Quarterly guidance

Fourth quarter gross profit growth
Year-over-year gross profit growth of over 15%.
Fourth quarter adjusted operating income margin
Adjusted operating income margin of 30%.
Fourth quarter adjusted diluted EPS growth
Year-over-year adjusted diluted EPS growth of 77%.

Annual guidance

Full year 2026 gross profit
$12.626 billion, up 22% year-over-year.
Full year 2026 adjusted operating income
$3.519 billion or a 28% margin.
Full year 2026 adjusted diluted EPS
$4.15, up 75% year-over-year.
Full year 2027 outlook
At least 15% year-over-year gross profit growth, adjusted operating income margins of 32%, or 30% year-over-year adjusted operating income growth.

Outlook

Square gross profit
Expect gross profit to grow roughly in line with GPV in the fourth quarter.
Cash App actives
Expect to grow actives by at least low single digits in 2027.
AI revenue
Expect to generate first AI revenue in the fourth quarter through externalizing AI capabilities.
Investment strategy
Plan to reinvest profit upside into long-term strategic growth initiatives like Neighborhoods and Builder Lab.