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PayPal (PYPL)

Market Price (11/18/2025): $61.55 | Market Cap: $58.5 Bil
Sector: Financials | Industry: Transaction & Payment Processing Services

PayPal (PYPL)

Market Price (11/18/2025): $61.55
Market Cap: $58.5 Bil
Sector: Financials
Industry: Transaction & Payment Processing Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3%, FCF Yield is 9.5%	Weak multi-year price returns 2Y Excs Rtn is -37%, 3Y Excs Rtn is -97%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 6.4 Bil, FCF LTM is 5.6 Bil
2	Low stock price volatility Vol 12M is 38%
3	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments, E-commerce & Digital Retail, Cybersecurity, and AI in Financial Services. Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3%, FCF Yield is 9.5%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 6.4 Bil, FCF LTM is 5.6 Bil
2	Low stock price volatility Vol 12M is 38%
3	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments, E-commerce & Digital Retail, Cybersecurity, and AI in Financial Services. Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -37%, 3Y Excs Rtn is -97%

Market Valuation & Key Metrics

	11/18/25	2024	2023	2022	2021
Share Price CYE	$61.55	$85.35	$61.41	$71.22	$188.58
Market Cap CYE ($ Bil)	58.5	85.0	66.3	81.1	221.4
Total Debt ($ Bil)	11.3	9.9	9.7	10.4	8.0
Total Cash ($ Bil)	10.8	10.8	14.1	10.9	9.4
Enterprise Value ($ Bil)	59.0	94.9	76.0	91.5	229.4
Valuation Ratios
P/S TTM	1.8	2.8	2.3	3.0	8.7
P/EBIT TTM	9.0	15.4	11.8	22.4	51.1
P/E TTM	11.9	21.2	15.9	34.0	53.1
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	6.2	6.9	7.0	6.7	6.8
P/E TTM (Sector)	11.6	11.6	10.1	9.3	9.9

	11/18/25	2024	2023
Share Price CYE	$61.55	$85.35	$61.41
Market Cap CYE ($ Bil)	58.5	85.0	66.3
Total Debt ($ Bil)	11.3	9.9	9.7
Total Cash ($ Bil)	10.8	10.8	14.1
Enterprise Value ($ Bil)	59.0	94.9	76.0
Valuation Ratios
P/S TTM	1.8	2.8	2.3
P/EBIT TTM	9.0	15.4	11.8
P/E TTM	11.9	21.2	15.9
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8
P/EBIT TTM (Sector)	6.2	6.9	7.0
P/E TTM (Sector)	11.6	11.6	10.1

	PYPL	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	32.9
Rev Chg Q	7.3%	7.1%
Rev Chg LTM	4.5%	6.1%
Rev Chg 3Y Avg	6.7%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	6.3
CFO LTM ($ Bil)	6.4
Net Inc LTM ($ Bil)	4.9
Op Mgn LTM	19.2%	18.8%
CFO/Rev LTM	19.6%	20.5%
Net Inc Mgn	15.0%	13.1%
VALUATION	LOW
P/S	1.8	3.1
P/CFO	9.1	15.1
P/FCF	10.5	19.7
P/E	11.9	23.1
STABILITY	VERY GOOD
Debt/Equity	0.19	0.21
Cash/Assets	0.13	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Active Accounts	438000000	9302025	Link
Total Payment Volume (TPV)	458.1 billion	9302025	Link
Payment Transactions per Active Account (Trailing Twelve Months)	57.6	9302025	Link
Number of Merchant Accounts	36000000	12312024	Link
Payment Transactions	6300000000	9302025	Link
Global Online Payment Market Share	45%	2282025	Link
Venmo - Total Payment Volume	276 billion	12312025	Link
Number of active Venmo customers	92000000	2252025	Link

PYPL Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Between July 31, 2025, and November 18, 2025, PayPal's stock (PYPL) experienced an approximate 10% decline due to a combination of factors, including initial concerns over growth, operational disruptions, a competitive market, and cautious analyst sentiment.

1. Softer Branded Volume Growth and Macroeconomic Concerns
On July 29, 2025, PayPal's Q2 2025 earnings report revealed a softness in quarterly branded volume growth. This, coupled with broader concerns that potential tariffs could impact e-commerce spending later in the year, led to an 8% drop in the company's shares in early trading.

2. Significant Operational Disruptions and Outages
PayPal experienced notable service disruptions during this period. In August 2025, a system update disabled PayPal's automated fraud detection in Germany, resulting in German banks blocking over €10 billion in direct debit transactions. This caused widespread payment issues for customers and merchants. Furthermore, in October 2025, both PayPal and Venmo experienced major outages, preventing users from sending money or accessing services for over an hour. These operational setbacks likely contributed to investor apprehension and negative sentiment.

3. Continued Headwinds from Fintech Competition and Macroeconomic Uncertainty
Throughout 2025, PayPal has contended with increasing competition within the fintech sector and broader macroeconomic uncertainties. These persistent external challenges have weighed on the company's stock performance year-to-date, making it difficult for the stock to sustain upward momentum.

4. Lukewarm Investor Response to Stronger Q3 Earnings
Despite PayPal reporting strong Q3 2025 results on October 28, 2025, which beat both revenue and adjusted earnings per share forecasts and included the initiation of a quarterly dividend, the market's response was described as "lukewarm." The stock largely moved sideways in reaction to this positive news, indicating that underlying investor concerns or already-priced-in expectations limited any significant rally.

5. Analyst Downgrades and Predominantly "Hold" Ratings
The period saw various analyst actions that contributed to cautious investor sentiment. For instance, on November 14, 2025, PayPal shares fell after DBS cut its price target from $75 to $70 while maintaining a "hold" rating. Additionally, Truist maintained a "Sell" rating on November 4, 2025. The overall consensus among analysts remained "Hold" by November 17, 2025, suggesting that a lack of strong "Buy" recommendations or actual downgrades could have exerted downward pressure on the stock.

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Stock Movement Drivers

Fundamental Drivers

The -11.0% change in PYPL stock from 8/18/2025 to 11/17/2025 was primarily driven by a -17.0% change in the company's P/E Multiple.

	8182025	11172025	Change
Stock Price ($)	69.53	61.89	-10.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	32292.00	32862.00	1.77%
Net Income Margin (%)	14.49%	14.96%	3.26%
P/E Multiple	14.40	11.96	-16.96%
Shares Outstanding (Mil)	969.00	950.00	1.96%
Cumulative Contribution			-11.02%

LTM = Last Twelve Months as of date shown

Market Drivers

8/18/2025 to 11/17/2025

	Return	Correlation
PYPL	-11.0%
Market (SPY)	3.5%	53.1%
Sector (XLF)	-2.0%	53.3%

Fundamental Drivers

The -14.4% change in PYPL stock from 5/19/2025 to 11/17/2025 was primarily driven by a -23.8% change in the company's P/E Multiple.

