Chime Financial第二季轉虧為盈 收入升27%至6.7億美元

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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, D.C. 20549 

FORM 10-Q

(Mark One)

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________
Commission file number 001-42693 

Chime Financial, Inc.
(Exact name of registrant as specified in its charter)

Delaware
46-0925388

(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

101 California Street, Suite 500
San Francisco, CA 
94111
(Address of Principal Executive Offices)(Zip Code)

(844) 244-6363
Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.0001 par value per shareCHYMThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐
Accelerated filer☐

Non-accelerated filer☒
Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 3, 2026, the numbers of shares of the issuer’s Class A and Class B common stock outstanding were 347,019,852 and 31,565,259 and no shares of Class C common stock were outstanding.

TABLE OF CONTENTS

Part 1- Financial Statements
4

Item 1. Financial Statements (unaudited)
4

Condensed Consolidated Balance Sheets
4

Condensed Consolidated Statements of Operations
5

Condensed Consolidated Statements of Comprehensive Income (Loss)
6

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
7

Condensed Consolidated Statements of Cash Flows 
9

Notes to Unaudited Condensed Consolidated Financial Statements
11

Note 1 - Organization and Description of Business
11

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies
11

Note 3 - Revenue
13

Note 4 - Fair Value Measurement
13

Note 5 - Marketable Securities
15

Note 6 - Accounts Receivable, Net
16

Note 7 - Loans Held For Investment, Net
17

Note 8 - Credit Obligations
17

Note 9 - Property, Equipment, and Software, Net
19

Note 10 - Significant Balance Sheet Components
19

Note 11 - Indebtedness
20

Note 12 - Variable Interest Entities
20

Note 13 - Common Stock and Stockholders’ Equity
21

Note 14 - Stock-Based Compensation
22

Note 15 - Net Income (Loss) Per Share
25

Note 16 - Related Party Transactions
28

Note 17 - Income Taxes
28

Note 18 - Commitments and Contingencies
29

Note 19 - Subsequent Event
29

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
31

Item 3. Quantitative and Qualitative Disclosures About Market Risk
45

Item 4. Controls and Procedures
46

Part II - Other Information
47

Item 1. Legal Proceedings.
47

Item 1A. Risk Factors
48

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
97

Item 3. Defaults Upon Senior Securities
98

Item 4. Mine Safety Disclosures
98

Item 5. Other Information
99

Item 6. Exhibits
100

Signatures
101

1

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS 
This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “goal,” “objective,” “seek,” or “continue,” or the negative of any of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. This Quarterly Report includes, among others, forward-looking statements regarding our:
•our future financial performance, including our expectations regarding our revenue, cost of revenue and operating expenses, and our ability to achieve and maintain future profitability; 
•our ability to successfully execute our business and growth strategy;
•our ability to attract and retain Active Members and maintain and increase their engagement with our platform and their Purchase Volume, as well as our ARPAM;
•the sufficiency of our cash, cash equivalents, and investments and amounts available under our credit facility and from additional funding sources to meet our working capital and liquidity needs; 
•the demand for our platform; 
•the future performance of, and our expectations regarding, certain of our products;
•our ability to develop new products and bring them to market in a timely manner and make enhancements to current products; 
•our ability to compete with existing and new competitors in existing and new markets; 
•our expectations regarding our compliance with and the effects of existing and developing laws and regulations, including with respect to financial services and privacy and data protection; 
•our expectations related to the development, investment in, and integration of AI and ML technologies, including generative AI, into our products and operations; 
•our ability to manage risk associated with our business;
•our expectations regarding new and evolving markets; 
•our ability to maintain and protect our brand; 
•our ability to maintain the security and availability of our platform; 
•our expectations and management of future growth; 
•our expectations concerning our bank partners and other third-party service providers; 
•our ability to maintain, protect, and enhance our intellectual property; 
•the increased expenses associated with being a public company; and
•our expectations regarding our share repurchase program.
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report.
2

We have based the forward-looking statements contained in this Quarterly Report primarily on our current expectations, estimates, forecasts, and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in the section titled “Risk Factors” and elsewhere in this Quarterly Report. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report, we cannot assure you that the future results, events, and circumstances reflected in the forward-looking statements will be achieved or occur at all, and actual future results, events, and circumstances could differ materially from those described in the forward-looking statements. Accordingly, you should not place undue reliance upon forward-looking statements as predictions of future events.
Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, the forward-looking statements made in this Quarterly Report relate only to our expectations as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report to reflect events or circumstances after the date of this Quarterly Report or to reflect new information or the occurrence of unanticipated events, except as required by law. 
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. 
3

PART I. - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

CHIME FINANCIAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(unaudited)

