PayPal Holdings, Inc. (PYPL) financials
NASDAQ · Financial Services · Financial - Credit Services · 23,800 employees · CEO Enrique J. Lores
- Price
- $57.01 +0.11%
- Market cap
- $47.4B
- Enterprise value
- $53.7B
- Last report
- Q3 '26 filed 2026-10-27
- Next report
- 2027-02-02 EPS est. $1.42
Revenue (TTM)$34.3B+4.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)18.3%+0.1 pp vs a year agoOperating income $6.29B
Net income (TTM)$4.73B-3.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$6.3B+13.2% vs a year agoCapex $794M
Diluted EPS (TTM)$5.24+5.0% vs a year agoSum of the last 4 quarters
Net cash-$3.19B-512.7% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $47.4B EV $53.7B
- Revenue
- $34.3B Trailing 12 months
- Revenue growth
- +4% FY2026 consensus
- Profit margin
- 13.8% Net income / revenue, TTM
- P/E
- 10.8× Forward 10.2× (FY2026)
- P/S
- 1.4× Price / sales, TTM
- EV / EBITDA
- 7.2× TTM
- Free cash flow
- $6.3B Trailing 12 months
- Net income
- $4.73B Trailing 12 months
- Revenue estimate
- $34.6B FY2026 consensus
- Earnings
- 2027-02-02 Revenue est. $8.92B
- Dividend
- $0.42 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-27): revenue missed by 1.5%, EPS beat by 10.7%Revenue $8.58B vs $8.71B expected (-1.5%); EPS $1.45 vs $1.31 (+10.7%).
- Revenue growth slowing: 2.0% year on yearQ3 '26 revenue $8.58B, against an average of 5.7% over the four quarters before.
- Operating margin 18.3% (TTM), +0.1 pp on a year agoOperating income grew 4.9% while revenue grew 4.4%.
- 10.3% of pre-tax profit is eaten by non-operating lossesPre-tax income $5.7B vs operating income $6.29B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 2.3% of revenue (a year ago 2.6%)$794M invested in the last 4 quarters (-7.8% on a year earlier). Free cash flow $6.3B = 133.3% of net income.
- Returned $6.55B to shareholders = 104.0% of free cash flowBuybacks $6.05B (a year earlier $5.82B), dividends $500M, stock-based pay $977M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 12.3% in a year858M diluted shares in Q3 '26, 978M a year earlier.
- Net debt $3.19BCash + short-term investments $10.3B, debt incl. leases $13.5B; a year ago net debt $521M.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $8.58B | $8.42B | +2.0% |
| Gross margin | 41.0% | 46.0% | -5.0 pp |
| Operating income | $1.4B | $1.52B | -7.8% |
| Operating margin | 16.3% | 18.1% | -1.7 pp |
| Net income | $1.07B | $1.25B | -14.0% |
| Diluted EPS | $1.25 | $1.30 | -3.8% |
| Operating cash flow | $1.59B | $1.97B | -19.4% |
| Capex | $161M | $256M | -37.1% |
| Free cash flow | $1.43B | $1.72B | -16.7% |
| R&D | $831M | $801M | +3.7% |
| Stock-based compensation | $233M | $257M | -9.3% |
Reported vs consensus
2026-10-27| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $8.58B | $8.71B | -1.5% |
| EPS (as estimated) | $1.45 | $1.31 | +10.7% |
From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Transaction Revenue | $7.71B | +2.5% | 89.8% | $30.9B | +4.4% | |
| Other Value Added Services | $873M | -2.5% | 10.2% | $3.43B | +4.2% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $5B | +5.2% | 58.3% | $19.9B | +6.5% | |
| Countries Other Than US And United Kingdom | $3.58B | -2.2% | 41.7% | $14.4B | +1.5% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $7.09B
- Capex
- -$794M
- Buybacks
- -$6.05B
- Dividends
- -$500M
- Acquisitions
- -$122M
- Net debt issued
- $2.02B
- Stock-based compensation
- $977M
- Free cash flow
- $6.3B
- Returned to shareholders / FCF
- 104.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 10.8× | 27.0× | 10.7× – 53.1× |
| EV / EBITDA | 7.2× | 17.7× | 7.5× – 40.3× |
| EV / Sales | 1.6× | 3.8× | 1.7× – 8.9× |
| Price / FCF | 7.5× | 20.1× | 10.1× – 45.3× |
| Price / Book | 2.5× | 4.9× | 2.8× – 10.2× |
| FCF yield | 13.3% | 6.5% | 2.2% – 9.9% |
| Return on invested capital | 14.4% | 12.0% | 8.2% – 15.0% |
| Return on equity | 23.8% | 19.5% | 11.9% – 25.8% |
Analysts
Consensus target $55.88 (-2.0%)
range $45.00 – $70.00 · rating Hold
Strong buy0
Buy25
Hold40
Sell5
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $34.6B | +4.2% | $5.57 | +2.9% | 10.2× | 26 |
| FY2027 | $36B | +4.2% | $5.90 | +6.1% | 9.7× | 27 |
| FY2028 | $37.7B | +4.6% | $6.41 | +8.5% | 8.9× | 19 |
| FY2029 | $38.8B | +3.0% | $6.61 | +3.1% | 8.6× | 8 |
| FY2030 | $40.3B | +4.0% | $6.89 | +4.3% | 8.3× | 14 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 301 figures PayPal Holdings, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $152M | $208M | -26.9% | $240M | $227M | +5.7% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $716M | $973M | -26.4% | $840M | $984M | -14.6% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $2M | $20M | -90.0% | $83M | $335M | -75.2% |
| Accrued Liabilities, Current | $4.28B | $4.05B | +5.8% | $6.01B | $5.59B | +7.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $8.11B2025-12-31 | $7.48B | +8.4% | $8.11B | $7.48B | +8.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$486M | -$700M | +30.6% | -$658M | -$550M | -19.6% |
| Additional Paid in Capital | $22.3B | $21.4B | +4.2% | $21.6B | $20.7B | +4.2% |
| Advertising Expense | – | – | – | $867M | $574M | +51.0% |
| Amortization of Intangible Assets | $33M | $47M | -29.8% | $175M | $207M | -15.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14M | 12M | +16.7% | 11M | 9M | +22.2% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $263M | $289M | -9.0% | $1.14B | $1.33B | -14.4% |
| APIC, Share-based Payment Arrangement, Recognition and Exercise | -$54M | -$66M | +18.2% | -$258M | -$263M | +1.9% |
| Asset Impairment Charges | – | – | – | $0 | $0 | – |
| Assets | $81.6B | $79.8B | +2.3% | $80.2B | $78.7B | +1.8% |
| Assets, Current | $60.5B | $60.2B | +0.6% | $59.8B | $58.2B | +2.7% |
| Business Combination, Consideration Transferred | $134M2026-03-31 | – | – | $2.7B2018-12-31 | $420M | +542.9% |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $9M | $14M | -35.7% |
| Cash and Cash Equivalents, at Carrying Value | $7.16B | $9B | -20.4% | $8.05B | $6.66B | +20.8% |
| Cash and Cash Equivalents, Fair Value Disclosure | $8B2025-12-31 | $6.6B | +21.2% | $8B | $6.6B | +21.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $20.1B | $23.9B | -15.8% | $24B | $22.5B | +6.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$1.88B | $4.87B | -138.7% | $1.53B | $656M | +132.9% |
| Common Stock, Dividends, Per Share, Declared | $0.14 | – | – | $0.14 | – | – |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 4B | 4B | 0.0% | 4B | 4B | 0.0% |
| Common Stock, Shares, Outstanding | 837M | 941M | -11.1% | 920M | 993M | -7.4% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.09B | $1.29B | -15.3% | $5.13B | $4.34B | +18.0% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | $287M | $203M | +41.4% | $238M | $207M | +15.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$116M | $342M | -133.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $893M | $502M | +77.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $842M | $951M | -11.5% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $65M | $107M | -39.3% |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $119M | $121M | -1.7% | $101M | $140M | -27.9% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $9M | $18M | -50.0% | $18M | $29M | -37.9% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $36M | $6M | +500.0% | $5M | $15M | -66.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $3.27B | $2.96B | +10.3% | $3.28B | $1.59B | +106.8% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $2.77B | $2.47B | +12.1% | $1.95B | $3.33B | -41.3% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $6.07B | $3.95B | +53.7% | $3.78B | $4.97B | -23.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $10.4B | $9.39B | +11.2% | $9.89B | $11.4B | -13.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $279M | $132M | +111.4% | $426M | $942M | -54.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $0 | $0 | – | $1M | $5M | -80.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $8.76B | $5.72B | +53.1% | $5.51B | $5.64B | -2.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $36M | $6M | +500.0% | $4M | $10M | -60.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $3.24B | $2.97B | +9.3% | $3.29B | $1.58B | +107.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $2.77B | $2.47B | +11.9% | $1.95B | $3.34B | -41.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $6.07B | $3.96B | +53.5% | $3.79B | $4.98B | -23.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $10.4B | $9.39B | +11.2% | $9.89B | $11.4B | -13.2% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $9.04B | $5.85B | +54.4% | $5.93B | $6.58B | -9.8% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $36M | $6M | +500.0% | $5M | $15M | -66.7% |
| Debt, Current | $2.53B | – | – | $02019-12-31 | $2B | -100.0% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss | $22.5B | $18.8B | +20.1% | $18.9B | $21.3B | -11.2% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $22.5B | $18.8B | +19.9% | $18.9B | $21.3B | -11.2% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterestNoncurrent | $3.05B | $2B | +52.8% | $2.42B | $3B | -19.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $295M | $278M | +6.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$63M | -$18M | -250.0% |
| Deferred Income Tax Expense (Benefit) | $85M | $182M | -53.3% | $217M | $231M | -6.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$15M | -$29M | +48.3% |
| Deferred Tax Assets, Capital Loss Carryforwards | $299M2025-12-31 | – | – | $299M | – | – |
| Deferred Tax Assets, Gross | $2.53B2025-12-31 | $2.24B | +13.2% | $2.53B | $2.24B | +13.2% |
| Deferred Tax Assets, Net | $1.25B2025-12-31 | $1.5B | -16.4% | $1.25B | $1.5B | -16.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02