{"schemaVersion":1,"research":true,"symbol":"xyz","name":"Block","topic":"moat","path":"/stock/xyz/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:37:59.451Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"The supplied disclosures support useful integration, transaction-processing capabilities and purchasing benefits, but do not establish a durable competitive moat. Block explicitly discloses limited switching costs for many services and generally lacks long-term customer contracts. Payment activity continues to grow, so this is a weak structural protection assessment, not a claim of collapsing demand. Pricing power remains constrained: tariffs have reduced affected product margins, while realized price changes are not disclosed.","advantages":[{"mechanism":"switching_costs","claim":"Square's integrated operational and financial products can create workflow friction when switching, but the issuer explicitly acknowledges that switching difficulty and costs may be insignificant for many services. This does not establish a durable switching-cost moat.","durability":"Integration is a current capability; durable customer dependence is not demonstrated.","risks":"Customers generally lack long-term contracts, and competing providers can replace individual functions. Growing payment volume does not establish retention of existing customers.","invalidation":"The limited workflow advantage would be undermined by evidence that sellers migrate integrated workflows without material disruption or that adoption of additional Square products fails to improve customer persistence.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5"]},{"mechanism":"cost_advantage","claim":"Square discloses negotiated processing terms generally unavailable to individual sellers and extensive automated risk assessment. These are current operating benefits, but superiority over competing payment platforms is unestablished.","durability":"Favorable processing arrangements appear in successive annual disclosures. Contract duration, exclusivity and comparative unit economics are absent.","risks":"Larger competitors may obtain comparable or better economics. Rising consolidated transaction and credit losses caution against equating automation with superior risk outcomes, although those losses do not isolate Square's processing performance.","invalidation":"The benefit would be invalidated if direct seller processing terms matched Square's arrangements or its processing savings disappeared. A competitive moat would require sustained cost superiority against alternative platforms.","competitors":[],"evidenceIds":["e6","e7","e8"],"counterEvidenceIds":["e9","e10"]},{"mechanism":"network_effects","claim":"Cash App has substantial actual inflows, but the proposed use of its network to strengthen Square seller connections remains strategic potential. The passages do not demonstrate increasing customer value or competitive protection as participation grows.","durability":"Existing usage is demonstrated; durable network-driven exclusion of alternatives is not.","risks":"Account activity does not establish unique customers, exclusive relationships or resistance to competing services. Customer support and trust failures can weaken participation.","invalidation":"The network thesis would fail if greater participation did not improve engagement or seller acquisition economics, or if customers continued transacting through alternatives without losing meaningful utility.","competitors":[],"evidenceIds":["e11","e12"],"counterEvidenceIds":["e13","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: Square product breadth","excerpt":"Our Square ecosystem consists of more than 30 distinct commerce enablement and financial services products."},{"id":"e2","sourceId":"filing-1","location":"Business: Square product integration","excerpt":"Our products are integrated to create a seamless experience and enable a holistic view of sales, customers, employees, and finances."},{"id":"e3","sourceId":"filing-4","location":"Business: staff management integration","excerpt":"These tools are designed to seamlessly integrate with other Square products eliminating the latent, time-consuming, and error-prone processes typically used to copy and sync data between disparate systems."},{"id":"e4","sourceId":"filing-1","location":"Risk factors: customer contracts and switching costs","excerpt":"We generally do not have long-term contracts with our sellers and customers, and the difficulty and costs associated with switching to a competitor may not be significant for many of the services we offer."},{"id":"e5","sourceId":"filing-1","location":"Competition: overlapping provider categories","excerpt":"Competitors that overlap with certain functions and features that we provide include: •Business software providers such as those that provide point of sale, website building, inventory management, employee management, customer relationship management invoicing, and appointment booking solutions; •Payment terminal vendors; •Merchant acquirers; •Banks that provide payment processing, checking, savings, loans, and payroll; •Pen and paper, manual processes, and paper currency; •Payroll processors; and •Established or new alternative lenders."