What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-06 compared with 2025-08-07 · 142 added, 121 removed, 292 unchanged (47% of the section changed)

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In addition, our nascent businesses include TIDAL and two bitcoin businesses, Bitkey and Proto.

In the second quarter of 2025, we generated gross profit of $2.5 billion, up 14% year over year.

Cash App generated gross profit of $1.5 billion in the second quarter of 2025, up 16% year over year, driven by growth in Cash App Borrow.

Square generated gross profit of $1.0 billion in the second quarter of 2025, up 11% year over year, driven by strength in our banking products and software and integrated payments.

In the second quarter of 2025, operating income was $484.3 million and Adjusted Operating Income was $549.6 million, compared to operating income of $306.6 million and Adjusted Operating Income of $399.1 million in the second quarter of 2024.

Net income attributable to common stockholders was $538.5 million for the second quarter of 2025, compared to net income attributable to common stockholders of $195.3 million, and Adjusted EBITDA was $891.4 million for the second quarter of 2025, compared to $759.5 million for the same period in 2024.

Net income for the second quarter of 2025 and 2024 included a gain of $212.2 million and a loss of $70.1 million, respectively, from the remeasurement of our bitcoin investment.

In the third quarter of 2025, we generated gross profit of $2.7 billion, up 18% year over year.

Cash App generated gross profit of $1.6 billion in the third quarter of 2025, up 24% year over year, driven by growth in Cash App Borrow.

Square generated gross profit of $1.0 billion in the third quarter of 2025, up 9% year over year, driven by strength in our software and integrated payments and banking products.

In the third quarter of 2025, operating income was $409.4 million and Adjusted Operating Income was $480.2 million, compared to operating income of $323.0 million and Adjusted Operating Income of $443.5 million in the third quarter of 2024.

Net income attributable to common stockholders was $461.5 million for the third quarter of 2025, compared to net income attributable to common stockholders of $283.8 million for the same period in 2024, and Adjusted EBITDA was $832.7 million for the third quarter of 2025, compared to $807.5 million for the same period in 2024.

Net income for the third quarter of 2025 and 2024 included a gain of $59.6 million and $5.3 million, respectively, from the remeasurement of our bitcoin investment.

Refer to the Key Operating Metrics and Non-GAAP Financial Measures section below for reconciliations of non-GAAP financial measures to their nearest generally accepted accounting principles ("GAAP") equivalents.

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In 2023, we also announced we would implement an absolute cap of 12,000 on the number of employees we have at our company, which we achieved in 2024, and plan to continue to operate below this cap through a combination of performance management, centralization of teams and functions to reduce duplication, and prioritization of our scope.

Through 2024 and the second quarter of 2025, we continued to make progress on cost efficiency goals, and we expect to continue these efforts.

During the three and six months ended June 30, 2025, we recorded $2.6 million and $69.5 million of severance and other expenses related to these efforts, respectively.

From 2024 through the third quarter of 2025, we continued to make progress on cost efficiency goals, and we expect to continue these efforts.

During the three and nine months ended September 30, 2025, we recorded $10.0 million and $79.5 million of severance and other expenses related to these efforts, respectively.

We may continue to incur expenses, including additional restructuring costs, in the short term to implement our initiatives.

We continue to realize benefits related to our focus on disciplined growth and cost efficiencies, and we expect to continue to benefit from these actions in future periods.

We ended the second quarter of 2025 with $8.5 billion in available liquidity, with $7.7 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as an undrawn amount of $775.0 million available under our revolving credit facility.

This represents a decrease of $2.2 billion from our available liquidity as of December 31, 2024, primarily as a result of a $1.0 billion cash payment for the settlement of the outstanding 2025 Convertible Notes that matured in March 2025 and $1.1 billion of share repurchases in 2025.

During the third quarter of 2025, we 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 due 2033 ("2033 Senior Notes").

We ended the third quarter of 2025 with $10.5 billion in available liquidity, with $9.7 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as an undrawn amount of $775.0 million available under our revolving credit facility.

This represents a decrease of $234.2 million from our available liquidity as of December 31, 2024, primarily due to a $1.0 billion cash payment for the settlement of the outstanding 2025 Convertible Notes that matured in March 2025 and $1.5 billion of share repurchases in 2025, partially offset by $2.2 billion cash received related to the 2030 Senior Notes and 2033 Senior Notes issued in the third quarter of 2025.

In October 2023, our board of directors authorized the repurchase of up to $1 billion of our Class A common stock.

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The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.

As of June 30, 2025, we have repurchased $2.5 billion of our Class A common stock under the program, of which $692.2 million was purchased in the second quarter of 2025.

As of September 30, 2025, we have repurchased $2.9 billion of our Class A common stock under the program, of which $403.0 million was purchased in the third quarter of 2025.

Results of Operations

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(i) Not meaningful ("NM")

Total net revenue for the three and six months ended June 30, 2025 decreased by $101.1 million, or 2%, and $286.4 million, or 2% compared to the three and six months ended June 30, 2024, respectively.

Bitcoin revenue decreased by $467.7 million and $897.4 million for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively.

Excluding bitcoin revenue, total net revenue increased by $366.6 million, or 10%, and $611.0 million, or 9%, in the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively.

Transaction-based revenue for the three and six months ended June 30, 2025 increased by $104.4 million, or 6%, and $144.0 million, or 4%, compared to the three and six months ended June 30, 2024, respectively.

Total net revenue for the three months ended September 30, 2025 increased by $139.2 million, or 2%, compared to the three months ended September 30, 2024 and decreased by $147.3 million, or 1%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

Bitcoin revenue decreased by $462.2 million and $1.4 billion for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, respectively.

Excluding bitcoin revenue, total net revenue increased by $601.4 million, or 17%, and $1.2 billion, or 12%, in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, respectively.

Transaction-based revenue for the three and nine months ended September 30, 2025 increased by $161.1 million, or 9%, and $305.0 million, or 6%, compared to the three and nine months ended September 30, 2024, respectively.

Gross Payment Volume ("GPV") increased by 11% and 8% in the same periods, primarily due to growth in Square GPV, which was partially offset by a decrease in Cash App GPV.

The growth in Square GPV of 10% and 9% for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively, was driven by strength in food and beverage and retail sellers.

The growth in Square GPV of 12% and 10% for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, respectively, was driven by strength in food and beverage and retail sellers.

See below in Key Operating Metrics and Non-GAAP Financial Measures for further discussion of GPV.

Subscription and services-based revenue for the three and six months ended June 30, 2025 increased by $264.7 million, or 15%, and $473.4 million, or 14%, compared to the three and six months ended June 30, 2024, respectively.

Subscription and services-based revenue for the three and nine months ended September 30, 2025 increased by $407.0 million, or 23%, and $880.3 million, or 17%, compared to the three and nine months ended September 30, 2024, respectively.

This increase was primarily due to growth in Cash App's financial service-related products, including Cash App Borrow, Cash App Card usage, and Cash App Pay, as well as revenue from our BNPL platform.

Revenue generated from our BNPL platform was $343.8 million and $656.7 million for the three and six months ended June 30, 2025, respectively.

Revenue generated from our BNPL platform was $294.0 million and $577.5 million for the three and six months ended June 30, 2024, respectively.

Growth in Square's financial services-related products, primarily Square Loans, also contributed to the increase in revenue in the three and six months ended June 30, 2025.

Bitcoin revenue for the three and six months ended June 30, 2025 decreased by $467.7 million, or 18%, and $897.4 million, or 17%, compared to the three and six months ended June 30, 2024, respectively.

For the three and nine months ended September 30, 2025, Cash App Borrow revenue increased by $198.8 million and $369.1 million, respectively, as we continue to expand access to the product.

Growth in Square's financial services-related products, primarily Square Loans, also contributed to the increase in revenue in the three and nine months ended September 30, 2025.

Bitcoin revenue for the three and nine months ended September 30, 2025 decreased by $462.2 million, or 19%, and $1.4 billion, or 17%, compared to the three and nine months ended September 30, 2024, respectively.

As bitcoin revenue is the total sale amount of bitcoin to customers, the amount of bitcoin revenue recognized will fluctuate depending on customer demand as well as changes in the market price of bitcoin.

The decrease in the three and six months ended June 30, 2025 was driven by a decrease in trading volume, partially offset by an increase in the average market price of bitcoin, compared to the three and six months ended June 30, 2024.

While bitcoin contributed 35% and 38% of the total revenue for the three and six months ended June 30, 2025, respectively, gross profit generated from bitcoin was only 3% of the total gross profit for both the three and six months ended June 30, 2025 as well as for both the three and six months ended June 30, 2024.

The decrease in the three and nine months ended September 30, 2025 was driven by a decrease in trading volume, partially offset by an increase in the average market price of bitcoin, compared to the three and nine months ended September 30, 2024.

While bitcoin contributed 32% and 36% of the total revenue for the three and nine months ended September 30, 2025, respectively, gross profit generated from bitcoin was only 3% of the total gross profit for both the three and nine months ended September 30, 2025 as well as for both the three and nine months ended September 30, 2024.

Cost of Revenue (in thousands, except for percentages)

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Total cost of revenue $ 3,453,382 $ 3,726,116 $ (272,734) (7) % $ 10,453,502 $ 11,510,854 $ (1,057,352) (9) %

Total cost of revenue for the three and six months ended June 30, 2025 decreased by $404.2 million, or 10%, and $784.6 million, or 10%, compared to the three and six months ended June 30, 2024, respectively.

Bitcoin costs of revenue, which decreased by $481.5 million and $896.3 million for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively, was the primary driver of the decrease in total cost of revenue.

Excluding bitcoin costs of revenue, total cost of revenue increased by approximately $77.3 million, or 6%, and $111.7 million, or 4%, in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively, largely related to an increase in Square GPV.

Transaction-based costs for the three and six months ended June 30, 2025 increased by $66.0 million, or 7%, and $96.6 million, or 5%, compared to the three and six months ended June 30, 2024, respectively.

While the increase was largely in line with GPV growth of 8% and 6% in the same periods, transaction-based costs for the three and six months ended June 30, 2025 were partially offset by a processing vendor settlement of $20.4 million.

Subscription and services-based costs for the three and six months ended June 30, 2025 had no significant change compared to the three and six months ended June 30, 2024.

While subscription and services-based revenue increased by 15% and 14% for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, the costs of revenues increased by 2% for the same comparative periods due to the growth in Cash App's financial services-related products, including Cash App Borrow and Cash App Card and related processing services, which have more favorable gross margin economics.

Bitcoin costs for the three and six months ended June 30, 2025 decreased by $481.5 million, or 19%, and $896.3 million, or 17%, compared to the three and six months ended June 30, 2024, respectively.

Total cost of revenue for the three and nine months ended September 30, 2025 decreased by $272.7 million, or 7%, and $1.1 billion, or 9%, compared to the three and nine months ended September 30, 2024, respectively.

