Earnings summaries and quarterly performance for PayPal Holdings.
Executive leadership at PayPal Holdings.
Alex Chriss
Detailed
President and Chief Executive Officer
CEO
AW
Aaron Webster
Detailed
Executive Vice President, Global Chief Risk Officer
DS
Diego Scotti
Detailed
Executive Vice President, General Manager, Consumer Group
FK
Frank Keller
Detailed
Executive Vice President, General Manager – Large Enterprise & Merchant Platform Group
JM
Jamie Miller
Detailed
Executive Vice President, Chief Financial and Operating Officer
MG
Michelle Gill
Detailed
Executive Vice President, General Manager – Small Business & Financial Services Group
SK
Suzan Kereere
Detailed
President, Global Markets
Board of directors at PayPal Holdings.
AS
Ann Sarnoff
Detailed
Director
CD
Carmine Di Sibio
Detailed
Director
DD
David Dorman
Detailed
Director
DM
David Moffett
Detailed
Director
DM
Deborah Messemer
Detailed
Director
DS
Deirdre Stanley
Detailed
Director
EL
Enrique Lores
Detailed
Independent Board Chair
FY
Frank Yeary
Detailed
Director
GM
Gail McGovern
Detailed
Director
JC
Jonathan Christodoro
Detailed
Director
JC
Joy Chik
Detailed
Director
Research analysts who have asked questions during PayPal Holdings earnings calls.
DP
Darrin Peller
Wolfe Research, LLC
6 questions for PYPL
Also covers: ACN, ADYYF, AVDX +24 more
HR
Harshita Rawat
AllianceBernstein
6 questions for PYPL
Also covers: ADYYF, FI, MA +3 more
TH
Tien-tsin Huang
JPMorgan Chase & Co.
6 questions for PYPL
Also covers: ACN, ADP, ALIT +23 more
TC
Timothy Chiodo
UBS Group AG
6 questions for PYPL
Also covers: AFRM, AVDX, CHYM +16 more
DD
Dan Dolev
Mizuho Financial Group
5 questions for PYPL
Also covers: ACN, ADP, AFRM +14 more
JK
Jason Kupferberg
Bank of America
5 questions for PYPL
Also covers: ACN, ADP, AFRM +14 more
SS
Sanjay Sakhrani
Keefe, Bruyette & Woods (KBW)
5 questions for PYPL
Also covers: ALLY, AVDX, AXP +17 more
Ramsey El-Assal
Barclays
4 questions for PYPL
Also covers: ACN, ADP, AFRM +20 more
AS
Andrew Schmidt
Citigroup Inc.
3 questions for PYPL
Also covers: ALKT, BILL, CWAN +15 more
Trevor Williams
Jefferies LLC
3 questions for PYPL
Also covers: ACIW, CPAY, FIS +8 more
Colin Sebastian
Baird
2 questions for PYPL
Also covers: ABNB, AMZN, CART +9 more
JF
James Faucette
Morgan Stanley
2 questions for PYPL
Also covers: ACN, ADP, AFRM +24 more
Will Nance
Goldman Sachs
2 questions for PYPL
Also covers: AFRM, AMTD, CHYM +14 more
BK
Bryan Keane
Deutsche Bank
1 question for PYPL
Also covers: ACN, ADP, AVDX +15 more
Daniel Perlin
RBC Capital Markets
1 question for PYPL
Also covers: AFRM, BR, FLYW +9 more
WN
William Nance
The Goldman Sachs Group, Inc.
1 question for PYPL
Also covers: AFRM, AMTD, AVDX +19 more
Recent press releases and 8-K filings for PYPL.
PayPal submits applications to establish Utah-chartered industrial bank
PYPL
New Projects/Investments
- PayPal has applied to the Utah Department of Financial Institutions and the FDIC to form PayPal Bank, a proposed Utah-chartered industrial loan company aimed at strengthening its business operations.
- Since 2013, PayPal has provided over $30 billion in loans and working capital to more than 420,000 business accounts; the new bank is designed to improve efficiency and reduce reliance on third parties for small-business lending.
- Upon approval, PayPal Bank would offer small-business lending solutions and interest-bearing savings accounts, seek direct membership in U.S. card networks, and provide FDIC insurance coverage for customer deposits.
- Mara McNeill, formerly President and CEO of Toyota Financial Savings Bank, has been appointed President of PayPal Bank.
Dec 15, 2025, 9:30 PM
PayPal attracts significant investment from BlackBird Financial
PYPL
Dividends
Share Buyback
- BlackBird Financial has built a significant ownership position in PayPal, which processes roughly $1.7 trillion in annual payment volume.
- The hedge fund highlights CEO Alex Chriss’s disciplined capital allocation, noting PayPal initiated a quarterly dividend and returned close to $6 billion to shareholders, with a new $15 billion repurchase authorization.
- BlackBird views PayPal as undervalued amid quietly improving economics and believes ongoing share repurchases are highly accretive.
- The firm also cites strategic partnerships with OpenAI and Google enhancing PayPal’s AI-driven commerce positioning, and does not seek board representation at this time.
Dec 9, 2025, 3:00 PM
PayPal presents at UBS’s 2025 Global Technology and AI Conference
PYPL
Guidance Update
New Projects/Investments
- Q4 branded checkout TPV is expected to grow at least 2 pp slower vs. Q3 due to macro pressure, lower AOV and tougher gaming/travel comps, though full-quarter guidance remains intact.
- For 2026, PayPal will reinvest 1–2 pp of transaction margin dollars into product attachment, habituation and agentic commerce, resulting in slower transaction margin dollar and EPS growth vs. 2025.
- 25% of global transactions have migrated to the modern checkout experience (≈12–13% optimized), delivering ~1 pp conversion uplift when optimized; U.S. rollout leads a four-month global expansion.
- Branded experiences grew 10% in the U.S. in Q3, driven by PayPal and Venmo debit card adoption, which deliver offline margins on par with online branded checkout and enhance repeat engagement.
- PayPal is building an agentic commerce orchestration layer with LLM partners (Perplexity, OpenAI, Google) to onboard merchants and consumers at scale under existing branded checkout economics.
Dec 3, 2025, 3:15 PM
PayPal discusses Q4 outlook and 2026 growth strategy at UBS conference
PYPL
Guidance Update
New Projects/Investments
- CFO Jamie Miller highlighted a revamped operating structure delivering 6–7% transaction margin dollar growth, mid-teens EPS growth, and $6–7 billion free cash flow over the past two years.
- Q4 branded checkout TPV growth is expected to be at least two points slower than Q3, driven by macro headwinds, lower AOV, and tougher year-ago comps, while full-quarter guidance remains intact.
- For 2026, PayPal will reinvest 1–2 points of transaction margin dollars into product attach/habituation and agentic commerce, leading to positive but slower TM$ and EPS growth versus 2025.
- The modern checkout rollout has reached 25% global penetration (∼12–13% optimized), yielding ~1 point of conversion uplift when fully optimized.
- Branded experiences grew 8% globally (10% in the U.S.), driven by PayPal/Venmo debit card launches with 5% cash back and NFC expansion, achieving offline margins on par with online transactions.
Dec 3, 2025, 3:15 PM
PayPal updates Q4 trends and 2026 outlook at UBS Tech & AI Conference
PYPL
Guidance Update
New Projects/Investments
- Over the past two years, PayPal has delivered 6%–7% transaction margin dollar growth, mid-teens EPS growth, and generated $6–7 billion in free cash flow, driven by diversified revenue across Venmo, BNPL, debit cards, and processing.
- For Q4 2025, PayPal expects branded checkout TPV growth to be at least two percentage points slower than Q3 due to weaker consumer spending, lower AOVs, and tough gaming/travel comps, yet remains on track for its full-quarter guidance.
- Entering 2026, PayPal will reinvest 1–2 points of transaction margin dollars into product attachment, consumer habituation, and agentic commerce initiatives, and plans OpEx growth roughly equal to its margin dollar growth, leading to slower but positive margin and EPS expansion.
- The modern checkout rollout has achieved 25% global penetration (≈12–13% optimized) with a 1% uplift in conversion when optimized; branded experiences grew 8% globally and 10% in the U.S., aided by PayPal and Venmo debit cards and NFC deployments.
- Venmo’s app enhancements and debit-card campaigns have driven 40% Q/Q growth in “Pay with Venmo” TPV; PayPal-Venmo user overlap remains around 50%, reflecting complementary demographic targets.
Dec 3, 2025, 3:15 PM
PayPal outlines transformation and growth initiatives at Citi FinTech Conference
PYPL
Demand Weakening
New Projects/Investments
- PayPal has transformed its financial profile, shifting transaction margins from negative to an expected 6–7% growth in 2025, with the PSP processing business now profitable and on track to 2× transaction margin dollars by FY27.
- Mid-September saw a slowdown in discretionary spending among middle and lower-income consumers, persisting into Q4, prompting PayPal to pivot towards buy-now, pay-later (BNPL), which grew 20% in volume and active accounts and is projected at $40 billion in FY25; moving BNPL presentment upstream boosts conversion by ~10%.
- Venmo experienced an inflection point: pay with Venmo volume nearing $10 billion in FY25, with pay-in-Venmo and Venmo debit card volumes growing 40% and 65%, respectively; partnerships (e.g., Taco Bell, Sephora, Bilt) and the upcoming PayPal World interoperability are set to extend its merchant and P2P reach.
- Branded checkout is being overhauled, replacing a 15-year-old mobile flow with a one-click passkey-based experience that yields a 1–5 point conversion uplift; rollout aims to scale from 20% to 80% of global branded traffic by 2027, with legacy integrations to be deprecated.
- PayPal is positioning to lead in agentic commerce, leveraging its trusted two-sided network with Google, OpenAI, and Perplexity integrations, offering developers a commerce API for catalog access and ensuring buyer protection via its KYC-vetted wallet ecosystem.
Nov 19, 2025, 2:00 PM
PayPal outlines transformation progress at Citi FinTech Conference
PYPL
- PayPal’s transformation has driven transaction margins from negative into a 6–7% growth pace this year, with its processing business turned positive and multiple levers—such as Venmo and BNPL—now contributing to margin expansion.
- The BNPL unit is on track for $40 billion in annual volume with 20% growth in both volume and active borrowers; moving BNPL presentment onto product pages delivered a 10% uplift in conversion.
- Venmo pay-with-Venmo volume reached $10 billion in FY 2025, and revenue is poised to surpass $2 billion soon; the upcoming PayPal World rollout will interoperate PayPal, Venmo and global wallets to broaden merchant acceptance.
- A rebuilt online checkout using passkeys enables one-click flow and yields 1–5 point conversion improvements; 20% of branded volume has been migrated so far, targeting 80% by 2027 despite bespoke integration challenges.
- PayPal launched agentic commerce integrations with Google, OpenAI and Perplexity, leveraging its two-sided, KYC-verified ecosystem to provide trusted, LLM-driven branded-checkout experiences without altering its fee model.
Nov 19, 2025, 2:00 PM
PayPal renews European BNPL receivables agreement with KKR
PYPL
New Projects/Investments
- PayPal and KKR signed a new €6 billion replenishing loan commitment enabling KKR to purchase up to €5 billion of PayPal’s European buy now, pay later receivables through March 2028.
- The agreement extends their June 2023 partnership under which KKR’s funds acquired the majority of PayPal’s European BNPL receivables, with PayPal continuing to handle underwriting and servicing.
- The refreshed terms support PayPal’s balance-sheet-light credit model and are already included in its Q4 and full-year 2025 GAAP and non-GAAP EPS and transaction margin guidance.
Nov 17, 2025, 10:19 PM
PayPal extends KKR partnership for up to €65 billion BNPL loans in Europe
PYPL
Debt Issuance
Guidance Update
- KKR & Co. will purchase up to €65 billion in buy-now, pay-later loan receivables originated by PayPal across France, Germany, Italy, Spain, and the UK through March 2028.
- The deal includes a €6 billion replenishing loan commitment, allowing KKR’s credit funds to continue acquiring receivables while PayPal handles underwriting and servicing.
- This extension builds on their initial June 2023 agreement, reinforcing PayPal’s balance-sheet light credit model and disciplined balance sheet management.
- Financing was arranged by KKR Capital Markets and is reflected in PayPal’s Q4 and full-year 2025 guidance for GAAP and non-GAAP EPS and transaction margin dollars.
Nov 17, 2025, 12:14 PM
PayPal establishes $5.0 billion commercial paper program
PYPL
Debt Issuance
- On November 14, 2025, PayPal established a $5.0 billion unsecured commercial paper program under a 4(a)(2) exemption; no notes had been issued as of the report date.
- Notes will mature in up to 397 days, be sold at par or a discount with interest rates set at issuance, and proceeds are earmarked for general corporate purposes.
- The program is backstopped by PayPal’s revolving credit facility, with the company committed to maintain available capacity at least equal to the aggregate commercial paper outstanding.
- One or more dealers will purchase or arrange sales of the notes under customary Dealer Agreements, and a national bank will act as issuing and paying agent.
Nov 14, 2025, 9:34 PM
Quarterly earnings call transcripts for PayPal Holdings.
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