PayPal(NASDAQ:PYPL) 
PayPal Holdings, Inc. operates as a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide. Its payment solutions include PayPal, PayPal Credit, Braintree, Venmo, Xoom, Hyperwallet, and iZettle products. The company's ...
Website: http://www.paypal.com
Founded: 1998
Full Time Employees: 29,900 (Dec 2022)
Founder: Peter Thiel, Max Levchin, Luke Nosek, Ken Howery, Yu Pan
CEO: Daniel Schulman
Sector: Financial Services
Industry: Credit Services
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At a glance:
- Branded Checkout Growth vs. Competitive Pressure: PayPal’s core branded checkout remains a key profit driver, but faces ongoing competition from Apple Pay, Shopify, and other wallet/checkout options, making product innovation and merchant acceptance critical.
- Braintree and Unbranded Processing Drive Volume, Lower Take Rate: Braintree (unbranded processing) can grow total payment volume meaningfully, but typically comes with lower transaction margins, keeping investor focus on mix, pricing, and value-added services.
- Margin Expansion Emphasis Through Cost and Product Mix: Management focus often centers on improving operating leverage via expense discipline and shifting toward higher-margin offerings (e.g., value-added services), supporting earnings growth even if revenue growth moderates.
- Venmo Monetization Remains a Key Optionality Lever: Venmo continues to represent monetization upside through expanded commerce use cases, debit/credit products, and merchant integrations, with progress tracked through engagement and revenue per user trends.
- Capital Returns and Balance Sheet Flexibility: PayPal has historically used share repurchases as a major capital return tool; the pace of buybacks and free cash flow durability are closely watched indicators of confidence and financial flexibility.
Bull Thesis:
- Robust Ecosystem & User Engagement: PayPal's combined ecosystem, including PayPal and Venmo, boasts a large, engaged user base with strong network effects. Continued innovation in features like crypto integration, P2P payments, and merchant solutions enhances user stickiness and expands monetization opportunities beyond traditional checkout.
- Growth in BNPL and New Payment Solutions: PayPal is a significant player in the rapidly expanding Buy Now Pay Later (BNPL) market, which drives incremental transaction volume and revenue. Furthermore, the company's continuous investment in new payment methods, digital wallets, and merchant services positions it to capture emerging trends in the digital economy.
- Operating Leverage and Margin Expansion Potential: Recent strategic shifts and cost-cutting initiatives are aimed at improving operational efficiency and profitability. As the company scales its platform and optimizes its cost structure, there is significant potential for margin expansion and improved free cash flow generation.
- Global Reach and Cross-Border Payment Dominance: PayPal maintains a strong global footprint, particularly in cross-border e-commerce, where its trusted brand and established infrastructure facilitate seamless international transactions. This global advantage provides a significant moat and opportunity for continued expansion in diverse markets.
Bear Thesis:
- Intense Competition and Market Share Pressure: PayPal faces fierce competition from tech giants (Apple Pay, Google Pay), other fintechs (Stripe, Block/Square), and traditional financial institutions. This intense rivalry could lead to market share erosion, pressure on transaction take rates, and increased marketing expenses to retain users and merchants.
- Decelerating Core Growth and Take Rate Compression: The core PayPal checkout business is showing signs of maturation, leading to slower transaction volume growth compared to previous years. Additionally, competitive pressures and merchant demands could lead to a compression of take rates, impacting overall revenue growth and profitability.
- Macroeconomic Headwinds and Consumer Spending Slowdown: A potential slowdown in global economic growth, rising inflation, and reduced consumer discretionary spending could negatively impact e-commerce volumes and overall transaction activity on PayPal's platform, directly affecting its revenue and growth trajectory.
- Regulatory Scrutiny and Compliance Costs: The fintech industry is facing increasing regulatory oversight globally, particularly concerning data privacy, consumer protection, and anti-money laundering. Heightened scrutiny could lead to increased compliance costs, operational restrictions, and potential fines, impacting PayPal's financial performance.
Main Competitors:
- Stripe (Stripe Payments, Stripe Connect, Stripe Billing), Competes directly with PayPal for online payment processing, especially for developers and businesses seeking highly customizable and API-driven solutions. Stripe is known for its developer-friendly tools, global reach, and modern infrastructure, often preferred by tech-forward companies for integrating payments into their platforms.
- Block, Inc. ($SQ) (Square (POS, merchant services), Cash App (P2P, banking features)), Competes with PayPal in two main areas: Square offers point-of-sale and merchant services for small to medium-sized businesses, directly challenging PayPal's merchant solutions. Cash App competes with PayPal and Venmo for peer-to-peer payments and offers broader financial services like debit cards, direct deposits, and stock trading, appealing to a younger demographic.
- Apple Inc. ($AAPL) (Apple Pay, Apple Cash), Leverages its vast ecosystem of devices to offer Apple Pay for in-store, in-app, and online payments, directly competing with PayPal's checkout options and mobile wallet functionality. Apple Cash provides peer-to-peer payment functionality, challenging Venmo and PayPal's P2P services, often benefiting from seamless integration within Apple devices and a strong user base.
- Adyen N.V. ($ADYEN) (Adyen Platform (online, in-store, mobile payments)), A global payment processing company that competes with PayPal for large enterprise clients, offering a unified platform for online, mobile, and in-store payments. Adyen is known for its robust backend infrastructure, global acquiring capabilities, and ability to handle complex international payment flows for major brands, often seen as a more integrated solution than PayPal for large-scale operations.
- Zelle (Zelle (P2P payments)), A bank-backed peer-to-peer payment network primarily in the U.S., directly competing with PayPal and Venmo for instant money transfers between individuals. Zelle benefits from its direct integration into many major bank apps, allowing users to send and receive money without needing a separate app or account, often with lower fees or faster settlement times.
Moat:
PayPal's traditional moat stems from its strong brand recognition, vast two-sided network of consumers and merchants, and early mover advantage in online payments. This network effect, where more users attract more merchants and vice-versa, has created significant barriers to entry. However, the competitive landscape is increasingly fragmented and intense. Competitors like Stripe and Adyen excel in developer-friendly and enterprise-grade solutions, respectively, often offering more flexible or specialized services for businesses. Block (Square/Cash App) targets SMBs and expands into broader financial services, while tech giants like Apple leverage their device ecosystems for seamless payment experiences. Zelle, backed by banks, offers a compelling alternative for P2P payments. PayPal's challenge is to maintain its relevance and innovation across all these segments, balancing its legacy infrastructure with the need for modern, agile solutions, and fending off specialized players that often offer superior experiences in their niche. The rise of Buy Now Pay Later (BNPL), cryptocurrency, and embedded finance also presents new competitive vectors that PayPal must navigate to sustain its market position.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net revenues | 8,417,000,000 | 8,288,000,000 | 7,791,000,000 | 8,366,000,000 | 7,847,000,000 | 7,885,000,000 | 7,699,000,000 | 8,026,000,000 | 7,418,000,000 | 7,287,000,000 | 7,040,000,000 | 7,383,000,000 | 6,846,000,000 | 6,806,000,000 | 6,483,000,000 | 6,918,000,000 | 6,182,000,000 | 6,238,000,000 | 6,033,000,000 | 6,116,000,000 | 5,459,000,000 | 5,261,000,000 | 4,618,000,000 | 4,961,000,000 | 4,378,000,000 | 4,305,000,000 | 4,128,000,000 | 4,226,000,000 | 3,683,000,000 | 3,857,000,000 | 3,685,000,000 | 3,744,000,000 | 3,239,000,000 | 3,136,000,000 | 2,975,000,000 | 2,981,000,000 | 2,667,000,000 | 2,650,000,000 | 2,544,000,000 | 2,556,000,000 | 2,258,000,000 | 2,297,000,000 |
yoy | 7.26% | 5.11% | 1.19% | 4.24% | 5.78% | 8.21% | 9.36% | 8.71% | 8.36% | 7.07% | 8.59% | 6.72% | 10.74% | 9.11% | 7.46% | 13.11% | 13.24% | 18.57% | 30.64% | 23.28% | 24.69% | 22.21% | 11.87% | 17.39% | 18.87% | 11.62% | 12.02% | 12.87% | 13.71% | 22.99% | 23.87% | 25.60% | 21.45% | 18.34% | 16.94% | 16.63% | 18.11% | 15.37% | ||||
qoq | 1.56% | 6.38% | -6.87% | 6.61% | -0.48% | 2.42% | -4.07% | 8.20% | 1.80% | 3.51% | -4.65% | 7.84% | 0.59% | 4.98% | -6.29% | 11.91% | -0.90% | 3.40% | -1.36% | 12.04% | 3.76% | 13.92% | -6.91% | 13.32% | 1.70% | 4.29% | -2.32% | 14.74% | -4.51% | 4.67% | -1.58% | 15.59% | 3.28% | 5.41% | -0.20% | 11.77% | 0.64% | 4.17% | -0.47% | 13.20% | -1.70% | |
operating expenses: | ||||||||||||||||||||||||||||||||||||||||||
