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PayPal Holdings (PYPL) investor relations material
PayPal Holdings UBS’s 2025 Global Technology and AI Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.UBS’s 2025 Global Technology and AI Conference summary3 Dec, 2025
Leadership reflections and operational changes
Implemented a new operating structure and rhythms, increasing focus and measurement discipline.
Brought in outside talent to complement in-house expertise, enhancing strategic execution.
Achieved 6%-7% transaction margin dollar growth and mid-teens EPS growth over the past two years.
Diversified revenue and margin sources beyond branded checkout, including Venmo, Buy Now Pay Later, debit cards, and processing.
Maintained strong free cash flow of $6-$7 billion annually.
Branded checkout and financial outlook
Q4 branded checkout growth expected to be a few points slower than Q3 due to macro pressures and tough comps.
Consumer spending is down, with lower average order values and a shift toward discretionary retail.
2026 outlook includes easier comps and benefits from modern checkout rollout, but momentum is building slower than hoped.
Buy Now Pay Later and Pay with Venmo are showing strong quarter-over-quarter growth of 20% and 40%, respectively.
Investments in product attach, habituation, and agentic commerce are expected to slow transaction margin dollar and EPS growth in 2026.
Investments, button placement, and product experience
Investing 1-2 points of transaction margin dollars in Q4 for product attachment and habituation, with similar focus for 2026.
ROI on offers typically ranges from 12 to 36 months, depending on the initiative.
Button presentment is negotiated merchant-by-merchant, with upstream placement driving higher capture rates.
New experiences and Buy Now Pay Later are leveraged for customer acquisition and improved conversion.
Modern checkout migration has reached 25% global penetration, with optimized merchants seeing a 1-point conversion uplift.
Agentic Commerce: Merchant opt-in process?
2026 OpEx growth vs. TMD growth rate?
Debit card growth's strategic importance?
Partial view of Summaries dataset, powered by Quartr API
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Next PayPal Holdings earnings date
Q4 20253 Feb, 2026
Next PayPal Holdings earnings date
Q4 20253 Feb, 2026
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Frequently asked questions
Simplifying peer-to-peer payments
PayPal Holdings Inc is an American fin-tech company that engages in the online payments industry. It develops solutions that enable its customers to transfer money online. It has become a leader in the industry challenging traditional ways of transferring money such as checks, with over 325 million accounts globally. PayPal can be used by both private individuals and businesses to buy things online, send payments to other PayPal users, and request payments. It makes most of its revenues by charging the users a fee on transactions. The Company was founded in 1998 and is headquartered in San Jose, California.
Further reading: The Payment's Value Chain: A Complex Ecosystem
A subsidiary of eBay
Not long after its IPO in 2002, PayPal was acquired by eBay the same year. Many of the eBay users were already utilizing eBay on their auctions and it was a key step to enable online processing of financial transactions. As a subsidiary of eBay, PayPal reached 100 million active users in 2010 located in 190 markets and enabling transactions in 25 different currencies.
In 2015 PayPal was spun off from eBay to an independent and publicly traded company again by pressure from the notorious hedge fund activist Carl Ichan. In 2018, PayPal acquired the Swedish company iZettle, founded by Jacob de Geer and Magnus Nilsson, to further enhance their in-store payment capabilities.
The PayPal Mafia
PayPal, as we know it today, was formed through a merger between Confinity, which was founded by Peter Thiel, Luke Nosek, and Max Levchin, and X.com, which was founded by Elon Musk. After the merger, the company was renamed PayPal in 2001.
The founders and early employees of PayPal have later been referred to as the “PayPal Mafia” due to many of them later went on and founded other successful ventures. For example, Elon Musk went on and founded Tesla, SpaceX, OpenAI, and Neuralink. Other examples include Peter Thiel, founder of Palantir Technologies and the first outside investor in Facebook, Reid Hoffman, founder of LinkedIn (acquired by Microsoft in 2016), and the founders of YouTube (acquired by Alphabet in 2006).
The Braintree acquisition
In 2013, PayPal acquired the Chicago-based company Braintree. The acquisition further enhanced PayPal’s capabilities in enabling online payments for e-commerce and merchants such as One Touch Payments which doesn’t require a sign-up or new entering of credit card details when you buy something online.
The One Touch Payment solution was initially developed by Venmo that was acquired by Braintree in 2012.
Today, Venmo is one of the leading peer-to-peer transactions services that enable individuals to send transfer money between each other. In 2021, Venmo handled over 200 billion U.S. dollars in payments.
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