Square processed $250 billion of gross payment volume for more than 4.5 million sellers during 2025, according to Block’s most recent annual report. Those sellers ran 5.9 billion individual sales transactions, drawing on more than 800 million payment cards and more than 300 million buyer profiles. Those Square statistics come straight from the company’s SEC filings.
Block’s seller business has since reaccelerated after a mild winter. Square segment gross profit reached $1,160 million in the second quarter of 2026, while Square gross payment volume climbed to $72,848 million. Growth ran at 13% year over year on both a reported and a constant currency basis. Figures for Square’s own subsidiary bank come from quarterly reports filed with the Federal Deposit Insurance Corporation.
Key Takeaways
- Square handled $250 billion of gross payment volume for more than 4.5 million sellers in 2025.
- Square segment gross profit reached $1,160 million in the second quarter of 2026, growth of 13% year over year.
- International sellers now supply 22% of Square gross payment volume, up from 19% four quarters earlier.
- Square’s subsidiary bank held $2.06 billion in total assets at June 30, 2026, a balance sheet the segment reporting never shows.
- Hardware subtracted $37 million from Square’s gross profit in the second quarter of 2026, making it a customer-acquisition cost rather than a profit line.
- Square Loans has advanced more than $32.8 billion in principal since its public launch in May 2014.
Editor’s Choice
- Square segment revenue: $8.45 billion for fiscal 2025.
- Square gross payment volume: $72,848 million in the second quarter of 2026.
- Sales transactions: 5.9 billion across the Square ecosystem in 2025.
- Payment cards used: more than 800 million during 2025.
- Loans and advances made: more than 4.0 million since May 2014.
- Risk assessment automated: more than 99.95% of Square transactions.
Key Square Statistics in 2025
- More than 4.5 million sellers used the Square ecosystem during the year.
- Those sellers processed $250 billion of Square gross payment volume, which Block defines as all card and bank payments taken by sellers, net of refunds.
- More than 300 million buyer profiles and more than 800 million payment cards sat behind the year’s transactions.
- No single customer accounted for greater than 5% of Square gross payment volume in any of the three most recently reported fiscal years.
| 2025 Square ecosystem measure | Reported figure |
|---|---|
| Sellers using Square | more than 4.5 million |
| Individual sales transactions | 5.9 billion |
| Square gross payment volume | $250 billion |
| Payment cards originating transactions | more than 800 million |
| Buyer profiles | more than 300 million |
Source: Block Form 10-K, fiscal year 2025
Annual totals of this size flatten the story. Underneath them, the quarterly series turned twice inside eighteen months.
Square Gross Profit by Quarter
- Square segment gross profit was $1,160 million in the quarter ended June 30, 2026, against $1,027 million a year earlier.
- Year-over-year growth cooled from 11% to 7% across the three quarters before the rebound.
- Growth recovered to 13% in the quarter ended June 30, 2026, the fastest rate in the reported series.
- First-half segment gross profit was $2.14 billion, against $1.92 billion a year earlier.
Block credits the rebound to payments volume and software adoption rather than to pricing. One non-recurring item sits inside the number: a one-time tariff reimbursement contributed approximately two points to Square gross profit growth in the second quarter.
Recent Developments
- Square segment revenue: $2.50 billion for the quarter ended June 30, 2026, filed in August.
- August 2026: Square US gross payment volume growth accelerated to 10%, the strongest rate since the second quarter of 2023.
- June 2026: Neighborhoods reached sellers representing $1 billion in annualised gross payment volume, up over 220% from March.
- June 30, 2026: Square Financial Services reported $2.06 billion in total assets to the FDIC, its highest quarterly balance on record.
- June 16, 2026: Block held its 2026 annual meeting of stockholders, with Class A stock trading on the New York Stock Exchange under the symbol XYZ.
- Second quarter 2026: Block’s Workforce Plan concluded, carrying $495.0 million of restructuring charges for the first half of the year.
Square Gross Payment Volume by Quarter
- Square gross payment volume was $72,848 million in the quarter ended June 30, 2026, against $64,248 million a year earlier.
- First-half Square gross payment volume reached $134,057 million, up from $118,350 million.
- Growth ran at 13% on both a reported and a constant currency basis, so none of the expansion came from a weaker dollar.
- Volume from food and beverage sellers rose 20% year over year, while retail sellers grew 13% and services sellers grew 7%.
By the numbers: Block reports Square gross payment volume of $72,848 million for the second quarter of 2026 against Cash App gross payment volume of $1,886 million. Square carries the overwhelming majority of the group’s processed volume, even though Cash App produced the larger share of segment gross profit.
Card-present acceptance still anchors that volume. Square’s own terminals sit inside the broader POS hardware market, which has consolidated around integrated software vendors for a decade.
