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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025.


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to .

Commission file number 001-36859

PayPal Holdings, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Delaware			47-2989869
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)
2211 North First Street	San Jose,	California	95131
(Address of Principal Executive Offices)			(Zip Code)

(408) 967-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.0001 par value per share	PYPL	NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of July 23, 2025, there were 955,378,405 shares of the registrant’s common stock, $0.0001 par value, outstanding, which is the only class of common or voting stock of the registrant issued.

PayPal Holdings, Inc.

TABLE OF CONTENTS


			Page Number
Part I.	Financial Information		4
	Item 1.	Condensed Consolidated Balance Sheets	4
		Condensed Consolidated Statements of Income (Loss)	5
		Condensed Consolidated Statements of Comprehensive Income (Loss)	6
		Condensed Consolidated Statements of Stockholders’ Equity	7
		Condensed Consolidated Statements of Cash Flows	9
		Notes to Condensed Consolidated Financial Statements	11
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63
	Item 4.	Controls and Procedures	65
Part II.	Other Information		66
	Item 1.	Legal Proceedings	66
	Item 1A.	Risk Factors	66
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71
	Item 3.	Defaults Upon Senior Securities	71
	Item 4.	Mine Safety Disclosures	71
	Item 5.	Other Information	71
	Item 6.	Exhibits	72
Signatures			73

Table of Contents

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

PayPal Holdings, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS


	June 30, 2025		December 31, 2024
	(In millions, except par value)
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	6,688	$	6,662
Short-term investments	3,320		4,262
Accounts receivable, net	1,099		984
Loans and interest receivable, held for sale	817		541
Loans and interest receivable, net of allowances of $524 and $461 as of June 30, 2025 and December 31, 2024, respectively	6,938		6,422
Funds receivable and customer accounts	38,923		37,671
Prepaid expenses and other current assets	2,094		1,664
Total current assets	59,879		58,206
Long-term investments	3,645		4,583
Property and equipment, net	1,625		1,508
Goodwill	10,976		10,837
Intangible assets, net	271		326
Other assets	3,381		3,265
Total assets	$	79,777	$	78,725
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	221	$	227

Funds payable and amounts due to customers	40,923		39,671
Accrued expenses and other current liabilities	3,906		5,592
Total current liabilities	45,050		45,490
Other long-term liabilities	3,230		2,939
Long-term debt	11,296		9,879
Total liabilities	59,576		58,308
Commitments and contingencies (Note 13)
Equity:
Common stock, $0.0001 par value; 4,000 shares authorized; 960 and 993 shares outstanding as of June 30, 2025 and December 31, 2024, respectively	—		—
Preferred stock, $0.0001 par value; 100 shares authorized, unissued	—		—
Treasury stock at cost, 378 and 337 shares as of June 30, 2025 and December 31, 2024, respectively	(30,111)		(27,085)
Additional paid-in-capital	21,136		20,705
Retained earnings	29,915		27,347
Accumulated other comprehensive income (loss)	(739)		(550)


Total equity	20,201		20,417
Total liabilities and equity	$	79,777	$	78,725

The accompanying notes are an integral part of these condensed consolidated financial statements.


									4

Table of Contents

PayPal Holdings, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions, except per share amounts)
	(Unaudited)
Net revenues	$	8,288	$	7,885	$	16,079	$	15,584
Operating expenses:
Transaction expense	3,968		3,942		7,672		7,859
Transaction and credit losses	476		335		847		656
Customer support and operations	413		436		811		890
Sales and marketing	583		446		1,071		867
Technology and development	767		718		1,498		1,460
General and administrative	461		570		964		1,034
Restructuring and other	116		113		182		325
Total operating expenses	6,784		6,560		13,045		13,091
Operating income	1,504		1,325		3,034		2,493
Other income (expense), net	25		74		98		115
Income before income taxes	1,529		1,399		3,132		2,608
Income tax expense	268		271		584		592
Net income (loss)	$	1,261	$	1,128	$	2,548	$	2,016

Net income (loss) per share:
Basic	$	1.30	$	1.08	$	2.61	$	1.91
Diluted	$	1.29	$	1.08	$	2.58	$	1.90

Weighted average shares:
Basic	969		1,042		977		1,053
Diluted	977		1,047		988		1,060

The accompanying notes are an integral part of these condensed consolidated financial statements.


									5

Table of Contents

PayPal Holdings, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
	(Unaudited)
Net income (loss)	$	1,261	$	1,128	$	2,548	$	2,016
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments (“CTA”), net	162		(126)		289		(287)
Tax (expense) benefit on foreign CTA, net	(34)		1		(59)		19
Net investment hedges CTA gains, net	—		100		—		199
Tax expense on net investment hedges CTA gains, net	—		(24)		—		(47)
Unrealized (losses) gains on cash flow hedges, net	(248)		3		(424)		99
Tax benefit (expense) on unrealized (losses) gains on cash flow hedges, net	11		—		20		(5)
Unrealized (losses) gains on available-for-sale debt securities, net	(11)		15		(20)		98
Tax benefit (expense) on unrealized (losses) gains on available-for-sale debt securities, net	3		(3)		5		(23)
Other comprehensive income (loss), net of tax	(117)		(34)		(189)		53
Comprehensive income (loss)	$	1,144	$	1,094	$	2,359	$	2,069

The accompanying notes are an integral part of these condensed consolidated financial statements.


									6

Table of Contents

PayPal Holdings, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY


	Common Stock Shares	Treasury Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total Equity

	(In millions)
	(Unaudited)














Balances at December 31, 2024	993	$	(27,085)	$	20,705	$	(550)	$	27,347	$	20,417
Adoption of crypto asset accounting standard	—	—		—		—		20		20
Net income	—	—		—		—		1,287		1,287
Foreign CTA, net	—	—		—		127		—		127
Tax expense on foreign CTA, net	—	—		—		(25)		—		(25)


Unrealized losses on cash flow hedges, net	—	—		—		(176)		—		(176)
Tax benefit on unrealized losses on cash flow hedges, net	—	—		—		9		—		9
Unrealized losses on available-for-sale debt securities, net	—	—		—		(9)		—		(9)
Tax benefit on unrealized losses on available-for-sale debt securities, net	—	—		—		2		—		2
Common stock and stock-based awards issued, net of shares withheld for employee taxes	5	—		(171)		—		—		(171)
Common stock repurchased	(19)	(1,512)		—		—		—		(1,512)

