Q4 2025 PayPal Holdings Inc Earnings Call Transcript

Feb 03, 2026 / 01:00PM GMT

Release Date Price: C$6.18 (-20.26%)

Transcript 10-K8-K

Key Points

Positve

Venmo revenue grew approximately 20% to $1.7 billion in 2025, with total active accounts surpassing 100 million.
Enterprise Payments business delivered seven consecutive quarters of profitable growth and returned to double-digit volume growth in the fourth quarter.
Buy now, pay later (BNPL) segment delivered over $40 billion in total payment volume (TPV) in 2025, growing more than 20% year-over-year.
PayPal's debit card and Tap to Pay initiatives showed strong growth, with debit card TPV growth accelerating to over 50% in the fourth quarter.
Venmo's transformation into a monetized commerce platform resulted in a 13% TPV growth in the fourth quarter and a 7% increase in monthly active accounts year-over-year.

Negative

Online branded checkout TPV grew only 1% on a currency-neutral basis in the fourth quarter, down from 5% in the third quarter.
US retail weakness and macroeconomic factors, particularly affecting lower and middle-income consumers, contributed to the slowdown in branded checkout.
International headwinds, especially in Germany, due to macroeconomic softness and competition from alternative payment methods, impacted growth.
Operational and deployment issues slowed progress, with merchants requiring more hands-on integration support than anticipated.
The company is no longer committing to the specific multiyear growth outlook for 2027 due to challenges in the e-commerce environment and execution.

Operator

Good morning, and welcome to PayPal's fourth quarter and full year 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

PayPal Holdings Inc - Chief Investor Relations Officer

Thanks, Sarah. Welcome to PayPal's fourth quarter and full year 2025 earnings call. 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, Jamie.

Jamie Miller

PayPal Holdings Inc - Chief Financial Officer, Executive Vice President

Thank you, Steve

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