transaction expense | 4,063,000,000 | 3,968,000,000 | 3,704,000,000 | 3,997,000,000 | 3,841,000,000 | 3,942,000,000 | 3,917,000,000 | 3,958,000,000 | 3,603,000,000 | 3,541,000,000 | 3,283,000,000 | 3,324,000,000 | 2,988,000,000 | 3,044,000,000 | 2,817,000,000 | 2,952,000,000 | 2,564,000,000 | 2,524,000,000 | 2,275,000,000 | 2,330,000,000 | 2,022,000,000 | 1,843,000,000 | 1,739,000,000 | 1,913,000,000 | 1,701,000,000 | 1,627,000,000 | 1,549,000,000 | 1,578,000,000 | 1,366,000,000 | 1,362,000,000 | 1,275,000,000 | 1,266,000,000 | 1,102,000,000 | 1,064,000,000 | 987,000,000 | 954,000,000 | 830,000,000 | 810,000,000 | 752,000,000 | 750,000,000 | 651,000,000 | 634,000,000 |
transaction and credit losses | 483,000,000 | 476,000,000 | 371,000,000 | 434,000,000 | 352,000,000 | 335,000,000 | 321,000,000 | 396,000,000 | 446,000,000 | 398,000,000 | 442,000,000 | 388,000,000 | 367,000,000 | 448,000,000 | 369,000,000 | 350,000,000 | 268,000,000 | 169,000,000 | 273,000,000 | 366,000,000 | 344,000,000 | 440,000,000 | 591,000,000 | |||||||||||||||||||
customer support and operations | 447,000,000 | 413,000,000 | 398,000,000 | 451,000,000 | 427,000,000 | 436,000,000 | 454,000,000 | 465,000,000 | 474,000,000 | 492,000,000 | 488,000,000 | 541,000,000 | 509,000,000 | 536,000,000 | 534,000,000 | 532,000,000 | 504,000,000 | 521,000,000 | 518,000,000 | 507,000,000 | 449,000,000 | 423,000,000 | 399,000,000 | 438,000,000 | 390,000,000 | 399,000,000 | 388,000,000 | 407,000,000 | 367,000,000 | 357,000,000 | 351,000,000 | 366,000,000 | 346,000,000 | 335,000,000 | 317,000,000 | 328,000,000 | 325,000,000 | 318,000,000 | 296,000,000 | 320,000,000 | 317,000,000 | 308,000,000 |
sales and marketing | 521,000,000 | 583,000,000 | 488,000,000 | 626,000,000 | 508,000,000 | 446,000,000 | 421,000,000 | 466,000,000 | 442,000,000 | 465,000,000 | 436,000,000 | 524,000,000 | 544,000,000 | 595,000,000 | 594,000,000 | 666,000,000 | 549,000,000 | 628,000,000 | 602,000,000 | 605,000,000 | 471,000,000 | 414,000,000 | 371,000,000 | 400,000,000 | 316,000,000 | 356,000,000 | 329,000,000 | 389,000,000 | 326,000,000 | 313,000,000 | 285,000,000 | 328,000,000 | 278,000,000 | 284,000,000 | 238,000,000 | 253,000,000 | 233,000,000 | 250,000,000 | 233,000,000 | 269,000,000 | 235,000,000 | 245,000,000 |
technology and development | 801,000,000 | 767,000,000 | 731,000,000 | 773,000,000 | 746,000,000 | 718,000,000 | 742,000,000 | 770,000,000 | 739,000,000 | 743,000,000 | 721,000,000 | 822,000,000 | 801,000,000 | 815,000,000 | 815,000,000 | 796,000,000 | 755,000,000 | 746,000,000 | 741,000,000 | 732,000,000 | 674,000,000 | 631,000,000 | 605,000,000 | 558,000,000 | 533,000,000 | 483,000,000 | 511,000,000 | |||||||||||||||
general and administrative | 513,000,000 | 461,000,000 | 503,000,000 | 594,000,000 | 519,000,000 | 570,000,000 | 464,000,000 | 554,000,000 | 507,000,000 | 491,000,000 | 507,000,000 | 515,000,000 | 463,000,000 | 514,000,000 | 607,000,000 | 570,000,000 | 498,000,000 | 522,000,000 | 524,000,000 | 569,000,000 | 503,000,000 | 512,000,000 | 486,000,000 | 472,000,000 | 401,000,000 | 419,000,000 | 419,000,000 | 390,000,000 | 354,000,000 | 368,000,000 | 339,000,000 | 315,000,000 | 293,000,000 | 282,000,000 | 265,000,000 | 275,000,000 | 261,000,000 | 261,000,000 | 231,000,000 | 146,000,000 | 141,000,000 | 135,000,000 |
restructuring and other | 69,000,000 | 116,000,000 | 66,000,000 | 50,000,000 | 63,000,000 | 113,000,000 | 212,000,000 | |||||||||||||||||||||||||||||||||||
total operating expenses | 6,897,000,000 | 6,784,000,000 | 6,261,000,000 | 6,925,000,000 | 6,456,000,000 | 6,560,000,000 | 6,531,000,000 | 6,298,000,000 | 6,250,000,000 | 6,154,000,000 | 6,041,000,000 | 6,139,000,000 | 5,728,000,000 | 6,042,000,000 | 5,772,000,000 | 5,868,000,000 | 5,139,000,000 | 5,111,000,000 | 4,991,000,000 | 5,153,000,000 | 4,482,000,000 | 4,310,000,000 | 4,220,000,000 | 4,162,000,000 | 3,681,000,000 | 3,600,000,000 | 3,610,000,000 | 3,628,000,000 | 3,193,000,000 | 3,285,000,000 | 3,151,000,000 | 2,901,000,000 | 2,816,000,000 | 2,706,000,000 | 2,544,000,000 | 2,521,000,000 | 2,319,000,000 | 2,279,000,000 | 2,137,000,000 | 2,145,000,000 | 1,928,000,000 | 1,899,000,000 |
operating income | 1,520,000,000 | 1,504,000,000 | 1,530,000,000 | 1,441,000,000 | 1,391,000,000 | 1,325,000,000 | 1,168,000,000 | 1,728,000,000 | 1,168,000,000 | 1,133,000,000 | 999,000,000 | 1,244,000,000 | 1,118,000,000 | 764,000,000 | 711,000,000 | 1,050,000,000 | 1,043,000,000 | 1,127,000,000 | 1,042,000,000 | 963,000,000 | 977,000,000 | 951,000,000 | 398,000,000 | 799,000,000 | 697,000,000 | 705,000,000 | 518,000,000 | 598,000,000 | 490,000,000 | 572,000,000 | 534,000,000 | 843,000,000 | 423,000,000 | 430,000,000 | 431,000,000 | 460,000,000 | 348,000,000 | 371,000,000 | 407,000,000 | 411,000,000 | 330,000,000 | 398,000,000 |
yoy | 9.27% | 13.51% | 30.99% | -16.61% | 19.09% | 16.95% | 16.92% | 38.91% | 4.47% | 48.30% | 40.51% | 18.48% | 7.19% | -32.21% | -31.77% | 9.03% | 6.76% | 18.51% | 161.81% | 20.53% | 40.17% | 34.89% | -23.17% | 33.61% | 42.24% | 23.25% | -3.00% | -29.06% | 15.84% | 33.02% | 23.90% | 83.26% | 21.55% | 15.90% | 5.90% | 11.92% | 5.45% | -6.78% | ||||
qoq | 1.06% | -1.70% | 6.18% | 3.59% | 4.98% | 13.44% | -32.41% | 47.95% | 3.09% | 13.41% | -19.69% | 11.27% | 46.34% | 7.45% | -32.29% | 0.67% | -7.45% | 8.16% | 8.20% | -1.43% | 2.73% | 138.94% | -50.19% | 14.63% | -1.13% | 36.10% | -13.38% | 22.04% | -14.34% | 7.12% | -36.65% | 99.29% | -1.63% | -0.23% | -6.30% | 32.18% | -6.20% | -8.85% | -0.97% | 24.55% | -17.09% | |
operating margin % | 18.06% | 18.15% | 19.64% | 17.22% | 17.73% | 16.80% | 15.17% | 21.53% | 15.75% | 15.55% | 14.19% | 16.85% | 16.33% | 11.23% | 10.97% | 15.18% | 16.87% | 18.07% | 17.27% | 15.75% | 17.90% | 18.08% | 8.62% | 16.11% | 15.92% | 16.38% | 12.55% | 14.15% | 13.30% | 14.83% | 14.49% | 22.52% | 13.06% | 13.71% | 14.49% | 15.43% | 13.05% | 14.00% | 16.00% | 16.08% | 14.61% | 17.33% |
other income | 13,000,000 | 25,000,000 | 73,000,000 | -31,000,000 | -80,000,000 | 74,000,000 | 41,000,000 | 65,000,000 | 73,000,000 | 170,000,000 | 75,000,000 | -134,000,000 | 460,000,000 | -715,000,000 | -82,000,000 | -344,000,000 | 122,000,000 | 229,000,000 | -170,000,000 | 896,000,000 | 167,000,000 | 848,000,000 | -135,000,000 | 55,000,000 | -213,000,000 | 238,000,000 | 199,000,000 | 88,000,000 | 43,000,000 | 37,000,000 | 14,000,000 | 21,000,000 | 28,000,000 | 17,000,000 | 7,000,000 | 9,000,000 | 12,000,000 | 9,000,000 | 15,000,000 | 7,000,000 | 20,000,000 | 1,000,000 |
income before income taxes | 1,533,000,000 | 1,529,000,000 | 1,603,000,000 | 1,410,000,000 | 1,311,000,000 | 1,399,000,000 | 1,209,000,000 | 1,793,000,000 | 1,241,000,000 | 1,303,000,000 | 1,074,000,000 | 1,110,000,000 | 1,578,000,000 | 49,000,000 | 629,000,000 | 706,000,000 | 1,165,000,000 | 1,356,000,000 | 872,000,000 | 1,859,000,000 | 1,144,000,000 | 1,799,000,000 | 263,000,000 | 854,000,000 | 484,000,000 | 943,000,000 | 717,000,000 | 686,000,000 | 533,000,000 | 609,000,000 | 548,000,000 | 864,000,000 | 451,000,000 | 447,000,000 | 438,000,000 | 469,000,000 | 360,000,000 | 380,000,000 | 422,000,000 | 418,000,000 | 350,000,000 | 399,000,000 |
income tax expense | 285,000,000 | 268,000,000 | 316,000,000 | 289,000,000 | 301,000,000 | 271,000,000 | 321,000,000 | 391,000,000 | 221,000,000 | 274,000,000 | 279,000,000 | 189,000,000 | 248,000,000 | 390,000,000 | 120,000,000 | -95,000,000 | 78,000,000 | 172,000,000 | 292,000,000 | 123,000,000 | 269,000,000 | 179,000,000 | 347,000,000 | 22,000,000 | 120,000,000 | 50,000,000 | 102,000,000 | 97,000,000 | 83,000,000 | 37,000,000 | 244,000,000 | 71,000,000 | 36,000,000 | 54,000,000 | 79,000,000 | 37,000,000 | 57,000,000 | 57,000,000 | 51,000,000 | 49,000,000 | 94,000,000 | |
net income | 1,248,000,000 | 1,261,000,000 | 1,287,000,000 | 1,121,000,000 | 1,010,000,000 | 1,128,000,000 | 888,000,000 | 1,402,000,000 | 1,020,000,000 | 1,029,000,000 | 795,000,000 | 921,000,000 | 1,330,000,000 | -341,000,000 | 509,000,000 | 801,000,000 | 1,087,000,000 | 1,184,000,000 | 1,097,000,000 | 1,567,000,000 | 1,021,000,000 | 1,530,000,000 | 84,000,000 | 507,000,000 | 462,000,000 | 823,000,000 | 667,000,000 | 584,000,000 | 436,000,000 | 526,000,000 | 511,000,000 | 620,000,000 | 380,000,000 | 411,000,000 | 384,000,000 | 390,000,000 | 323,000,000 | 323,000,000 | 365,000,000 | 367,000,000 | 301,000,000 | |
yoy | 23.56% | 11.79% | 44.93% | -20.04% | -0.98% | 9.62% | 11.70% | 52.23% | -23.31% | -401.76% | 56.19% | 14.98% | 22.36% | -128.80% | -53.60% | -48.88% | 6.46% | -22.61% | 1205.95% | 209.07% | 121.00% | 85.91% | -87.41% | -13.18% | 5.96% | 56.46% | 30.53% | -5.81% | 14.74% | 27.98% | 33.07% | 58.97% | 17.65% | 27.24% | 5.21% | 6.27% | 7.31% | |||||
qoq | -1.03% | -2.02% | 14.81% | 10.99% | -10.46% | 27.03% | -36.66% | 37.45% | -0.87% | 29.43% | -13.68% | -30.75% | -490.03% | -166.99% | -36.45% | -26.31% | -8.19% | 7.93% | -29.99% | 53.48% | -33.27% | 1721.43% | -83.43% | 9.74% | -43.86% | 23.39% | 14.21% | 33.94% | -17.11% | 2.94% | -17.58% | 63.16% | -7.54% | 7.03% | -1.54% | 20.74% | 0.00% | -11.51% | -0.54% | 21.93% | ||
net income margin % | 14.83% | 15.21% | 16.52% | 13.40% | 12.87% | 14.31% | 11.53% | 17.47% | 13.75% | 14.12% | 11.29% | 12.47% | 19.43% | -5.01% | 7.85% | 11.58% | 17.58% | 18.98% | 18.18% | 25.62% | 18.70% | 29.08% | 1.82% | 10.22% | 10.55% | 19.12% | 16.16% | 13.82% | 11.84% | 13.64% | 13.87% | 16.56% | 11.73% | 13.11% | 12.91% | 13.08% | 12.11% | 12.19% | 14.35% | 14.36% | 13.33% | 0% |
net income per share | ||||||||||||||||||||||||||||||||||||||||||
basic | 1.31 | 1.3 | 1.31 | 1.12 | 1 | 1.08 | 0.83 | 1.29 | 0.93 | 0.93 | 0.7 | 0.81 | 1.15 | -0.29 | 0.44 | 0.68 | 0.93 | 1.01 | 0.94 | 1.33 | 0.87 | 1.3 | 0.07 | 0.43 | 0.39 | 0.7 | 0.57 | 0.5 | 0.37 | 0.44 | 0.43 | 0.51 | 0.32 | 0.34 | 0.32 | 0.33 | 0.27 | 0.27 | 0.3 | 0.29 | 0.25 | 0.25 |
