governmental authorities and, as a result, revenue is presented net of tax. For the Company's lending products, revenue is recognized over the life of the loan or receivable.

Commerce Enablement Revenue

Commerce enablement revenue is primarily comprised of revenue the Company generates from transaction fees related to Square payments, software, and hardware, Cash App Card, Cash App Pay, the Company’s BNPL products, Cash App Business accounts, TIDAL, and various other software as a service (“SaaS”) products.

The Company charges its sellers a transaction fee for managed payments solutions that is generally calculated as a percentage of the total transaction amount processed. The Company selectively offers custom pricing for certain large sellers. The Company collects the transaction amount from the seller's customer's bank, net of acquiring interchange and assessment fees, processing fees, and bank settlement fees paid to third-party payment processors and financial institutions. The Company retains its fees and remits the net amount to the sellers.

The Company acts as the merchant of record for its sellers and works directly with payment card networks and banks so that its sellers do not need to manage the complex systems, rules, and requirements of the payments industry. The Company satisfies its performance obligations and therefore recognizes the transaction fees as revenue upon authorization of a transaction by the seller's customer's bank.

Revenue is recognized net of refunds, which arise from reversals of transactions initiated by sellers.

The transaction fees collected from sellers are recognized as revenue on a gross basis as the Company is the principal in the delivery of the managed payments solutions to the sellers. The Company has concluded it is the principal because as the merchant of record, it controls the services before delivery to the seller, it is primarily responsible for the delivery of the services to its sellers, and it has discretion in setting prices charged to sellers. The Company also has the unilateral ability to accept or reject a transaction based on criteria established by the Company. As the merchant of record, Square is liable for the costs of processing the transactions for its sellers, and records such costs within cost of revenue.
Revenue from Square hardware includes revenue from sales of magstripe readers, contactless and chip readers, Square Stand, Square Register, Square Terminal, and third-party peripherals. Third-party peripherals include cash drawers, receipt printers, scales, and barcode scanners, all of which can be integrated with Square Stand, Square Register, or Square Terminal to provide a comprehensive point-of-sale solution. The Company generates revenue through the sale of Square hardware through e-commerce and through its retail distribution channels. The Company satisfies its performance obligation upon delivery of Square hardware to its customers which include end user customers, distributors, and retailers. The Company allows for customer returns, which are accounted for as variable consideration. The Company estimates these amounts based on historical experience and reduces revenue recognized. The Company invoices end user customers upon delivery of the products to customers, and payments from such customers are due upon invoicing. Distributors and retailers have payment terms that range from 30 to 90 days after delivery.

SaaS represents software products and solutions that provide customers with access to various technologies for a fee, which is recognized as revenue ratably as the service is provided. The Company's contracts with customers are generally for a term of one month and renew automatically each month. The Company invoices its customers monthly. The Company considers that it satisfies its performance obligations over time each month as it provides the SaaS services to customers and hence recognizes revenue ratably over the month.

The Company also charges certain Cash App customers making peer-to-peer transactions using business accounts, or funding transactions with a credit card, a transaction fee that is generally calculated as a percentage of the total transaction amount processed. The Company collects the transaction amount from the customer's Cash App account, net of incurring interchange and assessment fees, processing fees, and bank settlement fees paid to third-party payment processors and financial institutions. The Company retains its fees and remits the net amount to the customers. The Company satisfies its performance obligation upon settlement of the transaction to the customer.

Cash App Card offers customers the ability to store funds in Cash App and subsequently use these funds via a Visa debit card that is linked to the balance the customer stores in Cash App. The Company earns interchange fees when a Cash App Card is used to make a purchase, which are paid by the merchant's bank and subsequently passed through to the Company by its third-party partners. Revenue is recognized for a Cash App Card transaction when charged and the Company has successfully authorized the transaction. The Company recognizes interchange revenue as a principal in the arrangement based on its control over the transaction authorization and third-party partners used to fulfill the transaction settlement.

Cash App Pay offers Cash App customers the ability to make payments, without a physical card, using their stored funds directly to eligible merchants that have enabled Cash App as a checkout option. The Company earns processing fees directly from merchants or its integrated third-party payment service provider, typically calculated as a percentage of the transaction volume plus a fixed fee per transaction. The Company recognizes processing revenues as the principal in the arrangement to complete the payment transaction.
Through our BNPL products, consumers can pay for their purchases over time by splitting their purchase price into generally three or four installments, typically due in two-week increments, without paying fees (if payments are made on time). The Company generally pays the seller the full order value upfront, less taxes, if applicable, and less a merchant fee, which consists of fixed and variable rates as contracted with the sellers. The Company also incurs other costs such as fees paid to third-party partners and processing fees to complete the consumer purchase transaction. The Company generally assumes non-repayment risk from the consumers. The Company initially recognizes a consumer receivable equal to net amounts paid to the seller plus any costs incurred to originate the consumer receivable. The Company recognizes the merchant fee less costs incurred to originate the consumer receivables as revenue using the effective interest method over the life of the consumer receivable. The effective interest rate is determined based on estimated future cash receipts over the expected life of the consumer receivable, having consideration for the historical repayment pattern of the consumer receivables on a portfolio basis. For the majority of the Company's BNPL products, consumers are not charged interest or fees, other than late fees which may be charged in certain regions by the Company as an incentive to encourage consumers to pay their outstanding balances as and when they fall due. The Company also offers the ability for consumers to pay for larger transaction sizes over a three-, six-, twelve-, or twenty-four-month period using a monthly payment option, which includes no late fees and no compounding interest with a cap on total interest owed. The Company sells certain consumer receivables to a third-party investor and records the gain or loss on sale as revenue within commerce enablement revenue. Additionally, the Company is retained to service the consumer receivables and earns a servicing fee, which is recorded within commerce enablement revenue as the services are delivered. Additionally, the Company offers a post-purchase option ("Afterpay Post-Purchase"), which allows Cash App users to retroactively convert purchases into installment payments, typically due over a three to four week period, for which the Company charges a flat finance fee that is recognized as revenue over the life of the loan.

Through its BNPL products, the Company also has an ads and affiliate program for its merchants. For affiliate relationships, the Company receives a commission when a consumer completes a purchase using its BNPL products, which is recognized as a fee earned in connection with the origination of a consumer receivable and recognized as revenue using the effective interest method. The Company may also receive digital advertising revenue on clicks, typically earned on a cost per click (“CPC”) basis, to merchant sites through its BNPL products, in addition to flat fees for premium ad placements. Revenue from CPC arrangements are generally recognized in the period the user click is delivered.

TIDAL primarily generates revenue from subscriptions to its customers, and such subscriptions allow access to the song library, video library, and improved sound quality. Customers can subscribe to services directly from the TIDAL website, through the Apple store, or through Google Play. With both offerings, the Company charges customers a monthly fee for those subscription services, which is recognized ratably as revenue as the service is provided.

Financial Solutions Revenue

Financial solutions revenue is primarily comprised of revenue the Company generates from Cash App Instant Deposit, ATM withdrawal fees, Cash App Borrow, interest earned on customer funds, and Square Loans.

Instant Deposit is a functionality within Cash App and the Company's managed payments solution that enables customers, including individuals and sellers, to instantly deposit funds into their bank accounts for a percentage-based fee of the amounts deposited. Additionally, the Company charges the customer a per transaction fee when they instantly deposit funds to their bank account or withdraw funds from an ATM. Revenue related to Instant Deposit and ATM withdrawal fees is recognized upon settlement of the transaction. While the Company is restricted from using the stored funds in the Company's operations, the Company may invest a portion of these funds in short-term marketable debt securities to generate interest income which is reported as revenue. Interest earned on customer funds related to Cash App Card was $192.1 million, $185.2 million, and $142.2 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Cash App Borrow allows customers to access short-term loans for a fee. The loans are repaid at the end of the loan term and customers may elect to prepay all or a part of the outstanding balance. If the outstanding balance is not paid when due, late fees in the form of interest may be charged. Historically, these short-term loans were facilitated through a partnership with a third-party industrial bank. The loans were originated by the bank partner, from whom the Company purchased the loans obtaining all rights, title, and interest. Beginning in the second quarter of 2025, the Company also began originating Cash App Borrow loans through the Company's subsidiary, Square Financial Services, Inc. ("Square Financial Services"), which is an industrial loan company. Net amounts paid to the bank are recorded as the cost of the loans purchased, and amounts collected in excess of the carrying value are recognized as revenue over the life of the loans.
Square Loans facilitates loans to qualified Square sellers through Square Financial Services. The loans are either repaid through withholding a percentage of the collections of the seller's receivables processed by the Company ("flex loans") or a specified monthly amount ("term loans"). The Company generally utilizes a pre-qualification process that includes an analysis of the aggregated data of the seller’s business which includes, but is not limited to, the seller’s historical processing volumes, transaction count, chargebacks, growth, and length of time as a Square customer. Generally, the loans have no stated coupon rate but the seller is charged a one-time origination fee based upon their risk rating, which is derived primarily from processing activity. For some of the loans, it is the Company’s intent to sell all of its rights, title, and interest of these loans to third-party investors for an upfront fee when the loans are sold. The Company records the amounts advanced to the customers or the net amounts paid to purchase the loans as the cost of the loans. Subsequently, the Company records a gain on sale of the loans to the third-party investors as revenue upon transfer of title. The Company is retained by the third-party investors to service the loans and earns a servicing fee for facilitating the repayment of these loans through its managed payments solutions. The Company records servicing revenue as servicing is delivered. For the loans which are not immediately sold to third-party investors or for which the Company has the intent and ability to hold through maturity, interest and fees earned are recognized as revenue using the effective interest method.

Bitcoin Ecosystem Revenue

Bitcoin ecosystem revenue primarily consists of revenue the Company generates from customer purchases of bitcoin within Cash App, Proto, and bitcoin withdrawal fees.

The Company offers its Cash App customers the ability to purchase bitcoin, a cryptocurrency denominated asset, from the Company. The Company satisfies its performance obligation and records revenue when bitcoin is transferred to the customer's account. The Company purchases bitcoin from private broker dealers or from Cash App customers and applies a marginal fee before selling it to its customers. The amounts received from customers and exchanges are recorded as revenue on a gross basis and the associated bitcoin cost as cost of revenues, as the Company is the principal in the bitcoin sale transaction. The Company has concluded it is the principal because it controls the bitcoin before delivery to the customers, it is primarily responsible for the delivery of the bitcoin to the customers, it is exposed to risks arising from fluctuations of the market price of bitcoin before delivery to customers, and has discretion in setting prices charged to customers.

Proto revenue is primarily from the sale of mining systems to a customer engaged in bitcoin mining activities. A mining system comprises a chassis unit with a 6- or 9-hashboard configuration containing Company-developed mining chips. The Company recognizes revenue from mining system sales when control of the completed system transfers to the customer, which is at the point in time the system is delivered to the customer. The majority of the transaction price is due prior to shipment, and the sale of mining systems is not subject to a return policy. The Company offers a standard product warranty that the product will operate under normal use for a period of one year.

Bitcoin withdrawal is a functionality within Cash App that enables customers to withdraw bitcoin stored on Cash App to a third-party wallet. The Company charges customers a fee for the option of faster withdrawal speeds.

Cost of Revenue

Commerce Enablement Costs

Commerce enablement costs consist primarily of interchange and assessment fees, processing fees, and bank settlement fees paid to third-party payment processors and financial institutions, as well as costs associated with the Company’s BNPL products, TIDAL, and Square hardware and software.

Financial Solutions Costs

Financial solutions costs consist primarily of partnership fees related to Cash App, including Instant Deposit and ATM withdrawals.
Bitcoin Ecosystem Costs

Bitcoin ecosystem costs primarily consist of the total amount the Company pays to purchase bitcoin that is sold to customers, which fluctuate in line with revenue related to customer purchases of bitcoin, as well as costs associated with Proto.

Amortization of Acquired Technology Assets

Amortization of acquired technology assets is primarily comprised of amortization related to the acquired technology assets from the acquisition of Afterpay.
Other Costs
Other Costs

Generally, other costs such as personnel-related costs, rent, and occupancy charges are not allocated to cost of revenues and are reflected in operating expenses and are not material.
Severance and Other Restructuring Expenses
Severance and Other Restructuring Expenses
The Company records severance-related expenses once they are both probable and estimable in accordance with the provisions of the applicable accounting guidance for severance provided under an ongoing benefit arrangement. One-time involuntary benefit arrangements and other costs are generally recognized in the period in which the liability is incurred. The Company recorded $78.6 million, $26.8 million, and $104.0 million of severance and other related expenses for the years ended December 31, 2025, 2024, and 2023, respectively, as part of product development, sales and marketing, and general and administrative within the Company's operating expenses. The Company also assesses its assets for impairment in connection with restructuring and other exit activities when the carrying amount of the related assets may not be fully recoverable, in accordance with the appropriate accounting guidance.
Sales and Marketing Expenses
Sales and Marketing Expenses
Advertising costs are expensed as incurred and included in sales and marketing expenses on the consolidated statements of operations. Total advertising costs for the years ended December 31, 2025, 2024, and 2023 were $478.4 million, $338.1 million, and $360.1 million, respectively. 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.
Share-based Compensation
Share-based Compensation
Share-based compensation expense relates to stock options, restricted stock units ("RSUs"), and purchases under the Company’s Amended and Restated 2015 Employee Stock Purchase Plan ("ESPP"), which is measured based on the grant-date fair value. The fair value of RSUs is determined by the closing price of the Company’s common stock on each grant date. The fair value of stock options and ESPP shares granted to employees is estimated on the date of grant using the Black-Scholes-Merton option valuation model. This share-based compensation expense valuation model requires the Company to make assumptions and judgments regarding the variables used in the calculation. These variables include the expected term (weighted-average period of time that the options granted are expected to be outstanding), the expected volatility of the Company’s stock, expected risk-free interest rate, and expected dividends. The Company uses historical exercise information and contractual terms of options to estimate the expected term. Expected volatility is a blend of implied volatility based on publicly traded options on our common stock and historical volatility based on a weighted-average of the historical volatilities of the Company's common stock. The expected risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. Generally, share-based compensation expense is recorded on a straight-line basis over the requisite service period. RSUs typically vest over a term of four years. The Company accounts for forfeitures as they occur.
Interest Income and Expense
Interest Income and Expense

Interest income consists of interest income from the Company's investment in marketable debt securities and was $127.1 million, $156.2 million, and $126.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. Interest expense consists primarily of the Company's long-term debt and was $256.4 million and $165.5 million for the years ended December 31, 2025 and 2024, respectively. Interest expense was immaterial for the year ended December 31, 2023.
Foreign Currency
Foreign Currency

The functional currency for most subsidiaries outside of the United States is the local currency. For purposes of the Company's consolidated financial statements, the assets and liabilities of these subsidiaries, including goodwill and acquired intangible assets, are translated into U.S. dollars using the exchange rates at the balance sheet dates. Gains and losses resulting from these translations are reported as a component of accumulated other comprehensive income (loss) on the consolidated statements of comprehensive income (loss). Revenue, expenses, and gains or losses are translated into U.S. dollars using average exchange rates for each period.

Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as a component of Other expense (income), net on the consolidated statements of operations.
Income Taxes
Income Taxes

The Company reports income taxes under the asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. Deferred tax amounts are determined by using the enacted tax rates expected to be in effect when the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

A valuation allowance reduces the deferred tax assets to the amount that is more likely than not to be realized. The Company considers historical information, tax planning strategies, the expected timing of the reversal of existing temporary differences, and may rely on financial projections to support its position on the recoverability of deferred tax assets. The Company’s judgment regarding future profitability contains significant assumptions and estimates of future operations. If such assumptions were to differ significantly from actual future results of operations, it may have a material impact on the Company’s ability to realize its deferred tax assets. At the end of each period, the Company assesses the ability to realize the deferred tax assets. If it is more likely than not that the Company will not realize the deferred tax assets, then the Company establishes a valuation allowance for all or a portion of the deferred tax assets.

The Company recognizes the effect of uncertain income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to uncertain tax positions in the provision (benefit) for income tax expense on the consolidated statements of operations.
Cash and Cash Equivalents, Restricted Cash and Customer Funds
Cash and Cash Equivalents, Restricted Cash, and Customer Funds

Cash and Cash Equivalents

The Company considers all highly liquid investments, including money market funds, with an original maturity of three months or less when purchased to be cash equivalents.
Restricted Cash

The Company records restricted cash amounts as a current asset on the consolidated balance sheets if the restriction expires in less than 12 months, or as a non-current asset if the restriction is greater than 12 months. If there is no minimum time frame during which the cash must remain restricted, the nature of the transactions related to the restriction determine the classification.

