Square reported total revenue of $1267.1 million for full year 2015, a stunning 49.0% year-on-year (YOY) increase over the same period in 2014. For the fourth quarter (4Q/15) total revenue soared by 49.2% YOY to $374.4 million.
Gross Payment Volume (GPV) increased 47% YOY to $10.2 billion.
For the full year of 2015, GPV totaled $35.6 billion, a 50% increase over full year of 2014. Square notes GPV from larger sellers, those that generate greater than $125,000 in annualized GPV, grew over 70% in the fourth quarter and now represents 39% of GPV, up from 33% a year ago.
Adjusted Revenue was $135 million in 4Q/15, which represents an increase of 64%, an acceleration from the 57% growth rate in 3Q/15. Total net revenue, which includes revenue from Starbucks, was $374 million in 4Q/15, up 49%, and $1,267 million for full year 2015, also up 49%.
Square’s transaction revenue was $299 million in 4Q/15, up 45%. Transaction revenue as a percentage of GPV was 2.93% compared to 2.97% in the prior year period. The decline is attributable to increases in free processing credits for seller-to-seller referrals and selectively offering custom pricing to larger sellers.
Square’s Software and Data Product revenue was $22 million in 4Q/15, growing 52% sequentially from the third quarter. For the full year of 2015, Software and Data Product revenue was $58 million, a nearly fivefold increase compared to the full year of 2014.
Square’s Hardware revenue in 4Q/15 was $6 million, up 215% YOY. For the full year of 2015, it was $16 million, up 124% compared to 2014. The increase in the quarter was due in large part to the launch of our contactless and chip reader, which began shipping in December.
TOTAL ANNUAL NET REVENUES
2012: $203.4 million
2013: $552.4 million
2014: $850.2 million
2015: $1267.1 million
TOTAL QUARTERLY NET REVENUES
4Q/14: $250.9 million
3Q/15: $332.2 million
4Q/15: $374.4 million
ADJUSTED NET REVENUES
4Q/14: $82.0 million
3Q/15: $117.8 million
4Q/15: $134.5 million
4Q/14: $6.96 billion
3Q/15: $9.54 billion
4Q/15: $10.19 billion
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