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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2026

Block, Inc.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)

001-37622 80-0429876 (Commission (IRS Employer File Number) Identification No.)

1955 Broadway, Suite 600 Oakland, CA 94612[1]

(Address of principal executive offices, including zip code)

(415) 375-3176

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Trading Name of each exchange Title of each class Symbol(s) on which registered Class A Common Stock, $0.0000001 par value per XYZ New York Stock Exchange share

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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1 We have adopted a distributed work model and, therefore, have no formal headquarters. This address represents our “principal executive office,” which we are required to identify under Securities and Exchange Commission rules.

Item 2.02 Results of Operations and Financial Condition.

On February 26, 2026, Block, Inc. (the “Company”) issued a Shareholder Letter (the “Letter”) announcing its financial results for the fourth quarter and fiscal year ended December 31, 2025. In the Letter, the Company also announced that it would be holding a conference call and earnings webcast on February 26, 2026 at 2:00 p.m. Pacific Time to discuss its financial results for the fourth quarter and fiscal year ended December 31, 2025. The Letter is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).

The Company is making reference to non-GAAP financial information in both the Letter and the conference call. A reconciliation of these non-GAAP financial measures to their nearest GAAP equivalents is provided in the Letter.

The information furnished pursuant to Item 2.02 on this Report, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 2.05 Costs Associated with Exit or Disposal Activities.

On February 26, 2026, the Company announced a workforce reduction restructuring plan (the “Workforce Plan”) designed to better align our organizational structure with our operating model and strategic priorities.

As part of the Workforce Plan, we expect to reduce our current workforce by more than 40%. The Company currently estimates 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. The Company expects 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.

Forward Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as ““may,” “will,” “appears,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern the Company’s expectations, strategy, plans or intentions. Forward-looking statements in this Current Report on Form 8-K include, but are not limited to, statements regarding the Company’s financial guidance, the Company’s expected costs related to restructuring and related charges, including the timing of such charges, and the expected benefits from the restructuring plan and related actions. The Company’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the expected benefits of artificial intelligence tools to our employees, to our customers, to the pace of our innovation and to our overall business. The forward-looking statements contained in this Current Report on Form 8-K are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The forward-looking statements in this Current Report on Form 8-K are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description 99.1 Shareholder Letter, dated February 26, 2026. 104 Cover Page Interactive Data File, formatted in inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BLOCK, INC.

Date: February 26, 2026

[By:][/s/ Chr][y][st][y][ Es][p][eranza] Chrysty Esperanza Chief Legal Officer and Corporate Secretary

Exhibit 99.1

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Q4 2025 Shareholder Letter

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investors.block.xyz

To Our Shareholders

Q4’25 Highlights[3]

Today we shared a difficult decision with our team. We’re reducing Block by nearly half, from over 10,000 people to just under 6,000, which means that over 4,000 people are being asked to leave or entering into consultation. I want to use this letter to explain why I believe this is the right path for our company, and what Block looks like going forward.

2025 was a strong year for us. Gross profit growth more than doubled from the first quarter to the fourth quarter. We surpassed Rule of 40 in the fourth quarter, reignited Cash App network growth, and drove deeper engagement.[1] We scaled our lending products at strong returns, accelerated Square gross payment volume (GPV) growth, and had our strongest new volume added (NVA) year on record.[2] We shipped our first Proto bitcoin mining units and we increased share repurchases to return more capital to shareholders.

We believe this financial performance is just beginning to reflect the product development velocity improvements we drove this year, and we have conviction in achieving the financial targets we laid out at our recent Investor Day. We believe we can sustain Cash App’s strong gross profit growth and continue accelerating Square’s GPV over the next three years. We have already seen our strategies start to come to life in what we deliver to customers every day. So why are we changing how we operate going forward?

The core thesis is simple. Intelligence tools have changed what it means to build and run a company. We’re already seeing it internally. A significantly smaller team, using the tools we’re building, can do more and do it better. And intelligence tool capabilities are compounding faster every week.

I don’t think we’re early to this realization. I think most companies are late. Within the next year, I believe the majority of companies will reach the same conclusion and make similar structural changes. I’d rather get there honestly and on our own terms than be forced into it reactively.

Gross Profit $2.87B +24% YoY Growth

Cash App Gross Profit $1.83B +33% YoY Growth

Square Gross Profit $993M +7% YoY Growth

Operating Income $485M 17% Margin[4]

Adjusted Operating Income[5] $588M 20% Margin

And this isn’t just about efficiency. Block serves millions of customers. Sellers and consumers who are going to feel the economic effects of this same shift. Small businesses that rely on us to get paid, to manage their money, to access capital. Individuals navigating a financial landscape that’s changing fast. Our job is to help them through it. That’s not a new mission for us, but the urgency behind it is more pronounced, and the speed at which we need to deliver is accelerating.

So here’s how we’re going to operate from here.

Diluted Net Income Per Share (“EPS”)

$0.19

Adjusted Diluted EPS[6] $0.65

1 Rule of 40 is the sum of our gross profit growth and Adjusted Operating Income margin as a percent of gross profit. We may refer to a “Rule of” number other than 40 to refer to the sum of gross profit growth and Adjusted Operating Income margin as a percent of gross profit for the period given.

2 Square GPV is defined as the total dollar amount of all card and bank payments processed by sellers using Square, net of refunds. New Volume Added (NVA) is the total gross payment volume (GPV) processed, or expected to be processed, by new sellers during their first 12 months on Square. While intended to represent incremental volume from new cohorts, it may also include GPV from existing sellers in cases such as new locations or event-based merchant tokens. For the purpose of this letter, figures exclude deactivated merchants.

3 Reconciliations of non-GAAP financial measures used in this letter to their nearest GAAP equivalents are provided at the end of this letter. Please see these reconciliations for additional detail and a description of certain items that affected operating income (loss) and net income (loss) in the fourth quarter and fiscal year ended December 31, 2025.
4 Margins are all calculated as a percent of gross profit.
5 Adjusted Operating Income is a non-GAAP measure of operating performance and the profitability of our business, fully burdened by share-based compensation. For more information, please refer to the “Key Operating Metrics and Non-GAAP Financial Measures” section of this letter.

6 Adjusted Diluted EPS is a non-GAAP measure of profitability of our business. Beginning in fiscal 2025, we revised our definition of Adjusted Net Income Per Share to include share-based compensation. For more information, please refer to the “Key Operating Metrics and Non-GAAP Financial Measures” section of this letter.

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First, intelligence will be at the core of how the entire company works. How we make decisions, how we build trust and manage risk, how we build products, and how we serve customers. We’re moving toward a model where our customers can build their own features directly on top of our capabilities. That changes the nature of what we are as a company, and it dramatically increases the value we can deliver per customer.

Second, extreme focus. There are four things we’re going to focus on building now as a company: customer capabilities, interfaces where we can compose and deliver those capabilities, proactive intelligence based on our deep customer understanding and real-time data, and an intelligence model to fully orchestrate the company’s operations. This allows us to best serve the master plan we laid out at investor day.

Third, speed. A company of our new size has no excuse for being slow. We will decide faster, ship faster, and learn faster. The structure we’re building is designed for that.

We believe Block will be significantly more valuable as a smaller, faster, intelligence-native company. Everything we do from here is in service of that.

2025 Highlights

Gross Profit

$10.36B +17% YoY Growth

Cash App Gross Profit $6.34B +21% YoY Growth

Square Gross Profit

$3.94B

+9% YoY Growth

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Operating Income $1.71B 16% Margin

Adjusted Operating Income $2.08B 20% Margin

Diluted EPS

$2.10

Adjusted Diluted EPS

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$2.37
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Business Highlights

We accelerated the pace of innovation across Block.

In the fourth quarter, we shared major product updates across both Square and Cash App, highlighting how we’re helping sellers grow their businesses more efficiently and helping our customers better manage their finances. At Square Releases, we introduced new products and features for sellers to help manage orders through AI Voice Ordering, reduce costs through simplified vendor cost comparison, and reach new customers by enabling sellers to accept sales in bitcoin just like they would accept a card or tap to pay transaction. We also held our first Cash App Releases, where we launched Cash App Green, our expanded status program, introduced Moneybot, and showcased over 150 upgrades from the past year. We continued to deliver our shipments of Proto mining rigs and made meaningful progress on the development of our next-generation chip architecture.

We are increasingly delivering proactive intelligence as the primary interface of Square and Cash App.

We embedded Square AI directly in the Square Dashboard in the fourth quarter, giving sellers instant access to real-time insights on menus, staffing, and customer behavior, with clear recommendations they can act on in seconds. Ryan Hester, owner of Comfortably Chic, has used Square AI to surface customer insights and turn them into action, identifying when loyal customers shop during the week and using that data to launch cross-location marketing campaigns to help increase sales across his six stores.

In Cash App, Moneybot acts as a proactive intelligence tool that surfaces guidance before a customer even asks. In the fourth quarter, more than 70% of actives who used Moneybot in testing selected a proactive prompt about their finances to get started, and Cash App Green actives were 3x more likely to use Moneybot, showing its potential to add more and more value as users engage with Cash App more often.

We deepened engagement in Cash App, adding 1 million Primary Banking Actives (PBAs) in December, and accelerated year-over-year growth to 22%.[7]

Primary banking actives grew to 9.3 million in December, up from 8.3 million in September.[8] These customers generate nearly 10x the gross profit per active compared to peer-to-peer only actives.[9] We believe PBAs can drive inflows per active growth long term. As engagement deepens, we have seen customers use more of Cash App’s financial tools, with improved retention among recent cohorts and increased adoption of products like Cash App Card. In the fourth quarter, Cash App Card GPV year-over-year growth accelerated to its fastest pace since the third quarter of 2024.

Cash App Green is core to our focus on driving long-term engagement through deeper customer relationships. We built Cash App Green for the modern earner, a growing segment of the workforce that earns income from multiple dynamic sources including hourly wages, gig work, and freelancing.

7 Square and Cash App are financial services platforms, not banks. Throughout this letter, any reference to Square or Cash App’s banking offerings or terms such as “primary banking actives” refer to products and services that are offered through Block’s Industrial Bank, Square Financial Services, Inc., or through our third-party bank partners. A Primary Banking Active (PBA) is a Cash App account that receives inflows from ACH or certain original credit transactions relating to earned wages, excluding tax refunds and ACH transfers, or spent at least $500 per month across Cash App, including Cash App Card, Cash App Pay, Afterpay through Cash App, and ACH bill pay during a specified period.

8A transacting active is a Cash App account that has at least one financial transaction using any product or service within Cash App during a specified period. A transacting active for a specific Cash App product has at least one financial transaction using that product during the specified period and is referred to as an active. Examples of transactions include sending or receiving a peer-to-peer payment, transferring money into or out of Cash App, making a purchase using Cash App Card, earning a dividend on a stock investment, and paying back a loan, among others. Certain of these accounts may share an alias identifier with one or more other transacting active accounts. This could represent, among other things, one customer with multiple accounts or multiple customers sharing one alias identifier (for example, families).

9 Represents gross profit generated by PBAs plus any gross profit derived from other Cash App products used by those customers compared to customers that only use P2P and instant deposit features.

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We expect modern earners to be the fastest-growing portion of the U.S. workforce, and we see an addressable market for Cash App Green of approximately 125 million people across independent earners, hourly workers, and working teens.[10] We believe Cash App is a leader in this segment and that we offer the best tools for these customers to manage their financial lives.

We grew consumer lending origination volume 69% year over year in the fourth quarter while sustaining strong margins.[11]

Within consumer lending, Cash App Borrow origination volume grew 223% year over year in the fourth quarter as we continued to expand access and sustained healthy margins. Borrow is an important element of how modern earners address variability in income, and customers have cited maintaining flexibility until their next paycheck as a primary reason for taking out a Borrow loan. Our other lending solutions continued to resonate as well: Afterpay Post-Purchase continued its strong growth and, through December, is exceeding the early growth trajectory of Borrow.

Cash App Score, which we announced at Investor Day, is the proprietary foundation of our consumer lending underwriting infrastructure. It integrates millions of historical repayment outcomes with near real-time data across inflows, spending patterns, and engagement across our ecosystem. This foundation helps us serve a wide variety of use cases for our customers and lend across the socioeconomic spectrum. We estimate approximately 60% of Afterpay users have an annual household income above $70K and customer surveys indicate 20% of Borrow customers use Borrow to build or strengthen credit availability within Cash App.

We capped the year with the strongest NVA we’ve ever delivered and the strongest growth rate since the first quarter of 2021, with Square NVA growth accelerating in the fourth quarter to 29%.

In the fourth quarter, self-onboard NVA grew at the strongest rate since the second quarter of 2021 and continues to be a differentiated go-to-market motion for Square. Marketing-led self-onboarding has been strengthened by investments in AI-led search and discovery capabilities while retail-led selfonboarding experienced its strongest growth in over a year.

We grew sales-led NVA 62% in the fourth quarter, exceeding our 40% growth target. We continue to be focused on marginal return on investment (ROI) as we scale our field sales teams, and our investments have been successful. Recent wins in the U.S. include 7 Leaves, a 45-location specialty coffee and tea house who chose Square because our technology suite enables them to maintain their commitment to quality and service across their traditional cafes and 22 drive-through locations. Our field sales team also closed one of LA’s most celebrated restaurants Anajak Thai, a James Beard Award winner, due to Square Handheld, our seller-first support team, our growing restaurant software suite, and strong integrations with partners like OpenTable. We also closed our first field sales wins in Australia and the U.K. in the fourth quarter and have begun to accelerate our partner-led distribution motion. We now partner with 70 Independent Sales Organizations that we expect will enable Square to reach incremental sellers and complement our direct sales motion.

Food and Beverage was our strongest vertical in the fourth quarter. Food and Beverage GPV grew 16% year over year, with strong NVA growth and churn at one of the lowest levels observed since 2019. These results reflect the significant investments we made throughout 2025 across product and go-to-market efforts, with a deliberate focus on sellers in this vertical. We believe that what worked in Food and Beverage is repeatable, and we plan to take our go-to-market approach and product strategy deeper into other verticals in 2026 and beyond.

10 Estimates of total addressable market include 49M independent earners (excluding business owners only), 77M hourly workers (full-time, part-time, and independent earners who self-identified as being paid an hourly wage), and 22M teens (ages 13–17). Independent earner and hourly worker estimates are calculated by applying weighted survey incidence rates from the Earners Sizing Study (Cash App-commissioned survey, Q3 2024) to an estimated base of approximately 180 million U.S. online adults ages 18–64 with personal income. Independent earners and hourly workers overlap, and net totals reflect adjusted unique individuals on the basis of survey data. Teens estimates are derived from the American Community Survey (U.S. Census, 2023).

11 Consumer Lending origination volume includes origination from Cash App Borrow and BNPL products.

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Financial Discussion

We exceeded Rule of 40 this quarter, with 24% year-over-year gross profit growth and 20% Adjusted Operating Income margin. In the fourth quarter, we also grew Adjusted Operating Income by 46% year over year and Adjusted Diluted EPS by 38% year over year as we continued to invest in our strategic priorities to help drive sustainable growth for the long term. Our fourth-quarter performance demonstrated our ability to increase product velocity, accelerate gross profit growth, and expand operating margins through disciplined cost management. Square delivered its strongest NVA growth performance since the first quarter of 2021, while Cash App monthly actives grew to 59 million. We added one million PBAs in Cash App and grew Commerce Enablement volume and Consumer Lending origination volume 17% and 69% year over year, respectively.[12] We are raising our full-year guidance to reflect the strength we are seeing across our business. We are now expecting gross profit growth of 18% year over year for 2026 and Adjusted Operating Income of $3.20 billion or 26% margin.

Fourth Quarter 2025 Financial Highlights

Gross Profit	We outperformed our gross profit guidance, growing 24% year over year in the fourth quarter as we continued to launch new
	products and invest in go-to-market efforts across Square and Cash App to sustain strong growth at scale.
Profitability	We drove strong operating income and outperformed our Adjusted Operating Income guidance in the fourth quarter. Operating
	income was $485 million while Adjusted Operating Income grew to $588 million. Net income attributable to common
	stockholders was $116 million and Adjusted EBITDA was $930 million. GAAP diluted EPS was $0.19, while Adjusted Diluted
	EPS grew 38% to $0.65.
Square Gross	In the fourth quarter, Square GPV grew 10% year over year (reported and constant currency), with U.S. GPV growing 7.0%
Payment Volume	year over year and International GPV growing 24% year over year (25% in constant currency). Through February 24,
(GPV)	quarter-to-date Square GPV growth accelerated to over 12% year over year on a reported basis (11% in constant currency),
	with U.S. GPV growing over 7.5% year over year and international GPV growing over 34% year over year (26% in constant
	currency).
Cash App Monthly	In the fourth quarter, Cash App monthly transacting actives grew to 59 million, while PBAs grew 22% year over year to
Actives	9.3 million in December, up from 8.3 million in September. We are continuing to invest in Cash App Green as a cornerstone of
	our engagement strategy.
Guidance	We are raising our guidance to reflect the strength we are seeing across our business. We now expect $12.20 billion in gross
	profit for 2026, reflecting growth of 18% year over year. We expect full year Adjusted Operating Income of $3.20 billion, or 26%
	margin, growing 54% year over year. We expect gross profit in the first quarter to grow 22% year over year to $2.80 billion and
	we expect Adjusted Operating Income of $600 million, reflecting Adjusted Operating Income margins of 21%.

12 Commerce Enablement volume includes GPV from Cash App Card, Cash App Pay, BNPL products, and Cash App Business.

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Block Financial Metrics

Q4’24
Q1’25
Q2’25
Q3’25
Q4’25
Revenue ($M)
6,033
5,772
6,054
6,115
6,252
Commerce Enablement
2,745
2,567
2,898
2,999
3,050
Financial Solutions
826
875
985
1,095
1,222
Bitcoin Ecosystem
2,462
2,330
2,172
2,021
1,980
Cost of Revenue ($M)
3,721
3,482
3,518
3,453
3,380
Commerce Enablement
1,273
1,152
1,354
1,434
1,413
Financial Solutions
78
78
83
89
91
Bitcoin Ecosystem
2,355
2,237
2,067
1,917
1,863
Amortization of acquired technology assets
16
15
14
14
14
Gross Profit ($M)13
2,311
2,290
2,537
2,662
2,872
YoY Growth
14%
9%
14%
18%
24%
Commerce Enablement14
1,456
1,400
1,530
1,552
1,623
YoY Growth
14%
9%
11%
11%
11%
Financial Solutions
748
797
902
1,006
1,132
YoY Growth
16%
16%
20%
34%
51%
Bitcoin Ecosystem
107
92
105
104
118
YoY Growth
6%
(19%)
4%
8%
10%

As introduced at Investor Day, our revenue and related costs of revenue are now classified across three categories: Commerce Enablement, Financial Solutions, and Bitcoin Ecosystem. Commerce Enablement has been the largest contributor to gross profit, and year-over-year growth accelerated to 11%, led by strength in Cash App. Financial Solutions gross profit growth also accelerated to 51% year over year in the fourth quarter, driven by Cash App Consumer Lending. Bitcoin Ecosystem gross profit grew 10% year over year in the fourth quarter, driven by Proto shipments. Overall Block gross profit growth accelerated to 24% year over year in the fourth quarter, with 33% year-over-year growth in Cash App and 7% year-over-year growth in Square.

