Filing Flows › PayPal Holdings (PYPL) › Q4 2025
PayPal Holdings (PYPL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 3, 2026
PayPal Holdings (PYPL) reported revenue of $8.7B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +3% from the quarter before. Operating margin was 17.4%, net earnings $1.4B (16.6% of revenue).
PayPal Holdings, Q4 2025: revenue $8.7B (+4% year over year), operating margin 17.4%, net earnings $1.4B, operating cash flow $2.4B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.7B | +3% | +4% |
| Operating profit | $1.5B | -0.6% | +5% |
| Net earnings | $1.4B | +15% | +28% |
| Operating cash flow | $2.4B | +21% | -0.4% |
| Free cash flow | $2.2B | — | 0% |
What changed
Revenue was $8.7B in Q4 2025, up 4% year over year and up 3% from the previous quarter.
Operating profit was $1.5B, a 17.4% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 23% reached operating profit, above the 17% margin then. Total costs grew 3% against revenue growth of 4%. The fastest-growing cost line was Sales & marketing (+10%). Net earnings were $1.4B, up 28% year over year. The effective tax rate was 11.7%.
Operating cash flow was $2.4B (roughly flat year over year), 166% of net earnings. Non-cash charges added back $0.23B of depreciation and amortization and $0.21B of share-based compensation. Working capital and other items added $0.50B. After purchases of property and equipment ($0.19B), free cash flow as the company reports it was $2.2B.
Questions
What was PayPal Holdings' revenue in the fourth quarter 2025?
PayPal Holdings (PYPL) reported revenue of $8.7B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +3% from the quarter before.
Was PayPal Holdings profitable in the fourth quarter 2025?
Operating profit was $1.5B (17.4% of revenue) and net earnings $1.4B.
Source: PayPal Holdings 10-K on SEC EDGAR.