What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-07 compared with 2025-05-01 · 221 added, 135 removed, 748 unchanged (32% of the section changed)

2 unchanged sentences

(In thousands, except per share data)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Assets (Unaudited)

5 unchanged sentences

Loans held for sale 1,411,653 1,111,107

Loans held for investment, net of allowance 1,039,544 365,062

Other current assets 2,496,510 2,580,068

10 unchanged sentences

Current portion of long-term debt (Note 12)

1,570,979 999,497

Warehouse funding facilities, current 120,000 185,000

8 unchanged sentences

Preferred stock, $ 0.0000001 par value:

100,000 shares authorized at March 31, 2025 and December 31, 2024.

None issued and outstanding at March 31, 2025 and December 31, 2024.

100,000 shares authorized at June 30, 2025 and December 31, 2024.

None issued and outstanding at June 30, 2025 and December 31, 2024.

Class A common stock, $ 0.0000001 par value:

1,000,000 shares authorized at March 31, 2025 and December 31, 2024;

556,826 and 559,606 issued and outstanding at March 31, 2025 and December 31, 2024, respectively.

1,000,000 shares authorized at June 30, 2025 and December 31, 2024;

550,191 and 559,606 issued and outstanding at June 30, 2025 and December 31, 2024, respectively.

Class B common stock, $ 0.0000001 par value:

500,000 shares authorized at March 31, 2025 and December 31, 2024;

60,049 and 60,070 issued and outstanding at March 31, 2025 and December 31, 2024, respectively.

500,000 shares authorized at June 30, 2025 and December 31, 2024;

60,012 and 60,070 issued and outstanding at June 30, 2025 and December 31, 2024, respectively.

Additional paid-in capital 19,442,101 19,900,379

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Transaction-based revenue $ 1,817,398 $ 1,712,967 $ 3,368,129 $ 3,224,176

21 unchanged sentences

Remeasurement loss (gain) on bitcoin investment ( 212,165 ) 70,116 ( 118,814 ) ( 163,288 )

Other income, net ( 8,342 ) ( 4,420 )

Other expense (income), net 13,389 ( 10,584 ) 5,047 ( 15,004 )

Income before income tax 659,382 248,901 886,432 755,213

13 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Net income $ 538,334 $ 189,872 $ 727,056 $ 660,692

1 unchanged sentence

489,973 125,951 619,793 ( 158,223 )

Net unrealized gain on marketable debt securities, net of tax 430 2,278

Net unrealized gain (loss) on marketable debt securities, net of tax ( 1,071 ) 1,883 ( 641 ) 4,161

Total comprehensive income $ 1,027,236 $ 317,706 $ 1,346,208 $ 506,630

(i) Includes a foreign currency translation gain related to goodwill of $ 86.0 million and loss of $ 198.2 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

(i) Includes foreign currency translation gains related to goodwill of $ 312.4 million and $ 398.4 million for the three and six months ended June 30, 2025, respectively.

The three and six months ended June 30, 2024 includes a foreign currency translation gain related to goodwill of $ 100.9 million and a loss of $ 97.3 million, respectively.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7 unchanged sentences

Repurchases of common stock ( 6,805 ) ( 445,298 ) — — — ( 445,298 )

Change in other comprehensive income — — 130,250 — — 130,250

Change in other comprehensive loss — — 130,250 — — 130,250

Share-based compensation — 324,155 — — — 324,155

Balance at March 31, 2025 616,875 $ 19,781,519 $ ( 870,815 ) $ 2,558,490 $ ( 34,120 ) $ 21,435,074

Class A and B common stock Common stock and additional paid-in Accumulated other comprehensive Accumulated Noncontrolling Total stockholders’

Net income (loss) — — — 538,458 ( 124 ) 538,334

Shares issued in connection with employee stock plans 5,791 48,799 — — — 48,799

Repurchases of common stock ( 12,463 ) ( 692,204 ) — — — ( 692,204 )

Change in other comprehensive loss — 488,902 — — 488,902

Share-based compensation — 303,987 — — — 303,987

Balance at June 30, 2025 610,203 $ 19,442,101 $ ( 381,913 ) $ 3,096,948 $ ( 34,244 ) $ 22,122,892

Class A and B common stock Common stock and additional paid-in Accumulated other comprehensive Retained earnings (accumulated Noncontrolling Total stockholders’

shares capital loss deficit) interests equity

6 unchanged sentences

Balance at March 31, 2024 617,064 $ 19,687,428 $ ( 660,203 ) $ ( 56,424 ) $ ( 3,605 ) $ 18,967,196

Net income (loss) — — — 195,268 ( 5,396 ) 189,872

Shares issued in connection with employee stock plans 6,295 66,258 — — — 66,258

Repurchases of common stock ( 5,742 ) ( 389,508 ) — — — ( 389,508 )

Change in other comprehensive loss — — 127,834 — — 127,834

Share-based compensation — 331,343 — — — 331,343

Balance at June 30, 2024 617,617 $ 19,695,521 $ ( 532,369 ) $ 138,844 $ ( 9,001 ) $ 19,292,995

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

1 unchanged sentence

(In thousands)

Three Months Ended

Six Months Ended

Cash flows from operating activities:

5 unchanged sentences

Share-based compensation 612,577 631,791

Loss on revaluation of equity investments 126 1,111

Remeasurement loss (gain) on bitcoin investment 93,351 ( 233,404 )

Gain on revaluation of equity investments ( 1,456 ) ( 2,483 )

Remeasurement gain on bitcoin investment ( 118,814 ) ( 163,288 )

Transaction, loan, and consumer receivable losses 463,779 357,541

Change in deferred income taxes 52,019 3,528

Purchases and originations of loans ( 5,032,615 ) ( 3,010,609 )

Proceeds from payments and forgiveness of loans 4,721,581 2,824,953

Purchases and originations of loans originally classified as held for sale ( 10,634,603 ) ( 6,911,321 )

Proceeds from repayments of loans originally classified as held for sale 10,163,789 6,585,211

Changes in operating assets and liabilities:

10 unchanged sentences

Proceeds from principal repayments and sales of consumer receivables 15,494,483 13,727,603

