PAYPAL HOLDINGS, INC., 10-Q filed on 10/28/2025
Quarterly Report
v3.25.3
COVER - shares
 9 Months Ended
Sep. 30, 2025
Oct. 22, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-36859  
Entity Registrant Name PayPal Holdings, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 47-2989869  
Entity Address, Address Line One 2211 North First Street  
Entity Address, City or Town San Jose,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95131  
City Area Code 408  
Local Phone Number 967-7000  
Title of 12(b) Security Common stock, $0.0001 par value per share  
Entity Trading Symbol PYPL  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   935,651,953
Entity Central Index Key 0001633917  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 8,995 $ 6,662
Short-term investments 1,760 4,262
Accounts receivable, net 973 984
Loans and interest receivable, held for sale 1,404 541
Loans and interest receivable, net of allowances of $524 and $461 of September 30, 2025 and December 31, 2024, respectively 6,396 6,422
Funds receivable and customer accounts 38,668 37,671
Prepaid expenses and other current assets 1,980 1,664
Total current assets 60,176 58,206
Long-term investments 3,601 4,583
Property and equipment, net 1,656 1,508
Goodwill 10,941 10,837
Intangible assets, net 226 326
Other assets 3,201 3,265
Total assets 79,801 78,725
Current liabilities:    
Accounts payable 208 227
Funds payable and amounts due to customers 40,668 39,671
Accrued expenses and other current liabilities 4,048 5,592
Total current liabilities 44,924 45,490
Other long-term liabilities 3,403 2,939
Long-term debt 11,276 9,879
Total liabilities 59,603 58,308
Commitments and contingencies (Note 13)
Equity:    
Common stock, $0.0001 par value; 4,000 shares authorized; 941 and 993 shares outstanding as of September 30, 2025 and December 31, 2024, respectively 0 0
Preferred stock, $0.0001 par value; 100 shares authorized, unissued 0 0
Treasury stock at cost, 400 and 337 shares as of September 30, 2025 and December 31, 2024, respectively (31,624) (27,085)
Additional paid-in-capital 21,359 20,705
Retained earnings 31,163 27,347
Accumulated other comprehensive income (loss) (700) (550)
Total equity 20,198 20,417
Total liabilities and equity $ 79,801 $ 78,725
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Loans and interest receivable, allowances $ 515 $ 461
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 4,000 4,000
Common stock, shares outstanding (in shares) 941 993
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 100 100
Treasury stock, shares (in shares) 400 337
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Net revenues $ 8,417 $ 7,847 $ 24,496 $ 23,431
Operating expenses:        
Transaction expense 4,063 3,841 11,735 11,700
Transaction and credit losses 483 352 1,330 1,008
Customer support and operations 447 427 1,258 1,317
Sales and marketing 521 508 1,592 1,375
Technology and development 801 746 2,299 2,206
General and administrative 513 519 1,477 1,553
Restructuring and other 69 63 251 388
Total operating expenses 6,897 6,456 19,942 19,547
Operating income 1,520 1,391 4,554 3,884
Other income (expense), net 13 (80) 111 35
Income before income taxes 1,533 1,311 4,665 3,919
Income tax expense 285 301 869 893
Net income (loss) $ 1,248 $ 1,010 $ 3,796 $ 3,026
Net income (loss) per share:        
Basic (in dollars per share) $ 1.31 $ 1.00 $ 3.92 $ 2.91
Diluted (in dollars per share) $ 1.30 $ 0.99 $ 3.88 $ 2.89
Weighted average shares:        
Basic (in shares) 950 1,015 968 1,040
Diluted (in shares) 960 1,024 978 1,048
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 1,248 $ 1,010 $ 3,796 $ 3,026
Other comprehensive income (loss), net of reclassification adjustments:        
Foreign currency translation adjustments (“CTA”), net (49) 275 185 7
Tax (expense) benefit on foreign CTA, net 0 0 (4) 0
Net investment hedges CTA (losses) gains, net 0 (149) 0 50
Tax benefit (expense) on net investment hedges CTA (losses) gains, net 0 35 0 (12)
Unrealized gains (losses) on cash flow hedges, net 78 (148) (346) (49)
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net (3) 7 17 2
Unrealized gains (losses) on available-for-sale debt securities, net 18 60 (2) 158
Tax expense on unrealized gains (losses) on available-for-sale debt securities, net (5) (14) 0 (37)
Other comprehensive income (loss), net of tax 39 66 (150) 119
Comprehensive income (loss) $ 1,287 $ 1,076 $ 3,646 $ 3,145
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Adjustments
Common Stock Shares
Treasury Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Retained Earnings
Adjustments
Beginning balance (in shares) at Dec. 31, 2023     1,072          
Beginning balance at Dec. 31, 2023 $ 21,051     $ (21,045) $ 19,642 $ (746) $ 23,200  
Increase (Decrease) in Stockholders' Equity                
Net income 888           888  
Foreign CTA, net (143)         (143)    
Net investment hedges CTA gains (losses), net 99         99    
Tax benefit on net investment hedges CTA gains (losses), net (23)         (23)    
Unrealized (losses) gains on cash flow hedges, net 96         96    
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net (5)         (5)    
Unrealized (losses) gains on available-for-sale debt securities, net 83         83    
Tax expense on unrealized gains (losses) on available-for-sale debt securities, net (20)         (20)    
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)     6          
Common stock and stock-based awards issued, net of shares withheld for employee taxes (193)       (193)      
Common stock repurchased (in shares)     (25)          
Common stock repurchased (1,511)     (1,511)        
Treasury stock reissuance 4     4        
Stock-based compensation 376       376      
Ending balance (in shares) at Mar. 31, 2024     1,053          
Ending balance at Mar. 31, 2024 20,702     (22,552) 19,825 (659) 24,088  
Beginning balance (in shares) at Dec. 31, 2023     1,072          
Beginning balance at Dec. 31, 2023 21,051     (21,045) 19,642 (746) 23,200  
Increase (Decrease) in Stockholders' Equity                
Net income 3,026              
Foreign CTA, net 7              
Tax (expense) benefit on foreign CTA, net 0              
Net investment hedges CTA gains (losses), net 50              
Tax benefit on net investment hedges CTA gains (losses), net (12)              
Unrealized (losses) gains on cash flow hedges, net (49)              
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net 2              
Unrealized (losses) gains on available-for-sale debt securities, net 158              
Tax expense on unrealized gains (losses) on available-for-sale debt securities, net (37)              
Ending balance (in shares) at Sep. 30, 2024     1,006          
Ending balance at Sep. 30, 2024 20,174     (25,851) 20,426 (627) 26,226  
Beginning balance (in shares) at Mar. 31, 2024     1,053          
Beginning balance at Mar. 31, 2024 20,702     (22,552) 19,825 (659) 24,088  
Increase (Decrease) in Stockholders' Equity                
Net income 1,128           1,128  
Foreign CTA, net (125)         (125)    
Net investment hedges CTA gains (losses), net 100         100    
Tax benefit on net investment hedges CTA gains (losses), net (24)         (24)    
Unrealized (losses) gains on cash flow hedges, net 3         3    
Unrealized (losses) gains on available-for-sale debt securities, net 15         15    
Tax expense on unrealized gains (losses) on available-for-sale debt securities, net (3)         (3)    
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)     3          
Common stock and stock-based awards issued, net of shares withheld for employee taxes 13       13      
Common stock repurchased (in shares)     (24)          
Common stock repurchased (1,516)     (1,516)        
Treasury stock reissuance 4     4        
Stock-based compensation 325       325      
Ending balance (in shares) at Jun. 30, 2024     1,032          
Ending balance at Jun. 30, 2024 20,622     (24,064) 20,163 (693) 25,216  
Increase (Decrease) in Stockholders' Equity                
Net income 1,010           1,010  
Foreign CTA, net 275         275    
Tax (expense) benefit on foreign CTA, net 0              
Net investment hedges CTA gains (losses), net (149)         (149)    
Tax benefit on net investment hedges CTA gains (losses), net 35         35    
Unrealized (losses) gains on cash flow hedges, net (148)         (148)    
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net 7         7    
Unrealized (losses) gains on available-for-sale debt securities, net 60         60    
Tax expense on unrealized gains (losses) on available-for-sale debt securities, net (14)         (14)    
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)     2          
Common stock and stock-based awards issued, net of shares withheld for employee taxes (47)       (47)      
Common stock repurchased (in shares)     (28)          
Common stock repurchased (1,791)     (1,791)        
Treasury stock reissuance 4     4        
Stock-based compensation 310       310      
Ending balance (in shares) at Sep. 30, 2024     1,006          
Ending balance at Sep. 30, 2024 $ 20,174     (25,851) 20,426 (627) 26,226  
Beginning balance (in shares) at Dec. 31, 2024 993   993          
Beginning balance at Dec. 31, 2024 $ 20,417 $ 20   (27,085) 20,705 (550) 27,347 $ 20
Increase (Decrease) in Stockholders' Equity                
Net income 1,287           1,287  
Foreign CTA, net 109         109    
Tax (expense) benefit on foreign CTA, net (7)         (7)    
Unrealized (losses) gains on cash flow hedges, net (176)         (176)    
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net 9         9    
Unrealized (losses) gains on available-for-sale debt securities, net (9)         (9)    
Tax expense on unrealized gains (losses) on available-for-sale debt securities, net 2         2    
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)     5          
Common stock and stock-based awards issued, net of shares withheld for employee taxes (171)       (171)      
Common stock repurchased (in shares)     (19)          
Common stock repurchased (1,512)     (1,512)        
Stock-based compensation 285       285      
Ending balance (in shares) at Mar. 31, 2025     979          
Ending balance at Mar. 31, 2025 $ 20,254     (28,597) 20,819 (622) 28,654  
Beginning balance (in shares) at Dec. 31, 2024 993   993          
Beginning balance at Dec. 31, 2024 $ 20,417 $ 20   (27,085) 20,705 (550) 27,347 $ 20
Increase (Decrease) in Stockholders' Equity                
Net income 3,796              
Foreign CTA, net 185              
Tax (expense) benefit on foreign CTA, net (4)              
Net investment hedges CTA gains (losses), net 0              
Tax benefit on net investment hedges CTA gains (losses), net 0              
Unrealized (losses) gains on cash flow hedges, net (346)              
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net 17              
Unrealized (losses) gains on available-for-sale debt securities, net (2)              
Tax expense on unrealized gains (losses) on available-for-sale debt securities, net $ 0              
Ending balance (in shares) at Sep. 30, 2025 941   941          
Ending balance at Sep. 30, 2025 $ 20,198     (31,624) 21,359 (700) 31,163  
Beginning balance (in shares) at Mar. 31, 2025     979          
Beginning balance at Mar. 31, 2025 20,254     (28,597) 20,819 (622) 28,654  
Increase (Decrease) in Stockholders' Equity                
Net income 1,261           1,261  
Foreign CTA, net 125         125    
Tax (expense) benefit on foreign CTA, net 3         3    
Unrealized (losses) gains on cash flow hedges, net (248)         (248)    
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net 11         11    
Unrealized (losses) gains on available-for-sale debt securities, net (11)         (11)    
Tax expense on unrealized gains (losses) on available-for-sale debt securities, net 3         3    
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)     3          
Common stock and stock-based awards issued, net of shares withheld for employee taxes (2)       (2)      
Common stock repurchased (in shares)     (22)          
Common stock repurchased (1,514)     (1,514)        
Stock-based compensation 319       319      
Ending balance (in shares) at Jun. 30, 2025     960          
Ending balance at Jun. 30, 2025 20,201     (30,111) 21,136 (739) 29,915  
Increase (Decrease) in Stockholders' Equity                
Net income 1,248           1,248  
Foreign CTA, net (49)         (49)    
Tax (expense) benefit on foreign CTA, net 0              
Net investment hedges CTA gains (losses), net 0              
Tax benefit on net investment hedges CTA gains (losses), net 0              
Unrealized (losses) gains on cash flow hedges, net 78         78    
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net (3)         (3)    
Unrealized (losses) gains on available-for-sale debt securities, net 18         18    
Tax expense on unrealized gains (losses) on available-for-sale debt securities, net (5)         (5)    
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)     2          
Common stock and stock-based awards issued, net of shares withheld for employee taxes (66)       (66)      
Common stock repurchased (in shares)     (21)          
Common stock repurchased (1,513)     (1,513)        
Stock-based compensation $ 289       289      
Ending balance (in shares) at Sep. 30, 2025 941   941          
Ending balance at Sep. 30, 2025 $ 20,198     $ (31,624) $ 21,359 $ (700) $ 31,163  
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical)
 12 Months Ended
Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]  
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2023-08 [Member]
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 3,796 $ 3,026
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Transaction and credit losses 1,330 1,008
Depreciation and amortization 729 783
Stock-based compensation 792 947
Deferred income taxes 93 8
Net (gains) losses on strategic investments (69) 226
Accretion of discounts on investments, net of amortization of premiums (77) (290)
Adjustments to loans and interest receivable, held for sale 122 92
Other (245) (138)
Originations of loans receivable, held for sale (24,040) (17,173)
Proceeds from repayments and sales of loans receivable, originally classified as held for sale 23,160 17,159
Changes in assets and liabilities:    
Accounts receivable 11 31
Accounts payable (6) 24
Other assets and liabilities (1,564) (647)
Net cash provided by operating activities 4,032 5,056
Cash flows from investing activities:    
Purchases of reverse repurchase agreements (201) (299)
Maturities of reverse repurchase agreements 288 226
Purchases of property and equipment (658) (480)
Proceeds from sales of property and equipment 3 0
Purchases and originations of loans receivable (15,904) (15,374)
Proceeds from repayments and sales of loans receivable, originally classified as held for investment 15,945 14,705
Purchases of investments (15,951) (20,819)
Maturities and sales of investments 19,027 21,179
Funds receivable (1,232) 152
Collateral posted related to derivative instruments, net (207) (58)
Other (15) 0
Net cash provided by (used in) investing activities 1,095 (768)
Cash flows from financing activities:    
Borrowings from repurchase agreements 2,949 656
Repayments of repurchase agreements (2,949) (656)
Proceeds from issuance of common stock 74 55
Purchases of treasury stock (4,551) (4,778)
Tax withholdings related to net share settlements of equity awards (317) (271)
Borrowings under financing arrangements 2,237 1,546
Repayments under financing arrangements (1,954) (411)
Funds payable and amounts due to customers 663 (771)
Collateral received related to derivative instruments and reverse repurchase agreements, net (155) (1)
Other (6) (60)
Net cash used in financing activities (4,009) (4,691)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 245 103
Net change in cash, cash equivalents, and restricted cash 1,363 (300)
Cash, cash equivalents, and restricted cash at beginning of period 22,490 21,834
Cash, cash equivalents, and restricted cash at end of period 23,853 21,534
Supplemental cash flow disclosures:    
Cash paid for interest 210 168
Cash paid for income taxes, net 1,033 975
The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:    
Cash and cash equivalents 8,995 7,372
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows 23,853 21,534
Short-term investments    
The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:    
Restricted cash and cash equivalents 0 1
Funds receivable and customer accounts    
The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:    
Restricted cash and cash equivalents $ 14,858 $ 14,161
v3.25.3
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
OVERVIEW AND ORGANIZATION

PayPal Holdings, Inc. (“PayPal,” the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in January 2015. At PayPal, our mission is to revolutionize commerce globally. Our products are designed to enable digital payments and simplify commerce experiences for consumers and merchants to make selling, shopping, and sending and receiving money simple, personalized, secure, online or offline, including mobile. Our two-sided platform serves millions of consumers and merchants worldwide.
SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principles of consolidation
The accompanying condensed consolidated financial statements include the financial statements of PayPal and our wholly- and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

We determine at the inception of each investment, and re-evaluate if certain events occur, whether an entity in which we have made an investment is considered a variable interest entity (“VIE”). If we determine an investment is in a VIE, we then assess if we are the primary beneficiary, which would require consolidation. As of September 30, 2025 and December 31, 2024, no VIEs qualified for consolidation as the structures of these entities do not provide us with both the ability to direct activities that would significantly impact their economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.

As of September 30, 2025 and December 31, 2024, the carrying value of our investments in nonconsolidated VIEs that are primarily investments in funds that are limited partnerships or similar structures which are focused on increasing access to capital for underserved communities was $199 million and $187 million, respectively, and is included as non-marketable equity securities applying the equity method of accounting in long-term investments on our condensed consolidated balance sheets. Our maximum exposure to loss related to these nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $246 million as of both September 30, 2025 and December 31, 2024.

These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 4, 2025.

In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated financial statements for all interim periods presented. Certain amounts for prior periods have been reclassified to conform to the financial statement presentation as of and for the three and nine months ended September 30, 2025.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction and credit losses, income taxes, loss contingencies, revenue recognition, and the evaluation of strategic investments for impairment. We base our estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. Actual results could materially differ from these estimates.
Cash and cash equivalents

Cash and cash equivalents are short-term, highly liquid investments and are primarily comprised of bank deposits, PayPal USD stablecoin (“PYUSD”), money market funds and debt securities with original maturities of three months or less when purchased. PYUSD is a stablecoin pegged to the U.S. dollar and fully backed by U.S. dollar deposits, U.S. treasuries, and similar cash equivalents. Each token of PYUSD held by PayPal represents a contractual right to redeem with the third-party issuer of PYUSD for one U.S. dollar.

