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Equity
PayPal Holdings, Inc. (PYPL) perpetual futures
PYPL perpetual futures on 14 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade PYPLUSDT.
PayPal Holdings provides a global digital payment platform for businesses and individuals, offering services like PayPal, Venmo, and Xoom across 200 markets and 100 currencies.
$59.210.0%NASDAQ open
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Trading data
Perpetual market activity
14/14 live markets
Trading data
Perpetual market activity
Venues
14
Live markets
14/14
24h volume
$3M
Open interest
$999.5KCoverage: 11/14 markets
Best liquidity
$1.3M
Bitunix
Tightest spread
+1.7 bps
Bitunix
Highest volume
$955.7K
Deepcoin
Settlement mix
USDT · 13/14
Perp/spot vol.
0.01x
Spot volume $364.1M
OI / float
0.00%
Float $49.1B
Spot performance
1D-1.98%
5D+1.15%
1M+4.01%
6M+28.30%
YTD-0.14%
1Y-13.24%
Venue matrix
14 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 KuCoin | Trade | PYPL/USDT | Trading | $59.13 | 0.0% APR 0.000% every 8h | +40.8 bps | $9.1K | $388.6K | $35.7K | USDT | 20x | |
 XT.com | Trade | PYPL/USDT | Trading | $59.16 | 0.0% APR 0.000% every 8h | +11.8 bps | $27.4K | $294.8K | - | USDT | 20x | |
 Binance | Trade | PYPL/USDT | Trading | $59.21 | 0.0% APR 0.000% every 8h | +11.8 bps | $546.6K | $193.2K | $395.8K | USDT | - | |
 MEXC | Trade | PYPL/USDT | Trading | $59.21 | 0.0% APR 0.000% every 8h | +6.8 bps | $99.3K13 min | $104.3K | $71.2K | USDT | 20x | |
 LBank | Trade | PYPL/USDT | Trading | $59.25 | 0.0% APR 0.000% every 8h | +11.8 bps | $108.9K | $99.1K | $82.9K | USDT | 50x | |
 Bitunix | Trade | PYPL/USDT | Trading | $59.21 | -2.8% APR -0.00253% every 8h | +1.7 bps | $1.3M | $83.1K | $32.5K | USDT | 50x | |
 Bitget | Trade | PYPL/USDT | Trading | $59.24 | 0.0% APR 0.000% every 8h | +6.8 bps | $437.2K | $64.9K | $87.2K | USDT | 20x | |
 HTX | Trade | PYPL/USDT | Trading | $59.21 | 0.0% APR 0.000% every 8h | +104.9 bps | $784.9 | $49.7K | $7K | USDT | - | |
 OKX | Trade | PYPL/USDT | Trading | $59.26 | 0.0% APR 0.000% every 8h | +10.1 bps | $19.2K | $42.9K | $87.7K | USDT | 10x | |
 Bybit | Trade | PYPL/USDT | Trading | $59.21 | 0.0% APR 0.000% every 8h | +23.7 bps | $53.9K | $35.5K | $182K | USDT | 25x | |
 Gate.io | Trade | PYPL/USDT | Trading | $59.18 | 0.0% APR 0.000% every 8h | +38.9 bps | $50.7K | $1.4K | $17.2K | USDT | 20x | |
 Crypto.com Exchange | Trade | PYPL/USD | Trading | $59.15 | -86.1% APR -0.00983% every 1h | +22.0 bps | $4.7K | $319.9 | $336.6 | USD | 50x | |
 Deepcoin | Trade | PYPL/USDT | Trading | $59.21 | - | +11.8 bps | $51.6K | $955.7K | - | USDT | 25x | |
 BingX | Trade | PYPL-USDT | Trading | $59.21 | +5.5% APR +0.00500% every 8h | +13.5 bps | $637.1K | $671.7K | - | USDT | - |
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| PYPLBbStocks | $59.02 | -0.32% | $2.0M | $818k | BNB Smart Chain (BEP20) |
| PYPLonOndo GM | $59.13 | -0.13% | $474k | $1.2M | Ethereum · BNB Smart Chain (BEP20) · Solana |
| PYPLRobinhood | $58.93 | -0.47% | $4k | $66k | Robinhood Chain |
| PYPLxxStocks | $58.99 | -0.37% | $2k | $246k | Solana · Ethereum · Arbitrum · Ink |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 uniswapDEX · robinhood | PYPL/USDG ↗ | $58.93 | $4k | $12k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 11 of 14 venues absorb $10k · Typical cost: +19.6 bps – +36.9 bps
Cheapest execution: Bitunix · +7.7 bps
Too thin: KuCoin, Crypto.com Exchange
No fresh book data: HTX
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
PYPLTightest spread
PYPLHighest volume
PYPLFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-02-02
Revenue est. $8.91B · Updated 5h ago
Dividend
$0.14
2026-12-04
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid59.06
Ask59.12
Volume2,710,752
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 20265.59$34.5B+4%26
FY 20275.93$35.9B+4%27
FY 20286.45$37.5B+4%18
FY 20296.61$38.8B+3%9
FY 20306.89$40.3B+4%8
Q1 20281.55$9B-10
Source: FMP · Consensus
Company events
62027-02-02EarningsActual - / Estimate 1.43-
2026-12-04Dividend$0.14-
2026-10-27Earnings · Before market openActual 1.45 / Estimate 1.31Beat
2026-09-04Dividend$0.14-
2026-07-28EarningsActual 1.38 / Estimate 1.28Beat
2026-06-04Dividend$0.14-
Peer comparison
Similar listed perpsRevenue mix
Latest annualTransaction RevenueProduct$29.8B
Other Value Added ServicesProduct$3.4B
UNITED STATESGeographic$18.9B
Countries Other Than US And UnitGeographic$14.3B
Analysts
Price targets in USD| Consensus rating | Hold |
|---|---|
| Average 12-month price target | $56.25 |
| 12-month target range (low – high) | $45 – $70 |
| Ratings in the provider's consensus | 70 |
Price targets as of 2026-11-13
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 3 | 4 | 32 | 3 | 2 |
| Oct 2026 | 3 | 4 | 33 | 3 | 2 |
| Sep 2026 | 3 | 4 | 33 | 3 | 0 |
| Aug 2026 | 3 | 5 | 33 | 3 | 0 |
| Jul 2026 | 3 | 6 | 32 | 4 | 1 |
| Jun 2026 | 3 | 5 | 32 | 4 | 0 |
| May 2026 | 4 | 6 | 32 | 4 | 0 |
| Apr 2026 | 4 | 8 | 30 | 4 | 0 |
| Mar 2026 | 2 | 8 | 30 | 4 | 0 |
| Feb 2026 | 3 | 10 | 31 | 5 | 0 |
| Jan 2026 | 5 | 10 | 28 | 5 | 0 |
| Dec 2025 | 6 | 12 | 26 | 4 | 0 |
Ownership
Institutional · 2026-Q2Free float99.9%829.6M shares
Shares outstanding830.7M shares
Institutional72.3%1,517 investors
Investor count change-117
Reference market activity
PYPL-PERPDay range (Nov 12)$58.27$59.35
52 week$38.46$67.28
Spot volume6.1M
Average volume-
Price performance
111D-2.0%
5D+1.1%
1M+4.0%
3M-1.5%
6M+28.3%
YTD-0.1%
1Y-13.2%
3Y+7.2%
5Y-72.0%
10Y+50.2%
MAX+58.8%
Insider activity
FY2026 Q4Acquisitions4 transactions12,888 shares
Dispositions8 transactions19,701 shares
Purchases0Ratio 0.5
Sales1
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Officer Frank Keller sold 732 PayPal common shares at $55.37 on Oct 28, 2026, leaving 41,567 shares owned.
PayPal officer Natali Chris converted 2,727 restricted stock units into 2,727 common shares and had 1,291 shares withheld for taxes at $56.10.
Frank Keller (Pres., Checkout Sol. & PayPal) exercised 1,639 restricted stock units into 1,639 common shares at $0.00, and 907 shares were withheld for taxes at $56.10. He held 42,299 shares after.
PayPal officer Aaron Webster converted 8,522 restricted stock units into common shares (5,900 RSU-1 and 2,622 RSU-2) at $0.00, then 3,883 shares were withheld for tax at $56.10; he held 70,400 shares after.
PayPal officer Miller Jamie S reported vesting of 12,004 restricted stock units into common stock, with 6,129 shares withheld for taxes at $54.03; 86,408 shares owned after.
Natali Chris, SVP and Chief Accounting Officer of PayPal, sold 552 common shares on an open-market transaction at $54.80 per share on September 3, 2026.
Suzan Kereere, President of Global Markets at PayPal, disposed of 3,379 common shares through three open-market sales on 2026-09-03, priced between $54.53 and $56.69.
Frank Keller sold 4,612 shares of PayPal common stock in open-market transactions on September 3, 2026, at prices between $54.683 and $56.7083 per share.
PayPal officer Aaron Webster exercised an option (M-Exempt), acquiring 4,602 common shares at $0.00, leaving 67,858 shares owned.
Filings
50 · Latest SEC filings2026-10-304Insider transaction report (Form 4)
Officer Frank Keller sold 732 PayPal common shares at $55.37 on Oct 28, 2026, leaving 41,567 shares owned.
2026-10-164Insider transaction report (Form 4)
PayPal officer Aaron Webster converted 8,522 restricted stock units into common shares (5,900 RSU-1 and 2,622 RSU-2) at $0.00, then 3,883 shares were withheld for tax at $56.10; he held 70,400 shares after.
2026-10-164Insider transaction report (Form 4)
PayPal officer Natali Chris converted 2,727 restricted stock units into 2,727 common shares and had 1,291 shares withheld for taxes at $56.10.
2026-10-164Insider transaction report (Form 4)
Frank Keller (Pres., Checkout Sol. & PayPal) exercised 1,639 restricted stock units into 1,639 common shares at $0.00, and 907 shares were withheld for taxes at $56.10. He held 42,299 shares after.
2026-09-164Insider transaction report (Form 4)
PayPal officer Miller Jamie S reported vesting of 12,004 restricted stock units into common stock, with 6,129 shares withheld for taxes at $54.03; 86,408 shares owned after.
2026-09-084Insider transaction report (Form 4)
Frank Keller sold 4,612 shares of PayPal common stock in open-market transactions on September 3, 2026, at prices between $54.683 and $56.7083 per share.