13 Quarterly gross profit by category may not sum to total gross profit due to rounding.

14 Commerce Enablement gross profit reflects the impact of amortization of acquired technology assets.

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Q4’24
Q1’25
Q2’25
Q3’25
Q4’25
Gross Profit ($M)
2,311
2,290
2,537
2,662
2,872
YoY Growth
14%
9%
14%
18%
24%
Operating Income ($M)
13
329
484
409
485
Operating Income Margin (%) of gross profit
1%
14%
19%
15%
17%
Adjusted Operating Income ($M)
402
466
550
480
588
Adjusted Operating Income Margin (%) of gross profit
17%
20%
22%
18%
20%
Diluted EPS ($)
3.05
0.30
0.87
0.74
0.19
Adjusted Diluted EPS ($)
0.47
0.56
0.62
0.54
0.65

On a GAAP basis, we generated $485 million in operating income in the fourth quarter of 2025, compared to $13 million in the fourth quarter of 2024. Adjusted Operating Income grew 46% year over year, supported by disciplined execution and gross profit strength. On a GAAP basis, we delivered diluted EPS of $0.19.[15] Adjusted Diluted EPS grew 38% year over year to $0.65.

15 Q4’25 diluted EPS reflects a negative $0.38 impact from a $234 million bitcoin remeasurement loss, compared to a positive $0.40 benefit from a $252 million bitcoin remeasurement gain in Q4’24.

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Cash App

Q4’24
Q1’25
Q2’25
Q3’25
Q4’25
Cash App Gross Profit ($M)
1,376
1,380
1,501
1,624
1,831
YoY Growth
16%
10%
16%
24%
33%
Cash App Operating Metrics
Cash App Monthly Transacting Actives (M)
57
57
57
58
59
YoY Growth
2%
0%
0%
2%
3%
Cash App Primary Banking Actives (M)
7.6
8.3
8.0
8.3
9.3
YoY Growth
19%
17%
16%
18%
22%
Commerce Enablement Volume ($B)
46.7
46.7
48.3
49.7
54.7
YoY Growth
19%
14%
14%
17%
17%
Commerce Enablement Monetization Rate16
1.57%
1.52%
1.53%
1.56%
1.61%
Consumer Lending Origination Volume ($B)
10.9
9.7
11.9
13.6
18.5
YoY Growth
31%
32%
40%
51%
69%
Total Cash App Inflows ($B)17
71
77
77
79
83
YoY Growth
12%
8%
8%
12%
15%
Inflows Per Transacting Active ($)18
1,261
1,361
1,345
1,366
1,410
YoY Growth
10%
8%
8%
10%
12%
Financial Solutions Gross Profit per Active ($)19
9
10
11
13
15
YoY Growth
16%
15%
21%
36%
57%

Cash App gross profit increased 33% year over year, driven by growth across Cash App Borrow, BNPL products, and Cash App Card. Cash App Monthly Transacting Actives grew to 59 million as we continued to focus on driving network virality through go-to-market investments and P2P product enhancements. Commerce Enablement volume grew 17% year over year to $54.7 billion, driven by strength in Cash App Card. Commerce monetization rate increased by 4 basis points year over year, driven by increased Afterpay Post-Purchase product attach rate. Financial Solutions Gross Profit per Active grew 57% year over year, driven by strength in Cash App Borrow, while Primary Banking Actives grew 22% year over year as we executed on our engagement strategies. Inflows per transacting active growth accelerated to 12% year over year in the fourth quarter, driven in part by more customers bringing their paychecks into Cash App.

16 Cash App Commerce Enablement Monetization Rate is calculated by dividing Cash App Commerce Enablement gross profit by Cash App Commerce Enablement volume.
17 Historically, our Cash App ecosystem has experienced improvements in revenue, gross profit, and inflows related to the distribution of government funds as customers have deposited more funds into Cash App during these times, including during the first quarter when U.S. tax refunds are typically distributed.
18 Inflows per transacting active refers to total inflows in the quarter divided by monthly actives for the last month of the quarter. Inflows refers to funds entering the Cash App ecosystem. Inflows does not include the movement of funds when funds remain in the Cash App ecosystem or when funds leave the Cash App ecosystem, or inflows related to the Afterpay app.
19 Financial Solutions Gross Profit per Monthly Active is calculated based on Cash App Financial Solutions gross profit in a given quarter divided by overall monthly transacting actives for the last month of the quarter. Cash App Financial Solutions gross profit includes gross profit from ATM, Borrow, Brokerage, Cash App Business, Instant Deposit, Instant Pay, Interest Income, Paper Money Deposits, and Pools.

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Cash App Consumer Lending origination volume grew 69% year over year to $18.5 billion. We continued to observe what we believe are industry-leading returns on capital as we scaled Consumer Lending to new customer cohorts, including scaling Borrow to newly eligible Cash App Green customers. Even with the meaningful growth in new customer cohorts, which have higher initial risk loss profiles, Borrow loss rates remained in line with historical levels as we continued to scale at attractive unit economics.

Square

Q4’24
Q1’25
Q2’25
Q3’25
Q4’25
Square Gross Profit ($M)
924
898
1,027
1,018
993
YoY Growth
12%
9%
11%
9%
7%
Total Square GPV ($M)
58,898
54,101
64,248
67,151
64,960
YoY Growth
10%
7.2%
10%
12%
10%
Constant Currency (“CC”) GPV YoY Growth
9.8%
8.2%
9.9%
12%
10%
Square U.S. GPV
YoY Growth
6.9%
5.6%
7.0%
8.9%
7.0%
% of Total Square GPV
81%
82%
81%
79%
78%
Square International GPV
YoY Growth
25%
15%
25%
26%
24%
CC GPV YoY Growth
24%
21%
24%
25%
25%
% of Total Square GPV
19%
18%
19%
21%
22%
Commerce Enablement (excluding Hardware)
Monetization Rate20
1.25%
1.30%
1.27%
1.20%
1.18%
Financial Solutions Monetization Rate21
0.36%
0.41%
0.38%
0.38%
0.41%

Square GPV grew 10% year over year in the fourth quarter to $65.0 billion. GPV from food and beverage sellers was up 16% year over year, while GPV from retail sellers and services sellers grew 9% and 5% year over year, respectively, in the fourth quarter. Our mid-market seller segment (>$500K in annualized GPV) was our fastest-growing segment in the fourth quarter. Through February 24, quarter-to-date GPV growth has accelerated to over 12% as prior-year NVA growth is beginning to contribute more meaningfully to GPV growth.

Square gross profit grew 7.5% year over year in the fourth quarter, driven primarily by Financial Solutions, most notably Square Loans. Excluding hardware, which includes one-time customer acquisition costs, Square gross profit grew 9% year over year. We continue to expect Square gross profit to grow in line with GPV growth in the second half of the year after we fully lap the impacts of the operational processing change we made last year and the network remediation payment we received in the second quarter of 2025. In October, we introduced three simplified software and processing price options designed to increase software attach rates for sellers, and early results are encouraging, with software attach rates nearly doubling among new sellers adopting these options as of December.

20 Square Commerce Enablement (excluding Hardware) Monetization Rate is calculated by dividing Square Commerce Enablement gross profit excluding hardware by total Square GPV. Square Commerce Enablement Gross Profit is primarily composed of Square Payments and Software.

21 Square Financial Solutions Monetization Rate is calculated by dividing Square Financial Solutions gross profit by total Square GPV. Square Financial Solutions Gross Profit is primarily composed of Square Loans, Instant Deposit, and Square Card.

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Operating Expenses and Non-GAAP Operating Expenses ($M)

Q4’24
Q1’25
Q2’25
Q3’25
Q4’25
Operating Expenses ($M)
2,298
1,960
2,052
2,252
2,387
Restructuring Share-Based Compensation
1
11
0
2
-
Amortization of Customer and Other Acquired
Intangible Assets
35
34
34
34
34
Acquisition-Related and Integration Costs
1
0
1
0
0
Contingencies, Restructuring and Other Charges
203
78
16
21
54
Goodwill and Intangible Asset Impairment
134
-
-
-
-
Non-GAAP Operating Expenses ($M)
1,925
1,838
2,001
2,195
2,298

In the fourth quarter, product development expenses decreased 8% year over year on a GAAP basis as we reduced our software and cloud costs. Sales and marketing expenses grew 19% year over year on a GAAP basis, driven by an increase in go-to-market investments to support the growth of our business. Within sales and marketing expenses, Cash App and Square sales and marketing expenses were up 28% and 6% year over year, respectively. General and administrative expenses were down 30% year over year on a GAAP basis, and up 2% year over year on a non-GAAP basis as we focused on cost discipline. Transaction, loan, and consumer receivable losses increased 108% year over year on a GAAP basis, driven primarily by growth in loan volumes, particularly from Cash App Borrow, which grew origination volume 223% year over year.

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Key Profitability Measures and EPS ($M, except per share figures)

Q4’24
Q1’25
Q2’25
Q3’25
Q4’25
Operating Income
13
329
484
409
485
Adjusted Operating Income
402
466
550
480
588
Net Income22
1,946
190
538
462
116
Adjusted Net Income
302
355
385
337
402
Adjusted EBITDA
757
813
891
833
930
Weighted-average shares used to compute Diluted EPS
639
635
619
622
614
Weighted-average shares used to compute Adjusted Diluted EPS
639
635
619
622
616
Diluted EPS ($)
3.05
0.30
0.87
0.74
0.19
Adjusted Diluted EPS ($)
0.47
0.56
0.62
0.54
0.65

22 Q4’25 net income reflected a $234 million negative impact from bitcoin remeasurement loss, compared to a $252 million benefit from bitcoin remeasurement gain and $1.9 billion one-time benefits from income taxes in fiscal 2024 related to both the releases 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 to net income in Q4’24.

