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PayPal Holdings, Inc. operates a technology platform that enables digital payments for merchants and consumers worldwide. The company operates a two-sided network at scale that connects merchants and consumers that enables its customers to connect, transact, and send and receive payments through online and in person, as well as transfer and withdraw funds using various funding sources, such as bank accounts, PayPal or Venmo account balance, consumer credit and debit products, credit and debit cards, and cryptocurrencies, as well as other stored value products, including gift cards and eligible rewards. It provides payment solutions under the PayPal, PayPal Credit, Braintree, Venmo, Xoom, Hyperwallet, Honey, and Paidy names. The company was founded in 1998 and is headquartered in San Jose, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $33.2B | $7.7B | $5.2B | $5.6B | 25.8% | 4.3% | 26.2% |
| 2024 | $31.8B | $6.7B | $4.1B | $6.8B | 20.3% | 6.8% | -2.3% |
| 2023 | $29.8B | $6.8B | $4.2B | $4.2B | 20.2% | 8.2% | 75.5% |
| 2022 | $27.5B | $5.0B | $2.4B | $5.1B | 11.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 27,518 | 29,771 | 31,797 | 33,172 |
| Operating Revenue | - | 27,518 | 29,771 | 31,797 | 33,172 |
| Cost Of Revenue | - | 13,745 | 16,067 | 17,139 | 17,707 |
| Gross Profit | - | 13,773 | 13,704 | 14,658 | 15,465 |
| Operating Expense | - | 9,729 | 8,760 | 8,895 | 9,069 |
| Research And Development | - | 3,253 | 2,973 | 2,979 | 3,103 |
| Selling General And Administration | - | 4,356 | 3,868 | 4,148 | 4,262 |
| Total Expenses | - | 23,474 | 24,827 | 26,034 | 26,776 |
| Operating Income | - | 4,044 | 4,944 | 5,763 | 6,396 |
| Total Operating Income As Reported | - | 3,837 | 5,028 | 5,325 | 6,065 |
| EBITDA | - | 4,987 | 6,830 | 6,743 | 7,696 |
| Normalized EBITDA | - | 5,498 | 6,545 | 7,466 | 7,865 |
| EBIT | - | 3,670 | 5,758 | 5,711 | 6,733 |
| Interest Income | - | 174 | 480 | 662 | 517 |
| Interest Expense | - | 304 | 347 | 382 | 441 |
| Net Interest Income | - | -130 | 133 | 280 | 76 |
| Other Non Operating Income Expenses | - | -37 | 49 | 9 | -11 |
| Other Income Expense | - | -548 | 334 | -714 | -180 |
| Interest Income Non Operating | - | 174 | 480 | 662 | 517 |
| Interest Expense Non Operating | - | 304 | 347 | 382 | 441 |
| Net Non Operating Interest Income Expense | - | -130 | 133 | 280 | 76 |
| Pretax Income | - | 3,366 | 5,411 | 5,329 | 6,292 |
| Tax Provision | - | 947 | 1,165 | 1,182 | 1,059 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -143.59 | 61.28 | -160.37 | -28.44 |
| Net Income Continuous Operations | - | 2,419 | 4,246 | 4,147 | 5,233 |
| Net Income From Continuing And Discontinued Operation | - | 2,419 | 4,246 | 4,147 | 5,233 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,419 | 4,246 | 4,147 | 5,233 |
| Net Income | - | 2,419 | 4,246 | 4,147 | 5,233 |
| Net Income Common Stockholders | - | 2,419 | 4,246 | 4,147 | 5,233 |
| Net Income Including Noncontrolling Interests | - | 2,419 | 4,246 | 4,147 | 5,233 |
| Normalized Income | - | 2,786.41 | 4,022.28 | 4,709.63 | 5,373.56 |
| Diluted NI Availto Com Stockholders | - | 2,419 | 4,246 | 4,147 | 5,233 |
| Basic Average Shares | - | 1,154 | 1,103 | 1,029 | 959 |
| Diluted Average Shares | - | 1,158 | 1,107 | 1,039 | 968 |
| Reconciled Depreciation | - | 1,317 | 1,072 | 1,032 | 963 |
| Reconciled Cost Of Revenue | - | 13,745 | 16,067 | 17,139 | 17,707 |
| Total Unusual Items | - | -511 | 285 | -723 | -169 |
| Total Unusual Items Excluding Goodwill | - | -511 | 285 | -723 | -169 |
| Special Income Charges | - | -207 | 84 | -438 | -331 |
| Restructuring And Mergern Acquisition | - | 207 | -84 | 438 | 331 |
| Gain On Sale Of Security | - | -304 | 201 | -285 | 162 |
| General And Administrative Expense | - | 2,099 | 2,059 | 2,147 | 1,979 |
| Other Gand A | - | 2,099 | 2,059 | 2,147 | 1,979 |
| Other Operating Expenses | - | 2,120 | 1,919 | 1,768 | 1,704 |
| Selling And Marketing Expense | - | 2,257 | 1,809 | 2,001 | 2,283 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| PayPal Holdings, Inc.this co. | PYPL | $37.7B | 7.21↓ discount | 1.86 | 25.8% | 4.84 |
| Coinbase Global, Inc. | COIN | $43.2B | 34.31 | 2.92 | 8.5% | 22.15 |
| Ares Management Corporation | ARES | $43.0B | 81.62 | 15.29 | 18.7% | 24.30 |
| Ameriprise Financial, Inc. | AMP | $40.9B | 11.48 | 6.25 | 54.4% | - |
| American International Group, Inc. | AIG |
| - |
| - |
| - |
| - |
| - |
| $38.9B |
| 12.58 |
| 0.95 |
| 7.5% |
| - |
| Prudential Financial, Inc. | PRU | $35.9B | 10.15 | 1.11 | 10.9% | - |
| The Hartford Insurance Group, Inc. | HIG | $34.9B | 9.15 | 1.84 | 20.1% | - |
| Huntington Bancshares Incorporated | HBAN | $33.5B | 15.16 | 1.55 | 10.2% | - |
| M&T Bank Corporation | MTB | $32.5B | 11.39 | 1.23 | 10.8% | - |
| Peer Median | - | 12.03 | 1.69 | 10.9% | 23.23 | |