PayPal Holdings (PYPL) FY2019 results: revenue $17.8 billion, up 15.0% on the year
PayPal Holdings, Inc. (PYPL) reported revenue of $17.8 billion for fiscal 2019, the year ended 31 December 2019, up 15.0% on the year before. Net income was $2.5 billion, up 19.5%, and diluted earnings per share $2.07. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2021.
Revenue
$17.8 billion
+15.0% on the year
FY2013FY2019
Operating margin
15.3%
14.2% a year earlier
FY2013FY2019
Net income
$2.5 billion
+19.5% on the year
FY2013FY2019
Diluted EPS
$2.07
+21.1% on the year
FY2013FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
17,772
15,451
13,094
+15.0%
Research and development
n/a
1,071
953
Operating income
2,719
2,194
2,127
+23.9%
Operating margin
15.3%
14.2%
16.2%
Interest expense
115
77.0
7.0
+49.4%
Pre-tax income
2,998
2,376
2,200
+26.2%
Income tax
539
319
405
+69.0%
Effective tax rate
18.0%
13.4%
18.4%
Net income
2,459
2,057
1,795
+19.5%
Net margin
13.8%
13.3%
13.7%
Diluted EPS
$2.07
$1.71
$1.47
+21.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
4,071
5,483
2,531
-25.8%
Capital expenditure
704
823
667
-14.5%
Free cash flow
3,367
4,660
1,864
-27.7%
Free cash flow margin
18.9%
30.2%
14.2%
Cash from investing
-5,733
821
-4,485
Cash from financing
4,187
-1,240
4,084
Depreciation and amortisation
912
776
805
+17.5%
Share-based compensation
1,021
853
733
+19.7%
Buybacks
1,411
3,520
1,006
-59.9%
Diluted shares, weighted
1,188m
1,203m
1,221m
-1.2%
Shares outstanding at period end
1,173m
1,174m
1,200m
-0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
16,885
15,386
15,994
+9.7%
Non-controlling interest
44.0
0.0
n/a
Debt
4,965
1,998
1,000
+148.5%
Operating lease liabilities
403
n/a
n/a
Other liabilities
29,036
25,948
23,780
+11.9%
Total liabilities and equity
51,333
43,332
40,774
+18.5%
Fixed assets
1,693
1,724
1,528
-1.8%
Goodwill
6,212
6,284
4,339
-1.1%
Intangible assets
778
825
168
-5.7%
Investments
6,275
2,505
4,773
+150.5%
Cash and equivalents
7,349
7,575
2,883
-3.0%
Receivables
435
313
283
+39.0%
Other assets
28,591
24,106
26,800
+18.6%
Total assets
51,333
43,332
40,774
+18.5%
10-K for the year ended 31 December 2019, filed 5 February 2021: the filing.