PayPal Holdings, Inc.
For the period ended Dec 31, 2025. Filed Feb 3, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 3, 2026
PYPL$58.78-2.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Cash flows from operating activities: | |||
| Net income (loss) | $5,233 | $4,147 | $4,246 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Transaction and credit losses | 1,720 | 1,442 | 1,682 |
| Depreciation and amortization | 963 | 1,032 | 1,072 |
| Stock-based compensation | 1,002 | 1,230 | 1,475 |
| Deferred income taxes | 217 | 231 | (668) |
| Net (gains) losses on strategic investments | (162) | 285 | (201) |
| Gain on divestiture of business, excluding transaction costs | — | — | (356) |
| Accretion of discounts on investments, net of amortization of premiums | (83) | (335) | (367) |
| Adjustments to loans and interest receivable, held for sale | 193 | 125 | 53 |
| Other | (287) | (3) | (104) |
| Originations of loans receivable, held for sale | (36,730) | (24,498) | (11,470) |
| Proceeds from repayments and sales of loans receivable, originally classified as held for sale | 35,414 | 24,352 | 10,795 |
| Changes in assets and liabilities: | |||
| Accounts receivable | 144 | 85 | (114) |
| Transaction loss allowance for cash losses, net | (1,318) | (1,131) | (1,188) |
| Other current assets and non-current assets | (493) | (393) | (116) |
| Accounts payable | 4 | 83 | 7 |
| Other current liabilities and non-current liabilities | 599 | 798 | 97 |
| Net cash provided by operating activities | 6,416 | 7,450 | 4,843 |
| Cash flows from investing activities: | |||
| Purchases of reverse repurchase agreements | (201) | (424) | — |
| Maturities of reverse repurchase agreements | 288 | 337 | — |
| Purchases of property and equipment | (852) | (683) | (623) |
| Proceeds from sales of property and equipment | 3 | 1 | 45 |
| Purchases and originations of loans receivable | (20,190) | (21,807) | (25,198) |
| Proceeds from repayments and sales of loans receivable, originally classified as held for investment | 19,688 | 20,272 | 26,660 |
| Purchases of investments | (20,399) | (26,209) | (21,980) |
| Maturities and sales of investments | 22,933 | 26,962 | 24,295 |
| Proceeds from divestiture of business, net of cash divested | — | — | 466 |
| Funds receivable | (303) | 2,908 | (2,943) |
| Collateral posted related to derivative instruments, net | (149) | 73 | (56) |
| Other | (21) | 259 | 86 |
| Net cash provided by investing activities | 797 | 1,689 | 752 |
| 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 | 117 | 95 | 127 |
| Purchases of treasury stock | (6,052) | (6,047) | (5,002) |
| Tax withholdings related to net share settlements of equity awards | (383) | (351) | (257) |
| Borrowings under financing arrangements | 2,637 | 1,546 | 1,528 |
| Repayments under financing arrangements | (2,155) | (1,661) | (1,053) |
| Funds payable and amounts due to customers | 174 | (1,954) | 1,861 |
| Collateral received related to derivative instruments and reverse repurchase agreements, net | (160) | 156 | (197) |
| Payments of dividends to stockholders | (130) | — | — |
| Other | (6) | (60) | — |
| Net cash used in financing activities | (5,958) | (8,276) | (2,993) |
CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 273 | (207) | 76 |
| Net change in cash, cash equivalents, and restricted cash | 1,528 | 656 | 2,678 |
| Cash, cash equivalents, and restricted cash at beginning of period | 22,490 | 21,834 | 19,156 |
| Cash, cash equivalents, and restricted cash at end of period | $24,018 | $22,490 | $21,834 |
| Supplemental cash flow disclosures: | |||
| Cash paid for interest | $406 | $366 | $331 |
| Cash paid for income taxes, net | $1,099 | $1,027 | $2,118 |
| The table below reconciles cash, cash equivalents, and restricted cash as reported in the consolidated balance sheets to the total of the same amounts shown in the consolidated statements of cash flows: | |||
| Cash and cash equivalents | $8,049 | $6,662 | $9,081 |
| Short-term and long-term investments | — | 1 | 3 |
| Funds receivable and customer accounts | 15,969 | 15,827 | 12,750 |
| Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | $24,018 | $22,490 | $21,834 |
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