Stock-based compensation	—	—		285		—		—		285
Balances at March 31, 2025	979	$	(28,597)	$	20,819	$	(622)	$	28,654	$	20,254
Net income	—	—		—		—		1,261		1,261
Foreign CTA, net	—	—		—		162		—		162
Tax expense on foreign CTA, net	—	—		—		(34)		—		(34)


Unrealized losses on cash flow hedges, net	—	—		—		(248)		—		(248)
Tax benefit on unrealized losses on cash flow hedges, net	—	—		—		11		—		11
Unrealized losses on available-for-sale debt securities, net	—	—		—		(11)		—		(11)
Tax benefit on unrealized losses on available-for-sale debt securities, net	—	—		—		3		—		3
Common stock and stock-based awards issued, net of shares withheld for employee taxes	3	—		(2)		—		—		(2)
Common stock repurchased	(22)	(1,514)		—		—		—		(1,514)

Stock-based compensation	—	—		319		—		—		319
Balances at June 30, 2025	960	$	(30,111)	$	21,136	$	(739)	$	29,915	$	20,201


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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY—(continued)


	Common Stock Shares	Treasury Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total Equity

	(In millions)
	(Unaudited)













Balances at December 31, 2023	1,072	$	(21,045)	$	19,642	$	(746)	$	23,200	$	21,051
Net income	—	—		—		—		888		888
Foreign CTA, net	—	—		—		(161)		—		(161)
Tax benefit on foreign CTA, net	—	—		—		18		—		18
Net investment hedges CTA gains, net	—	—		—		99		—		99
Tax expense on net investment hedges CTA gains, net	—	—		—		(23)		—		(23)
Unrealized gains on cash flow hedges, net	—	—		—		96		—		96
Tax expense on unrealized gains on cash flow hedges, net	—	—		—		(5)		—		(5)
Unrealized gains on available-for-sale-debt securities, net	—	—		—		83		—		83
Tax expense on unrealized gains on available-for-sale-debt securities, net	—	—		—		(20)		—		(20)
Common stock and stock-based awards issued, net of shares withheld for employee taxes	6	—		(193)		—		—		(193)
Common stock repurchased	(25)	(1,511)		—		—		—		(1,511)
Treasury stock reissuance	—	4		—		—		—		4
Stock-based compensation	—	—		376		—		—		376
Balances at March 31, 2024	1,053	$	(22,552)	$	19,825	$	(659)	$	24,088	$	20,702
Net income	—	—		—		—		1,128		1,128
Foreign CTA, net	—	—		—		(126)		—		(126)
Tax benefit on foreign CTA, net	—	—		—		1		—		1
Net investment hedges CTA gains, net	—	—		—		100		—		100
Tax expense on net investment hedges CTA gains, net	—	—		—		(24)		—		(24)
Unrealized gains on cash flow hedges, net	—	—		—		3		—		3

Unrealized gains on available-for-sale debt securities, net	—	—		—		15		—		15
Tax expense on unrealized gains on available-for-sale debt securities, net	—	—		—		(3)		—		(3)
Common stock and stock-based awards issued, net of shares withheld for employee taxes	3	—		13		—		—		13
Common stock repurchased	(24)	(1,516)		—		—		—		(1,516)
Treasury stock reissuance	—	4		—		—		—		4
Stock-based compensation	—	—		325		—		—		325
Balances at June 30, 2024	1,032	$	(24,064)	$	20,163	$	(693)	$	25,216	$	20,622

The accompanying notes are an integral part of these condensed consolidated financial statements.


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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	Six Months Ended June 30,
	2025		2024
	(In millions)
	(Unaudited)
Cash flows from operating activities:
Net income (loss)	$	2,548	$	2,016
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Transaction and credit losses	847		656
Depreciation and amortization	484		528
Stock-based compensation	535		663
Deferred income taxes	(89)		29
Net (gains) losses on strategic investments	(59)		55
Accretion of discounts on investments, net of amortization of premiums	(57)		(197)
Adjustments to loans and interest receivable, held for sale	52		64
Other	(297)		(42)
Originations of loans receivable, held for sale	(14,358)		(11,065)
Proceeds from repayments and sales of loans receivable, originally classified as held for sale	14,112		11,175
Changes in assets and liabilities:
Accounts receivable	(115)		82
Accounts payable	(50)		(11)
Other assets and liabilities	(1,495)		(511)
Net cash provided by operating activities	2,058		3,442
Cash flows from investing activities:
Purchases of reverse repurchase agreements	(201)		(151)
Maturities of reverse repurchase agreements	288		151
Purchases of property and equipment	(402)		(311)
Proceeds from sales of property and equipment	3		—
Purchases and originations of loans receivable	(11,490)		(9,961)
Proceeds from repayments and sales of loans receivable, originally classified as held for investment	11,210		9,760
Purchases of investments	(11,564)		(16,004)
Maturities and sales of investments	11,595		14,241



Funds receivable	(2,785)		(1,367)
Collateral posted related to derivative instruments, net	(316)		75
Other	(15)		—
Net cash used in investing activities	(3,677)		(3,567)
Cash flows from financing activities:
Borrowings from repurchase agreements	405		190
Repayments of repurchase agreements	(405)		(190)
Proceeds from issuance of common stock	74		55
Purchases of treasury stock	(3,051)		(3,002)
Tax withholdings related to net share settlements of equity awards	(249)		(230)
Borrowings under financing arrangements	1,491		1,414
Repayments under financing arrangements	(1,207)		(411)
Funds payable and amounts due to customers	913		(38)
Collateral received related to derivative instruments and reverse repurchase agreements, net	(145)		70
Other	(6)		(20)
Net cash used in financing activities	(2,180)		(2,162)


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PayPal Holdings, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(continued)


	Six Months Ended June 30,
	2025		2024
	(In millions)
	(Unaudited)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	289		(89)
Net change in cash, cash equivalents, and restricted cash	(3,510)		(2,376)
Cash, cash equivalents, and restricted cash at beginning of period	22,490		21,834
Cash, cash equivalents, and restricted cash at end of period	$	18,980	$	19,458

Supplemental cash flow disclosures:
Cash paid for interest	$	191	$	166
Cash paid for income taxes, net	$	837	$	822

The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:
Cash and cash equivalents	$	6,688	$	7,801
Short-term investments	—		3
Funds receivable and customer accounts	12,292		11,654
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	18,980	$	19,458

The accompanying notes are an integral part of these condensed consolidated financial statements.


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1—OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

OVERVIEW AND ORGANIZATION

PayPal Holdings, Inc. (“PayPal,” the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in January 2015. At PayPal, our mission is to revolutionize commerce globally. Our products are designed to enable digital payments and simplify commerce experiences for consumers and merchants to make selling, shopping, and sending and receiving money simple, personalized, secure, online or offline, including mobile. Our two-sided platform serves millions of consumers and merchants worldwide.

SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principles of consolidation

The accompanying condensed consolidated financial statements include the financial statements of PayPal and our wholly- and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

We determine at the inception of each investment, and re-evaluate if certain events occur, whether an entity in which we have made an investment is considered a variable interest entity (“VIE”). If we determine an investment is in a VIE, we then assess if we are the primary beneficiary, which would require consolidation. As of June 30, 2025 and December 31, 2024, no VIEs qualified for consolidation as the structures of these entities do not provide us with the ability to direct activities that would significantly impact their economic performance. As of June 30, 2025 and December 31, 2024, the carrying value of our investments in nonconsolidated VIEs was $190 million and $187 million, respectively, and is included as non-marketable equity securities applying the equity method of accounting in long-term investments on our condensed consolidated balance sheets. The investments in nonconsolidated VIEs are primarily investments in funds that are limited partnerships or similar structures which are focused on increasing access to capital for underserved communities. Our maximum exposure to loss related to our nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $246 million as of both June 30, 2025 and December 31, 2024.

These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 4, 2025.

In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated financial statements for all interim periods presented. Certain amounts for prior periods have been reclassified to conform to the financial statement presentation as of and for the three and six months ended June 30, 2025.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction and credit losses, income taxes, loss contingencies, revenue recognition, and the evaluation of strategic investments for impairment. We base our estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. Actual results could materially differ from these estimates.


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Cash and cash equivalents

Cash and cash equivalents are short-term, highly liquid investments and are primarily comprised of bank deposits, PayPal USD stablecoin (“PYUSD”), money market funds and debt securities with original maturities of three months or less when purchased. PYUSD is a stablecoin pegged to the U.S. dollar and fully backed by U.S. dollar deposits, U.S. treasuries, and similar cash equivalents. Each token of PYUSD held by PayPal represents a contractual right to redeem with the third-party issuer of PYUSD for one U.S. dollar.

Recently issued accounting guidance

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amended guidance enhances income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information. This guidance requires disclosure of specific categories in the effective tax rate reconciliation and additional information on reconciling items meeting a quantitative threshold. In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state, and foreign taxes. It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amended guidance is effective for annual periods beginning after December 15, 2024. The guidance can be applied either prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the notes to our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amended guidance requires disaggregation of certain expense captions into specified natural expense categories in the disclosures within the notes to the financial statements. In addition, the guidance requires disclosure of selling expenses and its definition. The new guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied either prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the notes to our condensed consolidated financial statements.

Recently adopted accounting guidance

In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This amended guidance requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost basis for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. We adopted this guidance effective as of January 1, 2025. We have applied the amendments of this guidance as a cumulative-effect adjustment to retained earnings. The adoption of this guidance did not have a significant impact on our condensed consolidated financial statements.

In January 2025, the SEC released Staff Accounting Bulletin (“SAB”) No. 122 rescinding SAB No. 121, which required an entity to record a liability to reflect its obligation to safeguard the crypto assets held for its platform users with a corresponding asset and required disclosures related to the entity’s safeguarding obligations. SAB No. 122 is effective for annual periods beginning after December 15, 2024 and is required to be applied on a fully retrospective basis, with early adoption permitted. We adopted this guidance as of March 31, 2025 and derecognized the crypto asset safeguarding liability and corresponding safeguarding asset on our condensed consolidated balance sheet as of December 31, 2024. Additionally, we derecognized the associated deferred tax asset and liability as of December 31, 2024. The adoption of this guidance did not impact our condensed consolidated statements of income (loss), comprehensive income (loss), stockholders’ equity or cash flows.


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

The following table presents the effects of the changes on the presentation of our condensed consolidated balance sheet:


	December 31, 2024
	(In millions)

	As Previously Reported (1)		Adjustments		As Adjusted


Total assets(2)	$	81,611	$	(2,886)	$	78,725


Total liabilities(2)	$	61,194	$	(2,886)	$	58,308

(1) As reported in our 2024 Form 10-K filed with the SEC on February 4, 2025.

(2) Financial statement lines impacted within total assets and total liabilities were “prepaid expenses and other current assets” and “accrued expenses and other current liabilities”, respectively.

There are other new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these new accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.

NOTE 2—REVENUE

We enable our customers to send and receive payments. We earn revenue primarily by completing payment transactions for our customers on our payments platform and from other value added services. Our revenues are classified into two categories: transaction revenues and revenues from other value added services.

We record a contract asset when we have a conditional right to consideration for services we have already transferred to our customer. These contract assets are included in other assets in our condensed consolidated balance sheets and were $193 million and $207 million as of June 30, 2025 and December 31, 2024, respectively.

DISAGGREGATION OF REVENUE

We believe that the nature, amount, timing, and uncertainty of our revenue and cash flows and how they are affected by economic factors are most appropriately depicted through our primary geographical markets and types of revenue categories (transaction revenues and revenues from other value added services). Revenues recorded within these categories are earned from similar products and services for which the nature of associated fees and the related revenue recognition models are substantially similar.

The following table presents our revenue disaggregated by primary geographical market and category:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
Primary geographical markets
U.S.	$	4,709	$	4,550	$	9,172	$	9,017
Other countries(1)	3,579		3,335		6,907		6,567
Total net revenues(2)	$	8,288	$	7,885	$	16,079	$	15,584

Revenue category
Transaction revenues	$	7,441	$	7,153	$	14,457	$	14,187
Revenues from other value added services	847		732		1,622		1,397
Total net revenues(2)	$	8,288	$	7,885	$	16,079	$	15,584

(1) No single country included in the other countries category generated more than 10% of total net revenues.

(2) Total net revenues include $506 million and $520 million for the three months ended June 30, 2025 and 2024, respectively, and $1.1 billion and $988 million for the six months ended June 30, 2025 and 2024, respectively, which do not represent revenues recognized in the scope of Accounting Standards Codification Topic 606, Revenue from contracts with customers. Such revenues relate to interest and fees earned on loans and interest receivable, including loans and interest receivable, held for sale, hedging gains or losses, and interest earned and gains or losses on certain assets underlying customer balances.

Net revenues are attributed to the country in which the party paying our fee is located.


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

NOTE 3—NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding for the period. The dilutive effect of outstanding equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive common shares. During periods when we report net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items would decrease the net loss per share.

The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions, except per share amounts)
Numerator:
Net income (loss)	$	1,261	$	1,128	$	2,548	$	2,016
Denominator:
Weighted average shares of common stock - basic	969		1,042		977		1,053
Dilutive effect of equity incentive awards	8		5		11		7
Weighted average shares of common stock - diluted	977		1,047		988		1,060
Net income (loss) per share:
Basic	$	1.30	$	1.08	$	2.61	$	1.91
Diluted	$	1.29	$	1.08	$	2.58	$	1.90
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive	14		12		8		14

NOTE 4—BUSINESS COMBINATIONS AND DIVESTITURES

In the second quarter of 2025, we completed an acquisition with a total purchase price of $19 million, consisting of cash consideration, which was accounted for as a business combination. There were no acquisitions accounted for as business combinations in the six months ended June 30, 2024.

There were no divestitures completed in the six months ended June 30, 2025 and 2024.

NOTE 5—GOODWILL AND INTANGIBLE ASSETS

GOODWILL

The following table presents goodwill balances and adjustments to those balances during the six months ended June 30, 2025:


	December 31, 2024		Goodwill Acquired		Adjustments		June 30, 2025
	(In millions)
Total goodwill	$	10,837	$	7	$	132	$	10,976

The adjustments to goodwill during the six months ended June 30, 2025 pertained to foreign currency translation adjustments.


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

INTANGIBLE ASSETS

The components of identifiable intangible assets were as follows:


	June 30, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(In millions)
Intangible assets(1):
Customer lists and user base	$	889	$	(682)	$	207	$	854	$	(601)	$	253
Marketing related	65		(48)		17		60		(38)		22

Developed technologies	9		(1)		8		—		—		—
All other	186		(147)		39		182		(131)		51
Intangible assets, net	$	1,149	$	(878)	$	271	$	1,096	$	(770)	$	326

(1) Excludes intangible assets which have been fully amortized, but are still in use.

Amortization expense for intangible assets was $48 million and $52 million for the three months ended June 30, 2025 and 2024, respectively. Amortization expense for intangible assets was $95 million and $108 million for the six months ended June 30, 2025 and 2024, respectively.

Expected future intangible asset amortization as of June 30, 2025 was as follows (in millions):


Fiscal years:
Remaining 2025	$	68
2026	96
2027	61
2028	46


Total	$	271

NOTE 6—LEASES

PayPal enters into various leases, which are primarily real estate operating leases. We use these properties for executive and administrative offices, customer services and operations centers, product development offices, and data centers. PayPal also enters into computer equipment finance leases.

While a majority of our lease agreements do not contain an explicit interest rate, certain of our lease agreements are subject to changes based on the Consumer Price Index or another referenced index. In the event of changes to the relevant index, lease liabilities are not remeasured and instead are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

The short-term lease exemption has been adopted for all leases with a duration of less than 12 months.

PayPal’s lease portfolio includes a small number of subleases. A sublease situation can arise when currently leased real estate space is available and is surplus to operational requirements.


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
Operating lease expense	$	40	$	39	$	81	$	76
Finance lease expense - amortization of right-of-use (“ROU”) lease assets	4		1		$	8	$	1





Sublease income	(2)		(3)		(4)		(6)
Total lease expense, net	$	42	$	37	$	85	$	71

Supplemental cash flow information related to leases during the three and six months ended June 30, 2025 and 2024 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	46	$	42	$	88	$	85

Financing cash flows from finance leases	$	4	$	20	$	6	$	20
ROU lease assets obtained in exchange for new operating lease liabilities	$	—	$	134	$	5	$	277
ROU lease assets obtained in exchange for new finance lease liabilities	$	—	$	39	$	—	$	55

Supplemental balance sheet information related to leases was as follows:


	June 30, 2025						December 31, 2024
	(In millions, except weighted-average figures)
	Operating leases			Finance leases			Operating leases			Finance leases
ROU lease assets	$	546		$	64		$	599		$	73
Current lease liabilities	136			5			135			5
Long-term lease liabilities	565			11			629			18
Total lease liabilities	$	701		$	16		$	764		$	23
Weighted-average remaining lease term	5.5 years			3.9 years			5.9 years			4.4 years
Weighted-average discount rate	4		%	5		%	4		%	5		%

Future minimum lease payments for our leases as of June 30, 2025 were as follows:


	Operating leases		Finance leases
Fiscal years:	(In millions)
Remaining 2025	$	76	$	2
2026	176		6
2027	156		6
2028	103		4
2029	89		—

Thereafter	199		—
Total	$	799	$	18
Less: present value discount	(98)		(2)
Lease liability	$	701	$	16


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Operating lease amounts include minimum lease payments under our non-cancelable operating leases primarily for office and data center facilities. Finance lease amounts include minimum lease payments under our non-cancelable finance leases primarily for computer equipment. The amounts presented are consistent with contractual terms and are not expected to differ significantly from actual results under our existing leases.

As of June 30, 2025, we have additional operating leases, primarily for offices, which will commence in the third quarter of 2025 or later with minimum lease payments aggregating to $58 million and lease terms ranging from three to ten years. As of June 30, 2025, we did not have any additional finance leases which have not yet commenced.

NOTE 7—OTHER FINANCIAL STATEMENT DETAILS

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended June 30, 2025:


	Unrealized Gains (Losses) on Cash Flow Hedges		Unrealized Gains (Losses) on Available-for-sale Debt Securities		Foreign Currency Translation Adjustment (“CTA”)		Net Investment Hedges CTA Gains (Losses)		Estimated Tax (Expense) Benefit		Total
	(In millions)
Beginning balance	$	(29)	$	5	$	(936)	$	313	$	25	$	(622)
Other comprehensive income (loss) before reclassifications	(318)		(10)		162		—		(20)		(186)
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”)	(70)		1		—		—		—		(69)
Net current period other comprehensive income (loss)	(248)		(11)		162		—		(20)		(117)
Ending balance	$	(277)	$	(6)	$	(774)	$	313	$	5	$	(739)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended June 30, 2024:


	Unrealized Gains (Losses) on Cash Flow Hedges		Unrealized Gains (Losses) on Available-for-sale Debt Securities		Foreign CTA		Net Investment Hedges CTA Gains (Losses)		Estimated Tax (Expense) Benefit		Total
	(In millions)
Beginning balance	$	40	$	(51)	$	(935)	$	290	$	(3)	$	(659)
Other comprehensive income (loss) before reclassifications	25		16		(126)		100		(26)		(11)
Less: Amount of net gains (losses) reclassified from AOCI	22		1		—		—		—		23
Net current period other comprehensive income (loss)	3		15		(126)		100		(26)		(34)
Ending balance	$	43	$	(36)	$	(1,061)	$	390	$	(29)	$	(693)


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended June 30, 2025:


	Unrealized Gains (Losses) on Cash Flow Hedges		Unrealized Gains (Losses) on Available-for-sale Debt Securities		Foreign CTA		Net Investment Hedges CTA Gains (Losses)		Estimated Tax (Expense) Benefit		Total
	(In millions)
Beginning balance	$	147	$	14	$	(1,063)	$	313	$	39	$	(550)
Other comprehensive income (loss) before reclassifications	(459)		(18)		289		—		(34)		(222)
Less: Amount of net gains (losses) reclassified from AOCI	(35)		2		—		—		—		(33)
Net current period other comprehensive income (loss)	(424)		(20)		289		—		(34)		(189)
Ending balance	$	(277)	$	(6)	$	(774)	$	313	$	5	$	(739)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended June 30, 2024:


	Unrealized Gains (Losses) on Cash Flow Hedges		Unrealized Gains (Losses) on Available-for-sale Debt Securities		Foreign CTA		Net Investment Hedges CTA Gains (Losses)		Estimated Tax (Expense) Benefit		Total
	(In millions)
Beginning balance	$	(56)	$	(134)	$	(774)	$	191	$	27	$	(746)
Other comprehensive income (loss) before reclassifications	121		57		(287)		199		(56)		34
Less: Amount of net gains (losses) reclassified from AOCI	22		(41)		—		—		—		(19)
Net current period other comprehensive income (loss)	99		98		(287)		199		(56)		53
Ending balance	$	43	$	(36)	$	(1,061)	$	390	$	(29)	$	(693)

The following table provides details about reclassifications from AOCI for the periods presented below:


Details about AOCI Components	Amount of Gains (Losses) Reclassified from AOCI								Affected Line Item in the Statements of Income (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
Net gains (losses) on cash flow hedges—foreign exchange contracts	$	(70)	$	22	$	(35)	$	22	Net revenues
Net gains (losses) on investments	—		1		1		(41)		Net revenues
Net gains (losses) on investments	1		—		1		—		Other income (expense), net
	(69)		23		(33)		(19)		Income before income taxes
	—		—		—		—		Income tax expense
Total reclassifications for the period	$	(69)	$	23	$	(33)	$	(19)	Net income (loss)


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

OTHER INCOME (EXPENSE), NET

The following table reconciles the components of other income (expense), net for the periods presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
Interest income	$	135	$	165	$	280	$	331
Interest expense	(114)		(93)		(217)		(179)
Net gains (losses) on strategic investments	11		(6)		59		(55)
Other	(7)		8		(24)		18
Other income (expense), net	$	25	$	74	$	98	$	115

NOTE 8—CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS

The following table summarizes the assets underlying our cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments as of June 30, 2025 and December 31, 2024:


	June 30, 2025		December 31, 2024
	(In millions)
Cash and cash equivalents	$	6,688	$	6,662
Funds receivable and customer accounts:
Cash and cash equivalents(1)	$	12,292	$	15,828
Time deposits	123		15
Available-for-sale debt securities	16,370		14,551
Funds receivable	10,138		7,277
Total funds receivable and customer accounts	$	38,923	$	37,671
Short-term investments:
Time deposits	$	110	$	107
Available-for-sale debt securities	3,210		4,154
Restricted cash	—		1

Total short-term investments	$	3,320	$	4,262
Long-term investments:
Time deposits	$	17	$	22
Available-for-sale debt securities	2,052		3,002

Strategic investments	1,576		1,559
Total long-term investments	$	3,645	$	4,583

(1) Includes $265 million and $149 million of available-for-sale debt securities with original maturities of three months or less as of June 30, 2025 and December 31, 2024, respectively.


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

As of June 30, 2025 and December 31, 2024, the estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments was as follows:


	June 30, 2025(1)
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In millions)



Funds receivable and customer accounts:
U.S. government and agency securities	$	4,438	$	2	$	—	$	4,440
Foreign government and agency securities	76		—		—		76
Corporate debt securities	2,352		3		(1)		2,354
Mortgage-backed and asset-backed securities	4,558		5		(13)		4,550
Municipal securities	344		—		—		344
Commercial paper	3,694		1		(1)		3,694
Short-term investments:
U.S. government and agency securities	390		—		—		390
Foreign government and agency securities	143		—		—		143
Corporate debt securities	1,632		1		(1)		1,632
Mortgage-backed and asset-backed securities	832		1		(1)		832
Commercial paper	213		—		—		213
Long-term investments:
U.S. government and agency securities	230		—		—		230
Foreign government and agency securities	60		—		—		60
Corporate debt securities	736		1		(1)		736
Mortgage-backed and asset-backed securities	1,028		—		(2)		1,026
Total available-for-sale debt securities(2)	$	20,726	$	14	$	(20)	$	20,720

(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.

(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)


	December 31, 2024(1)
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In millions)




Funds receivable and customer accounts:
U.S. government and agency securities	$	5,709	$	4	$	(2)	$	5,711
Foreign government and agency securities	77		—		—		77
Corporate debt securities	405		—		—		405
Mortgage-backed and asset-backed securities	4,039		13		(5)		4,047
Municipal securities	503		1		—		504
Commercial paper	3,391		1		—		3,392
Short-term investments:
U.S. government and agency securities	188		—		(2)		186
Foreign government and agency securities	84		—		—		84
Corporate debt securities	1,751		—		(2)		1,749
Mortgage-backed and asset-backed securities	848		5		—		853
Commercial paper	1,281		1		—		1,282
Long-term investments:
U.S. government and agency securities	235		—		—		235
Foreign government and agency securities	124		—		(1)		123
Corporate debt securities	1,601		3		(2)		1,602
Mortgage-backed and asset-backed securities	1,042		1		(1)		1,042
Total available-for-sale debt securities(2)	$	21,278	$	29	$	(15)	$	21,292

(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.

(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”

Gross amortized cost and estimated fair value balances exclude accrued interest receivable on available-for-sale debt securities, which totaled $117 million and $140 million at June 30, 2025 and December 31, 2024, respectively, and were included in other current assets on our condensed consolidated balance sheets.


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

As of June 30, 2025 and December 31, 2024, the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses was not deemed necessary in the current period, aggregated by the length of time those individual securities have been in a continuous loss position, was as follows:


	June 30, 2025(1)
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In millions)



Funds receivable and customer accounts:
U.S. government and agency securities	$	966	$	—	$	—	$	—	$	966	$	—
Foreign government and agency securities	76		—		—		—		76		—
Corporate debt securities	710		(1)		75		—		785		(1)
Mortgage-backed and asset-backed securities	3,132		(13)		124		—		3,256		(13)
Municipal securities	14		—		—		—		14		—
Commercial paper	974		(1)		—		—		974		(1)
Short-term investments:

Foreign government and agency securities	—		—		34		—		34		—
Corporate debt securities	246		(1)		10		—		256		(1)
Mortgage-backed and asset-backed securities	483		(1)		15		—		498		(1)
Commercial paper	195		—		—		—		195		—
Long-term investments:
U.S. government and agency securities	45		—		—		—		45		—

Corporate debt securities	281		(1)		10		—		291		(1)
Mortgage-backed and asset-backed securities	801		(2)		—		—		801		(2)
Total available-for-sale debt securities	$	7,923	$	(20)	$	268	$	—	$	8,191	$	(20)

(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.


	December 31, 2024(1)
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In millions)


Funds receivable and customer accounts:
U.S. government and agency securities	$	1,314	$	(1)	$	517	$	(1)	$	1,831	$	(2)
Foreign government and agency securities	57		—		—		—		57		—
Corporate debt securities	105		—		50		—		155		—
Mortgage-backed and asset-backed securities	1,673		(5)		2		—		1,675		(5)
Municipal securities	29		—		36		—		65		—
Commercial paper	275		—		—		—		275		—
Short-term investments:
U.S. government and agency securities	—		—		186		(2)		186		(2)

Corporate debt securities	618		(2)		90		—		708		(2)
Mortgage-backed and asset-backed securities	250		—		18		—		268		—
Commercial paper	218		—		—		—		218		—
Long-term investments:
U.S. government and agency securities	50		—		—		—		50		—
Foreign government and agency securities	90		—		34		(1)		124		(1)
Corporate debt securities	347		(1)		9		(1)		356		(2)
Mortgage-backed and asset-backed securities	610		(1)		—		—		610		(1)
Total available-for-sale debt securities	$	5,636	$	(10)	$	942	$	(5)	$	6,578	$	(15)

(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.


									22

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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Unrealized losses have not been recognized into income as we neither intend to sell, nor anticipate that it is more likely than not that we will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value was due primarily to changes in market interest rates, rather than credit losses. We will continue to monitor the performance of the investment portfolio and assess whether impairment due to expected credit losses has occurred.

The table below presents cash inflows related to available-for-sale debt securities:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
Proceeds from sales and maturities of available-for-sale debt securities	$	7,069	$	8,985	$	12,541	$	20,237

During the three and six months ended June 30, 2025 and the three months ended June 30, 2024, we incurred gross realized losses and gains which were de minimis. During the six months ended June 30, 2024, we incurred gross realized losses of $42 million. Gross realized gains and losses were determined using the specific identification method.

Our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments classified by date of contractual maturity were as follows:


	June 30, 2025
	Amortized Cost		Fair Value
	(In millions)
One year or less	$	10,994	$	10,995
After one year through five years	3,988		3,993
After five years through ten years	2,681		2,680
After ten years	3,063		3,052
Total	$	20,726	$	20,720

Actual maturities may differ from contractual maturities as certain securities may be prepaid.

Supplemental cash flow information related to investments

Non-cash investing transactions that were not reflected in the condensed consolidated statement of cash flows for the six months ended June 30, 2025 and 2024 include the purchase of investments, net of sales, of $29 million and $126 million, respectively, that have not yet settled.

STRATEGIC INVESTMENTS

Our strategic investments include marketable equity securities, which are publicly traded, and non-marketable equity securities, which are primarily investments in privately held companies. Our marketable equity securities have readily determinable fair values and are recorded as long-term investments on our condensed consolidated balance sheets at fair value with changes in fair value recorded in other income (expense), net on our condensed consolidated statements of income (loss). Marketable equity securities totaled $14 million and $23 million as of June 30, 2025 and December 31, 2024, respectively.

Our non-marketable equity securities are recorded as long-term investments on our condensed consolidated balance sheets. The carrying value of our non-marketable equity securities totaled $1.6 billion and $1.5 billion as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, we had non-marketable equity securities of $203 million and $200 million, respectively, for which we have the ability to exercise significant influence, but not control, over the investee. We account for these equity securities using the equity method of accounting. The remaining non-marketable equity securities do not have a readily determinable fair value and we measure these equity investments at cost minus impairment, if any, and adjust for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “Measurement Alternative”). All gains and losses on these investments, realized and unrealized, and our share of earnings or losses from investments accounted for using the equity method are recognized in other income (expense), net on our condensed consolidated statements of income (loss).


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Measurement Alternative adjustments

The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three and six months ended June 30, 2025 and 2024 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
Carrying amount, beginning of period	$	1,413	$	1,624	$	1,336	$	1,631
Adjustments related to non-marketable equity securities:
Net (reductions) additions(1)	(76)		25		(54)		65
Gross unrealized gains	28		3		83		3
Gross unrealized losses and impairments	(6)		(17)		(6)		(64)
Carrying amount, end of period	$	1,359	$	1,635	$	1,359	$	1,635

(1) Net (reductions) additions include purchases, reductions due to sales of securities, and reclassifications when the Measurement Alternative is subsequently elected or no longer applies.

The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative held at June 30, 2025 and December 31, 2024, respectively:


	June 30, 2025		December 31, 2024
	(In millions)
Cumulative gross unrealized gains	$	975	$	1,187
Cumulative gross unrealized losses and impairments	$	(445)	$	(562)

Unrealized gains (losses) on strategic investments, excluding those accounted for using the equity method

The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at June 30, 2025 and 2024, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
Net unrealized gains (losses)	$	20	$	(19)	$	68	$	(70)


									24

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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

NOTE 9—FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES

FINANCIAL ASSETS AND LIABILITIES MEASURED AND RECORDED AT FAIR VALUE ON A RECURRING BASIS

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:


	June 30, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
	(In millions)
Assets:
Cash and cash equivalents(1)


Money market fund	$	14	$	14	$	—

Short-term investments(2),(5):

U.S. government and agency securities	390		—		390
Foreign government and agency securities	143		—		143
Corporate debt securities	1,632		—		1,632
Mortgage-backed and asset-backed securities	832		—		832
Commercial paper	213		—		213

Total short-term investments	3,210		—		3,210
Funds receivable and customer accounts(3):
U.S. government and agency securities	4,440		—		4,440
Foreign government and agency securities	640		—		640
Corporate debt securities	2,933		—		2,933
Mortgage-backed and asset-backed securities	4,550		—		4,550
Municipal securities	344		—		344
Commercial paper	3,728		—		3,728
Total funds receivable and customer accounts	16,635		—		16,635
Derivatives(4)	61		—		61

Long-term investments(2),(5):
U.S. government and agency securities	230		—		230
Foreign government and agency securities	60		—		60
Corporate debt securities	736		—		736
Mortgage-backed and asset-backed securities	1,026		—		1,026
Marketable equity securities	14		14		—
Total long-term investments	2,066		14		2,052
Total financial assets	$	21,986	$	28	$	21,958
Liabilities:
Derivatives(4)	$	404	$	—	$	404

Total financial liabilities	$	404	$	—	$	404

(1) Excludes cash and cash equivalents of $6.7 billion not measured and recorded at fair value.

(2) Excludes time deposits of $127 million not measured and recorded at fair value.

(3) Excludes cash, time deposits, and funds receivable of $22.3 billion underlying funds receivable and customer accounts not measured and recorded at fair value.

(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets.

(5) Excludes non-marketable equity securities of $1.6 billion measured using the Measurement Alternative or equity method accounting.


									25

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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)


	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
	(In millions)
Assets:
Cash and cash equivalents(1)


Money market fund	$	14	$	14	$	—

Short-term investments(2):
U.S. government and agency securities	186		—		186
Foreign government and agency securities	84		—		84
Corporate debt securities	1,749		—		1,749
Mortgage-backed and asset-backed securities	853		—		853
Commercial paper	1,282		—		1,282
Total short-term investments	4,154		—		4,154
Funds receivable and customer accounts(3):
U.S. government and agency securities	5,711		—		5,711
Foreign government and agency securities	379		—		379
Corporate debt securities	667		—		667
Mortgage-backed and asset-backed securities	4,047		—		4,047
Municipal securities	504		—		504
Commercial paper	3,392		—		3,392
Total funds receivable and customer accounts	14,700		—		14,700
Derivatives(4)	243		—		243

Long-term investments(2), (5):
U.S. government and agency securities	235		—		235
Foreign government and agency securities	123		—		123
Corporate debt securities	1,602		—		1,602
Mortgage-backed and asset-backed securities	1,042		—		1,042
Marketable equity securities	23		23		—
Total long-term investments	3,025		23		3,002
Total financial assets	$	22,136	$	37	$	22,099
Liabilities:
Derivatives(4)	$	37	$	—	$	37

Total financial liabilities	$	37	$	—	$	37

(1) Excludes cash and cash equivalents of $6.6 billion not measured and recorded at fair value.

(2) Excludes restricted cash of $1 million and time deposits of $129 million not measured and recorded at fair value.

(3) Excludes cash, time deposits, and funds receivable of $23.0 billion underlying funds receivable and customer accounts not measured and recorded at fair value.

(5) Excludes non-marketable equity securities of $1.5 billion measured using the Measurement Alternative or equity method accounting.

Our financial assets classified within Level 1 are valued using quoted prices for identical assets in active markets. All other financial assets and liabilities are valued using quoted prices for identical instruments in less active markets, readily available pricing sources for comparable instruments, or models using market observable inputs (Level 2).


									26

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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

A majority of our derivative instruments are valued using pricing models that take into account the contract terms as well as multiple observable inputs where applicable, such as currency rates, interest rate yield curves, option volatility, and equity prices (Level 2).

As of June 30, 2025 and December 31, 2024, we did not have any assets or liabilities requiring measurement at fair value on a recurring basis with significant unobservable inputs that would require a high level of judgment to determine fair value (Level 3).

We elect to account for available-for-sale debt securities denominated in currencies other than the functional currency of our subsidiaries under the fair value option. Election of the fair value option allows us to recognize any gains and losses from fair value changes on such investments in other income (expense), net on the condensed consolidated statements of income (loss) to significantly reduce the accounting asymmetry that would otherwise arise when recognizing the corresponding foreign exchange gains and losses relating to customer liabilities. The following table summarizes the estimated fair value and amortized cost of our available-for-sale debt securities under the fair value option as of June 30, 2025 and December 31, 2024:


	June 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In millions)				(In millions)
Funds receivable and customer accounts	$	1,180	$	1,177	$	566	$	564

The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
Funds receivable and customer accounts	$	61	$	(8)	$	92	$	(15)

ASSETS MEASURED AND RECORDED AT FAIR VALUE ON A NON-RECURRING BASIS

The following tables summarize our assets held as of June 30, 2025 and December 31, 2024 for which a non-recurring fair value measurement was recorded during the six months ended June 30, 2025 and the year ended December 31, 2024, respectively:


	June 30, 2025		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
	(In millions)
Loans and interest receivable, held for sale	$	817	$	817	$	—
Non-marketable equity securities measured using the Measurement Alternative(1)	221		221		—

Total	$	1,038	$	1,038	$	—

(1) Excludes non-marketable equity securities of $1.1 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the six months ended June 30, 2025.


	December 31, 2024		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
	(In millions)
Loans and interest receivable, held for sale	$	541	$	541	$	—
Non-marketable equity securities measured using the Measurement Alternative(1)	476		131		345

Total	$	1,017	$	672	$	345

(1) Excludes non-marketable equity securities of $860 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2024.


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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

We measure loans and interest receivable, held for sale using observable inputs, such as the most recent executed prices for comparable loans sold to a global investment firm as a part of a multi-year agreement to sell certain loans receivable. Accordingly, loans and interest receivable, held for sale are classified within Level 2 in the fair value hierarchy. Refer to “Note 11—Loans and Interest Receivable” for additional information on loans and interest receivable, held for sale.

We measure the non-marketable equity securities accounted for under the Measurement Alternative at cost minus impairment, if any, adjusted for observable price changes in orderly transactions for an identical or similar investment in the same issuer. Non-marketable equity securities that have been remeasured during the period based on observable price changes are classified within Level 2 in the fair value hierarchy because we estimate the fair value based on valuation methods which only include significant inputs that are observable, such as the observable transaction price at the transaction date. The fair value of non-marketable equity securities are classified within Level 3 when we estimate fair value using significant unobservable inputs, such as when we remeasure due to impairment and use discount rates, forecasted cash flows, and market data of comparable companies, among others.

FINANCIAL ASSETS AND LIABILITIES NOT MEASURED AND RECORDED AT FAIR VALUE

Our financial instruments, including cash and certain cash equivalents, restricted cash, time deposits, reverse repurchase agreements, loans and interest receivable, net, certain customer accounts, notes receivable, and long-term debt related to borrowings on our credit facilities are carried at amortized cost, which approximates their fair value. Our term debt (including current portion) had a carrying value of approximately $10.8 billion and fair value of approximately $10.2 billion as of June 30, 2025. Our term debt (including current portion) had a carrying value of approximately $10.5 billion and fair value of approximately $9.8 billion as of December 31, 2024. If these financial instruments were measured at fair value in the financial statements, cash and certain cash equivalents would be classified as Level 1; restricted cash, time deposits, reverse repurchase agreements, certain customer accounts, and term debt (including current portion) would be classified as Level 2; and the remaining financial instruments would be classified as Level 3 in the fair value hierarchy.

NOTE 10—DERIVATIVE INSTRUMENTS

SUMMARY OF DERIVATIVE INSTRUMENTS

Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign exchange rates. Our derivatives expose us to credit risk to the extent that our counterparties may be unable to meet the terms of the arrangement. We seek to mitigate such risk by limiting our counterparties to, and by spreading the risk across, major financial institutions and by entering into collateral security arrangements. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis. We do not use any derivative instruments for trading or speculative purposes.

Cash flow hedges

We have significant international revenues and expenses denominated in foreign currencies, which subjects us to foreign exchange risk. We have a foreign currency exposure management program in which we designate certain foreign exchange contracts, generally with maturities of 12 months or less, to reduce the volatility of cash flows primarily related to forecasted revenues and expenses denominated in certain foreign currencies. The objective of these foreign exchange contracts is to help mitigate the risk that the U.S. dollar-equivalent cash flows are adversely affected by changes in the applicable U.S. dollar/foreign currency exchange rate. These derivative instruments are designated as cash flow hedges and accordingly, the derivative’s gain or loss is initially reported as a component of AOCI and subsequently reclassified into revenue or the applicable expense line item in the condensed consolidated statements of income (loss) in the same period the forecasted transaction affects earnings. We evaluate the effectiveness of our foreign exchange contracts on a quarterly basis by comparing the critical terms of the derivative instruments with the critical terms of the forecasted cash flows of the hedged item; if the critical terms are the same, we conclude the hedge will be perfectly effective. We do not exclude any component of the changes in fair value of the derivative instruments from the assessment of hedge effectiveness. We report cash flows arising from derivative instruments consistent with the classification of cash flows from the underlying items that these derivatives are hedging. Accordingly, the cash flows associated with derivatives designated as cash flow hedges are classified in cash flows from operating activities on our condensed consolidated statements of cash flows.


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

As of June 30, 2025, we estimated that $277 million of net derivative losses related to our cash flow hedges included in AOCI are expected to be reclassified into earnings within the next 12 months. During the three and six months ended June 30, 2025 and 2024, we did not discontinue any cash flow hedges because it was probable that the original forecasted transaction would not occur and as such, did not reclassify any gains or losses to earnings prior to the occurrence of the hedged transaction. If we elect to discontinue our cash flow hedges and it is probable that the original forecasted transaction will occur, we continue to report the derivative’s gain or loss in AOCI until the forecasted transaction affects earnings, at which point we also reclassify it into earnings. Gains and losses on derivatives held after we discontinue our cash flow hedges and on derivative instruments that are not designated as cash flow hedges are recorded in the same financial statement line to which the derivative relates.

Net investment hedges

Prior to 2025, we used foreign exchange contracts to reduce the foreign exchange risk related to our investment in certain foreign subsidiaries. These derivatives were designated as net investment hedges and accordingly, the gains and losses on the portion of the derivatives included in the assessment of hedge effectiveness were recorded in AOCI as part of foreign currency translation. We excluded forward points from the assessment of hedge effectiveness and recognized them in other income (expense), net on a straight-line basis over the life of the hedge. The accumulated gains and losses associated with these instruments will remain in AOCI until the foreign subsidiaries are sold or substantially liquidated, at which point they will be reclassified into earnings. The cash flows associated with derivatives designated as a net investment hedge are classified in cash flows from investing activities on our condensed consolidated statements of cash flows.

We have not reclassified any gains or losses related to net investment hedges from AOCI into earnings for any of the periods presented.

Foreign exchange contracts not designated as hedging instruments

We have a foreign currency exposure management program in which we use foreign exchange contracts to offset the foreign exchange risk of our assets and liabilities denominated in currencies other than the functional currency of our subsidiaries. These contracts are not designated as hedging instruments and reduce, but do not entirely eliminate, the impact of foreign exchange rate movements on our assets and liabilities. The gains and losses due to remeasurement of certain foreign currency denominated monetary assets and liabilities are recorded in other income (expense), net, which are offset by the gains and losses on these foreign exchange contracts. The cash flows associated with our non-designated derivatives used to hedge foreign currency denominated monetary assets and liabilities are classified in cash flows from operating activities on our condensed consolidated statements of cash flows.

FAIR VALUE OF DERIVATIVE CONTRACTS

The fair value of our outstanding derivative instruments as of June 30, 2025 and December 31, 2024 was as follows:


	Balance Sheet Location	June 30, 2025		December 31, 2024
		(In millions)
Derivative Assets:
Foreign exchange contracts designated as hedging instruments	Other current assets	$	10	$	157

Foreign exchange contracts not designated as hedging instruments	Other current assets	51		86
Total derivative assets		$	61	$	243

Derivative Liabilities:
Foreign exchange contracts designated as hedging instruments	Other current liabilities	$	288	$	10

Foreign exchange contracts not designated as hedging instruments	Other current liabilities	116		27
Total derivative liabilities		$	404	$	37


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

EFFECT OF DERIVATIVE CONTRACTS ON CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following tables provide the location in the condensed consolidated statements of income (loss) and amount of recognized gains or losses related to our derivative instruments:


	Three Months Ended June 30,
	2025				2024
	(In millions)
	Net revenues		Other income (expense), net		Net revenues		Other income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded	$	8,288	$	25	$	7,885	$	74

Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI	(70)		—		22		—
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness	—		—		—		21
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts	—		(152)		—		(16)

Total net gains (losses)	$	(70)	$	(152)	$	22	$	5


	Six Months Ended June 30,
	2025				2024
	(In millions)
	Net revenues		Other income (expense), net		Net revenues		Other income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded	$	16,079	$	98	$	15,584	$	115

Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI	(35)		—		22		—
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness	—		—		—		41
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts	—		(235)		—		5

Total net gains (losses)	$	(35)	$	(235)	$	22	$	46


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PayPal Holdings, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

The following table provides the amount of pre-tax unrealized gains or losses included in the assessment of hedge effectiveness related to our derivative instruments designated as hedging instruments that are recognized in other comprehensive income (loss):

PayPal Holdings, Inc. 10-Q