2026-09-084Insider transaction report (Form 4)
Natali Chris, SVP and Chief Accounting Officer of PayPal, sold 552 common shares on an open-market transaction at $54.80 per share on September 3, 2026.
2026-09-084Insider transaction report (Form 4)
Suzan Kereere, President of Global Markets at PayPal, disposed of 3,379 common shares through three open-market sales on 2026-09-03, priced between $54.53 and $56.69.
2026-09-034Insider transaction report (Form 4)
PayPal officer Suzan Kereere exercised 6,903 restricted stock units into 6,903 common shares on Sep 1, 2026. She then held 37,886 common shares.
2026-09-034Insider transaction report (Form 4)
Chief Accounting Officer Natali Chris converted 1,126 RSUs into common stock and had 390 shares withheld for taxes at $52.665, leaving 2,952 shares owned.
2026-09-034Insider transaction report (Form 4)
Miller Jamie S converted 7,414 RSUs into 7,414 common shares. 3,785 shares were withheld to cover taxes, leaving 80,533 shares held.
2026-09-034Insider transaction report (Form 4)
PayPal officer Frank Keller converted restricted stock units into 10,321 common shares, had 5,709 shares withheld for taxes at $52.665, and disposed of 6,903 RSUs.
2026-09-034Insider transaction report (Form 4)
PayPal officer Aaron Webster exercised an option (M-Exempt), acquiring 4,602 common shares at $0.00, leaving 67,858 shares owned.
2026-08-194Insider transaction report (Form 4)
Suzan Kereere, President of Global Markets at PayPal, sold 4,162 common shares on August 18, 2026, in two transactions at prices between $60.8563 and $61.405 per share.
2026-08-174Insider transaction report (Form 4)
Suzan Kereere, President of Global Markets at PayPal, converted 8,503 restricted stock units into common stock on Aug 15, 2026. 4,341 shares were withheld to cover taxes at $61.66 each.
2026-07-304Insider transaction report (Form 4)
Chris Natali, SVP & Chief Accounting Officer of PayPal, sold 1,337 shares of common stock at $58.1 on 2026-07-29, leaving 2,216 shares owned afterward.
2026-07-304Insider transaction report (Form 4)
Frank Keller, PayPal's President of Checkout Solutions, sold 732 shares of common stock at $58.10 on 2026-07-29, leaving 41,567 shares owned afterward.
2026-07-164Insider transaction report (Form 4)
Chris Natali (SVP, Chief Accounting Officer) converted 2,726 RSUs into 2,726 PayPal common shares, and 943 shares were withheld for taxes at $47.37 each.
2026-07-164Insider transaction report (Form 4)
Aaron Webster converted 8,523 RSUs into an equal number of PayPal common shares, then had 3,883 shares withheld to cover taxes at $47.37 each.
2026-07-164Insider transaction report (Form 4)
Frank Keller converted 1,639 RSUs into 1,639 PayPal common shares, then 907 shares were withheld to cover taxes at $47.37 each.
2026-06-174/AInsider transaction report (Form 4)
In an amended Form 4/A, PayPal CFOO Jamie S Miller had 6,129 common shares withheld to cover taxes at $41.53 per share, leaving 76,904 shares owned afterward.
2026-06-164Insider transaction report (Form 4)
Frank Keller, President of Checkout Solutions & PayPal at PayPal, was granted 146,778 Performance Stock Units on 2026-06-15. This was a compensation award, not an open-market purchase.
2026-06-164Insider transaction report (Form 4)
Miller was awarded 146,778 performance stock units, converted RSUs into 12,004 common shares (9,094 and 2,910 in two conversions), and disposed of 6,129 common shares at $41.53 per share.
2026-06-044Insider transaction report (Form 4)
Suzan Kereere, PayPal's President of Global Markets, sold 3,379 shares of common stock on 2026-06-03 at $42.7876 per share, leaving 30,983 shares owned afterward.
2026-06-044Insider transaction report (Form 4)
Frank Keller, President of Checkout Solutions & PayPal at PayPal, sold 4,612 shares of common stock at $42.54 on 2026-06-03, leaving 41,567 shares owned afterward.
2026-06-044Insider transaction report (Form 4)
PayPal SVP and Chief Accounting Officer Natali Chris sold 552 shares of common stock on the open market at $42.65 per share, leaving 1,770 shares owned afterward.
2026-06-024Insider transaction report (Form 4)
Jamie S Miller (CFOO) converted 7,415 RSUs into 7,415 PayPal common shares, then had 3,786 shares withheld to cover taxes at $44.75/share, leaving 71,029 shares owned.
2026-06-024Insider transaction report (Form 4)
SVP/Chief Accounting Officer Chris Natali converted 1,023 RSUs and 103 RSUs into 1,126 PayPal common shares, then had 390 shares withheld to cover taxes at $44.75 per share.
2026-06-024Insider transaction report (Form 4)
Suzan Kereere converted 6,903 RSUs into 6,903 PayPal common shares, then had 3,524 shares withheld to cover taxes at $44.75 each. No open-market purchase or sale occurred.
2026-06-024Insider transaction report (Form 4)
Frank Keller converted 6,903 and 3,418 restricted stock units into an equal number of PayPal common shares, and 5,709 shares were withheld to cover taxes at $44.75 per share.
2026-06-024Insider transaction report (Form 4)
PayPal EVP Aaron Webster converted 4,602 RSUs into common stock on June 1, with 2,097 shares withheld for taxes at $44.75.
