7 paragraphs in Risk Factors of the 10-K filed Feb 3, 2026
with nothing like them in the 10-K filed Feb 4, 2025. Quoted exactly.
Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies:
a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it.
A paragraph most of them have is marked boilerplate. No line means no other company has one like it.
This counts text; it does not say how serious a risk is.
website; AI; developments in technologies supporting our regulatory and compliance obligations; and in-store, digital, agentic and social commerce.
Read in the 10-K ↗
government authorities in different jurisdictions. While we have implemented policies and procedures designed to help ensure compliance with applicable laws and regulations, there can be no assurance that our employees, contractors, and agents will not violate such laws and regulations.
Read in the 10-K ↗
Evolving laws, regulations and stakeholder expectations with respect to environmental, social and governance matters could harm our reputation and adversely affect our business.
Various jurisdictions both in the U.S. and internationally have adopted or are developing laws, regulations and policies relating to environmental, social and governance matters (e.g., environmental sustainability and climate change) which include disclosure, reporting and diligence requirements. Compliance with these requirements may involve significant costs, and any actual or perceived failure to comply with applicable (and potentially conflicting) federal, state, local or international laws or regulations concerning environmental, social, and governance matters could subject us to fines, penalties, regulatory or other enforcement actions, and adversely affect our business or financial condition. In addition, various stakeholders, including investors, customers, employees, governmental authorities and regulators, may have differing expectations regarding environmental, social and governance matters related to us (including those supporting and opposing various environmental, social and governance matters), whose expectations and requirements are evolving and varied. Any initiatives, targets, data, or commitments we disclose with respect to these matters involve risks and uncertainties and could be difficult to achieve and costly to implement. Any actual or perceived failure or inaccuracy with respect to such initiatives, targets, data or commitments or to otherwise successfully manage investor or other stakeholder expectations on these matters could result in adverse reaction by consumers or other stakeholders (including, but not limited to, customers choosing not to use our products and services and the commencement of legal and regulatory proceedings against us), harm our reputation, and adversely affect our business, results of operation and financial condition.
Read in the 10-K ↗
The determination of our worldwide provision for income taxes and other tax liabilities requires estimation and significant judgment, and there are many transactions and calculations for which the ultimate tax determination is uncertain. Our future
Similar paragraph at 2 of 75 other Financials companies:
HOOD,
MSCI
There can be no assurance that we will continue to repurchase stock or declare cash dividends, and stock repurchases or dividends could increase the volatility of our stock price and could diminish our cash reserves.
We engage in share repurchases of our common stock from time to time, and our stock repurchase programs do not have expiration dates and do not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares. In October 2025, we announced the initiation of a cash dividend program. Future cash dividends are subject to declaration by our Board of Directors at its sole discretion and are therefore subject to numerous factors including, among others, prevailing market conditions, our results of operations, financial condition and liquidity, applicable laws and agreements. Our stock repurchases and our dividends could affect our share trading prices, increase its volatility, reduce our cash reserves and may be suspended or terminated at any time, which may result in a decrease in our share trading price.
Read in the 10-K ↗
New in the latest 10-Q
10 paragraphs in the 10-Q filed Oct 27, 2026 with nothing like
them in the 10-Q filed Jul 28, 2026 (at least half the words must differ; new numbers alone do not count).
Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
(1) Beginning balances, provisions and charge-offs include amounts related to loans and interest receivable prior to their reclassification to loan and interest receivable, held for sale during the period.
Read in the 10-Q ↗
We are subject to taxation in the U.S. and various state and foreign jurisdictions. We are currently under examination by certain tax authorities for the 2015 to 2025 tax years. The material jurisdictions in which we are subject to examination by tax authorities for tax years after 2014 primarily include the U.S. (Federal and California), India, Singapore, and Israel. In September 2026, the IRS completed its examination of our U.S. federal income tax returns for the tax years ended December 31, 2015 through 2018 and issued a Revenue Agent’s Report proposing several adjustments to our taxable income. We disagree with the proposed adjustments and intend to contest them through IRS Appeals, a process we do not expect to conclude within the next 12 months.
Read in the 10-Q ↗
We believe that adequate amounts have been reserved for any adjustments that may ultimately result from our open examinations.
Read in the 10-Q ↗
During the third quarter of 2026, management implemented the 3Q 2026 Plan to simplify our operations by removing organizational layers across the Company and increasing spans of control. The associated restructuring charges in both the three and nine months ended September 30, 2026 were $152 million and included employee severance and benefits costs, including stock-based compensation, substantially all of which were accrued for as of September 30, 2026. We expect the 3Q 2026 Plan to reduce annualized employee-related costs associated with the impacted workforce by approximately $340 million, including stock-based compensation, with a portion of savings realized in September 2026 and the remainder expected to be realized beginning in the fourth quarter of 2026. We intend to reinvest a significant portion of these savings into our highest-priority growth initiatives.