The Company's short-term restricted cash was $1.1 billion and $902.5 million as of December 31, 2025 and 2024, respectively. The majority of the balance as of December 31, 2025 was comprised of cash at the wholly-owned consolidated entities used in the warehouse funding facility arrangements. This restricted cash will be used to pay the borrowings under the warehouse funding facilities or will be distributed to the Company. The Company's total restricted cash also includes pledged cash deposits in accounts at the financial institutions that process the Company's sellers' payment transactions and collateral pursuant to various agreements with banks relating to the Company's products. The Company uses restricted cash to secure letters of credit with the related financial institutions to provide collateral for cash flow timing differences in the processing of payments.

The Company's long-term restricted cash of $73.8 million and $69.9 million as of December 31, 2025 and December 31, 2024, respectively, is primarily related to cash held as collateral as required by the FDIC for Square Financial Services. The Company has recorded these amounts as non-current assets on the consolidated balance sheets as the requirement by the FDIC specifies a time frame of 12 months or longer during which the cash must remain restricted.

Customer Funds
Customer funds represent customers' stored balances that customers would later use to send money or make payments, or customers cash in transit. As discussed under section titled Financial Solutions Revenue accounting policy above, under the terms of service associated with these funds, the Company is restricted from using the funds in the Company's operations, but may invest these funds in short-term marketable debt securities to earn interest.
Investments in Marketable Debt Securities
Investments in Marketable Debt Securities

The Company's short-term and long-term investments include marketable debt securities such as government and agency securities, corporate bonds, commercial paper, certificates of deposit, and municipal securities. The Company determines the appropriate classification of its investments in marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable debt securities as available-for-sale and carries these investments at fair value, reporting the unrealized gains and losses, net of taxes, as a component of stockholders’ equity. The U.S. government and U.S. agency securities are either explicitly or implicitly guaranteed by the U.S. government and are highly rated by major rating agencies. The corporate bonds are issued by highly rated entities. The foreign government securities are issued by highly rated international entities. The Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time, sufficient for the recovery of their amortized cost bases, which may be at maturity. The Company determines any realized gains or losses on the sale of marketable debt securities on a specific identification method, and records such gains and losses as a component of other expense (income), net on the consolidated statements of operations.

Investments in Equity Securities

The Company holds marketable and non-marketable equity investments. Marketable equity investments are measured using quoted prices in active markets with changes recorded in other expense (income), net on the consolidated statements of operations.
Non-marketable equity investments, which have no readily determinable fair values, are measured using the measurement alternative, which is defined as cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. Adjustments are recorded in other expense (income), net on the consolidated statements of operations. Non-marketable equity investments are valued using significant unobservable inputs or data in an inactive market and the valuation requires judgment due to the absence of market prices and inherent lack of liquidity. The carrying value for these investments is not adjusted if there are no observable transactions for identical or similar investments of the same issuer or if there are no identified events or changes in circumstances that may indicate impairment. The Company will adjust for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issue. Valuations of non-marketable equity investments are inherently complex due to the lack of readily available market data. In addition, the determination of whether an orderly transaction is for an identical or similar investment requires significant management judgment, including understanding the differences in the rights and obligations of the investments and the extent to which those differences would affect the fair values of those investments.

The Company assesses the impairment of its non-marketable equity investments on a quarterly basis. The impairment analysis encompasses an assessment of the severity and duration of the impairment and a qualitative and quantitative analysis of other key factors including the investee’s financial metrics, market acceptance of the investee’s product or technology, other competitive products or technology in the market, general market conditions, and the rate at which the investee is using its cash. If the investment is considered to be impaired, the Company will record an impairment in other expense (income), net on the consolidated statements of operations and establish a new carrying value for the investment.
Fair Value Measurements
Fair Value Measurements

The Company applies fair value accounting for assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value accounting establishes a three-level hierarchy priority for disclosure of assets and liabilities recorded at fair value. The ordering of priority reflects the degree to which objective prices in external active markets are available to measure fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable.

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

•Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•Level 2 Inputs: Other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.
Customer Loans
Customer Loans

Loan products consist primarily of Square Loans and Cash App Borrow products, which are described in detail under the sections titled Financial Solutions Revenue and Commerce Enablement Revenue, respectively, above.
The Company classifies customer loans as loans held for sale when the Company has the intent to sell all of its rights, title, and interest in these loans to third-party investors, and there is an available market for such loans. The Company classifies customer loans as loans held for investment when the Company has both the intent and ability to hold for the foreseeable future, or until maturity or payoff. Loans held for sale by Square Financial Services that are not sold after two business days from origination are reclassified as held for investment. For the year ended December 31, 2025, $1.1 billion of total loan balances was reclassified from loans held for sale to loans held for investment. For the years ended December 31, 2025, 2024 and 2023, net gains on sales of loans were $255.8 million, $236.8 million, and $196.1 million respectively. Loans classified as held for sale at origination are disclosed as a component of cash flows from operating activities, while loans classified as held for investment at origination are disclosed as a component of cash flows from investing activities.
Loans Held for Sale
Loans Held for Sale
Loans held for sale are recorded at the lower of amortized cost or fair value determined on an individual loan basis. To determine the fair value the Company utilizes discounted cash flow valuation modeling, taking into account the probability of default and estimated timing and amounts of periodic repayments. In estimating the expected timing and amounts of the future periodic repayments for the loans outstanding, the Company considered other relevant market data. The Company recognizes a charge within transaction, loan, and consumer receivable losses on the consolidated statement of operations whenever the amortized cost of a loan exceeds its fair value, with such charges being reversed for subsequent increases in fair value, but only to the extent that such reversals do not result in the amortized cost of a loan exceeding its fair value. A loan that is initially designated as held for sale may be reclassified to held for investment if and when the Company's intent for that loan changes.
Loans Held for Investment and Consumer Receivables
Loans Held for Investment

Loans held for investment are recorded at amortized cost, less an allowance for potential uncollectible amounts. Amortized cost basis represents principal amounts outstanding, net of unearned income, unamortized deferred fees and costs on originated loans, premiums or discounts on purchased loans and charge-offs. The Company’s intent and ability to designate loans as held for investment in the future may change based on changes in business strategies, the economic environment, and market conditions.
Consumer Receivables
The Company evaluates its consumer receivables as a single homogeneous portfolio as it is comprised of a single product type, point-of-sale unsecured installment loans. The Company classifies consumer receivables as held for investment when the Company has the intent and ability to hold these investments for the foreseeable future or until maturity or payoff. The Company classifies consumer receivables as held for sale when the Company has the intent to sell all of its rights, title, and interest in these receivables to third-party investors, and there is an available market for such receivables. For the year ended December 31, 2025, $840.0 million of consumer receivables were reclassified from loans held for investment to loans held for sale and sold to third parties. Net losses on sales of consumer receivables were immaterial for the years ended December 31, 2025, 2024 and 2023. Consumer receivables are reported at amortized cost, which includes the cost to originate the consumer receivables, adjusted for unearned merchant fees, origination costs, charge-offs, and the allowance for credit losses.
Allowance for loans losses and Allowance for Credit Losses Related to Consumer Receivables
Allowance for loans losses

The Company calculates an allowance for losses on the loans held for investment portfolio in accordance with Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The Company assesses impairment of its financial instruments based on current estimates of expected credit losses over the contractual term of its loans held for investment portfolio as of each balance sheet date. The Company determines the allowance for loan losses using both quantitative and qualitative methods and considers all available information relevant to assessing collectability. This includes, but is not limited to, historical loss and recovery experience, recent and historical trends in delinquencies, past-due loans and charge-offs, borrower behavior and repayment speed, underwriting and collection management changes, changes in the legal and regulatory environment, changes in risk and underwriting standards, current and historical macroeconomic conditions such as changes in unemployment and GDP, and various other factors that may affect the sellers’ ability to make future payments.
Allowance for Credit Losses Related to Consumer Receivables

The Company calculates an allowance for credit losses on the consumer receivables portfolio in accordance with ASU 2016-13. The guidance requires an entity to assess impairment of its financial instruments based on the entity's current estimates of expected credit losses over the contractual term of its loans held for investment portfolio as of each balance sheet date.

Allowance for credit losses related to consumer receivables represents management’s estimate of the expected credit losses in the outstanding portfolio of consumer receivables, as of the balance sheet date. The Company determines the allowance for credit losses using both quantitative and qualitative methods that analyze portfolio performance, uses judgment regarding the quantitative components of the reserve, and considers all available information relevant to assessing collectibility. This includes, but is not limited to, historical loss and recovery experience, recent and historical trends in delinquencies, past-due receivables and charge-offs, consumer behavior and repayment speed, underwriting and collection management changes, changes in the legal and regulatory environment, changes in risk and underwriting standards, current and historical macroeconomic conditions such as changes in unemployment and GDP, and various other factors that may affect the consumers’ ability to make future payments. When available information confirms that specific consumer receivables or portions thereof are uncollectible, identified amounts are charged off against the allowance for credit losses. Consumer receivables are charged off when management considers amounts to be uncollectible, which is generally determined by the number of days past due and is typically no later than 180 days past due.
Settlements Receivable
Settlements Receivable
    
Settlements receivable represents amounts due from third-party payment processors for customer transactions. Settlements receivable are typically received or paid within one or two business days of the transaction date. Under the terms of arrangements, some of the processors may process both transaction receivables and payables. Additionally, the terms may allow processors the right of offset for the amounts due to and due from the Company. No valuation allowances have been established for settlements receivable, as funds are due from large, well-established financial institutions with no historical collections issue.
Inventory
Inventory
Inventory consists of contactless and chip readers, chip card readers, Square Stand, Square Register, Square Terminal, third-party peripherals, Bitkey hardware devices, and bitcoin mining systems related to Proto, as well as component parts that are used to manufacture these products. Inventory is stated at the lower of cost (generally on a first-in, first-out basis) or net realizable value. Inventory that is obsolete or in excess of forecasted usage is written down to its net realizable value based on the estimated selling prices in the ordinary course of business. The Company's inventory is held at third-party warehouses and contract manufacturer premises.
Company Owned Bitcoin
Bitcoin

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 ASC 350, Intangibles—Goodwill and Other and has ownership of and control over its bitcoin.

The Company early adopted ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets ("ASU 2023-08") in the fourth quarter of 2023 using a modified retrospective approach. ASU 2023-08 provides guidance on accounting and disclosure of crypto assets and requires an entity to (i) subsequently remeasure crypto assets at fair value at each measurement date with changes recognized in net income, (ii) present the changes in fair value separately from changes in the carrying amount of other intangible assets in the income statement, and (iii) present crypto assets measured at fair value separately from other intangible assets on the balance sheet. Prior to the adoption of ASU 2023-08, the Company's bitcoin investment was subject to impairment losses if the fair value decreased below the carrying value during the assessed period. Impairment losses on the Company's bitcoin investment could not be recovered for any subsequent increases in fair value until the asset was sold. Upon adoption of ASU 2023-08, the Company recognized a cumulative-effect adjustment increasing bitcoin value and retained earnings by $30.5 million as of the beginning of fiscal year 2023.

The Company’s bitcoin investment is initially recorded at cost, inclusive of transaction costs, and the Company uses the ‘first-in, first-out’ method to determine the cost basis. Subsequently, the Company remeasures its bitcoin investment 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 consolidated statements of operations. For the year ended December 31, 2025, the Company has purchased an approximate cumulative $41.1 million in bitcoin for investment purposes. For the years ended December 31, 2025 and 2024, the Company recognized a loss of $55.9 million and gain of $420.9 million, respectively, from the remeasurement of the Company's bitcoin investment.

The Company’s bitcoin for operating purposes is initially recorded at cost, inclusive of transaction costs, and the Company uses ‘first-in, first-out’ as its method of determining the cost basis. Subsequent to purchase, any sales related to bitcoin occur at its current market price, plus a small margin. As such, any change in fair value of bitcoin purchased and sold for customer orders is captured within bitcoin ecosystem revenue. Given the small amount of bitcoin for operating purposes held at any time, and that the bitcoin is held for a relatively short period of time, typically being purchased and sold within a day, the changes in fair value are not material to the Company.

Bitcoin trades in an active market which is not centrally managed or provided by one particular exchange. We determine the fair value of bitcoin at each period end in accordance with ASC 820, Fair Value Measurement, based on observed prices from active exchanges that the Company has determined are its principal market for bitcoin.
Bitcoin Held for Other Parties
Bitcoin Held for Other Parties

The Company adopted the SEC's Staff Accounting Bulletin No. 121 ("SAB 121"), in June 2022. SAB 121 expressed the views of the SEC staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for users of its crypto platform and requires entities that hold crypto-assets on behalf of platform users to recognize a liability to reflect the entity’s obligation to safeguard the crypto-assets held for its platform users.
In January 2025, the SEC staff released Staff Accounting Bulletin No. 122 (“SAB 122”), which rescinded SAB 121. The Company early adopted SAB 122 as of December 31, 2024, resulting in the Company derecognizing the previously recognized safeguarding obligation liability related to bitcoin held for other parties and the corresponding safeguarding asset related to bitcoin held for other parties. Refer to the Recent Accounting Pronouncements section below for further information.
Property and Equipment
Property and Equipment

Property and equipment are recorded at historical cost less accumulated depreciation, which is computed on a straight-line basis over the asset’s estimated useful life. The estimated useful lives of property and equipment are described below:

Property and EquipmentUseful Life
Capitalized software18 months
Computer and data center equipment
Three years
Furniture and fixturesSeven years
Leasehold improvements
Lesser of ten years or remaining lease term
Capitalized Software
Capitalized Software

The Company capitalizes certain costs incurred in developing internal-use software when capitalization requirements have been met. Costs prior to meeting the capitalization requirements are expensed as incurred. Capitalized costs are included in property and equipment, net, and amortized on a straight-lined basis over the estimated useful life of the software and included in product development costs on the consolidated statements of operations.
Leases
Leases

The Company leases office space and equipment under non-cancellable finance and operating leases with various expiration dates.

The Company determines whether an arrangement is a lease for accounting purposes at contract inception. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized at the present value of the future lease payments, generally for the base noncancellable lease term, at the lease commencement date for each lease. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate because the interest rate implicit in most of the Company's leases is not readily determinable. The Company's incremental borrowing rate is estimated to approximate the interest rate that the Company would pay to borrow on a collateralized basis with similar terms and payments as the lease, and in economic environments where the leased asset is located. Operating lease ROU assets also include any prepaid lease payments and lease incentives. The Company's lease agreements generally contain lease and non-lease components. The Company applies the practical expedient to account for the lease and non-lease components as a single lease component for all leases, where applicable. Non-lease components primarily include payments for maintenance and utilities. The Company includes the fixed non-lease components in the determination of the ROU assets and operating lease liabilities. Variable lease payments that are not based on a rate or index are not included in the calculation of the ROU asset and lease liability, and they are recognized as lease expense in the period in which the obligation for those payments is incurred. Variable lease payments predominantly relate to variable operating expenses, taxes, parking, and electricity. The Company records the amortization of the ROU asset and the accretion of lease liability as a component of rent expense in the consolidated statements of operations.

The Company evaluates ROU assets related to leases for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount of a ROU asset may not be recoverable. When a decision has been made to exit a lease prior to the contractual term or to sublease that space, the Company evaluates the asset for impairment and recognizes the associated impact to the ROU asset and related expense, if applicable. The evaluation is performed at the asset group level initially and when appropriate, at the lowest level of identifiable cash flows, which is at the individual lease level. Undiscounted cash flows expected to be generated by the related ROU assets are estimated over the ROU assets’ useful lives. If the evaluation indicates that the carrying amount of the ROU assets may not be recoverable, any potential impairment is measured based upon the fair value of the related ROU asset or asset group as determined by appropriate valuation techniques. For the periods presented, the Company recorded no material impairment charges.
When lease agreements provide allowances for leasehold improvements, the Company assesses whether it is the owner of the leasehold improvements for accounting purposes. When the Company concludes that it is the owner, it capitalizes the leasehold improvement assets and recognizes the related depreciation expense on a straight-line basis over the lesser of the lease term or the estimated useful life of the asset. Additionally, the Company recognizes the amounts of allowances to be received from the lessor as a reduction of the lease liability and the associated ROU asset. When the Company concludes that it is not the owner, the payments that the Company makes towards the leasehold improvements are accounted as a component of the lease payments.
Business Combinations
Business Combinations

The purchase price of an acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition dates. The excess of total consideration over the fair values of the assets acquired and the liabilities assumed is recorded as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments would be recorded on the consolidated statements of operations.
Goodwill and Long-Lived Assets, including Acquired Intangible Assets
Goodwill and Long-Lived Assets, including Acquired Intangible Assets

The Company evaluates the recoverability of property and equipment and finite-lived intangible assets for impairment whenever events or circumstances indicate that the carrying amounts of such assets may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated. If the carrying amount of the long–lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third–party independent appraisals, as considered necessary. For the periods presented, the Company recorded no material impairment charges related to intangible assets.

