What changed in this filing

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Item 1. Financial Statements

2025-11-06 compared with 2025-08-07 · 209 added, 132 removed, 837 unchanged (29% of the section changed)

2 unchanged sentences

(In thousands, except per share data)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Assets (Unaudited)

5 unchanged sentences

Loans held for sale 778,039 1,111,107

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

Loans held for investment, less allowance for credit losses of $ 216.3 million and $ 23.1 million, respectively

2,203,273 365,062

Other current assets 2,648,295 2,580,068

21 unchanged sentences

Preferred stock, $ 0.0000001 par value:

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

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

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

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

Class A common stock, $ 0.0000001 par value:

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.

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

549,243 and 559,606 issued and outstanding at September 30, 2025 and December 31, 2024, respectively.

Class B common stock, $ 0.0000001 par value:

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.

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

60,001 and 60,070 issued and outstanding at September 30, 2025 and December 31, 2024, respectively.

Additional paid-in capital 19,364,651 19,900,379

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

21 unchanged sentences

Interest expense (income), net 34,652 13,811 75,582 ( 6,805 )

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

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

Remeasurement gain on bitcoin investment ( 59,588 ) ( 5,288 ) ( 178,402 ) ( 168,576 )

Other income, net ( 167,150 ) ( 9,661 ) ( 162,103 ) ( 24,665 )

Income before income tax 601,526 324,147 1,487,958 1,079,360

1 unchanged sentence

Net income 461,598 281,136 1,188,654 941,828

Net loss attributable to noncontrolling interests ( 124 ) ( 5,396 ) ( 1,274 ) ( 6,581 )

Net income (loss) attributable to noncontrolling interests 54 ( 2,618 ) ( 1,220 ) ( 9,199 )

Net income attributable to common stockholders $ 461,544 $ 283,754 $ 1,189,874 $ 951,027

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

4 unchanged sentences

Total comprehensive income $ 427,766 $ 623,593 $ 1,773,974 $ 1,130,223

(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.

(i) Includes foreign currency translation loss related to goodwill of $ 8.9 million and gain of $ 389.5 million for the three and nine months ended September 30, 2025, respectively.

The three and nine months ended September 30, 2024 includes foreign currency translation gains related to goodwill of $ 225.6 million and $ 128.3 million, respectively.

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

16 unchanged sentences

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

Net income — — — 461,544 54 461,598

Shares issued in connection with employee stock plans 4,381 7,165 — — — 7,165

Repurchases of common stock ( 5,340 ) ( 403,027 ) — — — ( 403,027 )

Change in other comprehensive loss — — ( 33,832 ) — — ( 33,832 )

Share-based compensation — 318,412 — — — 318,412

Balance at September 30, 2025 609,244 $ 19,364,651 $ ( 415,745 ) $ 3,558,492 $ ( 34,190 ) $ 22,473,208

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

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - Continued

(In thousands)

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

13 unchanged sentences

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

Net income (loss) — — — 283,754 ( 2,618 ) 281,136

Shares issued in connection with employee stock plans 4,100 1,852 — — — 1,852

Repurchases of common stock ( 5,328 ) ( 345,576 ) — — — ( 345,576 )

Change in other comprehensive loss — — 342,457 — — 342,457

Share-based compensation — 336,431 — — — 336,431

Balance at September 30, 2024 616,389 $ 19,688,228 $ ( 189,912 ) $ 422,598 $ ( 11,619 ) $ 19,909,295

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

1 unchanged sentence

(In thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities:

5 unchanged sentences

Share-based compensation 921,957 955,845

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

Loss (gain) on revaluation of equity investments ( 172,582 ) 470

Remeasurement gain on bitcoin investment ( 178,402 ) ( 168,576 )

6 unchanged sentences

Customers payable 313,061 ( 1,319,654 )

Settlements payable ( 330 ) ( 8,134 )

Other assets and liabilities ( 376,758 ) 100,489

10 unchanged sentences

Purchases of other investments ( 45,930 ) ( 37,218 )

Net cash provided by investing activities 428,928 867,414

Net cash provided by (used in) investing activities ( 671,814 ) 973,108

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

1 unchanged sentence

(In thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from financing activities:

11 unchanged sentences

Effect of foreign exchange rate on cash and cash equivalents 80,515 13,600

Net increase (decrease) in cash, cash equivalents, restricted cash, and customer funds ( 1,087,942 ) 3,009,777

Net increase in cash, cash equivalents, restricted cash, and customer funds 714,514 3,925,350

Cash, cash equivalents, restricted cash, and customer funds, beginning of the period 13,230,512 9,009,087

34 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 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 interim results for the three and nine months ended September 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.

