XML 37 R26.htm IDEA: XBRL DOCUMENT v3.25.2
SEGMENT AND GEOGRAPHICAL INFORMATION
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHICAL INFORMATION SEGMENT AND GEOGRAPHICAL INFORMATION
The Company reports its segments to reflect the manner in which the Company's chief operating decision maker ("CODM") reviews and assesses performance. The Company's CODM is the Block Head and Chairperson. The Company has two reportable segments, Square and Cash App. Products and services that are not assigned to a specific reportable segment, including but not limited to TIDAL and other emerging ecosystems, are aggregated and presented within a general corporate and other category. Square and Cash App are defined as follows:

Cash App includes the financial tools available to individuals within the mobile Cash App, including peer-to-peer payments, bitcoin and stock investments. Cash App also includes Cash App Card which is linked to customer stored balances that customers can use to pay for purchases or withdraw funds from an ATM, as well as Cash App Borrow, which is a credit product that allows eligible customers to access short-term loans for a small fee. Cash App also includes the BNPL platform.

Square includes managed payment services, software solutions, hardware, and financial services offered to sellers, excluding those that involve Cash App.

The primary financial measures used by the CODM to evaluate performance and allocate resources are revenue and gross profit. The CODM uses segment gross profit for each segment during the annual budgeting and forecasting process. Further, the CODM uses gross profit as the metric to guide the business trajectory and to consider the overall gross profit growth by segment on a quarterly basis, when making decisions about the allocation of operating and capital resources to each segment. The CODM does not evaluate performance or allocate resources based on segment asset data, and therefore such information is not included.

The following tables present information on the reportable segments revenue and segment gross profit, as well as amounts for the "Corporate and Other" category, which includes products and services not assigned to reportable segments and intersegment eliminations (in thousands):
Three Months Ended
June 30, 2025
Six Months Ended
June 30, 2025
Cash AppSquareCorporate and Other TotalCash AppSquareCorporate and Other Total
Revenue:
Transaction-based revenue$60,515 $1,756,883 $— $1,817,398 $126,753 $3,241,376 $— $3,368,129 
Subscription and services-based revenue1,640,381 369,292 42,931 2,052,604 3,151,755 708,441 83,381 3,943,577 
Hardware revenue— 40,100 323 40,423 — 68,618 495 69,113 
Bitcoin revenue2,144,032 — — 2,144,032 4,445,434 — — 4,445,434 
Segment revenue$3,844,928 $2,166,275 $43,254 $6,054,457 $7,723,942 $4,018,435 $83,876 $11,826,253 
Less: Cost of revenue2,344,428 1,139,464 34,035 3,517,927 4,843,491 2,093,726 62,903 7,000,120 
Segment gross profit$1,500,500 $1,026,811 $9,219 $2,536,530 $2,880,451 $1,924,709 $20,973 $4,826,133 
Interest revenue$50,126 $10,548 $— $60,674 $99,364 $18,485 $— $117,849 
Amortization of acquired technology assets$12,897 $1,507 $— $14,404 $26,063 $3,015 $— $29,078 
Three Months Ended
June 30, 2024
Six Months Ended
June 30, 2024
Cash AppSquareCorporate and Other TotalCash AppSquareCorporate and Other Total
Revenue:
Transaction-based revenue$98,912 $1,614,055 $— $1,712,967 $208,131 $3,016,045 $— $3,224,176 
Subscription and services-based revenue1,418,172 322,617 47,104 1,787,893 2,750,732 618,835 100,620 3,470,187 
Hardware revenue— 42,818 142 42,960 — 74,648 813 75,461 
Bitcoin revenue2,611,743 — — 2,611,743 5,342,867 — — 5,342,867 
Segment revenue$4,128,827 $1,979,490 $47,246 $6,155,563 $8,301,730 $3,709,528 $101,433 $12,112,691 
Less: Cost of revenue2,829,883 1,056,906 35,294 3,922,083 5,744,260 1,966,671 73,807 7,784,738 
Segment gross profit $1,298,944 $922,584 $11,952 $2,233,480 $2,557,470 $1,742,857 $27,626 $4,327,953 
Interest revenue$44,999 $9,597 $— $54,596 $85,771 $17,715 $— $103,486 
Amortization of acquired technology assets$13,635 $2,189 $1,765 $17,589 $27,360 $4,726 $3,530 $35,616 

The following table provides a reconciliation of total segment gross profit to the Company’s income (loss) before applicable income taxes (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Total segment gross profit$2,536,530 $2,233,480 $4,826,133 $4,327,953 
Less: Product development725,288 713,163 1,485,987 1,433,737 
Less: Sales and marketing549,731 507,562 1,054,191 951,447 
Less: General and administrative449,237 473,568 941,034 944,828 
Less: Transaction, loan, and consumer receivable losses294,090 191,812 463,779 357,541 
Less: Amortization of customer and other intangible assets33,891 40,813 67,547 84,095 
Less: Interest expense (income), net23,687 (1,871)40,930 (20,616)
Less: Remeasurement loss (gain) on bitcoin investment(212,165)70,116 (118,814)(163,288)
Less: Other expense (income), net13,389 (10,584)5,047 (15,004)
Income before applicable income taxes$659,382 $248,901 $886,432 $755,213 

Revenue

Revenue by geography is based on the addresses of the sellers or customers. The following table details revenue by geographic area (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
United States$5,562,423 $5,731,874 $10,910,053 $11,298,171 
International492,034 423,689 916,200 814,520 
Total$6,054,457 $6,155,563 $11,826,253 $12,112,691 
No individual country from the international markets contributed more than 10% of total revenue for the three and six months ended June 30, 2025 and June 30, 2024.

Long-Lived Assets

The following table details long-lived assets by geography (in thousands):
  June 30, 2025December 31, 2024
United States$7,337,011 $7,435,117 
Australia4,398,250 4,159,229 
Other international1,963,690 1,790,529 
Total$13,698,951 $13,384,875 

Assets by reportable segment were not included, as this information is not reviewed by the CODM to make operating decisions or allocate resources and is reviewed on a consolidated basis.