Recently issued accounting guidance

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amended guidance enhances income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information. This guidance requires disclosure of specific categories in the effective tax rate reconciliation and additional information on reconciling items meeting a quantitative threshold. In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state, and foreign taxes. It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amended guidance is effective for annual periods beginning after December 15, 2024. The guidance can be applied either prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the notes to our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amended guidance requires disaggregation of certain expense captions into specified natural expense categories in the disclosures within the notes to the financial statements. In addition, the guidance requires disclosure of selling expenses and its definition. The new guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied either prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the notes to our condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amended guidance modernizes the accounting for costs related to internal-use software to more closely align with current software development methods. The guidance removes references to project stages and clarifies when we are required to start capitalizing eligible costs. The new guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The guidance can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. We are evaluating the impact this amended guidance may have on our condensed consolidated financial statements.

Recently adopted accounting guidance

In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This amended guidance requires fair value measurement of certain crypto assets each reporting period, with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost basis for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. We adopted this guidance effective as of January 1, 2025. We have applied the amendments of this guidance as a cumulative-effect adjustment to retained earnings. The adoption of this guidance did not have a significant impact on our condensed consolidated financial statements.
In January 2025, the SEC released Staff Accounting Bulletin (“SAB”) No. 122 rescinding SAB No. 121, which required an entity to record a liability to reflect its obligation to safeguard the crypto assets held for its platform users with a corresponding asset and required disclosures related to the entity’s safeguarding obligations. SAB No. 122 is effective for annual periods beginning after December 15, 2024 and is required to be applied on a fully retrospective basis, with early adoption permitted. We adopted this guidance as of March 31, 2025 and derecognized the crypto asset safeguarding liability and corresponding safeguarding asset on our condensed consolidated balance sheet as of December 31, 2024. Additionally, we derecognized the associated deferred tax asset and liability as of December 31, 2024. The adoption of this guidance did not impact our condensed consolidated statements of income (loss), comprehensive income (loss), stockholders’ equity or cash flows.

The following table presents the effects of the changes on the presentation of our condensed consolidated balance sheet:
December 31, 2024
(In millions)
As Previously Reported (1)
Adjustments
As Adjusted
Total assets(2)
$81,611 $(2,886)$78,725 
Total liabilities(2)
$61,194 $(2,886)$58,308 
(1) As reported in our 2024 Form 10-K filed with the SEC on February 4, 2025.
(2) Financial statement lines impacted within total assets and total liabilities were “prepaid expenses and other current assets” and “accrued expenses and other current liabilities”, respectively.

There are other new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these new accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.
v3.25.3
REVENUE
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
We enable our customers to send and receive payments. We earn revenue primarily by completing payment transactions for our customers on our payments platform and from other value added services. Our revenues are classified into two categories: transaction revenues and revenues from other value added services.

We record a contract asset when we have a conditional right to consideration for services we have already transferred to our customer. These contract assets are included in other assets in our condensed consolidated balance sheets and were $203 million and $207 million as of September 30, 2025 and December 31, 2024, respectively.

DISAGGREGATION OF REVENUE

We believe that the nature, amount, timing, and uncertainty of our revenue and cash flows and how they are affected by economic factors are most appropriately depicted through our primary geographical markets and types of revenue categories (transaction revenues and revenues from other value added services). Revenues recorded within these categories are earned from similar products and services for which the nature of associated fees and the related revenue recognition models are substantially similar.
The following table presents our revenue disaggregated by primary geographical market and category:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Primary geographical markets
U.S.$4,753 $4,518 $13,925 $13,535 
Other countries(1)
3,664 3,329 10,571 9,896 
Total net revenues(2)
$8,417 $7,847 $24,496 $23,431 
Revenue category
Transaction revenues$7,522 $7,067 $21,979 $21,254 
Revenues from other value added services895 780 2,517 2,177 
Total net revenues(2)
$8,417 $7,847 $24,496 $23,431 
(1) No single country included in the other countries category generated more than 10% of total net revenues.
(2) Total net revenues include $542 million and $515 million for the three months ended September 30, 2025 and 2024, respectively, and $1.6 billion and $1.5 billion for the nine months ended September 30, 2025 and 2024, respectively, which do not represent revenues recognized in the scope of Accounting Standards Codification Topic 606, Revenue from contracts with customers. Such revenues relate to interest and fees earned on loans and interest receivable, including loans and interest receivable, held for sale, hedging gains or losses, and interest earned and gains or losses on certain assets underlying customer balances.

Net revenues are attributed to the country in which the party paying our fee is located.
v3.25.3
NET INCOME (LOSS) PER SHARE
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE NET INCOME (LOSS) PER SHARE
Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding for the period. The dilutive effect of outstanding equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive common shares. During periods when we report net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items would decrease the net loss per share.

The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions, except per share amounts)
Numerator:
Net income (loss)$1,248 $1,010 $3,796 $3,026 
Denominator:
Weighted average shares of common stock - basic950 1,015 968 1,040 
Dilutive effect of equity incentive awards10 9 10 8 
Weighted average shares of common stock - diluted960 1,024 978 1,048 
Net income (loss) per share:
Basic$1.31 $1.00 $3.92 $2.91 
Diluted$1.30 $0.99 $3.88 $2.89 
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive12 8 9 12 
v3.25.3
BUSINESS COMBINATIONS AND DIVESTITURES
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS AND DIVESTITURES BUSINESS COMBINATIONS AND DIVESTITURES
In the second quarter of 2025, we completed an acquisition with a total purchase price of $19 million, consisting of cash consideration, which was accounted for as a business combination. There were no acquisitions accounted for as business combinations in the nine months ended September 30, 2024.
There were no divestitures completed in the nine months ended September 30, 2025 and 2024.
v3.25.3
GOODWILL AND INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
GOODWILL

The following table presents goodwill balances and adjustments to those balances during the nine months ended September 30, 2025:
December 31,
2024		Goodwill Acquired Adjustments September 30,
2025
 (In millions)
Total goodwill$10,837 $7 $97 $10,941 

The adjustments to goodwill during the nine months ended September 30, 2025 pertained to foreign currency translation adjustments.

INTANGIBLE ASSETS

The components of identifiable intangible assets were as follows:
 September 30, 2025December 31, 2024
 Gross Carrying Amount
Accumulated Amortization 
Net Carrying Amount
Gross Carrying Amount
Accumulated Amortization 
Net Carrying Amount
 
(In millions)
Intangible assets(1):
      
Customer lists and user base$880 $(708)$172 $854 $(601)$253 
Marketing related63 (50)13 60 (38)22 
Developed technologies
9 (1)8 — — — 
All other187 (154)33 182 (131)51 
Intangible assets, net$1,139 $(913)$226 $1,096 $(770)$326 
(1) Excludes intangible assets which have been fully amortized, but are still in use.

Amortization expense for intangible assets was $47 million and $51 million for the three months ended September 30, 2025 and 2024, respectively. Amortization expense for intangible assets was $142 million and $159 million for the nine months ended September 30, 2025 and 2024, respectively.

Expected future intangible asset amortization as of September 30, 2025 was as follows (in millions):
Fiscal years:
Remaining 2025$27 
202695 
202759 
202845 
Total$226 
v3.25.3
LEASES
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
LEASES LEASES
PayPal enters into various leases, which are primarily real estate operating leases. We use these properties for executive and administrative offices, customer services and operations centers, product development offices, and data centers. PayPal also enters into computer equipment finance leases.

While a majority of our lease agreements do not contain an explicit interest rate, certain of our lease agreements are subject to changes based on the Consumer Price Index or another referenced index. In the event of changes to the relevant index, lease liabilities are not remeasured and instead are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

The short-term lease exemption has been adopted for all leases with a duration of less than 12 months.

PayPal’s lease portfolio includes a small number of subleases. A sublease situation can arise when currently leased real estate space is available and is surplus to operational requirements.

The components of lease expense were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Operating lease expense$41 $41 $122 $117 
Finance lease expense - amortization of right-of-use (“ROU”) lease assets
4 3 12 4 
Sublease income(2)(3)(6)(9)
Total lease expense, net
$43 $41 $128 $112 

Supplemental cash flow information related to leases during the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$47 $42 $135 $127 
Financing cash flows from finance leases$— $40 $6 $60 
ROU lease assets obtained in exchange for new operating lease liabilities
$52 $59 $57 $336 
ROU lease assets obtained in exchange for new finance lease liabilities$— $27 $— $82 

Supplemental balance sheet information related to leases was as follows:
September 30, 2025December 31, 2024
(In millions, except weighted-average figures)
Operating leases
Finance leases
Operating leases
Finance leases
ROU lease assets$566 $60 $599 $73 
Current lease liabilities144 5 135 5 
Long-term lease liabilities575 12 629 18 
Total lease liabilities$719 $17 $764 $23 
Weighted-average remaining lease term5.5 years3.6 years5.9 years4.4 years
Weighted-average discount rate4%5%4%5%
Future minimum lease payments for our leases as of September 30, 2025 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2025$33 $2 
2026181 6 
2027167 6 
2028113 4 
202996 — 
Thereafter231 — 
Total$821 $18 
Less: present value discount(102)(1)
Lease liability$719 $17 

Operating lease amounts include minimum lease payments under our non-cancelable operating leases primarily for office and data center facilities. Finance lease amounts include minimum lease payments under our non-cancelable finance leases primarily for computer equipment. The amounts presented are consistent with contractual terms and are not expected to differ significantly from actual results under our existing leases.
LEASES LEASES
PayPal enters into various leases, which are primarily real estate operating leases. We use these properties for executive and administrative offices, customer services and operations centers, product development offices, and data centers. PayPal also enters into computer equipment finance leases.

While a majority of our lease agreements do not contain an explicit interest rate, certain of our lease agreements are subject to changes based on the Consumer Price Index or another referenced index. In the event of changes to the relevant index, lease liabilities are not remeasured and instead are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

The short-term lease exemption has been adopted for all leases with a duration of less than 12 months.

PayPal’s lease portfolio includes a small number of subleases. A sublease situation can arise when currently leased real estate space is available and is surplus to operational requirements.

The components of lease expense were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Operating lease expense$41 $41 $122 $117 
Finance lease expense - amortization of right-of-use (“ROU”) lease assets
4 3 12 4 
Sublease income(2)(3)(6)(9)
Total lease expense, net
$43 $41 $128 $112 

Supplemental cash flow information related to leases during the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$47 $42 $135 $127 
Financing cash flows from finance leases$— $40 $6 $60 
ROU lease assets obtained in exchange for new operating lease liabilities
$52 $59 $57 $336 
ROU lease assets obtained in exchange for new finance lease liabilities$— $27 $— $82 

Supplemental balance sheet information related to leases was as follows:
September 30, 2025December 31, 2024
(In millions, except weighted-average figures)
Operating leases
Finance leases
Operating leases
Finance leases
ROU lease assets$566 $60 $599 $73 
Current lease liabilities144 5 135 5 
Long-term lease liabilities575 12 629 18 
Total lease liabilities$719 $17 $764 $23 
Weighted-average remaining lease term5.5 years3.6 years5.9 years4.4 years
Weighted-average discount rate4%5%4%5%
Future minimum lease payments for our leases as of September 30, 2025 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2025$33 $2 
2026181 6 
2027167 6 
2028113 4 
202996 — 
Thereafter231 — 
Total$821 $18 
Less: present value discount(102)(1)
Lease liability$719 $17 

Operating lease amounts include minimum lease payments under our non-cancelable operating leases primarily for office and data center facilities. Finance lease amounts include minimum lease payments under our non-cancelable finance leases primarily for computer equipment. The amounts presented are consistent with contractual terms and are not expected to differ significantly from actual results under our existing leases.
v3.25.3
OTHER FINANCIAL STATEMENT DETAILS
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER FINANCIAL STATEMENT DETAILS OTHER FINANCIAL STATEMENT DETAILS
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended September 30, 2025:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign Currency
Translation Adjustment (“CTA”)
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $(277)$(6)$(715)$313 $(54)$(739)
Other comprehensive income (loss) before reclassifications29 17 (49)— (8)(11)
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”)
(49)(1)— — — (50)
Net current period other comprehensive income (loss) 78 18 (49)— (8)39 
Ending balance $(199)$12 $(764)$313 $(62)$(700)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended September 30, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $43 $(36)$(999)$390 $(91)$(693)
Other comprehensive income (loss) before reclassifications(160)60 275 (149)28 54 
Less: Amount of net gains (losses) reclassified from AOCI
(12)— — — — (12)
Net current period other comprehensive income (loss) (148)60 275 (149)28 66 
Ending balance $(105)$24 $(724)$241 $(63)$(627)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended September 30, 2025:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $147 $14 $(949)$313 $(75)$(550)
Other comprehensive income (loss) before reclassifications(430)(1)185 — 13 (233)
Less: Amount of net gains (losses) reclassified from AOCI
(84)1 — — — (83)
Net current period other comprehensive income (loss) (346)(2)185 — 13 (150)
Ending balance $(199)$12 $(764)$313 $(62)$(700)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended September 30, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $(56)$(134)$(731)$191 $(16)$(746)
Other comprehensive income (loss) before reclassifications(39)117 7 50 (47)88 
Less: Amount of net gains (losses) reclassified from AOCI
10 (41)— — — (31)
Net current period other comprehensive income (loss) (49)158 7 50 (47)119 
Ending balance $(105)$24 $(724)$241 $(63)$(627)
The following table provides details about reclassifications from AOCI for the periods presented below:
Details about AOCI Components 
Amount of Gains (Losses) Reclassified from AOCI
Affected Line Item in the Statements of Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Net gains (losses) on cash flow hedges—foreign exchange contracts
$(49)$(12)$(84)$10 Net revenues
Net gains (losses) on investments
(1)— — (41)Net revenues
Net gains (losses) on investments
— — 1 — Other income (expense), net
(50)(12)(83)(31)Income before income taxes
— — — — Income tax expense
Total reclassifications for the period$(50)$(12)$(83)$(31)Net income (loss)

OTHER INCOME (EXPENSE), NET

The following table reconciles the components of other income (expense), net for the periods presented below:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Interest income$119 $183 $399 $514 
Interest expense(113)(106)(330)(285)
Net gains (losses) on strategic investments10 (171)69 (226)
Other(3)14 (27)32 
Other income (expense), net$13 $(80)$111 $35 
v3.25.3
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS
The following table summarizes the assets underlying our cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments as of September 30, 2025 and December 31, 2024:
 September 30,
2025		December 31,
2024
(In millions)
Cash and cash equivalents(1)
$8,995 $6,662 
Funds receivable and customer accounts:
Cash and cash equivalents(2)
$14,858 $15,828 
Time deposits75 15 
Available-for-sale debt securities15,118 14,551 
Funds receivable8,617 7,277 
Total funds receivable and customer accounts$38,668 $37,671 
Short-term investments:
Time deposits$97 $107 
Available-for-sale debt securities1,663 4,154 
Restricted cash— 1 
Total short-term investments$1,760 $4,262 
Long-term investments:
Time deposits$7 $22 
Available-for-sale debt securities1,997 3,002 
Strategic investments1,597 1,559 
Total long-term investments$3,601 $4,583 
(1) Includes $525 million and nil of available-for-sale debt securities with original maturities of three months or less as of September 30, 2025 and December 31, 2024, respectively.
(2) Includes $220 million and $149 million of available-for-sale debt securities with original maturities of three months or less as of September 30, 2025 and December 31, 2024, respectively.
As of September 30, 2025 and December 31, 2024, the estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments was as follows:
 
September 30, 2025(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Cash and cash equivalents:
U.S. government and agency securities$525 $— $— $525 
Funds receivable and customer accounts:
U.S. government and agency securities3,743 1 (1)3,743 
Foreign government and agency securities82 — — 82 
Corporate debt securities2,437 5 (1)2,441 
Mortgage-backed and asset-backed securities4,470 6 (2)4,474 
Municipal securities137 — — 137 
Commercial paper3,719 1 — 3,720 
Short-term investments:
U.S. government and agency securities30 — — 30 
Foreign government and agency securities120 — — 120 
Corporate debt securities1,013 1 (1)1,013 
Mortgage-backed and asset-backed securities499 1 — 500 
Long-term investments:
U.S. government and agency securities245 — — 245 
Foreign government and agency securities50 — — 50 
Corporate debt securities797 2 (1)798 
Mortgage-backed and asset-backed securities903 1 — 904 
Total available-for-sale debt securities(2)
$18,770 $18 $(6)$18,782 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
 
December 31, 2024(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$5,709 $4 $(2)$5,711 
Foreign government and agency securities77 — — 77 
Corporate debt securities405 — — 405 
Mortgage-backed and asset-backed securities
4,039 13 (5)4,047 
Municipal securities503 1 — 504 
Commercial paper3,391 1 — 3,392 
Short-term investments:
U.S. government and agency securities188 — (2)186 
Foreign government and agency securities84 — — 84 
Corporate debt securities1,751 — (2)1,749 
Mortgage-backed and asset-backed securities
848 5 — 853 
Commercial paper1,281 1 — 1,282 
Long-term investments:
U.S. government and agency securities235 — — 235 
Foreign government and agency securities124 — (1)123 
Corporate debt securities1,601 3 (2)1,602 
Mortgage-backed and asset-backed securities
1,042 1 (1)1,042 
Total available-for-sale debt securities(2)
$21,278 $29 $(15)$21,292 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”