Bitcoin costs of revenue, which decreased by $469.3 million and $1.4 billion for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, respectively, was the primary driver of the decrease in total cost of revenue.

Excluding bitcoin costs of revenue, total cost of revenue increased by approximately $196.6 million, or 14%, and $308.3 million, or 8%, in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, respectively, largely related to an increase in Square GPV.

Transaction-based costs for the three and nine months ended September 30, 2025 increased by $130.4 million, or 13%, and $227.1 million, or 8%, compared to the three and nine months ended September 30, 2024, respectively.

While the increase in transaction-based costs was largely in line with GPV growth of 11% and 8% in the same periods, these costs exceeded GPV growth during the three months ended September 30, 2025 due to an increase in credit card transactions that have a higher cost per transaction as compared to debit card transactions.

For the nine months ended September 30, 2025, the increase in transaction-based costs was partially offset by a processing vendor settlement of $20.4 million in the second quarter of 2025.

Subscription and services-based costs for the three and nine months ended September 30, 2025 increased by $28.3 million and $39.9 million, compared to the three and nine months ended September 30, 2024, respectively, primarily due to the growth in Cash App's financial services-related products, including Cash App Borrow and Cash App Card and related processing services.

While subscription and services-based revenue increased by 23% and 17% for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, the costs of revenues increased by 10% and 5% for the same comparative periods.

This gross margin expansion is due to more favorable gross margin economics in Cash App's financial services-related products.

Bitcoin costs for the three and nine months ended September 30, 2025 decreased by $469.3 million, or 20%, and $1.4 billion, or 18%, compared to the three and nine months ended September 30, 2024, respectively.

Bitcoin costs are comprised of the total amount we pay to purchase bitcoin, which fluctuates in line with bitcoin revenue.

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% of total gross profit 23 % 23 % 22 % 22 %

General and administrative $ 449,237 $ 473,568 $ (24,331) (5) % $ 941,034 $ 944,828 $ (3,794) NM

General and administrative $ 543,974 $ 475,855 $ 68,119 14 % $ 1,485,008 $ 1,420,683 $ 64,325 5 %

% of total net revenue 9 % 8 % 8 % 8 %

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Total operating expenses $ 2,252,130 $ 1,926,676 $ 325,454 17 % $ 6,264,668 $ 5,698,324 $ 566,344 10 %

Product development expenses increased by $12.1 million, or 2%, and $52.3 million, or 4%, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively.

The increase in product development expenses for the three months ended June 30, 2025 was driven by an increase in allocated facilities, human resources, and IT expenses of $16.7 million, partially offset by reductions in software and cloud computing infrastructure fees.

During this period, personnel costs decreased from cost efficiencies realized from the ongoing efforts to reduce headcount and expenditures.

For the six months ended June 30, 2025, the increase in expenses were driven by an increase in allocated facilities, human resources, and IT expenses of $22.3 million, personnel costs of $14.0 million arising from restructuring costs, including severance and other related expenses, as well as an increase of $9.7 million in software and cloud computing infrastructure fees as a result of increased capacity needs and expansion of our cloud-based services.

Sales and marketing expenses increased by $42.2 million, or 8%, and $102.7 million, or 11%, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively.

The increase for the three and six months ended June 30, 2025 was driven by an increase in marketing and advertising costs of $71.7 million and $114.4 million, respectively, as we prioritize marketing investments to support the growth of Cash App and Square, as well as an increase in personnel costs of $8.2 million and $29.0 million, respectively, for the same periods.

The increase in personnel costs was impacted by restructuring costs, including severance and other related expenses, in the first quarter of 2025.

These expenses for the three and six months ended June 30, 2025 were partially offset by a decrease in Cash App peer-to-peer processing costs and related transaction losses of $35.0 million and $43.9 million, respectively.

General and administrative expenses decreased by $24.3 million, or 5%, and $3.8 million, or less than 1%, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively.

The decrease for the three months ended June 30, 2025 was primarily due to a decrease in personnel costs of $20.6 million arising from cost efficiencies realized from the ongoing efforts to reduce headcount and expenditures.

The decrease in personnel costs of $13.4 million for the six months ended June 30, 2025 was impacted by restructuring costs, including severance and other related expenses, in the first quarter of 2025.

Transaction, loan, and consumer receivable losses increased by $102.3 million, or 53%, and $106.2 million, or 30%, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.

The primary driver for both periods was growth in loan volumes, particularly from Cash App Borrow.

Amortization of customer and other acquired intangible assets for the three and six months ended June 30, 2025 decreased $6.9 million, or 17%, and $16.5 million, or 20%, compared to the three and six months ended June 30, 2024, respectively, primarily due to the impairment of certain assets in the fourth quarter of 2024, which resulted in no related amortization in the first and second quarters of 2025.

Product development expenses were relatively flat for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

For the nine months ended September 30, 2025, these expenses increased by $52.5 million, or 2%, compared to the nine months ended September 30, 2024.

For the nine months ended September 30, 2025, the increase in expenses was driven by an increase in allocated facilities, human resources, and IT expenses of $30.1 million, personnel costs of $15.4 million arising from restructuring costs, including severance and other related expenses, as well as an increase of $13.3 million related to amortization of internally developed software, partially offset by reductions in cloud computing infrastructure fees.

Sales and marketing expenses increased by $87.6 million, or 17%, and $190.3 million, or 13%, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, respectively.

The increase for the three and nine months ended September 30, 2025 was primarily driven by higher marketing and advertising costs of $91.4 million and $205.7 million, respectively, as we prioritize marketing investments to support the growth of Cash App and Square.

Further, for the nine months ended September 30, 2025, personnel costs increased by $26.5 million, which were impacted by restructuring costs, including severance and other related expenses.

These expenses were partially offset by higher expenses recognized in the three and nine months ended September 30, 2024, related to changes to certain contractual arrangements and inventory write-offs, that did not recur during the three and nine months ended September 30, 2025.

General and administrative expenses increased by $68.1 million, or 14%, and $64.3 million, or 5%, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, respectively.

The increase was primarily driven by higher personnel costs of $92.9 million and $79.5 million, respectively, and an increase in facilities and other expenses of $21.5 million and $27.8 million for the comparable periods.

These expense increases resulted from an in-person company event held in the third quarter of 2025, as well as restructuring costs, including severance and other related expenses, recognized during the three and nine months ended September 30, 2025.

In addition, the three and nine months ended September 30, 2024 included higher accrued expenses for estimated amounts in connection with certain litigation and regulatory matters that did not recur during the three and nine months ended September 30, 2025.

Transaction, loan, and consumer receivable losses increased by $171.4 million, or 89%, and $277.6 million, or 51%, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily due to an increase in loan losses of $158.8 million and $238.1 million, respectively, for the same periods.

The increase in loan losses for the three and nine months ended September 30, 2025 was attributed to significant growth in loan volumes, particularly from Cash App Borrow, which increased 134% and 110%, respectively, compared to the three and nine months ended September 30, 2024, while loss rates remained stable.

Additionally, beginning in the second quarter of 2025, Cash App Borrow, along with certain other loan products, are retained on our balance sheet and classified as held for investment, resulting in recognition of an allowance for potential uncollectible amounts.

Amortization of customer and other acquired intangible assets for the three and nine months ended September 30, 2025 decreased $1.9 million, or 5%, and $18.4 million, or 15%, compared to the three and nine months ended September 30, 2024, respectively, primarily due to the impairment of certain assets in the fourth quarter of 2024, which resulted in no related amortization in 2025.

Refer to Note 8, Acquired Intangible Assets within Notes to the Condensed Consolidated Financial Statements for more details.

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Interest expense (income), net $ 34,652 $ 13,811 $ 20,841 151 % $ 75,582 $ (6,805) $ 82,387 NM

Interest expense, net, of $23.7 million and $40.9 million for the three and six months ended June 30, 2025, respectively, was primarily due to interest expense related to our 2032 Senior Notes issued in the second quarter of 2024, which more than offset interest income received on invested funds.

Interest expense, net, of $34.7 million and $75.6 million for the three and nine months ended September 30, 2025, respectively, was primarily due to interest expense related to our 2032 Senior Notes issued in the second quarter of 2024 as well as our 2030 and 2033 Senior Notes issued in the third quarter of 2025, which more than offset interest income received on invested funds.

Refer to Note 12, Indebtedness within Notes to the Condensed Consolidated Financial Statements for further details.

Interest income, net, of $1.9 million and $20.6 million for the three and six months ended June 30, 2024, respectively, was primarily due to interest income received on invested funds, which more than offset interest expense in the period.

Interest expense, net, of $13.8 million and interest income, net, of $6.8 million for the three and nine months ended September 30, 2024, respectively, was primarily due to interest expense related to our 2032 Senior Notes issued in the second quarter of 2024, offset by interest income received on invested funds.

Remeasurement Loss (Gain) on Bitcoin Investment (in thousands, except for percentages)

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Remeasurement loss (gain) on bitcoin investment $ (212,165) $ 70,116 $ (282,281) (403) % $ (118,814) $ (163,288) $ 44,474 (27) %

Remeasurement gain on bitcoin investment of $212.2 million and $118.8 million for the three and six months ended June 30, 2025, respectively, compared to a loss on bitcoin investment of $70.1 million for the three months ended June 30, 2024 and gain on bitcoin investment of $163.3 million for the six months ended June 30, 2024, was due to the remeasurement of our bitcoin investment to its fair value at each reporting date.

Remeasurement gain on bitcoin investment $ (59,588) $ (5,288) $ (54,300) NM $ (178,402) $ (168,576) $ (9,826) 6 %

Remeasurement gain on bitcoin investment of $59.6 million and $178.4 million for the three and nine months ended September 30, 2025, respectively, compared to gain on bitcoin investment of $5.3 million and $168.6 million for the three and nine months ended September 30, 2024, respectively, was due to the remeasurement of our bitcoin investment to its fair value at each reporting date.

Refer to Note 11, Bitcoin within Notes to the Condensed Consolidated Financial Statements for further details regarding the remeasurement of our bitcoin investment.

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Other expense (income), net $ 13,389 $ (10,584) $ 23,973 227 % $ 5,047 $ (15,004) $ 20,051 134 %

Other expense, net, of $13.4 million and $5.0 million for the three and six months ended June 30, 2025, respectively, was primarily due to losses from the currency revaluation of intercompany loans, partially offset by accretion on investments.

Other income, net, of $10.6 million and $15.0 million for the three and six months ended June 30, 2024, respectively, was primarily due to accretion on investments and foreign exchange rate impacts.

Other income, net $ (167,150) $ (9,661) $ (157,489) NM $ (162,103) $ (24,665) $ (137,438) NM

Other income, net, of $167.2 million and $162.1 million for the three and nine months ended September 30, 2025, respectively, was primarily due to the revaluation of certain equity investments, partially offset by losses from the currency revaluation of intercompany loans.

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.

Other income, net, of $9.7 million and $24.7 million for the three and nine months ended September 30, 2024, respectively, was primarily due to accretion on investments and foreign exchange rate impacts.

Segment Results

Square Results

The following table provides a summary of the revenue and gross profit for our Square segment for the three and six months ended June 30, 2025 and June 30, 2024 (in thousands, except for percentages):

The following table provides a summary of the revenue and gross profit for our Square segment for the three and nine months ended September 30, 2025 and September 30, 2024 (in thousands, except for percentages):

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Segment gross profit $ 1,017,660 $ 932,356 $ 85,304 9 % $ 2,942,369 $ 2,675,212 $ 267,157 10 %

Revenue for the Square segment for the three and six months ended June 30, 2025 increased by $186.8 million, or 9%, and $308.9 million, or 8%, compared to the three and six months ended June 30, 2024, respectively.

Revenue for the Square segment for the three and nine months ended September 30, 2025 increased by $239.1 million, or 12%, and $548.0 million, or 10%, compared to the three and nine months ended September 30, 2024, respectively.

The increase was primarily due to the Square items referenced within our overall revenue discussion.

Cost of Revenue

Cost of revenue for the Square segment for the three and six months ended June 30, 2025 increased by $82.6 million, or 8%, and $127.1 million, or 6%, compared to the three and six months ended June 30, 2024, respectively.

Cost of revenue for the Square segment for the three and nine months ended September 30, 2025 increased by $153.8 million, or 14%, and $280.9 million, or 9%, compared to the three and nine months ended September 30, 2024, respectively.

The increase was primarily due to the Square items referenced within our overall cost of revenue discussion.

Cash App Results

The following table provides a summary of the revenue and gross profit for our Cash App segment for the three and six months ended June 30, 2025 and June 30, 2024 (in thousands, except for percentages):

The following table provides a summary of the revenue and gross profit for our Cash App segment for the three and nine months ended September 30, 2025 and September 30, 2024 (in thousands, except for percentages):

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Segment gross profit $ 1,623,953 $ 1,305,943 $ 318,010 24 % $ 4,504,404 $ 3,863,414 $ 640,990 17 %

Revenue for the Cash App segment for the three and six months ended June 30, 2025 decreased by $283.9 million, or 7%, and $577.8 million, or 7%, compared to the three and six months ended June 30, 2024, respectively.

Revenue for the Cash App segment for the three and nine months ended September 30, 2025 decreased by $130.1 million, or 3%, and $707.9 million, or 6%, compared to the three and nine months ended September 30, 2024, respectively.

The decrease was driven by lower bitcoin revenue, partially offset by the Cash App items referenced within our overall revenue discussion.

While bitcoin revenue contributed 56% and 58% of Cash App revenue for three and six months ended June 30, 2025, respectively, gross profit generated from bitcoin was only 5% of Cash App gross profit for both the three and six months ended June 30, 2025.

Excluding $2.1 billion and $4.4 billion in bitcoin revenue for the three and six months ended June 30, 2025, respectively, Cash App revenue increased by $183.8 million, or 12%, and $319.6 million, or 11%, compared to the three and six months ended June 30, 2024, respectively.

While bitcoin revenue contributed 52% and 56% of Cash App revenue for three and nine months ended September 30, 2025, respectively, gross profit generated from bitcoin was only 4% and 5% of Cash App gross profit for the three and nine months ended September 30, 2025, respectively.

Excluding $2.0 billion and $6.4 billion in bitcoin revenue for the three and nine months ended September 30, 2025, respectively, Cash App revenue increased by $332.8 million, or 22%, and $652.4 million, or 15%, compared to the three and nine months ended September 30, 2024, respectively.

Cost of Revenue

Cost of revenue for the Cash App segment for the three and six months ended June 30, 2025 decreased by $485.5 million, or 17%, and $900.8 million, or 16%, compared to the three and six months ended June 30, 2024, respectively.

The decrease for the three months ended June 30, 2025 was driven by lower bitcoin costs, partially offset by the other Cash App items referenced within our overall cost of revenue discussion.

Excluding $2.1 billion and $4.3 billion in bitcoin cost of revenue for the three and six months ended June 30, 2025, respectively, Cash App cost of revenue remained flat compared to the three and six months ended June 30, 2024.

Cost of revenue for the Cash App segment for the three and nine months ended September 30, 2025 decreased by $448.1 million, or 17%, and $1.3 billion, or 16%, compared to the three and nine months ended September 30, 2024, respectively.

The decrease for the three and nine months ended September 30, 2025 was driven by lower bitcoin costs, partially offset by the other Cash App items referenced within our overall cost of revenue discussion.

Excluding $1.9 billion and $6.2 billion in bitcoin cost of revenue for the three and nine months ended September 30, 2025, respectively, Cash App cost of revenue increased by $21.8 million, or 8%, and $17.4 million, or 2%, compared to the three and nine months ended September 30, 2024, respectively.

Key Operating Metrics and Non-GAAP Financial Measures

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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Change in Non-GAAP Financial Measures

Beginning in fiscal 2025, we revised our definition of Adjusted Net Income Per Share ("Adjusted EPS") to include stock-based compensation.

Beginning in fiscal 2025, we revised our definition of Adjusted Net Income Per Share ("Adjusted EPS") to include share-based compensation.

We believe this change provides a more comprehensive view of our operating performance and aligns with our non-GAAP measure of Adjusted Operating Income.

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gain or loss from the remeasurement of our bitcoin investment;

and one-time income tax impacts from deferred taxes, as applicable.

and tax effects of income tax benefits from deferred taxes, as applicable.