Beginning in the second quarter of 2025, the Company began classifying the majority of its newly originated customer loan products as loans held for investment.

This classification change followed a comprehensive management review of all loan products, taking into account the Company’s business strategy, prevailing economic conditions, and market trends.

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 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.

For the three and nine months ended September 30, 2025 and September 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 %, 15 %, 14 %, and 11 % of settlements receivable as of September 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 $ 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.

Total advertising costs w ere $ 137.4 million and $ 347.0 million for the three and nine months ended September 30, 2025, respectively, compared to $ 81.9 million and $ 221.8 million for the three and nine months ended September 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 $ 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.

The Company recorded $ 232.2 million and $ 647.2 million for the three and nine months ended September 30, 2025, respectively, compared to $ 234.4 million and $ 697.9 million for the three and nine months ended September 30, 2024, respectively, for such expenses.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No.

In December 2023, the FASB issued Accounting Standards Update ("ASU") No.

2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”).

3 unchanged sentences

Recently Issued Accounting Pronouncements Not Yet Adopted

In March 2024, the SEC adopted rules that require registrants to provide climate-related information in their registration statements and annual reports, such as disclosure of material climate-related risks, Board of Directors’ oversight and risk management activities, material greenhouse gas emissions, and material climate-related targets and goals.

On April 4, 2024, the SEC voluntarily stayed the implementation of the rules pending the judicial review of challenges to the rules in the Eighth Circuit Court of Appeals.

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

The 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.

In September 2025, the FASB issued ASU No.

2025-06, Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06").

The amendments are intended to clarify and modernize the accounting for costs related to internal-use software.

The guidance removes all references to project stages and clarifies the threshold entities apply to begin capitalizing costs.

The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted.

The Company does not expect the adoption to have a material impact on the Company's financial statements.

In July 2025, the FASB issued ASU No.

2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”).

The amendments allow an entity to apply a practical expedient when estimating expected credit losses, which assumes that the current conditions as of the balance sheet date will not change for the remaining life of the accounts receivable and contract assets arising from contracts with customers.

The amendments are effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years, with early adoption permitted.

If the practical expedient is elected, the amendments should be applied prospectively.

The Company does not expect the adoption to have a material impact on the Company's financial statements.

NOTE 2 - REVENUE

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

10 unchanged sentences

NOTE 3 - INVESTMENTS IN DEBT SECURITIES

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

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

September 30, 2025

Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value

30 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 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

The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 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):

September 30, 2025

Less than 12 Months Greater than 12 Months Total

5 unchanged sentences

Long-term debt securities:

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

Corporate bonds $ 6,521 $ ( 2 ) $ — $ — $ 6,521 $ ( 2 )

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 June 30, 2025 were as follows (in thousands):

The contractual maturities of the Company's short-term and long-term investments as of September 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):

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Cash $ 3,659,949 $ 3,195,253

11 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

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

3 unchanged sentences

Commercial paper — 1,564 — — 509 —

Corporate bonds — 76 — — — —

Restricted cash:

19 unchanged sentences

$ 4,986,029 $ 158,800 $ — $ 3,419,298 $ 445,869 $ —

(i) The Company holds an immaterial amount of bitcoin for operating purposes and, given the bitcoin is held for a relatively short period of time, typically being purchased and sold within a day, the fair value approximates carrying value.

(i) In addition to the Company's bitcoin investment, an immaterial amount of bitcoin is held for operating purposes and, given the bitcoin is held for a relatively short period of time, typically being purchased and sold within a day, the fair value approximates carrying value.

Refer to Note 11, Bitcoin for more details.

