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PayPal (PYPL) stock

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NASDAQ: PYPL Nasdaq Transaction & Payment Processing Services Next results ~February 2, 2027

C+ Fundamentals grade

PayPal is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$96–$170 across our lower- and higher-growth cases (0%–10% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 119% above it.

Price used: $58.78, November 2, 2026

PayPal valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter PayPal files

10-Q filed October 27: PayPal

Revenue for the twelve months to September 2026 was $34.3bn, up 4.4% on a year earlier, slower than the 5.7% growth a quarter earlier. Free-cash-flow margin rose to 18.4% from 16.9% a year earlier. The diluted share count is down 8.9% on a year earlier, which lifts each remaining share. Our model value is little changed at $126 a share, against a share price of $56.87. The rating stays Buy. At that price, our model says the market is pricing in cash flow shrinking about 8.2% a year for five years, slower than the 6.2% a year revenue growth it has delivered.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 28: PayPal

Revenue reached $34.3bn in the twelve months to June 2026, up 4.4% on a year earlier. That marks a slowdown from the 5.7% growth posted a quarter earlier, and it ranks PayPal 13 of 15 for growth among the transaction and payment processing services companies we cover. On the brighter side, free cash flow margin climbed to 18.4% from 16.9%. A diluted share count down 8.9% lifts each remaining share. The fundamentals grade moves from C to C+. Our model value holds near $126 a share against a price of $54.65, and the rating stays Buy. At that price, the market appears to be pricing in cash flow shrinking about 8.0% a year for five years, below the 6.2% annual revenue growth already delivered.

10-Q on SEC EDGAR

Where PayPal stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $34.1bn, up 5.7% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 19.3% from 16.4% a year earlier. The diluted share count is down 7.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $120 a share, against a share price of $57.05. At that price, our model says the market is pricing in cash flow shrinking about 6.5% a year for five years, slower than the 6.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 2, 2027 (estimated)

PayPal's trailing-twelve-month revenue grew 4.4% year on year, with a free-cash-flow margin of 18.4%. Where it stands out: change in share count of -8.9% ranks 2 of 26 transaction & payment processing services companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$96–$170 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 13.2% while net income fell 3.9%: a 17pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $58.78 is 119% below our value per share of $130.
  • Shrinking share count. Diluted shares fell 8.9% in a year, so each share owns more of the business.

Things to watch

  • Below peers: revenue growth. Revenue growth of 4.4% ranks 23 of 30 transaction & payment processing services companies we cover (median 9.7%).

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$1.45 against an average estimate of $1.31: beat by 10.7%
Revenue
$8.58bn, up 2.0% on a year earlier
Share reaction
+2.8% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
non-GAAP EPS $5.38 (FY'26)
Next report
October 27, 2026; average EPS estimate $1.43

PayPal's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.1%
  • 1 week+6.9%
  • 1 month+11.3%
  • This year+1.6%
  • 1 year-14.2%
  • 5 years-74.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$34.3B
Operating margin
17.0%
Net margin
13.8%
EPS (TTM, diluted)
$5.26

Growth

Revenue growth
+4.4%
Change in growth rate
−1.3 pts
Share count change
−8.9%

Cash

Free cash flow (TTM)
$6.3B
FCF margin
18.4%
Stock pay % of revenue
3.0%

Earnings

Last results
October 27, 2026
Next results (est.)
February 2, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Our research
  4. Announcement
  5. Announcement
  6. Announcement
  7. Product
  8. Results
  9. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

PayPal valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 8.3% a year for five years.That is slower than the 6.2% a year revenue growth PayPal has delivered.

  • Priced in-8.3%
  • Last 12 months4.4%
  • 3 years a year5.6%
  • 5 years a year6.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($58.23, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$130
Price used
$58.23close November 3, 2026
Implied change
▲ +121%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of PayPal's free cash flow after stock-based pay with after-tax interest added back ($5.7B, FY2026 Q3 TTM), growing 4.3% and 4.7% in the next two years (forecasts, guidance and its record), then back to 5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$96–~$170 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of PayPal's free cash flow after stock-based pay ( $5.7B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value PayPal as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.01 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$96–$170 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$51 ~$37–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$78 ~$55–$110 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$61 ~$53–$72 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$90 ~$51–$130 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare PayPal with Transaction & Payment Processing Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +8%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $95$130$176$238$318$422
8.5% $72$97$131$175$232$305
10% $58$77$103$137$180$236

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$35.80$39.03$72.81$83.16$106.98$231.62$186.50$70.43$60.73$84.41$57.87$58.78
Market value$44.0bn$47.5bn$88.9bn$100.0bn$127.1bn$274.9bn$221.2bn$81.6bn$67.2bn$87.7bn$56.0bn$52.8bn
+ Net debt (− = net cash)−$1.4bn−$1.6bn−$1.9bn−$5.6bn−$2.3bn$4.2bn$3.8bn$2.6bn$1.6bn$3.9bn$3.5bn$6.3bn
Enterprise value$42.6bn$46.0bn$87.0bn$94.5bn$124.7bn$279.1bn$225.0bn$84.2bn$68.8bn$91.6bn$59.6bn$59.2bn
Multiples
Price / sales 4.8x4.4x6.8x6.5x7.2x12.8x8.7x3.0x2.3x2.8x1.7x1.5x
Price / earnings 35.8x33.9x49.5x48.6x51.7x65.4x53.1x33.7x15.8x21.1x10.7x11.2x
Price / free cash flow 24.1x19.1x47.7x21.5x37.7x51.4x45.2x16.0x15.9x13.0x10.1x8.4x
EV / EBITDA 20.6x19.9x29.7x31.8x34.4x62.3x40.7x16.3x11.3x14.4x8.5x8.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard PayPal's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 5.0% of total assets over 10 years.

  • Durability 14 / 20

    Operating margin has been a median 15.9%; its worst year was 13.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 21.7% of revenue.

  • Discipline 16 / 20

    The diluted share count fell 24.4% over five years; stock-based pay has been a median 5.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (71 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.52 +4% $34.6bn +4%
Next $5.85 +6% $36.0bn +4%

Next year's EPS estimate has moved +1.2% in 90 days, across 41 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.6% on 90 days ago. In the last 30 days, 2 analysts raised PayPal's forecast and 2 cut it.

Consensus EPS forecast PayPal, last 90 days
$5.20 $5.40 $5.60 $5.80 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.38 Current fiscal year, 60 days ago: $5.39 Current fiscal year, 30 days ago: $5.39 Current fiscal year, 7 days ago: $5.39 Current fiscal year, Now: $5.52 $5.52 Next fiscal year, 90 days ago: $5.78 Next fiscal year, 60 days ago: $5.79 Next fiscal year, 30 days ago: $5.79 Next fiscal year, 7 days ago: $5.78 Next fiscal year, Now: $5.85 $5.85

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.38$5.78
60 days ago $5.39$5.79
30 days ago $5.39$5.79
7 days ago $5.39$5.78
Now $5.52$5.85

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.31 $1.45 +10.7%
Jun 2026 $1.28 $1.38 +8.0%
Mar 2026 $1.27 $1.34 +5.6%
Dec 2025 $1.29 $1.23 −4.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026
  • Non-GAAP EPS FY'26 about $5.38 Non-GAAP Raised
    “Non-GAAP EPS 3 ~$5.38 Low-single digit decline to slightly positive $5.31” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows PayPal's revenue by +4.3% next year and +4.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.0%, weight 70%) and the company's own record (+5.0%, weight 30%) . How the weights are set.

Analyst recommendations

43 analysts, Oct 2026
Buy716%
Hold3274%
Sell49%

Monthly trend

  1. Oct 202643243
  2. Sep 202643343
  3. Aug 202643343
  4. Jul 202653243

Counts of recommendations published by analysts covering PayPal, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.7%
of tradable shares
Days to cover
2.36
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
79%
of shares
Held by insiders
0.7%
of shares
Employees
23,800
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −14.2%

$68.51 on October 31, 2025 to $58.78

ThenNowEffect
Revenue (last 12 months) $32.3bn $34.1bn +5.7%
Net margin 14.5% 14.4% −0.9%
P/E multiple 14.7x 11.1x −24.5%
Share count 1003m 925m +8.5%

Biggest factor: p/e multiple.

Last 3 years +5.9%

$55.48 on November 3, 2023 to $58.78

ThenNowEffect
Revenue (last 12 months) $28.6bn $34.1bn +19.5%
Net margin 14.3% 14.4% +0.7%
P/E multiple 15.5x 11.1x −28.4%
Share count 1138m 925m +23.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PYPL−20%−62%−14%+39%−31%+2%
Industry peers (median)−18%−26%+8%+9%−23%+9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PYPL50%25%58%58%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PYPL−42%−65%−42%−16%−38%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 87% from July 23, 2021 to February 12, 2026. Getting back needed a 688% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$38.74 – $67.59
From 52-week high
−13.0%
vs 50-day average
+6.3%
vs 200-day average
+18.0%
Volatility (1 year)
42%
Beta vs S&P 500
0.95

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±7.7%
After a week
3 up, 8 down
typical move ±8.6%
After a month
4 up, 7 down
typical move ±11.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +2.8% +0.9% — —
July 28, 2026 +4.1% −1.3% +4.4% +10.2%
May 5, 2026 −8.2% +2.2% −9.8% −14.9%
February 3, 2026 −21.6% −1.3% −20.7% −8.7%
October 28, 2025 −0.8% +0.3% −5.9% −11.8%
July 29, 2025 −10.9% −0.4% −13.3% −11.0%
April 29, 2025 +1.4% +0.7% +4.8% +9.2%
February 4, 2025 −11.5% +1.1% −14.9% −23.9%
October 29, 2024 −6.4% −0.1% −5.2% +3.6%
July 30, 2024 +11.6% +1.1% +6.5% +19.5%
April 30, 2024 −1.3% −1.9% −1.6% −6.7%
February 7, 2024 −11.9% +0.9% −7.6% −7.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How PayPal’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.89× the last 60 days’ realised volatility , richer than 7% of the 229 stocks we screen today.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

PayPal in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) PayPal
$28B $30B $32B $34B $36B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $29.8B Revenue (TTM), FY24 Q1: $30.4B Revenue (TTM), FY24 Q2: $31B Revenue (TTM), FY24 Q3: $31.5B Revenue (TTM), FY24 Q4: $31.8B Revenue (TTM), FY25 Q1: $31.9B Revenue (TTM), FY25 Q2: $32.3B Revenue (TTM), FY25 Q3: $32.9B Revenue (TTM), FY25 Q4: $33.2B Revenue (TTM), FY26 Q1: $33.7B Revenue (TTM), FY26 Q2: $34.1B Revenue (TTM), FY26 Q3: $34.3B $34.3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $29.8B
FY24 Q1 $30.4B
FY24 Q2 $31B
FY24 Q3 $31.5B
FY24 Q4 $31.8B
FY25 Q1 $31.9B
FY25 Q2 $32.3B
FY25 Q3 $32.9B
FY25 Q4 $33.2B
FY26 Q1 $33.7B
FY26 Q2 $34.1B
FY26 Q3 $34.3B
Revenue growth, TTM YoY PayPal
4% 6% 8% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.2% Revenue growth, TTM YoY, FY24 Q1: 8.4% Revenue growth, TTM YoY, FY24 Q2: 8.7% Revenue growth, TTM YoY, FY24 Q3: 8.0% Revenue growth, TTM YoY, FY24 Q4: 6.8% Revenue growth, TTM YoY, FY25 Q1: 4.8% Revenue growth, TTM YoY, FY25 Q2: 4.1% Revenue growth, TTM YoY, FY25 Q3: 4.5% Revenue growth, TTM YoY, FY25 Q4: 4.3% Revenue growth, TTM YoY, FY26 Q1: 5.8% Revenue growth, TTM YoY, FY26 Q2: 5.7% Revenue growth, TTM YoY, FY26 Q3: 4.4% 4.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.2%
FY24 Q1 8.4%
FY24 Q2 8.7%
FY24 Q3 8.0%
FY24 Q4 6.8%
FY25 Q1 4.8%
FY25 Q2 4.1%
FY25 Q3 4.5%
FY25 Q4 4.3%
FY26 Q1 5.8%
FY26 Q2 5.7%
FY26 Q3 4.4%
Operating margin (TTM) PayPal
16.5% 17% 17.5% 18% 18.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.9% Operating margin (TTM), FY24 Q1: 17.1% Operating margin (TTM), FY24 Q2: 17.4% Operating margin (TTM), FY24 Q3: 17.8% Operating margin (TTM), FY24 Q4: 16.7% Operating margin (TTM), FY25 Q1: 17.8% Operating margin (TTM), FY25 Q2: 18.2% Operating margin (TTM), FY25 Q3: 18.2% Operating margin (TTM), FY25 Q4: 18.3% Operating margin (TTM), FY26 Q1: 17.9% Operating margin (TTM), FY26 Q2: 17.4% Operating margin (TTM), FY26 Q3: 17.0% 17.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.9%
FY24 Q1 17.1%
FY24 Q2 17.4%
FY24 Q3 17.8%
FY24 Q4 16.7%
FY25 Q1 17.8%
FY25 Q2 18.2%
FY25 Q3 18.2%
FY25 Q4 18.3%
FY26 Q1 17.9%
FY26 Q2 17.4%
FY26 Q3 17.0%
FCF margin (TTM) PayPal
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 14.2% FCF margin (TTM), FY24 Q1: 16.4% FCF margin (TTM), FY24 Q2: 21.6% FCF margin (TTM), FY24 Q3: 22.4% FCF margin (TTM), FY24 Q4: 21.3% FCF margin (TTM), FY25 Q1: 18.7% FCF margin (TTM), FY25 Q2: 16.4% FCF margin (TTM), FY25 Q3: 16.9% FCF margin (TTM), FY25 Q4: 16.8% FCF margin (TTM), FY26 Q1: 16.3% FCF margin (TTM), FY26 Q2: 19.3% FCF margin (TTM), FY26 Q3: 18.4% 18.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 14.2%
FY24 Q1 16.4%
FY24 Q2 21.6%
FY24 Q3 22.4%
FY24 Q4 21.3%
FY25 Q1 18.7%
FY25 Q2 16.4%
FY25 Q3 16.9%
FY25 Q4 16.8%
FY26 Q1 16.3%
FY26 Q2 19.3%
FY26 Q3 18.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar PayPal took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $33.2B
  2. Other income $227M · 0.7%
  3. Selling, general and admin $4.3B · 12.8%
  4. Other operating costs $22.8B · 68.9%
  5. Operating income $6.1B · 18.3%
  6. Income tax $1.1B · 3.2%
  7. Net income $5.2B · 15.8%

