PayPal Holdings, Inc. (PYPL) Cash Flow Statement
Where PYPL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $6.42B −13.9% vs 2024
- Capital expenditures
- $852.0M 2.6% of revenue
- Free cash flow
- $5.56B 16.8% margin
- Returned to shareholders
- $6.18B 111% of free cash flow
- Change in cash
- $1.53B cash at year-end $24.02B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PYPL operating cash flow, capex and free cash flow
PYPL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.16B2016 | $6.42B2025 | +8.2%/yr | |
| Capital expenditures | $669.0M2016 | $852.0M2025 | +2.7%/yr | |
| Free cash flow | $2.49B2016 | $5.56B2025 | +9.3%/yr | |
| Free cash flow margin | 23.0%2016 | 16.8%2025 | −6.2 pts | |
| Operating cash flow / net income | 2.252016 | 1.232025 | −1.03 | |
| Stock-based compensation | $438.0M2016 | $1.00B2025 | +9.6%/yr | |
| Dividends paid | $02016 | $130.0M2025 | — | |
| Share buybacks (net) | $995.0M2016 | $6.05B2025 | +22.2%/yr | |
| Capex / revenue | 6.2%2016 | 2.6%2025 | −3.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PYPL cash flow by activity
PYPL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PYPL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.23B | $4.15B | $4.25B | $2.42B | $4.17B | $4.20B | $2.46B | $2.06B | $1.79B | $1.40B |
| Depreciation & amortization | $963.0M | $1.03B | $1.07B | $1.32B | $1.26B | $1.19B | $912.0M | $776.0M | $805.0M | $724.0M |
| Stock-based compensation | $1.00B | $1.23B | $1.48B | $1.26B | $1.38B | $1.38B | $1.02B | $853.0M | $733.0M | $438.0M |
| Change in working capital | −$1.06B | −$558.0M | −$1.31B | −$454.0M | −$1.10B | −$952.0M | −$585.0M | $622.0M | −$581.0M | −$481.0M |
| Other non-cash items | $282.0M | $1.60B | −$636.0M | $1.27B | $89.0M | $404.0M | $754.0M | $1.18B | −$221.0M | $1.08B |
| Cash from operating activities | $6.42B | $7.45B | $4.84B | $5.81B | $5.80B | $6.22B | $4.56B | $5.48B | $2.53B | $3.16B |
| Investing activities | ||||||||||
| Capital expenditures | −$852.0M | −$683.0M | −$623.0M | −$706.0M | −$908.0M | −$866.0M | −$704.0M | −$823.0M | −$667.0M | −$669.0M |
| Investments (net) | $2.62B | $1.59B | $1.15B | −$94.0M | −$2.01B | −$10.31B | −$4.63B | $2.64B | −$1.89B | −$4.13B |
| Acquisitions & other investing | −$972.0M | $783.0M | $221.0M | −$2.53B | −$2.56B | −$5.04B | −$395.0M | −$975.0M | −$1.93B | −$1.10B |
| Cash from investing activities | $797.0M | $1.69B | $752.0M | −$3.33B | −$5.49B | −$16.22B | −$5.73B | $840.0M | −$4.49B | −$5.90B |
| Financing activities | ||||||||||
| Dividends paid | −$130.0M | $0 | −$1.53B | −$3.48B | −$4.61B | −$5.02B | −$4.29B | −$2.08B | $0 | $0 |
| Share repurchases & issuance (net) | −$6.05B | −$6.05B | −$5.00B | −$4.20B | −$3.37B | −$1.64B | −$1.41B | −$3.52B | −$1.01B | −$995.0M |
| Net borrowing (repayment) | $482.0M | −$115.0M | $475.0M | $1.79B | −$89.0M | $3.97B | $2.96B | $960.0M | $820.0M | −$21.0M |
| Shares issued | $117.0M | $95.0M | $139.0M | $143.0M | $162.0M | $137.0M | $138.0M | $144.0M | $0 | $0 |
| Other financing | −$375.0M | −$2.21B | $2.92B | $4.54B | $7.14B | $15.04B | $6.30B | $3.23B | $4.27B | $3.05B |
| Cash from financing activities | −$5.96B | −$8.28B | −$2.99B | −$1.20B | −$764.0M | $12.49B | $3.69B | −$1.26B | $4.08B | $2.04B |
| Summary | ||||||||||
| Net change in cash | $1.53B | $656.0M | $2.68B | $1.13B | −$11.0M | $2.30B | $2.51B | $4.95B | $2.17B | −$708.0M |
| Cash at end of period | $24.02B | $22.49B | $21.83B | $19.16B | $18.03B | $18.04B | $15.74B | $13.23B | $8.29B | $6.12B |
| Free cash flow | $5.56B | $6.77B | $4.22B | $5.11B | $4.89B | $5.35B | $3.86B | $4.66B | $1.86B | $2.49B |
| Free cash flow margin | 16.8% | 21.3% | 14.2% | 18.6% | 19.3% | 25.0% | 21.7% | 30.2% | 14.2% | 23.0% |
| Capex / revenue | 2.6% | 2.1% | 2.1% | 2.6% | 3.6% | 4.0% | 4.0% | 5.3% | 5.1% | 6.2% |
| Operating cash flow / net income | 1.23 | 1.80 | 1.14 | 2.40 | 1.39 | 1.48 | 1.85 | 2.67 | 1.41 | 2.25 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.10B | $1.11B | $1.44B | $1.25B | $1.26B | $1.29B | $1.12B | $1.01B | $1.13B | $888.0M | $1.40B | $1.02B |
| Depreciation & amortization | $246.0M | $238.0M | $234.0M | $245.0M | $239.0M | $245.0M | $249.0M | $255.0M | $263.0M | $265.0M | $263.0M | $270.0M |
