PayPal Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PayPal Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,842	13,094	15,451	17,772	21,454	25,371	27,518	29,771	31,797	33,172
Research and development	834	953	1,071
Selling and marketing	969	1,142	1,314	1,401	1,861	2,445	2,257	1,809	2,001	2,283
General and administrative	1,028	1,258	1,541	1,711	2,070	2,114	2,099	2,059	2,147	1,979
Operating expenses	9,256	10,967	13,257	15,053	18,165	21,109	23,681	24,743	26,472	27,107
Operating income	1,586	2,127	2,194	2,719	3,289	4,262	3,837	5,028	5,325	6,065
Interest expense	3	7	77	115	209	232	304	347	382	441
Other non-operating income	45	73	182	279	1,776	-163	-471	383	4	227
Pre-tax income	1,631	2,200	2,376	2,998	5,065	4,099	3,366	993	946	1,453
Income tax	230	405	319	539	863	-70	947	1,165	1,182	1,059
Net income	1,401	1,795	2,057	2,459	4,202	4,169	2,419	4,246	4,147	5,233
EBITDA	2,310	2,932	2,970	3,631	4,478	5,527	5,154	6,100	6,357	7,028
EPS, basic	1.16	1.49	1.74	2.09	3.58	3.55	2.10	3.85	4.03	5.46
EPS, diluted	1.15	1.47	1.71	2.07	3.54	3.52	2.09	3.84	3.99	5.41
Shares, basic (weighted)	1,210	1,203	1,184	1,174	1,173	1,174	1,154	1,103	1,029	959
Shares, diluted (weighted)	1,218	1,221	1,203	1,188	1,187	1,186	1,158	1,107	1,039	968
Dividend per share										0.14

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,590	2,883	7,575	7,349	4,794	5,197	7,776	9,081	6,662	8,049
Short-term investments	3,385	2,812	1,534	3,412	8,289	4,303	3,092	4,979	4,262	2,373
Receivables	214	283	313	435	577	800	963	1,069	984	840
Other current assets	833	713	947	800	1,148	1,287	1,898	2,509	1,664	1,827
Total current assets	25,733	32,645	32,963	38,495	50,995	52,574	57,424	62,569	58,206	59,759
Property, plant and equipment	1,482	1,528	1,724	1,693	1,807	1,909	1,730	1,488	1,508	1,700
Lease right-of-use assets				479	707	659	574	390	599	539
Goodwill	4,059	4,339	6,284	6,212	9,135	11,454	11,209	11,026	10,837	10,864
Intangible assets	211	168	825	778	1,048	1,332	788	537	326	208
Long-term investments	1,539	1,961	971	2,863	6,089	6,797	5,018	3,273	4,583	4,330
Other non-current assets	79	133	565	1,292	1,305	1,737	2,455	3,273	3,265	3,312
Total assets	33,103	40,774	43,332	51,333	70,379	75,803	78,624	82,166	78,725	80,173
Accounts payable	192	257	281	232	252	197	126	139	227	240
Accrued liabilities	1,459	1,781	2,002	2,087	2,648	3,755	4,868	6,392	5,592	6,005
Short-term debt			1,998	0
Total current liabilities	16,878	22,863	25,904	26,919	38,447	43,029	45,008	48,466	45,490	46,443
Long-term debt			0	4,965	8,939	8,049	10,417	9,676	9,879	9,987
Lease liabilities				403	642	620	569	416	629	548
Other non-current liabilities							2,925	2,973	2,939	3,487
Total liabilities	18,391	24,780	27,946	34,404	50,316	54,076	58,350	61,115	58,308	59,917
Total debt			0	4,965	8,939	8,049	10,417	9,676	9,879	9,987
Paid-in capital	13,579	14,314	14,939	15,588	16,644	17,208	18,327	19,642	20,705	21,582
Retained earnings	2,069	3,823	5,880	8,342	12,366	16,535	18,954	23,200	27,347	32,470
Treasury stock	-995	-2,001	-5,511	-6,872	-8,507	-11,880	-16,079	-21,045	-27,085	-33,138
Other comprehensive income	59	-142	78	-173	-484	-136	-928	-746	-550	-658
Shareholders' equity	14,712	15,994	15,386	16,885	20,019	21,727	20,274	21,051	20,417	20,256
Minority interests			0	44	44	0
Total equity	14,712	15,994	15,386	16,929	20,063	21,727	20,274	21,051	20,417	20,256
Total liabilities and equity	33,103	40,774	43,332	51,333	70,379	75,803	78,624	82,166	78,725	80,173
Shares outstanding	1,207	1,200	1,174	1,173	1,172	1,168	1,136	1,072	993	920

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,401	1,795	2,057	2,459	4,202	4,169	2,419	4,246	4,147	5,233
Depreciation and amortization	724	805	776	912	1,189	1,265	1,317	1,072	1,032	963
Stock-based compensation	438	733	853	1,021	1,376	1,376	1,261	1,475	1,230	1,002
Deferred income tax	52	-1,299	-171	-269	165	-482	-811	-668	231	217
Change in receivables	-77	12	-59	-120	-100	-222	-163	-114	85	144
Cash from operations	3,158	2,531	5,480	4,071	6,219	5,797	5,813	4,843	7,450	6,416
Capital expenditures	-669	-667	-823	-704	-866	-908	-706	-623	-683	-852
Acquisitions	-19	-323	-2,124	-70	-3,609	-2,763	0	0
Purchases of investments	-21,041	-19,418	-22,381	-27,881	-41,513	-40,116	-20,219	-21,980	-26,209	-20,399
Sales and maturities of investments	18,429	18,448	21,898	24,878	30,908	39,698	23,411	4,500
Cash from investing	-5,904	-4,485	821	-5,742	-16,545	-5,149	-3,328	752	1,689	797
Debt issued		1,800	2,075	5,471	6,966	272	3,475	1,528	1,546	2,637
Debt repaid	-21	-980	-1,115	-2,516	-3,000	-361	-1,686	-1,053	-1,661	-2,155
Stock issued	109	144	144	138	137	162	143	127	95	117
Share buybacks	-995	-1,006	-3,520	-1,411	-1,635	-3,373	-4,199	-5,002	-6,047	-6,052
Dividends paid								0	0	-130
Cash from financing	2,038	4,084	-1,240	4,187	12,454	-557	-1,203	-2,993	-8,276	-5,958
Exchange rate effect	0	36	-113	-6	169	-102	-155	76	-207	273
Net change in cash	-708	2,166	4,948	2,510	2,297	-11	1,127	2,678	656	1,528
Free cash flow	2,489	1,864	4,657	3,367	5,353	4,889	5,107	4,220	6,767	5,564
Interest paid	4	6	69	78	190	231	280	331	366	406
Income taxes paid	48	117	328	665	565	474	878	2,118	1,027	1,099

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $55.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	17.9%	Operating income / revenue.
EBITDA margin	20.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	15.0%	Net income / revenue.
FCF margin	16.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.9%	Cash from operations / revenue.
Return on equity (ROE)	25.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.3%	Net income / average total assets.
Return on invested capital (ROIC)	19.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	16.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	13.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	26.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	29.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	35.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	37.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-13.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-17.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	2.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.26x	Current assets / current liabilities.
Quick ratio	0.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.54x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.5%	Total debt / total assets.
Liabilities / assets	75.1%	Total liabilities / total assets.
Net debt	$1.53B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.22x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	13.4x	Operating income / interest expense.
Working capital	$12.36B	Current assets - current liabilities.
Goodwill and intangibles / assets	13.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.87B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	19.8x	Revenue / average property, plant and equipment.
Receivables turnover	40.0x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.
FCF conversion	108.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$36.67	Revenue / diluted weighted shares.
FCF per share	$5.98	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.95	Cash from operations / diluted weighted shares.
Book value per share	$22.45	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.95	Tangible book value / shares outstanding.
Cash per share	$10.47	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	110.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$47.08B	Share price x shares outstanding.
Enterprise value	$48.62B	Market cap + total debt - cash - short-term investments.
P/E	9.31x	Market cap / net income. Only when net income is positive.
P/S	1.40x	Market cap / revenue.
P/B	2.35x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.31x	Market cap / tangible book value, when positive.
P/FCF	8.56x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.37x	Market cap / cash from operations, when positive.
EV/Sales	1.44x	Enterprise value / revenue.
EV/EBIT	8.07x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.97x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.83x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.7%	Free cash flow / market cap.
Earnings yield	10.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	12.9%	(Dividends paid + share buybacks) / market cap.
PEG	0.25x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PayPal Holdings, Inc.'s revenue in fiscal 2025?

PayPal Holdings, Inc. reported revenue of $33.17B for fiscal 2025, 4.3% higher than the year before.

Was PayPal Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $5.23B, a net margin of 15.8%.

How much free cash flow did PayPal Holdings, Inc. generate in fiscal 2025?

Cash from operations of $6.42B minus capital expenditures of $852.0M left free cash flow of $5.56B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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