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OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) | 12 Months Ended
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Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) | OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) Other Current Assets The following table presents the detail of other current assets (in thousands):
| December 31, 2025 |  | December 31, 2024
Restricted cash (i) | $ | 1,071,574 |  |  | $ | 902,478 |
Loans held for sale (ii) | 782,966 |  |  | 1,111,107 |
Processing costs receivable | 448,406 |  |  | 478,767 |
Prepaid expenses | 288,707 |  |  | 129,343 |
Accounts receivable, net | 238,207 |  |  | 148,898 |
Inventory, net | 158,319 |  |  | 104,990 |
Short term deposits | 110,236 |  |  | 87,968 |
Other | 491,510 |  |  | 324,198 |
Total | $ | 3,589,925 |  |  | $ | 3,287,749 |
(i) Includes a portion invested in money market funds. Refer to Note 5, Fair Value Measurements for further details. (ii) Refer to Note 7, Customer Loans for further details. The following table presents the detail of inventory, net (in thousands):
| December 31, 2025 |  | December 31, 2024
Raw materials | $ | 16,054 |  |  | $ | 16,168 |
Work in process | 46,791 |  |  | 3,784 |
Finished goods | 95,474 |  |  | 85,038 |
Total inventory, net | $ | 158,319 |  |  | $ | 104,990 |
Accrued Expenses and Other Current Liabilities The following table presents the detail of accrued expenses and other current liabilities (in thousands):
| December 31, 2025 |  | December 31, 2024
Accrued expenses | $ | 669,052 |  |  | $ | 725,339 |
Customer deposits | 297,432 |  |  | 241,884 |
Accounts payable | 114,572 |  |  | 117,963 |
Operating lease liabilities, current | 55,349 |  |  | 52,880 |
Accrued royalties | 51,596 |  |  | 57,605 |
Accrued transaction losses (i) | 49,250 |  |  | 58,580 |
Other | 301,642 |  |  | 270,898 |
Total | $ | 1,538,893 |  |  | $ | 1,525,149 |
(i) The Company is exposed to potential credit losses related to transactions processed by sellers that are subsequently subject to chargebacks when the Company is unable to collect from the sellers primarily due to insolvency. Generally, the Company estimates the potential loss rates based on historical experience that is continuously adjusted for new information and incorporates, where applicable, reasonable and supportable forecasts about future expectations. The following table summarizes the activities of the Company’s reserve for transaction losses (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  |
Accrued transaction losses, beginning of the period | $ | 58,580 |  |  | $ | 54,042 |  |  |
Provision for transaction losses | 114,173 |  |  | 111,163 |  |  |
Charge-offs to accrued transaction losses | (123,503) |  |  | (106,625) |  |  |
Accrued transaction losses, end of the period | $ | 49,250 |  |  | $ | 58,580 |  |  |
In addition to amounts reflected in the table above, the Company recognized additional provision for transaction losses that was realized and written-off within the same period. Such losses are primarily related to Cash App transactions, such as peer-to-peer transactions and negative balances, that are uncertain in nature. The Company recorded $265.8 million and $274.8 million for the years ended December 31, 2025 and 2024, respectively, for such losses. Losses from peer-to-peer activity are classified within sales and marketing expenses, while all other transaction losses, including negative balances, are presented within transaction, loan, and consumer receivable losses on the consolidated statements of operations. OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) Other Non-Current Assets The following table presents the detail of other non-current assets (in thousands):
| December 31, 2025 |  | December 31, 2024
Investment in non-marketable equity securities (i) | $ | 423,198 |  |  | $ | 245,557 |
Restricted cash | 73,786 |  |  | 69,915 |
Other | 257,853 |  |  | 131,794 |
Total | $ | 754,837 |  |  | $ | 447,266 |
(i) Investment in non-marketable equity securities represents the Company's investments in equity of non-public entities. These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. During the year ended December 31, 2025, one of the Company's investments closed on an additional financing round, which the Company assessed as an observable price change in an orderly transaction. The Company recorded a $171.6 million upward adjustment to the carrying value of this investment, resulting in a carrying value of $329.8 million as of December 31, 2025. Adjustments are recorded within other expense (income), net on the consolidated statements of operations. The adjustments to the carrying value of the Company's non-marketable equity securities measured using the measurement alternative were as follows (in thousands):
| December 31, 2025 |  | December 31, 2024
Carrying amount, beginning of period | $ | 245,557 |  |  | $ | 205,268 |
Net additions | 6,001 |  |  | 4,500 |
Gross unrealized gains | 171,640 |  |  | 70,702 |
Gross unrealized losses and impairments | — |  |  | (34,913) |
Carrying amount, end of period | $ | 423,198 |  |  | $ | 245,557 |
The following table summarizes the cumulative net unrealized upward and downward adjustments related to the Company's non-marketable equity securities measured using the measurement alternative (in thousands):
| December 31, 2025 |  | December 31, 2024
Upward adjustments | $ | 326,970 |  |  | $ | 155,329 |
Downward adjustments (including impairment) | $ | (2,061) |  |  | $ | (2,061) |

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