PayPal Holdings (PYPL) FY2020 results: revenue $21.5 billion, up 20.7% on the year
PayPal Holdings, Inc. (PYPL) reported revenue of $21.5 billion for fiscal 2020, the year ended 31 December 2020, up 20.7% on the year before. Net income was $4.2 billion, up 70.9%, and diluted earnings per share $3.54. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2021.
Revenue
$21.5 billion
+20.7% on the year
FY2013FY2020
Operating margin
15.3%
15.3% a year earlier
FY2013FY2020
Net income
$4.2 billion
+70.9% on the year
FY2013FY2020
Diluted EPS
$3.54
+71.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
21,454
17,772
15,451
+20.7%
Research and development
n/a
n/a
1,071
Operating income
3,289
2,719
2,194
+21.0%
Operating margin
15.3%
15.3%
14.2%
Interest expense
209
115
77.0
+81.7%
Pre-tax income
5,065
2,998
2,376
+68.9%
Income tax
863
539
319
+60.1%
Effective tax rate
17.0%
18.0%
13.4%
Net income
4,202
2,459
2,057
+70.9%
Net margin
19.6%
13.8%
13.3%
Diluted EPS
$3.54
$2.07
$1.71
+71.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
6,219
4,071
5,483
+52.8%
Capital expenditure
866
704
823
+23.0%
Free cash flow
5,353
3,367
4,660
+59.0%
Free cash flow margin
25.0%
18.9%
30.2%
Cash from investing
-16,545
-5,733
821
Cash from financing
12,454
4,187
-1,240
+197.4%
Depreciation and amortisation
1,189
912
776
+30.4%
Share-based compensation
1,376
1,021
853
+34.8%
Buybacks
1,635
1,411
3,520
+15.9%
Diluted shares, weighted
1,187m
1,188m
1,203m
-0.1%
Shares outstanding at period end
1,172m
1,173m
1,174m
-0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
20,019
16,885
15,386
+18.6%
Non-controlling interest
44.0
44.0
0.0
0.0%
Debt
8,939
4,965
1,998
+80.0%
Operating lease liabilities
642
403
n/a
+59.3%
Other liabilities
40,735
29,036
25,948
+40.3%
Total liabilities and equity
70,379
51,333
43,332
+37.1%
Fixed assets
1,807
1,693
1,724
+6.7%
Goodwill
9,135
6,212
6,284
+47.1%
Intangible assets
1,048
778
825
+34.7%
Investments
14,378
6,275
2,505
+129.1%
Cash and equivalents
4,794
7,349
7,575
-34.8%
Receivables
577
435
313
+32.6%
Other assets
38,640
28,591
24,106
+35.1%
Total assets
70,379
51,333
43,332
+37.1%
10-K for the year ended 31 December 2020, filed 5 February 2021: the filing.