PayPal Holdings, Inc. (PYPL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.28	$1.38	+7.8%	—	$8.7B	—
Q1 26	$1.27	$1.34	+5.5%	—	$8.4B	—
Q4 25	$1.29	$1.23	-4.7%	—	$8.7B	—
Q3 25	$1.21	$1.34	+10.7%	—	$8.4B	—
Q2 25	$1.3	$1.4	+7.7%	—	—	—
Q1 25	$1.16	$1.33	+14.7%	—	—	—
Q4 24	$1.12	$1.19	+6.2%	—	—	—
Q3 24	$1.07	$1.2	+12.1%	—	—	—
Q2 24	$0.99	$1.19	+20.2%	—	—	—
Q1 24	$1.22	$1.08	-11.5%	—	—	—
Q4 23	$1.36	$1.48	+8.8%	—	—	—
Q3 23	$1.23	$1.3	+5.7%	—	—	—
Q2 23	$1.16	$1.16	0.0%	—	$7.3B	—
Q1 23	$1.1	$1.17	+6.4%	—	$7B	—
Q4 22	$1.2	$1.24	+3.3%	—	$7.4B	—
Q3 22	$0.96	$1.08	+12.5%	—	$6.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.46	—	—	$33.2B	—
FY24	—	$4.03	—	—	$31.8B	—
FY23	—	$3.85	—	—	$29.8B	—
FY22	—	$2.1	—	—	$27.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$10.8B	$13.1B	$15.5B	$17.8B	$21.5B	$25.4B	$27.5B	$29.8B	$31.8B	$33.2B
YoY change	+17.2%	+20.8%	+18%	+15%	+20.7%	+18.3%	+8.46%	+8.19%	+6.81%	+4.32%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	10.8B	13.1B	15.5B	17.8B	21.5B	25.4B	27.5B	29.8B	31.8B	33.2B
Cost of revenue	4.4B	5.4B	6.9B	8.2B	9.7B	11.4B	13.7B	16.1B	17.1B	17.7B
Gross profit	6.4B	7.7B	8.6B	9.6B	11.8B	14B	13.8B	13.7B	14.7B	15.5B
Gross margin	59.1%	58.5%	55.6%	54%	54.9%	55.2%	50.1%	46%	46.1%	46.6%
Research & development	834M	1.7B	1.8B	2.1B	2.6B	3B	3.3B	3B	3B	3.1B
Selling, general & administrative	2B	2.4B	2.9B	3.1B	3.9B	4.6B	4.4B	3.9B	4.1B	4.3B
Operating expenses	4.1B	5.4B	6.1B	6.8B	8.4B	9.7B	9.7B	8.8B	8.9B	9.1B
Operating income	1.6B	2.3B	2.5B	2.8B	3.4B	4.3B	4B	4.9B	5.8B	6.4B
Operating margin	14.6%	17.3%	16.2%	15.7%	16%	17%	14.7%	16.6%	18.1%	19.3%
Non-operating income, net	-11M	-137M	-218M	126M	1.8B	-50M	-548M	334M	-714M	-180M
Pretax income	1.6B	2.2B	2.4B	3B	5.1B	4.1B	3.4B	5.4B	5.3B	6.3B
Income tax	230M	405M	319M	539M	863M	-70M	947M	1.2B	1.2B	1.1B
Net income	1.4B	1.8B	2.1B	2.5B	4.2B	4.2B	2.4B	4.2B	4.1B	5.2B
Net margin	12.9%	13.7%	13.3%	13.8%	19.6%	16.4%	8.79%	14.3%	13%	15.8%
EBITDA	2.4B	3.1B	3.5B	3.9B	4.7B	5.6B	5.5B	6.5B	7.5B	7.9B
EPS	1.16	1.49	1.74	2.09	3.58	3.55	2.1	3.85	4.03	5.46
Diluted EPS	1.15	1.47	1.71	2.07	3.54	3.52	2.09	3.84	3.99	5.41