3 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

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

2 unchanged sentences

2031 Senior Notes 992,018 923,827 990,971 873,868

2032 Senior Notes 1,977,040 2,046,612 1,975,026 1,999,220

2033 Senior Notes 987,265 1,011,473 — —

2025 Convertible Notes — — 999,497 991,941

3 unchanged sentences

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

June 30, 2025 December 31, 2024

September 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 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.

During the three and nine months ended September 30, 2025 and September 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

3 unchanged sentences

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.

For the three and nine months ended September 30, 2025, $ 210.0 million and $ 630.0 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 nine months ended September 30, 2024, $ 122.5 million and $ 254.1 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 nine months ended September 30, 2025 and September 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 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.

As of September 30, 2025, the amortized cost of Pass rated consumer receivables was $ 2.2 billion and the amount of Classified consumer receivables was $ 131.5 million.

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Non-delinquent loans $ 1,839,027 $ 2,227,348

3 unchanged sentences

Total amortized cost $ 2,286,098 $ 2,706,672

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.

The amount listed as 1 - 60 days past due in the above table includes $ 220.2 million and $ 266.7 million of cash in transit as of September 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.

2 unchanged sentences

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

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

The amount of recoveries for both the three and nine months ended September 30, 2025 and September 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

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

12 unchanged sentences

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

Beginning July 1, 2025, Cash App Borrow loans and certain other customer loan products purchased from the industrial bank, along with all customer loan products originated through Square Financial Services, are retained on the Company's balance sheet and classified as held for investment.

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

8 unchanged sentences

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 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

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

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

September 30, 2025

Consumer Commercial Other Total

Amortized cost basis $ 1,887,256 $ 496,812 $ 35,512 $ 2,419,580

2 unchanged sentences

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 amount of charge-offs recorded and amount of recoveries for the three and nine months ended September 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.

3 unchanged sentences

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.

As of September 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.

4 unchanged sentences

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 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.

Internal risk ratings are reviewed and, generally, updated at least annually.

As of September 30, 2025 and December 31, 2024, the amortized cost of Pass rated loans was $ 2.2 billion and $ 385.2 million, respectively.

The amount of Classified loans as of September 30, 2025 was $ 247.6 million and immaterial as of December 31, 2024.

Loans Held for Sale

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

June 30, 2025 December 31, 2024

Consumer $ 692,881 $ 652,489

September 30, 2025 December 31, 2024

Commercial $ 611,928 $ 404,844

Consumer 109,320 652,489

Other 56,791 53,774

3 unchanged sentences

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.

For the three and nine months ended September 30, 2025, $ 1.1 billion and $ 3.3 billion of Square Loans were sold to third-party investors, respectively, and the Company recognized net gains on the sales of loans of $ 62.0 million and $ 189.7 million for the same periods.

For the three and nine months ended September 30, 2024, $ 1.0 billion and $ 3.2 billion of Square Loans were sold to third-party investors, respectively, and the Company recognized net gains on sales of loans of $ 58.5 million and $ 178.4 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.

1 unchanged sentence

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

Balance at June 30, 2025

Balance at September 30, 2025

Weighted Average Estimated Useful Life Cost Accumulated Amortization Net

12 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Acquired intangible assets, net, beginning of the period $ 1,368,735 $ 1,629,183 $ 1,433,067 $ 1,761,521

Acquisitions 5,217 7,536 5,217 7,536

Amortization expense ( 47,990 ) ( 53,207 ) ( 144,615 ) ( 172,918 )

1 unchanged sentence

Acquired intangible assets, net, end of the period $ 1,326,091 $ 1,607,936 $ 1,326,091 $ 1,607,936

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

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

Remainder of 2025 $ 52,655

4 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Restricted cash (i)

2 unchanged sentences

Investments in short-term debt securities 370,772 403,426

Prepaid expenses 255,652 129,343

Accounts receivable, net 176,455 148,898

Inventory, net 166,631 104,990

Prepaid expenses 158,430 129,343

Short-term deposits 78,106 87,968

5 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Accrued expenses $ 671,940 $ 725,339

2 unchanged sentences

Accrued royalties 62,540 57,605

Operating lease liabilities, current 55,380 52,880

Accrued transaction losses (i)

53,249 58,580

Operating lease liabilities, current 51,982 52,880

Other 286,780 270,898

4 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

5 unchanged sentences

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 $ 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.