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Non-GAAP Cash Flow ($M)

Q4’24
Q1’25
Q2’25
Q3’25
Q4’25
TRAILING 12
MONTHS23
Net cash provided by operating activities
14
133
374
1,451
621
2,580
Less: Purchase of property and equipment
(27)
(32)
(31)
(51)
(41)
(155)
Free Cash Flow
(13)
101
343
1,400
580
2,425
Reversal of:
Changes in settlements receivable
(370)
88
170
33
196
487
Changes in customers payable
534
(165)
(151)
3
(61)
(374)
Changes in settlements payable
-
0
-
-
-
0
Sales, principal payments and forgiveness of PPP loans
(1)
(1)
(1)
(0)
(0)
(3)
Consumer receivables and loans cash flows included within investing
activities in the GAAP statements of cash flows:
Payments for originations of consumer receivables
(9,121)
(6,899)
(7,740)
(7,915)
(9,592)
(32,145)
Proceeds from principal repayments and sales of consumer receivables
8,780
7,602
7,892
8,227
9,213
32,934
Purchases and originations of loans originally classified as held for
investment
-
-
(1,164)
(6,480)
(9,986)
(17,630)
Proceeds from repayments of loans originally classified as held for
investment
-
-
457
5,172
8,451
14,081
Warehouse facilities cash flows included within financing activities in the
GAAP statements of cash flows:
Proceeds from warehouse facilities borrowings
849
223
213
13
857
1,305
Repayments of warehouse facilities borrowings
(276)
(1,091)
(151)
(215)
-
(1,457)
Non-GAAP Cash Flow
383
(141)
(131)
239
(342)
(376)
YoY Change
543%
-122%
-128%
-52%
-189%
-119%
Net cash provided by (used in) investing activities
(323)
915
(486)
(1,101)
(2,130)
(2,802)
Net cash provided by (used in) financing activities
708
(1,212)
(908)
1,467
40
(613)

In the fourth quarter of 2025, we continued to prudently invest in our lending products, including growing Cash App Borrow given the strong unit economics and returns we have seen. Within our non-GAAP cash flow, we have deployed $3.0 billion in capital to grow our lending products over the last 12 months. We also remain focused on returning capital to shareholders. In November 2025, our board of directors authorized an increase to our share repurchase program of up to an additional $5 billion of our Class A common stock, and in the fourth quarter we repurchased 11.9 million shares of our Class A common stock for an aggregate amount of $790 million. As of December 31, 2025, we had $5.3 billion in remaining authorization for repurchases.

23 Quarterly figures presented may not sum precisely due to rounding.

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We ended the quarter with $9.2 billion of total liquidity, with $8.4 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as $775 million available to be withdrawn from our revolving credit facility and $324 million available to be withdrawn under our warehouse funding facilities.

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Guidance

2026 Outlook[24]

	2026 Gross Profit $12.20B YoY Growth 18% Adjusted Operating Income $3.20B % Margin 26% Rule of X 44% Adjusted Diluted EPS $3.66 YoY Growth 54%

We’re executing well on our growth strategies across the business. At Investor Day we shared our preliminary view of gross profit for 2026, which called for 17% year-over-year gross profit growth. We now expect to deliver gross profit growth of 18% year over year in 2026, to $12.20 billion. We are focused on sustaining momentum and we plan to continue to invest in significant long term growth initiatives across our agentic AI infrastructure, proactive intelligence products, high ROI go to market expansion, Neighborhoods, and high return on capital lending products.

For the first quarter we expect gross profit growth of 22% year over year to $2.80 billion. Across the first quarter and full year, we continue to take a prudent approach to our gross profit outlook.

As Jack shared in his letter, we are making a significant change to our organizational structure today, reducing our workforce by over 40%. We are choosing to shift how we operate at a time when our business is accelerating and we see an opportunity to move faster with smaller, highly talented teams using AI to automate more work.

These decisions are always difficult and we don’t take them lightly, but rather than acting tentatively over the coming months and years, we’re acting decisively now to position Block for our next phase of long term growth.

Our number one priority is product velocity. We are in a moment where AI is transforming how software products are built and changing the way we deliver value to our customers. As early builders of agentic AI tools, we’re choosing to evolve how our company operates to focus on leaner, AI-native teams that we believe are better aligned to take advantage of this shift. We believe this decision will strengthen innovation within the company and further improve our operating leverage over time.

Sustaining strong gross profit growth remains the clearest path to delivering long term value for our shareholders. We expect to invest meaningfully across numerous growth initiatives while expanding profitability. For 2026, we expect to deliver Adjusted Operating Income growth of 54% year over year to $3.20 billion. We expect to deliver Adjusted Diluted EPS growth of 54% year over year in 2026 to $3.66.

24 We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP metrics, including Adjusted Operating Income (Loss) and Adjusted Diluted EPS, or GAAP reconciliations of any of the aforementioned, as a result of the uncertainty regarding, and the potential variability of, reconciling items such as contingencies, restructuring, and other charges. Accordingly, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided reconciliations of other historical GAAP to non-GAAP metrics in tables at the end of this letter, as well as relevant non-GAAP definitions.

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In the first quarter we expect to deliver year over year Adjusted Operating Income growth of 29%, to $600 million, or 21% margins. We also expect to deliver year over year Adjusted Diluted EPS growth of 20%, to $0.67. We expect the organizational changes we announced today to begin to more meaningfully impact Adjusted Operating Income in the second quarter, with the full impact of our new cost structure improving profitability in the second half of the year.

Q1 2026 Outlook[25]

	Q1 2026 Gross Profit $2.80B YoY Growth 22% Adjusted Operating Income $600M % Margin 21% Rule of X 44% Adjusted Diluted EPS $0.67 YoY Growth 20%

25 We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP metrics, including Adjusted Operating Income (Loss) and Adjusted Diluted EPS, or GAAP reconciliations of the aforementioned, as a result of the uncertainty regarding, and the potential variability of, reconciling items such as contingencies, restructuring, and other charges. Accordingly, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided reconciliations of other historical GAAP to non-GAAP metrics in tables at the end of this letter.

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Earnings Webcast

Block (NYSE:XYZ) will host a conference call and earnings webcast at 2:00 p.m. Pacific time/5:00 p.m. Eastern time, February 26, 2026, to discuss these financial results. To register to participate in the conference call, or to listen to the live audio webcast, please visit the Events & Presentations section of Block’s Investor Relations website at investors.block.xyz. A replay will be available on the same website following the call. We will release financial results for the first quarter of 2026 on May 7, 2026, after the market closes, and will also host a conference call and earnings webcast at 2:00 p.m. Pacific time/5:00 p.m. Eastern time on the same day to discuss those financial results.

Media Contact

[email protected] Investor Relations Contact [email protected]

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Jack Dorsey

Amrita Ahuja

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as well as other risks listed or described from time to time in the Company’s filings with the Securities and Exchange Commission (the SEC), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and its subsequent Quarterly Reports on Form 10-Q, which are on file with the SEC and available on the Investor Relations page of the Company’s website. Additional information will also be set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. All forward-looking statements represent management’s current expectations and predictions regarding trends affecting the Company’s business and industry and are based on information and estimates available to the Company at the time of this letter and are not guarantees of future performance. Earnings guidance for 2026 reflects assumptions the Company believes are reasonable as of the date of this filing, and actual results may vary based on changing macroeconomic conditions and other risks and uncertainties outlined in this safe harbor section and in the Company’s periodic reports filed with the SEC. Except as required by law, the Company assumes no obligation to update any of the statements in this letter.

