NASDAQ : PYPL
PayPal Holdings, Inc. — Financial statements
Financials · Credit Services · United States
Last price 57.01 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 47.36B
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Financial statements
PayPal Holdings, Inc. (PYPL) reported revenue of 34.30B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 34.30B | 33.17B | 31.80B | 29.77B | 27.52B | 25.37B |
| Cost of Revenue | 20.39B | 19.41B | 18.91B | 17.99B | 15.87B | 13.45B |
| Gross Profit | 13.91B | 13.76B | 12.89B | 11.79B | 11.65B | 11.92B |
| Selling, General & Admin | 4.28B | 4.26B | 4.15B | 3.87B | 4.36B | 4.56B |
| Research & Development | 3.28B | 3.10B | 2.98B | 2.97B | 3.25B | 3.04B |
| Other Operating Expenses | 281.00M | 193.00M | 131.00M | 92.00M | 5.00M | 9.00M |
| Operating Expenses | 7.84B | 7.56B | 7.26B | 6.93B | 7.61B | 7.61B |
| Operating Income | 6.07B | 6.20B | 5.63B | 4.85B | 4.04B | 4.32B |
| Interest Expense | -486.00M | -441.00M | -382.00M | -347.00M | -304.00M | -232.00M |
| Interest & Investment Income | 454.00M | 517.00M | 662.00M | 480.00M | 174.00M | 57.00M |
| Currency Exchange Gain (Loss) | -52.00M | -216.00M | 178.00M | -163.00M | 202.00M | 144.00M |
| Other Non Operating Income (Expenses) | 74.00M | 119.00M | -140.00M | 168.00M | -65.00M | -214.00M |
| EBT Excluding Unusual Items | 6.06B | 6.18B | 5.95B | 4.99B | 4.05B | 4.07B |
| Merger & Restructuring Charges | -241.00M | -138.00M | -307.00M | -180.00M | -202.00M | -27.00M |
| Gain (Loss) on Sale of Investments | -114.00M | 248.00M | -314.00M | 245.00M | -478.00M | 82.00M |
| Gain (Loss) on Sale of Assets | 356.00M | |||||
| Asset Writedown | -26.00M | |||||
| Pretax Income | 5.70B | 6.29B | 5.33B | 5.41B | 3.37B | 4.10B |
| Income Tax Expense | 977.00M | 1.06B | 1.18B | 1.17B | 947.00M | -70.00M |
| Net Income | 4.73B | 5.23B | 4.15B | 4.25B | 2.42B | 4.17B |
| Net Income to Common | 4.73B | 5.23B | 4.15B | 4.25B | 2.42B | 4.17B |
| Shares Outstanding (Basic) | 893.00M | 959.00M | 1.03B | 1.10B | 1.15B | 1.17B |
| Shares Outstanding (Diluted) | 899.75M | 968.00M | 1.04B | 1.11B | 1.16B | 1.19B |
| EPS (Basic) | 5.29 | 5.46 | 4.03 | 3.85 | 2.10 | 3.55 |
| EPS (Diluted) | 5.26 | 5.41 | 3.99 | 3.84 | 2.09 | 3.52 |
| Free Cash Flow | 6.30B | 5.56B | 6.77B | 4.22B | 5.11B | 4.89B |
| Free Cash Flow Per Share | 7.00 | 5.75 | 6.51 | 3.81 | 4.41 | 4.12 |
| Dividend Per Share | 0.56 | 0.28 | ||||
| Gross Margin | 40.55% | 41.48% | 40.54% | 39.59% | 42.35% | 46.99% |
| Operating Margin | 17.70% | 18.70% | 17.71% | 16.30% | 14.68% | 17.01% |
| Profit Margin | 13.78% | 15.78% | 13.04% | 14.26% | 8.79% | 16.43% |
| Free Cash Flow Margin | 18.37% | 16.77% | 21.28% | 14.17% | 18.56% | 19.27% |
| EBITDA | 6.52B | 6.65B | 6.17B | 5.44B | 4.93B | 5.21B |
| EBITDA Margin | 19.01% | 20.04% | 19.39% | 18.28% | 17.92% | 20.55% |
| D&A For EBITDA | 452.00M | 446.00M | 534.00M | 590.00M | 891.00M | 899.00M |
| EBIT | 6.07B | 6.20B | 5.63B | 4.85B | 4.04B | 4.32B |
| EBIT Margin | 17.70% | 18.70% | 17.71% | 16.30% | 14.68% | 17.01% |
| Effective Tax Rate | 17.13% | 16.83% | 22.18% | 21.53% | 28.13% | |
