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SEGMENT AND GEOGRAPHICAL INFORMATION | 9 Months Ended
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Sep. 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 September 30, 2025 |  | Nine Months Ended September 30, 2025 |  |
| Cash App |  | Square |  | Corporate and Other |  | Total |  | Cash App |  | Square |  | Corporate and Other |  | Total |  |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction-based revenue | $ | 56,113 |  |  | $ | 1,817,364 |  |  | $ | — |  |  | $ | 1,873,477 |  |  | $ | 182,866 |  |  | $ | 5,058,740 |  |  | $ | — |  |  | $ | 5,241,606 |  |  |  |  |  |  |  |  |
Subscription and services-based revenue | 1,777,646 |  |  | 382,177 |  |  | 45,066 |  |  | 2,204,889 |  |  | 4,929,403 |  |  | 1,090,617 |  |  | 128,446 |  |  | 6,148,466 |  |  |  |  |  |  |  |  |
Hardware revenue | — |  |  | 40,653 |  |  | 29,539 |  |  | 70,192 |  |  | — |  |  | 109,271 |  |  | 30,034 |  |  | 139,305 |  |  |  |  |  |  |  |  |
Bitcoin revenue | 1,965,742 |  |  | 652 |  |  | — |  |  | 1,966,394 |  |  | 6,411,176 |  |  | 652 |  |  | — |  |  | 6,411,828 |  |  |  |  |  |  |  |  |
Segment revenue | $ | 3,799,501 |  |  | $ | 2,240,846 |  |  | $ | 74,605 |  |  | $ | 6,114,952 |  |  | $ | 11,523,445 |  |  | $ | 6,259,280 |  |  | $ | 158,480 |  |  | $ | 17,941,205 |  |  |  |  |  |  |  |  |
Less: Cost of revenue | 2,175,548 |  |  | 1,223,186 |  |  | 54,648 |  |  | 3,453,382 |  |  | 7,019,041 |  |  | 3,316,911 |  |  | 117,550 |  |  | 10,453,502 |  |  |  |  |  |  |  |  |
Segment gross profit | $ | 1,623,953 |  |  | $ | 1,017,660 |  |  | $ | 19,957 |  |  | $ | 2,661,570 |  |  | $ | 4,504,404 |  |  | $ | 2,942,369 |  |  | $ | 40,930 |  |  | $ | 7,487,703 |  |  |  |  |  |  |  |  |
Interest revenue | $ | 48,814 |  |  | $ | 11,025 |  |  | $ | — |  |  | $ | 59,839 |  |  | $ | 148,178 |  |  | $ | 29,510 |  |  | $ | — |  |  | $ | 177,688 |  |  |  |  |  |  |  |  |
Amortization of acquired technology assets | $ | 12,896 |  |  | $ | 961 |  |  | $ | — |  |  | $ | 13,857 |  |  | $ | 38,959 |  |  | $ | 3,976 |  |  | $ | — |  |  | $ | 42,935 |  |  |  |  |  |  |  |  |
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024 |  |
| Cash App |  | Square |  | Corporate and Other |  | Total |  | Cash App |  | Square |  | Corporate and Other |  | Total |  |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction-based revenue | $ | 69,995 |  |  | $ | 1,642,426 |  |  | $ | — |  |  | $ | 1,712,421 |  |  | $ | 278,126 |  |  | $ | 4,658,471 |  |  | $ | — |  |  | $ | 4,936,597 |  |  |  |  |  |  |  |  |
Subscription and services-based revenue | 1,430,970 |  |  | 322,582 |  |  | 44,381 |  |  | 1,797,933 |  |  | 4,181,703 |  |  | 941,417 |  |  | 145,000 |  |  | 5,268,120 |  |  |  |  |  |  |  |  |
Hardware revenue | — |  |  | 36,729 |  |  | 110 |  |  | 36,839 |  |  | — |  |  | 111,377 |  |  | 923 |  |  | 112,300 |  |  |  |  |  |  |  |  |
Bitcoin revenue | 2,428,608 |  |  | — |  |  | — |  |  | 2,428,608 |  |  | 7,771,475 |  |  | — |  |  | — |  |  | 7,771,475 |  |  |  |  |  |  |  |  |
Segment revenue | $ | 3,929,573 |  |  | $ | 2,001,737 |  |  | $ | 44,491 |  |  | $ | 5,975,801 |  |  | $ | 12,231,304 |  |  | $ | 5,711,265 |  |  | $ | 145,923 |  |  | $ | 18,088,492 |  |  |  |  |  |  |  |  |
