Block (XYZ) 10-K risk factor changes: FY2025 vs FY2024

- our ability to develop products and services to address the rapidly evolving market for [removed: payments] [added: commerce] and financial services;

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

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

- real or perceived improper or unauthorized use of, disclosure of, or access to [removed: sensitive] data;

- litigation, including intellectual property claims, government investigations or inquiries, and [added: legal and] regulatory [removed: matters or disputes;][added: matters;]

- obligations and restrictions as a licensed money [removed: transmitter;][added: transmitter and virtual currency business;]

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

Our sellers’ activity with us may decrease for a variety of reasons, including sellers’ level of satisfaction with our products and services, our pricing and the pricing and quality of competing products or services, [added: conditions impacting their businesses, including] the effects of economic conditions, or reductions in the aggregate spending of our sellers’ customers.

However, the growth rate of transacting actives has fluctuated over [removed: time, has slowed in recent quarters,] [added: time] and 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, [added: competitive offerings in the market,] 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, changes in the regulatory environment or regulations applicable to us, and harm to our reputation and brand.

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

Thus, [removed: we may not be able to maintain 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 products, services and technologies [removed: materially] increase in the future, including the fees we pay to third parties to advertise our products and services and compliance costs, our [added: total] expenses may rise significantly.

In addition, increases in our seller base could [removed: cause us to incur] [added: result in] increased [removed: costs] [added: expenses] 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.

Moreover, businesses we acquire may have different profitability than our existing business, which may affect our overall [removed: profitability, particularly until we are able to realize expected synergies.][added: profitability.]

From time to time, we have made and [added: we] may [added: in the future] 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 long-term.

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

[removed: These] [added: Further, these] decisions may not be consistent with the expectations of investors and may not produce the long-term benefits that we expect, in which case our business may be materially and adversely affected.

We believe that maintaining, promoting, and enhancing [removed: the] Square, Cash App, TIDAL, Afterpay, [added: Proto,] and our other [removed: brands, in a cost-effective manner] [added: brands] is critical to achieving widespread acceptance of our products and services and expanding our base of customers.

If we are unable to market and promote our brands [removed: on third-party platforms] effectively, our ability to acquire new customers would be materially harmed.

Partners and [removed: influencers] [added: influencers, employees, former employees] or other third parties with whom we maintain relationships [added: or have maintained relationships with] could engage in behavior or use their platforms to communicate directly with our sellers and customers in a manner that reflects poorly on our brands and such behavior or communications may adversely affect us.

Further, negative publicity or commentary regarding the partners and influencers or other third parties who are, or are perceived to be, [added: or have been] affiliated with us may also damage our reputation, even if the negative publicity or commentary is not directly related to us.

Any negative publicity about the industries we operate in or our company, the [removed: quality and reliability of] [added: quality, reliability, or the way in which we market, disclose, or represent] our products and services, our risk management processes, changes to our products and services, our ability to effectively manage and resolve customer complaints, our privacy, data protection, and information security practices, litigation, regulatory activity, policy positions, and the experience of our [removed: sellers] [added: sellers, customers, employees] and [removed: customers] [added: former employees] with us, our products or services could adversely affect our reputation and the confidence in and use of our products and services.

Failure to successfully [removed: broaden the scope of] [added: introduce new or enhanced] products and services that are attractive may inhibit our growth and harm our business.

Our long-term success depends on our ability to develop products and services to address the rapidly evolving market for [removed: payments] [added: commerce] and financial services, and, if we are not able to implement successful enhancements and new features for our products and services, our business could be materially and adversely affected.

Our success [removed: will depend] [added: depends in part] on our ability to develop new technologies, to adapt to technology changes and evolving industry standards, to incorporate new technologies into our products and services, and to provide products and services that are tailored to specific needs and requirements of our customers.

[removed: It is difficult] [added: We are unable] 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 [removed: partners.][added: partners, as well as through Square Financial Services.]

Our investments in bitcoin, our bitcoin ecosystem, and our Cash App [removed: feature] [added: and Square features] that [removed: permits customers to transact] [added: facilitate transactions] in [removed: bitcoin,] [added: bitcoin by our customers and sellers each] subject us to additional risks related to [removed: any further] developments in the cryptocurrency markets and the resulting impact on customer and investor behavior.

If the cryptocurrency environment [removed: either] deteriorates or [removed: improves,] [added: improves based on these or other factors,] 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.

[removed: For example, if] [added: If] demand increases sharply, either to buy or to [removed: sell,] [added: sell bitcoin,] 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.

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

[removed: Deterioration] [added: Any deterioration] in the cryptocurrency markets may [removed: also] have an adverse effect on our reputation, and any negative perception by our customers of one or more 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.

We have in the past, and may in the future, [removed: also] choose to divest certain businesses or product lines.

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

- [removed: regional] economic and political instability and other geopolitical risks.

Additionally, in instances where we are a service-provider to or are otherwise in a third-party relationship with our bank partners in connection with these programs, we are subject to certain risk-management standards for third-party relationships in accordance with [removed: federal] bank regulatory guidance and examinations by the federal [added: and state] banking regulators.

If there are additional bank or financial institution failures, [removed: we] [added: Square Financial Services] may be required to pay higher deposit insurance assessments or [added: we may be required to pay] higher fees associated with FDIC-insured products offered through our bank partnerships, or we may be subject to higher capital requirements imposed by the FDIC, our bank partners, or federal banking regulators with authority over our bank partners, which could reduce our profitability, and negatively impact our business and operations.

Our loan products are subject to risks related to [removed: availability of capital and] general macroeconomic [removed: conditions,] [added: 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 [removed: amount.][added: amount and to effectively manage risk.]

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

- development and use of AI, including generative AI, in our products;

- any inability to secure financing on favorable terms, or at all;

In February 2026 we announced a workforce reduction restructuring plan designed to better align our organizational structure with our operating model and strategic priorities.

We expect these actions and decisions will result in increased expenses in the short term, could materially impact our operating results in the periods incurred, may impact our ability to generate and increase revenue and may impact our ability to grow or quickly develop and introduce products.

Actual costs related to these changes may also exceed our estimates due to changes in assumptions, additional actions, or unforeseen circumstances.

Similarly, any future actions and decisions could likewise result in increased expenses and may impact our ability to grow or quickly develop and introduce products.

Our recently announced workforce reduction and related reorganization, including the potential for increased reliance on proactive intelligence and artificial intelligence tools, may not achieve their intended benefits and could adversely affect our business, financial condition and results of operations.

In February 2026 we announced a workforce reduction restructuring plan designed to better align our organizational structure with our operating model and strategic priorities.

As part of this plan, we expect an increased reliance on automation, proactive intelligence capabilities and AI tools that we believe will enhance productivity and maintain operational efficiency.

In addition, these actions will result in severance and other restructuring charges, and may require additional investments in technology and systems.

We may not realize the expected cost savings, operating efficiencies or other anticipated benefits of these initiatives within the anticipated timeframe, or at all.

The workforce reduction and reorganization may disrupt our operations and adversely affect employee morale and productivity.

The departure of employees, including experienced personnel, may result in the loss of institutional knowledge and expertise, and remaining employees may experience increased workloads, which could lead to increased error rates, reduced innovation and attrition of key talent.

Our ability to successfully operate with a reduced workforce is expected to depend in part on the effectiveness, reliability and adoption of our proactive intelligence and AI tools.

These technologies may not perform as expected, may require more time or expense to implement effectively, may introduce operational or cybersecurity risks, or may fail to enhance productivity and maintain operational efficiency as expected.

These actions could increase the risk of operational disruptions, service interruptions, control failures or other significant events, particularly during transition periods, as responsibilities are reassigned and processes are adjusted.

We expect to continue to invest in employees we wish to retain and attract, including through increased compensation.

In addition, evolving regulatory requirements and public scrutiny relating to AI technologies could increase compliance costs or limit our ability to deploy such tools as intended.

We may also incur additional costs not currently contemplated, including costs related to technology implementation, operational disruptions, employee claims, regulatory compliance, or other matters arising from the workforce reduction and reorganization.

We may also suffer indirect harm to our business as a result of reputational harm or concerns our customers have regarding the use of AI.

Any failure to successfully implement these actions, or any unintended consequences resulting from them, could result in delays in product development or strategic initiatives and could materially and adversely affect our business, financial condition and results of operations.

In addition, any reassignment of responsibilities, together with potential increased reliance on automation and AI tools to support certain legal, regulatory compliance and risk management functions, may limit our capacity and introduce additional oversight risks.

If such tools do not perform as anticipated or are not effectively implemented and monitored, our ability to maintain effective governance, compliance, and risk processes during and after the transition could be impaired, which could increase the risk of regulatory inquiries, investigations, litigation, enforcement actions, control deficiencies and penalties.

Our recent significant workforce reduction may create uncertainty regarding our financial condition, growth prospects, or operational stability.

Sellers, customers and business partners may delay or reconsider relationships, and investors may react negatively, which could adversely affect our reputation, relationships, and stock price.

In addition, our reduced headcount, any future reduction in headcount or the attrition of key talent may limit our capacity to pursue new product development, geographic expansion, acquisitions, or other growth initiatives.

If we are unable to allocate sufficient resources to key priorities, our competitive position and long-term growth prospects could be adversely affected.

Refer to the risk factor titled “Our recently announced workforce reduction and related reorganization, including the potential for increased reliance on proactive intelligence and artificial intelligence tools, may not achieve their intended benefits and could adversely affect our business, financial condition and results of operations.” for additional risks related to our expected and planned use of AI.

Actions taken by regulators, legislatures, and other government actors, including the current U.S. administration, in the cryptocurrency industry, may impact market demand for bitcoin and the supply and pricing for bitcoin.

The development and use of AI in our products may result in reputational and competitive harm and could adversely impact our business.

We have incorporated and expect to continue to incorporate AI technologies, including generative AI and AI agents, into our products and technologies.

Our use of AI depends on third-party large language models that we do not control, and these models may generate inaccurate, biased, or unexpected outputs that conflict with our business objectives or brand standards.

Consumer and societal attitudes toward AI are evolving and there is a risk that customers, regulators or the public may perceive AI technologies negatively.

Concerns about automation, privacy, security, bias, transparency, flawed datasets, or other ethical considerations could reduce trust in our products and services or deter customer adoption of AI-enabled features in our products or services.

Our customers and sellers may become increasingly reliant on AI outputs in our products and services when making financial or operational decisions.

AI-enabled features in our products may generate outputs that could be interpreted as regulated advice, even if unintended or automated.

If such AI outputs are, or are perceived to be, inaccurate, biased, flawed, or otherwise determined as providing regulated advice without appropriate authorization, we could face reputational harm, regulatory scrutiny, enforcement actions or liability claims, any of which could materially and adversely affect our business, financial condition, and results of operations.

Our ability to develop and deploy AI features depends on the availability and pricing of third-party AI models, tools, and technical infrastructure, and increases in such costs or constraints on availability could adversely affect our ability to scale and our business.

Further, evolving and inconsistent legal frameworks governing AI across different jurisdictions, such as the EU AI Act, other international regimes, and emerging U.S. state regulations may create conflicting compliance obligations, all of which may impose additional costs on us, increase our risk of liability and fines, and may require us to modify, limit, or withdraw certain AI-enabled products or services in particular markets, and adversely affect our ability to scale globally.

- any inability to secure financing on favorable terms, or at all, or comply with covenants in our existing credit agreement, the indentures, or future agreements;

For example, prior to our acquisition of Afterpay, it historically generated net losses.

We may experience adverse impacts to our business as a result of the downstream effects of the bankruptcies filed by certain cryptocurrency market participants and the actions taken by regulators to address their impact.

