XYZ · Earnings call · 2026Q2T · Full report
Square Demand and Distribution
Block, Inc. · 2026-08-05 · Importance 47 · Surprise 48 · In source text
Square GPV and gross profit each grew 13% year-over-year, with U.S. GPV accelerating to its strongest growth rate since the second quarter of 2023. Global food and beverage GPV increased 20% year-over-year, U.S. food and beverage growth was the strongest since the first quarter of 2023, mid-market growth exceeded 20%, and international GPV rose 25% on a constant-currency basis. Product launches such as drive-thru for quick-service restaurants, expanding software adoption, Square Loans, Square Card, and credit card products supported seller demand. Distribution broadened through self-onboarding, field sales, partnerships, and more than 200 active ISO partners; new sellers joining through the ISO channel grew more than 150% quarter-over-quarter, while self-onboard NVA growth reached its fastest pace since the second quarter of 2021.
Key facts
- The number of new sellers joining Square from the ISO channel grew over 150% quarter-over-quarter.
- Block said mid-markets continue to be their fastest ramping segment with growth over 20%.
- Block said products like Square Loans and Square Card are ramping and Square credit card reached over $1 billion in annualized spend.
- Block said the fastest pace of self-onboard NVA growth since Q2 2021 occurred in the quarter.
- Block has more than 200 active ISO partners.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | — | Block said mid-markets continue to be their fastest ramping segment with growth over 20%. |
| revenue | positive | realized | — | Block said products like Square Loans and Square Card are ramping and Square credit card reached over $1 billion in annualized spend. |