The Company performs a goodwill impairment test annually on December 31 and more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the reporting unit’s fair value. The Company first assesses qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount and determine whether further action is needed. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary.

Acquired intangible assets consist of acquired technology and customer relationships associated with various acquisitions. Acquired technology is amortized over its estimated useful life on a straight-line basis and included as a component of cost of revenue on the consolidated statements of operations. Acquired customer relationships and other intangible assets are amortized on a straight-line basis over their estimated useful lives, and included as a component of operating expenses on the consolidated statements of operations. The Company evaluates the remaining estimated useful life of its intangible assets being amortized on an ongoing basis to determine whether events and circumstances warrant a revision to the remaining period of amortization.
Customers Payable
Customers Payable
Customers payable represents the transaction amounts, less revenue earned by the Company, owed to sellers or Cash App customers. The payable amount consists of amounts owed to customers due to timing differences as the Company typically settles within one business day, amounts held by the Company in accordance with its risk management policies, and amounts held for customers who have not yet linked a bank account. This balance also includes the Company's liability for customer funds held on deposit in Cash App and balances related to Square Card.
Accrued Transaction Losses
Accrued Transaction Losses
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, disputes between a seller and their customer, or due to fraudulent transactions. Accrued transaction losses also include estimated losses on Cash App activity related to peer-to-peer payments sent from a credit card, Cash App Business, and Cash App Card. 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 Company also considers other relevant market data in developing such estimates and assumptions. Additions to the reserve are reflected in current operating results, while realized losses are offset against the reserve. These amounts are classified within transaction, loan, and consumer receivable losses on the consolidated statements of operations, except for the amounts associated with the peer-to-peer service offered to Cash App customers for free that are classified within sales and marketing expenses as the Company considers these to be marketing costs to encourage the usage of Cash App.
Shares Repurchases
Share Repurchases

Share repurchases under the Company's share repurchase authorization 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 Company's policy is to deduct the par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in capital.
Segments
Segments

The Company reports its segments to reflect the manner in which the Company's chief operating decision maker ("CODM") reviews and assesses performance. The Company's CODM is the Block Head and Chairperson. The Company has two reportable segments, Square and Cash App. Products and services that are not assigned to a specific reportable segment, including, but not limited to, TIDAL and other emerging ecosystems, are aggregated and presented within a general corporate and other category. Square and Cash App are defined as follows:

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

•    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.
Recent Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update ("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 impacts the Company’s annual disclosures only, which are reflected in herein. Refer to Note 15, Income Taxes for further details.
Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Clarifying the Effective Date ("ASU 2025-01"). The amendments are intended to enhance disclosures regarding an entity’s costs and expenses by requiring additional disaggregated information disclosures about certain income statement expense line items. The amendments, as clarified by ASU 2025-01, are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the effect of adopting the new disclosure requirements.

In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). The amendments are intended to clarify and modernize the accounting for costs related to internal-use software. The guidance removes all references to project stages and clarifies the threshold entities apply to begin capitalizing costs. The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Company does not expect the adoption to have a material impact on the Company's financial statements.

In July 2025, the FASB issued ASU No. 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). The amendments allow an entity to apply a practical expedient when estimating expected credit losses, which assumes that the current conditions as of the balance sheet date will not change for the remaining life of the accounts receivable and contract assets arising from contracts with customers. The amendments are effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years, with early adoption permitted. If the practical expedient is elected, the amendments should be applied prospectively. The Company does not expect the adoption to have a material impact on the Company's financial statements.
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Estimated Useful Lives of Property and Equipment The estimated useful lives of property and equipment are described below:
Property and EquipmentUseful Life
Capitalized software18 months
Computer and data center equipment
Three years
Furniture and fixturesSeven years
Leasehold improvements
Lesser of ten years or remaining lease term
The following table details property and equipment, less accumulated depreciation and amortization (in thousands):
December 31,
2025		December 31,
2024
Capitalized software$453,569 $362,418 
Computer equipment245,740 254,742 
Leasehold improvements131,681 126,221 
Office furniture and equipment30,265 27,706 
Total861,255 771,087 
Less: Accumulated depreciation and amortization(537,880)(456,655)
Property and equipment, net$323,375 $314,432 
v3.25.4
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents the Company's net revenue disaggregated by revenue source (in thousands):
Year Ended December 31,
202520242023
Revenue from contracts with customers:
Commerce enablement revenue$10,100,198 $9,298,307 $8,618,519 
Financial solutions revenue2,260,121 2,165,553 2,003,765 
Bitcoin ecosystem revenue8,502,787 10,357,783 9,668,322 
Revenue from other sources: (i)
Commerce enablement revenue1,413,964 1,214,146 911,521 
Financial solutions revenue1,916,613 1,085,264 713,496 
Total net revenue$24,193,683 $24,121,053 $21,915,623 

(i) Revenue from other sources relates to revenue generated from the Company's Square Loans, Cash App Borrow loans, consumer receivables originated through, and affiliate relationship revenue from, our BNPL products, interest income earned on customer funds, and interest income earned on funds held by Square Financial Services, Inc., which is a Utah state-chartered industrial loan company ("Square Financial Services").
v3.25.4
INVESTMENTS IN DEBT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Short-term and Long-term Investments
The Company's short-term and long-term investments in debt securities as of December 31, 2025 and December 31, 2024 were as follows (in thousands):
December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$19,017 $18 $— $19,035 
Corporate bonds58,954 165 — 59,119 
Commercial paper92,655 — — 92,655 
Municipal securities130 — — 130 
Certificates of deposit2,211 — — 2,211 
U.S. government securities343,923 707 (3)344,627 
Total$516,890 $890 $(3)$517,777 
Long-term debt securities:
Corporate bonds$81,332 $139 $(2)$81,469 
Municipal securities7,167 28 (244)6,951 
U.S. government securities99,981 486 — 100,467 
Total$188,480 $653 $(246)$188,887 

December 31, 2024
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 
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2025 and 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):
December 31, 2025
Less than 12 monthsGreater than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$17 $— $— $— $17 $— 
Corporate bonds3,508 — — — 3,508 — 
U.S. government securities11,998 (3)— — 11,998 (3)
Total$15,523 $(3)$— $— $15,523 $(3)
Long-term debt securities:
Corporate bonds$4,539 $(2)$— $— $4,539 $(2)
Municipal securities3,274 (98)1,235 (146)4,509 (244)
Total$7,813 $(100)$1,235 $(146)$9,048 $(246)

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)
Schedule of Contractual Maturities of Short-Term and Long-Term Investments
The contractual maturities of the Company's short-term and long-term investments as of December 31, 2025 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$516,890 $517,777 
Due after one year to five years181,313 181,936 
Due after five years
7,167 6,951 
Total$705,370 $706,664 
v3.25.4
CUSTOMER FUNDS (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Assets Underlying Customer Funds
The following table presents the assets underlying customer funds (in thousands):
December 31,
2025		December 31,
2024
Cash$3,663,727 $3,195,253 
Cash equivalents:
Money market funds— 4,645 
Reverse repurchase agreement (i)
1,108,097 982,974 
Total customer funds$4,771,824 $4,182,872 

(i) The Company has accounted for the reverse repurchase agreement with a third party as an overnight lending arrangement, collateralized by the securities subject to the repurchase agreement. The Company classifies the amounts due from the counterparty as cash equivalents due to their short term nature.
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):
December 31, 2025December 31, 2024
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$608,807 $— $— $857,196 $— $— 
U.S. government securities4,963 — — 26,951 — — 
Commercial paper— 64,805 — — 509 — 
Corporate bonds— 276 — — — — 
Restricted Cash:
Money market funds293,514 — — 319,800 — — 
Customer funds:
Money market funds— — — 4,645 — — 
Reverse repurchase agreement1,108,097 — — 982,974 — — 
Short-term debt securities:
U.S. government securities344,627 — — 206,785 — — 
Corporate bonds— 59,119 — — 160,390 — 
U.S. agency securities— 19,035 — — 34,468 — 
Commercial paper— 92,655 — — 333 — 
Municipal securities— 130 — — 399 — 
Certificates of deposit— 2,211 — — 1,051 — 
Long-term debt securities:
U.S. government securities100,467 — — 223,258 — — 
Corporate bonds— 81,469 — — 195,344 — 
U.S. agency securities— — — — 49,030 — 
Municipal securities— 6,951 — — 4,345 — 
Other:
Bitcoin investment
777,515 — — 792,282 — — 
Investment in marketable equity securities5,225 — — 5,407 — — 
Total$3,243,215 $326,651 $— $3,419,298 $445,869 $— 
The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):
December 31, 2025December 31, 2024
Carrying ValueFair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$998,827 $993,144 $996,017 $960,589 
2030 Senior Notes1,185,533 1,209,528 — — 
2031 Senior Notes992,372 932,095 990,971 873,868 
2032 Senior Notes1,977,734 2,057,081 1,975,026 1,999,220 
2033 Senior Notes987,581 1,013,732 — — 
2025 Convertible Notes— — 999,497 991,941 
2026 Convertible Notes574,432 566,103 572,723 533,154 
2027 Convertible Notes572,539 530,171 571,202 497,517 
Total$7,289,018 $7,301,854 $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):
December 31, 2025December 31, 2024
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$782,966 $812,658 $1,111,107 $1,112,746 
Loans held for investment3,382,957 3,445,631 365,062 382,542 
Total$4,165,923 $4,258,289 $1,476,169 $1,495,288 
v3.25.4
CONSUMER RECEIVABLES, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Aging Analysis of Consumer Receivables held for Investment
The following table presents an aging analysis of the amortized cost of consumer receivables by delinquency status (in thousands):
December 31, 2025December 31, 2024
Non-delinquent loans$2,416,017 $2,227,348 
1 - 60 days past due363,165 369,173 
61 - 90 days past due29,984 29,334 
90+ days past due101,021 80,817 
Total amortized cost$2,910,187 $2,706,672 
Schedule of Activity in Allowance for Credit Losses for Consumer Receivables
The following table summarizes activity in the consumer receivable allowance for credit losses (in thousands):
Year Ended December 31,
20252024
Allowance for credit losses, beginning of the period
$201,793 $185,275 
Provision for credit losses333,845 293,921 
Charge-offs and other adjustments(302,626)(271,727)
Foreign exchange effect6,853 (5,676)
Allowance for credit losses, end of the period$239,865 $201,793 
The following table presents the Company's loans held for investment allowance for credit losses by category (in thousands):
Year Ended December 31, 2025
ConsumerCommercialOtherTotal
Beginning balance of the allowance for credit losses
$— $23,143 $— $23,143 
Current period provisions for expected credit losses
515,326 36,580 9,446 561,352 
Write-offs charged against the allowance
(182,497)(33,625)(333)(216,455)
Recoveries of amounts previously written off
7,288 7,504 29 14,821 
Ending balance of the allowance for credit losses
$340,117 $33,602 $9,142 $382,861 
v3.25.4
CUSTOMER LOANS (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule Of Loans Held For Investment The following table presents the Company's loans held for investment by category (in thousands):
Year Ended December 31, 2025
ConsumerCommercialOtherTotal
Amortized cost basis$3,182,624 $481,757 $101,437 $3,765,818 
Allowance for credit losses(340,117)(33,602)(9,142)(382,861)
Total loans held for investment, net of allowance$2,842,507 $448,155 $92,295 $3,382,957 
Schedule of Activity in Allowance for Credit Losses for Consumer Receivables
The following table summarizes activity in the consumer receivable allowance for credit losses (in thousands):
Year Ended December 31,
20252024
Allowance for credit losses, beginning of the period
$201,793 $185,275 
Provision for credit losses333,845 293,921 
Charge-offs and other adjustments(302,626)(271,727)
Foreign exchange effect6,853 (5,676)
Allowance for credit losses, end of the period$239,865 $201,793 
The following table presents the Company's loans held for investment allowance for credit losses by category (in thousands):
Year Ended December 31, 2025
ConsumerCommercialOtherTotal
Beginning balance of the allowance for credit losses
$— $23,143 $— $23,143 
Current period provisions for expected credit losses
515,326 36,580 9,446 561,352 
Write-offs charged against the allowance
(182,497)(33,625)(333)(216,455)
Recoveries of amounts previously written off
7,288 7,504 29 14,821 
Ending balance of the allowance for credit losses
$340,117 $33,602 $9,142 $382,861 
Schedule of Loans Held for Sale by Category
The following table presents the Company’s loans held for sale by category (in thousands):
December 31, 2025December 31, 2024
Commercial$708,512 $404,844 
Consumer40,735 652,489 
Other 33,719 53,774 
Total $782,966 $1,111,107 
v3.25.4
PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net The estimated useful lives of property and equipment are described below:
Property and EquipmentUseful Life
Capitalized software18 months
Computer and data center equipment
Three years
Furniture and fixturesSeven years
Leasehold improvements
Lesser of ten years or remaining lease term
The following table details property and equipment, less accumulated depreciation and amortization (in thousands):
December 31,
2025		December 31,
2024
Capitalized software$453,569 $362,418 
Computer equipment245,740 254,742 
Leasehold improvements131,681 126,221 
Office furniture and equipment30,265 27,706 
Total861,255 771,087 
Less: Accumulated depreciation and amortization(537,880)(456,655)
Property and equipment, net$323,375 $314,432 
v3.25.4
GOODWILL (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Change in Carrying Value of Goodwill
The change in the carrying value of goodwill was as follows (in thousands):
Balance at December 31, 2023$11,919,720 
Foreign currency translation adjustments(428,790)
Impairment charge(73,508)
Balance at December 31, 2024$11,417,422 
Foreign currency translation adjustments431,596 
Balance at December 31, 2025$11,849,018 
The change in the carrying value of goodwill allocated to the reportable segments was as follows (in thousands):
Cash AppSquareCorporate and OtherTotal
Balance at December 31, 2023$6,651,128 $5,195,099 $73,493 $11,919,720 
Foreign currency translation adjustments(236,041)(192,764)15 (428,790)
Impairment charge— — (73,508)(73,508)
Balance at December 31, 2024$6,415,087 $5,002,335 $— $11,417,422 
Foreign currency translation adjustments237,784 193,812 — 431,596 
Balance at December 31, 2025$6,652,871 $5,196,147 $— $11,849,018 
v3.25.4
ACQUIRED INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite Lived Intangible Assets
The following table details acquired intangible assets (in thousands):
Balance at December 31, 2025
Weighted Average Estimated Useful LifeCostAccumulated AmortizationNet
Technology assets5 years$359,008 $(297,960)$61,048 
Customer assets15 years1,401,701 (391,100)1,010,601 
Trade names and other9 years389,137 (179,116)210,021 
Total$2,149,846 $(868,176)$1,281,670 

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):
Year Ended December 31,
202520242023
Acquired intangible assets, net, beginning of the period$1,433,067 $1,761,521 $2,014,034 
Acquisitions5,217 7,536 6,300 
Amortization expense(192,579)(223,072)(246,873)
Foreign currency translation and other adjustments35,965 (112,918)(11,940)
Acquired intangible assets, net, end of the period$1,281,670 $1,433,067 $1,761,521 
Schedule of Future Amortization Expense of Intangible Assets
The estimated future amortization expense of intangible assets as of December 31, 2025 is as follows (in thousands):
2026$184,557 
2027140,993 
2028137,205 
2029136,575 
2030133,175 
Thereafter549,165 
Total$1,281,670 
v3.25.4
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Current Assets
The following table presents the detail of other current assets (in thousands):
December 31,
2025		December 31,
2024
Restricted cash (i)
$1,071,574 $902,478 
Loans held for sale (ii)
782,966 1,111,107 
Processing costs receivable448,406 478,767 
Prepaid expenses288,707 129,343 
Accounts receivable, net238,207 148,898 
Inventory, net158,319 104,990 
Short term deposits110,236 87,968 
Other491,510 324,198 
Total$3,589,925 $3,287,749 