Enforcement actions by U.S. regulators against major crypto asset platforms and negative publicity associated with crypto asset activities may, among other things, result in a decline in confidence or interest in crypto assets.

Miscalculation of 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.

While our exposure to loans that we sell to third parties is more limited, if the sellers who utilize Square Loans are unable to repay their loans, the risk of loss in our owned loan portfolio will increase and our business may be adversely affected.

Square Financial Services, as the originator of the loans provided by Square Loans in the U.S., is subject to additional risks described elsewhere in this Annual Report on Form 10-K.

Maintaining and growing our Square Loans business is dependent on institutional third-party investors purchasing the eligible business loans originated by us.

We then may have to reduce the scale of Square Financial Services, which could have a direct impact on our ability to grow.

Additionally, Square Financial Services has certain customary repurchase obligations in its loan purchase and servicing agreements with such institutional third-party investors for breaches of certain eligibility representations and warranties.

If third parties reduce the price they are willing to pay for these business loans or reduce the servicing fees they pay us in exchange for servicing the business loans on their behalf, then the financial performance of Square Financial Services would be harmed.

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 results.

For example, in April 2022 we announced that we determined that a former employee downloaded certain reports of our subsidiary Cash App Investing in December 2021 that contained some U.S. customer information without permission after the former employee’s employment ended, as disclosed in our Current Report on Form 8-K filed with the SEC on April 4, 2022.

We have incurred costs related to our investigation and response to this incident, and we could incur other losses, costs, and liabilities in connection with such incident.

For example, if sellers processing payments with Square receive chargebacks after they cease to operate, we may incur additional losses.

We may not be able to secure financing on favorable terms, or at all, to meet our future capital needs, and our existing credit agreement and our Senior Notes contain, and any future debt financing may contain, covenants that impact the operation of our business and pursuit of business opportunities.

We have financing arrangements with financial institutions in Australia, New Zealand, the United States and the United Kingdom (collectively, the “Warehouse Facilities”) to partly fund our BNPL platform.

Since inception, our business has generated net losses in most quarters, and we may continue to incur significant losses.

We may have exposure to greater-than-anticipated tax liabilities, which may materially and adversely affect our business.

We are subject to income taxes and non-income taxes in the United States and other countries in which we transact or conduct business, and such laws and rates vary by jurisdiction.

Such tax authorities have in the past disagreed, and may in the future disagree, with tax positions we take, and if any such tax authority were to successfully challenge any such position, our financial results and operations could be materially and adversely affected.

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.

In addition, we currently are, and expect to continue to be, subject to numerous federal, state, local and foreign tax audits relating to transfer pricing, income, sales and use, gross receipts, franchise, value-added (“VAT”), and other tax liabilities.

While we have established reserves based on assumptions and estimates that we believe are reasonably sufficient to cover such eventualities, any adverse outcome of such a review or audit could have an adverse impact on our financial position and results of operations if the reserves prove to be insufficient.

Our tax liability could be adversely affected by changes in tax laws, rates, regulations, and administrative practices.

For example, various levels of government and international organizations, such as in the United States, the Organisation for Economic Co-operation and Development (“OECD”), and the European Union (“EU”), have increasingly focused on tax reform and any result from this development may create changes to long-standing tax principles, which could adversely affect our effective tax rate.

On October 8, 2021, the OECD announced an international agreement with more than 130 countries to implement a new global minimum effective corporate tax rate of 15% (known as "Pillar Two") for large multinational companies with certain aspects of Pillar Two effective January 1, 2024 and other aspects effective January 1, 2025.

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.

On August 16, 2022, the Inflation Reduction Act was enacted in the United States, which introduced, among provisions, a new minimum corporate income tax on certain large corporations, an excise tax of 1% on certain share repurchases by corporations, and increased funding for the Internal Revenue Service.

Although we do not anticipate the new corporate minimum income tax will currently apply to us, we may be subject to the corporate minimum income tax in the future due to changes in our financial results, business and any future regulations or other guidance on the interpretation and application of the new corporate minimum tax.

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.

Our income tax obligations are based on our corporate operating structure, including the manner in which we develop, value, and use our intellectual property and the scope of our international operations.

The tax authorities of the jurisdictions in which we operate may challenge our methodologies for valuing developed technology or intercompany arrangements.

Additionally, tax authorities at the international, federal, state, and local levels are currently reviewing the appropriate tax treatment of companies engaged in internet commerce and financial technology and attempting to broaden the classification and definitions of activities subject to taxation.

*This section of this Form 10-K generally discusses fiscal [removed: 2024] [added: 2025] compared to fiscal [removed: 2023.][added: 2024.]

The comparison of the fiscal [removed: 2023] [added: 2024] results with the fiscal [removed: 2022] [added: 2023] 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: 2023] [added: 2024] Annual Report within Part II, Item 7 of Form 10-K, filed on February [removed: 22, 2024.*][added: 24, 2025.*]

We launched the Square ecosystem in February 2009 to enable businesses ("sellers") to accept card payments, [removed: an important] [added: a critical] capability that [removed: was] [added: had] previously [added: been] inaccessible to many businesses.

We have [added: since] expanded to provide sellers additional products and services and to give them access to a cohesive ecosystem of tools to help them [removed: manage] [added: start, run,] and grow their businesses.

Similarly, with Cash App, we have built an ecosystem of financial products and services to help [removed: individuals] [added: consumers] manage their money.

In addition, our nascent [removed: businesses] [added: ecosystems] include TIDAL [removed: and two bitcoin businesses, Bitkey] [added: as well as Bitcoin, which includes businesses such as Proto] and [removed: Proto.][added: Bitkey.]

Cash App generated gross profit of [removed: $5.2] [added: $6.3] billion in [removed: 2024,] [added: 2025,] up 21% year over [removed: year.][added: year, primarily driven by growth in Cash App Borrow.]

In [removed: 2024,] [added: 2025,] operating income was [removed: $892.3 million] [added: $1.7 billion] and Adjusted Operating Income was [removed: $1.6] [added: $2.1] billion, compared to [removed: an] operating [removed: loss] [added: income] of [removed: $278.8] [added: $892.3] million and Adjusted Operating Income of [removed: $351.4 million] [added: $1.6 billion] in [removed: 2023.][added: 2024.]

[removed: For the same period, net] [added: Net] income attributable to common stockholders was [removed: $2.9] [added: $1.3] billion compared to [removed: $9.8 million,] [added: net income attributable to common stockholders of $2.9 billion for the same period in 2024,] and Adjusted EBITDA was [removed: $3.0] [added: $3.5] billion, an increase of [removed: 69%] [added: 14%] year over year.

Net income for [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] included a [removed: gain] [added: loss] of [removed: $420.9] [added: $55.9] million and [removed: $207.1] [added: gain of $420.9] million, respectively, from the remeasurement of our bitcoin investment.

[removed: Additionally, as a result of our improved profitability in the United States,] [added: In 2024,] 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 [removed: one-time] benefits to net income for 2024 of $1.9 billion.

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 [removed: growth and pursuing cost efficiencies.][added: growth.]

We [removed: may] [added: will] continue to incur expenses, including [added: additional] restructuring costs, in the short term to implement these initiatives.

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

During the [removed: second] [added: third] quarter of [removed: 2024,] [added: 2025,] we issued [removed: $2.0] [added: $2.2] billion in aggregate principal amount of senior unsecured notes [added: comprised of $1.2 billion in aggregate principal amount of senior notes] due [removed: 2032 ("2032] [added: 2030 ("2030] Senior [added: Notes") and $1.0 billion in aggregate principal amount due 2033 ("2033 Senior] Notes").

[removed: We ended 2024 with $10.7] [added: As of December 31, 2025, we had approximately $9.2] billion in available liquidity, with [removed: $9.9] [added: $8.4] billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as an undrawn amount of $775.0 million available under our revolving credit facility.

[removed: On July 25, 2024, our] [added: In November 2025, the] board of directors [added: of the Company] authorized an increase to [removed: this] [added: the Company's] share repurchase program to repurchase up to an additional [removed: $3] [added: $5] billion of [removed: our] [added: the Company's] Class A common stock, for a total [removed: overall] authorization of [removed: $4] [added: $9] billion.

As of December 31, [removed: 2024,] [added: 2025,] we have repurchased [removed: $1.3] [added: $3.7] billion of our Class A common stock under the program, of which [removed: $1.2] [added: $2.3] billion was purchased in [removed: 2024.][added: 2025.]

We charge our sellers a transaction fee that is generally calculated [removed: based on] [added: as] a percentage of the total transaction amount processed.

[removed: Transaction-based revenue] [added: We] also [removed: includes amounts we] charge [removed: our] [added: transaction fees to] Cash App [added: Business] customers for peer-to-peer transactions [removed: to business accounts and payments sent from] [added: or funding transactions with] a credit card.

Our other SaaS products include subscription fees on our vertical software [removed: solutions (including Square for Restaurants, Square Appointments, and Square for Retail), Customer Engagement products (including Square Loyalty, Square Marketing, Square Gift Cards), staff management] [added: solutions, operational tool] products (including Square Team Management and Square Payroll), [removed: website hosting] and [removed: domain name registration services, and] other products.

Instant Deposit is a functionality within [removed: the] Cash App and our managed payment solutions that enables customers, including individuals and sellers, to instantly deposit funds into their bank accounts.

Square Loans [removed: originates loans] to sellers that are [added: originated by Square Financial Services are] generally repaid through withholding a percentage of the [removed: collections of the] seller's receivables [added: collected and] processed by us or a specified monthly amount.

[removed: In April 2021, we] [added: Beginning in the second quarter of 2025, the Company also] began originating [added: Cash App Borrow] loans [removed: in the U.S.] through our wholly-owned subsidiary bank, Square Financial Services.

For some of the loans, it is our intention to sell the rights, title, and interest to third-party investors for an upfront [removed: fee.][added: consideration.]

Certain loans, for which we have the intention and ability to hold through maturity, are not immediately sold to third-party [removed: investors, in which case, interest and fees earned are recognized as revenue using the effective interest method.][added: investors.]

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

[removed: The] [added: For] loans [removed: are] originated by the bank partner, [removed: from whom] the Company purchases the loans obtaining all rights, title, and interest.

Net amounts paid to the bank [added: partner] are recorded as the cost of the loans purchased, and amounts collected in excess of the carrying value are recognized as revenue over the life of the loans.

Revenue from our BNPL [removed: platform includes] [added: products include merchant] fees generated from consumer receivables, late fees, [added: gift cards,] and certain affiliate and advertising fees.

Through the use of our BNPL [removed: platform,] [added: products,] consumers can pay for their purchases over time by splitting their purchase price generally into three or four installments, typically due in two-week increments, without paying fees (if payments are made on time).

We also offer the ability for consumers to pay for larger transaction sizes over a [removed: six-] [added: three-, six-, twelve-,] or [removed: twelve-month] [added: twenty-four-month] period using a monthly payment option, which includes no late fees and no compounding interest with a cap on total interest owed.

[removed: For some of the loans, it is our intention to] [added: We may] sell the rights, title, and interest to a third-party investor for an upfront [removed: fee.][added: consideration subsequent to origination of some of the loans.]

[removed: Hardware revenue] [added: Revenue from Square hardware] includes revenue from sales of magstripe readers, contactless and chip readers, Square Stand, Square Register, Square Terminal, and third-party peripherals.

[removed: *Bitcoin Revenue*][added: Bitcoin Ecosystem Revenue]

[removed: Transaction-based] [added: Commerce enablement] costs consist primarily of interchange and assessment fees, processing fees, and bank settlement fees paid to third-party payment processors and financial [removed: institutions.][added: institutions, as well as costs associated with the Company’s BNPL products, TIDAL, and Square hardware and software.]