| Advertising Expenses | 867.00M | 574.00M | 364.00M | 518.00M | 740.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.16B | 8.05B | 6.66B | 9.08B | 7.78B | 5.20B |
| Short-Term Investments | 3.12B | 2.37B | 4.26B | 4.98B | 3.09B | 4.30B |
| Cash & Short-Term Investments | 10.28B | 10.42B | 10.92B | 14.06B | 10.87B | 9.50B |
| Accounts Receivable | 716.00M | 840.00M | 984.00M | 1.07B | 963.00M | 800.00M |
| Other Receivables | 119.00M | 101.00M | 140.00M | 101.00M | 65.00M | 36.00M |
| Receivables | 6.45B | 7.69B | 7.55B | 6.60B | 8.46B | 5.68B |
| Prepaid Expenses | 1.50B | 1.55B | 1.27B | 1.02B | 976.00M | 963.00M |
| Restricted Cash | 5.00M | |||||
| Other Current Assets | 38.63B | 38.37B | 37.92B | 40.32B | 37.12B | 36.42B |
| Total Current Assets | 60.55B | 59.76B | 58.21B | 62.57B | 57.42B | 52.57B |
| Property, Plant & Equipment | 1.71B | 2.29B | 2.18B | 1.88B | 2.30B | 2.57B |
| Long-Term Investments | 4.79B | 4.33B | 4.58B | 3.27B | 5.02B | 6.80B |
| Goodwill | 10.97B | 10.86B | 10.84B | 11.03B | 11.21B | 11.45B |
| Other Intangible Assets | 154.00M | 208.00M | 326.00M | 537.00M | 788.00M | 1.33B |
| Long-Term Accounts Receivable | 287.00M | 238.00M | 207.00M | 185.00M | ||
| Long-Term Deferred Tax Assets | 547.00M | |||||
| Other Long-Term Assets | 3.17B | 2.48B | 2.39B | 2.70B | 1.88B | 531.00M |
| Total Assets | 81.62B | 80.17B | 78.72B | 82.17B | 78.62B | 75.80B |
| Accounts Payable | 152.00M | 240.00M | 227.00M | 139.00M | 126.00M | 197.00M |
| Accrued Expenses | 3.83B | 3.96B | 3.98B | 3.20B | 3.26B | 2.15B |
| Short-Term Debt | 200.00M | 200.00M | 359.00M | |||
| Current Portion of Long-Term Debt | 2.33B | 1.40B | 1.19B | 1.25B | 418.00M | 999.00M |
| Current Portion of Leases | 145.00M | 155.00M | 140.00M | 144.00M | 151.00M | 142.00M |
| Current Income Taxes Payable | 236.00M | |||||
| Other Current Liabilities | 41.23B | 40.49B | 39.96B | 43.38B | 41.05B | 39.30B |
| Total Current Liabilities | 47.89B | 46.44B | 45.49B | 48.47B | 45.01B | 43.03B |
| Long-Term Debt | 10.94B | 9.99B | 9.88B | 9.68B | 10.42B | 8.05B |
| Long-Term Leases | 634.00M | 558.00M | 647.00M | 416.00M | 569.00M | 620.00M |
| Long-Term Deferred Tax Liabilities | 186.00M | |||||
| Other Long-Term Liabilities | 2.68B | 2.93B | 2.29B | 2.56B | 2.36B | 2.19B |
| Total Liabilities | 62.14B | 59.92B | 58.31B | 61.12B | 58.35B | 54.08B |
| Additional Paid-In Capital | 22.27B | 21.58B | 20.70B | 19.64B | 18.33B | 17.21B |
| Retained Earnings | 35.38B | 32.47B | 27.35B | 23.20B | 18.95B | 16.54B |
| Treasury Stock | -37.68B | -33.14B | -27.09B | -21.05B | -16.08B | -11.88B |
| Comprehensive Income & Other | -486.00M | -658.00M | -550.00M | -746.00M | -928.00M | -136.00M |
| Total Common Equity | 19.48B | 20.26B | 20.42B | 21.05B | 20.27B | 21.73B |
| Shareholders' Equity | 19.48B | 20.26B | 20.42B | 21.05B | 20.27B | 21.73B |
| Total Liabilities & Equity | 81.62B | 80.17B | 78.72B | 82.17B | 78.62B | 75.80B |
| Total Debt | 14.25B | 12.30B | 11.86B | 11.84B | 11.55B | 9.81B |
| Net Cash (Debt) | -3.97B | -1.87B | -933.00M | 2.22B | -687.00M | -310.00M |
