PYPLPayPal

Financials · Business Services · Nasdaq

At PayPal Holdings, Inc., our mission is to revolutionize commerce globally. 10-K, Item 1

Employees: 23,800
Headquarters: San Jose, CA
Next results: around Feb 2, 2027

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	5.24	Sales (ttm)	34.3B	Net income (ttm)	4.7B	Sales growth	+4.3%	EPS growth	+35.6%	Sales Q/Q	+2.0%
Free cash flow	6.3B	Gross margin	-	Oper. margin	17.0%	Net margin	13.8%	FCF margin	18.4%	ROE	24.3%
ROA	5.8%	R&D / sales	-	Dividend	0.14	Debt/Eq	0.70	Curr. ratio	1.26	Cash	7.2B
Op. cash flow (ttm)	7.1B	EBITDA	7.0B	EBITDA margin	21.2%	Net debt	6.4B	Quick ratio	1.26	Interest cover	13.75
ROIC	5.0%	Payout ratio	2.6%	Tax rate	72.9%	Stock pay / sales	3.0%	Shares out.	830.7M	Shares Y/Y	-6.8%
Book / share	23.45	Cash / share	8.62	Sales / share	41.29	Asset turnover	0.42	Days sales out.	9	Sales 3Y CAGR	+6.4%
Sales 5Y CAGR	+9.1%	EPS 3Y CAGR	+37.3%	EPS 5Y CAGR	+8.9%	Employees	23,800	Sales / employee	1.4M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

PYPL against Financials peers

Ten years, side by side → · All 76 →

PYPLPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth

+4.3%59th of 76 · median +7.2%

Net margin

13.8%57th of 76 · median 20.4%

Return on equity

24.3%17th of 74 · median 16.7%

Free cash flow margin

18.4%31st of 49 · median 21.5%

Debt / equity (less is better)

0.7031st of 62 · median 0.70

PYPL and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
PYPL PayPal	$34.3B	+4.3%	-	13.8%	24.3%	18.4%	0.70
MA Mastercard	$36.3B	+16.4%	-	46.7%	-	44.3%	3.54
APO Apollo Global Management	$30.8B	+22.7%	-	-3.0%	-5.8%	-	0.92
USB U.S. Bancorp	$30.3B	+4.4%	-	27.6%	12.6%	-	1.10
HIG The Hartford	$29.6B	+6.9%	-	15.6%	24.4%	23.1%	0.23
BLK BlackRock	$28.5B	+18.7%	-	24.2%	11.9%	16.8%	0.22

Profitability

2 of 3

!
Net margin below the peer median13.8% vs 20.4%
✓
Return on equity above 15%24.3%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 12.9% → 15.8%

Balance sheet

4 of 4

✓
Interest covered more than 5 timesOperating income is 13.8× interest expense
✓
Debt smaller than equityDebt / equity 0.70 on the latest balance sheet (peer median 0.70)
✓
Current assets cover current liabilitiesCurrent ratio 1.26
✓
Net debt under 3 years of free cash flow$4.0B net debt, 0.6 years

Debt / equity at each year end, FY2016 to FY2025: 0.13 → 0.57

What the debt is made of ↓

Cash and shareholders

3 of 3

✓
Free cash flow positive in every one of 10 years$5.6B last year
✓
Share count down over 5 years−18.4%
✓
Cash from operations above net income$6.4B vs $5.2B

Free cash flow, FY2016 to FY2025: 2.5B → 5.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026