Gross amortized cost and estimated fair value balances exclude accrued interest receivable on available-for-sale debt securities, which totaled $121 million and $140 million at September 30, 2025 and December 31, 2024, respectively, and were included in other current assets on our condensed consolidated balance sheets.
As of September 30, 2025 and December 31, 2024, the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses was not deemed necessary in the current period, aggregated by the length of time those individual securities have been in a continuous loss position, was as follows:
 
September 30, 2025(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Cash and cash equivalents:
U.S. government and agency securities$400 $— $— $— $400 $— 
Funds receivable and customer accounts:
U.S. government and agency securities1,697 (1)— — 1,697 (1)
Foreign government and agency securities57 — — — 57 — 
Corporate debt securities409 (1)— — 409 (1)
Mortgage-backed and asset-backed securities1,619 (2)100 — 1,719 (2)
Commercial paper325 — — — 325 — 
Short-term investments:
Foreign government and agency securities— — 20 — 20 — 
Corporate debt securities206 (1)— — 206 (1)
Mortgage-backed and asset-backed securities247 — 2 — 249 — 
Long-term investments:
U.S. government and agency securities245 — — — 245 — 
Foreign government and agency securities25 — — — 25 — 
Corporate debt securities90 (1)10 — 100 (1)
Mortgage-backed and asset-backed securities399 — — — 399 — 
Total available-for-sale debt securities$5,719 $(6)$132 $— $5,851 $(6)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
 
December 31, 2024(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$1,314 $(1)$517 $(1)$1,831 $(2)
Foreign government and agency securities57 — — — 57 — 
Corporate debt securities105 — 50 — 155 — 
Mortgage-backed and asset-backed securities
1,673 (5)2 — 1,675 (5)
Municipal securities29 — 36 — 65 — 
Commercial paper275 — — — 275 — 
Short-term investments:
U.S. government and agency securities— — 186 (2)186 (2)
Corporate debt securities618 (2)90 — 708 (2)
Mortgage-backed and asset-backed securities
250 — 18 — 268 — 
Commercial paper218 — — — 218 — 
Long-term investments:
U.S. government and agency securities50 — — — 50 — 
Foreign government and agency securities90 — 34 (1)124 (1)
Corporate debt securities347 (1)9 (1)356 (2)
Mortgage-backed and asset-backed securities
610 (1)— — 610 (1)
Total available-for-sale debt securities$5,636 $(10)$942 $(5)$6,578 $(15)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.

Unrealized losses have not been recognized into income as we neither intend to sell, nor anticipate that it is more likely than not that we will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value was due primarily to changes in market interest rates, rather than credit losses. We will continue to monitor the performance of the investment portfolio and assess whether impairment due to expected credit losses has occurred.

The table below presents cash inflows related to available-for-sale debt securities:
 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Proceeds from sales and maturities of available-for-sale debt securities
$7,380 $7,170 $19,921 $27,407 

During the three and nine months ended September 30, 2025 and the three months ended September 30, 2024, we incurred gross realized gains and losses which were de minimis. During the nine months ended September 30, 2024, we incurred gross realized losses of $43 million and gains which were de minimis. Gross realized gains and losses were determined using the specific identification method.

Our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments classified by date of contractual maturity were as follows:
 September 30, 2025
Amortized CostFair Value
(In millions)
One year or less $9,386 $9,388 
After one year through five years3,949 3,956 
After five years through ten years2,471 2,473 
After ten years2,964 2,965 
Total$18,770 $18,782 
Actual maturities may differ from contractual maturities as certain securities may be prepaid.

Supplemental cash flow information related to investments

Non-cash investing transactions that were not reflected in the condensed consolidated statement of cash flows for the nine months ended September 30, 2025 and 2024 include the purchase of investments of $127 million and $75 million, respectively, that have not yet settled.

STRATEGIC INVESTMENTS

Our strategic investments include marketable equity securities, which are publicly traded, and non-marketable equity securities, which are primarily investments in privately held companies. Our marketable equity securities have readily determinable fair values and are recorded as long-term investments on our condensed consolidated balance sheets at fair value with changes in fair value recorded in other income (expense), net on our condensed consolidated statements of income (loss). Marketable equity securities totaled $15 million and $23 million as of September 30, 2025 and December 31, 2024, respectively.

Our non-marketable equity securities are recorded as long-term investments on our condensed consolidated balance sheets. The carrying value of our non-marketable equity securities totaled $1.6 billion and $1.5 billion as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, we had non-marketable equity securities of $213 million and $200 million, respectively, for which we have the ability to exercise significant influence, but not control, over the investee. We account for these equity securities using the equity method of accounting. The remaining non-marketable equity securities do not have a readily determinable fair value and we measure these equity investments at cost minus impairment, if any, and adjust for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “Measurement Alternative”). All gains and losses on these investments, realized and unrealized, and our share of earnings or losses from investments accounted for using the equity method are recognized in other income (expense), net on our condensed consolidated statements of income (loss).

Measurement Alternative adjustments

The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Carrying amount, beginning of period$1,359 $1,635 $1,336 $1,631 
Adjustments related to non-marketable equity securities:
Net additions (reductions)(1)
6 20 (48)85 
Gross unrealized gains15 2 98 5 
Gross unrealized losses and impairments(11)(175)(17)(239)
Carrying amount, end of period$1,369 $1,482 $1,369 $1,482 
(1) Net additions (reductions) include purchases, reductions due to sales of securities, and reclassifications when the Measurement Alternative is subsequently elected or no longer applies.

The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative held at September 30, 2025 and December 31, 2024, respectively:
September 30,
2025		December 31,
2024
(In millions)
Cumulative gross unrealized gains $990 $1,187 
Cumulative gross unrealized losses and impairments$(457)$(562)
Unrealized gains (losses) on strategic investments, excluding those accounted for using the equity method

The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at September 30, 2025 and 2024, respectively:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Net unrealized gains (losses)$4 $(171)$72 $(242)
v3.25.3
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
FINANCIAL ASSETS AND LIABILITIES MEASURED AND RECORDED AT FAIR VALUE ON A RECURRING BASIS
The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:

September 30, 2025
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
U.S. government and agency securities$525 $— $525 
Money market fund4 4 — 
Total cash and cash equivalents529 4 525 
Short-term investments(2),(5):
U.S. government and agency securities30 — 30 
Foreign government and agency securities120 — 120 
Corporate debt securities1,013 — 1,013 
Mortgage-backed and asset-backed securities500 — 500 
Total short-term investments1,663 — 1,663 
Funds receivable and customer accounts(3):
U.S. government and agency securities3,743 — 3,743 
Foreign government and agency securities475 — 475 
Corporate debt securities2,754 — 2,754 
Mortgage-backed and asset-backed securities4,474 — 4,474 
Municipal securities137 — 137 
Commercial paper3,755 — 3,755 
Total funds receivable and customer accounts15,338 — 15,338 
Derivatives(4)
48 — 48 
Long-term investments(2),(5):
U.S. government and agency securities245 — 245 
Foreign government and agency securities50 — 50 
Corporate debt securities798 — 798 
Mortgage-backed and asset-backed securities904 — 904 
Marketable equity securities15 15 — 
Total long-term investments2,012 15 1,997 
Total financial assets$19,590 $19 $19,571 
Liabilities:
Derivatives(4)
$229 $— $229 
Total financial liabilities$229 $— $229 
(1) Excludes cash and cash equivalents of $8.5 billion not measured and recorded at fair value.
(2) Excludes time deposits of $104 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.3 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.6 billion measured using the Measurement Alternative or equity method accounting.

December 31, 2024
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
Money market fund$14 $14 $— 
Short-term investments(2):
U.S. government and agency securities186 — 186 
Foreign government and agency securities84 — 84 
Corporate debt securities1,749 — 1,749 
Mortgage-backed and asset-backed securities
853 — 853 
Commercial paper1,282 — 1,282 
Total short-term investments4,154 — 4,154 
Funds receivable and customer accounts(3):
U.S. government and agency securities5,711 — 5,711 
Foreign government and agency securities379 — 379 
Corporate debt securities667 — 667 
Mortgage-backed and asset-backed securities
4,047 — 4,047 
Municipal securities504 — 504 
Commercial paper3,392 — 3,392 
Total funds receivable and customer accounts14,700 — 14,700 
Derivatives(4)
243 — 243 
Long-term investments(2), (5):
U.S. government and agency securities235 — 235 
Foreign government and agency securities123 — 123 
Corporate debt securities1,602 — 1,602 
Mortgage-backed and asset-backed securities
1,042 — 1,042 
Marketable equity securities23 23 — 
Total long-term investments3,025 23 3,002 
Total financial assets$22,136 $37 $22,099 
Liabilities:
Derivatives(4)
$37 $— $37 
Total financial liabilities$37 $— $37 
(1) Excludes cash and cash equivalents of $6.6 billion not measured and recorded at fair value.
(2) Excludes restricted cash of $1 million and time deposits of $129 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.0 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.5 billion measured using the Measurement Alternative or equity method accounting.

Our financial assets classified within Level 1 are valued using quoted prices for identical assets in active markets. All other financial assets and liabilities are valued using quoted prices for identical instruments in less active markets, readily available pricing sources for comparable instruments, or models using market observable inputs (Level 2).

A majority of our derivative instruments are valued using pricing models that take into account the contractual terms as well as multiple observable inputs where applicable, such as currency rates, interest rate yield curves, option volatility, and equity prices (Level 2).
As of September 30, 2025 and December 31, 2024, we did not have any assets or liabilities requiring measurement at fair value on a recurring basis with significant unobservable inputs that would require a high level of judgment to determine fair value (Level 3).

We elect to account for available-for-sale debt securities denominated in currencies other than the functional currency of our subsidiaries under the fair value option. Election of the fair value option allows us to recognize any gains and losses from fair value changes on such investments in other income (expense), net on the condensed consolidated statements of income (loss) to significantly reduce the accounting asymmetry that would otherwise arise when recognizing the corresponding foreign exchange gains and losses relating to customer liabilities. The following table summarizes the estimated fair value and amortized cost of our available-for-sale debt securities under the fair value option as of September 30, 2025 and December 31, 2024:
 September 30, 2025December 31, 2024
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Funds receivable and customer accounts$741 $741 $566 $564 

The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Funds receivable and customer accounts$(7)$23 $85 $8 

ASSETS MEASURED AND RECORDED AT FAIR VALUE ON A NON-RECURRING BASIS

The following tables summarize our assets held as of September 30, 2025 and December 31, 2024 for which a non-recurring fair value measurement was recorded during the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively:
September 30, 2025
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale$1,404 $1,396 $8 
Non-marketable equity securities measured using the Measurement Alternative(1)
242 236 6 
Total$1,646 $1,632 $14 
(1) Excludes non-marketable equity securities of $1.1 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the nine months ended September 30, 2025.

December 31, 2024
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale
$541 $541 $— 
Non-marketable equity securities measured using the Measurement Alternative(1)
476 131 345 
Total$1,017 $672 $345 
(1) Excludes non-marketable equity securities of $860 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2024.
We measure loans and interest receivable, held for sale that are comparable to loans receivable sold to third-party investors using observable inputs, such as the most recent executed prices. These loans and interest receivable, held for sale are classified within Level 2 in the fair value hierarchy. Certain loans and interest receivable, held for sale are valued using significant unobservable inputs, such as adjustments to recently executed prices. These loans and interest receivable, held for sale are classified within Level 3 in the fair value hierarchy. Refer to “Note 11—Loans and Interest Receivable” for additional information on loans and interest receivable, held for sale.

We measure the non-marketable equity securities accounted for under the Measurement Alternative at cost minus impairment, if any, adjusted for observable price changes in orderly transactions for an identical or similar investment in the same issuer. Non-marketable equity securities that have been remeasured during the period based on observable price changes are classified within Level 2 in the fair value hierarchy because we estimate the fair value based on valuation methods which only include significant inputs that are observable, such as the observable transaction price at the transaction date. The fair value of non-marketable equity securities are classified within Level 3 when we estimate fair value using significant unobservable inputs, such as when we remeasure due to impairment and use discount rates, forecasted cash flows, and market data of comparable companies, among others.

FINANCIAL ASSETS AND LIABILITIES NOT MEASURED AND RECORDED AT FAIR VALUE
Our financial instruments, including cash and certain cash equivalents, restricted cash, time deposits, reverse repurchase agreements, loans and interest receivable, net, certain customer accounts, notes receivable, and long-term debt related to borrowings on our credit facilities are carried at amortized cost, which approximates their fair value. Our term debt (including current portion) had a carrying value of approximately $10.8 billion and fair value of approximately $10.4 billion as of September 30, 2025. Our term debt (including current portion) had a carrying value of approximately $10.5 billion and fair value of approximately $9.8 billion as of December 31, 2024. If these financial instruments were measured at fair value in the financial statements, cash and certain cash equivalents would be classified as Level 1; restricted cash, time deposits, reverse repurchase agreements, certain customer accounts, and term debt (including current portion) would be classified as Level 2; and the remaining financial instruments would be classified as Level 3 in the fair value hierarchy.
v3.25.3
DERIVATIVE INSTRUMENTS
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
SUMMARY OF DERIVATIVE INSTRUMENTS

Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign exchange rates. Our derivatives expose us to credit risk to the extent that our counterparties may be unable to meet the terms of the arrangement. We seek to mitigate such risk by limiting our counterparties to, and by spreading the risk across, major financial institutions and by entering into collateral security arrangements. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis. We do not use any derivative instruments for trading or speculative purposes.

Cash flow hedges

We have significant international revenues and expenses denominated in foreign currencies, which subjects us to foreign exchange risk. We have a foreign currency exposure management program in which we designate certain foreign exchange contracts, generally with maturities of 12 months or less, to reduce the volatility of cash flows primarily related to forecasted revenues and expenses denominated in certain foreign currencies. The objective of these foreign exchange contracts is to help mitigate the risk that the U.S. dollar-equivalent cash flows are adversely affected by changes in the applicable U.S. dollar/foreign currency exchange rate. These derivative instruments are designated as cash flow hedges and accordingly, the derivative’s gain or loss is initially reported as a component of AOCI and subsequently reclassified into revenue or the applicable expense line item in the condensed consolidated statements of income (loss) in the same period the forecasted transaction affects earnings. We evaluate the effectiveness of our foreign exchange contracts on a quarterly basis by comparing the critical terms of the derivative instruments with the critical terms of the forecasted cash flows of the hedged item; if the critical terms are the same, we conclude the hedge will be perfectly effective. We do not exclude any component of the changes in fair value of the derivative instruments from the assessment of hedge effectiveness. We report cash flows arising from derivative instruments consistent with the classification of cash flows from the underlying items that these derivatives are hedging. Accordingly, the cash flows associated with derivatives designated as cash flow hedges are classified in cash flows from operating activities on our condensed consolidated statements of cash flows.
As of September 30, 2025, we estimated that $199 million of net derivative losses related to our cash flow hedges included in AOCI are expected to be reclassified into earnings within the next 12 months. During the three and nine months ended September 30, 2025 and 2024, we did not discontinue any cash flow hedges because it was probable that the original forecasted transaction would not occur and as such, did not reclassify any gains or losses to earnings prior to the occurrence of the hedged transaction. If we elect to discontinue our cash flow hedges and it is probable that the original forecasted transaction will occur, we continue to report the derivative’s gain or loss in AOCI until the forecasted transaction affects earnings, at which point we also reclassify it into earnings. Gains and losses on derivatives held after we discontinue our cash flow hedges and on derivative instruments that are not designated as cash flow hedges are recorded in the same financial statement line to which the derivative relates.

Net investment hedges

Prior to 2025, we used foreign exchange contracts to reduce the foreign exchange risk related to our investment in certain foreign subsidiaries. These derivatives were designated as net investment hedges and accordingly, the gains and losses on the portion of the derivatives included in the assessment of hedge effectiveness were recorded in AOCI as part of foreign currency translation. We excluded forward points from the assessment of hedge effectiveness and recognized them in other income (expense), net on a straight-line basis over the life of the hedge. The accumulated gains and losses associated with these instruments will remain in AOCI until the foreign subsidiaries are sold or substantially liquidated, at which point they will be reclassified into earnings. The cash flows associated with derivatives designated as a net investment hedge are classified in cash flows from investing activities on our condensed consolidated statements of cash flows.

We have not reclassified any gains or losses related to net investment hedges from AOCI into earnings for any of the periods presented.

Foreign exchange contracts not designated as hedging instruments

We have a foreign currency exposure management program in which we use foreign exchange contracts to offset the foreign exchange risk of our assets and liabilities denominated in currencies other than the functional currency of our subsidiaries. These contracts are not designated as hedging instruments and reduce, but do not entirely eliminate, the impact of foreign exchange rate movements on our assets and liabilities. The gains and losses due to remeasurement of certain foreign currency denominated monetary assets and liabilities are recorded in other income (expense), net, which are offset by the gains and losses on these foreign exchange contracts. The cash flows associated with our non-designated derivatives used to hedge foreign currency denominated monetary assets and liabilities are classified in cash flows from operating activities on our condensed consolidated statements of cash flows.