| Net Cash Per Share | -4.41 | -1.94 | -0.90 | 2.00 | -0.59 | -0.26 |
| Filing Date Shares Outstanding | 830.66M | 920.66M | 989.24M | 1.07B | 1.13B | 1.17B |
| Total Common Shares Outstanding | 837.00M | 920.00M | 993.00M | 1.07B | 1.14B | 1.17B |
| Working Capital | 12.66B | 13.32B | 12.72B | 14.10B | 12.42B | 9.54B |
| Book Value Per Share | 23.28 | 22.02 | 20.56 | 19.64 | 17.85 | 18.60 |
| Tangible Book Value | 8.36B | 9.18B | 9.25B | 9.49B | 8.28B | 8.94B |
| Tangible Book Value Per Share | 9.99 | 9.98 | 9.32 | 8.85 | 7.29 | 7.65 |
| Land | 340.00M | 337.00M | 333.00M | 388.00M | 380.00M | |
| Machinery | 3.72B | 3.49B | 3.50B | 3.52B | 3.44B | |
| Construction In Progress | 34.00M | 104.00M | 34.00M | 25.00M | 86.00M | |
| Leasehold Improvements | 357.00M | 343.00M | 317.00M | 364.00M | 379.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.73B | 5.23B | 4.15B | 4.25B | 2.42B | 4.17B |
| Depreciation & Amortization | 452.00M | 446.00M | 534.00M | 590.00M | 891.00M | 899.00M |
| Other Amortization | 517.00M | 517.00M | 498.00M | 482.00M | 426.00M | 366.00M |
| Loss (Gain) From Sale of Assets | 277.00M | 193.00M | 125.00M | -303.00M | ||
| Loss (Gain) From Sale of Investments | 61.00M | -245.00M | -50.00M | -568.00M | 234.00M | 27.00M |
| Stock-Based Compensation | 977.00M | 1.00B | 1.23B | 1.48B | 1.26B | 1.38B |
| Other Operating Activities | 1.66B | 1.65B | 1.67B | 910.00M | 1.04B | 605.00M |
| Change in Accounts Receivable | 257.00M | 144.00M | 85.00M | -114.00M | -163.00M | -222.00M |
| Change in Accounts Payable | -43.00M | 4.00M | 83.00M | 7.00M | -35.00M | -31.00M |
| Change in Other Net Operating Assets | -487.00M | -1.21B | -726.00M | -1.21B | -256.00M | -1.39B |
| Operating Cash Flow | 7.09B | 6.42B | 7.45B | 4.84B | 5.81B | 5.80B |
| Capital Expenditures | -794.00M | -852.00M | -683.00M | -623.00M | -706.00M | -908.00M |
| Sale of Property, Plant & Equipment | 21.00M | 3.00M | 1.00M | 45.00M | 5.00M | 5.00M |
| Cash Acquisitions | -122.00M | -2.76B | ||||
| Divestitures | 466.00M | |||||
| Investment in Securities | -4.88B | 2.53B | 753.00M | 2.31B | 3.19B | -418.00M |
| Other Investing Activities | 699.00M | -386.00M | 3.15B | -2.91B | -2.55B | 529.00M |
| Investing Cash Flow | -6.28B | 797.00M | 1.69B | 752.00M | -3.33B | -5.15B |
| Short-Term Debt Issued | 2.95B | 656.00M | ||||
| Long-Term Debt Issued | 2.64B | 1.55B | 1.53B | 3.48B | 272.00M | |
| Total Debt Issued | 4.35B | 5.59B | 2.20B | 1.53B | 3.48B | 272.00M |
| Short-Term Debt Repaid | -2.95B | -656.00M | ||||
| Long-Term Debt Repaid | -2.15B | -1.66B | -1.05B | -1.69B | -361.00M | |
| Total Debt Repaid | -2.33B | -5.10B | -2.32B | -1.05B | -1.69B | -361.00M |
| Net Debt Issued (Repaid) | 2.02B | 482.00M | -115.00M | 475.00M | 1.79B | -89.00M |
| Issuance of Common Stock | 103.00M | 117.00M | 95.00M | 127.00M | 143.00M | 162.00M |
| Repurchase of Common Stock | -6.36B | -6.43B | -6.40B | -5.26B | -4.54B | -4.41B |
| Common Dividends Paid | -500.00M | -130.00M | ||||
| Other Financing Activities | 137.00M | 8.00M | -1.86B | 1.66B | 1.40B | 3.78B |