June 30,
2026December 31,
2025
Assets
Current assets:
Cash and cash equivalents$536,045 $466,252 
Restricted cash65,014 14,508 
Marketable securities527,380 587,828 
Product collateral204,823 251,204 
Accounts receivable, net287,773 257,884 
Loans held for investment, net97,398 71,581 
Prepaid expenses and other current assets71,083 106,753 
Total current assets1,789,516 1,756,010 
Property, equipment and software, net97,429 94,320 
Operating lease right of use assets, net78,864 83,429 
Other assets30,840 30,846 
Total assets$1,996,649 $1,964,605 
Liabilities and stockholders❜ equity
Current liabilities:
Accounts payable$36,255 $38,680 
Accrued and other current liabilities216,638 201,862 
Product obligation134,324 147,382 
Total current liabilities387,217 387,924 
Operating lease liabilities, net of current portion117,847 123,284 
     Warehouse facility50,000 — 
Other non-current liabilities36,763 51,691 
Total liabilities591,827 562,899 
Commitments and contingencies (Note 18)

Stockholders’ equity:

Preferred stock, $0.0001 par value: 100,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025.
— — 

Class A common stock, $0.0001 par value: 5,000,000,000 shares authorized, 347,106,501 shares issued and outstanding as of June 30, 2026. 5,000,000,000 shares authorized, 347,751,083 issued and outstanding as of December 31, 2025.
28 28 
Class B common stock, $0.0001 par value: 65,000,000 shares authorized, 31,565,259 shares issued and outstanding as of June 30, 2026. 65,000,000 shares authorized, 32,182,289 issued and outstanding as of December 31, 2025.
3 3 
Class C common stock, $0.0001 par value: 500,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025.
— — 
Additional paid-in capital4,698,137 4,775,607 
Accumulated other comprehensive income (loss)
(548)172 
Accumulated deficit(3,292,798)(3,374,104)
Total stockholders’ equity
1,404,822 1,401,706 
Total liabilities and stockholders’ equity
$1,996,649 $1,964,605 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

CHIME FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(unaudited)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Revenue$669,768 $528,149 $1,317,155 $1,046,893 
Cost of revenue74,895 67,120 141,969 127,538 
Gross profit 594,873 461,029 1,175,186 919,355 
Operating expenses:
Transaction and risk losses103,287 98,247 192,192 207,392 
Member support and operations109,555 203,097 204,954 281,706 
Sales and marketing164,159 185,006 329,590 317,579 
Technology and development112,111 621,754 221,891 699,636 
General and administrative80,142 279,667 150,609 326,840 
Depreciation and amortization4,297 3,896 8,465 7,703 
Total operating expenses 573,551 1,391,667 1,107,701 1,840,856 
Income (loss) from operations 21,322 (930,638)67,485 (921,501)
Other income, net6,741 6,215 14,489 11,569 
Net income (loss) before income taxes 28,063 (924,423)81,974 (909,932)
Provision (benefit) for income taxes213 (1,047)668 505 
Net income (loss)$27,850 $(923,376)$81,306 $(910,437)
Net income (loss) per share attributable to common stockholders:
Basic$0.07 $(7.29)$0.21 $(9.44)
Diluted$0.07 $(7.29)$0.20 $(9.44)
Weighted average number of common shares outstanding used to compute net income (loss) per share attributable to common stockholders:
Basic379,820,643 126,620,499 380,723,765 96,412,477 
Diluted393,420,014 126,620,499 396,943,274 96,412,477 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

CHIME FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(unaudited)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Net income (loss)$27,850 $(923,376)$81,306 $(910,437)
Other comprehensive income (loss):
Net unrealized loss on marketable securities, net of tax(561)(752)(1,548)(670)
Foreign currency translation adjustments960 342 828 351 
Total comprehensive income (loss)$28,249 $(923,786)$80,586 $(910,756)

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

CHIME FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(In thousands, except share amounts)
(Unaudited)

