What changed in this filing

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Item 1. Business

2026-02-26 compared with 2025-02-24 · 201 added, 237 removed, 210 unchanged (68% of the section changed)

At Block, Inc.

(together with its subsidiaries, "Block" or "we"), we are building an ecosystem dedicated to economic empowerment and unlocking access to the financial system for people around the world.

We do this by building the most relevant products and tools for the communities we serve including sellers, consumers, artists, fans and developers.

Our brands work together cohesively, often positively reinforcing one another and creating resonant relationships with people who use our products to meet multiple needs across the different aspects of their lives.

As we scale, we are focused on investing in building deeper connections between our ecosystems and increasing the resilience of our company.

On December 1, 2021, we changed our corporate name from Square, Inc.

to Block, Inc.

Block is the name for the company as a corporate entity.

Since our start in 2009 with the Square business, we have added Cash App, and relatively nascent businesses with TIDAL and two bitcoin businesses, Bitkey and Proto.

Our two reportable segments are Square, formerly referred to as Seller, and Cash App, which reflects our two primary ecosystems and the manner in which the Company's chief operating decision maker ("CODM") reviews and assesses performance.

(together with its subsidiaries, "Block" or "we"), we are building technology that enables people and businesses to participate more fully in the economy.

Our purpose is economic empowerment, helping individuals and businesses manage, move, and grow their money through simple and connected tools.

Our Ecosystems

Block designs and operates connected ecosystems that integrate commerce solutions, financial services, software, hardware, and networks to serve individuals and small businesses, primarily through Cash App's consumer network and Square's business ("seller") network.

Our platform integrates payments, banking, lending, and commerce solutions designed to provide secure, reliable, and scalable financial infrastructure.

We apply data, automation, and AI to improve the speed, accuracy, and usability of our products.

Our ecosystem strategy connects these capabilities across both sellers and consumers.

The ecosystems share common infrastructure for payments processing, risk management, identity, and data, allowing customers to access multiple products across a connected platform.

We continue to invest in capabilities that enhance interoperability and efficiency, including embedded financial services, automation, and open protocols such as Bitcoin.

Square Ecosystem

We started Block with the Square ecosystem in February 2009 to enable businesses ("sellers") to accept card payments, an important capability that was previously inaccessible to many businesses.

As our company grew, we recognized that sellers need a variety of solutions to thrive and saw how we could apply our strength in technology and innovation to help sellers.

We have since expanded Square into a cohesive commerce ecosystem that provides more than 30 distinct products and services to help our sellers start, run, and grow their businesses.

We combine software, hardware, and financial services to create products and services that are cohesive, fast, self-serve, and elegant.

We started Block with the Square ecosystem in February 2009 to enable businesses to accept card payments, a critical capability that had previously been inaccessible to many businesses.

As our company grew, we recognized that sellers need a broad set of integrated solutions to operate efficiently and competitively.

We saw how we could apply our strength in technology and innovation to help sellers.

We have since expanded Square into a comprehensive commerce ecosystem that provides more than 30 distinct products and services to help our sellers start, run, and grow their businesses.

We combine commerce solutions, financial services, and bitcoin capabilities to create products and services that are cohesive, fast, self-serve, and elegant.

These attributes differentiate Square in a fragmented industry that traditionally forced sellers to stitch together products and services from multiple vendors, and often rely on inefficient non-digital processes and tools.

Our ability to add new sellers efficiently, help them grow their business, and cross-sell our products and services has historically contributed to our long-term growth.

Our ability to add new sellers efficiently, help them grow their business, and cross-sell our products and services has historically contributed to our growth.

Cash App Ecosystem

Cash App provides an ecosystem of financial products and services to help consumers manage their money.

Cash App’s goal is to redefine the world’s relationship with money by making it more relatable, instantly available, and universally accessible.

While Cash App started with the single ability to send and receive money, it now provides an ecosystem of financial services focused on helping consumers make their money go further by enabling customers to store, send, receive, spend, invest, buy now, pay later ("BNPL"), borrow or save their money with Cash App.

Cash App’s mission is to redefine the world’s relationship with money by making it more relatable, instantly available, and universally accessible.

While Cash App started with the single ability to send and receive money, it now provides an ecosystem of commerce solutions, financial services, and Bitcoin capabilities focused on helping consumers make their money go further by enabling customers to store, send, receive, spend, invest, buy now, pay later ("BNPL"), borrow, or save their money with Cash App.

Similar to our Square ecosystem, we believe the aggregation of these products into one app differentiates Cash App from competitors and provides greater utility for customers, allowing Cash App to build retentive relationships with its customers.

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TIDAL offers an extensive catalog of more than 250 million songs and 1,000,000 high-quality videos.

TIDAL has a global presence with listeners in more than 60 countries and relationships with more than 300 labels and distributors.

TIDAL has a global presence with listeners in more than 60 countries and relationships with nearly 300 labels and distributors.

Bitcoin Ecosystem

Our bitcoin ecosystem includes our bitcoin hardware projects, which include Bitkey, a self-custody bitcoin wallet, Proto, a bitcoin mining system, as well as Spiral, an independent team focused on contributing to bitcoin open source work.

Our bitcoin ecosystem includes our bitcoin hardware projects, which include Bitkey, which is a self-custody bitcoin wallet, Proto, which is a bitcoin mining system, as well as Spiral, an independent team focused on contributing to bitcoin open source work.

We believe our bitcoin ecosystem can help address inefficiencies in the current financial system, especially with respect to identity and trust.

In the fourth quarter of 2024, we announced our decision to wind down TBD, which was an open developer platform for decentralized finance.

Through our bitcoin initiatives, we are developing open hardware, self-custody tools, and decentralized technologies that enable individuals to securely own and verify their digital assets, reinforcing user control and trust without reliance on traditional financial intermediaries.

Our Segments and Revenue Categories

Our two reportable segments are Square and Cash App, which reflects our two primary ecosystems and the manner in which the Company's chief operating decision maker ("CODM") reviews and assesses performance.

Historically, we reported revenue by category, including transaction-based revenue, subscription and services-based revenue, hardware revenue, and bitcoin revenue.

These categories represented the primary sources of revenue within our Square and Cash App ecosystems.

We have realigned our revenue categories to better reflect the evolution of our company.

Since our initial public offering, we have grown from a payments-focused platform into a broader ecosystem that includes loan products through financial services and bitcoin-related offerings.

These businesses are integral to our operations and illustrate the expanded scope of our company today.

As a result, we identified three reportable revenue categories:

Commerce Enablement, Financial Solutions, and the Bitcoin Ecosystem.

• Commerce Enablement empowers sellers and consumers to transact across our ecosystems.

It primarily includes Square payments, software, and hardware, Cash App Card, Cash App Pay, our BNPL products, and Cash App Business.

Commerce Enablement also includes TIDAL streaming and artist tools, which extend our commerce capabilities to creators.