[removed: *Bitcoin Costs*][added: Bitcoin Ecosystem Costs]

Bitcoin [added: ecosystem] costs consist [added: primarily] of the amounts we pay to purchase bitcoin that is sold to [removed: customers.][added: customers, which fluctuate in line with bitcoin revenue, as well as costs associated with Proto.]

[removed: *Amortization] [added: Amortization] of Acquired Technology [removed: Assets*][added: Assets]

Operating expenses consist of product development; sales and marketing; general and administrative expenses; transaction, loan, and consumer receivable losses; [removed: bitcoin impairment losses;] and amortization of customer and other acquired intangible assets.

Cash App now provides an ecosystem of commerce solutions, financial services, and bitcoin capabilities focused on helping consumers make their money go further by enabling customers to store, send, receive, spend, invest, BNPL, borrow, or save their money.

In 2025, we generated gross profit of $10.4 billion, up 17% year over year.

Square generated gross profit of $3.9 billion in 2025, up 9% year over year, driven by financial solutions, most notably Square Loans.

We made progress on our cost efficiency goals in 2025, and we expect to continue these efforts.

For the year ended December 31, 2025 and 2024, we recorded $78.6 million and $26.8 million of severance and other expenses related to these efforts, respectively.

In February 2026, we announced a workforce reduction restructuring plan (the “Workforce Plan”) designed to better align our organizational structure with our operating model and strategic priorities.

As part of the Workforce Plan, we expect to reduce our current workforce by more than 40%.

We expect that the execution of the Workforce Plan will be substantially complete by the end of the second quarter of fiscal 2026.

We plan to continue to operate at this smaller size and are continuing to look at ways to improve our efficiency through a combination of AI automation, prioritization of our scope, performance management, and centralization of teams and functions to reduce duplication.

We ended 2025 with $9.2 billion in available liquidity, with $8.4 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as an undrawn amount of $775.0 million available under our revolving credit facility, which was amended on January 14, 2026 to, among other things, increase the unsecured revolving loan facility to $900 million.

This represents a decrease of $1.5 billion from the end of 2024, primarily due to a $1.0 billion cash payment for the settlement of the outstanding 2025 Convertible Notes that matured in March 2025 and $2.3 billion of share repurchases in 2025, partially offset by $2.2 billion cash received related to the issuance of the 2030 Senior Notes and 2033 Senior Notes.

Commerce Enablement Revenue

Commerce enablement revenue is primarily comprised of revenue generated from Square payments, software, and hardware, Cash App Card, Cash App Pay, the Company’s BNPL products, Cash App Business accounts, and TIDAL.

Commerce enablement revenue also includes various other software as a service (“SaaS”) products offered through Square.

Financial Solutions Revenue

Financial solutions revenue is primarily comprised of revenue the Company generates from Cash App Borrow, Cash App Instant Deposit, ATM withdrawal fees, interest earned on customer funds, and Square Loans.

Historically, all Cash App Borrow loans were facilitated through a partnership with a third-party industrial bank.

For loans originated through our wholly-owned subsidiary bank, Square Financial Services, the Company records the loans at the amount originated and amounts collected in excess of the originated amount are recognized as revenue over the life of the loans.

Interest and fees earned on these loans are recognized as revenue using the effective interest method.

The Company records the amounts advanced to the customers or the net amounts paid to purchase the loans as cost of the loans.

Bitcoin ecosystem revenue is primarily comprised of revenue the Company generates from customer purchases of bitcoin within Cash App, Proto, and bitcoin withdrawal fees.

Bitcoin withdrawal is a functionality within Cash App that enables customers to withdraw bitcoin stored on Cash App to a third-party wallet.

We charge customers a fee for the option of faster withdrawal speeds.

Commerce Enablement Costs

Financial Solutions Costs

Financial solutions costs consist primarily of partnership fees related to Cash App including ATM withdrawals and Instant Deposit.

Loan losses primarily relate to Square Loans, Cash App Borrow, and BNPL products.

| Commerce enablement revenue | | | $ | 11,514,162 | | | | | $ | 10,512,453 | | | | | $ | 1,001,709 | | | | | 10 | | % |

| Financial solutions revenue | | | 4,176,734 | | | | | | 3,250,817 | | | | | | 925,917 | | | | | | 28 | | % |

| Bitcoin ecosystem revenue | | | 8,502,787 | | | | | | 10,357,783 | | | | | | (1,854,996) | | | | | | (18) | | % |

Bitcoin ecosystem revenue decreased by $1.9 billion compared to the year ended December 31, 2024.

Commerce enablement revenue for the year ended December 31, 2025 increased by $1.0 billion, or 10%, compared to the year ended December 31, 2024.

This increase in revenue was driven by growth in Square processing, which increased by $541.2 million for the year ended December 31, 2025, compared to the year ended December 31, 2024, as well as growth in Cash App Card usage and revenue from Afterpay Post-Purchase of $278.0 million and $88.0 million, respectively.

The growth in Square processing was in line with Square GPV growth of 10%, driven primarily by strength in Food and Beverage sellers.

The increase was primarily due to growth in Cash App's financial service-related products, specifically Cash App Borrow volumes.

Bitcoin ecosystem revenue for the year ended December 31, 2025 decreased by $1.9 billion, or 18%, compared to the year ended December 31, 2024.

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

| Commerce enablement costs | | | $ | 5,353,254 | | | | | $ | 4,913,124 | | | | | $ | 440,130 | | | | | 9 | | % |

| Financial solutions costs | | | 339,878 | | | | | | 311,209 | | | | | | 28,669 | | | | | | 9 | | % |

| Bitcoin ecosystem costs | | | 8,083,772 | | | | | | 9,939,320 | | | | | | (1,855,548) | | | | | | (19) | | % |

In January 2022, we completed the acquisition of Afterpay, a buy now, pay later ("BNPL") platform that facilitates commerce between retail merchants and consumers by allowing retail merchant clients to offer their customers the ability to buy goods and services on a BNPL basis.

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.

Square generated gross profit of $3.6 billion in 2024, up 15% year over year, as we continued to increase product velocity and optimize our go-to-market strategies.

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.

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

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.

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

On October 26, 2023, our board of directors authorized the repurchase of up to $1 billion of the Company’s Class A common stock.

*Transaction-based Revenue*

*Subscription and Services-based Revenue*

Subscription and services-based revenue is primarily comprised of revenue we generate from Cash App, Square Loans (formerly known as Square Capital), our BNPL platform, TIDAL, and various other software as a service (“SaaS”) products that we offer through Square.

Cash App subscription and services-based revenue is primarily comprised of transaction fees from Cash App Instant Deposit, Cash App Card, bitcoin withdrawal fees, and other Cash App financial services offerings.

The short-term loans are facilitated through a partnership with an industrial bank.

*Hardware Revenue*

Our Cash App customers have the ability to purchase bitcoin, a cryptocurrency.

*Transaction-based Costs*

*Subscription and Services-based Costs*

Subscription and services-based costs consist primarily of processing and partnership fees related to Cash App including Instant Deposit and Cash App Card, and our BNPL platform, as well as costs associated with TIDAL.

*Hardware Costs*

Hardware costs consist primarily of product costs associated with magstripe readers, contactless and chip readers, Square Stand, Square Register, Square Terminal, and third-party peripherals.

Product costs include manufacturing-related overhead and personnel-related costs, certain royalties, packaging, and fulfillment costs.

Hardware is sold primarily as a means to grow our transaction-based revenue and, as a result, generating positive gross margins from hardware sales is not the primary goal of the hardware business.

These costs fluctuate in line with bitcoin revenue.

| Transaction-based revenue | | | $ | 6,613,680 | | | | | $ | 6,315,301 | | | | | $ | 298,379 | | | | | 5 | | % |

| Subscription and services-based revenue | | | 7,164,799 | | | | | | 5,944,842 | | | | | | 1,219,957 | | | | | | 21 | | % |

| Hardware revenue | | | 143,369 | | | | | | 157,178 | | | | | | (13,809) | | | | | | NM (i) | | |

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

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

GPV increased due to overall Square GPV growth.

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 markets.

Subscription and services-based revenue for the year ended December 31, 2024 increased by $1.2 billion, or 21%, compared to the year ended December 31, 2023.

Revenue generated from the BNPL platform was $1.3 billion for the year ended December 31, 2024 compared to $1.0 billion for the year ended December 31, 2023.

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

| Subscription and services-based costs | | | 1,135,813 | | | | | | 1,075,129 | | | | | | 60,684 | | | | | | 6 | | % |

| Hardware costs | | | 236,441 | | | | | | 267,650 | | | | | | (31,209) | | | | | | NM | | |

| 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.

As of December 31, [removed: 2024,] [added: 2025,] our marketable equity investments were immaterial.

As of December 31, [removed: 2024,] [added: 2025,] the aggregate carrying value of our non-marketable equity investments included in other non-current assets was [removed: $245.6] [added: $423.2] million.

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

As of December 31, [removed: 2024,] [added: 2025,] the fair value of our bitcoin investment [removed: included in other non-current assets] was [removed: $792.3] [added: $777.5] million, and for the year ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] we recognized a [removed: $420.9] [added: $55.9] million [added: loss] and [removed: $207.1] [added: a $420.9] million gain, respectively, from the remeasurement of our bitcoin investment.

Our cash and cash equivalents, and marketable debt securities as of December 31, [removed: 2024] [added: 2025] were held primarily in certificates of deposits, money market funds, U.S. government and agency securities, commercial paper, and corporate bonds.

Our Warehouse Facilities borrowings and any future borrowings incurred under the [removed: 2020] Credit [removed: Facility] [added: Agreement] both accrue interest at variable rates based on formulas tied to certain market rates at the time of incurrence.

Gains and losses from foreign currency transactions, as well as foreign exchange forward contracts, were not significant for any period presented in the consolidated financial statements included in this [removed: Annual Report on] Form 10-K.

We did not have any material gains and losses from foreign currency derivatives outstanding as of December 31, [removed: 2024.][added: 2025.]

Our two reportable segments are [removed: Square, formerly referred to as Seller,] [added: Square] and Cash App, which reflects our two primary ecosystems and the manner in which the Company's chief operating decision maker ("CODM") reviews and assesses performance.

[removed: Square Ecosystem][added: Square]

We started Block with the Square ecosystem in February 2009 to enable businesses [removed: ("sellers")] to accept card payments, [removed: an important] [added: a critical] capability that [removed: was] [added: had] previously [added: been] inaccessible to many businesses.

[removed: As our company grew, we recognized that sellers need a variety of solutions to thrive and] [added: We] saw how we could apply our strength in technology and innovation to help sellers.

We have since expanded Square into a [removed: cohesive] [added: comprehensive] commerce ecosystem that provides more than 30 distinct products and services to help our sellers start, run, and grow their businesses.

We combine [removed: software, hardware, and] [added: commerce solutions,] financial [removed: services] [added: services, and bitcoin capabilities] to create products and services that are cohesive, fast, self-serve, and elegant.

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

Cash [removed: App Ecosystem][added: App]

Cash App’s [removed: goal] [added: mission] is to redefine the world’s relationship with money by making it more relatable, instantly available, and universally accessible.

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

TIDAL offers an extensive catalog of more than [removed: 162] [added: 250] million songs and [removed: 927,000] [added: 1,000,000] high-quality videos.

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

Our bitcoin ecosystem includes our bitcoin hardware projects, which include Bitkey, [added: which is] a self-custody bitcoin wallet, Proto, [added: which is] a bitcoin mining system, as well as Spiral, an independent team focused on contributing to bitcoin open source work.

For the years ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] none of our customers accounted for greater than 5% of Square GPV.

In the year ended December 31, [removed: 2024,] [added: 2025,] more than [removed: 4] [added: 4.5] million sellers used the Square ecosystem to make [removed: 5.2] [added: 5.9] billion individual sales transactions totaling [removed: $228] [added: $250] billion of Square GPV.

The charts below show the percentage mix of our Square GPV by seller industry and seller size for the year ended December 31, [removed: 2024:][added: 2025:]

[removed: ][added: ]

[removed: ][added: ]

As of December [removed: 2024,] [added: 2025,] Cash App had [removed: 57] [added: 59] million monthly transacting actives across the United States.

In [removed: 2024,] [added: 2025,] Cash App was the number one finance app on Google Play and number [removed: two] [added: three] finance app on iOS based on downloads in the United States.

Cash App has a diverse mix of customers and, in the United States, had monthly transacting actives in each of the 50 states and nearly every county as of December [removed: 2024.][added: 2025.]

In [removed: 2024,] [added: 2025,] Cash App transacting actives brought [removed: $283] [added: $316] billion in inflows into Cash App.

Customers can fund their Cash App accounts [removed: with inflows] in a variety of ways, including by receiving money from another Cash App customer through the app’s core peer-to-peer transfer service, transferring money from a bank account, depositing mobile checks, adding physical cash at participating retailers, [removed: and] receiving a recurring paycheck by direct [removed: deposit.][added: deposit, and through other channels.]

In the fourth quarter of [removed: 2024,] [added: 2025,] our Cash App monthly transacting actives brought in an average of [removed: $1,255] [added: $1,410] of inflows during the quarter.

[removed: ][added: ]

[removed: ][added: ]

[removed: ][added: ]

Our Square ecosystem consists of more than 30 distinct [removed: software, hardware,] [added: commerce enablement] and financial services products.

- [removed: Artificial Intelligence (AI):] [added: Automation:] We are focused on enabling growth by leveraging AI to increase productivity and outcomes for our sales and marketing, customer service, and engineering efforts, in addition to building features that help sellers grow their businesses.

[removed: Commerce][added: Commerce Enablement]

[removed: Square] [added: Square] Point of [removed: Sale] [added: Sale] is [removed: our] [added: Square’s] primary commerce application for [removed: sellers,] [added: sellers] and provides [removed: an easy-to-use,] [added: a] customizable point-of-sale solution that [removed: adapts across] [added: supports a broad range of] business types and [removed: stages.][added: operational needs.]

Through our wholly-owned subsidiary bank, Square Financial Services, Inc. (“Square Financial Services”) and with our third-party bank partners, we offer a growing number of [removed: banking services] [added: Financial Solutions products] that make it easier for sellers to manage cash flow and get faster access to funds.

Square Loans [removed: (formerly Square Capital)] facilitates loans to qualified Square sellers through Square Financial [removed: Services, which is an industrial loan company (“ILC").][added: Services.]

We are able to [removed: approve sellers for] [added: underwrite] these loans by using our unique data set of the seller’s Square transactions to help facilitate loan underwriting and [removed: collections, which mitigates risks.][added: collections.]

Loans are sized to be less than 20% of a seller's expected annual Square GPV and, by simply running their business, sellers historically have repaid their loans within [removed: nine] [added: ten] months on average.

Since its public launch in May 2014, Square Loans has facilitated more than [removed: 3.1] [added: 4.0] million loans and advances, representing more than [removed: $25.8] [added: $32.8] billion in principal amount loaned or advanced.

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

Square Checking gives sellers instant access to their sales and the ability to immediately use those funds via a debit card (Square [removed: Debit] Card), withdraw funds from an ATM, or transfer funds via ACH.

- Square Savings is an FDIC-insured, interest earning business savings account at Square Financial Services, with no monthly fees or [removed: minimums,] [added: minimums to open or maintain,] designed to make cash flow management easier for sellers.

With Square Savings, sellers can [removed: easily and automatically] put aside a portion of their sales in their savings account while also organizing their money within folders, streamlining the process of saving funds for specific goals and priorities, such as quarterly tax obligations.

Our Purpose

At Block, Inc. (together with its subsidiaries, "Block" or "we"), we are building technology that enables people and businesses to participate more fully in the economy.

Our purpose is economic empowerment, helping individuals and businesses manage, move, and grow their money through simple and connected tools.

Our Ecosystems

Block designs and operates connected ecosystems that integrate commerce solutions, financial services, software, hardware, and networks to serve individuals and small businesses, primarily through Cash App's consumer network and Square's business ("seller") network.

Our platform integrates payments, banking, lending, and commerce solutions designed to provide secure, reliable, and scalable financial infrastructure.

We apply data, automation, and AI to improve the speed, accuracy, and usability of our products.

Our ecosystem strategy connects these capabilities across both sellers and consumers.

The ecosystems share common infrastructure for payments processing, risk management, identity, and data, allowing customers to access multiple products across a connected platform.

We continue to invest in capabilities that enhance interoperability and efficiency, including embedded financial services, automation, and open protocols such as Bitcoin.

As our company grew, we recognized that sellers need a broad set of integrated solutions to operate efficiently and competitively.

Through our bitcoin initiatives, we are developing open hardware, self-custody tools, and decentralized technologies that enable individuals to securely own and verify their digital assets, reinforcing user control and trust without reliance on traditional financial intermediaries.

Our Segments and Revenue Categories

Historically, we reported revenue by category, including transaction-based revenue, subscription and services-based revenue, hardware revenue, and bitcoin revenue.

These categories represented the primary sources of revenue within our Square and Cash App ecosystems.

We have realigned our revenue categories to better reflect the evolution of our company.

Since our initial public offering, we have grown from a payments-focused platform into a broader ecosystem that includes loan products through financial services and bitcoin-related offerings.

These businesses are integral to our operations and illustrate the expanded scope of our company today.

As a result, we identified three reportable revenue categories: Commerce Enablement, Financial Solutions, and the Bitcoin Ecosystem.

- Commerce Enablement empowers sellers and consumers to transact across our ecosystems.

It primarily includes Square payments, software, and hardware, Cash App Card, Cash App Pay, our BNPL products, and Cash App Business.

Commerce Enablement also includes TIDAL streaming and artist tools, which extend our commerce capabilities to creators.

- Financial Solutions provides banking, lending, and money management products for individuals and businesses.

This primarily includes Cash App Borrow, Instant Deposit, Interest Income, Paper Money Deposits, ATM, and brokerage services, as well as Square Loans, Savings, Balances, and Square Card.

Financial Solutions enables customers to access, manage, and grow their money.

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

This ecosystem reflects our efforts to make bitcoin accessible, secure, and integrated into everyday financial activity through the development of open financial infrastructure.

These revenue categories reflect how we see our business today.

Each revenue category represents a distinct driver of growth and profitability within our business and is supported by shared infrastructure, including our automation and artificial intelligence platform.

Together, these revenue categories generated $10.4 billion in gross profit in 2025.

We monetize these products primarily through our Commerce Enablement solutions, including payment processing, software, and hardware as well as through Financial Solutions, such as lending and banking services.

Our pricing and packaging model is intended to enhance product discovery, support increased software adoption and retention, and reflect our continued focus on maintaining simple and transparent pricing practices.

Strategic Priorities: Our focus for Square is reflected in three core pillars: Commerce, Automation, and Networks.

- Commerce: Square seeks to simplify selling for businesses of varying sizes by offering software, hardware, payments, and financial solutions delivered through a vertically integrated platform.

These solutions are intended to support key seller workflows, including point-of-sale, ordering, inventory, staffing, and business management.

We aim to enhance seller efficiency by automating operational and financial tasks.

Square’s AI-enabled tools are designed to reduce manual work, support sellers' decision-making, and enable sellers to manage their operations and finances more effectively, and give them time back.

- Networks: Our strategy includes strengthening local commerce ecosystems by enabling deeper connections among sellers, their customers, staff, and other sellers, and by leveraging Cash App’s network of monthly transacting actives to expand seller reach and support ecosystem engagement.

Square's commerce enablement products include our payments, software, and hardware products, which together provide an integrated operating system for local commerce.

These products enable sellers to accept payments, manage orders and inventory, engage customers, and operate their businesses across a range of industries and geographies.

Our Business

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.

As we scale, we are focused on investing in building deeper connections between our ecosystems and increasing the resilience of our company.

On December 1, 2021, we changed our corporate name from Square, Inc. to Block, Inc. Block is the name for the company as a corporate entity.

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

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

We believe the diversity of our sellers underscores the accessibility and flexibility of our offerings.

We believe the breadth and depth of our products and services provide us unique advantages in best serving the needs of our sellers through a holistic view of their businesses.

We monetize these products through a combination of transaction, subscription, and service fees.

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.

- 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.

This includes increasing reliability of our platform and also introducing products and features that are most important to our customers.

- Local: Our go-to-market strategy is focused on verticals with a local approach, specifically restaurants and services-based businesses.

Growing upmarket has shown us that even larger sellers want to feel authentic to their buyers.

We can enable this type of robust offering through our technology and by improving the onboarding process through sales and account management.

- Banking: Our robust banking offering primarily helps our sellers manage cash flow and grow their business through our lending capabilities.

We will continue to drive trust with our sellers, and build products and features that help with sellers accessing funds securely and timely.

Square's commerce products help sellers make sales and track orders, inventory, and fulfillment across in-person and online channels, as well as first-party and third-party channels.

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:

- A vertical solution tailored for both quick-service and full-service restaurants.

It includes table, order, and course management; a kitchen display system; and revenue and cost reporting.

- A vertical solution tailored for appointment-based businesses that need a point-of-sale application with integrated booking capabilities.

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 designed to respond to buyers efficiently and professionally, saving sellers' time and helping prevent missed appointments.

- A vertical solution tailored for sellers in the retail industry.

It includes advanced inventory management, cost of goods sold reporting, purchase orders, vendor management, and barcode scanning.

- A customizable digital invoicing solution with integrated and secure online payment acceptance.

This eliminates the need to print and mail statements to customers and wait for checks to arrive.

Sellers use Square Invoices for upcoming, recurring, or previously delivered goods and services, such as catering orders, contractor services, lessons, and retail orders.

Square Invoices also lets sellers send estimates and collect partial payments for goods and services.

Our commerce products also include:

- Square Online makes it easy to build a website and online store as well as sell on Instagram and Facebook.

The online store is mobile responsive, delivering an app-like ordering experience on a buyer’s phone.

With integrated support for QR code ordering, sellers can also streamline their in-store operations by posting the QR code and having their buyers order from their own phones.

Fulfillment options include pickup, delivery managed by our sellers, and integrations with partner delivery platforms.

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

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

For the fiscal year ended December 31, [removed: 2024][added: 2025]

| Title of Each Class | | | [removed: | | |] Trading Symbol(s) | | | [removed: | | |] Name of each exchange on which registered | | |

| Class A Common Stock, $0.0000001 par value per share | | | [removed: | | |] XYZ | | | [removed: | | |] 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: 2024] [added: 2025] as reported by the New York Stock Exchange on such date was approximately [removed: $37.8] [added: $39.4] billion.

As of February [removed: 18, 2025,] [added: 20, 2026,] the number of shares (in thousands) of the registrant’s Class A and Class B common stock outstanding were [removed: 559,431] [added: 539,103] and [removed: 60,049,] [added: 59,993,] 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: 2024.][added: 2025.]

| Page [removed: No] [added: No.] | | | | | | | | |

| Item 1. | | | [removed: [Business](#ida98b5f37a4f479d8e38c14c729ac33e_16)] [added: [Business](#i8f4d4ec6fb1948a0a3fc09f40d159aea_16)] | | | [removed: [4](#ida98b5f37a4f479d8e38c14c729ac33e_16)] [added: [4](#i8f4d4ec6fb1948a0a3fc09f40d159aea_16)] | | |

| Item 1A. | | | [Risk [removed: Factors](#ida98b5f37a4f479d8e38c14c729ac33e_19)] [added: Factors](#i8f4d4ec6fb1948a0a3fc09f40d159aea_19)] | | | [removed: [22](#ida98b5f37a4f479d8e38c14c729ac33e_19)] [added: [21](#i8f4d4ec6fb1948a0a3fc09f40d159aea_19)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#ida98b5f37a4f479d8e38c14c729ac33e_22)] [added: Comments](#i8f4d4ec6fb1948a0a3fc09f40d159aea_22)] | | | [removed: [60](#ida98b5f37a4f479d8e38c14c729ac33e_22)] [added: [59](#i8f4d4ec6fb1948a0a3fc09f40d159aea_22)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#ida98b5f37a4f479d8e38c14c729ac33e_25)] [added: [Cybersecurity](#i8f4d4ec6fb1948a0a3fc09f40d159aea_25)] | | | [removed: [60](#ida98b5f37a4f479d8e38c14c729ac33e_25)] [added: [59](#i8f4d4ec6fb1948a0a3fc09f40d159aea_25)] | | |

| Item 2. | | | [removed: [Properties](#ida98b5f37a4f479d8e38c14c729ac33e_28)] [added: [Properties](#i8f4d4ec6fb1948a0a3fc09f40d159aea_28)] | | | [removed: [61](#ida98b5f37a4f479d8e38c14c729ac33e_28)] [added: [60](#i8f4d4ec6fb1948a0a3fc09f40d159aea_28)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#ida98b5f37a4f479d8e38c14c729ac33e_31)] [added: Proceedings](#i8f4d4ec6fb1948a0a3fc09f40d159aea_31)] | | | [removed: [61](#ida98b5f37a4f479d8e38c14c729ac33e_31)] [added: [60](#i8f4d4ec6fb1948a0a3fc09f40d159aea_31)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#ida98b5f37a4f479d8e38c14c729ac33e_34)] [added: Disclosures](#i8f4d4ec6fb1948a0a3fc09f40d159aea_34)] | | | [removed: [61](#ida98b5f37a4f479d8e38c14c729ac33e_34)] [added: [61](#i8f4d4ec6fb1948a0a3fc09f40d159aea_34)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ida98b5f37a4f479d8e38c14c729ac33e_40)] [added: Securities](#i8f4d4ec6fb1948a0a3fc09f40d159aea_40)] | | | [removed: [62](#ida98b5f37a4f479d8e38c14c729ac33e_40)] [added: [62](#i8f4d4ec6fb1948a0a3fc09f40d159aea_40)] | | |

| Item 6. | | | [removed: [\[RESERVED\]](#ida98b5f37a4f479d8e38c14c729ac33e_43)] [added: [\[RESERVED\]](#i8f4d4ec6fb1948a0a3fc09f40d159aea_43)] | | | [removed: [64](#ida98b5f37a4f479d8e38c14c729ac33e_43)] [added: [63](#i8f4d4ec6fb1948a0a3fc09f40d159aea_43)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ida98b5f37a4f479d8e38c14c729ac33e_46)] [added: Operations](#i8f4d4ec6fb1948a0a3fc09f40d159aea_46)] | | | [removed: [66](#ida98b5f37a4f479d8e38c14c729ac33e_46)] [added: [64](#i8f4d4ec6fb1948a0a3fc09f40d159aea_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ida98b5f37a4f479d8e38c14c729ac33e_67)] [added: Risk](#i8f4d4ec6fb1948a0a3fc09f40d159aea_67)] | | | [removed: [86](#ida98b5f37a4f479d8e38c14c729ac33e_67)] [added: [83](#i8f4d4ec6fb1948a0a3fc09f40d159aea_67)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#ida98b5f37a4f479d8e38c14c729ac33e_70)] [added: Data](#i8f4d4ec6fb1948a0a3fc09f40d159aea_70)] | | | [removed: [88](#ida98b5f37a4f479d8e38c14c729ac33e_70)] [added: [85](#i8f4d4ec6fb1948a0a3fc09f40d159aea_70)] | | |

| Item 9. | | | [Changes in and Disagreements [removed: With] [added: with] Accountants on Accounting and Financial [removed: Disclosure](#ida98b5f37a4f479d8e38c14c729ac33e_166)] [added: Disclosure](#i8f4d4ec6fb1948a0a3fc09f40d159aea_166)] | | | [removed: [149](#ida98b5f37a4f479d8e38c14c729ac33e_166)] [added: [147](#i8f4d4ec6fb1948a0a3fc09f40d159aea_166)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#ida98b5f37a4f479d8e38c14c729ac33e_169)] [added: Procedures](#i8f4d4ec6fb1948a0a3fc09f40d159aea_169)] | | | [removed: [149](#ida98b5f37a4f479d8e38c14c729ac33e_169)] [added: [147](#i8f4d4ec6fb1948a0a3fc09f40d159aea_169)] | | |

| Item 9B. | | | [Other [removed: Information](#ida98b5f37a4f479d8e38c14c729ac33e_172)] [added: Information](#i8f4d4ec6fb1948a0a3fc09f40d159aea_172)] | | | [removed: [150](#ida98b5f37a4f479d8e38c14c729ac33e_172)] [added: [148](#i8f4d4ec6fb1948a0a3fc09f40d159aea_172)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ida98b5f37a4f479d8e38c14c729ac33e_178)] [added: Inspections](#i8f4d4ec6fb1948a0a3fc09f40d159aea_178)] | | | [removed: [150](#ida98b5f37a4f479d8e38c14c729ac33e_178)] [added: [148](#i8f4d4ec6fb1948a0a3fc09f40d159aea_178)] | | |

| | | | [PART [removed: III](#ida98b5f37a4f479d8e38c14c729ac33e_181)] [added: III](#i8f4d4ec6fb1948a0a3fc09f40d159aea_181)] | | | | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#ida98b5f37a4f479d8e38c14c729ac33e_184)] [added: Governance](#i8f4d4ec6fb1948a0a3fc09f40d159aea_184)] | | | [removed: [151](#ida98b5f37a4f479d8e38c14c729ac33e_184)] [added: [149](#i8f4d4ec6fb1948a0a3fc09f40d159aea_184)] | | |

| Item 11. | | | [Executive [removed: Compensation](#ida98b5f37a4f479d8e38c14c729ac33e_187)] [added: Compensation](#i8f4d4ec6fb1948a0a3fc09f40d159aea_187)] | | | [removed: [151](#ida98b5f37a4f479d8e38c14c729ac33e_187)] [added: [149](#i8f4d4ec6fb1948a0a3fc09f40d159aea_187)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ida98b5f37a4f479d8e38c14c729ac33e_190)] [added: Matters](#i8f4d4ec6fb1948a0a3fc09f40d159aea_190)] | | | [removed: [151](#ida98b5f37a4f479d8e38c14c729ac33e_190)] [added: [149](#i8f4d4ec6fb1948a0a3fc09f40d159aea_190)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ida98b5f37a4f479d8e38c14c729ac33e_193)] [added: Independence](#i8f4d4ec6fb1948a0a3fc09f40d159aea_193)] | | | [removed: [151](#ida98b5f37a4f479d8e38c14c729ac33e_193)] [added: [149](#i8f4d4ec6fb1948a0a3fc09f40d159aea_193)] | | |

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#ida98b5f37a4f479d8e38c14c729ac33e_196)] [added: Services](#i8f4d4ec6fb1948a0a3fc09f40d159aea_196)] | | | [removed: [151](#ida98b5f37a4f479d8e38c14c729ac33e_196)] [added: [149](#i8f4d4ec6fb1948a0a3fc09f40d159aea_196)] | | |

| | | | [PART [removed: IV](#ida98b5f37a4f479d8e38c14c729ac33e_199)] [added: IV](#i8f4d4ec6fb1948a0a3fc09f40d159aea_199)] | | | | | |

| Item 15. | | | [Exhibits, Financial Statement [removed: Schedules](#ida98b5f37a4f479d8e38c14c729ac33e_202)] [added: Schedules](#i8f4d4ec6fb1948a0a3fc09f40d159aea_202)] | | | [removed: [152](#ida98b5f37a4f479d8e38c14c729ac33e_202)] [added: [150](#i8f4d4ec6fb1948a0a3fc09f40d159aea_202)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#ida98b5f37a4f479d8e38c14c729ac33e_208)] [added: Summary](#i8f4d4ec6fb1948a0a3fc09f40d159aea_208)] | | | [removed: [155](#ida98b5f37a4f479d8e38c14c729ac33e_208)] [added: [153](#i8f4d4ec6fb1948a0a3fc09f40d159aea_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 [removed: loan] [added: credit] 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, [added: including our ability and timing to integrate artificial intelligence and cryptocurrency features into our business and products,] the expected benefits of [added: artificial intelligence (“AI”) tools to] our [added: employees, to our customers, to the pace of our innovation and to our overall business, the expected benefits of our] products to our customers and the impact of our products on our business, our expectations regarding product launches, trends in our markets and the continuation of such trends, our expectations related to our [removed: plans to cap our employee base,] [added: recently announced workforce reduction and anticipated costs, impact, risks and benefits of such action,] our plans with respect to patents and other intellectual property, our expectations regarding litigation and regulatory matters, the adequacy of reserves for such matters and the impact of any such matters or settlements thereof on our 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](#i8f4d4ec6fb1948a0a3fc09f40d159aea_13) | | | | | |

| | | | [PART II](#i8f4d4ec6fb1948a0a3fc09f40d159aea_37) | | | | | |

| | | | [Signatures](#i8f4d4ec6fb1948a0a3fc09f40d159aea_211) | | | [154](#i8f4d4ec6fb1948a0a3fc09f40d159aea_211) | | |

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

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

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

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

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

Our [added: cybersecurity] risk management program includes, among other elements:

Identification: We aim to proactively identify sources of risk, areas of impact, and relevant events that could give rise to cybersecurity risks, such as changes to our infrastructure, service providers, [added: personnel,] or [removed: personnel.][added: operational environment.]

Assessment: We conduct [removed: periodic] [added: ongoing and continuous] risk assessments to identify cybersecurity threats.

Management: Following our risk assessments, [removed: we design] [added: management designs] and [removed: implement] [added: implements] reasonable [removed: safeguards] [added: risk response and reduction initiatives] to address any identified [added: security risks, including taking steps to address] gaps in our existing [removed: processes] [added: controls, processes,] and procedures.

Our employees participate in cybersecurity training and awareness upon hire and at least annually [removed: thereafter.][added: thereafter as part of management's ongoing risk mitigation efforts.]

We believe these processes enable us to evaluate a third-party service provider’s security posture, identify risks that may arise out of our use of the [removed: third party’s] [added: third-party’s] service, and make decisions regarding acceptable levels of risk and risk mitigation.

For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity [removed: incidents,] [added: incidents and events,] have materially affected or are reasonably likely to materially affect our company, including our business strategy, results of operations, or financial condition, please refer to Item 1A, “Risk Factors,” in this [removed: annual report] [added: Annual Report] on Form 10-K.

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

The [removed: updates] [added: board of directors] also [added: receives updates that] include significant legal and legislative developments concerning data privacy and security, our approach to complying with applicable law, and significant engagement with regulators concerning data privacy and [removed: cybersecurity.][added: cybersecurity, including maturity of our cybersecurity common controls.]

Our CISO reports directly to our [removed: Technology +] Engineering Lead and indirectly to our [added: Board's] audit and risk [removed: committee.][added: Committee.]

These training and awareness programs are continuously updated with learnings from our risk management practices and the evolution of the threat landscape.

As of February [removed: 18, 2025,] [added: 20, 2026,] there were [removed: 504] [added: 442] holders of record of our Class A common stock and [removed: 24] [added: 22] holders of record of our Class B common stock.

As of February [removed: 18, 2025,] [added: 20, 2026,] we have approximately [removed: 39,934] [added: 37,476] holders of record of our CDIs.

[removed: On July 25, 2024,] [added: In November 2025,] the [removed: Company's] board of directors [added: of the Company] authorized an increase to the Company's share repurchase program to repurchase up to an additional [removed: $3] [added: $5] billion of the [removed: Company’s] [added: Company's] Class A common stock, for a total [removed: overall] authorization of [removed: $4] [added: $9] billion.

The following table summarizes the share repurchase activity for the three months ended December 31, [removed: 2024] [added: 2025] (in thousands, except per share amounts):

| Period | | | | | | Total Number of Shares Purchased | | | | | | Average price paid per [removed: share(i)] [added: share (i)] | | | | | | Total number of shares purchased as part of publicly announced plans or program | | | | | | Approximate dollar value of shares that may yet be purchased under the plans or programs | | |

(i) Average price paid per share for open market purchases includes broker [removed: commissions.][added: commissions, but excludes excise tax.]

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: 2019] [added: 2020] and its relative performance is tracked through December 31, [removed: 2024.][added: 2025.]

[removed: ][added: ]

| Company/Index | | | | | | [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] | | | | | | [removed: 12/31/2024] [added: 12/31/2025] | | |

| October 1, 2025 - October 31, 2025 | | | | | | 2,172 | | | | | | $ | 76.98 | | | | | 2,172 | | | | | | $ | 965,124 | |

| November 1, 2025 - November 30, 2025 | | | | | | 4,064 | | | | | | $ | 64.41 | | | | | 4,064 | | | | | | $ | 703,375 | |

| December 1, 2025 - December 31, 2025 | | | | | | 5,658 | | | | | | $ | 63.84 | | | | | 5,658 | | | | | | $ | 5,342,188 | |

| Total | | | | | | 11,894 | | | | | | | | | | | | 11,894 | | | | | | | | |

| Block, Inc. | | | | | | $ | 100.00 | | | | | $ | 74.21 | | | | | $ | 28.87 | | | | | $ | 35.54 | | | | | $ | 39.05 | | | | | $ | 29.91 | |

| S&P 500 | | | | | | $ | 100.00 | | | | | $ | 128.71 | | | | | $ | 105.40 | | | | | $ | 133.10 | | | | | $ | 166.40 | | | | | $ | 196.16 | |

| S&P North American Technology | | | | | | $ | 100.00 | | | | | $ | 126.40 | | | | | $ | 81.71 | | | | | $ | 131.65 | | | | | $ | 179.15 | | | | | $ | 228.99 | |

In October 2023, the Company's board of directors authorized the repurchase of up to $1 billion of the Company’s Class A common stock.

| 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 | | | | | | | | |

| 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 | |

| [Reports of Independent Registered Public Accounting [removed: Firm](#ida98b5f37a4f479d8e38c14c729ac33e_73)] [added: Firm](#i8f4d4ec6fb1948a0a3fc09f40d159aea_73)] (PCAOB ID: 42) | | | [removed: [89](#ida98b5f37a4f479d8e38c14c729ac33e_73)] [added: [86](#i8f4d4ec6fb1948a0a3fc09f40d159aea_73)] | | |

| [Consolidated Balance [removed: Sheets](#ida98b5f37a4f479d8e38c14c729ac33e_76)] [added: Sheets](#i8f4d4ec6fb1948a0a3fc09f40d159aea_76)] | | | [removed: [92](#ida98b5f37a4f479d8e38c14c729ac33e_76)] [added: [89](#i8f4d4ec6fb1948a0a3fc09f40d159aea_76)] | | |

| [Consolidated Statements of [removed: Operations](#ida98b5f37a4f479d8e38c14c729ac33e_79)] [added: Operations](#i8f4d4ec6fb1948a0a3fc09f40d159aea_79)] | | | [removed: [93](#ida98b5f37a4f479d8e38c14c729ac33e_79)] [added: [90](#i8f4d4ec6fb1948a0a3fc09f40d159aea_79)] | | |

[removed: | [Consolidated Statements of Comprehensive Income (Loss)](#ida98b5f37a4f479d8e38c14c729ac33e_82) | | | [94](#ida98b5f37a4f479d8e38c14c729ac33e_82) | | |][added: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME]

| [Consolidated Statements of Stockholders' [removed: Equity](#ida98b5f37a4f479d8e38c14c729ac33e_85)] [added: Equity](#i8f4d4ec6fb1948a0a3fc09f40d159aea_85)] | | | [removed: [95](#ida98b5f37a4f479d8e38c14c729ac33e_85)] [added: [92](#i8f4d4ec6fb1948a0a3fc09f40d159aea_85)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ida98b5f37a4f479d8e38c14c729ac33e_88)] [added: Flows](#i8f4d4ec6fb1948a0a3fc09f40d159aea_88)] | | | [removed: [96](#ida98b5f37a4f479d8e38c14c729ac33e_88)] [added: [93](#i8f4d4ec6fb1948a0a3fc09f40d159aea_88)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#ida98b5f37a4f479d8e38c14c729ac33e_91)] [added: Statements](#i8f4d4ec6fb1948a0a3fc09f40d159aea_91)] | | | [removed: [98](#ida98b5f37a4f479d8e38c14c729ac33e_91)] [added: [95](#i8f4d4ec6fb1948a0a3fc09f40d159aea_91)] | | |

We have audited the accompanying consolidated balance sheets of Block, Inc. (the Company) as of December 31, [removed: 2024 and 2023,] [added: 2025] and [added: 2024,] the related consolidated statements of operations, comprehensive [removed: income (loss),] [added: income,] stockholders’ equity and cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 24, 2025] [added: 26, 2026] expressed an unqualified opinion thereon.

| *Description of the Matter* | | | | | | As described in Notes [removed: 1, 12] [added: 1] 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, [removed: 2024,] [added: 2025,] the fair value of the Company’s bitcoin investment was [removed: $792.3] [added: $777.5] 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, [removed: 2024.] [added: 2025.] 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. | | |

We have audited Block, Inc.’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive [removed: income (loss),] [added: income,] stockholders’ equity and cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and our report dated February [removed: 24, 2025] [added: 26, 2026] expressed an unqualified opinion thereon.

| | | | December [removed: 31,] [added: 31, 2025] | | | | | | | | | [added: | | | | | | | | | | | |]

| | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| Cash and cash equivalents | | | $ | [added: 6,564,092 | | | | | $ |] 8,075,247 | | | | | $ | 4,996,465 | |

| Investments in short-term debt securities | | | [removed: 403,426] [added: 517,777] | | | | | | [removed: 851,901] [added: 403,426] | | |

| Settlements receivable | | | [removed: 1,060,966] [added: 1,359,983] | | | | | | [removed: 3,226,294] [added: 1,060,966] | | |

| Customer funds [added: cash and cash equivalents] | | | [added: 4,771,824 | | | | | |] 4,182,872 | | | | | | 3,170,430 | | |

| Consumer receivables, net | | | [removed: 2,504,879] [added: 2,670,322] | | | | | | [removed: 2,444,695] [added: 2,504,879] | | |

| Loans held for sale [added: (ii)] | | | [removed: 1,111,107] [added: 782,966] | | | | | | [removed: 775,424] [added: 1,111,107] | | |

| Total current assets | | | [removed: 19,880,201] [added: 22,856,880] | | | | | | [removed: 17,818,697] [added: 19,880,201] | | |

| Property and equipment, net | | | [removed: 314,432] [added: 323,375] | | | | | | [removed: 296,056] [added: 314,432] | | |

| Goodwill | | | [removed: 11,417,422] [added: 11,849,018] | | | | | | [removed: 11,919,720] [added: 11,417,422] | | |

| Acquired intangible assets, [removed: net] [added: net, beginning of the period] | | | [added: $ |] 1,433,067 | | | | | [added: $] | 1,761,521 | | | [added: | | $ | 2,014,034 | |]

| Investments in long-term debt securities | | | [removed: 471,977] [added: 188,887] | | | | | | [removed: 251,127] [added: 471,977] | | |

| Operating lease right-of-use assets | | | [removed: 219,954] [added: 214,929] | | | | | | [removed: 244,701] [added: 219,954] | | |

| Deferred tax assets [removed: (Note 15)] | | | [removed: 1,800,994] [added: 1,302,776] | | | | | | [removed: 9,397] [added: 1,800,994] | | |

| Total assets | | | $ | [removed: 36,777,595] [added: 39,549,887] | | | | | $ | [removed: 33,031,308] [added: 36,777,595] | |

| Customers payable | | | $ | [removed: 5,837,152] [added: 6,805,366] | | | | | $ | [removed: 6,795,340] [added: 5,837,152] | |

| Accrued expenses and other current liabilities | | | [removed: 1,525,149] [added: 1,538,893] | | | | | | [removed: 1,334,669] [added: 1,525,149] | | |

| Current portion of long-term debt (Note 14) | | | [removed: 999,497] [added: 1,573,259] | | | | | | [removed: —] [added: 999,497] | | |

| Warehouse funding facilities, current | | | [removed: 185,000] [added: 466,942] | | | | | | [removed: 753,035] [added: 185,000] | | |

| Total current liabilities | | | [removed: 8,546,798] [added: 10,384,460] | | | | | | [removed: 8,883,044] [added: 8,546,798] | | |

| Deferred tax liabilities | | | [removed: 162,435] [added: 1,173] | | | | | | [removed: 35,695] [added: 162,435] | | |

| Warehouse funding facilities, non-current | | | [removed: 1,296,680] [added: 897,941] | | | | | | [removed: 854,882] [added: 1,296,680] | | |

| Long-term debt (Note 14) | | | [removed: 5,105,939] [added: 5,715,759] | | | | | | [removed: 4,120,091] [added: 5,105,939] | | |

| Operating lease liabilities, non-current | | | [removed: 278,617] [added: 257,126] | | | | | | [removed: 289,788] [added: 278,617] | | |

| Other non-current liabilities | | | [removed: 152,164] [added: 123,546] | | | | | | [removed: 154,972] [added: 152,164] | | |

February 26, 2026

February 26, 2026

| | | | 2025 | | | | | | 2024 | | |

| Customer funds | | | 4,771,824 | | | | | | 4,182,872 | | |

| Other current assets | | | 3,589,925 | | | | | | 3,287,749 | | |

| Other non-current assets | | | 754,837 | | | | | | 447,266 | | |

| Commerce enablement revenue | | | $ | 11,514,162 | | | | | $ | 10,512,453 | | | | | $ | 9,530,040 | |

| Financial solutions revenue | | | 4,176,734 | | | | | | 3,250,817 | | | | | | 2,717,261 | | |

| Bitcoin ecosystem revenue | | | 8,502,787 | | | | | | 10,357,783 | | | | | | 9,668,322 | | |

| Commerce enablement costs | | | 5,353,254 | | | | | | 4,913,124 | | | | | | 4,692,094 | | |

| Financial solutions costs | | | 339,878 | | | | | | 311,209 | | | | | | 292,017 | | |

| Bitcoin ecosystem costs | | | 8,083,772 | | | | | | 9,939,320 | | | | | | 9,353,797 | | |

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

| | | | Net income (loss) | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | 1,305,636 | | | | | | (1,426) | | | | | | 1,304,210 | | |

| Repurchases of common stock, including excise tax | | | | | | | | | | | | | | | | | | (36,502) | | | | | | | | | | | | (2,341,161) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,341,161) | | |

| Change in other comprehensive loss | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | 635,684 | | | | | | — | | | | | | — | | | | | | 635,684 | | |

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

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

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

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

| Balance at December 31, 2025 | | | | | | | | | | | | | | | | | | 602,078 | | | | | | | | | | | | $ | 18,895,405 | | | | | $ | (365,381) | | | | | $ | 3,674,254 | | | | | $ | (34,396) | | | | | $ | 22,169,882 | |

| Net income (loss) | | | $ | 1,304,210 | | | | | $ | 2,866,497 | | | | | $ | (21,124) | |

| Remeasurement loss (gain) on bitcoin investment | | | 55,900 | | | | | | (420,918) | | | | | | (207,084) | | |

| Transaction, loan, and consumer receivable losses | | | 1,337,246 | | | | | | 794,221 | | | | | | 660,663 | | |

| Proceeds from repayments of loans originally classified as held for sale | | | 14,248,689 | | | | | | 14,413,277 | | | | | | 8,032,687 | | |

| Prepaid expenses | | | (159,364) | | | | | | (28,573) | | | | | | 40,492 | | |

| Other assets and liabilities | | | (568,419) | | | | | | 150,021 | | | | | | (419,763) | | |

| Purchases and originations of loans originally classified as held for investment | | | (17,629,689) | | | | | | — | | | | | | — | | |

| Proceeds from repayments of loans originally classified as held for investment | | | 14,080,787 | | | | | | — | | | | | | — | | |

*(In thousands)*

Reclassifications

Certain prior period amounts reported in our consolidated statements of operations and notes thereto have been reclassified to conform to the current year presentation.

The reclassifications in the consolidated statements of operations primarily represent changes to present revenue line items consisting of Commerce enablement, Financial solutions, and Bitcoin ecosystem.

The Company believes this updated presentation will improve the usefulness of the financial information for the reader and is more reflective of the business today.

The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues.

Such reclassifications related to the presentation of revenues and cost of revenues had no impact on total revenues, gross profit, operating income, or net income previously reported.

Refer to Significant Accounting Policies below for further details on the Company’s revenue recognition and cost of revenue.

The Company has elected a policy to exclude from the transaction price all sales taxes assessed by governmental authorities and, as a result, revenue is presented net of tax.

For the Company's lending products, revenue is recognized over the life of the loan or receivable.

Commerce Enablement Revenue

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.

February 24, 2025

| Other current assets | | | 2,541,704 | | | | | | 2,353,488 | | |

| Other non-current assets | | | 1,239,548 | | | | | | 730,089 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Transaction-based revenue | | | $ | 6,613,680 | | | | | $ | 6,315,301 | | | | | $ | 5,701,540 | |

| Subscription and services-based revenue | | | 7,164,799 | | | | | | 5,944,842 | | | | | | 4,552,773 | | |

| Hardware revenue | | | 143,369 | | | | | | 157,178 | | | | | | 164,418 | | |

| Bitcoin revenue | | | 10,199,205 | | | | | | 9,498,302 | | | | | | 7,112,856 | | |

| Transaction-based costs | | | 3,881,013 | | | | | | 3,702,016 | | | | | | 3,364,028 | | |

| Subscription and services-based costs | | | 1,135,813 | | | | | | 1,075,129 | | | | | | 861,745 | | |

| Hardware costs | | | 236,441 | | | | | | 267,650 | | | | | | 286,995 | | |

| Bitcoin costs | | | 9,910,386 | | | | | | 9,293,113 | | | | | | 6,956,733 | | |

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

*(In thousands, except for number of shares)*

| Balance at December 31, 2021 | | | | | | | | | | | | | | | | | | 464,944 | | | | | | | | | | | | $ | 3,317,255 | | | | | $ | (16,435) | | | | | $ | (27,965) | | | | | $ | 40,734 | | | | | $ | 3,313,589 | |

| | | | Net loss | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | (540,747) | | | | | | (12,258) | | | | | | (553,005) | | |

| Tax withholding related to vesting of restricted stock units | | | | | | | | | | | | | | | | | | (37) | | | | | | | | | | | | (4,735) | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,735) | | |

| Issuance of common stock in conjunction with the conversion of convertible notes | | | | | | | | | | | | | | | | | | 20 | | | | | | | | | | | | 454 | | | | | | — | | | | | | — | | | | | | — | | | | | | 454 | | |

| Issuance of common stock in connection with the exercise of common stock warrants | | | | | | | | | | | | | | | | | | 10,881 | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Change in other comprehensive income | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | 144,783 | | | | | | — | | | | | | — | | | | | | 144,783 | | |

| Issuance of common stock in connection with business combination | | | | | | | | | | | | | | | | | | 172 | | | | | | | | | | | | 6,658 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,658 | | |

| Proceeds from payments and forgiveness of loans | | | 14,413,277 | | | | | | 8,032,687 | | | | | | 6,040,369 | | |

| Other assets and liabilities | | | 121,448 | | | | | | (379,271) | | | | | | (369,639) | | |

| Proceeds from maturities of marketable debt securities from customer funds | | | — | | | | | | — | | | | | | 73,000 | | |

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

| Business combinations, net of cash acquired | | | — | | | | | | — | | | | | | 539,453 | | |

| Repayments of Paycheck Protection Program Liquidity Facility advances | | | — | | | | | | (16,840) | | | | | | (480,694) | | |

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

| Customer funds cash and cash equivalents | | | 4,182,872 | | | | | | 3,170,430 | | | | | | 3,180,324 | | |

Transaction-based Revenue

Subscription and Services-based Revenue

These transaction and interchange fees are treated as revenue when charged.

The loan fee and late fees are recorded within subscription and services-based revenue on the consolidated statement of operations.

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

Hardware Revenue

Transaction-based Costs

Subscription and Services-based Costs

Hardware Costs

Our management, with the participation of our Principal Executive Officer and our Principal Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form [removed: 10-K.][added: 10-K (the "Evaluation Date").]

Based on such evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that, as of [removed: December 31, 2024,] [added: the Evaluation Date,] 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: 2024] [added: 2025] 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: 2024.][added: 2025.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] has been audited by Ernst & Young, LLP, an independent registered public accounting firm, as stated in their report which appears herein.

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

Securities Trading Plans of Directors and Executive Officers

During the quarterly period ended December 31, 2025, the following directors adopted or modified a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, that are each intended to satisfy the affirmative defense in Rule 10b5-1(c), as follows:

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

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Name and Title | | | | | | Action | | | | | | Date of Adoption or Termination | | | | | | Expiration Date | | | | | | Maximum Aggregate Number of Class A Shares to be Sold | | |

| Anthony Eisen *Director* | | | | | | Modification (i) | | | | | | November 28, 2025 | | | | | | November 28, 2026, or earlier if all transactions are completed | | | | | | 710,000 | | |

| James McKelvey *Director* | | | | | | Adoption | | | | | | December 1, 2025 | | | | | | March 10, 2027, or earlier if all transactions are completed | | | | | | 1,000,000 (ii) | | |

(i) Modification of the Rule 10b5-1 plan adopted by Director Eisen on February 25, 2025.

(ii) Director McKelvey's Rule 10b5-1 trading arrangement provides for shares to be sold through the James M.

McKelvey, Jr. Revocable Trust.

The information required by this item will be included in our Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2024] [added: 2025] ("Proxy Statement") and is incorporated herein by reference.

| [removed: 4.2] [added: 4.1] | | | | | | [Indenture, dated [removed: March 5,] [added: November 13,] 2020, between the Registrant and The Bank of New York Mellon Trust Company, N.A. [removed: (2025] [added: (2026] Convertible [removed: Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex41.htm)] [added: Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex41.htm)] | | | 8-K | | | 001-37622 | | | 4.1 | | | [removed: March 5,] [added: November 13,] 2020 | | |

| [removed: 4.3*] [added: 4.2] | | | | | | [Supplemental Indenture, dated January 21, 2025, between the Registrant and The Bank of New York Mellon Trust Company, N.A. [removed: (2025] [added: (2026] Convertible [removed: Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit43blockinc2024.htm)] [added: Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit46blockinc2024.htm)] | | | [added: 10-K] | | | [added: 001-37622] | | | [added: 4.6] | | | [added: February 24, 2025] | | |

| [removed: 4.4] [added: 4.3] | | | | | | [Form of [removed: 0.125%] [added: 0%] Convertible Senior Note due [removed: 2025] [added: 2026] (included in Exhibit [removed: 4.2).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex41.htm)] [added: 4.5).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex41.htm)] | | | 8-K | | | 001-37622 | | | 4.2 | | | [removed: March 5,] [added: November 13,] 2020 | | |

| [removed: 4.5] [added: 4.4] | | | | | | [Indenture, dated November 13, 2020, between the Registrant and The Bank of New York Mellon Trust Company, N.A. [removed: (2026] [added: (2027] Convertible [removed: Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex41.htm)] [added: Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex43.htm)] | | | 8-K | | | 001-37622 | | | [removed: 4.1] [added: 4.3] | | | November 13, 2020 | | |

| [removed: 4.6*] [added: 4.5] | | | | | | [Supplemental Indenture, dated January 21, 2025, between the Registrant and The Bank of New York Mellon Trust Company, N.A. [removed: (2026] [added: (2027] Convertible [removed: Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit46blockinc2024.htm)] [added: Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit49blockinc2024.htm)] | | | [added: 10-K] | | | [added: 001-37622] | | | [added: 4.9] | | | [added: February 24, 2025] | | |

| [removed: 4.7] [added: 4.6] | | | | | | [Form of [removed: 0%] [added: 0.25%] Convertible Senior Note due [removed: 2026] [added: 2027] (included in Exhibit [removed: 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)] [added: 4.8).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex43.htm)] | | | 8-K | | | 001-37622 | | | [removed: 4.2] [added: 4.4] | | | November 13, 2020 | | |

| [removed: 4.8] [added: 4.15] | | | | | | [Indenture, dated [removed: November 13, 2020,] [added: as of August 18, 2025 by and] between [removed: the Registrant] [added: Block, Inc.] and The Bank of New York Mellon Trust Company, [removed: N.A. (2027 Convertible Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex43.htm)] [added: N.A., as Trustee (6.000% Senior Notes due 2033).](https://www.sec.gov/Archives/edgar/data/1512673/000119312525182661/d76379dex43.htm)] | | | 8-K | | | 001-37622 | | | 4.3 | | | [removed: November 13, 2020] [added: August 18, 2025] | | |

| [removed: 4.9*] [added: 4.9] | | | | | | [removed: [Supplemental Indenture,] [added: [Indenture,] dated [removed: January 21,] [added: as of August 18,] 2025, [added: by and] between [removed: the Registrant] [added: Block, Inc.] and The Bank of New York Mellon Trust Company, [removed: N.A. (2027 Convertible Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit49blockinc2024.htm)] [added: N.A., as Trustee (5.625% Senior Notes due 2030).](https://www.sec.gov/Archives/edgar/data/1512673/000119312525182661/d76379dex41.htm)] | | | [added: 8-K] | | | [added: 001-37622] | | | [added: 4.1] | | | [added: August 18, 2025] | | |

| 4.10 | | | | | | [Form of [removed: 0.25% Convertible] [added: 5.625%] Senior Note due [removed: 2027] [added: 2030] (included in Exhibit [removed: 4.8).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520293001/d27530dex43.htm)] [added: 4.](https://www.sec.gov/Archives/edgar/data/1512673/000119312525182661/d76379dex41.htm)[10](https://www.sec.gov/Archives/edgar/data/1512673/000119312525182661/d76379dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1512673/000119312525182661/d76379dex41.htm)] | | | 8-K | | | 001-37622 | | | [removed: 4.4] [added: 4.2] | | | [removed: November 13, 2020] [added: August 18, 2025] | | |

| [removed: 4.11] [added: 4.7] | | | | | | [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 2026).](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex41.htm) | | | 8-K | | | 001-37622 | | | 4.1 | | | May 20, 2021 | | |

| [removed: 4.12] [added: 4.8] | | | | | | [Form of 2.75% Senior Note due 2026 (included in Exhibit [removed: 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)] [added: 4.11).](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex41.htm)] | | | 8-K | | | 001-37622 | | | 4.2 | | | May 20, 2021 | | |

| [removed: 4.13] [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 (3.50% Senior Notes due 2031).](https://www.sec.gov/Archives/edgar/data/0001512673/000119312521167754/d136319dex43.htm) | | | 8-K | | | 001-37622 | | | 4.3 | | | May 20, 2021 | | |

