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OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-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 receivable448,406 478,767 
Prepaid expenses288,707 129,343 
Accounts receivable, net238,207 148,898 
Inventory, net158,319 104,990 
Short term deposits110,236 87,968 
Other491,510 324,198 
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 deposits297,432 241,884 
Accounts payable114,572 117,963 
Operating lease liabilities, current55,349 52,880 
Accrued royalties51,596 57,605 
Accrued transaction losses (i)
49,250 58,580 
Other301,642 270,898 
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,
20252024
Accrued transaction losses, beginning of the period$58,580 $54,042 
Provision for transaction losses114,173 111,163 
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 cash73,786 69,915 
Other257,853 131,794 
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 additions6,001 4,500 
Gross unrealized gains171,640 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)