PayPal (PYPL) financial statements
PayPal reported revenue of $33.2B in fiscal 2025, up 13.2% a year over 9 years.
Net income was $5.2B and the operating margin 18.3%, against 14.6% in 2016.
Free cash flow was $5.6B, and the company returned $130M in dividends and $6.1B in net buybacks.
The diluted share count fell 21% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from PayPal's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.8B | $13.1B | $15.5B | $17.8B | $21.5B | $25.4B | $27.5B | $29.8B | $31.8B | $33.2B |
| Research and development | $834M | $953M | $1.1B | — | — | — | — | — | — | — |
| Selling, general and admin | $2.0B | $2.4B | $2.9B | $3.1B | $3.9B | $4.6B | $4.4B | $3.9B | $4.1B | $4.3B |
| Operating income | $1.6B | $2.1B | $2.2B | $2.7B | $3.3B | $4.3B | $3.8B | $5.0B | $5.3B | $6.1B |
| Interest expense | $3M | $7M | $77M | $115M | $209M | $232M | $304M | $347M | $382M | $441M |
| Pre-tax income | $1.6B | $2.2B | $2.4B | $3.0B | $5.1B | $4.1B | $3.4B | $993M | $946M | $1.5B |
| Income tax | $230M | $405M | $319M | $539M | $863M | -$70M | $947M | $1.2B | $1.2B | $1.1B |
| Net income | $1.4B | $1.8B | $2.1B | $2.5B | $4.2B | $4.2B | $2.4B | $4.2B | $4.1B | $5.2B |
| EPS (diluted) | $1.15 | $1.47 | $1.71 | $2.07 | $3.54 | $3.52 | $2.09 | $3.84 | $3.99 | $5.41 |
| Diluted shares | 1.22B | 1.22B | 1.20B | 1.19B | 1.19B | 1.19B | 1.16B | 1.11B | 1.04B | 968M |
| Operating margin | 14.6% | 16.2% | 14.2% | 15.3% | 15.3% | 16.8% | 13.9% | 16.9% | 16.7% | 18.3% |
| Net margin | 12.9% | 13.7% | 13.3% | 13.8% | 19.6% | 16.4% | 8.8% | 14.3% | 13.0% | 15.8% |
Balance sheet
Fiscal years, from PayPal's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5.0B | $5.7B | $9.1B | $10.8B | $13.1B | $9.5B | $10.9B | $14.1B | $10.9B | $10.4B |
| Receivables | $214M | $283M | $313M | $435M | $577M | $800M | $963M | $1.1B | $984M | $840M |
| Total current assets | $25.7B | $32.6B | $33.0B | $38.5B | $51.0B | $52.6B | $57.4B | $62.6B | $58.2B | $59.8B |
| Property, plant and equipment | $1.5B | $1.5B | $1.7B | $1.7B | $1.8B | $1.9B | $1.7B | $1.5B | $1.5B | $1.7B |
| Goodwill | $4.1B | $4.3B | $6.3B | $6.2B | $9.1B | $11.5B | $11.2B | $11.0B | $10.8B | $10.9B |
| Total assets | $33.1B | $40.8B | $43.3B | $51.3B | $70.4B | $75.8B | $78.6B | $82.2B | $78.7B | $80.2B |
| Total current liabilities | $16.9B | $22.9B | $25.9B | $26.9B | $38.4B | $43.0B | $45.0B | $48.5B | $45.5B | $46.4B |
| Long-term debt | — | — | $0 | $5.0B | $8.9B | $8.0B | $10.4B | $9.7B | $9.9B | $10.0B |
| Total liabilities | $18.4B | $24.8B | $27.9B | $34.4B | $50.3B | $54.1B | $58.4B | $61.1B | $58.3B | $59.9B |
| Shareholders' equity | $14.7B | $16.0B | $15.4B | $16.9B | $20.0B | $21.7B | $20.3B | $21.1B | $20.4B | $20.3B |
| Net debt | -$1.6B | -$2.9B | -$5.6B | -$2.4B | $4.1B | $2.9B | $2.6B | $595M | $3.2B | $1.9B |
Cash flow
Fiscal years, from PayPal's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.2B | $2.5B | $5.5B | $4.1B | $6.2B | $5.8B | $5.8B | $4.8B | $7.5B | $6.4B |
| Capital spending | $669M | $667M | $823M | $704M | $866M | $908M | $706M | $623M | $683M | $852M |
| Free cash flow | $2.5B | $1.9B | $4.7B | $3.4B | $5.4B | $4.9B | $5.1B | $4.2B | $6.8B | $5.6B |
| Stock-based compensation | $438M | $733M | $853M | $1.0B | $1.4B | $1.4B | $1.3B | $1.5B | $1.2B | $1.0B |
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $130M |
| Share buybacks (net) | -$995M | -$1.0B | -$3.5B | -$1.4B | -$1.6B | -$3.4B | -$4.2B | -$5.0B | -$6.0B | -$6.1B |
| Net borrowing | -$21M | $820M | $960M | $3.0B | $4.0B | -$89M | $1.8B | $475M | -$115M | $482M |
| Free cash flow margin | 23.0% | 14.2% | 30.1% | 18.9% | 25.0% | 19.3% | 18.6% | 14.2% | 21.3% | 16.8% |
| Dividends per share | — | — | — | — | — | — | — | — | — | $0.13 |
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Open PYPL in InvestinglyQuestions
What was PayPal's revenue in 2025?
$33.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does PayPal generate?
$5.6B in fiscal 2025 (operating cash flow minus capital spending).
From PayPal's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.