At a glance
PayPal Holdings Inc is worth $48.83B, about 11 times its fiscal 2025 earnings. Revenue grew 4.3% to $33.17B in fiscal 2025, with 15.8% kept as profit; over 5 years it has grown 9.1% a year. It pays a 0.95% dividend yield, and returned $24.80B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −14.2% over the past year with dividends reinvested and −23.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.2% in the 2020 crash (S&P 500: 33.7%) and 64.3% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
PayPal runs a two-sided payments network linking consumers with merchants. As of December 31, 2025, it had 439 million active accounts (accounts that made a transaction in the past 12 months) across about 200 markets. Consumers use the PayPal and Venmo digital wallets to pay online and in stores, send money to friends and family, and buy and sell some cryptocurrencies. Xoom handles international money transfers. PayPal also offers buy now, pay later (BNPL) plans, which split a purchase into installments, including in Japan under the Paidy brand.
For merchants, from large enterprises to small and medium-sized businesses, PayPal provides branded PayPal and Venmo checkout, unbranded payment processing, in-person point-of-sale tools, payouts and fraud-prevention services. Eligible small businesses can borrow through PayPal Working Capital and PayPal Business Loan.
Most revenue comes from fees on the payments PayPal completes, so it tends to track volume. In 2025 the network handled $1.79 trillion of total payment volume, up 7%, although the number of payment transactions fell 4%. Transaction revenues were $29.8 billion, or 89.8% of the fiscal 2025 total of $33.2 billion. The other 10.2% came from value-added services such as partnerships, interest and fees on credit products, and interest earned on customer balances. The U.S. supplied 56.9% of revenue, and other countries 43.1%.
Price history
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PYPL -14.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Transaction revenues | $29.80B | 89.8% |
| Revenues from other value added services | $3.37B | 10.2% |
By geography
| U.S. | $18.87B | 56.9% |
| Other Countries | $14.30B | 43.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $8.58B, up 2% from a year earlier, and net income was $1.07B (-14.0%).
- For fiscal 2025, revenue was $33.17B (+4.3% year over year; +9.1% a year from FY2020 to FY2025) with a 15.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.1% good |
|---|---|
| Operating margin | 18.3% good |
| Free cash flow margin | 16.8% good |
| Return on equity (FY2025) | 25.8% good |
| Return on assets (FY2025) | 6.5% watch |
| Net cash (cash minus debt) | $1.71B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $21.45B | $4.20B | $5.35B |
| FY2021 | $25.37B | $4.17B | $4.89B |
| FY2022 | $27.52B | $2.42B | $5.11B |
| FY2023 | $29.77B | $4.25B | $4.22B |
| FY2024 | $31.80B | $4.15B | $6.77B |
| FY2025 | $33.17B | $5.23B | $5.56B |
Valuation snapshot
| Market value | $48.83B |
|---|---|
| P/E ratio | 10.9 |
| Dividend yield | 0.95% |
Rank among 1514 US companies
Market value at each year end
PayPal Holdings’s market value went from $47.63B at the end of 2016 to $48.83B on Nov 2, 2026, up 3%; since the end of 2025 it is down 11%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $48.83B | -10.6% |
| 2025 | $54.62B | -36.2% |
| 2024 | $85.57B | +29.2% |
| 2023 | $66.21B | -18.5% |
| 2022 | $81.19B | -63.4% |
| 2021 | $221.57B | -19.3% |
| 2020 | $274.41B | +116.0% |
| 2019 | $127.01B | +28.2% |
| 2018 | $99.09B | +12.0% |
| 2017 | $88.48B | +85.8% |
| 2016 | $47.63B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PYPL price data to Nov 2, 2026 | +1.6% | -14.2% | +2.6% | -23.7% | +3.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +1.6% |
| 2025 | -31.4% |
| 2024 | +39.0% |
| 2023 | -13.8% |
| 2022 | -62.2% |
| 2021 | -19.5% |
| 2020 | +116.5% |
| 2019 | +28.6% |
| 2018 | +14.2% |
| 2017 | +86.5% |
| 2016 | +9.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 31.2% over that stretch · deepest drop along the way 31.2%, back to its old high 1.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 57% over that stretch · deepest drop along the way 64.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($255K) and 15 sales ($1.3M), 15 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 15, 2026 | Jamie S Miller Chief Fin & Op Officer | buy | $255K |
| Aug 18, 2026 | Suzan Kereere President, Global Markets | sell (plan) | $205K |
| Jun 3, 2026 | Frank Keller Pres., Checkout Sol. & PayPal | sell (plan) | $196K |
| Jun 3, 2026 | Suzan Kereere President, Global Markets | sell (plan) | $145K |
| Sep 3, 2026 | Frank Keller Pres., Checkout Sol. & PayPal | sell (plan) | $133K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.1% | Jun 30, 2026 |
| Vanguard Capital Management | 6.99% | Mar 31, 2026 |
ETFs with the most weight in PYPL
| FINX Global X FinTech ETF | 6.08% |
| IPAY Amplify Mobile Payments ETF | 5.73% |
| BPAY iShares FinTech Active ETF | 4.9% |
| ARKD ARK 21Shares Blockchain and Digital Economy Innovation ETF | 4.06% |
| QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 4.04% |
| FDND FT Vest Dow Jones Internet & Target Income ETF | 3.22% |
| FDN First Trust Dow Jones Internet Index Fund | 3.2% |
| BLOK Amplify Transformational Data Sharing ETF | 3.18% |
What could go wrong
- Card fees and how customers fund payments. PayPal generally doesn't charge customers to fund payments. If more people pay by card instead of a bank account or PayPal balance, or card networks and banks raise fees, PayPal's costs can rise.
- Losses on loans and pay-later plans. PayPal offers buy now, pay later plans, consumer installment loans and small-business financing. If borrowers fall behind, especially in a weak economy, losses on these credit products could rise.
- Fraud and purchase-protection losses. Fraud such as account takeovers and identity theft is a significant risk. PayPal's protection programs cover certain purchases, so it can absorb losses when one side of a sale doesn't deliver.
- Fierce, growing competition in payments. PayPal faces substantial and increasingly intense competition worldwide. If it can't keep pace with fast-changing technology, use of its services and revenue could decline. Active accounts grew only 1% in 2025.
- A high-profile target for hackers. PayPal says its brand and the sensitive payment and identity data it holds may attract hackers, including state-backed groups. It has suffered customer-data breaches before; another could bring fines, lawsuits and lost trust.
- Complex rules in about 200 markets. PayPal faces extensive, overlapping and frequently changing rules across about 200 markets, plus antitrust (competition-law) scrutiny. Failing to comply could bring fines, forced changes to how it operates, or lawsuits.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change; Shareholder vote results
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Other company announcement
For income and retirement investors
PayPal pays a very small dividend. It paid none in fiscal 2023 or 2024, then $0.14 per share in fiscal 2025. That was 2.5% of earnings and 2.3% of free cash flow (cash left after running and investing in the business), and it has no record of increases yet. The yield was 0.99% as of October 28, 2026. Buybacks matter far more: $24.7 billion over fiscal 2021–2025, while the share count fell 29.3% between November 2, 2021, and October 21, 2026. Buybacks pay holders no cash, so a retiree needing income would have to sell shares.
The share price history doesn't reach back to 2008. In the 2020 COVID crash the shares fell 31.2% and regained their peak by May 5, 2020. In the 2022 market downturn they fell 64.3% by July 14, 2022, and had not regained their January 3 peak as of October 28, 2026. Like any single stock, PayPal carries more risk than a diversified fund.
Questions investors ask
How does PayPal make money?
PayPal makes most of its money by charging fees on the payments it completes. In fiscal 2025, transaction revenues were $29.8 billion, or 89.8% of its $33.2 billion total. Those fees are typically based on volume, which reached $1.79 trillion in 2025. PayPal also charges for currency conversion, instant transfers to a bank account or debit card, and buying or selling crypto. The other 10.2% came from value-added services such as partnerships, credit-product interest and fees, and interest on customer balances.
Does PayPal pay a dividend?
Yes, but it is small and new. PayPal paid no dividends in fiscal 2023 or 2024 and $0.14 per share in fiscal 2025, about $130 million in total. That was just 2.5% of earnings, and the yield was 0.99% as of October 28, 2026. It has no record of dividend increases yet. PayPal returns far more cash through buybacks: $24.7 billion over fiscal 2021–2025. Its 10-K says there is no assurance it will keep paying dividends or buying back stock.
Is PayPal still growing?
Yes, though more slowly than before. Revenue rose 4.3% to $33.2 billion in fiscal 2025, below its 9.1% average annual growth from fiscal 2020 to 2025. Total payment volume grew 7% to $1.79 trillion, but the number of payment transactions fell 4%, and active accounts rose just 1% to 439 million. Net income jumped 26.2% to $5.2 billion. In the quarter ended September 30, 2026, revenue grew 2% from a year earlier while net income fell 14%.
How much has PayPal stock fallen?
Sharply. As of October 28, 2026, the share price was 76% below its level five years earlier and 21.7% below a year earlier. Its worst peak-to-trough drop in about 11 years of price history was 87.3%. The shares lost 62.2% in calendar 2022 and 31.4% in 2025. Over the 10 years to that date, the price was still up 37%. The shares then traded at 10.5 times fiscal 2025 earnings per share of $5.41, a measure called the price-to-earnings (P/E) ratio.
Does PayPal have a lot of debt?
Not compared with its cash. As of September 30, 2026, PayPal held $15.1 billion in cash and investments and $13.4 billion of total debt, leaving about $1.7 billion of net cash (cash minus debt). It also generated $5.6 billion of free cash flow in fiscal 2025. Still, its 10-K lists its debt among its risks, and a filing dated November 17, 2025, reported a new debt obligation.