• Financial Solutions provides banking, lending, and money management products for individuals and businesses.

This primarily includes Cash App Borrow, Instant Deposit, Interest Income, Paper Money Deposits, ATM, and brokerage services, as well as Square Loans, Savings, Balances, and Square Card.

Financial Solutions enables customers to access, manage, and grow their money.

• Bitcoin Ecosystem encompasses our consumer and business bitcoin products, including bitcoin buy/sell functionality in Cash App, Square Bitcoin, Proto, and Bitkey.

This ecosystem reflects our efforts to make bitcoin accessible, secure, and integrated into everyday financial activity through the development of open financial infrastructure.

These revenue categories reflect how we see our business today.

Each revenue category represents a distinct driver of growth and profitability within our business and is supported by shared infrastructure, including our automation and artificial intelligence platform.

Together, these revenue categories generated $10.4 billion in gross profit in 2025.

Our Customers

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Square sellers span geographies, including the United States, Canada, Japan, Australia, the United Kingdom, Ireland, France, and Spain.

We believe the diversity of our sellers underscores the accessibility and flexibility of our offerings.

We have also increasingly served mid-market sellers, which we define as sellers that generate more than $500,000 in annualized Square Gross Payment Volume (“Square GPV”), due to our ability to offer more flexible and complex solutions than traditional alternatives, as well as a growing product suite.

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As of December 2025, Cash App had 59 million monthly transacting actives across the United States.

In 2024, Cash App was the number one finance app on Google Play and number two finance app on iOS based on downloads in the United States.

In 2025, Cash App was the number one finance app on Google Play and number three finance app on iOS based on downloads in the United States.

Cash App has a diverse mix of customers and, in the United States, had monthly transacting actives in each of the 50 states and nearly every county as of December 2025.

In 2025, Cash App transacting actives brought $316 billion in inflows into Cash App.

Customers can fund their Cash App accounts with inflows in a variety of ways, including by receiving money from another Cash App customer through the app’s core peer-to-peer transfer service, transferring money from a bank account, depositing mobile checks, adding physical cash at participating retailers, and receiving a recurring paycheck by direct deposit.

In the fourth quarter of 2025, our Cash App monthly transacting actives brought in an average of $1,410 of inflows during the quarter.

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Our Products and Services

Square Ecosystem

Our Square ecosystem consists of more than 30 distinct software, hardware, and financial services products.

Our Square ecosystem consists of more than 30 distinct commerce enablement and financial services products.

Our products are designed to be self-serve and intuitive to make initial setup and new employee training fast and easy, although we also offer full-service setup and support.

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Our products are integrated to create a seamless experience and enable a holistic view of sales, customers, employees, and finances.

We believe the breadth and depth of our products and services provide us unique advantages in best serving the needs of our sellers through a holistic view of their businesses.

We supplement these first party capabilities with our open developer platform that enables integrations with third-party applications.

We monetize these products through a combination of transaction, subscription, and service fees.

We monetize these products primarily through our Commerce Enablement solutions, including payment processing, software, and hardware as well as through Financial Solutions, such as lending and banking services.

Our pricing and packaging model is intended to enhance product discovery, support increased software adoption and retention, and reflect our continued focus on maintaining simple and transparent pricing practices.

Strategic Priorities:

Our focus for Square is on four priorities:

maintaining our secure, and flexible multi-product platform, providing a “local” experience to sellers of all sizes, growing with artificial intelligence (“AI”), and further developing our banking offering.

It is critical that we have a strong foundation to build upon to serve external customers through our developer platform and partner ecosystem, and our internal team's first party products.

This includes increasing reliability of our platform and also introducing products and features that are most important to our customers.

Our go-to-market strategy is focused on verticals with a local approach, specifically restaurants and services-based businesses.

Growing upmarket has shown us that even larger sellers want to feel authentic to their buyers.

We can enable this type of robust offering through our technology and by improving the onboarding process through sales and account management.

• Artificial Intelligence (AI):

Our focus for Square is reflected in three core pillars:

Commerce, Automation, and Networks.

Square seeks to simplify selling for businesses of varying sizes by offering software, hardware, payments, and financial solutions delivered through a vertically integrated platform.

These solutions are intended to support key seller workflows, including point-of-sale, ordering, inventory, staffing, and business management.

• Automation:

We are focused on enabling growth by leveraging AI to increase productivity and outcomes for our sales and marketing, customer service, and engineering efforts, in addition to building features that help sellers grow their businesses.

Our robust banking offering primarily helps our sellers manage cash flow and grow their business through our lending capabilities.

We will continue to drive trust with our sellers, and build products and features that help with sellers accessing funds securely and timely.

Square's commerce products help sellers make sales and track orders, inventory, and fulfillment across in-person and online channels, as well as first-party and third-party channels.

Most of our Square commerce products have a free tier (without a subscription fee), which we monetize only through transaction fees on card payments.

Some commerce products also have premium tiers with additional functionality, which we monetize through subscription fees in addition to transaction fees on payments.

Square Point of Sale is our primary commerce application for sellers, and provides an easy-to-use, customizable point-of-sale solution that adapts across business types and stages.

Over the past year, we have modernized and simplified our Point of Sale applications, combining our vertical software solutions into one Square Point of Sale app, which now includes:

• A vertical solution tailored for both quick-service and full-service restaurants.

It includes table, order, and course management;

a kitchen display system;

and revenue and cost reporting.

• A vertical solution tailored for appointment-based businesses that need a point-of-sale application with integrated booking capabilities.

Our features include a free online booking site so buyers can easily schedule appointments and select their preferred time, service, and staff member.

It is also integrated with Square Assistant, an AI-enabled automated messaging tool designed to respond to buyers efficiently and professionally, saving sellers' time and helping prevent missed appointments.

• A vertical solution tailored for sellers in the retail industry.

It includes advanced inventory management, cost of goods sold reporting, purchase orders, vendor management, and barcode scanning.

• A customizable digital invoicing solution with integrated and secure online payment acceptance.

This eliminates the need to print and mail statements to customers and wait for checks to arrive.

Sellers use Square Invoices for upcoming, recurring, or previously delivered goods and services, such as catering orders, contractor services, lessons, and retail orders.

Square Invoices also lets sellers send estimates and collect partial payments for goods and services.

Our commerce products also include:

• Square Online makes it easy to build a website and online store as well as sell on Instagram and Facebook.

The online store is mobile responsive, delivering an app-like ordering experience on a buyer’s phone.

With integrated support for QR code ordering, sellers can also streamline their in-store operations by posting the QR code and having their buyers order from their own phones.

Fulfillment options include pickup, delivery managed by our sellers, and integrations with partner delivery platforms.

The system is designed for orders, items, inventory, and customer data to stay in sync when selling both online and in-person.

• Square Online Checkout makes it easy to sell online without a website by allowing sellers to create a checkout link with only a name and price for their good or service.

• Square Virtual Terminal allows sellers to use a computer as a card terminal.

Sellers can take a payment, set up recurring billing, record sales, and send digital receipts for payments, including those made by check and bank transfer.

• Risk Manager gives sellers insight into online payment fraud patterns and enables them to set custom rules and alerts to manage risk.

Machine-learning algorithms are designed to automatically identify fraud patterns and adapt to fit a seller's operations.

• Order Manager allows sellers to manage online orders that originate from Square Online, their own website on another platform, and third-party websites including online marketplaces such as DoorDash.

Order Manager enables tracking open orders, managing prep times and busy times, and marking orders as completed.

• Payment APIs (application programming interfaces) and SDKs (software development kits) support in-person, online, and mobile payments.

Square Reader SDK enables developers to seamlessly integrate Square hardware with a seller’s custom point of sale, allowing them to build unique checkout experiences such as self-ordering kiosks powered by Square’s managed payments service.

With Square's online payments APIs, developers can integrate Square payments into a seller’s e-commerce website or online store.

Square's In-App Payments SDK enables developers to build consumer mobile apps that use Square to process payments.

These products are monetized primarily through transaction fees on payment volumes.

• Commerce APIs:

Square offers more than 30 commerce APIs, through which developers can create and manage orders, subscriptions, product catalogs, inventory, customer profiles, employees, loyalty programs, gift cards, and more to build applications that enrich and integrate with Square's ecosystem of products.

In addition, these APIs enable developers to build integrations with their existing business systems such as accounting, customer relationship management (“CRM”), employee management, and enterprise resource planning (“ERP”) software.

For card payments, Square acts as the merchant of record for the transaction as well as the payment service provider (“PSP”).

As the merchant of record, Square is the party responsible for settling funds with the seller and helps manage transaction risk loss on behalf of the seller.

Square’s managed payments offering for sellers includes payment dispute management, data security, and PCI compliance for a transparent transaction fee paid by sellers.

Square has negotiated terms and entered into contractual arrangements directly with other service providers of transaction processing services, including the acquiring processors and card networks, and indirectly with issuing banks.

These contracts include negotiated terms, such as more favorable pricing, that are generally not available to sellers if they were to contract directly with these sub-service providers.

Square's position as the merchant of record helps us better serve our sellers.

For example, as the merchant of record, we can more efficiently onboard new sellers through our website, leveraging our risk assessment models, and we have insights into transaction-level data that we use to inform our sellers and launch new products.

Most of our Square software products have a free tier (without a subscription fee), which we monetize only through transaction fees on card payments.

Most software products also have premium tiers with additional functionality, which we monetize through subscription fees in addition to transaction fees on payments.

Square’s Customer capabilities help sellers grow their business.

By linking customer data together with online and in-person commerce data, Square can offer sellers integrated omnichannel capabilities to acquire, engage, and retain customers.

Square transaction data and reporting allows sellers to easily assess performance and return on investment.

We typically monetize these products via service and software fees.

• BNPL helps drive net new demand to sellers via discovery in the Afterpay app and has historically increased average conversion rates and average transaction sizes for new and existing customers across online and in-store channels.

• Square Loyalty helps sellers keep their buyers coming back.

We have found that buyers that enroll in a Square Loyalty program have been more than three times as likely to be repeat customers and spend 50% more on average.

• Square Marketing helps sellers drive traffic by sending emails or texts to promote in-store events, new products, last-minute deals, or seasonal offers.

Sellers can set up recurring automated campaigns to welcome new customers, wish them a happy birthday, send abandoned-cart reminders, or reach out to lapsed customers.

• Square Gift Cards help sellers bring in new buyers when their customers purchase gift cards for their friends and family.

Square's staff management products give sellers digital tools to streamline their operations.

These tools are designed to seamlessly integrate with other Square products eliminating the latent, time-consuming, and error-prone processes typically used to copy and sync data between disparate systems.

We typically monetize these products via software fees.

• Square Team Management makes it easy to schedule staff and view team performance and sales analytics in real time.

It also enables limiting access to Square software features per employee or role.

The Square Team App enables team members to clock in and out, view and adjust their schedules, and see timecards, hours worked, and estimated pay from their mobile phone.

• Square Payroll allows sellers to pay wages and associated employee taxes, and offer employee benefits (e.g.

401(k) accounts).

The Square ecosystem drives competitive differentiation for our Payroll product with the ability to use Payroll in conjunction with our point-of-sale products, Team Management, and Cash App.

Financial Services

Through our wholly-owned subsidiary bank, Square Financial Services, Inc.

(“Square Financial Services”) and with our third-party bank partners, we offer a growing number of banking services that make it easier for sellers to manage cash flow and get faster access to funds.

• Square Lending provides a platform of lending products to qualified Square sellers.

Square Loans (formerly Square Capital) facilitates loans to qualified Square sellers through Square Financial Services, which is an industrial loan company (“ILC").

Square Loans eliminates the lengthy (and often unsuccessful) loan application process.

We are able to approve sellers for these loans by using our unique data set of the seller’s Square transactions to help facilitate loan underwriting and collections, which mitigates risks.

Generally, loan repayment occurs automatically through a fixed percentage of every card transaction a seller takes.

Loans are sized to be less than 20% of a seller's expected annual Square GPV and, by simply running their business, sellers historically have repaid their loans within nine months on average.

We currently fund a majority of these loans from arrangements with institutional third-party investors who purchase these loans on a forward-flow basis, which mitigates our balance sheet and liquidity risk.

Since its public launch in May 2014, Square Loans has facilitated more than 3.1 million loans and advances, representing more than $25.8 billion in principal amount loaned or advanced.

We launched Square Credit Card in 2023 to provide another lending option to qualified Square sellers.

• Instant Transfer enables sellers to receive funds from their payments instantly or later that same day.

Instant Transfer is an important tool for sellers that need faster access to their funds in order to better manage their cash flow or working capital.

• Square Checking provides sellers with an account provided by our bank partner that is eligible for FDIC deposit insurance if certain conditions are met.

Square Checking gives sellers instant access to their sales and the ability to immediately use those funds via a debit card (Square Debit Card), withdraw funds from an ATM, or transfer funds via ACH.

• Square Savings is an FDIC-insured, interest earning business savings account at Square Financial Services, with no monthly fees or minimums, designed to make cash flow management easier for sellers.

With Square Savings, sellers can easily and automatically put aside a portion of their sales in their savings account while also organizing their money within folders, streamlining the process of saving funds for specific goals and priorities, such as quarterly tax obligations.

Square custom-designs hardware that can process all major card payment forms, including magnetic stripe, EMV chip, and NFC (contactless).

We aim to enhance seller efficiency by automating operational and financial tasks.

Square’s AI-enabled tools are designed to reduce manual work, support sellers' decision-making, and enable sellers to manage their operations and finances more effectively, and give them time back.