FAIR VALUE OF DERIVATIVE CONTRACTS

The fair value of our outstanding derivative instruments as of September 30, 2025 and December 31, 2024 was as follows:

 Balance Sheet LocationSeptember 30,
2025		December 31,
2024
(In millions)
Derivative Assets:
Foreign exchange contracts designated as hedging instruments
Other current assets$10 $157 
Foreign exchange contracts not designated as hedging instruments
Other current assets38 86 
Total derivative assets$48 $243 
Derivative Liabilities:
Foreign exchange contracts designated as hedging instruments
Other current liabilities$209 $10 
Foreign exchange contracts not designated as hedging instruments
Other current liabilities20 27 
Total derivative liabilities$229 $37 
EFFECT OF DERIVATIVE CONTRACTS ON CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following tables provide the location in the condensed consolidated statements of income (loss) and amount of recognized gains or losses related to our derivative instruments:
Three Months Ended September 30,
 20252024
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$8,417 $13 $7,847 $(80)
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(49)— (12)— 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— — — 20 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— 62 — (177)
Total net gains (losses)
$(49)$62 $(12)$(157)

Nine Months Ended September 30,
 20252024
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$24,496 $111 $23,431 $35 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(84)— 10 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— — — 61 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— (173)— (172)
Total net gains (losses)
$(84)$(173)$10 $(111)
The following table provides the amount of pre-tax unrealized gains or losses included in the assessment of hedge effectiveness related to our derivative instruments designated as hedging instruments that are recognized in other comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$29 $(160)$(430)$(39)
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges
— (149)— 50 
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss)
$29 $(309)$(430)$11 
NOTIONAL AMOUNTS OF DERIVATIVE CONTRACTS

Derivative transactions are measured in terms of the notional amount; however, this amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the derivative instruments. The notional amount is generally not exchanged, but is used only as the underlying basis on which the value of foreign currency exchange payments under these contracts is determined. The following table provides the notional amounts of our outstanding derivative instruments:
September 30,
2025		December 31,
2024
(In millions)
Foreign exchange contracts designated as hedging instruments$6,122 $3,942 
Foreign exchange contracts not designated as hedging instruments11,735 13,317 
Total$17,857 $17,259 

MASTER NETTING AGREEMENTS - RIGHTS OF SET-OFF

Under master netting agreements with certain counterparties to our derivative contracts, repurchase agreements, and reverse repurchase agreements, subject to applicable requirements, we are allowed to net settle transactions of the same type with a single net amount payable by one party to the other. PayPal has not elected to offset for balance sheet presentation and we present the derivative assets, derivative liabilities, repurchase agreements and reverse repurchase agreements on a gross basis on our condensed consolidated balance sheets.

We have entered into collateral security arrangements with certain counterparties that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. Receivables related to cash collateral posted and payables related to cash collateral received are recognized in other current assets and other current liabilities, respectively, on our condensed consolidated balance sheets.

The following tables present the derivative assets, derivative liabilities, and reverse repurchase agreements not offset on the condensed consolidated balance sheets but available for offset in the event of default. The tables also present the cash and non-cash collateral received or pledged relating to these positions. The amount of collateral presented is limited to the amount presented on our condensed consolidated balance sheets; therefore, instances of over-collateralization are excluded from the table below.
Amounts Not Offset on the Condensed Consolidated Balance Sheet
Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments(1)
Collateral Received(2)
Net Amounts
(In millions)
As of September 30, 2025
Derivative assets(3)
$48 $26 $6 $16 
Reverse repurchase agreements(4)
— — — — 
Total assets
$48 $26 $6 $16 
As of December 31, 2024
Derivative assets(3)
$243 $23 $169 $51 
Reverse repurchase agreements(4)
87 — 87 — 
Total assets
$330 $23 $256 $51 

Amounts Not Offset on the Condensed Consolidated Balance Sheet
Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments(1)
Collateral Pledged(2)
Net Amounts
(In millions)
As of September 30, 2025
Derivative liabilities(3)
$229 $26 $195 $8 
As of December 31, 2024
Derivative liabilities(3)
$37 $23 $7 $7 
(1) For derivative positions, this includes any derivative fair value that could be offset in the event of counterparty default. For reverse repurchase positions, this includes any receivable that could be offset in the event of counterparty default.
(2) Includes cash and the fair value of securities exchanged with the counterparty. For reverse repurchase agreements, these securities are not included in the condensed consolidated balance sheet unless the counterparty defaults.
(3) We received cash collateral from derivative counterparties totaling $7 million and $162 million as of September 30, 2025 and December 31, 2024, respectively, and securities from derivative counterparties with a fair value of $35 million and $30 million as of September 30, 2025 and December 31, 2024, respectively. We posted $214 million and $7 million of cash collateral as of September 30, 2025 and December 31, 2024, respectively, and securities to derivative counterparties with a fair value of $50 million and nil as of September 30, 2025 and December 31, 2024, respectively.
(4) PayPal is permitted by contract to sell or repledge collateral relating to its reverse repurchase agreements. The fair value of this collateral was nil and $96 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, we have not sold or repledged collateral relating to reverse repurchase agreements.
v3.25.3
LOANS AND INTEREST RECEIVABLE
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
LOANS AND INTEREST RECEIVABLE LOANS AND INTEREST RECEIVABLE
We classify our loans and interest receivable based on management intent. When PayPal has the intent to sell the loans to third-party investors they are classified as loans and interest receivable, held for sale on our condensed consolidated balance sheets and are recorded at the lower of cost or fair value, determined on an aggregate basis, with valuation changes and any associated charge-offs recorded in restructuring and other on our condensed consolidated statements of income (loss). In connection with the sale of certain portfolios to third-party investors and the reclassification and measurement of those portfolios as held for sale, we reverse the previously recorded allowances for credit losses associated with those loans and interest receivable balances. We receive a market-based service fee for servicing the loans sold.

When PayPal has the intent and ability to hold the loans for the foreseeable future they are classified as loans and interest receivable, net on our condensed consolidated balance sheets and are reported at their outstanding balances, net of any participation interests sold, unamortized deferred origination fees and costs, and allowance for credit losses.
LOANS AND INTEREST RECEIVABLE, HELD FOR SALE

As of September 30, 2025 and December 31, 2024, loans and interest receivable, held for sale was $1.4 billion and $541 million, respectively, and include both loans reclassified to held for sale and loans originated as held for sale. During the nine months ended September 30, 2025 we reclassified approximately $574 million of loans and interest receivable, net to loans and interest receivable, held for sale. During the nine months ended September 30, 2025, we derecognized loans with an unpaid balance of $18.3 billion and had net proceeds of $18.2 billion from loans and interest receivable sold. During the nine months ended September 30, 2024, we derecognized loans with an unpaid balance of $14.8 billion and had net proceeds of $14.7 billion, from loans and interest receivable sold.

LOANS AND INTEREST RECEIVABLE, NET

Consumer receivables

We offer revolving and installment credit products as a funding option for consumers in certain checkout transactions on our payments platform. Our revolving credit product consists of PayPal Credit in the United Kingdom (“U.K.”), which is made available to consumers as a funding source in their PayPal wallet once they are approved for credit. Additionally, we offer installment credit products at the time of checkout in various markets, including the U.S., several markets across Europe, Australia, and Japan. We offer non interest-bearing installment credit products in these markets as well as interest-bearing installment credit products in the U.S. and Germany. We purchase receivables related to interest-bearing installment loans extended to U.S. consumers by an independent chartered financial institution (“partner institution”) and are responsible for the servicing functions related to that portfolio. During the nine months ended September 30, 2025 and 2024, we purchased approximately $934 million and $390 million in consumer receivables, respectively. As of September 30, 2025 and December 31, 2024, the outstanding balance of consumer receivables, which consisted of revolving and installment loans and interest receivable, was $5.2 billion and $5.4 billion, respectively, net of the participation interest sold to the partner institution of $28 million and $23 million, respectively.

We closely monitor the credit quality of our consumer receivables to evaluate and manage our related exposure to credit risk. Credit risk management begins with initial underwriting and continues through the full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models using detailed information from external sources, such as credit bureaus where available, and internal data, including the consumer’s prior repayment history with our credit products where available. We use delinquency status and trends to assist in making (or, for interest-bearing installment loans in the U.S., to assist the partner institution in making) new and ongoing credit decisions, to adjust our models, to plan our collection practices and strategies, and in determining our allowance for consumer loans and interest receivable.
Consumer receivables delinquency and allowance

The following tables present the delinquency status and gross charge-offs of consumer loans and interest receivable by year of origination. The amounts are based on the number of days past the billing date for revolving loans or contractual repayment date for installment loans. The “current” category represents balances that are within 29 days of the billing date or contractual repayment date, as applicable.

September 30, 2025
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20252024202320222021TotalPercent
Consumer loans and interest receivable:
Current$2,611 $1,701 $495 $171 $6 $— $4,984 96.3%
30 - 59 Days28 28 6 2 — — 64 1.2%
60 - 89 Days 19 20 7 3 — — 49 1.0%
90 - 179 Days 38 29 8 3 — — 78 1.5%
Total$2,696 $1,778 $516 $179 $6 $— $5,175 100%
Gross charge-offs for the nine months ended September 30, 2025
$103 $18 $96 $10 $1 $— $228 

December 31, 2024
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20242023202220212020TotalPercent
Consumer loans and interest receivable:
Current$2,404 $2,427 $353 $43 $— $— $5,227 96.6%
30 - 59 Days25 28 4 — — — 57 1.1%
60 - 89 Days 16 19 4 1 — — 40 0.7%
90 - 179 Days 38 40 9 2 — — 89 1.6%
Total$2,483 $2,514 $370 $46 $— $— $5,413 100%
Gross charge-offs for the year ended December 31, 2024
$138 $39 $133 $14 $— $— $324 
The following table summarizes the activity in the allowance for consumer loans and interest receivable for the nine months ended September 30, 2025 and 2024:
September 30, 2025September 30, 2024
Consumer Loans ReceivableInterest Receivable
Total Allowance(1)
Consumer Loans ReceivableInterest Receivable
Total Allowance
(In millions)
Beginning balance$341 $7 $348 $357 $23 $380 
Changes in allowance due to reclassification of loans and interest receivable to or from held for sale(23)— (23)— — — 
Provisions181 10 191 175 5 180 
Charge-offs(215)(13)(228)(230)(18)(248)
Recoveries46 — 46 35 — 35 
Other(2)
18 — 18 9 1 10 
Ending balance$348 $4 $352 $346 $11 $357 
(1) Beginning balances, provisions and charge-offs include amounts related to loans and interest receivable prior to their reclassification to loan and interest receivable, held for sale during the period.
(2) Includes amounts related to foreign currency remeasurement.

The allowance for credit losses at September 30, 2025 for our consumer receivable portfolio remained consistent with the allowance for credit losses at December 31, 2024. In the second quarter of 2025, we updated our expected credit loss model for our revolving loans in the U.K. to reflect the utilization of average weekly earnings as a macroeconomic factor and no longer consider household disposable income and retail e-commerce sales. Additionally, we updated our expected credit loss model for certain portfolios to utilize multiple economic scenarios rather than the single scenario previously utilized. These changes did not have a material impact on our allowance for credit losses in the period.

Merchant receivables

We offer access to merchant finance products for certain small and medium-sized businesses through our PayPal Working Capital (“PPWC”) and PayPal Business Loan (“PPBL”) products, which we collectively refer to as our merchant finance offerings. We purchase receivables related to credit extended to U.S. merchants by a partner institution and are responsible for the servicing functions related to that portfolio. During the nine months ended September 30, 2025 and 2024, we purchased approximately $1.6 billion and $1.2 billion in merchant receivables, respectively. As of September 30, 2025 and December 31, 2024, the total outstanding balance in our pool of merchant loans, advances, and interest and fees receivable was $1.7 billion and $1.5 billion, net of the participation interest sold to the partner institution of $62 million and $53 million, respectively.

Through our PPWC product, merchants can borrow a certain percentage of their annual payment volume processed by PayPal and are charged a fixed fee for the loan or advance based on the overall credit assessment of the merchant. Loans and advances are repaid through a fixed percentage of the merchant’s future payment volume that PayPal processes. Through our PPBL product, we provide merchants access to short-term business financing for a fixed fee based on an evaluation of the applying business as well as the business owner. PPBL repayments are collected through periodic payments until the balance has been satisfied.

The interest or fee is fixed at the time the loan or advance is extended and is recognized as deferred revenue in accrued expenses and other current liabilities on our condensed consolidated balance sheets. The fixed interest or fee is amortized into revenues from other value added services based on the amount repaid over the repayment period. We estimate the repayment period for PPWC based on the merchant’s payment processing history with PayPal. For PPWC, there is a general requirement that at least 10% of the original amount of the loan or advance plus the fixed fee must be repaid every 90 days. We calculate the repayment rate of the merchant’s future payment volume so that repayment of the loan or advance and fixed fee is expected to generally occur within 9 to 12 months from the date of the loan or advance. On a monthly basis, we recalculate the repayment period based on the repayment activity on the receivable. As such, actual repayment periods are dependent on actual merchant payment processing volumes. For PPBL, we receive fixed periodic payments over the contractual term of the loan, which generally ranges from 3 to 12 months.
We actively monitor receivables with repayment periods greater than the original expected or contractual repayment period, as well as the credit quality of our merchant loans and advances that we extend or purchase, so that we can evaluate, quantify, and manage our credit risk exposure. To assess a merchant seeking a loan or advance, we use, among other indicators, risk models developed internally which utilize information obtained from multiple internal and external data sources to predict the likelihood of timely and satisfactory repayment by the merchant of the loan or advance amount and the related interest or fee. Primary drivers of the models include the merchant’s annual payment volume, payment processing history with PayPal, prior repayment history with PayPal’s credit products where available, information sourced from consumer and business credit bureau reports, and other information obtained during the application process. We use delinquency status and trends to assist in making (or, in the U.S., to assist the partner institution in making) ongoing credit decisions, to adjust our internal models, to plan our collection strategies, and in determining our allowance for these loans, advances, and interest and fees receivable.

Merchant receivables delinquency and allowance

The following tables present the delinquency status and gross charge-offs of merchant loans, advances, and interest and fees receivable by year of origination. The amounts are based on the number of days past the expected or contractual repayment date for amounts outstanding. The “current” category represents balances that are within 29 days of the expected repayment date or contractual repayment date, as applicable.

September 30, 2025
(In millions, except percentages)
2025
2024202320222021PriorTotalPercent
Merchant loans, advances, and interest and fees receivable:
Current$1,425 $125 $7 $5 $1 $3 $1,566 90.2%
30 - 59 Days43 27 3 1 — — 74 4.3%
60 - 89 Days 19 13 1 1 — — 34 2.0%
90 - 179 Days 23 25 3 1 — — 52 3.0%
180+ Days1 6 2 1 — — 10 0.5%
Total$1,511 $196 $16 $9 $1 $3 $1,736 100.0%
Gross charge-offs for the nine months ended September 30, 2025
$6 $69 $17 $3 $— $2 $97 

December 31, 2024
(In millions, except percentages)
2024
2023202220212020PriorTotalPercent
Merchant loans, advances, and interest and fees receivable:
Current$1,274 $28 $13 $1 $8 $4 $1,328 90.4%
30 - 59 Days55 10 3 — — 1 69 4.7%
60 - 89 Days 23 6 2 — — — 31 2.1%
90 - 179 Days 21 11 4 — — — 36 2.4%
180+ Days1 4 1 — — — 6 0.4%
Total$1,374 $59 $23 $1 $8 $5 $1,470 100%
Gross charge-offs for the year ended December 31, 2024
$10 $96 $42 $— $8 $— $156 
The following table summarizes the activity in the allowance for merchant loans, advances, and interest and fees receivable for the nine months ended September 30, 2025 and 2024:
September 30, 2025September 30, 2024
Merchant Loans and AdvancesInterest and Fees ReceivableTotal AllowanceMerchant Loans and AdvancesInterest and Fees ReceivableTotal Allowance
(In millions)
Beginning balance$107 $6 $113 $148 $12 $160 
Provisions114 13 127 50 — 50 
Charge-offs(90)(7)(97)(120)(7)(127)
Recoveries17 — 17 21 — 21 
Other(1)
3 — 3 — — — 
Ending balance$151 $12 $163 $99 $5 $104 
(1) Includes amounts related to foreign currency remeasurement.

The allowance for credit losses at September 30, 2025 for our merchant receivable portfolio was $163 million, an increase from $113 million at December 31, 2024. The increase in allowance for credit losses was related to a decline in credit quality of merchant loans outstanding primarily from modifications in acceptable risk parameters in 2024, which included broadened eligibility. In the second quarter of 2025, we updated our expected credit loss model for all portfolios to utilize multiple economic scenarios rather than the single scenario previously utilized. These changes did not have a material impact on our allowance for credit losses in the period.
v3.25.3
DEBT
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
NOTES

In March 2025, we issued fixed and floating rate notes with varying maturity dates for an aggregate principal amount of $1.5 billion, consisting of $450 million aggregate principal amount of floating rate notes due 2028 (the “2028 Floating Rate Notes”), $450 million aggregate principal amount of 4.450% notes due 2028 (the “2028 Notes”) and $600 million aggregate principal amount of 5.100% notes due 2035 (the “2035 Notes”). Interest on the 2028 Floating Rate Notes is payable on March 6, June 6, September 6 and December 6 of each year, beginning on June 6, 2025. The 2028 Floating Rate Notes bear interest at a floating rate equal to the compounded secured overnight financing rate, reset quarterly, plus 0.670% per annum. Interest on the 2028 Notes is payable on March 6 and September 6 of each year, beginning on September 6, 2025. Interest on the 2035 Notes is payable on April 1 and October 1 of each year, beginning on October 1, 2025.

In May 2024, June 2023, May 2022, May 2020, and September 2019, we issued fixed rate notes with varying maturity dates for an aggregate principal amount of $1.3 billion, ¥90 billion (approximately $606 million as of September 30, 2025), $3.0 billion, $4.0 billion and $5.0 billion, respectively.

The notes issued from the March 2025, May 2024, June 2023, May 2022, May 2020, and September 2019 debt issuances are senior unsecured obligations and are collectively referred to as the “Notes.” Except for the June 2023 debt issuance and 2028 Floating Rate Notes, we may redeem the Notes in whole at any time or in part from time to time, prior to maturity, at their redemption prices. Upon the occurrence of both a change of control of the Company and a downgrade of the Notes below an investment grade rating, we will be required to offer to repurchase each series of Notes at a price equal to 101% of the then outstanding principal amounts, plus accrued and unpaid interest. The Notes are subject to covenants, including limitations on our ability to create liens on our assets, enter into sale and leaseback transactions, and merge or consolidate with another entity, in each case subject to certain exceptions, limitations, and qualifications. Proceeds from the issuance of these Notes may be used for general corporate purposes, which may include funding the repayment or redemption of outstanding debt, share repurchases, ongoing operations, capital expenditures, and possible acquisitions of businesses, assets, or strategic investments.
As of September 30, 2025 and December 31, 2024, we had an outstanding aggregate principal amount of $10.9 billion and $10.6 billion, respectively, related to the Notes. The following table summarizes the Notes outstanding:

MaturitiesEffective Interest RateSeptember 30,
2025		December 31,
2024
(in millions)
September 2019 debt issuance:
Fixed-rate 2.650% notes
10/1/20262.78%$1,250 $1,250 
Fixed-rate 2.850% notes
10/1/20292.96%1,500 1,500 
May 2020 debt issuance:
Fixed-rate 1.650% notes
6/1/20251.78%— 1,000 
Fixed-rate 2.300% notes
6/1/20302.39%1,000 1,000 
Fixed-rate 3.250% notes
6/1/20503.33%1,000 1,000 
May 2022 debt issuance:
Fixed-rate 3.900% notes
6/1/20274.06%500 500 
Fixed-rate 4.400% notes
6/1/20324.53%1,000 1,000 
Fixed-rate 5.050% notes
6/1/20525.14%1,000 1,000 
Fixed-rate 5.250% notes
6/1/20625.34%500 500 
June 2023 debt issuance(1):
¥30 billion fixed-rate 0.813% notes
6/9/20250.89%— 191 
¥23 billion fixed-rate 0.972% notes
6/9/20261.06%155 147 
¥37 billion fixed-rate 1.240% notes
6/9/20281.31%249 236 
May 2024 debt issuance:
Fixed-rate 5.150% notes
6/1/20345.35%850 850 
Fixed-rate 5.500% notes
6/1/20545.66%400 400 
March 2025 debt issuance:
Floating-rate notes
3/6/20285.22%450 — 
Fixed-rate 4.450% notes
3/6/20284.66%450 — 
Fixed-rate 5.100% notes
4/1/20355.20%600 — 
Total term debt$10,904 $10,574 
Unamortized premium (discount) and issuance costs, net(79)(78)
Less: current portion of term debt(2)
(155)(1,191)
Total carrying amount of term debt$10,670 $9,305 
(1) Principal amounts represent the U.S. dollar equivalent as of September 30, 2025 and December 31, 2024, respectively.
(2) The current portion of term debt is included within “accrued expenses and other current liabilities” on our condensed consolidated balance sheets.
The effective interest rates for the Notes include interest on the Notes, amortization of debt issuance costs, and amortization of the debt discount. The interest expense recorded for the Notes, including amortization of the debt discount and debt issuance costs, was $107 million and $315 million for the three and nine months ended September 30, 2025, respectively. The interest expense recorded for the Notes, including amortization of the debt discount and debt issuance costs, was $100 million and $274 million for the three and nine months ended September 30, 2024, respectively.
CREDIT FACILITIES

Paidy credit agreement

In February 2022, we entered into a credit agreement (the “Paidy Credit Agreement”) with Paidy as co-borrower, which provided for an unsecured revolving credit facility of ¥60.0 billion, which was modified in September 2022 to increase the borrowing capacity by ¥30.0 billion for a total borrowing capacity of ¥90.0 billion (approximately $606 million as of September 30, 2025). As of September 30, 2025 and December 31, 2024, ¥90.0 billion (approximately $606 million) and ¥90.0 billion (approximately $574 million) was drawn down under the Paidy Credit Agreement, respectively, which was recorded in long-term debt on our condensed consolidated balance sheets. At September 30, 2025, no borrowing capacity was available for the purposes permitted by the Paidy Credit Agreement. During the three and nine months ended September 30, 2025 and 2024, the total interest expense and fees we recorded related to the Paidy Credit Agreement were de minimis.

FUTURE PRINCIPAL PAYMENTS

As of September 30, 2025, the future principal payments associated with our term debt were as follows (in millions):
2026$1,405 
2027500 
20281,149 
20291,500 
Thereafter6,350 
Total$10,904 

Other than as provided above, there were no significant changes to the information disclosed in our 2024 Form 10-K.
v3.25.3
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
LITIGATION AND REGULATORY MATTERS

Overview

We are involved in legal and regulatory proceedings on an ongoing basis. Certain of these proceedings are in early stages and may seek an indeterminate amount of damages or penalties or may require us to change or adopt certain business practices. If we believe that a loss arising from such matters is probable and can be reasonably estimated, we accrue the estimated liability in our financial statements at that time. If only a range of estimated losses can be determined, we accrue an amount within the range that, in our judgment, reflects the most likely outcome; if none of the estimates within that range is a better estimate than any other amount, we accrue the low end of the range. For those proceedings in which an unfavorable outcome is reasonably possible but not probable, we have disclosed an estimate of the reasonably possible loss or range of losses or we have concluded that an estimate of the reasonably possible loss or range of losses arising directly from the proceeding (i.e., monetary damages or amounts paid in judgment or settlement) are not material. If we cannot estimate the probable or reasonably possible loss or range of losses arising from a legal proceeding, we have disclosed that fact. In assessing the materiality of a legal proceeding, we evaluate, among other factors, the amount of monetary damages claimed, as well as the potential impact of non-monetary remedies sought by plaintiffs (e.g., injunctive relief) that may require us to change our business practices in a manner that could have a material adverse impact on our business. With respect to the matters disclosed in this Note 13, we are unable to estimate the possible loss or range of losses that could potentially result from the application of such non-monetary remedies.
Amounts accrued for legal and regulatory proceedings for which we believe a loss is probable and reasonably estimable were not material as of September 30, 2025. Except as otherwise noted for the proceedings described in this Note 13, we have concluded, based on currently available information, that reasonably possible losses arising directly from the proceedings (i.e., monetary damages or amounts paid in judgment or settlement) in excess of our recorded accruals are also not material. Determining legal reserves or possible losses from such matters involves judgment and may not reflect the full range of uncertainties and unpredictable outcomes. We may be exposed to losses in excess of the amount recorded, and such amounts could be material. If any of our estimates and assumptions change or prove to have been incorrect, it could have a material adverse effect on our business, financial position, results of operations, or cash flows.

Regulatory proceedings

In February 2022, we received a Civil Investigative Demand (“CID”) from the Federal Trade Commission (“FTC”) related to PayPal’s practices relating to commercial customers that submit charges on behalf of other merchants or sellers, and related activities. In August 2025, we received an additional CID investigating whether deceptive schemes and other unlawful activities by merchants using PayPal’s platform were facilitated or furthered by the Company’s onboarding, due diligence, and other practices. The CIDs request the production of documents and answers to written questions, as well as other information. We are cooperating with the FTC in connection with these CIDs.

In January 2023, we received notice of an administrative proceeding and a related request for information from the German Federal Cartel Office (“FCO”) related to terms in PayPal (Europe) S.à.r.l. et Cie, S.C.A.’s contractual terms with merchants in Germany prohibiting surcharging and requiring parity presentation of PayPal relative to other payment methods. We are cooperating with the FCO in connection with this proceeding.

We have received CIDs from the Consumer Financial Protection Bureau (“CFPB”) related to investigation and error-resolution obligations under Regulation E, the presentment of transactions to linked bank accounts, and related matters. The CIDs request the production of documents and answers to written questions. We are cooperating with the CFPB in connection with these CIDs.

In August 2024, we received a CID from the CFPB related to PayPal Credit. The CID also relates to backup payment options in a digital wallet to pay for goods or services. The CID requests the production of documents and answers to written questions. We are cooperating with the CFPB in connection with this CID.

Legal proceedings

On October 4, 2022, a putative securities class action captioned Defined Benefit Plan of the Mid-Jersey Trucking Industry and Teamsters Local 701 Pension and Annuity Fund v. PayPal Holdings, Inc., et al., Case No. 22-cv-5864, was filed in the U.S. District Court for the District of New Jersey. On January 11, 2023, the Court appointed Caisse de dépôt et placement du Québec as lead plaintiff and renamed the action In re PayPal Holdings, Inc. Securities Litigation (“PPH Securities Action”). On March 13, 2023, the lead plaintiff filed an amended and consolidated complaint. The PPH Securities Action asserts claims relating to our public statements with respect to net new active accounts (“NNA”) results and guidance, and the detection of illegitimately created accounts. The PPH Securities Action purports to be brought on behalf of purchasers of the Company’s stock between February 3, 2021 and February 1, 2022 (the “Class Period”), and asserts claims for alleged violations of Section 10(b) of the Exchange Act against the Company, as well as its former Chief Executive Officer, former Chief Strategy, Growth and Data Officer, and former Chief Financial Officer (collectively, the “Individual Defendants,” and together with the Company, “Defendants”), and for alleged violations of Sections 20(a) and 20A of the Exchange Act against the Individual Defendants. The complaint alleges that certain public statements made by Defendants during the Class Period were rendered materially false and misleading (which, allegedly, caused the Company’s stock to trade at artificially inflated prices) by the Defendants’ failure to disclose that, among other things, the Company’s incentive campaigns were susceptible to fraud and led to the creation of illegitimate accounts, which allegedly affected the Company’s NNA results and guidance. The PPH Securities Action seeks unspecified compensatory damages on behalf of the putative class members. Defendants filed a motion to dismiss the PPH Securities Action. On January 29, 2025, the Court dismissed all of the claims without prejudice. On March 17, 2025, the lead plaintiff filed an amended complaint. Defendants have filed a motion to dismiss the amended complaint.
On November 2, 2022, a putative shareholder derivative action captioned Shah v. Daniel Schulman, et al., Case No. 22-cv-1445, was filed in the U.S. District Court for the District of Delaware (the “Shah Action”), purportedly on behalf of the Company. On April 4, 2023, a putative shareholder derivative action captioned Nelson v. Daniel Schulman, et. al., Case No. 23-cv-01913, was filed in the U.S. District Court for the District of New Jersey (the “Nelson Action”) purportedly on behalf of the Company. On January 31, 2025, a putative shareholder derivative action captioned Spathias v. Daniel Schulman, et al., Case No. 25-cv-1007, was filed in the U.S. District Court for the Northern District of California (the “Spathias Action,” and collectively, the “Derivative Actions”). The Derivative Actions are based on the same alleged facts and circumstances as the PPH Securities Action, and name certain of our officers, including our former Chief Executive Officer and former Chief Financial Officer, and members of our Board of Directors, as defendants. The Derivative Actions allege claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, waste of corporate assets, gross mismanagement and violations of the Exchange Act, and seek to recover damages on behalf of the Company. The Derivative Actions have been stayed pending further developments in the PPH Securities Action.

On December 20, 2022, a civil lawsuit captioned State of Hawai‘i, by its Office of Consumer Protection, v. PayPal, Inc., and PayPal Holdings, Inc., Case No. 1CCV-22-0001610, was filed in the Circuit Court of the First Circuit of the State of Hawai‘i (the “Hawai‘i Action”). The Hawai‘i Action asserts claims for unfair and deceptive acts and practices under Hawai‘i Revised Statutes Sections 480-2(a) and 481A-3(a). Plaintiff seeks injunctive relief as well as unspecified penalties and other monetary relief. On July 14, 2023, the court denied Defendants’ motion to dismiss the complaint. We expect to reach a final settlement in this matter in the fourth quarter of 2025.

General matters

Other third parties have from time to time claimed, and others may claim in the future, that we have infringed their intellectual property rights. We are subject to patent disputes and expect that we will increasingly be subject to additional patent infringement claims involving various aspects of our business as our products and services continue to expand in scope and complexity. Such claims may be brought directly or indirectly against our companies and/or against our customers (who may be entitled to contractual indemnification under their contracts with us), and we are subject to increased exposure to such claims as a result of our acquisitions, particularly in cases where we are introducing new products or services in connection with such acquisitions. We have in the past been forced to litigate such claims, and we believe that additional lawsuits alleging such claims will be filed against us. Intellectual property claims, whether meritorious or not, are time-consuming and costly to defend and resolve, could require expensive changes in our methods of doing business, or could require us to enter into costly royalty or licensing agreements on unfavorable terms or make substantial payments to settle claims or to satisfy damages awarded by courts.

From time to time, we are involved in other disputes or regulatory inquiries that arise in the ordinary course of business, including suits by our consumers (individually or as class actions), merchants or regulators alleging, among other things, improper disclosure of our prices, rules, or policies, that our practices, prices, rules, policies, or user, product, business or merchant agreements violate applicable law, or that we have acted unfairly or not acted in conformity with such prices, rules, policies, or agreements. In addition to these types of disputes and regulatory inquiries, our operations are also subject to regulatory and legal review and challenges that may reflect the increasing global regulatory focus to which the payments industry is subject and, when taken together with other regulatory and legislative action, such actions could result in the imposition of costly new compliance burdens on our business and customers and may lead to increased costs and decreased transaction volume and revenue. Further, the number and significance of these disputes and inquiries are increasing as our business has grown and expanded in scale and scope, including the number of active accounts and payments transactions on our platform, the range and increasing complexity of the products and services that we offer, and our geographical operations. Any claims or regulatory actions against us, whether meritorious or not, could be time consuming, result in costly litigation, settlement payments, damage awards (including statutory damages for certain causes of action in certain jurisdictions), fines, penalties, injunctive relief, or increased costs of doing business through adverse judgment or settlement, require us to change our products, services, or business practices in expensive ways, require significant amounts of management time, result in the diversion of significant operational resources, or otherwise harm our business.
INDEMNIFICATION PROVISIONS

Our agreements with eBay governing our separation from eBay provide for specific indemnity and liability obligations for both eBay and us. Disputes between eBay and us have arisen and others may arise in the future, and an adverse outcome in such matters could materially and adversely impact our business, results of operations, and financial condition. In addition, the indemnity rights we have against eBay under the agreements may not be sufficient to protect us, and our indemnity obligations to eBay may be significant.

In the ordinary course of business, we include indemnification provisions in certain of our agreements with parties with whom we have commercial relationships. Under these contracts, we generally indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party in connection with claims by any third party with respect to our domain names, trademarks, logos, and other branding elements to the extent that such marks are related to the subject agreement. These indemnification provisions generally include indemnity for other types of third-party claims, which may be related to intellectual property rights, confidentiality, willful misconduct, data privacy obligations, and certain breach of contract claims, among others. These indemnification provisions generally also include indemnity to our payments processors in the event of card association fines against the processor arising out of conduct by us or our customers. It is not possible to determine the maximum potential loss under these indemnification provisions due to our limited history of prior indemnification claims and the unique facts and circumstances involved in each particular situation.

PayPal has participated in the U.S. Government’s Paycheck Protection Program administered by the U.S. Small Business Administration. Loans made under this program were funded by an independent chartered financial institution that we partnered with. We received a fee for providing services in connection with these loans and retained operational and audit risk related to those activities. We have agreed, under certain circumstances, to indemnify the chartered financial institution and its assignee of a portion of these loans in connection with the services provided for loans made under this program.

As part of agreements to sell certain loans receivable portfolios, in certain circumstances such as breaches in loan warranties, we may be required to indemnify the third-party investors that purchased the loans or repurchase the loans. The estimate of the maximum potential amount of future payments we may be required to make is equal to the current outstanding balances of the loans sold; however, the maximum potential amount of the indemnification is not, in our view, representative of the expected future exposure. As of September 30, 2025 and December 31, 2024, the current outstanding balances of the loans sold was $3.4 billion and $2.9 billion, respectively. The term of the indemnification obligations align to the maturities of the loans sold.

To date, no significant costs have been incurred, either individually or collectively, in connection with our indemnification provisions.

OFF-BALANCE SHEET ARRANGEMENTS

As of September 30, 2025 and December 31, 2024, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures, or capital resources.

PROTECTION PROGRAMS

In addition to the protections afforded by applicable law, we provide consumers and merchants with protection programs for certain purchase transactions completed on our payments platform. Our protection programs help protect both consumers and merchants from financial loss resulting from, among other things, counterparty non-performance. These programs are designed to promote confidence on the part of both consumers, who will be reimbursed in certain circumstances, such as not receiving their purchased item in the condition significantly as described, as well as merchants, who will receive payment in certain circumstances, such as establishing proof of shipment or delivery of an item to the customer. These protection programs are considered assurance-type warranties under applicable accounting standards for which we estimate associated costs within the allowance for transaction losses. Our protection programs may result in negative customer balances when there are insufficient funds in a customer’s PayPal account to cover charges applied for merchant-related chargebacks within the scope of our protection programs. Negative customer balances can also occur from bank returns and reversals due to insufficient funding sources. The allowance for negative customer balances represents our estimate of current expected credit losses on negative customer balances.
At September 30, 2025 and December 31, 2024, the allowance for transaction losses was $85 million and $86 million, respectively. The allowance for negative customer balances was $334 million and $256 million at September 30, 2025 and December 31, 2024, respectively. The following table shows changes in the allowance for transaction losses and negative customer balances related to our protection programs for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Beginning balance$352 $270 $342 $282 
Provision(1)
397 264 1,058 783 
Realized losses and charge-offs(371)(281)(1,090)(876)
Recoveries(2)
41 53 109 117 
Ending balance$419 $306 $419 $306 
(1) Changes in estimates for the prior period provision related to the allowance for transaction losses are not material and are aggregated with current period provision.
(2) Recoveries are only relevant for the allowance for negative customer balances.
v3.25.3
STOCK REPURCHASE PROGRAMS
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
STOCK REPURCHASE PROGRAMS STOCK REPURCHASE PROGRAMS
During the nine months ended September 30, 2025, we repurchased approximately 63 million shares of our common stock for approximately $4.5 billion at an average cost of $71.78, excluding excise tax. These shares were purchased in the open market under our stock repurchase program authorized in June 2022. As of September 30, 2025, a total of approximately $355 million and $15.0 billion remained available for future repurchases of our common stock under our June 2022 and February 2025 stock repurchase programs, respectively.

For the nine months ended September 30, 2025 and 2024, we recorded $38 million and $40 million in excise tax within treasury stock on our condensed consolidated balance sheets. The payable associated with the excise tax is a non-cash financing activity which is not reflected on the condensed consolidated statement of cash flows until settlement.
v3.25.3
STOCK-BASED PLANS
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED PLANS STOCK-BASED PLANS
In June 2025, our stockholders approved the authorization of an additional 15 million shares to the Amended and Restated PayPal Holdings, Inc. 2015 Equity Incentive Award Plan.

STOCK-BASED COMPENSATION EXPENSE

Stock-based compensation expense is measured based on the estimated fair value of shares at the time of grant and recognized over the award’s vesting period.

The following table summarizes the impact of stock-based compensation expense on our results of operations for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Customer support and operations$52 $50 $156 $173 
Sales and marketing32 30 99 108 
Technology and development124 111 371 366 
General and administrative70 81 225 257 
Restructuring and other— 28 — 88 
Total stock-based compensation expense$278 $300 $851 $992 
Capitalized as part of internal use software and website development costs$33 $32 $101 $77 
v3.25.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Our effective tax rate for both the three and nine months ended September 30, 2025 was 19%. Our effective tax rate for both the three and nine months ended September 30, 2024 was 23%. The difference between our effective tax rate and the U.S. federal statutory rate of 21% in the periods presented was primarily the result of foreign income taxed at different rates, tax expense related to stock-based compensation, and other discrete tax adjustments.

The Organization for Economic Co-operation and Development (“OECD”) has published model rules, which include the implementation of a global minimum tax rate of 15%, commonly referred to as Pillar Two. Certain countries in which we do business have enacted legislation that became effective as of January 1, 2025. Our effective tax rate for the three and nine months ended September 30, 2025 includes the impact of Pillar Two minimum taxes in these jurisdictions.

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law in the U.S., with certain provisions of the Act effective in 2025 and other provisions becoming effective in 2026 and beyond. The provisions of the Act effective in 2025 were not material and have been reflected in our results, as applicable.
Gross unrecognized tax benefits were approximately $2.5 billion and $2.3 billion as of September 30, 2025 and December 31, 2024, respectively. Due to various factors, including uncertainties of the judicial, administrative, and regulatory processes in certain jurisdictions, the timing of the resolution of these unrecognized tax benefits is highly uncertain. It is reasonably possible that within the next twelve months, we may receive additional tax adjustments by various tax authorities or possibly reach resolution of audits in one or more jurisdictions. These adjustments or settlements could result in changes to our unrecognized tax benefits related to positions on prior year tax filings. Given the number of years remaining subject to examination and the number of matters being examined, we are unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits.
v3.25.3
RESTRUCTURING AND OTHER
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND OTHER RESTRUCTURING AND OTHER
RESTRUCTURING

The restructuring charges associated with the following plans were recorded in “restructuring and other” on our condensed consolidated statements of income. Accrued restructuring liabilities were included in “accrued expenses and other current liabilities” on our condensed consolidated balance sheets.

Q2 2025 Plan

During the second quarter of 2025, management undertook a large-scale initiative (the “Q2 2025 Plan”) to reengineer our existing technology infrastructure to improve scalability, reduce network latency, decrease operational costs, and optimize our workforce. The Q2 2025 Plan is a transformative unified program designed to streamline operations and includes exiting certain data centers to migrate to more efficient cloud based solutions. The plan is expected to be executed over a period of 18 to 42 months with the workforce component to be substantially completed in 2027 and the technology infrastructure component to be substantially completed in 2028. The associated restructuring charges for the three and nine months ended September 30, 2025 were de minimis and $96 million, respectively, and included employee severance and benefits costs.

In connection with this restructuring, we expect to incur employee severance and benefits costs of approximately $90 million to $100 million, asset impairment and accelerated depreciation charges of approximately $40 million to $60 million, and other restructuring costs of approximately $110 million to $140 million over the term of the Q2 2025 Plan. Other restructuring costs relate to process re-engineering and one-time migration to cloud solutions and consist of contractor costs, consulting fees, and prepaid software and maintenance costs without future economic benefit. The timing of activities and cost estimates continue to be developed and are subject to change.
The following table summarizes the restructuring reserve activity during the nine months ended September 30, 2025:
Employee Severance and Benefits Costs
(In millions)
Accrued liability as of January 1, 2025
$— 
Charges
96 
Payments(15)
Accrued liability as of September 30, 2025
$81 

Q1 2025 Plan

During the first quarter of 2025, management initiated a workforce reduction to ensure compliance with a new regulation impacting operations in an international market. The associated restructuring charges during the nine months ended September 30, 2025 were $36 million and included employee severance and benefits costs, which was completed in the third quarter of 2025.

The following table summarizes the restructuring reserve activity during the nine months ended September 30, 2025:
 Employee Severance and Benefits Costs
(In millions)
Accrued liability as of January 1, 2025
$— 
Charges
36 
Payments(36)
Accrued liability as of September 30, 2025
$— 

Q1 2024 Plan

During the first quarter of 2024, management initiated a global workforce reduction intended to streamline operations, focus resources on core strategic priorities, and improve our cost structure. The associated restructuring charges during the three and nine months ended September 30, 2024 were $36 million and $294 million, respectively, and included employee severance and benefits costs and stock-based compensation expense, which were substantially completed in the fourth quarter of 2024.

OTHER
During the three and nine months ended September 30, 2025, approximately $70 million and $122 million, respectively, of losses were recorded in restructuring and other, which included net loss on sale of loans and interest receivable previously held for sale and fair value adjustments to measure loans and interest receivable, held for sale, at the lower of cost or fair value. During the three and nine months ended September 30, 2024, approximately $28 million and $92 million, respectively, of losses were recorded in restructuring and other, which included net loss on sale of loans and interest receivable previously held for sale and fair value adjustments to measure loans and interest receivable, held for sale, at the lower of cost or fair value.
v3.25.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Our chief operating decision maker (“CODM”), our Chief Executive Officer, manages the business and evaluates operating performance based on consolidated net income. Our CODM uses consolidated net income to monitor budget versus actual results. We operate as one segment and have one reportable segment that constitutes consolidated results.

The following table sets forth our segment information for revenue, segment profit (loss), and significant expenses:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Net revenues$8,417 $7,847 $24,496 $23,431 
Less (add):
Transaction expense4,063 3,841 11,735 11,700 
Transaction losses397 264 1,058 783 
Credit losses86 88 272 225 
Customer support and operations(1)
447 427 1,258 1,317 
Sales and marketing(1)
521 508 1,592 1,375 
Technology and development(1)
801 746 2,299 2,206 
General and administrative(1)
513 519 1,477 1,553 
Restructuring and other69 63 251 388 
Other income (expense), net(13)80 (111)(35)
Income tax expense285 301 869 893 
Segment net income (loss)$1,248 $1,010 $3,796 $3,026 
(1) Includes depreciation and amortization expense. For the three and nine months ended September 30, 2025, total depreciation and amortization expense was $245 million and $729 million, respectively. For the three and nine months ended September 30, 2024, total depreciation and amortization expense was $255 million and $783 million, respectively.

There are no reconciling items or adjustments between segment net revenues, net income, total assets and consolidated net revenues, net income, and total assets. For disclosure of geographical information, please refer to “Note 2—Revenue”.
v3.25.3
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On October 27, 2025, the Company’s Board of Directors declared a cash dividend of $0.14 per share on our common stock, totaling approximately $130 million. The dividend will be payable on December 10, 2025, to stockholders of record of our common stock as of the close of business on November 19, 2025.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation
Basis of presentation and principles of consolidation
The accompanying condensed consolidated financial statements include the financial statements of PayPal and our wholly- and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

We determine at the inception of each investment, and re-evaluate if certain events occur, whether an entity in which we have made an investment is considered a variable interest entity (“VIE”). If we determine an investment is in a VIE, we then assess if we are the primary beneficiary, which would require consolidation. As of September 30, 2025 and December 31, 2024, no VIEs qualified for consolidation as the structures of these entities do not provide us with both the ability to direct activities that would significantly impact their economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.

As of September 30, 2025 and December 31, 2024, the carrying value of our investments in nonconsolidated VIEs that are primarily investments in funds that are limited partnerships or similar structures which are focused on increasing access to capital for underserved communities was $199 million and $187 million, respectively, and is included as non-marketable equity securities applying the equity method of accounting in long-term investments on our condensed consolidated balance sheets. Our maximum exposure to loss related to these nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $246 million as of both September 30, 2025 and December 31, 2024.

These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 4, 2025.

In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated financial statements for all interim periods presented. Certain amounts for prior periods have been reclassified to conform to the financial statement presentation as of and for the three and nine months ended September 30, 2025.
Principles of consolidation
Basis of presentation and principles of consolidation
The accompanying condensed consolidated financial statements include the financial statements of PayPal and our wholly- and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

We determine at the inception of each investment, and re-evaluate if certain events occur, whether an entity in which we have made an investment is considered a variable interest entity (“VIE”). If we determine an investment is in a VIE, we then assess if we are the primary beneficiary, which would require consolidation. As of September 30, 2025 and December 31, 2024, no VIEs qualified for consolidation as the structures of these entities do not provide us with both the ability to direct activities that would significantly impact their economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.

As of September 30, 2025 and December 31, 2024, the carrying value of our investments in nonconsolidated VIEs that are primarily investments in funds that are limited partnerships or similar structures which are focused on increasing access to capital for underserved communities was $199 million and $187 million, respectively, and is included as non-marketable equity securities applying the equity method of accounting in long-term investments on our condensed consolidated balance sheets. Our maximum exposure to loss related to these nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $246 million as of both September 30, 2025 and December 31, 2024.

These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 4, 2025.

In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated financial statements for all interim periods presented. Certain amounts for prior periods have been reclassified to conform to the financial statement presentation as of and for the three and nine months ended September 30, 2025.
Use of estimates
Use of estimates

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction and credit losses, income taxes, loss contingencies, revenue recognition, and the evaluation of strategic investments for impairment. We base our estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. Actual results could materially differ from these estimates.
Cash and cash equivalents
Cash and cash equivalents
Cash and cash equivalents are short-term, highly liquid investments and are primarily comprised of bank deposits, PayPal USD stablecoin (“PYUSD”), money market funds and debt securities with original maturities of three months or less when purchased. PYUSD is a stablecoin pegged to the U.S. dollar and fully backed by U.S. dollar deposits, U.S. treasuries, and similar cash equivalents. Each token of PYUSD held by PayPal represents a contractual right to redeem with the third-party issuer of PYUSD for one U.S. dollar.
Recently issued accounting guidance and Recently adopted accounting guidance
Recently issued accounting guidance

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amended guidance enhances income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information. This guidance requires disclosure of specific categories in the effective tax rate reconciliation and additional information on reconciling items meeting a quantitative threshold. In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state, and foreign taxes. It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amended guidance is effective for annual periods beginning after December 15, 2024. The guidance can be applied either prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the notes to our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amended guidance requires disaggregation of certain expense captions into specified natural expense categories in the disclosures within the notes to the financial statements. In addition, the guidance requires disclosure of selling expenses and its definition. The new guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied either prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the notes to our condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amended guidance modernizes the accounting for costs related to internal-use software to more closely align with current software development methods. The guidance removes references to project stages and clarifies when we are required to start capitalizing eligible costs. The new guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The guidance can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. We are evaluating the impact this amended guidance may have on our condensed consolidated financial statements.

Recently adopted accounting guidance

In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This amended guidance requires fair value measurement of certain crypto assets each reporting period, with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost basis for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. We adopted this guidance effective as of January 1, 2025. We have applied the amendments of this guidance as a cumulative-effect adjustment to retained earnings. The adoption of this guidance did not have a significant impact on our condensed consolidated financial statements.
In January 2025, the SEC released Staff Accounting Bulletin (“SAB”) No. 122 rescinding SAB No. 121, which required an entity to record a liability to reflect its obligation to safeguard the crypto assets held for its platform users with a corresponding asset and required disclosures related to the entity’s safeguarding obligations. SAB No. 122 is effective for annual periods beginning after December 15, 2024 and is required to be applied on a fully retrospective basis, with early adoption permitted. We adopted this guidance as of March 31, 2025 and derecognized the crypto asset safeguarding liability and corresponding safeguarding asset on our condensed consolidated balance sheet as of December 31, 2024. Additionally, we derecognized the associated deferred tax asset and liability as of December 31, 2024. The adoption of this guidance did not impact our condensed consolidated statements of income (loss), comprehensive income (loss), stockholders’ equity or cash flows.

The following table presents the effects of the changes on the presentation of our condensed consolidated balance sheet:
December 31, 2024
(In millions)
As Previously Reported (1)
Adjustments
As Adjusted
Total assets(2)
$81,611 $(2,886)$78,725 
Total liabilities(2)
$61,194 $(2,886)$58,308 
(1) As reported in our 2024 Form 10-K filed with the SEC on February 4, 2025.
(2) Financial statement lines impacted within total assets and total liabilities were “prepaid expenses and other current assets” and “accrued expenses and other current liabilities”, respectively.

There are other new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these new accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.
v3.25.3
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Changes on the Presentation of the Balance Sheet
The following table presents the effects of the changes on the presentation of our condensed consolidated balance sheet:
December 31, 2024
(In millions)
As Previously Reported (1)
Adjustments
As Adjusted
Total assets(2)
$81,611 $(2,886)$78,725 
Total liabilities(2)
$61,194 $(2,886)$58,308 
(1) As reported in our 2024 Form 10-K filed with the SEC on February 4, 2025.
(2) Financial statement lines impacted within total assets and total liabilities were “prepaid expenses and other current assets” and “accrued expenses and other current liabilities”, respectively.
v3.25.3
REVENUE (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents our revenue disaggregated by primary geographical market and category:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Primary geographical markets
U.S.$4,753 $4,518 $13,925 $13,535 
Other countries(1)
3,664 3,329 10,571 9,896 
Total net revenues(2)
$8,417 $7,847 $24,496 $23,431 
Revenue category
Transaction revenues$7,522 $7,067 $21,979 $21,254 
Revenues from other value added services895 780 2,517 2,177 
Total net revenues(2)
$8,417 $7,847 $24,496 $23,431 
(1) No single country included in the other countries category generated more than 10% of total net revenues.
(2) Total net revenues include $542 million and $515 million for the three months ended September 30, 2025 and 2024, respectively, and $1.6 billion and $1.5 billion for the nine months ended September 30, 2025 and 2024, respectively, which do not represent revenues recognized in the scope of Accounting Standards Codification Topic 606, Revenue from contracts with customers. Such revenues relate to interest and fees earned on loans and interest receivable, including loans and interest receivable, held for sale, hedging gains or losses, and interest earned and gains or losses on certain assets underlying customer balances.
v3.25.3
NET INCOME (LOSS) PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share
The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions, except per share amounts)
Numerator:
Net income (loss)$1,248 $1,010 $3,796 $3,026 
Denominator:
Weighted average shares of common stock - basic950 1,015 968 1,040 
Dilutive effect of equity incentive awards10 9 10 8 
Weighted average shares of common stock - diluted960 1,024 978 1,048 
Net income (loss) per share:
Basic$1.31 $1.00 $3.92 $2.91 
Diluted$1.30 $0.99 $3.88 $2.89 
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive12 8 9 12 
v3.25.3
GOODWILL AND INTANGIBLE ASSETS (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Balances and Adjustments
The following table presents goodwill balances and adjustments to those balances during the nine months ended September 30, 2025:
December 31,
2024		Goodwill Acquired Adjustments September 30,
2025
 (In millions)
Total goodwill$10,837 $7 $97 $10,941 
Schedule of Components of Identifiable Intangible Assets
The components of identifiable intangible assets were as follows:
 September 30, 2025December 31, 2024
 Gross Carrying Amount
Accumulated Amortization 
Net Carrying Amount
Gross Carrying Amount
Accumulated Amortization 
Net Carrying Amount
 
(In millions)
Intangible assets(1):
      
Customer lists and user base$880 $(708)$172 $854 $(601)$253 
Marketing related63 (50)13 60 (38)22 
Developed technologies
9 (1)8 — — — 
All other187 (154)33 182 (131)51 
Intangible assets, net$1,139 $(913)$226 $1,096 $(770)$326 
(1) Excludes intangible assets which have been fully amortized, but are still in use.
Schedule of Expected Future Intangible Asset Amortization
Expected future intangible asset amortization as of September 30, 2025 was as follows (in millions):
Fiscal years:
Remaining 2025$27 
202695 
202759 
202845 
Total$226 
v3.25.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Components of Lease Expense, Supplemental Cash Flow Information
The components of lease expense were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Operating lease expense$41 $41 $122 $117 
Finance lease expense - amortization of right-of-use (“ROU”) lease assets
4 3 12 4 
Sublease income(2)(3)(6)(9)
Total lease expense, net
$43 $41 $128 $112 

Supplemental cash flow information related to leases during the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$47 $42 $135 $127 
Financing cash flows from finance leases$— $40 $6 $60 
ROU lease assets obtained in exchange for new operating lease liabilities
$52 $59 $57 $336 
ROU lease assets obtained in exchange for new finance lease liabilities$— $27 $— $82 
Schedule of Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases was as follows:
September 30, 2025December 31, 2024
(In millions, except weighted-average figures)
Operating leases
Finance leases
Operating leases
Finance leases
ROU lease assets$566 $60 $599 $73 
Current lease liabilities144 5 135 5 
Long-term lease liabilities575 12 629 18 
Total lease liabilities$719 $17 $764 $23 
Weighted-average remaining lease term5.5 years3.6 years5.9 years4.4 years
Weighted-average discount rate4%5%4%5%
Schedule of Future Minimum Operating Lease Payments
Future minimum lease payments for our leases as of September 30, 2025 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2025$33 $2 
2026181 6 
2027167 6 
2028113 4 
202996 — 
Thereafter231 — 
Total$821 $18 
Less: present value discount(102)(1)
Lease liability$719 $17 
Schedule of Future Minimum Finance Lease Payments
Future minimum lease payments for our leases as of September 30, 2025 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2025$33 $2 
2026181 6 
2027167 6 
2028113 4 
202996 — 
Thereafter231 — 
Total$821 $18 
Less: present value discount(102)(1)
Lease liability$719 $17 
v3.25.3
OTHER FINANCIAL STATEMENT DETAILS (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended September 30, 2025:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign Currency
Translation Adjustment (“CTA”)
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $(277)$(6)$(715)$313 $(54)$(739)
Other comprehensive income (loss) before reclassifications29 17 (49)— (8)(11)
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”)
(49)(1)— — — (50)
Net current period other comprehensive income (loss) 78 18 (49)— (8)39 
Ending balance $(199)$12 $(764)$313 $(62)$(700)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended September 30, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $43 $(36)$(999)$390 $(91)$(693)
Other comprehensive income (loss) before reclassifications(160)60 275 (149)28 54 
Less: Amount of net gains (losses) reclassified from AOCI
(12)— — — — (12)
Net current period other comprehensive income (loss) (148)60 275 (149)28 66 
Ending balance $(105)$24 $(724)$241 $(63)$(627)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended September 30, 2025:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $147 $14 $(949)$313 $(75)$(550)
Other comprehensive income (loss) before reclassifications(430)(1)185 — 13 (233)
Less: Amount of net gains (losses) reclassified from AOCI
(84)1 — — — (83)
Net current period other comprehensive income (loss) (346)(2)185 — 13 (150)
Ending balance $(199)$12 $(764)$313 $(62)$(700)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended September 30, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $(56)$(134)$(731)$191 $(16)$(746)
Other comprehensive income (loss) before reclassifications(39)117 7 50 (47)88 
Less: Amount of net gains (losses) reclassified from AOCI
10 (41)— — — (31)
Net current period other comprehensive income (loss) (49)158 7 50 (47)119 
Ending balance $(105)$24 $(724)$241 $(63)$(627)
Schedule of Reclassifications out of AOCI
The following table provides details about reclassifications from AOCI for the periods presented below:
Details about AOCI Components 
Amount of Gains (Losses) Reclassified from AOCI
Affected Line Item in the Statements of Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Net gains (losses) on cash flow hedges—foreign exchange contracts
$(49)$(12)$(84)$10 Net revenues
Net gains (losses) on investments
(1)— — (41)Net revenues
Net gains (losses) on investments
— — 1 — Other income (expense), net
(50)(12)(83)(31)Income before income taxes
— — — — Income tax expense
Total reclassifications for the period$(50)$(12)$(83)$(31)Net income (loss)
Schedule of Other Income (Expense), Net
The following table reconciles the components of other income (expense), net for the periods presented below:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Interest income$119 $183 $399 $514 
Interest expense(113)(106)(330)(285)
Net gains (losses) on strategic investments10 (171)69 (226)
Other(3)14 (27)32 
Other income (expense), net$13 $(80)$111 $35 
v3.25.3
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Assets Underlying Cash and Cash Equivalents, Funds Receivable and Customer Accounts, Short-term Investments, and Long-term Investments
The following table summarizes the assets underlying our cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments as of September 30, 2025 and December 31, 2024:
 September 30,
2025		December 31,
2024
(In millions)
Cash and cash equivalents(1)
$8,995 $6,662 
Funds receivable and customer accounts:
Cash and cash equivalents(2)
$14,858 $15,828 
Time deposits75 15 
Available-for-sale debt securities15,118 14,551 
Funds receivable8,617 7,277 
Total funds receivable and customer accounts$38,668 $37,671 
Short-term investments:
Time deposits$97 $107 
Available-for-sale debt securities1,663 4,154 
Restricted cash— 1 
Total short-term investments$1,760 $4,262 
Long-term investments:
Time deposits$7 $22 
Available-for-sale debt securities1,997 3,002 
Strategic investments1,597 1,559 
Total long-term investments$3,601 $4,583 
(1) Includes $525 million and nil of available-for-sale debt securities with original maturities of three months or less as of September 30, 2025 and December 31, 2024, respectively.
(2) Includes $220 million and $149 million of available-for-sale debt securities with original maturities of three months or less as of September 30, 2025 and December 31, 2024, respectively.
Schedule of Estimated Fair Value of Investments Classified as Available for Sale
As of September 30, 2025 and December 31, 2024, the estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments was as follows:
 
September 30, 2025(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Cash and cash equivalents:
U.S. government and agency securities$525 $— $— $525 
Funds receivable and customer accounts:
U.S. government and agency securities3,743 1 (1)3,743 
Foreign government and agency securities82 — — 82 
Corporate debt securities2,437 5 (1)2,441 
Mortgage-backed and asset-backed securities4,470 6 (2)4,474 
Municipal securities137 — — 137 
Commercial paper3,719 1 — 3,720 
Short-term investments:
U.S. government and agency securities30 — — 30 
Foreign government and agency securities120 — — 120 
Corporate debt securities1,013 1 (1)1,013 
Mortgage-backed and asset-backed securities499 1 — 500 
Long-term investments:
U.S. government and agency securities245 — — 245 
Foreign government and agency securities50 — — 50 
Corporate debt securities797 2 (1)798 
Mortgage-backed and asset-backed securities903 1 — 904 
Total available-for-sale debt securities(2)
$18,770 $18 $(6)$18,782 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
 
December 31, 2024(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$5,709 $4 $(2)$5,711 
Foreign government and agency securities77 — — 77 
Corporate debt securities405 — — 405 
Mortgage-backed and asset-backed securities
4,039 13 (5)4,047 
Municipal securities503 1 — 504 
Commercial paper3,391 1 — 3,392 
Short-term investments:
U.S. government and agency securities188 — (2)186 
Foreign government and agency securities84 — — 84 
Corporate debt securities1,751 — (2)1,749 
Mortgage-backed and asset-backed securities
848 5 — 853 
Commercial paper1,281 1 — 1,282 
Long-term investments:
U.S. government and agency securities235 — — 235 
Foreign government and agency securities124 — (1)123 
Corporate debt securities1,601 3 (2)1,602 
Mortgage-backed and asset-backed securities
1,042 1 (1)1,042 
Total available-for-sale debt securities(2)
$21,278 $29 $(15)$21,292 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
As of September 30, 2025 and December 31, 2024, the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses was not deemed necessary in the current period, aggregated by the length of time those individual securities have been in a continuous loss position, was as follows:
 
September 30, 2025(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Cash and cash equivalents:
U.S. government and agency securities$400 $— $— $— $400 $— 
Funds receivable and customer accounts:
U.S. government and agency securities1,697 (1)— — 1,697 (1)
Foreign government and agency securities57 — — — 57 — 
Corporate debt securities409 (1)— — 409 (1)
Mortgage-backed and asset-backed securities1,619 (2)100 — 1,719 (2)
Commercial paper325 — — — 325 — 
Short-term investments:
Foreign government and agency securities— — 20 — 20 — 
Corporate debt securities206 (1)— — 206 (1)
Mortgage-backed and asset-backed securities247 — 2 — 249 — 
Long-term investments:
U.S. government and agency securities245 — — — 245 — 
Foreign government and agency securities25 — — — 25 — 
Corporate debt securities90 (1)10 — 100 (1)
Mortgage-backed and asset-backed securities399 — — — 399 — 
Total available-for-sale debt securities$5,719 $(6)$132 $— $5,851 $(6)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
 
December 31, 2024(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$1,314 $(1)$517 $(1)$1,831 $(2)
Foreign government and agency securities57 — — — 57 — 
Corporate debt securities105 — 50 — 155 — 
Mortgage-backed and asset-backed securities
1,673 (5)2 — 1,675 (5)
Municipal securities29 — 36 — 65 — 
Commercial paper275 — — — 275 — 
Short-term investments:
U.S. government and agency securities— — 186 (2)186 (2)
Corporate debt securities618 (2)90 — 708 (2)
Mortgage-backed and asset-backed securities
250 — 18 — 268 — 
Commercial paper218 — — — 218 — 
Long-term investments:
U.S. government and agency securities50 — — — 50 — 
Foreign government and agency securities90 — 34 (1)124 (1)
Corporate debt securities347 (1)9 (1)356 (2)
Mortgage-backed and asset-backed securities
610 (1)— — 610 (1)
Total available-for-sale debt securities$5,636 $(10)$942 $(5)$6,578 $(15)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
Schedule of Cash Inflows Related to Available-for-Sale Debt Securities
The table below presents cash inflows related to available-for-sale debt securities:
 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Proceeds from sales and maturities of available-for-sale debt securities
$7,380 $7,170 $19,921 $27,407 
Schedule of Estimated Fair Values of Investments Classified as Available for Sale by Contractual Maturity
Our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments classified by date of contractual maturity were as follows:
 September 30, 2025
Amortized CostFair Value
(In millions)
One year or less $9,386 $9,388 
After one year through five years3,949 3,956 
After five years through ten years2,471 2,473 
After ten years2,964 2,965 
Total$18,770 $18,782 
Schedule of Carrying Value of our Non-Marketable Equity Securities
The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Carrying amount, beginning of period$1,359 $1,635 $1,336 $1,631 
Adjustments related to non-marketable equity securities:
Net additions (reductions)(1)
6 20 (48)85 
Gross unrealized gains15 2 98 5 
Gross unrealized losses and impairments(11)(175)(17)(239)
Carrying amount, end of period$1,369 $1,482 $1,369 $1,482 
(1) Net additions (reductions) include purchases, reductions due to sales of securities, and reclassifications when the Measurement Alternative is subsequently elected or no longer applies.

The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative held at September 30, 2025 and December 31, 2024, respectively:
September 30,
2025		December 31,
2024
(In millions)
Cumulative gross unrealized gains $990 $1,187 
Cumulative gross unrealized losses and impairments$(457)$(562)
Schedule of Unrealized Gains (Losses) on Strategic Investments
The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at September 30, 2025 and 2024, respectively:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Net unrealized gains (losses)$4 $(171)$72 $(242)
v3.25.3
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:

September 30, 2025
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
U.S. government and agency securities$525 $— $525 
Money market fund4 4 — 
Total cash and cash equivalents529 4 525 
Short-term investments(2),(5):
U.S. government and agency securities30 — 30 
Foreign government and agency securities120 — 120 
Corporate debt securities1,013 — 1,013 
Mortgage-backed and asset-backed securities500 — 500 
Total short-term investments1,663 — 1,663 
Funds receivable and customer accounts(3):
U.S. government and agency securities3,743 — 3,743 
Foreign government and agency securities475 — 475 
Corporate debt securities2,754 — 2,754 
Mortgage-backed and asset-backed securities4,474 — 4,474 
Municipal securities137 — 137 
Commercial paper3,755 — 3,755 
Total funds receivable and customer accounts15,338 — 15,338 
Derivatives(4)
48 — 48 
Long-term investments(2),(5):
U.S. government and agency securities245 — 245 
Foreign government and agency securities50 — 50 
Corporate debt securities798 — 798 
Mortgage-backed and asset-backed securities904 — 904 
Marketable equity securities15 15 — 
Total long-term investments2,012 15 1,997 
Total financial assets$19,590 $19 $19,571 
Liabilities:
Derivatives(4)
$229 $— $229 
Total financial liabilities$229 $— $229 
(1) Excludes cash and cash equivalents of $8.5 billion not measured and recorded at fair value.
(2) Excludes time deposits of $104 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.3 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.6 billion measured using the Measurement Alternative or equity method accounting.

December 31, 2024
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
Money market fund$14 $14 $— 
Short-term investments(2):
U.S. government and agency securities186 — 186 
Foreign government and agency securities84 — 84 
Corporate debt securities1,749 — 1,749 
Mortgage-backed and asset-backed securities
853 — 853 
Commercial paper1,282 — 1,282 
Total short-term investments4,154 — 4,154 
Funds receivable and customer accounts(3):
U.S. government and agency securities5,711 — 5,711 
Foreign government and agency securities379 — 379 
Corporate debt securities667 — 667 
Mortgage-backed and asset-backed securities
4,047 — 4,047 
Municipal securities504 — 504 
Commercial paper3,392 — 3,392 
Total funds receivable and customer accounts14,700 — 14,700 
Derivatives(4)
243 — 243 
Long-term investments(2), (5):
U.S. government and agency securities235 — 235 
Foreign government and agency securities123 — 123 
Corporate debt securities1,602 — 1,602 
Mortgage-backed and asset-backed securities
1,042 — 1,042 
Marketable equity securities23 23 — 
Total long-term investments3,025 23 3,002 
Total financial assets$22,136 $37 $22,099 
Liabilities:
Derivatives(4)
$37 $— $37 
Total financial liabilities$37 $— $37 
(1) Excludes cash and cash equivalents of $6.6 billion not measured and recorded at fair value.
(2) Excludes restricted cash of $1 million and time deposits of $129 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.0 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.5 billion measured using the Measurement Alternative or equity method accounting.
Schedule of Investments under the Fair Value Option The following table summarizes the estimated fair value and amortized cost of our available-for-sale debt securities under the fair value option as of September 30, 2025 and December 31, 2024:
 September 30, 2025December 31, 2024
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Funds receivable and customer accounts$741 $741 $566 $564 

The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Funds receivable and customer accounts$(7)$23 $85 $8 
Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The following tables summarize our assets held as of September 30, 2025 and December 31, 2024 for which a non-recurring fair value measurement was recorded during the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively:
September 30, 2025
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale$1,404 $1,396 $8 
Non-marketable equity securities measured using the Measurement Alternative(1)
242 236 6 
Total$1,646 $1,632 $14 
(1) Excludes non-marketable equity securities of $1.1 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the nine months ended September 30, 2025.