The debt note's own lines, 2025-12-31

Fixed rate $41.0BFloating $450.0M Not stated $10.9B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
¥30 billion fixed-rate 0.813% notes (Senior Notes)	Notes and bonds	0.81–0.89%	fixed	$30.0B
Senior Notes	Notes and bonds	–	not stated	$10.9B
Fixed-rate 2.850% notes (Senior Notes)	Notes and bonds	2.85–2.96%	fixed	$1.5B
Fixed-rate 2.650% notes (Senior Notes)	Notes and bonds	2.65–2.78%	fixed	$1.2B
Fixed-rate 2.300% notes (Senior Notes)	Notes and bonds	2.30–2.39%	fixed	$1.0B
Fixed-rate 3.250% notes (Senior Notes)	Notes and bonds	3.25–3.33%	fixed	$1.0B
Fixed-rate 4.400% notes (Senior Notes)	Notes and bonds	4.40–4.53%	fixed	$1.0B
Fixed-rate 5.050% notes (Senior Notes)	Notes and bonds	5.05–5.14%	fixed	$1.0B
Fixed-rate 5.150% notes (Senior Notes)	Notes and bonds	5.15–5.35%	fixed	$850.0M
Fixed-rate 5.100% notes (Senior Notes)	Notes and bonds	5.10–5.20%	fixed	$600.0M
Fixed-Rate Notes Issued June 2023 (Senior Notes)	Notes and bonds	–	fixed	$575.0M
Fixed-rate 3.900% notes (Senior Notes)	Notes and bonds	3.90–4.06%	fixed	$500.0M
Fixed-rate 5.250% notes (Senior Notes)	Notes and bonds	5.25–5.34%	fixed	$500.0M
Fixed-rate 4.450% notes (Senior Notes)	Notes and bonds	4.45–4.66%	fixed	$450.0M
Floating-rate notes (Senior Notes)	Notes and bonds	5.06%	floating	$450.0M
Fixed-rate 5.500% notes (Senior Notes)	Notes and bonds	5.50–5.66%	fixed	$400.0M
¥37 billion fixed-rate 1.240% notes (Senior Notes)	Notes and bonds	1.24–1.31%	fixed	$237.0M
¥23 billion fixed-rate 0.972% notes (Senior Notes)	Notes and bonds	0.97–1.06%	fixed	$147.0M

All 18 lines

From the debt note in the 10-K's XBRL (0001633917-26-000024), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 33.2B Net income 5.2B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $33.2B of revenue came from

by product, year to Dec 31, 2025

Transaction revenues $29.8B · 90%
Revenues From Other Value Added Services $3.4B · 10%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

PYPL's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue33.2B

Net income5.2B

Free cash flow5.6B

EPS (diluted)5.41

Diluted shares968.0M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Transaction revenues	29.8B	89.8%	+3.3%
Revenues From Other Value Added Services	3.4B	10.2%	+14.2%

10-K 0001633917-26-000024, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
U.S.	18.9B	56.9%	+3.3%
Other countries	14.3B	43.1%	+5.7%