Losses from peer-to-peer activity are classified within sales and marketing expenses, while other transaction losses, including negative balances, are presented within transaction, loan, and consumer receivable losses on the condensed consolidated statements of operations.

In aggregate, t he Company recorded $ 72.2 million and $ 193.2 million for the three and nine months ended September 30, 2025, respectively, for such losses.

The Company recorded $ 87.7 million and $ 219.4 million for the three and nine months ended September 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):

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Bitcoin investment (i)

$ 1,001,419 $ 792,282

Property and equipment, net 311,112 314,432

Investment in non-marketable equity securities (ii)

418,198 245,557

Property and equipment, net 343,222 314,432

Operating lease right-of-use assets 213,944 219,954

6 unchanged sentences

These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer.

During the quarter ended September 30, 2025, one of the Company's investments closed on an additional financing round, which the Company assessed as an observable price change in an orderly transaction.

The Company recorded a $ 171.6 million upward adjustment to the carrying value of this investment, resulting in a carrying value of $ 329.8 million as of September 30, 2025.

Adjustments are recorded within other expense (income), net on the condensed consolidated statements of operations.

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

5 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):

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Upward adjustments $ 326,969 $ 155,329

2 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Operating lease liabilities, non-current $ 259,469 $ 278,617

8 unchanged sentences

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 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.

As of September 30, 2025 and December 31, 2024, the Company held approximately 8,780 and 8,485 bitcoins for investment purposes with a cost basis of $ 282.2 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):

7 unchanged sentences

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

Additions 88 10,175

Remeasurement gain — 59,588

Balance at September 30, 2025 8,780 $ 1,001,419

Amount of Bitcoin

5 unchanged sentences

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

Additions 152 9,709

Remeasurement gain — 5,288

Balance at September 30, 2024 8,363 $ 529,581

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 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.

As of September 30, 2025 and December 31, 2024, the Company held approximately 144 and 158 bitcoins for operating purposes with a fair value of $ 16.5 million and $ 15.3 million, respectively, to facilitate the purchases and sales of bitcoin on behalf of Cash App customers.

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

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

June 30, 2025

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

September 30, 2025

Principal Outstanding Unamortized Debt Issuance Costs Net Carrying Value

3 unchanged sentences

2031 Senior Notes 1,000,000 ( 7,982 ) 992,018

2032 Senior Notes 2,000,000 ( 22,960 ) 1,977,040

2033 Senior Notes 1,000,000 ( 12,735 ) 987,265

2026 Convertible Notes (i)

15 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

2 unchanged sentences

Total $ 66,743 $ 52,054 $ 168,951 $ 108,267

Senior Unsecured Notes due in 2030 and 2033

On August 18, 2025, the Company issued $ 2.2 billion in aggregate principal amount of senior unsecured notes, comprised of $ 1.2 billion in aggregate principal amount of senior notes due 2030 ("2030 Senior Notes") and $ 1.0 billion in aggregate principal amount of senior notes due 2033 ("2033 Senior Notes").

The 2030 Senior Notes mature on August 15, 2030, unless earlier redeemed or repurchased, and bear interest at a rate of 5.625 % payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2026.

The 2033 Senior Notes mature on August 15, 2033, unless earlier redeemed or repurchased, and bear interest at a rate of 6.000 % payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2026.

At any time prior to August 15, 2027, in the case of the 2030 Senior Notes, and at any time prior to August 15, 2028, in the case of the 2033 Senior Notes, the Company may redeem the applicable series, in whole or part, at a price equal to 100 % of the principal amount of the notes to be redeemed plus an applicable premium and accrued and unpaid interest, if any, to but excluding the redemption date.

The applicable premium for the 2030 Senior Notes and the 2033 Senior Notes, respectively, is the greater of (1) 1.0 % of the principal amount of such series of notes, and (2) the excess, if any, of (a) the sum of the present values at the redemption date of (i) the applicable redemption price of such note that would apply if such note were redeemed on August 15, 2027, in the case of the 2030 Senior Notes, and August 15, 2028, in the case of the 2033 Senior Notes, plus (ii) the remaining scheduled payments of interest due on such note to, and including, August 15, 2027, in the case of the 2030 Senior Notes, and August 15, 2028, in the case of the 2033 Senior Notes, (excluding accrued but unpaid interest to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate (as defined in the applicable indenture) plus 50 basis points, over (b) the principal amount of such note to be redeemed.