Purchases and originations of loans originally classified as held for investment ( 1,164,089 ) —

Proceeds from repayments of loans originally classified as held for investment 457,152 —

Purchases of property and equipment ( 63,192 ) ( 70,355 )

4 unchanged sentences

(In thousands)

Three Months Ended

Six Months Ended

Cash flows from financing activities:

Proceeds from issuance of senior notes — 2,000,000

Payments of debt issuance costs from issuance of senior notes — ( 26,619 )

Payments to redeem convertible notes ( 1,000,624 ) —

4 unchanged sentences

Repurchases of common stock ( 1,137,502 ) ( 641,603 )

Other financing activities ( 35,330 ) ( 18,473 )

Change in customer funds, restricted from use in the Company's operations 754,942 380,283

38 unchanged sentences

Minority interests are recorded as a noncontrolling interest, which is reported as a component of stockholders' equity on the condensed consolidated balance sheets.

The interim results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or for any other future annual or interim period.

The interim results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or for any other future annual or interim period.

The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

11 unchanged sentences

Concentration of Credit Risk

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

The Company had four third-party payment processors that represented approximately 41 %, 18 %, 14 % and 11 % of settlements receivable as of March 31, 2025.

For the three and six months ended June 30, 2025 and June 30, 2024, the Company had no customer that accounted for greater than 10% of total net revenue.

The Company had four third-party payment processors that represented approximately 41 %, 17 %, 15 % and 11 % of settlements receivable as of June 30, 2025.

As of December 31, 2024, the Company had three third-party processors that represented approximately 42 %, 17 % and 13 % of settlements receivable.

10 unchanged sentences

Advertising costs are expensed as incurred and in cluded in sales and marketing expenses on the condensed consolidated statements of operations.

Total advertising costs w ere $ 90.7 million for the three months ended March 31, 2025, compared to $ 61.6 million for the three months ended March 31, 2024.

Total advertising costs w ere $ 119.0 million and $ 209.6 million for the three and six months ended June 30, 2025, respectively, compared to $ 78.3 million and $ 139.9 million for the three and six months ended June 30, 2024, respectively.

The C ompany also records services, incentives, and other costs to acquire customers that are not directly related to a revenue generating transaction as sales and marketing expenses, as the Company considers these to be marketing costs to encourage the usage of Cash App.

1 unchanged sentence

These costs are expensed as incurred.

The Company recorded $ 203.4 million for the three months ended March 31, 2025, compared to $ 210.9 million for the three months ended March 31, 2024 for such expenses.

The Company recorded $ 211.6 million and $ 415.1 million for the three and six months ended June 30, 2025, respectively, compared to $ 252.7 million and $ 463.6 million for the three and six months ended June 30, 2024, respectively, for such expenses.

Recent Accounting Pronouncements

8 unchanged sentences

In March 2025, the SEC voted to end, and withdraw, its legal defense of its climate disclosure rules.

The SEC reiterated in July 2025 that it does not intend to reconsider the final rule.

The Company is currently monitoring developments with respect to these rules, including whether they will become effective.

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Revenue from contracts with customers:

7 unchanged sentences

Total net revenue $ 6,054,457 $ 6,155,563 $ 11,826,253 $ 12,112,691

(i) Subscription and services-based revenue from other sources relates to revenue generated from the Company's Square Loans, revenue generated from consumer receivables originated through our BNPL platform, interest income earned on customer funds, and interest income earned on funds held by Square Financial Services, Inc., which is a Utah state-chartered industrial loan company, ("Square Financial Services").

(i) Subscription and services-based revenue from other sources relates to revenue generated from the Company's Square Loans, Cash App Borrow loans, and consumer receivables originated through our BNPL platform, interest income earned on customer funds, and interest income earned on funds held by Square Financial Services, Inc., which is a Utah state-chartered industrial loan company ("Square Financial Services").

NOTE 3 - INVESTMENTS IN DEBT SECURITIES

The Company's short-term and long-term investments as of March 31, 2025 were as follows (in thousands):

The Company's short-term and long-term investments as of June 30, 2025 and December 31, 2024 were as follows (in thousands):

June 30, 2025

Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value

13 unchanged sentences

Total $ 196,010 $ 854 $ ( 292 ) $ 196,572

The Company's short-term and long-term investments as of December 31, 2024 were as follows (in thousands):

December 31, 2024

Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value

14 unchanged sentences

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.

The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2025 and December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands):

March 31, 2025

The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2025 and December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands):

June 30, 2025

Less than 12 Months Greater than 12 Months Total

1 unchanged sentence

Short-term debt securities:

agency securities $ 18,987 $ ( 4 ) $ — $ — $ 18,987 $ ( 4 )

Corporate bonds $ 8,205 $ ( 2 ) $ — $ — $ 8,205 $ ( 2 )

2 unchanged sentences

Long-term debt securities:

agency securities $ 7,996 $ ( 5 ) $ — $ — $ 7,996 $ ( 5 )

Corporate bonds 7,276 ( 25 ) — — 7,276 ( 25 )

18 unchanged sentences

Unrealized losses on available-for-sale debt securities were determined not to be related to credit related losses, therefore, an allowance for credit losses is not required.

The contractual maturities of the Company's short-term and long-term investments as of March 31, 2025 were as follows (in thousands):

The contractual maturities of the Company's short-term and long-term investments as of June 30, 2025 were as follows (in thousands):

Amortized Cost Fair Value

4 unchanged sentences

The following table presents the assets underlying customer funds (in thousands):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Cash $ 3,696,228 $ 3,195,253

6 unchanged sentences

The Company classifies the amounts due from the counterparties as cash equivalents due to their short-term nature.

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

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.

3 unchanged sentences

The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Level 1 Level 2 Level 3 Level 1 Level 2 Level 3

3 unchanged sentences

Commercial paper — — — — 509 —

Corporate bonds — 69 — — —

Restricted cash:

1 unchanged sentence

Customer funds:

Money market funds 4,645 — — 4,645 — —

Reverse repurchase agreement 1,236,941 — — 982,974 — —

Money market funds 4,645 — — 4,645 — —

Short-term debt securities:

20 unchanged sentences

The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2)

7 unchanged sentences

The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Carrying Value Fair Value (Level 3) Carrying Value Fair Value (Level 3)

3 unchanged sentences

If applicable, the Company will recognize transfers into and out of levels within the fair value hierarchy at the end of the reporting period in which the actual event or change in circumstance occurs.

