PayPal Holdings, Inc. is a leading technology platform that facilitates digital payments and commerce experiences for merchants and consumers globally. The company operates a two-sided network connecting 426 million active accounts across approximately 200 markets as of December 31, 2023, offering services such as person-to-person payments, merchant payment solutions, and cross-border transactions . PayPal's primary revenue streams include transaction revenues and revenues from other value-added services, with transaction revenues being the largest contributor . The company also offers credit products, including PayPal and Venmo branded credit products, and facilitates the purchase and sale of cryptocurrencies . PayPal's branded checkout and unbranded processing services, such as Braintree, are significant components of its business, with branded checkout being a key area of focus for growth .
- Transaction Revenues - Generates income from payment transactions and currency conversion fees, serving as the largest revenue stream.
- Branded Checkout Services - Provides a seamless checkout experience for consumers, focusing on enhancing user engagement and conversion rates.
- Unbranded Processing Services (Braintree) - Offers payment processing solutions for merchants, enabling them to accept various payment methods.
- Other Value-Added Services - Includes partnerships, referral fees, subscription fees, and interest on customer balances, contributing to diversified revenue streams.
- Credit Products - Offers PayPal and Venmo branded credit products, providing consumers with flexible payment options.
- Cryptocurrency Services - Facilitates the purchase and sale of cryptocurrencies, expanding digital asset accessibility for users.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Aaron Webster Executive | EVP, Chief Enterprise Services Officer | None | Former Chief Risk Officer at SoFi; expertise in risk management and operations. | |
Alex Chriss Executive | President and CEO | None | Former EVP at Intuit; led Small Business Group with 20%+ CAGR; joined PayPal as CEO in 2023. | View Report → |
Diego Scotti Executive | EVP, GM – Consumer Group & Global Marketing | None | Former CMO at Verizon; extensive experience in marketing and consumer engagement. | |
Frank Keller Executive | EVP, GM – Large Enterprise & Merchant Group | None | Longtime PayPal leader; oversees merchant-facing products like Braintree and PayPal Checkout. | |
Jamie Miller Executive | EVP, Chief Financial Officer | Board Member at Qualcomm | Former CFO at Cargill and GE; extensive experience in finance and strategy. | |
Michelle Gill Executive | EVP, GM – Small Business & Financial Services | None | Former EVP at Intuit and SoFi; extensive experience in consumer lending and financial services. | |
Suzan Kereere Executive | President, Global Markets | Board Member at 3M | Former EVP at Fiserv and Visa; deep expertise in global payments and merchant solutions. | |
Ann M. Sarnoff Board | Director | Vice Chair at McDonough School of Business; Board Member at Realm Media and WTA Ventures | Former CEO of WarnerMedia Studios; expertise in media, consumer engagement, and partnerships. | |
David M. Moffett Board | Director | Trustee at Columbia Threadneedle Mutual Funds; Director at CSX Corporation | Former CEO of Freddie Mac; extensive experience in finance and corporate governance. | |
Deborah M. Messemer Board | Director | Board Member at Allogene Therapeutics and TPG | Former Managing Partner at KPMG; expertise in finance, accounting, and corporate governance. | |
Enrique Lores Board | Independent Chair of the Board | President and CEO of HP Inc.; Board Member at HP Inc. | CEO of HP Inc.; extensive leadership experience in technology and global business operations. | |
Frank D. Yeary Board | Director | Chair at Intel Corporation; Board Member at Mobileye; Managing Member at Darwin Capital | Former Vice Chancellor at UC Berkeley; expertise in finance, M&A, and corporate governance. | |
Gail J. McGovern Board | Director | CEO of American Red Cross; Board Member at DTE Energy; Trustee at Johns Hopkins | CEO of the American Red Cross; expertise in marketing, customer relations, and corporate governance. | |
Jonathan Christodoro Board | Director | Partner at Patriot Global Management | Experienced investor; former board member at Lyft, Xerox, and Herbalife. | |
Rodney C. Adkins Board | Director | President of 3RAM Group; Chair of Avnet; Director at UPS and W.W. Grainger | Former IBM executive; expertise in technology, corporate governance, and global business operations. |
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Given your expectation of lower volume and revenue growth in the second half of the year, despite increasing investment in strategic growth initiatives, how do you plan to offset the anticipated pressures on transaction margin dollars, especially considering the smaller tailwind from interest on customer balances and normalization in transaction and credit losses?
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With the competitive pressures from alternative payment methods like Apple Pay, particularly in the mobile payments market, how do you plan to maintain and grow your market share, especially when you acknowledge the increasing competition and changing dynamics in the industry?
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Braintree has begun contributing to transaction margin dollar growth for the first time in over two years, but you expect lower volume growth as you focus on profitable growth; how sustainable is this contribution from Braintree, and could prioritizing profitability over volume growth impact your competitive positioning in the long term?
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You have highlighted the untapped opportunity in the SMB market and the rollout of PPCP; what challenges have you faced in effectively penetrating the SMB segment previously, and how does your current strategy address these obstacles differently?
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Regarding the forthcoming opportunities in Europe with changes around NFC technology, how prepared is PayPal to capitalize on these changes, and what potential regulatory or competitive barriers could impede your ability to expand your omnichannel solutions in the European market?
Research analysts who have asked questions during PayPal Holdings earnings calls.
Darrin Peller
Wolfe Research, LLC
6 questions for PYPL
Harshita Rawat
AllianceBernstein
6 questions for PYPL
Tien-tsin Huang
JPMorgan Chase & Co.
6 questions for PYPL
Timothy Chiodo
UBS Group AG
6 questions for PYPL
Dan Dolev
Mizuho Financial Group
5 questions for PYPL
Jason Kupferberg
Bank of America
5 questions for PYPL
Sanjay Sakhrani
Keefe, Bruyette & Woods (KBW)
5 questions for PYPL
Ramsey El-Assal
Barclays
4 questions for PYPL
Andrew Schmidt
Citigroup Inc.
3 questions for PYPL
Trevor Williams
Jefferies LLC
3 questions for PYPL
Colin Sebastian
Baird
2 questions for PYPL
James Faucette
Morgan Stanley
2 questions for PYPL
Will Nance
Goldman Sachs
2 questions for PYPL
Bryan Keane
Deutsche Bank
1 question for PYPL
Daniel Perlin
RBC Capital Markets
1 question for PYPL
William Nance
The Goldman Sachs Group, Inc.
1 question for PYPL
Recent press releases and 8-K filings for PYPL.
- Europe’s BNPL market is projected to reach $191.3 billion in 2025 (up 12.4% YoY) and grow from $170.2 billion in 2024 to $293.7 billion by 2030
- The sector achieved a 20.6% CAGR from 2021–2024 and is forecast to grow at a 9.0% CAGR during 2025–2030
- Klarna, Afterpay (Riverty), and PayPal lead the market, supported by local providers like Scalapay (Italy) and Alma (France)
- Intensifying consumer credit and data protection regulations are driving BNPL firms to improve transparency and compliance
- Providers are focusing on omnichannel integration, AI-driven personalization, and ESG-linked finance initiatives to enhance engagement and sustainability
- PayPal delivered 6–7% transaction margin dollar growth pace for 2025 vs. negative growth two years ago, 15%+ non-GAAP EPS growth outlook for the year, 2% MA growth and 5% transactions per account growth in Q3.
- BNPL volumes rose 20%+ in Q3, on track for $40 billion TPV in 2025; Venmo TPV grew 14%, with 66 million monthly active accounts and $1.7 billion in revenue expected this year.
- Initiated a dividend at a 10% payout ratio to net income and repurchased $1.5 billion of shares in Q3 (totaling $5.7 billion over four quarters).
- Raised Q4 guidance to $4.02–4.12 billion in transaction margin dollars, full-year non-GAAP EPS of $5.35–5.39, and mid-single-digit revenue growth.
- Announced partnerships with OpenAI and Google for agentic commerce services and piloted PayPal World to expand digital wallet interoperability.
- PayPal delivered 7% transaction margin dollar growth (excluding interest) and 12% non-GAAP EPS increase, driven by branded experiences, PSP, and Venmo monetization.
- Total payment volume accelerated 8% YoY (7% currency-neutral) to over $458 billion, with branded experiences TPV +8%, Venmo TPV +14%, and PSP volume up 6%, reflecting omnichannel and P2P momentum.
- Buy Now, Pay Later volume grew 20%+, positioning for a ~$40 billion TPV run rate in 2025, and Venmo is on pace for $1.7 billion revenue, with active accounts approaching 66 million, highlighting deeper engagement.
- The company initiated a dividend, repurchased $1.5 billion of shares this quarter ($5.7 billion over four quarters), and ended Q3 with $14.4 billion in cash and investments, underscoring disciplined capital returns.
- PayPal raised full-year guidance to $15.45–15.55 billion TM dollars (+5–6%) and $5.35–5.39 non-GAAP EPS (+15–16%), and continues investing in growth vectors including agentic commerce through partnerships with Google and OpenAI.
- PayPal delivered 7% growth in transaction margin dollars, excluding interest, driven by branded checkout, PSP profitability, Venmo monetization, and credit performance; non-GAAP operating income rose 6% and non-GAAP EPS increased 12%.
- Total payment volume grew 8% at spot and 7% on a currency-neutral basis to $458 billion, with branded experiences TPV up 8%, Venmo TPV up 14%, and U.S. branded experiences up 10%.
- Monthly active accounts rose 2% year-over-year to 227 million, with transactions per active account (ex-PSP) accelerating 5%, reflecting deeper user engagement.
- On pace for 6–7% transaction margin dollar growth in 2025 (excluding interest), targeting high single-digit TM dollar and mid-teens EPS growth longer term, and initiating a dividend program alongside ongoing share buybacks.
- Continuing to scale omnichannel branded checkout, drive BNPL volume growth of 20%, unlock Venmo ARPA upside, and expand into agentic commerce via partnerships with OpenAI, Google, and others.
- PayPal delivered $458.1 B TPV (+8% YoY) and $8.42 B revenue (+7%; 6% FXN), with $3.87 B transaction margin (+6%) in Q3 2025.
- Non-GAAP EPS of $1.34 (+12%) and adjusted free cash flow of $2.28 B (+48%) for the quarter.
- Raised FY 2025 guidance to $15.45–$15.55 B transaction margin and $5.35–$5.39 non-GAAP EPS (15–16% growth), with share repurchases planned of ~$6 B.
- Returned $1.5 B via share repurchases in Q3 (trailing 12-month repurchases of $5.7 B reduced shares by 6%).
- Strategic drivers include Venmo revenue +20% (TPV +14%) and Branded Experiences TPV +8% FXN, reflecting growth across checkout and debit products.
- Net revenues increased 7% YoY to $8.4 B, with GAAP EPS rising 32% to $1.303
- Total payment volume grew 8% to $458.1 B, active accounts up 1% to 438 M, and transaction margin dollars ex-interest increased 7% to $3.6 B
- GAAP operating income rose 9% to $1.5 B, with operating margin expanding 33 bps to 18.1%
- Initiated a quarterly dividend program and returned $1.5 B to shareholders through share repurchases
- PayPal introduced agentic commerce services, a suite combining payments, identity verification, and buyer protection to enable AI-driven product discovery and checkout for merchants.
- The offering includes agent ready for seamless AI-surface payments with built-in fraud detection and store sync to make merchant catalogs discoverable across AI channels like Perplexity and the PayPal app.
- Strategic integrations with Wix, Cymbio, BigCommerce & Feedonomics, and Shopware allow merchants to quickly enable AI commerce with a single PayPal integration.
- Agent ready will launch in early 2026; merchants can sign up for store sync today, with Perplexity discoverability rolling out by year-end.
- PayPal will adopt the Agentic Commerce Protocol (ACP) to enable instant checkout in ChatGPT, connecting its global merchant network to millions of users.
- ChatGPT users can complete purchases via PayPal with multiple funding options (bank, balance, cards) and enjoy PayPal’s buyer/seller protections and post-purchase services.
- In 2026, PayPal will surface product catalogs of small businesses and marquee brands in ChatGPT commerce through its ACP server, without requiring individual merchant integrations.
- The partnership also scales PayPal’s AI strategy by deploying ChatGPT Enterprise for 24,000+ employees and expanding direct use of OpenAI APIs for product development.
- PayPal has partnered with OpenAI to embed its digital wallet directly into ChatGPT as its first in-chat payment option, launching in 2026.
- The integration leverages OpenAI’s Agentic Commerce Protocol and Instant Checkout for seamless payments and order confirmations with built-in buyer and seller protections.
- Merchants can list products in categories like apparel, beauty, and electronics without building separate integrations, as PayPal handles payment processing, routing, and fraud prevention behind the scenes.
- PayPal’s stock jumped over 14% in pre-market trading, adding nearly $13 billion to its market capitalization following the announcement.
- Internally, PayPal will deploy OpenAI’s enterprise tools—granting ChatGPT access to employees—to accelerate product development and improve operational efficiency.
- On Oct. 27, 2025, Venmo announced a partnership with Bilt to integrate rent, mortgage, and neighborhood merchant payments into its in-app commerce platform starting early 2026.
- Bilt Members (over 5 million, representing 1 in 4 residential buildings) can pay rent and mortgage via Venmo and earn Bilt Points redeemable for travel, fitness, and home decor.
- The deal opens Venmo’s payment network to more than 45 000 Bilt merchants and leverages its nearly 100 million active accounts for everyday transactions.
- This strategic move marks Venmo’s evolution from peer-to-peer payments to a broader everyday commerce platform, enhancing flexibility and rewards for renters and merchants.