On and after August 15, 2027, in the case of the 2030 Senior Notes, and August 15, 2028, in the case of the 2033 Senior Notes, the Company may redeem the notes of the applicable series at specified prices as set forth in the applicable indenture plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

If the Company experiences a change of control triggering event (as defined in the applicable indenture), the Company must offer to repurchase the 2030 Senior Notes or 2033 Senior Notes, as applicable, at a repurchase price equal to 101 % of the principal amount of the applicable notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

The indentures governing the 2030 Senior Notes and 2033 Senior Notes each contain covenants that, among other things, restrict the ability of the Company and/or its domestic restricted subsidiaries to create certain liens and certain indebtedness, enter into sale and leaseback transactions, or to transfer all or substantially all of the Company and its subsidiaries assets to another person.

These covenants are subject to a number of other limitations and exceptions, each as set forth in the applicable indenture governing the 2030 Senior Notes and 2033 Senior Notes.

The indentures governing the 2030 Senior Notes and 2033 Senior Notes, as applicable, each provide for customary events of default, including, but not limited to, failure to pay principal and interest, failure to comply with covenants, agreements or conditions, and certain events of bankruptcy or insolvency involving the Company and its significant subsidiaries.

In the case of an event of default arising from specified events of bankruptcy or insolvency involving the Company, all outstanding notes of the applicable series will become due and payable immediately without further action or notice.

If any other event of default under the indenture governing the applicable notes occurs or is continuing, the trustee or holders of at least 25 % in aggregate principal amount of the outstanding applicable notes may declare all the applicable notes to be due and payable immediately.

Aggregate debt issuance costs related to the 2030 Senior Notes and 2033 Senior Notes were comprised of commissions payable to the initial purchasers of $ 22.0 million and third party offering costs of $ 6.3 million.

Issuance costs are amortized to interest expense using the effective interest method at effective interest rates of 5.9 % and 6.2 % for the terms of the 2030 Senior Notes and 2033 Senior Notes, respectively.

Convertible Notes due in 2026 and 2027

2 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 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.

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

As of September 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 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.

As of September 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 nine months ended September 30, 2025 and September 30, 2024.

As of September 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 June 30, 2025 and December 31, 2024.

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

C) Warehouse Funding Facilities

5 unchanged sentences

These Warehouse Facilities have maturity dates through September 2028.

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.

As of September 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 $ 501.0 million was drawn and $ 983.1 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 September 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 $ 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.

Interest expense on the Company's Warehouse Facilities was $ 10.7 million and $ 36.5 million for the three and nine months ended September 30, 2025, respectively, and $ 16.4 million and $ 52.3 million for the three and nine months ended September 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):

June 30, 2025

September 30, 2025

Total $ 500,999

1 unchanged sentence

NOTE 13 - INCOME TAXES

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 Company recorded an income tax expense of $ 139.9 million and $ 299.3 million for the three and nine months ended September 30, 2025, respectively, compared to an income tax expense of $ 43.0 million and $ 137.5 million for the three and nine months ended September 30, 2024, respectively.

The difference between the income tax expense for the three and nine months ended September 30, 2025 and the income tax expense for the three and nine months ended September 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 third quarter of 2024.

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.

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

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

and certain foreign tax jurisdictions.

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

The tax provision for the three and nine months ended September 30, 2025 and September 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.

On July 4, 2025, 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.

The Company has recognized the impacts in the third quarter of 2025, the period in which the law was enacted.

The Company anticipates a material reduction for expected cash taxes paid in fiscal year 2025.

While we continue to evaluate the impact for future years, we do not expect a material impact to our current year effective tax rates for income taxes.

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 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.

During the nine months ended September 30, 2025, the Company repurchased 24.6 million shares of its Class A common stock for an aggregate amount of $ 1.5 billion.

As of September 30, 2025, $ 1.1 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 June 30, 2025.

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

In conjunction with the 2025 Convertible Notes offering, the Company sold the 2025 Warrants whereby the counterparties had the option to purchase a total of approximately 8.3 million shares of the Company’s Class A common stock at a price of $ 161.34 per share.