During the three months ended March 31, 2025 and March 31, 2024, the Company did not have any transfers in or out of Level 1, Level 2, or Level 3 assets or liabilities.

During the three and six months ended June 30, 2025 and June 30, 2024, the Company did not have any transfers in or out of Level 1, Level 2, or Level 3 assets or liabilities.

NOTE 6 - CONSUMER RECEIVABLES, NET

2 unchanged sentences

These receivables are typically interest free and are generally due within 14 to 56 days.

The Company classifies consumer receivables as held for sale when the Company has the intent to sell all of its rights, title, and interest in these receivables to third-party investors, and there is an available market for such receivables.

For the three and six months ended June 30, 2025, $ 210.0 million and $ 420.0 million of consumer receivables were reclassified from loans held for investment to loans held for sale and sold to third parties, respectively.

For the three and six months ended June 30, 2024, $ 131.7 million and $ 171.3 million of consumer receivables were reclassified from loans held for investment to loans held for sale and sold to third parties, respectively.

Net losses on sales of consumer receivables were immaterial for both the three and six months ended June 30, 2025 and June 30, 2024.

The Company closely monitors credit quality for consumer receivables to manage and evaluate its related exposure to credit risk.

3 unchanged sentences

Internal risk ratings are reviewed and, generally, updated at least once a year.

As of March 31, 2025, the amortized cost of Pass rated consumer receivables was $ 2.1 billion and the amount of Classified consumer receivables was $ 143.7 million.

As of June 30, 2025, the amortized cost of Pass rated consumer receivables was $ 2.3 billion and the amount of Classified consumer receivables was $ 134.4 million.

The following table presents an aging analysis of the amortized cost of consumer receivables by delinquency status (in thousands):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Non-delinquent loans $ 1,898,188 $ 2,227,348

3 unchanged sentences

Total amortized cost $ 2,414,573 $ 2,706,672

The amount listed as 1 - 60 days past due in the above table includes $ 266.4 million and $ 266.7 million of cash in transit as of March 31, 2025 and December 31, 2024, respectively, which reflects ongoing repayments from consumers that have been sent from consumers’ bank accounts but have not yet been received at the Company’s bank account as of the date of the financial statements.

The amount listed as 1 - 60 days past due in the above table includes $ 282.4 million and $ 266.7 million of cash in transit as of June 30, 2025 and December 31, 2024, respectively, which reflects ongoing repayments from consumers that have been sent from consumers’ bank accounts but have not yet been received at the Company’s bank account as of the date of the financial statements.

Consumer receivables are charged off when they are over 180 days past due as the Company has no reasonable expectation of recovery.

1 unchanged sentence

While the Company expects collections at that point to be unlikely, the Company may recover amounts from the respective consumers.

Any subsequent recoveries following charge-off are credited to transaction, loan, and consumer receivable losses on the condensed consolidated statements of operations in the period they were recovered.

The amount of recoveries for the three months ended March 31, 2025 and March 31, 2024 were immaterial.

The following table summarizes activity in the allowance for credit losses (in thousands):

The amount of recoveries for the three and six months ended June 30, 2025 and June 30, 2024 were immaterial.

The following table summarizes activity in the allowance for credit losses for consumer receivables (in thousands):

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Allowance for credit losses, beginning of the period $ 193,420 $ 181,947 $ 201,793 $ 185,275

4 unchanged sentences

NOTE 7 - CUSTOMER LOANS

Customer loans primarily consist of Square Loans and Cash App Borrow products.

Square Loans are facilitated by the Company’s wholly-owned subsidiary, Square Financial Services, to qualified Square sellers.

The majority of Square Loans are sold to third-party investors with a portion retained on the Company’s balance sheet.

Cash App Borrow is a credit product for consumers that allows customers to access short-term loans for a small fee.

Historically, Cash App Borrow loans were originated through a partnership with an industrial bank, from whom the Company purchased the loans obtaining all rights, title, and interest, and were classified as held for sale on the Company’s balance sheet.

Beginning in the second quarter of 2025, the Company also began originating Cash App Borrow loans through Square Financial Services.

The Cash App Borrow loans originated through Square Financial Services are retained on the Company’s balance sheet and classified as held for investment.

The Company classifies customer loans as held for investment when the Company has both the intent and ability to hold them for the foreseeable future, until maturity, or until payoff.

Customer loans are classified as held for sale when there is an available market for such loans and it is the Company’s intent to sell all of its rights, title, and interest in these loans to third-party investors.

The Company’s intent and ability in the future may change based on changes in the business strategies, the economic environment, and market conditions.

The Company categorizes loans held for investment and loans held for sale by the intended customer of the loan product.

Commercial loans primarily include Square Loans;

Consumer loans include Cash App Borrow and consumer lending loans;

and Other loans include those outside of consumer and commercial loans such as Square credit card.

Loans Held for Investment

The Company originates loans in the U.S.

through its wholly-owned subsidiary bank, Square Financial Services.

The Company sells the majority of the loans to institutional investors with a portion retained on its balance sheet.

Loans retained by the Company are classified as held for investment as the Company has both the intent and ability to hold them for the foreseeable future, until maturity, or until payoff.

The Company’s intent and ability in the future may change based on changes in business strategies, the economic environment, and market conditions.

As of March 31, 2025 and December 31, 2024, the Company held $ 402.6 million and $ 365.1 million, respectively, as loans held for investment, net of allowance, included in other current assets on the condensed consolidated balance sheets.

Refer to Note 9, Other Consolidated Balance Sheet Components (Current) for more details.

Loans held for investment are recorded at amortized cost, less an allowance for potential uncollectible amounts.

Amortized cost basis represents principal amounts outstanding, net of unearned income, unamortized deferred fees and costs on originated loans, premiums or discounts on purchased loans and charge-offs.

