What Block, Inc. told the SEC could break it.

Block is subject to anti-money-laundering, anti-corruption (FCPA, UK Bribery Act), and OFAC economic/trade sanctions laws across jurisdictions, plus state/federal money-transmitter and lending licensing with examination authority — noncompliance risks license loss, enforcement actions, and penalties.

“We are subject to anti-money laundering ("AML"), anti-corruption, and economic and trade sanctions laws and regulations in the United States and other jurisdictions in which we operate.”

Some of Block's Square hardware devices are manufactured outside the U.S. and subject to import tariffs that negatively affect gross margin on those products; resulting price increases may reduce demand or competitiveness.

“Some of our hardware devices manufactured outside of the United States are subject to tariffs when imported to the United States. 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.”

Bitcoin ecosystem revenue (primarily the sale amount of bitcoin sold to Cash App customers) was 35% of Block's total 2025 revenue (though only ~4% of gross profit) and fluctuates with customer demand and the market price of bitcoin — 2025 bitcoin revenue fell $1.9B (18%) on lower trading volume.

“As bitcoin ecosystem revenue is primarily the total sale amount of bitcoin sold to customers, the amount of bitcoin ecosystem revenue recognized will fluctuate depending on customer demand as well as changes in the market price of bitcoin.”

Block depends on third parties it does not control — payment card networks, acquiring/issuing processors, card issuers, a carrying broker-dealer, bank and financial-institution partners, and the Federal Reserve ACH — to process transactions and settle funds, and relies on a limited number of acquiring processors in some jurisdictions; their failure or withdrawal could materially harm its business.

“To provide our products and services, we rely on third parties that we do not control, such as the payment card networks, our acquiring and issuing processors, the payment card issuers, a carrying broker-dealer, bank partners, various financial institution partners, systems like the Federal Reserve Automated Clearing House, and other partners.”