PayPal Holdings, Inc. (PYPL) Income Statement
PYPL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPYPL revenue and net income
Where PYPL's revenue goes
2025Each bar shows an amount and its share of revenue. PYPL kept 15.8% of revenue as net income.
PYPL profit margins
PYPL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +4.3% | +6.4% | +9.1% | +13.6% |
| Gross profit | +5.5% | +3.9% | +5.6% | +10.2% |
| Operating income | +13.9% | +16.5% | +13.0% | +15.3% |
| Net income | +26.2% | +29.3% | +4.5% | +15.6% |
| EPS (diluted) | +6.4% | +8.7% | +6.4% | +15.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PYPL quarterly EPS vs estimates
PayPal beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 27, 2026 (estimate $1.31).
PYPL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.17B | $31.80B | $29.77B | $27.52B | $25.37B | $21.45B | $17.77B | $15.45B | $13.09B | $10.84B |
| Cost of revenue | $17.71B | $17.14B | $16.07B | $13.74B | $11.38B | $9.68B | $8.17B | $6.86B | $5.43B | $4.43B |
| Gross profit | $15.46B | $14.66B | $13.70B | $13.77B | $14.00B | $11.78B | $9.60B | $8.60B | $7.66B | $6.41B |
| Research & development | $3.10B | $2.98B | $2.97B | $3.25B | $3.04B | $2.64B | $2.08B | $1.07B | $953.0M | $834.0M |
| Sales, general & admin | $4.26B | $4.15B | $3.87B | $4.36B | $4.56B | $3.93B | $3.11B | $2.85B | $2.40B | $2.00B |
| Total operating expenses | $9.40B | $9.33B | $8.68B | $9.94B | $9.73B | $8.49B | $6.88B | $6.40B | $5.54B | $4.82B |
| Operating income | $6.07B | $5.33B | $5.03B | $3.84B | $4.26B | $3.29B | $2.72B | $2.19B | $2.13B | $1.59B |
| Interest income | $517.0M | $662.0M | $480.0M | $174.0M | $57.0M | $88.0M | $197.0M | $168.0M | $24.0M | $132.0M |
| Interest expense | $441.0M | $382.0M | $347.0M | $304.0M | $232.0M | $209.0M | $115.0M | $77.0M | $7.0M | $3.0M |
| Income before taxes | $6.29B | $5.33B | $5.41B | $3.37B | $4.10B | $5.07B | $3.00B | $2.38B | $2.20B | $1.63B |
| Income taxes | $1.06B | $1.18B | $1.17B | $947.0M | −$70.0M | $863.0M | $539.0M | $319.0M | $405.0M | $230.0M |
| Net income | $5.23B | $4.15B | $4.25B | $2.42B | $4.17B | $4.20B | $2.46B | $2.06B | $1.79B | $1.40B |
| EBITDA | $7.70B | $6.74B | $6.83B | $4.99B | $5.60B | $6.46B | $4.03B | $3.23B | $3.01B | $2.36B |
| EPS (diluted) | $5.30 | $4.98 | $5.11 | $4.13 | $4.59 | $3.88 | $3.11 | $2.42 | $1.91 | $1.50 |
| Gross margin | 46.6% | 46.1% | 46.0% | 50.1% | 55.2% | 54.9% | 54.0% | 55.6% | 58.5% | 59.1% |
| Operating margin | 18.3% | 16.7% | 16.9% | 13.9% | 16.8% | 15.3% | 15.3% | 14.2% | 16.2% | 14.6% |
| Net margin | 15.8% | 13.0% | 14.3% | 8.8% | 16.4% | 19.6% | 13.8% | 13.3% | 13.7% | 12.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.68B | $8.35B | $8.68B | $8.42B | $8.29B | $7.79B | $8.37B | $7.85B | $7.88B | $7.70B | $8.03B | $7.42B |
| Cost of revenue | $4.78B | $4.54B | $4.64B | $4.55B | $4.44B | $4.08B | $4.43B | $4.19B | $4.28B | $4.24B | $4.35B | $4.05B |
| Gross profit | $3.90B | $3.81B | $4.03B | $3.87B | $3.84B | $3.72B | $3.94B | $3.65B | $3.61B | $3.46B | $3.67B | $3.37B |
| Research & development | $849.0M | $793.0M | $804.0M | $801.0M | $767.0M | $731.0M | $773.0M | $746.0M | $718.0M | $742.0M | $770.0M | $739.0M |