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	8.4B	8.7B	8.4B	8.7B
Cost of revenue	4B	4.4B	4.2B	4.3B	4.2B	4.4B	4.1B	4.4B	4.5B	4.6B	4.5B	4.8B
Gross profit	—	—	—	—	—	—	—	—	3.9B	4B	3.8B	3.9B
Gross margin	—	—	—	—	—	—	—	—	46%	46.5%	45.6%	44.9%
Research & development	—	—	—	—	—	—	—	—	801M	804M	793M	849M
Selling, general & administrative	—	—	—	—	—	—	—	—	1B	1.2B	1B	1B
Operating expenses	—	—	—	—	—	—	—	—	2.3B	2.4B	2.2B	2.4B
Operating income	—	—	—	—	—	—	—	—	1.6B	1.6B	1.6B	1.5B
Operating margin	—	—	—	—	—	—	—	—	18.9%	18.3%	18.7%	17.7%
Non-operating income, net	—	—	—	—	—	—	—	—	-62M	29M	-165M	-208M
Pretax income	—	—	—	—	—	—	—	—	1.5B	1.6B	1.4B	1.3B
Income tax	—	—	—	—	—	—	—	—	285M	190M	280M	206M
Net income	—	—	—	—	—	—	—	—	1.2B	1.4B	1.1B	1.1B
Net margin	—	—	—	—	—	—	—	—	14.8%	16.6%	13.3%	12.7%
EBITDA	—	—	—	—	—	—	—	—	1.9B	2B	1.9B	1.9B
EPS	0.93	—	0.83	1.08	1	1.12	1.31	1.3	1.31	1.54	1.22	1.26
Diluted EPS	0.93	—	0.83	1.08	0.99	1.11	1.29	1.29	1.3	1.53	1.21	1.25

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	47.8B	88.6B	99.6B	127B	274.7B	221.4B	82.2B	67.7B	87.8B	56B	46.8B
Enterprise value	42.8B	83.9B	92.5B	121.2B	270.6B	221B	81.8B	63.4B	86.9B	55.6B	50B
Shares outstanding	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.1B	1B	959M	959M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	34.1	49.3	48.4	51.6	65.4	53.1	34	16	21.2	10.7	10.3
P/S	4.4	6.76	6.44	7.15	12.8	8.73	2.99	2.28	2.76	1.69	1.37
P/B	3.25	5.54	6.47	7.5	13.7	10.2	4.05	3.22	4.3	2.76	2.36
EV/EBITDA	18.1	26.7	26.8	31.2	57.7	39.4	14.9	9.68	11.6	7.06	7.75
EV/Sales	3.95	6.41	5.98	6.82	12.6	8.71	2.97	2.13	2.73	1.67	1.47
Earnings yield	2.93%	2.03%	2.07%	1.94%	1.53%	1.88%	2.94%	6.27%	4.72%	9.35%	9.75%
FCF yield	5.21%	2.1%	4.68%	2.65%	1.95%	2.21%	6.21%	6.23%	7.71%	9.94%	9.45%
PEG	—	—	—	—	—	—	—	—	—	—	-3.33

