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PayPal Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.4B in Q3 2026 · $6.3B over twelve months

Operating cash flow$1.6B
Capital spending−$161M
Free cash flow+$1.4B
Cash / net income1.5×

Analysis

In Q3 2026, PayPal Holdings generated $1.6B of operating cash flow and spent $161M on capital projects, leaving free cash flow of $1.4B. That is $287M less than in Q3 2025 ($1.7B).

Over the twelve months to Sep 30, 2026, operating cash flow was $7.1B; the largest uses were buybacks ($6.1B), other investing ($5.5B), capital spending ($794M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.0B), other financing ($143M); the cash balance fell by $3.8B.

Operating cash flow was $1.6B against net income of $1.1B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$251M, stock-based pay +$233M, other liabilities +$171M.

Free cash flow

PayPal Holdings: free cash flow by quarterPayPal Holdings: free cash flow by quarter$2.2BQ4 2024$964MQ1 2025$692MQ2 2025$1.7BQ3 2025$2.2BQ4 2025$903MQ1 2026$1.8BQ2 2026$1.4BQ3 2026
Operating cash flow less capital spending.
PayPal Holdings: operating cash flow against capital spendingPayPal Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$2.4B$203MQ4 2024$1.2B$196MQ1 2025$898M$206MQ2 2025$2.0B$256MQ3 2025$2.4B$194MQ4 2025$1.1B$231MQ1 2026$2.0B$208MQ2 2026$1.6B$161MQ3 2026
Latest (Q3 2026): Operating cash flow $1.6B, Capital spending $161M.

Capital allocation, year by year

PayPal Holdings: where the cash came from (up) and went (down), by fiscal yearPayPal Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $5.8BFY2021: Net borrowing −$89.0MFY2021: Shares issued $162MFY2021: Asset sales $5.0MFY2021: Capital spending −$908MFY2021: Acquisitions −$2.8BFY2021: Buybacks −$3.4B$6.0BFY2021FY2022: Operating cash flow $5.8BFY2022: Net borrowing $1.8BFY2022: Shares issued $143MFY2022: Asset sales $5.0MFY2022: Capital spending −$706MFY2022: Buybacks −$4.2B$7.8BFY2022FY2023: Operating cash flow $4.8BFY2023: Net borrowing $475MFY2023: Shares issued $127MFY2023: Asset sales $511MFY2023: Capital spending −$623MFY2023: Buybacks −$5.0B$6.0BFY2023FY2024: Operating cash flow $7.5BFY2024: Net borrowing −$175MFY2024: Shares issued $95.0MFY2024: Asset sales $1.0MFY2024: Capital spending −$683MFY2024: Buybacks −$6.0B$7.5BFY2024FY2025: Operating cash flow $6.4BFY2025: Net borrowing $476MFY2025: Shares issued $117MFY2025: Asset sales $3.0MFY2025: Capital spending −$852MFY2025: Buybacks −$6.1BFY2025: Dividends −$130M$7.0BFY2025
Over these 5 years operating cash flow totalled $30.3B; the largest uses were buybacks ($24.7B) and capital spending ($3.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.3B
Debt$13.4B
Net debt$3.1B
Due within a year$1.4B

PayPal Holdings funds itself: free cash flow was $6.3B over the last twelve months, and $10.3B of cash and investments stands against $13.4B of debt ($1.4B due within a year, 7.4× covered by cash).

PayPal Holdings: debt maturities by year (FY2025)PayPal Holdings: debt maturities by year (FY2025)$1.4BYear 1$1.1BYear 2$1.1BYear 3$1.5BYear 4$1.0BYear 5$5.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $10.3B of cash and investments now.

Where the cash came from and went

PayPal Holdings: sources (+) and uses (−) of cash, Q3 2026PayPal Holdings: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$1.9BOperating cash flow$1.6BBuybacks−$1.5BOther investing−$836MOther financing−$804MCapital spending−$161MDividends−$118MTaxes on employees’ shares−$53.0MNet borrowing (+) / repaid (−)−$14.0MExchange rates$9.0MAsset & business sales$2.0M
PayPal Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026PayPal Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$7.1BBuybacks−$6.1BOther investing−$5.5BCash drawn (+) / kept (−)$3.8BNet borrowing (+) / repaid (−)$2.0BCapital spending−$794MDividends−$500MTaxes on employees’ shares−$304MOther financing$143MShares issued$103MAsset & business sales$21.0MExchange rates$16.0M

From profit to cash

PayPal Holdings: net income to operating cash flow, Q3 2026PayPal Holdings: net income to operating cash flow, Q3 2026Net income$1.1BDepreciation & amortization$251MStock-based pay$233MDeferred taxes$85.0MGains on investments$6.0MOther non-cash$37.0MReceivables$46.0MPayables−$55.0MPrepaid and other assets$121MOther liabilities$171MOperating cash flow$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.6B−$161M—−$1.5B−$118M−$14.0M—$1.9B$1.4B
Q2 2026$2.0B−$208M—−$1.6B−$122M$1.8B—$470M$1.8B
Q1 2026$1.1B−$231M−$122M−$1.5B−$130M−$4.0M—$1.6B$903M
Q4 2025$2.4B−$194M—−$1.5B−$130M$199M$43.0M−$165M$2.2B
Q3 2025$2.0B−$256M—−$1.5B—−$1.0M—−$4.9B$1.7B
Q2 2025$898M−$206M—−$1.6B—−$1.2B—$2.1B$692M
Q1 2025$1.2B−$196M—−$1.5B—$1.5B—$1.4B$964M
Q4 2024$2.4B−$203M—−$1.3B—−$1.2B$40.0M−$956M$2.2B

PayPal Holdings: income statement and cash flow

PayPal Holdings, Q3 2026: revenue $8.6B (+2% year over year), operating margin 16.3%. The chart follows the revenue to costs, profit and cash.

PayPal Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.