2026-05-294Insider transaction report (Form 4)
PayPal President and CEO Enrique Lores was awarded 587,168 Performance Stock Units on 2026-05-27, a compensation grant rather than a purchase, bringing his holdings of this security to 587,168.
2026-05-204Insider transaction report (Form 4)
Director Carmine Di Sibio was awarded 6,275 shares of PayPal common stock as compensation, bringing his total holdings to 14,319 shares.
2026-05-204Insider transaction report (Form 4)
PayPal director Frank D. Yeary was awarded 6,275 shares of common stock, bringing his total ownership to 57,036 shares.
2026-05-204Insider transaction report (Form 4)
Director Deirdre Stanley was awarded 6,275 shares of PayPal common stock on 2026-05-19, bringing her total ownership to 12,489 shares.
2026-05-204Insider transaction report (Form 4)
PayPal director Deborah Messemer was awarded 6,275 shares of common stock (a grant, not a purchase), bringing her total ownership to 20,251 shares.
2026-05-204Insider transaction report (Form 4)
Director Ann Sarnoff was awarded 6,275 shares of PayPal common stock on 2026-05-19, a compensation grant rather than an open-market purchase. She now owns 38,142 shares directly.
2026-05-204Insider transaction report (Form 4)
Suzan Kereere sold a total of 4,162 shares of PayPal common stock on 2026-05-19 at prices between $44.1624 and $44.865, leaving 30,983 shares owned afterward.
2026-05-204Insider transaction report (Form 4)
PayPal director Joy Chik was awarded 6,275 shares of common stock as compensation on 2026-05-19, bringing their total ownership to 10,882 shares.
2026-05-204Insider transaction report (Form 4)
Director Jonathan Christodoro was awarded 6,275 shares of PayPal common stock as compensation, bringing his total holdings to 47,751 shares.
2026-05-204Insider transaction report (Form 4)
PayPal director David W. Dorman was granted 8,271 shares of common stock as compensation on 2026-05-19, bringing his total ownership to 81,121 shares.
2026-05-204Insider transaction report (Form 4)
Director David M. Moffett was awarded/granted 6,275 shares of PayPal common stock (compensation, not an open-market purchase), bringing his total holdings to 77,297 shares.
2026-05-204Insider transaction report (Form 4)
PayPal director Alyssa Henry was awarded 6,275 shares of common stock as compensation, bringing her total holdings to 7,485 shares.
Transcripts
Earnings callsFY2026 Q22026-07-28
Earnings calls
AI summary
positivePayPal reported better-than-expected Q2 2026 results with revenue growth of 5% and transaction margin dollar growth of 1% (3% excluding interest on customer balances). Non-GAAP EPS of $1.38 declined 1% year-over-year but exceeded guidance. The company is executing a multiyear transformation focused on three core businesses: Checkout Solutions with PayPal, Consumer Financial Services with Venmo, and Payment Services with Braintree. Key momentum drivers include Venmo and Braintree growing in the mid-teens, Buy Now Pay Later growing 26%, and Pay with Venmo growing 44%. Online branded checkout stabilized at 2% growth on a currency-neutral basis. Management raised full-year guidance for transaction margin dollars to approximately $15.6 billion and non-GAAP EPS to $5.38, while expecting low single-digit online branded checkout growth for the full year. The company is pursuing at least $1.5 billion in gross run rate cost savings over 2-3 years, with approximately $400 million identified by year-end 2026, and plans to reinvest a significant portion into high-priority growth initiatives including financial services expansion, Venmo and Braintree acceleration, consumer network investments, a
Key takeaways
- Q2 revenue grew 5% with transaction margin dollars excluding interest growing 3%, driven by Venmo monetization, strong credit performance, and Braintree improvement
- Buy Now Pay Later accelerated to 26% growth and Pay with Venmo grew 44%, outpacing the market and taking share from other payment methods
- Venmo delivered 14% year-over-year TPV growth marking the seventh consecutive quarter of double-digit growth, with customers using multiple products generating 9x higher ARPA than P2P-only users
- Braintree has delivered profitable growth for 9 consecutive quarters with mid-teens volume growth from combination of new deals, existing merchant deepening, and higher value-added service attachment
- Company is pursuing at least $1.5 billion in gross run rate cost savings over 2-3 years with $400 million identified by year-end 2026, to be reinvested in growth initiatives
Financial highlights
- Total payment volume accelerated to 9% currency-neutral growth reaching $486 billion
- Non-GAAP earnings per share declined 1% year-over-year to $1.38, exceeding guidance
- Transaction margin dollars excluding interest on customer balances grew 3% year-over-year
- Adjusted free cash flow was $1.8 billion, providing flexibility for investments and shareholder returns through $1.5 billion in Q2 share repurchases
Guidance
- Full year transaction margin dollars expected at approximately $15.6 billion or $14.5 billion excluding interest on customer balances
- Full year non-GAAP EPS raised to $5.38
- Online branded checkout expected to grow at low single-digit rate on currency-neutral basis for full year, revised from prior expectations
- Nontransaction operating expenses expected to grow 7% to 8% for full year
Q&A themes
- Reinvestment of cost savings into high-priority growth areas including financial services, product development, technology modernization, and marketing to drive long-term value creation
- Conviction in synergies across PayPal, Braintree, and Venmo businesses demonstrated through customer leverage, integrated merchant plans, technology platform modernization, and shared capabilities in risk and identity
- International market dynamics showing stabilization in Europe following period of very high growth rates, with normalization effects and competitive intensity offset by new innovation deployments and local execution improvements
- Specific examples of successful integrated merchant partnerships showing significant growth impact including 50% volume and transaction margin growth with large social commerce platform and 9% TPV growth expansion with leading marketplace