The allowance for credit losses, amount of charge-offs recorded, and amount of recoveries as of March 31, 2025 and December 31, 2024 were immaterial.

The Company considers loans that are greater than 60 days past due to be delinquent, and loans 90 days or more past due to be nonperforming.

Loans that are 120 days or more past due are generally considered to be uncollectible and are written off.

When a loan is identified as nonperforming, recognition of income is discontinued.

Loans are restored to performing status after total overdue unpaid amounts are repaid and the Company has reasonable assurance that performance under the terms of the loan will continue.

As of March 31, 2025 and December 31, 2024, the amount of loans that were identified as nonperforming loans was immaterial.

The following table presents the Company's loans held for investment by category (in thousands) as of June 30, 2025.

The amount of charge-offs recorded and amount of recoveries for the three and six months ended June 30, 2025 were immaterial.

June 30, 2025

Consumer Commercial Total

Amortized cost basis $ 696,637 $ 387,320 $ 1,083,957

Allowance for credit losses ( 18,874 ) ( 25,539 ) ( 44,413 )

Total loans held for investment, net of allowance $ 677,763 $ 361,781 $ 1,039,544

As of December 31, 2024, the Company held $ 365.1 million of Commercial loans held for investment, net of allowance of $ 23.1 million.

The amount of charge-offs recorded and amount of recoveries for the three and six months ended June 30, 2024 were immaterial.

The Company considers Square Loans that are greater than 60 days past due to be delinquent, and Square Loans 90 days or more past due to be nonperforming.

Square Loans that are 120 days or more past due are generally considered to be uncollectible and are written off.

When a Square Loan is identified as nonperforming, recognition of income is discontinued.

Square Loans are restored to performing status after total overdue unpaid amounts are repaid and the Company has reasonable assurance that performance under the terms of the loan will continue.

Cash App Borrow loans that are 1 day or greater past due are considered delinquent, and those that are 90 days or more past due are generally considered to be uncollectible and are written off.

As of June 30, 2025 and December 31, 2024, the amount of loans that were identified as nonperforming loans was immaterial.

The Company closely monitors economic conditions and loan performance trends to assess and manage its exposure to credit risk.

The criteria the Company monitors when assessing the credit quality and risk of its loan portfolio is primarily based on internal risk ratings, as they provide insight into borrower risk profiles and are useful as indicators of potential future credit losses.

Loans are internally rated as "Pass" or "Classified." Pass rated loans generally consist of loans that are current or up to 60 days past due.

Classified loans generally comprise of loans that are 60 days or greater past due and have a higher risk of default.

Loans are internally rated as "Pass" or "Classified." Pass rated Square Loans generally consist of loans that are current or up to 60 days past due.

Classified Square Loans generally comprise of loans that are greater than 60 days past due and have a higher risk of default.

Pass rated Cash App Borrow loans generally consist of loans that are current.

Classified Cash App Borrow loans are comprised of loans that are 1 day or greater past due, due to their short-term nature and repayment period, and have a higher risk of default.

Internal risk ratings are reviewed and, generally, updated at least once a year.

As of March 31, 2025 and December 31, 2024, the amortized cost of Pass rated loans was $ 424.1 million and $ 385.2 million, respectively, and the amount of Classified loans was immaterial for both periods.

As of June 30, 2025 and December 31, 2024, the amortized cost of Pass rated loans was $ 1.1 billion and $ 385.2 million, respectively, and the amount of Classified loans was immaterial for both periods.

Loans Held for Sale

The Company classifies loans as held for sale when there is an available market for such loans and it is the Company’s intent to sell all of its rights, title, and interest in these loans to third-party investors.

Loans held for sale primarily include Square Loans and Cash App Borrow products.

Square Loans are loans facilitated by Square Financial Services to qualified Square sellers, while Cash App Borrow is a credit product for consumers that allows customers to access short-term loans for a small fee.

Loans held for sale are recorded at the lower of amortized cost or fair value.

Square Loans that are 120 days or more past due, and Cash Borrow loans that are 90 days or more past due, are generally considered to be uncollectible and are written off.

Past due status is based on contractual terms of the loans.

The Company aggregates loans held for sale by the intended customer of the loan product.

Commercial loans held for sale include Square Loans, Consumer loans held for sale include loans initiated through Cash App Borrow and consumer lending loans, and Other loans held for sale include loans outside of consumer and commercial loans.

The following table presents the Company’s loans held for sale aggregated by category (in thousands):

March 31, 2025 December 31, 2024

The following table presents the Company’s loans held for sale by category (in thousands):

June 30, 2025 December 31, 2024

Consumer $ 692,881 $ 652,489

2 unchanged sentences

Total $ 1,411,653 $ 1,111,107

Loans held for sale are recorded at the lower of amortized cost or fair value.

Square Loans that are 120 days or more past due and Cash App Borrow loans that are 90 days or more past due are generally considered to be uncollectible and are written off.

Past due status is based on contractual terms of the loans.

For the three and six months ended June 30, 2025, $ 1.1 billion and $ 2.2 billion of Square Loans were sold to third-party investors, respectively, and the Company recognized net gains on the sales of loans of $ 62.3 million and $ 127.7 million for the same periods.

For the three and six months ended June 30, 2024, $ 1.2 billion and $ 2.1 billion of Square Loans were sold to third-party investors, respectively, and the Company recognized net gains on sales of loans of $ 64.8 million and $ 119.9 million for the same periods.

The net gains on sales of loans are recognized in net income through “Subscription and services-based revenue” in the Company’s condensed consolidated statements of operations.