• To aid in comparability of our results across periods, we also exclude certain acquisition-related and integration costs associated with business combinations, various restructuring and other costs, and goodwill and intangible asset impairment charges, each of which are not normal operating expenses.

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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

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

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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)

Provision for income taxes 139,928 43,011 299,304 137,532

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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

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

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Amortization of debt discount and issuance costs 3,335 4,042 9,469 10,545

Gain on revaluation of equity investments

Loss (gain) on revaluation of equity investments

(171,126) 2,952 (172,582) 469

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

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

Loss on disposal of property and equipment 617 384 2,276 1,784

Acquired deferred revenue and cost adjustment 9 16 32 53

Tax effect of one-time income tax benefits from deferred tax assets (52,600) — (52,600) —

Tax effect of income tax benefits from deferred tax assets (8,909) — (61,509) —

Tax effect of non-GAAP net income adjustments 39,933 (66,774) 15,100 (175,364)

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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$ 139,928 $ 43,011 $ 299,304 $ 137,532

Tax effect of one-time income tax benefits from deferred tax assets 52,600 — 52,600 —

Tax effect of income tax benefits from deferred tax assets 8,909 — 61,509 —

Tax effect of non-GAAP net income adjustments (39,933) 66,774 (15,100) 175,364

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Liquidity Sources

As of June 30, 2025, we had approximately $8.5 billion in available liquidity, with $7.7 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as an undrawn amount of $775.0 million available under our revolving credit facility.

As of September 30, 2025, we had approximately $10.5 billion in available liquidity, with $9.7 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as an undrawn amount of $775.0 million available under our revolving credit facility.

Additionally, we had $983.1 million available to be withdrawn under our warehouse funding facilities.

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We intend to continue focusing on our long-term business initiatives and believe that our available funds are sufficient to meet our liquidity needs for the foreseeable future, including our share repurchase program.

As of June 30, 2025, we were in compliance with all financial covenants associated with our revolving credit facility and senior notes.

As of September 30, 2025, we were in compliance with all financial covenants associated with our revolving credit facility and senior notes.

None of our warehouse funding facilities contain financial covenants.

The following table summarizes our available liquidity (in thousands):

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Cash and cash equivalents $ 8,335,934 $ 8,075,247

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Total liquidity $ 10,463,866 $ 10,698,043

(i) As of June 30, 2025, we have invested $94.8 million of restricted cash into a money market fund.

(i) As of September 30, 2025, we have invested $96.6 million of restricted cash into a money market fund.

See Note 5, Fair Value Measurements.

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Our investments in marketable debt securities are classified as available-for-sale.

As of June 30, 2025, we held approximately 8,692 bitcoins for long-term investment purposes ("bitcoin investment") with a fair value of $931.7 million based on observable market prices, which is included within “Other non-current assets” on the condensed consolidated balance sheets.

As of September 30, 2025, we held approximately 8,780 bitcoins for long-term investment purposes ("bitcoin investment") with a fair value of $1.0 billion based on observable market prices, which is included within “Other non-current assets” on the condensed consolidated balance sheets.

We believe cryptocurrency is an instrument of economic empowerment that aligns with our corporate purpose.

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2023-08, Accounting for and Disclosure of Crypto Assets , effective January 1, 2023, our bitcoin investment is remeasured at fair value at each reporting date with changes recognized in net income through "Remeasurement loss (gain) on bitcoin investment" within the condensed consolidated statements of operations.

We purchased approximately 108 and 207 bitcoins with a cost basis of $11.0 million and $20.6 million during the three and six months ended June 30, 2025, respectively, for investment purposes.

We purchased approximately 173 bitcoins with a cost basis of $11.4 million during the three and six months ended June 30, 2024 for investment purposes.

We did not sell any of our bitcoin investment during the three and six months ended June 30, 2025 and June 30, 2024.

We recognized gains of $212.2 million and $118.8 million from the remeasurement of our bitcoin investment during the three and six months ended June 30, 2025, respectively.

We recognized a loss of $70.1 million and a gain of $163.3 million from the remeasurement of our bitcoin investment during the three and six months ended June 30, 2024, respectively.

We purchased approximately 88 and 295 bitcoins with a cost basis of $10.2 million and $30.7 million during the three and nine months ended September 30, 2025, respectively, for investment purposes.

We purchased approximately 152 and 325 bitcoins with a cost basis of $9.7 million and $21.1 million during the three and nine months ended September 30, 2024, respectively, for investment purposes.

We did not sell any of our bitcoin investment during the three and nine months ended September 30, 2025 and September 30, 2024.

We recognized gains of $59.6 million and $178.4 million from the remeasurement of our bitcoin investment during the three and nine months ended September 30, 2025, respectively.

We recognized gains of $5.3 million and $168.6 million from the remeasurement of our bitcoin investment during the three and nine months ended September 30, 2024, respectively.

Our principal commitments consist of convertible notes, senior notes, revolving credit facility, warehouse funding facilities, operating leases, capital leases, and purchase commitments.

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Senior Notes and Convertible Notes

As of June 30, 2025, we held $5.2 billion in aggregate principal amount of debt, comprised of $575.0 million in aggregate amount of convertible senior notes that mature on May 1, 2026 ("2026 Convertible Notes"), and $575.0 million in aggregate amount of convertible senior notes that mature on November 1, 2027 ("2027 Convertible Notes," collectively referred to as the “Convertible Notes”), as well as an outstanding $1.0 billion in aggregate principal amount of senior unsecured notes that mature on June 1, 2026 ("2026 Senior Notes"), $1.0 billion in aggregate principal amount of senior unsecured notes that mature on June 1, 2031 ("2031 Senior Notes"), and $2.0 billion in aggregate principal amount of senior unsecured notes that mature on May 15, 2032 ("2032 Senior Notes" and, together with the 2026 Senior Notes and 2031 Senior Notes, the “Senior Notes” and, together with the Convertible Notes, the “Notes”).