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

| [removed: 4.15] [added: 4.13] | | | | | | [Indenture, dated as of May 9, 2024, by and between Block, Inc. and Bank of New York Mellon Trust Company, N.A., as [removed: 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] [added: Trustee (6.50% Senior Notes] due [removed: 2032)](https://www.sec.gov/Archives/edgar/data/1512673/000119312524135259/d798494dex41.htm)[.](https://www.sec.gov/Archives/edgar/data/1512673/000119312524135259/d798494dex41.htm)] [added: 2032).](https://www.sec.gov/Archives/edgar/data/1512673/000119312524135259/d798494dex41.htm)] | | | 8-K | | | 001-37622 | | | 4.1 | | | May 9, 2024 | | |

| [removed: 4.16] [added: 4.14] | | | | | | [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 | | |

| [removed: 4.17*] [added: 4.17] | | | | | | [Description of Class A Common Stock.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit417blockinc2024.htm) | | | [added: 10-K] | | | [added: 001-37622] | | | [added: 4.17] | | | [added: February 24, 2025] | | |

| [removed: 10.1+] [added: 10.1+*] | | | | | | [Form of Indemnification Agreement between the Registrant and each of its directors and executive 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+] [added: 10.3.1+] | | | | | | [Block, Inc. 2015 Equity Incentive Plan, as amended and 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+*] [added: 10.3.2+] | | | | | | [Form of Restricted Stock Unit Award and Restricted Stock Unit Agreement.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit1022blockinc2024.htm) | | | [added: 10-K] | | | [added: 001-37622] | | | [added: 10.2.2] | | | [added: February 24, 2025] | | |

| [removed: 10.2.3+] [added: 10.3.3+] | | | | | | [Form of Restricted Stock Award and Restricted [removed: 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)] [added: Stock 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+*] [added: 10.3.4+] | | | | | | [Form of Stock Option Grant and Stock Option Agreement.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit1024blockinc2024.htm) | | | [added: 10-K] | | | [added: 001-37622] | | | [added: 10.2.4] | | | [added: February 24, 2025] | | |

| [removed: 10.3+] [added: 10.4+] | | | | | | [Block, [removed: Inc. 2015] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025038920/exhibit106q225.htm) [2015] Employee Stock Purchase [removed: Plan, as] [added: Plan](https://www.sec.gov/Archives/edgar/data/1512673/000162828025038920/exhibit106q225.htm) [as] amended and [removed: restated.](https://www.sec.gov/Archives/edgar/data/1512673/000162828022028213/exhibit101blockincq322.htm)] [added: restated](https://www.sec.gov/Archives/edgar/data/1512673/000162828025038920/exhibit106q225.htm)[.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025038920/exhibit106q225.htm)] | | | 10-Q | | | 001-37622 | | | [removed: 10.1] [added: 10.6] | | | [removed: November 3, 2022] [added: August 7, 2025] | | |

| [removed: 10.6*] [added: 10.6] | | | | | | [Block, Inc. Outside Director Compensation Policy, as amended and restated.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit106blockinc2024.htm) | | | [added: 10-K] | | | [added: 001-37622] | | | [added: 10.6] | | | [added: February 24, 2025] | | |

| [removed: 10.20] [added: 10.21] | | | | | | [Form of Convertible Note Hedge Confirmation.](https://www.sec.gov/Archives/edgar/data/1512673/000119312518175476/d590226dex102.htm) | | | 8-K | | | 001-37622 | | | 10.2 | | | May 25, 2018 | | |

| [removed: 10.21] [added: 10.22] | | | | | | [Form of Warrant Confirmation.](https://www.sec.gov/Archives/edgar/data/1512673/000119312518175476/d590226dex103.htm) | | | 8-K | | | 001-37622 | | | 10.3 | | | May 25, 2018 | | |

| [removed: 10.22] [added: 10.23] | | | | | | [Form of Convertible Note Hedge Confirmation.](https://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex102.htm) | | | 8-K | | | 001-37622 | | | 10.2 | | | March 5, 2020 | | |

| [removed: 10.23] [added: 10.24] | | | | | | [Form of Warrant Confirmation.](https://www.sec.gov/Archives/edgar/data/1512673/000119312520063100/d898138dex103.htm) | | | 8-K | | | 001-37622 | | | 10.3 | | | March 5, 2020 | | |

| [removed: 10.24] [added: 10.25] | | | | | | [Form of Convertible Note Hedge Confirmation (2026 Convertible Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520289591/d878497dex102.htm) | | | 8-K | | | 001-37622 | | | 10.2 | | | November 10, 2020 | | |

| [removed: 10.25] [added: 10.26] | | | | | | [Form of 2026 Warrant Confirmation.](https://www.sec.gov/Archives/edgar/data/1512673/000119312520289591/d878497dex104.htm) | | | 8-K | | | 001-37622 | | | 10.4 | | | November 10, 2020 | | |

| [removed: 10.26] [added: 10.27] | | | | | | [Form of Convertible Note Hedge Confirmation (2027 Convertible Notes).](https://www.sec.gov/Archives/edgar/data/1512673/000119312520289591/d878497dex103.htm) | | | 8-K | | | 001-37622 | | | 10.3 | | | November 10, 2020 | | |

| [removed: 10.27] [added: 10.28] | | | | | | [Form of 2027 Warrant Confirmation.](https://www.sec.gov/Archives/edgar/data/1512673/000119312520289591/d878497dex105.htm) | | | 8-K | | | 001-37622 | | | 10.5 | | | November 10, 2020 | | |

| [removed: 19.1*] [added: 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) | | | [added: 10-K] | | | [added: 001-37622] | | | [added: 19.1] | | | [added: February 24, 2025] | | |

| 21.1* | | | | | | [List of subsidiaries of the [removed: Registrant.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit211blockinc2024.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/exhibit211blockinc2025.htm)] | | | | | | | | | | | | | | |

| 23.1* | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit231blockinc2024.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/exhibit231blockinc2025.htm)] | | | | | | | | | | | | | | |

| 31.1* | | | | | | [Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit311blockinc2024.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/exhibit311blockinc2025.htm)] | | | | | | | | | | | | | | |

| 31.2* | | | | | | [Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit312blockinc2024.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/exhibit312blockinc2025.htm)] | | | | | | | | | | | | | | |

| 32.1†* | | | | | | [Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit321blockinc2024.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/exhibit321blockinc2025.htm)] | | | | | | | | | | | | | | |

| 97.1* | | | | | | [Financial Restatement Clawback [removed: Policy](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/exhibit971blockinc2024.htm)] [added: Policy](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/exhibit971blockinc2025.htm)] | | | | | | | | | | | | | | |

| 4.16 | | | | | | [Form of 6.000% Senior Note due 2033 (included in Exhibit 4.](https://www.sec.gov/Archives/edgar/data/1512673/000119312525182661/d76379dex43.htm)[16](https://www.sec.gov/Archives/edgar/data/1512673/000119312525182661/d76379dex43.htm)[).](https://www.sec.gov/Archives/edgar/data/1512673/000119312525182661/d76379dex43.htm) | | | 8-K | | | 001-37622 | | | 4.4 | | | August 18, 2025 | | |

| 10.2.1+ | | | | | | [B](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex991.htm)[lock](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex991.htm)[, Inc. 2025 Equity Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex991.htm) | | | S-8 | | | 333-288249 | | | 99.1 | | | June 23, 2025 | | |

| 10.2.2+ | | | | | | [F](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex992.htm)[orm of Restri](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex992.htm)[cted Stock Unit Award and Restricted Stock Unit Agreement (Directors).](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex992.htm) | | | S-8 | | | 333-288249 | | | 99.2 | | | June 23, 2025 | | |

| 10.2.3+ | | | | | | [Form of Restricted Stock Unit Award and Restricted Stock Unit Agreement (](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex993.htm)[Emp](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex993.htm)[loyees](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex993.htm)[)](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex993.htm)[.](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex993.htm) | | | S-8 | | | 333-288249 | | | 99.3 | | | June 23, 2025 | | |

| 10.2.4+ | | | | | | [Form of Restricted Stock](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex994.htm) [Award and Restricted Stock](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex994.htm) [](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex994.htm)[Agreement](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex994.htm)[.](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex994.htm) | | | S-8 | | | 333-288249 | | | 99.4 | | | June 23, 2025 | | |

| 10.2.5+ | | | | | | [Form of Stock Option Grant and Stock Option Agreement.](https://www.sec.gov/Archives/edgar/data/1512673/000119312525144756/d834039dex995.htm) | | | S-8 | | | 333-288249 | | | 99.5 | | | June 23, 2025 | | |

| 10.20 | | | | | | [Amended and Restated](https://www.sec.gov/Archives/edgar/data/1512673/000119312526012944/d943166dex101.htm) [Revolving Credit Agreement, dated as of January 14, 2026, among the Company, the Lenders Party Thereto, and Goldman Sachs Bank USA, as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1512673/000119312526012944/d943166dex101.htm) | | | 8-K | | | 001-37622 | | | 10.1 | | | January 14, 2026 | | |

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

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

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

Date: February [removed: 24, 2025][added: 26, 2026]

| /s/ Jack Dorsey | | | Block Head and Chairperson (Principal Executive Officer) | | | February [removed: 24, 2025] [added: 26, 2026] | | |

| /s/ Amrita Ahuja | | | Chief Financial Officer & Chief Operating Officer (Principal Financial Officer) | | | February [removed: 24, 2025] [added: 26, 2026] | | |

| /s/ Ajmere Dale | | | Chief Accounting Officer (Principal Accounting Officer) | | | February [removed: 24, 2025] [added: 26, 2026] | | |

| /s/ Roelof Botha | | | Director | | | February [removed: 24, 2025] [added: 26, 2026] | | |

| /s/ Amy Brooks | | | Director | | | February [removed: 24, 2025] [added: 26, 2026] | | |

| /s/ Shawn Carter | | | Director | | | February [removed: 24, 2025] [added: 26, 2026] | | |

| /s/ Paul Deighton | | | Director | | | February [removed: 24, 2025] [added: 26, 2026] | | |

| /s/ Anthony Eisen | | | Director | | | February [removed: 24, 2025] [added: 26, 2026] | | |

| /s/ Randy Garutti | | | Director | | | February [removed: 24, 2025] [added: 26, 2026] | | |

| /s/ Jim McKelvey | | | Director | | | February [removed: 24, 2025] [added: 26, 2026] | | |

| /s/ Mary Meeker | | | Director | | | February [removed: 24, 2025] [added: 26, 2026] | | |

| /s/ Neha Narula | | | Director | | | February [removed: 24, 2025] [added: 26, 2026] | | |