NOTE 8 - ACQUIRED INTANGIBLE ASSETS

The following table details acquired intangible assets (in thousands):

Balance at March 31, 2025

Balance at June 30, 2025

Weighted Average Estimated Useful Life Cost Accumulated Amortization Net

12 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Acquired intangible assets, net, beginning of the period $ 1,391,242 $ 1,673,618 $ 1,433,067 $ 1,761,521

2 unchanged sentences

Acquired intangible assets, net, end of the period $ 1,368,735 $ 1,629,183 $ 1,368,735 $ 1,629,183

The estimated future amortization expense of intangible assets as of March 31, 2025 was as follows (in thousands):

The estimated future amortization expense of intangible assets as of June 30, 2025 was as follows (in thousands):

Remainder of 2025 $ 95,711

4 unchanged sentences

The following table presents the detail of other current assets (in thousands):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Restricted cash (i)

1 unchanged sentence

Processing costs receivable 423,945 478,767

Loans held for investment, net of allowance for credit losses (ii)

402,561 365,062

Investments in short-term debt securities 313,411 403,426

7 unchanged sentences

Refer to Note 5, Fair Value Measurements for further details .

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

Accrued Expenses and Other Current Liabilities

The following table presents the detail of accrued expenses and other current liabilities (in thousands):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Accrued expenses $ 554,066 $ 725,339

11 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Accrued transaction losses, beginning of the period $ 57,137 $ 60,016 $ 58,580 $ 54,042

2 unchanged sentences

Accrued transaction losses, end of the period $ 54,382 $ 81,309 $ 54,382 $ 81,309

In addition to amounts reflected in the table above, the Company recognized additional provision for transaction losses that was realized and written-off within the same period.

In addition to amounts reflected in the table above, the Company recognized additional provisions for transaction losses that was realized and written-off within the same period.

Such losses are primarily related to Cash App transactions, such as peer-to-peer transactions and negative balances, that are uncertain in nature.

The Company recorded $ 59.0 million and $ 47.4 million for the three months ended March 31, 2025 and March 31, 2024, respectively, for such losses.

The Company recorded $ 62.0 million and $ 121.0 million for the three and six months ended June 30, 2025, respectively, for such losses.

The Company recorded $ 84.4 million and $ 131.7 million for the three and six months ended June 30, 2024, respectively, for such losses.

NOTE 10 - OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)

1 unchanged sentence

The following table presents the detail of other non-current assets (in thousands):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Bitcoin investment (i)

1 unchanged sentence

Property and equipment, net 311,112 314,432

Investments in long-term debt securities 273,614 471,977

Investment in non-marketable equity securities (ii)

1 unchanged sentence

Operating lease right-of-use assets 202,310 219,954

Investments in long-term debt securities 196,572 471,977

Restricted cash 75,013 69,915

7 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Carrying amount, beginning of period $ 243,058 $ 209,504 $ 245,557 $ 205,268

4 unchanged sentences

The following table summarizes the cumulative net unrealized upward and downward adjustments related to the Company's non-marketable equity securities measured using the measurement alternative (in thousands):

Three Months Ended

June 30, 2025 December 31, 2024

Upward adjustments $ 155,329 $ 155,329

2 unchanged sentences

The following table presents the detail of other non-current liabilities (in thousands):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Operating lease liabilities, non-current $ 255,703 $ 278,617

6 unchanged sentences

The Company accounts for its bitcoin as an indefinite-lived intangible asset in accordance with Accounting Standards Codification ("ASC") 350, Intangibles—Goodwill and Other and has ownership of and control over its bitcoin.

The Company's bitcoin investment, which is included within “Other non-current assets” on the condensed consolidated balance sheets, is remeasured at fair value at the end of each reporting period.

The Company's bitcoin investment, which is included within “Other non-current assets” on the condensed consolidated balance sheets, is initially recorded at cost, inclusive of transaction costs, and remeasured at fair value at the end of each reporting period.

Changes in fair value are recognized in net income through “Remeasurement loss (gain) on bitcoin investment” in the Company’s condensed consolidated statements of operations.

As of March 31, 2025 and December 31, 2024, the Company held approximately 8,584 and 8,485 bitcoins for investment purposes with a cost basis of $ 261.0 million and $ 251.5 million, respectively.

As of June 30, 2025 and December 31, 2024, the Company held approximately 8,692 and 8,485 bitcoins for investment purposes with a cost basis of $ 272.0 million and $ 251.5 million, respectively.

The following table summarizes the changes in the Company’s bitcoin investment in the period (in thousands, except amount of bitcoin):

4 unchanged sentences

Balance at March 31, 2025 8,584 $ 708,450

Additions 108 11,041

Remeasurement gain — 212,165

Balance at June 30, 2025 8,692 $ 931,656

Amount of Bitcoin

2 unchanged sentences

Balance at March 31, 2024 8,038 $ 573,302

Additions 173 11,398

Remeasurement loss — ( 70,116 )

Balance at June 30, 2024 8,211 $ 514,584

The Company’s bitcoin for operating purposes is initially recorded at cost, inclusive of transaction costs.

2 unchanged sentences

Given the small amount of bitcoin for operating purposes held at any time, and that the bitcoin is held for a relatively short period of time, typically being purchased and sold within a day, the changes in fair value are not material to the Company.

As of March 31, 2025 and December 31, 2024, the Company held approximately 158 bitcoins for operating purposes with a fair value of $ 13.5 million and $ 15.3 million, respectively, to facilitate the purchases and sales of bitcoin on behalf of Cash App customers.

As of June 30, 2025 and December 31, 2024, the Company held approximately 152 and 158 bitcoins for operating purposes with a fair value of $ 16.6 million and $ 15.3 million, respectively, to facilitate the purchases and sales of bitcoin on behalf of Cash App customers.

The bitcoin for operating purposes is reflected on the condensed consolidated balance sheets within “Other current assets.”

11 unchanged sentences

The Company occasionally engages third-party custodians to store and safeguard bitcoin on the Company's behalf.

The Company has concluded, under ASC 450-20, Loss Contingencies, that it does not have a probable loss that would require it to recognize a custodial obligation as of March 31, 2025.

The Company has concluded, under ASC 450-20, Loss Contingencies, that it does not have a probable loss that would require it to recognize a custodial obligation as of June 30, 2025.

NOTE 12 - INDEBTEDNESS

The 2025 Convertible Notes, 2026 Convertible Notes, and 2027 Convertible Notes (each, as defined below, and collectively, the “Convertible Notes”), together with the Senior Notes (as defined below), are collectively referred to as the “Notes.”