	5192025	11172025	Change
Stock Price ($)	72.32	61.89	-14.42%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	31889.00	32862.00	3.05%
Net Income Margin (%)	14.26%	14.96%	4.96%
P/E Multiple	15.69	11.96	-23.77%
Shares Outstanding (Mil)	986.00	950.00	3.65%
Cumulative Contribution			-14.54%

LTM = Last Twelve Months as of date shown

Market Drivers

5/19/2025 to 11/17/2025

	Return	Correlation
PYPL	-14.4%
Market (SPY)	12.2%	53.8%
Sector (XLF)	0.0%	56.0%

Fundamental Drivers

The -27.9% change in PYPL stock from 11/17/2024 to 11/17/2025 was primarily driven by a -39.2% change in the company's P/E Multiple.

	11172024	11172025	Change
Stock Price ($)	85.83	61.89	-27.89%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	31457.00	32862.00	4.47%
Net Income Margin (%)	14.08%	14.96%	6.30%
P/E Multiple	19.67	11.96	-39.22%
Shares Outstanding (Mil)	1015.00	950.00	6.40%
Cumulative Contribution			-28.19%

LTM = Last Twelve Months as of date shown

Market Drivers

11/17/2024 to 11/17/2025

	Return	Correlation
PYPL	-27.9%
Market (SPY)	14.7%	64.0%
Sector (XLF)	4.3%	64.2%

Fundamental Drivers

The -27.1% change in PYPL stock from 11/18/2022 to 11/17/2025 was primarily driven by a -71.9% change in the company's P/E Multiple.

	11182022	11172025	Change
Stock Price ($)	84.92	61.89	-27.12%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	27053.00	32862.00	21.47%
Net Income Margin (%)	8.50%	14.96%	76.07%
P/E Multiple	42.63	11.96	-71.95%
Shares Outstanding (Mil)	1154.00	950.00	17.68%
Cumulative Contribution			-29.40%

LTM = Last Twelve Months as of date shown

Market Drivers

11/18/2023 to 11/17/2025

	Return	Correlation
PYPL	9.5%
Market (SPY)	51.1%	54.5%
Sector (XLF)	51.1%	55.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
PYPL Return	117%	-19%	-62%	-14%	39%	-27%	-43%
Peers Return	71%	32%	-41%	70%	28%	19%	245%
S&P 500 Return	16%	27%	-19%	24%	23%	13%	107%
Monthly Win Rates [3]
PYPL Win Rate	67%	50%	25%	58%	58%	60%
Peers Win Rate	62%	62%	28%	70%	58%	60%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
PYPL Max Drawdown	-21%	-23%	-64%	-29%	-9%	-33%
Peers Max Drawdown	-21%	-7%	-47%	-1%	-11%	-18%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: GOOGL, AMZN, SHOP, INTU, V. See PYPL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/17/2025 (YTD)

How Low Can It Go

Unique Key	Event	PYPL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-83.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	512.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-31.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	45.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	43 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-20.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	25.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	114 days	120 days

Compare to GOOGL, AMZN, SHOP, INTU, V

In The Past

PayPal's stock fell -83.7% during the 2022 Inflation Shock from a high on 7/23/2021. A -83.7% loss requires a 512.3% gain to breakeven.

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About PayPal (PYPL)

PayPal Holdings, Inc. operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. It provides payment solutions under the PayPal, PayPal Credit, Braintree, Venmo, Xoom, Zettle, Hyperwallet, Honey, and Paidy names. The company's payments platform allows consumers to send and receive payments in approximately 200 markets and in approximately 100 currencies, withdraw funds to their bank accounts in 56 currencies, and hold balances in their PayPal accounts in 25 currencies. PayPal Holdings, Inc. was founded in 1998 and is headquartered in San Jose, California.

AI Generated Analysis | Feedback

Here are 1-3 brief analogies for PayPal:

The Visa or Mastercard for online payments.
The digital wallet of the internet, similar to Google Pay or Apple Pay for online shopping.
A blend of Zelle for sending money to friends and a credit card processor for online businesses.

AI Generated Analysis | Feedback

PayPal Platform: An online payment processing service enabling individuals and businesses to send, receive, and manage money securely for online purchases and transactions.
Venmo: A mobile app-based peer-to-peer payment service primarily used for sending and receiving money among friends and family, often with a social sharing component.
Braintree: A payment gateway service providing businesses with solutions to accept various payment methods, including credit cards, debit cards, and digital wallets, for online and in-app transactions.
Xoom: An international money transfer service allowing users to send money abroad for bank deposits, cash pickup, or mobile wallet transfers.
PayPal Credit: A digital revolving line of credit offered to users for purchases made through PayPal, often including promotional financing options.
PayPal Zettle: Point-of-sale (POS) solutions, including hardware and software, for small businesses to accept in-person card and contactless payments.
Honey: A browser extension that automatically finds and applies coupon codes at checkout and offers rewards programs for online shoppers.

AI Generated Analysis | Feedback

While PayPal (PYPL) generates a significant portion of its revenue from fees charged to businesses (merchants) for payment processing services, its fundamental business model and ecosystem value are built upon serving and attracting a vast network of individual users. These individuals drive the demand for PayPal's services, whether by making purchases or sending money, ultimately making them its primary "customers" in terms of user engagement and ecosystem participation. Therefore, PayPal primarily serves individuals.

The company serves up to three main categories of individual customers:

Online Shoppers and Consumers: This is a core customer group comprising individuals who use their PayPal accounts to make secure and convenient purchases of goods and services from various online merchants worldwide. They are drawn to PayPal for its buyer protection, streamlined checkout process, and the ability to manage multiple payment methods within a single digital wallet.
Peer-to-Peer (P2P) Users: Individuals who utilize PayPal and its subsidiary Venmo to send and receive money from friends, family, or other acquaintances. This category is driven by the need for quick, easy, and often social money transfers for purposes such as splitting bills, sending gifts, or sharing expenses.
Freelancers and Small Service Providers: This segment includes individuals who use PayPal to receive payments for services they provide, such as freelance work, consulting, tutoring, or selling handmade goods. They often operate as individual entrepreneurs or micro-merchants, seeking a straightforward and accessible way to accept payments from their clients or customers without needing a complex traditional merchant account.

