PYPL PayPal (PYPL) Q2 FY25 earnings call
PayPal delivered strong profitable growth in Q2 FY25, driven by momentum in branded experiences, Venmo, and PSP. The company is transforming into a dynamic commerce platform, leveraging its scale and trusted brands to innovate across online, offline, and emerging technologies like AI and stablecoins. Strategic initiatives are gaining traction, positioning PayPal for accelerated growth in line with its 3-year outlook, despite some macro uncertainties and working capital timing shifts.
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PYPL operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | This call Jun 2025 Q2 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Active accounts | 434MTotal active accounts increased by nearly 3 million from the third quarter and nearly 9 million from last year to 434 million.Source: earnings call transcript | 436MTotal active accounts increased by about 1.5 million from the fourth quarter and over 8 million versus the prior year's first quarter to 436 million.Source: earnings call transcript | 438MTotal active accounts increased by nearly 2 million from the first quarter to 438 million.Source: earnings call transcript | — | — | — | +0.5% |
| Payments volume | $438BTotal payment volume grew 7% on a spot and currency-neutral basis to $438 billion.Source: earnings call transcript | $417BTotal payment volume grew 3% at spot and 4% on a currency-neutral basis to $417 billion.Source: earnings call transcript | <$444BTotal payment volume grew 6% at spot and 5% on a currency-neutral basis to nearly $444 billion.Source: earnings call transcript | $475BTotal payment volume in the fourth quarter grew 9% at spot and 6% on a currency-neutral basis to $475 billion.Source: earnings call transcript | $464BTotal payment volume in the first quarter grew 11% at spot and 8% on a currency-neutral basis to $464 billion.Source: earnings call transcript | $486BTotal payment volume was $486 billion, accelerating to 9% currency-neutral growth.Source: earnings call transcript | +4.7% |
| Active accounts Monthly active accounts | — | 224MMonthly active accounts continue to show steady progress, up 2% year-over-year to 224 million, with contributions from PayPal consumer accounts and Venmo.Source: earnings call transcript | 226MMonthly active accounts also continued to show steady progress, up 2% year-over-year to 226 million.Source: earnings call transcript | — | 225MMonthly active accounts increased 1% to $225 million.Source: earnings call transcript | 228MMonthly active accounts increased 1% to $228 million.Source: earnings call transcript | +1.3% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.