The following table summarizes the Company's Notes as of March 31, 2025 (in thousands):

The following tables summarize the Company's Notes as of June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025

Principal Outstanding Unamortized Debt Issuance Costs Net Carrying Value

2026 Senior Notes $ 1,000,000 $ ( 3,292 ) $ 996,708

2026 Senior Notes (i)

$ 1,000,000 $ ( 2,591 ) $ 997,409

2031 Senior Notes 1,000,000 ( 8,335 ) 991,665

2032 Senior Notes 2,000,000 ( 23,643 ) 1,976,357

2026 Convertible Notes 575,000 ( 1,856 ) 573,144

2026 Convertible Notes (i)

575,000 ( 1,430 ) 573,570

2027 Convertible Notes 575,000 ( 3,135 ) 571,865

Total $ 5,150,000 $ ( 39,134 ) $ 5,110,866

The following table summarizes the Company's Notes as of December 31, 2024 (in thousands):

December 31, 2024

Principal Outstanding Unamortized Debt Issuance Costs Net Carrying Value

10 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Contractual interest expense $ 48,398 $ 34,598 $ 96,777 $ 50,728

5 unchanged sentences

The 2027 Convertible Notes mature on November 1, 2027, unless earlier converted or repurchased, and bear interest at a rate of 0.25 % payable semi-annually on May 1 and November 1 of each year.

The circumstances to allow the holders to convert their 2026 Convertible Notes and 2027 Convertible Notes were not met during the three months ended March 31, 2025.

As of March 31, 2025, no principal had converted and the if-converted value did not exceed the outstanding principal amount on either the 2026 Convertible Notes or 2027 Convertible Notes.

The circumstances to allow the holders to convert their 2026 Convertible Notes and 2027 Convertible Notes were not met during the six months ended June 30, 2025.

As of June 30, 2025, no principal had converted and the if-converted value did not exceed the outstanding principal amount on either the 2026 Convertible Notes or 2027 Convertible Notes.

Convertible Notes due in 2025

6 unchanged sentences

The Company is obligated to pay customary fees for a credit facility of this size and type including a commitment fee of 0.10 % to 0.20 % per annum on the undrawn portion of the revolving loan commitments available under the Credit Agreement.

As of March 31, 2025, no funds have been drawn and no letters of credit have been issued under the Credit Agreement.

The Company incurred immaterial unused commitment fees during the three months ended March 31, 2025 and March 31, 2024.

As of March 31, 2025, the Company was in compliance with all financial covenants under the Credit Agreement.

As of June 30, 2025, no funds have been drawn and no letters of credit have been issued under the Credit Agreement.

The Company incurred immaterial unused commitment fees during the three and six months ended June 30, 2025 and June 30, 2024.

As of June 30, 2025, the Company was in compliance with all financial covenants under the Credit Agreement.

Loans under the Credit Agreement bear interest at the Company's option of (i) an annual rate based on the forward-looking term rate based on the Secured Overnight Financing Rate ("Term SOFR") or (ii) a base rate.

3 unchanged sentences

The Company also has uncommitted and unsecured lines of credit with certain third-party banks for short-term liquidity needs, subject to availability of funds, through Square Financial Services.

There were no outstanding balances as of March 31, 2025 and December 31, 2024.

There were no outstanding balances as of June 30, 2025 and December 31, 2024.

C) Warehouse Funding Facilities

5 unchanged sentences

These Warehouse Facilities have maturity dates through September 2027.

As of March 31, 2025, the aggregate amount of the Warehouse Facilities, using the respective exchange rates at period-end, was $ 1.4 billion on a revolving basis, of which $ 619.0 million was drawn and $ 827.3 million remained available.

All Warehouse Facilities contain portfolio parameters based on performance of the underlying consumer receivables, which each respective region has satisfied as of March 31, 2025.

As of June 30, 2025, the aggregate amount of the Warehouse Facilities, using the respective exchange rates at period-end, was $ 1.5 billion on a revolving basis, of which $ 703.9 million was drawn and $ 785.1 million remained available.

All Warehouse Facilities contain portfolio parameters based on performance of the underlying consumer receivables, which each respective region has satisfied as of June 30, 2025.

None of the Warehouse Facilities contain corporate financial covenants.

2 unchanged sentences

The interest expense incurred on the Company's Warehouse Facilities is included within general and administrative as part of the Company's operating expenses.

Interest expense on the Company's Warehouse Facilities was $ 14.9 million and $ 19.7 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

Interest expense on the Company's Warehouse Facilities was $ 10.9 million and $ 25.8 million for the three and six months ended June 30, 2025, respectively, and $ 16.1 million and $ 35.9 million for the three and six months ended June 30, 2024, respectively.

In addition, each Warehouse Facility requires payment of immaterial commitment fees.

The table below summarizes the future scheduled principal payments of amounts drawn on the Company's Warehouse Facilities (in thousands):

March 31, 2025

2026 $ 290,989

June 30, 2025

Total $ 703,924

(i) Includes $ 120.0 million of future scheduled principal payments in 2026, which are disclosed as warehouse funding facilities, current within total current liabilities on the condensed consolidated balance sheet.

NOTE 13 - INCOME TAXES

The Company recorded an income tax expense of $ 38.3 million for the three months ended March 31, 2025, compared to an income tax expense of $ 35.5 million for the three months ended March 31, 2024.

The difference between income before income tax at the U.S.

federal statutory rate and the income tax expense recorded for the three months ended March 31, 2025 is primarily due to the impact of U.S.

state taxes offset by benefits from tax credit generation and the release of income tax reserves due to lapsing of statute of limitations.

The difference between the income tax expense for the three months ended March 31, 2025 and the income tax expense for the three months ended March 31, 2024 primarily relates to the release of the valuation allowance in the fourth quarter of 2024.

The Company recorded an income tax expense of $ 121.0 million and $ 159.4 million for the three and six months ended June 30, 2025, respectively, compared to an income tax expense of $ 59.0 million and $ 94.5 million for the three and six months ended June 30, 2024, respectively.

The difference between income tax at the U.S.

federal statutory rate and the income tax expense recorded for the three and six months ended June 30, 2025 is primarily due to the generation of tax credits and a change in valuation allowance in Ireland.