Our strategy includes strengthening local commerce ecosystems by enabling deeper connections among sellers, their customers, staff, and other sellers, and by leveraging Cash App’s network of monthly transacting actives to expand seller reach and support ecosystem engagement.

Commerce Enablement

Square's commerce enablement products include our payments, software, and hardware products, which together provide an integrated operating system for local commerce.

These products enable sellers to accept payments, manage orders and inventory, engage customers, and operate their businesses across a range of industries and geographies.

• Square Payments capabilities enable sellers to accept card-present and card-not-present payments across in-person, online, mobile, and invoice-based channels.

Square acts as both the merchant of record and payment service provider, settling funds with sellers and managing associated payment-related risk.

Square generates payment processing fees on each completed transaction, which represent a significant component of Commerce Enablement revenue.

As merchant of record, Square maintains contractual relationships with acquiring processors, card networks, and other providers of transaction-processing services.

These arrangements often include commercial terms that are not typically available to sellers contracting independently with such providers.

• Square Software products enable sellers to manage point-of-sale operations, conduct commerce across in-person and online channels, and engage with their customers.

These products are designed to simplify business management by integrating payment acceptance, order and inventory management, and customer engagement into a single platform.

In 2025, Square introduced a streamlined pricing and packaging framework consisting of three bundled tiers that combine software functionality with corresponding payment-processing rates.

This structure is intended to simplify pricing, improve onboarding, and increase software adoption across the seller base.

In addition to these tiers, we also offer custom pricing for larger sellers to meet their specific business needs.

Square Point of Sale is Square’s primary commerce application for sellers and provides a customizable point-of-sale solution that supports a broad range of business types and operational needs.

Additional software capabilities, including online and remote payment solutions, enable sellers to synchronize inventory, orders, and customer data across sales channels, supporting omnichannel commerce.

Square also provides customer engagement and marketing tools that help sellers attract and retain buyers through loyalty and rewards programs, digital marketing campaigns, and gift card offerings.

Operational tools, such as Square Team Management and Square Payroll, allow sellers to manage scheduling, performance, and payroll administration.

These products integrate directly with Square’s commerce and financial services, providing sellers with a cohesive experience.

For developers and larger sellers, Square offers application programming interfaces and software development kits that extend Square’s commerce and payments functionality to custom applications and third-party systems, enabling deeper integration and expanding payment volume across channels.

• Square Hardware is custom-designed and can process all major card payment forms, including magnetic stripe, EMV chip, and NFC (contactless).

Sellers are able to accept cards issued by Visa, Mastercard, American Express, Discover, JCB (in Japan), Interac Flash (in Canada), e-Money (in Japan), and eftpos (in Australia).

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• Square Reader for magstripe enables swiped transactions of magnetic-stripe cards by connecting with an iOS or Android smartphone or tablet via the headphone jack or Lightning connector.

Cash App Ecosystem

• Square Handheld is a portable point-of-sale device that enables sellers to accept payments, manage orders, and perform back-of-house tasks through a single, integrated hardware solution.

Financial Solutions

Through our wholly-owned subsidiary bank, Square Financial Services, Inc.

(“Square Financial Services”) and with our third-party bank partners, we offer a growing number of Financial Solutions products that make it easier for sellers to manage cash flow and get faster access to funds.

These products include lending, deposits, savings, payment acceleration tools, and related financial services.

• Square Lending provides a platform of lending products to qualified Square sellers.

Square Loans facilitates loans to qualified Square sellers through Square Financial Services.

We are able to underwrite these loans by using our unique data set of the seller’s Square transactions to help facilitate loan underwriting and collections.

Generally, loan repayment occurs automatically through a fixed percentage of every card transaction a seller takes.

Loans are sized to be less than 20% of a seller's expected annual Square GPV and, by simply running their business, sellers historically have repaid their loans within ten months on average.

Since its public launch in May 2014, Square Loans has facilitated more than 4.0 million loans and advances, representing more than $32.8 billion in principal amount loaned or advanced.

We launched Square Credit Card in 2023 to provide another lending option to qualified Square sellers.

We generate revenue from lending primarily through loan origination and servicing fees and from the sale of loans to third-party investors.

• Instant Transfer enables sellers to receive funds from their payments instantly or later that same day.

Instant Transfer is an important tool for sellers that need faster access to their funds in order to better manage their cash flow or working capital.

We generate revenue from per-transfer fees.

• Square Checking provides sellers with an account provided through our bank partner that is eligible for FDIC deposit insurance if certain conditions are met.

Square Checking gives sellers instant access to their sales and the ability to immediately use those funds via a debit card (Square Card), withdraw funds from an ATM, or transfer funds via ACH.

We earn revenue on eligible transactions primarily through debit card interchange.

• Square Savings is an FDIC-insured, interest earning business savings account at Square Financial Services, with no monthly fees or minimums to open or maintain, designed to make cash flow management easier for sellers.

With Square Savings, sellers can put aside a portion of their sales in their savings account while also organizing their money within folders, streamlining the process of saving funds for specific goals and priorities, such as quarterly tax obligations.

We earn interest income from funds held in these accounts.

Bitcoin Ecosystem

Square provides bitcoin functionality that enables eligible sellers in the United States to accept bitcoin as a form of payment.

Sellers may accept bitcoin payments via the Lightning Network, a second-layer protocol built on the bitcoin blockchain that facilitates faster transactions with little to no fees.

Sellers may elect to retain proceeds in bitcoin or automatically convert them into U.S.

Additionally, Square allows sellers to acquire bitcoin by converting a portion of their daily card sales into bitcoin.

With Cash App, we are building an ecosystem of financial products and services that helps consumers manage their money by making it more relatable, instantly available, and universally accessible.

Cash App is primarily in the United States and has a diverse set of customers across demographics and regions.

In addition, we offer BNPL products across the United States, Australia, Canada, New Zealand and the United Kingdom.

We use our inflows framework to assess the performance of Cash App across transacting actives, inflows per active, and the monetization rate on inflows.

Strategic Priorities

Cash App sits at the intersection of three traditionally-distinct use cases:

financial services, community based transactions (peer-to-peer payments) and commerce.

Our approach for Cash App is to combine these three areas together in a unique manner to define a new product category and reinvent banking for our customers.

With its bank partners, Cash App aims to become one of the top providers of banking services to households in the United States that earn up to $150,000 per year.

To achieve this, we have a three-part strategy:

(1) bank our base, (2) move upmarket by serving families, and (3) build the next-generation social bank.

The majority of our near term focus and current investments are on Banking our Base, the first part of our strategy, where we see the most direct opportunity to drive meaningful top line growth for Cash App.

As part of our strategy we plan to continue to build trust with our customers and enhance our safety, security, and support for current and prospective customers.

• Bank Our Base:

Cash App Card is generally customers’ entry point into a deeper banking relationship with Cash App.

Beyond Cash App Card, we want to provide other banking services to our customers through our third-party bank partners.

