PayPal Holdings, Inc. (PYPL) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 1.13B | 2.38B | 1.97B | 898M | 1.16B | 2.39B | 1.61B | 1.52B | 1.92B | 2.61B | 1.26B | -200M | 1.17B | 1.59B | 1.75B | 1.25B | 1.22B | 1.22B | 1.51B | 1.31B |
| Operating CF Margin % | 13.58% | 27.48% | 23.45% | 10.83% | 14.89% | 28.62% | 20.57% | 19.34% | 24.9% | 32.57% | 16.97% | -2.74% | 16.62% | 21.55% | 25.64% | 18.37% | 18.77% | 17.64% | 24.47% | 20.94% |
| Operating CF Growth % | -2.24% | -0.42% | 22.3% | -41.11% | -39.49% | -8.42% | 28.2% | 862.5% | 63.85% | 64.3% | -28.26% | -116% | -3.86% | 30.41% | 15.99% | -4.29% | -30.77% | -9.43% | 15.14% | -26.3% |
| Net Income | 1.11B | 1.44B | 1.25B | 1.26B | 1.29B | 1.12B | 1.01B | 1.13B | 888M | 1.4B | 1.02B | 1.03B | 795M | 921M | 1.33B | -341M | 509M | 801M | 1.09B | 1.18B |
| Depreciation & Amortization | 238M | 234M | 245M | 239M | 245M | 249M | 255M | 263M | 265M | 263M | 270M | 269M | 270M | 326M | 330M | 333M | 328M | 326M | 323M | 316M |
| Stock-Based Compensation | 259M | 210M | 257M | 286M | 249M | 283M | 284M | 298M | 365M | 388M | 379M | 363M | 345M | 294M | 226M | 312M | 429M | 318M | 300M | 390M |
| Deferred Taxes | -290M | 124M | 182M | -83M | -6M | 223M | -21M | -23M | 52M | -229M | -293M | -79M | -67M | -273M | -81M | -441M | -16M | -307M | -72M | -103M |
| Other Non-Cash Items | 602M | -116M | -59M | 179M | 61M | 484M | 238M | 414M | 232M | 1.2B | -364M | -1.1B | 302M | 220M | 91M | 1.35B | 420M | 648M | 110M | -88M |
| Working Capital Changes | -788M | 495M | 101M | -984M | -676M | 34M | -152M | -555M | 115M | -408M | 247M | -678M | -475M | 103M | -141M | 37M | -453M | -566M | -235M | -393M |
| Change in Receivables | -2M | 133M | 126M | -17M | -98M | 54M | -51M | 121M | -39M | -79M | -71M | 39M | -3M | -74M | -22M | -17M | -50M | -67M | -43M | -15M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -52M | 10M | 44M | 2M | -52M | 59M | 35M | 11M | -22M | 13M | 6M | -15M | 3M | 20M | -28M | 2M | -29M | 19M | -91M | 75M |
| Cash from Investing | -2.1B | -298M | 4.77B | -20M | -3.66B | 2.46B | 2.8B | -4.55B | 980M | -534M | -307M | 1.44B | 153M | -39M | 1.37B | -3.91B | -752M | -2.79B | 326M | -1.1B |
| Capital Expenditures | -223M | -194M | -256M | -206M | -196M | -203M | -169M | -157M | -154M | -145M | -158M | -150M | -170M | -158M | -182M | -175M | -191M | -213M | -227M | -247M |
| CapEx % of Revenue | 2.67% | 2.24% | 3.04% | 2.49% | 2.52% | 2.43% | 2.15% | 1.99% | 2% | 1.81% | 2.13% | 2.06% | 2.41% | 2.14% | 2.66% | 2.57% | 2.95% | 3.08% | 3.67% | 3.96% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 6.49B | 6.7B | 5.36B | 6.96B | 8.38B | 8.84B | 8.93B | 10.56B | 8.03B | 8.25B | 8.58B | 8.93B | 8.18B | 8.09B | 9.38B | 10.97B | 10.25B | 10.99B | 12.26B | 13.62B |