Risks
- Higher nontransaction operating expenses offsetting some transaction margin benefits as company invests heavily in growth initiatives and transformation, with full benefit of cost savings expected later in fourth quarter and beyond
- Transformation-related charges of approximately $120 million to $140 million expected in second half of 2026 as cost savings initiatives are executed
- Prior strategic initiatives have not always materialized as expected, creating execution risk for current transformation plan despite management's stated confidence and detailed planning
FY2026 Q12026-05-05
Earnings calls
AI summary
mixedPayPal Holdings reported solid Q1 2026 results with total payment volume reaching $464 billion, growing 8% on a currency-neutral basis. New CEO Enrique Lores outlined a comprehensive transformation strategy reorganizing the company around three core business units: Checkout Solutions and PayPal, Consumer Financial Services and Venmo, and Payment Services and Cliq. The company announced plans to generate at least $1.5 billion in gross run-rate cost savings over the next 2-3 years through organizational delayering, AI adoption, and automation. Non-GAAP EPS grew 1% to $1.34 in Q1. While first quarter showed improvements in Venmo (14% TPV growth) and PSP (11% growth), branded checkout remained challenged with 2% currency-neutral growth. Management reiterated full-year 2026 guidance expecting slightly positive to low single-digit branded checkout TPV growth, though Q2 guidance reflects expected year-over-year pressure from prior-year comparisons and timing of cost savings investments.
Key takeaways
- PayPal reorganized into three focused business units to improve execution and accountability, with unified consumer-merchant strategies for checkout to leverage two-sided network advantages
- Company targeting at least $1.5 billion in cost savings over 2-3 years through organizational simplification, AI deployment, and automation, with savings to be reinvested in growth initiatives
- Venmo delivered strong 14% TPV growth and enterprise payments accelerated to mid-teens, demonstrating strength in higher-margin business segments
- Branded checkout growth remained modest at 2% currency-neutral, with softer performance in Europe (particularly U.K. and Germany) partially offset by continued travel-related headwinds
- Management emphasized rebalancing investment focus toward consumer engagement and value proposition alongside merchant initiatives, including loyalty programs and financial services integration
Financial highlights
- Total payment volume grew 8% currency-neutral to $464 billion in Q1 2026; Venmo TPV accelerated to 14% year-over-year growth; enterprise payments accelerated to mid-teens growth
- Transaction margin dollars excluding interest on customer balances grew 3% in Q1, driven by credit performance, Venmo monetization, PSP profitability and loss improvements
- Non-GAAP EPS increased 1% to $1.34 in Q1; adjusted free cash flow reached $1.7 billion in Q1 and $6.8 billion on trailing 12-month basis
- Transaction revenue grew 7% on spot basis to $7.5 billion; transaction take rate declined 6 basis points to 1.62%; monthly active accounts increased 1% to 225 million
Guidance
- Full year 2026: Expect slightly positive to low single-digit branded checkout TPV growth; transaction margin dollars to decline slightly or be roughly flat excluding interest; non-GAAP EPS guidance ranging from down low single digits to slightly positive
- Q2 2026: Expect low single-digit revenue growth currency-neutral; low single-digit or approximately 3% decline in transaction margin dollars; transaction margin excluding interest to decline approximately 2%; mid-single-digit growth in nontransaction operating expenses; non-GAAP EPS to decline approximately 9%
- Company expects to deploy at least $1.5 billion in cost savings over 2-3 years, with first wave from structural realignment and second wave from AI adoption and automation across operations
- Guidance assumes approximately $6 billion in share repurchases and at least $6 billion of adjusted free cash flow for full year 2026
Q&A themes
- European market dynamics showing pressure from macro headwinds, travel slowdown, and competitive intensity, particularly in U.K. and Germany; management focused on country-level execution improvements
- Cost savings program structured in two phases: structural realignment focusing on eliminating duplication and layers, followed by aggressive AI and automation deployment across customer support, risk management, and technology development
- Asset portfolio strategy emphasizing investment in three core businesses (PayPal, Venmo, Braintree) to maximize shareholder value through synergies in customer acquisition, technology, and capabilities like risk management and identity
- Technology platform modernization proceeding module-by-module with focus on cloud-native architecture and aggressive AI adoption to accelerate developer productivity; merchant migration to new platforms planned to improve solutions
Risks
- Branded checkout momentum remains weak with only 2% currency-neutral growth and quarter-to-date trends at low end of guidance; European market showing particular pressure with softer U.K. and Germany performance and travel vertical weakness
- Q2 2026 presents most demanding year-over-year comparison with non-recurrence of prior-year payment partner renewal benefit (1.5 point TM dollar benefit) and discrete tax items, expected to pressure EPS by approximately 9%
- Technology platform modernization carries execution risk; new organizational structure requires operational transition through 2026-2027 and establishes new ways of working that could face implementation challenges or delays
FY2025 Q42026-02-03
Earnings calls
AI summary