Cash App offers a compelling financial services offering to eligible customers that utilize direct deposit on a monthly basis, including an attractive savings rate, free in-network ATM withdrawals, free overdraft coverage up to a certain amount, and priority phone support.

We plan to continue launching additional products and features to strengthen our value proposition and also to invest in incentives and marketing to drive awareness and adoption of direct deposit.

• Move Upmarket by Serving Families:

Over the last few years, we made Cash App available to individuals aged 13 and older, first starting with Cash App Card and peer to peer transfers and then expanding into additional banking features.

We’ve been focused on building trust and safety for teens and their parents by giving parents transparency into their family’s activity, allowing them to set permissions, and offering a robust set of oversight and controls.

Through this effort, we’re positioning Cash App for long-term growth by serving families in the near-term and then growing with our teen customer base as they mature, their income grows, and they engage more deeply with the full suite of banking products and financial services that Cash App offers through our third-party bank partners.

• Build the Next-Generation Social Bank:

We are continuing to invest in building our social-driven feature set through areas like expanded profile functionality, sharing/recommendations, and exploring new ways for our customer base to transact together through financial services that have historically been disconnected from the community.

A big part of this vision is linking Square’s local priority with Cash App.

We want to enable more local commerce by connecting our two largest ecosystems, with Cash App customers buying from Square sellers.

Inflows and Outflows

Customers can use Cash App to inflow funds in a variety of ways, including by receiving money from another Cash App customer through the app’s core peer-to-peer transfer service, transferring money from a bank account, depositing mobile checks, adding physical cash at participating retailers, receiving a recurring paycheck by direct deposit, and through other inflow channels.

Customers can fund their Cash App accounts in a variety of ways, including by receiving money from another Cash App customer through the app’s core peer-to-peer transfer service, transferring money from a bank account, depositing mobile checks, adding physical cash at participating retailers, receiving a recurring paycheck by direct deposit, and through other channels.

These funds can then be sent to another customer through the app, spent anywhere that accepts Visa cards or Cash App Pay, withdrawn from an ATM using the Cash App Card, invested in stocks or exchange-traded funds (“ETFs”), used to buy bitcoin, or transferred to a bank account (either instantly for a fee or for free in one to three days).

We serve our customers through a broad suite of financial services, and earning their trust is a key factor in how we can deepen our financial relationship with them.

The breadth of our financial service offerings allows us to increase our share of wallet as well as expand our customer base to serve a wider variety of demographics.

We develop trust with customers by offering reliable, easy, and secure access to their accounts and convenient support.

We also adapt the amount of funds a customer can bring in through specific channels based on risk profile, and as we improve our understanding of a customer’s identity.

We believe building and maintaining deep trust with our customers will drive greater product adoption and increased inflows into our ecosystem.

Product Categories

Banking Services

Through third-party bank partners, we offer a growing number of banking services that are designed to make it easier for customers to manage cash flow and provide them with fast access to funds.

Strategic Priorities

Cash App is building the financial operating system for the next generation through four integrated capabilities:

networks, commerce, banking, and bitcoin.

Each capability addresses a distinct financial need while reinforcing the others through shared infrastructure and automation.

Together, these capabilities connect people to their communities, help customers manage and spend their money, support saving and borrowing, and enable easy access to bitcoin.

We measure progress through network density, engagement, and product adoption across each capability.

Cash App’s foundation is its customer networks that engage with each other through peer to peer functionality.

We are focused on deepening relationships among individuals and their local communities through features that make transacting and sharing money simple and social.

We are focused on expanding access by serving younger customers and families, and have made Cash App available to individuals aged 13 and older.

Teens can use Cash App with parental oversight, allowing parents to set permissions, view activity, and maintain transparency over spending.

We are also developing social and community-based features such as expanded profiles, pools, sharing and recommendations, and Neighborhoods, which help customers connect with people and businesses nearby.

These features are designed to make Cash App a more interactive, social, and trusted financial network.

Over time, this connected network supports local commerce and strengthens the relationship between Cash App and Square sellers.

Our commerce products help customers manage their spending.

Cash App connects consumers and merchants through Pay Now products such as Cash App Card, Cash App Pay, and our BNPL products, enabling flexible and secure payments across online and in-person channels.

Our banking initiatives aim to help customers save, invest, and borrow more effectively to drive customer value and deeper primary banking relationships with Cash App.

Through Square Financial Services and with our third-party bank partners, we offer direct deposit and lending products.

Cash App also offers higher savings yield, overdraft protection up to certain limits, free in-network ATM withdrawals and priority support for customers with Cash App Green.

We continue to invest in new programs like Cash App Green, which are designed to deepen engagement with customers who use Cash App as their primary financial account by providing benefits to customers who meet certain deposit or spending thresholds.

Bitcoin is a key component of Cash App’s strategy to expand financial access.

Customers can buy, sell, and send bitcoin directly within Cash App and use the Lightning Network to pay with bitcoin quickly and at low cost.

Commerce Enablement

Cash App’s Commerce Enablement products connect consumers and merchants through a broad range of Pay Now and Pay Later capabilities that help consumers manage everyday spending and make money movement fast and accessible.

Together, these products represent a core component of Cash App’s strategy to build a connected financial platform for the next generation while strengthening engagement across the broader ecosystem.

• Cash App Card is a debit card, issued by our bank partner, and linked directly to a customer’s Cash App balance.

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Customers can select new or promotional Cash App Card designs for a fee, and can also withdraw funds from an ATM using the Cash App Card.

Customers can also purchase and send gift cards at specific merchants to other customers, and recipients can spend them with their Cash App Card.

• Direct deposit capabilities, in alliance with our bank partner and system processor, allow customers to receive their recurring paycheck, tax refund, or government disbursement into their Cash App account, which they can then use to send, spend, store, or invest.

• Savings allows customers to hold a separate savings balance at our bank partner, and easily set and track towards financial goals.

Customers can add money to Savings using their Cash App balance, a linked debit card, or through Round Ups on purchases with Cash App Card.

• Cash Offers (formerly Boost) is a free and instant rewards program that offers customers discounts at specific businesses (e.g., 10% off a purchase on DoorDash) or at certain business types (e.g., grocery stores).

Customers can select the Cash Offers they want to apply to their Cash App Card, and the discount is instantly applied to their Cash App balance for eligible transactions.

Some Cash Offers are selected and funded by Cash App, while others are funded by our partners.

Costs related to the Cash App rewards program that are funded by Cash App are recognized as reductions to revenue.

• Cash App Borrow:

We believe credit is an area within our financial services offerings where we can provide simple, fair, and accessible products that promote financial health.

Cash App Borrow, our first credit product for consumers, allows customers to access short-term loans for a small fee.

The product offers eligible Cash App customers up to $1,000 at any one time that they can pay back in scheduled installments or as a percentage of what they receive into Cash App.

