Q4 25 EPS
$1.23
MISS 4.54%
Est. $1.29
Q4 25 Revenue
$8.68B
MISS 1.27%
Est. $8.79B
vs S&P Since Q4 25
-8.1%
TRAILING MARKET
PYPL -1.2% vs S&P +6.9%
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 YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
PYPL Revenue by Segment
With YoY comparisons, source: SEC Filings
PYPL Revenue by Geography
With YoY comparisons, source: SEC Filings
“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
PYPL Earnings Trends
PYPL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PYPL EPS Trend
Earnings per share: estimate vs actual
PYPL Revenue Trend
Quarterly revenue: estimate vs actual
PYPL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.27 | $1.34 | +5.59% | $8.35B | +3.71% |
| Q4 25 MISS FY | $1.29 | $1.23 | -4.54% | $8.68B | -1.27% |
| FY Full Year | $5.36 | $5.31 | -0.91% | $33.17B | -0.31% |
| Q3 25 BEAT | $1.20 | $1.34 | +11.25% | $8.42B | +2.21% |
| Q2 25 BEAT | $1.30 | $1.40 | +8.00% | $8.29B | +2.57% |
| Q1 25 BEAT | $1.16 | $1.33 | +14.53% | $7.79B | -0.64% |