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Visa (V)
Mastercard (MA)
American Express (AXP)
Discover Financial Services (DFS)
Equinix (EQIX)

AI Generated Analysis | Feedback

Here is the management team for PayPal: Alex Chriss, President & Chief Executive Officer Alex Chriss has over two decades of experience in technology, focusing on helping individuals and small businesses with their financial challenges. He founded and successfully sold two startups early in his career. Prior to joining PayPal, he spent nearly two decades at Intuit, where he served as the Executive Vice President and General Manager of the Small Business and Self-Employed Group, overseeing key products like QuickBooks and Mailchimp. A notable achievement during his tenure at Intuit was leading the $12 billion acquisition of Mailchimp in 2021. Chriss is recognized for his customer-centric approach, product innovation, and driving digital transformation. Jamie Miller, Chief Financial & Operating Officer Jamie Miller brings over 30 years of experience in finance and corporate strategy to PayPal. Before her role at PayPal, she was the Global CFO of EY, where she led the separation and IPO of its strategy, tax, and consulting business. She also served as CFO at Cargill, a private company, overseeing all financial activities, corporate strategy, and business development. Prior to Cargill, Miller spent 12 years at General Electric, holding positions such as Senior Vice President and CFO, CEO of GE Transportation, Chief Information Officer, and Chief Accounting Officer, where she played a significant role in GE's financial turnaround. Earlier in her career, she was a Partner at PricewaterhouseCoopers LLP. She has experience guiding both public and private companies through dynamic environments and transformations. Miller also serves on the board of directors for Qualcomm. Isabel Cruz, Chief People Officer Isabel Cruz is the Chief People Officer at PayPal. She is responsible for leading PayPal's global human resources organization. Her background includes extensive experience in human resources leadership roles at various companies, focusing on talent management, organizational development, and fostering inclusive workplace cultures. Michelle Gill, General Manager, Small Business & Financial Services Group Michelle Gill serves as the General Manager of the Small Business & Financial Services Group at PayPal. Her career includes leadership roles in financial services and technology, with a focus on developing strategies and products for small businesses. She has held positions at companies like Intuit and Varo Bank, bringing expertise in consumer and small business banking, product management, and growth strategies. Srini Venkatesan, Chief Technology Officer Srini Venkatesan is the Chief Technology Officer at PayPal. He is responsible for PayPal's global technology vision, strategy, and execution. His experience spans over two decades in the technology sector, with a focus on product development, engineering, and leading large-scale technology organizations. Prior to joining PayPal, he held leadership positions at Verizon Media and Yahoo, where he was involved in driving technological innovation and digital transformation.

AI Generated Analysis | Feedback

The increasing ubiquity and feature expansion of native digital wallets and financial services offered by major tech companies like Apple (e.g., Apple Pay, Apple Pay Later, Apple Savings, Apple Card) and Google (e.g., Google Pay). These deeply integrated solutions often provide a more seamless user experience for online, in-app, and contactless payments, directly competing with PayPal's core checkout services, Venmo, and consumer finance offerings.

The fragmentation of the online checkout landscape driven by the rise of integrated payment solutions from e-commerce platforms (e.g., Shopify Payments) and the proliferation of dedicated Buy Now Pay Later (BNPL) providers (e.g., Affirm, Klarna, Afterpay), including those launched by competitors like Apple. These alternatives offer merchants and consumers more choice, reducing PayPal's exclusive or primary position in many online transactions and competing directly for installment payment volume.

AI Generated Analysis | Feedback

PayPal Holdings, Inc. (PYPL) operates in several large and growing addressable markets for its main products and services, primarily within the digital payments landscape.

Digital Payments (Overall): The global digital payment market was valued at approximately USD 105.3 billion in 2023 and is projected to reach around USD 514.9 billion by 2033, growing at a compound annual growth rate (CAGR) of 17.2% from 2024 to 2033. Other estimates place the global digital payments market size at USD 119.40 billion in 2024, expected to grow to USD 578.33 billion by 2033 with a CAGR of 19.16% during the forecast period (2025-2033). Another source indicates the market is expected to reach US$ 32.07 trillion by 2033, from US$ 10.18 trillion in 2024, with a CAGR of 13.59% from 2025 to 2033.
Peer-to-Peer (P2P) Payments: The global P2P payment market was valued at $2,851.1 million in 2024 and is projected to reach $14,506.8 million by 2034, growing at a CAGR of 17.3% from 2025 to 2034. Another estimate states the market size for P2P payment platforms globally was $41.6 billion in 2024 and is forecast to reach $92.4 billion by 2033. In the U.S., Venmo, a PayPal subsidiary, captured 81% of all U.S. P2P digital wallet transactions in 2025. The U.S. mobile P2P payment market is used by an estimated 82.5 million users.
Online Payment Gateways (including Braintree): The global online payment gateway market is projected to grow from USD 34,222.63 million in 2024 to USD 111,463.98 million by 2035, exhibiting a CAGR of 11.33% during the forecast period.
Cross-Border Payments: The global cross-border payments market is identified as a "$290 trillion juggernaut by 2030," with a projected CAGR of 7.10%. PayPal's "PayPal World" platform, launched in 2025, aims to unlock over $10 trillion in cross-border transaction value by 2030.

AI Generated Analysis | Feedback

PayPal (PYPL) is focusing on several key initiatives to drive future revenue growth over the next two to three years.

Here are 3-5 expected drivers of future revenue growth:

Winning Checkout and Modernizing Experiences: PayPal is investing in upgrading its checkout experiences, including initiatives like Fastlane and PayPal World, to boost conversion rates globally and drive durable branded checkout growth. These efforts aim to enhance online and offline payment experiences, including through subscriptions.
Scaling Venmo: Venmo continues to be a significant growth driver, with increasing total payment volume (TPV), monthly debit activity, and expanded integration into "Pay with Venmo" and merchant checkout. This expansion is contributing to improved branded transaction margins.
Expansion of Buy Now, Pay Later (BNPL) Services: The company is expanding its BNPL services into new markets, and this segment is already demonstrating strong year-over-year growth.
Leveraging AI and Data for New Services (including Advertising): PayPal is focusing on leveraging its extensive consumer spending data to enhance its advertising business, PayPal Ads, by creating targeted discounts and personalized recommendations using artificial intelligence. A notable partnership with OpenAI will enable a "Buy with PayPal" button within ChatGPT starting in 2026, allowing customers to make purchases directly within the chatbot.
Driving PSP Profitability and Unified Merchant Offering: PayPal aims to improve the profitability of its payment processing services (PSP), including through renegotiations related to Braintree, to secure better economics and strategic partnerships. The launch of PayPal Open, a new unified merchant offering, is designed to consolidate platforms and better serve the evolving needs of both consumers and merchants.