| Sales, general & admin | $1.05B | $1.01B | $1.19B | $1.03B | $1.04B | $991.0M | $1.22B | $1.03B | $1.02B | $885.0M | $1.02B | $949.0M |
| Total operating expenses | $2.01B | $2.32B | $2.52B | $2.35B | $2.34B | $2.19B | $2.49B | $2.26B | $2.28B | $2.29B | $1.94B | $2.20B |
| Operating income | $1.89B | $1.49B | $1.51B | $1.52B | $1.50B | $1.53B | $1.44B | $1.39B | $1.32B | $1.17B | $1.73B | $1.17B |
| Interest income | $104.0M | $107.0M | $118.0M | $119.0M | $135.0M | $145.0M | $148.0M | $183.0M | $165.0M | $166.0M | $132.0M | $124.0M |
| Interest expense | $126.0M | $111.0M | $111.0M | $113.0M | $114.0M | $103.0M | $97.0M | $106.0M | $93.0M | $86.0M | $87.0M | $86.0M |
| Income before taxes | $1.31B | $1.39B | $1.63B | $1.53B | $1.53B | $1.60B | $1.41B | $1.31B | $1.40B | $1.21B | $1.79B | $1.24B |
| Income taxes | $206.0M | $280.0M | $190.0M | $285.0M | $268.0M | $316.0M | $289.0M | $301.0M | $271.0M | $321.0M | $391.0M | $221.0M |
| 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 |
| EBITDA | $2.13B | $1.74B | $1.97B | $1.89B | $1.88B | $1.95B | $1.76B | $1.67B | $1.75B | $1.56B | $2.14B | $1.60B |
| EPS (diluted) | $1.38 | $1.34 | $1.23 | $1.34 | $1.40 | $1.33 | $1.19 | $1.20 | $1.19 | $1.40 | $1.48 | $1.30 |
| Gross margin | 44.9% | 45.6% | 46.5% | 46.0% | 46.4% | 47.7% | 47.0% | 46.6% | 45.8% | 45.0% | 45.8% | 45.4% |
| Operating margin | 21.8% | 17.8% | 17.4% | 18.1% | 18.1% | 19.6% | 17.2% | 17.7% | 16.8% | 15.2% | 21.5% | 15.7% |
| Net margin | 12.7% | 13.3% | 16.6% | 14.8% | 15.2% | 16.5% | 13.4% | 12.9% | 14.3% | 11.5% | 17.5% | 13.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PYPL's financial statements (latest annual report filed February 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PYPL financial results
In fiscal year 2025 (ended December 31, 2025), PayPal reported revenue of $33.2 billion, up 4.3% from the year before. It had net income of $5.2 billion (up 26.2%), a net profit margin of 15.8%. Diluted earnings per share came to $5.30. Over five years revenue grew at an average rate of 9.1% a year.
See the PYPL stock overview for the latest quote and news, or the PYPL chart for price history and technical indicators.
PYPL income statement FAQ
What is PayPal's annual revenue?
PayPal reported total revenue of $33.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 4.3% from $31.8 billion the previous year.
Is PayPal profitable?
Yes. PayPal reported net income of $5.2 billion in fiscal 2025, a net profit margin of 15.8%; its operating margin was 18.3%.
What is PayPal's gross margin?
PayPal's gross margin was 46.6% in fiscal 2025: for every $100 of revenue, PayPal kept $47 after the direct cost of its products and services.
How much does PayPal spend on research and development?
PayPal spent $3.1 billion on research and development in fiscal 2025, 9.4% of revenue.
How fast is PayPal growing?
Revenue grew 9.1% a year on average over the last five fiscal years, from $21.5 billion to $33.2 billion.
What are PayPal's earnings per share?
PayPal earned $5.30 per diluted share in fiscal 2025, compared with $4.98 a year earlier.
When will PayPal report its next earnings?
PayPal is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does PayPal's fiscal year end?
PayPal's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 3, 2026.