We determine a Cash App customer’s eligibility based on prudent risk management by using our unique data set that includes a customer’s inflows and engagement on Cash App.

The average Cash App Borrow loan was repaid in less than four weeks in 2024.

BNPL Platform

Cash App is focused on driving greater commerce between consumers and merchants.

Our BNPL platform facilitates commerce between retail merchants and consumers by allowing its retail merchant clients to offer their customers the ability to buy goods and services on a BNPL basis.

Our BNPL platform provides consumers the ability to get desired items now but pay for them later, while simultaneously helping merchants increase sales and order values.

We have a range of products across our BNPL platform.

Through the use of our BNPL platform, consumers can split their purchases into generally three or four installments, typically due in two-week increments, without paying fees (if payments are made on time).

• Cash App Pay is a simple, mobile-friendly way for Cash App customers to pay at merchants across online and in-person channels.

• Cash App Business allows businesses to accept payments for their business through Cash App for a fee, while allowing higher weekly limits and providing relevant tax reporting forms.

BNPL Products

Cash App and Afterpay offer a wide range of Pay Later capabilities that make purchasing more flexible and accessible for consumers.

For merchants, these offerings are designed to improve conversion and increase average order values.

Through the use of our BNPL products, consumers can split their purchases into generally three or four installments, typically due in two-week increments, without paying fees (if payments are made on time).

We pay retail merchants the full order value up front (less a percentage fee) and assume the risk of non-payment from the consumer.

• Monthly Payment Solution:

We also offer the ability for consumers to pay for larger transaction sizes over a six- or twelve-month period using a monthly payment option.

• Pay Monthly:

We also offer the ability for consumers to pay for larger transaction sizes over a three-, six-, twelve-, or twenty-four-month period using a monthly payment option.

The structure of the product includes no late fees and no compounding interest with a cap on total interest owed.

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• Advertising and affiliate:

Our BNPL platform generates hundreds of millions of leads each year for merchants and has channeled this demand towards scaling an ads and affiliate program for its merchants:

We generate hundreds of millions of leads each year for merchants and we have channeled this demand towards scaling an ads and affiliate program for our merchants:

for affiliate relationships, we receive a commission when a consumer begins their shopping journey in the Afterpay App and makes a purchase.

We may also receive digital advertising revenue based on clicks to a merchant site from the Afterpay App as well as flat fees for premium ad placements.

• Shop directory:

We operate an online shop directory, which allows consumers to search by product category for stores that offer Afterpay as a payment option.

• Afterpay Card, Afterpay Plus Card:

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The Afterpay Plus Card is currently available to select Afterpay consumers in certain regions for a monthly fee and allows them to shop in-store anywhere that Apple Pay or Google Pay is accepted.

Peer-to-peer payments form the basis of our Community development pillar because customers engage in financial transactions with other members of the Cash App community.

• Afterpay Post-Purchase:

Allows eligible consumers to convert completed transactions into installment payments, extending Afterpay’s Pay Later functionality beyond the point of sale.

We charge a flat finance fee depending on a customer’s state of residence.

Financial Solutions

Cash App’s Financial Solutions help customers better manage their financial lives with a suite of banking, lending, and investment tools.

Through Square Financial Services and third-party bank partners, we offer a growing number of banking services that are designed to make it easier for customers to manage cash flow and provide them with fast access to funds.

• Cash App Borrow:

Cash App Borrow provides eligible customers with access to short-term loans for a fixed fee, with repayment made through scheduled installments or as a percentage of amounts received into the customer’s Cash App account.

Eligibility and loan terms are determined using proprietary underwriting models that incorporate customer transaction history and other data available within the Cash App ecosystem.

Our underwriting framework leverages internally developed models informed by more than a decade of experience managing lending risk across Block, as well as millions of historical repayment outcomes and near real-time Cash App transaction data to assess and monitor credit risk.

In 2025, the average Cash App Borrow loan was repaid in less than four weeks.

In 2025, we also introduced Cash App Score, an internally developed credit scoring framework used to support underwriting decisions, credit limit management, portfolio monitoring, and product eligibility across our lending offerings.

We expect our credit models and scoring infrastructure to support responsible borrowing and the disciplined expansion of access to credit within the Cash App ecosystem.

• Instant Deposit:

Customers are able to instantly transfer funds from Cash App to a bank account for a fee.

We believe our customer base values fast access to funds, and this speed is one example of how we differentiate our ecosystem.

• Peer-to-peer:

Payments form the basis of our Community development pillar because customers engage in financial transactions with other members of the Cash App community.

When customers use peer-to-peer, they are inviting their friends, family, and coworkers to download Cash App so that they can send each other money.

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We charge a fee to the sender when transactions are funded using a credit card, and a fee to the recipient if it is a business account.

Instant Deposit was the first feature we started monetizing on Cash App.

Customers are able to instantly transfer funds from Cash App to a bank account for a small fee.

We believe our customer base values fast access to funds, and this speed is one example of how we differentiate our ecosystem.

Cash App Pay is a simple, mobile-friendly way for Cash App customers to pay at merchants across online and in-person channels.

Cash App Pay allows customers to seamlessly pay with a Cash App account at participating merchants like DoorDash, Lyft, Google Play Store, Temu, and many more, including thousands of Square sellers.

For in-person and desktop web transactions customers simply scan a merchant’s QR code at checkout.

On mobile devices, customers can click the Cash App Pay button at checkout for a payment process that is fast, elegantly designed, and secure.

We have a simple bitcoin exchange and custody solution that provides customers with an onramp and offramp to buy and sell bitcoin with Cash App for as little as $1 and a custodial account to store it securely without needing to keep track of any private keys.

• Savings allows customers to designate a separate savings balance, and easily set and track towards financial goals.

Customers can add money to their savings balance using their Cash App balance, a linked debit card, or direct deposit through Round Ups on purchases with Cash App Card.

• Stock Brokerage:

Customers can use Cash App to invest their funds for free in U.S.

listed stocks and ETFs for as little as $1.

• Tax Preparation:

Cash App Taxes provides a seamless, mobile-first solution for consumers to file their taxes for free.

Bitcoin Ecosystem

We have a simple bitcoin exchange and custody solution that provides customers with an on-ramp and off-ramp to buy and sell bitcoin with Cash App for as little as $1 and a custodial account to store it securely without needing to keep track of any private keys.

Our solution offers features that allow customers to complete auto buys and custom limit orders, as well as direct deposit to auto-convert their paycheck into bitcoin and earn instant bitcoin rewards on Cash App Card purchases.

We have also focused on payments through bitcoin.

Given our network scale, we believe Cash App can help bitcoin evolve beyond an asset class and enable transactional utility, which is why we launched our offering in 2018 with the ability to deposit and withdraw bitcoin across the blockchain.

We have since added the ability for customers to send bitcoin across the Cash App network to any phone number or $Cashtag, creating an easy-to-use off-chain network for bitcoin payments that settles instantly between transacting actives.

