Total Revenue

Up 5% " " "

Total Revenue increased to $8,288 million from $7,885 million, driven by broader gains in transaction volumes and improvements in interest/fee revenue that build on the modest growth seen in previous periods. " " "

Other Value Added Services

Up 16% " "

OVAS climbed to $847 million from $732 million due to strong growth in consumer and merchant credit revenue supported by a rebuilt credit team, echoing similar credit-related improvements observed in earlier quarters. " "

Transaction Revenues

Up 4% " "

Transaction Revenues rose modestly to $7,441 million from $7,153 million as the increase from Venmo and core PayPal products offset the decline in Braintree volumes, consistent with the strategic shifts and mix changes evident in prior quarter analyses. " "

International Revenue

Up about 7% " "

International Revenue increased to $3,579 million from $3,335 million, reflecting robust global performance driven by higher Total Payment Volume and favorable mix dynamics, continuing the trend of international growth seen in earlier periods. " "

Revenue Growth

Q3 2025

low to mid-single-digit "

approximately 4% "

no change

Transaction Margin Dollars

Q3 2025

$3.75B–$3.8B; 4.5% growth "

$3.76B–$3.82B; 4% growth "

lowered

Non-GAAP EPS

Q3 2025

$1.29–$1.31 "

$1.18–$1.22 "

lowered

Non-Transaction OpEx

Q3 2025

no prior guidance

Planning for up to high single-digit growth "

no prior guidance

Transaction Margin Dollars

FY 2025

at least 5% growth "

$15.35B–$15.5B; 5%–6% growth "

raised

Non-GAAP EPS

FY 2025

$4.95–$5.10 "

$5.15–$5.3 "

raised

Share Buyback

FY 2025

$6 billion "

$6 billion "

no change

Free Cash Flow

FY 2025

$6 billion–$7 billion "

$6 billion–$7 billion "

no change

Branded Checkout Stability and Growth

Q1: Emphasized stable growth with redesigned checkout and consistent performance with targets (e.g., 6%–10% target, improved conversion " " " " ). Q4: Focused on mobile innovations and steady U.S. performance ( " " ).

Q2: Reported 8% TPV growth with strategic initiatives to enhance global rollout; noted slight headwinds from tariffs in Asia ( " " " " ).

Consistent focus with overall positive sentiment; slight tariff‐related headwinds emerging but managed through strategic product enhancements ( " " " " , " " " " , " " ).

Tariff and Trade Risks

Q1: Addressed trade risks with emphasis on de minimis tariff exemptions and diversified merchant exposure ( " " ). Q4: No mention (N/A).

Q2: Highlighted tariffs causing deceleration in Asia-based branded checkout TPV and noted broader macro/policy uncertainty ( " " " " ).

Increased emphasis on external trade risks in Q2 compared to earlier periods, suggesting a growing concern over tariff impacts despite existing diversification ( " " " " , " " ).

Total Addressable Market (TAM) Expansion

Q1: Indirectly referenced through crypto integrations and agentic commerce initiatives ( " " ). Q4: No mention (N/A).

Q2: Explicit discussion of PayPal World and Pay with Crypto initiatives, projecting an expansion to nearly 2 billion additional users ( " ).

New explicit focus in Q2 on expanding the market, shifting from indirect references to a clear strategic emphasis on broadening TAM ( " , " " ).

New Product and Technology Innovations

Q1: Noted Fastlane adoption (33% growth), BNPL traction, biometrics rollout, NFC planning in Germany, and initial forays into AI-driven solutions ( " , " , " ). Q4: Focused on Fastlane conversion gains, BNPL performance, NFC expansion, and AI improvements ( " " " " ).

Q2: Detailed rollout of Fastlane with 50% conversion uplift, robust BNPL growth, enhanced biometrics, significant NFC enrollments, and AI-driven agentic commerce initiatives ( " , " , " , " , " ).

Consistent and evolving focus across periods with strong product and tech innovation; the positive sentiment remains high while execution scales across Fastlane, BNPL, NFC, biometrics, and AI in Q2 ( " , " , " , " , " , " , " ).

Venmo Growth and Monetization

Q1: Reported 20% revenue growth, over 50% TPV increase, 30% MAAs growth, and rising Venmo debit card adoption ( " " " " " ). Q4: Demonstrated maintained user growth and increasing monetization through debit and Pay with Venmo ( " " " ).

Q2: Delivered record quarter with >20% revenue growth, 12% TPV growth, boosted debit card usage, and strategic partnership rollouts ( " , " , " , " ).

Steady strong performance across periods with amplified momentum in Q2; consistent emphasis on expanding usage and monetization channels while enhancing partnerships and product offerings ( " , " , " , " , " , " , " ).

International Market Expansion and Competitive Challenges

Q1: Focused on market leadership in Germany with challenges in the UK (app improvements, biometrics for 2FA, BNPL opportunities) ( " ). Q4: Expanded on omnichannel strategies via PayPal Everywhere and steady international market share (Europe, Germany) ( " " " " ).

Q2: Emphasized expansion in Europe, particularly Germany with NFC rollout, and addressed competitive pressures such as wallet fragmentation through PayPal World ( " , " , " , " ).

Continued global expansion with evolving strategies; while the international push remains steady, Q2 shows a refined focus on overcoming regional tariff headwinds and competitive fragmentation ( " , " , " , " , " , " , " ).

Macroeconomic Uncertainty and E-commerce Deceleration

Q1: Adopted a cautious tone with guidance factoring a 2–3 percentage point deceleration; acknowledged resilient consumer spending and labor markets ( " , " , " ). Q4: Not discussed (N/A).

Q2: Noted macro uncertainty with factors like tariffs impacting TPV and slight retail softening; e-commerce deceleration factored into guidance ( " , " , " , " ).

A consistently cautious outlook from Q1 continues in Q2 with explicit external headwinds; overall sentiment remains guarded but optimistic about strategic execution ( " , " , " , " , " , " , " ).

Rising Transaction Losses and Margin Pressure

Q1: No explicit discussion; indirect mentions through risk management and margin growth strategies ( " , " , " ). Q4: Mentioned normalization of losses and a 0.5 bps headwind due to higher-loss products, while remaining confident in margin sustainability ( " ).

Q2: Detailed commentary on a 9 bps increase in transaction losses, interest rate headwinds (approx. 2 points and $125 million impact), yet with an 8% growth in transaction margin dollars ( " , " , " , " ).

Increased focus in Q2 on transaction loss challenges compared to minimal mentions in Q1; sentiment reveals heightened scrutiny but also highlights proactive mitigation strategies ( " , " , " , " ).

Increased Operating Expenses and Capital Expenditures

Q1: Nontransaction OpEx increased modestly by 2% with a balanced investment approach; no specific CapEx details mentioned ( " , " ). Q4: OpEx increased by 10% reflecting deferred marketing spend and higher CapEx investments for tech infrastructure ( " , " , " , " ).

Q2: Reported a 2% increase in nontransaction operating expenses coupled with strategic tech infrastructure investments and substantial share repurchases (e.g., $1.5B this quarter) ( " , " ).

Q2 shows a measured increase in operating expenses emphasizing efficiency and tech modernization, contrasting with Q4’s higher spend; overall, the focus remains on balancing cost increases with strategic growth investments ( " , " , " , " , " , " , " ).