Block
39 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Suppliers
Acquiring processors
depends onnamed as a riskFor example, we rely on a limited number of acquiring processors in some of the jurisdictions in which we offer our services.Risk factors (Item 1A)
Hardware component single-source suppliers
depends onnamed as a riskMany of the key components used to manufacture our hardware products, such as the custom parts of our magstripe reader, come from limited or single sources of supply.Risk factors (Item 1A)
Record labels and music publishers (TIDAL royalties)
depends onnamed as a riskUnder TIDAL’s license agreements and relevant statutes, we must pay all required royalties to record labels, music publishers, and other copyright owners in order to stream, distribute, and display content.Risk factors (Item 1A)
Third-party carrying broker-dealer
depends onnamed as a riskOur subsidiary Cash App Investing facilitates transactions in shares and fractionalized shares of publicly-traded stock and exchange-traded funds by users of our Cash App through a third-party carrying broker-dealer.Risk factors (Item 1A)
Partners and platforms
Apple App Store
depends onnamed as a riskIn addition, we rely on app marketplaces, such as the Apple App Store and Google Play, to drive downloads of our mobile apps.Risk factors (Item 1A)
Also named by APP, COIN, DKNG, INTU, MELI, RBLX, SIRI, U and 2 more
Google Play
depends onnamed as a riskApple, Google, or other operators of app marketplaces regularly make changes to their marketplaces, and those changes may make access to our products and services more difficult.Risk factors (Item 1A)
Visa, Mastercard, American Express, Discover (payment card networks)
depends onnamed as a riskOur business depends on our ability to accept credit and debit cards, and this ability is provided by the payment card networks, including Visa, Mastercard, American Express, and Discover.Risk factors (Item 1A)
Bank partners (FDIC pass-through insurance)
depends onnamed as a riskIf the FDIC were to determine that funds held at a bank partner are not covered by deposit insurance, or if one or more of our bank partners were to fail and enter receivership proceedings under the FDIA, our sellers and customers may seek to withdraw their funds, or may not be able to withdraw all their funds in a timely manner, which could adversely affect our brand, business and results of operations, and may lead to claims or litigation, which may be costly to address.Risk factors (Item 1A)
Square Loans third-party investors
depends onnamed as a riskIf such third parties fail to continue to purchase Square Loans, or reduce the amount of Square Loans they purchase or reduce the price they are willing to pay for the Square Loans, then we may need to reduce originations, or we would need to fund the origination or purchase of additional Square Loans using other sources of financing, all of which could adversely impact our business.Risk factors (Item 1A)
Google and Facebook advertising platforms
depends onnamed as a riskThe introduction and promotion of new products and services, as well as the promotion of existing products and services, may be partly dependent on our visibility on third-party advertising platforms, such as Google or Facebook.Risk factors (Item 1A)
Federal Reserve Automated Clearing House
depends onnamed as a riskTo provide our products and services, we rely on third parties that we do not control, such as the payment card networks, our acquiring and issuing processors, the payment card issuers, a carrying broker-dealer, bank partners, various financial institution partners, systems like the Federal Reserve Automated Clearing House, and other partners.Risk factors (Item 1A)
Other companies
Warehouse funding facilities
depends onnamed as a riskIf certain events of default occur under the warehouse funding facilities, we may not be able to draw future funding from those warehouse funding facilities or the debt outstanding under the warehouse funding facilities may be accelerated and our business and financial results could be adversely impacted.Risk factors (Item 1A)
Australian Securities Exchange (ASX)
subject tonamed as a riskFor example, in connection with our acquisition of Afterpay we established a secondary listing on the ASX, subjecting us to additional listing requirements.Risk factors (Item 1A)
Places
Hazards
Commodities and inputs
Bitcoin
exposed to its price · $777.5 millionnamed as a riskAs of December 31, 2025, the fair value of our bitcoin investment was $777.5 million, and for the year ended December 31, 2025 and 2024, we recognized a $55.9 million loss and a $420.9 million gain, respectively, from the remeasurement of our bitcoin investment.Market risk (Item 7A)
Regulators
Federal Deposit Insurance Corporation (FDIC)
subject to · not less than twenty percentnamed as a riskThe regulatory total capital and leverage ratios of Square Financial Services may not be less than the levels provided in Square Financial Services’ business plan approved by the FDIC and in no event may Square Financial Services’ leverage ratio be less than twenty percent, as calculated in accordance with FDIC regulations.Risk factors (Item 1A)
Also named by AFRM, BAC, BNY, CASH, CFG, CFR, COF, FCFS and 27 more
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskFor example, following the publication of a short seller report in March 2023, we received inquiries from the SEC and DOJ and we continue to cooperate in such matters.Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Financial Industry Regulatory Authority (FINRA)
subject tonamed as a riskOur subsidiary Cash App Investing is subject to the net capital requirements of the SEC and FINRA.Risk factors (Item 1A)
Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more
State money transmission regulators
subject tonamed as a riskFor example, in January 2025, we entered into a settlement agreement and consent order with various state money transmission license regulators related to aspects of our Bank Secrecy Act/anti-money laundering program.Risk factors (Item 1A)
Financial Conduct Authority (UK)
subject toFor instance, we hold an Australian Financial Services License issued by the Australian Securities and Investments Commission to provide non-cash payments in Australia, and we are licensed as an Electronic Money Institution to provide payments services and electronic money in the United Kingdom by the Financial Conduct Authority and in the European Union by the Central Bank of Ireland.Business (Item 1)
Also named by AFRM, AJG, AMG, AMP, BGC, BRO, CBOE, COF and 17 more
Financial Crimes Enforcement Network (FinCEN)
subject toWe are also registered as a “Money Services Business” with the U.S. Department of Treasury’s Financial Crimes Enforcement Network ("FinCEN").Business (Item 1)
