Block, Inc.

Square

Gaining share in the U.S. and expanding further in international markets

We estimate more than half of Square’s addressable market in the U.S. is still using legacy incumbent solutions. In 2026, we’ve expanded product functionality and ramped investments across every distribution channel we operate in to serve even more customers in this massive market. Year to date through August, self-onboarded new volume added has grown at the best rate in over a decade.9 We’ve continued to scale field sales, and we now have over 400 ISO partners onboarded. We’ll continue to invest in compounding these growth curves in 2027.

Outside the U.S., the share of sellers on legacy solutions is even greater, and we've grown faster. We've delivered over 20% constant currency GPV growth in each quarter for the past six years, and we expect to sustain that strength in 2027. We've signed ISO partnerships in the U.K., Canada, Australia, Ireland, France, and Spain. We’re hiring field sales

across several markets, and we’re exploring partnerships that could transform the scale of our business in select countries.

7 We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP metrics, including Adjusted Operating Income (Loss) and Adjusted Diluted EPS, or GAAP reconciliations of any of the aforementioned, as a result of the uncertainty regarding, and the potential variability of, reconciling items such as contingencies, restructuring, and other charges. Accordingly, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided reconciliations of other historical GAAP to non-GAAP metrics in tables at the end of this letter, as well as relevant non-GAAP definitions.

8 For definitions of Cash App Commerce Enablement and Financial Solutions, see the Block Financial Metrics section on page 9 of this letter.

9 New Volume Added (NVA) is the total gross payment volume (GPV) processed, or expected to be processed, by new sellers during their first 12 months on Square. While intended to represent incremental volume from new cohorts, it may also include GPV from existing sellers in cases such as new locations or event-based merchant tokens. For the purpose of this letter, figures exclude deactivated merchants.