PayPal Holdings, Inc. (PYPL)财务
NASDAQ · Financial Services · Financial - Credit Services · 员工23,800人 · CEO Enrique J. Lores
- 股价
- $57.01 +0.11%
- 市值
- $474亿
- 企业价值
- $537亿
- 最近财报
- Q3 '26 2026-10-27提交
- 下次财报
- 2027-02-02 EPS预期 $1.42
营收(TTM)$343亿+4.4% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)18.3%+0.1 百分点 对比去年同期营业利润 $62.9亿
净利润(TTM)$47.3亿-3.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)$63亿+13.2% 对比去年同期资本支出 $7.94亿
稀释EPS(TTM)$5.24+5.0% 对比去年同期最近4个季度之和
净现金-$31.9亿-512.7% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $474亿 EV $537亿
- 营收
- $343亿 过去12个月
- 营收增速
- +4% FY2026年一致预期
- 净利润率
- 13.8% 净利润 / 营收,TTM
- P/E
- 10.8× 预期 10.2×(FY2026)
- P/S
- 1.4× 股价 / 营收,TTM
- EV / EBITDA
- 7.2× TTM
- 自由现金流
- $63亿 过去12个月
- 净利润
- $47.3亿 过去12个月
- 营收预期
- $346亿 FY2026年一致预期
- 盈利
- 2027-02-02 营收预期 $89.2亿
- 股息
- $0.42 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-27):营收低于预期1.5%,EPS 超预期10.7%营收$85.8亿,预期$87.1亿(-1.5%);EPS $1.45,预期$1.31(+10.7%)。
- 营收增长放缓:同比2.0%Q3 '26营收$85.8亿,此前四个季度的平均值为5.7%。
- 营业利润率18.3%(TTM),较去年同期+0.1 百分点营收增长4.4%,营业利润增长4.9%。
- 税前利润的10.3%被营业外亏损吞噬税前利润$57亿,营业利润$62.9亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的2.3%(去年为2.6%)最近4个季度投入$7.94亿(同比-7.8%)。自由现金流$63亿,相当于净利润的133.3%。
- 股东回报$65.5亿 = 自由现金流的104.0%回购$60.5亿(去年为$58.2亿),股息$5亿,股权激励$9.77亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少12.3%Q3 '26稀释股数8.58亿,一年前为9.78亿。
- 净债务 $31.9亿现金 + 短期投资 $103亿,含租赁债务 $135亿;一年前净债务 $5.21亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $85.8亿 | $84.2亿 | +2.0% |
| 毛利率 | 41.0% | 46.0% | -5.0 百分点 |
| 营业利润 | $14亿 | $15.2亿 | -7.8% |
| 营业利润率 | 16.3% | 18.1% | -1.7 百分点 |
| 净利润 | $10.7亿 | $12.5亿 | -14.0% |
| 稀释EPS | $1.25 | $1.30 | -3.8% |
| 经营现金流 | $15.9亿 | $19.7亿 | -19.4% |
| 资本支出 | $1.61亿 | $2.56亿 | -37.1% |
| 自由现金流 | $14.3亿 | $17.2亿 | -16.7% |
| R&D | $8.31亿 | $8.01亿 | +3.7% |
| 股权激励费用 | $2.33亿 | $2.57亿 | -9.3% |
实际 vs 一致预期
2026-10-27| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $85.8亿 | $87.1亿 | -1.5% |
| EPS(一致预期口径) | $1.45 | $1.31 | +10.7% |
来自2026-10-27发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Transaction Revenue | $77.1亿 | +2.5% | 89.8% | $309亿 | +4.4% | |
| Other Value Added Services | $8.73亿 | -2.5% | 10.2% | $34.3亿 | +4.2% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $50亿 | +5.2% | 58.3% | $199亿 | +6.5% | |
| Countries Other Than US And United Kingdom | $35.8亿 | -2.2% | 41.7% | $144亿 | +1.5% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $70.9亿
- 资本支出
- -$7.94亿
- 股票回购
- -$60.5亿
- 股息
- -$5亿
- 收购
- -$1.22亿
- 债务净发行
- $20.2亿
- 股权激励费用
- $9.77亿
- 自由现金流
- $63亿
- 股东回报 / FCF
- 104.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 10.8× | 27.0× | 10.7× – 53.1× |
| EV / EBITDA | 7.2× | 17.7× | 7.5× – 40.3× |
| EV / 营收 | 1.6× | 3.8× | 1.7× – 8.9× |
| 股价 / FCF | 7.5× | 20.1× | 10.1× – 45.3× |
| 股价 / 净资产 | 2.5× | 4.9× | 2.8× – 10.2× |
| FCF收益率 | 13.3% | 6.5% | 2.2% – 9.9% |
| 投入资本回报率 | 14.4% | 12.0% | 8.2% – 15.0% |
| 净资产收益率 | 23.8% | 19.5% | 11.9% – 25.8% |
