PayPal Holdings, Inc.

NasdaqGS-PYPL

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	4,917	4,147	4,246	2,419	4,169	4,202	2,459	2,057	1,795	1,401	1,228
Net Income
Depreciation & Amortization	978	1,032	1,072	1,317	1,265	1,189	912	776	805	724	608
Depreciation and Amortization
Stock Based Compensation	1,075	1,230	1,475	1,261	1,376	1,376	1,021	853	733	438	346
Stock-Based Compensation
Other Adjustments	1,993	1,745	39	1,270	632	39	754	1,175	-221	1,076	870
Transaction and Credit Losses
Deferred Income Taxes
Gain on Sale of Principal Loans Receivable Held for Sale, Net
Excess Tax Benefits from Stock-Based Compensation
Net Gains on Strategic Investments
Gain on Divestiture of Business, Excluding Transaction Costs
Accretion of Discounts on Investments, Net of Amortization of Premiums
Adjustments to Loans and Interest Receivable, Held for Sale
Other
Changes in Trade Receivables	65	85	-114	-163	-222	-100	-120	-59	12	-77	99
Accounts Receivable
Receivable from eBay
Changes in Accounts Payable	53	83	7	-35	-31	-4	4	26	62	11	-205
Accounts Payable
Payable to eBay
Changes in Income Taxes Payable	—	—	—	—	—	-230	-40	-44	19	69	40
Income Taxes Payable
Changes in Other Operating Activities	-2,655	-872	-1,882	-256	-1,392	-253	-919	696	-674	-484	-440
Originations of Loans Receivable, Held for Sale
Proceeds from Repayments and Sales of Loans Receivable, Originally Classified as Held for Sale
Changes in Loans and Interest Receivable Held for Sale, Net
Transaction Loss Allowance for Cash Losses, Net
Other Current Assets and Non-Current Assets
Other Current Liabilities and Non-Current Liabilities
Other Assets and Liabilities
Cash from Operating Activities	6,426	7,450	4,843	5,813	5,797	6,219	4,071	5,480	2,531	3,158	2,546
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-861	-683	-623	-706	-908	-866	-704	-823	-667	-669	-722
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	4	1	45	5	5	120	17	3	—	—	26
Proceeds from Sales of Property and Equipment
Purchases of Investments	-21,341	-26,209	-21,980	-20,219	-40,116	-41,513	-27,881	-22,381	-19,418	-21,041	-21,626
Purchases of Investments
Proceeds from Sale of Investments	24,810	26,962	24,295	23,411	39,698	30,908	24,878	21,898	18,448	18,429	16,148
Maturities and Sales of Investments
Payments for Business Acquisitions	—	—	—	—	-2,763	-3,609	-70	-2,124	-323	-19	-1,225
Acquisitions, Net of Cash and Restricted Cash Acquired
Proceeds from Business Divestments	—	—	466	—	—	—	—	—	—	—	—
Proceeds from Divestiture of Business, Net of Cash Divested
Other Investing Activities	949	1,518	-1,451	-5,819	-1,065	-1,585	-1,982	4,248	-2,525	-2,604	-639
Purchases of Reverse Repurchase Agreements
Maturities of Reverse Repurchase Agreements
Changes in Principal Loans Receivable, Net
Proceeds from Repayments and Sales of Loans Receivable, Originally Classified as Held for Investment
Funds Receivable and Customer Accounts
Notes Payable and Receivable from eBay
Funds Receivable
Collateral Posted Related to Derivative Instruments, Net
Other
Purchases and Originations of Loans Receivable
Cash from Investing Activities	3,452	1,589	752	-3,328	-5,149	-16,545	-5,742	821	-4,485	-5,904	-8,038
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	2,949	656	—	—	—	—	—	—	—	—	—
Borrowings from Repurchase Agreements
Repayments of Short-Term Debt	-2,949	-656	—	—	—	—	—	—	—	—	—
Repayments of Repurchase Agreements
Issuance of Long-Term Debt	2,237	1,546	1,528	3,475	272	6,966	5,471	2,075	1,800	—	-862
Borrowings Under Financing Arrangements
Repayments of Long-Term Debt	-3,204	-1,661	-1,053	-1,686	-361	-3,000	-2,516	-1,115	-980	-21	—
Repayments Under Financing Arrangements
Net Issuance / (Repayments) of Long-Term Debt	-967	-115	475	1,789	-89	3,966	2,955	960	820	-21	-862
Issuance of Common Shares	—	95	127	143	162	137	138	144	144	109	75
Proceeds from Issuance of Common Stock
Repurchases of Common Shares	-5,820	-6,047	-5,002	-4,199	-3,373	-1,635	-1,411	-3,520	-1,006	-995	—
Purchases of Treasury Stock
Net Issuance / (Repurchases) of Common Shares	-5,820	-5,952	-4,875	-4,056	-3,211	-1,498	-1,273	-3,376	-862	-886	75
Other Financing Activities	-921	-2,209	1,407	1,064	2,743	9,986	2,505	1,176	4,126	2,945	5,515
Excess Tax Benefits from Stock-Based Compensation
Contribution from eBay
Tax Withholdings Related to Net Share Settlements of Equity Awards
Funds Receivable and Customer Accounts
Funds Payable and Amounts Due to Customers
Collateral Received Related to Derivative Instruments and Reverse Repurchase Agreements, Net
Other
Cash from Financing Activities	-7,594	-8,276	-2,993	-1,203	-557	12,454	4,187	-1,240	4,084	2,038	4,728
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	5,565	6,767	4,220	5,107	4,889	5,353	3,367	4,657	1,864	2,489	1,824
NOPAT	4,852.2	4,143.9	3,945.5	2,757.5	4,334.8	2,728.6	2,230.2	1,899.4	1,735.4	1,362.3	1,205.7
Levered Free Cash Flow	1,465	3,592	3,295	4,528	3,014	8,004	4,667	3,648	2,160	1,031	-353
Unlevered Free Cash Flow	2,367.2	3,703.9	2,519.5	3,077.5	3,268.8	2,564.6	1,483.2	2,530.4	1,280.4	1,013.3	486.7
Net Change in Cash	2,284	763	2,602	1,282	91	2,128	2,516	5,061	2,130	-708	-764