Also named by ABNB, ADP, AFRM, BMNR, COIN, CORZ, EEFT, FISV and 2 more
Central Bank of Ireland
subject toFor instance, we hold an Australian Financial Services License issued by the Australian Securities and Investments Commission to provide non-cash payments in Australia, and we are licensed as an Electronic Money Institution to provide payments services and electronic money in the United Kingdom by the Financial Conduct Authority and in the European Union by the Central Bank of Ireland.Business (Item 1)
Utah Department of Financial Institutions
subject toOur subsidiary, Square Financial Services, operates as a Utah-chartered industrial loan company governed by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation ("FDIC").Business (Item 1)
Australian Securities and Investments Commission
subject toFor instance, we hold an Australian Financial Services License issued by the Australian Securities and Investments Commission to provide non-cash payments in Australia, and we are licensed as an Electronic Money Institution to provide payments services and electronic money in the United Kingdom by the Financial Conduct Authority and in the European Union by the Central Bank of Ireland.Business (Item 1)
Laws and programs
OECD Pillar Two global minimum tax
subject to · 15%named as a riskThe U.S. federal and state governments, countries in the European Union, as well as a number of other countries and organizations such as the Organization for Economic Cooperation and Development (“OECD”), are actively considering changes to existing tax laws that, if enacted, could increase our tax obligations in jurisdictions where we do business, including a 15% global minimum tax (Pillar Two) that has been implemented by several countries and is being considered for implementation by other jurisdictions.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
FDIC Capital and Liquidity Maintenance Agreement
subject to · $50 millionnamed as a riskThe Capital and Liquidity Maintenance Agreement requires, among other things, that we maintain a third-party line of credit for the benefit of Square Financial Services acceptable to the FDIC; purchase any loan from Square Financial Services at the greater of the cost basis or fair market value, if deemed necessary by the FDIC or Square Financial Services; and establish and maintain a reserve deposit of $50 million at an unaffiliated third-party bank that Square Financial Services could draw upon in the event that we fail to provide sufficient funds to maintain Square Financial Services’ capital ratios at the required levels.Risk factors (Item 1A)
General Data Protection Regulation (GDPR)
subject tonamed as a riskFor example, the EU’s General Data Protection Regulation (“GDPR”) and similar legislation in the United Kingdom (“U.K.”) impose stringent privacy and data protection requirements and provide for greater penalties for noncompliance of up to the greater of 4% of worldwide annual revenue or €20 million or £17.5 million, as applicable.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
California Consumer Privacy Act (CCPA)
subject tonamed as a riskThe CCPA, as amended, imposes stringent data privacy and data protection requirements relating to personal information of California residents, and provides for penalties for noncompliance of up to $7,500 per violation.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
Payment Card Industry Data Security Standard
subject tonamed as a riskThese laws, regulations, and standards govern numerous areas that are important to our business, and include, or may in the future include, those relating to or placing restrictions upon banking, lending, deposit-taking, cross-border and domestic money transmission, foreign exchange, payments services (such as payment processing and settlement services), cryptocurrency, trading in shares and fractional shares, personal income tax filing, fraud detection, consumer protection, anti-money laundering, anti-bribery and anti-corruption, escheatment, sanctions regimes and export controls, AI, privacy, data protection and cybersecurity, fiscalization and compliance with the Payment Card Industry Data Security Standard, a set of requirements designed to ensure that all companies that process, store, or transmit payment card information maintain a secure environment to protect cardholder data.Risk factors (Item 1A)
Also named by ABNB, AZO, BJ, BKNG, CASH, CASY, COST, DOV and 20 more
Health Insurance Portability and Accountability Act (HIPAA)
subject tonamed as a riskAdditionally, certain of our products and services are subject to the Health Insurance Portability and Accountability Act of 1996 (and the rules and regulations thereunder, as amended, including with respect to the HITECH Act), and therefore we are required to take measures to safeguard protected health information of our health care entity-sellers' customers when using those products and services.Risk factors (Item 1A)
Also named by ADI, BBY, BR, BWIN, CART, CTSH, DGX, IQV and 8 more
Federal Reserve Act Sections 23A and 23B / Regulation W
subject tonamed as a riskSquare Financial Services is subject to the requirements in Sections 23A and 23B of the Federal Reserve Act and the Federal Reserve Board’s implementing Regulation W, which regulate loans, extensions of credit, purchases of assets, and certain other transactions between an insured depository institution (such as Square Financial Services) and its affiliates.Risk factors (Item 1A)
U.S. import tariffs on hardware
subject tonamed as a riskSome of our hardware devices manufactured outside of the United States are subject to tariffs when imported to the United States.Risk factors (Item 1A)
BNPL regulation
subject tonamed as a riskRegulatory scrutiny or changes in the BNPL space may impose significant compliance costs and make it uneconomical for us to continue to operate in our current markets or for us to expand into new markets.Risk factors (Item 1A)
New York State BitLicense
subject toWe currently hold a New York State BitLicense and a Virtual Currency Business License in Louisiana.Business (Item 1)
U.S. government tax refunds and disbursements
earns fromHistorically, our Cash App ecosystem has experienced improvements in revenue, gross profit, and inflows related to the distribution of government funds as customers have deposited more funds into Cash App during these times, including during the first quarter when U.S. tax refunds are typically distributed.Business (Item 1)
Technology
Third-party large language models
depends onnamed as a riskOur 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.Risk factors (Item 1A)
Also named by CRM
Lightning Network
depends onSellers may accept bitcoin payments via the Lightning Network, a second-layer protocol built on the bitcoin blockchain that facilitates faster transactions with little to no fees.Business (Item 1)