mixedPayPal delivered solid overall 2025 performance with 6% transaction margin dollar growth and 14% non-GAAP EPS growth, but faces significant challenges in its core online branded checkout business. The company announced that Enrique Lores, former Board Chair, will become President and CEO effective March 1, replacing Alex Chriss, with the change aimed at improving execution and operational discipline. While Venmo revenue grew approximately 20% to $1.7 billion, Enterprise Payments delivered 7 consecutive quarters of profitable growth, and buy now, pay later exceeded $40 billion in TPV, online branded checkout TPV growth decelerated to just 1% in Q4 currency-neutral, down from 5% in Q3. Management attributed the deceleration to U.S. retail weakness, international headwinds particularly in Germany, deceleration in high-growth verticals, and slower-than-expected product deployment and merchant adoption. The company outlined a detailed three-pillar turnaround strategy focused on experience, presentment, and selection, with approximately 3 points of TM dollar growth headwind anticipated in 2026 from targeted growth investments, and guidance for slightly positive to low single-digit brande
Key takeaways
- PayPal expects online branded checkout TPV to grow at slightly positive to low single-digit rates in 2026, requiring recovery from Q4's 1% currency-neutral growth amid ongoing macro headwinds and execution challenges
- New CEO Enrique Lores will bring operational discipline and large-scale transformation experience to accelerate execution on three strategic priorities: experience optimization, competitive presentment placement, and consumer selection through loyalty programs
- Approximately 3 percentage points of TM dollar growth headwind is embedded in 2026 guidance from strategic growth investments, primarily in branded checkout and buy now, pay later, with payoff expected over multiple years
- Venmo and Enterprise Payments are performing well as diversified profit drivers, with Venmo reaching over 100 million active accounts and growing revenue 20% year-over-year, and Enterprise Payments returning to double-digit volume growth
Financial highlights
- Full year 2025 total payment volume reached $1.8 trillion with 7% growth (6% currency-neutral), and revenue grew 4% to $33.2 billion on both spot and currency-neutral basis
- Non-GAAP EPS increased 14% for full year to $5.31, though Q4 EPS of $1.23 came in $0.04 below guidance due to higher tax rate and OpEx timing
- Venmo revenue grew approximately 20% year-over-year to $1.7 billion in 2025, with TPV growing 13% in Q4 and monthly active accounts reaching 67 million
- Adjusted free cash flow was $2.1 billion in Q4 and $6.4 billion for full year 2025, with $6 billion in share repurchases completed and first quarterly dividend of $0.14 per share initiated
Guidance
- 2026 full year guidance: TM dollars expected to decline slightly or be roughly flat excluding interest on customer balances, with non-GAAP EPS ranging from low single-digit decline to slightly positive
- 2026 Q1 guidance: low single-digit revenue growth on currency-neutral basis, TM dollars to decline slightly or roughly flat, mid-single-digit non-transaction OpEx growth, and non-GAAP EPS down mid-single digits
- Company expects approximately 3% nontransaction operating expense growth for full year 2026 and assumes approximately $6 billion in share repurchases and at least $6 billion of adjusted free cash flow
- PayPal is no longer providing specific multiyear growth outlook previously communicated at Investor Day due to changes in e-commerce environment and product rollout pace, instead focusing on annual guidance and demonstrating improvement in branded checkout
Q&A themes
- Enrique Lores' appointment is focused on improving execution and operational discipline rather than changing overall strategy, with Lores deeply involved in setting 2026 plans and having reviewed capital allocation strategy and guidance
- Merchant adoption of PayPal's redesigned checkout experience has been slower than expected, requiring more hands-on integration support and dedicated teams focused on strategic merchants representing 25% of branded checkout volume
- Biometric authentication and competitive presentment alongside improved user experience are critical to driving branded checkout conversion improvements, with testing showing 2-5 points of conversion lift when fully deployed with merchants
- PayPal's diversified business model including Venmo, Enterprise Payments, and buy now, pay later provides multiple paths to deliver profitable growth even if branded checkout recovery takes longer to materialize
Risks
- Online branded checkout momentum has significantly decelerated with Q4 growth of only 1% currency-neutral, concentrated in U.S. retail weakness, international headwinds in Germany, and deceleration in travel, ticketing, crypto and gaming verticals
- Merchant adoption of new PayPal checkout experience and biometric capabilities remains slower than anticipated, with only 36% of consumers currently checkout-ready and approximately 30% of global checkout transactions using the redesigned paysheet, requiring extended execution timeline
- 2026 guidance assumes minimal in-year benefit from approximately 3 points of TM dollar growth investments with multiyear payoff expectations, creating near-term earnings pressure and execution risk if initiatives do not deliver expected long-term returns
FY2025 Q32025-10-28
Earnings calls
AI summary
positivePayPal Holdings delivered solid third quarter 2025 results with transaction margin dollar growth of 7% (excluding interest) and 12% non-GAAP EPS growth. The company raised full-year guidance for both transaction margin dollars and non-GAAP EPS. Management highlighted a more balanced growth mix across branded experiences, PSP, and Venmo, with branded experiences TPV growing 8% on a currency-neutral basis. Venmo continued its strong momentum with 14% TPV growth and $1.7 billion in annual revenue on pace, while Buy Now, Pay Later sustained 20% volume growth. The company announced major partnerships with OpenAI, Google, and Perplexity for agentic commerce capabilities and launched PayPal World in pilot stage. Additionally, PayPal initiated a quarterly dividend with a 10% payout ratio relative to net income as part of its disciplined capital allocation strategy, complementing its ongoing $6 billion annual share buyback program.