The difference between the income tax expense for the three and six months ended June 30, 2025 and the income tax expense for the three and six months ended June 30, 2024 primarily relates to the pre-tax results for each quarter and maintaining a valuation allowance on U.S.

deferred tax assets through the second quarter of 2024.

The Company is subject to income taxes in the U.S.

and certain foreign tax jurisdictions.

The tax provision for the three months ended March 31, 2025 and March 31, 2024 is calculated on a jurisdictional basis.

The tax provision for the three and six months ended June 30, 2025 and June 30, 2024 is calculated on a jurisdictional basis.

The Company estimated the worldwide income tax provision using the estimated annual effective income tax rate expected to be applicable for the full year.

The Company’s effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect, among other things, the assumptions used to estimate the annual effective tax rate, including factors such as the mix of forecasted pre-tax earnings in the various jurisdictions in which the Company operates, changes in valuation allowances against deferred tax assets, the recognition and de-recognition of tax benefits related to uncertain tax positions, and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business.

On July 4, 2025, subsequent to the balance sheet date, the United States enacted the One Big Beautiful Bill Act (H.R.

1), which includes significant changes to federal tax law.

The Company is evaluating the potential impact of these changes on its financial statements, including effects on cash taxes, deferred tax assets and liabilities, and the effective tax rate.

The analysis is ongoing, and the Company will recognize any impacts in the third quarter of 2025, the period in which the law was enacted, with the anticipation of material cash tax savings starting in fiscal year 2025.

NOTE 14 - STOCKHOLDERS' EQUITY

2 unchanged sentences

On July 25, 2024, the board of directors of the Company authorized an increase to the Company's share repurchase program to repurchase up to an additional $ 3 billion of the Company’s Class A common stock.

During the three months ended March 31, 2025, the Company repurchased 6.8 million shares of its Class A common stock for an aggregate amount of $ 445.3 million.

As of March 31, 2025, $ 2.2 billion remained available and authorized for repurchases under this share repurchase program.

During the six months ended June 30, 2025, the Company repurchased 19.3 million shares of its Class A common stock for an aggregate amount of $ 1.1 billion.

As of June 30, 2025, $ 1.5 billion remained available and authorized for repurchases under this share repurchase program.

Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors.

4 unchanged sentences

The Company settled the conversions through the issuance of an immaterial amount of shares of the Company's Class A common stock and paid a total of $ 1.0 billion in cash to settle the remaining unconverted principal balance, and interest, as of March 1, 2025.

Additionally, there were no convertible note hedges, and no shares were received as of March 31, 2025.

The 2015 Equity Incentive Plan ("2015 Plan") provides that the number of shares available for issuance under the 2015 Plan will be increased on the first day of each fiscal year, in an amount equal to the least of (i) 40.0 million shares, (ii) 5 % of the outstanding shares on the last day of the immediately preceding fiscal year, or (iii) such other amount as our board of directors may determine.

As of March 31, 2025, there were 138.4 million shares available for future issuance under our 2015 Plan.

A summary of stock option activity for the three months ended March 31, 2025 is as follows (in thousands, except per share data):

Additionally, there were no convertible note hedges, and no shares were received as of June 30, 2025.

The Company maintains two share-based employee compensation plans:

the 2015 Equity Incentive Plan ("2015 Plan") and the 2025 Equity Incentive Plan ("2025 Plan").

The 2025 Plan became effective as of June 17, 2025 and replaced the 2015 Plan as of such date, such that no further awards will be granted under the 2015 Plan.

Any awards outstanding under the 2015 Plan as of the date the 2025 Plan became effective will remain outstanding under the 2015 Plan in accordance with their existing terms.

Under the 2025 Plan, shares of the Company's Class A common stock are reserved for the issuance of incentive and nonstatutory stock options (ISOs and NSOs, respectively), stock appreciation rights ("SARs"), restricted stock awards, restricted stock units ("RSUs"), performance awards, and other stock and cash-based awards to eligible employees, directors, and consultants.

The awards must be granted at a price per share not less than the fair market value at the date of grant.

A maximum aggregate of 80,000,000 shares were reserved for issuance pursuant to awards under the 2025 Plan.

As of June 30, 2025, there were 125.9 million shares outstanding under the 2015 Plan and 80.0 million shares available for future issuance under our 2025 Plan.

A summary of stock option activity for the six months ended June 30, 2025 is as follows (in thousands, except per share data):

Number of Stock Options Weighted

2 unchanged sentences

Outstanding, beginning of the year 2,578 $ 72.17 5.11 $ 67,966

Granted 1,769 55.66

Exercised ( 361 ) 14.20

4 unchanged sentences

Restricted Stock Activity

Activity related to restricted stock units ("RSUs") during the three months ended March 31, 2025 is set forth below (in thousands, except per share data):

Activity related to RSUs during the six months ended June 30, 2025 is set forth below (in thousands, except per share data):

Shares Weighted

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Cost of revenue $ 135 $ 181 $ 291 $ 354

3 unchanged sentences

Total $ 297,341 $ 320,368 $ 612,577 $ 631,536

The Company capitalized $ 8.9 million and $ 6.5 million of share-based compensation expense related to software costs during the three months ended March 31, 2025 and March 31, 2024, respectively.

As of March 31, 2025, there was $ 2.3 billion of total unrecognized compensation cost related to outstanding stock options and RSUs that are expected to be recognized over a weighted-average period of 2.4 years.

The Company capitalized $ 6.4 million and $ 15.3 million of share-based compensation expense related to software costs during the three and six months ended June 30, 2025, respectively, compared to $ 10.6 million and $ 17.1 million during the three and six months ended June 30, 2024, respectively.

As of June 30, 2025, there was $ 2.6 billion of total unrecognized compensation cost related to outstanding stock options and RSUs that are expected to be recognized over a weighted-average period of 3 years.

NOTE 15 - NET INCOME PER SHARE

7 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Basic net income per share:

13 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Stock options, restricted stock, and employee stock purchase plan 41,593 40,759 37,385 37,883

Convertible notes — 1,923 — —

Common stock warrants 11,626 12,243 11,866 12,109

5 unchanged sentences

The lease possession date varied by floor, beginning in May 2020.