| Other Investing | -242M | 438M | 1.98B | -550M | -2.84B | 31B | -8B | 6.69B | -1.03B | -1.57B | -1.06B | 716M | 978M | -2.76B | -824M | -1.52B | -708M | -383M | -489M | -83M |
| Cash from Financing | -559M | -1.95B | -1.83B | -3.17B | 994M | -3.58B | -2.53B | 200M | -2.36B | 3B | 61M | -3.27B | -2.78B | 782M | -2.97B | 1.66B | -669M | -371M | -816M | -197M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -1.63B | -1.46B | -1.5B | -1.48B | -1.5B | -1.23B | -1.78B | -1.45B | -1.5B | -562M | -1.43B | -1.45B | -1.43B | -953M | -939M | -667M | -1.5B | -1.43B | -349M | -113M |
| Dividends Paid | -130M | -130M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.63B | -1.5B | -1.5B | -1.55B | -1.5B | -1.27B | -1.78B | -1.5B | -1.5B | -607M | -1.43B | -1.53B | -1.43B | -1.01B | -939M | -750M | -1.5B | -1.5B | -350M | -200M |
| Other Financing | 1.2B | -560M | -328M | -490M | 1B | -1.11B | -885M | 399M | -617M | 2.97B | 1.39B | -1.54B | -1.42B | 1.61B | -2.09B | 902M | 646M | 1.15B | -467M | -84M |
| Net Change in Cash | -1.57B | 165M | 4.87B | -2.1B | -1.41B | 956M | 2.08B | -2.82B | 441M | 5.25B | 968M | -2.08B | -1.46B | 2.43B | 40M | -1.16B | -186M | -1.94B | 951M | 18M |
| Free Cash Flow | 911M | 2.19B | 1.72B | 692M | 964M | 2.19B | 1.45B | 1.37B | 1.76B | 2.47B | 1.1B | -350M | 1B | 1.43B | 1.57B | 1.07B | 1.03B | 1.01B | 1.29B | 1.06B |
| FCF Margin % | 10.91% | 25.24% | 20.41% | 8.35% | 12.37% | 26.19% | 18.41% | 17.35% | 22.9% | 30.76% | 14.84% | -4.8% | 14.2% | 19.41% | 22.98% | 15.79% | 15.83% | 14.56% | 20.8% | 16.98% |
| FCF Growth % | -5.5% | -0.05% | 18.89% | -49.42% | -45.32% | -11.26% | 31.24% | 490.86% | 76.3% | 72.3% | -30.01% | -132.56% | -2.53% | 42.3% | 22.32% | 1.51% | -33.25% | -10.17% | 19.85% | -32.93% |
| FCF per Share | 0.99 | 2.33 | 1.76 | 0.71 | 0.96 | 2.16 | 1.41 | 1.31 | 1.64 | 2.28 | 1.00 | -0.31 | 0.88 | 1.25 | 1.36 | 0.93 | 0.88 | 0.85 | 1.08 | 0.89 |
| FCF Conversion (FCF/Net Income) | 1.02x | 1.66x | 1.58x | 0.71x | 0.90x | 2.14x | 1.60x | 1.35x | 2.16x | 1.86x | 1.23x | -0.19x | 1.47x | 1.73x | 1.32x | -3.67x | 2.39x | 1.52x | 1.39x | 1.10x |
| Interest Paid | 18M | 196M | 19M | 189M | 2M | 198M | 2M | 164M | 2M | 164M | 0 | 165M | 2M | 42M | 114M | 112M | 12M | 110M | 12M | 97M |
| Taxes Paid | 0 | 66M | 196M | 742M | 95M | 52M | 153M | 739M | 83M | 1.06B | 152M | 411M | 495M | -279M | 666M | 444M | 47M | 38M | 56M | 293M |