PayPal
PYPL Nasdaq Transaction & Payment Processing Services Financials FY2016–FY2025
PayPal's revenue rose 4.3% to $33.2 billion in fiscal 2025. Its operating margin was 18.3%, up from 16.8% a year earlier. Free cash flow was $5.6 billion, down 17.8%. It paid out $6.2 billion in dividends and buybacks, 111% of free cash flow. The diluted share count fell 6.8%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.
What PayPal does
PayPal runs digital payment services for shoppers and businesses in about 200 markets. People use its PayPal and Venmo apps and accounts to pay online and in stores, send money to friends and family, and buy and sell cryptocurrencies; Xoom sends money abroad. Merchants of all sizes use PayPal's checkout buttons, its unbranded card processing, buy now, pay later plans, in-store payment tools and small-business loans. It had 439 million active accounts at the end of 2025.
PayPal reports a single business segment. Most of its money comes from fees on the payments it handles, which mostly rise with the value of those payments; it processed $1.79 trillion of payments in 2025. It also earns fees for currency conversion and instant transfers to bank accounts, interest and fees on its consumer and merchant loans, interest on money held in customer balances, and payments from partners. It says it competes with banks, card networks and processors, other digital wallets, buy now, pay later lenders, money transfer services and cash and checks.
PayPal employed about 23,800 people at the end of 2025, about 9,600 of them in the United States. Its credit cards and some of its loans in the US are issued through partner banks. Because it moves and holds people's money, it holds money transmitter licenses in US states and is closely regulated in the other countries where it works.
- Legal name
- PayPal Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 3, 2026
- Accession · CIK
- 0001633917-26-000024
0001633917
Revenue and margins
PayPal had $33.2B of revenue in fiscal 2025, up 4.3% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 18.8% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $5.6B in fiscal 2025, 16.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
PayPal returned $6.2B to shareholders in fiscal 2025, 111% of free cash flow. The diluted share count fell 6.8%.
Value PayPal yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $418M and divides by 968.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 10.7x · peers — · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably PayPal can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $9.5B | $10.9B | $14.1B | $10.9B | $10.4B |
| Debt incl. finance leases | $8.0B | $10.4B | $9.7B | $9.9B | $10.0B |
| Net debt / EBITDA | −0.3x | −0.1x | −0.7x | −0.2x | −0.1x |
| Debt / equity | 0.4x | 0.5x | 0.5x | 0.5x | 0.5x |
| Interest coverage | 18.4x | 12.6x | 14.5x | 13.9x | 13.8x |
| Current ratio | 1.2x | 1.3x | 1.3x | 1.3x | 1.3x |
| Quick ratio | 1.2x | 1.3x | 1.3x | 1.3x | 1.3x |
| Total assets | $75.8B | $78.6B | $82.2B | $78.7B | $80.2B |
| Total liabilities | $54.1B | $58.4B | $61.1B | $58.3B | $59.9B |
| Shareholders' equity | $21.7B | $20.3B | $21.1B | $20.4B | $20.3B |
| Net debt (− = net cash) | −$1.5B | −$451M | −$4.4B | −$1.0B | −$418M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.3M
1 insider
Sold, 12 months
$1.9M
3 insiders
Of sales under plans
100%
$1.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Chris NataliSVP, Chief Accounting Officer | Sold plan | 552 | $54.80 | $0.0M | Form 4 |
| Sep 3, 2026 | Frank KellerPres., Checkout Sol. & PayPal | Sold plan | 4,612 | $55.43 | $0.3M | Form 4 |
| Sep 3, 2026 | Suzan KereerePresident, Global Markets | Sold plan | 3,379 | $55.72 | $0.2M | Form 4 |
| Aug 18, 2026 | Suzan KereerePresident, Global Markets | Sold plan | 4,162 | $60.97 | $0.3M | Form 4 |
| Jul 29, 2026 | Chris NataliSVP, Chief Accounting Officer | Sold plan | 1,337 | $58.10 | $0.1M | Form 4 |
| Jul 29, 2026 | Frank KellerPres., Checkout Sol. & PayPal | Sold plan | 732 | $58.10 | $0.0M | Form 4 |
| Jun 15, 2026 | Jamie S MillerChief Fin & Op Officer | Bought | 6,129 | $41.53 | $0.3M | Form 4 |
| Jun 3, 2026 | Chris NataliSVP, Chief Accounting Officer | Sold plan | 552 | $42.65 | $0.0M | Form 4 |
| Jun 3, 2026 | Frank KellerPres., Checkout Sol. & PayPal | Sold plan | 4,612 | $42.54 | $0.2M | Form 4 |
| Jun 3, 2026 | Suzan KereerePresident, Global Markets | Sold plan | 3,379 | $42.79 | $0.1M | Form 4 |
| May 19, 2026 | Suzan KereerePresident, Global Markets | Sold plan | 4,162 | $44.19 | $0.2M | Form 4 |
| Apr 29, 2026 | Frank KellerPres., Checkout Sol. & PayPal | Sold plan | 10,732 | $49.96 | $0.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 8 / 8 | 5 / 8 | 7 / 8 |
| Accruals ratio | −0.7% | −4.1% | −1.5% |
| Altman Z'' | 2.82 | 3.01 | 3.27 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| PayPal PYPL | $52.5B | 4.3% | 18.3% | 16.8% | 25.7% | 10.7x | 7 | |
| Visa V | — | 11.3% | 60.0% | 53.9% | 42.4% | — | — | Compare → |
| Coinbase COIN | $43.3B | 9.4% | 20.0% | 31.9% | 14.5% | — | 4 | Compare → |
| Robinhood HOOD | $86.7B | 51.6% | — | 36.3% | — | 41.9x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $10.8B | $13.1B | $15.5B | $17.8B | $21.5B | $25.4B | $27.5B | $29.8B | $31.8B | $33.2B |
| Research and development | $834M | $953M | $1.1B | — | — | — | — | — | — | — |
| Operating income | $1.6B | $2.1B | $2.2B | $2.7B | $3.3B | $4.3B | $3.8B | $5.0B | $5.3B | $6.1B |
| Interest expense | $3.0M | $7.0M | $77.0M | $115M | $209M | $232M | $304M | $347M | $382M | $441M |
| Pretax income | $1.6B | $2.2B | $2.4B | $3.0B | $5.1B | $4.1B | $3.4B | $5.4B | $5.3B | $6.3B |
| Income tax | $230M | $405M | $319M | $539M | $863M | −$70.0M | $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 |
| Diluted EPS | $1.15 | $1.47 | $1.71 | $2.07 | $3.54 | $3.52 | $2.09 | $3.84 | $3.99 | $5.41 |
| Diluted shares | 1.22B | 1.22B | 1.20B | 1.19B | 1.19B | 1.19B | 1.16B | 1.11B | 1.04B | 0.97B |
| Cash flow | ||||||||||
| Cash from operations | $3.2B | $2.5B | $5.5B | $4.1B | $6.2B | $5.8B | $5.8B | $4.8B | $7.5B | $6.4B |
| Capital expenditure | $669M | $667M | $823M | $704M | $866M | $908M | $706M | $623M | $683M | $852M |
| Free cash flow | $2.5B | $1.9B | $4.7B | $3.4B | $5.4B | $4.9B | $5.1B | $4.2B | $6.8B | $5.6B |
| Depreciation and amortization | $724M | $805M | $776M | $912M | $1.2B | $1.3B | $1.3B | $1.1B | $1.0B | $963M |
| Stock-based compensation | $438M | $733M | $853M | $1.0B | $1.4B | $1.4B | $1.3B | $1.5B | $1.2B | $1.0B |
| Acquisitions | $19.0M | $323M | $2.1B | $70.0M | $3.6B | $2.8B | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $995M | $1.0B | $3.5B | $1.4B | $1.6B | $3.4B | $4.2B | $5.0B | $6.0B | $6.1B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $130M |
| Dividends and buybacks | $995M | $1.0B | $3.5B | $1.4B | $1.6B | $3.4B | $4.2B | $5.0B | $6.0B | $6.2B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $5.0B | $5.7B | $9.1B | $10.8B | $13.1B | $9.5B | $10.9B | $14.1B | $10.9B | $10.4B |
| Total debt | — | — | $2.0B | $5.0B | $8.9B | $8.0B | $10.4B | $9.7B | $9.9B | $10.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $23.0M | $17.0M |
| Current assets | $25.7B | $32.6B | $33.0B | $38.5B | $51.0B | $52.6B | $57.4B | $62.6B | $58.2B | $59.8B |
| Current liabilities | $16.9B | $22.9B | $25.9B | $26.9B | $38.4B | $43.0B | $45.0B | $48.5B | $45.5B | $46.4B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $1.5B | $1.5B | $1.7B | $1.7B | $1.8B | $1.9B | $1.7B | $1.5B | $1.5B | $1.7B |
| Total assets | $33.1B | $40.8B | $43.3B | $51.3B | $70.4B | $75.8B | $78.6B | $82.2B | $78.7B | $80.2B |
| Total liabilities | $18.4B | $24.8B | $27.9B | $34.4B | $50.3B | $54.1B | $58.4B | $61.1B | $58.3B | $59.9B |
| Shareholders' equity | $14.7B | $16.0B | $15.4B | $16.9B | $20.0B | $21.7B | $20.3B | $21.1B | $20.4B | $20.3B |
| Margins | ||||||||||
| Operating margin | 14.6% | 16.2% | 14.2% | 15.3% | 15.3% | 16.8% | 13.9% | 16.9% | 16.8% | 18.3% |
| EBITDA margin | 21.3% | 22.4% | 19.2% | 20.4% | 20.9% | 21.8% | 18.7% | 20.5% | 20.0% | 21.2% |
| Net margin | 12.9% | 13.7% | 13.3% | 13.8% | 19.6% | 16.4% | 8.8% | 14.3% | 13.0% | 15.8% |
| FCF margin | 23.0% | 14.2% | 30.1% | 19.0% | 25.0% | 19.3% | 18.6% | 14.2% | 21.3% | 16.8% |
| Returns | ||||||||||
| Return on capital | — | — | — | 23.0% | 20.2% | 23.6% | 13.8% | 21.6% | 23.0% | 25.7% |
| Return on capital employed | 10.1% | 12.5% | 12.4% | 13.0% | 11.7% | 13.2% | 11.6% | 14.9% | 15.9% | 18.1% |
| Return on equity | 9.8% | 11.7% | 13.1% | 15.2% | 22.8% | 20.0% | 11.5% | 20.6% | 20.0% | 25.7% |
| Return on assets | 4.5% | 4.9% | 4.9% | 5.2% | 6.9% | 5.7% | 3.1% | 5.3% | 5.2% | 6.6% |
| Growth | ||||||||||
| Revenue growth | 17.2% | 20.8% | 18.0% | 15.0% | 20.7% | 18.3% | 8.5% | 8.2% | 6.8% | 4.3% |
| Net income growth | 14.1% | 28.1% | 14.6% | 19.5% | 70.9% | −0.8% | −42.0% | 75.5% | −2.3% | 26.2% |
| EPS growth | 15.0% | 27.8% | 16.3% | 21.1% | 71.0% | −0.6% | −40.6% | 83.7% | 3.9% | 35.6% |
| FCF growth | 36.5% | −25.1% | 149.8% | −27.7% | 59.0% | −8.7% | 4.5% | −17.4% | 60.4% | −17.8% |
| Share count change | −0.9% | 0.3% | −1.5% | −1.3% | −0.1% | −0.1% | −2.4% | −4.4% | −6.1% | −6.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | −2.4x | −1.6x | −0.9x | −0.3x | −0.1x | −0.7x | −0.2x | −0.1x |
| Debt / equity | — | — | 0.1x | 0.3x | 0.5x | 0.4x | 0.5x | 0.5x | 0.5x | 0.5x |
| Interest coverage | 528.7x | 303.9x | 28.5x | 23.6x | 15.7x | 18.4x | 12.6x | 14.5x | 13.9x | 13.8x |
| Current ratio | 1.5x | 1.4x | 1.3x | 1.4x | 1.3x | 1.2x | 1.3x | 1.3x | 1.3x | 1.3x |
| Quick ratio | 1.5x | 1.4x | 1.3x | 1.4x | 1.3x | 1.2x | 1.3x | 1.3x | 1.3x | 1.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.2% | 5.1% | 5.3% | 4.0% | 4.0% | 3.6% | 2.6% | 2.1% | 2.2% | 2.6% |
| Stock comp / revenue | 4.0% | 5.6% | 5.5% | 5.7% | 6.4% | 5.4% | 4.6% | 5.0% | 3.9% | 3.0% |
| Payouts / FCF | 40.0% | 54.0% | 75.6% | 41.9% | 30.5% | 69.0% | 82.2% | 118.5% | 89.4% | 111.1% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | 7.0 | 6.0 | 5.0 | 6.0 | 8.0 | 5.0 | 7.0 |
| Altman Z'' | 3.1 | 2.9 | 2.4 | 2.9 | 2.5 | 2.3 | 2.5 | 2.8 | 3.0 | 3.3 |
| Accruals ratio | −5.7% | −2.0% | −8.1% | −3.4% | −3.3% | −2.2% | −4.4% | −0.7% | −4.1% | −1.5% |
Source: SEC EDGAR XBRL filings (CIK 0001633917). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.