diluted | 1.3 | 1.29 | 1.29 | 1.1 | 0.99 | 1.08 | 0.83 | 1.29 | 0.93 | 0.92 | 0.7 | 0.8 | 1.15 | -0.29 | 0.43 | 0.68 | 0.92 | 1 | 0.92 | 1.32 | 0.86 | 1.29 | 0.07 | 0.43 | 0.39 | 0.69 | 0.56 | 0.49 | 0.36 | 0.44 | 0.42 | 0.51 | 0.31 | 0.34 | 0.32 | 0.32 | 0.27 | 0.27 | 0.3 | 0.3 | 0.25 | 0.25 |
weighted-average shares: | ||||||||||||||||||||||||||||||||||||||||||
basic | 950 | 969 | 986 | 1,029 | 1,015 | 1,042 | 1,064 | 1,103 | 1,094 | 1,111 | 1,129 | 1,154 | 1,154 | 1,158 | 1,163 | 1,174 | 1,174 | 1,174 | 1,173 | 1,173 | 1,172 | 1,173 | 1,173 | 1,174 | 1,175 | 1,175 | 1,171 | 1,184 | 1,181 | 1,187 | 1,192 | 1,203 | 1,202 | 1,202 | 1,203 | 1,210 | 1,207 | 1,210 | 1,216 | 1,222 | 1,221 | 1,218 |
diluted | 960 | 977 | 999 | 1,039 | 1,024 | 1,047 | 1,072 | 1,107 | 1,098 | 1,114 | 1,134 | 1,158 | 1,157 | 1,158 | 1,172 | 1,186 | 1,187 | 1,186 | 1,190 | 1,187 | 1,190 | 1,184 | 1,185 | 1,188 | 1,188 | 1,187 | 1,188 | 1,203 | 1,199 | 1,202 | 1,217 | 1,221 | 1,223 | 1,215 | 1,216 | 1,218 | 1,214 | 1,215 | 1,225 | 1,229 | 1,227 | 1,224 |
restructuring and other charges | 56,750,000 | 39,000,000 | 24,000,000 | 164,000,000 | 25,000,000 | 56,000,000 | 90,000,000 | 36,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 58,000,000 | 44,000,000 | 19,000,000 | 47,000,000 | 29,000,000 | -2,000,000 | 73,000,000 | 12,000,000 | 28,000,000 | 116,000,000 | 153,000,000 | ||||||||||||||||||||
income tax (benefit) expense | -225,000,000 | |||||||||||||||||||||||||||||||||||||||||
transaction and loan losses | 381,000,000 | 340,000,000 | 318,000,000 | 341,000,000 | 340,000,000 | 295,000,000 | 334,000,000 | 305,000,000 | 40,000,000 | 363,000,000 | 308,000,000 | 300,000,000 | 307,000,000 | 271,000,000 | 255,000,000 | 255,000,000 | 245,000,000 | 201,000,000 | 185,000,000 | |||||||||||||||||||||||
product development | 289,000,000 | 269,000,000 | 255,000,000 | 258,000,000 | 267,000,000 | 240,000,000 | 232,000,000 | 214,000,000 | 215,000,000 | 215,000,000 | 209,000,000 | 195,000,000 | 252,000,000 | 230,000,000 | 241,000,000 | |||||||||||||||||||||||||||
depreciation and amortization | 223,000,000 | 188,000,000 | 180,000,000 | 185,000,000 | 227,000,000 | 194,000,000 | 201,000,000 | 183,000,000 | 189,000,000 | 184,000,000 | 176,000,000 | 175,000,000 | 164,000,000 | 153,000,000 | 150,000,000 | |||||||||||||||||||||||||||
restructuring | 10,000,000 | 40,000,000 | -1,000,000 | 1,000,000 | ||||||||||||||||||||||||||||||||||||||
net income/ | 305,000,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2015-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||||||||||||||||
current assets: | |||||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 8,995,000,000 | 6,688,000,000 | 7,449,000,000 | 6,561,000,000 | 7,272,000,000 | 7,701,000,000 | 9,693,000,000 | 9,081,000,000 | 6,816,000,000 | 5,504,000,000 | 7,101,000,000 | 7,776,000,000 | 6,659,000,000 | 4,583,000,000 | 4,861,000,000 | 5,197,000,000 | 7,782,000,000 | 5,745,000,000 | 5,717,000,000 | 4,794,000,000 | 6,112,000,000 | 6,353,000,000 | 7,854,000,000 | 7,349,000,000 | 6,877,000,000 | 4,909,000,000 | 4,515,000,000 | 7,575,000,000 | 8,147,000,000 | 2,840,000,000 | 2,879,000,000 | 2,883,000,000 | 2,330,000,000 | 1,271,000,000 | 1,240,000,000 | 1,590,000,000 | 1,369,000,000 | 2,018,000,000 | 1,393,000,000 |
short-term investments | 1,760,000,000 | 3,320,000,000 | 3,762,000,000 | 4,262,000,000 | 4,647,000,000 | 5,915,000,000 | 4,625,000,000 | 4,979,000,000 | 4,731,000,000 | 4,398,000,000 | 3,559,000,000 | 3,092,000,000 | 4,190,000,000 | 4,723,000,000 | 3,104,000,000 | 4,303,000,000 | 5,510,000,000 | 6,650,000,000 | 7,369,000,000 | 8,289,000,000 | 8,046,000,000 | 6,695,000,000 | 2,332,000,000 | 3,412,000,000 | 3,585,000,000 | 3,506,000,000 | 3,334,000,000 | 1,534,000,000 | 1,440,000,000 | 2,125,000,000 | 3,427,000,000 | 2,812,000,000 | 2,591,000,000 | 2,820,000,000 | 2,815,000,000 | 3,385,000,000 | 3,719,000,000 | 2,939,000,000 | 2,018,000,000 |
accounts receivable | 973,000,000 | 1,099,000,000 | 1,082,000,000 | 984,000,000 | 1,038,000,000 | 987,000,000 | 1,108,000,000 | 1,069,000,000 | 988,000,000 | 928,000,000 | 967,000,000 | 963,000,000 | 889,000,000 | 867,000,000 | 850,000,000 | 800,000,000 | 736,000,000 | 693,000,000 | 674,000,000 | 577,000,000 | 482,000,000 | 446,000,000 | 412,000,000 | 435,000,000 | 417,000,000 | 379,000,000 | 409,000,000 | 313,000,000 | 412,000,000 | 283,000,000 | 258,000,000 | 283,000,000 | 301,000,000 | 176,000,000 | 178,000,000 | 214,000,000 | 187,000,000 | 167,000,000 | 137,000,000 |
loans and interest receivable, held for sale | 1,404,000,000 | 817,000,000 | 714,000,000 | 541,000,000 | 471,000,000 | 369,000,000 | 307,000,000 | 563,000,000 | 2,165,000,000 | 1,903,000,000 | 6,870,000,000 | 6,537,000,000 | 6,398,000,000 | ||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 515 and 461 as of september 30, 2025 and december 31, 2024, respectively | 6,396,000,000 | ||||||||||||||||||||||||||||||||||||||
funds receivable and customer accounts | 38,668,000,000 | 38,923,000,000 | 39,205,000,000 | 37,671,000,000 | 39,182,000,000 | 38,727,000,000 | 38,353,000,000 | 38,935,000,000 | 34,641,000,000 | 33,643,000,000 | 35,276,000,000 | 36,357,000,000 | 34,824,000,000 | 37,221,000,000 | 37,046,000,000 | 36,141,000,000 | 35,104,000,000 | 35,670,000,000 | 35,623,000,000 | 33,418,000,000 | 30,530,000,000 | 29,031,000,000 | 22,817,000,000 | 22,527,000,000 | 22,511,000,000 | 23,573,000,000 | 22,738,000,000 | 20,062,000,000 | 20,951,000,000 | 19,188,000,000 | 19,162,000,000 | 18,242,000,000 | 17,175,000,000 | 16,178,000,000 | 14,941,000,000 | 14,363,000,000 | 13,320,000,000 | 13,034,000,000 | 12,261,000,000 |
prepaid expenses and other current assets | 1,980,000,000 | 2,094,000,000 | 1,888,000,000 | 4,651,000,000 | 4,060,000,000 | 3,954,000,000 | 4,418,000,000 | 2,509,000,000 | 2,228,000,000 | 2,202,000,000 | 2,162,000,000 | 1,898,000,000 | 2,541,000,000 | 2,109,000,000 | 1,298,000,000 | 1,287,000,000 | 1,285,000,000 | 1,190,000,000 | 1,318,000,000 | 1,148,000,000 | 937,000,000 | 840,000,000 | 1,057,000,000 | 800,000,000 | 881,000,000 | 902,000,000 | 1,039,000,000 | 947,000,000 | 928,000,000 | 1,075,000,000 | 900,000,000 | 713,000,000 | 719,000,000 | 838,000,000 | 897,000,000 | 833,000,000 | 751,000,000 | 792,000,000 | 655,000,000 |
total current assets | 60,176,000,000 | 59,879,000,000 | 60,611,000,000 | 61,092,000,000 | 62,673,000,000 | 62,972,000,000 | 63,706,000,000 | 62,569,000,000 | 56,635,000,000 | 54,125,000,000 | 56,560,000,000 | 57,517,000,000 | 55,105,000,000 | 55,252,000,000 | 52,382,000,000 | 52,574,000,000 | 54,130,000,000 | 53,231,000,000 | 53,432,000,000 | 50,995,000,000 | 48,704,000,000 | 46,500,000,000 | 38,184,000,000 | 38,495,000,000 | 37,748,000,000 | 36,435,000,000 | 34,891,000,000 | 32,963,000,000 | 33,990,000,000 | 34,184,000,000 | 34,742,000,000 | 32,645,000,000 | 29,437,000,000 | 27,035,000,000 | 25,425,000,000 | 25,733,000,000 | 24,161,000,000 | 23,457,000,000 | 20,648,000,000 |
long-term investments | 3,601,000,000 | 3,645,000,000 | 4,613,000,000 | 4,583,000,000 | 4,282,000,000 | 4,653,000,000 | 3,409,000,000 | 3,273,000,000 | 3,855,000,000 | 4,543,000,000 | 4,632,000,000 | 5,018,000,000 | 5,215,000,000 | 6,270,000,000 | 7,145,000,000 | 6,797,000,000 | 6,753,000,000 | 6,968,000,000 | 5,994,000,000 | 6,089,000,000 | 3,439,000,000 | 3,175,000,000 | 2,366,000,000 | 2,863,000,000 | 2,771,000,000 | 2,278,000,000 | 1,695,000,000 | 971,000,000 | 946,000,000 | 1,369,000,000 | 1,487,000,000 | 1,961,000,000 | 2,217,000,000 | 2,511,000,000 | 2,325,000,000 | 1,539,000,000 | 1,339,000,000 | 1,315,000,000 | 2,348,000,000 |
property and equipment | 1,656,000,000 | 1,625,000,000 | 1,537,000,000 | 1,508,000,000 | 1,496,000,000 | 1,459,000,000 | 1,426,000,000 | 1,488,000,000 | 1,529,000,000 | 1,589,000,000 | 1,633,000,000 | 1,730,000,000 | 1,773,000,000 | 1,832,000,000 | 1,861,000,000 | 1,909,000,000 | 1,900,000,000 | 1,848,000,000 | 1,806,000,000 | 1,807,000,000 | 1,757,000,000 | 1,717,000,000 | 1,646,000,000 | 1,693,000,000 | 1,701,000,000 | 1,720,000,000 | 1,731,000,000 | 1,724,000,000 | 1,646,000,000 | 1,567,000,000 | 1,523,000,000 | 1,528,000,000 | 1,485,000,000 | 1,479,000,000 | 1,448,000,000 | 1,482,000,000 | 1,451,000,000 | 1,412,000,000 | 1,344,000,000 |
goodwill | 10,941,000,000 | 10,976,000,000 | 10,910,000,000 | 10,837,000,000 | 10,996,000,000 | 10,816,000,000 | 10,916,000,000 | 11,026,000,000 | 10,935,000,000 | 11,067,000,000 | 11,195,000,000 | 11,209,000,000 | 11,053,000,000 | 11,146,000,000 | 11,370,000,000 | 11,454,000,000 | 9,550,000,000 | 9,564,000,000 | 9,117,000,000 | 9,135,000,000 | 9,119,000,000 | 9,118,000,000 | 9,124,000,000 | 6,212,000,000 | 6,178,000,000 | 6,236,000,000 | 6,234,000,000 | 6,284,000,000 | 6,054,000,000 | 4,331,000,000 | 4,338,000,000 | 4,339,000,000 | 4,326,000,000 | 4,062,000,000 | 4,060,000,000 | 4,059,000,000 | 4,068,000,000 | 4,069,000,000 | 4,069,000,000 |
intangible assets | 226,000,000 | 271,000,000 | 296,000,000 | 326,000,000 | 393,000,000 | 403,000,000 | 465,000,000 | 537,000,000 | 564,000,000 | 640,000,000 | 730,000,000 | 788,000,000 | 855,000,000 | 1,001,000,000 | 1,185,000,000 | 1,332,000,000 | 808,000,000 | 920,000,000 | 938,000,000 | 1,048,000,000 | 1,146,000,000 | 1,254,000,000 | 1,369,000,000 | 778,000,000 | 629,000,000 | 699,000,000 | 750,000,000 | 825,000,000 | 684,000,000 | 125,000,000 | 138,000,000 | 168,000,000 | 226,000,000 | 143,000,000 | 184,000,000 | 211,000,000 | 245,000,000 | 281,000,000 | 358,000,000 |
other assets | 3,201,000,000 | 3,381,000,000 | 3,307,000,000 | 3,265,000,000 | 3,671,000,000 | 3,713,000,000 | 3,425,000,000 | 3,273,000,000 | 2,922,000,000 | 2,615,000,000 | 2,436,000,000 | 2,455,000,000 | 2,434,000,000 | 2,309,000,000 | 1,862,000,000 | 1,737,000,000 | 1,393,000,000 | 1,285,000,000 | 1,230,000,000 | 1,305,000,000 | 1,417,000,000 | 1,402,000,000 | 1,577,000,000 | 1,292,000,000 | 1,196,000,000 | 1,023,000,000 | 979,000,000 | 565,000,000 | 404,000,000 | 101,000,000 | 94,000,000 | 133,000,000 | 70,000,000 | 60,000,000 | 51,000,000 | 79,000,000 | 92,000,000 | 97,000,000 | 114,000,000 |
