Block (XYZ) 10-K risk factor changes: FY2024 vs FY2023

- risks related to our majority interest in [removed: TIDAL;][added: TIDAL.]

- risks related to the banking ecosystem, including through Square Financial [removed: Services,] [added: Services ("Square Financial Services"),] our bank partnerships, and FDIC and other regulatory obligations; [removed: and]

- any shortage, price increases, tariffs, changes, delay or discontinuation of our key components; [added: and]

- the integration of our services and our products with a variety of operating [removed: systems; and][added: systems.]

- our ability to service our debt, including our [removed: convertible notes] [added: Convertible Notes] and our Senior Notes [removed: (as] [added: (each as] defined below);

- our bitcoin investments being subject to volatile market [removed: prices, impairment,] [added: prices] and other risks of loss;

- complex and evolving regulations and oversight related to privacy, data protection, and [removed: information security;][added: cybersecurity;]

- regulatory scrutiny or changes in the [removed: BNPL] [added: buy now pay later ("BNPL")] space;

For example, in recent periods our Cash App segment revenue [removed: has grown at a high rate, which] [added: and gross profit growth] has varied and may continue to vary from the growth rate of our Square segment.

Growth in transacting actives on Cash App and customers’ level of engagement with our products and services on Cash App are [removed: essential] [added: important] to our success and long-term financial performance.

However, the growth rate of transacting actives has fluctuated over time, [added: has slowed in recent quarters,] and [removed: it] may slow or decline in the future.

A number of factors have affected and could negatively affect Cash App customer growth, inflows, and engagement levels, including our ability to introduce new products and services that are compelling to our customers and that they adopt, changes to our systems, processes or other technical or operational requirements that impact how customers use or access our products and services, the impact on our network of other customers choosing whether to use Cash App, our decision to expand into or exit certain markets, technical or other problems that affect customer experience, failure to provide sufficient customer support, fraud and scams targeting Cash App customers, [added: changes in the regulatory environment or regulations applicable to us,] and harm to our reputation and brand.

If we are unable to [removed: encourage] [added: increase] broader use of our products and services within each of our ecosystems by our existing sellers and customers, our growth may slow or stop, and our business may be materially and adversely affected.

Thus, we may not be able to maintain [removed: profitability.][added: profitability or our profitability may decline.]

If the costs associated with acquiring and supporting new or larger sellers, attracting and supporting new Cash App customers, or with developing and supporting [removed: our products and] [added: products,] services [added: and technologies] materially increase in the future, including the fees we pay to third parties to advertise our products and [removed: services,] [added: services and compliance costs,] our expenses may rise significantly.

In addition, increases in our seller base could cause us to incur increased [removed: losses] [added: costs] because costs associated with new sellers are generally incurred up front, while revenue is recognized in future periods as our products and services are used by our sellers.

For example, prior to [removed: its acquisition, Afterpay] [added: our acquisition of Afterpay, it] historically generated net losses.

If we are unable to generate adequate revenue growth and manage our [removed: expenses,] [added: expenses with respect to acquired businesses or our business as a whole,] we may incur significant losses and may not maintain profitability on a consistent basis.

From time to time, we have made and may make decisions that will have a negative effect on our short-term operating results if we believe those decisions will improve our operating results over the [removed: long term.][added: long-term.]

For example, [removed: from time to time,] we have [removed: implemented] [added: implemented, and may in the future implement,] expense cuts and reduced the size of our workforce to, among other things, align our cost structure with our business and longer term strategies, which may increase expenses in the short term and impact our ability to grow or quickly develop and introduce products.

The introduction and promotion of new products and services, as well as the promotion of existing products and services, may be partly dependent on our visibility on third-party advertising platforms, such as [removed: Google, Facebook,] [added: Google] or [removed: X.][added: Facebook.]

Harm to our brands can arise from many sources, including failure by us or our partners and service providers to satisfy expectations of service and quality; inadequate protection or misuse of sensitive information; fraud committed by third parties using our products or applications; compliance failures and claims; litigation, regulatory [removed: and other claims;] [added: claims, investigations, enforcement actions, settlements or consent orders;] errors caused by us or our partners; and misconduct by our partners, service providers, or other counterparties.

Rapid and significant technological changes continue to confront the industries in which we operate, including developments in omnichannel commerce, proximity payment devices (including contactless payments via NFC technology), digital banking, mobile financial apps, cryptocurrencies, tokenization (e.g., replacing sensitive data such as payment card information with symbols (tokens) to keep the data safe), blockchain, and [removed: artificial intelligence ("AI"),] [added: AI,] including machine learning.

We have incorporated and expect to continue to incorporate AI features into our products and technologies and our success will depend in part on our ability to do so in a way that is compelling to our [removed: customers.][added: customers and cost-effective.]

We often [removed: rely, not only on our own initiatives and innovations, but also] [added: rely] on third parties, including some of our competitors, for the development of and access to new technologies and development of a robust market for these new products and technologies.

We may experience adverse impacts to our business as a result of the downstream effects of the bankruptcies filed by certain cryptocurrency market [removed: participants, its severity,] [added: participants] and the actions taken by regulators to address [removed: its] [added: their] impact.

If the cryptocurrency environment [removed: deteriorates,] [added: either deteriorates or improves,] our customers may wish to sell their bitcoin at a price or volume that exceeds the market demand for bitcoin, which could cause disruptions in our operations and have a material and adverse effect on our business and financial condition.

If our customers experience losses due to market fluctuations in the prices of bitcoin, they may reduce or cease their use of Cash [removed: App] [added: App, or other bitcoin-related products,] and our results of operations may be adversely impacted.

[removed: Deteriorations] [added: Deterioration] in the cryptocurrency markets may also have an adverse effect on our reputation, and any negative perception by our customers of one or more [removed: cryptocurrencies] [added: cryptocurrencies, or our bitcoin operations,] may lead to a loss of customer demand for our products and services, any of which could have an adverse impact on our business and financial condition.

- acquired businesses or businesses that we invest in may not have adequate controls, processes, and procedures to ensure compliance with laws and regulations, including with respect to data privacy, data protection, and [removed: information security,] [added: cybersecurity,] and our due diligence process may not identify compliance issues or other liabilities.

Moreover, acquired businesses’ technology stacks may add complexity, resource constraints, and legacy technological challenges that make it difficult and time consuming to achieve such adequate controls, processes, and [removed: procedures.][added: procedures;]

- there may be risks associated with undetected security weaknesses, [removed: cyberattacks,] [added: cyber-attacks,] or security breaches or incidents at companies that we acquire or with which we may combine or partner;

- acquisitions could result in dilutive issuances of equity securities or the incurrence of [added: additional] debt.

If we fail to successfully operate and grow our TIDAL business, we will not realize the benefits anticipated when we acquired a majority interest in the business, and any such failure could result in adverse effects on our business and financial [removed: results, including substantial impairment charges.][added: results.]

- changes to [added: or restrictions on] the way we do business as compared with our current operations;

- enactment of [added: or increases in] tariffs, sanctions, fines, or other trade restrictions;

Although we rely on technology to assess [removed: consumers’] repayment capability for [removed: our BNPL] [added: these loan] products, there can be no guarantee that such processes will always accurately predict repayments.

Miscalculation of [removed: consumers’] repayment ability or a material increase in repayment failures, whether due to inflation, macroeconomic uncertainty and downturn, market volatility, or otherwise, may adversely affect our business, results of operations, and financial condition.

[removed: In addition, if] [added: If] consumers who have purchased products or services using our BNPL platform do not receive the products or services, they may [added: also] cease payment on their outstanding balances or request a refund on previous payments, and our business may be negatively impacted.

If a merchant ceases its operations, closes some or all of its locations, or fails to deliver goods or services to our [removed: consumers,] [added: BNPL customers,] the merchant may not be able to reimburse us for chargebacks or refunds or may not be able to repay the funds we have advanced to them, all of which could result in higher charge-off rates than anticipated.

- risks related to our loan products such as the availability of capital, repayments, and general macroeconomic conditions; and

We also plan to continue to invest in the development of new technologies and initiatives, which may not be successful or may not generate sufficient returns to offset the investment.

Even allegations regarding the foregoing may harm our reputation and brands and have an adverse impact on the market price on our Class A common stock.

It is difficult to predict all of the risks related to the use of AI because laws, rules, directives, and regulations governing the use of AI are evolving rapidly and our ability to develop or use AI may be adversely affected.

For example, we offer Cash App customers access to banking services and products through our bank partners.

We compete with established banks, neobanks, and other financial technology companies that provide access to similar offerings, some of which have larger established customer bases or provide customers with a different range of offerings than we do.

We also compete in the BNPL market and a number of our competitors have introduced or offer BNPL products.

For example, if demand increases sharply, either to buy or to sell, we may not be able to fulfill that demand in a timely manner or at all, which could result in customer frustration or movement to other platforms.

To ensure deposits are insured by the FDIC on a pass-through basis, we and our bank partners must meet certain conditions established by the FDIC, such as appropriately maintaining records of customers’ ownership of funds.

Should we or our bank partners be unable to satisfy these standards, we may have to discontinue certain product offerings or discontinue certain third-party relationships, and our business and operations may be materially and adversely affected.

Our loan products are subject to risks related to availability of capital and general macroeconomic conditions, and increase our exposure to customer defaults.

Revenue generated by our loan products such as Square Loans, as well as Cash App Borrow, and our BNPL products depends on our ability to recoup the loan amount.

The determination of the amount and timing of such royalty payments is complex and subject to a number of variables.

We have in the past and may in the future terminate or change the scope of our relationships with these banks and acquiring processors.

After such dates, the holders may convert all or a portion of such Convertible Notes at their option.

Moreover, the occurrence of the fundamental change itself could lead to such a default.

Any such default could have a material adverse effect on our business, results of operations, and financial condition.

Accordingly, fluctuations in the market value of bitcoin in any quarter may cause fluctuations in our financial results.

For example, in June 2024, the Office of the Treasurer and Tax Collector of the City and County of San Francisco (the "Tax Collector") finalized its audit and issued an assessment of San Francisco’s gross receipts tax, including interest and penalties, following its gross receipt tax audit for fiscal years 2020, 2021 and 2022.

The Tax Collector has asserted that incremental taxes are owed on a portion of the receipts generated by the Company related to sales of Bitcoin.

The Company strongly disagrees with the Tax Collector’s assessment and plans to vigorously pursue all available remedies.

In January 2025, the Tax Collector rejected the Company’s request for redetermination, and in January 2025 the Company paid the assessed amount of $71.4 million and plans to file a claim for a refund.

Should the Company not reach a settlement or prevail in its legal challenge, the Tax Collector may challenge the Company’s gross receipts tax position going forward, including for 2023 and 2024.

Countries we operate in have adopted or intend to adopt laws to implement this initiative.

Such countries and organizations are also actively considering changes to existing tax laws or have proposed or enacted new laws that could increase our tax obligations in countries where we do business or cause us to change the way we operate our business.

We currently have a share repurchase program and we may enter into share repurchase programs in the future.

The new minimum corporate income tax and 1% excise tax on share repurchases may result in additional taxes payable by us, which could materially and adversely affect our financial results and operations.

However, the IRS has delayed the $600 threshold for 2023 and prior tax years and affected businesses are only required to send out Forms 1099-K to taxpayers who receive over $20,000 and have over 200 transactions in those years.

According to IRS guidance released in 2024, the threshold for reporting is $5,000 for 2024, $2,500 for 2025, and $600 for 2026.

Refer to Note 15, *Income Taxes* within Notes to the Consolidated Financial Statements for further details.

In addition, certain regulators have imposed and in the future may impose additional requirements on our business as a condition for obtaining or maintaining permits, licenses or rights to conduct our business, including conditions under any settlements and consent orders with regulators, that restrict our business or our ability to take certain actions.

If we fail to comply with the terms of such permits, licenses or other requirements, we could face regulatory or other enforcement actions, penalties or we may not be able to continue operating our business in the same manner.

Refer to Note 19, *Commitments and Contingencies* within Notes to the Consolidated Financial Statements for further details on regulatory and litigation matters.

Regulatory, governmental and other agencies have and may continue to coordinate or share information from time to time, which may result in new or consolidated actions by various agencies against us.

We use similar mechanisms approved by the U.K. Information Commissioner’s Office when transferring personal data from the UK to other jurisdictions.

We are subject to risks related to legal and regulatory matters.

We have been, and may continue to be, subject to enforcement actions from regulatory bodies and governmental agencies, which may be public and may harm our brand and reputation, cause our customers to stop using our product or applications, cause our partners to discontinue their relationship with us, impair our ability to grow our customer base, subject us to financial penalties and liabilities, and otherwise adversely affect our business, financial condition, and results of operations.

For example, in January 2025, we entered into a Consent Order with the CFPB related to certain customer service and dispute resolutions matters.

Any noncompliance with the order may result in further exposure to CFPB action.

Our state money transmission license regulators also frequently collaborate on their examinations of our business.

- the ongoing integration of Afterpay with our business;

- risks related to our BNPL platform;

- additional risks of Square Loans related to the availability of capital, seller payments, interest rate, deposit insurance premiums, and general macroeconomic conditions.

- difficulties estimating the amount payable under TIDAL's license agreements.

- changes to our business practices imposed by FINRA based on our ownership of Cash App Investing;

- supervision and regulation of Square Financial Services, including the Dodd-Frank Act and its related regulations;

During the year ended December 31, 2023, we generated a net income of $9.8 million.

As of December 31, 2023, we had an accumulated deficit of $528.4 million.

For example, a number of competitors offer BNPL products.

The ongoing integration of Afterpay could disrupt our business and adversely affect our future results of operations.

Our ability to benefit from our acquisition of Afterpay depends on our ability to complete the integration of Afterpay with our business in a timely and effective manner.

Difficulties that we have encountered and may continue to encounter in the integration process include the following:

- challenges and difficulties associated with managing the larger, more complex, combined company;

- conforming standards and controls and consolidating corporate infrastructures between the companies;

- integrating personnel from the two companies while maintaining focus on developing, producing and delivering consistent, high quality products and services;

- loss of key employees;

- coordinating geographically dispersed organizations;

- potential unknown liabilities and unforeseen expenses; and

- the diversion of management’s attention caused by integrating the companies’ operations.

Further, the music industry is highly concentrated, which means we rely on a small number of entities that may take adverse actions or take advantage of their market power to pursue arduous financial or other terms that may adversely affect us or may restrict our ability to innovate and improve our streaming service.

Our streaming service also competes for listeners on the basis of the presence and visibility of our app, which is distributed via app stores operated by Apple and Google.

We face significant competition for listeners from these companies, which also promote their own music and content.

In addition, our competitors’ streaming products may be pre-loaded or integrated into consumer electronics products or automobiles more broadly than our streaming product, which makes such competitors more visible to consumers.

If we are unable to compete successfully for listeners against other media providers, then our TIDAL business may suffer.

We expect that the operation of our TIDAL business will require continued investment and management time and attention, none of which will ensure that we will be successful.

Our BNPL platform increases our exposure to consumer defaults and merchant insolvency.

Revenue generated from BNPL products depends on our ability to recoup the purchase value of the goods or services that consumers have purchased using our BNPL platform.