(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.
Schedule of Inventory, Net
The following table presents the detail of inventory, net (in thousands):
December 31,
2025		December 31,
2024
Raw materials
$16,054 $16,168 
Work in process
46,791 3,784 
Finished goods
95,474 85,038 
Total inventory, net
$158,319 $104,990 
Schedule of Accrued Expenses and Other Current Liabilities
The following table presents the detail of accrued expenses and other current liabilities (in thousands):
December 31,
2025		December 31,
2024
Accrued expenses$669,052 $725,339 
Customer deposits297,432 241,884 
Accounts payable114,572 117,963 
Operating lease liabilities, current55,349 52,880 
Accrued royalties51,596 57,605 
Accrued transaction losses (i)
49,250 58,580 
Other301,642 270,898 
Total$1,538,893 $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.
Schedule of Reserve for Transaction Losses
The following table summarizes the activities of the Company’s reserve for transaction losses (in thousands):
Year Ended December 31,
20252024
Accrued transaction losses, beginning of the period$58,580 $54,042 
Provision for transaction losses114,173 111,163 
Charge-offs to accrued transaction losses(123,503)(106,625)
Accrued transaction losses, end of the period$49,250 $58,580 
v3.25.4
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Non-Current Assets
The following table presents the detail of other non-current assets (in thousands):
December 31,
2025		December 31,
2024
Investment in non-marketable equity securities (i)
$423,198 $245,557 
Restricted cash73,786 69,915 
Other257,853 131,794 
Total$754,837 $447,266 

(i) Investment in non-marketable equity securities represents the Company's investments in equity of non-public entities. These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. During the year ended December 31, 2025, one of the Company's investments closed on an additional financing round, which the Company assessed as an observable price change in an orderly transaction. The Company recorded a $171.6 million upward adjustment to the carrying value of this investment, resulting in a carrying value of $329.8 million as of December 31, 2025. Adjustments are recorded within other expense (income), net on the 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):
December 31,
2025		December 31,
2024
Carrying amount, beginning of period$245,557 $205,268 
Net additions6,001 4,500 
Gross unrealized gains171,640 70,702 
Gross unrealized losses and impairments— (34,913)
Carrying amount, end of period$423,198 $245,557 
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):
December 31,
2025		December 31,
2024
Upward adjustments$326,970 $155,329 
Downward adjustments (including impairment)$(2,061)$(2,061)
v3.25.4
BITCOIN (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Bitcoin Investment
The following table summarizes the changes in the Company’s bitcoin investment (in thousands, except number of bitcoin):
Amount of bitcoin
Value
Balance at December 31, 20238,038 $339,898 
Additions (i)
447 31,466 
Remeasurement gain— 420,918 
Balance at December 31, 20248,485 $792,282 
Additions (i)
398 41,133 
Remeasurement loss— (55,900)
Balance at December 31, 20258,883 $777,515 

(i) Additions primarily represent the Company's purchases of bitcoin for investment purposes.
v3.25.4
INDEBTEDNESS (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Net Carrying Amount of Convertible Notes
The following tables summarize the Company's Notes as of December 31, 2025 and December 31, 2024 (in thousands):
December 31, 2025
Principal OutstandingUnamortized Debt Issuance CostsNet Carrying Value
2026 Senior Notes (i)
$1,000,000 $(1,173)$998,827 
2030 Senior Notes1,200,000 (14,467)1,185,533 
2031 Senior Notes1,000,000 (7,628)992,372 
2032 Senior Notes2,000,000 (22,266)1,977,734 
2033 Senior Notes1,000,000 (12,419)987,581 
2026 Convertible Notes (i)
575,000 (568)574,432 
2027 Convertible Notes575,000 (2,461)572,539 
Total$7,350,000 $(60,982)$7,289,018 
December 31, 2024
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 consolidated balance sheet.
Schedule of Interest Expense on Convertible Notes
The Company recognized interest expense on the Notes as follows (in thousands):
Year Ended December 31,
202520242023
Contractual interest expense$241,003 $148,425 $65,566 
Amortization of debt issuance costs
11,927 11,964 10,538 
Total$252,930 $160,389 $76,104 
Schedule of Amounts Drawn on Facilities by Year of Maturity
The table below summarizes the future scheduled principal payments of amounts drawn on the Company's Warehouse Facilities (in thousands):
December 31,
2025
2026 (i)
$466,942 
2027597,941 
2028300,000 
Total$1,364,883 

(i) Future scheduled principal payments in 2026 are disclosed as warehouse funding facilities, current, within total current liabilities on the consolidated balance sheet.
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes
The domestic and foreign components of income (loss) before income taxes were as follows (in thousands):
Year Ended December 31,
202520242023
Domestic$1,509,181 $1,332,836 $(30,304)
Foreign180,730 24,318 1,161 
Income (loss) before income taxes$1,689,911 $1,357,154 $(29,143)
Schedule of Components of Provision for Income Taxes
The components of the provision for income taxes were as follows (in thousands):
Year Ended December 31,
202520242023
Current:
Federal$(26,436)$46,390 $12,003 
State24,468 38,489 14,351 
Foreign52,631 71,590 51,506 
Total current provision for income taxes50,663 156,469 77,860 
Deferred:
Federal339,239 (1,481,491)(58,532)
State49,517 (189,913)(25,072)
Foreign(53,718)5,592 (2,275)
Total deferred tax provision for (benefit from) income taxes335,038 (1,665,812)(85,879)
Total provision for (benefit from) income taxes$385,701 $(1,509,343)$(8,019)
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Tax Rate
The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows (in thousands, except percentages):
Year Ended December 31, 2025
Tax at federal statutory rate$357,813 21.2 %
State and local taxes, net of federal benefit (i)
72,230 4.3 
Foreign tax effects
Ireland
Change in valuation allowance(55,904)(3.3)
Other4,958 0.3 
Other foreign jurisdictions27,402 1.6 
Effect of cross border tax laws
Subpart F inclusion
21,872 1.3 
Other
3,819 0.2 
Tax credits
Research and development credits(55,885)(3.3)
Changes in valuation allowance(2,160)(0.1)
Non-taxable or non-deductible items
Share-based compensation13,371 0.8 
Other18,975 1.1 
Changes in unrecognized tax benefits
(13,605)(0.8)
Other(7,185)(0.5)
Total$385,701 22.8 %

(i) A multitude of states contribute to the majority (greater than 50%) of the tax effect in this category, however there is no single jurisdiction that is individually material to the state tax expense.
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
December 31,
2024		December 31,
2023
Tax at federal statutory rate21.0 %21.0 %
State taxes, net of federal benefit3.9 45.9 
Foreign rate differential1.4 (175.6)
Other non-deductible expenses2.7 (21.7)
Credits(4.8)292.9 
Other items0.1 (2.2)
Change in valuation allowance0.4 11.2 
Share-based compensation(2.7)(16.1)
Change in uncertain tax positions1.3 (27.4)
Income (loss) inclusions of U.S. foreign subsidiaries0.9 (216.5)
Non-deductible executive compensation0.2 (9.2)
Non-deductible acquisition-related costs— (15.0)
Foreign exchange gain0.1 174.1 
Impairment loss2.1 (60.8)
Return to provision adjustments0.3 26.9 
U.S. valuation allowance release(96.3)— 
Internal restructuring(44.4)— 
Non-deductible penalties2.6 — 
Total(111.2)%27.5 %
Schedule of Income Taxes Paid
The following is a summary of income taxes paid for the year ended December 31, 2025 (in thousands):
Year Ended December 31, 2025
Federal$35,000 
State and local
California19,465 
Other state and local31,869 
Foreign
United Kingdom33,665 
Other foreign9,391 
Total income taxes, net of amounts refunded$129,390 
The supplemental disclosures of cash flow information consist of the following (in thousands):
Year Ended December 31,
202520242023
Supplemental cash flow data:
Cash paid for interest$246,331 $205,776 $130,009 
Cash paid for income taxes129,390 270,314 81,376 
Supplemental disclosures of non-cash investing and financing activities:
Unsettled originations of consumer receivables185,781 180,443 261,151 
Right-of-use assets obtained in exchange for operating lease obligations38,919 36,976 7,106 
Purchases of property and equipment in accounts payable and accrued expenses8,806 3,266 3,921 
Deferred purchase consideration related to business combinations— — 2,550 
Fair value of common stock issued related to business combinations— — (6,658)
Schedule of Tax Effects of Temporary Differences and Related Deferred Tax Assets and Liabilities
The tax effects of temporary differences and related deferred tax assets and liabilities were as follows (in thousands):
December 31,
2025		December 31,
2024
Deferred tax assets:
Capitalized costs & research and development capitalization$300,263 $886,474 
Accrued expenses229,327 122,470 
Net operating loss carryforwards548,336 388,199 
Tax credit carryforwards530,468 485,266 
Intangible and other assets291,363 375,316 
Other213,070 250,371 
Total deferred tax assets2,112,827 2,508,096 
Valuation allowance(557,063)(646,223)
Total deferred tax assets, net of valuation allowance1,555,764 1,861,873 
Deferred tax liabilities:
Unrealized gain on investments(80,433)(36,582)
Operating lease right-of-use asset(52,419)(52,849)
Cryptocurrency investment(121,309)(133,883)
Total deferred tax liabilities(254,161)(223,314)
Net deferred tax assets
$1,301,603 $1,638,559 
Reported on the consolidated balance sheets as (after valuation allowance and jurisdictional netting):
Deferred tax assets$1,302,776 $1,800,994 
Deferred tax liabilities(1,173)(162,435)
Net deferred tax assets$1,301,603 $1,638,559 
Schedule of Reconciliation of Unrecognized Tax Benefit
The change in the balance of unrecognized tax benefit was as follows (in thousands):
Year Ended December 31,
202520242023
Unrecognized tax benefit, beginning of the period$633,589 $465,103 $506,512 
Gross increases (decreases) related to prior period tax positions(24,004)34,050 (7,348)
Gross increases (decreases) related to current period tax positions27,221 139,217 (30,063)
Reductions related to lapse of statute of limitations(10,051)(4,781)(3,998)
Unrecognized tax benefit, end of the period$626,755 $633,589 $465,103 
v3.25.4
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Summary of Stock Option Activity
A summary of stock option activity for the year ended December 31, 2025 is as follows (in thousands, except share and per share data):
Number of Stock Options OutstandingWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
Outstanding, beginning of the period2,578 $72.17 5.11$67,966 
Granted1,769 55.66 
Exercised(514)25.83 
Forfeited— — 
Expired(76)143.45 
Outstanding, end of the period3,757 $69.29 6.95$29,151 
Exercisable, end of the period1,947 $78.37 5.27$15,377 
Restricted Stock Awards and Restricted Stock Units Activity
Activity related to RSUs during the year ended December 31, 2025 is set forth below:
Number of
Shares		Weighted
Average Grant
Date Fair Value
Unvested, beginning of the period37,079 $70.51 
Granted19,273 64.19 
Vested(16,829)72.60 
Forfeited(8,236)67.42 
Unvested, end of the period31,287 $66.31 
Fair Value Assumptions for Options
The fair values of stock options granted were estimated using the following weighted-average assumptions:
Year Ended December 31,
202520242023
Dividend yield— %— %— %
Risk-free interest rate3.98 %4.65 %3.48 %
Expected volatility57.91 %62.92 %62.32 %
Expected term (years)4.626.026.02
Summary of the Effect of Share-Based Compensation on the Consolidated Statements of Operations
The following table summarizes the effects of share-based compensation on the consolidated statements of operations (in thousands):
Year Ended December 31,
202520242023
Cost of revenue$545 $707 $601 
Product development874,680 903,262 902,130 
Sales and marketing114,390 131,233 130,665 
General and administrative225,865 237,355 242,701 
Total$1,215,480 $1,272,557 $1,276,097 
v3.25.4
NET INCOME (LOSS) PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income (Loss) Per Share
The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except per share data):
Year Ended December 31,
202520242023
Basic net income per share:
Numerator
Net income attributable to common stockholders$1,305,636 $2,897,047 $9,772 
Denominator
Shares used to compute basic net income per share612,243 616,993 608,856 
Basic net income per share$2.13 $4.70 $0.02 
Diluted net income per share:
Numerator
Net income attributable to common stockholders$1,305,636 $2,897,047 $9,772 
Interest expense on convertible notes4,016 6,216 — 
Net income used to compute diluted net income (loss) per share$1,309,652 $2,903,263 $9,772 
Denominator
Shares used to compute basic net income per share612,243 616,993 608,856 
Stock options, restricted stock, and employee stock purchase plan5,392 7,289 5,168 
Convertible notes5,203 12,108 — 
Shares used to compute diluted net income per share622,838 636,390 614,024 
Diluted net income per share$2.10 $4.56 $0.02 
Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Income (Loss) Per Share
The following potential common shares were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive for the periods presented (in thousands):
Year Ended December 31,
202520242023
Stock options, restricted stock, and employee stock purchase plan36,268 37,687 40,431 
Convertible notes— — 14,297 
Common stock warrants8,248 12,108 20,243 
Total anti-dilutive securities44,516 49,795 74,971 
v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Lease Expense Components and Other Information Related to Leases
The components of lease costs for the year ended December 31, 2025 were as follows (in thousands):
Year Ended December 31,
20252024
Fixed operating lease costs$56,379 $57,232 
Variable operating lease costs22,722 22,344 
Short-term lease costs1,504 1,939 
Sublease income(394)(1,119)
Total lease costs$80,211 $80,396 

Other information related to operating leases was as follows:
Year Ended December 31,
20252024
Weighted-average remaining lease term5.4 years6.2 years
Weighted-average discount rate3.83 %3.75 %

Cash flows related to leases were as follows (in thousands):
Year Ended December 31,
20252024
Cash flows from operating activities:
Payments for operating lease liabilities$(71,849)$(74,129)
Supplemental cash flow data:
Right-of-use assets obtained in exchange for operating lease obligations$38,919 $36,976 
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases
Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of December 31, 2025 are as follows (in thousands):
2026$66,746 
202767,850 
202861,793 
202955,819 
203051,204 
Thereafter44,333 
Total$347,745 
Less: Amount representing interest34,822 
Less: Lease incentives738 
Total$312,185 
Schedule of Future Minimum Payments under the Purchase Commitments
As of December 31, 2025, the future minimum payments under the purchase commitments were as follows (in thousands):
Payments Due By Period
2026$419,504 
2027404,504 
2028355,000 
2029370,000 
2030410,000 
Thereafter392,000 
Total$2,351,008 
v3.25.4
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables present information on the reportable segments revenue and segment gross profit, as well as amounts for the "Corporate and Other" category, which includes products and services not assigned to reportable segments and intersegment eliminations (in thousands):
Year Ended December 31, 2025
Cash AppSquare
Corporate and Other
Total
Revenue:
Commerce enablement revenue$3,912,171 $7,425,962 $176,029 $11,514,162 
Financial solutions revenue3,165,594 1,011,140 — 4,176,734 
Bitcoin ecosystem revenue8,347,278 14,809 140,700 8,502,787 
Segment revenue
$15,425,043 $8,451,911 $316,729 $24,193,683 
Less: Cost of revenue9,089,500 4,516,870 227,384 13,833,754 
Segment gross profit
$6,335,543 $3,935,041 $89,345 $10,359,929 
Interest revenue$192,054 $38,553 $— $230,607 
Amortization of acquired technology assets$51,553 $5,297 $— $56,850 
Year Ended December 31, 2024
Cash AppSquare
Corporate and Other
Total
Revenue:
Commerce enablement revenue$3,482,648 $6,840,133 $189,672 $10,512,453 
Financial solutions revenue2,409,294 841,523 — 3,250,817 
Bitcoin ecosystem revenue10,355,938 — 1,845 10,357,783 
Segment revenue$16,247,880 $7,681,656 $191,517 $24,121,053 
Less: Cost of revenue11,008,869 4,082,744 140,404 15,232,017 
Segment gross profit
$5,239,011 $3,598,912 $51,113 $8,889,036 
Interest revenue$185,185 $36,837 $— $222,022 
Amortization of acquired technology assets$55,343 $7,726 $5,295 $68,364 

