Block, Inc.

“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 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.”

“In the year ended December 31, 2025, more than 4.5 million sellers used the Square ecosystem to make 5.9 billion individual sales transactions totaling $250 billion of Square GPV.”

“As of December 2025, Cash App had 59 million monthly transacting actives across the United States. In 2025, Cash App transacting actives brought $316 billion in inflows into Cash App.”

“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.”

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

“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.”

“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”

“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 nearly 300 labels and distributors.”

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

“we identified three reportable revenue categories: Commerce Enablement, Financial Solutions, and the Bitcoin Ecosystem ... Together, these revenue categories generated $10.4 billion in gross profit in 2025.”

“Our business depends on our ability to accept credit and debit cards, and this ability is provided by the payment card networks, including Visa, Mastercard, American Express, and Discover.”

“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”

“Over time, with its bank partners, Cash App is aiming to become one of the top providers of banking services to households in the United States that earn up to $150,000 per year.”

“We are required to pay interchange and assessment fees, processing fees, and bank settlement fees to third-party payment processors, payment networks, and financial institutions.”

“our ability to service our debt, including our Convertible Notes and our Senior Notes (each as defined below); counterparty risk with respect to our convertible note hedge transactions”

“our ability and timing to integrate artificial intelligence and cryptocurrency features into our business and products, the expected benefits of artificial intelligence ("AI") tools to our employees, to our customers, to the pace of our innovation and to our overall business”

“we had approximately $9.2 billion in available liquidity, with $8.4 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as an undrawn amount of $775.0 million available under our revolving credit facility”

“the dual-listing of our Class A common stock on the NYSE and our CHESS Depositary Interests ("CDIs") on the Australian Securities Exchange ("ASX")”

“We currently hold a New York State BitLicense and a Virtual Currency Business License in Louisiana ... we hold an Australian Financial Services License issued by the Australian Securities and Investments Commission ... we are licensed as an Electronic Money Institution ... in the United Kingdom by the Financial Conduct Authority and in the European Union by the Central Bank of Ireland.”

“We are subject to anti-money laundering ("AML"), anti-corruption, and economic and trade sanctions laws and regulations in the United States and other jurisdictions in which we operate.”

“We are subject to risks related to the banking ecosystem, including through Square Financial Services, our bank partnerships, and FDIC and other regulatory obligations.”

“Our loan products are subject to risks related to general macroeconomic conditions and increase our exposure to customer defaults.”

“risks related to disruptions in or negative perceptions of the cryptocurrency market ... any failure to safeguard the bitcoin we hold on behalf of ourselves and other parties”

“We generally do not have long-term contracts with our sellers and customers, and the difficulty and costs associated with switching to a competitor may not be significant for many of the services we offer.”

“our recently announced workforce reduction and related reorganization, including the potential for increased reliance on proactive intelligence and artificial intelligence tools”