PayPal Holdings, Inc.

PYPL · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012
Valuation
Market cap	$54,623	$85,567	$66,209	$81,193	$221,568	$275,169	$127,092	$98,800	$86,498	$46,374	$42,532	–	–	–
Enterprise value	$54,188	$84,522	$61,825	$80,742	$221,116	$271,069	$121,340	$91,689	$81,803	$41,399	$39,121	–	–	–
P/E (TTM) at period end	10.44×	20.63×	15.59×	33.56×	53.15×	65.49×	51.68×	48.03×	48.19×	33.10×	34.64×	–	–	–
P/S (TTM) at period end	1.65×	2.69×	2.22×	2.95×	8.73×	12.83×	7.15×	6.39×	6.61×	4.28×	4.60×	–	–	–
P/B at period end	2.70×	4.19×	3.15×	4.00×	10.20×	13.75×	7.53×	6.42×	5.41×	3.15×	3.09×	–	–	–
EV / EBITDA (TTM)	7.71×	13.30×	10.14×	15.67×	40.01×	60.53×	33.42×	30.87×	27.90×	17.92×	18.91×	–	–	–
EV / Sales (TTM)	1.63×	2.66×	2.08×	2.93×	8.72×	12.63×	6.83×	5.93×	6.25×	3.82×	4.23×	–	–	–
Returns
Return on equity	25.8%	20.3%	20.2%	11.9%	19.2%	21.0%	14.6%	13.4%	11.2%	9.5%	8.9%	5.1%	12.9%	–
Return on invested capital	22.7%	17.5%	18.2%	12.0%	16.7%	11.3%	15.3%	19.4%	12.3%	10.4%	9.8%	5.6%	13.0%	16.1%
Dividend yield	0.2%	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.29×	1.28×	1.29×	1.28×	1.22×	1.33×	1.43×	1.27×	1.43×	1.52×	1.52×	1.32×	1.30×	–
Debt / equity	0.57×	0.48×	0.46×	0.51×	0.42×	0.45×	0.29×	0.13×	0.06×	–	–	0.18×	0.22×	–
Effective tax rate	16.8%	22.2%	21.5%	28.1%	(1.7%)	17.0%	18.0%	13.4%	18.4%	14.1%	17.5%	66.8%	11.9%	12.7%
Share count
Diluted shares outstanding	968	1,039	1,107	1,158	1,186	1,187	1,188	1,203	1,221	1,218	1,229	1,224	1,224	1,188