Year Ended December 31, 2023
Cash AppSquare
Corporate and Other
Total
Revenue:
Commerce enablement revenue$2,986,409 $6,343,078 $200,553 $9,530,040 
Financial solutions revenue2,026,955 690,306 — 2,717,261 
Bitcoin ecosystem revenue9,668,322 — — 9,668,322 
Segment revenue$14,681,686 $7,033,384 $200,553 $21,915,623 
Less: Cost of revenue10,358,223 3,904,730 147,784 14,410,737 
Segment gross profit
$4,323,463 $3,128,654 $52,769 $7,504,886 
Interest revenue$142,222 $28,011 $— $170,233 
Amortization of acquired technology assets$56,135 $10,632 $6,062 $72,829 
Schedule of Reconciliation of Total Segment Profit to Income before applicable Income Taxes
The following table provides a reconciliation of total segment gross profit to the Company’s income (loss) before applicable income taxes (in thousands):
Year Ended December 31,
202520242023
Total segment gross profit$10,270,584 $8,837,923 $7,452,117 
Add: Corporate and other gross profit89,345 51,113 52,769 
Less: Product development2,907,889 2,914,415 2,720,819 
Less: Sales and marketing2,273,072 1,984,265 2,019,009 
Less: General and administrative1,997,587 2,149,099 2,209,190 
Less: Transaction, loan, and consumer receivable losses1,337,246 794,221 660,663 
Less: Amortization of customer and other intangible assets    135,729 154,709 174,044 
Less: Interest expense (income), net129,363 9,302 (47,221)
Less: Remeasurement loss (gain) on bitcoin investment55,900 (420,918)(207,084)
Less: Other expense (income), net(166,768)(53,211)4,609 
Income (loss) before applicable income taxes$1,689,911 $1,357,154 $(29,143)
Schedule of Revenue by Geographic Area
Revenue by geography is based on the addresses of the sellers or customers. The following table details revenue by geographic area (in thousands):
Year Ended December 31,
202520242023
United States$22,186,575 $22,351,832 $20,416,462 
International2,007,108 1,769,221 1,499,161 
Total$24,193,683 $24,121,053 $21,915,623 
Schedule of Long-lived Assets by Geographic Area
The following table details long-lived assets by geographic area (in thousands):
December 31,
20252024
United States$7,281,727 $7,435,117 
Australia4,453,807 4,159,229 
International1,933,458 1,790,529 
Total$13,668,992 $13,384,875 
v3.25.4
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Cash Flow, Supplemental Disclosures
The following is a summary of income taxes paid for the year ended December 31, 2025 (in thousands):
Year Ended December 31, 2025
Federal$35,000 
State and local
California19,465 
Other state and local31,869 
Foreign
United Kingdom33,665 
Other foreign9,391 
Total income taxes, net of amounts refunded$129,390 
The supplemental disclosures of cash flow information consist of the following (in thousands):
Year Ended December 31,
202520242023
Supplemental cash flow data:
Cash paid for interest$246,331 $205,776 $130,009 
Cash paid for income taxes129,390 270,314 81,376 
Supplemental disclosures of non-cash investing and financing activities:
Unsettled originations of consumer receivables185,781 180,443 261,151 
Right-of-use assets obtained in exchange for operating lease obligations38,919 36,976 7,106 
Purchases of property and equipment in accounts payable and accrued expenses8,806 3,266 3,921 
Deferred purchase consideration related to business combinations— — 2,550 
Fair value of common stock issued related to business combinations— — (6,658)
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
payment_installment
payment_processor
Dec. 31, 2024
USD ($)
payment_processor
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Concentration Risk [Line Items]        
Number of reportable segments | segment 2      
Interest earned on customer funds $ 192,100,000 $ 185,200,000 $ 142,200,000  
Severance and other related expenses 78,600,000 26,800,000 104,000,000.0  
Advertising costs 478,400,000 338,100,000 360,100,000  
Selling and marketing expenses not directly related to a revenue generating transaction 889,900,000 898,300,000 904,000,000.0  
Interest income 127,100,000 156,200,000 126,600,000  
Interest expense 256,400,000 165,500,000 0  
Restricted cash 1,071,574,000 902,478,000 770,380,000  
Restricted cash 73,786,000 69,915,000 71,812,000  
Reclassification from loans held for sale to loans held for investment 1,100,000,000      
Net gains on sales of loans 255,800,000 236,800,000 196,100,000  
Consumer receivables reclassified from loans held for investment to loans held for sale and sold to third parties 840,000,000.0      
Increase in retained earnings 22,169,882,000 21,234,962,000 18,692,836,000 $ 17,251,355,000
Bitcoin for investment purposes, cost 41,133,000 31,466,000    
Gain (loss) from the remeasurement of bitcoin investment $ (55,900,000) 420,918,000 207,084,000  
Measurement period for business combinations 1 year      
Intangible assets impairment $ 0 0 0  
Settlement period for customers payable 1 day      
Retained earnings (accumulated deficit)        
Concentration Risk [Line Items]        
Increase in retained earnings $ 3,674,254,000 2,368,618,000 $ (528,429,000) (568,712,000)
Cumulative Effect, Period of Adoption, Adjustment        
Concentration Risk [Line Items]        
Bitcoin for investment purposes, fair value       30,500,000
Increase in retained earnings       30,511,000
Cumulative Effect, Period of Adoption, Adjustment | Retained earnings (accumulated deficit)        
Concentration Risk [Line Items]        
Increase in retained earnings       $ 30,511,000
Consumer        
Concentration Risk [Line Items]        
Threshold period past due to consider amounts to be uncollectible 180 days      
Restricted Stock Awards (RSAs) and Restricted Stock Units (RSUs)        
Concentration Risk [Line Items]        
Vesting term 4 years      
Commerce Enablement | Afterpay Limited | Customer Payment Term 1        
Concentration Risk [Line Items]        
Payment period 3 months      
Commerce Enablement | Afterpay Limited | Customer Payment Term 2        
Concentration Risk [Line Items]        
Payment period 6 months      
Commerce Enablement | Afterpay Limited | Customer Payment Term 3        
Concentration Risk [Line Items]        
Payment period 12 months      
Commerce Enablement | Afterpay Limited | Customer Payment Term 4        
Concentration Risk [Line Items]        
Payment period 24 months      
Bitcoin ecosystem revenue        
Concentration Risk [Line Items]        
Contract with customer, term 1 month      
Variable Interest Entity, Primary Beneficiary        
Concentration Risk [Line Items]        
Restricted Cash: $ 426,900,000 $ 402,900,000    
Minimum        
Concentration Risk [Line Items]        
Settlements receivable, settlement period 1 day      
Settlements receivable and payable, settlement period 1 day      
Minimum | Commerce Enablement | Afterpay Limited        
Concentration Risk [Line Items]        
Number of payment installments | payment_installment 3      
Minimum | Bitcoin ecosystem revenue        
Concentration Risk [Line Items]        
Payment period 30 days      
Maximum        
Concentration Risk [Line Items]        
Settlements receivable, settlement period 2 days      
Loans held for sale selling period 2 days      
Settlements receivable and payable, settlement period 2 days      
Maximum | Commerce Enablement | Afterpay Limited        
Concentration Risk [Line Items]        
Number of payment installments | payment_installment 4      
Maximum | Bitcoin ecosystem revenue        
Concentration Risk [Line Items]        
Payment period 90 days      
Settlements Receivable | Credit Concentration Risk        
Concentration Risk [Line Items]        
Number of third party processors | payment_processor 4 3    
Settlements Receivable | Credit Concentration Risk | Third Party Processor One        
Concentration Risk [Line Items]        
Concentration risk (as a percent) 36.00% 42.00%    
Settlements Receivable | Credit Concentration Risk | Third Party Processor Two        
Concentration Risk [Line Items]        
Concentration risk (as a percent) 25.00% 17.00%    
Settlements Receivable | Credit Concentration Risk | Third Party Processor Three        
Concentration Risk [Line Items]        
Concentration risk (as a percent) 11.00% 13.00%    
Settlements Receivable | Credit Concentration Risk | Third Party Processor Four        
Concentration Risk [Line Items]        
Concentration risk (as a percent) 10.00%      
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Property and Equipment (Details)
Dec. 31, 2025
Capitalized software  
Property, Plant and Equipment [Line Items]  
Useful Life 18 months
Computer and data center equipment  
Property, Plant and Equipment [Line Items]  
Useful Life 3 years
Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Useful Life 7 years
Maximum | Leasehold improvements  
Property, Plant and Equipment [Line Items]  
Useful Life 10 years
v3.25.4
REVENUE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total net revenue $ 24,193,683 $ 24,121,053 $ 21,915,623
Commerce enablement revenue      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers: 10,100,198 9,298,307 8,618,519
Revenue from other sources 1,413,964 1,214,146 911,521
Total net revenue 11,514,162 10,512,453 9,530,040
Financial solutions revenue      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers: 2,260,121 2,165,553 2,003,765
Revenue from other sources 1,916,613 1,085,264 713,496
Total net revenue 4,176,734 3,250,817 2,717,261
Bitcoin ecosystem revenue      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers: 8,502,787 10,357,783 9,668,322
Total net revenue $ 8,502,787 $ 10,357,783 $ 9,668,322
v3.25.4
INVESTMENTS IN DEBT SECURITIES - Short-Term and Long-Term Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 705,370  
Fair Value 706,664  
Short-term debt securities:    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 516,890 $ 402,814
Gross Unrealized Gains 890 713
Gross Unrealized Losses (3) (101)
Fair Value 517,777 403,426
Short-term debt securities: | U.S. agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 19,017 34,454
Gross Unrealized Gains 18 15
Gross Unrealized Losses 0 (1)
Fair Value 19,035 34,468
Short-term debt securities: | Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 58,954 160,238
Gross Unrealized Gains 165 248
Gross Unrealized Losses 0 (96)
Fair Value 59,119 160,390
Short-term debt securities: | Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 92,655 333
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 92,655 333
Short-term debt securities: | Municipal securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 130 398
Gross Unrealized Gains 0 1
Gross Unrealized Losses 0 0
Fair Value 130 399
Short-term debt securities: | Certificates of deposit    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,211 1,051
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 2,211 1,051
Short-term debt securities: | U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 343,923 206,340
Gross Unrealized Gains 707 449
Gross Unrealized Losses (3) (4)
Fair Value 344,627 206,785
Long-term debt securities:    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 188,480 470,808
Gross Unrealized Gains 653 1,938
Gross Unrealized Losses (246) (769)
Fair Value 188,887 471,977
Long-term debt securities: | U.S. agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost   49,017
Gross Unrealized Gains   23
Gross Unrealized Losses   (10)
Fair Value   49,030
Long-term debt securities: | Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 81,332 195,035
Gross Unrealized Gains 139 693
Gross Unrealized Losses (2) (384)
Fair Value 81,469 195,344
Long-term debt securities: | Municipal securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 7,167 4,592
Gross Unrealized Gains 28 4
Gross Unrealized Losses (244) (251)
Fair Value 6,951 4,345
Long-term debt securities: | U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 99,981 222,164
Gross Unrealized Gains 486 1,218
Gross Unrealized Losses 0 (124)
Fair Value $ 100,467 $ 223,258
v3.25.4
INVESTMENTS IN DEBT SECURITIES - Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($)
$ in Thousands
Dec. 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 $ 15,523 $ 69,859
Less than 12 Months, Gross Unrealized Losses (3) (94)
Greater than 12 months, Fair Value 0 5,989
Greater than 12 months, Gross Unrealized Losses 0 (7)
Total, Fair Value 15,523 75,848
Total, Gross Unrealized Losses (3) (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 17 18,954
Less than 12 Months, Gross Unrealized Losses 0 (1)
Greater than 12 months, Fair Value 0 0
Greater than 12 months, Gross Unrealized Losses 0 0
Total, Fair Value 17 18,954
Total, Gross Unrealized Losses 0 (1)
Short-term debt securities: | Corporate bonds    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 3,508 50,905
Less than 12 Months, Gross Unrealized Losses 0 (93)
Greater than 12 months, Fair Value 0 1,995
Greater than 12 months, Gross Unrealized Losses 0 (3)
Total, Fair Value 3,508 52,900
Total, Gross Unrealized Losses 0 (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 11,998 0
Less than 12 Months, Gross Unrealized Losses (3) 0
Greater than 12 months, Fair Value 0 3,994
Greater than 12 months, Gross Unrealized Losses 0 (4)
Total, Fair Value 11,998 3,994
Total, Gross Unrealized Losses (3) (4)
Long-term debt securities:    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 7,813 152,069
Less than 12 Months, Gross Unrealized Losses (100) (646)
Greater than 12 months, Fair Value 1,235 363
Greater than 12 months, Gross Unrealized Losses (146) (123)
Total, Fair Value 9,048 152,432
Total, Gross Unrealized Losses (246) (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 4,539 80,550
Less than 12 Months, Gross Unrealized Losses (2) (384)
Greater than 12 months, Fair Value 0 0
Greater than 12 months, Gross Unrealized Losses 0 0
Total, Fair Value 4,539 80,550
Total, Gross Unrealized Losses (2) (384)
Long-term debt securities: | Municipal securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 3,274 2,848
Less than 12 Months, Gross Unrealized Losses (98) (128)
Greater than 12 months, Fair Value 1,235 363
Greater than 12 months, Gross Unrealized Losses (146) (123)
Total, Fair Value 4,509 3,211
Total, Gross Unrealized Losses $ (244) (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   58,681
Less than 12 Months, Gross Unrealized Losses   (124)
Greater than 12 months, Fair Value   0
Greater than 12 months, Gross Unrealized Losses   0
Total, Fair Value   58,681
Total, Gross Unrealized Losses   $ (124)
v3.25.4
INVESTMENTS IN DEBT SECURITIES - Contractual Maturities of Short-Term and Long-Term Investments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Amortized Cost  
Due in one year or less $ 516,890
Due after one year to five years 181,313
Due after five years 7,167
Amortized Cost 705,370
Fair Value  
Due in one year or less 517,777
Due after one year to five years 181,936
Due after five years 6,951
Fair Value $ 706,664
v3.25.4
CUSTOMER FUNDS (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Customer funds $ 4,771,824 $ 4,182,872
Cash    
Debt Securities, Available-for-sale [Line Items]    
Customer funds 3,663,727 3,195,253
Cash equivalents: | Money market funds    
Debt Securities, Available-for-sale [Line Items]    
Customer funds 0 4,645
Cash equivalents: | Reverse repurchase agreement    
Debt Securities, Available-for-sale [Line Items]    
Customer funds $ 1,108,097 $ 982,974
v3.25.4
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Customer funds: $ 4,771,824 $ 4,182,872  
Bitcoin investment 777,515 792,282 $ 339,898
Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Bitcoin investment 777,515 792,282  
Investment in marketable equity securities 5,225 5,407  
Total 3,243,215 3,419,298  
Level 1 | Money market funds      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents: 608,807 857,196  
Restricted Cash: 293,514 319,800  
Customer funds: 0 4,645  
Level 1 | U.S. government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents: 4,963 26,951  
Short-term debt securities: 344,627 206,785  
Long-term debt securities: 100,467 223,258  
Level 1 | Commercial paper      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents: 0 0  
Level 1 | Corporate bonds      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents: 0 0  
Short-term debt securities: 0 0  
Long-term debt securities: 0 0  
Level 1 | Reverse repurchase agreement      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Customer funds: 1,108,097 982,974  
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  
Level 1 | Commercial paper      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Short-term debt securities: 0 0  
Level 1 | Municipal securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Short-term debt securities: 0 0  
Long-term debt securities: 0 0  
Level 1 | Certificates of deposit      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Short-term debt securities: 0 0  
Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Bitcoin investment 0 0  
Investment in marketable equity securities 0 0  
Total 326,651 445,869  
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  
Level 2 | U.S. government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents: 0 0  
Short-term debt securities: 0 0  
Long-term debt securities: 0 0  
Level 2 | Commercial paper      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents: 64,805 509  
Level 2 | Corporate bonds      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents: 276 0  
Short-term debt securities: 59,119 160,390  
Long-term debt securities: 81,469 195,344  
Level 2 | Reverse repurchase agreement      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Customer funds: 0 0  
Level 2 | U.S. agency securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Short-term debt securities: 19,035 34,468  
Long-term debt securities: 0 49,030  
Level 2 | Commercial paper      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Short-term debt securities: 92,655 333  