As of September 30, 2025, we held $7.4 billion in aggregate principal amount of debt, comprised of $575.0 million in aggregate amount of convertible senior notes that mature on May 1, 2026 ("2026 Convertible Notes"), and $575.0 million in aggregate amount of convertible senior notes that mature on November 1, 2027 ("2027 Convertible Notes," collectively referred to as the “Convertible Notes”), as well as an outstanding $1.0 billion in aggregate principal amount of senior unsecured notes that mature on June 1, 2026 ("2026 Senior Notes"), $1.2 billion in aggregate principal amount of senior unsecured notes that mature on August 15, 2030 ("2030 Senior Notes"), $1.0 billion in aggregate principal amount of senior unsecured notes that mature on June 1, 2031 ("2031 Senior Notes"), $2.0 billion in aggregate principal amount of senior unsecured notes that mature on May 15, 2032 ("2032 Senior Notes"), $1.0 billion in aggregate principal amount of senior unsecured notes that mature on August 15, 2033 ("2033 Senior Notes" and, together with the 2026 Senior Notes, 2030 Senior Notes, and 2031 Senior Notes, the “Senior Notes” and, together with the Convertible Notes, the “Notes”).

Refer to Note 12, Indebtedness within Notes to the Condensed Consolidated Financial Statements for further details.

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Warehouse Funding Facilities

We have warehouse funding facilities ("Warehouse Facilities") with an aggregate amount of $1.5 billion on a revolving basis, of which $703.9 million was drawn as of June 30, 2025.

We have warehouse funding facilities ("Warehouse Facilities") with an aggregate amount of $1.5 billion on a revolving basis, of which $501.0 million was drawn as of September 30, 2025.

The Warehouse Facilities have been arranged utilizing wholly-owned and consolidated entities (collectively, the "Warehouse Special Purpose Entities (SPEs)") formed for the sole purpose of financing the origination of consumer receivables to partly fund our BNPL platform.

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Cash, Restricted Cash, and Working Capital

We believe that our existing cash and cash equivalents, investment in marketable debt securities, and availability under our line of credit will be sufficient to meet our working capital needs, including any expenditures related to strategic transactions and investment commitments that we may from time to time enter into, shares repurchased through our share repurchase program, and planned capital expenditures for at least the next 12 months.

We believe that our existing cash and cash equivalents, investment in marketable debt securities, and availability under our line of credit will be sufficient to meet our working capital needs, including any expenditures related to strategic transactions and investment commitments that we may from time to time enter into, short-term debt repayments, shares repurchased through our share repurchase program, and planned capital expenditures for at least the next 12 months.

From time to time, we have raised capital by issuing equity, equity-linked, or debt securities such as our Convertible Notes and Senior Notes;

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During 2024, we received non-investment grade ratings by S&P Global Ratings (BB+) and Moody's Corporation (Ba2).

The ratings from Fitch Ratings, Inc., S&P Global Ratings, and Moody's Corporation were affirmed in the third quarter of 2025.

We expect that these credit rating agencies will continue to monitor our performance, including our capital structure and results of operations.

Our liquidity, access to capital, and borrowing costs could be adversely impacted by declines in our credit rating.

Short-term restricted cash of $745.5 million as of June 30, 2025 primarily includes cash held by the Warehouse SPEs used in the Warehouse Facilities funding arrangements that will be used to pay the borrowings under the Warehouse Facilities or will be distributed to us.

Short-term restricted cash of $731.6 million as of September 30, 2025 primarily includes cash held by the Warehouse SPEs used in the Warehouse Facilities funding arrangements that will be used to pay the borrowings under the Warehouse Facilities or will be distributed to us.

It also includes pledged cash deposits in accounts at the financial institutions that process our sellers' payment transactions and collateral pursuant to various agreements with banks relating to our products.

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We have recorded these amounts as current assets on our condensed consolidated balance sheet given the short-term nature of these cash flow timing differences and that there is no minimum time frame during which the cash must remain restricted.

Long-term restricted cash of $75.0 million as of June 30, 2025 is primarily related to cash held as collateral as required by the Federal Deposit Insurance Corporation ("FDIC") for Square Financial Services.

Long-term restricted cash of $73.8 million as of September 30, 2025 is primarily related to cash held as collateral as required by the Federal Deposit Insurance Corporation ("FDIC") for Square Financial Services.

We have recorded these amounts as non-current assets on our condensed consolidated balance sheet as the requirement by the FDIC specifies a time frame of 12 months or longer during which the cash must remain restricted.

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The following table summarizes our cash flow activities (in thousands):

Six Months Ended

Nine Months Ended

September 30,

Net cash provided by operating activities $ 1,958,714 $ 1,693,550

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

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

Net cash provided by (used in) financing activities (652,901) 1,245,092

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 Flows from Operating Activities

For the six months ended June 30, 2025, cash provided by operating activities was $507.7 million, comprised of net income of $727.1 million, adjusted for non-cash expenses of $1.2 billion, consisting primarily of share-based compensation;

For the nine months ended September 30, 2025, cash provided by operating activities was $2.0 billion, comprised of net income of $1.2 billion, adjusted for non-cash expenses of $1.9 billion, consisting primarily of share-based compensation;

transaction, loan, and consumer receivable losses;

and depreciation and amortization, all of which contributed positively to operating activities.

depreciation and amortization;

and changes in deferred income taxes, all of which contributed positively to operating activities.