total assets | 79,801,000,000 | 79,777,000,000 | 81,274,000,000 | 81,611,000,000 | 83,511,000,000 | 84,016,000,000 | 83,347,000,000 | 82,166,000,000 | 76,440,000,000 | 74,579,000,000 | 77,186,000,000 | 78,717,000,000 | 76,435,000,000 | 77,810,000,000 | 75,805,000,000 | 75,803,000,000 | 74,534,000,000 | 73,816,000,000 | 72,517,000,000 | 70,379,000,000 | 65,582,000,000 | 63,166,000,000 | 54,266,000,000 | 51,333,000,000 | 50,223,000,000 | 48,391,000,000 | 46,280,000,000 | 43,332,000,000 | 43,724,000,000 | 41,677,000,000 | 42,322,000,000 | 40,774,000,000 | 37,761,000,000 | 35,290,000,000 | 33,493,000,000 | 33,103,000,000 | 31,356,000,000 | 30,631,000,000 | 28,881,000,000 |
liabilities and equity | |||||||||||||||||||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||||||||||||||||||
accounts payable | 208,000,000 | 221,000,000 | 175,000,000 | 227,000,000 | 165,000,000 | 133,000,000 | 108,000,000 | 139,000,000 | 131,000,000 | 137,000,000 | 142,000,000 | 126,000,000 | 114,000,000 | 156,000,000 | 140,000,000 | 197,000,000 | 186,000,000 | 260,000,000 | 191,000,000 | 252,000,000 | 159,000,000 | 252,000,000 | 217,000,000 | 232,000,000 | 193,000,000 | 199,000,000 | 226,000,000 | 281,000,000 | 247,000,000 | 201,000,000 | 187,000,000 | 257,000,000 | 171,000,000 | 164,000,000 | 192,000,000 | 174,000,000 | 169,000,000 | 145,000,000 | |
funds payable and amounts due to customers | 40,668,000,000 | 40,923,000,000 | 41,205,000,000 | 39,671,000,000 | 41,182,000,000 | 41,727,000,000 | 41,353,000,000 | 41,935,000,000 | 38,641,000,000 | 37,393,000,000 | 39,026,000,000 | 40,107,000,000 | 37,824,000,000 | 40,221,000,000 | 39,746,000,000 | 38,841,000,000 | 37,804,000,000 | 38,370,000,000 | 38,323,000,000 | 35,418,000,000 | 32,530,000,000 | 31,031,000,000 | 24,817,000,000 | 24,527,000,000 | 24,011,000,000 | 25,073,000,000 | 24,238,000,000 | 21,562,000,000 | 22,451,000,000 | 20,688,000,000 | 20,662,000,000 | 19,742,000,000 | 17,975,000,000 | 16,978,000,000 | 15,741,000,000 | 15,163,000,000 | 14,120,000,000 | 13,834,000,000 | 12,261,000,000 |
accrued expenses and other current liabilities | 4,048,000,000 | 3,906,000,000 | 5,242,000,000 | 8,478,000,000 | 8,921,000,000 | 8,853,000,000 | 8,385,000,000 | 6,392,000,000 | 3,533,000,000 | 3,433,000,000 | 4,164,000,000 | 4,055,000,000 | 4,638,000,000 | 4,122,000,000 | 3,828,000,000 | 3,755,000,000 | 3,554,000,000 | 2,489,000,000 | 2,731,000,000 | 2,648,000,000 | 2,457,000,000 | 2,119,000,000 | 2,276,000,000 | 2,087,000,000 | 2,038,000,000 | 2,022,000,000 | 2,097,000,000 | 2,002,000,000 | 1,866,000,000 | 1,836,000,000 | 1,767,000,000 | 1,781,000,000 | 1,665,000,000 | 1,407,000,000 | 1,300,000,000 | 1,459,000,000 | 1,272,000,000 | 1,181,000,000 | 1,179,000,000 |
total current liabilities | 44,924,000,000 | 45,050,000,000 | 46,622,000,000 | 48,376,000,000 | 50,268,000,000 | 50,713,000,000 | 49,846,000,000 | 48,466,000,000 | 43,442,000,000 | 41,754,000,000 | 43,909,000,000 | 45,101,000,000 | 43,228,000,000 | 45,095,000,000 | 43,967,000,000 | 43,029,000,000 | 41,695,000,000 | 41,268,000,000 | 41,340,000,000 | 38,447,000,000 | 35,246,000,000 | 33,729,000,000 | 27,449,000,000 | 26,919,000,000 | 26,340,000,000 | 29,847,000,000 | 28,635,000,000 | 25,904,000,000 | 26,640,000,000 | 24,809,000,000 | 25,714,000,000 | 22,863,000,000 | 20,703,000,000 | 18,641,000,000 | 17,286,000,000 | 16,878,000,000 | 15,616,000,000 | 15,223,000,000 | 13,617,000,000 |
other long-term liabilities | 3,403,000,000 | 3,230,000,000 | 2,981,000,000 | 2,939,000,000 | 3,093,000,000 | 2,954,000,000 | 3,116,000,000 | 2,973,000,000 | |||||||||||||||||||||||||||||||
long-term debt | 11,276,000,000 | 11,296,000,000 | 11,417,000,000 | 9,879,000,000 | 9,976,000,000 | 9,727,000,000 | 9,683,000,000 | 9,676,000,000 | 10,640,000,000 | 10,549,000,000 | 10,481,000,000 | 10,417,000,000 | 10,241,000,000 | 10,198,000,000 | 8,222,000,000 | 8,049,000,000 | 7,949,000,000 | 8,945,000,000 | 8,942,000,000 | 8,939,000,000 | 8,937,000,000 | 8,934,000,000 | 7,967,000,000 | 4,965,000,000 | 4,964,000,000 | ||||||||||||||
total liabilities | 59,603,000,000 | 59,576,000,000 | 61,020,000,000 | 61,194,000,000 | 63,337,000,000 | 63,394,000,000 | 62,645,000,000 | 61,115,000,000 | 56,700,000,000 | 54,918,000,000 | 57,328,000,000 | 58,443,000,000 | 56,171,000,000 | 58,043,000,000 | 55,202,000,000 | 54,076,000,000 | 52,444,000,000 | 52,911,000,000 | 53,076,000,000 | 50,316,000,000 | 47,055,000,000 | 45,482,000,000 | 38,255,000,000 | 34,404,000,000 | 33,740,000,000 | 32,252,000,000 | 31,123,000,000 | 27,946,000,000 | 28,609,000,000 | 26,658,000,000 | 27,681,000,000 | 24,780,000,000 | 22,329,000,000 | 20,292,000,000 | 18,867,000,000 | 18,391,000,000 | 17,164,000,000 | 16,814,000,000 | 15,122,000,000 |
commitments and contingencies | |||||||||||||||||||||||||||||||||||||||
equity: | |||||||||||||||||||||||||||||||||||||||
common stock, 0.0001 par value... | |||||||||||||||||||||||||||||||||||||||
preferred stock, 0.0001 par value... | |||||||||||||||||||||||||||||||||||||||
treasury stock | -31,624,000,000 | -30,111,000,000 | -28,597,000,000 | -27,085,000,000 | -25,851,000,000 | -24,064,000,000 | -22,552,000,000 | -21,045,000,000 | -20,513,000,000 | -19,064,000,000 | -17,522,000,000 | -16,079,000,000 | -15,069,000,000 | -14,130,000,000 | -13,380,000,000 | -11,880,000,000 | -10,380,000,000 | -10,030,000,000 | -9,830,000,000 | -8,507,000,000 | -8,242,000,000 | -7,892,000,000 | -7,672,000,000 | -6,872,000,000 | -6,566,000,000 | -6,216,000,000 | -6,216,000,000 | -5,511,000,000 | -4,911,000,000 | -4,311,000,000 | -3,811,000,000 | -2,001,000,000 | -1,701,000,000 | -1,601,000,000 | -1,512,000,000 | -995,000,000 | -945,000,000 | -896,000,000 | |
additional paid-in-capital | 21,359,000,000 | 21,136,000,000 | 20,819,000,000 | 20,705,000,000 | 20,426,000,000 | 20,163,000,000 | 19,825,000,000 | 19,642,000,000 | 19,307,000,000 | 18,943,000,000 | 18,529,000,000 | 18,327,000,000 | 17,981,000,000 | 17,758,000,000 | 17,383,000,000 | 17,208,000,000 | 16,860,000,000 | 16,580,000,000 | 16,161,000,000 | 16,644,000,000 | 16,248,000,000 | 15,914,000,000 | 15,501,000,000 | 15,588,000,000 | 15,266,000,000 | 15,010,000,000 | 14,848,000,000 | 14,939,000,000 | 14,664,000,000 | 14,434,000,000 | 14,287,000,000 | 14,314,000,000 | 14,071,000,000 | 13,873,000,000 | 13,724,000,000 | 13,579,000,000 | 13,419,000,000 | 13,305,000,000 | 13,100,000,000 |
retained earnings | 31,163,000,000 | 29,915,000,000 | 28,654,000,000 | 27,347,000,000 | 26,226,000,000 | 25,216,000,000 | 24,088,000,000 | 23,200,000,000 | 21,798,000,000 | 20,778,000,000 | 19,749,000,000 | 18,954,000,000 | 18,033,000,000 | 16,703,000,000 | 17,044,000,000 | 16,535,000,000 | 15,734,000,000 | 14,647,000,000 | 13,463,000,000 | 12,366,000,000 | 10,809,000,000 | 9,788,000,000 | 8,258,000,000 | 8,342,000,000 | 7,835,000,000 | 7,373,000,000 | 6,550,000,000 | 5,880,000,000 | 5,296,000,000 | 4,860,000,000 | 4,334,000,000 | 3,823,000,000 | 3,204,000,000 | 2,824,000,000 | 2,412,000,000 | 2,069,000,000 | 1,679,000,000 | 1,356,000,000 | 668,000,000 |
accumulated other comprehensive income | -700,000,000 | -739,000,000 | -622,000,000 | -550,000,000 | -627,000,000 | -693,000,000 | -659,000,000 | -746,000,000 | -852,000,000 | -996,000,000 | -898,000,000 | -928,000,000 | -681,000,000 | -564,000,000 | -444,000,000 | -136,000,000 | -124,000,000 | -292,000,000 | -353,000,000 | -484,000,000 | -332,000,000 | -170,000,000 | -120,000,000 | -173,000,000 | -52,000,000 | -28,000,000 | -25,000,000 | 78,000,000 | 66,000,000 | 36,000,000 | -142,000,000 | -142,000,000 | -98,000,000 | 2,000,000 | 59,000,000 | 39,000,000 | 52,000,000 | -9,000,000 | |
total equity | 20,198,000,000 | 20,201,000,000 | 20,254,000,000 | 20,417,000,000 | 20,174,000,000 | 20,622,000,000 | 20,702,000,000 | 21,051,000,000 | 19,740,000,000 | 19,661,000,000 | 19,858,000,000 | 20,274,000,000 | 20,264,000,000 | 19,767,000,000 | 20,603,000,000 | 21,727,000,000 | 22,090,000,000 | 20,905,000,000 | 19,441,000,000 | 20,063,000,000 | 18,527,000,000 | 17,684,000,000 | 16,011,000,000 | 16,929,000,000 | 16,483,000,000 | 16,139,000,000 | 15,157,000,000 | 15,386,000,000 | 15,115,000,000 | 15,019,000,000 | 14,641,000,000 | 15,994,000,000 | 15,432,000,000 | 14,998,000,000 | 14,626,000,000 | 14,712,000,000 | 14,192,000,000 | 13,817,000,000 | 13,759,000,000 |
total liabilities and equity | 79,801,000,000 | 79,777,000,000 | 81,274,000,000 | 81,611,000,000 | 83,511,000,000 | 84,016,000,000 | 83,347,000,000 | 82,166,000,000 | 76,440,000,000 | 74,579,000,000 | 77,186,000,000 | 78,717,000,000 | 76,435,000,000 | 77,810,000,000 | 75,805,000,000 | 75,803,000,000 | 74,534,000,000 | 73,816,000,000 | 72,517,000,000 | 70,379,000,000 | 65,582,000,000 | 63,166,000,000 | 54,266,000,000 | 51,333,000,000 | 50,223,000,000 | 48,391,000,000 | 46,280,000,000 | 43,332,000,000 | 43,724,000,000 | 41,677,000,000 | 42,322,000,000 | 40,774,000,000 | 37,761,000,000 | 35,290,000,000 | 33,493,000,000 | 33,103,000,000 | 31,356,000,000 | 30,631,000,000 | 28,881,000,000 |
loans and interest receivable, net of allowances of 524 and 461 as of june 30, 2025 and december 31, 2024, respectively | 6,938,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 487 and 461 as of march 31, 2025 and december 31, 2024, respectively | 6,511,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 461 and 540 as of december 31, 2024 and 2023, respectively | 6,422,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 461 and 540 as of september 30, 2024 and december 31, 2023, respectively | 6,003,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 442 and 540 as of june 30, 2024 and december 31, 2023, respectively | 5,319,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 465 and 540 as of march 31, 2024 and december 31, 2023, respectively | 5,202,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 540 and 598 as of december 31, 2023 and 2022, respectively | 5,433,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 555 and 598 as of september 30, 2023 and december 31, 2022, respectively | 5,066,000,000 | ||||||||||||||||||||||||||||||||||||||
income taxes payable | 1,137,000,000 | 791,000,000 | 577,000,000 | 813,000,000 | 652,000,000 | 596,000,000 | 253,000,000 | 236,000,000 | 151,000,000 | 149,000,000 | 95,000,000 | 129,000,000 | 100,000,000 | 327,000,000 | 139,000,000 | 73,000,000 | 98,000,000 | 54,000,000 | 75,000,000 | 61,000,000 | 76,000,000 | 84,000,000 | 98,000,000 | 83,000,000 | 89,000,000 | 85,000,000 | 81,000,000 | 64,000,000 | 50,000,000 | 39,000,000 | 32,000,000 | ||||||||
deferred tax liability and other long-term liabilities | 2,618,000,000 | 2,615,000,000 | 2,938,000,000 | 2,925,000,000 | 2,702,000,000 | 2,750,000,000 | 3,013,000,000 | 2,998,000,000 | 2,800,000,000 | 2,698,000,000 | 2,794,000,000 | 2,930,000,000 | 2,872,000,000 | 2,819,000,000 | 2,839,000,000 | 2,520,000,000 | 2,436,000,000 | 2,405,000,000 | 2,488,000,000 | 2,042,000,000 | 1,969,000,000 | 1,849,000,000 | 1,967,000,000 | 1,917,000,000 | 1,626,000,000 | 1,651,000,000 | 1,581,000,000 | 1,513,000,000 | 1,548,000,000 | 1,591,000,000 | 1,505,000,000 | ||||||||
loans and interest receivable, net of allowances of 617 and 598 as of june 30, 2023 and december 31, 2022, respectively | 5,547,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 638 and 598 as of march 31, 2023 and december 31, 2022, respectively | 7,495,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 598 and 491 as of december 31, 2022 and 2021, respectively | 7,431,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 478 and 491 as of september 30, 2022 and december 31, 2021, respectively | 6,002,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 455 and 491 as of june 30, 2022 and december 31, 2021, respectively | 5,749,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 476 and 491 as of march 31, 2022 and december 31, 2021, respectively | 5,223,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 491 and 838 as of december 31, 2021 and 2020, respectively | 4,846,000,000 | ||||||||||||||||||||||||||||||||||||||
total paypal stockholders’ equity | 21,727,000,000 | 22,090,000,000 | 20,905,000,000 | 19,441,000,000 | 20,019,000,000 | 18,483,000,000 | 17,640,000,000 | 15,967,000,000 | 16,885,000,000 | ||||||||||||||||||||||||||||||
noncontrolling interest | 44,000,000 | 44,000,000 | 44,000,000 | 44,000,000 | 44,000,000 | ||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 489 and 838 as of september 30, 2021 and december 31, 2020, respectively | 3,713,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 574 and 838 as of june 30, 2021 and december 31, 2020, respectively | 3,283,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 744 and 838 as of march 31, 2021 and december 31, 2020, respectively | 2,731,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 838 and 258 as of december 31, 2020 and 2019, respectively | 2,769,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 819 and 258 as of september 30, 2020 and december 31, 2019, respectively | 2,597,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 878 and 258 as of june 30, 2020 and december 31, 2019, respectively | 3,135,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 754 and 258 as of march 31, 2020 and december 31, 2019, respectively | 3,712,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 258 in 2019 and 172 in 2018 | 3,972,000,000 | ||||||||||||||||||||||||||||||||||||||
short-term debt | |||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 243 and 172 as of september 30, 2019 and december 31, 2018, respectively | 3,477,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 222 and 172 as of june 30, 2019 and december 31, 2018, respectively | 3,166,000,000 | ||||||||||||||||||||||||||||||||||||||
notes payable | 2,499,000,000 | 1,999,000,000 | 1,998,000,000 | 2,000,000,000 | 2,000,000,000 | 3,000,000,000 | 1,000,000,000 | ||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 195 and 172 as of march 31, 2019 and december 31, 2018, respectively | 2,856,000,000 | ||||||||||||||||||||||||||||||||||||||
net revenues | 4,128,000,000 | 15,451,000,000 | 3,683,000,000 | 3,857,000,000 | 3,685,000,000 | 13,094,000,000 | 3,239,000,000 | 3,136,000,000 | 2,975,000,000 | 10,842,000,000 | 2,667,000,000 | 2,650,000,000 | 9,248,000,000 | ||||||||||||||||||||||||||
operating expenses: | |||||||||||||||||||||||||||||||||||||||
transaction expense | 1,549,000,000 | 5,581,000,000 | 1,366,000,000 | 1,362,000,000 | 1,275,000,000 | 4,419,000,000 | 1,102,000,000 | 1,064,000,000 | 987,000,000 | 3,346,000,000 | 830,000,000 | 810,000,000 | 2,610,000,000 | ||||||||||||||||||||||||||
transaction and loan losses | 341,000,000 | 1,274,000,000 | 295,000,000 | 334,000,000 | 305,000,000 | 1,011,000,000 | 363,000,000 | 308,000,000 | 300,000,000 | 1,088,000,000 | 271,000,000 | 255,000,000 | 809,000,000 | ||||||||||||||||||||||||||
customer support and operations | 388,000,000 | 1,482,000,000 | 367,000,000 | 357,000,000 | 351,000,000 | 1,364,000,000 | 346,000,000 | 335,000,000 | 317,000,000 | 1,267,000,000 | 325,000,000 | 318,000,000 | 1,220,000,000 | ||||||||||||||||||||||||||
sales and marketing | 329,000,000 | 1,313,000,000 | 326,000,000 | 313,000,000 | 285,000,000 | 1,128,000,000 | 278,000,000 | 284,000,000 | 238,000,000 | 969,000,000 | 233,000,000 | 250,000,000 | 985,000,000 | ||||||||||||||||||||||||||
technology and development | 511,000,000 | ||||||||||||||||||||||||||||||||||||||
general and administrative | 419,000,000 | 1,451,000,000 | 354,000,000 | 368,000,000 | 339,000,000 | 1,155,000,000 | 293,000,000 | 282,000,000 | 265,000,000 | 1,028,000,000 | 261,000,000 | 261,000,000 | 560,000,000 | ||||||||||||||||||||||||||
restructuring and other charges | 73,000,000 | 309,000,000 | 28,000,000 | 116,000,000 | 153,000,000 | 132,000,000 | |||||||||||||||||||||||||||||||||
total operating expenses | 3,610,000,000 | 13,257,000,000 | 3,193,000,000 | 3,285,000,000 | 3,151,000,000 | 10,967,000,000 | 2,816,000,000 | 2,706,000,000 | 2,544,000,000 | 9,256,000,000 | 2,319,000,000 | 2,279,000,000 | 7,787,000,000 | ||||||||||||||||||||||||||
operating income | 518,000,000 | 2,194,000,000 | 490,000,000 | 572,000,000 | 534,000,000 | 2,127,000,000 | 423,000,000 | 430,000,000 | 431,000,000 | 1,586,000,000 | 348,000,000 | 371,000,000 | 1,461,000,000 | ||||||||||||||||||||||||||
other income | 199,000,000 | 182,000,000 | 43,000,000 | 37,000,000 | 14,000,000 | 73,000,000 | 28,000,000 | 17,000,000 | 7,000,000 | 45,000,000 | 12,000,000 | 9,000,000 | 27,000,000 | ||||||||||||||||||||||||||
income before income taxes | 717,000,000 | 2,376,000,000 | 533,000,000 | 609,000,000 | 548,000,000 | 2,200,000,000 | 451,000,000 | 447,000,000 | 438,000,000 | 1,631,000,000 | 360,000,000 | 380,000,000 | 1,488,000,000 | ||||||||||||||||||||||||||
income tax expense | 50,000,000 | 319,000,000 | 97,000,000 | 83,000,000 | 37,000,000 | 405,000,000 | 71,000,000 | 36,000,000 | 54,000,000 | 230,000,000 | 37,000,000 | 57,000,000 | 260,000,000 | ||||||||||||||||||||||||||
net income | 667,000,000 | 2,057,000,000 | 436,000,000 | 526,000,000 | 511,000,000 | 1,795,000,000 | 380,000,000 | 411,000,000 | 384,000,000 | 1,401,000,000 | 323,000,000 | 323,000,000 | 1,228,000,000 | ||||||||||||||||||||||||||
net income per share | |||||||||||||||||||||||||||||||||||||||
basic | 570,000 | 1,740,000 | 370,000 | 440,000 | 430,000 | 1,490,000 | 320,000 | 340,000 | 320,000 | 1,160,000 | 270,000 | 270,000 | 1,000,000 | ||||||||||||||||||||||||||
diluted | 560,000 | 1,710,000 | 360,000 | 440,000 | 420,000 | 1,470,000 | 310,000 | 340,000 | 320,000 | 1,150,000 | 270,000 | 270,000 | 1,000,000 | ||||||||||||||||||||||||||
weighted-average shares: | |||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 172 in 2018 and 129 in 2017 | 2,532,000,000 | ||||||||||||||||||||||||||||||||||||||
product development | 1,071,000,000 | 269,000,000 | 255,000,000 | 258,000,000 | 953,000,000 | 240,000,000 | 232,000,000 | 214,000,000 | 834,000,000 | 215,000,000 | 209,000,000 | 947,000,000 | |||||||||||||||||||||||||||
depreciation and amortization | 776,000,000 | 188,000,000 | 180,000,000 | 185,000,000 | 805,000,000 | 194,000,000 | 201,000,000 | 183,000,000 | 724,000,000 | 184,000,000 | 176,000,000 | 608,000,000 | |||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 150 and 129 as of september 30, 2018 and december 31, 2017, respectively | 2,112,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 161 and 129 as of june 30, 2018 and december 31, 2017, respectively | 1,803,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 139 and 129 as of march 31, 2018 and december 31, 2017, respectively | 1,579,000,000 | ||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive loss | -169,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 129 in 2017 and 339 in 2016 | 1,314,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 429 in 2017 and 339 in 2016 | 6,321,000,000 | ||||||||||||||||||||||||||||||||||||||
accounts and notes payable | 974,000,000 | ||||||||||||||||||||||||||||||||||||||
commitments, contingencies and notes payable | |||||||||||||||||||||||||||||||||||||||
restructuring | 40,000,000 | 48,000,000 | |||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 385 in 2017 and 339 in 2016 | 5,752,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 364 in 2017 and 339 in 2016 | 5,354,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 339 in 2016 and 233 in 2015 | 5,348,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 314 in 2016 and 233 in 2015 | 4,815,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 279 in 2016 and 233 in 2015 | 4,507,000,000 | ||||||||||||||||||||||||||||||||||||||
loans and interest receivable, net of allowances of 233 in 2015 and 195 in 2014 | 4,184,000,000 | ||||||||||||||||||||||||||||||||||||||
notes and receivables from ebay | |||||||||||||||||||||||||||||||||||||||
notes and payables to ebay | |||||||||||||||||||||||||||||||||||||||
net parent investment |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||
net income | 1,248,000,000 | 1,261,000,000 | 1,287,000,000 | 1,121,000,000 | 1,010,000,000 | 1,128,000,000 | 888,000,000 | 1,402,000,000 | 1,020,000,000 | 1,029,000,000 | 795,000,000 | 921,000,000 | 1,330,000,000 | -341,000,000 | 509,000,000 | 801,000,000 | 1,087,000,000 | 1,184,000,000 | 1,097,000,000 | 1,567,000,000 | 1,021,000,000 | 1,530,000,000 | 84,000,000 | 507,000,000 | 462,000,000 | 823,000,000 | 667,000,000 | 584,000,000 | 436,000,000 | 526,000,000 | 511,000,000 | 620,000,000 | 380,000,000 | 411,000,000 | 384,000,000 | 390,000,000 | 323,000,000 | 323,000,000 | 365,000,000 | 367,000,000 | 301,000,000 |
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||||||||||||||||||||
transaction and credit losses | 483,000,000 | 476,000,000 | 371,000,000 | 434,000,000 | 352,000,000 | 335,000,000 | 321,000,000 | 396,000,000 | 446,000,000 | 398,000,000 | 442,000,000 | 388,000,000 | 367,000,000 | 448,000,000 | 369,000,000 | 350,000,000 | 268,000,000 | 169,000,000 | 273,000,000 | 366,000,000 | 344,000,000 | 440,000,000 | 591,000,000 | ||||||||||||||||||
depreciation and amortization | 245,000,000 | 239,000,000 | 245,000,000 | 249,000,000 | 255,000,000 | 263,000,000 | 265,000,000 | 263,000,000 | 270,000,000 | 269,000,000 | 270,000,000 | 326,000,000 | 330,000,000 | 333,000,000 | 328,000,000 | 326,000,000 | 323,000,000 | 316,000,000 | 300,000,000 | 301,000,000 | 298,000,000 | 297,000,000 | 293,000,000 | 227,000,000 | 227,000,000 | 228,000,000 | 230,000,000 | 223,000,000 | 188,000,000 | 180,000,000 | 185,000,000 | 227,000,000 | 194,000,000 | 201,000,000 | 183,000,000 | 189,000,000 | 185,000,000 | 176,000,000 | 174,000,000 | 164,000,000 | 153,000,000 |
stock-based compensation | 257,000,000 | 286,000,000 | 249,000,000 | 283,000,000 | 284,000,000 | 298,000,000 | 365,000,000 | 388,000,000 | 379,000,000 | 363,000,000 | 345,000,000 | 294,000,000 | 226,000,000 | 312,000,000 | 429,000,000 | 318,000,000 | 300,000,000 | 390,000,000 | 368,000,000 | 377,000,000 | 364,000,000 | 352,000,000 | 283,000,000 | 285,000,000 | 266,000,000 | 223,000,000 | 247,000,000 | 230,000,000 | 213,000,000 | 205,000,000 | 205,000,000 | 219,000,000 | 193,000,000 | 176,000,000 | 145,000,000 | 125,000,000 | 107,000,000 | 111,000,000 | 95,000,000 | 90,000,000 | 94,000,000 |
deferred income taxes | 182,000,000 | -83,000,000 | -6,000,000 | 223,000,000 | -21,000,000 | -23,000,000 | 52,000,000 | -229,000,000 | -293,000,000 | -79,000,000 | -67,000,000 | -273,000,000 | -81,000,000 | -441,000,000 | -16,000,000 | -307,000,000 | -72,000,000 | 171,000,000 | -37,000,000 | 110,000,000 | -79,000,000 | -147,000,000 | -157,000,000 | -39,000,000 | 74,000,000 | -137,000,000 | -123,000,000 | -2,000,000 | 91,000,000 | -1,312,000,000 | -89,000,000 | 49,000,000 | 53,000,000 | -19,000,000 | -17,000,000 | 66,000,000 | 22,000,000 | 40,000,000 | -5,000,000 | ||
net losses on strategic investments | -133,000,000 | -48,000,000 | 141,000,000 | -495,000,000 | 672,000,000 | -14,000,000 | |||||||||||||||||||||||||||||||||||
accretion of discounts on investments, net of amortization of premiums | -20,000,000 | -27,000,000 | -30,000,000 | -45,000,000 | -93,000,000 | -122,000,000 | -75,000,000 | ||||||||||||||||||||||||||||||||||
adjustments to loans and interest receivable, held for sale | 70,000,000 | 27,000,000 | 25,000,000 | 33,000,000 | 28,000,000 | 27,000,000 | 37,000,000 | 4,000,000 | 15,000,000 | ||||||||||||||||||||||||||||||||
other | 52,000,000 | -224,000,000 | -73,000,000 | 135,000,000 | -96,000,000 | -55,000,000 | 13,000,000 | 163,000,000 | 9,000,000 | -184,000,000 | -92,000,000 | -362,000,000 | 245,000,000 | 248,000,000 | 74,000,000 | 8,000,000 | 15,000,000 | 26,000,000 | 51,000,000 | 37,000,000 | 37,000,000 | 5,000,000 | -32,000,000 | -20,000,000 | -38,000,000 | -48,000,000 | -44,000,000 | -93,000,000 | -48,000,000 | ||||||||||||
originations of loans receivable, held for sale | -9,682,000,000 | -7,729,000,000 | -6,629,000,000 | -7,325,000,000 | -6,108,000,000 | -5,720,000,000 | -5,345,000,000 | -5,765,000,000 | -4,184,000,000 | ||||||||||||||||||||||||||||||||
proceeds from repayments and sales of loans receivable, originally classified as held for sale | 9,048,000,000 | 7,667,000,000 | 6,445,000,000 | 7,193,000,000 | 5,984,000,000 | 5,943,000,000 | 5,232,000,000 | ||||||||||||||||||||||||||||||||||
changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
accounts receivable | 126,000,000 | -17,000,000 | -98,000,000 | 54,000,000 | -51,000,000 | 121,000,000 | -39,000,000 | -79,000,000 | -71,000,000 | 39,000,000 | -3,000,000 | -74,000,000 | -22,000,000 | -17,000,000 | -50,000,000 | -67,000,000 | -43,000,000 | -15,000,000 | -97,000,000 | -107,000,000 | -40,000,000 | -30,000,000 | 77,000,000 | -17,000,000 | -37,000,000 | 30,000,000 | -96,000,000 | 74,000,000 | -134,000,000 | -24,000,000 | 25,000,000 | 17,000,000 | -43,000,000 | 2,000,000 | 36,000,000 | -27,000,000 | -20,000,000 | -8,000,000 | -22,000,000 | 76,000,000 | -85,000,000 |
accounts payable | 44,000,000 | 2,000,000 | -52,000,000 | 59,000,000 | 35,000,000 | 11,000,000 | -22,000,000 | 13,000,000 | 6,000,000 | -15,000,000 | 3,000,000 | 20,000,000 | -28,000,000 | 2,000,000 | -29,000,000 | 19,000,000 | -91,000,000 | 75,000,000 | -34,000,000 | 89,000,000 | -45,000,000 | -27,000,000 | -21,000,000 | 55,000,000 | -2,000,000 | -46,000,000 | -3,000,000 | 21,000,000 | 22,000,000 | 18,000,000 | -35,000,000 | 58,000,000 | 0 | 5,000,000 | -1,000,000 | -17,000,000 | 6,000,000 | 9,000,000 | 13,000,000 | 10,000,000 | -36,000,000 |
other assets and liabilities | -69,000,000 | -969,000,000 | -526,000,000 | -136,000,000 | -687,000,000 | 176,000,000 | 17,000,000 | -611,000,000 | -240,000,000 | 53,000,000 | 181,000,000 | -375,000,000 | -99,000,000 | -506,000,000 | -287,000,000 | -759,000,000 | 533,000,000 | 106,000,000 | -167,000,000 | -76,000,000 | -227,000,000 | 143,000,000 | -298,000,000 | -468,000,000 | 5,000,000 | -235,000,000 | -366,000,000 | -64,000,000 | -247,000,000 | -158,000,000 | 0 | ||||||||||
net cash from operating activities | 1,974,000,000 | 898,000,000 | 1,160,000,000 | 2,394,000,000 | 1,614,000,000 | 1,525,000,000 | 1,917,000,000 | 2,614,000,000 | 1,259,000,000 | -200,000,000 | 1,170,000,000 | 1,157,000,000 | 1,948,000,000 | 1,466,000,000 | 1,242,000,000 | 1,763,000,000 | 1,513,000,000 | 1,306,000,000 | 1,758,000,000 | 1,247,000,000 | 720,000,000 | 2,383,000,000 | 1,504,000,000 | 1,264,000,000 | 1,096,000,000 | 1,174,000,000 | 1,027,000,000 | 1,134,000,000 | 4,670,000,000 | 28,000,000 | -349,000,000 | -147,000,000 | 1,006,000,000 | 921,000,000 | 751,000,000 | 923,000,000 | 801,000,000 | 696,000,000 | 738,000,000 | 728,000,000 | 652,000,000 |
capital expenditures | -256,000,000 | -206,000,000 | -196,000,000 | -203,000,000 | -169,000,000 | -157,000,000 | -154,000,000 | -145,000,000 | -158,000,000 | -150,000,000 | -170,000,000 | -158,000,000 | -182,000,000 | -175,000,000 | -191,000,000 | -213,000,000 | -227,000,000 | -247,000,000 | -221,000,000 | -226,000,000 | -241,000,000 | -193,000,000 | -206,000,000 | -174,000,000 | -173,000,000 | -139,000,000 | -218,000,000 | -224,000,000 | -223,000,000 | -198,000,000 | -178,000,000 | -180,000,000 | -165,000,000 | -174,000,000 | -148,000,000 | -152,000,000 | -183,000,000 | -201,000,000 | -133,000,000 | -164,000,000 | -133,000,000 |
free cash flows | 1,718,000,000 | 692,000,000 | 964,000,000 | 2,191,000,000 | 1,445,000,000 | 1,368,000,000 | 1,763,000,000 | 2,469,000,000 | 1,101,000,000 | -350,000,000 | 1,000,000,000 | 999,000,000 | 1,766,000,000 | 1,291,000,000 | 1,051,000,000 | 1,550,000,000 | 1,286,000,000 | 1,059,000,000 | 1,537,000,000 | 1,021,000,000 | 479,000,000 | 2,190,000,000 | 1,298,000,000 | 1,090,000,000 | 923,000,000 | 1,035,000,000 | 809,000,000 | 910,000,000 | 4,447,000,000 | -170,000,000 | -527,000,000 | -327,000,000 | 841,000,000 | 747,000,000 | 603,000,000 | 771,000,000 | 618,000,000 | 495,000,000 | 605,000,000 | 564,000,000 | 519,000,000 |
cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||
purchases of reverse repurchase agreements | 0 | -1,000,000 | -200,000,000 | -125,000,000 | |||||||||||||||||||||||||||||||||||||
maturities of reverse repurchase agreements | 0 | 201,000,000 | 87,000,000 | 111,000,000 | |||||||||||||||||||||||||||||||||||||
purchases of property and equipment | -256,000,000 | -206,000,000 | -196,000,000 | -203,000,000 | -169,000,000 | -157,000,000 | -154,000,000 | -145,000,000 | -158,000,000 | -150,000,000 | -170,000,000 | -158,000,000 | -182,000,000 | -175,000,000 | -191,000,000 | -213,000,000 | -227,000,000 | -247,000,000 | -221,000,000 | -226,000,000 | -241,000,000 | -193,000,000 | -206,000,000 | -174,000,000 | -173,000,000 | -139,000,000 | -218,000,000 | -224,000,000 | -223,000,000 | -198,000,000 | -178,000,000 | -180,000,000 | -165,000,000 | -174,000,000 | -148,000,000 | -152,000,000 | -183,000,000 | -201,000,000 | -133,000,000 | -164,000,000 | -133,000,000 |
proceeds from sales of property and equipment | 0 | 1,000,000 | 2,000,000 | 1,000,000 | 4,000,000 | 39,000,000 | 1,000,000 | 0 | 0 | 2,000,000 | 3,000,000 | 2,000,000 | 2,000,000 | 0 | 0 | 1,000,000 | 119,000,000 | 0 | 0 | 15,000,000 | |||||||||||||||||||||
purchases and originations of loans receivable | -4,414,000,000 | -5,982,000,000 | -5,508,000,000 | -6,433,000,000 | -5,413,000,000 | -5,182,000,000 | -4,779,000,000 | -5,396,000,000 | -4,635,000,000 | -6,900,000,000 | -8,267,000,000 | -9,003,000,000 | -6,867,000,000 | -6,775,000,000 | -5,525,000,000 | ||||||||||||||||||||||||||
proceeds from repayments and sales of loans receivable, originally classified as held for investment | 4,735,000,000 | 5,733,000,000 | 5,477,000,000 | 5,567,000,000 | 4,945,000,000 | 4,933,000,000 | 4,827,000,000 | ||||||||||||||||||||||||||||||||||
purchases of investments | -4,387,000,000 | -5,594,000,000 | -5,970,000,000 | -5,390,000,000 | -4,815,000,000 | -8,923,000,000 | -7,081,000,000 | -7,005,000,000 | -4,452,000,000 | -4,423,000,000 | -6,100,000,000 | -3,764,000,000 | -3,304,000,000 | -4,547,000,000 | -8,604,000,000 | -9,211,000,000 | -10,665,000,000 | -9,265,000,000 | -10,975,000,000 | -13,180,000,000 | -13,489,000,000 | -11,251,000,000 | -3,593,000,000 | -8,073,000,000 | -6,617,000,000 | -5,053,000,000 | -8,138,000,000 | -6,740,000,000 | -5,025,000,000 | -5,341,000,000 | -5,275,000,000 | -5,191,000,000 | -2,271,000,000 | -4,847,000,000 | -7,109,000,000 | -4,057,000,000 | -6,775,000,000 | -6,118,000,000 | -4,091,000,000 | -820,000,000 | -2,257,000,000 |
maturities and sales of investments | 7,432,000,000 | 6,130,000,000 | 5,465,000,000 | 5,783,000,000 | 6,938,000,000 | 4,999,000,000 | 9,242,000,000 | 8,185,000,000 | 5,368,000,000 | 5,297,000,000 | 5,445,000,000 | 6,641,000,000 | 5,683,000,000 | 2,336,000,000 | 8,751,000,000 | 9,308,000,000 | 11,707,000,000 | 8,965,000,000 | 9,718,000,000 | 11,175,000,000 | 9,940,000,000 | 4,282,000,000 | 5,511,000,000 | 7,488,000,000 | 6,853,000,000 | 4,509,000,000 | 6,028,000,000 | 5,951,000,000 | 6,278,000,000 | 5,378,000,000 | 4,291,000,000 | 5,423,000,000 | 3,491,000,000 | 3,955,000,000 | 5,581,000,000 | 3,815,000,000 | 5,279,000,000 | 5,139,000,000 | 4,196,000,000 | 1,342,000,000 | 1,559,000,000 |
funds receivable | 1,553,000,000 | -44,000,000 | -2,741,000,000 | 2,756,000,000 | 1,519,000,000 | -198,000,000 | -1,169,000,000 | -1,927,000,000 | -1,775,000,000 | -317,000,000 | 1,076,000,000 | -1,728,000,000 | -203,000,000 | -643,000,000 | -239,000,000 | 230,000,000 | -164,000,000 | 307,000,000 | -180,000,000 | -492,000,000 | 74,000,000 | -733,000,000 | -401,000,000 | 1,283,000,000 | 922,000,000 | -39,000,000 | -2,175,000,000 | 1,573,000,000 | -1,329,000,000 | 473,000,000 | 429,000,000 | ||||||||||
collateral posted related to derivative instruments | 109,000,000 | -263,000,000 | -53,000,000 | 131,000,000 | -133,000,000 | 1,000,000 | 74,000,000 | -64,000,000 | 19,000,000 | 11,000,000 | -22,000,000 | ||||||||||||||||||||||||||||||
net cash from investing activities | 4,772,000,000 | -20,000,000 | -3,657,000,000 | 2,457,000,000 | 2,799,000,000 | -4,647,000,000 | 980,000,000 | -534,000,000 | -307,000,000 | 1,559,000,000 | 34,000,000 | -135,000,000 | 1,381,000,000 | -3,916,000,000 | -751,000,000 | -3,129,000,000 | 326,000,000 | -1,099,000,000 | -1,583,000,000 | -2,952,000,000 | -3,193,000,000 | -7,505,000,000 | -2,568,000,000 | -399,000,000 | 623,000,000 | -1,097,000,000 | -4,860,000,000 | 123,000,000 | 154,000,000 | 558,000,000 | 5,000,000 | -1,829,000,000 | -1,689,000,000 | -1,806,000,000 | 325,000,000 | -1,257,000,000 | -1,380,000,000 | ||||
cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||
borrowings from repurchase agreements | 2,544,000,000 | 0 | |||||||||||||||||||||||||||||||||||||||
repayments of repurchase agreements | -2,544,000,000 | 0 | |||||||||||||||||||||||||||||||||||||||
proceeds from issuance of common stock | 0 | 40,000,000 | 0 | 45,000,000 | 0 | 81,000,000 | 1,000,000 | 57,000,000 | 0 | 83,000,000 | 3,000,000 | 72,000,000 | 1,000,000 | 87,000,000 | 2,000,000 | 65,000,000 | 1,000,000 | 70,000,000 | 1,000,000 | 60,000,000 | 4,000,000 | 67,000,000 | 7,000,000 | 61,000,000 | 5,000,000 | 65,000,000 | 13,000,000 | 44,000,000 | 14,000,000 | 74,000,000 | 12,000,000 | 51,000,000 | 1,000,000 | 51,000,000 | 6,000,000 | 39,000,000 | |||||
purchases of treasury stock | -1,500,000,000 | -1,551,000,000 | -1,500,000,000 | -1,269,000,000 | -1,776,000,000 | -1,501,000,000 | -1,501,000,000 | -607,000,000 | -1,434,000,000 | -1,529,000,000 | -1,432,000,000 | -1,010,000,000 | -939,000,000 | -750,000,000 | -1,500,000,000 | -1,500,000,000 | -350,000,000 | -200,000,000 | -1,323,000,000 | -265,000,000 | -370,000,000 | -200,000,000 | -800,000,000 | -305,000,000 | -350,000,000 | 0 | -756,000,000 | -595,000,000 | -600,000,000 | -500,000,000 | -1,825,000,000 | -300,000,000 | -100,000,000 | -89,000,000 | -517,000,000 | -50,000,000 | -49,000,000 | -300,000,000 | -596,000,000 | ||
tax withholdings related to net share settlements of equity awards | -68,000,000 | 28,000,000 | -277,000,000 | -80,000,000 | -41,000,000 | -63,000,000 | -167,000,000 | -32,000,000 | -25,000,000 | -51,000,000 | -149,000,000 | -15,000,000 | -46,000,000 | -31,000,000 | -244,000,000 | -58,000,000 | -38,000,000 | -77,000,000 | -863,000,000 | -42,000,000 | -19,000,000 | -402,000,000 | -24,000,000 | -140,000,000 | -309,000,000 | -20,000,000 | -37,000,000 | -335,000,000 | -16,000,000 | -23,000,000 | -101,000,000 | -1,000,000 | |||||||||
borrowings under financing arrangements | 746,000,000 | 0 | 1,491,000,000 | 0 | 132,000,000 | 1,299,000,000 | 115,000,000 | 699,000,000 | 109,000,000 | 648,000,000 | 72,000,000 | 129,000,000 | 58,000,000 | 3,002,000,000 | 286,000,000 | 0 | 0 | 3,966,000,000 | 3,000,000,000 | 0 | 4,971,000,000 | 0 | |||||||||||||||||||
repayments under financing arrangements | -747,000,000 | -1,250,000,000 | 0 | -52,000,000 | -359,000,000 | -111,000,000 | 0 | -937,000,000 | -5,000,000 | 0 | 0 | -1,582,000,000 | -104,000,000 | 0 | 0 | -7,000,000 | -14,000,000 | 0 | 0 | -21,000,000 | -4,000,000 | ||||||||||||||||||||
funds payable and amounts due to customers | -250,000,000 | -504,000,000 | 1,417,000,000 | -1,183,000,000 | -733,000,000 | 445,000,000 | -483,000,000 | 3,138,000,000 | 1,301,000,000 | -1,558,000,000 | -1,020,000,000 | 2,157,000,000 | -2,245,000,000 | 723,000,000 | 863,000,000 | 997,000,000 | -429,000,000 | -7,000,000 | 3,011,000,000 | 2,775,000,000 | 1,904,000,000 | 5,461,000,000 | 457,000,000 | -1,877,000,000 | -753,000,000 | 569,000,000 | 2,560,000,000 | -1,194,000,000 | 1,689,000,000 | 213,000,000 | 865,000,000 | 1,739,000,000 | 915,000,000 | 1,086,000,000 | 552,000,000 | 1,161,000,000 | 283,000,000 | 841,000,000 | 738,000,000 | 459,000,000 | 416,000,000 |
collateral received related to derivative instruments and reverse repurchase agreements | -10,000,000 | -10,000,000 | -135,000,000 | 157,000,000 | |||||||||||||||||||||||||||||||||||||
net cash from financing activities | -1,829,000,000 | -3,174,000,000 | 994,000,000 | -3,585,000,000 | -2,529,000,000 | 200,000,000 | -2,362,000,000 | 61,000,000 | -3,392,000,000 | -2,662,000,000 | 1,312,000,000 | -3,172,000,000 | 1,445,000,000 | -695,000,000 | -578,000,000 | -816,000,000 | -197,000,000 | 827,000,000 | 2,480,000,000 | 1,493,000,000 | 6,278,000,000 | 2,241,000,000 | -149,000,000 | 1,339,000,000 | 996,000,000 | 1,502,000,000 | -1,769,000,000 | 1,049,000,000 | -1,335,000,000 | 793,000,000 | 1,657,000,000 | 1,439,000,000 | 1,143,000,000 | 238,000,000 | 544,000,000 | 113,000,000 | 45,000,000 | 62,000,000 | |||
effect of exchange rate changes on cash, cash equivalents, and restricted cash | -46,000,000 | -4,000,000 | 98,000,000 | -117,000,000 | -154,000,000 | 18,000,000 | 4,000,000 | -72,000,000 | 8,000,000 | -42,000,000 | 143,000,000 | 98,000,000 | 106,000,000 | -178,000,000 | 43,000,000 | -48,000,000 | |||||||||||||||||||||||||
net change in cash, cash equivalents, and restricted cash | -2,079,000,000 | -1,462,000,000 | 2,432,000,000 | 40,000,000 | -1,159,000,000 | -186,000,000 | -1,940,000,000 | 951,000,000 | 18,000,000 | 960,000,000 | 918,000,000 | -882,000,000 | 1,262,000,000 | 999,000,000 | 759,000,000 | 3,010,000,000 | |||||||||||||||||||||||||
cash, cash equivalents, and restricted cash at beginning of period | 0 | 19,156,000,000 | 0 | 0 | 0 | 18,029,000,000 | 0 | 0 | 0 | 18,040,000,000 | 0 | 0 | 0 | 15,743,000,000 | 0 | 0 | |||||||||||||||||||||||||
cash, cash equivalents, and restricted cash at end of period | -2,079,000,000 | 17,694,000,000 | 2,432,000,000 | 40,000,000 | -1,159,000,000 | 17,843,000,000 | -1,940,000,000 | 951,000,000 | 18,000,000 | 19,000,000,000 | 918,000,000 | -882,000,000 | 1,262,000,000 | 16,742,000,000 | 759,000,000 | 3,010,000,000 | |||||||||||||||||||||||||
supplemental cash flow disclosures: | |||||||||||||||||||||||||||||||||||||||||
cash paid for interest | 12,000,000 | 12,000,000 | 97,000,000 | 12,000,000 | 13,000,000 | 67,000,000 | 11,000,000 | 31,000,000 | 25,000,000 | 20,000,000 | 21,000,000 | 18,000,000 | 8,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | |||||||||||||||||||||
cash paid for income taxes | 47,000,000 | 56,000,000 | 293,000,000 | 87,000,000 | 374,000,000 | 40,000,000 | 30,000,000 | 44,000,000 | 48,000,000 | 15,000,000 | 25,000,000 | 48,000,000 | 7,000,000 | 12,000,000 | 24,000,000 | 25,000,000 | |||||||||||||||||||||||||
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 | 4,861,000,000 | 2,037,000,000 | 28,000,000 | 5,717,000,000 | -241,000,000 | -1,501,000,000 | 7,854,000,000 | 1,968,000,000 | 394,000,000 | 4,515,000,000 | 5,307,000,000 | -39,000,000 | 2,879,000,000 | ||||||||||||||||||||||||||||
short-term investments | 27,000,000 | 5,000,000 | |||||||||||||||||||||||||||||||||||||||
funds receivable and customer accounts | 12,955,000,000 | -1,091,000,000 | -2,000,000 | 13,257,000,000 | -646,000,000 | 2,762,000,000 | 8,871,000,000 | 1,044,000,000 | 680,000,000 | 6,373,000,000 | 540,000,000 | -766,000,000 | 5,832,000,000 | -1,244,000,000 | -1,603,000,000 | -387,000,000 | 754,000,000 | -796,000,000 | 398,000,000 | -270,000,000 | 492,000,000 | -459,000,000 | -416,000,000 | ||||||||||||||||||
total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | 17,843,000,000 | 951,000,000 | 18,000,000 | 19,000,000,000 | -882,000,000 | 1,262,000,000 | 16,742,000,000 | ||||||||||||||||||||||||||||||||||
net (gains) losses on strategic investments | -11,000,000 | -48,000,000 | 6,000,000 | 49,000,000 | 4,000,000 | ||||||||||||||||||||||||||||||||||||
gain on divestiture of business, excluding transaction costs | |||||||||||||||||||||||||||||||||||||||||
transaction loss allowance for cash losses | |||||||||||||||||||||||||||||||||||||||||
other current assets and non-current assets | |||||||||||||||||||||||||||||||||||||||||
other current liabilities and non-current liabilities | |||||||||||||||||||||||||||||||||||||||||
proceeds from divestiture of business, net of cash divested | |||||||||||||||||||||||||||||||||||||||||
collateral received related to derivative instruments | 37,000,000 | 33,000,000 | -132,000,000 | 110,000,000 | -46,000,000 | -129,000,000 | |||||||||||||||||||||||||||||||||||
other investing activities | 20,000,000 | 10,000,000 | -7,000,000 | 75,000,000 | 8,000,000 | 157,000,000 | 0 | ||||||||||||||||||||||||||||||||||
acquisitions, net of cash and restricted cash acquired | -2,294,000,000 | 0 | 0 | 3,000,000 | 0 | -3,612,000,000 | |||||||||||||||||||||||||||||||||||
other financing activities | 0 | 0 | 0 | 1,000,000 | -37,000,000 | 0 | 0 | -15,000,000 | |||||||||||||||||||||||||||||||||
proceeds from repayments of loans receivable, originally classified as held for sale | 3,374,000,000 | ||||||||||||||||||||||||||||||||||||||||
income taxes payable | 295,000,000 | -91,000,000 | -235,000,000 | 264,000,000 | 23,000,000 | 69,000,000 | 17,000,000 | 55,000,000 | -2,000,000 | 53,000,000 | -33,000,000 | -115,000,000 | -229,000,000 | 63,000,000 | 51,000,000 | -7,000,000 | -26,000,000 | -21,000,000 | 14,000,000 | -23,000,000 | -7,000,000 | -5,000,000 | 3,000,000 | 4,000,000 | 17,000,000 | 18,000,000 | 14,000,000 | 42,000,000 | -5,000,000 | ||||||||||||
proceeds from repayments of loans receivable, originally classified as held for investment | 5,329,000,000 | ||||||||||||||||||||||||||||||||||||||||
principal repayment of loans receivable | 8,063,000,000 | 7,739,000,000 | 6,254,000,000 | 5,856,000,000 | 5,054,000,000 | ||||||||||||||||||||||||||||||||||||
net gains on strategic investments | 290,000,000 | -173,000,000 | |||||||||||||||||||||||||||||||||||||||
changes in loans and interest receivable held for sale | 0 | 0 | 0 | 4,000,000 | 0 | 3,675,000,000 | -977,000,000 | -1,291,000,000 | |||||||||||||||||||||||||||||||||
changes in principal loans receivable | -951,000,000 | -327,000,000 | -391,000,000 | 75,000,000 | -229,000,000 | 520,000,000 | 389,000,000 | -386,000,000 | -520,000,000 | -379,000,000 | -375,000,000 | -357,000,000 | -452,000,000 | 2,573,000,000 | 262,000,000 | 738,000,000 | 234,000,000 | -527,000,000 | -491,000,000 | -136,000,000 | -639,000,000 | -408,000,000 | -356,000,000 | -120,000,000 | -673,000,000 | -554,000,000 | |||||||||||||||
net incomees on strategic investments | 120,000,000 | ||||||||||||||||||||||||||||||||||||||||
the below table 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: | |||||||||||||||||||||||||||||||||||||||||
short term investments | 26,000,000 | 5,000,000 | 1,000,000 | 17,000,000 | -2,000,000 | -3,000,000 | 15,000,000 | 0 | 0 | 16,000,000 | |||||||||||||||||||||||||||||||
cost basis adjustments to loans and interest receivable held for sale | 0 | 0 | 116,000,000 | 128,000,000 | |||||||||||||||||||||||||||||||||||||
tax withholdings related to net share settlements of restricted stock units and restricted stock awards | -15,000,000 | -11,000,000 | |||||||||||||||||||||||||||||||||||||||
adjustments: | |||||||||||||||||||||||||||||||||||||||||
gains on strategic investments | |||||||||||||||||||||||||||||||||||||||||
unrealized gains on strategic investments | 228,000,000 | -218,000,000 | -180,000,000 | ||||||||||||||||||||||||||||||||||||||
unrealized losses on strategic investments | 151,000,000 | ||||||||||||||||||||||||||||||||||||||||
transaction and loan losses | 381,000,000 | 340,000,000 | 318,000,000 | 341,000,000 | 340,000,000 | 295,000,000 | 334,000,000 | 305,000,000 | 40,000,000 | 363,000,000 | 308,000,000 | 300,000,000 | 307,000,000 | 271,000,000 | 255,000,000 | 255,000,000 | 245,000,000 | 201,000,000 | |||||||||||||||||||||||
the below table reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheet to the total of the same amounts shown in the condensed consolidated statement of cash flows: | |||||||||||||||||||||||||||||||||||||||||
total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows | 3,010,000,000 | ||||||||||||||||||||||||||||||||||||||||
effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,000,000 | -26,000,000 | -56,000,000 | -7,000,000 | |||||||||||||||||||||||||||||||||||||
net change in cash, cash equivalents and restricted cash | -2,330,000,000 | 5,847,000,000 | -805,000,000 | 442,000,000 | |||||||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash at beginning of period | 13,233,000,000 | 0 | 0 | 8,285,000,000 | |||||||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash at end of period | 10,903,000,000 | 5,847,000,000 | -805,000,000 | 8,727,000,000 | |||||||||||||||||||||||||||||||||||||
cash paid (refund received) for income taxes | 22,000,000 | -6,000,000 | |||||||||||||||||||||||||||||||||||||||
the below table reconciles cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheet to the total of the same amounts shown in the condensed consolidated statement of cash flows: | |||||||||||||||||||||||||||||||||||||||||
total cash, cash equivalents and restricted cash shown in the condensed consolidated statement of cash flows | 10,903,000,000 | 5,847,000,000 | |||||||||||||||||||||||||||||||||||||||
excess tax benefits from stock-based compensation | -4,000,000 | -4,000,000 | -31,000,000 | -1,000,000 | -2,000,000 | -8,000,000 | |||||||||||||||||||||||||||||||||||
acquisitions, net of cash acquired | -2,120,000,000 | 0 | 0 | 0 | 0 | -19,000,000 | -942,000,000 | -10,000,000 | |||||||||||||||||||||||||||||||||
gain on sale of principal loans receivable held for sale | -5,000,000 | -5,000,000 | -9,000,000 | -4,000,000 | -6,000,000 | -6,000,000 | -7,000,000 | ||||||||||||||||||||||||||||||||||
borrowings under financing arrangements, net of repayments | -1,076,000,000 | 2,075,000,000 | 200,000,000 | ||||||||||||||||||||||||||||||||||||||
the below table reconciles cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheet to the total of the same amounts shown in the condensed consolidated statements of cash flows: | |||||||||||||||||||||||||||||||||||||||||
total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | 8,727,000,000 | ||||||||||||||||||||||||||||||||||||||||
receivable from ebay | |||||||||||||||||||||||||||||||||||||||||
payable to ebay | |||||||||||||||||||||||||||||||||||||||||
notes payable and receivable from ebay | |||||||||||||||||||||||||||||||||||||||||
contribution from ebay | |||||||||||||||||||||||||||||||||||||||||
effect of exchange rate changes on cash and cash equivalents | 1,000,000 | 12,000,000 | 12,000,000 | 11,000,000 | 1,000,000 | 1,000,000 | 14,000,000 | -3,000,000 | -16,000,000 | ||||||||||||||||||||||||||||||||
net increase in cash and cash equivalents | -565,000,000 | 1,190,000,000 | -487,000,000 | -682,000,000 | |||||||||||||||||||||||||||||||||||||
cash and cash equivalents at beginning of period | 0 | 0 | 0 | 1,590,000,000 | 0 | 0 | 0 | 1,393,000,000 | 0 | 0 | |||||||||||||||||||||||||||||||
cash and cash equivalents at end of period | 553,000,000 | 1,059,000,000 | 31,000,000 | 1,240,000,000 | 221,000,000 | -649,000,000 | -565,000,000 | 2,583,000,000 | -487,000,000 | -682,000,000 | |||||||||||||||||||||||||||||||
principal loans receivable held for sale | 4,000,000 | 6,000,000 | 6,000,000 | ||||||||||||||||||||||||||||||||||||||
net cash (used in) investing activities | -1,398,000,000 | ||||||||||||||||||||||||||||||||||||||||
net change in cash and cash equivalents | 1,059,000,000 | 31,000,000 | -350,000,000 | ||||||||||||||||||||||||||||||||||||||
net cash (used in) and provided by investing activities | -1,058,000,000 | ||||||||||||||||||||||||||||||||||||||||
net cash (used in) and provided by financing activities | -54,000,000 | ||||||||||||||||||||||||||||||||||||||||
contribution from (to) ebay | |||||||||||||||||||||||||||||||||||||||||
borrowings (repayments) under financing arrangements | |||||||||||||||||||||||||||||||||||||||||
changes in principal loans receivable held for sale | 5,000,000 | 6,000,000 | 6,000,000 | 5,000,000 | |||||||||||||||||||||||||||||||||||||
notes and receivables from ebay | |||||||||||||||||||||||||||||||||||||||||
premium received on sale of principal loans receivable held for sale | -6,000,000 | -6,000,000 | -5,000,000 | ||||||||||||||||||||||||||||||||||||||
notes and receivable from ebay | |||||||||||||||||||||||||||||||||||||||||
repayments borrowings under financing arrangements | |||||||||||||||||||||||||||||||||||||||||
notes and receivable from affiliates | 79,000,000 | ||||||||||||||||||||||||||||||||||||||||
notes payable to affiliates | -96,000,000 | ||||||||||||||||||||||||||||||||||||||||
income taxes payable and other tax liabilities | 54,000,000 | ||||||||||||||||||||||||||||||||||||||||
notes and receivables from affiliates | 0 | ||||||||||||||||||||||||||||||||||||||||
contribution from (to) parent | |||||||||||||||||||||||||||||||||||||||||
contribution from parent |