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	59.1%	58.5%	55.6%	54%	54.9%	55.2%	50.1%	46%	46.1%	46.6%	44.9%
Operating margin	14.6%	17.3%	16.2%	15.7%	16%	17%	14.7%	16.6%	18.1%	19.3%	17%
Net margin	12.9%	13.7%	13.3%	13.8%	19.6%	16.4%	8.79%	14.3%	13%	15.8%	14.4%
ROE	9.52%	11.2%	13.4%	14.5%	20.9%	19.2%	11.9%	20.2%	20.3%	25.8%	24.5%
ROA	4.23%	4.4%	4.75%	4.79%	5.97%	5.5%	3.08%	5.17%	5.08%	6.53%	4.62%
ROIC	14%	16.3%	26.2%	20.6%	17.9%	20.2%	14.6%	23.3%	23%	26.8%	23.9%
Return on tangible assets	5.7%	5.65%	7.07%	6.58%	8.4%	8.3%	4.43%	7.19%	7%	9.02%	8.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.52	1.43	1.27	1.43	1.33	1.22	1.28	1.29	1.26	1.29	1.29
Quick ratio	1.52	1.43	1.27	1.43	1.33	1.22	1.28	1.29	1.26	1.29	1.29
Debt / equity	—	0.06	0.13	0.29	0.45	0.42	0.51	0.46	0.48	0.49	0.72
Debt / assets	—	0.02	0.05	0.1	0.13	0.12	0.13	0.12	0.12	0.12	0.16
Net debt / EBITDA	—	-1.49	-2.06	-1.49	-0.88	-0.06	-0.08	-0.67	-0.13	-0.06	0.28
Interest coverage	544.7	315.3	31.9	27.1	25.2	18.7	12.1	16.6	15	15.3	13.7
Effective tax rate	14.1%	18.4%	13.4%	18%	17%	0%	28.1%	21.5%	22.2%	16.8%	16.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.96	10.9	13	15.1	18.3	21.6	23.8	27	30.9	34.6	37.2
EPS (basic)	1.16	1.49	1.74	2.09	3.58	3.55	2.1	3.85	4.03	5.46	5.46
EPS (diluted)	1.15	1.47	1.71	2.07	3.54	3.52	2.09	3.84	3.99	5.41	5.29
Book value per share	12.2	13.3	13	14.4	17.1	18.5	17.6	19.1	19.8	21.1	23
FCF per share	2.06	1.55	3.93	2.87	4.56	4.16	4.43	3.83	6.58	5.8	7.47
Cash per share	4.11	4.73	7.69	9.17	11.2	8	9.4	12.7	10.5	10.9	13.2
Capex per share	0.55	0.55	0.69	0.59	0.64	0.77	0.61	0.52	0.66	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.17%	5.09%	5.31%	3.87%	3.48%	3.56%	2.55%	1.94%	2.14%	—	—
Capex / operating cash flow	32.8%	44.4%	18.9%	15.9%	8.92%	15.6%	12.6%	10%	9.09%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	2.48%	7.94%
Dividend yield	—	—	—	—	—	—	—	—	—	0.23%	1.03%

Yield

1.03%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.14

ex-dividend Sep 4, 2026

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 4, 2026	$0.14
Jun 4, 2026	$0.14
Mar 4, 2026	$0.14
Nov 19, 2025	$0.14

