# PayPal Holdings, Inc. (PYPL)

> Source: Nexqual · https://nexqual.com/PYPL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, PayPal Holdings, Inc. (PYPL), nexqual.com/PYPL" · informational, not investment advice.

**Price:** USD 57.54 (+0.59% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 57.2 · day 56.81–57.61 · 52w 38.46–79.22 · market cap $49.2B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $34.1B, net income $4.90B (14.4% margin), free cash flow $6.59B (SEC filings).
- Valuation: P/E 10.0x (avg 16.1x at the last 3 fiscal year-ends), EV/EBITDA 7.4x, net debt $2.14B.
- 8 of 80 tracked superinvestors hold PYPL (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 1 new, 2 added, 2 reduced, 3 unchanged.
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $2.0M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.89 on a 1–5 scale) (44 analysts), mean target USD 56.74 (range 36–80).
- Total return with dividends: 1Y -16.5% vs S&P 500 +14.9%; 5Y -75.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 1.31, revenue estimate $8.71B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $25.4B | $27.5B | $29.8B | $31.8B | $33.2B | $34.1B |
| Operating income | $4.26B | $3.84B | $5.03B | $5.33B | $6.07B | $5.95B |
| Net income | $4.17B | $2.42B | $4.25B | $4.15B | $5.23B | $4.90B |
| EPS (diluted) | $3.52 | $2.09 | $3.84 | $3.99 | $5.41 | — |
| Free cash flow | $4.89B | $5.11B | $4.22B | $6.77B | $5.56B | $6.59B |
| Operating margin | 16.8% | 13.9% | 16.9% | 16.7% | 18.3% | 17.4% |
| Net margin | 16.4% | 8.8% | 14.3% | 13.0% | 15.8% | 14.4% |
| Revenue growth | +18.3% | +8.5% | +8.2% | +6.8% | +4.3% | — |
| Cash + short-term investments | $9.50B | $10.9B | $14.1B | $10.9B | $10.4B | — |
| Total debt | $8.05B | $10.4B | $9.68B | $9.88B | $11.6B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.0x · P/S 1.4x · EV/EBITDA 7.4x · EV/Sales 1.5x · P/FCF 7.5x · P/B 2.5x · FCF yield 13.38% · Earnings yield 9.96% · Buyback yield (TTM) 12.30% · Net debt $2.14B · EV $51.4B
P/E at fiscal year-ends: Dec 2025 10.8x, Dec 2024 21.4x, Dec 2023 16.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
8 of 80 tracked investors hold PYPL (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Norbert Lou | Punch Card Management | 10.61% | $27.2M | Unchanged | Q2 2026 |
| Lindsell Train |  | 5.19% | $137M | Reduced -24.3% | Q2 2026 |
| Francis Chou | Chou Associates | 3.34% | $7.2M | Unchanged | Q2 2026 |
| David Einhorn | Greenlight Capital | 1.57% | $61.5M | New position | Q2 2026 |
| Yacktman Asset Management |  | 1.24% | $100M | Added +1.2% | Q2 2026 |
| First Pacific Advisors |  | 1.16% | $92.3M | Added +53.6% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 1.13% | $13.7M | Reduced -0.4% | Q3 2026 |
| Mason Hawkins | Southeastern Asset Management | 0.05% | $970K | Unchanged | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
12 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Natali Chris | SVP, Chief Accounting Officer | 552 | $30K | 18.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-03 | Kereere Suzan | President, Global Markets | 3,379 | $188K | 9.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-03 | Keller Frank | Pres., Checkout Sol. & PayPal | 4,612 | $256K | 10% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-18 | Kereere Suzan | President, Global Markets | 4,162 | $254K | 11.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-29 | Natali Chris | SVP, Chief Accounting Officer | 1,337 | $78K | 37.6% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-29 | Keller Frank | Pres., Checkout Sol. & PayPal | 732 | $43K | 1.7% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-03 | Natali Chris | SVP, Chief Accounting Officer | 552 | $24K | 23.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-03 | Kereere Suzan | President, Global Markets | 3,379 | $145K | 9.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-03 | Keller Frank | Pres., Checkout Sol. & PayPal | 4,612 | $196K | 10% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-19 | Kereere Suzan | President, Global Markets | 4,162 | $184K | 11.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-29 | Natali Chris | SVP, Chief Accounting Officer | 1,337 | $66K | 45.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-29 | Keller Frank | Pres., Checkout Sol. & PayPal | 10,732 | $536K | 20.5% | Yes | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.89 on a 1–5 scale), 44 analysts; mean target USD 56.74 (low 36, high 80).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Barclays | Target lowered | Equal-Weight | $57 → $56 |
| 2026-08-31 | Truist Securities | Target lowered | Hold | $62 → $53 |
| 2026-08-31 | RBC Capital | Target raised | Outperform | $65 → $70 |
| 2026-08-28 | Loop Capital | Target lowered | Hold | $62 → $50 |
| 2026-08-19 | Truist Securities | Target raised | Hold | $59 → $62 |
| 2026-08-17 | Piper Sandler | Target raised | Neutral | $42 → $59 |
| 2026-08-03 | Cantor Fitzgerald | Target raised | Neutral | $54 → $60 |
| 2026-07-29 | JP Morgan | Target raised | Neutral | $46 → $65 |
| 2026-07-29 | TD Cowen | Target raised | Hold | $48 → $59 |
| 2026-07-29 | RBC Capital | Target raised | Outperform | $59 → $65 |
| 2026-07-29 | Susquehanna | Target raised | Positive | $63 → $67 |
| 2026-07-29 | Wells Fargo | Target raised | Equal-Weight | $48 → $56 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -16.5% | -75.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -16.5% | -24.6% |
| Volatility (annualized) | 43.6% | 43.1% |
| Max drawdown | -46.4% (Oct 2025→Feb 2026) | -83.2% (Oct 2021→Feb 2026) |

## Peers (Credit Services)
AFRM (Affirm Holdings, Inc.) USD 72.4 -1.51% · SYF (Synchrony Financial) USD 75.09 +1.32% · SOFI (SoFi Technologies, Inc.) USD 14.77 -0.87% · COF (Capital One Financial Corporati) USD 203.43 -1.56% · ALLY (Ally Financial Inc.) USD 39.31 +1.60% · AXP (American Express Company) USD 325.17 +0.48%

## More
Full page: https://nexqual.com/PYPL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name PYPL in their own reports (relationship from PYPL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | IDT CORP (IDT) | 10-K 2026-09-29 | "Digital competitors such as Xoom (a subsidiary of PayPal), Wise, Remitly, and Sendwave along with traditional money remitters, including Western Union, Ria, MoneyGram, Intermex and Viamericas compete …" |
| supplier | LuxExperience B.V. (LUXE) | 20-F 2026-09-16 | "We accept payments using a variety of methods, including credit card, Mytheresa gift cards, debit card, PayPal, Alipay and WeChat Pay, among others, as well as cash in our store, which subjects us to …" |
| supplier | EDUCATIONAL DEVELOPMENT CORP (EDUC) | 10-K 2026-05-19 | "PayPal payments from customers." |
| customer | LightInTheBox Holding Co., Ltd. (LITB) | 20-F 2026-04-02 | "We rely on third parties, such as PayPal, Checkout, Stripe, Klarna, Apple Pay and Shop Pay to provide certain payment processing services, including the processing of credit card and debit card transa…" |
| supplier | Designer Brands Inc. (DBI) | 10-K 2026-03-30 | "We accept customer payments using a variety of methods, including credit and debit cards, buy now pay later methods, PayPal, ApplePay, Venmo, and gift cards." |
| competitor | PSQ Holdings, Inc. (PSQH) | 10-K 2026-03-17 | "PSQ Payments competes with payments processors offering services to merchants, including Stripe, Elavon, PayPal, and Fortis, to name a few." |
| competitor | Fold Holdings, Inc. (FLDDW) | 10-K 2026-03-17 | "Across our product lines we compete with various financial services providers like Block, Inc., Robinhood Markets, Inc., Coinbase Global, Inc., Payward, Inc. (d/b/a Kraken), Fidelity Crypto, and PayPa…" |
| supplier | USANA HEALTH SCIENCES INC (USNA) | 10-K 2026-03-16 | "The Company receives payments, primarily via credit card and PayPal, for the sale of products at the time customers place orders and subsequent subscription orders, and payment is required prior to sh…" |
| partner | Asana, Inc. (ASAN) | 10-K 2026-03-13 | "A large portion of our customers authorize us to bill their credit card accounts or bill them via other payment methods, such as PayPal or other direct debit methods, through our third-party payment p…" |
| partner | EverCommerce Inc. (EVCM) | 10-K 2026-03-12 | "•Our information technology systems and our third-party providers' information technology systems, including Worldpay, PayPal and other payment processing partners, may fail, or our third-party provid…" |
| competitor | Atlanticus Holdings Corp (ATLC) | 10-K 2026-03-12 | "The private label credit and general purpose credit card finance activities of our issuing bank partners compete with facilitators and providers of legacy payment and consumer loan methods, such as cr…" |
| competitor | Chime Financial, Inc. (CHYM) | 10-K 2026-03-06 | "We also face competition from financial technology companies that offer or facilitate bank accounts, payments, and liquidity services, including Affirm, Klarna, and PayPal, and offerings such as Cash …" |
| competitor | FIRSTSUN CAPITAL BANCORP (FSUN) | 10-K 2026-03-06 | "Companies as disparate as PayPal and Starbucks provide payment and exchange services which compete directly with banks in ways not possible traditionally." |
| partner | Wix.com Ltd. (WIX) | 20-F 2026-03-05 | "In late 2025, Wix announced partnerships with Stripe and PayPal to introduce tools that promote user product discoverability, which can be bought directly through AI agents." |
| competitor | EVERTEC, Inc. (EVTC) | 10-K 2026-03-02 | "In payment services, we compete with several other third-party card processors, debit networks, and financial technology providers, including Tecnocom Telecomunicaciones y Energía, S.A., Galileo Finan…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Transaction revenues | $7.83B | 90.2% | +5.3% |
| Revenues from other value added services | $850.0M | 9.8% | +0.4% |
| Total revenue | $8.68B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| UNITED STATES | $5.05B | 58.1% | +7.2% |
| Other countries | $3.63B | 41.9% | +1.5% |
| Total revenue | $8.68B | 100% | — |

## Company outlook (8-K filed 2026-07-28)

- "Financial Guidance 2026 Guidance: Following another strong quarter, PayPal is raising full year non-GAAP TM$ and EPS guidance and reaffirming GAAP EPS guidance."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.31 | $1.33 | -1.6% | $8.71B | 37 |
| Next quarter (ends 2026-12-31) | $1.35 | $1.36 | -1.2% | $8.99B | 35 |
| Current fiscal year (ends 2026-12-31) | $5.39 | $5.31 | +1.6% | $34.74B | 42 |
| Next fiscal year (ends 2027-12-31) | $5.78 | $5.74 | +0.7% | $36.20B | 43 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-27): ±8.1%; last 8 reports averaged ±8.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 67.3% | ±8.1% |
| 2026-11-06 | 14 | 55.1% | ±9.0% |
| 2026-11-13 | 21 | 46.1% | ±9.1% |
| 2026-11-20 | 28 | 44.7% | ±10.1% |
| 2026-11-27 | 35 | 43.1% | ±10.8% |
| 2026-12-04 | 42 | 45.7% | ±12.5% |
| 2026-12-18 | 56 | 38.4% | ±12.2% |
| 2027-01-15 | 84 | 35.9% | ±13.9% |