We also allow U.S.

actives to send and receive bitcoin to/from anyone with a compatible wallet via the Lightning Network.

The Lightning Network is a second layer technology applied to the bitcoin blockchain that enables faster transactions with little to no fees.

Tax Preparation

Cash App Taxes provides a seamless, mobile-first solution for consumers to file their taxes for free.

Stock Brokerage

Customers can also use Cash App to invest their funds for free in U.S.

listed stocks and ETFs.

We believe this makes investing more accessible by giving customers access to hundreds of listed stocks and ETFs that they can purchase using their Cash App balance or a linked debit card for as little as $1.

Once the order is filled, all investments are viewable through the stocks applet.

Business Accounts

Cash App allows business accounts to collect payments for their business by accepting peer-to-peer transactions for a fee, while allowing higher weekly limits and providing relevant tax reporting forms.

In addition to Cash App and Square, we operate other businesses that advance our purpose of economic empowerment, primarily through bitcoin innovation and infrastructure.

Bitcoin Ecosystem

Bitkey is a self-custody bitcoin wallet that gives individuals secure control over their bitcoin without relying on third-party custodians.

Bitkey combines a mobile application, a hardware device, and recovery options that balance accessibility with security.

Bitkey supports customers globally and is designed to increase individual participation in the bitcoin network by simplifying self-custody.

Proto designs mining systems and firmware in order to make the bitcoin network more decentralized, efficient, and accessible.

Proto’s work includes the design of mining systems and open-source firmware that aim to lower barriers to entry for miners while promoting transparency in bitcoin mining.

• Open-Source and Network Initiatives:

We also support Spiral, an independent team focused on contributing to open-source bitcoin development and ecosystem growth.

Spiral’s efforts advance the scalability, security, and usability of the bitcoin protocol and related tools, benefiting the broader bitcoin community.

Sales and Marketing

Square Ecosystem

The Square ecosystem has a strong brand affinity among its sellers.

Our Net Promoter Score (“NPS”) has averaged 53 over the past four quarters, which is notably higher than the average score for banking providers.

Our high NPS means Square sellers recommend our services to others, which we believe strengthens the Square brand and helps drive efficient customer acquisition.

The Square ecosystem has a strong brand affinity among its sellers, which we believe strengthens the Square brand and helps drive efficient customer acquisition.

Direct marketing, online and offline, has also been an effective customer acquisition channel.

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Historically, our sales team was primarily focused on converting inbound leads from interest generated through other acquisition channels, and in more recent years, we have built out an outbound sales team focused on outreach to new prospective sellers.

These outbound sales were traditionally done remotely via telephone.

In the fourth quarter of 2024, we began hiring a field sales team to focus exclusively on in-person seller outreach to further increase acquisition of larger sellers.

In 2025, we continued expanding our field sales organization, which now has approximately 150 representatives.

We intend to continue expanding our field sales presence in domestic and international markets.

Our direct, ongoing interactions with our sellers help us tailor offerings to them, at scale, and in the context of their usage.

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In addition to direct channels, we work with third-party developers and other partners who offer our solutions to their customers.

Partners expand our addressable market to sellers with individualized or industry-specific needs.

Through the Square App Marketplace, Square partners are able to expand their own addressable market by reaching the millions of sellers using Square.

As of December 31, 2025, Square had more than 1,000 managed partners connected to its platform.

Cash App Ecosystem

Cash App has also developed a strong brand, which can be traced back to our compelling features, self-serve experience, unique design, and engaging marketing.

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We do not generate revenue on the majority of peer-to-peer transactions and for these transactions we characterize card issuance costs, peer-to-peer costs, and risk loss as a sales and marketing expense.

We continued to increase the pace of product development to support customer acquisition and retention.

Cash App also uses paid marketing, including referrals, advertising spend, partnerships, and social media campaigns, to expand its network, as these programs help reach new customers, enhance its brand, and improve retention among existing customers.

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This team builds relationships with several of the largest and most well known merchants in the US and relevant international markets for BNPL.

Additionally, we see the launch and advertising of new Cash App features as an important way to attract new customers and engage existing customers.

Features such as Cash App Card and Offers rewards, bitcoin buying and selling, investing in stocks and ETFs, Cash App Pay, and a tax preparation service enhance Cash App’s utility for customers and provide reasons for consumers to try Cash App.

Product Development and Technology

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In our Square ecosystem, this technology platform enables us to capture and analyze billions of transactions per year and automate risk assessment for more than 99.95% of all transactions.

Our hardware is designed and developed in-house, and we contract with third-party manufacturers for production.

Our Square hardware is designed and developed in-house, and we contract with third-party manufacturers for production.

Our Competition

Square Ecosystem

The markets in which our Square ecosystem operates are competitive and evolving.

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We seek to differentiate ourselves from competitors primarily on the basis of our extensive commerce ecosystem and our focus on building remarkable products and services that are cohesive, fast, self-serve, and elegant.

In addition, we differentiate ourselves by offering transparent pricing, no long-term contracts, and our ability to innovate and reshape the industries we operate in to expand access to traditionally unserved or underserved sellers.

In addition, we differentiate ourselves by offering transparent pricing, no mandatory long-term contracts, and our ability to innovate and reshape the industries we operate in to expand access to traditionally unserved or underserved sellers.

With respect to each of these factors, we believe that we compare favorably to our competitors.

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• Established or new alternative lenders.

Cash App Ecosystem

Cash App competes with other companies in peer-to-peer payments, debit and prepaid cards, credit card rewards, stock trading, tax filing, digital wallet, bitcoin exchanges, BNPL providers, and shopping and consumer demand generation.

Our competitors include money transfer apps, prepaid debit card offerings, brokerage firms, tax firms, financial technology apps, banks, and crypto trading services.

Our competitors include money transfer apps, debit card offerings, brokerage firms, tax firms, financial technology apps, banks, and crypto trading services.

We compete primarily on our differentiated lifestyle brand, the breadth of our network, the range of products in our ecosystem, and the simplicity and quality of our customer experience.

We invest in brand, design, and technology to keep our products fast and simple, while also improving and expanding our features.

We invest in brand, design, and technology with an aim to keep our products fast and simple, while also improving and expanding our features.

Intellectual Property

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It is our practice to enter into confidentiality, non-disclosure, and invention assignment agreements with our employees and contractors, and into confidentiality and non-disclosure agreements with other third parties, in order to limit access to, and disclosure and use of, our confidential information and proprietary technology.

In addition to these contractual measures, we also rely on a combination of trademarks, trade dress, copyrights, registered domain names, trade secrets, and patent rights to help protect our brand and our other intellectual property.

Additionally, we regularly contribute software source code under open source and other permissive licenses and have made other technology we developed available under such licenses, and we include open source software in our products.

In addition to these contractual measures, we also rely on a combination of trademarks, trade dress, domain names, copyrights, trade secrets, and patent rights to help protect our brand and our other intellectual property.