| Financing Cash Flow | -4.59B | -5.96B | -8.28B | -2.99B | -1.20B | -557.00M |
| Foreign Exchange Rate Adjustments | 16.00M | 273.00M | -207.00M | 76.00M | -155.00M | -102.00M |
| Net Cash Flow | -3.76B | 1.53B | 656.00M | 2.68B | 1.13B | -11.00M |
| Free Cash Flow | 6.30B | 5.56B | 6.77B | 4.22B | 5.11B | 4.89B |
| Free Cash Flow Margin | 18.37% | 16.77% | 21.28% | 14.17% | 18.56% | 19.27% |
| Free Cash Flow Per Share | 7.00 | 5.75 | 6.51 | 3.81 | 4.41 | 4.12 |
| Levered Free Cash Flow | 4.49B | 3.27B | 3.60B | 5.12B | 3.33B | 2.75B |
| Unlevered Free Cash Flow | 4.79B | 3.55B | 3.83B | 5.33B | 3.52B | 2.90B |
| Cash Interest Paid | 426.00M | 406.00M | 366.00M | 331.00M | 280.00M | 231.00M |
| Cash Income Tax Paid | 486.00M | 1.10B | 1.03B | 2.12B | 878.00M | 474.00M |
| Change in Working Capital | -273.00M | -1.06B | -558.00M | -1.31B | -454.00M | -1.65B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 48.83B | 54.62B | 85.57B | 66.21B | 81.19B | 221.57B |
| Enterprise Value | 52.80B | 56.04B | 86.91B | 65.90B | 81.72B | 217.97B |
| Last Close Price | 58.78 | 57.87 | 84.41 | 60.73 | 70.43 | 186.50 |
| PE Ratio | 11.17 | 10.44 | 20.63 | 15.59 | 33.56 | 53.15 |
| Forward PE | 10.01 | 10.42 | 18.15 | 11.37 | 15.48 | 38.82 |
| PS Ratio | 1.42 | 1.65 | 2.69 | 2.22 | 2.95 | 8.73 |
| PB Ratio | 2.53 | 2.70 | 4.19 | 3.15 | 4.00 | 10.20 |
| P/TBV Ratio | 5.84 | 5.95 | 9.25 | 6.98 | 9.81 | 24.78 |
| P/FCF Ratio | 7.75 | 9.82 | 12.64 | 15.69 | 15.90 | 45.32 |
| P/OCF Ratio | 6.88 | 8.51 | 11.48 | 13.67 | 13.97 | 38.22 |
| PEG Ratio | 1.43 | 0.87 | 1.56 | 0.74 | 1.24 | 2.15 |
| EV/Sales Ratio | 1.54 | 1.69 | 2.73 | 2.21 | 2.97 | 8.59 |
| EV/EBITDA Ratio | 8.10 | 8.43 | 14.09 | 12.11 | 16.58 | 41.81 |
| EV/EBIT Ratio | 8.70 | 9.03 | 15.43 | 13.58 | 20.23 | 50.52 |
| EV/FCF Ratio | 8.38 | 10.07 | 12.84 | 15.62 | 16.00 | 44.59 |
| Debt / Equity Ratio | 0.73 | 0.61 | 0.58 | 0.56 | 0.57 | 0.45 |
| Debt / EBITDA Ratio | 2.13 | 1.81 | 1.88 | 2.12 | 2.27 | 1.82 |
| Debt / FCF Ratio | 2.26 | 2.21 | 1.75 | 2.81 | 2.26 | 2.01 |
| Net Debt / Equity Ratio | 0.20 | 0.09 | 0.05 | -0.10 | 0.03 | 0.01 |
| Net Debt / EBITDA Ratio | 0.61 | 0.28 | 0.15 | -0.41 | 0.14 | 0.06 |
| Net Debt / FCF Ratio | 0.63 | 0.34 | 0.14 | -0.53 | 0.14 | 0.06 |
| Asset Turnover | 0.42 | 0.42 | 0.40 | 0.37 | 0.36 | 0.35 |
| Quick Ratio | 0.23 | 0.24 | 0.27 | 0.31 | 0.26 | 0.24 |
| Current Ratio | 1.26 | 1.29 | 1.28 | 1.29 | 1.28 | 1.22 |
| Return on Equity (ROE) | 23.82% | 25.73% | 20.00% | 20.55% | 11.52% | 19.95% |
| Return on Assets (ROA) | 4.70% | 4.88% | 4.38% | 3.77% | 3.27% | 3.69% |
| Return on Invested Capital (ROIC) | 21.75% | 23.73% | 21.81% | 19.13% | 13.50% | 22.28% |
| Return on Capital Employed (ROCE) | 18.00% | 18.40% | 16.90% | 14.40% | 12.00% | 13.20% |
| Earnings Yield | 8.95% | 9.58% | 4.85% | 6.41% | 2.98% | 1.88% |
| FCF Yield | 12.90% | 10.19% | 7.91% | 6.37% | 6.29% | 2.21% |
| Dividend Yield | 0.95% | 0.47% | ||||
| Payout Ratio | 10.65% | 2.48% | ||||
| Buyback Yield / Dilution | 8.79% | 6.83% | 6.14% | 4.40% | 2.36% | 0.08% |
| Total Shareholder Return | 9.75% | 7.31% | 6.14% | 4.40% | 2.36% | 0.08% |