The performance of our BNPL platform depends also on the sales of products and services by retail merchants.

Merchants’ sales may decrease as a result of factors outside of their control, including deteriorating macroeconomic conditions and supply chain disruptions.

Moreover, if the financial condition of a merchant deteriorates significantly such that the merchant becomes subject to a bankruptcy proceeding, we may not be able to recover any amounts due to us from the merchant, and our financial results would be adversely affected.

Square Loans are subject to additional risks related to availability of capital, seller payments, interest rate, deposit insurance premiums, and general macroeconomic conditions.

Adverse changes in macroeconomic conditions may lead to a decrease in the number of sellers eligible for Square Loans and may strain our ability to correctly identify such sellers or manage the risk of non-payment or fraud as servicer of the business loans.

If we fail to correctly predict the likelihood of timely repayment or correctly price such business loans, our business may be materially and adversely affected.

Square Financial Services’ profitability depends, in part, on its net interest income.

Net interest income is the difference between interest income earned on interest-bearing assets, such as loans and securities, and interest expense paid on interest-bearing liabilities, such as deposits and borrowed funds.

The impact of any sudden and substantial move in interest rates and/or increased competition may have an adverse effect on our business, financial condition and results of operations, as our net interest income may be adversely affected.

These banks and acquiring processors may fail or refuse to process transactions adequately, may breach or terminate their agreements with us, or may refuse to renegotiate or renew these agreements on terms that are favorable or commercially reasonable.

Our TIDAL business depends upon maintaining complex licenses with copyright owners, and it is difficult to estimate the amount payable under our license agreements.

The determination of the amount and timing of such royalty payments is complex and subject to a number of variables, including the type of content accessed, the country in which it is accessed, the service tier such content is streamed on, the identity of the license holder to whom royalties are owed, the current size of our subscriber base, the applicability of any most favored nations provisions, and any applicable fees, waivers, and discounts, among other variables.

We may underpay/under-accrue or overpay/over-accrue the royalty amounts payable to record labels, music publishers, and other copyright owners.

*This section of this Form 10-K generally discusses fiscal [removed: 2023] [added: 2024] compared to fiscal [removed: 2022.][added: 2023.]

The comparison of the fiscal [removed: 2022] [added: 2023] results with the fiscal [removed: 2021] [added: 2022] results that are not included in this Form 10-K can be found in the "Management's Discussion and Analysis Results of Operations" section in the Company's fiscal [removed: 2022] [added: 2023] Annual Report within Part II, Item 7 of Form 10-K, filed on February [removed: 23, 2023.*][added: 22, 2024.*]

Cash App generated gross profit of [removed: $4.3] [added: $5.2] billion in [removed: 2023,] [added: 2024,] up [removed: 33%] [added: 21%] year over year.

Square generated gross profit of [removed: $3.1] [added: $3.6] billion in [removed: 2023,] [added: 2024,] up [removed: 16%] [added: 15%] year over [removed: year] [added: year,] as we continued to [removed: make progress growing upmarket with larger sellers] [added: increase product velocity] and [removed: optimizing] [added: optimize] our go-to-market strategies.

For the same period, net income [added: attributable to common stockholders] was [added: $2.9 billion compared to] $9.8 million, [removed: an increase of 102%, year over year,] and Adjusted EBITDA was [removed: $1.8] [added: $3.0] billion, an increase of [removed: 81%] [added: 69%] year over year.

[removed: In] [added: Starting in] 2023, we sharpened our focus on our organizational structure and expenditures with a view to identifying areas where we can be more cost efficient as we focus on disciplined growth and pursuing cost [removed: efficiencies and we expect to continue these efforts in 2024.][added: efficiencies.]

[removed: This involves] [added: In 2024, we continued to make progress on cost efficiency goals and we expect to continue these efforts, including] implementing greater expense discipline and reassessing certain contractual vendor arrangements.

[removed: We] [added: In 2023, we also announced we would implement an absolute cap of 12,000 on the number of employees we have at our company, which we have achieved in 2024, and we] plan to [added: continue to] operate below this cap through a combination of performance management, [removed: centralizing] [added: centralization of] teams and functions to reduce duplication, and prioritization of our scope.

We may continue to incur expenses, including restructuring costs, in the short term to implement these [removed: initiatives, but we expect to benefit from these actions in future periods.][added: initiatives.]

We ended [removed: 2023] [added: 2024] with [removed: $7.7] [added: $10.7] billion in available liquidity, with [removed: $6.9] [added: $9.9] 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.

On October 26, 2023, [removed: the] [added: our] board of directors [removed: of the Company] authorized the repurchase of up to $1 billion of the Company’s Class A common [removed: stock, which commenced in the fourth quarter of 2023.][added: stock.]

We also originate loans to the customers of certain [removed: sellers] [added: sellers,] which are generally repaid via ACH.

Cash App Borrow, the [removed: Company’s] first credit product for [removed: consumers,] [added: Cash App customers,] allows customers to access short-term loans for a small fee.

[removed: With] [added: For] both [removed: offerings,] [added: subscription channels,] we charge customers a monthly fee for those subscription services.

Interest [removed: Expense, net, and Other Income,] [added: Expense (Income),] net

[removed: Interest and other income and expense,] [added: Other expense (income),] net consists primarily of gains or losses arising from remeasurements of our investments in equity [removed: securities, bitcoin investment, interest expense related to our long-term debt, interest income on our investments in marketable debt securities,] [added: securities] and foreign currency-related gains and losses.

Provision [removed: (Benefit)] for [added: (Benefit from)] Income Taxes

The provision for [added: (benefit from)] income taxes consists primarily of federal, state, local, and foreign tax.

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | $ Change | | | | | | % Change | | |

| Transaction-based revenue | | | $ | [removed: 6,315,301] [added: 6,613,680] | | | | | $ | [removed: 5,701,540] [added: 6,315,301] | | | | | $ | [removed: 613,761] [added: 298,379] | | | | | [removed: 11] [added: 5] | | % |

| Subscription and services-based revenue | | | [removed: 5,944,842] [added: 7,164,799] | | | | | | [removed: 4,552,773] [added: 5,944,842] | | | | | | [removed: 1,392,069] [added: 1,219,957] | | | | | | [removed: 31] [added: 21] | | % |

| Hardware revenue | | | [removed: 157,178] [added: 143,369] | | | | | | [removed: 164,418] [added: 157,178] | | | | | | [removed: (7,240)] [added: (13,809)] | | | | | | NM (i) | | |

Total net revenue for the year ended December 31, [removed: 2023,] [added: 2024,] increased by [removed: $4.4] [added: $2.2] billion, or [removed: 25%,] [added: 10%,] compared to the year ended December 31, [removed: 2022.][added: 2023.]

Excluding bitcoin revenue, total net revenue increased by [removed: $2.0] [added: $1.5] billion, or [removed: 19%,] [added: 12%,] in the year ended December 31, [removed: 2023,] [added: 2024,] compared to the year ended December 31, [removed: 2022.][added: 2023.]

Transaction-based revenue for the year ended December 31, [removed: 2023] [added: 2024] increased by [removed: $613.8] [added: $298.4] million, or [removed: 11%,] [added: 5%,] compared to the year ended December 31, [removed: 2022.][added: 2023.]

This increase in revenue was largely in line with the increase in Gross Payment Volume ("GPV") of [removed: 12%] [added: 6%] for the year ended December 31, [removed: 2023,] [added: 2024,] compared to the year ended December 31, [removed: 2022.][added: 2023.]

Square GPV growth was driven by improvements in both card-present and card-not-present volumes as a result of growth from in-person and online channels, as well as growth in our international [removed: markets, and Cash App Business GPV growth was driven by increases in peer-to-peer transactions received by business accounts as well as peer-to-peer payments sent from a credit card.][added: markets.]

Subscription and services-based revenue for the year ended December 31, [removed: 2023] [added: 2024] increased by [removed: $1.4] [added: $1.2] billion, or [removed: 31%,] [added: 21%,] compared to the year ended December 31, [removed: 2022.][added: 2023.]

The increase was primarily due to growth in Cash App's financial service-related products, including Cash App Card usage, Cash App [added: Borrow, Cash App] Instant Deposit volumes, [added: and Cash App Pay,] as well as revenue from the BNPL [removed: platform and interest earned on customer funds.][added: platform.]

Revenue generated from the BNPL platform was [removed: $1.0] [added: $1.3] billion for the year ended December 31, [removed: 2023] [added: 2024] compared to [removed: $811.4 million] [added: $1.0 billion] for the year ended December 31, [removed: 2022.][added: 2023.]

Bitcoin revenue for the year ended December 31, [removed: 2023] [added: 2024] increased by [removed: $2.4 billion,] [added: $700.9 million,] or [removed: 34%,] [added: 7%,] compared to the year ended December 31, [removed: 2022.][added: 2023.]

This increase for the year ended December 31, [removed: 2023] [added: 2024] was driven [removed: primarily] by [added: an increase in] the [added: average market price of bitcoin, partially offset by a decrease in the] quantity of bitcoin sold to [removed: customers] [added: customers,] compared to the year ended December 31, [removed: 2022.][added: 2023.]

While bitcoin contributed [removed: 43%] [added: 42%] and [removed: 41%] [added: 43%] of the total revenue in [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively, gross profit generated from bitcoin was only 3% of the total gross profit in both [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

| Subscription and services-based costs | | | [removed: 1,075,129] [added: 1,135,813] | | | | | | [removed: 861,745] [added: 1,075,129] | | | | | | [removed: 213,384] [added: 60,684] | | | | | | [removed: 25] [added: 6] | | % |

| Hardware costs | | | [removed: 267,650] [added: 236,441] | | | | | | [removed: 286,995] [added: 267,650] | | | | | | [removed: (19,345)] [added: (31,209)] | | | | | | NM [removed: (i)] | | |

| Amortization of acquired technology assets | | | [added: 68,364 | | | | | |] 72,829 | | | | | | 70,194 | | | | | | [removed: 2,635] | | | | | | [removed: NM (i)] | | |

Total cost of revenue for the year ended December 31, [removed: 2023] [added: 2024] increased by [removed: $2.9 billion,] [added: $821.3 million,] or [removed: 25%,] [added: 6%,] compared to the year ended December 31, [removed: 2022.][added: 2023.]

Bitcoin costs of revenue, which increased by [removed: $2.3 billion,] [added: $617.3 million,] was the primary driver of the increase in total cost of revenue, with the remaining increase related to an increase in GPV.

Excluding bitcoin costs of revenue, total cost of revenue increased by approximately [removed: $534.7] [added: $204.0] million, or [removed: 12%,] [added: 4%,] in the year ended December 31, [removed: 2023,] [added: 2024,] compared to the year ended December 31, [removed: 2022.][added: 2023.]

Transaction-based costs for the year ended December 31, [removed: 2023] [added: 2024] increased by [removed: $338.0] [added: $179.0] million, or [removed: 10%,] [added: 5%,] compared to the year ended December 31, [removed: 2022, largely in line with the growth of GPV of 12%.][added: 2023.]

In addition, our nascent businesses include TIDAL and two bitcoin businesses, Bitkey and Proto.

We delivered strong growth across our primary ecosystems in 2024, with gross profit of $8.9 billion, up 18% year over year.

Performance was driven by growth in inflows per active as we execute on our Bank Our Base strategy, which prioritizes engaging customers with more products across our ecosystem and increasing paycheck deposit actives.

In 2024, operating income was $892.3 million and Adjusted Operating Income was $1.6 billion, compared to an operating loss of $278.8 million and Adjusted Operating Income of $351.4 million in 2023.

Net income for 2024 and 2023 included a gain of $420.9 million and $207.1 million, respectively, from the remeasurement of our bitcoin investment.

Additionally, as a result of our improved profitability in the United States, we released our valuation allowance associated with certain federal and state deferred tax assets, as well as recognized deferred tax assets as part of internal legal entity restructuring efforts, which resulted in one-time benefits to net income for 2024 of $1.9 billion.

These one-time tax benefits had a corresponding impact of $3.10 and $3.00 per share on our basic and diluted net income per share, respectively, for the year ended December 31, 2024.

We continue to realize benefits related to our focus on disciplined growth and cost efficiencies and we expect to continue to benefit from these actions in future periods.

During the second quarter of 2024, we issued $2.0 billion in aggregate principal amount of senior unsecured notes due 2032 ("2032 Senior Notes").

This represents an increase of $3.0 billion from the end of 2023.

On July 25, 2024, our board of directors authorized an increase to this share repurchase program to repurchase up to an additional $3 billion of our Class A common stock, for a total overall authorization of $4 billion.

The goal of the program is to return capital to shareholders.

As of December 31, 2024, we have repurchased $1.3 billion of our Class A common stock under the program, of which $1.2 billion was purchased in 2024.

For some of the loans, it is our intention to sell the rights, title, and interest to a third-party investor for an upfront fee.

We are retained by the third-party investor to service the loans and earn a servicing fee for facilitating the repayment of these loans through our payments solutions.

Interest expense (income), net consists primarily of interest expense related to our long-term debt and interest income on our investments in marketable debt securities.

Remeasurement Loss (Gain) on Bitcoin Investment

Remeasurement loss (gain) on bitcoin investment is the result of gains or losses arising from remeasurements of our bitcoin investment.

Other Expense (Income), net

| Bitcoin revenue | | | 10,199,205 | | | | | | 9,498,302 | | | | | | 700,903 | | | | | | 7 | | % |

| Total net revenue | | | $ | 24,121,053 | | | | | $ | 21,915,623 | | | | | $ | 2,205,430 | | | | | 10 | | % |

Bitcoin revenue increased by $700.9 million compared to the year ended December 31, 2023.

GPV increased due to overall Square GPV growth.

Growth in Square's financial services-related products, primarily Square Lending, also contributed to the increase in revenue in 2024.

| | | | 2024 | | | | | | 2023 | | | | | | $ Change | | | | | | % Change | | |

| Transaction-based costs | | | $ | 3,881,013 | | | | | $ | 3,702,016 | | | | | $ | 178,997 | | | | | 5 | | % |

| Bitcoin costs | | | 9,910,386 | | | | | | 9,293,113 | | | | | | 617,273 | | | | | | 7 | | % |

| Total cost of revenue | | | $ | 15,232,017 | | | | | $ | 14,410,737 | | | | | $ | 821,280 | | | | | 6 | | % |

Transaction-based costs were largely in line with the growth of GPV of 6%, partially offset by more favorable interchange economics for the year ended December 31, 2024.

The increase was driven by growth in Cash App's financial service-related products, including Cash App Card and related processing costs and fees as well as the cost of revenues associated with the BNPL platform.

| | | | 2024 | | | | | | 2023 | | | | | | $ Change | | | | | | % Change | | |

| Product development | | | $ | 2,914,415 | | | | | $ | 2,720,819 | | | | | $ | 193,596 | | | | | 7 | | % |

| Total operating expenses | | | $ | 7,996,709 | | | | | $ | 7,783,725 | | | | | $ | 212,984 | | | | | 3 | | % |

The increase in product development expenses was partially offset by a decrease of $87.9 million in personnel costs primarily due to a decrease in headcount, which is a result of executing on our cost efficiency goals and employee headcount cap.