Level 2 | Municipal securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Short-term debt securities: 130 399  
Long-term debt securities: 6,951 4,345  
Level 2 | Certificates of deposit      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Short-term debt securities: 2,211 1,051  
Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Bitcoin investment 0 0  
Investment in marketable equity securities 0 0  
Total 0 0  
Level 3 | Money market funds      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents: 0 0  
Restricted Cash: 0 0  
Customer funds: 0 0  
Level 3 | U.S. government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents: 0 0  
Short-term debt securities: 0 0  
Long-term debt securities: 0 0  
Level 3 | Commercial paper      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents: 0 0  
Level 3 | Corporate bonds      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents: 0 0  
Short-term debt securities: 0 0  
Long-term debt securities: 0 0  
Level 3 | Reverse repurchase agreement      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Customer funds: 0 0  
Level 3 | U.S. agency securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Short-term debt securities: 0 0  
Long-term debt securities: 0 0  
Level 3 | Commercial paper      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Short-term debt securities: 0 0  
Level 3 | Municipal securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Short-term debt securities: 0 0  
Long-term debt securities: 0 0  
Level 3 | Certificates of deposit      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Short-term debt securities: $ 0 $ 0  
v3.25.4
FAIR VALUE MEASUREMENTS - Fair Value and Carrying Value of Convertible Senior Notes (Details) - Level 2 - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument $ 7,289,018 $ 6,105,436
Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 7,301,854 5,856,289
2026 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 998,827 996,017
2026 Senior Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 993,144 960,589
2030 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 1,185,533 0
2030 Senior Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 1,209,528 0
2031 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 992,372 990,971
2031 Senior Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 932,095 873,868
2032 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 1,977,734 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 2,057,081 1,999,220
2033 Senior Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 987,581 0
2033 Senior Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument 1,013,732 0
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 574,432 572,723
2026 Convertible Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes 566,103 533,154
2027 Convertible Notes | Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes 572,539 571,202
2027 Convertible Notes | Fair Value (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes $ 530,171 $ 497,517
v3.25.4
FAIR VALUE MEASUREMENTS - Fair Value and Carrying Value of Loans Held for Sale (Details) - Level 3 - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale $ 782,966 $ 1,111,107
Loans held for investment 3,382,957 365,062
Total 4,165,923 1,476,169
Fair Value (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale 812,658 1,112,746
Loans held for investment 3,445,631 382,542
Total $ 4,258,289 $ 1,495,288
v3.25.4
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Loans Receivable Held-For-Sale      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loss included in earnings from excess amortized cost over fair value of loans charge $ 263.0 $ 290.2 $ 111.2
v3.25.4
CONSUMER RECEIVABLES, NET - Narrative (Details) - Consumer - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Threshold period past due (in days) 60 days  
Consumer receivables $ 2,910,187 $ 2,706,672
Cash in transit $ 245,400 $ 266,700
Threshold period past due to consider amounts to be uncollectible 180 days  
Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Consumer receivables $ 2,800,000  
Classified    
Financing Receivable, Credit Quality Indicator [Line Items]    
Consumer receivables $ 131,000  
Minimum    
Financing Receivable, Credit Quality Indicator [Line Items]    
Payment period 14 days  
Maximum    
Financing Receivable, Credit Quality Indicator [Line Items]    
Payment period 56 days  
v3.25.4
CONSUMER RECEIVABLES, NET - Aging Analysis (Details) - Consumer - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Total amortized cost $ 2,910,187 $ 2,706,672
Non-delinquent loans    
Financing Receivable, Past Due [Line Items]    
Total amortized cost 2,416,017 2,227,348
1 - 60 days past due    
Financing Receivable, Past Due [Line Items]    
Total amortized cost 363,165 369,173
61 - 90 days past due    
Financing Receivable, Past Due [Line Items]    
Total amortized cost 29,984 29,334
90+ days past due    
Financing Receivable, Past Due [Line Items]    
Total amortized cost $ 101,021 $ 80,817
v3.25.4
CONSUMER RECEIVABLES, NET - Activity in Allowance for Credit Losses (Details) - Consumer - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance of the allowance for credit losses $ 201,793 $ 185,275
Provision for credit losses 333,845 293,921
Charge-offs and other adjustments (302,626) (271,727)
Foreign exchange effect 6,853 (5,676)
Allowance for credit losses, end of the period $ 239,865 $ 201,793
v3.25.4
CUSTOMER LOANS - Loans Held for Investment by Category (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost basis $ 3,765,818  
Allowance for credit losses (382,861) $ (23,143)
Total loans held for investment, net of allowance 3,382,957 365,062
Consumer    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost basis 3,182,624  
Allowance for credit losses (340,117) 0
Total loans held for investment, net of allowance 2,842,507  
Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost basis 481,757  
Allowance for credit losses (33,602) (23,143)
Total loans held for investment, net of allowance 448,155  
Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost basis 101,437  
Allowance for credit losses (9,142) $ 0
Total loans held for investment, net of allowance $ 92,295  
v3.25.4
CUSTOMER LOANS - Schedule of Company's Loans Held for Investment Allowance for Credit Losses (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]  
Beginning balance of the allowance for credit losses $ 23,143
Current period provisions for expected credit losses 561,352
Write-offs charged against the allowance (216,455)
Recoveries of amounts previously written off 14,821
Ending balance of the allowance for credit losses 382,861
Consumer  
Financing Receivable, Allowance for Credit Loss [Roll Forward]  
Beginning balance of the allowance for credit losses 0
Current period provisions for expected credit losses 515,326
Write-offs charged against the allowance (182,497)
Recoveries of amounts previously written off 7,288
Ending balance of the allowance for credit losses 340,117
Commercial  
Financing Receivable, Allowance for Credit Loss [Roll Forward]  
Beginning balance of the allowance for credit losses 23,143
Current period provisions for expected credit losses 36,580
Write-offs charged against the allowance (33,625)
Recoveries of amounts previously written off 7,504
Ending balance of the allowance for credit losses 33,602
Other  
Financing Receivable, Allowance for Credit Loss [Roll Forward]  
Beginning balance of the allowance for credit losses 0
Current period provisions for expected credit losses 9,446
Write-offs charged against the allowance (333)
Recoveries of amounts previously written off 29
Ending balance of the allowance for credit losses $ 9,142
v3.25.4
CUSTOMER LOANS - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]      
Consumer receivables, net $ 2,670,322 $ 2,504,879  
Amortized cost basis 3,765,818    
Gain on sale of financing receivable 255,800 236,800 $ 196,100
Commercial      
Financing Receivable, Credit Quality Indicator [Line Items]      
Consumer receivables, net   365,100  
Loans held for investment, net of allowance   23,100  
Amortized cost basis $ 481,757    
Loan Portfolio Segment, Held For Investment      
Financing Receivable, Credit Quality Indicator [Line Items]      
Threshold period past due (in days) 60 days    
Loan Portfolio Segment, Held For Investment | Unlikely to be Collected Financing Receivable      
Financing Receivable, Credit Quality Indicator [Line Items]      
Threshold period past due (in days) 120 days    
Loan Portfolio Segment, Held For Investment | Pass      
Financing Receivable, Credit Quality Indicator [Line Items]      
Consumer receivables $ 3,400,000 385,200  
Loan Portfolio Segment, Held For Investment | Classified      
Financing Receivable, Credit Quality Indicator [Line Items]      
Consumer receivables $ 381,000    
Amortized cost basis   0  
Loan Portfolio Segment, Held For Investment | Nonperforming Financial Instruments      
Financing Receivable, Credit Quality Indicator [Line Items]      
Threshold period past due (in days) 90 days    
Loan Portfolio Segment, Held For Sale      
Financing Receivable, Credit Quality Indicator [Line Items]      
Proceeds from sale of finance receivables $ 4,500,000 4,200,000  
Gain on sale of financing receivable $ 255,800 $ 236,800  
Loan Portfolio Segment, Held For Sale | Unlikely to be Collected Financing Receivable | Cash Borrow Loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Threshold period past due (in days) 90 days    
Loan Portfolio Segment, Held For Sale | Unlikely to be Collected Financing Receivable | Square Loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Threshold period past due (in days) 120 days    
v3.25.4
CUSTOMER LOANS - Loans Held for Sale by Category (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans held for sale $ 782,966 $ 1,111,107
Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans held for sale 708,512 404,844
Consumer    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans held for sale 40,735 652,489
Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans held for sale $ 33,719 $ 53,774
v3.25.4
PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total $ 861,255 $ 771,087
Less: Accumulated depreciation and amortization (537,880) (456,655)
Property and equipment, net 323,375 314,432
Capitalized software    
Property, Plant and Equipment [Line Items]    
Total 453,569 362,418
Computer equipment    
Property, Plant and Equipment [Line Items]    
Total 245,740 254,742
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total 131,681 126,221
Office furniture and equipment    
Property, Plant and Equipment [Line Items]    
Total $ 30,265 $ 27,706
v3.25.4
PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense on property and equipment $ 177.0 $ 153.1 $ 172.8
v3.25.4
GOODWILL - Schedule of Change in Carrying Value of Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]      
Beginning balance   $ 11,417,422 $ 11,919,720
Foreign currency translation adjustments   431,596 (428,790)
Impairment charge $ (73,500)   $ (73,508)
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]     General and administrative
Ending balance 11,417,422 11,849,018 $ 11,417,422
Corporate and Other      
Goodwill [Roll Forward]      
Beginning balance   0 73,493
Foreign currency translation adjustments   0 15
Impairment charge     (73,508)
Ending balance 0 0 0
Cash App      
Goodwill [Roll Forward]      
Beginning balance   6,415,087 6,651,128
Foreign currency translation adjustments   237,784 (236,041)
Impairment charge     0
Ending balance 6,415,087 6,652,871 6,415,087
Square      
Goodwill [Roll Forward]      
Beginning balance   5,002,335 5,195,099
Foreign currency translation adjustments   193,812 (192,764)
Impairment charge     0
Ending balance $ 5,002,335 $ 5,196,147 $ 5,002,335
v3.25.4
GOODWILL - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2025
segment
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]      
Number of reportable segments | segment   2  
Goodwill and intangible asset impairment | $ $ 73,500   $ 73,508
v3.25.4
ACQUIRED INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Cost $ 2,149,846 $ 2,144,030    
Accumulated Amortization (868,176) (710,963)    
Total $ 1,281,670 $ 1,433,067 $ 1,761,521 $ 2,014,034
Technology assets        
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Weighted Average Estimated Useful Life 5 years 5 years    
Cost $ 359,008 $ 353,791    
Accumulated Amortization (297,960) (241,110)    
Total $ 61,048 $ 112,681    
Customer assets        
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Weighted Average Estimated Useful Life 15 years 15 years    
Cost $ 1,401,701 $ 1,401,102    
Accumulated Amortization (391,100) (332,153)    
Total $ 1,010,601 $ 1,068,949    
Trade names and other        
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Weighted Average Estimated Useful Life 9 years 9 years    
Cost $ 389,137 $ 389,137    
Accumulated Amortization (179,116) (137,700)    
Total $ 210,021 $ 251,437    
v3.25.4
ACQUIRED INTANGIBLE ASSETS - Change in Carrying Value of Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-lived Intangible Assets [Roll Forward]      
Acquired intangible assets, net, beginning of the period $ 1,433,067 $ 1,761,521 $ 2,014,034
Acquisitions 5,217 7,536 6,300
Amortization expense (192,579) (223,072) (246,873)
Foreign currency translation and other adjustments 35,965 (112,918) (11,940)
Acquired intangible assets, net, end of the period $ 1,281,670 $ 1,433,067 $ 1,761,521
v3.25.4
ACQUIRED INTANGIBLE ASSETS - Future Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]        
2026 $ 184,557      
2027 140,993      
2028 137,205      
2029 136,575      
2030 133,175      
Thereafter 549,165      
Total $ 1,281,670 $ 1,433,067 $ 1,761,521 $ 2,014,034
v3.25.4
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Restricted cash $ 1,071,574 $ 902,478 $ 770,380
Processing costs receivable 448,406 478,767  
Prepaid expenses 288,707 129,343  
Accounts receivable, net 238,207 148,898  
Inventory, net 158,319 104,990  
Short term deposits 110,236 87,968  
Other 491,510 324,198  
Total 3,589,925 3,287,749  
Loan Portfolio Segment, Held For Sale      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans held for sale $ 782,966 $ 1,111,107  
v3.25.4
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Schedule of Inventory, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 16,054 $ 16,168
Work in process 46,791 3,784
Finished goods 95,474 85,038
Total inventory, net $ 158,319 $ 104,990
v3.25.4
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued expenses $ 669,052 $ 725,339
Customer deposits 297,432 241,884
Accounts payable 114,572 117,963
Operating lease liabilities, current $ 55,349 $ 52,880
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Total Total
Accrued royalties $ 51,596 $ 57,605
Accrued transaction losses 49,250 58,580
Other 301,642 270,898
Total $ 1,538,893 $ 1,525,149
v3.25.4
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Reserve for Transaction Losses (Details) - Transaction Losses - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Loss Contingency Accrual [Roll Forward]    
Accrued transaction losses, beginning of the period $ 58,580 $ 54,042
Provision for transaction losses 114,173 111,163
Charge-offs to accrued transaction losses (123,503) (106,625)
Accrued transaction losses, end of the period $ 49,250 $ 58,580
v3.25.4
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Transaction Losses    
Loss Contingencies [Line Items]    
Provisions for transaction losses realized and written-off within the same period $ 265.8 $ 274.8
v3.25.4
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Other Non-Current Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Investment Not Readily Marketable [Line Items]      
Investment in non-marketable equity securities $ 423,198 $ 245,557  
Restricted cash 73,786 69,915 $ 71,812
Other 257,853 131,794  
Total 754,837 447,266  
Gross unrealized gains 171,640 $ 70,702  
Equity Securities, Non-marketable 1      
Other Investment Not Readily Marketable [Line Items]      
Investment in non-marketable equity securities $ 329,800    
v3.25.4
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Adjustments of Non-Marketable Equity Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Equity Securities without Readily Determinable Fair Value [Roll Forward]    
Carrying amount, beginning of period $ 245,557 $ 205,268
Net additions 6,001 4,500
Gross unrealized gains 171,640 70,702
Gross unrealized losses and impairments 0 (34,913)
Carrying amount, end of period $ 423,198 $ 245,557
v3.25.4
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Summary of Non-Marketable Equity Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Upward adjustments $ 326,970 $ 155,329
Downward adjustments (including impairment) $ (2,061) $ (2,061)
v3.25.4
BITCOIN - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
bitcoin
Dec. 31, 2024
USD ($)
bitcoin
Dec. 31, 2023
bitcoin
Crypto Asset, Activity [Line Items]      
Number of bitcoins (in bitcoin) 8,883 8,485 8,038
Crypto-Asset, Investing Purposes      
Crypto Asset, Activity [Line Items]      
Number of bitcoins (in bitcoin) 8,883 8,485  
Bitcoin, purchase value | $ $ 292.6 $ 251.5  
Crypto-Asset, Operating Purposes      
Crypto Asset, Activity [Line Items]      
Number of bitcoins (in bitcoin) 238 158  
Bitcoin, purchase value | $ $ 20.0 $ 15.3  
v3.25.4
BITCOIN - Changes in Bitcoin Investment (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
bitcoin
Dec. 31, 2024
USD ($)
bitcoin
Dec. 31, 2023
USD ($)
bitcoin
Amount of bitcoin      
Balance (in bitcoin) | bitcoin 8,883 8,485 8,038
Additions (in bitcoin) | bitcoin 398 447  
Value      
Bitcoin, beginning balance $ 792,282 $ 339,898  
Additions 41,133 31,466  
Remeasurement gain (55,900) 420,918 $ 207,084
Bitcoin, ending balance $ 777,515 $ 792,282 $ 339,898
v3.25.4
INDEBTEDNESS - Net Carrying Amount of Convertible Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Convertible Debt    
Debt Instrument [Line Items]    
Principal Outstanding $ 7,350,000 $ 6,150,000
Unamortized Debt Issuance Costs (60,982) (44,564)
Total 7,289,018 6,105,436
2026 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 1,000,000 1,000,000
Unamortized Debt Issuance Costs (1,173) (3,983)
Total 998,827 996,017
2030 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 1,200,000  
Unamortized Debt Issuance Costs (14,467)  
Total 1,185,533  
2031 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 1,000,000 1,000,000
Unamortized Debt Issuance Costs (7,628) (9,029)
Total 992,372 990,971
2032 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 2,000,000 2,000,000
Unamortized Debt Issuance Costs (22,266) (24,974)
Total 1,977,734 1,975,026
2033 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal Outstanding 1,000,000  
Unamortized Debt Issuance Costs (12,419)  
Total 987,581  
2025 Convertible Notes | Convertible Debt    
Debt Instrument [Line Items]    
Principal Outstanding   1,000,000
Unamortized Debt Issuance Costs   (503)
Total   999,497
2026 Convertible Notes | Convertible Debt    
Debt Instrument [Line Items]    
Principal Outstanding 575,000 575,000
Unamortized Debt Issuance Costs (568) (2,277)
Total 574,432 572,723
2027 Convertible Notes | Convertible Debt    
Debt Instrument [Line Items]    
Principal Outstanding 575,000 575,000
Unamortized Debt Issuance Costs (2,461) (3,798)
Total $ 572,539 $ 571,202
v3.25.4
INDEBTEDNESS - Interest Expense on Convertible Notes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Total $ 256,400 $ 165,500 $ 0
Convertible Debt      
Debt Instrument [Line Items]      
Contractual interest expense 241,003 148,425 65,566
Amortization of debt issuance costs 11,927 11,964 10,538
Total $ 252,930 $ 160,389 $ 76,104
v3.25.4
INDEBTEDNESS - Senior Unsecured Notes Narrative (Details) - Senior Notes - USD ($)
$ in Millions
Aug. 18, 2025
May 09, 2024
May 20, 2021
Senior Unsecured Notes      
Debt Instrument [Line Items]      
Aggregate principal amount $ 2,200.0   $ 2,000.0
Redemption price, percentage     100.00%
Redemption price, premium rate 1.00%   1.00%
Redemption price, premium, basis spread on variable rate 5000.00%   0.50%
Debt repurchase, percentage 101.00%   101.00%
Debt default, percentage of interest by trustee or holders (at least) 25.00%   25.00%
Discounts and commissions payable $ 22.0   $ 22.5
Third party offering costs 6.3   5.7
2026 Senior Notes      
Debt Instrument [Line Items]      
Aggregate principal amount     $ 1,000.0
Interest rate     2.75%
Effective interest rate of the liability component     3.06%
2031 Senior Notes      
Debt Instrument [Line Items]      
Aggregate principal amount     $ 1,000.0
Interest rate     3.50%
Effective interest rate of the liability component     3.69%
2030 Senior Notes      
Debt Instrument [Line Items]      
Aggregate principal amount $ 1,200.0    
Interest rate 5.625%    
Effective interest rate of the liability component 5.90%    
2033 Senior Notes      
Debt Instrument [Line Items]      
Aggregate principal amount $ 1,000.0    
Interest rate 6.00%    
Redemption price, percentage 100.00%    
Effective interest rate of the liability component 6.20%    
2032 Senior Notes      
Debt Instrument [Line Items]      
Aggregate principal amount   $ 2,000.0  
Interest rate   6.50%  
Redemption price, percentage   100.00%  
Redemption price, premium rate   1.00%  
Redemption price, premium, basis spread on variable rate   0.50%  
Debt repurchase, percentage   101.00%  
Debt default, percentage of interest by trustee or holders (at least)   25.00%  
Discounts and commissions payable   $ 21.0  
Third party offering costs   $ 5.6  
Effective interest rate of the liability component   6.70%  
v3.25.4
INDEBTEDNESS - Convertible Notes Narrative (Details) - Convertible Debt
$ / shares in Units, $ in Millions
Nov. 13, 2020
USD ($)
day
$ / shares
Mar. 05, 2020
USD ($)
2025 Convertible Notes    
Debt Instrument [Line Items]    
Aggregate principal amount | $   $ 1,000.0
Conversion rate   0.0082641
2026 and 2027 Notes    
Debt Instrument [Line Items]    
Aggregate principal amount | $ $ 1,200.0  
Conversion rate 0.003343  
Conversion price of convertible debt (in USD per share) | $ / shares $ 299.13  
Redemption price, percentage 100.00%  
2026 and 2027 Notes | Debt Instrument, Conversion Term One    
Debt Instrument [Line Items]    
Threshold trading days | day 20  
Threshold consecutive trading days | day 30  
Threshold percentage of stock price trigger 130.00%  
2026 and 2027 Notes | Debt Instrument, Conversion Term Two    
Debt Instrument [Line Items]    
Threshold trading days | day 5  
Threshold consecutive trading days | day 5  
Threshold percentage of stock price trigger 98.00%  
2026 Convertible Notes    
Debt Instrument [Line Items]    
Aggregate principal amount | $ $ 575.0  
Interest rate 0.00%  
Conversion price of convertible debt (in USD per share) | $ / shares $ 299.13  
2027 Convertible Notes    
Debt Instrument [Line Items]    
Aggregate principal amount | $ $ 575.0  
Interest rate 0.25%  
Conversion price of convertible debt (in USD per share) | $ / shares $ 299.13  
v3.25.4
INDEBTEDNESS - Convertible Note Hedge and Warrant Transactions Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
Nov. 13, 2020
Dec. 31, 2025
Mar. 05, 2020
Common Stock Warrant, 2027 Notes      
Debt Instrument [Line Items]      
Outstanding warrants to purchase aggregate shares of capital stock (in shares) 1,900,000    
Exercise price of warrants (in USD per share) $ 414.18    
Proceeds from issuance of senior notes $ 68.0    
Warrants term   60 days  
Number of warrants exercised (in shares)   0  
Common Stock Warrant, 2026 Notes      
Debt Instrument [Line Items]      
Outstanding warrants to purchase aggregate shares of capital stock (in shares) 1,900,000    
Exercise price of warrants (in USD per share) $ 368.16    
Proceeds from issuance of senior notes $ 64.6    
Warrants term   60 days  
Number of warrants exercised (in shares)   0  
Common Stock Warrant, 2025 Notes      
Debt Instrument [Line Items]      
Outstanding warrants to purchase aggregate shares of capital stock (in shares)     8,300,000
Exercise price of warrants (in USD per share)     $ 161.34
Warrants term   60 days  
Number of warrants exercised (in shares)   0  
2027 Convertible Notes | Convertible Debt      
Debt Instrument [Line Items]      
Conversion price of convertible debt (in USD per share) $ 299.13    
Conversion price of convertible debt after effect of warrants and note hedge (in USD per share) 414.18    
2026 Convertible Notes | Convertible Debt      
Debt Instrument [Line Items]      
Conversion price of convertible debt (in USD per share) 299.13    
Conversion price of convertible debt after effect of warrants and note hedge (in USD per share) $ 368.16    
Options Held      
Debt Instrument [Line Items]      
Outstanding warrants to purchase aggregate shares of capital stock (in shares) 1,900,000    
Convertible note hedge, option to purchase common stock, price (in USD per share) $ 299.13    
Options Held | 2027 Convertible Notes      
Debt Instrument [Line Items]      
Cost of convertible note hedge $ 104.3    
Options Held | 2026 Convertible Notes      
Debt Instrument [Line Items]      
Cost of convertible note hedge $ 84.6    
v3.25.4
INDEBTEDNESS - Facility Narrative (Details) - USD ($)
 1 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 14, 2026
Debt Instrument [Line Items]          
Interest expense   $ 256,400,000 $ 165,500,000 $ 0  
Revolving Secured Credit Facility | 2020 Credit Facility | Line of Credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 775,000,000.0        
Remaining borrowing capacity   775,000,000.0      
Debt covenant, minimum quarterly liquidity amount $ 250,000,000.0        
Amounts drawn to date   0      
Letters of credit outstanding   $ 0      
Revolving Secured Credit Facility | 2020 Credit Facility | Line of Credit | Subsequent Event          
Debt Instrument [Line Items]          
Maximum borrowing capacity         $ 900,000,000
Debt covenant, minimum quarterly liquidity amount         $ 250,000,000
Revolving Secured 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 Secured Credit Facility | 2020 Credit Facility | Line of Credit | Federal Funds Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate   0.50%      
Revolving Secured Credit Facility | 2020 Credit Facility | Line of Credit | Prime Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate   0.50%      
Revolving Secured Credit Facility | 2020 Credit Facility | Line of Credit | Minimum          
Debt Instrument [Line Items]          
Unused commitment fee, percent 0.10%        
Revolving Secured 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 Secured 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 Secured Credit Facility | 2020 Credit Facility | Line of Credit | Minimum | Prime Rate          
Debt Instrument [Line Items]          
Additional basis spread on variable rate   0.25%      
Revolving Secured Credit Facility | 2020 Credit Facility | Line of Credit | Maximum          
Debt Instrument [Line Items]          
Unused commitment fee, percent 0.20%        
Revolving Secured 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 Secured Credit Facility | 2020 Credit Facility | Line of Credit | Maximum | Federal Funds Rate          
Debt Instrument [Line Items]          
Additional basis spread on variable rate   0.75%      
Revolving Secured Credit Facility | 2020 Credit Facility | Line of Credit | Maximum | Prime 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]          
Maximum borrowing capacity   $ 1,700,000,000      
Remaining borrowing capacity   323,900,000      
Principal outstanding   1,400,000,000      
Interest expense   $ 49,400,000 $ 72,000,000.0 $ 65,900,000  
v3.25.4
INDEBTEDNESS - Amounts Drawn on Facilities by Year of Maturity (Details) - Secured Debt - Warehouse Funding Facilities - Line of Credit
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
2026 $ 466,942
2027 597,941
2028 300,000
Total $ 1,364,883
v3.25.4
INCOME TAXES - Domestic and Foreign Components of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 1,509,181 $ 1,332,836 $ (30,304)
Foreign 180,730 24,318 1,161
Income (loss) before income tax $ 1,689,911 $ 1,357,154 $ (29,143)
v3.25.4
INCOME TAXES - Components of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ (26,436) $ 46,390 $ 12,003
State 24,468 38,489 14,351
Foreign 52,631 71,590 51,506
Total current provision for income taxes 50,663 156,469 77,860
Deferred:      
Federal 339,239 (1,481,491) (58,532)
State 49,517 (189,913) (25,072)
Foreign (53,718) 5,592 (2,275)
Total deferred tax provision for (benefit from) income taxes 335,038 (1,665,812) (85,879)
Total provision for (benefit from) income taxes [1] $ 385,701 $ (1,509,343) $ (8,019)
[1] Includes benefits from income taxes of $1.9 billion in fiscal 2024 related to both the release of the Company's valuation allowance associated with certain federal and state deferred tax assets as well as the recognition of deferred tax assets as part of internal legal entity restructuring efforts. Refer to Note 15, Income Taxes within the Notes to the Consolidated Financial Statements for further details.
v3.25.4
INCOME TAXES - Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount:      
Tax at federal statutory rate $ 357,813    
State and local taxes, net of federal benefit 72,230    
Effect of cross border tax laws      
Subpart F inclusion 21,872    
Other 3,819    
Tax credits      
Research and development credits (55,885)    
Non-taxable or non-deductible items      
Share-based compensation 13,371    
Other 18,975    
Changes in unrecognized tax benefits (13,605)    
Total provision for (benefit from) income taxes [1] $ 385,701 $ (1,509,343) $ (8,019)
Percent:      
Tax at federal statutory rate 21.20% 21.00% 21.00%
State and local taxes, net of federal benefit 4.30% 3.90% 45.90%
Change in valuation allowance   0.40% 11.20%
Other items   0.10% (2.20%)
Other foreign jurisdictions   1.40% (175.60%)
Effect of cross border tax laws      
Subpart F inclusion 1.30% 0.90% (216.50%)
Other 0.20%    
Tax credits      
Research and development credits (3.30%)    
Non-taxable or non-deductible items      
Share-based compensation 0.80%    
Other 1.10% 2.70% (21.70%)
Changes in unrecognized tax benefits (0.80%)    
Total 22.80% (111.20%) 27.50%
Ireland      
Amount:      
Change in valuation allowance $ (55,904)    
Other $ 4,958    
Percent:      
Change in valuation allowance (3.30%)    
Other items 0.30%    
Other foreign      
Amount:      
Other foreign jurisdictions $ 27,402    
Percent:      
Other foreign jurisdictions 1.60%    
United States      
Amount:      
Change in valuation allowance $ (2,160)    
Other $ (7,185)    
Percent:      
Change in valuation allowance (0.10%)    
Other items (0.50%)    
[1] Includes benefits from income taxes of $1.9 billion in fiscal 2024 related to both the release of the Company's valuation allowance associated with certain federal and state deferred tax assets as well as the recognition of deferred tax assets as part of internal legal entity restructuring efforts. Refer to Note 15, Income Taxes within the Notes to the Consolidated Financial Statements for further details.
v3.25.4
INCOME TAXES - Reconciliation of Effective Tax Rate Prior to the Adoption of ASU 2023-09 (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Tax at federal statutory rate 21.20% 21.00% 21.00%
State and local taxes, net of federal benefit 4.30% 3.90% 45.90%
Foreign rate differential   1.40% (175.60%)
Other non-deductible expenses 1.10% 2.70% (21.70%)
Credits   (4.80%) 292.90%
Other items   0.10% (2.20%)
Change in valuation allowance   0.40% 11.20%
Share-based compensation   (2.70%) (16.10%)
Change in uncertain tax positions   1.30% (27.40%)
Income (loss) inclusions of U.S. foreign subsidiaries 1.30% 0.90% (216.50%)
Non-deductible executive compensation   0.20% (9.20%)
Non-deductible acquisition-related costs   0.00% (15.00%)
Foreign exchange gain   0.10% 174.10%
Impairment loss   2.10% (60.80%)
Return to provision adjustments   0.30% 26.90%
U.S. valuation allowance release   (96.30%) 0.00%
Internal restructuring   (44.40%) 0.00%
Non-deductible penalties   2.60% 0.00%
Total 22.80% (111.20%) 27.50%
v3.25.4
INCOME TAXES - Schedule of Income Taxes Paid (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Income Tax Examination [Line Items]  
Federal $ 35,000
Total income taxes, net of amounts refunded 129,390
California  
Income Tax Examination [Line Items]  
State and local 19,465
Other state and local  
Income Tax Examination [Line Items]  
State and local 31,869
United Kingdom  
Income Tax Examination [Line Items]  
Foreign 33,665
Other foreign  
Income Tax Examination [Line Items]  
Foreign $ 9,391
v3.25.4
INCOME TAXES - Tax Effects of Temporary Differences and Related Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Capitalized costs & research and development capitalization $ 300,263 $ 886,474
Accrued expenses 229,327 122,470
Net operating loss carryforwards 548,336 388,199
Tax credit carryforwards 530,468 485,266
Intangible and other assets 291,363 375,316
Other 213,070 250,371
Total deferred tax assets 2,112,827 2,508,096
Valuation allowance (557,063) (646,223)
Total deferred tax assets, net of valuation allowance 1,555,764 1,861,873
Deferred tax liabilities:    
Unrealized gain on investments (80,433) (36,582)
Operating lease right-of-use asset (52,419) (52,849)
Cryptocurrency investment (121,309) (133,883)
Total deferred tax liabilities (254,161) (223,314)
Net deferred tax assets 1,301,603 1,638,559
Deferred tax assets 1,302,776 1,800,994
Deferred tax liabilities $ (1,173) $ (162,435)
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]        
Decrease in valuation allowance $ (89,200) $ (1,400,000)    
Income tax benefit, related to valuation allowance release and DTA recognition 1,900,000 1,900,000    
Unrecognized tax benefits 626,755 633,589 $ 465,103 $ 506,512
Unrecognized tax benefit that would impact annual effective tax rate 69,100      
Total accrued interest and penalties related to uncertain tax positions 22,000 $ 23,800 $ 22,100  
Federal        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards 1,400,000      
Federal | Research Tax Credit Carryforward        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward 478,400      
State        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards 3,900,000      
State | Research Tax Credit Carryforward        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward 300,500      
Foreign        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards 755,700      
Foreign | Research Tax Credit Carryforward        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward $ 33,400      
v3.25.4
INCOME TAXES - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefit, beginning of the period $ 633,589 $ 465,103 $ 506,512
Gross increases related to prior period tax positions   34,050  
Gross decreases related to prior period tax positions (24,004)   (7,348)
Gross increases related to current period tax positions 27,221 139,217  
Gross decreases related to current period tax positions     (30,063)
Reductions related to lapse of statute of limitations (10,051) (4,781) (3,998)
Unrecognized tax benefit, end of the period $ 626,755 $ 633,589 $ 465,103
v3.25.4
STOCKHOLDERS' EQUITY - Common Stock, Conversion of Convertible Notes, Warrants and Share Repurchase Program Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended 60 Months Ended
Dec. 31, 2025
USD ($)
class
vote
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Mar. 01, 2025
USD ($)
Nov. 30, 2025
USD ($)
Nov. 13, 2020
$ / shares
shares
Mar. 05, 2020
$ / shares
shares
Class of Stock [Line Items]              
Number of classes of common stock | class 2            
Principal payment on conversion of senior notes | $ $ 1,000,624 $ 0 $ 461,761        