As of March 31, 2025, the Company had recorded right-of-use assets of $ 10.2 million and associated lease liabilities of $ 15.5 million related to this lease arrangement.

As of June 30, 2025, the Company had recorded right-of-use assets of $ 10.1 million and associated lease liabilities of $ 15.2 million related to this lease arrangement.

Under the lease agreement, the Company has an option to terminate the lease for the entire property on January 1, 2034.

17 unchanged sentences

The Company strongly disagrees with the Tax Collector’s assessment and plans to vigorously pursue all available remedies.

In January 2025, the Tax Collector rejected the Company’s request for redetermination, and the Company paid the assessed amount of $ 71.4 million and plans to file a claim for a refund.

Given the amount must be paid to initiate the dispute process and will be returned in full or used to settle any final amount due to the Tax Collector, the Company views the amount as a deposit asset in the period the payment is made.

Should the Company not reach a settlement or prevail in its legal challenge, the Tax Collector may challenge the Company’s gross receipts tax position going forward, including for fiscal years 2023, 2024 and 2025.

The Company estimates that it could incur losses associated with taxes, interest, and penalties that range from approximately $ 0 to $ 92 million in the aggregate for the fiscal years 2020 through 2024 and first quarter of 2025.

Additional taxes, interest, and penalties for future periods could be material as well.

In January 2025, the Tax Collector rejected the Company’s request for redetermination, and the Company paid the assessed amount of $ 71.4 million.

Given the assessed amount must be paid to initiate the dispute process and will be returned in full or used to settle any final amount due to the Tax Collector, the Company views the amount as a deposit asset.

In May of 2025, the Tax Collector notified the Company that it had initiated a gross receipt tax audit for fiscal years 2023 and 2024.

In June 2025, the Company filed a claim for refund for fiscal years 2020, 2021 and 2022.

The Tax Collector may also challenge the Company’s gross receipts tax position going forward.

The Company estimates that it could incur losses associated with taxes, interest, and penalties up to $ 114 million in the aggregate for the fiscal years 2020 through 2024.

Given the Company has currently concluded that a loss for this matter is not probable, the Company has not recorded a liability for the exposure related to the dispute with the Tax Collector on San Francisco’s gross receipts tax.

8 unchanged sentences

The commitment amounts in the table below are associated with contracts that are enforceable and legally binding and that specify all significant terms, including fixed or minimum services to be used, and the approximate timing of the actions under the contracts.

As of March 31, 2025, the future minimum payments under the purchase commitments were as follows (in thousands):

As of June 30, 2025, the future minimum payments under the purchase commitments were as follows (in thousands):

Payments Due By Period

16 unchanged sentences

• Cash App includes the financial tools available to individuals within the mobile Cash App, including peer-to-peer payments, bitcoin and stock investments.

Cash App also includes Cash App Card which is linked to customer stored balances that customers can use to pay for purchases or withdraw funds from an ATM.

Cash App also includes Cash App Card which is linked to customer stored balances that customers can use to pay for purchases or withdraw funds from an ATM, as well as Cash App Borrow, which is a credit product that allows eligible customers to access short-term loans for a small fee.

Cash App also includes the BNPL platform.

6 unchanged sentences

Three Months Ended

March 31, 2025

Cash App Square Corporate and Other

June 30, 2025 Six Months Ended

June 30, 2025

Cash App Square Corporate and Other Total Cash App Square Corporate and Other Total

Transaction-based revenue $ 60,515 $ 1,756,883 $ — $ 1,817,398 $ 126,753 $ 3,241,376 $ — $ 3,368,129

5 unchanged sentences

Segment gross profit $ 1,500,500 $ 1,026,811 $ 9,219 $ 2,536,530 $ 2,880,451 $ 1,924,709 $ 20,973 $ 4,826,133

$ 1,379,951 $ 897,899 $ 11,753 $ 2,289,603

Interest revenue $ 50,126 $ 10,548 $ — $ 60,674 $ 99,364 $ 18,485 $ — $ 117,849

1 unchanged sentence

Three Months Ended

March 31, 2024

Cash App Square Corporate and Other

June 30, 2024 Six Months Ended

June 30, 2024

Cash App Square Corporate and Other Total Cash App Square Corporate and Other Total

Transaction-based revenue $ 98,912 $ 1,614,055 $ — $ 1,712,967 $ 208,131 $ 3,016,045 $ — $ 3,224,176

5 unchanged sentences

Segment gross profit $ 1,298,944 $ 922,584 $ 11,952 $ 2,233,480 $ 2,557,470 $ 1,742,857 $ 27,626 $ 4,327,953

$ 1,258,527 $ 820,272 $ 15,674 $ 2,094,473

Interest revenue $ 44,999 $ 9,597 $ — $ 54,596 $ 85,771 $ 17,715 $ — $ 103,486

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Total segment gross profit $ 2,536,530 $ 2,233,480 $ 4,826,133 $ 4,327,953

6 unchanged sentences

Remeasurement loss (gain) on bitcoin investment ( 212,165 ) 70,116 ( 118,814 ) ( 163,288 )

Other income, net ( 8,342 ) ( 4,420 )

Other expense (income), net 13,389 ( 10,584 ) 5,047 ( 15,004 )

Income before applicable income taxes $ 659,382 $ 248,901 $ 886,432 $ 755,213

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

United States $ 5,562,423 $ 5,731,874 $ 10,910,053 $ 11,298,171

1 unchanged sentence

Total $ 6,054,457 $ 6,155,563 $ 11,826,253 $ 12,112,691

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

No individual country from the international markets contributed more than 10% of total revenue for the three and six months ended June 30, 2025 and June 30, 2024.

Long-Lived Assets

The following table details long-lived assets by geography (in thousands):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

United States $ 7,337,011 $ 7,435,117

5 unchanged sentences

The supplemental disclosures of cash flow information consist of the following (in thousands):

Three Months Ended

Six Months Ended

Supplemental cash flow data:

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements