10-Q – 2025-10-28 – pypl-20250930.htm

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025 .
OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from             to             .
Commission file number 001-36859
     

PayPal Holdings, Inc.
(Exact Name of Registrant as Specified in Its Charter)
 

Delaware 47-2989869
(State or Other Jurisdiction of
Incorporation or Organization) (I.R.S. Employer
Identification No.)
2211 North First Street San Jose, California 95131
(Address of Principal Executive Offices) (Zip Code)

( 408 ) 967-7000
(Registrant’s telephone number, including area code)
   

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, $0.0001 par value per share PYPL NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes    ☒    No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes    ☒     No   ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   
Yes ☐ No   ☒
As of October 22, 2025, there were 935,651,953 shares of the registrant’s common stock, $0.0001 par value, outstanding, which is the only class of common or voting stock of the registrant issued.

PayPal Holdings, Inc.
TABLE OF CONTENTS

Page Number
Part I.
Financial Information
4

Item 1.
Condensed Consolidated Balance Sheets
4

Condensed Consolidated Statements of Income (Loss)
5

Condensed Consolidated Statements of Comprehensive Income (Loss)
6

Condensed Consolidated Statements of Stockholders’ Equity
7

Condensed Consolidated Statements of Cash Flows
9

Notes to Condensed Consolidated Financial Statements
11

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
49

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
66

Item 4.
Controls and Procedures
68

Part II.
Other Information
69

Item 1.
Legal Proceedings
69

Item 1A.
Risk Factors
69

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
77

Item 3.
Defaults Upon Senior Securities
77

Item 4.
Mine Safety Disclosures
77

Item 5.
Other Information
77

Item 6.
Exhibits
78

Signatures
79

Table of Contents

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

PayPal Holdings, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,
2025 December 31,
2024
(In millions, except par value)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 8,995   $ 6,662  
Short-term investments 1,760   4,262  
Accounts receivable, net 973   984  
Loans and interest receivable, held for sale 1,404   541  
Loans and interest receivable, net of allowances of $ 515 and $ 461 as of September 30, 2025 and December 31, 2024, respectively
6,396   6,422  
Funds receivable and customer accounts 38,668   37,671  
Prepaid expenses and other current assets 1,980   1,664  
Total current assets 60,176   58,206  
Long-term investments 3,601   4,583  
Property and equipment, net 1,656   1,508  
Goodwill 10,941   10,837  
Intangible assets, net 226   326  
Other assets 3,201   3,265  
Total assets $ 79,801   $ 78,725  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 208   $ 227  
Funds payable and amounts due to customers 40,668   39,671  
Accrued expenses and other current liabilities 4,048   5,592  
Total current liabilities 44,924   45,490  
Other long-term liabilities 3,403   2,939  
Long-term debt 11,276   9,879  
Total liabilities 59,603   58,308  
Commitments and contingencies (Note 13)
Equity:
Common stock, $ 0.0001 par value; 4,000 shares authorized; 941 and 993 shares outstanding as of September 30, 2025 and December 31, 2024, respectively
—   —  
Preferred stock, $ 0.0001 par value; 100 shares authorized, unissued
—   —  
Treasury stock at cost, 400 and 337 shares as of September 30, 2025 and December 31, 2024, respectively
( 31,624 ) ( 27,085 )
Additional paid-in-capital 21,359   20,705  
Retained earnings 31,163   27,347  
Accumulated other comprehensive income (loss) ( 700 ) ( 550 )
Total equity 20,198   20,417  
Total liabilities and equity $ 79,801   $ 78,725  

The accompanying notes are an integral part of these condensed consolidated financial statements.

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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(In millions, except per share amounts)
(Unaudited)
Net revenues $ 8,417   $ 7,847   $ 24,496   $ 23,431  
Operating expenses:
Transaction expense 4,063   3,841   11,735   11,700  
Transaction and credit losses 483   352   1,330   1,008  
Customer support and operations 447   427   1,258   1,317  
Sales and marketing 521   508   1,592   1,375  
Technology and development 801   746   2,299   2,206  
General and administrative 513   519   1,477   1,553  
Restructuring and other 69   63   251   388  
Total operating expenses 6,897   6,456   19,942   19,547  
Operating income 1,520   1,391   4,554   3,884  
Other income (expense), net 13   ( 80 ) 111   35  
Income before income taxes 1,533   1,311   4,665   3,919  
Income tax expense 285   301   869   893  
Net income (loss) $ 1,248   $ 1,010   $ 3,796   $ 3,026  

Net income (loss) per share:
Basic $ 1.31   $ 1.00   $ 3.92   $ 2.91  
Diluted $ 1.30   $ 0.99   $ 3.88   $ 2.89  

Weighted average shares:
Basic 950   1,015   968   1,040  
Diluted 960   1,024   978   1,048  

The accompanying notes are an integral part of these condensed consolidated financial statements.

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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
  (In millions)

(Unaudited)

Net income (loss) $ 1,248   $ 1,010   $ 3,796   $ 3,026  
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments (“CTA”), net
( 49 ) 275   185   7  
Tax (expense) benefit on foreign CTA, net
—   —   ( 4 ) —  
Net investment hedges CTA (losses) gains, net
—   ( 149 ) —   50  
Tax benefit (expense) on net investment hedges CTA (losses) gains, net
—   35   —   ( 12 )
Unrealized gains (losses) on cash flow hedges, net
78   ( 148 ) ( 346 ) ( 49 )
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net
( 3 ) 7   17   2  
Unrealized gains (losses) on available-for-sale debt securities, net
18   60   ( 2 ) 158  
Tax expense on unrealized gains (losses) on available-for-sale debt securities, net
( 5 ) ( 14 ) —   ( 37 )
Other comprehensive income (loss), net of tax 39   66   ( 150 ) 119  
Comprehensive income (loss) $ 1,287   $ 1,076   $ 3,646   $ 3,145  

The accompanying notes are an integral part of these condensed consolidated financial statements.

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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Common Stock Shares Treasury Stock Additional Paid-In Capital Accumulated Other
Comprehensive Income (Loss) Retained Earnings Total Equity

  (In millions)
(Unaudited)
Balances at December 31, 2024 993   $ ( 27,085 ) $ 20,705   $ ( 550 ) $ 27,347   $ 20,417  
Adoption of crypto asset accounting standard
—  —  —  —  20   20  
Net income —  —  —  —  1,287   1,287  
Foreign CTA, net
—  —  —  109   —  109  
Tax expense on foreign CTA, net
—  —  —  ( 7 ) —  ( 7 )

Unrealized losses on cash flow hedges, net
—  —  —  ( 176 ) —  ( 176 )
Tax benefit on unrealized losses on cash flow hedges, net
—  —  —  9   —  9  
Unrealized losses on available-for-sale debt securities, net
—  —  —  ( 9 ) —  ( 9 )
Tax benefit on unrealized losses on available-for-sale debt securities, net
—  —  —  2   —  2  
Common stock and stock-based awards issued, net of shares withheld for employee taxes 5   —  ( 171 ) —  —  ( 171 )
Common stock repurchased ( 19 ) ( 1,512 ) —  —  —  ( 1,512 )

Stock-based compensation —  —  285   —  —  285  
Balances at March 31, 2025 979   $ ( 28,597 ) $ 20,819   $ ( 622 ) $ 28,654   $ 20,254  

Net income —  —  —  —  1,261   1,261  
Foreign CTA, net
—  —  —  125   —  125  
Tax expense on foreign CTA, net
—  —  —  3   —  3  

Unrealized losses on cash flow hedges, net
—  —  —  ( 248 ) —  ( 248 )
Tax benefit on unrealized losses on cash flow hedges, net
—  —  —  11   —  11  
Unrealized losses on available-for-sale debt securities, net
—  —  —  ( 11 ) —  ( 11 )
Tax benefit on unrealized losses on available-for-sale debt securities, net
—  —  —  3   —  3  
Common stock and stock-based awards issued, net of shares withheld for employee taxes
3   —  ( 2 ) —  —  ( 2 )
Common stock repurchased ( 22 ) ( 1,514 ) —  —  —  ( 1,514 )

Stock-based compensation —  —  319   —  —  319  
Balances at June 30, 2025 960   $ ( 30,111 ) $ 21,136   $ ( 739 ) $ 29,915   $ 20,201  
Net income —  —  —  —  1,248   1,248  
Foreign CTA, net
—  —  —  ( 49 ) —  ( 49 )

Unrealized gains on cash flow hedges, net
—  —  —  78   —  78  
Tax expense on unrealized gains on cash flow hedges, net
—  —  —  ( 3 ) —  ( 3 )
Unrealized gains on available-for-sale debt securities, net
—  —  —  18   —  18  
Tax expense on unrealized gains on available-for-sale debt securities, net
—  —  —  ( 5 ) —  ( 5 )
Common stock and stock-based awards issued, net of shares withheld for employee taxes 2   —  ( 66 ) —  —  ( 66 )
Common stock repurchased ( 21 ) ( 1,513 ) —  —  —  ( 1,513 )

Stock-based compensation —  —  289   —  —  289  
Balances at September 30, 2025 941   $ ( 31,624 ) $ 21,359   $ ( 700 ) $ 31,163   $ 20,198  

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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY—(continued)

Common Stock Shares Treasury Stock Additional Paid-In Capital Accumulated Other
Comprehensive Income (Loss) Retained Earnings Total Equity

  (In millions)
(Unaudited)
Balances at December 31, 2023 1,072   $ ( 21,045 ) $ 19,642   $ ( 746 ) $ 23,200   $ 21,051  
Net income —  —  —  —  888   888  
Foreign CTA, net
—  —  —  ( 143 ) —  ( 143 )

Net investment hedges CTA gains, net —  —  —  99   —  99  
Tax expense on net investment hedges CTA gains, net —  —  —  ( 23 ) —  ( 23 )
Unrealized gains on cash flow hedges, net —  —  —  96   —  96  
Tax expense on unrealized gains on cash flow hedges, net —  —  —  ( 5 ) —  ( 5 )
Unrealized gains on available-for-sale-debt securities, net
—  —  —  83   —  83  
Tax expense on unrealized gains on available-for-sale-debt securities, net
—  —  —  ( 20 ) —  ( 20 )
Common stock and stock-based awards issued, net of shares withheld for employee taxes
6   —  ( 193 ) —  —  ( 193 )
Common stock repurchased ( 25 ) ( 1,511 ) —  —  —  ( 1,511 )
Treasury stock reissuance —  4   —  —  —  4  
Stock-based compensation —  —  376   —  —  376  
Balances at March 31, 2024 1,053   $ ( 22,552 ) $ 19,825   $ ( 659 ) $ 24,088   $ 20,702  
Net income —  —  —  —  1,128   1,128  
Foreign CTA, net
—  —  —  ( 125 ) —  ( 125 )

Net investment hedges CTA gains, net
—  —  —  100   —  100  
Tax expense on net investment hedges CTA gains, net
—  —  —  ( 24 ) —  ( 24 )
Unrealized gains on cash flow hedges, net
—  —  —  3   —  3  

Unrealized gains on available-for-sale-debt securities, net
—  —  —  15   —  15  
Tax expense on unrealized gains on available-for-sale-debt securities, net
—  —  —  ( 3 ) —  ( 3 )
Common stock and stock-based awards issued, net of shares withheld for employee taxes
3   —  13   —  —  13  
Common stock repurchased ( 24 ) ( 1,516 ) —  —  —  ( 1,516 )
Treasury stock reissuance —  4   —  —  —  4  
Stock-based compensation —  —  325   —  —  325  
Balances at June 30, 2024 1,032   $ ( 24,064 ) $ 20,163   $ ( 693 ) $ 25,216   $ 20,622  
Net income —  —  —  —  1,010   1,010  
Foreign CTA, net
—  —  —  275   —  275  

Net investment hedges CTA losses, net
—  —  —  ( 149 ) —  ( 149 )
Tax benefit on net investment hedges CTA losses, net
—  —  —  35   —  35  
Unrealized losses on cash flow hedges, net
—  —  —  ( 148 ) —  ( 148 )
Tax benefit on unrealized losses on cash flow hedges, net
—  —  —  7   —  7  
Unrealized gains on available-for-sale debt securities, net —  —  —  60   —  60  
Tax expense on unrealized gains on available-for-sale debt securities, net —  —  —  ( 14 ) —  ( 14 )
Common stock and stock-based awards issued, net of shares withheld for employee taxes 2   —  ( 47 ) —  —  ( 47 )
Common stock repurchased ( 28 ) ( 1,791 ) —  —  —  ( 1,791 )
Treasury stock reissuance —  4   —  —  —  4  
Stock-based compensation —  —  310   —  —  310  
Balances at September 30, 2024 1,006   $ ( 25,851 ) $ 20,426   $ ( 627 ) $ 26,226   $ 20,174  
The accompanying notes are an integral part of these condensed consolidated financial statements.

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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  Nine Months Ended September 30,
  2025 2024
  (In millions)
(Unaudited)
Cash flows from operating activities:
Net income (loss) $ 3,796   $ 3,026  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Transaction and credit losses 1,330   1,008  
Depreciation and amortization 729   783  
Stock-based compensation 792   947  
Deferred income taxes 93   8  
Net (gains) losses on strategic investments ( 69 ) 226  
Accretion of discounts on investments, net of amortization of premiums ( 77 ) ( 290 )
Adjustments to loans and interest receivable, held for sale 122   92  
Other ( 245 ) ( 138 )
Originations of loans receivable, held for sale ( 24,040 ) ( 17,173 )
Proceeds from repayments and sales of loans receivable, originally classified as held for sale 23,160   17,159  
Changes in assets and liabilities:
Accounts receivable 11   31  
Accounts payable ( 6 ) 24  
Other assets and liabilities ( 1,564 ) ( 647 )
Net cash provided by operating activities 4,032   5,056  
Cash flows from investing activities:
Purchases of reverse repurchase agreements ( 201 ) ( 299 )
Maturities of reverse repurchase agreements 288   226  
Purchases of property and equipment ( 658 ) ( 480 )
Proceeds from sales of property and equipment 3   —  
Purchases and originations of loans receivable ( 15,904 ) ( 15,374 )
Proceeds from repayments and sales of loans receivable, originally classified as held for investment 15,945   14,705  
Purchases of investments ( 15,951 ) ( 20,819 )
Maturities and sales of investments 19,027   21,179  

Funds receivable ( 1,232 ) 152  
Collateral posted related to derivative instruments, net ( 207 ) ( 58 )
Other ( 15 ) —  
Net cash provided by (used in) investing activities
1,095   ( 768 )
Cash flows from financing activities:
Borrowings from repurchase agreements 2,949   656  
Repayments of repurchase agreements ( 2,949 ) ( 656 )
Proceeds from issuance of common stock 74   55  
Purchases of treasury stock ( 4,551 ) ( 4,778 )
Tax withholdings related to net share settlements of equity awards ( 317 ) ( 271 )
Borrowings under financing arrangements 2,237   1,546  
Repayments under financing arrangements ( 1,954 ) ( 411 )
Funds payable and amounts due to customers 663   ( 771 )
Collateral received related to derivative instruments and reverse repurchase agreements, net ( 155 ) ( 1 )
Other ( 6 ) ( 60 )
Net cash used in financing activities
( 4,009 ) ( 4,691 )

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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(continued)

  Nine Months Ended September 30,
  2025 2024
  (In millions)
(Unaudited)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 245   103  
Net change in cash, cash equivalents, and restricted cash 1,363   ( 300 )
Cash, cash equivalents, and restricted cash at beginning of period 22,490   21,834  
Cash, cash equivalents, and restricted cash at end of period $ 23,853   $ 21,534  

Supplemental cash flow disclosures:
Cash paid for interest $ 210   $ 168  
Cash paid for income taxes, net $ 1,033   $ 975  

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 $ 8,995   $ 7,372  
Short-term investments —   1  
Funds receivable and customer accounts 14,858   14,161  
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 23,853   $ 21,534  

The accompanying notes are an integral part of these condensed consolidated financial statements.

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1— OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
OVERVIEW AND ORGANIZATION

PayPal Holdings, Inc. (“PayPal,” the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in January 2015. At PayPal, our mission is to revolutionize commerce globally. Our products are designed to enable digital payments and simplify commerce experiences for consumers and merchants to make selling, shopping, and sending and receiving money simple, personalized, secure, online or offline, including mobile. Our two-sided platform serves millions of consumers and merchants worldwide.
SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principles of consolidation

The accompanying condensed consolidated financial statements include the financial statements of PayPal and our wholly- and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

We determine at the inception of each investment, and re-evaluate if certain events occur, whether an entity in which we have made an investment is considered a variable interest entity (“VIE”). If we determine an investment is in a VIE, we then assess if we are the primary beneficiary, which would require consolidation. As of September 30, 2025 and December 31, 2024, no VIEs qualified for consolidation as the structures of these entities do not provide us with both the ability to direct activities that would significantly impact their economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.

As of September 30, 2025 and December 31, 2024, the carrying value of our investments in nonconsolidated VIEs that are primarily investments in funds that are limited partnerships or similar structures which are focused on increasing access to capital for underserved communities was $ 199  million and $ 187  million, respectively, and is included as non-marketable equity securities applying the equity method of accounting in long-term investments on our condensed consolidated balance sheets. Our maximum exposure to loss related to these nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $ 246  million as of both September 30, 2025 and December 31, 2024.

These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 4, 2025.

In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated financial statements for all interim periods presented. Certain amounts for prior periods have been reclassified to conform to the financial statement presentation as of and for the three and nine months ended September 30, 2025.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction and credit losses, income taxes, loss contingencies, revenue recognition, and the evaluation of strategic investments for impairment. We base our estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. Actual results could materially differ from these estimates.

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

Cash and cash equivalents

Cash and cash equivalents are short-term, highly liquid investments and are primarily comprised of bank deposits, PayPal USD stablecoin (“PYUSD”), money market funds and debt securities with original maturities of three months or less when purchased. PYUSD is a stablecoin pegged to the U.S. dollar and fully backed by U.S. dollar deposits, U.S. treasuries, and similar cash equivalents. Each token of PYUSD held by PayPal represents a contractual right to redeem with the third-party issuer of PYUSD for one U.S. dollar.

Recently issued accounting guidance

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amended guidance enhances income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information. This guidance requires disclosure of specific categories in the effective tax rate reconciliation and additional information on reconciling items meeting a quantitative threshold. In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state, and foreign taxes. It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amended guidance is effective for annual periods beginning after December 15, 2024. The guidance can be applied either prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the notes to our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amended guidance requires disaggregation of certain expense captions into specified natural expense categories in the disclosures within the notes to the financial statements. In addition, the guidance requires disclosure of selling expenses and its definition. The new guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied either prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the notes to our condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amended guidance modernizes the accounting for costs related to internal-use software to more closely align with current software development methods. The guidance removes references to project stages and clarifies when we are required to start capitalizing eligible costs. The new guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The guidance can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. We are evaluating the impact this amended guidance may have on our condensed consolidated financial statements.

Recently adopted accounting guidance

In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets . This amended guidance requires fair value measurement of certain crypto assets each reporting period, with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost basis for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. We adopted this guidance effective as of January 1, 2025. We have applied the amendments of this guidance as a cumulative-effect adjustment to retained earnings. The adoption of this guidance did not have a significant impact on our condensed consolidated financial statements.

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

In January 2025, the SEC released Staff Accounting Bulletin (“SAB”) No. 122 rescinding SAB No. 121, which required an entity to record a liability to reflect its obligation to safeguard the crypto assets held for its platform users with a corresponding asset and required disclosures related to the entity’s safeguarding obligations. SAB No. 122 is effective for annual periods beginning after December 15, 2024 and is required to be applied on a fully retrospective basis, with early adoption permitted. We adopted this guidance as of March 31, 2025 and derecognized the crypto asset safeguarding liability and corresponding safeguarding asset on our condensed consolidated balance sheet as of December 31, 2024. Additionally, we derecognized the associated deferred tax asset and liability as of December 31, 2024. The adoption of this guidance did not impact our condensed consolidated statements of income (loss), comprehensive income (loss), stockholders’ equity or cash flows.

The following table presents the effects of the changes on the presentation of our condensed consolidated balance sheet:

December 31, 2024

(In millions)

As Previously Reported (1)
Adjustments As Adjusted

Total assets (2)
$ 81,611   $ ( 2,886 ) $ 78,725  

Total liabilities (2)
$ 61,194   $ ( 2,886 ) $ 58,308  

(1) As reported in our 2024 Form 10-K filed with the SEC on February 4, 2025.
(2) Financial statement lines impacted within total assets and total liabilities were “prepaid expenses and other current assets” and “accrued expenses and other current liabilities”, respectively.

There are other new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these new accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.

NOTE 2— REVENUE

We enable our customers to send and receive payments. We earn revenue primarily by completing payment transactions for our customers on our payments platform and from other value added services. Our revenues are classified into two categories: transaction revenues and revenues from other value added services.

We record a contract asset when we have a conditional right to consideration for services we have already transferred to our customer. These contract assets are included in other assets in our condensed consolidated balance sheets and were $ 203 million and $ 207 million as of September 30, 2025 and December 31, 2024, respectively.

DISAGGREGATION OF REVENUE

We believe that the nature, amount, timing, and uncertainty of our revenue and cash flows and how they are affected by economic factors are most appropriately depicted through our primary geographical markets and types of revenue categories (transaction revenues and revenues from other value added services). Revenues recorded within these categories are earned from similar products and services for which the nature of associated fees and the related revenue recognition models are substantially similar.

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

The following table presents our revenue disaggregated by primary geographical market and category:

  Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
(In millions)
Primary geographical markets
U.S. $ 4,753   $ 4,518   $ 13,925   $ 13,535  
Other countries (1)
3,664   3,329   10,571   9,896  
Total net revenues (2)
$ 8,417   $ 7,847   $ 24,496   $ 23,431  

Revenue category
Transaction revenues $ 7,522   $ 7,067   $ 21,979   $ 21,254  
Revenues from other value added services 895   780   2,517   2,177  
Total net revenues (2)
$ 8,417   $ 7,847   $ 24,496   $ 23,431  

(1) No single country included in the other countries category generated more than 10% of total net revenues.
(2) Total net revenues include $ 542 million and $ 515 million for the three months ended September 30, 2025 and 2024, respectively, and $ 1.6 billion and $ 1.5  billion for the nine months ended September 30, 2025 and 2024, respectively, which do not represent revenues recognized in the scope of Accounting Standards Codification Topic 606, Revenue from contracts with customers . Such revenues relate to interest and fees earned on loans and interest receivable, including loans and interest receivable, held for sale, hedging gains or losses, and interest earned and gains or losses on certain assets underlying customer balances.

Net revenues are attributed to the country in which the party paying our fee is located.

NOTE 3— NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding for the period. The dilutive effect of outstanding equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive common shares. During periods when we report net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items would decrease the net loss per share.

The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated:

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(In millions, except per share amounts)
Numerator:
Net income (loss) $ 1,248   $ 1,010   $ 3,796   $ 3,026  
Denominator:
Weighted average shares of common stock - basic 950   1,015   968   1,040  
Dilutive effect of equity incentive awards 10   9   10   8  
Weighted average shares of common stock - diluted 960   1,024   978   1,048  
Net income (loss) per share:
Basic $ 1.31   $ 1.00   $ 3.92   $ 2.91  
Diluted $ 1.30   $ 0.99   $ 3.88   $ 2.89  
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive 12   8   9   12  

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

NOTE 4— BUSINESS COMBINATIONS AND DIVESTITURES

In the second quarter of 2025, we completed an acquisition with a total purchase price of $ 19  million, consisting of cash consideration, which was accounted for as a business combination. There were no acquisitions accounted for as business combinations in the nine months ended September 30, 2024.

There were no divestitures completed in the nine months ended September 30, 2025 and 2024.

NOTE 5— GOODWILL AND INTANGIBLE ASSETS

GOODWILL

The following table presents goodwill balances and adjustments to those balances during the nine months ended September 30, 2025:

December 31,
2024 Goodwill Acquired   Adjustments   September 30,
2025
 (In millions)
Total goodwill $ 10,837   $ 7   $ 97   $ 10,941  

The adjustments to goodwill during the nine months ended September 30, 2025 pertained to foreign currency translation adjustments.

INTANGIBLE ASSETS

The components of identifiable intangible assets were as follows:

  September 30, 2025 December 31, 2024
  Gross Carrying Amount Accumulated Amortization  
Net Carrying Amount Gross Carrying Amount
Accumulated Amortization  
Net Carrying Amount
  (In millions)

Intangible assets (1) :
           
Customer lists and user base $ 880   $ ( 708 ) $ 172   $ 854   $ ( 601 ) $ 253  
Marketing related 63   ( 50 ) 13   60   ( 38 ) 22  

Developed technologies
9   ( 1 ) 8   —   —   —  
All other 187   ( 154 ) 33   182   ( 131 ) 51  
Intangible assets, net $ 1,139   $ ( 913 ) $ 226   $ 1,096   $ ( 770 ) $ 326  

(1) Excludes intangible assets which have been fully amortized, but are still in use.

Amortization expense for intangible assets was $ 47  million and $ 51 million for the three months ended September 30, 2025 and 2024, respectively. Amortization expense for intangible assets was $ 142  million and $ 159  million for the nine months ended September 30, 2025 and 2024, respectively.

Expected future intangible asset amortization as of September 30, 2025 was as follows (in millions):

Fiscal years:
Remaining 2025 $ 27  
2026 95  
2027 59  
2028 45  

Total $ 226  

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

NOTE 6— LEASES

PayPal enters into various leases, which are primarily real estate operating leases. We use these properties for executive and administrative offices, customer services and operations centers, product development offices, and data centers. PayPal also enters into computer equipment finance leases.

While a majority of our lease agreements do not contain an explicit interest rate, certain of our lease agreements are subject to changes based on the Consumer Price Index or another referenced index. In the event of changes to the relevant index, lease liabilities are not remeasured and instead are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

The short-term lease exemption has been adopted for all leases with a duration of less than 12 months.

PayPal’s lease portfolio includes a small number of subleases. A sublease situation can arise when currently leased real estate space is available and is surplus to operational requirements.

The components of lease expense were as follows:

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(In millions)
Operating lease expense $ 41   $ 41   $ 122   $ 117  
Finance lease expense - amortization of right-of-use (“ROU”) lease assets
4   3   12   4  

Sublease income ( 2 ) ( 3 ) ( 6 ) ( 9 )
Total lease expense, net
$ 43   $ 41   $ 128   $ 112  

Supplemental cash flow information related to leases during the three and nine months ended September 30, 2025 and 2024 was as follows:

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 47   $ 42   $ 135   $ 127  

Financing cash flows from finance leases $ —   $ 40   $ 6   $ 60  
ROU lease assets obtained in exchange for new operating lease liabilities
$ 52   $ 59   $ 57   $ 336  
ROU lease assets obtained in exchange for new finance lease liabilities $ —   $ 27   $ —   $ 82  

Supplemental balance sheet information related to leases was as follows:

September 30, 2025 December 31, 2024
(In millions, except weighted-average figures)
Operating leases
Finance leases
Operating leases
Finance leases

ROU lease assets $ 566   $ 60   $ 599   $ 73  
Current lease liabilities 144   5   135   5  
Long-term lease liabilities 575   12   629   18  
Total lease liabilities $ 719   $ 17   $ 764   $ 23  
Weighted-average remaining lease term 5.5 years 3.6 years 5.9 years 4.4 years
Weighted-average discount rate 4 % 5 % 4 % 5 %

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

Future minimum lease payments for our leases as of September 30, 2025 were as follows:

Operating leases Finance leases
Fiscal years: (In millions)
Remaining 2025 $ 33   $ 2  
2026 181   6  
2027 167   6  
2028 113   4  
2029 96   —  

Thereafter 231   —  
Total $ 821   $ 18  
Less: present value discount ( 102 ) ( 1 )
Lease liability $ 719   $ 17  

Operating lease amounts include minimum lease payments under our non-cancelable operating leases primarily for office and data center facilities. Finance lease amounts include minimum lease payments under our non-cancelable finance leases primarily for computer equipment. The amounts presented are consistent with contractual terms and are not expected to differ significantly from actual results under our existing leases.

NOTE 7— OTHER FINANCIAL STATEMENT DETAILS

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended September 30, 2025:

Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign Currency
Translation Adjustment (“CTA”)
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) Benefit Total
(In millions)
Beginning balance $ ( 277 ) $ ( 6 ) $ ( 715 ) $ 313   $ ( 54 ) $ ( 739 )
Other comprehensive income (loss) before reclassifications 29   17   ( 49 ) —   ( 8 ) ( 11 )
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”)
( 49 ) ( 1 ) —   —   —   ( 50 )
Net current period other comprehensive income (loss) 78   18   ( 49 ) —   ( 8 ) 39  
Ending balance $ ( 199 ) $ 12   $ ( 764 ) $ 313   $ ( 62 ) $ ( 700 )

17

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended September 30, 2024:

Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) Benefit Total
(In millions)
Beginning balance $ 43   $ ( 36 ) $ ( 999 ) $ 390   $ ( 91 ) $ ( 693 )
Other comprehensive income (loss) before reclassifications ( 160 ) 60   275   ( 149 ) 28   54  
Less: Amount of net gains (losses) reclassified from AOCI
( 12 ) —   —   —   —   ( 12 )
Net current period other comprehensive income (loss) ( 148 ) 60   275   ( 149 ) 28   66  
Ending balance $ ( 105 ) $ 24   $ ( 724 ) $ 241   $ ( 63 ) $ ( 627 )

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended September 30, 2025:

Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) Benefit Total
(In millions)
Beginning balance $ 147   $ 14   $ ( 949 ) $ 313   $ ( 75 ) $ ( 550 )
Other comprehensive income (loss) before reclassifications ( 430 ) ( 1 ) 185   —   13   ( 233 )
Less: Amount of net gains (losses) reclassified from AOCI
( 84 ) 1   —   —   —   ( 83 )
Net current period other comprehensive income (loss) ( 346 ) ( 2 ) 185   —   13   ( 150 )
Ending balance $ ( 199 ) $ 12   $ ( 764 ) $ 313   $ ( 62 ) $ ( 700 )

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended September 30, 2024:

Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) Benefit Total
(In millions)
Beginning balance $ ( 56 ) $ ( 134 ) $ ( 731 ) $ 191   $ ( 16 ) $ ( 746 )
Other comprehensive income (loss) before reclassifications ( 39 ) 117   7   50   ( 47 ) 88  
Less: Amount of net gains (losses) reclassified from AOCI
10   ( 41 ) —   —   —   ( 31 )
Net current period other comprehensive income (loss) ( 49 ) 158   7   50   ( 47 ) 119  
Ending balance $ ( 105 ) $ 24   $ ( 724 ) $ 241   $ ( 63 ) $ ( 627 )

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

The following table provides details about reclassifications from AOCI for the periods presented below:

Details about AOCI Components   Amount of Gains (Losses) Reclassified from AOCI
Affected Line Item in the Statements of Income (Loss)
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(In millions)
Net gains (losses) on cash flow hedges — foreign exchange contracts
$ ( 49 ) $ ( 12 ) $ ( 84 ) $ 10   Net revenues
Net gains (losses) on investments
( 1 ) —   —   ( 41 ) Net revenues
Net gains (losses) on investments
—   —   1   —   Other income (expense), net
( 50 ) ( 12 ) ( 83 ) ( 31 ) Income before income taxes
—   —   —   —   Income tax expense
Total reclassifications for the period $ ( 50 ) $ ( 12 ) $ ( 83 ) $ ( 31 ) Net income (loss)

OTHER INCOME (EXPENSE), NET

The following table reconciles the components of other income (expense), net for the periods presented below:

  Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
(In millions)
Interest income $ 119   $ 183   $ 399   $ 514  
Interest expense ( 113 ) ( 106 ) ( 330 ) ( 285 )
Net gains (losses) on strategic investments 10   ( 171 ) 69   ( 226 )
Other ( 3 ) 14   ( 27 ) 32  
Other income (expense), net $ 13   $ ( 80 ) $ 111   $ 35  

19

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

NOTE 8— CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS

The following table summarizes the assets underlying our cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments as of September 30, 2025 and December 31, 2024:

  September 30,
2025 December 31,
2024
(In millions)
Cash and cash equivalents (1)
$ 8,995   $ 6,662  
Funds receivable and customer accounts:
Cash and cash equivalents (2)
$ 14,858   $ 15,828  
Time deposits 75   15  
Available-for-sale debt securities 15,118   14,551  
Funds receivable 8,617   7,277  
Total funds receivable and customer accounts $ 38,668   $ 37,671  
Short-term investments:
Time deposits $ 97   $ 107  
Available-for-sale debt securities 1,663   4,154  
Restricted cash —   1  

Total short-term investments $ 1,760   $ 4,262  
Long-term investments:
Time deposits $ 7   $ 22  
Available-for-sale debt securities 1,997   3,002  

Strategic investments 1,597   1,559  
Total long-term investments $ 3,601   $ 4,583  

(1) Includes $ 525 million and nil of available-for-sale debt securities with original maturities of three months or less as of September 30, 2025 and December 31, 2024, respectively.
(2) Includes $ 220 million and $ 149 million of available-for-sale debt securities with original maturities of three months or less as of September 30, 2025 and December 31, 2024, respectively.

20

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

As of September 30, 2025 and December 31, 2024, the estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments was as follows:

  September 30, 2025 (1)

  Gross
Amortized
Cost Gross
Unrealized
Gains Gross
Unrealized
Losses Estimated
Fair Value

(In millions)
Cash and cash equivalents:
U.S. government and agency securities $ 525   $ —   $ —   $ 525  

Funds receivable and customer accounts:
U.S. government and agency securities 3,743   1   ( 1 ) 3,743  
Foreign government and agency securities 82   —   —   82  
Corporate debt securities 2,437   5   ( 1 ) 2,441  
Mortgage-backed and asset-backed securities 4,470   6   ( 2 ) 4,474  
Municipal securities 137   —   —   137  
Commercial paper 3,719   1   —   3,720  
Short-term investments:
U.S. government and agency securities 30   —   —   30  
Foreign government and agency securities 120   —   —   120  
Corporate debt securities 1,013   1   ( 1 ) 1,013  
Mortgage-backed and asset-backed securities 499   1   —   500  

Long-term investments:
U.S. government and agency securities 245   —   —   245  
Foreign government and agency securities 50   —   —   50  
Corporate debt securities 797   2   ( 1 ) 798  
Mortgage-backed and asset-backed securities 903   1   —   904  
Total available-for-sale debt securities (2)
$ 18,770   $ 18   $ ( 6 ) $ 18,782  

(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9 — Fair Value Measurement of Assets and Liabilities.”

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

  December 31, 2024 (1)

  Gross
Amortized
Cost Gross
Unrealized
Gains Gross
Unrealized
Losses Estimated
Fair Value
(In millions)

Funds receivable and customer accounts:
U.S. government and agency securities $ 5,709   $ 4   $ ( 2 ) $ 5,711  
Foreign government and agency securities 77   —   —   77  
Corporate debt securities 405   —   —   405  
Mortgage-backed and asset-backed securities
4,039   13   ( 5 ) 4,047  
Municipal securities 503   1   —   504  
Commercial paper 3,391   1   —   3,392  
Short-term investments:
U.S. government and agency securities 188   —   ( 2 ) 186  
Foreign government and agency securities 84   —   —   84  
Corporate debt securities 1,751   —   ( 2 ) 1,749  
Mortgage-backed and asset-backed securities
848   5   —   853  
Commercial paper 1,281   1   —   1,282  
Long-term investments:
U.S. government and agency securities 235   —   —   235  
Foreign government and agency securities 124   —   ( 1 ) 123  
Corporate debt securities 1,601   3   ( 2 ) 1,602  
Mortgage-backed and asset-backed securities
1,042   1   ( 1 ) 1,042  
Total available-for-sale debt securities (2)
$ 21,278   $ 29   $ ( 15 ) $ 21,292  

(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9 — Fair Value Measurement of Assets and Liabilities.”

Gross amortized cost and estimated fair value balances exclude accrued interest receivable on available-for-sale debt securities, which totaled $ 121 million and $ 140 million at September 30, 2025 and December 31, 2024, respectively, and were included in other current assets on our condensed consolidated balance sheets.

22

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

As of September 30, 2025 and December 31, 2024, the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses was not deemed necessary in the current period, aggregated by the length of time those individual securities have been in a continuous loss position, was as follows:

  September 30, 2025 (1)

Less than 12 months 12 months or longer Total
  Fair Value Gross
Unrealized
Losses Fair Value Gross
Unrealized
Losses Fair Value Gross
Unrealized
Losses
(In millions)
Cash and cash equivalents:
U.S. government and agency securities $ 400   $ —   $ —   $ —   $ 400   $ —  

Funds receivable and customer accounts:
U.S. government and agency securities 1,697   ( 1 ) —   —   1,697   ( 1 )
Foreign government and agency securities 57   —   —   —   57   —  
Corporate debt securities 409   ( 1 ) —   —   409   ( 1 )
Mortgage-backed and asset-backed securities 1,619   ( 2 ) 100   —   1,719   ( 2 )

Commercial paper 325   —   —   —   325   —  
Short-term investments:

Foreign government and agency securities —   —   20   —   20   —  
Corporate debt securities 206   ( 1 ) —   —   206   ( 1 )
Mortgage-backed and asset-backed securities 247   —   2   —   249   —  

Long-term investments:
U.S. government and agency securities 245   —   —   —   245   —  
Foreign government and agency securities 25   —   —   —   25   —  
Corporate debt securities 90   ( 1 ) 10   —   100   ( 1 )
Mortgage-backed and asset-backed securities 399   —   —   —   399   —  
Total available-for-sale debt securities $ 5,719   $ ( 6 ) $ 132   $ —   $ 5,851   $ ( 6 )

(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.

23

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

  December 31, 2024 (1)

Less than 12 months 12 months or longer Total
  Fair Value Gross
Unrealized
Losses Fair Value Gross
Unrealized
Losses Fair Value Gross
Unrealized
Losses
(In millions)

Funds receivable and customer accounts:
U.S. government and agency securities $ 1,314   $ ( 1 ) $ 517   $ ( 1 ) $ 1,831   $ ( 2 )
Foreign government and agency securities 57   —   —   —   57   —  
Corporate debt securities 105   —   50   —   155   —  
Mortgage-backed and asset-backed securities
1,673   ( 5 ) 2   —   1,675   ( 5 )
Municipal securities 29   —   36   —   65   —  
Commercial paper 275   —   —   —   275   —  
Short-term investments:
U.S. government and agency securities —   —   186   ( 2 ) 186   ( 2 )

Corporate debt securities 618   ( 2 ) 90   —   708   ( 2 )
Mortgage-backed and asset-backed securities
250   —   18   —   268   —  
Commercial paper 218   —   —   —   218   —  
Long-term investments:
U.S. government and agency securities 50   —   —   —   50   —  
Foreign government and agency securities 90   —   34   ( 1 ) 124   ( 1 )
Corporate debt securities 347   ( 1 ) 9   ( 1 ) 356   ( 2 )
Mortgage-backed and asset-backed securities
610   ( 1 ) —   —   610   ( 1 )
Total available-for-sale debt securities $ 5,636   $ ( 10 ) $ 942   $ ( 5 ) $ 6,578   $ ( 15 )

(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.

Unrealized losses have not been recognized into income as we neither intend to sell, nor anticipate that it is more likely than not that we will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value was due primarily to changes in market interest rates, rather than credit losses. We will continue to monitor the performance of the investment portfolio and assess whether impairment due to expected credit losses has occurred.

The table below presents cash inflows related to available-for-sale debt securities:

  Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(In millions)
Proceeds from sales and maturities of available-for-sale debt securities
$ 7,380   $ 7,170   $ 19,921   $ 27,407  

During the three and nine months ended September 30, 2025 and the three months ended September 30, 2024, we incurred gross realized gains and losses which were de minimis. During the nine months ended September 30, 2024, we incurred gross realized losses of $ 43  million and gains which were de minimis. Gross realized gains and losses were determined using the specific identification method.

Our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments classified by date of contractual maturity were as follows:

  September 30, 2025
Amortized Cost Fair Value
(In millions)
One year or less $ 9,386   $ 9,388  
After one year through five years 3,949   3,956  
After five years through ten years 2,471   2,473  
After ten years 2,964   2,965  
Total $ 18,770   $ 18,782  

24

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

Actual maturities may differ from contractual maturities as certain securities may be prepaid.

Supplemental cash flow information related to investments

Non-cash investing transactions that were not reflected in the condensed consolidated statement of cash flows for the nine months ended September 30, 2025 and 2024 include the purchase of investments of $ 127  million and $ 75  million, respectively, that have not yet settled.

STRATEGIC INVESTMENTS

Our strategic investments include marketable equity securities, which are publicly traded, and non-marketable equity securities, which are primarily investments in privately held companies. Our marketable equity securities have readily determinable fair values and are recorded as long-term investments on our condensed consolidated balance sheets at fair value with changes in fair value recorded in other income (expense), net on our condensed consolidated statements of income (loss). Marketable equity securities totaled $ 15  million and $ 23 million as of September 30, 2025 and December 31, 2024, respectively.

Our non-marketable equity securities are recorded as long-term investments on our condensed consolidated balance sheets. The carrying value of our non-marketable equity securities totaled $ 1.6 billion and $ 1.5 billion as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, we had non-marketable equity securities of $ 213 million and $ 200 million, respectively, for which we have the ability to exercise significant influence, but not control, over the investee. We account for these equity securities using the equity method of accounting. The remaining non-marketable equity securities do not have a readily determinable fair value and we measure these equity investments at cost minus impairment, if any, and adjust for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “Measurement Alternative”). All gains and losses on these investments, realized and unrealized, and our share of earnings or losses from investments accounted for using the equity method are recognized in other income (expense), net on our condensed consolidated statements of income (loss).

Measurement Alternative adjustments

The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three and nine months ended September 30, 2025 and 2024 were as follows:

Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
(In millions)
Carrying amount, beginning of period $ 1,359   $ 1,635   $ 1,336   $ 1,631  
Adjustments related to non-marketable equity securities:
Net additions (reductions) (1)
6   20   ( 48 ) 85  
Gross unrealized gains 15   2   98   5  
Gross unrealized losses and impairments ( 11 ) ( 175 ) ( 17 ) ( 239 )
Carrying amount, end of period $ 1,369   $ 1,482   $ 1,369   $ 1,482  

(1) Net additions (reductions) include purchases, reductions due to sales of securities, and reclassifications when the Measurement Alternative is subsequently elected or no longer applies.

The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative held at September 30, 2025 and December 31, 2024, respectively:

September 30,
2025 December 31,
2024
(In millions)
Cumulative gross unrealized gains $ 990   $ 1,187  
Cumulative gross unrealized losses and impairments $ ( 457 ) $ ( 562 )

25

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

Unrealized gains (losses) on strategic investments, excluding those accounted for using the equity method

The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at September 30, 2025 and 2024, respectively:

  Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
(In millions)
Net unrealized gains (losses) $ 4   $ ( 171 ) $ 72   $ ( 242 )

26

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

NOTE 9— FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
FINANCIAL ASSETS AND LIABILITIES MEASURED AND RECORDED AT FAIR VALUE ON A RECURRING BASIS
The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:

September 30, 2025 Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:      
Cash and cash equivalents (1)

U.S. government and agency securities $ 525   $ —   $ 525  

Money market fund 4   4   —  
Total cash and cash equivalents 529   4   525  
Short-term investments (2),(5) :

U.S. government and agency securities 30   —   30  
Foreign government and agency securities 120   —   120  
Corporate debt securities 1,013   —   1,013  
Mortgage-backed and asset-backed securities 500   —   500  

Total short-term investments 1,663   —   1,663  
Funds receivable and customer accounts (3) :

U.S. government and agency securities 3,743   —   3,743  
Foreign government and agency securities 475   —   475  
Corporate debt securities 2,754   —   2,754  
Mortgage-backed and asset-backed securities 4,474   —   4,474  
Municipal securities 137   —   137  
Commercial paper 3,755   —   3,755  
Total funds receivable and customer accounts 15,338   —   15,338  
Derivatives (4)
48   —   48  

Long-term investments (2),(5) :

U.S. government and agency securities 245   —   245  
Foreign government and agency securities 50   —   50  
Corporate debt securities 798   —   798  
Mortgage-backed and asset-backed securities 904   —   904  
Marketable equity securities 15   15   —  
Total long-term investments 2,012   15   1,997  
Total financial assets $ 19,590   $ 19   $ 19,571  
Liabilities:
Derivatives (4)
$ 229   $ —   $ 229  

Total financial liabilities $ 229   $ —   $ 229  

(1) Excludes cash and cash equivalents of $ 8.5 billion not measured and recorded at fair value.
(2) Excludes time deposits of $ 104 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $ 23.3 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $ 1.6 billion measured using the Measurement Alternative or equity method accounting.

27

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

December 31, 2024 Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)

(In millions)
Assets:      
Cash and cash equivalents (1)

Money market fund $ 14   $ 14   $ —  

Short-term investments (2) :

U.S. government and agency securities 186   —   186  
Foreign government and agency securities 84   —   84  
Corporate debt securities 1,749   —   1,749  
Mortgage-backed and asset-backed securities
853   —   853  
Commercial paper 1,282   —   1,282  
Total short-term investments 4,154   —   4,154  
Funds receivable and customer accounts (3) :

U.S. government and agency securities 5,711   —   5,711  
Foreign government and agency securities 379   —   379  
Corporate debt securities 667   —   667  
Mortgage-backed and asset-backed securities
4,047   —   4,047  
Municipal securities 504   —   504  
Commercial paper 3,392   —   3,392  
Total funds receivable and customer accounts 14,700   —   14,700  
Derivatives (4)
243   —   243  

Long-term investments (2), (5) :

U.S. government and agency securities 235   —   235  
Foreign government and agency securities 123   —   123  
Corporate debt securities 1,602   —   1,602  
Mortgage-backed and asset-backed securities
1,042   —   1,042  
Marketable equity securities 23   23   —  
Total long-term investments 3,025   23   3,002  
Total financial assets $ 22,136   $ 37   $ 22,099  
Liabilities:
Derivatives (4)
$ 37   $ —   $ 37  

Total financial liabilities $ 37   $ —   $ 37  

(1) Excludes cash and cash equivalents of $ 6.6 billion not measured and recorded at fair value.
(2) Excludes restricted cash of $ 1 million and time deposits of $ 129 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $ 23.0 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $ 1.5 billion measured using the Measurement Alternative or equity method accounting.

Our financial assets classified within Level 1 are valued using quoted prices for identical assets in active markets. All other financial assets and liabilities are valued using quoted prices for identical instruments in less active markets, readily available pricing sources for comparable instruments, or models using market observable inputs (Level 2).

A majority of our derivative instruments are valued using pricing models that take into account the contractual terms as well as multiple observable inputs where applicable, such as currency rates, interest rate yield curves, option volatility, and equity prices (Level 2).

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

As of September 30, 2025 and December 31, 2024, we did not have any assets or liabilities requiring measurement at fair value on a recurring basis with significant unobservable inputs that would require a high level of judgment to determine fair value (Level 3).

We elect to account for available-for-sale debt securities denominated in currencies other than the functional currency of our subsidiaries under the fair value option. Election of the fair value option allows us to recognize any gains and losses from fair value changes on such investments in other income (expense), net on the condensed consolidated statements of income (loss) to significantly reduce the accounting asymmetry that would otherwise arise when recognizing the corresponding foreign exchange gains and losses relating to customer liabilities. The following table summarizes the estimated fair value and amortized cost of our available-for-sale debt securities under the fair value option as of September 30, 2025 and December 31, 2024:

  September 30, 2025 December 31, 2024
Amortized Cost Fair Value Amortized Cost Fair Value
(In millions) (In millions)
Funds receivable and customer accounts $ 741   $ 741   $ 566   $ 564  

The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
(In millions)
Funds receivable and customer accounts $ ( 7 ) $ 23   $ 85   $ 8  

ASSETS MEASURED AND RECORDED AT FAIR VALUE ON A NON-RECURRING BASIS

The following tables summarize our assets held as of September 30, 2025 and December 31, 2024 for which a non-recurring fair value measurement was recorded during the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively:

September 30, 2025 Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale $ 1,404   $ 1,396   $ 8  
Non-marketable equity securities measured using the Measurement Alternative (1)
242   236   6  

Total $ 1,646   $ 1,632   $ 14  

(1) Excludes non-marketable equity securities of $ 1.1 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the nine months ended September 30, 2025.

December 31, 2024 Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale
$ 541   $ 541   $ —  
Non-marketable equity securities measured using the Measurement Alternative (1)
476   131   345  

Total $ 1,017   $ 672   $ 345  

(1) Excludes non-marketable equity securities of $ 860 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2024.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

We measure loans and interest receivable, held for sale that are comparable to loans receivable sold to third-party investors using observable inputs, such as the most recent executed prices. These loans and interest receivable, held for sale are classified within Level 2 in the fair value hierarchy. Certain loans and interest receivable, held for sale are valued using significant unobservable inputs, such as adjustments to recently executed prices. These loans and interest receivable, held for sale are classified within Level 3 in the fair value hierarchy. Refer to “Note 11—Loans and Interest Receivable” for additional information on loans and interest receivable, held for sale.

We measure the non-marketable equity securities accounted for under the Measurement Alternative at cost minus impairment, if any, adjusted for observable price changes in orderly transactions for an identical or similar investment in the same issuer. Non-marketable equity securities that have been remeasured during the period based on observable price changes are classified within Level 2 in the fair value hierarchy because we estimate the fair value based on valuation methods which only include significant inputs that are observable, such as the observable transaction price at the transaction date. The fair value of non-marketable equity securities are classified within Level 3 when we estimate fair value using significant unobservable inputs, such as when we remeasure due to impairment and use discount rates, forecasted cash flows, and market data of comparable companies, among others.

FINANCIAL ASSETS AND LIABILITIES NOT MEASURED AND RECORDED AT FAIR VALUE

Our financial instruments, including cash and certain cash equivalents, restricted cash, time deposits, reverse repurchase agreements, loans and interest receivable, net, certain customer accounts, notes receivable, and long-term debt related to borrowings on our credit facilities are carried at amortized cost, which approximates their fair value. Our term debt (including current portion) had a carrying value of approximately $ 10.8 billion and fair value of approximately $ 10.4 billion as of September 30, 2025. Our term debt (including current portion) had a carrying value of approximately $ 10.5  billion and fair value of approximately $ 9.8 billion as of December 31, 2024. If these financial instruments were measured at fair value in the financial statements, cash and certain cash equivalents would be classified as Level 1; restricted cash, time deposits, reverse repurchase agreements, certain customer accounts, and term debt (including current portion) would be classified as Level 2; and the remaining financial instruments would be classified as Level 3 in the fair value hierarchy.

NOTE 10— DERIVATIVE INSTRUMENTS

SUMMARY OF DERIVATIVE INSTRUMENTS

Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign exchange rates. Our derivatives expose us to credit risk to the extent that our counterparties may be unable to meet the terms of the arrangement. We seek to mitigate such risk by limiting our counterparties to, and by spreading the risk across, major financial institutions and by entering into collateral security arrangements. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis. We do not use any derivative instruments for trading or speculative purposes.

Cash flow hedges

We have significant international revenues and expenses denominated in foreign currencies, which subjects us to foreign exchange risk. We have a foreign currency exposure management program in which we designate certain foreign exchange contracts, generally with maturities of 12 months or less, to reduce the volatility of cash flows primarily related to forecasted revenues and expenses denominated in certain foreign currencies. The objective of these foreign exchange contracts is to help mitigate the risk that the U.S. dollar-equivalent cash flows are adversely affected by changes in the applicable U.S. dollar/foreign currency exchange rate. These derivative instruments are designated as cash flow hedges and accordingly, the derivative’s gain or loss is initially reported as a component of AOCI and subsequently reclassified into revenue or the applicable expense line item in the condensed consolidated statements of income (loss) in the same period the forecasted transaction affects earnings. We evaluate the effectiveness of our foreign exchange contracts on a quarterly basis by comparing the critical terms of the derivative instruments with the critical terms of the forecasted cash flows of the hedged item; if the critical terms are the same, we conclude the hedge will be perfectly effective. We do not exclude any component of the changes in fair value of the derivative instruments from the assessment of hedge effectiveness. We report cash flows arising from derivative instruments consistent with the classification of cash flows from the underlying items that these derivatives are hedging. Accordingly, the cash flows associated with derivatives designated as cash flow hedges are classified in cash flows from operating activities on our condensed consolidated statements of cash flows.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

As of September 30, 2025, we estimated that $ 199 million of net derivative losses related to our cash flow hedges included in AOCI are expected to be reclassified into earnings within the next 12 months. During the three and nine months ended September 30, 2025 and 2024, we did not discontinue any cash flow hedges because it was probable that the original forecasted transaction would not occur and as such, did not reclassify any gains or losses to earnings prior to the occurrence of the hedged transaction. If we elect to discontinue our cash flow hedges and it is probable that the original forecasted transaction will occur, we continue to report the derivative’s gain or loss in AOCI until the forecasted transaction affects earnings, at which point we also reclassify it into earnings. Gains and losses on derivatives held after we discontinue our cash flow hedges and on derivative instruments that are not designated as cash flow hedges are recorded in the same financial statement line to which the derivative relates.

Net investment hedges

Prior to 2025, we used foreign exchange contracts to reduce the foreign exchange risk related to our investment in certain foreign subsidiaries. These derivatives were designated as net investment hedges and accordingly, the gains and losses on the portion of the derivatives included in the assessment of hedge effectiveness were recorded in AOCI as part of foreign currency translation. We excluded forward points from the assessment of hedge effectiveness and recognized them in other income (expense), net on a straight-line basis over the life of the hedge. The accumulated gains and losses associated with these instruments will remain in AOCI until the foreign subsidiaries are sold or substantially liquidated, at which point they will be reclassified into earnings. The cash flows associated with derivatives designated as a net investment hedge are classified in cash flows from investing activities on our condensed consolidated statements of cash flows.

We have no t reclassified any gains or losses related to net investment hedges from AOCI into earnings for any of the periods presented.

Foreign exchange contracts not designated as hedging instruments

We have a foreign currency exposure management program in which we use foreign exchange contracts to offset the foreign exchange risk of our assets and liabilities denominated in currencies other than the functional currency of our subsidiaries. These contracts are not designated as hedging instruments and reduce, but do not entirely eliminate, the impact of foreign exchange rate movements on our assets and liabilities. The gains and losses due to remeasurement of certain foreign currency denominated monetary assets and liabilities are recorded in other income (expense), net, which are offset by the gains and losses on these foreign exchange contracts. The cash flows associated with our non-designated derivatives used to hedge foreign currency denominated monetary assets and liabilities are classified in cash flows from operating activities on our condensed consolidated statements of cash flows.

FAIR VALUE OF DERIVATIVE CONTRACTS

The fair value of our outstanding derivative instruments as of September 30, 2025 and December 31, 2024 was as follows:

  Balance Sheet Location September 30,
2025 December 31,
2024
(In millions)
Derivative Assets:
Foreign exchange contracts designated as hedging instruments
Other current assets $ 10   $ 157  

Foreign exchange contracts not designated as hedging instruments
Other current assets 38   86  
Total derivative assets $ 48   $ 243  

Derivative Liabilities:
Foreign exchange contracts designated as hedging instruments
Other current liabilities $ 209   $ 10  

Foreign exchange contracts not designated as hedging instruments
Other current liabilities 20   27  
Total derivative liabilities $ 229   $ 37  

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

EFFECT OF DERIVATIVE CONTRACTS ON CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following tables provide the location in the condensed consolidated statements of income (loss) and amount of recognized gains or losses related to our derivative instruments:

Three Months Ended September 30,
  2025 2024
(In millions)
Net revenues Other income (expense), net Net revenues Other income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded $ 8,417   $ 13   $ 7,847   $ ( 80 )

Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
( 49 ) —   ( 12 ) —  
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
—   —   —   20  
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
—   62   —   ( 177 )

Total net gains (losses)
$ ( 49 ) $ 62   $ ( 12 ) $ ( 157 )

Nine Months Ended September 30,
  2025 2024
(In millions)
Net revenues Other income (expense), net Net revenues Other income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded $ 24,496   $ 111   $ 23,431   $ 35  

Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
( 84 ) —   10   —  
Gains (losses) on derivatives in net investment hedging relationship:

Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
—   —   —   61  
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
—   ( 173 ) —   ( 172 )

Total net gains (losses)
$ ( 84 ) $ ( 173 ) $ 10   $ ( 111 )

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

The following table provides the amount of pre-tax unrealized gains or losses included in the assessment of hedge effectiveness related to our derivative instruments designated as hedging instruments that are recognized in other comprehensive income (loss):

Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$ 29   $ ( 160 ) $ ( 430 ) $ ( 39 )
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges
—   ( 149 ) —   50  
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss)
$ 29   $ ( 309 ) $ ( 430 ) $ 11  

NOTIONAL AMOUNTS OF DERIVATIVE CONTRACTS

Derivative transactions are measured in terms of the notional amount; however, this amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the derivative instruments. The notional amount is generally not exchanged, but is used only as the underlying basis on which the value of foreign currency exchange payments under these contracts is determined. The following table provides the notional amounts of our outstanding derivative instruments:

September 30,
2025 December 31,
2024
(In millions)
Foreign exchange contracts designated as hedging instruments $ 6,122   $ 3,942  
Foreign exchange contracts not designated as hedging instruments 11,735   13,317  
Total $ 17,857   $ 17,259  

MASTER NETTING AGREEMENTS - RIGHTS OF SET-OFF

Under master netting agreements with certain counterparties to our derivative contracts, repurchase agreements, and reverse repurchase agreements, subject to applicable requirements, we are allowed to net settle transactions of the same type with a single net amount payable by one party to the other. PayPal has not elected to offset for balance sheet presentation and we present the derivative assets, derivative liabilities, repurchase agreements and reverse repurchase agreements on a gross basis on our condensed consolidated balance sheets.

We have entered into collateral security arrangements with certain counterparties that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. Receivables related to cash collateral posted and payables related to cash collateral received are recognized in other current assets and other current liabilities, respectively, on our condensed consolidated balance sheets.

The following tables present the derivative assets, derivative liabilities, and reverse repurchase agreements not offset on the condensed consolidated balance sheets but available for offset in the event of default. The tables also present the cash and non-cash collateral received or pledged relating to these positions. The amount of collateral presented is limited to the amount presented on our condensed consolidated balance sheets; therefore, instances of over-collateralization are excluded from the table below.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

Amounts Not Offset on the Condensed Consolidated Balance Sheet

Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments (1)
Collateral Received (2)
Net Amounts

(In millions)
As of September 30, 2025
Derivative assets (3)
$ 48   $ 26   $ 6   $ 16  
Reverse repurchase agreements (4)
—   —   —   —  
Total assets
$ 48   $ 26   $ 6   $ 16  
As of December 31, 2024
Derivative assets (3)
$ 243   $ 23   $ 169   $ 51  
Reverse repurchase agreements (4)
87   —   87   —  
Total assets
$ 330   $ 23   $ 256   $ 51  

Amounts Not Offset on the Condensed Consolidated Balance Sheet

Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments (1)
Collateral Pledged (2)
Net Amounts

(In millions)
As of September 30, 2025
Derivative liabilities (3)
$ 229   $ 26   $ 195   $ 8  

As of December 31, 2024
Derivative liabilities (3)
$ 37   $ 23   $ 7   $ 7  

(1) For derivative positions, this includes any derivative fair value that could be offset in the event of counterparty default. For reverse repurchase positions, this includes any receivable that could be offset in the event of counterparty default.
(2) Includes cash and the fair value of securities exchanged with the counterparty. For reverse repurchase agreements, these securities are not included in the condensed consolidated balance sheet unless the counterparty defaults.
(3) We received cash collateral from derivative counterparties totaling $ 7 million and $ 162 million as of September 30, 2025 and December 31, 2024, respectively, and securities from derivative counterparties with a fair value of $ 35 million and $ 30 million as of September 30, 2025 and December 31, 2024, respectively. We posted $ 214  million and $ 7 million of cash collateral as of September 30, 2025 and December 31, 2024, respectively, and securities to derivative counterparties with a fair value of $ 50  million and nil as of September 30, 2025 and December 31, 2024, respectively.
(4) PayPal is permitted by contract to sell or repledge collateral relating to its reverse repurchase agreements. The fair value of this collateral was nil and $ 96  million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, we have not sold or repledged collateral relating to reverse repurchase agreements.

NOTE 11— LOANS AND INTEREST RECEIVABLE

We classify our loans and interest receivable based on management intent. When PayPal has the intent to sell the loans to third-party investors they are classified as loans and interest receivable, held for sale on our condensed consolidated balance sheets and are recorded at the lower of cost or fair value, determined on an aggregate basis, with valuation changes and any associated charge-offs recorded in restructuring and other on our condensed consolidated statements of income (loss). In connection with the sale of certain portfolios to third-party investors and the reclassification and measurement of those portfolios as held for sale, we reverse the previously recorded allowances for credit losses associated with those loans and interest receivable balances. We receive a market-based service fee for servicing the loans sold.

When PayPal has the intent and ability to hold the loans for the foreseeable future they are classified as loans and interest receivable, net on our condensed consolidated balance sheets and are reported at their outstanding balances, net of any participation interests sold, unamortized deferred origination fees and costs, and allowance for credit losses.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

LOANS AND INTEREST RECEIVABLE, HELD FOR SALE

As of September 30, 2025 and December 31, 2024, loans and interest receivable, held for sale was $ 1.4 billion and $ 541  million, respectively, and include both loans reclassified to held for sale and loans originated as held for sale. During the nine months ended September 30, 2025 we reclassified approximately $ 574 million of loans and interest receivable, net to loans and interest receivable, held for sale. During the nine months ended September 30, 2025, we derecognized loans with an unpaid balance of $ 18.3 billion and had net proceeds of $ 18.2 billion from loans and interest receivable sold. During the nine months ended September 30, 2024, we derecognized loans with an unpaid balance of $ 14.8 billion and had net proceeds of $ 14.7 billion, from loans and interest receivable sold.

LOANS AND INTEREST RECEIVABLE, NET

Consumer receivables

We offer revolving and installment credit products as a funding option for consumers in certain checkout transactions on our payments platform. Our revolving credit product consists of PayPal Credit in the United Kingdom (“U.K.”), which is made available to consumers as a funding source in their PayPal wallet once they are approved for credit. Additionally, we offer installment credit products at the time of checkout in various markets, including the U.S., several markets across Europe, Australia, and Japan. We offer non interest-bearing installment credit products in these markets as well as interest-bearing installment credit products in the U.S. and Germany. We purchase receivables related to interest-bearing installment loans extended to U.S. consumers by an independent chartered financial institution (“partner institution”) and are responsible for the servicing functions related to that portfolio. During the nine months ended September 30, 2025 and 2024, we purchased approximately $ 934 million and $ 390  million in consumer receivables, respectively. As of September 30, 2025 and December 31, 2024, the outstanding balance of consumer receivables, which consisted of revolving and installment loans and interest receivable, was $ 5.2 billion and $ 5.4  billion, respectively, net of the participation interest sold to the partner institution of $ 28  million and $ 23  million, respectively.

We closely monitor the credit quality of our consumer receivables to evaluate and manage our related exposure to credit risk. Credit risk management begins with initial underwriting and continues through the full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models using detailed information from external sources, such as credit bureaus where available, and internal data, including the consumer’s prior repayment history with our credit products where available. We use delinquency status and trends to assist in making (or, for interest-bearing installment loans in the U.S., to assist the partner institution in making) new and ongoing credit decisions, to adjust our models, to plan our collection practices and strategies, and in determining our allowance for consumer loans and interest receivable.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

Consumer receivables delinquency and allowance

The following tables present the delinquency status and gross charge-offs of consumer loans and interest receivable by year of origination. The amounts are based on the number of days past the billing date for revolving loans or contractual repayment date for installment loans. The “current” category represents balances that are within 29 days of the billing date or contractual repayment date, as applicable.

September 30, 2025
(In millions, except percentages)

Revolving Loans
Amortized Cost Basis Installment Loans Amortized Cost Basis
2025 2024 2023 2022 2021 Total Percent
Consumer loans and interest receivable:
Current $ 2,611   $ 1,701   $ 495   $ 171   $ 6   $ —   $ 4,984   96.3 %
30 - 59 Days 28   28   6   2   —   —   64   1.2 %
60 - 89 Days 19   20   7   3   —   —   49   1.0 %
90 - 179 Days 38   29   8   3   —   —   78   1.5 %
Total $ 2,696   $ 1,778   $ 516   $ 179   $ 6   $ —   $ 5,175   100 %
Gross charge-offs for the nine months ended September 30, 2025
$ 103   $ 18   $ 96   $ 10   $ 1   $ —   $ 228  

December 31, 2024
(In millions, except percentages)

Revolving Loans
Amortized Cost Basis Installment Loans Amortized Cost Basis
2024 2023 2022 2021 2020 Total Percent
Consumer loans and interest receivable:
Current $ 2,404   $ 2,427   $ 353   $ 43   $ —   $ —   $ 5,227   96.6 %
30 - 59 Days 25   28   4   —   —   —   57   1.1 %
60 - 89 Days 16   19   4   1   —   —   40   0.7 %
90 - 179 Days 38   40   9   2   —   —   89   1.6 %
Total $ 2,483   $ 2,514   $ 370   $ 46   $ —   $ —   $ 5,413   100 %
Gross charge-offs for the year ended December 31, 2024
$ 138   $ 39   $ 133   $ 14   $ —   $ —   $ 324  

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

The following table summarizes the activity in the allowance for consumer loans and interest receivable for the nine months ended September 30, 2025 and 2024:

September 30, 2025 September 30, 2024
Consumer Loans Receivable Interest Receivable Total Allowance (1)
Consumer Loans Receivable Interest Receivable Total Allowance

(In millions)
Beginning balance $ 341   $ 7   $ 348   $ 357   $ 23   $ 380  
Changes in allowance due to reclassification of loans and interest receivable to or from held for sale ( 23 ) —   ( 23 ) —   —   —  
Provisions 181   10   191   175   5   180  
Charge-offs ( 215 ) ( 13 ) ( 228 ) ( 230 ) ( 18 ) ( 248 )
Recoveries 46   —   46   35   —   35  
Other (2)
18   —   18   9   1   10  
Ending balance $ 348   $ 4   $ 352   $ 346   $ 11   $ 357  

(1) Beginning balances, provisions and charge-offs include amounts related to loans and interest receivable prior to their reclassification to loan and interest receivable, held for sale during the period.
(2) Includes amounts related to foreign currency remeasurement.

The allowance for credit losses at September 30, 2025 for our consumer receivable portfolio remained consistent with the allowance for credit losses at December 31, 2024. In the second quarter of 2025, we updated our expected credit loss model for our revolving loans in the U.K. to reflect the utilization of average weekly earnings as a macroeconomic factor and no longer consider household disposable income and retail e-commerce sales. Additionally, we updated our expected credit loss model for certain portfolios to utilize multiple economic scenarios rather than the single scenario previously utilized. These changes did not have a material impact on our allowance for credit losses in the period.

Merchant receivables

We offer access to merchant finance products for certain small and medium-sized businesses through our PayPal Working Capital (“PPWC”) and PayPal Business Loan (“PPBL”) products, which we collectively refer to as our merchant finance offerings. We purchase receivables related to credit extended to U.S. merchants by a partner institution and are responsible for the servicing functions related to that portfolio. During the nine months ended September 30, 2025 and 2024, we purchased approximately $ 1.6 billion and $ 1.2 billion in merchant receivables, respectively. As of September 30, 2025 and December 31, 2024, the total outstanding balance in our pool of merchant loans, advances, and interest and fees receivable was $ 1.7 billion and $ 1.5 billion, net of the participation interest sold to the partner institution of $ 62 million and $ 53 million, respectively.

Through our PPWC product, merchants can borrow a certain percentage of their annual payment volume processed by PayPal and are charged a fixed fee for the loan or advance based on the overall credit assessment of the merchant. Loans and advances are repaid through a fixed percentage of the merchant’s future payment volume that PayPal processes. Through our PPBL product, we provide merchants access to short-term business financing for a fixed fee based on an evaluation of the applying business as well as the business owner. PPBL repayments are collected through periodic payments until the balance has been satisfied.

The interest or fee is fixed at the time the loan or advance is extended and is recognized as deferred revenue in accrued expenses and other current liabilities on our condensed consolidated balance sheets. The fixed interest or fee is amortized into revenues from other value added services based on the amount repaid over the repayment period. We estimate the repayment period for PPWC based on the merchant’s payment processing history with PayPal. For PPWC, there is a general requirement that at least 10 % of the original amount of the loan or advance plus the fixed fee must be repaid every 90 days. We calculate the repayment rate of the merchant’s future payment volume so that repayment of the loan or advance and fixed fee is expected to generally occur within 9 to 12 months from the date of the loan or advance. On a monthly basis, we recalculate the repayment period based on the repayment activity on the receivable. As such, actual repayment periods are dependent on actual merchant payment processing volumes. For PPBL, we receive fixed periodic payments over the contractual term of the loan, which generally ranges from 3 to 12 months.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

We actively monitor receivables with repayment periods greater than the original expected or contractual repayment period, as well as the credit quality of our merchant loans and advances that we extend or purchase, so that we can evaluate, quantify, and manage our credit risk exposure. To assess a merchant seeking a loan or advance, we use, among other indicators, risk models developed internally which utilize information obtained from multiple internal and external data sources to predict the likelihood of timely and satisfactory repayment by the merchant of the loan or advance amount and the related interest or fee. Primary drivers of the models include the merchant’s annual payment volume, payment processing history with PayPal, prior repayment history with PayPal’s credit products where available, information sourced from consumer and business credit bureau reports, and other information obtained during the application process. We use delinquency status and trends to assist in making (or, in the U.S., to assist the partner institution in making) ongoing credit decisions, to adjust our internal models, to plan our collection strategies, and in determining our allowance for these loans, advances, and interest and fees receivable.

Merchant receivables delinquency and allowance

The following tables present the delinquency status and gross charge-offs of merchant loans, advances, and interest and fees receivable by year of origination. The amounts are based on the number of days past the expected or contractual repayment date for amounts outstanding. The “current” category represents balances that are within 29 days of the expected repayment date or contractual repayment date, as applicable.

September 30, 2025

(In millions, except percentages)
2025
2024 2023 2022 2021 Prior Total Percent
Merchant loans, advances, and interest and fees receivable:
Current $ 1,425   $ 125   $ 7   $ 5   $ 1   $ 3   $ 1,566   90.2 %
30 - 59 Days 43   27   3   1   —   —   74   4.3 %
60 - 89 Days 19   13   1   1   —   —   34   2.0 %
90 - 179 Days 23   25   3   1   —   —   52   3.0 %
180+ Days 1   6   2   1   —   —   10   0.5 %
Total $ 1,511   $ 196   $ 16   $ 9   $ 1   $ 3   $ 1,736   100.0 %
Gross charge-offs for the nine months ended September 30, 2025
$ 6   $ 69   $ 17   $ 3   $ —   $ 2   $ 97  

December 31, 2024

(In millions, except percentages)
2024
2023 2022 2021 2020 Prior Total Percent
Merchant loans, advances, and interest and fees receivable:
Current $ 1,274   $ 28   $ 13   $ 1   $ 8   $ 4   $ 1,328   90.4 %
30 - 59 Days 55   10   3   —   —   1   69   4.7 %
60 - 89 Days 23   6   2   —   —   —   31   2.1 %
90 - 179 Days 21   11   4   —   —   —   36   2.4 %
180+ Days 1   4   1   —   —   —   6   0.4 %
Total $ 1,374   $ 59   $ 23   $ 1   $ 8   $ 5   $ 1,470   100 %
Gross charge-offs for the year ended December 31, 2024
$ 10   $ 96   $ 42   $ —   $ 8   $ —   $ 156  

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

The following table summarizes the activity in the allowance for merchant loans, advances, and interest and fees receivable for the nine months ended September 30, 2025 and 2024:

September 30, 2025 September 30, 2024
Merchant Loans and Advances Interest and Fees Receivable Total Allowance Merchant Loans and Advances Interest and Fees Receivable Total Allowance
(In millions)
Beginning balance $ 107   $ 6   $ 113   $ 148   $ 12   $ 160  
Provisions 114   13   127   50   —   50  
Charge-offs ( 90 ) ( 7 ) ( 97 ) ( 120 ) ( 7 ) ( 127 )
Recoveries 17   —   17   21   —   21  
Other (1)
3   —   3   —   —   —  
Ending balance $ 151   $ 12   $ 163   $ 99   $ 5   $ 104  

(1) Includes amounts related to foreign currency remeasurement.

The allowance for credit losses at September 30, 2025 for our merchant receivable portfolio was $ 163  million, an increase from $ 113  million at December 31, 2024. The increase in allowance for credit losses was related to a decline in credit quality of merchant loans outstanding primarily from modifications in acceptable risk parameters in 2024, which included broadened eligibility. In the second quarter of 2025, we updated our expected credit loss model for all portfolios to utilize multiple economic scenarios rather than the single scenario previously utilized. These changes did not have a material impact on our allowance for credit losses in the period.

NOTE 12— DEBT

NOTES

In March 2025, we issued fixed and floating rate notes with varying maturity dates for an aggregate principal amount of $ 1.5  billion, consisting of $ 450  million aggregate principal amount of floating rate notes due 2028 (the “2028 Floating Rate Notes”), $ 450  million aggregate principal amount of 4.450 % notes due 2028 (the “2028 Notes”) and $ 600  million aggregate principal amount of 5.100 % notes due 2035 (the “2035 Notes”). Interest on the 2028 Floating Rate Notes is payable on March 6, June 6, September 6 and December 6 of each year, beginning on June 6, 2025. The 2028 Floating Rate Notes bear interest at a floating rate equal to the compounded secured overnight financing rate, reset quarterly, plus 0.670 % per annum. Interest on the 2028 Notes is payable on March 6 and September 6 of each year, beginning on September 6, 2025. Interest on the 2035 Notes is payable on April 1 and October 1 of each year, beginning on October 1, 2025.

In May 2024, June 2023, May 2022, May 2020, and September 2019, we issued fixed rate notes with varying maturity dates for an aggregate principal amount of $ 1.3 billion, ¥ 90 billion (approximately $ 606 million as of September 30, 2025), $ 3.0  billion, $ 4.0  billion and $ 5.0  billion, respectively.

The notes issued from the March 2025, May 2024, June 2023, May 2022, May 2020, and September 2019 debt issuances are senior unsecured obligations and are collectively referred to as the “Notes.” Except for the June 2023 debt issuance and 2028 Floating Rate Notes, we may redeem the Notes in whole at any time or in part from time to time, prior to maturity, at their redemption prices. Upon the occurrence of both a change of control of the Company and a downgrade of the Notes below an investment grade rating, we will be required to offer to repurchase each series of Notes at a price equal to 101 % of the then outstanding principal amounts, plus accrued and unpaid interest. The Notes are subject to covenants, including limitations on our ability to create liens on our assets, enter into sale and leaseback transactions, and merge or consolidate with another entity, in each case subject to certain exceptions, limitations, and qualifications. Proceeds from the issuance of these Notes may be used for general corporate purposes, which may include funding the repayment or redemption of outstanding debt, share repurchases, ongoing operations, capital expenditures, and possible acquisitions of businesses, assets, or strategic investments.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

As of September 30, 2025 and December 31, 2024, we had an outstanding aggregate principal amount of $ 10.9 billion and $ 10.6  billion, respectively, related to the Notes. The following table summarizes the Notes outstanding:

Maturities Effective Interest Rate September 30,
2025 December 31,
2024
(in millions)
September 2019 debt issuance:

Fixed-rate 2.650 % notes
10/1/2026 2.78 % $ 1,250   $ 1,250  
Fixed-rate 2.850 % notes
10/1/2029 2.96 % 1,500   1,500  

May 2020 debt issuance:

Fixed-rate 1.650 % notes
6/1/2025 1.78 % —   1,000  
Fixed-rate 2.300 % notes
6/1/2030 2.39 % 1,000   1,000  
Fixed-rate 3.250 % notes
6/1/2050 3.33 % 1,000   1,000  

May 2022 debt issuance:
Fixed-rate 3.900 % notes
6/1/2027 4.06 % 500   500  
Fixed-rate 4.400 % notes
6/1/2032 4.53 % 1,000   1,000  
Fixed-rate 5.050 % notes
6/1/2052 5.14 % 1,000   1,000  
Fixed-rate 5.250 % notes
6/1/2062 5.34 % 500   500  

June 2023 debt issuance (1) :

¥ 30 billion fixed-rate 0.813 % notes
6/9/2025 0.89 % —   191  
¥ 23 billion fixed-rate 0.972 % notes
6/9/2026 1.06 % 155   147  
¥ 37 billion fixed-rate 1.240 % notes
6/9/2028 1.31 % 249   236  

May 2024 debt issuance:

Fixed-rate 5.150 % notes
6/1/2034 5.35 % 850   850  
Fixed-rate 5.500 % notes
6/1/2054 5.66 % 400   400  

March 2025 debt issuance:

Floating-rate notes
3/6/2028 5.22 % 450   —  
Fixed-rate 4.450 % notes
3/6/2028 4.66 % 450   —  
Fixed-rate 5.100 % notes
4/1/2035 5.20 % 600   —  
Total term debt $ 10,904   $ 10,574  

Unamortized premium (discount) and issuance costs, net ( 79 ) ( 78 )
Less: current portion of term debt (2)
( 155 ) ( 1,191 )
Total carrying amount of term debt $ 10,670   $ 9,305  

(1) Principal amounts represent the U.S. dollar equivalent as of September 30, 2025 and December 31, 2024, respectively.
(2) The current portion of term debt is included within “accrued expenses and other current liabilities” on our condensed consolidated balance sheets.
The effective interest rates for the Notes include interest on the Notes, amortization of debt issuance costs, and amortization of the debt discount. The interest expense recorded for the Notes, including amortization of the debt discount and debt issuance costs, was $ 107 million and $ 315 million for the three and nine months ended September 30, 2025, respectively. The interest expense recorded for the Notes, including amortization of the debt discount and debt issuance costs, was $ 100 million and $ 274  million for the three and nine months ended September 30, 2024, respectively.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

CREDIT FACILITIES

Paidy credit agreement

In February 2022, we entered into a credit agreement (the “Paidy Credit Agreement”) with Paidy as co-borrower, which provided for an unsecured revolving credit facility of ¥ 60.0  billion, which was modified in September 2022 to increase the borrowing capacity by ¥ 30.0  billion for a total borrowing capacity of ¥ 90.0  billion (approximately $ 606  million as of September 30, 2025). As of September 30, 2025 and December 31, 2024, ¥ 90.0 billion (approximately $ 606  million) and ¥ 90.0  billion (approximately $ 574  million) was drawn down under the Paidy Credit Agreement, respectively, which was recorded in long-term debt on our condensed consolidated balance sheets. At September 30, 2025, no borrowing capacity was available for the purposes permitted by the Paidy Credit Agreement. During the three and nine months ended September 30, 2025 and 2024, the total interest expense and fees we recorded related to the Paidy Credit Agreement were de minimis.

FUTURE PRINCIPAL PAYMENTS

As of September 30, 2025, the future principal payments associated with our term debt were as follows (in millions):

2026 $ 1,405  
2027 500  
2028 1,149  
2029 1,500  
Thereafter 6,350  
Total $ 10,904  

Other than as provided above, there were no significant changes to the information disclosed in our 2024 Form 10-K.

NOTE 13— COMMITMENTS AND CONTINGENCIES

LITIGATION AND REGULATORY MATTERS

Overview

We are involved in legal and regulatory proceedings on an ongoing basis. Certain of these proceedings are in early stages and may seek an indeterminate amount of damages or penalties or may require us to change or adopt certain business practices. If we believe that a loss arising from such matters is probable and can be reasonably estimated, we accrue the estimated liability in our financial statements at that time. If only a range of estimated losses can be determined, we accrue an amount within the range that, in our judgment, reflects the most likely outcome; if none of the estimates within that range is a better estimate than any other amount, we accrue the low end of the range. For those proceedings in which an unfavorable outcome is reasonably possible but not probable, we have disclosed an estimate of the reasonably possible loss or range of losses or we have concluded that an estimate of the reasonably possible loss or range of losses arising directly from the proceeding (i.e., monetary damages or amounts paid in judgment or settlement) are not material. If we cannot estimate the probable or reasonably possible loss or range of losses arising from a legal proceeding, we have disclosed that fact. In assessing the materiality of a legal proceeding, we evaluate, among other factors, the amount of monetary damages claimed, as well as the potential impact of non-monetary remedies sought by plaintiffs (e.g., injunctive relief) that may require us to change our business practices in a manner that could have a material adverse impact on our business. With respect to the matters disclosed in this Note 13, we are unable to estimate the possible loss or range of losses that could potentially result from the application of such non-monetary remedies.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

Amounts accrued for legal and regulatory proceedings for which we believe a loss is probable and reasonably estimable were not material as of September 30, 2025. Except as otherwise noted for the proceedings described in this Note 13, we have concluded, based on currently available information, that reasonably possible losses arising directly from the proceedings (i.e., monetary damages or amounts paid in judgment or settlement) in excess of our recorded accruals are also not material. Determining legal reserves or possible losses from such matters involves judgment and may not reflect the full range of uncertainties and unpredictable outcomes. We may be exposed to losses in excess of the amount recorded, and such amounts could be material. If any of our estimates and assumptions change or prove to have been incorrect, it could have a material adverse effect on our business, financial position, results of operations, or cash flows.

Regulatory proceedings

In February 2022, we received a Civil Investigative Demand (“CID”) from the Federal Trade Commission (“FTC”) related to PayPal’s practices relating to commercial customers that submit charges on behalf of other merchants or sellers, and related activities. In August 2025, we received an additional CID investigating whether deceptive schemes and other unlawful activities by merchants using PayPal’s platform were facilitated or furthered by the Company’s onboarding, due diligence, and other practices. The CIDs request the production of documents and answers to written questions, as well as other information. We are cooperating with the FTC in connection with these CIDs.

In January 2023, we received notice of an administrative proceeding and a related request for information from the German Federal Cartel Office (“FCO”) related to terms in PayPal (Europe) S.à.r.l. et Cie, S.C.A.’s contractual terms with merchants in Germany prohibiting surcharging and requiring parity presentation of PayPal relative to other payment methods. We are cooperating with the FCO in connection with this proceeding.

We have received CIDs from the Consumer Financial Protection Bureau (“CFPB”) related to investigation and error-resolution obligations under Regulation E, the presentment of transactions to linked bank accounts, and related matters. The CIDs request the production of documents and answers to written questions. We are cooperating with the CFPB in connection with these CIDs.

In August 2024, we received a CID from the CFPB related to PayPal Credit. The CID also relates to backup payment options in a digital wallet to pay for goods or services. The CID requests the production of documents and answers to written questions. We are cooperating with the CFPB in connection with this CID.

Legal proceedings

On October 4, 2022, a putative securities class action captioned Defined Benefit Plan of the Mid-Jersey Trucking Industry and Teamsters Local 701 Pension and Annuity Fund v. PayPal Holdings, Inc., et al. , Case No. 22-cv-5864, was filed in the U.S. District Court for the District of New Jersey. On January 11, 2023, the Court appointed Caisse de dépôt et placement du Québec as lead plaintiff and renamed the action In re PayPal Holdings, Inc. Securities Litigation (“PPH Securities Action”). On March 13, 2023, the lead plaintiff filed an amended and consolidated complaint. The PPH Securities Action asserts claims relating to our public statements with respect to net new active accounts (“NNA”) results and guidance, and the detection of illegitimately created accounts. The PPH Securities Action purports to be brought on behalf of purchasers of the Company’s stock between February 3, 2021 and February 1, 2022 (the “Class Period”), and asserts claims for alleged violations of Section 10(b) of the Exchange Act against the Company, as well as its former Chief Executive Officer, former Chief Strategy, Growth and Data Officer, and former Chief Financial Officer (collectively, the “Individual Defendants,” and together with the Company, “Defendants”), and for alleged violations of Sections 20(a) and 20A of the Exchange Act against the Individual Defendants. The complaint alleges that certain public statements made by Defendants during the Class Period were rendered materially false and misleading (which, allegedly, caused the Company’s stock to trade at artificially inflated prices) by the Defendants’ failure to disclose that, among other things, the Company’s incentive campaigns were susceptible to fraud and led to the creation of illegitimate accounts, which allegedly affected the Company’s NNA results and guidance. The PPH Securities Action seeks unspecified compensatory damages on behalf of the putative class members. Defendants filed a motion to dismiss the PPH Securities Action. On January 29, 2025, the Court dismissed all of the claims without prejudice. On March 17, 2025, the lead plaintiff filed an amended complaint. Defendants have filed a motion to dismiss the amended complaint.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

On November 2, 2022, a putative shareholder derivative action captioned Shah v. Daniel Schulman, et al. , Case No. 22-cv-1445, was filed in the U.S. District Court for the District of Delaware (the “Shah Action”), purportedly on behalf of the Company. On April 4, 2023, a putative shareholder derivative action captioned Nelson v. Daniel Schulman, et. al. , Case No. 23-cv-01913, was filed in the U.S. District Court for the District of New Jersey (the “Nelson Action”) purportedly on behalf of the Company. On January 31, 2025, a putative shareholder derivative action captioned Spathias v. Daniel Schulman, et al. , Case No. 25-cv-1007, was filed in the U.S. District Court for the Northern District of California (the “Spathias Action,” and collectively, the “Derivative Actions”). The Derivative Actions are based on the same alleged facts and circumstances as the PPH Securities Action, and name certain of our officers, including our former Chief Executive Officer and former Chief Financial Officer, and members of our Board of Directors, as defendants. The Derivative Actions allege claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, waste of corporate assets, gross mismanagement and violations of the Exchange Act, and seek to recover damages on behalf of the Company. The Derivative Actions have been stayed pending further developments in the PPH Securities Action.

On December 20, 2022, a civil lawsuit captioned State of Hawai‘i, by its Office of Consumer Protection, v. PayPal, Inc., and PayPal Holdings, Inc. , Case No. 1CCV-22-0001610, was filed in the Circuit Court of the First Circuit of the State of Hawai‘i (the “Hawai‘i Action”). The Hawai‘i Action asserts claims for unfair and deceptive acts and practices under Hawai‘i Revised Statutes Sections 480-2(a) and 481A-3(a). Plaintiff seeks injunctive relief as well as unspecified penalties and other monetary relief. On July 14, 2023, the court denied Defendants’ motion to dismiss the complaint. We expect to reach a final settlement in this matter in the fourth quarter of 2025.

General matters

Other third parties have from time to time claimed, and others may claim in the future, that we have infringed their intellectual property rights. We are subject to patent disputes and expect that we will increasingly be subject to additional patent infringement claims involving various aspects of our business as our products and services continue to expand in scope and complexity. Such claims may be brought directly or indirectly against our companies and/or against our customers (who may be entitled to contractual indemnification under their contracts with us), and we are subject to increased exposure to such claims as a result of our acquisitions, particularly in cases where we are introducing new products or services in connection with such acquisitions. We have in the past been forced to litigate such claims, and we believe that additional lawsuits alleging such claims will be filed against us. Intellectual property claims, whether meritorious or not, are time-consuming and costly to defend and resolve, could require expensive changes in our methods of doing business, or could require us to enter into costly royalty or licensing agreements on unfavorable terms or make substantial payments to settle claims or to satisfy damages awarded by courts.

From time to time, we are involved in other disputes or regulatory inquiries that arise in the ordinary course of business, including suits by our consumers (individually or as class actions), merchants or regulators alleging, among other things, improper disclosure of our prices, rules, or policies, that our practices, prices, rules, policies, or user, product, business or merchant agreements violate applicable law, or that we have acted unfairly or not acted in conformity with such prices, rules, policies, or agreements. In addition to these types of disputes and regulatory inquiries, our operations are also subject to regulatory and legal review and challenges that may reflect the increasing global regulatory focus to which the payments industry is subject and, when taken together with other regulatory and legislative action, such actions could result in the imposition of costly new compliance burdens on our business and customers and may lead to increased costs and decreased transaction volume and revenue. Further, the number and significance of these disputes and inquiries are increasing as our business has grown and expanded in scale and scope, including the number of active accounts and payments transactions on our platform, the range and increasing complexity of the products and services that we offer, and our geographical operations. Any claims or regulatory actions against us, whether meritorious or not, could be time consuming, result in costly litigation, settlement payments, damage awards (including statutory damages for certain causes of action in certain jurisdictions), fines, penalties, injunctive relief, or increased costs of doing business through adverse judgment or settlement, require us to change our products, services, or business practices in expensive ways, require significant amounts of management time, result in the diversion of significant operational resources, or otherwise harm our business.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

INDEMNIFICATION PROVISIONS

Our agreements with eBay governing our separation from eBay provide for specific indemnity and liability obligations for both eBay and us. Disputes between eBay and us have arisen and others may arise in the future, and an adverse outcome in such matters could materially and adversely impact our business, results of operations, and financial condition. In addition, the indemnity rights we have against eBay under the agreements may not be sufficient to protect us, and our indemnity obligations to eBay may be significant.