Safe Harbor Statement

This letter contains “forward-looking statements” within the meaning of the Safe Harbor Form 10-K for the fiscal year ended December 31, 2024, and its subsequent Quarterly Reports provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other on Form 10-Q, which are on file with the SEC and available on the Investor Relations page of than statements of historical fact could be deemed forward-looking, including, but not limited the Company’s website. Additional information will also be set forth in the Company’s Annual to, statements regarding the future performance of Block, Inc. and its consolidated subsidiaries Report on Form 10-K for the year ended December 31, 2025. All forward-looking statements (the Company); the Company’s strategies, including expected impact of such strategies on our represent management’s current expectations and predictions regarding trends affecting the customers, actives, and sellers; our business and financial performance, expected financial Company’s business and industry and are based on information and estimates available to the results, guidance, and general business outlook for current and future periods, including trends Company at the time of this letter and are not guarantees of future performance. Earnings in U.S. and global GPV and statements that the Company’s performance will accelerate; our guidance for 2026 reflects assumptions the Company believes are reasonable as of the date of ability to manage our risk losses; the Company’s plans with respect to its emerging initiatives this filing, and actual results may vary based on changing macroeconomic conditions and other and product development plans and product launches and functionalities, including risks and uncertainties outlined in this safe harbor section and in the Company’s periodic reports expectations regarding the growth of Cash App Borrow and Afterpay Post-Purchase; the filed with the SEC. Except as required by law, the Company assumes no obligation to update expected benefits of AI tools to our employees, to our customers, to the pace of our innovation any of the statements in this letter. and to our overall business, the expected benefits of our products to our customers and the impact of our products on our business; our expectations related to our recently announced workforce reduction and anticipated costs, impact, risks and benefits of such action; and the Key Operating Metrics And Non-GAAP Company’s ability and timing to integrate artificial intelligence and cryptocurrency features into Financial Measures its products; the ability of the Company’s products to attract and retain sellers and customers, particularly in new or different markets or demographics or through partnerships, sales To supplement our financial information presented in accordance with generally accepted organizations, or advertising campaigns; trends in the Company’s markets and the accounting principles in the United States (GAAP), from period to period, we consider and continuation of such trends; the Company’s expectations and intentions regarding future present certain operating and financial measures that we consider key metrics or are not expenses and marketing investments; and management’s statements related to business prepared in accordance with GAAP, including Gross Payment Volume (GPV), Adjusted EBITDA, strategy, plans, investments, opportunities, and objectives for future operations. In some Adjusted EBITDA margin, Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Share cases, forward-looking statements can be identified by terms such as “may,” “will,” “appears,” (Adjusted EPS), Adjusted Diluted Net Income (Loss) Per Share (Adjusted Diluted EPS), Adjusted “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” Operating Income (Loss), Adjusted Operating Income (Loss) margin, Free Cash Flow, “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words or Non-GAAP Cash Flow, constant currency, and non-GAAP operating expenses. We believe these other similar terms or expressions that concern our expectations, strategy, plans, or intentions. metrics and measures are useful to facilitate period-to-period comparisons of our business and Such statements are subject to a number of known and unknown risks, uncertainties, to facilitate comparisons of our performance to that of other payments solution providers. GPV assumptions, and other factors that may cause the Company’s actual results, performance, or includes Square GPV and Cash App Business GPV. Square GPV is defined as the total dollar achievements to differ materially from results expressed or implied in this letter. Investors are amount of all card and bank payments processed by sellers using Square, net of refunds. Cash cautioned not to place undue reliance on these statements, and reported results should not be App Business GPV comprises Cash App activity related to peer-to-peer transactions received by considered as an indication of future performance. business accounts and peer-to-peer payments sent from a credit card. GPV does not include Risks that contribute to the uncertain nature of the forward-looking statements include, among transactions from our BNPL products. others, a deterioration of general macroeconomic conditions; risks related to our recently announced workforce reduction and related reorganization, including the potential for Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Share (Adjusted EPS), and increased reliance on proactive intelligence and artificial intelligence tools; the Company’s Adjusted Diluted Net Income (Loss) Per Share (Adjusted Diluted EPS) are non-GAAP financial investments in its business and ability to maintain profitability; the Company’s efforts to expand measures that represent our net income (loss) and net income (loss) per share, adjusted to its product portfolio and market reach; the Company’s ability to develop products and services eliminate the effect of restructuring share-based compensation expense, contingencies, to address the rapidly evolving market for commerce and financial services; the Company’s restructuring, and other charges; goodwill and intangible asset impairment; amortization of ability to deal with the substantial and increasingly intense competition in its industry; risks intangible assets; amortization of debt discount and issuance costs; gain or loss on revaluation related to disruptions in or negative perceptions of the cryptocurrency market; acquisitions, of equity investments; remeasurement gain or loss on revaluation of bitcoin investment; the gain strategic investments, entries into new businesses, joint ventures, divestitures, and other or loss on the disposal of property and equipment; acquired deferred revenue and cost transactions that the Company may undertake; the Company’s ability to ensure the integration adjustments; the discrete benefits from the release of valuation allowances on our deferred tax of its services with a variety of operating systems and the interoperability of its technology with assets; and the tax effect of non-GAAP net income adjustments, as applicable. Additionally, for that of third parties; the Company’s ability to successfully develop and integrate artificial purposes of calculating Adjusted Diluted EPS, we add back cash interest expense on convertible intelligence, including generative AI, into its systems, initiatives, and products; the Company’s senior notes, as if converted at the beginning of the period, if the impact is dilutive. To calculate ability to retain existing customers, attract new customers, and increase sales to all customers; Adjusted Diluted EPS, we adjust the weighted-average number of shares of common stock the Company’s dependence on payment card networks and acquiring processors; the effect of outstanding for the dilutive effect of all potential shares of common stock. In periods when we extensive regulation and oversight related to the Company’s business in a variety of areas; recorded an Adjusted Net Loss, the diluted Adjusted EPS is the same as basic Adjusted EPS risks related to the banking ecosystem, including through our bank partnerships, and FDIC and because the effects of potentially dilutive items were anti-dilutive given the Adjusted Net Loss other regulatory obligations; the liabilities and loss potential associated with new products, position. product features, and services; litigation, including intellectual property claims, government investigations or inquiries, and regulatory matters or disputes; the adequacy of reserves for Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures that represent such matters and the impact of any such matters or settlements thereof on our business; our net income (loss), adjusted to exclude share-based compensation expense; restructuring adoption of the Company’s products and services in international markets; changes in political, share-based compensation expense; depreciation and amortization; contingencies, business, and economic conditions, including changes due to actual or potential tariffs;

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restructuring, and other charges; interest income and expense; remeasurement gain or loss on bitcoin investment; other income and expense; provision for (benefit from) income taxes; gain or loss on disposal of property and equipment; and acquired deferred revenue and cost adjustment, as applicable. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by gross profit.

Adjusted Operating Income (Loss) is a non-GAAP financial measure that represents our operating income (loss), adjusted to eliminate the effect of amortization of acquired technology assets; contingencies, restructuring, and other charges; restructuring share-based compensation expenses; goodwill and intangible asset impairment and amortization of customer and other acquired intangible assets. Adjusted Operating Income (Loss) margin is calculated as Adjusted Operating Income (Loss) divided by gross profit.

We also exclude from these measures certain acquisition-related and integration costs associated with business combinations, and various other costs that are not reflective of our core operating performance. We exclude amortization of intangible assets arising from business combinations from Adjusted Net Income (Loss), Adjusted EPS, Adjusted Diluted EPS, Adjusted Operating Income (Loss), and Adjusted Operating Income (Loss) Margin because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our ongoing business operations. Acquisition-related costs include amounts paid to redeem acquirees’ unvested stock-based compensation awards; charges associated with holdback liabilities; and legal, accounting, and due diligence costs. Integration costs include advisory and other professional services or consulting fees necessary to integrate acquired businesses. Other costs that are not reflective of our core business operating expenses may include contingencies, restructuring, and other charges; impairment charges; restructuring share-based compensation expense; and certain litigation and regulatory charges. For Adjusted Net Income (Loss), Adjusted EPS, and Adjusted Diluted EPS we also add back the impact of the acquired deferred revenue and deferred cost adjustment, which was written down to fair value in purchase accounting, and adjust for the tax effect of the non-GAAP net income adjustments.

Adjusted Net Income (Loss), Adjusted EPS, Adjusted Diluted EPS, and non-GAAP operating expenses because they are key measures used by our management to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Operating Income (Loss), Adjusted Operating Income (Loss) margin, Adjusted Net Income, Adjusted EPS, Adjusted Diluted EPS, and non-GAAP operating expenses provide useful information to

investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, they provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain non-cash items and certain variable charges that do not vary with our operations. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income (Loss), Adjusted Operating Income (Loss), Adjusted Operating Income (Loss) margin, Adjusted EPS, Adjusted Diluted EPS, and non-GAAP operating expenses, as well as other measures defined in the shareholder letter, have limitations as financial measures, should be considered as supplemental in nature, and are not meant as substitutes for the related financial information prepared in accordance with GAAP. We believe that the aforementioned metrics and measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects, and provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain variable amounts, or they remove amounts that were not repeated across periods and therefore make comparisons more difficult. Our management uses these measures to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP. Other companies, including companies in our industry, may calculate the non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

Non-GAAP Cash Flow is a non-GAAP financial measure that represents our net cash provided by operating activities adjusted for changes in settlements receivable; changes in customers payable; changes in settlements payable; the purchase of property and equipment; payments for originations of consumer receivables; proceeds from principal repayments and sales of consumer receivables; purchases and originations of loans originally classified as held for investment; proceeds from repayments of loans originally classified as held for investment; proceeds from warehouse facilities borrowings; repayments of warehouse facilities borrowings; and sales, and principal payments, and forgiveness of PPP loans. We present Non-GAAP Cash Flow because we use it to understand the cash generated by our business and make strategic decisions related to our balance sheet, and because we are focused on growing our Non-GAAP Cash Flow generation over time. It is not intended to represent amounts available for discretionary purposes. Constant currency growth is calculated by assuming international results in a given period and the comparative prior period are translated from local currencies to the U.S. dollar at rates consistent with the monthly average rates in the comparative prior period. We discuss growth on a constant currency basis because a portion of our business operates in markets outside the U.S. and is subject to changes in foreign exchange rates. Non-GAAP operating expenses is a non-GAAP financial measure that represents operating expenses adjusted to remove the impact of restructuring share-based compensation; amortization of customer and other acquired intangible assets; acquisition-related and integration costs; contingencies, restructuring, and other charges; and goodwill and intangible asset impairment. We have included Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Operating Income (Loss), Adjusted Operating Income (Loss) margin,

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Consolidated Statements of Operations

Audited

In thousands, except per share data

		TWELVE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2023 $ 11,514,162$ 10,512,453 $ 9,530,040 4,176,734 3,250,817 2,717,261 8,502,787 10,357,783 9,668,322 24,193,683 24,121,053 21,915,623 5,353,254 4,913,124 4,692,094 339,878 311,209 292,017 8,083,772 9,939,320 9,353,797 56,850 68,364 72,829 13,833,754 15,232,017 14,410,737 10,359,929 8,889,036 7,504,886 2,907,889 2,914,415 2,720,819 2,273,072 1,984,265 2,019,009 1,997,587 2,149,099 2,209,190 1,337,246 794,221 660,663 135,729 154,709 174,044 8,651,523 7,996,709 7,783,725 1,708,406 892,327 (278,839) 129,363 9,302 (47,221) 55,900 (420,918) (207,084) (166,768) (53,211) 4,609 1,689,911 1,357,154 (29,143) 385,701 (1,509,343) (8,019) 1,304,210 2,866,497 (21,124) (1,426) (30,550) (30,896) $ 1,305,636 $ 2,897,047 $ 9,772 $ 2.13 $ 4.70 $ 0.02 $ 2.10 $ 4.56 $ 0.02 612,243 616,993 608,856 622,838 636,390 614,024
	Revenue: Commerce enablement revenue Financial solutions revenue Bitcoin ecosystem revenue
	Total net revenue
	Cost of revenue: Commerce enablement costs Financial solutions costs Bitcoin ecosystem costs Amortization of acquired technology assets
	Total cost of revenue
	Grossprofit
	Operating expenses: Product development Sales and marketing General and administrative Transaction, loan, and consumer receivable losses Amortization of customer and other acquired intangible assets
	Total operating expenses
	Operatingincome(loss)
	Interest expense (income), net Remeasurement loss (gain) on bitcoin investment Other expense (income), net
	Income (loss) before income tax
	Provision for(benefit from)income taxes(i)
	Net income (loss) Less: Net loss attributable to noncontrolling interests
	Net income attributable to common stockholders
	Net income per share attributable to common stockholders: Basic
	Diluted
	Weighted-average shares used to compute net income per share attributable to common stockholders: Basic
	Diluted

(i) 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.

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Consolidated Balance Sheets

Audited

In thousands, except per share data

	Assets Current assets: Cash and cash equivalents Investments in short-term debt securities Settlements receivable Customer funds Consumer receivables, net Loans held for investment, net Other current assets	Dec. 31, 2025 Dec. 31, 2024 $ 6,564,092$ 8,075,247 517,777 403,426 1,359,983 1,060,966 4,771,824 4,182,872 2,670,322 2,504,879 3,382,957 365,062 3,589,925 3,287,749 22,856,880 19,880,201 323,375 314,432 11,849,018 11,417,422 1,281,670 1,433,067 188,887 471,977 777,515 792,282 214,929 219,954 1,302,776 1,800,994 754,837 447,266 $ 39,549,887 $ 36,777,595 $ 6,805,366$ 5,837,152 1,538,893 1,525,149 1,573,259 999,497 466,942 185,000 10,384,460 8,546,798 1,173 162,435 897,941 1,296,680 5,715,759 5,105,939 257,126 278,617 123,546 152,164 17,380,005 15,542,633 — — — — — — 18,895,405 19,900,379 (365,381) (1,001,065) 3,674,254 2,368,618 22,204,278 21,267,932 (34,396) (32,970) 22,169,882 21,234,962 $ 39,549,887 $ 36,777,595
	Total current assets
	Property and equipment, net Goodwill Acquired intangible assets, net Investments in long-term debt securities Bitcoin investment Operating lease right-of-use assets Deferred tax assets Other non-current assets
	Total assets
	Liabilities and Stockholders’ Equity Current liabilities: Customers payable Accrued expenses and other current liabilities Current portion of long-term debt Warehouse funding facilities, current
	Total current liabilities
	Deferred tax liabilities Warehouse funding facilities, non-current Long-term debt Operating lease liabilities, non-current Other non-current liabilities
	Total liabilities
	Commitments and contingencies 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. Class A common stock, $0.0000001 par value: 1,000,000 shares authorized at December 31, 2025 and December 31, 2024; 542,085 and 559,606 issued and outstanding at December 31, 2025 and December 31, 2024, respectively. Class B common stock, $0.0000001 par value: 500,000 shares authorized at December 31, 2025 and December 31, 2024; 59,993 and 60,070 issued and outstanding at December 31, 2025 and December 31, 2024, respectively. Additional paid-in capital Accumulated other comprehensive loss Retained earnings
	Total stockholders’ equity attributable to common stockholders Noncontrolling interests
	Total stockholders’equity
	Total liabilities and stockholders’equity

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Consolidated Statements of Cash Flows

Audited In thousands

		TWELVE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2023 $ 1,304,210 $ 2,866,497 $ (21,124) 369,529 376,127 408,560 (1,137,906) (1,099,024) (984,442) 56,687 72,055 144,198 1,215,480 1,272,779 1,276,097 (172,256) (32,245) 16,523 55,900 (420,918) (207,084) 1,337,246 794,221 660,663 335,038 (1,665,812) (85,879) — 133,853 132,313 (14,191,399) (15,210,746) (8,586,293) 14,248,689 14,413,277 8,032,687 (487,316) 1,947,849 (1,108,529) 373,925 (1,853,872) 1,256,578 (330) (8,139) (454,036) (159,364) (28,573) 40,492 (568,419) 150,021 (419,763) 2,579,714 1,707,350 100,961 (700,777) (1,197,804) (1,126,615) 468,980 1,005,580 1,387,830 409,387 446,076 339,095 (32,145,232) (29,318,390) (23,968,787) 32,934,204 29,922,371 24,241,651 (17,629,689) — — 14,080,787 — — (155,038) (153,947) (151,151) (64,554) (53,934) (38,822) (2,801,932) 649,952 683,201
	Cash flows from operating activities: Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization Amortization of discounts and premiums and other non-cash adjustments Non-cash lease expense Share-based compensation Loss (gain) on revaluation of equity investments Remeasurement loss (gain) on bitcoin investment Transaction, loan, and consumer receivable losses Change in deferred income taxes Goodwill and intangible asset impairment Purchases and originations of loans originally classified as held for sale Proceeds from repayments of loans originally classified as held for sale Changes in operating assets and liabilities: Settlements receivable Customers payable Settlements payable Prepaid expenses Other assets and liabilities
	Net cash provided by operating activities
	Cash flows from investing activities: Purchases of marketable debt securities Proceeds from maturities of marketable debt securities Proceeds from sale of marketable debt securities Payments for originations of consumer receivables Proceeds from principal repayments and sales of consumer receivables Purchases and originations of loans originally classified as held for investment Proceeds from repayments of loans originally classified as held for investment Purchases of property and equipment Purchases of other investments
	Net cash provided by (used in) investing activities

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Consolidated Statements of Cash Flows, Continued

Audited In thousands

		TWELVE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2023 2,200,000 2,000,000 — (28,346) (26,619) — (1,000,624) — (461,761) 1,305,288 1,255,745 1,387,662 (1,456,869) (1,329,729) (1,118,083) 88,943 154,779 130,433 55,548 74,856 25,135 (2,330,661) (1,170,339) (156,812) (35,330) (18,473) (36,817) 588,952 1,012,442 (9,894) (613,099) 1,952,662 (240,137) 86,081 (88,539) 29,156 (749,236) 4,221,425 573,181 13,230,512 9,009,087 8,435,906 $ 12,481,276 $ 13,230,512 $ 9,009,087
	Cash flows from financing activities: Proceeds from issuance of senior notes Payments of debt issuance costs from issuance of senior notes Payments to redeem convertible notes Proceeds from warehouse facilities borrowings Repayments of warehouse facilities borrowings Proceeds from the exercise of stock options and purchases under the employee stock purchase plan Net increase in interest-bearing deposits Repurchases of common stock Other financing activities Change in customer funds, restricted from use in the Company’s operations
	Net cash provided by (used in) financing activities
	Effect of foreign exchange rate on cash and cash equivalents
	Net increase (decrease) in cash, cash equivalents, restricted cash, and customer funds Cash, cash equivalents, restricted cash, and customer funds, beginningof theperiod
	Cash, cash equivalents, restricted cash, and customer funds, end of the period

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Reportable Segment Disclosures

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:


		THREE MONTHS ENDED				TWELVE MONTHS ENDED
(in thousands) Revenue: Commerce enablement revenue Financial solutions revenue	Cash App $ 1,096,137 949,082	Dec. 31, 2025 (UNAUDITED) Square Corporate and Other $ 1,905,311 $ 48,384 273,163 —		Total $ 3,049,832 1,222,245	Cash App $ 3,912,171 3,165,594	Dec. 31, 2025 (AUDITED) Square Corporate and Other $ 7,425,962 $ 176,029 1,011,140 —		Total $ 11,514,162 4,176,734
Bitcoin ecosystem revenue	1,856,380	14,157	109,864	1,980,401	8,347,278	14,809	140,700	8,502,787

Segment revenue	$ 3,901,599	$ 2,192,631	$ 158,248	$ 6,252,478	$15,425,043	$ 8,451,911	$ 316,729	$24,193,683

Less: Cost of revenue	2,070,459	1,199,960	109,833	3,380,252	9,089,500	4,516,870	227,384	13,833,754

Segment gross profit	$ 1,831,140	$ 992,671	$ 48,415	$ 2,872,226	$ 6,335,543	$ 3,935,041	$ 89,345	$10,359,929

	THREE MONTHS ENDED	THREE MONTHS ENDED	THREE MONTHS ENDED		TWELVE MONTHS ENDED	TWELVE MONTHS ENDED	TWELVE MONTHS ENDED	TWELVE MONTHS ENDED
(in thousands) Revenue: Commerce enablement revenue Financial solutions revenue Bitcoin ecosystem revenue	Cash App $ 948,985 606,652 2,460,939	Dec. 31, 2024 (UNAUDITED) Square Corporate and Other $1,750,891 $ 44,759 219,501 — — 834		Total $2,744,635 826,153 2,461,773	Cash App $ 3,482,648 2,409,294 10,355,938	Dec. 31, 2024 (AUDITED) Square Corporate and Other $6,840,133 $ 189,672 841,523 — — 1,845		Total $10,512,453 3,250,817 10,357,783

Segment revenue	$ 4,016,576	$1,970,392	$ 45,593	$6,032,561	$16,247,880	$7,681,656	$ 191,517	$24,121,053

Less: Cost of revenue	2,640,979	1,046,692	33,492	3,721,163	11,008,869	4,082,744	140,404	15,232,017

Segmentgrossprofit	$ 1,375,597	$ 923,700	$ 12,101	$2,311,398	$ 5,239,011	$3,598,912	$ 51,113	$ 8,889,036

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Reportable Segment Disclosures, Continued

		THR	EE MONTHS EN	DED
Cash App(i) (in millions) Revenue: Commerce enablement revenue Financial solutions revenue Bitcoin ecosystem revenue	Dec. 31, 2025 $ 1,096 949 1,856 $ 3,902 $ 201 84 1,773 13 2,070 $ 1,831	Dec. 31, 2024 $ 949 607 2,461 $ 4,017 $ 200 73 2,354 14 2,641 $ 1,376	Mar. 31, 2025 (UNAUDITED) $ 900 649 2,329 $ 3,879 $ 176 73 2,237 13 2,499 $ 1,380	Jun. 30, 2025 $ 940 733 2,171 $ 3,845 $ 190 78 2,064 13 2,344 $ 1,501	Sept. 30, 2025 $ 976 834 1,990 $ 3,800 $ 185 83 1,895 13 2,176 $ 1,624
Segment revenue
Cost of revenue: Commerce enablement costs Financial solutions costs Bitcoin ecosystem costs Amortization of acquired technology
Segment cost of revenue
Segment gross profit

(i) Figures presented may not sum precisely due to rounding.

		THR	EE MONTHS EN	DED
	Cash App(i) (in millions) Dec. 31, 2024 Revenue: Commerce enablement revenue $ 949 Financial solutions revenue 607 Bitcoin ecosystem revenue 2,461 Segment revenue $ 4,017 Cost of revenue: Commerce enablement costs $ 200 Financial solutions costs 73 Bitcoin ecosystem costs 2,354 Amortization of acquired technology 14 Segment cost of revenue 2,641 Segment gross profit $ 1,376	Dec. 31, 2023 $ 820 519 2,571 $ 3,910 $ 177 66 2,470 14 2,727 $ 1,184	Mar. 31, 2024 (UNAUDITED) $ 832 566 2,775 $ 4,173 $ 175 66 2,660 14 2,914 $ 1,259	Jun. 30, 2024 $ 853 617 2,659 $ 4,129 $ 181 78 2,557 14 2,830 $ 1,299	Sept. 30, 2024 $ 848 620 2,462 $ 3,930 $ 169 75 2,366 14 2,624 $ 1,306

(i) Figures presented may not sum precisely due to rounding.

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Reportable Segment Disclosures, Continued

		THR	EE MONTHS END	ED
Square(i) (in millions) Revenue: Commerce enablement revenue Financial solutions revenue Bitcoin ecosystem revenue	Dec. 31, 2025 $ 1,905 273 14	Dec. 31, 2024 $ 1,751 220 —	Mar. 31, 2025 (UNAUDITED) $ 1,627 226 —	Jun. 30, 2025 $ 1,915 251 —	Sept. 30, 2025 $ 1,979 261 1
Segment revenue	$ 2,193	$ 1,970	$ 1,852	$ 2,166	$ 2,241
Cost of revenue: Commerce enablement costs Financial solutions costs Bitcoin ecosystem costs Amortization of acquired technology	$ 1,178 6 14 1	$ 1,040 5 — 2	$ 947 5 — 2	$ 1,133 5 — 2	$ 1,216 6 1 1
Segment cost of revenue	1,200	1,047	954	1,139	1,223
Segment gross profit	$ 993	$ 924	$ 898	$ 1,027	$ 1,018

(i) Figures presented may not sum precisely due to rounding.

	THR	EE MONTHS END	ED
Square(i) (in millions) Dec. 31, 2024 Revenue: Commerce enablement revenue $ 1,751 Financial solutions revenue 220 Bitcoin ecosystem revenue —	Dec. 31, 2023 $ 1,619 194 —	Mar. 31, 2024 (UNAUDITED) $ 1,535 195 —	Jun. 30, 2024 $ 1,764 215 —	Sept. 30, 2024 $ 1,790 212 —
Segment revenue $ 1,970	$ 1,813	$ 1,730	$ 1,979	$ 2,002
Cost of revenue: Commerce enablement costs $ 1,040 Financial solutions costs 5 Bitcoin ecosystem costs — Amortization of acquired technology 2	$ 979 3 — 3	$ 903 4 — 3	$ 1,050 4 — 2	$ 1,063 5 — 1
Segment cost of revenue 1,047	985	910	1,057	1,069

Segment gross profit $ 924	$ 828	$ 820	$ 923	$ 932

(i) Figures presented may not sum precisely due to rounding.

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Operating Segment Disclosures

A reconciliation of total segment gross profit to the Company’s income (loss) before applicable income taxes In thousands

		THREE MONTHS ENDED (UNAUDITED) Dec. 31, 2025 Dec. 31, 2024 $ 2,823,811$ 2,299,297 48,415 12,101 710,667 769,695 619,548 521,063 512,579 728,416 510,012 244,618 34,049 34,593 53,781 16,107 234,302 (252,342) (4,665) (28,546) $ 201,953$ 277,794	TWELVE MONTHS ENDED (AUDITED) Dec. 31, 2025 Dec. 31, 2024 $ 10,270,584$ 8,837,923 89,345 51,113 2,907,889 2,914,415 2,273,072 1,984,265 1,997,587 2,149,099 1,337,246 794,221 135,729 154,709 129,363 9,302 55,900 (420,918) (166,768) (53,211) $ 1,689,911$ 1,357,154
	Total segment gross profit Add: Corporate and other gross profit Less: Product development Less: Sales and marketing Less: General and administrative Less: Transaction, loan, and consumer receivable losses Less: Amortization of customer and other intangible assets Less: Interest expense, net Less: Remeasurement loss (gain) on bitcoin investment Less: Other income, net
	Income before applicable income taxes

Select Operating Metrics and Non-GAAP Financial Measures

Unaudited

		THREE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 $ 66,936$ 61,954 $ 587,789$ 401,890 $ 929,690$ 757,009 $ 0.66$ 0.49 $ 0.65 $ 0.47		TWELVE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 $ 259,631$ 240,812 $ 2,083,813$ 1,608,790 $ 3,466,568$ 3,029,031 $ 2.41$ 2.01 $ 2.37 $ 1.95
	Gross Payment Volume (GPV) (in millions) Adjusted Operating Income (in thousands) Adjusted EBITDA (in thousands) Adjusted Net Income Per Share:(i) Basic Diluted

(i) Beginning in fiscal 2025, we revised our definition of Adjusted Net Income Per Share to include share-based compensation. Prior period amounts have been recast to reflect the updated presentation.

		THREE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 $ 64,960$ 58,898 1,976 3,056 $ 66,936 $ 61,954		TWELVE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 $ 250,461$ 227,607 9,170 13,205 $ 259,631$ 240,812
	(in millions) Square GPV Cash AppGPV
	Total GPV

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Select Operating Metrics and Non-GAAP Financial Measures, Continued

Unaudited

		THREE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 Mar. 31, 2025 Jun. 30, 2025 Sept. 30, 2025 $ 993$ 924 $ 898 $ 1,027 $ 1,018 (43) (24) (24) (34) (41) $ 1,035$ 948 $ 922 $ 1,061 $ 1,059
	(in millions) Square gross profit Less: Hardware contribution to Square gross profit
	Square gross profit excluding Hardware(i)

(i) Figures presented may not sum precisely due to rounding.

		THREE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 Mar. 31, 2025 Jun. 30, 2025 Sept. 30, 2025 $ 726$ 710 $ 678 $ 781 $ 762 (43) (24) (24) (34) (41) $ 769$ 734 $ 702 $ 814 $ 803
	(in millions) Square commerce enablement gross profit Less: Hardware contribution to Square commerce enablementgrossprofit
	Square commerce enablement gross profit excluding Hardware(i) (ii)

(i) Figures presented may not sum precisely due to rounding.

(ii) Square commerce enablement gross profit reflects the impact of amortization of acquired technology assets.

		THREE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 $ 396$ 310 218 205 6 6 $ 620$ 521	TWELVE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 $ 1,367$ 1,213 884 749 22 23 $ 2,273$ 1,984
	(in millions) Cash App sales and marketing expense Square sales and marketing expense Corporate and other sales and marketing expense
	Total sales and marketing expense(i)

(i) Figures presented may not sum precisely due to rounding.

		THREE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 $ (513)$ (728) — 1 0 1 54 203 — 74 $ (458)$ (451)
	(in millions) General and administrative expenses Restructuring share-based compensation Acquisition-related and integration costs Contingencies, restructuring and other charges Goodwill and intangible asset impairment
	Non-GAAP general and administrative expenses(i)

(i) Figures presented may not sum precisely due to rounding.

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Adjusted Operating Income (Loss) and Margin

Unaudited

In thousands, except for percentages

		THREE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 Mar. 31, 2025 June 30, 2025 Sept. 30, 2025 $ 485,371 $ 13,013 $ 329,302 $ 484,293 $ 409,440 13,915 15,562 14,674 14,404 13,857 352 549 320 1,042 345 54,102 202,885 77,811 15,844 20,752 — 1,434 10,506 95 1,659 — 133,854 — — — 34,049 34,593 33,656 33,891 34,133 $ 587,789 $ 401,890 $ 466,269 $ 549,569 $ 480,186 20 % 17 % 20 % 22 % 18 %
	Operating income Amortization of acquired technology assets Acquisition-related and integration costs Contingencies, restructuring and other charges Restructuring share-based compensation expense Goodwill and intangible asset impairment Amortization of customer and other acquired intangible assets
	Adjusted Operating Income Adjusted Operating Income margin (%) of gross profit

		TWELVE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 $ 1,708,406$ 892,327 56,850 68,364 2,059 49,019 168,509 302,446 12,260 8,071 — 133,854 135,729 154,709 $ 2,083,813$ 1,608,790 20% 18%
	Operating income Amortization of acquired technology assets Acquisition-related and integration costs Contingencies, restructuring and other charges Restructuring share-based compensation expense Goodwill and intangible asset impairment Amortization of customer and other acquired intangible assets
	Adjusted Operating Income Adjusted Operating Income margin (%) of gross profit