Key takeaways
- PayPal is on pace for 6% to 7% transaction margin dollar growth in 2025 excluding interest, compared to negative growth two years ago, demonstrating successful business transformation
- Branded experiences TPV grew 8% currency-neutral in Q3, with U.S. branded experiences accelerating to 10% growth driven by omnichannel adoption and improved online checkout trends
- Venmo reached an inflection point with 14% TPV growth, nearly 100 million total active accounts, 66 million monthly active accounts (up 7% YoY), and $1.7 billion in annual revenue (up 20% YoY)
- Buy Now, Pay Later sustained 20% quarterly volume growth with $40 billion in 2025 TPV on pace, 21% monthly active account growth, and an 80 net promoter score globally
- Company is raising full-year transaction margin dollar guidance to $15.45-$15.55 billion (5-6% growth) and non-GAAP EPS guidance to $5.35-$5.39 (15-16% growth)
Financial highlights
- Total payment volume accelerated to 8% growth at spot and 7% on currency-neutral basis to over $458 billion in Q3
- Non-GAAP operating income grew 6% to nearly $1.6 billion, with 12% non-GAAP EPS growth reflecting strong transaction margin performance
- Adjusted free cash flow was $2.3 billion in Q3 or $4.3 billion year-to-date, with guidance of $6-7 billion full-year adjusted free cash flow
- Company completed $1.5 billion in share repurchases in Q3, bringing total buybacks over past four quarters to $5.7 billion; ended quarter with $14.4 billion in cash and $11.4 billion in debt
Guidance
- Fourth quarter transaction margin expected between $4.02-4.12 billion (3.5% growth at midpoint), with 5% growth excluding interest compared to 7% year-to-date
- Fourth quarter non-GAAP EPS guidance of $1.27-1.31, representing 7-10% growth; full-year non-GAAP EPS raised to $5.35-5.39 (15-16% growth)
- Fourth quarter currency-neutral revenue growth expected in mid-single digits with low single-digit non-transaction OpEx growth
- Full-year guidance projects approximately $6 billion in share buybacks and $6-7 billion in adjusted free cash flow (excluding pay later receivables timing)
Q&A themes
- Agentic commerce partnership strategy and right to win: Company announced major partnerships with OpenAI, Google, and Perplexity; launched PayPal agentic commerce services allowing merchants single integration to reach multiple LLMs; positioned well with largest wallet ecosystem and merchant base
- Venmo growth trajectory and ARPA upside: Current ARPA of ~$25 per monthly active account with significant upside; debit card adoption at 4x the rate of two years ago; subset of users engaging across P2P, debit, and Pay with Venmo show 4x higher ARPA; further upside from direct deposit and instant add features
- Branded checkout acceleration path and near-term deceleration: U.S. year-to-date growth exceeding prior year; macro headwinds in September and October creating deceleration; redesigned pay sheet now at 25% of global transactions showing 2-5% conversion improvement; investing in biometrics and upstream presentment to drive acceleration
- Buy Now, Pay Later geography and unit economics: Less than 30% of BNPL originations in U.S. with strong global presence; 40-day average portfolio turn; economics on par or better than peers; focus on holistic branded checkout engagement with 35-40% incremental usage uplift
Risks
- Macro headwinds observed in September and October with softer consumer discretionary spending in Europe and U.S., basket sizes declining, and continued uncertain macro backdrop affecting guidance
- Company is reinvesting margin dollars in growth investments in Q4 and expects near-term headwinds to transaction margin dollars and earnings growth in 2026 to fund strategic initiatives around agentic commerce, BNPL upstream presentment, and other product investments
- Interest rate cuts continuing to create headwinds; credit business facing tougher year-over-year comparisons in Q4 after strong outperformance in prior year, with normalization expected in credit losses
FY2025 Q22025-07-29
Earnings calls
FY2025 Q12025-04-29
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- PayPal Lifts Full-Year Outlook, CEO Stresses Turnaround Plan
- PayPal raises 2026 profit forecast as turnaround gains traction
- How PayPal's CEO Is Planning to Go It Alone and Fix the Payments Giant
- PayPal cuts 220 India jobs as part of previously announced restructuring plan, source says
- PayPal shares fall after report Advent, Stripe consortium abandons takeover pursuit
- PayPal Shares Dive Premarket on Report of Advent, Stripe Abandoning Takeover Plan
Company data
Company intelligence
Updated: Nov 13, 2026, 02:01 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Financial Services
- Industry
- Financial - Credit Services
- Chief executive
- Enrique J. Lores
- Employees
- 23,800
- IPO date
- Jul 6, 2015
- Country
- US
- Exchange
- NASDAQ Global Select
Altman Z-scorei1.92
Piotroski scorei7/9
Overall ratingiA-
Owner earningsi$1.80B$2.00 per share
ESG risk ratingiB-Industry rank: 84/93
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 2/5
- Price to earningsi
- 3/5
- Price to booki
- 2/5
Company press releases
PayPal Holdings Investigation Initiated: Kahn Swick & Foti, LLC Investigates the Officers and Directors of PayPal Holdings, Inc. - PYPLPRNewsWireVenmo Kicks Off 2026-2027 NIL Season with Nine Standout Student-Athletes and Introduces Money MovesPRNewsWirePayPal and Venmo Expand to Tuition Payments in New Integrations with Illumia, Nelnet Campus Commerce, and TouchNetPRNewsWirePayPal Reports Second Quarter 2026 ResultsPRNewsWireKuehn Law Encourages Investors of PayPal Holdings, Inc. to Contact Law FirmGlobeNewsWire64% of UK Consumers Want to Use Agentic AI for Shopping, According to New Research from Commerce and PayPalGlobeNewsWire
Congressional disclosures
Senate
John BoozmanPurchase · $1,001 - $15,000Disclosed: Aug 16, 2026John BoozmanPurchase · $1,001 - $15,000Disclosed: Aug 17, 2026Alan ArmstrongPurchase · $1,001 - $15,000Disclosed: Jul 22, 2026Angus Stanley KingSale · $1,001 - $15,000Disclosed: Mar 24, 2026Angus KingSale · $1,001 - $15,000Disclosed: Mar 24, 2026
House
Ro KhannaSale · $1,001 - $15,000Disclosed: Oct 9, 2026Gilbert Ray CisnerosSale (Partial) · $1,001 - $15,000Disclosed: Jun 9, 2026Gilbert Ray CisnerosSale · $1,001 - $15,000Disclosed: Jun 9, 2026Gilbert CisnerosSale · $1,001 - $15,000Disclosed: Jun 9, 2026Gilbert Ray CisnerosSale (Partial) · $1,001 - $15,000Disclosed: Jun 9, 2026
Market cap history
$49.50B-8.7%Aug 2026 – Nov 2026
Latest: $49.50B · 2026-11-12High: $55.20B · 2026-08-24Low: $46.69B · 2026-10-26
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.06% | 25.2M |
| VOO | 0.06% | 21.1M |
| QQQ | 0.2% | 17.8M |
| FXAIX | 0.08% | 12.4M |
| VO | 0.27% | 11.6M |
| IVV | 0.07% | 11.4M |
| XAW.TO | 0.04% | 11.4M |
| 1557.T | 0.07% | 10.5M |
| SPY | 0.07% | 10.4M |
| RDVY | 1.69% | 7.8M |
| S5SD.L | 0.11% | 6.9M |
| XLF | 0.58% | 5.8M |
Analyst track record
How the analysts covering PYPL have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 210 | 658 |
| Analysts | 49 | 72 |
| Buy / hold / sell | 22 / 155 / 33 | 224 / 386 / 48 |
| Upgrades / downgrades / initiations | 3 / 17 / 5 | 12 / 31 / 17 |
| Price targets hit / missed | 108 / 65 (62%) | 116 / 419 (22%) |
| Avg. return after a rating (TipRanks) | +10.1% | -14.2% |
| Best / worst call | +71.5% / -35.2% | +71.5% / -53.4% |
After buy calls on this stock: median 21-day move +0.5% vs S&P 500 -0.3% (n = 261)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Colin SebastianRobert W. Baird70% hit rate on this stock · 10 targets measuredHoldtarget $58.00Oct 28, 2026
- Tien Tsin HuangJ.P. Morgan44% hit rate on this stock · 9 targets measuredHoldtarget $65.00Oct 28, 2026
- Daniel PerlinRBC Capital44% hit rate on this stock · 16 targets measuredBuytarget $70.00Oct 27, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 10, 2026 | Harshita RawatBernsteinNov 10, 2026 | HoldMaintained | $60.00↗ | article ↗ |
| Nov 9, 2026 | Jason KupferbergWells FargoNov 9, 2026 | HoldMaintained | $56.00↗ | article ↗ |
| Nov 3, 2026 | Mikhail ParamonovFreedom Capital MarketsNov 3, 2026 | HoldDowngraded | $63.00↗ | article ↗ |
| Nov 2, 2026 | Harshita RawatBernsteinNov 2, 2026 | HoldMaintained | $55.00↗ | article ↗ |
| Oct 29, 2026 | Nik CremoBarclaysOct 29, 2026 | SellDowngraded | $53.00↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 210 ratings
Frequently asked questions
Where can I trade PYPL perpetual futures?
PayPal Holdings, Inc. (PYPL) perpetual futures trade on 14 crypto venues, including Deepcoin, BingX, KuCoin. PerpEquities compares them by live price, funding rate, open interest and liquidity.
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Right now the PYPL perp funding rate is 0.0% annualized (venue median), ranging from -86.1% to +5.5% across 14 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the PYPL perp price compare to the PayPal Holdings, Inc. stock?
The venue-median PYPL perp mark is $59.2 versus a reference stock price of $59.2, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a PYPL perpetual future?
A PYPL perpetual is a derivative that tracks the price of PayPal Holdings, Inc. with no expiry date. It lets you take long or short exposure to PayPal Holdings, Inc. on crypto venues, around the clock.
What is PYPLUSDT perpetual?
PYPLUSDT is the symbol most crypto exchanges use for the PayPal Holdings, Inc. perpetual settled in USDT (Tether). It tracks the PYPL share price through an index, trades 24/7 with leverage and never expires.
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