PayPal Holdings (PYPL) FY2018 results: revenue $15.5 billion, up 18.0% on the year
PayPal Holdings, Inc. (PYPL) reported revenue of $15.5 billion for fiscal 2018, the year ended 31 December 2018, up 18.0% on the year before. Net income was $2.1 billion, up 14.6%, and diluted earnings per share $1.71. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2021.
Revenue
$15.5 billion
+18.0% on the year
FY2013FY2018
Operating margin
14.2%
16.2% a year earlier
FY2013FY2018
Net income
$2.1 billion
+14.6% on the year
FY2013FY2018
Diluted EPS
$1.71
+16.3% on the year
FY2013FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
15,451
13,094
10,842
+18.0%
Research and development
1,071
953
834
+12.4%
Operating income
2,194
2,127
1,586
+3.1%
Operating margin
14.2%
16.2%
14.6%
Interest expense
77.0
7.0
3.0
+1,000.0%
Pre-tax income
2,376
2,200
1,631
+8.0%
Income tax
319
405
230
-21.2%
Effective tax rate
13.4%
18.4%
14.1%
Net income
2,057
1,795
1,401
+14.6%
Net margin
13.3%
13.7%
12.9%
Diluted EPS
$1.71
$1.47
$1.15
+16.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
5,483
2,531
3,158
+116.6%
Capital expenditure
823
667
669
+23.4%
Free cash flow
4,660
1,864
2,489
+150.0%
Free cash flow margin
30.2%
14.2%
23.0%
Cash from investing
821
-4,485
-5,904
Cash from financing
-1,240
4,084
2,038
Depreciation and amortisation
776
805
724
-3.6%
Share-based compensation
853
733
438
+16.4%
Buybacks
3,520
1,006
995
+249.9%
Diluted shares, weighted
1,203m
1,221m
1,218m
-1.5%
Shares outstanding at period end
1,174m
1,200m
1,207m
-2.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
15,386
15,994
14,712
-3.8%
Non-controlling interest
0.0
n/a
n/a
Debt
1,998
1,000
0.0
+99.8%
Other liabilities
25,948
23,780
18,391
+9.1%
Total liabilities and equity
43,332
40,774
33,103
+6.3%
Fixed assets
1,724
1,528
1,482
+12.8%
Goodwill
6,284
4,339
4,059
+44.8%
Intangible assets
825
168
211
+391.1%
Investments
2,505
4,773
4,924
-47.5%
Cash and equivalents
7,575
2,883
1,590
+162.7%
Receivables
313
283
214
+10.6%
Other assets
24,106
26,800
20,623
-10.1%
Total assets
43,332
40,774
33,103
+6.3%
10-K for the year ended 31 December 2018, filed 5 February 2021: the filing.