AI Generated Analysis | Feedback

Share Repurchases

PayPal has spent over $30 billion buying back shares since 2015.
In 2024, the company repurchased approximately $6 billion worth of shares.
PayPal's board authorized an additional $15 billion stock repurchase program in 2024, following a previous $15 billion authorization in June 2022. In Q2 2025, PayPal repurchased $1.5 billion in shares.

Share Issuance

PayPal's outstanding shares have been declining due to consistent share repurchases, with shares outstanding decreasing from 1.158 billion in 2022 to 960 million in Q3 2025.
Minimal stock issuances have been observed in recent quarters.

Outbound Investments

In September 2025, PayPal announced a two-year agreement for funds managed by Blue Owl Capital to purchase approximately $7 billion of PayPal's U.S. "Pay in 4" (Buy Now, Pay Later) receivables. This strategy aims to support the growth of its Pay Later portfolio and enable greater investment in strategic initiatives.
In September 2025, PayPal committed to invest $100 million in the Middle East and Africa over the coming years through a mix of minority investments, acquisitions, and PayPal Ventures funding to fuel digital growth and support entrepreneurs.

Capital Expenditures

PayPal's capital expenditures for fiscal years 2020 to 2024 averaged $757.2 million.
Annual capital expenditures were $866 million in 2020, $908 million in 2021, $706 million in 2022, $623 million in 2023, and $683 million in 2024.
For fiscal year 2025, PayPal expects capital expenditures of approximately $1 billion, with a significant portion geared towards growth.

Better Bets than PayPal (PYPL)

	PYPL	Better Performance than PYPL
Metric	Value	Industry (Transaction & Payment Processi)
Rev Chg LTM	4.5%	MA (14.6%), V (11.3%), FI (6.7%), CPAY (9.2%), GPN (21.0%)
Rev Chg 3Y Avg	6.7%	MA (13.2%), V (10.9%), XYZ (12.6%), FI (7.5%), CPAY (9.2%)
Op Mgn LTM	19.2%	MA (58.3%), V (66.4%), FI (30.0%), CPAY (43.9%), GPN (19.8%)
CFO/Rev LTM	19.6%	MA (56.1%), V (57.6%), FI (32.1%), FIS (25.2%), CPAY (50.7%)
FCF/Rev LTM	16.9%	MA (52.5%), V (53.9%), FI (24.4%), FIS (17.0%), CPAY (46.2%)
Total Yield	8.4%	XYZ (8.7%), FI (9.6%), GPN (11.4%), WU (37.9%), EEFT (10.6%)

	PYPL	Better Performance than PYPL
Metric	Value	Sector (Financials)
Rev Chg LTM	4.5%	JPM (8.6%), MA (14.6%), V (11.3%), BAC (8.9%), MS (17.6%)
Rev Chg 3Y Avg	6.7%	BRK-B (19.8%), JPM (13.4%), MA (13.2%), V (10.9%), MS (7.6%)
Op Mgn LTM	19.2%	MA (58.3%), V (66.4%), BLK (33.7%), SPGI (40.2%), HOOD (47.7%)
CFO/Rev LTM	19.6%	MA (56.1%), V (57.6%), BAC (57.3%), GS (30.5%), AXP (30.0%)
FCF/Rev LTM	16.9%	MA (52.5%), V (53.9%), BAC (57.3%), GS (26.9%), AXP (26.9%)
Total Yield	8.4%	WFC (10.0%), RY (9.2%), TD (14.9%), PGR (10.1%), CB (9.5%)

	PYPL	Better Performance than PYPL
Metric	Value	All Other Sectors
Rev Chg LTM	4.5%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	6.7%	NVDA (92.0%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%), AVGO (24.0%)
Op Mgn LTM	19.2%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM	19.6%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AVGO (42.4%)
FCF/Rev LTM	16.9%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AVGO (41.6%)
Total Yield	8.4%	XOM (9.5%), BABA (40.0%), CVX (8.4%), UNH (8.8%), TM (2240.0%)

		Best Bets In Financials Sector
	PYPL	CME	KNSL	MTG	NMIH	CACC	ENVA	FNF	TW	PLMR	ARES
What You Pay
P/E	12.0	26.7	19.0	8.4	7.4	10.4	10.3	14.4	37.1	19.5	48.0
P/EBIT	9.0	20.0	14.8	6.4	5.5	8.3	7.9	9.3	25.1	15.1	13.5
What You Get
Rev Chg Q	7.3%	-3.0%	19.0%	-0.7%	7.6%	6.0%	16.3%	16.8%	13.3%	64.9%	46.7%
Rev Chg LTM	4.5%	5.8%	18.1%	2.2%	8.9%	10.2%	21.1%	7.4%	22.2%	54.1%	45.5%
Rev Chg 3Y Avg	6.7%	8.9%	32.4%	1.2%	10.3%	7.6%	23.5%	-0.7%	19.7%	36.5%	17.6%
FCF/Rev 3Y Avg	16.8%	61.9%	60.8%	62.2%	58.4%	55.6%	54.7%	50.8%	49.8%	43.9%	40.7%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	PayPal Earnings Notes
2	Would You Still Hold PayPal Stock If It Fell Another 30%?	Return
3	FI Beats PayPal Stock on Price & Growth	Actionable
4	PYPL Capital Return Hits $30 Bil in 10 Years
5	Time To Buy PayPal Stock?	Buy or Fear
6	Day 5 of Gains Streak for PayPal Stock with 14% Return (vs. -11% YTD) [10/8/2025]	Notification
7	PayPal Stock's 11% Single Week Rise Brings Valuations Into Focus - Is Fiserv Stock a Better Deal?	Counter-Intuitive Comparisons
8	PayPal vs Apollo Asset Management: Which Is A Better Investment?	Counter-Intuitive Comparisons
9	PYPL Pulls Back to Support. Smart Time to Enter?	Actionable
10	Better Bet Than PYPL Stock: Pay Less Than PayPal To Get More From IBKR, SNEX
11	ARTICLES
12	PayPal Stock at Support Zone – Bargain or Trap?		November 17th, 2025
13	How Does PayPal Stock Stack Up Against Its Peers?		November 17th, 2025
14	Can PayPal Stock Recover If Markets Fall?		November 17th, 2025
15	Pay Less, Gain More: FI Tops PayPal Stock		November 8th, 2025
16	Stronger Bet Than PayPal Stock: FI Delivers More		November 7th, 2025

	Title
0	DASHBOARDS
1	PayPal Earnings Notes
2	Would You Still Hold PayPal Stock If It Fell Another 30%?
3	FI Beats PayPal Stock on Price & Growth
4	PYPL Capital Return Hits $30 Bil in 10 Years
5	Time To Buy PayPal Stock?
6	Day 5 of Gains Streak for PayPal Stock with 14% Return (vs. -11% YTD) [10/8/2025]
7	PayPal Stock's 11% Single Week Rise Brings Valuations Into Focus - Is Fiserv Stock a Better Deal?
8	PayPal vs Apollo Asset Management: Which Is A Better Investment?
9	PYPL Pulls Back to Support. Smart Time to Enter?
10	Better Bet Than PYPL Stock: Pay Less Than PayPal To Get More From IBKR, SNEX
11	ARTICLES
12	PayPal Stock at Support Zone – Bargain or Trap?
13	How Does PayPal Stock Stack Up Against Its Peers?
14	Can PayPal Stock Recover If Markets Fall?
15	Pay Less, Gain More: FI Tops PayPal Stock
16	Stronger Bet Than PayPal Stock: FI Delivers More

Trade Ideas

Select past ideas related to PYPL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BRO_10312025_Dip_Buyer_FCFYield	10312025	BRO	Brown & Brown	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.2%	1.2%	-4.2%
CPAY_10312025_Dip_Buyer_FCFYield	10312025	CPAY	Corpay	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.3%	5.3%	0.0%
EEFT_10312025_Dip_Buyer_FCFYield	10312025	EEFT	Euronet Worldwide	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-6.8%	-6.8%	-7.4%
GPN_10312025_Dip_Buyer_FCFYield	10312025	GPN	Global Payments	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-6.7%	-6.7%	-6.7%
APO_10102025_Dip_Buyer_FCFYield	10102025	APO	Apollo Asset Management	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.6%	5.6%	0.0%
PYPL_6302024_Dip_Buyer_FCFYield	06302024	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	49.7%	28.1%	-1.4%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BRO_10312025_Dip_Buyer_FCFYield	10312025	BRO	Brown & Brown	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.2%	1.2%	-4.2%
CPAY_10312025_Dip_Buyer_FCFYield	10312025	CPAY	Corpay	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.3%	5.3%	0.0%
EEFT_10312025_Dip_Buyer_FCFYield	10312025	EEFT	Euronet Worldwide	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-6.8%	-6.8%	-7.4%
GPN_10312025_Dip_Buyer_FCFYield	10312025	GPN	Global Payments	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-6.7%	-6.7%	-6.7%
APO_10102025_Dip_Buyer_FCFYield	10102025	APO	Apollo Asset Management	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.6%	5.6%	0.0%
PYPL_6302024_Dip_Buyer_FCFYield	06302024	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	49.7%	28.1%	-1.4%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SGML	Sigma Lithium	0.9	32.3%	-28.5%
ZYME	Zymeworks	1.8	29.0%	63.3%
VSTM	Verastem	0.6	21.1%	77.0%
JAZZ	Jazz Pharmaceuticals	10.4	20.6%	38.1%
EYPT	EyePoint Pharmaceuticals	0.9	13.4%	76.3%
PRME	Prime Medicine	0.5	13.4%	30.8%
TERN	Terns Pharmaceuticals	2.3	13.3%	361.4%
TMQ	Trilogy Metals	0.7	13.1%	243.1%
NUVL	Nuvalent	7.8	11.9%	38.0%
FULC	Fulcrum Therapeutics	0.6	11.6%	105.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.2	-23.8%	-19.7%
VENU	Venu	0.3	-21.4%	-5.1%
ROCK	Gibraltar Industries	1.4	-20.3%	-20.0%
LB	LandBridge	1.5	-17.0%	-3.8%
ECX	ECARX	0.6	-16.0%	-15.2%
CSIQ	Canadian Solar	1.9	-15.2%	156.0%
FLY	Firefly Aerospace	2.7	-15.1%
DEFT	DeFi Technologies	0.3	-14.6%
UP	Wheels Up Experience	0.7	-13.9%	-43.6%
STUB	Stubhub	4.2	-13.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	13.4	383.2%	18.4%
CDTX	Cidara Therapeutics	3.4	110.0%	710.7%
MH	McGraw Hill	2.9	38.2%
KALV	KalVista Pharmaceuticals	0.8	36.5%	75.4%
TERN	Terns Pharmaceuticals	2.3	33.7%	361.4%
SGML	Sigma Lithium	0.9	33.2%	-28.5%
ZYME	Zymeworks	1.8	32.4%	63.3%
JAZZ	Jazz Pharmaceuticals	10.4	27.7%	38.1%
REAL	RealReal	1.6	26.5%	29.7%
FULC	Fulcrum Therapeutics	0.6	25.8%	105.3%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVXL	Anavex Life Sciences	0.3	-44.8%	-66.7%
DEFT	DeFi Technologies	0.3	-40.3%
BTDR	Bitdeer Technologies	2.1	-39.8%	-50.9%
ARDT	Ardent Health	1.2	-39.4%	-51.5%
WYFI	Whitefiber	0.7	-37.2%
NKLR	Terra Innovatum Global	0.3	-35.0%
AIRS	AirSculpt Technologies	0.2	-34.2%	-19.7%
CTEV	Claritev	0.6	-34.1%
PSFE	Paysafe	0.4	-33.7%	-60.5%
STUB	Stubhub	4.2	-33.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	2.3	203.9%	361.4%
VTYX	Ventyx Biosciences	0.7	142.3%	333.8%
CDTX	Cidara Therapeutics	3.4	114.6%	710.7%
INBX	Inhibrx Biosciences	1.2	107.7%	402.3%
COGT	Cogent Biosciences	3.9	105.9%	332.7%
CSIQ	Canadian Solar	1.9	95.1%	156.0%
REPL	Replimune	0.8	94.9%	-27.6%
MBX	MBX Biosciences	0.9	93.7%	39.0%
SNDK	SanDisk	38.6	89.7%
CELC	Celcuity	4.0	77.5%	604.6%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NKLR	Terra Innovatum Global	0.3	-69.1%
NTLA	Intellia Therapeutics	0.9	-65.7%	-27.3%
SOC	Sable Offshore	0.4	-63.0%	-80.9%
ASPN	Aspen Aerogels	0.3	-61.5%	-74.2%
AVXL	Anavex Life Sciences	0.3	-60.1%	-66.7%
CCOI	Cogent Communications	0.9	-57.4%	-74.4%
LRN	Stride	2.7	-56.7%	-39.6%
FMC	FMC	1.6	-56.0%	-72.1%
BTDR	Bitdeer Technologies	2.1	-55.7%	-50.9%
METC	Ramaco Resources	1.1	-54.7%	105.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SGML	Sigma Lithium	0.9	32.3%	-28.5%
ZYME	Zymeworks	1.8	29.0%	63.3%
VSTM	Verastem	0.6	21.1%	77.0%
JAZZ	Jazz Pharmaceuticals	10.4	20.6%	38.1%
EYPT	EyePoint Pharmaceuticals	0.9	13.4%	76.3%
PRME	Prime Medicine	0.5	13.4%	30.8%
TERN	Terns Pharmaceuticals	2.3	13.3%	361.4%
TMQ	Trilogy Metals	0.7	13.1%	243.1%
NUVL	Nuvalent	7.8	11.9%	38.0%
FULC	Fulcrum Therapeutics	0.6	11.6%	105.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.2	-23.8%	-19.7%
VENU	Venu	0.3	-21.4%	-5.1%
ROCK	Gibraltar Industries	1.4	-20.3%	-20.0%
LB	LandBridge	1.5	-17.0%	-3.8%
ECX	ECARX	0.6	-16.0%	-15.2%
CSIQ	Canadian Solar	1.9	-15.2%	156.0%
FLY	Firefly Aerospace	2.7	-15.1%
DEFT	DeFi Technologies	0.3	-14.6%
UP	Wheels Up Experience	0.7	-13.9%	-43.6%
STUB	Stubhub	4.2	-13.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	13.4	383.2%	18.4%
CDTX	Cidara Therapeutics	3.4	110.0%	710.7%
MH	McGraw Hill	2.9	38.2%
KALV	KalVista Pharmaceuticals	0.8	36.5%	75.4%
TERN	Terns Pharmaceuticals	2.3	33.7%	361.4%
SGML	Sigma Lithium	0.9	33.2%	-28.5%
ZYME	Zymeworks	1.8	32.4%	63.3%
JAZZ	Jazz Pharmaceuticals	10.4	27.7%	38.1%
REAL	RealReal	1.6	26.5%	29.7%
FULC	Fulcrum Therapeutics	0.6	25.8%	105.3%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVXL	Anavex Life Sciences	0.3	-44.8%	-66.7%
DEFT	DeFi Technologies	0.3	-40.3%
BTDR	Bitdeer Technologies	2.1	-39.8%	-50.9%
ARDT	Ardent Health	1.2	-39.4%	-51.5%
WYFI	Whitefiber	0.7	-37.2%
NKLR	Terra Innovatum Global	0.3	-35.0%
AIRS	AirSculpt Technologies	0.2	-34.2%	-19.7%
CTEV	Claritev	0.6	-34.1%
PSFE	Paysafe	0.4	-33.7%	-60.5%
STUB	Stubhub	4.2	-33.1%

Peer Comparisons for PayPal

Financials

	PYPL	GOOGL	AMZN	SHOP	INTU	V	Median
Name	PayPal	Alphabet	Amazon.c.	Shopify	Intuit	Visa
Mkt Price	61.89	285.02	232.87	139.93	645.98	325.75	258.94
Mkt Cap	58.8	3,444.8	2,477.0	181.9	180.9	421.5	301.7
Rev LTM	32,862	385,477	670,038	10,696	18,831	40,000	36,431
Op Inc LTM	6,296	124,077	76,190	1,681	4,942	26,556	16,426
FCF LTM	5,565	73,552	13,481	1,903	6,083	21,577	9,782
FCF 3Y Avg	5,265	68,998	21,677	1,295	5,168	19,989	12,627
CFO LTM	6,426	151,424	121,137	1,923	6,207	23,059	14,742
CFO 3Y Avg	5,972	120,990	96,977	1,322	5,379	21,255	13,613

Growth & Margins

	PYPL	GOOGL	AMZN	SHOP	INTU	V	Median
Name	PayPal	Alphabet	Amazon.c.	Shopify	Intuit	Visa
Rev Chg LTM	4.5%	13.4%	10.9%	30.2%	15.6%	11.3%	12.4%
Rev Chg 3Y Avg	6.7%	11.0%	11.3%	26.8%	14.0%	10.9%	11.2%
Rev Chg Q	7.3%	15.9%	13.3%	31.5%	20.3%	11.5%	14.6%
QoQ Delta Rev Chg LTM	1.8%	3.8%	3.0%	6.8%	3.6%	2.8%	3.3%
Op Mgn LTM	19.2%	32.2%	11.4%	15.7%	26.2%	66.4%	22.7%
Op Mgn 3Y Avg	17.9%	29.9%	7.9%	7.6%	23.9%	66.8%	20.9%
QoQ Delta Op Mgn LTM	0.1%	-0.5%	0.3%	0.4%	0.5%	-0.1%	0.2%
CFO/Rev LTM	19.6%	39.3%	18.1%	18.0%	33.0%	57.6%	26.3%
CFO/Rev 3Y Avg	19.0%	35.3%	15.8%	14.9%	32.7%	58.9%	25.9%
FCF/Rev LTM	16.9%	19.1%	2.0%	17.8%	32.3%	53.9%	18.4%
FCF/Rev 3Y Avg	16.8%	20.5%	3.5%	14.5%	31.4%	55.4%	18.6%

Valuation

	PYPL	GOOGL	AMZN	SHOP	INTU	V	Median
Name	PayPal	Alphabet	Amazon.c.	Shopify	Intuit	Visa
Mkt Cap	58.8	3,444.8	2,477.0	181.9	180.9	421.5	301.7
P/S	1.8	8.9	3.7	17.0	9.6	10.5	9.3
P/EBIT	9.0	22.6	29.1	108.2	35.6	17.0	25.8
P/E	12.0	27.7	35.1	102.1	46.7	21.0	31.4
P/CFO	9.1	22.7	20.4	94.6	29.1	18.3	21.6
Total Yield	8.4%	3.9%	2.9%	1.0%	2.8%	5.6%	3.4%
Dividend Yield	0.0%	0.3%	0.0%	0.0%	0.7%	0.8%	0.1%
FCF Yield 3Y Avg	7.5%	3.3%	1.1%	1.1%	3.0%	4.6%	3.2%
D/E	0.2	0.0	0.1	0.0	0.0	0.1	0.0
Net D/E	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0

