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Gross Margin by Segment
Indicates profit as a percentage of revenue for each segment, providing insight into pricing power and cost management effectiveness.Margins have accelerated meaningfully, driven largely by a sharp improvement in Cash App profitability that has closed the gap with Square’s historically higher margins; Square’s margins have been steady but are being held back intermittently by hardware and processing cost pressure. Management’s guidance and productivity initiatives (including a large workforce reorganization and AI-driven engineering gains) underpin further margin expansion later in the year, but expect near-term volatility from newer lending cohorts and hardware cost headwinds that could temper H1 results.
Date | Total | Cash App | Square |
|---|---|---|---|
Jun 30, 2026 | 48.02 | 49.10 | 46.30 |
Mar 31, 2026 | 48.30 | 49.29 | 46.50 |
Dec 31, 2025 | 46.33 | 46.93 | 45.27 |
Sep 30, 2025 | 43.73 | 42.74 | 45.41 |
Jun 30, 2025 | 42.04 | 39.00 | 47.40 |
Mar 31, 2025 | 39.74 | 35.57 | 48.48 |
Dec 31, 2024 | 38.30 | 34.25 | 46.88 |
Sep 30, 2024 | 37.74 | 33.23 | 46.58 |
Jun 30, 2024 | 36.39 | 31.49 | 46.62 |
Mar 31, 2024 | 35.20 | 30.10 | 47.40 |