FINANCIAL MODEL

PayPal Holdings

PYPL · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	10,842	13,094	15,451	17,772	21,454	25,371	27,518	29,771	31,797	33,172
Cost of Goods Sold
Gross Profit
SG&A	1,997	2,283	2,764	3,112	3,931	4,559	4,356	3,868	4,148	4,262
R&D	834	953	1,071	2,085	2,642	3,038	3,253	2,973	2,979	3,103
EBITDA
D&A	724	805	776	912	1,189	1,265	1,317	1,072	1,032	963
EBIT (Operating Income)	1,586	2,127	2,194	2,719	3,289	4,262	3,837	5,028	5,325	6,065
Interest Expense	3	7	77	115	209	232	304	347	382	441
Pre-Tax Income	1,631	2,200	2,376	2,998	5,065	4,099	3,366	5,411	5,329	6,292
Tax Expense	230	405	319	539	863	-70	947	1,165	1,182	1,059
Net Income	1,401	1,795	2,057	2,459	4,202	4,169	2,419	4,246	4,147	5,233
Diluted EPS	1.15	1.47	1.71	2.07	3.54	3.52	2.09	3.84	3.99	5.41
Diluted Shares (M)	1,218.0	1,221.0	1,203.0	1,188.0	1,187.0	1,186.0	1,158.0	1,107.0	1,039.0	968.0
Balance Sheet
Total Cash & Equivalents		2,883	7,575	7,349	4,794	5,197	7,776	9,081	6,561	8,049
Short-term Debt		1,000	1,998	0	0	999	418	1,249	1,191	1,596
Long-term Debt		0	0	4,965	8,939	8,049	10,417	9,676	9,879	9,987
Total Debt
Net Debt
Total Current Assets		32,645	32,963	38,495	50,995	52,574	57,517	62,569	61,092	59,759
Total Current Liabilities		22,863	25,904	26,919	38,447	43,029	45,101	48,466	48,376	46,443
Total Assets		40,774	43,332	51,333	70,379	75,803	78,717	82,166	81,611	80,173
Total Liabilities		24,780	27,946	34,404	50,316	54,076	58,443	61,115	61,194	59,917
Shareholders' Equity		15,994	15,386	16,885	20,019	21,727	20,274	21,051	20,417	20,256
Minority Interest			0	44	44
Intangibles & Goodwill		4,339	6,284	6,212	9,135	11,454	11,209	11,026	10,837	10,864
PP&E		1,528	1,724	1,693	1,807	1,909	1,730	1,488	1,508	1,700
Receivables		283	313	435	577	800	963	1,069	984	840
Payables		257	281	232	252	197	126	139	227	240
Inventory
Retained Earnings		3,823	5,880	8,342	12,366	16,535	18,954	23,200	27,347	32,470
Cash Flow
Cash from Operations	3,158	2,531	5,483	4,561	5,854	6,340	5,813	4,843	7,450	6,416
Capital Expenditures	669	667	823	704	866	908	706	623	683	852
Free Cash Flow
Stock-Based Compensation	438	733	853	1,021	1,376	1,376	1,261	1,475	1,230	1,002
Dividends Paid										130
Share Repurchases	995	1,006	3,520	1,411	1,635	3,373	4,199	5,002	6,047	6,052