Redeemable Convertible
Preferred StockCommon Stock(1)
Additional
Paid-in CapitalAccumulated DeficitAccumulated
Other Comprehensive Income (Loss)Total
Stockholders’ Equity (Deficit)
SharesAmountSharesAmount
Balance as of December 31, 2025— $— 379,933,372 $31 $4,775,607 $(3,374,104)$172 $1,401,706 
Net income— — — — — 53,456 — 53,456 
Issuance of common stock upon exercise of stock options— — 4,880,740 — 13,923 — — 13,923 
Issuance of common stock upon settlement of restricted stock units, net of shares withheld— — 1,871,134 — (1,540)— — (1,540)
Repurchases of common stock— — (4,081,127)— (85,740)— — (85,740)
Stock-based compensation— — — — 60,756 — — 60,756 
Change in accumulated other comprehensive income (loss), net of tax— — — — — — (1,119)(1,119)
Balance as of March 31, 2026— $— 382,604,119 $31 $4,763,006 $(3,320,648)$(947)$1,441,442 
Net income— — — — — 27,850 — 27,850 
Issuance of common stock upon exercise of stock options— — 759,023 — 2,037 — — 2,037 
Issuance of common stock upon settlement of restricted stock units, net of shares withheld— — 2,551,100 — (1,467)— — (1,467)
Repurchases of common stock— — (7,322,737)— (136,334)— — (136,334)
Stock-based charitable contribution— — 80,255 — 1,495 — — 1,495 
Stock-based compensation— — — — 69,400 — — 69,400 
Change in accumulated other comprehensive income (loss), net of tax— — — — — — 399 399 
Balance as of June 30, 2026— $— 378,671,760 $31 $4,698,137 $(3,292,798)$(548)$1,404,822 

__________________
(1)The share amounts listed above combine Class A common stock and Class B common stock. 
7

CHIME FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(In thousands, except share amounts)
(Unaudited)

Redeemable Convertible
Preferred StockCommon Stock(1)
Additional
Paid-in CapitalAccumulated DeficitAccumulated
Other Comprehensive Income (Loss)Total
Stockholders’ Equity (Deficit)
SharesAmountSharesAmount
Balance as of December 31, 2024 258,464,156 $2,890,121 66,950,736 $2 $433,363 $(2,364,168)$203 $(1,930,600)
Net income— — — — — 12,939 — 12,939 
Issuance of common stock upon exercise of stock options— — 636,796 — 717 — — 717 
Stock-based compensation— — — — 8,749 — — 8,749 
Change in accumulated other comprehensive income (loss), net of tax— — — — — — 91 91 
Balance as of March 31, 2025258,464,156 $2,890,121 67,587,532 $2 $442,829 $(2,351,229)$294 $(1,908,104)
Net loss— — — — — (923,376)— (923,376)
Issuance of common stock in connection with initial public offering, net of issuance costs— — 30,700,765 3 770,585 — — 770,588 
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering(258,464,156)(2,890,121)258,667,796 26 2,890,095 — — 2,890,121 
Issuance of common stock upon settlement of restricted stock units, net of shares withheld— — 13,403,583 — (322,619)— — (322,619)
Issuance of common stock upon exercise of stock options— — 96,118 — 410 — — 410 
Stock-based charitable contribution— — 321,019 — 11,168 — — 11,168 
Stock-based compensation— — — — 910,320 — — 910,320 
Change in accumulated other comprehensive income (loss), net of tax— — — — — — (410)(410)
Balance as of June 30, 2025— $— 370,776,813 $31 $4,702,788 $(3,274,605)$(116)$1,428,098 

__________________
(1)The share amounts listed above combine common stock, Class A common stock and Class B common stock. In connection with the completion of our initial public offering, all previously outstanding shares of common stock were reclassified into Class A common stock and Class B common stock. Refer to Note 2 of the Annual Report on Form 10-K for the year ended December 31, 2025 for more information.

The accompanying notes are an integral part of these condensed consolidated financial statements.
8

CHIME FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)

Six Months Ended
June 30,
20262025
Operating activities:
Net income (loss)$81,306 $(910,437)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization15,222 14,669 
Non-cash lease expense4,565 3,058 
Stock-based compensation130,052 918,843 
Stock-based charitable contribution1,495 11,168 
Provision for transaction dispute losses43,725 31,045 
Change in fair value of product obligation(52,282)43,579 
Provision for credit losses29,362 44,096 

Amortization of premium on marketable securities(129)(2,365)
Other3,197 208 
Changes in operating assets and liabilities:
Product collateral46,381 (31,260)
Accounts receivable, net(31,170)(14,342)
Prepaid expenses and other assets35,831 (1,432)
Accounts payable(2,425)15,954 
Accrued and other liabilities (45,614)(93,291)
Operating lease liabilities(3,784)(7,773)
Settlements of the product obligation39,224 (18,977)
Cash flows provided by operating activities 294,956 2,743 
Investing activities:
Purchase of marketable securities(235,641)(234,050)
Proceeds from sales of marketable securities— 256,514 
Proceeds from maturities of marketable securities292,300 123,200 
Purchases of loans held for investment(2,706,364)(2,368,152)
Repayments of loans held for investment2,652,466 2,311,634 
Purchase of property, equipment and software(16,560)(3,631)
Capitalization of internal-use software(832)(6,389)

Cash flows provided by (used in) investing activities (14,631)79,126 
Financing activities:
Payment of debt issuance costs(905)(1,134)
Proceeds from the issuance of common stock upon initial public offering, net of underwriting discounts and offering costs paid— 772,556 
Taxes paid related to net share settlement of restricted stock units(3,007)(322,619)
Proceeds from borrowings under the warehouse facility50,000 — 
Proceeds from exercise of stock options15,960 1,127 