Read in the 10-Q ↗
• an increase in interest expense associated with the May 2026 debt issuance; and
Read in the 10-Q ↗
• lower proceeds from maturities and sales of investments of $4.8 billion and higher purchases of investments of $2.6 billion; and
Read in the 10-Q ↗
Risk Factors
We rely on third parties in many aspects of our business, which creates additional risk.
Read in the 10-Q ↗
We rely on third parties in many aspects of our business, including, but not limited to, networks, banks, payment processors, payment gateways, and other entities that link us to the payment card and bank clearing networks to process transactions and that link us to consumers and other customers to provide financial services; unaffiliated third-party lenders to originate U.S. credit products to consumers, U.S. merchant financing, and branded credit card products; branded debit card and savings products issued by unaffiliated banks; cryptocurrency custodial service providers; and external business partners and contractors who provide key functions (including, but not limited to, data center facilities and cloud computing, IT, and outsourced customer support, accounting, human resources, and product development functions). We are subject to additional risks inherent in engaging and relying upon third-party providers, including operational, legal, regulatory, information security, reputational, commercial, and resiliency risks. If we are unable to effectively manage our third-party relationships, these third parties are unable to meet their obligations to us, we are overly reliant on certain relationships, we are unable to negotiate favorable contractual terms, or we experience substantial disruptions in these relationships (including interruptions to the availability of our products and services), our operations, liquidity, results of operations, and financial results could be adversely impacted. Additionally, our relationships with third parties inherently involve a lesser degree of control over business operations, governance, and compliance (including anti-money laundering, sanctions, consumer protection, and other regulatory compliance), which potentially increases our financial, legal, reputational, and operational risk.
Read in the 10-Q ↗
Other information
An equity trading plan is a written document that preestablishes the amounts, prices, and dates (or formula for determining the amounts, prices, and dates) of future purchases or sales of the Company’s stock, including sales of shares acquired under the Company’s employee and director equity plans.
Read in the 10-Q ↗
On August 25, 2026, Aaron Webster, Executive Vice President, Global Chief Risk Officer, adopted an equity trading plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The trading plan is scheduled to expire no later than February 28, 2028 with approximately 89,900 shares (vested and net shares expected to vest over the duration of the trading plan) subject to sale under the plan.
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 27, 2026 against Item 1A of the 10-K filed Feb 3, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
Added10-Q 2026-10-27 vs 10-K 2026-02-03
We are subject to various risks and uncertainties, which could materially affect our business, results of operations, financial condition, future results, and the trading price of our common stock. You should read carefully the following information together with the information appearing in Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 3, 2026 (“2025 Form 10-K”) as updated by the information appearing in Part II, Item 1A, Risk Factors in our subsequent Quarterly Reports on Form 10-Q as filed with the SEC (“Forms 10-Q”). The following information supplements and, to the extent inconsistent, supersedes some of the information appearing in the Risk Factors section of our 2025 Form 10‑K and Forms 10-Q. These risk factors, as well as our condensed consolidated financial statements and notes thereto and the other information appearing in this report, should be reviewed carefully for important information regarding risks that affect us.
Read it in the 10-Q at sec.gov ↗
Reworded10-Q 2026-10-27 vs 10-K 2026-02-03
Adverse global and regional economic conditions such as - including political unrest and turmoil turmoil, geopolitical tensions, armed conflicts, or military escalation - affecting the banking system or financial markets, including, but not limited to, tightening in the credit markets, markets; extreme volatility or distress in the financial markets (including the fixed income, credit, currency, equity, and commodity markets), unemployment, markets); unemployment; consumer debt levels, levels; recessionary or inflationary pressures, pressures; supply chain issues, issues; reduced consumer confidence or economic activity, consumer confidence, or discretionary spending; government fiscal, monetary monetary, and tax policies, U.S. and international trade relationships, agreements, treaties, changes in or new tariffs and restrictive actions or threats of such actions, including an escalation of trade tensions between the U.S. and its trading partners, the inability of a government to enact a budget in a fiscal year, government shutdowns, government austerity programs, geopolitical conditions or events, and other negative financial news or macroeconomic developments could have a material adverse impact on the demand for our products and services, including a reduction in the volume and size of transactions on our platform. policies;
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-10-27 vs 10-K 2026-02-03
Adverse global and regional economic conditions such as political unrest and turmoil affecting the banking system or financial markets, including, but not limited to, tightening in the credit markets, extreme volatility or distress in the financial markets (including the fixed income, credit, currency, equity, and commodity markets), unemployment, consumer debt levels, recessionary or inflationary pressures, supply chain issues, reduced consumer confidence or economic activity, government fiscal, monetary and tax policies, U.S. and international trade relationships, agreements, treaties, and treaties; changes in or new tariffs and restrictive actions or threats of such actions, including actions (including an escalation of trade tensions between the U.S. and its trading partners, partners); the inability of a government to enact a budget in a fiscal year, year; government shutdowns, government shutdowns or austerity programs, geopolitical conditions or events, measures; and other negative events or adverse geopolitical conditions, financial news news, or macroeconomic developments could have a material adverse impact on the demand for our products and services, including a reduction in the volume and size of transactions on our platform.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-10-27 vs 10-K 2026-02-03
We rely on third parties in many aspects of our business, including, but not limited to, networks, banks, payment processors, payment gateways, and payment gateways other entities that link us to the payment card and bank clearing networks to process transactions; transactions and that link us to consumers and other customers to provide financial services; unaffiliated third-party lenders to originate U.S. credit products to consumers, U.S. merchant financing, and branded credit card products; branded debit card and savings products issued by unaffiliated banks; cryptocurrency custodial service providers; and external business partners and contractors who provide key functions (including, but not limited to, data center facilities and cloud computing, IT, and outsourced customer support, accounting, human resources, and product development functions).
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-10-27 vs 10-K 2026-02-03
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, the introduction of computer viruses or other malware, and the destruction of all or portions of our IT and infrastructure and those of third parties with whom we partner or that are part of our IT supply chain, are becoming increasingly sophisticated and complex, may be difficult to detect, and could compromise the confidentiality, availability, and integrity of the data in our systems, as well as the systems themselves. themselves, including through vulnerabilities that may be discovered and weaponized by new frontier AI models and autonomous agents.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-10-27 vs 10-K 2026-02-03
In August 2023, We have partnered commercially with a third-party issuer with which we have partnered commercially (the “PYUSD Issuer”) that launched a U.S. dollar-denominated stablecoin named stablecoin, PayPal USD (“PYUSD”), which is available to PayPal customers and Venmo customers in certain markets.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-10-27 vs 10-K 2026-02-03
We are regularly subject to claims, individual and class action lawsuits, arbitration proceedings, government and regulatory investigations, inquiries, actions or requests, and other proceedings alleging violations of laws, rules, and regulations with respect to competition, antitrust, intellectual property, privacy, data protection, information security, anti-money laundering, counter-terrorist financing, sanctions, anti-bribery, anti-corruption, consumer protection (including unfair, deceptive, or abusive acts or practices), the terms of our customer agreements, fraud, accessibility, securities, tax, labor and employment, commercial disputes, services, charitable fundraising, contract disputes, escheatment of unclaimed or abandoned property, product liability, use of our services for illegal purposes, the matters described in “Note 13—Commitments 13 - Commitments and Contingencies—Litigation Contingencies - Litigation and Regulatory Matters—General Matters - General Matters” to our condensed consolidated financial statements, and other matters.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-10-27 vs 10-K 2026-02-03
We expect that third parties will continue to attempt to abuse access to and misuse our payments services to commit fraud by, among other things, creating fictitious accounts using stolen or synthetic identities or personal information, taking over customer accounts or creating fraudulent accounts, making transactions with stolen financial instruments, abusing or misusing our services for financial gain, or fraudulently inducing users of our products and services into engaging in fraudulent transactions. transactions, any of which could be enhanced or facilitated by AI.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-10-27 vs 10-K 2026-02-03
Additionally, our relationships with third parties inherently involve a lesser degree of control over business operations, governance, and compliance (including anti-money laundering laundering, sanctions, consumer protection, and sanctions other regulatory compliance), which potentially increases our financial, legal, reputational, and operational risk.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-10-27 vs 10-K 2026-02-03
We expect that the number and significance of these disputes and inquiries will continue to increase as our products, services, and business expand in complexity, scale, scope, and geographic reach, including through acquisitions of businesses and technology, and as a result of expanded enforcement of certain existing laws and regulations by federal, state and local agencies. agencies in the U.S. and internationally.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-10-27 vs 10-K 2026-02-03
These conditions could have a material adverse impact on the demand for our products and services which could adversely affect our results of operations.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-10-27 vs 10-K 2026-02-03
If we or the PYUSD Issuer fail to comply with regulations, requirements, prohibitions or other obligations applicable to us, or make operational errors, we could face regulatory or other enforcement actions, potential fines, penalties, disruption to business or product availability, and other consequences.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-10-27 vs 10-K 2026-02-03
The complexity of U.S. federal and state and international regulatory and enforcement regimes, coupled with the global scope of our operations and the evolving global regulatory environment, could result in a single event prompting a large number of overlapping investigations and legal and regulatory proceedings by multiple government authorities in different jurisdictions.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
