PayPal Holdings (PYPL) Q4 FY2025 earnings: revenue $8.7 billion, up 3.7% on the year

PayPal Holdings, Inc. (PYPL) reported revenue of $8.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 3.7% on the same quarter a year earlier. Net income was $1.4 billion, up 28.2% on the year, and diluted earnings per share $1.53. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2026.

Revenue

$8.7 billion

+3.7% on the year · +3.1% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

17.4%

17.2% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.4 billion

+28.2% on the year · +15.1% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.53

+37.8% on the year · +17.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 new.

Non-GAAP EPS up 14% for the year: Non-GAAP EPS was $1.23 in the quarter, up 3%, and $5.31 for the year, up 14%. GAAP EPS was $1.53 in the quarter and $5.41 for the year.
Transaction margin dollars up 6% for year: TM$ rose 3% to $4.0 billion in the quarter and 6% to $15.5 billion for the year. TM$ excluding interest on customer balances rose 4% in the quarter and 6% for the year.
Payment volume up 9% in quarter: TPV rose 9%, or 6% currency-neutral, to $475.1 billion in the fourth quarter. Full-year TPV rose 7% to $1.79 trillion, or 6% currency-neutral.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	8,676	8,417	8,366	+3.1%	+3.7%
Operating income	1,511	1,520	1,441	-0.6%	+4.9%
Operating margin	17.4%	18.1%	17.2%
Interest expense	111	113	97.0	-1.8%	+14.4%
Income tax	190	285	289	-33.3%	-34.3%
Net income	1,437	1,248	1,121	+15.1%	+28.2%
Net margin	16.6%	14.8%	13.4%
Diluted EPS	$1.53	$1.30	$1.11	+17.7%	+37.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	2,384	1,974	2,394	+20.8%	-0.4%
Capital expenditure	194	256	203	-24.2%	-4.4%
Free cash flow	2,190	1,718	2,191	+27.5%	-0.0%
Free cash flow margin	25.2%	20.4%	26.2%
Cash from investing	n/a	4,772	2,457
Cash from financing	-1,949	-1,829	-3,585
Depreciation and amortisation	234	245	249	-4.5%	-6.0%
Share-based compensation	210	278	283	-24.5%	-25.8%
Buybacks	1,501	1,500	1,269	+0.1%	+18.3%
Dividends paid	130	0.0	0.0
Dividend per share	$0.14	n/a	n/a
Diluted shares, weighted	939m	960m	1,014m	-2.2%	-7.4%
Shares outstanding at period end	920m	941m	993m	-2.2%	-7.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	20,256	20,198	20,417	+0.3%	-0.8%
Debt	9,987	11,276	9,879	-11.4%	+1.1%
Operating lease liabilities	548	575	629	-4.7%	-12.9%
Finance lease liabilities	10.0	12.0	18.0	-16.7%	-44.4%
Other liabilities	49,372	47,740	50,668	+3.4%	-2.6%
Total liabilities and equity	80,173	79,801	81,611	+0.5%	-1.8%
Fixed assets	1,700	n/a	1,508		+12.7%
Goodwill	10,864	10,941	10,837	-0.7%	+0.2%
Intangible assets	208	226	326	-8.0%	-36.2%
Investments	6,703	5,361	8,845	+25.0%	-24.2%
Cash and equivalents	8,049	8,995	6,561	-10.5%	+22.7%
Receivables	840	973	984	-13.7%	-14.6%
Other assets	51,809	53,305	52,550	-2.8%	-1.4%
Total assets	80,173	79,801	81,611	+0.5%	-1.8%

Questions

What was PayPal Holdings' revenue in Q4 FY2025?

PayPal Holdings (PYPL) reported revenue of $8.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 3.7% on the same quarter a year earlier.

How much did PayPal Holdings earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.4 billion, up 28.2% on the year, and diluted earnings per share $1.53.

When did PayPal Holdings report Q4 FY2025 results?

PayPal Holdings filed its 10-K for the year that ended with the quarter on 3 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	6,918	6,483	6,806	6,846	7,383	7,040	7,287	7,418	8,026	7,699	7,885	7,847	8,366	7,791	8,288	8,417	8,676	8,353	8,682	8,584
Operating income	1,050	711	764	1,118	1,244	999	1,133	1,168	1,728	1,168	1,325	1,391	1,441	1,530	1,504	1,520	1,511	1,488	1,427	1,402
Operating margin	15%	11%	11%	16%	17%	14%	16%	16%	22%	15%	17%	18%	17%	20%	18%	18%	17%	18%	16%	16%
Interest expense	59.0	59.0	69.0	87.0	89.0	87.0	87.0	86.0	87.0	86.0	93.0	106	97.0	103	114	113	111	111	126	138
Net income	801	509	-341	1,330	921	795	1,029	1,020	1,402	888	1,128	1,010	1,121	1,287	1,261	1,248	1,437	1,113	1,104	1,073
Net margin	12%	8%	-5%	19%	12%	11%	14%	14%	17%	12%	14%	13%	13%	17%	15%	15%	17%	13%	13%	12%
Diluted EPS	$0.68	$0.43	-$0.29	$1.15	$0.81	$0.70	$0.92	$0.93	$1.29	$0.83	$1.08	$0.99	$1.11	$1.29	$1.29	$1.30	$1.53	$1.21	$1.25	$1.25
Operating cash flow	1,763	1,217	1,466	1,948	1,157	1,170	-200	1,259	2,614	1,917	1,525	1,614	2,394	1,160	898	1,974	2,384	1,134	1,983	1,592
Capital expenditure	213	191	175	182	158	170	150	158	145	154	157	169	203	196	206	256	194	231	208	161
Free cash flow	1,550	1,026	1,291	1,766	999	1,000	-350	1,101	2,469	1,763	1,368	1,445	2,191	964	692	1,718	2,190	903	1,775	1,431
Buybacks	1,500	1,500	750	939	1,010	1,432	1,529	1,434	607	1,501	1,501	1,776	1,269	1,500	1,551	1,500	1,501	1,500	1,552	1,501
Dividends paid	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	130	130	122	118
Shares outstanding	1,168m	1,161m	1,156m	1,147m	1,136m	1,122m	1,102m	1,080m	1,072m	1,053m	1,032m	1,006m	993m	979m	960m	941m	920m	892m	862m	837m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 3 February 2026: the filing.