Company file · PYPL
PayPal
PayPal's revenue rose 4.3% in FY2025, to $33.2B, and net income rose 26.2% to $5.2B
Revenue rose 4.3% to $33.2B in FY2025, from $31.8B in FY2024. Net income rose 26.2% to $5.2B. Transaction Revenue was the largest product or service, at 90% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, PayPal (Nasdaq: PYPL) took in $33.2B of revenue (up 4.3% on fiscal 2024); net income was $5.2B (up 26.2%). The most recent quarter, ended Sep 30, 2026, brought revenue of $8.6B, up 2.0% year over year, with net income of $1.1B. Transaction Revenue was the biggest single line by product or service: 90% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 3, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 27, 2026).
Source: 10-K FY2025, filed Feb 3, 2026
Source: 10-Q filed May 5, 2026 · 10-Q filed Jul 28, 2026 · 10-Q filed Oct 27, 2026
How it makes money
By product or service, FY2025
- LineAmountSharevs FY2024
- Transaction Revenue$29.8B90%+3.3%
- Revenues From Other Value Added Services$3.4B10%+14.2%
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Transaction Revenue (90%) and Revenues From Other Value Added Services (10%), as shares of total revenue. Total revenue was $33.2B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: PayPal 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026
By product or service
Source: PayPal 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026
The bull case and the bear case
The bull case
- Revenue rose 4.3% in FY2025 to $33.2B, from $31.8B a year earlier. 10-K, FY2025
- Net income rose 26.2% in FY2025 to $5.2B, from $4.1B. 10-K, FY2025
- Diluted shares fell 6.8% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $8.6B, up 2.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Net income in the quarter ended Sep 30, 2026 was $1.1B, down 14.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include markets and rates; credit and claims; regulation. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
PayPal is in the transaction & payment processing services industry, part of the financials sector. The SEC files it under Services-Business Services, Nec.
The full description of PayPal's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the transaction & payment processing services industry. They are not a summary of PayPal’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Markets and ratesInterest rates, credit conditions and market levels move its revenue and results.
- Credit and claimsLosses on loans, claims or investments can reduce earnings.
- RegulationCapital, liquidity and conduct rules affect what it can do and what it costs.
- CompetitionBanks, insurers, asset managers and technology firms compete for the same customers.
- Cyber and operationsSecurity incidents and operational failures can cause losses and harm trust.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Risk factors (Item 1A)
- The cash flow statement
- Return on equity (ROE)
- Market cap and enterprise value
- Net debt and net cash
- Customer concentration
- Property, plant and equipment
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- PayPal's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 27, 2026 | Sep 30, 2026 |
| 10-Q | Jul 28, 2026 | Jun 30, 2026 |
| 10-Q | May 5, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 7, 2026 | May 19, 2026 |
| 10-K | Feb 3, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about PayPal
How does PayPal make money?
In fiscal 2025, revenue totaled $33.2B. By product or service in FY2025: Transaction Revenue (90%) and Revenues From Other Value Added Services (10%), as shares of total revenue. Total revenue was $33.2B. Source: 10-K for fiscal 2025, filed Feb 3, 2026.
What was PayPal's revenue in fiscal 2025?
Revenue came to $33.2B in the year ended Dec 31, 2025. Going back two years, it was $29.8B in fiscal 2023 and $31.8B in fiscal 2024, so the latest year was up 4.3%. Source: 10-K for fiscal 2025, filed Feb 3, 2026.
Is PayPal profitable?
Yes, by US accounting rules (GAAP): net income was $5.2B in fiscal 2025, up 26.2% from $4.1B a year earlier. For the quarter ended Sep 30, 2026, net income was $1.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 3, 2026.
What did PayPal report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $8.6B, against $8.4B in the same quarter a year before (up 2.0%), and net income of $1.1B, against $1.2B (down 14.0%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026.
What are the main risks PayPal faces?
PayPal's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 3, 2026. Risks that are common among companies in the transaction & payment processing services industry include Markets and rates; credit and claims; regulation; competition; cyber and operations. The first: Interest rates, credit conditions and market levels move its revenue and results. Source: 10-K, Item 1A Risk Factors.
Where do these PayPal numbers come from?
Two filings PayPal made with the SEC: its fiscal 2025 10-K, filed Feb 3, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning PayPal
- Citadel Advisors: 4,330,457 shares, reported value $187.0M at Jun 30, 2026 (−42.1% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Lindsell Train: 2,939,672 shares, reported value $154.4M at Sep 30, 2026 (−7.1% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 2, 2026.
- Coatue Management: 1,243,590 shares, reported value $53.7M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 1,220,300 shares, reported value $52.7M at Jun 30, 2026 (+531.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Millennium Management: 837,933 shares, reported value $36.2M at Jun 30, 2026 (+39.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 166,034 shares, reported value $7.2M at Jun 30, 2026 (+1,590.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 127,785 shares, reported value $5.5M at Jun 30, 2026 (−29.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in PYPL
- The editor holds no position in PayPal (PYPL). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell PYPL from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 5, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold PYPL, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| PayPalPYPL | FY2025 | $33.2B | +4.3% | $5.2B |
| VisaV | FY2026 | $45.9B | +14.8% | $23.5B |
| MastercardMA | FY2025 | $32.8B | +16.4% | $15.0B |
| BlockXYZ | FY2025 | $24.2B | +0.3% | $1.3B |
| CorpayCPAY | FY2025 | $4.5B | +13.9% | $1.1B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.