Q3 2025 PayPal Holdings Inc Earnings Call Transcript

Oct 28, 2025 / 12:00PM GMT

Transcript 10-Q8-K

Key Points

Positve

PayPal Holdings Inc (PYPL) reported a 6% to 7% growth in transaction margin dollars for 2025, reversing negative growth from two years ago.
The company has accelerated revenue growth over the past two quarters by focusing on profitable growth strategies.
Venmo revenue growth has accelerated by 10 points compared to two years ago, with a continued increase in the user base.
PayPal Holdings Inc (PYPL) is initiating a dividend, complementing its ongoing share buyback program, which strengthens its capital return strategy.
The company is experiencing strong growth in its Buy Now, Pay Later (BNPL) business, with a 20% volume growth quarter after quarter.

Negative

PayPal Holdings Inc (PYPL) is facing higher transaction losses, which partially offset growth in other areas.
The company has observed a decrease in basket sizes or average order value, particularly in Europe and the US, indicating softer consumer discretionary spending.
There is a need for more work to close the gap between PayPal Holdings Inc (PYPL)'s performance and overall e-commerce growth due to competitive intensity online.
The company is experiencing macro-related deceleration in growth, particularly in the US and Europe, affecting transaction margin dollar growth.
Investments in product initiatives and marketing are expected to be a near-term headwind to transaction margin dollar growth and earnings in 2026.

Operator

Good morning, and welcome to PayPal's third quarter 2025 earnings conference call. My name is Sarah, 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, PayPal's Chief Investor Relations Officer. Please go ahead.

Steve Winoker;Alex Chriss

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

Thanks, Sarah. Welcome to PayPal's third 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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