Additionally, we regularly contribute software source code under open source and other permissive licenses and have made other technology we developed, such as AI agents, available under such licenses, and we include open source software in our products.

We have developed a patent program and strategy to identify, apply for, and secure patents for innovative aspects of our products, services, and technologies where appropriate.

We also actively pursue registration of our trademarks, logos, service marks, trade dress, and domain names in the United States and in other jurisdictions.

We also pursue registration of our trademarks, logos, service marks, trade dress, and domain names in the United States and in other jurisdictions.

We intend to file additional patent applications as we continue to innovate through our research and development efforts and to pursue additional patent protection to the extent we deem it beneficial and cost-effective, including acquiring patent assets or licensing patent rights from third parties.

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Consumer Protection

The Consumer Financial Protection Bureau and other federal, local, state, and foreign regulatory and law enforcement agencies regulate financial products and enforce consumer protection laws, including those applicable to credit, deposit, and payments services, and other similar services.

Federal, local, state, and foreign regulatory and law enforcement agencies regulate financial products and enforce consumer protection laws, including those applicable to credit, deposit, and payments services, and other similar services.

These agencies have broad consumer protection mandates, and they promulgate, interpret, and enforce rules and regulations that affect our business.

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Bank Regulation

We obtained approval from the Federal Deposit Insurance Corporation ("FDIC") and the Utah Department of Financial Institutions to open an ILC.

The opening of Square Financial Services, Inc., our ILC, in March 2021 subjects us to direct state and federal regulatory supervision and requires compliance with applicable banking regulations.

Our subsidiary, Square Financial Services, operates as a Utah-chartered industrial loan company governed by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation ("FDIC").

Deposit insurance is provided by the FDIC.

Our partnerships with FDIC-insured financial institutions to offer certain banking products to customers also subject us to certain federal banking regulations.

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Virtual Currency Regulation

We are subject to certain licensing and supervisory frameworks as a result of our Cash App offering, through which customers can use their stored funds to buy, hold and sell bitcoin, and transfer bitcoin to and from Cash App.

We are subject to certain licensing and supervisory frameworks as a result of our virtual currency offerings, through which customers can buy, receive, hold and sell bitcoin, and transfer bitcoin.

Square sellers can also receive bitcoin as a form of payment.

We currently hold a New York State BitLicense and a Virtual Currency Business License in Louisiana.

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This aspect of our business, including the collection, use, disclosure, and protection of the information we acquire from our own services as well as from third-party sources, is subject to laws and regulations in the United States, the European Union, and elsewhere.

Accordingly, we publish our privacy policies and terms of service, which describe our practices concerning the use, transmission, and disclosure of information.

Accordingly, we publish our privacy notices and terms of service, which describe our practices concerning the use, transmission, and disclosure of information.

As our business continues to expand in the United States and worldwide, and as laws and regulations continue to be passed and their interpretations continue to evolve in numerous jurisdictions, additional laws and regulations may become relevant to us.

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As our business continues to develop and expand, additional laws, rules and regulations may become relevant.

Historically, transaction-based revenue for our Square ecosystem has been strongest in our fourth quarter and weakest in our first quarter, as our sellers typically generate additional GPV during the holiday season.

Subscription and services-based revenue generally demonstrates less seasonality than transaction-based revenue.

Hardware revenue generally demonstrates less seasonality than transaction-based revenue, with most fluctuations tied to periodic product launches, promotions, or other arrangements with our retail partners.

Historically, commerce enablement revenue for our Square ecosystem has been strongest in our fourth quarter and weakest in our first quarter, as our sellers typically generate additional GPV during the holiday season.

Financial solutions and bitcoin ecosystem revenues generally demonstrate less seasonality than commerce enablement revenue.

Historically, our Cash App ecosystem has experienced improvements in revenue, gross profit, and inflows related to the distribution of government funds as customers have deposited more funds into Cash App during these times, including during the first quarter when U.S.

tax refunds are typically distributed.

Certain products within Cash App may also experience stronger fourth quarters and weaker first quarters, such as our BNPL platform, which typically generates additional revenue and gross profit during the holiday season.

Certain products within Cash App may also experience stronger fourth quarters and weaker first quarters, such as our BNPL products, which typically generates additional revenue and gross profit during the holiday season.

Typical seasonality trends for the Cash App ecosystem are also impacted by bitcoin revenue, which is driven by customer demand and the current market price of bitcoin, and as such, may not be indicative of future performance and skew typical seasonality trends in the Cash App ecosystem.

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We also engage temporary employees and consultants as needed to support our operations.

In November 2023, we announced we would implement an absolute cap of 12,000 on the number of employees we have at our company.

We expect to keep this cap in place until we believe the growth of the business has meaningfully outpaced the growth of our company.

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

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

We expect that the execution of the Workforce Plan will be substantially complete by the end of the second quarter of fiscal 2026.

We have a purpose-driven culture, with a focus on employee input and well-being, which we believe enables us to attract and retain exceptional talent.

We offer learning and development programs for all employees, as well as a robust manager training program.

Employees have the opportunity to actively voice their questions and thoughts through many internal channels, including our company townhall meetings and bi-annual employee engagement surveys.

We offer learning and development programs for all employees, including manager enablement offerings.

Employees have the opportunity to actively voice their questions and thoughts through many internal channels, including our company townhall meetings.

Our distributed work model means that we no longer have a designated headquarters location and, for the vast majority of roles, employees have the flexibility to work within or outside a Block office space.

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We consider it a business requirement to build a company that reflects the customers and communities we serve.

In 2024, we established company-wide manager expectations, including their responsibility to break down silos and hierarchy, maintain physiological safety and seek divergent perspectives.

We have established company-wide manager expectations, including their responsibility to break down silos and hierarchy, maintain physiological safety and seek divergent perspectives.

Across our employee programs, we have embedded policies and practices to ensure that hiring, promotion and compensation decisions are based on merit alone.

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In 2020, we adopted a distributed work model and we no longer have a designated headquarters location.

Our principal executive office, which we are required to identify under Securities and Exchange Commission ("SEC") rules, is 1955 Broadway, Suite 600 Oakland, CA 94612.

Our principal executive office, which we are required to identify under SEC rules, is 1955 Broadway, Suite 600 Oakland, CA 94612.

Our telephone number is (415) 375-3176.

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The information contained in, or accessible through, our website (including any referenced reports or documents) is not part of or incorporated into, this Annual Report on Form 10-K.

We use various trademarks and trade names in our business, including “Block,” “Square,” “Cash App” and “Afterpay,” which we have registered in the United States and in various other countries.

We use various trademarks and trade names in our business, including “Block,” “Square,” “Cash App,” “Afterpay,” and "Proto," which we have registered in the United States and in various other countries.

This Annual Report on Form 10-K also contains trademarks and trade names of other businesses that are the property of their respective holders.

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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-K

Item 1. Business