Cash App long term growth sustainability was probably the number 1 overarching investor focus area in my conversations this quarter. Plenty of product and GTM strategies to answer the question, but when I think about it deeply I usually reflect on history. Cash App has faced doubt at every step of its journey: why would you launch a peer-to-peer network when one already exists? Ok you’ve executed on building the P2P network but how will you ever monetize it? Ok you’ve monetized it through instant transfer but how will you ever turn that into an enduring financial relationship? How will you ever convince anyone to carry a debit card from a P2P app? No way you can profitably underwrite a cross-section of America that most fintechs and banks (still) cannot. What ‘right to win’ does Square have in a consumer business in the first place? Every single one of those pushbacks was conventional wisdom at some point in the past 10 years. I've been around for all of them. Everyone can judge for themselves whether those doubts were valid or not. Cash App resonates with 10s of millions of people for a reason. If we keep showing up for our customers, deliver more value to them, and grow our network, the growth and unit economic profile of the business will speak for itself like it has for the past decade.

In the past ~2.5 years: Square GPV growth re-accelerated as we reignited product velocity and completely reinvigorated our go to market strategy. Our core self onboard new volume added growth is the strongest it's been since 2021, and we’re doing that while scaling sales and ISOs. Cash App network growth resumed and we launched/scaled an insane array of products for our customers: Borrow, Afterpay Post Purchase, Afterpay Pre Purchase, Cash App Tags, Cash App Mobile, Bitcoin Map, Cash App Green, and many more. We’ve started to connect our ecosystems more meaningfully than ever before and found product market fit with Neighborhoods. Activity is scaling across every meaningful metric we track, delivering differentiated value to sellers and consumers. We launched Proto (and bitkey just before this timeframe), an emerging ecosystem that has leaned on our world class hardware talent to build a future growth driver for Block. We’ve expanded margins ~10 points depending on when you start the clock, doing all of the above with high quality and efficiency. We did ALL OF THAT as we fully transformed how we work and reduced the size of our team to move faster. We've become an ELITE applied AI company. We’ve launched numerous industry firsts including an enterprise grade agentic harness (goose) and a (frankly incredible) agentic collaboration platform Buzz, where agents are first class participants. We shipped Managerbot and Moneybot into Square and Cash App on the same agent substrate, beginning the journey of delivering AI capabilities to our customers. The scale of transformation over the past few years is incredible. You see it in our results and guidance this quarter: gross profit, Adjusted Operating Income, and Adjusted EPS all ahead of our guidance in Q2. For 2026 we increased our guidance across the board, now expecting 21% gross profit growth and 70% Adjusted Diluted EPS growth. 7-0 percent Adjusted Diluted EPS growth. And we’re not done. High quality, high velocity, customers. That’s it. Back at it today.