| Stock-based compensation | $275.0M | $259.0M | $210.0M | $257.0M | $286.0M | $249.0M | $283.0M | $284.0M | $298.0M | $365.0M | $388.0M | $379.0M |
| Change in working capital | −$138.0M | −$555.0M | $495.0M | $101.0M | −$984.0M | −$676.0M | $34.0M | −$152.0M | −$555.0M | $115.0M | −$408.0M | $247.0M |
| Other non-cash items | $496.0M | $79.0M | $8.0M | $123.0M | $96.0M | $55.0M | $707.0M | $217.0M | $391.0M | $284.0M | $969.0M | −$657.0M |
| Cash from operating activities | $1.98B | $1.13B | $2.38B | $1.97B | $898.0M | $1.16B | $2.39B | $1.61B | $1.52B | $1.92B | $2.61B | $1.26B |
| Investing activities | ||||||||||||
| Capital expenditures | −$208.0M | −$231.0M | −$194.0M | −$256.0M | −$206.0M | −$196.0M | −$203.0M | −$169.0M | −$157.0M | −$154.0M | −$145.0M | −$158.0M |
| Investments (net) | −$1.92B | −$1.40B | −$542.0M | $4.77B | −$20.0M | −$3.66B | $2.46B | $2.80B | −$4.65B | $980.0M | −$534.0M | −$307.0M |
| Acquisitions & other investing | −$755.0M | −$467.0M | $438.0M | $256.0M | $206.0M | $196.0M | $203.0M | $169.0M | $257.0M | $154.0M | $145.0M | $158.0M |
| Cash from investing activities | −$2.88B | −$2.10B | −$298.0M | $4.77B | −$20.0M | −$3.66B | $2.46B | $2.80B | −$4.55B | $980.0M | −$534.0M | −$307.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$122.0M | −$130.0M | −$130.0M | — | $0 | $0 | — | — | — | — | −$699.0M | — |
| Share repurchases & issuance (net) | −$1.55B | −$1.50B | −$1.50B | −$1.50B | −$1.55B | −$1.50B | −$1.27B | −$1.78B | −$1.50B | −$1.50B | −$607.0M | −$1.43B |
| Net borrowing (repayment) | $1.84B | −$2.0M | $199.0M | −$1.0M | −$1.21B | $1.49B | −$1.25B | $132.0M | — | — | — | — |
| Shares issued | $0 | $0 | $43.0M | $0 | $0 | $0 | $40.0M | $0 | $55.0M | $0 | $45.0M | $0 |
| Other financing | $237.0M | $1.07B | −$560.0M | −$328.0M | −$416.0M | $1.00B | −$1.11B | −$885.0M | $1.65B | −$861.0M | $4.26B | $1.50B |
| Cash from financing activities | $403.0M | −$559.0M | −$1.95B | −$1.83B | −$3.17B | $994.0M | −$3.58B | −$2.53B | $200.0M | −$2.36B | $3.00B | $61.0M |
| Summary | ||||||||||||
| Net change in cash | −$470.0M | −$1.57B | $165.0M | $4.87B | −$2.10B | −$1.41B | $956.0M | $2.08B | −$2.82B | $441.0M | $5.25B | $968.0M |
| Cash at end of period | $21.97B | $22.44B | $24.02B | $23.85B | $18.98B | $20.98B | $22.49B | $21.53B | $19.46B | $22.27B | $21.83B | $16.58B |
| Free cash flow | $1.77B | $903.0M | $2.19B | $1.72B | $692.0M | $964.0M | $2.19B | $1.45B | $1.37B | $1.76B | $2.47B | $1.10B |
| Free cash flow margin | 20.4% | 10.8% | 25.2% | 20.4% | 8.3% | 12.4% | 26.2% | 18.4% | 17.3% | 22.9% | 30.8% | 14.8% |
| Capex / revenue | 2.4% | 2.8% | 2.2% | 3.0% | 2.5% | 2.5% | 2.4% | 2.2% | 2.0% | 2.0% | 1.8% | 2.1% |
| Operating cash flow / net income | 1.80 | 1.02 | 1.66 | 1.58 | 0.71 | 0.90 | 2.14 | 1.60 | 1.35 | 2.16 | 1.86 | 1.23 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PYPL cash generation
In fiscal 2025 (ended December 31, 2025), PayPal generated $6.4 billion of cash from operations (down 13.9%) and spent $852.0 million on capital expenditures, leaving free cash flow of $5.6 billion, 16.8% of revenue. It returned $6.2 billion to shareholders through dividends ($130.0 million) and net share buybacks ($6.1 billion). Cash and equivalents rose by $1.5 billion over the year.
Related: PYPL income statement, PYPL balance sheet, PYPL dividend history. See the PYPL stock overview for the latest quote and news.
PYPL cash flow FAQ
What is PayPal's free cash flow?
PayPal's free cash flow was $5.6 billion in fiscal 2025: $6.4 billion of operating cash flow minus $852.0 million of capital expenditures It was $6.8 billion a year earlier..
How much cash does PayPal generate from operations?
PayPal generated $6.4 billion of cash from operating activities in fiscal 2025, 1.23 times its net income of $5.2 billion.
How much does PayPal spend on capital expenditures?
PayPal spent $852.0 million on capital expenditures in fiscal 2025, 2.6% of revenue, compared with $683.0 million the year before.
How much stock does PayPal buy back?
PayPal spent $6.1 billion on net share repurchases in fiscal 2025.
How much does PayPal pay in dividends?
PayPal paid $130.0 million in dividends in fiscal 2025, 2.3% of free cash flow.