Less: Cost of revenue | 2,623,630 |  |  | 1,069,381 |  |  | 33,105 |  |  | 3,726,116 |  |  | 8,367,890 |  |  | 3,036,053 |  |  | 106,911 |  |  | 11,510,854 |  |  |  |  |  |  |  |  |
Segment gross profit | $ | 1,305,943 |  |  | $ | 932,356 |  |  | $ | 11,386 |  |  | $ | 2,249,685 |  |  | $ | 3,863,414 |  |  | $ | 2,675,212 |  |  | $ | 39,012 |  |  | $ | 6,577,638 |  |  |  |  |  |  |  |  |
Interest revenue | $ | 51,418 |  |  | $ | 10,218 |  |  | $ | — |  |  | $ | 61,636 |  |  | $ | 137,189 |  |  | $ | 27,933 |  |  | $ | — |  |  | $ | 165,122 |  |  |  |  |  |  |  |  |
Amortization of acquired technology assets | $ | 13,928 |  |  | $ | 1,493 |  |  | $ | 1,765 |  |  | $ | 17,186 |  |  | $ | 41,288 |  |  | $ | 6,219 |  |  | $ | 5,295 |  |  | $ | 52,802 |  |  |  |  |  |  |  |  |
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 September 30, |  | Nine Months Ended September 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Total segment gross profit | $ | 2,661,570 |  |  | $ | 2,249,685 |  |  | $ | 7,487,703 |  |  | $ | 6,577,638 |  |  |  |  |
Less: Product development | 711,235 |  |  | 710,983 |  |  | 2,197,222 |  |  | 2,144,720 |  |  |  |  |
Less: Sales and marketing | 599,333 |  |  | 511,755 |  |  | 1,653,524 |  |  | 1,463,202 |  |  |  |  |
Less: General and administrative | 543,974 |  |  | 475,855 |  |  | 1,485,008 |  |  | 1,420,683 |  |  |  |  |
Less: Transaction, loan, and consumer receivable losses | 363,455 |  |  | 192,062 |  |  | 827,234 |  |  | 549,603 |  |  |  |  |
Less: Amortization of customer and other intangible assets | 34,133 |  |  | 36,021 |  |  | 101,680 |  |  | 120,116 |  |  |  |  |
Less: Interest expense (income), net | 34,652 |  |  | 13,811 |  |  | 75,582 |  |  | (6,805) |  |  |  |  |
Less: Remeasurement gain on bitcoin investment | (59,588) |  |  | (5,288) |  |  | (178,402) |  |  | (168,576) |  |  |  |  |
Less: Other income, net | (167,150) |  |  | (9,661) |  |  | (162,103) |  |  | (24,665) |  |  |  |  |
Income before applicable income taxes | $ | 601,526 |  |  | $ | 324,147 |  |  | $ | 1,487,958 |  |  | $ | 1,079,360 |  |  |  |  |
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 September 30, |  | Nine Months Ended September 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
United States | $ | 5,584,897 |  |  | $ | 5,519,879 |  |  | $ | 16,494,950 |  |  | $ | 16,818,047 |  |  |  |  |
International | 530,055 |  |  | 455,922 |  |  | 1,446,255 |  |  | 1,270,445 |  |  |  |  |
Total | $ | 6,114,952 |  |  | $ | 5,975,801 |  |  | $ | 17,941,205 |  |  | $ | 18,088,492 |  |  |  |  |
No individual country from the international markets contributed more than 10% of total revenue for the three and nine months ended September 30, 2025 and September 30, 2024. Long-Lived Assets The following table details long-lived assets by geography (in thousands):
| September 30, 2025 |  | December 31, 2024
United States | $ | 7,346,692 |  |  | $ | 7,435,117 |
Australia | 4,415,081 |  |  | 4,159,229 |
Other international | 1,929,342 |  |  | 1,790,529 |
Total | $ | 13,691,115 |  |  | $ | 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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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