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012
Revenue and gross profit
Revenue	$34,128	$33,172	$31,797	$29,771	$27,518	$25,371	$21,454	$17,772	$15,451	$13,094	$10,842	$9,248	$8,025	$6,727	$5,662
Cost of revenue	($18,513)	($17,707)	($17,139)	($16,067)	($13,745)	($11,375)	($9,675)	($8,170)	($6,855)	($5,430)	($4,434)	($3,419)	($2,816)	($2,337)	($1,883)
Gross profit	$15,615	$15,465	$14,658	$13,704	$13,773	$13,996	$11,779	$9,602	$8,596	$7,664	$6,408	$5,829	$5,209	$4,390	$3,779
Operating expenses
Research and development	($3,247)	($3,103)	($2,979)	($2,973)	($3,253)	($3,038)	($2,642)	($2,085)	($1,071)	($953)	($834)	($792)	($747)	($727)	($677)
Selling, general and administrative	($2,009)	($1,979)	($2,147)	($2,059)	($2,099)	($2,114)	($2,070)	($1,711)	($1,541)	($1,258)	($1,151)	($873)	($733)	($378)	($1,007)
Total operating expenses	($9,669)	($9,400)	($9,333)	($8,676)	($9,936)	($9,734)	($8,490)	($6,883)	($6,402)	($5,537)	($4,822)	($4,368)	($3,941)	($3,299)	($2,899)
Total costs and expenses	($28,182)	($27,107)	($26,472)	($24,743)	($23,681)	($21,109)	($18,165)	($15,053)	($13,257)	($10,967)	($9,256)	($7,787)	($6,757)	($5,636)	($4,782)
Operating income	$5,946	$6,065	$5,325	$5,028	$3,837	$4,262	$3,289	$2,719	$2,194	$2,127	$1,586	$1,461	$1,268	$1,091	$880
Earnings
EBITDA	$6,909	$7,028	$6,357	$6,100	$5,154	$5,527	$4,478	$3,631	$2,970	$2,932	$2,310	$2,069	$1,784	$1,544	$1,262
Interest income	–	$517	$662	$480	$174	$57	$88	$197	$168	$85	$59	–	–	–	–
Interest expense	($461)	($441)	($382)	($347)	($304)	($232)	($209)	($115)	($77)	($7)	($3)	–	–	–	–
Pre-tax income	$5,863	$6,292	$5,329	$5,411	$3,366	$4,099	$5,065	$2,998	$2,376	$2,200	$1,631	$1,488	$1,261	$1,084	$891
Income tax expense	($961)	($1,059)	($1,182)	($1,165)	($947)	$70	($863)	($539)	($319)	($405)	($230)	($260)	($842)	($129)	($113)
Net income	$4,902	$5,233	$4,147	$4,246	$2,419	$4,169	$4,202	$2,459	$2,057	$1,795	$1,401	$1,228	$419	$955	$778
Per share
Diluted EPS (GAAP)	$5.29	$5.41	$3.99	$3.84	$2.09	$3.52	$3.54	$2.07	$1.71	$1.47	$1.15	$1.00	$0.34	$0.78	$0.65
Basic EPS (GAAP)	$5.33	$5.46	$4.03	$3.85	$2.10	$3.55	$3.58	$2.09	$1.74	$1.49	$1.16	$1.00	$0.34	$0.78	$0.66
Basic shares outstanding	918	959	1,029	1,103	1,154	1,174	1,173	1,174	1,184	1,203	1,210	1,222	1,218	1,218	1,171
Margins
Gross margin	45.8%	46.6%	46.1%	46.0%	50.1%	55.2%	54.9%	54.0%	55.6%	58.5%	59.1%	63.0%	64.9%	65.3%	66.7%
Operating margin	17.4%	18.3%	16.7%	16.9%	13.9%	16.8%	15.3%	15.3%	14.2%	16.2%	14.6%	15.8%	15.8%	16.2%	15.5%
Net margin	14.4%	15.8%	13.0%	14.3%	8.8%	16.4%	19.6%	13.8%	13.3%	13.7%	12.9%	13.3%	5.2%	14.2%	13.7%

Analyst consensus

Hold70 analysts

Bearish · 3 · Hold · 42 · Bullish · 25

Earnings history

	EPS	Estimate
Q3 2024	$1.20	$1.07	Beat
Q4 2024	$1.19	$1.11	Beat
Q1 2025	$1.33	$1.16	Beat
Q2 2025	$1.40	$1.30	Beat
Q3 2025	$1.34	$1.20	Beat
Q4 2025	$1.23	$1.29	Miss
Q1 2026	$1.34	$1.28	Beat
Q2 2026	$1.38	$1.28	Beat

Peers

Company overview

IPO dateJul 6, 2015

CEOEnrique J. Lores

Employees23,800

SectorFinancial Services

IndustryFinancial - Credit Services

CountryUS

ExchangeNASDAQ Global Select

Websitewww.paypal.com

PayPal Holdings, Inc. provides a worldwide technological framework that facilitates digital financial transactions for both businesses and individual users. The company offers a wide array of payment services through well-known brands such as PayPal, PayPal Credit, Braintree, Venmo, Xoom, Zettle, Hyperwallet, Honey, and Paidy. Through its extensive platform, consumers are able to send and receive funds across roughly 200 global markets and in approximately 100 different currencies. Additionally, users can transfer money to their bank accounts in 56 currencies and maintain account balances in 25 distinct currencies within their PayPal accounts. Founded in 1998, the company's corporate headquarters are situated in San Jose, California.

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