Sales and marketing expenses for the year ended December 31, 2024, decreased by $34.7 million, or 2%, compared to the year ended December 31, 2023, primarily due to a decrease of $49.5 million in marketing and other advertising costs from decreased online campaigns as we focused on expense discipline as well as a release of estimated chargeback losses of $27.3 million in the first quarter of 2024.

The decrease was partially offset by charges related to changes to certain contractual arrangements as well as inventory write-offs during the third quarter of 2024.

- a decrease in personnel costs of $169.4 million due to a decrease in headcount as well as a reduction of facilities and other expenses of $59.5 million for the year ended December 31, 2024;

- a decrease in certain impairment charges related to TIDAL of $58.8 million compared to the year ended December 31, 2023.

Refer to Note 9, *Goodwill* within Notes to the Consolidated Financial Statements for more details; partially offset by

- an increase in accrued expenses for estimated and settled amounts in connection with certain litigation and regulatory matters of $231.9 million.

In addition, we also operate TIDAL, a global platform for musicians and fans, and TBD, an open developer platform, to contribute to our purpose of economic empowerment.

We delivered strong growth across our primary ecosystems in 2023.

Gross profit was $7.5 billion, up 25% year over year, driven primarily by our Cash App and Square ecosystems.

Performance was driven by growth in transacting actives and adoption by transacting actives of our broader ecosystem, including financial services products.

In 2023, operating loss was $278.8 million and Adjusted Operating Income was $351.4 million, a decrease of 55% and an increase of 342% year over year, respectively.

In November 2023, we announced we would implement an absolute cap of 12,000 on the number of employees we have at our company.

The Company recorded $104.0 million of severance and other related expenses for the year ended December 31, 2023, of which $70.2 million related to severance recognized in the fourth quarter of 2023.

This represents an increase of $205.8 million from the end of 2022, including a $461.8 million cash payment for the settlement of the outstanding 2023 Convertible Notes that matured in May 2023.

The goal of the program is to offset a portion of the dilution associated with stock-based compensation issued to employees as part of the Company’s overall compensation program.

In the fourth quarter of 2023, we repurchased $156.8 million under this program.

We have historically allocated the financial results from our BNPL platform equally to the Cash App and Square segments.

In the fourth quarter of 2023, we changed our management reporting structure and moved the business activities and management of our BNPL platform fully under the Cash App segment.

We believe that this transition will allow us to better focus on consumer based commerce as well as the development of its financial tools within the Cash App segment.

Accordingly, beginning with this Annual Report on Form 10-K, we have updated our segment reporting to incorporate the financial results of the BNPL platform within the Cash App segment, rather than allocating 50% of revenue and gross profit from our BNPL platform to each of the Square and Cash App segments.

We have also reflected this change for the applicable historical periods presented.

Prior to the launch of Square Financial Services, the loans were generally originated by a bank partner, from whom we purchased the loans to obtain all rights, title, and interests.

| Bitcoin revenue | | | 9,498,302 | | | | | | 7,112,856 | | | | | | 2,385,446 | | | | | | 34 | | % |

| Total net revenue | | | $ | 21,915,623 | | | | | $ | 17,531,587 | | | | | $ | 4,384,036 | | | | | 25 | | % |

(i) Not meaningful ("NM")

Bitcoin revenue increased by $2.4 billion and represented the primary driver of the increase in total net revenue.

GPV increased due to overall Square GPV growth as well as growth in Cash App Business GPV, which is comprised of Cash App activity related to peer-to-peer transactions received by business accounts.

The prevailing bitcoin prices fluctuated significantly within each year, but the average price for 2023 was only approximately 2% higher than 2022.

| Transaction-based costs | | | $ | 3,702,016 | | | | | $ | 3,364,028 | | | | | $ | 337,988 | | | | | 10 | | % |

| Bitcoin costs | | | 9,293,113 | | | | | | 6,956,733 | | | | | | 2,336,380 | | | | | | 34 | | % |

| Total cost of revenue | | | $ | 14,410,737 | | | | | $ | 11,539,695 | | | | | $ | 2,871,042 | | | | | 25 | | % |

Transaction-based costs grew at a slower pace compared to GPV due to more favorable interchange economics, which offset a higher percentage of card-present and credit card transactions, which are less favorable to our economics on a per transaction basis.

The increase was driven by:

- growth in Cash App's financial service-related products, including Cash App Card and related processing costs and fees, which is partially offset by favorable terms on such processing costs due to a contract renewal executed during the third quarter of fiscal year 2023; and

| Product development | | | $ | 2,720,819 | | | | | $ | 2,135,612 | | | | | $ | 585,207 | | | | | 27 | | % |

| *% of total net revenue* | | | — | | % | | | | — | | % | | | | | | | | | | | | |

| *% of total gross profit* | | | — | | % | | | | 1 | | % | | | | | | | | | | | | |

| Total operating expenses | | | $ | 7,783,725 | | | | | $ | 6,616,424 | | | | | $ | 1,167,301 | | | | | 18 | | % |

- an increase of $451.5 million in personnel costs primarily due to an increase in headcount among our engineering teams, as we continue to improve and diversify our products.

The increase in product development personnel costs includes an increase in share-based compensation expense of $200.4 million for the year ended December 31, 2023; and

- a decrease of $163.4 million in advertising costs, primarily from decreased online and television campaigns as we focused on expense discipline; partially offset by

- an increase of $87.7 million in sales and marketing personnel costs to maintain initiatives and $52.7 million in Cash App marketing.

The increase in sales and marketing personnel costs also includes an increase in share-based compensation expense of $25.4 million.

- an increase of $288.1 million in general and administrative personnel costs, mainly as a result of additions to our customer support and compliance personnel as we continue to maintain resources and skills to support our long-term growth; and

Transaction, loan, and consumer receivable losses for the year ended December 31, 2023, increased by $110.0 million, or 20%, compared to the year ended December 31, 2022, primarily due to the following:

- an increase in loan losses of $89.0 million compared to the year ended December 31, 2022, primarily due to increased loan volumes; and

As of December 31, [removed: 2023,] [added: 2024,] our marketable equity investments were immaterial.

As of December 31, [removed: 2023,] [added: 2024,] the aggregate carrying value of our non-marketable equity investments included in other non-current assets was [removed: $205.3] [added: $245.6] million.

[removed: Adjustments] [added: Our bitcoin investment is measured using observed prices from active exchanges and adjustments] are recorded in net income through “other expense (income), net” on the consolidated statements of operations.

As of December 31, [removed: 2023,] [added: 2024,] the fair value of our bitcoin investment included in other non-current assets was [removed: $339.9 million.][added: $792.3 million, and for the year ended December 31, 2024 and 2023, we recognized a $420.9 million and $207.1 million gain, respectively, from the remeasurement of our bitcoin investment.]

Our cash and cash equivalents, and marketable debt securities as of December 31, [removed: 2023] [added: 2024] were held primarily in [removed: cash] [added: certificates of] deposits, money market funds, U.S. government and agency securities, commercial paper, and corporate bonds.

We did not have any material gains and losses from foreign currency derivatives outstanding as of December 31, [removed: 2023.][added: 2024.]

The bitcoin market price may fluctuate significantly and a decline in the market price of bitcoin could result in a material and adverse effect on our financial results in future periods.

Our bitcoin investment is measured using observed prices from active exchanges which could result in volatility in our financial results in future periods.

A hypothetical 10% increase or decrease in the fair value of our bitcoin investment would not have a material effect on our financial results.

As we scale, we are focused on investing in [removed: developing] [added: building deeper] connections between our ecosystems and [removed: by creating more connections to increase] [added: increasing] the resilience of our [removed: overall] company.

Since our start in 2009 with the Square business, we have added Cash App, [removed: TIDAL,] and [removed: TBD as businesses.][added: relatively nascent businesses with TIDAL and two bitcoin businesses, Bitkey and Proto.]

These attributes differentiate Square in a fragmented industry that traditionally [removed: forces] [added: forced] sellers to stitch together products and services from multiple vendors, and often rely on inefficient non-digital processes and tools.

Our ability to add new sellers efficiently, help them grow their business, and cross-sell our products and services has historically [removed: led] [added: contributed] to [removed: continued and sustained] [added: our] long-term growth.

While Cash App started with the single ability to send and receive money, it now provides an ecosystem of financial services focused on helping consumers make their money go further by enabling customers to store, send, receive, spend, invest, [added: buy now, pay later ("BNPL"),] borrow or save their money with Cash App.

[removed: In 2021, we completed the acquisition of a majority ownership interest in TIDAL, expanding] [added: TIDAL expands] our purpose of economic empowerment to artists.

TIDAL offers an extensive catalog of more than [removed: 132] [added: 162] million songs and [removed: 774,000] [added: 927,000] high-quality videos.

TIDAL has a global presence with listeners in more than 60 countries and relationships with more than [removed: 200] [added: 300] labels and distributors.

Our bitcoin ecosystem includes [removed: TBD, which is an open developer platform focused on making the decentralized financial world accessible for everyone,] our bitcoin hardware projects, which include Bitkey, a self-custody bitcoin wallet, [added: Proto,] a bitcoin mining system, [added: as well as] Spiral, an independent team focused on contributing to bitcoin open source work.

Square sellers span geographies, including the United States, Canada, Japan, Australia, [removed: New Zealand,] the United Kingdom, Ireland, France, and Spain.

We [removed: are] [added: have] also increasingly [removed: serving] [added: served] mid-market sellers, which we define as sellers that generate more than $500,000 in annualized Square Gross Payment Volume (“Square GPV”), due to our ability to offer more flexible and complex solutions than traditional alternatives, as well as a growing product suite.

For the years ended December 31, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021,] [added: 2022,] none of our customers accounted for greater than 5% of Square GPV.

We define Square GPV as the total dollar amount of all card [added: and bank] payments processed by sellers using Square, net of [removed: refunds, and ACH transfers.][added: refunds.]

In the year ended December 31, [removed: 2023,] [added: 2024,] more than 4 million sellers used the Square ecosystem to make [removed: 4.0] [added: 5.2] billion individual sales transactions totaling [removed: $209.6] [added: $228] billion of Square GPV.

These sales transactions originated from [removed: 733] [added: more than 800] million payment cards, across [removed: 271] [added: more than 300] million buyer profiles.

The charts below show the percentage mix of our Square GPV by seller industry and seller size for the year ended December 31, [removed: 2023:][added: 2024:]

][added: Industry.jpg](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/sq-20241231_g1.jpg)]

[removed: ![GPV Mix] [added: ![Square GPV] by [removed: Seller 2023 (1).jpg](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/sq-20231231_g2.jpg)][added: Seller.jpg](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/sq-20241231_g2.jpg)]

[removed: As of December 2023, Cash App had 56 million monthly transacting actives across the United States and the U.K.] In [removed: 2023, across the iOS App Store and Google Play,] [added: 2024,] Cash App was the number one finance app [added: on Google Play] and [removed: the] number [removed: ten] [added: two finance] app [removed: overall] [added: on iOS based on downloads] in the United [removed: States, based on downloads.][added: States.]

Cash App has a diverse mix of [removed: customers, and] [added: customers and,] in the United States, [removed: Cash App] had monthly transacting actives in each of the 50 states and nearly every county as of December [removed: 2023.][added: 2024.]

In [removed: 2023,] [added: 2024,] Cash App transacting actives brought [removed: more than $248] [added: $283] billion in inflows into Cash App.

][added: Annual Inflows.jpg](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/sq-20241231_g3.jpg)]

![Cash [removed: App Annual] Inflows [removed: 2023 (1).jpg](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/sq-20231231_g4.jpg)][added: Per Active.jpg](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/sq-20241231_g4.jpg)]

Our Square ecosystem consists of more than 30 distinct software, hardware, and financial services [removed: products that provide cohesive Commerce, Customer Relationship Management, Staff Management, and Banking capabilities.][added: products.]

[removed: They] [added: Our products] are also flexible enough to serve the needs of both small, single location and large, complex multi-location sellers.

[removed: Strategic Priorities:] Our focus for Square is on four priorities: maintaining our secure, and flexible multi-product platform, providing a “local” experience to sellers of all sizes, growing with artificial intelligence (“AI”), and further developing our banking offering.

- [removed: Platform:] [added: Platform:] It is critical that we have a strong foundation to build upon to serve external customers through our developer platform and partner ecosystem, and our internal team's first party products.

- [removed: Square for Restaurants is a] [added: A] vertical solution tailored for both quick-service and full-service restaurants.

- [removed: Square Appointments is a] [added: A] vertical solution tailored for appointment-based businesses that need a point-of-sale application with integrated booking capabilities.

[removed: Square Appointments includes] [added: Our features include] a free online booking site so buyers can easily schedule appointments and select their preferred time, service, and staff member.

It is also integrated with Square Assistant, an AI-enabled automated messaging tool [removed: that responds] [added: designed] to [added: respond to] buyers efficiently and professionally, saving sellers' time and helping prevent missed appointments.

- [removed: Square for Retail is a] [added: A] vertical solution tailored for sellers in the retail industry.

[removed: - Square] [added: Square] Point of Sale is [removed: a general purpose point-of-sale] [added: our primary commerce] application for [removed: businesses that need] [added: sellers, and provides] an easy-to-use, customizable point-of-sale solution that adapts across business types and stages.

[removed: Orders,] [added: The system is designed for orders,] items, inventory, and customer data [added: to] stay in sync when selling both online and in-person.

- [removed: Square Invoices is a] [added: A] customizable digital invoicing solution with integrated and secure online payment acceptance.

Machine-learning algorithms [added: are designed to] automatically identify fraud patterns and adapt to fit a seller's operations.

Sellers are able to accept cards issued by Visa, Mastercard, American Express, Discover, [removed: JCB,] [added: JCB (in Japan),] Interac Flash (in Canada), e-Money (in Japan), and eftpos (in Australia).

It accepts tap, dip, and swipe [removed: payments and has a battery that lasts all day,] [added: payments,] enabling payments anywhere in the store.

[removed: Buyers] [added: We have found] that [added: buyers that] enroll in a Square Loyalty program [removed: are twice] [added: have been more than three times] as likely to be repeat customers and spend 50% [removed: more,] [added: more] on average.

These tools [added: are designed to] seamlessly integrate with other Square products eliminating the latent, time-consuming, and error-prone processes typically used to copy and sync data between disparate systems.

At Block, Inc. (together with its subsidiaries, "Block" or "we"), we are building an ecosystem dedicated to economic empowerment and unlocking access to the financial system for people around the world.

We do this by building the most relevant products and tools for the communities we serve including sellers, consumers, artists, fans and developers.

Our brands work together cohesively, often positively reinforcing one another and creating resonant relationships with people who use our products to meet multiple needs across the different aspects of their lives.

Similar to our Square ecosystem, we believe the aggregation of these products into one app differentiates Cash App from competitors and provides greater utility for customers, allowing Cash App to build retentive relationships with its customers.

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.

In the fourth quarter of 2024, we announced our decision to wind down TBD, which was an open developer platform for decentralized finance.

As of December 2024, Cash App had 57 million monthly transacting actives across the United States.

In the fourth quarter of 2024, our Cash App monthly transacting actives brought in an average of $1,255 of inflows during the quarter.


Most of our Square commerce products have a free tier (without a subscription fee), which we monetize only through transaction fees on card payments.

Some commerce products also have premium tiers with additional functionality, which we monetize through subscription fees in addition to transaction fees on payments.

Over the past year, we have modernized and simplified our Point of Sale applications, combining our vertical software solutions into one Square Point of Sale app, which now includes:

Our commerce products also include:

Software

- Square Lending provides a platform of lending products to qualified Square sellers.

- Square Checking provides sellers with an account provided by our bank partner that is eligible for FDIC deposit insurance if certain conditions are met.

Strategic Priorities

With its bank partners, Cash App aims to become one of the top providers of banking services to households in the United States that earn up to $150,000 per year.

To achieve this, we have a three-part strategy: (1) bank our base, (2) move upmarket by serving families, and (3) build the next-generation social bank. The majority of our near term focus and current investments are on Banking our Base, the first part of our strategy, where we see the most direct opportunity to drive meaningful top line growth for Cash App.

As part of our strategy we plan to continue to build trust with our customers and enhance our safety, security, and support for current and prospective customers.

- Bank Our Base: Cash App Card is generally customers’ entry point into a deeper banking relationship with Cash App.

Beyond Cash App Card, we want to provide other banking services to our customers through our third-party bank partners.

Cash App offers a compelling financial services offering to eligible customers that utilize direct deposit on a monthly basis, including an attractive savings rate, free in-network ATM withdrawals, free overdraft coverage up to a certain amount, and priority phone support.

We plan to continue launching additional products and features to strengthen our value proposition and also to invest in incentives and marketing to drive awareness and adoption of direct deposit.

- Move Upmarket by Serving Families: Over the last few years, we made Cash App available to individuals aged 13 and older, first starting with Cash App Card and peer to peer transfers and then expanding into additional banking features.

We’ve been focused on building trust and safety for teens and their parents by giving parents transparency into their family’s activity, allowing them to set permissions, and offering a robust set of oversight and controls.

Through this effort, we’re positioning Cash App for long-term growth by serving families in the near-term and then growing with our teen customer base as they mature, their income grows, and they engage more deeply with the full suite of banking products and financial services that Cash App offers through our third-party bank partners.

- Build the Next-Generation Social Bank: We are continuing to invest in building our social-driven feature set through areas like expanded profile functionality, sharing/recommendations, and exploring new ways for our customer base to transact together through financial services that have historically been disconnected from the community.

A big part of this vision is linking Square’s local priority with Cash App.

We want to enable more local commerce by connecting our two largest ecosystems, with Cash App customers buying from Square sellers.

*Inflows and Outflows*

*Trust*

Product Categories

Through third-party bank partners, we offer a growing number of banking services that are designed to make it easier for customers to manage cash flow and provide them with fast access to funds.

*BNPL Platform*

Similar to Pay in 4, we pay retail merchants the full order value up front (less a percentage fee) and assume the risk of non-payment from the consumer.

Cash App Pay allows customers to seamlessly pay with a Cash App account at participating merchants like DoorDash, Lyft, Google Play Store, Temu, and many more, including thousands of Square sellers.

For in-person and desktop web transactions customers simply scan a merchant’s QR code at checkout.

On mobile devices, customers can click the Cash App Pay button at checkout for a payment process that is fast, elegantly designed, and secure.

Historically, our sales team was primarily focused on converting inbound leads from interest generated through other acquisition channels, and in more recent years, we have built out an outbound sales team focused on outreach to new prospective sellers.

At Block, Inc. (together with its subsidiaries, "Block" or "we"), we are building an ecosystem of ecosystems, each focused on distinct customer audiences.

We define an ecosystem as a set of tools and services that work together cohesively, often positively reinforcing one another.

This helps create resilient relationships with customers as they use our tools and services to satisfy multiple needs.

Our ecosystems are united by our shared purpose of economic empowerment, with each ecosystem serving different people — sellers, consumers, artists, fans, and developers.

We have historically allocated the financial results from our buy now, pay later ("BNPL") platform equally to the Cash App and Square segments.

In the fourth quarter of 2023, we changed our management reporting structure and moved the business activities and management of our BNPL platform fully under Cash App.

We believe that this transition will allow us to better focus on consumer based commerce as well as the development of its financial tools within Cash App.

Emerging Ecosystems

We are also making modest investments in two relatively nascent and emerging ecosystems related to TIDAL and bitcoin, in order to serve new audiences.

In 2023, each Cash App monthly transacting active brought in an average of $384 of inflows in a given month during the year.


Commerce

Customers

Staff

Banking

This includes approximately 150,000 loans to small businesses representing more than $1.5 billion of Paycheck Protection Program (“PPP”) loans facilitated in 2020 and 2021, excluding canceled loans.

Our primary focus with Cash App, in alliance with our bank partners, is on earning the primary banking relationship of our existing customer base in the U.S.


*Lending*

Our BNPL platform serves as a connection point between our Square and Cash App ecosystems as we build out a marketplace that acts as a shopping destination for consumers to search for merchants and find offers.

As of December 2023, Cash App Pay is enabled for a subset of Square sellers that are using certain Square hardware and software products, as well as a subset of Afterpay merchants, and most recently launched with large payment service providers who can offer it to their merchants.

With Cash App Pay, Cash App customers can pay by simply scanning a QR code or tapping a button on their mobile device at checkout.

We plan to operate below this cap through a combination of performance management, centralizing teams and functions to reduce duplication, and prioritization of our scope.

In 2023, we equipped managers with tools to build and lead inclusive teams, expanded professional development opportunities for employees from traditionally underrepresented backgrounds, and continued to elevate diversity as a central component of our recruiting strategy.

Each year, we publish our workforce demographics to show how far we have come, where there is room to grow, and how our workforce is evolving.

The 2023 report is available at: https://block.xyz/inside/report-workforce-data-2023.

The contents of the report and our websites are not incorporated by reference into this Annual Report on Form 10-K.

We are currently a party to, and may in the future be involved in, various [removed: litigation matters (including intellectual property litigation),] legal [added: matters, investigations, subpoenas, inquiries, audits,] claims, [added: lawsuits] and [removed: government investigations.][added: disputes, including with regulatory bodies and governmental agencies.]

In addition, from time to time, we are involved in various other legal matters, investigations, [added: subpoenas, inquiries, audits,] claims, [added: lawsuits] and disputes arising in the ordinary course of business.

For information regarding legal proceedings in which we are involved, see "Litigation and Regulatory Matters" in Note 19, *Commitments and Contingencies* within Notes to the Consolidated Financial Statements, which is incorporated herein by reference.

Refer to Note 20, *Commitments and Contingencies* within Notes to the Consolidated Financial Statements for further information.

For the fiscal year ended December 31, [removed: 2023][added: 2024]

| Class A Common Stock, $0.0000001 par value per share | | | | | | [removed: SQ] [added: XYZ] | | | | | | New York Stock Exchange | | |

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based on the closing price of a share of the registrant’s Class A common stock on June 30, [removed: 2023] [added: 2024] as reported by the New York Stock Exchange on such date was approximately [removed: $38.5] [added: $37.8] billion.

As of February [removed: 16, 2024,] [added: 18, 2025,] the number of shares (in thousands) of the registrant’s Class A and Class B common stock outstanding were [removed: 555,180] [added: 559,431] and [removed: 60,513,] [added: 60,049,] respectively.

Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, [removed: 2023.][added: 2024.]

| Item 1. | | | [removed: [Business](#i004f8e45f8484f0b8e8890f3c5d43516_16)] [added: [Business](#ida98b5f37a4f479d8e38c14c729ac33e_16)] | | | [removed: [4](#i004f8e45f8484f0b8e8890f3c5d43516_16)] [added: [4](#ida98b5f37a4f479d8e38c14c729ac33e_16)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i004f8e45f8484f0b8e8890f3c5d43516_19)] [added: Factors](#ida98b5f37a4f479d8e38c14c729ac33e_19)] | | | [removed: [22](#i004f8e45f8484f0b8e8890f3c5d43516_19)] [added: [22](#ida98b5f37a4f479d8e38c14c729ac33e_19)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i004f8e45f8484f0b8e8890f3c5d43516_22)] [added: Comments](#ida98b5f37a4f479d8e38c14c729ac33e_22)] | | | [removed: [59](#i004f8e45f8484f0b8e8890f3c5d43516_22)] [added: [60](#ida98b5f37a4f479d8e38c14c729ac33e_22)] | | |

| Item 2. | | | [removed: [Properties](#i004f8e45f8484f0b8e8890f3c5d43516_25)] [added: [Properties](#ida98b5f37a4f479d8e38c14c729ac33e_28)] | | | [removed: [60](#i004f8e45f8484f0b8e8890f3c5d43516_25)] [added: [61](#ida98b5f37a4f479d8e38c14c729ac33e_28)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i004f8e45f8484f0b8e8890f3c5d43516_28)] [added: Proceedings](#ida98b5f37a4f479d8e38c14c729ac33e_31)] | | | [removed: [60](#i004f8e45f8484f0b8e8890f3c5d43516_28)] [added: [61](#ida98b5f37a4f479d8e38c14c729ac33e_31)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i004f8e45f8484f0b8e8890f3c5d43516_31)] [added: Disclosures](#ida98b5f37a4f479d8e38c14c729ac33e_34)] | | | [removed: [61](#i004f8e45f8484f0b8e8890f3c5d43516_31)] [added: [61](#ida98b5f37a4f479d8e38c14c729ac33e_34)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i004f8e45f8484f0b8e8890f3c5d43516_37)] [added: Securities](#ida98b5f37a4f479d8e38c14c729ac33e_40)] | | | [removed: [62](#i004f8e45f8484f0b8e8890f3c5d43516_37)] [added: [62](#ida98b5f37a4f479d8e38c14c729ac33e_40)] | | |

| Item 6. | | | [removed: [\[RESERVED\]](#i004f8e45f8484f0b8e8890f3c5d43516_40)] [added: [\[RESERVED\]](#ida98b5f37a4f479d8e38c14c729ac33e_43)] | | | [removed: [64](#i004f8e45f8484f0b8e8890f3c5d43516_40)] [added: [64](#ida98b5f37a4f479d8e38c14c729ac33e_43)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i004f8e45f8484f0b8e8890f3c5d43516_43)] [added: Operations](#ida98b5f37a4f479d8e38c14c729ac33e_46)] | | | [removed: [65](#i004f8e45f8484f0b8e8890f3c5d43516_43)] [added: [66](#ida98b5f37a4f479d8e38c14c729ac33e_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i004f8e45f8484f0b8e8890f3c5d43516_64)] [added: Risk](#ida98b5f37a4f479d8e38c14c729ac33e_67)] | | | [removed: [85](#i004f8e45f8484f0b8e8890f3c5d43516_64)] [added: [86](#ida98b5f37a4f479d8e38c14c729ac33e_67)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i004f8e45f8484f0b8e8890f3c5d43516_67)] [added: Data](#ida98b5f37a4f479d8e38c14c729ac33e_70)] | | | [removed: [87](#i004f8e45f8484f0b8e8890f3c5d43516_67)] [added: [88](#ida98b5f37a4f479d8e38c14c729ac33e_70)] | | |

| Item 9. | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i004f8e45f8484f0b8e8890f3c5d43516_163)] [added: Disclosure](#ida98b5f37a4f479d8e38c14c729ac33e_166)] | | | [removed: [150](#i004f8e45f8484f0b8e8890f3c5d43516_163)] [added: [149](#ida98b5f37a4f479d8e38c14c729ac33e_166)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i004f8e45f8484f0b8e8890f3c5d43516_166)] [added: Procedures](#ida98b5f37a4f479d8e38c14c729ac33e_169)] | | | [removed: [150](#i004f8e45f8484f0b8e8890f3c5d43516_166)] [added: [149](#ida98b5f37a4f479d8e38c14c729ac33e_169)] | | |

| Item 9B. | | | [Other [removed: Information](#i004f8e45f8484f0b8e8890f3c5d43516_169)] [added: Information](#ida98b5f37a4f479d8e38c14c729ac33e_172)] | | | [removed: [151](#i004f8e45f8484f0b8e8890f3c5d43516_169)] [added: [150](#ida98b5f37a4f479d8e38c14c729ac33e_172)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i004f8e45f8484f0b8e8890f3c5d43516_172)] [added: Inspections](#ida98b5f37a4f479d8e38c14c729ac33e_178)] | | | [removed: [151](#i004f8e45f8484f0b8e8890f3c5d43516_172)] [added: [150](#ida98b5f37a4f479d8e38c14c729ac33e_178)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i004f8e45f8484f0b8e8890f3c5d43516_178)] [added: Governance](#ida98b5f37a4f479d8e38c14c729ac33e_184)] | | | [removed: [152](#i004f8e45f8484f0b8e8890f3c5d43516_178)] [added: [151](#ida98b5f37a4f479d8e38c14c729ac33e_184)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i004f8e45f8484f0b8e8890f3c5d43516_181)] [added: Compensation](#ida98b5f37a4f479d8e38c14c729ac33e_187)] | | | [removed: [152](#i004f8e45f8484f0b8e8890f3c5d43516_181)] [added: [151](#ida98b5f37a4f479d8e38c14c729ac33e_187)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i004f8e45f8484f0b8e8890f3c5d43516_184)] [added: Matters](#ida98b5f37a4f479d8e38c14c729ac33e_190)] | | | [removed: [152](#i004f8e45f8484f0b8e8890f3c5d43516_184)] [added: [151](#ida98b5f37a4f479d8e38c14c729ac33e_190)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i004f8e45f8484f0b8e8890f3c5d43516_187)] [added: Independence](#ida98b5f37a4f479d8e38c14c729ac33e_193)] | | | [removed: [152](#i004f8e45f8484f0b8e8890f3c5d43516_187)] [added: [151](#ida98b5f37a4f479d8e38c14c729ac33e_193)] | | |

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#i004f8e45f8484f0b8e8890f3c5d43516_190)] [added: Services](#ida98b5f37a4f479d8e38c14c729ac33e_196)] | | | [removed: [152](#i004f8e45f8484f0b8e8890f3c5d43516_190)] [added: [151](#ida98b5f37a4f479d8e38c14c729ac33e_196)] | | |

| Item 15. | | | [Exhibits, Financial Statement [removed: Schedules](#i004f8e45f8484f0b8e8890f3c5d43516_196)] [added: Schedules](#ida98b5f37a4f479d8e38c14c729ac33e_202)] | | | [removed: [153](#i004f8e45f8484f0b8e8890f3c5d43516_196)] [added: [152](#ida98b5f37a4f479d8e38c14c729ac33e_202)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i004f8e45f8484f0b8e8890f3c5d43516_202)] [added: Summary](#ida98b5f37a4f479d8e38c14c729ac33e_208)] | | | [removed: [156](#i004f8e45f8484f0b8e8890f3c5d43516_202)] [added: [155](#ida98b5f37a4f479d8e38c14c729ac33e_208)] | | |

Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about our future financial and operating performance, our expectations regarding transaction and loan losses, the adequacy of our allowance for loan losses on loans held for investment, or increased delinquencies, and the impact of inaccurate estimates or inadequate reserves, our anticipated growth and growth strategies and our ability to effectively manage that growth, our ability to invest in and develop our products and services to operate with changing technology, the expected benefits of our products to our customers and the impact of our products on our business, our expectations regarding product launches, [removed: the expected impact of the integration of Afterpay Limited ("Afterpay"),] trends in our markets and the continuation of such trends, our expectations related to our plans to cap our employee base, our plans with respect to patents and other intellectual property, our expectations regarding litigation and regulatory [removed: matters and] [added: matters,] the adequacy of reserves for such [removed: matters,] [added: matters and the impact of any such matters or settlements thereof on] our [added: business, our] expectations regarding share-based compensation, our expectations regarding the impacts of accounting guidance and the timing of our compliance therewith, our expectations regarding restricted cash, and the sufficiency of our cash and cash equivalents and cash generated from operations to meet our working capital and capital expenditure requirements.

| | | | [PART I](#ida98b5f37a4f479d8e38c14c729ac33e_13) | | | | | |

| Item 1C. | | | [Cybersecurity](#ida98b5f37a4f479d8e38c14c729ac33e_25) | | | [60](#ida98b5f37a4f479d8e38c14c729ac33e_25) | | |

| | | | [PART II](#ida98b5f37a4f479d8e38c14c729ac33e_37) | | | | | |

| | | | [PART III](#ida98b5f37a4f479d8e38c14c729ac33e_181) | | | | | |

| | | | [PART IV](#ida98b5f37a4f479d8e38c14c729ac33e_199) | | | | | |

| | | | [Signatures](#ida98b5f37a4f479d8e38c14c729ac33e_211) | | | [156](#ida98b5f37a4f479d8e38c14c729ac33e_211) | | |

| | | | [PART I](#i004f8e45f8484f0b8e8890f3c5d43516_13) | | | | | |

| Item 1C. | | | [C](#i004f8e45f8484f0b8e8890f3c5d43516_1900)[ybersecurity](#i004f8e45f8484f0b8e8890f3c5d43516_1900) | | | [59](#i004f8e45f8484f0b8e8890f3c5d43516_1900) | | |

| | | | [PART II](#i004f8e45f8484f0b8e8890f3c5d43516_34) | | | | | |

| | | | [PART III](#i004f8e45f8484f0b8e8890f3c5d43516_175) | | | | | |

| | | | [PART IV](#i004f8e45f8484f0b8e8890f3c5d43516_193) | | | | | |

| | | | [Signatures](#i004f8e45f8484f0b8e8890f3c5d43516_205) | | | [157](#i004f8e45f8484f0b8e8890f3c5d43516_205) | | |

The audit and risk committee assists the board of directors in enhancing its understanding of data privacy and cybersecurity issues by overseeing our data privacy and information security programs, strategy, policies, [removed: standards, architecture,] processes, and [removed: significant] [added: material] risks, as well as overseeing responses to security and data incidents, as appropriate.

The full board of directors [removed: undergoes] [added: receives an] annual information security [removed: and privacy training] [added: update] by our Chief Information Security Officer (“CISO”) and [removed: our Chief Privacy Officer (“CPO”),] [added: an annual privacy update,] which covers, among other matters, our privacy and cybersecurity programs and risks.

Our audit and risk committee receives updates, at least quarterly, [removed: from our CISO and CPO] on significant data privacy and security risks, including any significant incidents, relevant industry developments, threat vectors and significant risks identified in periodic penetration tests or vulnerability scans.

Our audit [added: and risk] committee provides regular updates to the board of directors on such reports.

Our [removed: foundational engineering,] data security governance, infrastructure security, product [added: security, applied] security [added: engineering] and security operations teams report directly to our CISO and provide regular updates on significant or potentially significant threats and incidents.

Our CISO reports directly to our [removed: Chief Financial Officer and Chief Operating Officer] [added: Technology + Engineering Lead] and indirectly to our audit and risk committee.

Our CISO [removed: and Deputy CISO are] [added: is] primarily responsible for assessing and managing our material risks from cybersecurity threats.

Our [removed: Deputy] CISO has over 20 years of experience in information security, including serving as head of cybersecurity and privacy response at a global public company and information security leadership positions with the United States government.

Our [removed: Deputy] CISO holds undergraduate and graduate degrees in computer information systems and computer science with an information security focus and possesses various certifications, including the Information Systems Security Professional (NSTISSI No. 4011) and Information Systems Security Officer (CNSSI No. 4014) certifications.

Our CISO has served in various roles building and securing enterprise platforms across retail, corporate and investment banking financial services as well as consumer experiences and data at multiple Fortune 500 companies for over 25 years.

We [removed: also] lease space in New York, New York for a product development, sales, and business operations office under a lease that expires in [removed: 2025] [added: 2028] and office space in Oakland, California for general corporate purposes under a lease that expires in 2031.

[removed: In July 2019, the Company entered into a] [added: We also] lease [removed: arrangement for office] space in St Louis, Missouri, for a [removed: term of 15.5 years] [added: business operations office under a lease that expires in 2036] with [added: two renewal] options to extend the lease [removed: term] for [removed: two 5-year terms.][added: an additional term of 5 years each.]

[removed: In addition, we] [added: We] also have offices in several other locations and believe our facilities are sufficient for our current needs.

We lease space in San Francisco, California, for product development, sales, marketing, and business operations and vacated most of the space at the end of 2023.

In January 2023, we informed the landlord of this property of our intention to exercise an early termination option of the lease with respect to approximately 50% of the leased space effective December 31, 2023.

Our Class A common stock trades on the New York Stock Exchange [added: and our CDIs are traded on the ASX, both] under the symbol [removed: “SQ”.][added: “XYZ”.]

As of February [removed: 16, 2024,] [added: 18, 2025,] there were [removed: 637] [added: 504] holders of record of our Class A common stock and [removed: 26] [added: 24] holders of record of our Class B common stock.

As of February [removed: 16, 2024, we estimate that] [added: 18, 2025,] we have approximately [removed: 41,547] [added: 39,934] holders of record of our CDIs.

The following table summarizes the share repurchase activity for the three months ended December 31, [removed: 2023] [added: 2024] (in thousands, except per share amounts):

An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our Class A common stock and in each index on the last trading day for the fiscal year ended December 31, [removed: 2018] [added: 2019] and its relative performance is tracked through December 31, [removed: 2023.][added: 2024.]

| Company/Index | | | | | | [removed: 12/31/2018] [added: 12/31/2019] | | | | | | [removed: 12/31/2019] [added: 12/31/2020] | | | | | | [removed: 12/31/2020] [added: 12/31/2021] | | | | | | [removed: 12/31/2021] [added: 12/31/2022] | | | | | | [removed: 12/31/2022] [added: 12/31/2023] | | | | | | [removed: 12/31/2023] [added: 12/31/2024] | | |

On July 25, 2024, the Company's board of directors authorized an increase to the Company's share repurchase program to repurchase up to an additional $3 billion of the Company’s Class A common stock, for a total overall authorization of $4 billion.

| October 1, 2024 - October 31, 2024 | | | | | | 1,090 | | | | | | $ | 70.44 | | | | | 1,090 | | | | | | $ | 2,779,232 | |

| November 1, 2024 - November 30, 2024 | | | | | | 653 | | | | | | $ | 82.50 | | | | | 653 | | | | | | $ | 2,725,360 | |

| December 1, 2024 - December 31, 2024 | | | | | | 567 | | | | | | $ | 92.61 | | | | | 567 | | | | | | $ | 2,672,850 | |

| Total | | | | | | 2,310 | | | | | | | | | | | | 2,310 | | | | | | | | |

None.


| Block, Inc. | | | | | | $ | 100.00 | | | | | $ | 347.89 | | | | | $ | 258.17 | | | | | $ | 100.45 | | | | | $ | 123.64 | | | | | $ | 135.85 | |

| S&P 500 | | | | | | $ | 100.00 | | | | | $ | 118.40 | | | | | $ | 152.39 | | | | | $ | 124.79 | | | | | $ | 157.59 | | | | | $ | 197.02 | |

| S&P North American Technology | | | | | | $ | 100.00 | | | | | $ | 145.15 | | | | | $ | 183.47 | | | | | $ | 118.60 | | | | | $ | 191.10 | | | | | $ | 260.04 | |

Our CDIs are traded on the ASX under the symbol “SQ2”.

| October 1, 2023 - October 31, 2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000,000 | | |

| November 1, 2023 - November 30, 2023 | | | | | | 1,345 | | | | | | 56.21 | | | | | | 1,345 | | | | | | 924,423 | | |

| December 1, 2023 - December 31, 2023 | | | | | | 1,121 | | | | | | 72.44 | | | | | | 1,121 | | | | | | 843,238 | | |

| Total | | | | | | 2,466 | | | | | | | | | | | | 2,466 | | | | | | | | |

During the three months ended December 31, 2023, we issued a total of 171,691 shares of our Class A common stock in connection with the acquisition of an artist-centric financial technology company, pursuant to exemptions from registration provided by Section 4(a)(2).


| Block, Inc. | | | | | | $ | 100.00 | | | | | $ | 111.54 | | | | | $ | 388.02 | | | | | $ | 287.95 | | | | | $ | 112.03 | | | | | $ | 137.90 | |

| S&P 500 | | | | | | $ | 100.00 | | | | | $ | 131.49 | | | | | $ | 155.68 | | | | | $ | 200.37 | | | | | $ | 164.08 | | | | | $ | 207.21 | |

| S&P North American Technology | | | | | | $ | 100.00 | | | | | $ | 142.68 | | | | | $ | 207.11 | | | | | $ | 261.79 | | | | | $ | 169.22 | | | | | $ | 272.66 | |

| [Reports of Independent Registered Public Accounting [removed: Firm](#i004f8e45f8484f0b8e8890f3c5d43516_70)] [added: Firm](#ida98b5f37a4f479d8e38c14c729ac33e_73)] (PCAOB ID: 42) | | | [removed: [88](#i004f8e45f8484f0b8e8890f3c5d43516_70)] [added: [89](#ida98b5f37a4f479d8e38c14c729ac33e_73)] | | |

| [Consolidated Balance [removed: Sheets](#i004f8e45f8484f0b8e8890f3c5d43516_73)] [added: Sheets](#ida98b5f37a4f479d8e38c14c729ac33e_76)] | | | [removed: [91](#i004f8e45f8484f0b8e8890f3c5d43516_73)] [added: [92](#ida98b5f37a4f479d8e38c14c729ac33e_76)] | | |

| [Consolidated Statements of [removed: Operations](#i004f8e45f8484f0b8e8890f3c5d43516_76)] [added: Operations](#ida98b5f37a4f479d8e38c14c729ac33e_79)] | | | [removed: [92](#i004f8e45f8484f0b8e8890f3c5d43516_76)] [added: [93](#ida98b5f37a4f479d8e38c14c729ac33e_79)] | | |

| [Consolidated Statements of Comprehensive Income [removed: (Loss)](#i004f8e45f8484f0b8e8890f3c5d43516_79)] [added: (Loss)](#ida98b5f37a4f479d8e38c14c729ac33e_82)] | | | [removed: [93](#i004f8e45f8484f0b8e8890f3c5d43516_79)] [added: [94](#ida98b5f37a4f479d8e38c14c729ac33e_82)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#i004f8e45f8484f0b8e8890f3c5d43516_82)] [added: Equity](#ida98b5f37a4f479d8e38c14c729ac33e_85)] | | | [removed: [94](#i004f8e45f8484f0b8e8890f3c5d43516_82)] [added: [95](#ida98b5f37a4f479d8e38c14c729ac33e_85)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i004f8e45f8484f0b8e8890f3c5d43516_85)] [added: Flows](#ida98b5f37a4f479d8e38c14c729ac33e_88)] | | | [removed: [95](#i004f8e45f8484f0b8e8890f3c5d43516_85)] [added: [96](#ida98b5f37a4f479d8e38c14c729ac33e_88)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#i004f8e45f8484f0b8e8890f3c5d43516_88)] [added: Statements](#ida98b5f37a4f479d8e38c14c729ac33e_91)] | | | [removed: [97](#i004f8e45f8484f0b8e8890f3c5d43516_88)] [added: [98](#ida98b5f37a4f479d8e38c14c729ac33e_91)] | | |

We have audited the accompanying consolidated balance sheets of Block, Inc. (the Company) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February [removed: 22, 2024] [added: 24, 2025] expressed an unqualified opinion thereon.

Our audits also included evaluating the accounting principles used and significant estimates made by [removed: management] [added: management,] as well as evaluating the overall presentation of the financial statements.

We have audited Block, Inc.’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Block, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for each of the three years [added: in the period] ended December 31, [removed: 2023,] [added: 2024,] and the related notes and our report dated February [removed: 22, 2024] [added: 24, 2025] expressed an unqualified opinion thereon.

| | | | [added: 2024 | | | | | |] 2023 | | | | | | 2022 | | |

| Cash and cash equivalents | | | $ | [added: 8,075,247 | | | | | $ |] 4,996,465 | | | | | $ | 4,544,202 | |

| Investments in short-term debt securities | | | [removed: 851,901] [added: 403,426] | | | | | | [removed: 1,081,851] [added: 851,901] | | |

| Settlements receivable | | | [removed: 3,226,294] [added: 1,060,966] | | | | | | [removed: 2,416,324] [added: 3,226,294] | | |

| Customer funds [added: cash and cash equivalents] | | | [added: 4,182,872 | | | | | |] 3,170,430 | | | | | | 3,180,324 | | |

| Consumer receivables, net | | | [removed: 2,444,695] [added: 2,504,879] | | | | | | [removed: 1,871,160] [added: 2,444,695] | | |

| Loans held for sale | | | [removed: 775,424] [added: 1,111,107] | | | | | | [removed: 474,036] [added: 775,424] | | |

| Other current assets | | | [removed: 2,353,488] [added: 2,541,704] | | | | | | [removed: 1,627,265] [added: 2,353,488] | | |

| Property and equipment, net | | | [removed: 296,056] [added: 314,432] | | | | | | [removed: 329,302] [added: 296,056] | | |

| Goodwill | | | [removed: 11,919,720] [added: 11,417,422] | | | | | | [removed: 11,966,761] [added: 11,919,720] | | |

| Acquired intangible assets, [removed: net] [added: net, beginning of the period] | | | [added: $ |] 1,761,521 | | | | | [added: $] | 2,014,034 | | | [added: | | $ | 257,049 | |]

| Investments in long-term debt securities | | | [removed: 251,127] [added: 471,977] | | | | | | [removed: 573,429] [added: 251,127] | | |

| Operating lease right-of-use assets | | | [removed: 244,701] [added: 219,954] | | | | | | [removed: 373,172] [added: 244,701] | | |

| Customers payable | | | $ | [removed: 6,795,340] [added: 5,837,152] | | | | | $ | [removed: 5,548,656] [added: 6,795,340] | |

| Accrued expenses and other current liabilities | | | [removed: 1,326,200] [added: 1,525,149] | | | | | | [removed: 1,073,516] [added: 1,334,669] | | |

| Current portion of long-term debt (Note [removed: 15)] [added: 14)] | | | [removed: —] [added: 999,497] | | | | | | [removed: 460,356] [added: —] | | |

| Warehouse funding facilities, current | | | [removed: 753,035] [added: 185,000] | | | | | | [removed: 461,240] [added: 753,035] | | |

| Deferred tax liabilities | | | [removed: 35,695] [added: 162,435] | | | | | | [removed: 132,498] [added: 35,695] | | |

| Warehouse funding facilities, non-current | | | [removed: 854,882] [added: 1,296,680] | | | | | | [removed: 877,066] [added: 854,882] | | |

| Long-term debt (Note [removed: 15)] [added: 14)] | | | [removed: 4,120,091] [added: 5,105,939] | | | | | | [removed: 4,109,829] [added: 4,120,091] | | |

| Operating lease liabilities, non-current | | | [removed: 289,788] [added: 278,617] | | | | | | [removed: 357,419] [added: 289,788] | | |

| Other non-current liabilities | | | [removed: 154,972] [added: 152,164] | | | | | | [removed: 201,657] [added: 154,972] | | |

| Commitments and contingencies (Note [removed: 20)] [added: 19)] | | | | | | | | | | | |

| Preferred stock, $0.0000001 par value: 100,000 shares authorized at December 31, [removed: 2023] [added: 2024] and December 31, [removed: 2022.] [added: 2023.] None issued and outstanding at December 31, [removed: 2023] [added: 2024] and December 31, [removed: 2022.] [added: 2023.] | | | — | | | | | | — | | |

| Class A common stock, $0.0000001 par value: 1,000,000 shares authorized at December 31, [removed: 2023] [added: 2024] and December 31, [removed: 2022; 555,306] [added: 2023; 559,606] and [removed: 539,408] [added: 555,306] issued and outstanding at December 31, [removed: 2023] [added: 2024] and December 31, [removed: 2022,] [added: 2023,] respectively. | | | — | | | | | | — | | |

| Class B common stock, $0.0000001 par value: 500,000 shares authorized at December 31, [removed: 2023] [added: 2024] and December 31, [removed: 2022; 60,515] [added: 2023; 60,070] and [removed: 60,652] [added: 60,515] issued and outstanding at December 31, [removed: 2023] [added: 2024] and December 31, [removed: 2022,] [added: 2023,] respectively. | | | — | | | | | | — | | |

Adoption of SAB 122

As discussed in Note 1 to the consolidated financial statements, the Company changed its method of accounting for obligations to safeguard crypto-assets held in custody on behalf of its users in 2024 due to the adoption of SAB 122.

| *Description of the Matter* | | | | | | As described in Notes 1, 12 and 13 to the consolidated financial statements, the Company holds bitcoin for long term investment purposes ("bitcoin investment"). The Company remeasures its bitcoin investment at fair value at the end of each reporting period and as of December 31, 2024, the fair value of the Company’s bitcoin investment was $792.3 million. The Company also allows its Cash App customers to store bitcoin in the Company’s digital wallets. No amounts are recognized on the consolidated balance sheets for bitcoin held for other parties. In the event such bitcoin was lost, the Company would be required to evaluate if a liability should be recorded under ASC 450, Contingencies. The Company has concluded that it has no probable liability for its custodial obligations to recognize as of December 31, 2024. Bitcoin is generally accessible only by the possessor of the unique cryptographic (private) key relating to the public address on which the bitcoin is held. To the extent any of the private keys are lost or destroyed, the Company will be unable to access the bitcoin it controls on behalf of the Company and other parties, which can result in a loss in the consolidated financial statements. We identified the evaluation of audit evidence pertaining to the existence of bitcoin and whether the Company controls the bitcoin as a critical audit matter. Subjective auditor judgment was involved in determining the nature and extent of audit effort required to obtain sufficient appropriate audit evidence to address the risks of material misstatement related to the Company’s ability to access and control the bitcoin investment and bitcoin held for other parties. The nature and extent of audit effort required to address the matter includes significant involvement of more experienced engagement team members and assistance from subject matter experts. | | |

| *How We Addressed the Matter in Our Audit* | | | | | | We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls related to the ability to access and control the private keys to its wallets as well as management’s controls related to reconciling its internal books and records to the public bitcoin blockchain. Our audit procedures included utilizing our proprietary audit tool to independently obtain evidence from the public bitcoin blockchain to test the existence of bitcoin in the Company’s custody on a sample basis, testing management’s reconciliation of its internal books and records to the public bitcoin blockchain, and testing that management has control of the private keys required to access bitcoin in its wallets through observing the movement of a sample of bitcoin from the Company’s wallets. | | |

February 24, 2025

February 24, 2025

| | | | 2024 | | | | | | 2023 | | |

| Customer funds | | | 4,182,872 | | | | | | 3,170,430 | | |

| Total current assets | | | 19,880,201 | | | | | | 17,818,697 | | |

| Deferred tax assets (Note 15) | | | 1,800,994 | | | | | | 9,397 | | |

| Total assets | | | $ | 36,777,595 | | | | | $ | 33,031,308 | |

| Total current liabilities | | | 8,546,798 | | | | | | 8,883,044 | | |

| Total liabilities | | | 15,542,633 | | | | | | 14,338,472 | | |

| Total liabilities and stockholders’ equity | | | $ | 36,777,595 | | | | | $ | 33,031,308 | |

(i) Includes one-time benefits from income taxes of $1.9 billion in fiscal 2024 related to both the release of the Company's valuation allowance associated with certain federal and state deferred tax assets as well as the recognition of deferred tax assets as part of internal legal entity restructuring efforts.

Refer to Note 15, *Income Taxes* within the Notes to the Consolidated Financial Statements for further details.

| | | | Net income (loss) | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | 2,897,047 | | | | | | (30,550) | | | | | | 2,866,497 | | |

| Repurchases of common stock | | | | | | | | | | | | | | | | | | (16,944) | | | | | | | | | | | | (1,170,339) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,170,339) | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at December 31, 2024 | | | | | | | | | | | | | | | | | | 619,676 | | | | | | | | | | | | $ | 19,900,379 | | | | | $ | (1,001,065) | | | | | $ | 2,368,618 | | | | | $ | (32,970) | | | | | $ | 21,234,962 | |

| Net income (loss) | | | $ | 2,866,497 | | | | | $ | (21,124) | | | | | $ | (553,005) | |

| Remeasurement gain on bitcoin investment | | | (420,918) | | | | | | (207,084) | | | | | | — | | |

| Transaction, loan, and consumer receivable losses | | | 794,221 | | | | | | 660,663 | | | | | | 550,683 | | |

| Bitcoin impairment losses | | | — | | | | | | — | | | | | | 46,571 | | |

| Payments of debt issuance costs from issuance of senior notes | | | (26,619) | | | | | | — | | | | | | — | | |

Certain of the Company's products are reliant on third-party service providers such as partner banks, card issuers, and payment service providers.

The Company's relationships with third-party service providers may result in operational concentration risks for some of these products.

Interest earned on customer funds related to Cash App Card was $185.2 million and $142.2 million for the years ended December 31, 2024 and December 31, 2023, respectively.

The Company sells certain consumer receivables to a third party investor and records the gain or loss on sale as revenue within subscription and services-based revenue.

Additionally, the Company is retained to service the consumer receivables and earns a servicing fee, which is recorded within subscription and services-based revenue as the services are delivered.

Through the BNPL platform, the Company also has an ads and affiliate program for its merchants.

For affiliate relationships, the Company receives a commission when a consumer completes a purchase from within the BNPL platform, which is recognized as a fee earned in connection with the origination of a consumer receivable and recognized as revenue using the effective interest method.

The Company may also receive digital advertising revenue on clicks, typically earned on a cost per click (“CPC”) basis, to merchant sites from the BNPL platform, in addition to flat fees for premium ad placements.

Revenue from CPC arrangements are generally recognized in the period the user click is delivered.

This revenue is included within subscription and services-based revenue on the consolidated statement of operations.

Interest income was immaterial for the year ended December 31, 2022.

Loans are charged-off in accordance with our charge-off policies.

| | | | | | | | | |

| | | | | | | Allowance for Credit Losses related to Consumer Receivables | | |

| *Description of the Matter* | | | | | | The Company’s consumer receivables and the associated allowance for credit losses were $2.6 billion and $185.3 million as of December 31, 2023, respectively. The provision for credit losses was $261.3 million for the year ended December 31, 2023. As discussed in Notes 1 and 6 to the consolidated financial statements, the Company has exposure to expected credit losses from consumer receivables, for which an allowance for credit losses is recorded under ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The Company estimates the allowance for credit losses related to consumer receivables using both quantitative methods, based on historical payment patterns including losses and recoveries, recent and historical trends in delinquencies, past-due receivables and charge-offs, and qualitative methods, which consider consumer behavior, current and historical macroeconomic trends, along with other factors. | | |

| | | | | | | Auditing management’s estimate of the allowance for credit losses related to consumer receivables was challenging because management’s estimate required a high degree of judgment in evaluating historical trends related to loss rates and an assessment of a need for a qualitative adjustment in the Company’s expected credit loss methodology. | | |

| *How We Addressed the Matter in Our Audit* | | | | | | We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s controls over the process for determining the allowance for credit losses related to consumer receivables. This includes testing controls over management’s review of the methodology to determine estimated losses, the completeness and accuracy of historical losses and recoveries, past-due receivables and charge-offs, and management’s qualitative assumptions on future losses. To test the Company’s allowance for credit losses related to consumer receivables, we involved EY specialists in testing management’s methodology and key assumptions. Our audit procedures included, among others, evaluating the Company’s methodology as well as performing procedures over historical losses incurred by the Company by aging category and testing recoveries. In addition, we evaluated and tested management’s conclusion for the need for a qualitative adjustment in the Company’s expected credit loss methodology including the examination of current macroeconomic conditions such as changes in unemployment and GDP. We also reviewed subsequent events, which included actual collections on current and aged receivables as of December 31, 2023, to consider whether they corroborated the Company’s conclusion related to the overall allowance for credit losses related to consumer receivables. | | |

February 22, 2024

| Safeguarding asset related to bitcoin held for other parties | | | 1,038,585 | | | | | | 428,243 | | |

| Total current assets | | | 18,857,282 | | | | | | 15,623,405 | | |

| Other non-current assets | | | 739,486 | | | | | | 484,237 | | |

| Total assets | | | $ | 34,069,893 | | | | | $ | 31,364,340 | |

| Settlements payable | | | 8,469 | | | | | | 462,505 | | |

| Safeguarding obligation liability related to bitcoin held for other parties | | | 1,038,585 | | | | | | 428,243 | | |

| Total current liabilities | | | 9,921,629 | | | | | | 8,434,516 | | |

| Total liabilities | | | 15,377,057 | | | | | | 14,112,985 | | |

| Total liabilities and stockholders’ equity | | | $ | 34,069,893 | | | | | $ | 31,364,340 | |

| | | | | | | | | | | | | | | | | | |

| Balance at December 31, 2020 | | | | | | | | | | | | | | | | | | 456,185 | | | | | | | | | | | | $ | 2,955,464 | | | | | $ | 23,328 | | | | | $ | (297,223) | | | | | $ | — | | | | | $ | 2,681,569 | |

| Cumulative adjustment due to adoption of ASU 2020-06 | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | (502,707) | | | | | | — | | | | | | 102,974 | | | | | | — | | | | | | (399,733) | | |

| | | | Net income (loss) | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | 166,284 | | | | | | (7,458) | | | | | | 158,826 | | |

| Issuance of common stock in connection with business combination | | | | | | | | | | | | | | | | | | 118 | | | | | | | | | | | | 28,735 | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,735 | | |

| Issuance of common stock in conjunction with the conversion of convertible notes | | | | | | | | | | | | | | | | | | 5,515 | | | | | | | | | | | | 408,879 | | | | | | — | | | | | | — | | | | | | — | | | | | | 408,879 | | |

| Exercise of bond hedges in conjunction with the conversion of convertible notes | | | | | | | | | | | | | | | | | | (7,447) | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Noncontrolling interests in connection with business combination | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 48,192 | | | | | | 48,192 | | |

| Proceeds from sale of marketable debt securities from customer funds | | | — | | | | | | 316,576 | | | | | | 35,071 | | |

| Purchases of bitcoin investments | | | — | | | | | | — | | | | | | (170,000) | | |

| Proceeds from sale of equity investments | | | — | | | | | | — | | | | | | 420,644 | | |

| Proceeds from PPP Liquidity Facility advances | | | — | | | | | | — | | | | | | 681,539 | | |

| Payments for tax withholding related to vesting of restricted stock units | | | — | | | | | | (4,735) | | | | | | (323,011) | | |

| Customer funds cash and cash equivalents | | | 3,170,430 | | | | | | 3,180,324 | | | | | | 2,440,941 | | |

On January 31, 2022, the Company completed the acquisition of Afterpay Limited (“Afterpay”), a global buy now, pay later ("BNPL") platform, to strengthen its position to better deliver compelling financial products and services that expand access to more consumers and drive incremental revenue for merchants of all sizes.

The liability should be measured at initial recognition and each reporting date at the fair value of the crypto-assets that the entity is responsible for holding for its platform users.

The entity should also describe the asset and the corresponding liability in the footnotes to the financial statements and consider including information regarding who (e.g., the company, its agent, or another third party) holds the cryptographic key information, maintains the internal recordkeeping of those assets, and is obligated to secure the assets and protect them from loss or theft.

Refer to Note 14, Bitcoin, for more information.

In the fourth quarter of 2023, the Company reorganized its business structure and moved the business activities, management, and the financial results of the Company's BNPL platform fully into Cash App.

Accordingly, the segment results below include the financial results of the BNPL platform solely within the Cash App segment.

In addition to the recently adopted accounting pronouncements below, the Company also adopted ASU No. 2023-08, *Accounting for and Disclosure of Crypto Assets,* and the SEC's Staff Accounting Bulletin No. 121, see above for more details.

In March 2022, the Financial Accounting Standards Board ("FASB") issued ASU No. 2022-01, *Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method* ("ASU 2022-01") related to the portfolio layer method of hedge accounting.

The amendments allow nonprepayable financial assets to be included in a closed portfolio hedge using the portfolio layer method.

ASU 2022-01 also allows for multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments.

The adoption of this guidance did not have a material impact on the Company's financial statements and related disclosures.

Based on such evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that, as of December 31, [removed: 2023,] [added: 2024,] our disclosure controls and procedures were effective at the reasonable assurance level.

There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended December 31, [removed: 2023] [added: 2024] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Based on that assessment, our management has concluded that our internal control over financial reporting was effective as of December 31, [removed: 2023.][added: 2024.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2023] [added: 2024] has been audited by Ernst & Young, LLP, an independent registered public accounting firm, as stated in their report which appears herein.

During the quarterly period ended December 31, [removed: 2023, the following officer,] [added: 2024, no officers,] as defined in Rule 16a-1(f), [removed: adopted] or [added: directors adopted and/or] terminated a “Rule 10b5-1 trading arrangement” [added: or a “non-Rule 10b5-1 trading arrangement,” each] as defined in Regulation S-K Item [removed: 408, as follows:][added: 408.]

On November 29, 2023, Brian Grassadonia, our Chief Executive Officer, Cash App, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 652,282 shares of our Class A common stock, which includes the exercise of up to 412,122 options and the corresponding sale of enough of the resulting 412,122 shares of Class A common stock required to cover the exercise price, withholding taxes, commissions and fees related to exercising the aforementioned options.

The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c).

The duration of the trading arrangement is until March 30, 2025, or earlier if all transactions under the trading arrangement are completed.

No other officers or directors, as defined in Rule 16a-1(f), adopted and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the last fiscal quarter.

The information required by this item will be included in our Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2023] [added: 2024] ("Proxy Statement") and is incorporated herein by reference.

| [removed: [2.1](http://www.sec.gov/Archives/edgar/data/1512673/000119312521232215/d186862dex21.htm)] [added: 2.1] | | | | | | [Scheme Implementation Deed, dated as of August 2, 2021, by and among Square, Inc., Lanai (AU) 2 Pty Ltd, and Afterpay [removed: Limited.](http://www.sec.gov/Archives/edgar/data/1512673/000119312521232215/d186862dex21.htm)] [added: Limited.](https://www.sec.gov/Archives/edgar/data/1512673/000119312521232215/d186862dex21.htm)] | | | 8-K | | | 001-37622 | | | 2.1 | | | August 2, 2021 | | |

| [removed: [2.2](http://www.sec.gov/Archives/edgar/data/1512673/000119312521349510/d231782dex21.htm)] [added: 2.2] | | | | | | [Amending Deed, dated as of December 7, 2021, by and among Block, Inc., Lanai (AU) 2 Pty Ltd and Afterpay [removed: Limited.](http://www.sec.gov/Archives/edgar/data/0001512673/000119312521349510/d231782dex21.htm)] [added: Limited.](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521349510/d231782dex21.htm)] | | | 8-K | | | 001-37622 | | | 2.1 | | | December 7, 2021 | | |

| [removed: [3.1](http://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit31blockinc2021.htm)] [added: 3.1] | | | | | | [Amended and Restated Certificate of Incorporation of the Registrant, as [removed: amended](http://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit31blockinc2021.htm).] [added: amended.](https://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit31blockinc2021.htm)] | | | 10-K | | | 001-37622 | | | 3.1 | | | February 24, 2022 | | |

| [removed: [3.2](http://www.sec.gov/Archives/edgar/data/1512673/000119312522266723/d369895dex31.htm)] [added: 3.2] | | | | | | [Amended and Restated Bylaws of the [removed: Registrant.](http://www.sec.gov/Archives/edgar/data/1512673/000119312522266723/d369895dex31.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/1512673/000119312522266723/d369895dex31.htm)] | | | 8-K | | | 001-37622 | | | 3.1 | | | October 21, 2022 | | |

| [removed: [4.4](http://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex41.htm)] [added: 4.2] | | | | | | [Indenture, dated March 5, 2020, between the Registrant and The Bank of New York Mellon Trust Company, [removed: N.A.](http://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex41.htm)] [added: N.A. (2025 Convertible Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex41.htm)] | | | 8-K | | | 001-37622 | | | 4.1 | | | March 5, 2020 | | |

| [removed: [4.5](http://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex41.htm)] [added: 4.4] | | | | | | [Form of 0.125% Convertible Senior Note due 2025 (included in Exhibit [removed: 4.4)](http://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex41.htm).] [added: 4.2).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex41.htm)] | | | 8-K | | | 001-37622 | | | 4.2 | | | March 5, 2020 | | |

| [removed: [4.6](http://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex41.htm)] [added: 4.5] | | | | | | [Indenture, dated November 13, 2020, between the Registrant and The Bank of New York Mellon Trust Company, N.A. (2026 Convertible [removed: Notes).](http://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex41.htm)] [added: Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex41.htm)] | | | 8-K | | | 001-37622 | | | 4.1 | | | November 13, 2020 | | |

| [removed: [4.7](http://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex41.htm)] [added: 4.7] | | | | | | [Form of 0% Convertible Senior Note due 2026 (included in Exhibit [removed: 4.6).](http://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex41.htm)] [added: 4.](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex41.htm)[5](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex41.htm)] | | | 8-K | | | 001-37622 | | | 4.2 | | | November 13, 2020 | | |

| [removed: [4.8](http://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex43.htm)] [added: 4.8] | | | | | | [Indenture, dated November 13, 2020, between the Registrant and The Bank of New York Mellon Trust Company, N.A. (2027 Convertible [removed: Notes).](http://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex43.htm)] [added: Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex43.htm)] | | | 8-K | | | 001-37622 | | | 4.3 | | | November 13, 2020 | | |

| [removed: [4.9](http://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex43.htm)] [added: 4.10] | | | | | | [Form of 0.25% Convertible Senior Note due 2027 (included in Exhibit [removed: 4.8).](http://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex43.htm)] [added: 4.8).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex43.htm)] | | | 8-K | | | 001-37622 | | | 4.4 | | | November 13, 2020 | | |

| [removed: [4.10](http://www.sec.gov/Archives/edgar/data/1512673/000119312521167754/d136319dex41.htm)] [added: 4.11] | | | | | | [Indenture, dated as of May 20, 2021, by and between Square, Inc. and Bank of New York Mellon Trust Company, N.A., as Trustee (2.75% Senior Notes due [removed: 2026).](http://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex41.htm)] [added: 2026).](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex41.htm)] | | | 8-K | | | 001-37622 | | | 4.1 | | | May 20, 2021 | | |

| [removed: [4.11](http://www.sec.gov/Archives/edgar/data/1512673/000119312521167754/d136319dex41.htm)] [added: 4.12] | | | | | | [Form of 2.75% Senior Note due 2026 (included in Exhibit [removed: 4.10).](http://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex41.htm)] [added: 4.1](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex41.htm)[1](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex41.htm)] | | | 8-K | | | 001-37622 | | | 4.2 | | | May 20, 2021 | | |

| [removed: [4.12](https://www.sec.gov/Archives/edgar/data/1512673/000119312521167754/d136319dex43.htm)] [added: 4.13] | | | | | | [Indenture, dated as of May 20, 2021 by and between Square, Inc. and Bank of New York Mellon Trust Company, N.A., as Trustee (3.50% Senior Notes due [removed: 2031).](http://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex43.htm)] [added: 2031).](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex43.htm)] | | | 8-K | | | 001-37622 | | | 4.3 | | | May 20, 2021 | | |

| [removed: [4.13](http://www.sec.gov/Archives/edgar/data/1512673/000119312521167754/d136319dex43.htm)] [added: 4.14] | | | | | | [Form of 3.50% Senior Note due 2031 (included in Exhibit [removed: 4.12).](http://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex43.htm)] [added: 4.1](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex43.htm)[3](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex43.htm)[).](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex43.htm)] | | | 8-K | | | 001-37622 | | | 4.4 | | | May 20, 2021 | | |

| [removed: [10.1+](http://www.sec.gov/Archives/edgar/data/1512673/000119312515369092/d937622dex101.htm)] [added: 10.1+] | | | | | | [Form of Indemnification Agreement between the Registrant and each of its directors and executive [removed: officers.](http://www.sec.gov/Archives/edgar/data/1512673/000119312515369092/d937622dex101.htm)] [added: officers.](https://www.sec.gov/Archives/edgar/data/1512673/000119312515369092/d937622dex101.htm)] | | | S-1/A | | | 333-207411 | | | 10.1 | | | November 6, 2015 | | |

| [removed: [10.2.1+](http://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit1021blockinc2021a.htm)] [added: 10.2.1+] | | | | | | [Block, Inc. 2015 Equity Incentive Plan, as amended and [removed: restated](http://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit1021blockinc2021a.htm)] [added: restated.](https://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit1021blockinc2021a.htm)] | | | 10-K | | | 001-37622 | | | 10.2.1 | | | February 24, 2022 | | |

| [removed: [10.2.2+](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit1022blockinc2023.htm)*] [added: 10.2.2+*] | | | | | | [Form of Restricted Stock Unit Award and Restricted Stock Unit [removed: Agreement.](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit1022blockinc2023.htm)] [added: Agreement.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit1022blockinc2024.htm)] | | | | | | | | | | | | | | |

| [removed: [10.2.3+](http://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit1023blockinc2021.htm)] [added: 10.2.3+] | | | | | | [Form of Restricted Stock Award and Restricted [removed: Stock Agreement.](http://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit1023blockinc2021.htm)] [added: Stock](https://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit1023blockinc2021.htm) [](https://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit1023blockinc2021.htm)[Agreement.](https://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit1023blockinc2021.htm)] | | | 10-K | | | 001-37622 | | | 10.2.3 | | | February 24, 2022 | | |

| [removed: [10.2.4+](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit1024blockinc2023.htm)*] [added: 10.2.4+*] | | | | | | [Form of Stock Option Grant and Stock Option [removed: Agreement.](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit1024blockinc2023.htm)] [added: Agreement.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit1024blockinc2024.htm)] | | | | | | | | | | | | | | |

| [removed: [10.3+](http://www.sec.gov/Archives/edgar/data/1512673/000162828022028213/exhibit101blockincq322.htm)] [added: 10.3+] | | | | | | [Block, Inc. 2015 Employee Stock Purchase Plan, as amended and [removed: restated.](http://www.sec.gov/Archives/edgar/data/1512673/000162828022028213/exhibit101blockincq322.htm)] [added: restated.](https://www.sec.gov/Archives/edgar/data/1512673/000162828022028213/exhibit101blockincq322.htm)] | | | 10-Q | | | 001-37622 | | | 10.1 | | | November 3, 2022 | | |

| [removed: [10.4+](http://www.sec.gov/Archives/edgar/data/1512673/000119312515343733/d937622dex104.htm)] [added: 10.4+] | | | | | | [Square, Inc. 2009 Stock Plan and related form [removed: agreements.](http://www.sec.gov/Archives/edgar/data/1512673/000119312515343733/d937622dex104.htm)] [added: agreements.](https://www.sec.gov/Archives/edgar/data/1512673/000119312515343733/d937622dex104.htm)] | | | S-1 | | | 333-207411 | | | 10.4 | | | October 14, 2015 | | |

| [removed: [10.5+](http://www.sec.gov/Archives/edgar/data/1512673/000119312515343733/d937622dex105.htm)] [added: 10.5+] | | | | | | [Square, Inc. Executive Incentive Compensation [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1512673/000119312515343733/d937622dex105.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1512673/000119312515343733/d937622dex105.htm)] | | | S-1 | | | 333-207411 | | | 10.5 | | | October 14, 2015 | | |

| [removed: [10.6](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit106blockinc2023.htm)[*](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit106blockinc2023.htm)] [added: 10.6*] | | | | | | [Block, Inc. Outside Director Compensation Policy, as amended and [removed: restated.](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit106blockinc2023.htm)] [added: restated.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit106blockinc2024.htm)] | | | | | | | | | | | | | | |

| [removed: [10.7+](http://www.sec.gov/Archives/edgar/data/1512673/000119312515343733/d937622dex107.htm)] [added: 10.7+] | | | | | | [Form of Change of Control and Severance Agreement between the Registrant and certain of its executive [removed: officers.](http://www.sec.gov/Archives/edgar/data/1512673/000119312515343733/d937622dex107.htm)] [added: officers.](https://www.sec.gov/Archives/edgar/data/1512673/000119312515343733/d937622dex107.htm)] | | | S-1 | | | 333-207411 | | | 10.7 | | | October 14, 2015 | | |

| [removed: [10.8+](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit108blockinc2023.htm)*] [added: 10.8+] | | | | | | [Form of Change of Control and Severance Agreement between the Registrant and certain of its executive officers entered into on and after January 27, 2020.](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit108blockinc2023.htm) | | | [added: 10-K] | | | [added: 001-37622] | | | [added: 10.8] | | | [added: February 22, 2024] | | |

| [removed: [10.9+](http://www.sec.gov/Archives/edgar/data/1512673/000151267316000002/exhibit108squareinc2015.htm)] [added: 10.9+] | | | | | | [Offer Letter between the Registrant and Jack Dorsey, dated as of March 7, [removed: 2016.](http://www.sec.gov/Archives/edgar/data/1512673/000151267316000002/exhibit108squareinc2015.htm)] [added: 2016.](https://www.sec.gov/Archives/edgar/data/1512673/000151267316000002/exhibit108squareinc2015.htm)] | | | 10-K | | | 001-37622 | | | 10.8 | | | March 10, 2016 | | |

| [removed: [10.11+](http://www.sec.gov/Archives/edgar/data/1512673/000119312519001870/d685104dex101.htm)] [added: 10.10+] | | | | | | [Offer Letter between the Registrant and Amrita Ahuja, dated as of December 16, [removed: 2018](http://www.sec.gov/Archives/edgar/data/1512673/000119312519001870/d685104dex101.htm).] [added: 2018](https://www.sec.gov/Archives/edgar/data/1512673/000119312519001870/d685104dex101.htm).] | | | 8-K | | | 001-37622 | | | 10.1 | | | January 4, 2019 | | |

| [removed: [10.13](http://www.sec.gov/Archives/edgar/data/1512673/000119312520134891/d792587dex101.htm)] [added: 10.11] | | | | | | [Revolving Credit Agreement dated as of May 1, 2020 among the Registrant, the Lenders Party Thereto, and Goldman Sachs Bank USA, as Administrative [removed: Agent.](http://www.sec.gov/Archives/edgar/data/1512673/000119312520134891/d792587dex101.htm)] [added: Agent.](https://www.sec.gov/Archives/edgar/data/1512673/000119312520134891/d792587dex101.htm)] | | | 8-K | | | 001-37622 | | | 10.1 | | | May 6, 2020 | | |

| [removed: [10.14](http://www.sec.gov/Archives/edgar/data/1512673/000119312520159525/d938069dex101.htm)] [added: 10.12] | | | | | | [First Amendment to Credit Agreement, dated as of May 28, 2020, among the Registrant, the Lenders Party Thereto, and Goldman Sachs Bank USA, as Administrative [removed: Agent.](http://www.sec.gov/Archives/edgar/data/1512673/000119312520159525/d938069dex101.htm)] [added: Agent.](https://www.sec.gov/Archives/edgar/data/1512673/000119312520159525/d938069dex101.htm)] | | | 8-K | | | 001-37622 | | | 10.1 | | | June 3, 2020 | | |

| [removed: [10.15](http://www.sec.gov/Archives/edgar/data/1512673/000119312520289591/d878497dex106.htm)] [added: 10.13] | | | | | | [Second Amendment to Credit Agreement, dated as of November 9, 2020, among the Registrant, the Lenders Party Thereto, and Goldman Sachs Bank USA, as Administrative [removed: Agent.](http://www.sec.gov/Archives/edgar/data/1512673/000119312520289591/d878497dex106.htm)] [added: Agent.](https://www.sec.gov/Archives/edgar/data/1512673/000119312520289591/d878497dex106.htm)] | | | 8-K | | | 001-37622 | | | 10.6 | | | November 10, 2020 | | |

| [removed: [10.16](http://www.sec.gov/Archives/edgar/data/1512673/000119312521027306/d102993dex101.htm)] [added: 10.14] | | | | | | [Third Amendment to Credit Agreement, dated as of January 28, 2021, by and among the Registrant, the Lenders party thereto, and Goldman Sachs Bank USA, as [removed: administrative agent.](http://www.sec.gov/Archives/edgar/data/1512673/000119312521027306/d102993dex101.htm)] [added: Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1512673/000119312521027306/d102993dex101.htm)] | | | 8-K | | | 001-37622 | | | 10.1 | | | February 3, 2021 | | |

| [removed: [10.17](http://www.sec.gov/Archives/edgar/data/1512673/000119312521173583/d158715dex101.htm)] [added: 10.15] | | | | | | [Fourth Amendment to Credit Agreement, dated as of May 25, 2021, by and among Square, Inc., the lenders party thereto, and Goldman Sachs Bank USA, as [removed: administrative agent.](http://www.sec.gov/Archives/edgar/data/0001512673/000119312521173583/d158715dex101.htm)] [added: Administrative Agent.](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521173583/d158715dex101.htm)] | | | 8-K | | | 001-37622 | | | 10.1 | | | May 26, 2021 | | |

| [removed: [10.18](http://www.sec.gov/Archives/edgar/data/1512673/000119312522023529/d261416dex101.htm)] [added: 10.16] | | | | | | [Fifth Amendment to Credit Agreement, dated as of January 28, 2022, by and among Block, Inc., the lenders party thereto, and Goldman Sachs Bank USA, as [removed: administrative agent](http://www.sec.gov/Archives/edgar/data/0001512673/000119312522023529/d261416dex101.htm).] [added: Administrative Agent](https://www.sec.gov/Archives/edgar/data/0001512673/000119312522023529/d261416dex101.htm).] | | | 8-K | | | 001-37622 | | | 10.1 | | | January 31, 2022 | | |

| [removed: [10.19](http://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit1021blockinc2021.htm)] [added: 10.17] | | | | | | [Sixth Amendment to Credit Agreement, dated as of February 23, 2022, by and among Block, Inc., the lenders party thereto, and Goldman Sachs Bank USA, as [removed: administrative agent.](http://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit1021blockinc2021.htm)] [added: Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit1021blockinc2021.htm)] | | | 10-K | | | 001-37622 | | | 10.21 | | | February 24, 2022 | | |

| [removed: [10.20](http://www.sec.gov/Archives/edgar/data/1512673/000119312523164479/d496857dex101.htm)] [added: 10.18] | | | | | | [Seventh Amendment [removed: to](http://www.sec.gov/Archives/edgar/data/1512673/000119312523164479/d496857dex101.htm) [Credit] [added: to Credit] Agreement, dated as of June 9, 2023, among Block, Inc., the lenders party thereto and Goldman Sachs Bank USA, [removed: as](http://www.sec.gov/Archives/edgar/data/1512673/000119312523164479/d496857dex101.htm) [a](http://www.sec.gov/Archives/edgar/data/1512673/000119312523164479/d496857dex101.htm)[dministrative](http://www.sec.gov/Archives/edgar/data/1512673/000119312523164479/d496857dex101.htm) [a](http://www.sec.gov/Archives/edgar/data/1512673/000119312523164479/d496857dex101.htm)[gent](http://www.sec.gov/Archives/edgar/data/1512673/000119312523164479/d496857dex101.htm)[.](http://www.sec.gov/Archives/edgar/data/1512673/000119312523164479/d496857dex101.htm)] [added: as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1512673/000119312523164479/d496857dex101.htm)] | | | 8-K | | | 001-37622 | | | 10.1 | | | June 9, 2023 | | |

| [removed: [10.27](http://www.sec.gov/Archives/edgar/data/1512673/000119312518175476/d590226dex102.htm)] [added: 10.20] | | | | | | [Form of Convertible Note Hedge [removed: Confirmation.](http://www.sec.gov/Archives/edgar/data/1512673/000119312518175476/d590226dex102.htm)] [added: Confirmation.](https://www.sec.gov/Archives/edgar/data/1512673/000119312518175476/d590226dex102.htm)] | | | 8-K | | | 001-37622 | | | 10.2 | | | May 25, 2018 | | |

| [removed: [10.28](http://www.sec.gov/Archives/edgar/data/1512673/000119312518175476/d590226dex103.htm)] [added: 10.21] | | | | | | [Form of Warrant [removed: Confirmation.](http://www.sec.gov/Archives/edgar/data/1512673/000119312518175476/d590226dex103.htm)] [added: Confirmation.](https://www.sec.gov/Archives/edgar/data/1512673/000119312518175476/d590226dex103.htm)] | | | 8-K | | | 001-37622 | | | 10.3 | | | May 25, 2018 | | |

| [removed: [10.29](http://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex102.htm)] [added: 10.22] | | | | | | [Form of Convertible Note Hedge [removed: Confirmation.](http://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex102.htm)] [added: Confirmation.](https://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex102.htm)] | | | 8-K | | | 001-37622 | | | 10.2 | | | March 5, 2020 | | |

| [removed: [10.30](http://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex103.htm)] [added: 10.23] | | | | | | [Form of Warrant [removed: Confirmation.](http://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex103.htm)] [added: Confirmation.](https://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex103.htm)] | | | 8-K | | | 001-37622 | | | 10.3 | | | March 5, 2020 | | |

| [removed: [10.31](http://www.sec.gov/Archives/edgar/data/1512673/000119312520289591/d878497dex102.htm)] [added: 10.24] | | | | | | [Form of Convertible Note Hedge Confirmation (2026 Convertible [removed: Notes).](http://www.sec.gov/Archives/edgar/data/1512673/000119312520289591/d878497dex102.htm)] [added: Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520289591/d878497dex102.htm)] | | | 8-K | | | 001-37622 | | | 10.2 | | | November 10, 2020 | | |

| 4.3* | | | | | | [Supplemental Indenture, dated January 21, 2025, between the Registrant and The Bank of New York Mellon Trust Company, N.A. (2025 Convertible Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit43blockinc2024.htm) | | | | | | | | | | | | | | |

| 4.6* | | | | | | [Supplemental Indenture, dated January 21, 2025, between the Registrant and The Bank of New York Mellon Trust Company, N.A. (2026 Convertible Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit46blockinc2024.htm) | | | | | | | | | | | | | | |

| 4.9* | | | | | | [Supplemental Indenture, dated January 21, 2025, between the Registrant and The Bank of New York Mellon Trust Company, N.A. (2027 Convertible Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit49blockinc2024.htm) | | | | | | | | | | | | | | |

| 4.15 | | | | | | [Indenture, dated as of May 9, 2024, by and between Block, Inc. and Bank of New York Mellon Trust Company, N.A., as Trustee](https://www.sec.gov/Archives/edgar/data/1512673/000119312524135259/d798494dex41.htm) [(6.50% Senior](https://www.sec.gov/Archives/edgar/data/1512673/000119312524135259/d798494dex41.htm) [Notes due 2032)](https://www.sec.gov/Archives/edgar/data/1512673/000119312524135259/d798494dex41.htm)[.](https://www.sec.gov/Archives/edgar/data/1512673/000119312524135259/d798494dex41.htm) | | | 8-K | | | 001-37622 | | | 4.1 | | | May 9, 2024 | | |

| 4.16 | | | | | | [Form of 6.50% Senior Note due 2032 (included in Exhibit 4.15).](https://www.sec.gov/Archives/edgar/data/1512673/000119312524135259/d798494dex41.htm) | | | 8-K | | | 001-37622 | | | 4.2 | | | May 9, 2024 | | |

| 4.17* | | | | | | [Description of Class A Common Stock.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit417blockinc2024.htm) | | | | | | | | | | | | | | |

| 10.19 | | | | | | [Eighth Amendment to Credit Agreement, dated as of March 29, 2024, among Block, Inc., the lenders that are party thereto and Goldman Sachs Bank USA, as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1512673/000119312524083382/d806556dex101.htm) | | | 8-K | | | 001-37622 | | | 10.1 | | | April 1, 2024 | | |

| 19.1* | | | | | | [Block, Inc. Insider Trading Policy and Guidelines with Respect to Certain Transactions in Securities.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit191blockinc2024.htm) | | | | | | | | | | | | | | |

| [4.1](http://www.sec.gov/Archives/edgar/data/1512673/000119312515369092/d937622dex41.htm) | | | | | | [Form of Class A common stock certificate of the Registrant.](http://www.sec.gov/Archives/edgar/data/1512673/000119312515369092/d937622dex41.htm) | | | S-1/A | | | 333-207411 | | | 4.1 | | | November 6, 2015 | | |

| [4.14](http://www.sec.gov/Archives/edgar/data/1512673/000162828020002303/exhibit47squareinc2019.htm) | | | | | | [Description of Class A Common Stock](http://www.sec.gov/Archives/edgar/data/1512673/000162828020002303/exhibit47squareinc2019.htm). | | | 10-K | | | 001-37622 | | | 4.7 | | | February 26, 2020 | | |

| [10.10+](http://www.sec.gov/Archives/edgar/data/1512673/000119312515369092/d937622dex1012.htm) | | | | | | [Offer Letter between the Registrant and Alyssa Henry, dated as of October 1, 2015.](http://www.sec.gov/Archives/edgar/data/1512673/000119312515369092/d937622dex1012.htm) | | | S-1/A | | | 333-207411 | | | 10.12 | | | November 6, 2015 | | |

| [10.12](http://www.sec.gov/Archives/edgar/data/1512673/000162828023015762/exhibit101q123.htm)[+](http://www.sec.gov/Archives/edgar/data/1512673/000119312519001870/d685104dex101.htm) | | | | | | [Separation Agreement between the Registrant and Sivan Whiteley, dated as of April 26, 2023](http://www.sec.gov/Archives/edgar/data/1512673/000162828023015762/exhibit101q123.htm)[.](http://www.sec.gov/Archives/edgar/data/1512673/000162828023015762/exhibit101q123.htm) | | | 10-Q | | | 001-37622 | | | 10.1 | | | May 4, 2023 | | |

| [10.](http://www.sec.gov/Archives/edgar/data/1512673/000162828023027248/exhibit102q223.htm)[2](http://www.sec.gov/Archives/edgar/data/1512673/000162828023027248/exhibit102q223.htm)[1](http://www.sec.gov/Archives/edgar/data/1512673/000162828023027248/exhibit102q223.htm)# | | | | | | [Master Development and Supply Agreement by and between the Registrant and TDK Corporation, dated as of October 1, 2013.](http://www.sec.gov/Archives/edgar/data/1512673/000162828023027248/exhibit102q223.htm) | | | 10-Q | | | 001-37622 | | | 10.2 | | | August 3, 2023 | | |

| [10.2](http://www.sec.gov/Archives/edgar/data/1512673/000162828023027248/exhibit103q223.htm)[2](http://www.sec.gov/Archives/edgar/data/1512673/000162828023027248/exhibit103q223.htm)# | | | | | | [Master Manufacturing Agreement by and between the Registrant and Cheng Uei Precision Industry Co., Ltd., dated as of June 27, 2012.](http://www.sec.gov/Archives/edgar/data/1512673/000162828023027248/exhibit103q223.htm) | | | 10-Q | | | 001-37622 | | | 10.3 | | | August 3, 2023 | | |

| [10.2](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit1023blockinc2023.htm)[3](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit1023blockinc2023.htm)[#](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit1023blockinc2023.htm)* | | | | | | [ASIC Development and Supply Agreement by and between the Registrant, Semiconductor Components Industries, LLC (d/b/a ON Semiconductor) and ON Semiconductor Trading, Ltd., dated as of March 25, 2013.](https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/exhibit1023blockinc2023.htm) | | | | | | | | | | | | | | |

| [10.24](http://www.sec.gov/Archives/edgar/data/1512673/000151267319000003/exhibit1023squareinc2018.htm) | | | | | | [Amendment 1 to ASIC Development and Supply Agreement, dated as of January 15, 2019.](http://www.sec.gov/Archives/edgar/data/1512673/000151267319000003/exhibit1023squareinc2018.htm) | | | 10-K | | | 001-37622 | | | 10.23 | | | February 27, 2019 | | |

| [10.25](http://www.sec.gov/Archives/edgar/data/1512673/000119312520159525/d938069dex102.htm) | | | | | | [Paycheck Protection Program Liquidity Facility Letter Agreement, dated as of June 2, 2020.](http://www.sec.gov/Archives/edgar/data/1512673/000119312520159525/d938069dex102.htm) | | | 8-K | | | 001-37622 | | | 10.2 | | | June 3, 2020 | | |

| [10.26](http://www.sec.gov/Archives/edgar/data/1512673/000119312521027306/d102993dex102.htm) | | | | | | [Paycheck Protection Program Liquidity Facility Letter of Agreement, dated as of January 29, 2021.](http://www.sec.gov/Archives/edgar/data/1512673/000119312521027306/d102993dex102.htm) | | | 8-K | | | 001-37622 | | | 10.2 | | | February 3, 2021 | | |

# Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to furnish supplementally an unredacted copy of the exhibit to the Securities and Exchange Commission upon its request.

Date: February [removed: 22, 2024][added: 24, 2025]

| /s/ Jack Dorsey | | | Block Head and Chairperson (Principal Executive Officer) | | | February [removed: 22, 2024] [added: 24, 2025] | | |

| /s/ Amrita Ahuja | | | Chief Financial Officer & Chief Operating Officer (Principal Financial Officer) | | | February [removed: 22, 2024] [added: 24, 2025] | | |

| /s/ Ajmere Dale | | | Chief Accounting Officer (Principal Accounting Officer) | | | February [removed: 22, 2024] [added: 24, 2025] | | |

| /s/ Roelof Botha | | | Director | | | February [removed: 22, 2024] [added: 24, 2025] | | |

| /s/ Amy Brooks | | | Director | | | February [removed: 22, 2024] [added: 24, 2025] | | |

| /s/ Shawn Carter | | | Director | | | February [removed: 22, 2024] [added: 24, 2025] | | |

| /s/ Paul Deighton | | | Director | | | February [removed: 22, 2024] [added: 24, 2025] | | |

| /s/ Randy Garutti | | | Director | | | February [removed: 22, 2024] [added: 24, 2025] | | |

| /s/ Jim McKelvey | | | Director | | | February [removed: 22, 2024] [added: 24, 2025] | | |

| /s/ Mary Meeker | | | Director | | | February [removed: 22, 2024] [added: 24, 2025] | | |

| /s/ Neha Narula | | | Director | | | February [removed: 22, 2024] [added: 24, 2025] | | |

| /s/ Anthony Eisen | | | Director | | | February 24, 2025 | | |

| Anthony Eisen | | | | | | | | |

| /s/ Sharon Rothstein | | | Director | | | February 22, 2024 | | |

| Sharon Rothstein | | | | | | | | |