Shares of revenue. Source: PayPal's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 6.7 8.0 9.2 10.8 13.1 15.5 17.8 21.5 25.4 27.5 29.8 31.8 33.2 34.3
EBITDA 1.5 1.8 2.1 2.3 2.9 3.0 3.6 4.5 5.5 5.2 6.1 6.4 7.0 6.8
Operating income 1.1 1.3 1.5 1.6 2.1 2.2 2.7 3.3 4.3 3.8 5.0 5.3 6.1 5.8
Net income 1.0 0.4 1.2 1.4 1.8 2.1 2.5 4.2 4.2 2.4 4.2 4.1 5.2 4.7
Diluted EPS $0.78 $0.34 $1.00 $1.15 $1.47 $1.71 $2.07 $3.54 $3.52 $2.09 $3.84 $3.99 $5.41 $5.26
Growth (year on year)
Revenue — +19.3% +15.2% +17.2% +20.8% +18.0% +15.0% +20.7% +18.3% +8.5% +8.2% +6.8% +4.3% +4.4%
EBITDA — +15.5% +16.0% +11.6% +26.9% +1.3% +22.3% +23.3% +23.4% −6.7% +18.4% +4.2% +10.6% −2.5%
Operating income — +16.2% +15.2% +8.6% +34.1% +3.1% +23.9% +21.0% +29.6% −10.0% +31.0% +5.9% +13.9% −2.8%
Net income — −56.1% +193.1% +14.1% +28.1% +14.6% +19.5% +70.9% −0.8% −42.0% +75.5% −2.3% +26.2% −3.9%
Diluted EPS — −56.4% +194.1% +15.0% +27.8% +16.3% +21.1% +71.0% −0.6% −40.6% +83.7% +3.9% +35.6% +5.6%
Margins
EBITDA margin 23.0% 22.2% 22.4% 21.3% 22.4% 19.2% 20.4% 20.9% 21.8% 18.7% 20.5% 20.0% 21.2% 19.8%
Operating margin 16.2% 15.8% 15.8% 14.6% 16.2% 14.2% 15.3% 15.3% 16.8% 13.9% 16.9% 16.7% 18.3% 17.0%
Net margin 14.2% 5.2% 13.3% 12.9% 13.7% 13.3% 13.8% 19.6% 16.4% 8.8% 14.3% 13.0% 15.8% 13.8%
Free-cash-flow margin 23.8% 21.5% 19.7% 23.0% 14.2% 30.1% 18.9% 25.0% 19.3% 18.6% 14.2% 21.3% 16.8% 18.4%
Cash flow
Cash from operations 2.0 2.2 2.5 3.2 2.5 5.5 4.1 6.2 5.8 5.8 4.8 7.5 6.4 7.1
Capital spending 0.4 0.5 0.7 0.7 0.7 0.8 0.7 0.9 0.9 0.7 0.6 0.7 0.9 0.8
Free cash flow 1.6 1.7 1.8 2.5 1.9 4.7 3.4 5.4 4.9 5.1 4.2 6.8 5.6 6.3
Stock-based pay 0.3 0.3 0.3 0.4 0.7 0.9 1.0 1.4 1.4 1.3 1.5 1.2 1.0 1.0
Free cash flow after stock pay 1.3 1.4 1.5 2.1 1.1 3.8 2.3 4.0 3.5 3.8 2.7 5.5 4.6 5.3
Balance sheet
Cash 1.6 2.2 1.4 1.6 2.9 7.6 7.3 4.8 5.2 7.8 9.1 6.7 8.0 7.2
Total debt 0.0 0.0 0.0 0.0 1.0 2.0 5.0 9.0 9.0 10.4 10.6 10.6 11.6 13.5
Net debt (negative = net cash) −1.6 −2.2 −1.4 −1.6 −1.9 −5.6 −2.3 4.2 3.8 2.6 1.6 3.9 3.5 6.3
Diluted shares 1,224m 1,224m 1,229m 1,218m 1,221m 1,203m 1,188m 1,187m 1,186m 1,158m 1,107m 1,039m 968m 899m
Returned to shareholders
Dividends — — — — — — — — — — 0.0 0.0 0.1 0.5
Buybacks — 0.0 0.0 1.0 1.0 3.5 1.4 1.6 3.4 4.2 5.0 6.0 6.1 6.1
Total returned — 0.0 0.0 1.0 1.0 3.5 1.4 1.6 3.4 4.2 5.0 6.0 6.2 6.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $81.6bn
Short-term assets $60.5bnLonger-term assets $21.1bn
What it owes, and who funded it · $81.6bn
Short-term liabilities $47.9bnLonger-term liabilities $14.2bnShareholders' equity $19.5bn
  • Short-term assets cover short-term liabilities $60.5bn of assets due within a year against $47.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $60.5bn short-term assets against $14.2bn of longer-dated liabilities.
  • More cash than debt $7.2bn of cash against $13.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 69% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 40% to 69% over five years.
  • A year's operating cash flow covers at least 20% of debt $7.1bn of operating cash flow against $13.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $5.8bn against $486m of interest.

From PayPal's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$6.1B
Dividends (TTM)
$500M
Returned to shareholders
104%
of free cash flow
Buybacks, last 3 fiscal years
$17.1B
Diluted share count
−8.9%
year over year
Total shareholder yield
13.3%
dividends 1.0% + buybacks 12.3% of market value
Dividend payout ratio
11%
of net income paid out
Days sales outstanding
8 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in transaction & payment processing services
Last 12 months unless stated PYPL MA V XYZ FISV CPAY Median
Revenue, last 12 months $34.3bn $36.3bn $44.5bn $25.0bn $20.9bn $5.0bn $1.6bn
Revenue growth, last 12 months 4.4% 15.3% 14.4% 5.1% −1.2% 20.4% 9.3%
Revenue growth, 3-year average 5.6% 14.2% 11.8% 8.3% 4.2% 11.5% 7.9%
Revenue growth, latest quarter 2.0% 14.0% 14.4% 9.3% −4.1% 21.5% 14.0%
Operating margin 17.0% 58.6% 60.7% 4.7% 22.3% 43.7% 9.8%
Operating margin, 3-year average 17.7% 56.9% 62.7% 3.8% 26.9% 44.3% 11.1%
Net margin 13.8% 46.7% 50.8% 1.4% 13.4% 22.7% 6.1%
Cash from operations / revenue 20.7% 46.5% 50.8% 16.2% 27.9% 36.8% 18.4%
Free-cash-flow margin 18.4% 44.3% 47.2% 15.5% 18.8% 32.6% 16.1%
Free-cash-flow margin, 3-year average 19.2% 49.5% 52.8% 7.4% 20.9% 41.4% 16.3%
Stock pay / revenue 3.0% 2.0% 2.1% 4.8% 1.8% 2.3% 2.2%
Change in share count −8.9% −2.7% — −3.4% −5.2% −3.3% −2.7%

Median of all 30 companies we cover in transaction & payment processing services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

30 transaction & payment processing services companies
Measure Company Peer median Rank
Revenue growth Growth 4.4% 9.7% 23 of 30
Change in growth rate Growth -1.3pp -0.3pp 20 of 30
Operating margin Profitability 17.0% 9.8% 10 of 29
Net margin Profitability 13.8% 6.6% 11 of 30
Free-cash-flow margin Cash generation 18.4% 18.4% 13 of 25
Stock pay as % of revenue Cash generation 3.0% 2.3% 17 of 30
Long-term debt as % of assets Balance sheet 13.4% 25.3% 6 of 19
Change in share count Balance sheet -8.9% -1.7% 2 of 26
Days sales outstanding Balance sheet 8 days 53 days 2 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Transaction Revenue $29.8B 89.8% ▲ 3.3%
Revenues From Other Value Added Services $3.4B 10.2% ▲ 14.2%
Geography
Region Revenue Share YoY
United States $18.9B 56.9% ▲ 3.3%
Outside the US $14.3B 43.1% ▲ 5.7%

From PayPal's 10-K filed February 3, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$28.2B
Institutions reporting
1,377
Shares held vs prior quarter
▼ 2.0%
Positions opened / closed
88 / 197

Top buyers and sellers, Q2 2026: 493 institutions bought and 877 sold ; the biggest buyer was Canada Pension Plan Investment Board (+4.3M shares) and the biggest seller Amundi (−8.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.2B 75.0M 11.5% ▲ 1.7%
Vanguard Capital Management LLC $2.3B 53.6M 8.2% ▼ 4.2%
State Street Corp $1.8B 41.2M 6.3% ▼ 1.8%
Invesco Ltd. $1.4B 33.4M 5.1% ▲ 4.2%
Geode Capital Management, LLC $1.3B 29.4M 4.6% ▲ 12.3%
Comprehensive Financial Management LLC $1B 24.0M 3.7% ▼ 7.9%
Vanguard Portfolio Management LLC $978M 22.7M 3.5% ▼ 10.5%
Bank Of America Corp $976M 22.6M 3.5% ▼ 11.8%
Goldman Sachs Group Inc $500M 11.6M 1.8% ▼ 4.3%
Norges Bank $491M 11.4M 1.7% —
Morgan Stanley $446M 10.3M 1.6% ▼ 9.6%
Primecap Management Co $422M 9.8M 1.5% ▼ 2.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not PayPal's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $254,537 1 trade by 1 insider, last 12 months Insider sales History → $7.6M 38 trades by 4 insiders · 81% under pre-set plans
Net ▼ $7.3M net selling
Insider Date Trade Shares Price Value
Keller Frank Pres., Checkout Sol. & PayPal October 28, 2026 Sell pre-set plan 732 $55.37 $40,531
Keller Frank Pres., Checkout Sol. & PayPal September 3, 2026 Sell pre-set plan 1,000 $55.74 $55,740
Keller Frank Pres., Checkout Sol. & PayPal September 3, 2026 Sell pre-set plan 2,427 $54.68 $132,708
Keller Frank Pres., Checkout Sol. & PayPal September 3, 2026 Sell pre-set plan 1,185 $56.71 $67,201
Kereere Suzan President, Global Markets September 3, 2026 Sell pre-set plan 995 $55.79 $55,511
Kereere Suzan President, Global Markets September 3, 2026 Sell pre-set plan 1,284 $56.69 $72,790
Kereere Suzan President, Global Markets September 3, 2026 Sell pre-set plan 1,100 $54.53 $59,983
Natali Chris SVP, Chief Accounting Officer September 3, 2026 Sell pre-set plan 552 $54.80 $30,250
Kereere Suzan President, Global Markets August 18, 2026 Sell pre-set plan 800 $61.41 $49,128
Kereere Suzan President, Global Markets August 18, 2026 Sell pre-set plan 3,362 $60.86 $204,611
Keller Frank Pres., Checkout Sol. & PayPal July 29, 2026 Sell pre-set plan 732 $58.10 $42,529
Natali Chris SVP, Chief Accounting Officer July 29, 2026 Sell pre-set plan 1,337 $58.10 $77,680

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 155 trades and filings

In the last 12 months, 4 members of Congress disclosed 3 purchases and 5 sales of PayPal shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded May 15, 2026, filed June 8, 2026
  • Mark Alford(R-MO 4):Sale (partial), $1,001 - $15,000, traded March 16, 2026, filed March 31, 2026
  • Byron Donalds(R-FL 19):Purchase, $1,001 - $15,000, traded March 13, 2026, filed April 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • May 5, 2026
  • February 3, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on PayPal was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

PayPal in brief

What does PayPal do?
PayPal is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.
What is PayPal's stock ticker?
PayPal trades under the ticker PYPL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is PayPal's revenue, and how fast is it growing?
Over its most recent trailing twelve months, PayPal reported revenue of $34.3B, 4.4% higher than a year earlier, according to its SEC filings.
What is PayPal's free cash flow?
PayPal's free-cash-flow margin is 18.4% of revenue over the trailing twelve months, ranking 13 of the 25 transaction & payment processing services companies we cover.
What is PayPal's fair value (intrinsic value) per share?
Our discounted-cash-flow model of PayPal's free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$96–$170 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are PayPal's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is PayPal buying back stock, and does it pay a dividend?
PayPal spent $6.1B on share repurchases over the trailing twelve months, and its diluted share count fell 8.9% over the year.
What is PayPal's market cap?
On November 2, 2026, PayPal's market capitalisation was about $52.8B, with a price-to-earnings ratio of 11.2 and net debt of $6.3B. Market figures come from third-party market data and may be delayed.
Does PayPal pay a dividend?
Yes: PayPal paid $500M in dividends over the trailing twelve months, a dividend yield of 1.02% and a payout ratio of 10.6%.
How much debt does PayPal have?
PayPal's debt-to-equity ratio is 69.1%, from its latest balance sheet (39.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are PayPal's competitors?
In our Transaction & Payment Processing Services peer group, the companies closest to PayPal are Mastercard, Visa Inc., Block, Inc., Fiserv and Corpay. The side-by-side comparison below sets their revenue, margins and growth against PayPal's.
Are insiders buying or selling PayPal stock?
Over the last 12 months, PayPal's directors and officers reported 1 open-market purchases and 38 sales on Form 4. The insider trading page charts every trade.
When is PayPal's next earnings date?
Around February 2, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — PayPal announces its own schedule.