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Adjusted EBITDA

Unaudited In thousands

		THREE MONTHS ENDED	THREE MONTHS ENDED	THREE MONTHS ENDED	Sept. 30, 2025 $ 461,544 54 461,598 307,721 1,659 92,119 345 20,752 — 34,652 (59,588) (167,150) 139,928 617 9
Net income attributable to common stockholders Net income(loss)attributable to noncontrollinginterests	Dec. 31, 2025 $ 115,762 (206) 115,556 293,523 — 96,065 352 54,102 — 53,781 234,302 (4,665) 86,397 270 7	Dec. 31, 2024 $1,946,020 (21,351) 1,924,669 315,532 1,434 88,878 549 202,885 133,854 16,107 (252,342) (28,546) (1,646,875) 850 14	Mar. 31, 2025 $ 189,872 (1,150) 188,722 304,730 10,506 88,948 320 77,811 — 17,243 93,351 (8,342) 38,328 1,164 13	Jun. 30, 2025 $ 538,458 (124) 538,334 297,246 95 92,397 1,042 15,844 — 23,687 (212,165) 13,389 121,048 495 10
Net income Share-based compensation expense Restructuring share-based compensation expense Depreciation and amortization Acquisition-related and integration costs Contingencies, restructuring and other charges Goodwill and intangible asset impairment Interest expense, net Remeasurement loss (gain) on bitcoin investment Other expense (income), net Provision for (benefit from) income taxes Loss on disposal of property and equipment Acquired deferred revenue and cost adjustment

Adjusted EBITDA	$ 929,690	$ 757,009	$ 812,794	$ 891,422	$ 832,662
Adjusted EBITDA margin (%) of gross profit	32%	33%	35%	35%	31%

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Adjusted Net Income and Adjusted EPS

Unaudited

In thousands, except per share data

		THREE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 Mar. 31, 2025 Jun. 30, 2025 Sept. 30, 2025 $ 115,762$ 1,946,020 $ 189,872 $ 538,458 $ 461,544 (206) (21,351) (1,150) (124) 54 115,556 1,924,669 188,722 538,334 461,598 352 549 320 1,042 345 54,102 202,885 77,811 15,844 20,752 — 1,434 10,506 95 1,659 — 133,854 — — — 47,964 50,154 48,330 48,295 47,990 4,030 3,868 3,299 2,835 3,335 326 (32,714) 126 (1,582) (171,126) 234,302 (252,342) 93,351 (212,165) (59,588) 270 850 1,164 495 617 7 14 13 10 9 3,313(1,909,848) — (52,600) (8,909) (58,861) 178,218 (69,371) 44,538 39,933 $ 401,361$ 301,591 $ 354,271 $ 385,141 $ 336,615 271 682 433 267 273 $ 401,632$ 302,273 $ 354,704 $ 385,408 $ 336,888 606,682 617,481 619,370 612,882 610,199 613,737 639,302 635,342 618,928 621,658 $ 0.19$ 3.15 $ 0.31 $ 0.88 $ 0.76 $ 0.19$ 3.05 $ 0.30 $ 0.87 $ 0.74 606,682 617,481 619,370 612,882 610,199 615,659 639,302 635,342 618,928 621,658 $ 0.66$ 0.49 $ 0.57 $ 0.63 $ 0.55 $ 0.65$ 0.47 $ 0.56 $ 0.62 $ 0.54
	Net income attributable to common stockholders Net income (loss) attributable to noncontrolling interests
	Net income Acquisition-related and integration costs Contingencies, restructuring and other charges Restructuring share-based compensation expense Goodwill and intangible asset impairment Amortization of intangible assets Amortization of debt discount and issuance costs Loss (gain) on revaluation of equity investments Remeasurement loss (gain) on bitcoin investment Loss on disposal of property and equipment Acquired deferred revenue and cost adjustment Income tax expenses (benefits) from deferred tax assets Tax effect of non-GAAP net income adjustments
	Adjusted Net Income - basic
	Cash interest expense on convertible notes
	Adjusted Net Income - diluted
	Weighted-average shares used to compute net income per share attributable to common stockholders: Basic
	Diluted
	Net income per share attributable to common stockholders: Basic
	Diluted
	Weighted-average shares used to compute Adjusted Net Income Per Share: Basic
	Diluted
	Adjusted Net Income Per Share:(i) Basic
	Diluted

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Adjusted Net Income and Adjusted EPS, Continued

Unaudited

In thousands, except per share data

		TWELVE MONTHS ENDED Dec. 31, 2025 Dec. 31, 2024 $ 1,305,636$ 2,897,047 (1,426) (30,550) 1,304,210 2,866,497 2,059 49,019 168,509 302,446 12,260 8,071 — 133,854 192,579 223,072 13,499 14,413 (172,256) (32,245) 55,900 (420,918) 2,546 2,634 39 67 (58,196) (1,909,848) (43,761) 2,854 $ 1,477,388 $ 1,239,916 1,244 2,711 $ 1,478,632 $ 1,242,627 612,243 616,993 622,838 636,390 $ 2.13 $ 4.70 $ 2.10 $ 4.56 612,243 616,993 622,838 636,390 $ 2.41 $ 2.01 $ 2.37 $ 1.95
	Net income attributable to common stockholders Net loss attributable to noncontrolling interests
	Net income Acquisition-related and integration costs Contingencies, restructuring and other charges Restructuring share-based compensation expense Goodwill and intangible asset impairment Amortization of intangible assets Amortization of debt discount and issuance costs Gain on revaluation of equity investments Remeasurement loss (gain) on bitcoin investment Loss on disposal of property and equipment Acquired deferred revenue and cost adjustment Income tax benefits from deferred tax assets Tax effect of non-GAAP net income adjustments
	Adjusted Net Income - basic
	Cash interest expense on convertible notes
	Adjusted Net Income - diluted
	Weighted-average shares used to compute net income per share attributable to common stockholders: Basic
	Diluted
	Net income per share attributable to common stockholders: Basic
	Diluted
	Weighted-average shares used to compute Adjusted Net Income Per Share: Basic
	Diluted
	Adjusted Net Income Per Share:(i) Basic
	Diluted

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Unaudited In millions

Non-GAAP Cash Flow

		THREE MONTHS ENDED	THREE MONTHS ENDED	Sept. 30, 2024 $ 685 (57) $ 628 (2,407) 2,192 — (1) (7,331) 7,415 87 (86) $ 497 $ 106 $ 72	TRAILING 12 MONTHS Dec. 31, 2024 $ 1,707 (154) $ 1,553 (1,948) 1,854 8 (4) (29,318) 29,922 1,256 (1,330) $ 1,994 $ 650 $ 1,953
	Dec. 31, 2023 Net cash provided by (used in) operating activities $ (798) Less: Purchase ofpropertyand equipment (52) Free Cash Flow $ (850) Reversal of: Changes in settlements receivable (410) Changes in customers payable 134 Changes in settlements payable 507 Sales, principal payments and forgiveness of PPP loans (1) Consumer receivables cash flows included within investing activities in the GAAP statements of cash flows: Payments for originations of consumer receivables (7,567) Proceeds from principal repayments and sales of consumer receivables 7,428 Warehouse facilities cash flows included within financing activities in the GAAP statements of cash flows: Proceeds from warehouse facilities borrowings 823 Repayments of warehouse facilities borrowings (150) Non-GAAP Cash Flow(i) $ (86) Net cash provided by (used in) investing activities $ 278 Net cash provided by financing activities $ 800	Mar. 31, 2024 $ 489 (32) $ 457 542 (466) 7 (1) (6,095) 6,825 161 (791) $ 639 $ 1,042 $ 32	June 30, 2024 $ 519 (38) $ 481 287 (406) 1 (1) (6,772) 6,903 159 (177) $ 475 $ (175) $ 1,141

(i) Figures presented may not sum precisely due to rounding.

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AI assistant

Block, Inc. — Earnings Release 2025

30034_rns_2026-02-26_881e25d1-f460-43c8-a37b-cd1ca0afbf6d.pdf

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

Block, Inc.

Emerging growth company ☐

Item 2.02 Results of Operations and Financial Condition.

Item 2.05 Costs Associated with Exit or Disposal Activities.

Forward Looking Statements

Item 9.01 Financial Statements and Exhibits.

SIGNATURES

BLOCK, INC.

To Our Shareholders

Q4’25 Highlights[3]

$0.19

2025 Highlights

$3.94B

$2.10

Business Highlights

We accelerated the pace of innovation across Block.

We are increasingly delivering proactive intelligence as the primary interface of Square and Cash App.

We deepened engagement in Cash App, adding 1 million Primary Banking Actives (PBAs) in December, and accelerated year-over-year growth to 22%.[7]

We grew consumer lending origination volume 69% year over year in the fourth quarter while sustaining strong margins.[11]

We capped the year with the strongest NVA we’ve ever delivered and the strongest growth rate since the first quarter of 2021, with Square NVA growth accelerating in the fourth quarter to 29%.

Financial Discussion

Fourth Quarter 2025 Financial Highlights

Block Financial Metrics

Cash App

Square

Operating Expenses and Non-GAAP Operating Expenses ($M)

Key Profitability Measures and EPS ($M, except per share figures)

Non-GAAP Cash Flow ($M)

Guidance

2026 Outlook[24]

Q1 2026 Outlook[25]

Earnings Webcast

Media Contact

Safe Harbor Statement

Consolidated Statements of Operations

Consolidated Balance Sheets

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows, Continued

Reportable Segment Disclosures

Reportable Segment Disclosures, Continued

Reportable Segment Disclosures, Continued

Operating Segment Disclosures

Select Operating Metrics and Non-GAAP Financial Measures

Unaudited

Select Operating Metrics and Non-GAAP Financial Measures, Continued

Adjusted Operating Income (Loss) and Margin

Adjusted EBITDA

Adjusted Net Income and Adjusted EPS

Unaudited

Adjusted Net Income and Adjusted EPS, Continued

Unaudited

Non-GAAP Cash Flow

More from Block, Inc.

Block, Inc. Earnings Release 2025