The biggest changes in the 10-K filed 2026-02-26, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Gross margin
36.9% → 42.8% (+6.0 pts) Big change FY to 2025-12-31 vs 2024-12-31“Cash App generated gross profit of $6.3 billion in 2025, up 21% year over year, primarily driven by growth in Cash App Borrow.”
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“Square generated gross profit of $3.9 billion in 2025, up 9% year over year, driven by financial solutions, most notably Square Loans.”
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Net income
-54.9% Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Cash from operations
+51.1% Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Operating margin
3.7% → 7.1% (+3.4 pts) Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Revenue
+0.3% FY to 2025-12-31 vs 2024-12-31“This increase in revenue was driven by growth in Square processing, which increased by $541.2 million for the year ended December 31, 2025, compared to the year ended December 31, 2024, as well as growth in Cash App Card usage and revenue from Afterpay Post-Purchase of $278.0 million and $88.0 million, respectively.”
Read it in the 10-K ↗
“Sales and marketing expenses for the year ended December 31, 2025, increased by $288.8 million, or 15%, compared to the year ended December 31, 2024, primarily driven by higher marketing and advertising costs of $249.7 million as we prioritize marketing investments to support the growth of Cash App and Square.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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