BSQKZ — what changed in the latest 10-Q
A section-by-section comparison of BSQKZ's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-05 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +30 | −36 | ~29 | 41 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 1 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 1 |
| Risk factors | Text added/removed | +2 | −1 | ~34 | 237 |
| Other information | Text added/removed | +1 | −6 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-05
We ended the second quarter of 2026 with $8.8 billion in available liquidity, with $7.9 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as an undrawn amount of $900.0 million available under our revolving credit facility. During the second q…
Total net revenue for the three and six months ended June 30, 2026 increased by $563.2 million, or 9%, and $848.3 million, or 7%, compared to the three and six months ended June 30, 2025, respectively. Bitcoin ecosystem revenue decreased by $277.9 million and $811.3 million, respectively. Excluding …
Total cost of revenue for the three and six months ended June 30, 2026 decreased by $66.3 million, or 2%, and $400.9 million, or 6%, compared to the three and six months ended June 30, 2025, respectively. The decrease was primarily driven by a decrease in bitcoin ecosystem cost of revenue of $245.2 …
Commerce enablement costs for the three and six months ended June 30, 2026 increased by $169.3 million, or 12%, and $334.5 million, or 13%, compared to the three and six months ended June 30, 2025, respectively. The increase was primarily driven by higher Square processing costs, in line with the gr…
Financial solutions costs for the three and six months ended June 30, 2026 increased by $11.2 million, or 14%, and $22.6 million, or 14%, compared to the three and six months ended June 30, 2025, respectively. The increase was primarily driven by growth in Cash App's financial solutions-related prod…
Text removed vs the prior filing · source: 10-Q · 2026-05-07
We ended the first quarter of 2026 with $9.1 billion in available liquidity, with $8.2 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as an undrawn amount of $900.0 million available under our revolving credit facility. This represents a de…
Total net revenue for the three months ended March 31, 2026 increased by $285.1 million, or 5%, compared to the three months ended March 31, 2025. Bitcoin ecosystem revenue decreased by $533.4 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Exclu…
Amortization of acquired technology assets12,817 14,674 (1,857)NM
Total cost of revenue for the three months ended March 31, 2026 decreased by $334.6 million, or 10%, compared to the three months ended March 31, 2025. Bitcoin ecosystem costs of revenue, which decreased by $509.4 million, was the primary driver of the decrease in total cost of revenue. Excluding bi…
Commerce enablement costs for the three months ended March 31, 2026 increased by $165.3 million, or 14%, compared to the three months ended March 31, 2025. Commerce enablement costs for the three months ended March 31, 2026 were primarily driven by growth in Square processing costs, which were in li…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-05
Rapid deployment of AI technologies can increase operational, legal, and reputational risks. AI systems can fail, behave unexpectedly, or generate inaccurate or incomplete outputs due to insufficient testing, ineffective design, inadequate controls or other factors. Such failures can disrupt our ope…
Our loan products expose us to increased credit losses and are subject to risks related to general macroeconomic conditions.
Text removed vs the prior filing · source: 10-Q · 2026-05-07
Our loan products are subject to risks related to general macroeconomic conditions and increase our exposure to customer defaults.
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-05
During the quarterly period ended June 30, 2026, no officer, as defined in Rule 16a-1(f), or director adopted or terminated a “Rule 10b5-1 trading arrangement” or a "non-Rule 10b5-1 trading arrangement," as defined in Regulation S-K Item 408.
Text removed vs the prior filing · source: 10-Q · 2026-05-07
During the quarterly period ended March 31, 2026, the following officer, as defined in Rule 16a-1(f), and director adopted or modified a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, that are each intended to satisfy the affirmative defense in Rule 10b5-1(c), as follows:
Name and TitleActionDate of Adoption, Modification, or TerminationExpiration DateMaximum Aggregate Number of Class A Shares to be Sold
March 10, 2027, or earlier if all transactions are completed
(i) Mr. McKelvey's Rule 10b5-1 trading arrangement provided for shares to be sold through the James M. McKelvey, Jr. Revocable Trust.
(ii) Modification of the Rule 10b5-1 plan originally adopted by Mr. Eisen on February 25, 2025. Under Rule 10b5-1, such modification is treated as a termination of the original plan and entrance into a new plan as of March 2, 2026.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice