PayPal Holdings Inc (NASDAQ: PYPL) is a digital payments company that operates an online platform enabling individuals and merchants to send, receive, and hold funds across multiple payment methods. Revenue is primarily transaction-based, generated as a take-rate on total payment volume processed through PayPal's platform. Net revenues reached $33.2B in FY2025, up 4% from $31.8B in FY2024, with operating income of $6.1B and an operating margin of 18% in FY2025. The company also offers cryptocurrency custody services, purchase protection programs for buyers, and payment processing for merchants selling goods and services across a range of industries including travel, retail, and subscriptions. PayPal operates across the U.S., the European Union, the U.K., and other international jurisdictions, subjecting it to a wide array of payment, lending, and anti-money laundering regulations globally.

Revenue model

Transaction-fee model: PayPal earns a percentage of payment volume processed on its platform. Net revenues were $33.2B in FY2025, $31.8B in FY2024, and $29.8B in FY2023.

Products and services

Digital payments platform (PayPal), cryptocurrency custody and trading services, buyer purchase protection programs, merchant payment processing, consumer lending products (U.S. state lending licenses held), and subscription payment facilitation.

Customers and end markets

Individual consumers and merchants globally. End markets include e-commerce retail, travel (airlines, cruises), live events (concert tickets), subscriptions, and custom-goods sellers. The platform also serves charitable fundraising use cases.

Value-chain role

Intermediary payment processor and custodian sitting between buyers, sellers, and payment card networks. Holds customer funds, processes transactions, provides fraud protection, and manages chargebacks under payment card network rules.

Geographic exposure

United States, European Union and member states, United Kingdom, and additional international jurisdictions. Regulatory exposure spans U.S. federal and state agencies, EU regulators, and U.K. authorities.

Source: SEC 10-K, filed 2026-02-03

Industry: Services-Business Services, NEC Peers: Automatic Data Processing Inc Block Inc Broadridge Financial Solutions Inc Fidelity National Information Services Inc Fiserv Inc Global Payments Inc Mastercard Inc Paychex Inc Visa Inc