Risk Sleuth
XYZ · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

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 risk
For 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 risk
Many 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 risk
Under 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 risk
Our 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 risk
In 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 risk
Apple, 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)

Also named by MELI, UBER

Visa, Mastercard, American Express, Discover (payment card networks)

depends onnamed as a risk
Our business depends on our ability to accept credit and debit cards, and this ability is provided by the payment card networks, including Visa, Mastercard, American Express, and Discover.Risk factors (Item 1A)

Bank partners (FDIC pass-through insurance)

depends onnamed as a risk
If 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 risk
If 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 risk
The introduction and promotion of new products and services, as well as the promotion of existing products and services, may be partly dependent on our visibility on third-party advertising platforms, such as Google or Facebook.Risk factors (Item 1A)

Federal Reserve Automated Clearing House

depends onnamed as a risk
To 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 risk
If 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 risk
For 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

United States

concentrated in · 59 million monthly transacting actives
As of December 2025, Cash App had 59 million monthly transacting actives across the United States.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Australia

earns fromnamed as a risk
Most of our revenue is earned in U.S. dollars and, subsequent to the acquisition of Afterpay, a portion is earned in Australian Dollars.Market risk (Item 7A)

Also named by AJG, ARWR, AXP, BF/B, BTU, CL, CSGP, CVX and 15 more

Hazards

San Francisco Bay Area earthquakes

concentrated innamed as a risk
Certain of our offices and data center facilities are located in the San Francisco Bay Area, a region known for seismic activity.Risk factors (Item 1A)

Also named by FFIV, FTNT, PANW, PLTR, PYPL, RBRK, RDDT, TWLO and 1 more

Commodities and inputs

Bitcoin

exposed to its price · $777.5 millionnamed as a risk
As 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)

Also named by ARLP, BLK, BMNR, COIN, GLXY, MSTR, SNEX

Regulators

Federal Deposit Insurance Corporation (FDIC)

subject to · not less than twenty percentnamed as a risk
The 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 risk
For 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 risk
Our 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 risk
For 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 to
For 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 to
We 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 to
For 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 BEN, BX, IBKR, KKR, MRSH, STT, TRV

Utah Department of Financial Institutions

subject to
Our 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)

Also named by ALLY, FCFS, PBI, SLM

Australian Securities and Investments Commission

subject to
For 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, SPGI, TW

Laws and programs

OECD Pillar Two global minimum tax

subject to · 15%named as a risk
The 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 risk
The 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 risk
For 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 risk
The 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 risk
These 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 risk
Additionally, 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 risk
Square 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 risk
Some 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 risk
Regulatory 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 to
We 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 from
Historically, 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 risk
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.Risk factors (Item 1A)

Also named by CRM

Lightning Network

depends on
Sellers 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)