PYPL
Updated: 23/09/2026, 12:26:17
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.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$5.2B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$5.6B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$6.1B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Mission and network scale
Global two-sided network connecting consumers and merchants with 439 million active accounts across approximately 200 markets as of December 31, 2025.
“We operate a global, two-sided network at scale that connects consumers and merchants with 439 million active accounts across approximately 200 markets as of December 31, 2025.”
Revenue model
Primarily transaction fees based on payment volume; plus currency conversion, instant transfer, crypto facilitation, partnership, credit interest/fees, interest on customer balance assets, referral, subscription, and gateway fees.
“We earn revenues primarily by charging fees for completing payment transactions for our customers and other payment-related services, which are typically based on the volume of activity processed on our payments platform.”
Key performance metrics FY2025
FY2025: $1.79T TPV (+7%), 25.4B payment transactions (-4%), 439M active accounts (+1%) as of Dec 31, 2025.
“In 2025, we processed $1.79 trillion of total payment volume ("TPV"), an increase of 7% compared to 2024, and 25.4 billion payment transactions, a decrease of 4% compared to 2024.”
Consumer credit issuance partnerships
Consumer credit cards and U.S. interest-bearing installment products issued via an independent chartered financial institution; PayPal-issued PayPal Credit in the U.K.
“In the U.S., consumers may apply for the PayPal- and Venmo-branded consumer credit cards, including the PayPal Credit revolving consumer credit product, which are issued through a partnership with an independent chartered financial institution.”
Merchant payment solutions
Online branded checkout (PayPal and Venmo), online unbranded payments processing, BNPL, in-person point of sale, business financing, payouts, and risk tools for enterprises and SMBs.
“We provide large enterprises and small and medium businesses with online branded checkout solutions, including PayPal and Venmo; online unbranded payments processing; PayPal buy now, pay later ("BNPL") solutions; in-person point of sale solutions; business financing; payouts capabilities; and risk tools.”
Consumer payment solutions
Digital wallets (PayPal, Venmo), Xoom international transfers, P2P payments, branded debit/credit cards, NFC contactless wallet, BNPL, and consumer credit products.
“We also offer consumers person-to-person ("P2P") payment solutions for domestic and international transfers through our PayPal, Venmo, and Xoom products and services.”
BNPL geographic footprint and Paidy
BNPL offered in the U.S., Germany, France, U.K., Australia among others; in Japan through Paidy brand; short-term BNPL generally has no interest or consumer late fees.
“Our consumer credit offerings include our BNPL products in the U.S., Germany, France, United Kingdom ("U.K."), and Australia, among other markets, and in Japan through our Paidy brand.”
Revenue disaggregation by geography and category
Net revenues: U.S. $18,868M / $18,267M / $17,253M; Other countries $14,304M / $13,530M / $12,518M; Total $33,172M / $31,797M / $29,771M for 2025/2024/2023. Transaction revenues $29,798M; other value added services $3,374M in 2025.
“U.S. $18,868 $18,267 $17,253”
Human capital profile
Approximately 23,800 employees globally as of Dec 31, 2025: 46% Americas, 42% Asia-Pacific, 12% Europe/Middle East; ~9,600 in U.S.; 142 nationalities across 28 countries.
“we employed approximately 23,800 people globally, with 46% in the Americas, 42% in Asia-Pacific, and 12% in Europe and the Middle East.”
2025 acquisition
In Q2 2025, completed an acquisition with a total purchase price of $19 million in cash; no business combination acquisitions in 2024 or 2023.
“In the second quarter of 2025, we completed an acquisition with a total purchase price of $19 million, consisting of cash consideration, which was accounted for as a business combination.”
Competitive strengths
Two-sided platform, trusted brands (PayPal, Venmo), platform agnosticism, scale, customer-back innovation, risk and compliance management, and regulatory licenses.
“We believe that our competitive strengths include the following: •Two-sided platform •Trusted brands •Platform agnostic •Scale •Customer-back innovation •Risk and compliance management •Regulatory licenses”
Happy Returns sale to UPS
Sold Happy Returns to UPS on November 1, 2023 for approximately $466 million cash (net of cash divested); pre-tax gain of $339 million recognized in 2023.
“On November 1, 2023, we completed the sale of Happy Returns to United Parcel Services, Inc. for approximately $466 million in cash, net of cash divested”
Long-term debt profile
Total long-term debt principal of $11,459M as of Dec 31, 2025: $1,397M (2026), $1,075M (2027), $1,137M (2028), $1,500M (2029), $1,000M (2030), $5,350M thereafter.
