PayPal Holdings, Inc. · Q2 2026
ReportedJul 28, 2026
Period endedJun 30, 2026
Rule of 40+25
Consensus vs reported
EPS · NON-GAAP
BEAT +8%
$1.38
vs $1.28 expected
QoQ+3.0%
YoY−1.4%
Revenue
BEAT +2%
$8.68B
vs $8.51B expected
QoQ+3.9%
YoY+4.8%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $8.68B, up 4.8% year over year and 3.9% on the quarter. Non-GAAP EPS $1.38, down 1.4% year over year and up 3.0% on the quarter. GAAP EPS $1.25. Free cash flow $1.77B, up 156.5% year over year and 96.6% on the quarter. Non-GAAP EPS beat consensus by 8%. Rule of 40 score +25.
Reported this quarter
Revenue
$8.68B
QoQ +3.9%
YoY +4.8%
EPS · NON-GAAP
$1.38
QoQ +3.0%
YoY −1.4%
EPS · GAAP
$1.25
QoQ +3.3%
YoY −3.1%
Free Cash Flow
$1.77B
QoQ +96.6%
YoY +156.5%
FCF Margin
20.4%
QoQ +9.6 pp
YoY +12.1 pp
P/E Ratio
8.2
QoQ −4.0%
YoY −47.2%
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- A beat, a raise, and a 0.1% move. Revenue $8,682M, +4.8% , total payment volume $486B, +9% currency-neutral, full-year outlook raised — against non-GAAP operating income −8% and EPS −1% . Both stories are true, which is why the stock did nothing.
- The take rate is where the compression sits. Transaction take rate fell 7 basis points to 1.61% . PayPal is processing more volume and keeping less of each dollar.
- Branded Checkout has stabilised, not recovered. TPV grew about 2% currency-neutral for the second straight quarter. That is the end of share loss to Apple Pay and Shop Pay, and it is not yet growth.
- Venmo has a cross-sell number worth quoting. TPV +14% , a seventh consecutive double-digit quarter, and customers using both the Venmo debit card and Pay with Venmo generate roughly 9x more revenue per account than P2P-only users.
- Braintree has been profit-positive for nine straight quarters on mid-teens TPV growth — the evidence that the merchant-side business can scale without buying volume with margin.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q4 | — | $1.10 | — |
| 2025 Q1 | — | $1.29 | — |
| 2025 Q2 | — | $1.29 | — |
| 2025 Q3 | — | $1.30 | — |
| 2025 Q4 | — | $1.54 | — |
| 2026 Q1 | — | $1.21 | — |
| 2026 Q2 | $1.28 | $1.38 | +8% |
| 2026 Q3 | — | not yet reported | — |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1633917.
HTML
8-K results announcement
Filed Jul 28, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
555 KB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
HTML
10-Q quarterly report
Period ended Jun 30, 2026, filed Jul 28, 2026
ZIP
XBRL data bundle
Structured financial statements from the 10-Q
JSON
Company facts (XBRL)
Every figure PYPL has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings