PayPal
PYPL · NasdaqServices-Business Services, NEC · Fiscal year ends Dec 31
PayPal reported revenue of $33.2B in the fiscal year ended Dec 2025, up 4.3% from the year before. Operating income was $6.1B, an operating margin of 18.3%, and net income was $5.2B. Operating cash flow of $6.4B less capital expenditure of $852M left free cash flow of $5.6B. Net debt was $1.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $25.4B | $27.5B | $29.8B | $31.8B | $33.2B |
| Operating income | $4.3B | $3.8B | $5B | $5.3B | $6.1B |
| Interest expense | $232M | $304M | $347M | $382M | $441M |
| Pre-tax income | $4.1B | $3.4B | – | – | – |
| Income tax | −$70M | $947M | $1.2B | $1.2B | $1.1B |
| Net income | $4.2B | $2.4B | $4.2B | $4.1B | $5.2B |
| Diluted EPS | 3.52 | 2.09 | 3.84 | 3.99 | 5.41 |
| Diluted shares | 1,186M | 1,158M | 1,107M | 1,039M | 968M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $5.2B | $7.8B | $9.1B | $6.7B | $8B |
| Receivables | $800M | $963M | $1.1B | $984M | $840M |
| Current assets | $52.6B | $57.4B | $62.6B | $58.2B | $59.8B |
| Net PP&E | $1.9B | $1.7B | $1.5B | $1.5B | $1.7B |
| Goodwill | $11.5B | $11.2B | $11B | $10.8B | $10.9B |
| Total assets | $75.8B | $78.6B | $82.2B | $78.7B | $80.2B |
| Payables | $197M | $126M | $139M | $227M | $240M |
| Current liabilities | $43B | $45B | $48.5B | $45.5B | $46.4B |
| Long-term debt | $8B | $10.4B | $9.7B | $9.9B | $10B |
| Total liabilities | $54.1B | $58.4B | $61.1B | $58.3B | $59.9B |
| Shareholders' equity | $21.7B | $20.3B | $21.1B | $20.4B | $20.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $5.8B | $5.8B | $4.8B | $7.5B | $6.4B |
| Capital expenditure | $908M | $706M | $623M | $683M | $852M |
| Free cash flow | $4.9B | $5.1B | $4.2B | $6.8B | $5.6B |
| Depreciation & amortisation | $1.3B | $1.3B | $1.1B | $1B | $963M |
| Stock-based compensation | $1.4B | $1.3B | $1.5B | $1.2B | $1B |
| Acquisitions | $2.8B | $0 | $0 | – | – |
| Share buybacks | $3.4B | $4.2B | $5B | $6B | $6.1B |
| Dividends paid | – | – | $0 | $0 | $130M |
| Dividend per share | – | – | – | – | 0.14 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.5% | 8.2% | 6.8% | 4.3% |
| Operating income growth (YoY) | – | −10.0% | 31.0% | 5.9% | 13.9% |
| EPS growth (YoY) | – | −40.6% | 83.7% | 3.9% | 35.6% |
| Operating margin | 16.8% | 13.9% | 16.9% | 16.7% | 18.3% |
| Net margin | 16.4% | 8.8% | 14.3% | 13.0% | 15.8% |
| Return on equityBlank when equity is negative | 19.2% | 11.9% | 20.2% | 20.3% | 25.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.0% | 11.4% | 14.9% | 16.0% | 18.0% |
| Free cash flow margin | 19.3% | 18.6% | 14.2% | 21.3% | 16.8% |
| Cash conversion (CFO ÷ net income) | 1.39x | 2.40x | 1.14x | 1.80x | 1.23x |
| Receivable days | 12 | 13 | 13 | 11 | 9 |
| Interest cover | 18.4x | 12.6x | 14.5x | 13.9x | 13.8x |
| Debt ÷ equity | 0.37x | 0.51x | 0.46x | 0.48x | 0.49x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.9B | $2.6B | $595M | $3.2B | $1.9B |
| Current ratio | 1.22x | 1.28x | 1.29x | 1.28x | 1.29x |
Recent filings
More in Services-Business Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.