Returns

	PYPL	GOOGL	AMZN	SHOP	INTU	V	Median
Name	PayPal	Alphabet	Amazon.c.	Shopify	Intuit	Visa
1M Rtn	-8.2%	12.5%	9.3%	-11.3%	-2.3%	-4.5%	-3.4%
3M Rtn	-11.0%	40.2%	0.6%	-2.2%	-9.8%	-4.8%	-3.5%
6M Rtn	-14.4%	71.5%	13.0%	28.3%	-3.4%	-11.1%	4.8%
12M Rtn	-27.9%	66.0%	14.9%	29.0%	-5.5%	6.0%	10.4%
3Y Rtn	-27.1%	194.6%	147.4%	282.4%	73.4%	58.1%	110.4%
1M Excs Rtn	-8.3%	12.4%	9.2%	-11.4%	-2.5%	-4.7%	-3.6%
3M Excs Rtn	-14.4%	37.5%	-1.9%	-3.6%	-11.8%	-8.8%	-6.2%
6M Excs Rtn	-26.3%	59.6%	1.1%	16.4%	-15.3%	-23.0%	-7.1%
12M Excs Rtn	-40.6%	48.6%	-2.7%	10.1%	-19.4%	-5.5%	-4.1%
3Y Excs Rtn	-97.3%	136.8%	72.3%	214.6%	-5.2%	-6.6%	33.5%

Comparison Analyses

	Title
0	PayPal vs. Amazon.com: Both Seem Similar Bets
1	PayPal vs. Block: With Return Forecast Of 28%, Block Is A Better Bet
2	PayPal vs. Intuit: With Return Forecast Of 44%, Intuit Is A Better Bet
3	PayPal vs. Texas Instruments: With Return Forecast Of 20%, PayPal Is A Better Bet
4	PayPal vs. Abbott Laboratories: With Return Forecast Of 20%, PayPal Is A Better Bet
5	PayPal vs. Booking: With Return Forecast Of 50%, Booking Is A Better Bet
6	PayPal vs. Linde: With Return Forecast Of 20%, PayPal Is A Better Bet
7	PayPal vs. Applied Materials: Both Seem Similar Bets
8	PayPal vs. Visa: With Return Forecast Of 34%, Visa Is A Better Bet
9	PayPal vs. Sherwin-Williams: With Return Forecast Of 20%, PayPal Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/28/2025	2/4/2025	2/8/2024	2/10/2023	2/3/2022	2/5/2021	2/6/2020
Key Financials
Total Revenue	32,862	31,797	29,771	27,518	25,371	21,454	17,772
EBITDA	7,480	6,743	6,830	4,987	5,596	6,463	4,025
Operating Income	6,296	5,763	4,944	4,044	4,324	3,428	2,790
Net Income	4,917	4,147	4,246	2,419	4,169	4,202	2,459
EPS	5.04	4.03	3.85	2.10	3.55	3.58	2.09
Growth Rates
Total Revenue Growth	4.5%	6.8%	8.2%	8.5%	18.3%	20.7%	15.0%
EBITDA Growth	4.9%	-1.3%	37.0%	-10.9%	-13.4%	60.6%	24.7%
Operating Income Growth	10.7%	16.6%	22.3%	-6.5%	26.1%	22.9%	11.5%
Net Income Growth	11.0%	-2.3%	75.5%	-42.0%	-0.8%	70.9%	19.5%
Margins
EBITDA Margin	22.8%	21.2%	22.9%	18.1%	22.1%	30.1%	22.6%
Operating Income Margin	19.2%	18.1%	16.6%	14.7%	17.0%	16.0%	15.7%
Net Income Margin	15.0%	13.0%	14.3%	8.8%	16.4%	19.6%	13.8%
Cash & Debt
Total Cash	10,755	10,822	14,057	10,851	9,391	13,083	10,761
Total Debt	11,276	9,879	9,676	10,417	8,049	8,939	4,965
Net Debt / (Cash)	521	-943	-4,381	-434	-1,342	-4,144	-5,796
Cash Flows
Net Cash from Operations	6,426	7,450	4,843	5,813	5,797	6,219	4,071
Free Cash from Operations	5,565	6,767	4,220	5,107	4,889	5,353	3,367
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	5,820	6,047	5,002	4,199	3,373	1,635	1,411

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/28/2025	7/29/2025	4/29/2025	2/4/2025	10/29/2024	7/30/2024	4/30/2024	2/8/2024	11/2/2023	8/3/2023	5/9/2023	2/10/2023
Key Financials Quarterly
Total Revenue	8,417	8,288	7,791	8,366	7,847	7,885	7,699	8,026	7,418	7,287	7,040	7,383
Ebitda	1,891	1,882	1,951	1,756	1,672	1,755	1,560	2,143	1,597	1,659	1,431	1,525
Operating Income	1,589	1,620	1,596	1,491	1,454	1,438	1,380	1,417	1,207	1,157	1,163	1,269
Net Income	1,248	1,261	1,287	1,121	1,010	1,128	888	1,402	1,020	1,029	795	921
EPS	1.31	1.30	1.31	1.12	1.00	1.08	0.83	1.29	0.93	0.93	0.70	0.81
Key Financials TTM
Total Revenue TTM	32,862	32,292	31,889	31,797	31,457	31,028	30,430	29,771	29,128	28,556	28,075	27,518
Ebitda TTM	7,480	7,261	7,134	6,743	7,130	7,055	6,959	6,830	6,212	6,610	5,402	4,987
Operating Income TTM	6,296	6,161	5,979	5,763	5,689	5,442	5,161	4,944	4,796	4,763	4,460	4,044
Net Income TTM	4,917	4,679	4,546	4,147	4,428	4,438	4,339	4,246	3,765	4,075	2,705	2,419
Growth Rates Quarterly
Total Revenue Growth	7.3%	5.1%	1.2%	4.2%	5.8%	8.2%	9.4%	8.7%	8.4%	7.1%	8.6%	6.7%
EBITDA Growth	13.1%	7.2%	25.1%	-18.1%	4.7%	5.8%	9.0%	40.5%	-19.9%	267.8%	40.8%	39.8%
Operating Income Growth	9.3%	12.7%	15.7%	5.2%	20.5%	24.3%	18.7%	11.7%	2.8%	35.5%	55.7%	20.6%
Net Income Growth	23.6%	11.8%	44.9%	-20.0%	-1.0%	9.6%	11.7%	52.2%	-23.3%	401.8%	56.2%	15.0%
Margins Quarterly
EBITDA Margin	22.5%	22.7%	25.0%	21.0%	21.3%	22.3%	20.3%	26.7%	21.5%	22.8%	20.3%	20.7%
Operating Income Margin	18.9%	19.5%	20.5%	17.8%	18.5%	18.2%	17.9%	17.7%	16.3%	15.9%	16.5%	17.2%
Net Income Margin	14.8%	15.2%	16.5%	13.4%	12.9%	14.3%	11.5%	17.5%	13.8%	14.1%	11.3%	12.5%
Cash & Debt
Total Cash	10,755	10,008	11,211	10,822	11,918	13,613	14,315	14,057	11,541	9,891	10,647	10,851
Total Debt	11,276	11,296	11,417	9,879	9,976	9,727	9,683	9,676	10,640	10,549	10,481	10,417
Net Debt / (Cash)	521	1,288	206	-943	-1,942	-3,886	-4,632	-4,381	-901	658	-166	-434
Cash Flows Quarterly
FCF from Operations	1,974	898	1,160	2,394	1,614	1,525	1,917	2,614	1,259	-200	1,170	1,591
Cash Flows TTM
FCF from Operations TTM	6,426	6,066	6,693	7,450	7,670	7,315	5,590	4,843	3,820	4,316	5,766	5,813
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	1,500	1,551	1,500	1,269	1,776	1,501	1,501	607	1,434	1,529	1,432	1,010
Return on Invested Capital (ROIC) Quarterly
ROIC	993.2%	414.9%	2488.1%	-	-	-	-	-	-	555.4%	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	978.1%	382.4%	2305.5%	-	-	-	-	-	-	582.4%	-	-

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	29,771
Revenues from other value added services		2,312	1,969	1,536	1,673
Transaction revenues		25,206	23,402	19,918	16,099
Total	29,771	27,518	25,371	21,454	17,772

Price Behavior

Price Behavior

Market Price	$61.89
Market Cap ($ Bil)	58.8
First Trading Date	07/20/2015
Distance from 52W High	-32.6%
	50 Days	200 Days
DMA Price	$68.30	$70.05
DMA Trend	down	indeterminate
Distance from DMA	-9.4%	-11.6%
	3M	1YR
Volatility	36.2%	38.5%
Downside Capture	186.34	159.71
Upside Capture	92.22	104.82
Correlation (SPY)	52.5%	63.5%

PYPL Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.98	1.67	1.61	1.54	1.21	1.30
Up Beta	-0.39	0.38	1.08	0.97	1.06	1.23
Down Beta	3.36	3.31	2.78	2.22	1.35	1.29
Up Capture	169%	72%	98%	135%	112%	164%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	14	22	31	68	130	395
Down Capture	172%	135%	144%	186%	123%	108%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	9	22	34	58	120	357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of PYPL With Other Asset Classes (Last 1Y)
	PYPL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-28.4%	4.6%	12.6%	54.8%	4.2%	-2.7%	7.1%
Annualized Volatility	38.2%	19.2%	19.5%	19.7%	16.0%	17.7%	35.7%
Sharpe Ratio	-0.79	0.11	0.48	2.10	0.07	-0.31	0.23
Correlation With Other Assets		64.1%	63.7%	-1.7%	11.6%	42.0%	43.4%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of PYPL With Other Asset Classes (Last 5Y)
	PYPL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-19.6%	15.7%	15.0%	16.2%	12.8%	5.2%	43.8%
Annualized Volatility	41.8%	19.0%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	-0.39	0.69	0.71	0.84	0.56	0.19	0.71
Correlation With Other Assets		48.7%	59.4%	4.5%	8.3%	42.5%	32.4%

Based On 10-Year Data

		Comparison of PYPL With Other Asset Classes (Last 10Y)
	PYPL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.4%	12.1%	14.2%	13.5%	5.4%	5.5%	73.6%
Annualized Volatility	38.2%	22.4%	18.1%	14.8%	17.7%	20.9%	56.1%
Sharpe Ratio	0.26	0.50	0.68	0.75	0.23	0.24	0.93
Correlation With Other Assets		47.5%	63.1%	5.1%	16.5%	43.5%	24.2%

Short Interest

Short Interest: As Of Date	10312025
Short Interest: Shares Quantity	44,388,346
Short Interest: % Change Since 10152025	14.9%
Average Daily Volume	20,879,092
Days-to-Cover Short Interest	2.13
Basic Shares Quantity	950,000,000
Short % of Basic Shares	4.7%

Returns Analyses

	Title
0	Would You Still Hold PayPal Stock If It Fell Another 30%?
1	PYPL YTD Stock Return Of -54% Outperforms AMZN by 43% and Underperforms GOOG by -35%
2	PayPal Stock Return Comparison
3	PayPal Total Shareholder Return (TSR): -62.2% in 2022 and -13.0% 3-yr returns (below peer average)
4	[9/28/2021] PayPal Holdings (PYPL) Stock Price Forecast: AI Forecasts PYPL Stock Price To Be Around $274 In A Month (Up 4.7%)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/28/2025	3.9%	-2.7%
7/29/2025	-8.7%	-13.1%	-10.3%
4/29/2025	2.1%	5.6%	10.0%
2/4/2025	-13.2%	-12.6%	-22.4%
10/29/2024	-4.0%	-6.5%	4.0%
7/30/2024	8.6%	2.6%	21.5%
4/30/2024	1.4%	-2.1%	-8.9%
2/7/2024	-11.2%	-6.9%	-6.7%
...
SUMMARY STATS
# Positive	13	10	9
# Negative	11	14	15
Median Positive	4.3%	8.3%	10.7%
Median Negative	-10.5%	-7.1%	-9.1%
Max Positive	14.0%	13.4%	21.6%
Max Negative	-24.6%	-31.6%	-42.4%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10282025	10-Q 9/30/2025
6302025	7292025	10-Q 6/30/2025
3312025	4292025	10-Q 3/31/2025
12312024	2042025	10-K 12/31/2024
9302024	10292024	10-Q 9/30/2024
6302024	7302024	10-Q 6/30/2024
3312024	4302024	10-Q 3/31/2024
12312023	2082024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	2102023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	4282022	10-Q 3/31/2022
12312021	2032022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Kereere Suzan	President, Global Markets	8202025	Sell	69.31	3,832	265,596	3,383,234	Form
1	Kereere Suzan	President, Global Markets	6092025	Sell	73.24	4,162	304,827	3,550,924	Form
2	Scotti Diego	EVP, GM, Consumer Group	6092025	Sell	73.24	3,839	281,158	1,244,230	Form
3	MCGOVERN GAIL J		2282025	Sell	72.15	2,446	176,479	2,145,308	Form

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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PayPal (PYPL)

Market Price (11/18/2025): $61.55 | Market Cap: $58.5 BilSector: Financials | Industry: Transaction & Payment Processing Services

PayPal (PYPL)

Market Price (11/18/2025): $61.55Market Cap: $58.5 BilSector: FinancialsIndustry: Transaction & Payment Processing Services

Market Valuation & Key Metrics

PYPL Stock

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Based On 1-Year Data

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Market Price (11/18/2025): $61.55 | Market Cap: $58.5 Bil
Sector: Financials | Industry: Transaction & Payment Processing Services

Market Price (11/18/2025): $61.55
Market Cap: $58.5 Bil
Sector: Financials
Industry: Transaction & Payment Processing Services