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Company Research3 Jun 2024
The PayPal Story: Online Payment Pioneers
A comprehensive rundown of PayPals history, its founders, and key strategies that enabled the company to revolutionize online payments.
PayPal
PayPal (PYPL) investor relations material
PayPal Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Leadership transition announced with Enrique Lores appointed as President and CEO to drive execution and innovation, with Jamie Miller serving as interim CEO during the transition.
Achieved second consecutive year of diversified, profitable growth, with transaction margin dollars (TM$) ex. interest up 6% and non-GAAP EPS up 14% year-over-year in FY'25.
2025 performance was solid across multiple business lines, but branded checkout underperformed expectations due to slower merchant adoption and macroeconomic headwinds.
Strategic investments targeted at branded checkout, BNPL, consumer engagement, and next-gen growth vectors to drive long-term benefits.
Venmo revenue accelerated to $1.7B, up ~20% year-over-year, with active accounts and engagement metrics showing continued momentum.
Financial highlights
FY'25 total payment volume (TPV) reached $1.79T, up 7% year-over-year (6% FXN); 4Q'25 TPV was $475B, up 9% (6% FXN).
FY'25 revenue was $33.2B, up 4% (4% FXN); 4Q'25 revenue was $8.68B, up 4% (3% FXN).
FY'25 non-GAAP EPS was $5.31, up 14% year-over-year; 4Q'25 non-GAAP EPS was $1.23, up 3%.
FY'25 GAAP net income rose 26% to $5.2B; GAAP EPS up 35% to $5.41.
Adjusted free cash flow for FY'25 was $6.41B; returned $6.0B to shareholders via repurchases.
Outlook and guidance
FY'26 guidance: TM$ and TM$ ex. interest expected to be roughly flat or slightly declining, with low single-digit revenue growth.
FY'26 non-GAAP EPS growth projected to be flat to slightly positive; GAAP EPS expected to decline mid-single digits.
FY'26 adjusted free cash flow expected to exceed $6B, with $6B planned for share repurchases and ~$1B in CAPEX.
No longer providing multi-year growth outlook; guidance will be given one year at a time due to market and execution uncertainties.
Targeted growth investments in 2026 will represent a 3-point headwind to TM dollar growth but are expected to drive durable long-term benefits.
Impact of branded checkout execution issues?
Reason for payment transaction ex-PSP divergence?
Detail 2026 experience/selection investments
How will '26 investments restore branded checkout?
How do '26 investments affect TM$ and EPS guidance?
What drives Enterprise Payments TPV reacceleration?
Enrique Lores' immediate strategic focus
Key initiatives to restore branded checkout growth
2026 investments' impact on transaction margin
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Record inflows and global expansion drive growth, with major international acquisitions completed.
Next PayPal earnings date
Q1 202628 Apr, 2026
PayPal
Next PayPal earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Simplifying peer-to-peer payments
PayPal Holdings Inc is an American fin-tech company that engages in the online payments industry. It develops solutions that enable its customers to transfer money online. It has become a leader in the industry challenging traditional ways of transferring money such as checks, with over 325 million accounts globally. PayPal can be used by both private individuals and businesses to buy things online, send payments to other PayPal users, and request payments. It makes most of its revenues by charging the users a fee on transactions. The Company was founded in 1998 and is headquartered in San Jose, California.
Further reading: The Payment's Value Chain: A Complex Ecosystem
A subsidiary of eBay
Not long after its IPO in 2002, PayPal was acquired by eBay the same year. Many of the eBay users were already utilizing eBay on their auctions and it was a key step to enable online processing of financial transactions. As a subsidiary of eBay, PayPal reached 100 million active users in 2010 located in 190 markets and enabling transactions in 25 different currencies.
In 2015 PayPal was spun off from eBay to an independent and publicly traded company again by pressure from the notorious hedge fund activist Carl Ichan. In 2018, PayPal acquired the Swedish company iZettle, founded by Jacob de Geer and Magnus Nilsson, to further enhance their in-store payment capabilities.
The PayPal Mafia
PayPal, as we know it today, was formed through a merger between Confinity, which was founded by Peter Thiel, Luke Nosek, and Max Levchin, and X.com, which was founded by Elon Musk. After the merger, the company was renamed PayPal in 2001.
The founders and early employees of PayPal have later been referred to as the “PayPal Mafia” due to many of them later went on and founded other successful ventures. For example, Elon Musk went on and founded Tesla, SpaceX, OpenAI, and Neuralink. Other examples include Peter Thiel, founder of Palantir Technologies and the first outside investor in Facebook, Reid Hoffman, founder of LinkedIn (acquired by Microsoft in 2016), and the founders of YouTube (acquired by Alphabet in 2006).
The Braintree acquisition
In 2013, PayPal acquired the Chicago-based company Braintree. The acquisition further enhanced PayPal’s capabilities in enabling online payments for e-commerce and merchants such as One Touch Payments which doesn’t require a sign-up or new entering of credit card details when you buy something online.
The One Touch Payment solution was initially developed by Venmo that was acquired by Braintree in 2012.
Today, Venmo is one of the leading peer-to-peer transactions services that enable individuals to send transfer money between each other. In 2021, Venmo handled over 200 billion U.S. dollars in payments.
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