We've been quiet lately because we've been focused. When we went public almost 8 years ago, we stated this in our S-1: 'As a public company our decisions will continue to reflect what we've done as a private one—we put our customers first. That means constantly asking the question: how can the financial system better serve people? We'll measure ourselves by our commitment to take the long view and focus on building a company that creates value over decades and not just a few fiscal quarters out.'

We believe we will reach Rule of 40 in 2026, with an initial composition of at least mid-teens gross profit growth and a mid-20% Adjusted Operating Income margin. Today, we're instituting an initial authorization to repurchase $1 billion in shares, which will offset a portion of dilution from share based compensation.

We are going to create an absolute cap on the number of people we have at the company, held firm at 12,000 people until we feel the growth of the business has meaningfully outpaced the growth of the company. We know the inverse is true today.

My focus going forward is threefold: our Square business, our ecosystem of ecosystems model, and our costs. Cash App sits at the intersection of three traditionally-distinct use cases: financial services, community based transactions and commerce. We have clarified a focused strategy on earning the primary banking relationship of our existing customer base in the US.

For Square, we reset our prioritization to focus on four things: a rock solid and flexible multi-vertical platform, providing a 'local' experience to sellers of all sizes, growing with AI, and banking on Square. If we help a seller grow, we grow.