分析师
一致目标价 $55.88 (-2.0%)
区间 $45.00 – $70.00 · 评级 Hold
强烈买入0
买入25
持有40
卖出5
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $346亿 | +4.2% | $5.57 | +2.9% | 10.2× | 26 |
| FY2027 | $360亿 | +4.2% | $5.90 | +6.1% | 9.7× | 27 |
| FY2028 | $377亿 | +4.6% | $6.41 | +8.5% | 8.9× | 19 |
| FY2029 | $388亿 | +3.0% | $6.61 | +3.1% | 8.6× | 8 |
| FY2030 | $403亿 | +4.0% | $6.89 | +4.3% | 8.3× | 14 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
PayPal Holdings, Inc.在近期10-Q / 10-K文件中标记的全部301项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1.52亿 | $2.08亿 | -26.9% | $2.4亿 | $2.27亿 | +5.7% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $7.16亿 | $9.73亿 | -26.4% | $8.4亿 | $9.84亿 | -14.6% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $200万 | $2000万 | -90.0% | $8300万 | $3.35亿 | -75.2% |
| Accrued Liabilities, Current | $42.8亿 | $40.5亿 | +5.8% | $60.1亿 | $55.9亿 | +7.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $81.1亿2025-12-31 | $74.8亿 | +8.4% | $81.1亿 | $74.8亿 | +8.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$4.86亿 | -$7亿 | +30.6% | -$6.58亿 | -$5.5亿 | -19.6% |
| Additional Paid in Capital | $223亿 | $214亿 | +4.2% | $216亿 | $207亿 | +4.2% |
| Advertising Expense | – | – | – | $8.67亿 | $5.74亿 | +51.0% |
| Amortization of Intangible Assets | $3300万 | $4700万 | -29.8% | $1.75亿 | $2.07亿 | -15.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1400万 | 1200万 | +16.7% | 1100万 | 900万 | +22.2% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $2.63亿 | $2.89亿 | -9.0% | $11.4亿 | $13.3亿 | -14.4% |
| APIC, Share-based Payment Arrangement, Recognition and Exercise | -$5400万 | -$6600万 | +18.2% | -$2.58亿 | -$2.63亿 | +1.9% |
| Asset Impairment Charges | – | – | – | $0 | $0 | – |
| Assets | $816亿 | $798亿 | +2.3% | $802亿 | $787亿 | +1.8% |
| Assets, Current | $605亿 | $602亿 | +0.6% | $598亿 | $582亿 | +2.7% |
| Business Combination, Consideration Transferred | $1.34亿2026-03-31 | – | – | $27亿2018-12-31 | $4.2亿 | +542.9% |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $900万 | $1400万 | -35.7% |
| Cash and Cash Equivalents, at Carrying Value | $71.6亿 | $90亿 | -20.4% | $80.5亿 | $66.6亿 | +20.8% |
| Cash and Cash Equivalents, Fair Value Disclosure | $80亿2025-12-31 | $66亿 | +21.2% | $80亿 | $66亿 | +21.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $201亿 | $239亿 | -15.8% | $240亿 | $225亿 | +6.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$18.8亿 | $48.7亿 | -138.7% | $15.3亿 | $6.56亿 | +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 | 40亿 | 40亿 | 0.0% | 40亿 | 40亿 | 0.0% |
| Common Stock, Shares, Outstanding | 8.37亿 | 9.41亿 | -11.1% | 9.2亿 | 9.93亿 | -7.4% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $10.9亿 | $12.9亿 | -15.3% | $51.3亿 | $43.4亿 | +18.0% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | $2.87亿 | $2.03亿 | +41.4% | $2.38亿 | $2.07亿 | +15.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$1.16亿 | $3.42亿 | -133.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $8.93亿 | $5.02亿 | +77.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $8.42亿 | $9.51亿 | -11.5% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $6500万 | $1.07亿 | -39.3% |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $1.19亿 | $1.21亿 | -1.7% | $1.01亿 | $1.4亿 | -27.9% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $900万 | $1800万 | -50.0% | $1800万 | $2900万 | -37.9% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $3600万 | $600万 | +500.0% | $500万 | $1500万 | -66.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $32.7亿 | $29.6亿 | +10.3% | $32.8亿 | $15.9亿 | +106.8% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $27.7亿 | $24.7亿 | +12.1% | $19.5亿 | $33.3亿 | -41.3% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $60.7亿 | $39.5亿 | +53.7% | $37.8亿 | $49.7亿 | -23.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $104亿 | $93.9亿 | +11.2% | $98.9亿 | $114亿 | -13.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $2.79亿 | $1.32亿 | +111.4% | $4.26亿 | $9.42亿 | -54.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $0 | $0 | – | $100万 | $500万 | -80.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $87.6亿 | $57.2亿 | +53.1% | $55.1亿 | $56.4亿 | -2.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $3600万 | $600万 | +500.0% | $400万 | $1000万 | -60.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $32.4亿 | $29.7亿 | +9.3% | $32.9亿 | $15.8亿 | +107.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $27.7亿 | $24.7亿 | +11.9% | $19.5亿 | $33.4亿 | -41.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $60.7亿 | $39.6亿 | +53.5% | $37.9亿 | $49.8亿 | -23.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $104亿 | $93.9亿 | +11.2% | $98.9亿 | $114亿 | -13.2% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $90.4亿 | $58.5亿 | +54.4% | $59.3亿 | $65.8亿 | -9.8% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $3600万 | $600万 | +500.0% | $500万 | $1500万 | -66.7% |
| Debt, Current | $25.3亿 | – | – | $02019-12-31 | $20亿 | -100.0% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss | $225亿 | $188亿 | +20.1% | $189亿 | $213亿 | -11.2% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $225亿 | $188亿 | +19.9% | $189亿 | $213亿 | -11.2% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterestNoncurrent | $30.5亿 | $20亿 | +52.8% | $24.2亿 | $30亿 | -19.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $2.95亿 | $2.78亿 | +6.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$6300万 | -$1800万 | -250.0% |
| Deferred Income Tax Expense (Benefit) | $8500万 | $1.82亿 | -53.3% | $2.17亿 | $2.31亿 | -6.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$1500万 | -$2900万 | +48.3% |
| Deferred Tax Assets, Capital Loss Carryforwards | $2.99亿2025-12-31 | – | – | $2.99亿 | – | – |
| Deferred Tax Assets, Gross | $25.3亿2025-12-31 | $22.4亿 | +13.2% | $25.3亿 | $22.4亿 | +13.2% |
| Deferred Tax Assets, Net | $12.5亿2025-12-31 | $15亿 | -16.4% | $12.5亿 | $15亿 | -16.4% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-02