v3.26.1
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT)
Other Current Assets

The following table presents the detail of other current assets (in thousands):
  June 30, 2026December 31, 2025
Restricted cash (i)
$821,679 $1,071,574 
Loans held for sale (ii)
701,362 782,966 
Processing costs receivable484,328 448,406 
Prepaid expenses319,556 288,707 
Investments in short-term debt securities310,845 517,777 
Inventory, net198,861 158,319 
Accounts receivable, net194,432 238,207 
Other (iii)
543,574 601,746 
Total$3,574,637 $4,107,702 

(i) Includes a portion invested in money market funds. Refer to Note 5, Fair Value Measurements for further details.

(ii) Refer to Note 7, Customer Loans for further details.

(iii) In June 2026, the Company received cash proceeds of $329.8 million from the sale of a non-marketable equity security, which are included within "Other investing activities" on the condensed consolidated statements of cash flows for the three and six months ended June 30, 2026.

The following table presents the detail of inventory, net (in thousands):
  June 30, 2026December 31, 2025
Raw materials
$17,917 $16,054 
Work in process55,421 46,791 
Finished goods125,523 95,474 
Total inventory, net$198,861 $158,319 
Accrued Expenses and Other Current Liabilities

The following table presents the detail of accrued expenses and other current liabilities (in thousands):    
  June 30, 2026December 31, 2025
Accrued legal contingencies$674,575 $172,959 
Accrued expenses563,557 389,278 
Customer deposits387,423 297,432 
Accounts payable122,354 114,572 
Processing fee payable116,292 106,815 
Operating lease liabilities, current61,081 55,349 
Accrued transaction losses (i)
59,761 49,250 
Accrued royalties55,911 51,596 
Other236,097 301,642 
Total$2,277,051 $1,538,893 

(i) The Company is exposed to potential credit losses related to transactions processed by sellers that are subsequently subject to chargebacks when the Company is unable to collect from the sellers primarily due to insolvency. Generally, the Company estimates the potential loss rates based on historical experience that is continuously adjusted for new information and incorporates, where applicable, reasonable and supportable forecasts about future expectations.

The following table summarizes the activities of the Company’s reserve for transaction losses (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Accrued transaction losses, beginning of the period$59,051 $57,137 $49,250 $58,580 
Provision for transaction losses (i)
25,976 32,071 60,077 61,479 
Charge-offs to accrued transaction losses(25,266)(34,826)(49,566)(65,677)
Accrued transaction losses, end of the period$59,761 $54,382 $59,761 $54,382 

(i) Estimated losses related to Cash App overdrafts are classified within sales and marketing expenses and are accounted for separately from the provision for transaction losses. Such losses were immaterial for the three and six months ended June 30, 2026.
In addition to amounts reflected in the table above, the Company recognized additional provisions for transaction losses that were realized and written-off within the same period. Such losses are primarily related to Cash App transactions, such as peer-to-peer transactions, overdrafts, and negative balances, that are uncertain in nature. The Company recorded $91.2 million and $172.5 million for the three and six months ended June 30, 2026, respectively, and $62.0 million and $121.0 million for the three and six months ended June 30, 2025, respectively, for such losses. Losses from peer-to-peer activity and overdrafts are classified within sales and marketing expenses, while other transaction losses, including negative balances, are presented within transaction, loan, and consumer receivable losses on the condensed consolidated statements of operations.OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)
Other Non-Current Assets

The following table presents the detail of other non-current assets (in thousands):
  June 30, 2026December 31, 2025
Property and equipment, net$293,315 $323,375 
Investments in long-term debt securities225,441 188,887 
Operating lease right-of-use assets134,952 214,929 
Investment in non-marketable equity securities (i)
103,366 423,198 
Restricted cash71,911 73,786 
Other220,099 257,853 
Total$1,049,084 $1,482,028 

(i) Investment in non-marketable equity securities represents the Company's investments in equity of non-public entities. These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. Adjustments are recorded within other expense (income), net on the condensed consolidated statements of operations.

The adjustments to the carrying value of the Company's non-current non-marketable equity securities measured using the measurement alternative were as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Carrying amount, beginning of period$88,112 $243,058 $423,198 $245,557 
Net additions (reductions) (i)
15,254 3,500 (314,544)1,001 
Gross unrealized losses and impairments— — (5,288)— 
Carrying amount, end of period$103,366 $246,558 $103,366 $246,558 

(i) Net reductions for the six months ended June 30, 2026 relates to a reclassification from non-current to current assets.

The following table summarizes the cumulative net unrealized upward and downward adjustments related to the Company's non-current non-marketable equity securities measured using the measurement alternative (in thousands):
  June 30, 2026December 31, 2025
Upward adjustments$6,155 $326,970 
Downward adjustments and impairments$(7,349)$(2,061)

Other Non-Current Liabilities

The following table presents the detail of other non-current liabilities (in thousands):
  June 30, 2026December 31, 2025
Operating lease liabilities, non-current$227,718 $257,126 
Deferred tax liabilities9,526 1,173 
Other119,480 123,546 
Total$356,724 $381,845