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PayPal

PYPL Q4 2025 Earnings

Reported Feb 3, 2026 at 7:08 AM ET · SEC Source

Q4 25 EPS

$1.23

MISS 4.65%

Est. $1.29

Q4 25 Revenue

$8.68B

MISS 1.16%

Est. $8.78B

vs S&P Since Q4 25

+14.5%

BEATING MARKET

PYPL +19.5% vs S&P +5.0%

Full Year 2025 Results

FY 25 EPS

$5.31

MISS 0.91%

Est. $5.36

FY 25 Revenue

$33.17B

MISS 0.31%

Est. $33.27B

Market Reaction

Did PYPL Beat Earnings? Q4 2025 Results

PayPal delivered a disappointing close to fiscal 2025, missing on both the top and bottom lines as Q4 revenue of $8.68 billion rose 3.7% year-over-year but fell short of the $8.78 billion consensus, while non-GAAP EPS of $1.23 trailed the $1.29 estim… Read more PayPal delivered a disappointing close to fiscal 2025, missing on both the top and bottom lines as Q4 revenue of $8.68 billion rose 3.7% year-over-year but fell short of the $8.78 billion consensus, while non-GAAP EPS of $1.23 trailed the $1.29 estimate by 4.65%. The central culprit was execution, with interim CEO Jamie Miller openly acknowledging that branded checkout, one of the company's core growth levers, had underperformed, a candid admission that has since drawn multiple securities class action lawsuits from investors questioning whether prior guidance was realistic. Total payment volume climbed 9% to $475.13 billion, offering some underlying momentum, but it wasn't enough to offset margin pressure that shrank Q4 non-GAAP operating margin by 9 basis points to 17.9%. The company also announced a CEO transition, naming Enrique Lores as incoming chief executive. Looking ahead, PayPal's near-term outlook remains challenged, with full-year 2026 non-GAAP EPS guided to a low-single digit decline to slightly positive relative to FY25's $5.31, as lower interest rates and elevated investment spending weigh on near-term profitability.

Key Takeaways

  • • Total payment volume increased 9% YoY (6% FXN) to $475.1 billion in Q4
  • • Payment transactions increased 2% to 6.8 billion; 6% growth excluding PSP transactions
  • • Transaction margin dollars grew 3% to $4.0 billion in Q4
  • • Transaction margin dollars excluding interest on customer balances grew 4% to $3.7 billion
  • • Active accounts grew 1.1% to 439 million
  • • GAAP operating margin expanded 19 basis points to 17.4% in Q4
  • • Non-GAAP operating margin expanded 87 basis points to 19.2% for FY'25
  • • GAAP EPS included ~$0.10 positive impact from strategic investment portfolio and crypto assets held for investment

PYPL Forward Guidance & Outlook

For Q1 2026, PayPal expects GAAP EPS and non-GAAP EPS to each see a mid-single digit decline compared to Q1 2025 (prior year GAAP EPS of $1.29, non-GAAP EPS of $1.33). For full-year 2026, the company guides for a mid-single digit decline in GAAP EPS (from FY'25 GAAP EPS of $5.41) and a low-single digit decline to slightly positive outcome for non-GAAP EPS (from FY'25 non-GAAP EPS of $5.31). Guidance assumes ongoing diversified growth across key initiatives offset by lower interest rates and near-term investment spending intended to improve experience, presentment, and consumer selection over time.

24/7 Wall St

PYPL YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

PYPL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25
24/7 Wall St

PYPL Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“In 2025, PayPal delivered solid performance across multiple areas of the business. We grew revenue, transaction margin dollars, and earnings per share, underscoring the strength of our increasingly diversified platform. At the same time, our execution has not been where it needs to be, particularly in branded checkout. As announced today, the Board's appointment of Enrique Lores as PayPal's next President and CEO reflects a clear commitment to strengthening execution, innovation, and results. We are fully aligned on the path forward as PayPal enters its next chapter of growth.”

— Jamie Miller, Q4 2025 Earnings Press Release

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