These were partially offset by the amortization of discounts and other non-cash adjustments on consumer receivables of $835.0 million;

net outflows from loan products of $470.8 million;

bitcoin remeasurement of $178.4 million;

revaluation of equity investments of $172.6 million;

and net outflows related to changes in other assets and liabilities, including customers payable and settlements receivable, of $355.1 million due to the timing of period end.

For the six months ended June 30, 2024, cash provided by operating activities was $1.0 billion, comprised of net income of $660.7 million, adjusted for non-cash expenses of $1.2 billion, consisting primarily of share-based compensation;

For the nine months ended September 30, 2024, cash provided by operating activities was $1.7 billion, comprised of net income of $941.8 million, adjusted for non-cash expenses of $1.9 billion, consisting primarily of share-based compensation;

transaction, loan, and consumer receivable losses;

depreciation and amortization;

and non-cash lease expense, all of which contributed positively to operating activities.

and depreciation and amortization, all of which contributed positively to operating activities.

These were partially offset by the amortization of discounts and other non-cash adjustments on consumer receivables of $824.2 million;

bitcoin remeasurement of $163.3 million;

net outflows from loan products of $467.8 million;

and bitcoin remeasurement of $168.6 million.

Changes in other assets and liabilities, including settlements receivable and customers payable of $358.3 million contributed positively and was primarily due to the timing of period end.

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Beginning in the second quarter of 2025, we began originating Cash App Borrow loans through Square Financial Services, which are classified as loans held for investment.

Cash flows associated with Cash App Borrow loans originated through Square Financial Services, including originations and principal repayments, are included within cash flows from investing activities.

For the six months ended June 30, 2025, cash provided by investing activities was $428.9 million, primarily due to a net inflow related to consumer receivables of $855.7 million and net proceeds from investments of marketable securities of $370.2 million.

These were partially offset by net outflows of $706.9 million primarily related to Cash App Borrow loans originated through Square Financial Services and the purchases of property and equipment of $63.2 million.

For the six months ended June 30, 2024, cash provided by investing activities was $867.4 million, primarily due to a net inflow related to consumer receivables of $860.7 million and net proceeds from investments of marketable securities of $96.1 million.

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

Cash flows associated with these loans, including originations and principal repayments, are included within cash flows from investing activities.

For the nine months ended September 30, 2025, cash used in investing activities was $671.8 million, primarily due to net outflows of $2.0 billion primarily related to Cash App Borrow loans originated through Square Financial Services and the purchases of property and equipment of $113.8 million.

These were partially offset by net inflows related to consumer receivables of $1.2 billion and net proceeds from investments of marketable securities of $334.4 million.

For the nine months ended September 30, 2024, cash provided by investing activities was $973.1 million, primarily due to a net inflow related to consumer receivables of $945.1 million and net proceeds from investments of marketable securities of $192.2 million.

These were partially offset by the purchases of property and equipment and other investments of $127.0 million and $37.2 million, respectively.

Cash Flows from Financing Activities

For the six months ended June 30, 2025, cash used in financing activities was $2.1 billion, driven by $1.1 billion of share repurchases in the first and second quarters of 2025;

For the nine months ended September 30, 2025, cash used in financing activities was $652.9 million primarily due to $1.5 billion of share repurchases in the first three quarters of 2025;

a $1.0 billion cash payment for the settlement of the outstanding 2025 Convertible Notes that matured in March 2025;

and net repayments under Warehouse Facilities borrowings of $806.8 million.

These were partially offset by increases in customer funds of $754.9 million and interest-bearing deposits of $54.8 million.

For the six months ended June 30, 2024, cash provided by financing activities was $1.2 billion primarily due to approximately $2.0 billion of net proceeds related to the issuance of the 2032 Senior Notes in the second quarter of 2024, a change in customer funds of $380.3 million, and proceeds from issuances of common stock from the exercise of options and purchases under our employee share purchase plan of $86.2 million.

These were partially offset by net repayments under Warehouse Facilities borrowings of $648.4 million as well as repurchases of common stock of $641.6 million.

and net repayments under Warehouse Facilities borrowings of $1.0 billion.

These were partially offset by approximately $2.2 billion of net proceeds related to the issuance of the 2030 and 2033 Senior Notes in the third quarter of 2025, increases in customer funds of $620.8 million and interest-bearing deposits of $81.2 million.

For the nine months ended September 30, 2024, cash provided by financing activities was $1.2 billion primarily due to approximately $2.0 billion of net proceeds related to the issuance of the 2032 Senior Notes in the second quarter of 2024, a change in customer funds of $763.4 million, and proceeds from issuances of common stock from the exercise of options and purchases under our employee share purchase plan of $88.1 million.

These were partially offset by repurchases of common stock of $987.2 million as well as net repayments under Warehouse Facilities borrowings of $647.7 million.

Critical Accounting Estimates

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Because these accounting estimates require significant judgment, our actual results may differ materially from our estimates.

There were no significant changes in our critical accounting estimates during the quarter ended June 30, 2025 compared to those previously disclosed in “Critical Accounting Policies and Estimates” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2024.

There were no significant changes in our critical accounting estimates during the quarter ended September 30, 2025 compared to those previously disclosed in “Critical Accounting Policies and Estimates” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Recent Accounting Pronouncements

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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 2. Management’s Discussion and Analysis