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$8.4B	$8.7B	$8.4B	$8.7B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	5B	5.7B	9.1B	10.8B	13.1B	9.4B	10.9B	14.1B	10.8B	10.4B
Receivables	14.6B	18.5B	20.4B	23B	34B	36.9B	37.2B	40B	38.7B	39B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	25.7B	32.6B	33B	38.5B	51B	52.6B	57.4B	62.6B	61.1B	59.8B
Property, plant & equipment	1.5B	1.5B	1.7B	1.7B	1.8B	1.9B	1.7B	1.5B	1.5B	1.7B
Goodwill & intangibles	8.5B	9B	14.2B	14B	20.4B	25.6B	24B	23.1B	22.3B	22.1B
Total assets	33.1B	40.8B	43.3B	51.3B	70.4B	75.8B	78.6B	82.2B	81.6B	80.2B
Accounts payable	15.4B	20B	21.8B	24.8B	35.7B	39B	40.1B	42.1B	39.9B	40.4B
Short-term debt	—	1B	2B	—	—	999M	—	—	—	—
Total current liabilities	16.9B	22.9B	25.9B	26.9B	38.4B	43B	45B	48.5B	48.4B	46.4B
Long-term debt	—	—	—	5B	8.9B	8B	10.4B	9.7B	9.9B	10B
Total liabilities	18.4B	24.8B	27.9B	34.4B	50.3B	54.1B	58.4B	61.1B	61.2B	59.9B
Shareholders' equity	14.7B	16B	15.4B	16.9B	20.1B	21.7B	20.3B	21.1B	20.4B	20.3B
Total debt	—	1B	2B	5B	8.9B	9B	10.4B	9.7B	9.9B	10B
Net debt	—	-1.9B	-5.6B	-2.4B	4.1B	3.9B	2.6B	595M	3.3B	1.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	10.8B	10.4B	9.3B	11.3B
Receivables	35.6B	40B	39.5B	39.7B	40.2B	38.7B	40.3B	40B	39.6B	39B	40.3B	40.5B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	60.2B	59.8B	60B	62.3B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	1.7B	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	22.3B	22.1B	22.3B	22.2B
Total assets	—	—	—	—	—	—	—	—	79.8B	80.2B	80.5B	82.7B
Accounts payable	—	—	—	—	—	—	—	—	40.9B	40.4B	41.7B	42B
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	2.5B
Total current liabilities	—	—	—	—	—	—	—	—	44.9B	46.4B	47.6B	48.4B
Long-term debt	—	—	—	—	—	—	—	—	11.3B	10B	9.4B	10.9B
Total liabilities	—	—	—	—	—	—	—	—	59.6B	59.9B	60.5B	62.9B
Shareholders' equity	—	—	—	—	—	—	—	—	20.2B	20.3B	20B	19.8B
Total debt	—	—	—	—	—	—	—	—	11.3B	10B	9.4B	13.4B
Net debt	—	—	—	—	—	—	—	—	2.3B	1.9B	2.4B	5.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.4B	1.8B	2.1B	2.5B	4.2B	4.2B	2.4B	4.2B	4.1B	5.2B
Depreciation & amortization	724M	805M	776M	912M	1.2B	1.3B	1.3B	1.1B	1B	963M
Stock-based compensation	438M	733M	853M	1B	1.4B	1.4B	1.3B	1.5B	1.2B	1B
Change in working capital	-550M	-600M	663M	-1B	-357M	-1.6B	-454M	-1.3B	-558M	-1.1B
Operating cash flow	2B	1.5B	4.3B	4.3B	8.4B	5.8B	5.6B	5.8B	7.5B	6.4B
Capital expenditure	-669M	-667M	-820M	-687M	-746M	-903M	-701M	-578M	-682M	—
Investing cash flow	-5.9B	-4.5B	821M	-5.7B	-16.5B	-5.1B	-3.3B	752M	1.6B	1.6B
Dividends paid	—	—	—	—	—	—	—	—	—	-130M
Share repurchases	-995M	-1B	-3.5B	-1.4B	-1.6B	-3.4B	-4.2B	-5B	-6B	-6.1B
Financing cash flow	2B	4.1B	-1.2B	4.2B	12.5B	-557M	-1.2B	-3B	-8.3B	-6B
Net change in cash	-1.8B	1.1B	3.9B	2.8B	4.3B	64M	1B	3.5B	813M	2.1B
Free cash flow	2.5B	1.9B	4.7B	3.4B	5.4B	4.9B	5.1B	4.2B	6.8B	5.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1B	1.4B	888M	1.1B	1B	1.1B	1.3B	1.3B	1.2B	1.4B	1.1B	1.1B
Depreciation & amortization	270M	263M	265M	263M	255M	249M	245M	239M	245M	234M	238M	246M
Stock-based compensation	379M	388M	365M	298M	284M	283M	249M	286M	257M	210M	259M	275M
Change in working capital	247M	-420M	115M	-555M	-152M	-371M	-676M	-1.2B	-739M	389M	-555M	-118M
Operating cash flow	1.4B	3.3B	1.9B	1.6B	1.5B	2B	1.2B	721M	2B	2.4B	1.1B	2B
Capital expenditure	-154M	-144M	-154M	-157M	-169M	-202M	-194M	-205M	—	—	—	—
Investing cash flow	-307M	-1B	980M	-4.6B	2.7B	2.5B	-3.7B	-40M	5B	-104M	-1.9B	-2.7B
Dividends paid	—	—	—	—	—	—	—	—	—	—	-130M	-122M
Share repurchases	-1.4B	-607M	-1.5B	-1.5B	-1.8B	-1.3B	-1.5B	-1.6B	-1.5B	-1.5B	-1.5B	-1.6B
Financing cash flow	61M	3B	-2.7B	200M	-2.5B	-3.6B	994M	-3.2B	-1.8B	-1.8B	-559M	343M
Net change in cash	1.1B	5.3B	202M	-2.8B	1.7B	847M	-1.4B	-2.6B	5.2B	461M	-1.3B	-362M
Free cash flow	1.1B	2.5B	1.8B	1.4B	1.4B	2.2B	964M	692M	1.7B	2.2B	903M	1.8B

PayPal Holdings, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement