PayPal — Jul 29, 2025 release

2Q 2025 Results 1                               2Q'25 Financial Results Presented in millions, except per share data and percentages 2Q'25 2Q'24 YoY Growth FXN YoY Growth Total payment volume $443,547 $416,814 6% 5% GAAP Net revenues $8,288 $7,885 5% Operating income $1,504 $1,325 14% Operating margin 18.1% 16.8% 134bps Effective tax rate 17.5% 19.4% (1.9pts) Net income (loss) $1,261 $1,128 12% Earnings per diluted share $1.29 $1.08 20% Net cash provided by operating activities $898 $1,525 (41%) Non-GAAP Net revenues $8,288 $7,885 5% 5% Transaction margin dollars $3,844 $3,608 7% Transaction margin dollars excluding interest on customer balances $3,526 $3,267 8% Operating income $1,644 $1,460 13% Operating margin 19.8% 18.5% 132bps Effective tax rate 17.3% 19.3% (2.0pts) Net income $1,370 $1,243 10% Earnings per diluted share $1.40 $1.19 18% Free cash flow $692 $1,368 (49%) Adjusted free cash flow $656 $1,140 (42%) ————————————————————————————————————————————— Financial Guidance 2025 Guidance: Following a strong start to the year, PayPal is raising full year TM $ and EPS guidance and reaffirming free cash flow guidance. Please see PayPal’s 2Q'25 earnings presentation for more detail. July 2025 Guidance April 2025 Guidance Prior year period 3Q'25 GAAP EPS $1.14 - $1.18 N/A $0.99 Non-GAAP EPS 1 $1.18 - $1.22 N/A $1.20 FY'25 GAAP EPS 2 $4.90 - $5.05 $4.80 - $4.95 $3.99 Non-GAAP EPS 3 $5.15 - $5.30 $4.95 - $5.10 $4.65 Please see “Non-GAAP Financial Measures” and “Non-GAAP Measures of Financial Performance” for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures and important additional information. 1. Estimated non-GAAP amounts for the three months ending September 30, 2025 reflect adjustments of approximately $50 million. 2. FY'24 GAAP EPS included a negative impact of ~$0.23 from PayPal’s strategic investment portfolio. 3. Estimated non-GAAP amounts for the full year ending December 31, 2025 reflect adjustments of approximately $270 million. 2Q 2025 Results 2 Conference Call & Webcast PayPal Holdings, Inc. will host a conference call to discuss second quarter 2025 results at 8:00 a.m. Eastern Time today. A live webcast of the conference call, together with a slide presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their most directly comparable GAAP measures, can be accessed through the company’s Investor Relations website at https://