“Total$11,459”
Commercial paper program
$5.0 billion commercial paper program established November 2025; $200 million outstanding as of December 31, 2025; maturities up to 397 days; supported by the Credit Agreement.
“In November 2025, we established a commercial paper program that allows us to issue up to $5.0 billion of unsecured commercial paper notes”
Initiation of cash dividend program
In October 2025, PayPal announced the initiation of a cash dividend program; future dividends subject to Board declaration and may be suspended or terminated at any time.
“In October 2025, we announced the initiation of a cash dividend program.”
FTC, German FCO, and CFPB investigations
Ongoing FTC CIDs (2022, 2025), German FCO administrative proceeding (2023) on merchant contract terms, and CFPB CIDs on Regulation E and PayPal Credit matters.
“In January 2023, we received notice of an administrative proceeding and a related request for information from the German Federal Cartel Office ("FCO") related to terms in PayPal (Europe) S.à.r.l. et Cie, S.C.A.'s contractual terms with merchants in Germany prohibiting surcharging”
AI regulation (EU AI Act)
PayPal uses AI in fraud prevention, risk management, product optimization and customer service; the EU AI Act and similar frameworks may require operational changes, increase costs, or limit AI use.
“the EU has adopted the Artificial Intelligence Act, which provides a comprehensive framework for regulating AI, and other jurisdictions are considering similar frameworks.”
OECD Pillar Two global minimum tax
OECD Pillar Two 15% global minimum tax; certain countries enacted implementing legislation effective January 1, 2025; effective tax rate and cash taxes could increase in future years.
“the OECD has published model rules and is coordinating negotiations among participating countries with the goal of achieving consensus on significant changes to international tax rules, including the implementation of a global minimum tax rate of 15%, commonly referred to as Pillar Two.”
Cybersecurity risk
Evolving cybersecurity threats including AI-enabled attacks, ransomware, and social engineering could compromise customer data, subject PayPal to fines, litigation, and reputational harm.
“Numerous and evolving cybersecurity and related threats, including advanced and persisting cyberattacks, artificial intelligence ("AI")-enabled threats, cyberextortion, distributed denial-of-service attacks, ransomware, spear phishing and social engineering schemes”
Litigation - PPH Securities Action
Putative securities class action over NNA results/guidance and detection of illegitimately created accounts (Class Period Feb 3, 2021–Feb 1, 2022); dismissed without prejudice Jan 2025, amended complaint filed Mar 2025.
“On January 29, 2025, the Court dismissed all of the claims without prejudice. On March 17, 2025, the lead plaintiff filed an amended complaint.”
Transaction revenues of $29,798M in 2025 represent ~90% of total net revenues, driven by payment volume fees.
“Transaction revenues $29,798 $28,842 $26,857”
PayPal's payments platform depends on secure systems; breaches or attacks could cause fines, remediation costs, and loss of customer confidence.
“We believe that hostile actors, who may comprise individuals, coordinated groups, sophisticated organizations, or nation-state supported entities, may target PayPal due to our name, brand recognition, types of data”
Consumers generate revenue via digital wallets, P2P, currency conversion, instant transfers, crypto facilitation, and consumer credit products; P2P also serves as a customer acquisition channel.
“We provide consumers with digital wallets and other solutions that allow them to shop and pay with PayPal and Venmo—both online and in-person—manage their finances”
Merchants on both sides of the two-sided network generate branded checkout, unbranded processing, BNPL, POS, financing, and risk tool revenues.
“We provide large enterprises and small and medium businesses with online branded checkout solutions, including PayPal and Venmo; online unbranded payments processing”
Revenues are typically based on the volume of activity processed on the payments platform, making TPV and payment transactions a direct demand driver.
“We earn revenues primarily by charging fees for completing payment transactions for our customers and other payment-related services, which are typically based on the volume of activity processed on our payments platform.”
PayPal relies on third-party data center facilities and cloud data storage/processing services; interruptions at these providers could harm availability of its products.
“We rely on facilities, components, applications, software, and services supplied by third parties, including data center facilities and cloud data storage and processing services.”
The 15% global minimum tax, with implementing legislation effective January 1, 2025 in certain countries, could increase PayPal's effective tax rate and cash tax payments.
“Certain countries in which we do business have enacted implementing legislation effective January 1, 2025.”
PayPal uses AI and machine learning in fraud prevention, risk management, and customer service; compliance with the EU AI Act may require operational changes, increase costs, or limit AI deployment.
“Compliance with existing and emerging AI regulations may require operational changes, increased costs, or limit the use of AI in our business.”
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