XYZ - Earnings call Q4 2025

Hi, everyone. Thanks for joining our fourth quarter 2025 earnings call. Today's call will be 45 minutes.

We have Jack and Amrita with us today, along with Owen Jennings, our business lead; and Nick Molnar, our Sales and Marketing Lead for Block.

We will begin this call with some short remarks before opening the call directly to your questions.

During Q&A, we will take questions conference call participants. We would also like to remind everyone that we will be making forward-looking statements on this call. All statements other than statements of historical facts could be considered forward-looking. These forward-looking statements include discussions of our outlook, strategy and guidance as well as our long-term targets and goals and how we plan to operate moving forward.

These statements are subject to risks and uncertainties, including changes in macroeconomic conditions and risks related to the workforce reduction we announced earlier today. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered an indication of future performance.

Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ. Also note that the forward-looking statements, including earnings guidance for 2026, and our future operating plans discussed on this call are based on information available to us an assumption we believe are reasonable as of today's date.

We disclaim any obligation to update any forward-looking statements, except as required by law. Further, any discussion during this call of our lending and banking products or for to products that are offered through Square Financial Services or our bank partners.

Within these remarks, we will also discuss metrics related to our investment framework, including Rule of 40 with Rule of 40, we are evaluating the sum of our gross profit growth and adjusted operating income margin.

Also, we will discuss