Repurchases of common stock(222,074)— 
Cash flows provided by (used in) financing activities (160,026)449,930 
Net increase in cash and cash equivalents and restricted cash120,299 531,799 
Cash, cash equivalents, and restricted cash, beginning of period480,760 350,000 
Cash, cash equivalents, and restricted cash, end of period$601,059 $881,799 
Cash and cash equivalents, end of the period$536,045 $868,284 
Restricted cash, end of the period65,014 13,515 
Cash, cash equivalents, and restricted cash, end of the period$601,059 $881,799 

9

CHIME FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)

Six Months Ended
June 30,
20262025
Supplementary cash flow disclosure:
Cash paid for interest$246 $140 
Cash paid for income taxes, net of refunds received
$1,020 $1,043 
Supplemental disclosures of noncash investing and financing activities:

Deferred offering costs not yet paid$— $1,968 
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering$— $14,815 
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering$— $2,890,121 
Purchases of property, equipment and software in accounts payable$— $294 

10

CHIME FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, ratios, or as noted)

 

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
Chime Financial, Inc. (“Chime” or the “Company”) is a financial technology company with a mission to unite everyday people to unlock their financial progress. Through its proprietary technology platform, Chime offers a suite of products that address members’ critical financial needs. The Company partners closely with multiple third-party bank partners to offer a broad suite of products across spending, liquidity, credit building, savings, and community.
The Company was incorporated in the state of Delaware in 2012 and is headquartered in San Francisco, California with offices in Chicago, Illinois, and New York, New York.

NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”).
There have been no material changes in the Company’s significant accounting policies from those that were disclosed in its 2025 Form 10-K. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim period presented. The results of operations for interim periods are not necessarily indicative of results for the full year. The unaudited condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries and variable interest entities (“VIEs”) for which we are the primary beneficiary. All intercompany balances and transactions have been eliminated. The reporting currency of the Company is the U.S. Dollar. 
Segment Reporting
The Company operates as a single operating segment and therefore, one reportable segment. The Company’s Chief Operating Decision Maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating the Company’s financial performance. The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss as reported on the condensed consolidated statements of operations as consolidated net income (loss). Revenue from external customers and significant segment expenses are presented in the Company's condensed consolidated statements of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets. All long-lived assets are located in the United States, and all revenue is generated in the United States.
Use of Estimates
The preparation of these condensed consolidated financial statements requires management to make estimates and assumptions relating to reported amounts of assets, liabilities, revenues, and expenses. Significant estimates and assumptions include but are not limited to accrued transaction dispute losses, fair value of the product obligation, the allowance for expected credit losses, valuation of income taxes, the capitalization and estimated useful life of internal-use software, and the fair value of equity awards and stock-based compensation. These estimates are inherently subject to judgment. Actual results could differ from these estimates, and such differences may be material to the condensed consolidated financial statements.
11

CHIME FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, ratios, or as noted)

Concentrations of Credit Risk
Financial instruments that potentially expose the Company to concentration of credit risk consist of cash and cash equivalents, product collateral, marketable securities, and accounts receivable. The Company’s cash equivalents are invested in interest-bearing money market funds that invest in a portfolio of short-term U.S. government obligations, which include U.S. Treasuries and other securities issued or guaranteed by the U.S. government. The Company does not hold or issue financial instruments for trading purposes. Cash on deposit with financial institutions may, at times, exceed federally insured limits. Management believes that these financial institutions are financially sound and, accordingly, minimal credit risk exists. 
As of June 30, 2026 and December 31, 2025, the Company maintained its product collateral with its bank partners based on contractual agreements with each bank partner. Product collateral consists of cash collateral accounts to provide each respective bank partner with protection against losses from certain products.
As of June 30, 2026 and December 31, 2025, there were no concentrations of investments in securities of the same issuer, except for U.S. government securities, which amounted to $508.3 million and $563.6 million, or 96% and 96% of the investments in marketable securities. All debt securities within the Company’s portfolio are investment-grade securities.
As of June 30, 2026, the Company had receivables outstanding from two bank partners, that represent 46% of receivables collectively (27% and 19% for each respective bank partner), and one card network partner that represented 49% of receivables. As of December 31, 2025, the Company had receivables outstanding from two bank partners, that represent 46% of receivables collectively (26% and 20% for each respective bank partner), and one card network partner that represented 50% of receivables. 
Recently Adopted Accounting Standards
In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides for a practical expedient to estimate credit losses related to accounts receivable and contract assets from revenue contracts accounted for in