10-K 0001633917-26-000024, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10.8B	13.1B	15.5B	17.8B	21.5B	25.4B	27.5B	29.8B	31.8B	33.2B
R&D	834.0M	953.0M	1.1B	-	-	-	-	-	-	-
SG&A	1.0B	1.3B	1.5B	1.7B	2.1B	2.1B	2.1B	2.1B	2.1B	2.0B
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	115.0M	209.0M	232.0M	304.0M	347.0M	382.0M	441.0M
Pretax income	1.6B	2.2B	2.4B	3.0B	5.1B	4.1B	3.4B	993.0M	946.0M	1.5B
Income tax	230.0M	405.0M	319.0M	539.0M	863.0M	-70.0M	947.0M	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
EPS (diluted)	1.15	1.47	1.71	2.07	3.54	3.52	2.09	3.84	3.99	5.41
Diluted shares	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.1B	1.0B	968.0M
Depreciation & amortization	724.0M	805.0M	776.0M	912.0M	1.2B	1.3B	1.3B	1.1B	1.0B	963.0M
EBITDA	2.3B	2.9B	3.0B	3.6B	4.5B	5.5B	5.2B	6.1B	6.4B	7.0B
Operating margin	14.6%	16.2%	14.2%	15.3%	15.3%	16.8%	13.9%	16.9%	16.7%	18.3%
Net margin	12.9%	13.7%	13.3%	13.8%	19.6%	16.4%	8.8%	14.3%	13.0%	15.8%
Revenue growth	-	+20.8%	+18.0%	+15.0%	+20.7%	+18.3%	+8.5%	+8.2%	+6.8%	+4.3%
EPS growth	-	+27.8%	+16.3%	+21.1%	+71.0%	-0.6%	-40.6%	+83.7%	+3.9%	+35.6%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	1.6B	2.9B	7.6B	7.3B	4.8B	5.2B	7.8B	9.1B	6.7B	8.0B
Short-term investments	3.4B	2.8B	1.5B	3.4B	8.3B	4.3B	3.1B	5.0B	4.3B	2.4B
Receivables	214.0M	283.0M	313.0M	435.0M	577.0M	800.0M	963.0M	1.1B	984.0M	840.0M
Current assets	25.7B	32.6B	33.0B	38.5B	51.0B	52.6B	57.4B	62.6B	58.2B	59.8B
Property & equipment	1.5B	1.5B	1.7B	1.7B	1.8B	1.9B	1.7B	1.5B	1.5B	1.7B
Goodwill	4.1B	4.3B	6.3B	6.2B	9.1B	11.5B	11.2B	11.0B	10.8B	10.9B
Total assets	33.1B	40.8B	43.3B	51.3B	70.4B	75.8B	78.6B	82.2B	78.7B	80.2B
Accounts payable	192.0M	257.0M	281.0M	232.0M	252.0M	197.0M	126.0M	139.0M	227.0M	240.0M
Current liabilities	16.9B	22.9B	25.9B	26.9B	38.4B	43.0B	45.0B	48.5B	45.5B	46.4B
Total debt	-	-	2.0B	5.0B	8.9B	8.0B	10.4B	9.7B	9.9B	11.6B
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
Retained earnings	2.1B	3.8B	5.9B	8.3B	12.4B	16.5B	19.0B	23.2B	27.3B	32.5B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	3.2B	2.5B	5.5B	4.1B	6.2B	5.8B	5.8B	4.8B	7.5B	6.4B
Capital spending	669.0M	667.0M	823.0M	704.0M	866.0M	908.0M	706.0M	623.0M	683.0M	852.0M
Free cash flow	2.5B	1.9B	4.7B	3.4B	5.4B	4.9B	5.1B	4.2B	6.8B	5.6B
Stock-based pay (added back)	438.0M	733.0M	853.0M	1.0B	1.4B	1.4B	1.3B	1.5B	1.2B	1.0B
Dividends paid	-	-	-	-	-	-	-	0	0	130.0M
Buybacks	995.0M	1.0B	3.5B	1.4B	1.6B	3.4B	4.2B	5.0B	6.0B	6.1B
Acquisitions	19.0M	323.0M	2.1B	70.0M	3.6B	2.8B	0	0	-	-
Debt raised	-	1.8B	2.1B	5.5B	7.0B	272.0M	3.5B	1.5B	1.5B	2.6B
Debt repaid	21.0M	980.0M	1.1B	2.5B	3.0B	361.0M	1.7B	1.1B	1.7B	2.2B
Investing cash flow	-5.9B	-4.5B	821.0M	-5.7B	-16.5B	-5.1B	-3.3B	752.0M	1.7B	797.0M
Financing cash flow	2.0B	4.1B	-1.2B	4.2B	12.5B	-557.0M	-1.2B	-3.0B	-8.3B	-6.0B
Dividend per share	-	-	-	-	-	-	-	-	-	0.14

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	438.0M	733.0M	853.0M	1.0B	1.4B	1.4B	1.3B	1.5B	1.2B	1.0B
Stock-based pay / revenue	4.0%	5.6%	5.5%	5.7%	6.4%	5.4%	4.6%	5.0%	3.9%	3.0%
Operating lease cost	-	-	-	136.0M	166.0M	170.0M	171.0M	156.0M	159.0M	162.0M
Operating lease cash paid	-	-	-	131.0M	159.0M	167.0M	172.0M	174.0M	169.0M	178.0M
Finance lease principal paid	-	-	-	-	-	-	0	0	60.0M	6.0M
Right-of-use assets	-	-	-	479.0M	707.0M	659.0M	574.0M	390.0M	599.0M	539.0M
Operating lease liabilities	-	-	-	507.0M	786.0M	762.0M	720.0M	560.0M	764.0M	696.0M
Finance lease liabilities	-	-	-	-	-	-	-	0	23.0M	17.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on PYPL in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/PYPL/export.csv") into a cell.