Square International Growth and GPV Mix
- International gross payment volume grew 28% year over year, or 25% in constant currency.
- US gross payment volume growth reached 9.8% in the second quarter, up from 7.0% a year earlier.
- The international share of Square gross payment volume moved from 19% to 22% across five quarters, while the US share fell from 81% to 78%.
- Square sellers span the United States, Canada, Japan, Australia, the United Kingdom, Ireland, France, and Spain.
Across our payments coverage, the pattern repeats. Acquirers that mature at home buy their next growth curve abroad, and the mix line moves first. That share has held flat for three consecutive quarters, which reads as a plateau being defended rather than a trend still running.
Square Segment Revenue by Year
- Segment revenue was $8.45 billion in fiscal 2025, with gross profit of $3.94 billion.
- Fiscal 2024 brought $7.68 billion of segment revenue and $3.60 billion of gross profit.
- Fiscal 2023 closed at $7.03 billion of segment revenue and $3.13 billion of gross profit.
- Segment cost of revenue rose from $3.90 billion in 2023 to $4.52 billion in 2025.
How much revenue does Square make?
Square is a reportable segment of Block, not a standalone filer. Segment revenue was $8.45 billion for fiscal 2025 and $2.50 billion for the quarter ended June 30, 2026. Segment gross profit, the profit line Block reports for each of its reportable segments, was $3.94 billion for fiscal 2025.
Square Revenue by Category
- Commerce enablement revenue was $2.16 billion in the second quarter of 2026, against $1.92 billion a year earlier.
- Financial solutions revenue reached $305.5 million, up from $251.1 million.
- Revenue from Square processing grew $218.1 million in the quarter and $379.7 million across the half.
- Bitcoin ecosystem revenue inside the segment was $37.3 million in the quarter and $64.9 million across the first half.
| Square revenue category | Q2 2026 ($ millions) | Q2 2025 ($ millions) |
|---|---|---|
| Commerce enablement | 2,160.757 | 1,915.179 |
| Financial solutions | 305.461 | 251.096 |
| Bitcoin ecosystem | 37.345 | 0 |
Source: Block Form 10-Q, quarter ended June 30, 2026
Bitcoin is the newest of the three lines. Square-segment bitcoin ecosystem revenue was $14.8 million for the whole of fiscal 2025. The first half of the current year alone ran 4.4 times that figure.
A merchant-side Bitcoin line growing at that rate is worth watching. Its effect on the segment’s totals is still very small.
Square Commerce Enablement Gross Profit
- The commerce enablement monetisation rate excluding hardware was 1.23% of Square gross payment volume in the second quarter, against 1.27% a year earlier.
- The financial solutions monetisation rate rose to 0.41% from 0.38%.
- Square gross profit excluding hardware reached $1,197 million, up from $1,061 million.
- Block reports commerce enablement gross profit both including and excluding hardware, showing the hardware contribution as a separate reconciling line.
Take rates are doing something more interesting than the gross-profit line. Payments economics are compressing while lending economics expand. Contactless payments show the same rotation, with ticket sizes falling before volumes rose.
Square Hardware and the Gross-Profit Drag
- Hardware subtracted $37 million from Square gross profit in the second quarter of 2026.
- Square gross profit excluding hardware was $1,197 million against reported gross profit of $1,160 million.
- The hardware contribution was negative in all five reported quarters, ranging from $34 million to $43 million.
- Square hardware is designed and developed in-house, with production contracted to third-party manufacturers.
| Quarter | Square gross profit ($ millions) | Hardware contribution ($ millions) | Gross profit excluding hardware ($ millions) |
|---|---|---|---|
| Q2 2025 | 1,027 | (34) | 1,061 |
| Q3 2025 | 1,018 | (41) | 1,059 |
| Q4 2025 | 993 | (43) | 1,035 |
| Q1 2026 | 982 | (41) | 1,023 |
| Q2 2026 | 1,160 | (37) | 1,197 |
Source: Block Q2 2026 shareholder letter, Q2 2025 to Q2 2026
Worth noting: Block reconciles Square gross profit to gross profit excluding hardware by adding the hardware contribution back. Readers comparing Square’s margin against a software-only acquirer are looking at a number that carries that quarterly acquisition cost inside it.
Square Loans and Seller Lending
- Square Loans has facilitated more than 4.0 million loans and advances representing more than $32.8 billion in principal since May 2014.
- Loans are sized to be less than 20% of a seller’s expected annual Square gross payment volume, and sellers historically repay within ten months on average.
- Block states that its loan cohorts have had loss rates of less than 4% through every cycle it has seen.
- Block sold $1.2 billion of Square Loans to third-party investors in the second quarter of 2026 and $2.5 billion across the first half, recognising net gains of $69.1 million and $141.2 million.
| Square lending measure | Reported figure | Period |
|---|---|---|
| Loans and advances facilitated | more than 4.0 million | Since May 2014 |
| Principal loaned or advanced | more than $32.8 billion | Since May 2014 |
| Loan size ceiling | less than 20% of expected annual Square GPV | Fiscal 2025 policy |
| Average repayment period | ten months | Historical average, fiscal 2025 |
| Loans sold to third-party investors | $1.2 billion | Q2 2026 |
| Net gains on loan sales | $69.1 million | Q2 2026 |
Source: Block Form 10-K fiscal year 2025 and Form 10-Q, quarter ended June 30, 2026
Repayment runs through the payment rail itself. Loan repayment generally occurs automatically through a fixed percentage of every card transaction a seller takes. That mechanism is why the lending book tracks processing volume rather than credit demand.
Square Financial Services: The Bank Behind Square Loans
- Square Loans are originated by Block’s wholly owned subsidiary, Square Financial Services, to qualified Square sellers.
- The bank held $2.06 billion in total assets at June 30, 2026, against $0.93 billion six quarters earlier.
- Net loans and leases reached $1.29 billion at the same date.
- Deposits stood at $559.3 million, a fraction of the asset base.
- Total assets stood at $882.1 million in September 2024, so the book has grown for seven straight quarters.
- The bank is insured by the FDIC under certificate 59177.
- Square Financial Services, Inc. is a Utah state-chartered industrial loan company whose interest income on held funds flows into Block’s other-sources revenue.
- Square Loans is not a partner-bank product, and the subsidiary files its own quarterly call reports with the FDIC.
Key finding: The FDIC’s own records show Square Financial Services growing from $882.1 million of total assets in September 2024 to $2.06 billion in June 2026. Block’s segment reporting shows neither figure, presenting revenue and gross profit rather than segment assets.
Does Square own a bank?
Yes. Square Loans are originated by Square Financial Services, Inc., a Utah state-chartered industrial loan company, insured by the FDIC under certificate 59177. It held $2.06 billion in total assets and $1.29 billion in net loans and leases as of June 30, 2026. Those figures sit in its regulatory call reports rather than in Block’s segment disclosure.
Square Seller Markets and Segment Mix
- Square sellers operate across eight countries, ranging from sole proprietors to multinational businesses.
- Block defines mid-market sellers as those generating more than $500,000 in annualised Square gross payment volume.
- The mid-market segment grew fastest year over year among all Square seller segments in the second quarter.
- Square’s technology platform automates risk assessment for more than 99.95% of all transactions.
| Square seller characteristic | Reported detail |
|---|---|
| Countries served | 8 |
| Mid-market threshold | more than $500,000 annualised Square GPV |
| Largest customer share of Square GPV | no greater than 5% |
| Transactions with automated risk assessment | more than 99.95% |
Source: Block Form 10-K, fiscal year 2025
Cross-selling between the two halves of Block runs through the same seller base. The consumer side of that relationship surfaces in the Cash App numbers rather than in Square’s. PayPal reports its merchant base on a basis that is not comparable to Square’s gross payment volume.
Is Square Bigger Than Cash App?
- Not on gross profit. Cash App segment gross profit was $1.97 billion in the second quarter of 2026 against Square’s $1.16 billion. Cash App produced the larger contribution.
- On processed volume, the ranking inverts sharply: Square gross payment volume was $72,848 million against Cash App gross payment volume of $1,886 million.
Those two measures answer different questions. Volume describes how much commerce runs across the rail, while gross profit describes how much of that commerce Block keeps.
| Q2 2026 segment measure | Square ($ millions) | Cash App ($ millions) |
|---|---|---|
| Segment revenue | 2,503.563 | 4,020.683 |
| Segment gross profit | 1,160.236 | 1,973.003 |
| Gross payment volume | 72,848 | 1,886 |
Source: Block Form 10-Q and Q2 2026 shareholder letter, quarter ended June 30, 2026
Readers tracking the acceptance side will find the seller-facing detail in the Square payment product data.
Conclusion
Square’s 2025 scale, $250 billion of gross payment volume across more than 4.5 million sellers, sets the baseline for reading the current reacceleration. Segment gross profit was $1,160 million in the quarter ended June 30, 2026, following three quarters of sequential decline. The recovery leaned on international volume growing 28% while US growth reached 9.8%.
The part of Square that changed most over the past two years is the part its segment reporting is least equipped to show. A lending subsidiary carrying $2.06 billion of assets is a materially different business from a payments processor with a credit product bolted on. The regulator’s filings are currently the only place a reader can watch it grow.