Aggregate amount on stock repurchased | $ $ 2,341,161 $ 1,170,339 $ 156,812        
Class A and B common stock              
Class of Stock [Line Items]              
Number of stock repurchased (in shares) 36,502,000 16,944,000 2,466,000        
Common Stock Warrant, 2025 Notes              
Class of Stock [Line Items]              
Outstanding warrants to purchase aggregate shares of capital stock (in shares)             8,300,000
Exercise price of warrants (in USD per share) | $ / shares             $ 161.34
Warrants term 60 days            
Number of warrants exercised (in shares) 0            
Common Stock Warrant, 2026 Notes              
Class of Stock [Line Items]              
Outstanding warrants to purchase aggregate shares of capital stock (in shares)           1,900,000  
Exercise price of warrants (in USD per share) | $ / shares           $ 368.16  
Warrants term 60 days            
Number of warrants exercised (in shares) 0            
Common Stock Warrant, 2027 Notes              
Class of Stock [Line Items]              
Outstanding warrants to purchase aggregate shares of capital stock (in shares)           1,900,000  
Exercise price of warrants (in USD per share) | $ / shares           $ 414.18  
Warrants term 60 days            
Number of warrants exercised (in shares) 0            
2025 Convertible Notes | Convertible Debt              
Class of Stock [Line Items]              
Principal payment on conversion of senior notes | $       $ 1,000,000      
Class A              
Class of Stock [Line Items]              
Number of votes per share | vote 1            
Remaining authorized repurchase amount | $ $ 5,300,000            
Class A | Class A and B common stock              
Class of Stock [Line Items]              
Additional authorized amount | $         $ 5,000,000    
Authorized repurchase amount | $         $ 9,000,000    
Number of stock repurchased (in shares) 36,500,000            
Aggregate amount on stock repurchased | $ $ 2,300,000            
Class B              
Class of Stock [Line Items]              
Number of votes per share | vote 10            
v3.25.4
STOCKHOLDERS' EQUITY - Stock Plans Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
plan
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of share-based compensation plans | plan 2    
Number of shares outstanding (in shares) 3,757 2,578  
Aggregate intrinsic value for options exercised | $ $ 20.2 $ 145.1 $ 96.1
Weighted average grant-date fair value of options granted (in USD per share) | $ / shares $ 28.62 $ 45.81 $ 39.13
2025 Stock Option Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares reserved (in shares) 80,000,000    
2015 Equity Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares outstanding (in shares) 31,700,000    
Number of shares available for future issuance (in shares) 76,200,000    
v3.25.4
STOCKHOLDERS' EQUITY - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Number of Stock Options Outstanding    
Outstanding, beginning of the period (in shares) 2,578  
Granted (in shares) 1,769  
Exercised (in shares) (514)  
Forfeited (in shares) 0  
Expired (in shares) (76)  
Outstanding, end of the period (in shares) 3,757 2,578
Weighted Average Exercise Price    
Outstanding, beginning of the period (in USD per share) $ 72.17  
Granted (in USD per share) 55.66  
Exercised (in USD per share) 25.83  
Forfeited (in USD per share) 0  
Expired (in USD per share) 143.45  
Outstanding, end of the period (in USD per share) $ 69.29 $ 72.17
Additional Disclosures    
Weighted Average Remaining Contractual Term (in years) 6 years 11 months 12 days 5 years 1 month 9 days
Aggregate Intrinsic Value $ 29,151 $ 67,966
Options exercisable, number of stock options outstanding (in shares) 1,947  
Options exercisable, weighted average exercise price (in USD per share) $ 78.37  
Options exercisable, weighted average remaining contractual term (in years) 5 years 3 months 7 days  
Options exercisable, aggregate intrinsic value $ 15,377  
v3.25.4
STOCKHOLDERS' EQUITY - Restricted Stock Awards and Restricted Stock Units Activity (Details) - Restricted Stock Awards (RSAs) and Restricted Stock Units (RSUs)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Number of Shares  
Unvested, beginning of the period (in shares) | shares 37,079
Granted (in shares) | shares 19,273
Vested (in shares) | shares (16,829)
Forfeited (in shares) | shares (8,236)
Unvested, end of the period (in shares) | shares 31,287
Weighted Average Grant Date Fair Value  
Unvested, beginning of the period (in USD per share) | $ / shares $ 70.51
Granted (in USD per share) | $ / shares 64.19
Vested (in USD per share) | $ / shares 72.60
Forfeited (in USD per share) | $ / shares 67.42
Unvested, end of the period (in USD per share) | $ / shares $ 66.31
v3.25.4
STOCKHOLDERS' EQUITY - Restricted Stock Awards Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock Awards (RSAs) and Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total fair value of shares vested $ 1,200.0 $ 1,200.0 $ 873.0
v3.25.4
STOCKHOLDERS' EQUITY - Employee Stock Purchase Plan (Details) - Employee Stock [Member] - 2015 Employee Stock Purchase Plan
shares in Millions
 12 Months Ended
Jun. 17, 2025
purchase_period
shares
Dec. 31, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Discount through payroll deductions as a percentage of eligible compensation 25.00%  
Offering period 12 months  
Number of purchase periods | purchase_period 2  
Purchase price of common stock as a percentage of fair market value 85.00%  
Shares available for sale under the ESPP (in shares) 34.0  
Shares purchased under the plan (in shares)   12.5
Number of shares available for future issuance (in shares)   21.5
v3.25.4
STOCKHOLDERS' EQUITY - Stock Options Fair Value Assumptions (Details) - Options
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 0.00% 0.00% 0.00%
Risk-free interest rate 3.98% 4.65% 3.48%
Expected volatility 57.91% 62.92% 62.32%
Expected term (years) 4 years 7 months 13 days 6 years 7 days 6 years 7 days
v3.25.4
STOCKHOLDERS' EQUITY - Effects of Share-Based Compensation on Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total $ 1,215,480 $ 1,272,557 $ 1,276,097
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total 545 707 601
Product development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total 874,680 903,262 902,130
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total 114,390 131,233 130,665
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total $ 225,865 $ 237,355 $ 242,701
v3.25.4
STOCKHOLDERS' EQUITY - Share-Based Compensation Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Tax benefits related to stock-based compensation expense $ 26,500 $ 322,000 $ 228,200
Share-based compensation expense 1,215,480 1,272,557 1,276,097
Share-based compensation expense related to capitalized software 31,800 41,200 30,900
Unrecognized compensation cost related to outstanding stock options and restricted stock awards $ 2,100,000    
Unrecognized compensation cost related to outstanding stock options and restricted stock awards, recognition period 2 years    
Employee Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 38,300 $ 25,000 $ 63,300
v3.25.4
NET INCOME (LOSS) PER SHARE - Calculation of Basic and Diluted Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator      
Net income attributable to common stockholders $ 1,305,636 $ 2,897,047 $ 9,772
Denominator      
Shares used to compute basic net income per share (in shares) 612,243 616,993 608,856
Basic net income per share (in USD per share) $ 2.13 $ 4.70 $ 0.02
Numerator      
Net income attributable to common stockholders $ 1,305,636 $ 2,897,047 $ 9,772
Interest expense on convertible notes 4,016 6,216 0
Net income used to compute diluted net income (loss) per share $ 1,309,652 $ 2,903,263 $ 9,772
Denominator      
Shares used to compute basic net income per share (in shares) 612,243 616,993 608,856
Stock options, restricted stock, and employee stock purchase plan (in shares) 5,392 7,289 5,168
Convertible notes (in shares) 5,203 12,108 0
Shares used to compute diluted net income per share (in shares) 622,838 636,390 614,024
Diluted net income per share (in USD per share) $ 2.10 $ 4.56 $ 0.02
v3.25.4
NET INCOME (LOSS) PER SHARE - Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 44,516 49,795 74,971
Stock options, restricted stock, and employee stock purchase plan      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 36,268 37,687 40,431
Convertible notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 0 14,297
Common stock warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 8,248 12,108 20,243
v3.25.4
RELATED PARTY TRANSACTIONS (Details)
$ in Thousands
 1 Months Ended
Jul. 31, 2019
renewal_options
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Related Party Transaction [Line Items]      
Operating lease right-of-use assets   $ 214,929 $ 219,954
Operating lease liabilities   312,185  
Related Party      
Related Party Transaction [Line Items]      
Operating lease term (in years) 15 years 6 months    
Operating lease, number of renewal options | renewal_options 2    
Operating lease renewal term (in years) 5 years    
Operating lease right-of-use assets   9,700  
Operating lease liabilities   $ 14,700  
v3.25.4
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)
 1 Months Ended 12 Months Ended
Oct. 31, 2025
Sep. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 31, 2025
Lessee, Lease, Description [Line Items]            
Finance lease obligation     $ 0      
Total rental expenses for operating leases     $ 58,200,000 $ 52,100,000 $ 75,800,000  
Incremental tax payment resulting from audit           $ 71,400,000
Payment for income tax assessment, interest and penalties $ 42,700,000          
Estimate of possible liability for additional taxes, interest and penalties   $ 42,700,000        
Maximum            
Lessee, Lease, Description [Line Items]            
Estimate of possible liability for additional taxes, interest and penalties $ 114,000,000          
Building            
Lessee, Lease, Description [Line Items]            
Operating lease renewal term (in years)     5 years      
Building | Minimum            
Lessee, Lease, Description [Line Items]            
Operating lease term (in years)     1 year      
Building | Maximum            
Lessee, Lease, Description [Line Items]            
Operating lease term (in years)     11 years      
v3.25.4
COMMITMENTS AND CONTINGENCIES - Lease Expense Components (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Fixed operating lease costs $ 56,379 $ 57,232
Variable operating lease costs 22,722 22,344
Short-term lease costs 1,504 1,939
Sublease income (394) (1,119)
Total lease costs $ 80,211 $ 80,396
v3.25.4
COMMITMENTS AND CONTINGENCIES - Other Information Related to Leases (Details)
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Weighted-average remaining lease term 5 years 4 months 24 days 6 years 2 months 12 days
Weighted-average discount rate 3.83% 3.75%
v3.25.4
COMMITMENTS AND CONTINGENCIES - Cash Flows Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Payments for operating lease liabilities $ (71,849) $ (74,129)  
Supplemental cash flow data:      
Right-of-use assets obtained in exchange for operating lease obligations $ 38,919 $ 36,976 $ 7,106
v3.25.4
COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 66,746
2027 67,850
2028 61,793
2029 55,819
2030 51,204
Thereafter 44,333
Total 347,745
Less: Amount representing interest 34,822
Less: Lease incentives 738
Operating lease liabilities $ 312,185
v3.25.4
COMMITMENTS AND CONTINGENCIES - Future Minimum Payments under the Purchase Commitments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 419,504
2027 404,504
2028 355,000
2029 370,000
2030 410,000
Thereafter 392,000
Total $ 2,351,008
v3.25.4
SEGMENT AND GEOGRAPHICAL INFORMATION - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.4
SEGMENT AND GEOGRAPHICAL INFORMATION - Segment Reporting Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Segment revenue $ 24,193,683 $ 24,121,053 $ 21,915,623
Less: Cost of revenue 13,833,754 15,232,017 14,410,737
Gross profit 10,359,929 8,889,036 7,504,886
Interest revenue 230,607 222,022 170,233
Amortization of acquired technology assets 56,850 68,364 72,829
Operating Segments      
Segment Reporting Information [Line Items]      
Gross profit 10,270,584 8,837,923 7,452,117
Corporate and Other      
Segment Reporting Information [Line Items]      
Segment revenue 316,729 191,517 200,553
Less: Cost of revenue 227,384 140,404 147,784
Gross profit 89,345 51,113 52,769
Interest revenue 0 0 0
Amortization of acquired technology assets 0 5,295 6,062
Cash App | Operating Segments      
Segment Reporting Information [Line Items]      
Segment revenue 15,425,043 16,247,880 14,681,686
Less: Cost of revenue 9,089,500 11,008,869 10,358,223
Gross profit 6,335,543 5,239,011 4,323,463
Interest revenue 192,054 185,185 142,222
Amortization of acquired technology assets 51,553 55,343 56,135
Square | Operating Segments      
Segment Reporting Information [Line Items]      
Segment revenue 8,451,911 7,681,656 7,033,384
Less: Cost of revenue 4,516,870 4,082,744 3,904,730
Gross profit 3,935,041 3,598,912 3,128,654
Interest revenue 38,553 36,837 28,011
Amortization of acquired technology assets 5,297 7,726 10,632
Commerce enablement revenue      
Segment Reporting Information [Line Items]      
Segment revenue 11,514,162 10,512,453 9,530,040
Commerce enablement revenue | Corporate and Other      
Segment Reporting Information [Line Items]      
Segment revenue 176,029 189,672 200,553
Commerce enablement revenue | Cash App | Operating Segments      
Segment Reporting Information [Line Items]      
Segment revenue 3,912,171 3,482,648 2,986,409
Commerce enablement revenue | Square | Operating Segments      
Segment Reporting Information [Line Items]      
Segment revenue 7,425,962 6,840,133 6,343,078
Financial solutions revenue      
Segment Reporting Information [Line Items]      
Segment revenue 4,176,734 3,250,817 2,717,261
Financial solutions revenue | Corporate and Other      
Segment Reporting Information [Line Items]      
Segment revenue 0 0 0
Financial solutions revenue | Cash App | Operating Segments      
Segment Reporting Information [Line Items]      
Segment revenue 3,165,594 2,409,294 2,026,955
Financial solutions revenue | Square | Operating Segments      
Segment Reporting Information [Line Items]      
Segment revenue 1,011,140 841,523 690,306
Bitcoin ecosystem revenue      
Segment Reporting Information [Line Items]      
Segment revenue 8,502,787 10,357,783 9,668,322
Bitcoin ecosystem revenue | Corporate and Other      
Segment Reporting Information [Line Items]      
Segment revenue 140,700 1,845 0
Bitcoin ecosystem revenue | Cash App | Operating Segments      
Segment Reporting Information [Line Items]      
Segment revenue 8,347,278 10,355,938 9,668,322
Bitcoin ecosystem revenue | Square | Operating Segments      
Segment Reporting Information [Line Items]      
Segment revenue $ 14,809 $ 0 $ 0
v3.25.4
SEGMENT AND GEOGRAPHICAL INFORMATION - Reconciliation of Total Segment Profit to Income before applicable Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Add: Corporate and other gross profit $ 89,345 $ 51,113 $ 52,769
Less: Product development (2,907,889) (2,914,415) (2,720,819)
Less: Sales and marketing (2,273,072) (1,984,265) (2,019,009)
Less: General and administrative (1,997,587) (2,149,099) (2,209,190)
Less: Transaction, loan, and consumer receivable losses (1,337,246) (794,221) (660,663)
Less: Amortization of customer and other intangible assets (135,729) (154,709) (174,044)
Less: Interest expense (income), net (129,363) (9,302) 47,221
Gain (loss) from the remeasurement of bitcoin investment (55,900) 420,918 207,084
Less: Other expense (income), net 166,768 53,211 (4,609)
Income (loss) before income tax 1,689,911 1,357,154 (29,143)
Segment Reporting Information [Line Items]      
Total segment gross profit 10,359,929 8,889,036 7,504,886
Operating Segments      
Segment Reporting Information [Line Items]      
Total segment gross profit $ 10,270,584 $ 8,837,923 $ 7,452,117
v3.25.4
SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total $ 24,193,683 $ 24,121,053 $ 21,915,623
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total 22,186,575 22,351,832 20,416,462
International      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total $ 2,007,108 $ 1,769,221 $ 1,499,161
v3.25.4
SEGMENT AND GEOGRAPHICAL INFORMATION - Long-Lived Assets by Geographic Area (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 13,668,992 $ 13,384,875
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total 7,281,727 7,435,117
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total 1,933,458 1,790,529
Australia    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 4,453,807 $ 4,159,229
v3.25.4
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental cash flow data:      
Cash paid for interest $ 246,331 $ 205,776 $ 130,009
Cash paid for income taxes 129,390 270,314 81,376
Supplemental disclosures of non-cash investing and financing activities:      
Unsettled originations of consumer receivables 185,781 180,443 261,151
Right-of-use assets obtained in exchange for operating lease obligations 38,919 36,976 7,106
Purchases of property and equipment in accounts payable and accrued expenses 8,806 3,266 3,921
Deferred purchase consideration related to business combinations 0 0 2,550
Fair value of common stock issued related to business combinations $ 0 $ 0 $ (6,658)
v3.25.4
SUBSEQUENT EVENTS (Details) - Subsequent Event - Workforce Reduction - Workforce Plan
$ in Millions
Feb. 26, 2026
USD ($)
Subsequent Event [Line Items]  
Restructuring, percentage of positions eliminated 40.00%
Minimum  
Subsequent Event [Line Items]  
Expected restructuring costs $ 450
Maximum  
Subsequent Event [Line Items]  
Expected restructuring costs $ 500