PYPL PayPal (PYPL) Q4 FY25 earnings call
PayPal announced a CEO transition to Enrique Lores, signaling a strong focus on execution and disciplined strategy implementation. While diversified growth drivers like Venmo and Enterprise Payments performed well, online branded checkout faced significant headwinds and operational challenges, leading to a revised, more conservative 2026 outlook and a withdrawal of the 2027 targets. The company is investing in experience, presentment, and selection to stabilize and strengthen its core business.
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PYPL operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | This call 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.