The 2025 Warrants expired evenly over a 60 trading day period starting on June 1, 2025 and ending on August 26, 2025.

None of the warrants were exercised as of September 30, 2025.

The Company maintains two share-based employee compensation plans:

5 unchanged sentences

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):

As of September 30, 2025, there were 127.6 million shares outstanding under the 2015 Plan and 77.9 million shares available for future issuance under our 2025 Plan.

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

Number of Stock Options Weighted

9 unchanged sentences

Restricted Stock Activity

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

Activity related to RSUs during the nine months ended September 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

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

4 unchanged sentences

Total $ 309,380 $ 324,055 $ 921,957 $ 955,591

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.

The Company capitalized $ 9.4 million and $ 24.6 million of share-based compensation expense related to software costs during the three and nine months ended September 30, 2025, respectively, compared to $ 12.4 million and $ 29.5 million during the three and nine months ended September 30, 2024, respectively.

As of September 30, 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 3 years.

NOTE 15 - NET INCOME PER SHARE

7 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

14 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Stock options, restricted stock, and employee stock purchase plan 35,901 41,498 36,900 39,090

Convertible notes — 1,923 — —

Common stock warrants 5,535 12,109 9,732 12,109

5 unchanged sentences

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

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.

As of September 30, 2025, the Company had recorded right-of-use assets of $ 9.9 million and associated lease liabilities of $ 15.0 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.

3 unchanged sentences

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

In April 2025, the Company entered into a consent order with the New York State Department of Financial Services ("NYDFS"), one of its MTL and virtual currency regulators, related to, among other things, aspects of its Bank Secrecy Act/anti-money laundering and bitcoin programs.

In settlement of this matter, pursuant to the consent order, the Company paid a $ 40 million civil monetary penalty in April 2025 and agreed to engage the services of an independent monitor selected by NYDFS for a period of twelve months , which period can be extended by NYDFS in its discretion.

The Company received subpoenas from Attorneys General from multiple states, seeking the production of information related to, among other things, Cash App’s handling of customer complaints and disputes.

In June 2024, the state Attorneys General presented the Company with the results of their investigations.

In December 2024, the state Attorneys General presented the Company with potential terms for resolving this matter and the Company is engaging in conversations with the state Attorneys General to determine if this matter can be settled on acceptable terms.

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

It is probable that the Company will incur a loss in connection with this matter, and the loss could be material;

however, the Company cannot estimate the amount of reasonably possible loss or range of loss at this time.

The Company also received inquiries from the SEC and Department of Justice (“DOJ”) shortly after the publication of a short seller report in March 2023.

10 unchanged sentences

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

In September 2025, the Company received a Notice of Deficiency from the Tax Collector for fiscal years 2023 and 2024 reflecting an assessment of $ 42.7 million, including tax, penalties and interest, which the Company paid in October 2025.

Similar to the amount paid in January 2025, the Company also views this amount as a deposit asset.

In October 2025, the Company submitted a request for redetermination for fiscal years 2023 and 2024.

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

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

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

Payments Due By Period

25 unchanged sentences

Three Months Ended

June 30, 2025 Six Months Ended

June 30, 2025

September 30, 2025 Nine Months Ended

September 30, 2025

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

9 unchanged sentences

Three Months Ended

June 30, 2024 Six Months Ended

June 30, 2024

September 30, 2024 Nine Months Ended

September 30, 2024

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

10 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

6 unchanged sentences

Interest expense (income), net 34,652 13,811 75,582 ( 6,805 )

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

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

Remeasurement gain on bitcoin investment ( 59,588 ) ( 5,288 ) ( 178,402 ) ( 168,576 )

Other income, net ( 167,150 ) ( 9,661 ) ( 162,103 ) ( 24,665 )

Income before applicable income taxes $ 601,526 $ 324,147 $ 1,487,958 $ 1,079,360

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

2 unchanged sentences

Total $ 6,114,952 $ 5,975,801 $ 17,941,205 $ 18,088,492

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.

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

Long-Lived Assets

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

United States $ 7,346,692 $ 7,435,117

5 unchanged sentences

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

Six Months Ended

Nine Months Ended

September 30,

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