PayPal Holdings, Inc.

NasdaqGS-PYPL

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	1,248	1,261	1,287	1,121	1,010	1,128
Net Income
Depreciation & Amortization	245	239	245	249	255	263
Depreciation and Amortization
Stock Based Compensation	257	286	249	283	284	298
Stock-Based Compensation
Other Adjustments	757	158	239	839	341	168
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
Unrealized Gains on Strategic Investments
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	126	-17	-98	54	-51	121
Accounts Receivable
Changes in Accounts Payable	44	2	-52	59	35	11
Accounts Payable
Changes in Income Taxes Payable	—	—	—	—	—	—
Income Taxes Payable
Changes in Other Operating Activities	-703	-1,031	-710	-211	-986	-464
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	1,974	898	1,160	2,394	1,614	1,525
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-256	-206	-196	-203	-169	-157
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	1	2	1	0.5	—
Proceeds from Sales of Property and Equipment
Purchases of Investments	-4,387	-5,594	-5,970	-5,390	-4,815	-8,923
Purchases of Investments
Proceeds from Sale of Investments	7,432	6,130	5,465	5,783	6,938	4,999
Maturities and Sales of Investments
Payments for Business Acquisitions	—	—	—	—	—	—
Acquisitions, Net of Cash and Restricted Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—
Proceeds from Divestiture of Business, Net of Cash Divested
Other Investing Activities	2,092	-351	-2,958	2,166	924.5	-466
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
Funds Receivable
Collateral Posted Related to Derivative Instruments, Net
Other
Purchases and Originations of Loans Receivable
Cash from Investing Activities	4,772	-20	-3,657	2,357	2,799	-4,547
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	2,544	405	—	—	466	—
Borrowings from Repurchase Agreements
Repayments of Short-Term Debt	-2,544	-405	—	—	-466	—
Repayments of Repurchase Agreements
Issuance of Long-Term Debt	746	—	1,491	—	132	1,299
Borrowings Under Financing Arrangements
Repayments of Long-Term Debt	-747	-1,207	—	-1,250	-625	-52
Repayments Under Financing Arrangements
Net Issuance / (Repayments) of Long-Term Debt	-1	-1,207	1,491	-1,250	-493	1,247
Issuance of Common Shares	—	74	—	40	20	55
Proceeds from Issuance of Common Stock
Repurchases of Common Shares	-1,500	-1,551	-1,500	-1,269	-1,776	-1,501
Purchases of Treasury Stock
Net Issuance / (Repurchases) of Common Shares	-1,500	-1,477	-1,500	-1,229	-1,756	-1,446
Other Financing Activities	-328	-490	1,003	-1,106	-885	399
Excess Tax Benefits from Stock-Based Compensation
Tax Withholdings Related to Net Share Settlements of Equity Awards
Funds Payable and Amounts Due to Customers
Collateral Received Related to Derivative Instruments and Reverse Repurchase Agreements, Net
Other
Cash from Financing Activities	-1,829	-3,174	994	-3,585	-2,529	200
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	1,718	692	964	2,191	1,445	1,368
NOPAT	1,237.4	1,240.4	1,228.4	1,145.6	1,071.6	1,068.3
Levered Free Cash Flow	577	-942	2,065	-235	-348	2,028
Unlevered Free Cash Flow	567.4	244.4	515.4	1,039.6	206.6	721.3
Net Change in Cash	4,917	-2,296	-1,503	1,166	1,884	-2,822