},{"id":"e6","sourceId":"filing-4","location":"Business: negotiated transaction-processing terms","excerpt":"These contracts include negotiated terms, such as more favorable pricing, that are generally not available to sellers if they were to contract directly with these sub-service providers."},{"id":"e7","sourceId":"filing-5","location":"Business: negotiated transaction-processing terms","excerpt":"These contracts include negotiated terms, such as more favorable pricing, that are generally not available to sellers if they were to contract directly with these sub-service providers."},{"id":"e8","sourceId":"filing-1","location":"Business: transaction scale and automated risk assessment","excerpt":"In our Square ecosystem, this technology platform enables us to capture and analyze billions of transactions per year and automate risk assessment for more than 99.95% of all transactions."},{"id":"e9","sourceId":"filing-1","location":"Competition risks: competitors' resources and customer bases","excerpt":"We compete against many companies to attract customers across our products and services, and some of these companies have greater financial resources and substantially larger bases of customers than we do, which may provide them with significant competitive advantages."},{"id":"e10","sourceId":"filing-2","location":"Unaudited statements of operations: six months ended June 30, 2026 and 2025","excerpt":"CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue: Commerce enablement revenue $ 3,341,571 $ 2,898,302 $ 6,280,041 $ 5,465,277 Financial solutions revenue 1,382,368 984,553 2,704,353 1,859,564 Bitcoin ecosystem revenue 1,893,748 2,171,602 3,690,140 4,501,412 Total net revenue 6,617,687 6,054,457 12,674,534 11,826,253 Cost of revenue: Commerce enablement costs 1,523,639 1,354,370 2,841,098 2,506,570 Financial solutions costs 93,819 82,649 183,194 160,571 Bitcoin ecosystem costs 1,821,343 2,066,504 3,549,300 4,303,901 Amortization of acquired technology assets 12,805 14,404 25,622 29,078 Total cost of revenue 3,451,606 3,517,927 6,599,214 7,000,120 Gross profit 3,166,081 2,536,530 6,075,320 4,826,133 Operating expenses: Product development 608,660 725,288 1,647,533 1,485,987 Sales and marketing 664,955 549,731 1,315,463 1,054,191 General and administrative 825,869 449,237 1,683,433 941,034 Transaction, loan, and consumer receivable losses 585,450 294,090 1,085,575 463,779 Amortization of customer and other acquired intangible assets 34,277 33,891 68,436 67,547 Total operating expenses 2,719,211 2,052,237 5,800,440 4,012,538 Operating income 446,870 484,293 274,880 813,595 Interest expense, net 55,721 23,687 108,916 40,930 Remeasurement loss (gain) on bitcoin investment 88,474 (212,165) 261,292 (118,814) Other expense (income), net 1,199 13,389 (4,227) 5,047 Income (loss) before income tax 301,476 659,382 (91,101) 886,432 Provision for income taxes 214,407 121,048 130,425 159,376 Net income (loss) 87,069 538,334 (221,526) 727,056 Less: Net loss attributable to noncontrolling interests (1,448) (124) (1,362) (1,274) Net income (loss) attributable to common stockholders $ 88,517 $ 538,458 $ (220,164) $ 728,330 Net income (loss) per share attributable to common stockholders: Basic $ 0.15 $ 0.88 $ (0.37) $ 1.18 Diluted $ 0.15 $ 0.87 $ (0.37) $ 1.17 Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: Basic 597,829 612,882 597,702 616,108 Diluted 608,847 618,928 597,702 627,103 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements."},{"id":"e11","sourceId":"filing-4","location":"Business: 2024 Cash App inflows","excerpt":"In 2024, Cash App transacting actives brought $283 billion in inflows into Cash App."},{"id":"e12","sourceId":"filing-1","location":"Square strategic priorities: networks","excerpt":"•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."},{"id":"e13","sourceId":"filing-1","location":"Operating definitions: accounts and customer identity","excerpt":"This could represent, among other things, one customer with multiple accounts or multiple customers sharing one alias identifier (for example, families)."},{"id":"e14","sourceId":"filing-4","location":"Cash App competition: provider categories","excerpt":"Our competitors include money transfer apps, prepaid debit card offerings, brokerage firms, tax firms, financial technology apps, banks, and crypto trading services."},{"id":"e15","sourceId":"filing-4","location":"Regulatory matters: January 2025 penalty and restitution commitment","excerpt":"Pursuant to the consent order, the Company paid a $55 million civil monetary penalty in January 2025 and agreed to pay between $75 million and $120 million in restitution to certain Cash App customers."},{"id":"e16","sourceId":"filing-2","location":"Operating metrics: GPV and adjusted operating income","excerpt":"Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Gross Payment Volume (GPV) (in millions) $ 74,734 $ 66,615 $ 137,843 $ 123,412 Adjusted Operating Income (in thousands) $ 863,845 $ 549,569 $ 1,591,517 $ 1,015,838 Adjusted EBITDA (in thousands) $ 1,168,597 $ 891,422 $ 2,178,818 $ 1,704,216 Adjusted Net Income Per Share: Basic $ 1.04 $ 0.63 $ 1.89 $ 1.20 Diluted $ 1.02 $ 0.62 $ 1.87 $ 1.18 Gross Payment Volume (GPV) GPV includes Square GPV and Cash App GPV."},{"id":"e17","sourceId":"filing-2","location":"Tariff risks: actual affected-product margin pressure and prospective pricing consequences","excerpt":"These tariffs negatively affect our gross margin on the impacted products, and increases in our pricing as a result of tariffs may adversely affect demand for our products or reduce the competitiveness of our products if our competitors do not make similar pricing adjustments."},{"id":"e18","sourceId":"filing-1","location":"Revenue recognition: transaction fees for instant deposits and ATM withdrawals","excerpt":"We charge the customer a per transaction fee when they instantly deposit funds to their bank account or withdraw funds from an ATM."},{"id":"e19","sourceId":"filing-1","location":"Cash flows: 2025 operating cash generation","excerpt":"For the year ended December 31, 2025, cash provided by operating activities was $2.6 billion, primarily due to net income of $1.3 billion, adjusted for non-cash expenses of $3.4 billion consisting primarily of transaction, loan, and consumer receivable losses; share-based compensation; depreciation and amortization; changes in deferred income taxes; non-cash lease expense; and losses on bitcoin remeasurement, each of which contributed positively to cash provided by operating activities."},{"id":"e20","sourceId":"filing-2","location":"Stockholders' equity: completed first-half 2026 repurchases","excerpt":"During the six months ended June 30, 2026, the Company repurchased 11.6 million shares of its Class A common stock for an aggregate amount of $700.9 million, excluding excise tax, which was immaterial."},{"id":"e21","sourceId":"filing-2","location":"Commitments: future minimum purchase payments","excerpt":"As of June 30, 2026, the future minimum payments under the purchase commitments were as follows (in thousands): Payments Due By Period Remainder of 2026 $ 280,143 2027 457,317 2028 386,171 2029 370,000 2030 410,000 Thereafter 392,000 Total $ 2,295,631 34 Other Contingencies The Company is under examination, or may be subject to examination, by several tax authorities."},{"id":"e22","sourceId":"filing-2","location":"Liquidity: June 30, 2026 available liquidity and composition","excerpt":"As of June 30, 2026, we had approximately $8.8 billion in available liquidity, with $7.9 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as an undrawn amount of $900.0 million available under our revolving credit facility."},{"id":"e23","sourceId":"filing-3","location":"Executive compensation: actual 2025 equity incentive instruments","excerpt":"Equity incentives were provided through a combination of stock options and RSUs."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation: option vesting terms","excerpt":"(1)One forty-eighth of the shares subject to the option vest each month beginning April 20, 2025, subject to continued service with the Company."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation: RSU vesting terms","excerpt":"(2)One-sixteenth of the RSUs vest in equal quarterly installments over four years beginning May 20, 2025, subject to continued service with the Company."},{"id":"e26","sourceId":"filing-3","location":"Executive compensation: discretionary equity award criteria","excerpt":"We do not have an established set of criteria for granting equity awards."},{"id":"e27","sourceId":"filing-3","location":"Governance: combined executive/chair role and lead independent director","excerpt":"Because Mr. Dorsey is our Chairperson and is not an “independent” director as defined in NYSE listing standards, our board of directors has appointed Roelof Botha as our Lead Independent Director."},{"id":"e28","sourceId":"filing-3","location":"Governance: audit and compensation committee independence","excerpt":"In addition, each member of our audit and risk committee and our compensation committee meets the enhanced independence standards required for such committee members under the applicable rules and regulations of the SEC and the NYSE listing standards."},{"id":"e29","sourceId":"filing-3","location":"Governance: staggered board","excerpt":"Our board of directors is divided into three staggered classes of directors."},{"id":"e30","sourceId":"filing-1","location":"Ownership risks: dual-class stock structure","excerpt":"•the dual class structure of our common stock;"},{"id":"e31","sourceId":"filing-2","location":"Non-GAAP definitions: adjusted operating income exclusions","excerpt":"In view of the limitations associated with Adjusted EBITDA, we also present Adjusted Operating Income (Loss), which is a non-GAAP financial measure that excludes certain expenses that we believe are not reflective of our core operating performance, including amortization of intangible assets, acquisition-related and integration costs, various contingencies, restructuring and other costs, and goodwill and intangible asset impairment charges."},{"id":"e32","sourceId":"filing-2","location":"Operational risks: previously experienced system and collection problems","excerpt":"Software and system errors, or human errors, could delay or inhibit settlement of payments, result in oversettlement, cause reporting errors, cause pricing irregularities or prevent us from collecting transaction-based fees, or negatively impact our ability to serve our customers, all of which have occurred in the past."},{"id":"e33","sourceId":"filing-3","location":"Executive compensation: expected 2026 cash incentive changes","excerpt":"2026 Executive Compensation Changes Beginning in 2026, we expect to introduce an annual cash incentive bonus program for our leadership team, including our named executive officers, with payouts based on the achievement of company-wide gross profit and operating income targets."}],"changes":["Changed the previous uncertain verdict to none because the explicit disclosure of generally absent long-term contracts and potentially insignificant switching costs supports weak structural protection rather than evidence insufficiency alone.","Recognized actual negotiated processing benefits while distinguishing advantages over individual sellers from unproven superiority over competing platforms.","Added criterion-level pricing and management assessments using disclosed results, completed repurchases, existing compensation terms and governance arrangements."],"limitations":["All evidence comes from issuer filings. Operating results and contractual disclosures support assessment, but management descriptions of differentiation do not prove competitive superiority.","Competition passages identify generic provider categories. Named compensation peers are not established competitors, and named infrastructure providers are not automatically competitors; competitor arrays therefore remain empty.","No customer cohort retention, migration costs, comparative processing costs, market-share trends or realized price/take-rate changes are supplied.","The proxy supplies compensation and governance evidence, but the supplied passages omit beneficial ownership percentages, voting-control concentrations and complete compensation amounts.","Tariff margin pressure is an actual disclosed outcome; possible demand losses from future price increases are not demonstrated outcomes.","All source dates retain dateKind filed. The latest supplied filing is dated August 5, 2026; subsequent performance is not assessed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Integration, favorable processing terms relative to individual sellers and automated risk assessment provide operating utility. Limited switching barriers and absent proof of superiority over other platforms leave structural protection weak.","evidenceIds":["e2","e4","e6","e8","e9"]},{"criterion":"durability","grade":1,"rationale":"Negotiated processing benefits recur across annual disclosures, but contract protection, exclusivity and persistent competitive superiority are unestablished. Customers generally have no long-term contracts.","evidenceIds":["e4","e6","e7"]},{"criterion":"customer_dependency","grade":2,"rationale":"Integrated business workflows and growing payment activity indicate meaningful use, assessed indirectly. They do not demonstrate customer lock-in, and switching costs may be insignificant for many services.","evidenceIds":["e2","e3","e4","e16"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Growing GPV is positive operating evidence, but low switching barriers, actual tariff margin pressure, historical service problems and paid regulatory penalties show fragile protection. None alone establishes realized market-share loss.","evidenceIds":["e4","e15","e16","e17","e32"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Transaction fees are disclosed, but no observed fee changes, discounts, realized take-rate movement or customer response to an implemented pricing change is supplied. Tariff cost pressure alone does not establish realized pricing.","evidenceIds":["e17","e18"]},{"criterion":"retention","grade":2,"rationale":"Substantial Cash App inflows, integrated workflows and GPV growth provide indirect evidence of continuing demand. Aggregate growth cannot separate retained customers from new acquisition, and disclosed switching friction is limited.","evidenceIds":["e2","e4","e11","e16"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 gross profit rose to $6.08 billion from $4.83 billion, but operating income fell to $275 million from $814 million and transaction and credit losses increased. Actual tariff pressure affects certain products. Mixed results do not isolate pricing from mix, credit costs or restructuring.","evidenceIds":["e10","e17","e31"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Generally absent long-term customer contracts and transaction-based charging suggest flexibility to offer current terms, balanced by customers' ability to leave. Explicit unilateral repricing rights and restrictions are not supplied.","evidenceIds":["e4","e18"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual 2025 operating cash generation of $2.6 billion, completed first-half 2026 repurchases of $700.9 million and substantial disclosed liquidity support funding capacity. Recurring dilution, $2.30 billion of purchase commitments and weaker first-half GAAP earnings temper the assessment; buyback value creation is unproven.","evidenceIds":["e10","e19","e20","e21","e22"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Existing option and RSU incentives vest over four years subject to service, providing stock-price exposure and retention incentives. Discretionary award criteria weaken direct linkage to operating outcomes. Expected 2026 bonus changes are not treated as adopted or paid, and ownership percentages are missing.","evidenceIds":["e23","e24","e25","e26","e33"]},{"criterion":"execution","grade":2,"rationale":"Assessed indirectly from operating results: GPV, gross profit and adjusted operating income grew, while GAAP operating income declined and transaction and credit losses rose. Historical system problems and the paid customer-dispute penalty add demonstrated execution weaknesses. Adjusted results exclude restructuring and other costs.","evidenceIds":["e10","e15","e16","e31","e32"]},{"criterion":"governance","grade":2,"rationale":"A lead independent director and independent audit and compensation committees provide actual oversight structures. Combined executive/chair roles, a staggered board, dual-class shares and realized regulatory costs temper those safeguards. Voting-control concentration is not supplied.","evidenceIds":["e15","e27","e28","e29","e30"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"a0b89c6e7a1981a6bc66b726e9af417650041bbf7432e2c067e261f671ee4952","updatedAt":"2026-10-18T13:37:59.451Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm","publishedAt":"2026-02-26","sha256":"61c76927f460d17a19739cfc11087f3287a966e676d049dfddf99e1776dee097","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1512673/000162828026053368/xyz-20260630.htm","publishedAt":"2026-08-05","sha256":"c4edbf92d9a07c599e2296540ee0092395bf5aa766caa8b1ec82340ca45b0b69","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1512673/000162828026027203/sq-20260423.htm","publishedAt":"2026-04-24","sha256":"4f32523be5d219861a2dc671b4e08a4c8b204c8641aab7cd816e0f62e84ff30b","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/sq-20241231.htm","publishedAt":"2025-02-24","sha256":"92b819d1806af2ed08497690b7e7c56efd22993ee2abfb9417f440a2ecf0f409","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/sq-20231231.htm","publishedAt":"2024-02-22","sha256":"dd8456b7d16da1fd6b2eb5d4ccaac098b4e3ee125b5544680d929761b62c1fa4","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1512673/000162828026032200/xyz-20260331.htm","publishedAt":"2026-05-07","sha256":"2bbd803cbc1ae6fab4b8ae2261b90039d64c180364e34be6048044396c9397c2","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:0b1fde41758cdce01c9175f725e8ba1639a079ec7f93499ffcfbb922682a6717","usage":{"input_tokens":89562,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3586,"reasoning_output_tokens":138},"basisSupplement":{"previousHash":"e2db2f86954b6848194677907c4ddf8f37f61f680fad381198453b7af2c37703","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":25.025605560391327,"operating_margin":0.9122368391326456,"roic":null,"fcf_margin":4.039985271671471,"sbc_revenue":3.4428005838560374},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":34.17769309760719,"operating_margin":-3.5623243919674814,"roic":null,"fcf_margin":0.029021902010354192,"sbc_revenue":6.1105591866840125},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Trailing interest expense is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":34.24445656872269,"operating_margin":-1.2723297895752268,"roic":null,"fcf_margin":-0.2290147079095128,"sbc_revenue":5.822773096616966},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Trailing interest expense is zero or negative, so this ratio is undefined."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":36.851774257118876,"operating_margin":3.699370006773751,"roic":null,"fcf_margin":6.44002979471916,"sbc_revenue":5.276631165314384},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":42.8208016117265,"operating_margin":7.061372177191873,"roic":6.254672819366572,"fcf_margin":10.021938371268234,"sbc_revenue":5.023956046708556},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm","publishedAt":"2026-02-26","sha256":"61c76927f460d17a19739cfc11087f3287a966e676d049dfddf99e1776dee097","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1512673/000162828026053368/xyz-20260630.htm","publishedAt":"2026-08-05","sha256":"c4edbf92d9a07c599e2296540ee0092395bf5aa766caa8b1ec82340ca45b0b69","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1512673/000162828026027203/sq-20260423.htm","publishedAt":"2026-04-24","sha256":"4f32523be5d219861a2dc671b4e08a4c8b204c8641aab7cd816e0f62e84ff30b","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/sq-20241231.htm","publishedAt":"2025-02-24","sha256":"92b819d1806af2ed08497690b7e7c56efd22993ee2abfb9417f440a2ecf0f409","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1512673/000162828024006354/sq-20231231.htm","publishedAt":"2024-02-22","sha256":"dd8456b7d16da1fd6b2eb5d4ccaac098b4e3ee125b5544680d929761b62c1fa4","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1512673/000162828026032200/xyz-20260331.htm","publishedAt":"2026-05-07","sha256":"2bbd803cbc1ae6fab4b8ae2261b90039d64c180364e34be6048044396c9397c2","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"none","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}