Q2 2025 PayPal Holdings Inc Earnings Call Transcript

Jul 29, 2025 / 12:00PM GMT

Transcript 10-Q8-K

Key Points

Positve

PayPal Holdings Inc (PYPL) reported its sixth consecutive quarter of profitable growth, with transaction margin dollars growing 8% excluding interest on customer balances.
Venmo showcased significant growth, with revenue increasing by more than 20% and TPV growing 12%, marking the highest growth rate in three years.
The Buy Now, Pay Later (BNPL) segment continues to deliver strong growth, with volume increasing by more than 20% and monthly active accounts climbing 18%.
PayPal World, a new platform for global wallet interoperability, is expected to expand PayPal's reach to over 2 billion consumers worldwide.
The company is making strides in agentic AI, ads, and stablecoins, positioning itself as a leader in the evolving commerce landscape.

Negative

Branded online checkout TPV experienced a slight deceleration, partly due to tariff-related headwinds affecting platforms and merchants in Asia.
Transaction losses increased in the quarter, attributed to normalization in loss rates and new product introductions.
The macro and consumer spending environment has been uneven, with a slight softening in retail spending in the US.
Interest rate headwinds are expected to impact transaction margin dollars in the second half of the year.
The company faces challenges in rolling out new initiatives like Fastlane, which require time for adoption and integration with large merchants.

Operator

Good morning, and welcome to PayPal's second-quarter 2025 earnings conference call. My name is Regina, and I will be your conference operator today. As a reminder, this conference is being recorded.

I would now like to turn the program over to your host for today's conference, Steve Winoker, Chief Investor Relations Officer. Please go ahead.

Steve Winoker;Alex Chriss

PayPal Holdings Inc - Chief Investor Relations Officer;PayPal Holdings Inc - President, Chief

Thanks, Regina. Welcome to PayPal's second-quarter earnings call. I'm joined by CEO, Alex Chriss; and Chief Financial and Operating Officer, Jamie Miller.

Our remarks today include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from these statements. Our commentary is based on our best view of the world and our businesses as we see them today. As described in our earnings press release, SEC filings, and on our website, those elements may change as the world changes.

Over to you, Alex.

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