December 31, 2024
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale
$541 $541 $— 
Non-marketable equity securities measured using the Measurement Alternative(1)
476 131 345 
Total$1,017 $672 $345 
(1) Excludes non-marketable equity securities of $860 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2024.
v3.25.3
DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments
The fair value of our outstanding derivative instruments as of September 30, 2025 and December 31, 2024 was as follows:

 Balance Sheet LocationSeptember 30,
2025		December 31,
2024
(In millions)
Derivative Assets:
Foreign exchange contracts designated as hedging instruments
Other current assets$10 $157 
Foreign exchange contracts not designated as hedging instruments
Other current assets38 86 
Total derivative assets$48 $243 
Derivative Liabilities:
Foreign exchange contracts designated as hedging instruments
Other current liabilities$209 $10 
Foreign exchange contracts not designated as hedging instruments
Other current liabilities20 27 
Total derivative liabilities$229 $37 
Schedule of Gains or Losses Related to Derivative Instruments Designated as Hedging Instruments
The following tables provide the location in the condensed consolidated statements of income (loss) and amount of recognized gains or losses related to our derivative instruments:
Three Months Ended September 30,
 20252024
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$8,417 $13 $7,847 $(80)
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(49)— (12)— 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— — — 20 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— 62 — (177)
Total net gains (losses)
$(49)$62 $(12)$(157)

Nine Months Ended September 30,
 20252024
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$24,496 $111 $23,431 $35 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(84)— 10 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— — — 61 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— (173)— (172)
Total net gains (losses)
$(84)$(173)$10 $(111)
The following table provides the amount of pre-tax unrealized gains or losses included in the assessment of hedge effectiveness related to our derivative instruments designated as hedging instruments that are recognized in other comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$29 $(160)$(430)$(39)
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges
— (149)— 50 
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss)
$29 $(309)$(430)$11 
Schedule of Recognized Gains or Losses related to Derivative Instruments not Designated as Hedging Instruments
The following tables provide the location in the condensed consolidated statements of income (loss) and amount of recognized gains or losses related to our derivative instruments:
Three Months Ended September 30,
 20252024
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$8,417 $13 $7,847 $(80)
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(49)— (12)— 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— — — 20 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— 62 — (177)
Total net gains (losses)
$(49)$62 $(12)$(157)

Nine Months Ended September 30,
 20252024
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$24,496 $111 $23,431 $35 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(84)— 10 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— — — 61 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— (173)— (172)
Total net gains (losses)
$(84)$(173)$10 $(111)
The following table provides the amount of pre-tax unrealized gains or losses included in the assessment of hedge effectiveness related to our derivative instruments designated as hedging instruments that are recognized in other comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$29 $(160)$(430)$(39)
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges
— (149)— 50 
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss)
$29 $(309)$(430)$11 
Schedule of Notional Amounts of Outstanding Derivatives The following table provides the notional amounts of our outstanding derivative instruments:
September 30,
2025		December 31,
2024
(In millions)
Foreign exchange contracts designated as hedging instruments$6,122 $3,942 
Foreign exchange contracts not designated as hedging instruments11,735 13,317 
Total$17,857 $17,259 
Schedule of Offsetting Assets
The following tables present the derivative assets, derivative liabilities, and reverse repurchase agreements not offset on the condensed consolidated balance sheets but available for offset in the event of default. The tables also present the cash and non-cash collateral received or pledged relating to these positions. The amount of collateral presented is limited to the amount presented on our condensed consolidated balance sheets; therefore, instances of over-collateralization are excluded from the table below.
Amounts Not Offset on the Condensed Consolidated Balance Sheet
Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments(1)
Collateral Received(2)
Net Amounts
(In millions)
As of September 30, 2025
Derivative assets(3)
$48 $26 $6 $16 
Reverse repurchase agreements(4)
— — — — 
Total assets
$48 $26 $6 $16 
As of December 31, 2024
Derivative assets(3)
$243 $23 $169 $51 
Reverse repurchase agreements(4)
87 — 87 — 
Total assets
$330 $23 $256 $51 

Amounts Not Offset on the Condensed Consolidated Balance Sheet
Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments(1)
Collateral Pledged(2)
Net Amounts
(In millions)
As of September 30, 2025
Derivative liabilities(3)
$229 $26 $195 $8 
As of December 31, 2024
Derivative liabilities(3)
$37 $23 $7 $7 
(1) For derivative positions, this includes any derivative fair value that could be offset in the event of counterparty default. For reverse repurchase positions, this includes any receivable that could be offset in the event of counterparty default.
(2) Includes cash and the fair value of securities exchanged with the counterparty. For reverse repurchase agreements, these securities are not included in the condensed consolidated balance sheet unless the counterparty defaults.
(3) We received cash collateral from derivative counterparties totaling $7 million and $162 million as of September 30, 2025 and December 31, 2024, respectively, and securities from derivative counterparties with a fair value of $35 million and $30 million as of September 30, 2025 and December 31, 2024, respectively. We posted $214 million and $7 million of cash collateral as of September 30, 2025 and December 31, 2024, respectively, and securities to derivative counterparties with a fair value of $50 million and nil as of September 30, 2025 and December 31, 2024, respectively.
(4) PayPal is permitted by contract to sell or repledge collateral relating to its reverse repurchase agreements. The fair value of this collateral was nil and $96 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, we have not sold or repledged collateral relating to reverse repurchase agreements.
Schedule of Offsetting Liabilities
The following tables present the derivative assets, derivative liabilities, and reverse repurchase agreements not offset on the condensed consolidated balance sheets but available for offset in the event of default. The tables also present the cash and non-cash collateral received or pledged relating to these positions. The amount of collateral presented is limited to the amount presented on our condensed consolidated balance sheets; therefore, instances of over-collateralization are excluded from the table below.
Amounts Not Offset on the Condensed Consolidated Balance Sheet
Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments(1)
Collateral Received(2)
Net Amounts
(In millions)
As of September 30, 2025
Derivative assets(3)
$48 $26 $6 $16 
Reverse repurchase agreements(4)
— — — — 
Total assets
$48 $26 $6 $16 
As of December 31, 2024
Derivative assets(3)
$243 $23 $169 $51 
Reverse repurchase agreements(4)
87 — 87 — 
Total assets
$330 $23 $256 $51 

Amounts Not Offset on the Condensed Consolidated Balance Sheet
Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments(1)
Collateral Pledged(2)
Net Amounts
(In millions)
As of September 30, 2025
Derivative liabilities(3)
$229 $26 $195 $8 
As of December 31, 2024
Derivative liabilities(3)
$37 $23 $7 $7 
(1) For derivative positions, this includes any derivative fair value that could be offset in the event of counterparty default. For reverse repurchase positions, this includes any receivable that could be offset in the event of counterparty default.
(2) Includes cash and the fair value of securities exchanged with the counterparty. For reverse repurchase agreements, these securities are not included in the condensed consolidated balance sheet unless the counterparty defaults.
(3) We received cash collateral from derivative counterparties totaling $7 million and $162 million as of September 30, 2025 and December 31, 2024, respectively, and securities from derivative counterparties with a fair value of $35 million and $30 million as of September 30, 2025 and December 31, 2024, respectively. We posted $214 million and $7 million of cash collateral as of September 30, 2025 and December 31, 2024, respectively, and securities to derivative counterparties with a fair value of $50 million and nil as of September 30, 2025 and December 31, 2024, respectively.
(4) PayPal is permitted by contract to sell or repledge collateral relating to its reverse repurchase agreements. The fair value of this collateral was nil and $96 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, we have not sold or repledged collateral relating to reverse repurchase agreements.
v3.25.3
LOANS AND INTEREST RECEIVABLE (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Schedule of Delinquency Status of Consumer Loans and Interest Receivable by Year of Origination
The following tables present the delinquency status and gross charge-offs of consumer loans and interest receivable by year of origination. The amounts are based on the number of days past the billing date for revolving loans or contractual repayment date for installment loans. The “current” category represents balances that are within 29 days of the billing date or contractual repayment date, as applicable.

September 30, 2025
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20252024202320222021TotalPercent
Consumer loans and interest receivable:
Current$2,611 $1,701 $495 $171 $6 $— $4,984 96.3%
30 - 59 Days28 28 6 2 — — 64 1.2%
60 - 89 Days 19 20 7 3 — — 49 1.0%
90 - 179 Days 38 29 8 3 — — 78 1.5%
Total$2,696 $1,778 $516 $179 $6 $— $5,175 100%
Gross charge-offs for the nine months ended September 30, 2025
$103 $18 $96 $10 $1 $— $228 

December 31, 2024
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20242023202220212020TotalPercent
Consumer loans and interest receivable:
Current$2,404 $2,427 $353 $43 $— $— $5,227 96.6%
30 - 59 Days25 28 4 — — — 57 1.1%
60 - 89 Days 16 19 4 1 — — 40 0.7%
90 - 179 Days 38 40 9 2 — — 89 1.6%
Total$2,483 $2,514 $370 $46 $— $— $5,413 100%
Gross charge-offs for the year ended December 31, 2024
$138 $39 $133 $14 $— $— $324 
The following tables present the delinquency status and gross charge-offs of merchant loans, advances, and interest and fees receivable by year of origination. The amounts are based on the number of days past the expected or contractual repayment date for amounts outstanding. The “current” category represents balances that are within 29 days of the expected repayment date or contractual repayment date, as applicable.

September 30, 2025
(In millions, except percentages)
2025
2024202320222021PriorTotalPercent
Merchant loans, advances, and interest and fees receivable:
Current$1,425 $125 $7 $5 $1 $3 $1,566 90.2%
30 - 59 Days43 27 3 1 — — 74 4.3%
60 - 89 Days 19 13 1 1 — — 34 2.0%
90 - 179 Days 23 25 3 1 — — 52 3.0%
180+ Days1 6 2 1 — — 10 0.5%
Total$1,511 $196 $16 $9 $1 $3 $1,736 100.0%
Gross charge-offs for the nine months ended September 30, 2025
$6 $69 $17 $3 $— $2 $97 

December 31, 2024
(In millions, except percentages)
2024
2023202220212020PriorTotalPercent
Merchant loans, advances, and interest and fees receivable:
Current$1,274 $28 $13 $1 $8 $4 $1,328 90.4%
30 - 59 Days55 10 3 — — 1 69 4.7%
60 - 89 Days 23 6 2 — — — 31 2.1%
90 - 179 Days 21 11 4 — — — 36 2.4%
180+ Days1 4 1 — — — 6 0.4%
Total$1,374 $59 $23 $1 $8 $5 $1,470 100%
Gross charge-offs for the year ended December 31, 2024
$10 $96 $42 $— $8 $— $156 
Schedule of Allowance for Loans and Interest Receivable
The following table summarizes the activity in the allowance for consumer loans and interest receivable for the nine months ended September 30, 2025 and 2024:
September 30, 2025September 30, 2024
Consumer Loans ReceivableInterest Receivable
Total Allowance(1)
Consumer Loans ReceivableInterest Receivable
Total Allowance
(In millions)
Beginning balance$341 $7 $348 $357 $23 $380 
Changes in allowance due to reclassification of loans and interest receivable to or from held for sale(23)— (23)— — — 
Provisions181 10 191 175 5 180 
Charge-offs(215)(13)(228)(230)(18)(248)
Recoveries46 — 46 35 — 35 
Other(2)
18 — 18 9 1 10 
Ending balance$348 $4 $352 $346 $11 $357 
(1) Beginning balances, provisions and charge-offs include amounts related to loans and interest receivable prior to their reclassification to loan and interest receivable, held for sale during the period.
(2) Includes amounts related to foreign currency remeasurement.
The following table summarizes the activity in the allowance for merchant loans, advances, and interest and fees receivable for the nine months ended September 30, 2025 and 2024:
September 30, 2025September 30, 2024
Merchant Loans and AdvancesInterest and Fees ReceivableTotal AllowanceMerchant Loans and AdvancesInterest and Fees ReceivableTotal Allowance
(In millions)
Beginning balance$107 $6 $113 $148 $12 $160 
Provisions114 13 127 50 — 50 
Charge-offs(90)(7)(97)(120)(7)(127)
Recoveries17 — 17 21 — 21 
Other(1)
3 — 3 — — — 
Ending balance$151 $12 $163 $99 $5 $104 
(1) Includes amounts related to foreign currency remeasurement.
v3.25.3
DEBT (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Aggregate Principal Amount Related to the Notes The following table summarizes the Notes outstanding:
MaturitiesEffective Interest RateSeptember 30,
2025		December 31,
2024
(in millions)
September 2019 debt issuance:
Fixed-rate 2.650% notes
10/1/20262.78%$1,250 $1,250 
Fixed-rate 2.850% notes
10/1/20292.96%1,500 1,500 
May 2020 debt issuance:
Fixed-rate 1.650% notes
6/1/20251.78%— 1,000 
Fixed-rate 2.300% notes
6/1/20302.39%1,000 1,000 
Fixed-rate 3.250% notes
6/1/20503.33%1,000 1,000 
May 2022 debt issuance:
Fixed-rate 3.900% notes
6/1/20274.06%500 500 
Fixed-rate 4.400% notes
6/1/20324.53%1,000 1,000 
Fixed-rate 5.050% notes
6/1/20525.14%1,000 1,000 
Fixed-rate 5.250% notes
6/1/20625.34%500 500 
June 2023 debt issuance(1):
¥30 billion fixed-rate 0.813% notes
6/9/20250.89%— 191 
¥23 billion fixed-rate 0.972% notes
6/9/20261.06%155 147 
¥37 billion fixed-rate 1.240% notes
6/9/20281.31%249 236 
May 2024 debt issuance:
Fixed-rate 5.150% notes
6/1/20345.35%850 850 
Fixed-rate 5.500% notes
6/1/20545.66%400 400 
March 2025 debt issuance:
Floating-rate notes
3/6/20285.22%450 — 
Fixed-rate 4.450% notes
3/6/20284.66%450 — 
Fixed-rate 5.100% notes
4/1/20355.20%600 — 
Total term debt$10,904 $10,574 
Unamortized premium (discount) and issuance costs, net(79)(78)
Less: current portion of term debt(2)
(155)(1,191)
Total carrying amount of term debt$10,670 $9,305 
(1) Principal amounts represent the U.S. dollar equivalent as of September 30, 2025 and December 31, 2024, respectively.
(2) The current portion of term debt is included within “accrued expenses and other current liabilities” on our condensed consolidated balance sheets.
Schedule of Future Principal Payments Associated with Long Term Debt
As of September 30, 2025, the future principal payments associated with our term debt were as follows (in millions):
2026$1,405 
2027500 
20281,149 
20291,500 
Thereafter6,350 
Total$10,904 
v3.25.3
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Allowance for Transaction Losses and Negative Customer Balances The following table shows changes in the allowance for transaction losses and negative customer balances related to our protection programs for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Beginning balance$352 $270 $342 $282 
Provision(1)
397 264 1,058 783 
Realized losses and charge-offs(371)(281)(1,090)(876)
Recoveries(2)
41 53 109 117 
Ending balance$419 $306 $419 $306 
(1) Changes in estimates for the prior period provision related to the allowance for transaction losses are not material and are aggregated with current period provision.
(2) Recoveries are only relevant for the allowance for negative customer balances.
v3.25.3
STOCK-BASED PLANS (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The following table summarizes the impact of stock-based compensation expense on our results of operations for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
(In millions)
Customer support and operations$52 $50 $156 $173 
Sales and marketing32 30 99 108 
Technology and development124 111 371 366 
General and administrative70 81 225 257 
Restructuring and other— 28 — 88 
Total stock-based compensation expense$278 $300 $851 $992 
Capitalized as part of internal use software and website development costs$33 $32 $101 $77 
v3.25.3
RESTRUCTURING AND OTHER (Tables)
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve Activity
The following table summarizes the restructuring reserve activity during the nine months ended September 30, 2025:
Employee Severance and Benefits Costs
(In millions)
Accrued liability as of January 1, 2025
$— 
Charges
96 
Payments(15)
Accrued liability as of September 30, 2025
$81 
The following table summarizes the restructuring reserve activity during the nine months ended September 30, 2025:
 Employee Severance and Benefits Costs
(In millions)
Accrued liability as of January 1, 2025
$— 
Charges
36 
Payments(36)
Accrued liability as of September 30, 2025
$— 
v3.25.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following table sets forth our segment information for revenue, segment profit (loss), and significant expenses:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Net revenues$8,417 $7,847 $24,496 $23,431 
Less (add):
Transaction expense4,063 3,841 11,735 11,700 
Transaction losses397 264 1,058 783 
Credit losses86 88 272 225 
Customer support and operations(1)
447 427 1,258 1,317 
Sales and marketing(1)
521 508 1,592 1,375 
Technology and development(1)
801 746 2,299 2,206 
General and administrative(1)
513 519 1,477 1,553 
Restructuring and other69 63 251 388 
Other income (expense), net(13)80 (111)(35)
Income tax expense285 301 869 893 
Segment net income (loss)$1,248 $1,010 $3,796 $3,026 
(1) Includes depreciation and amortization expense. For the three and nine months ended September 30, 2025, total depreciation and amortization expense was $245 million and $729 million, respectively. For the three and nine months ended September 30, 2024, total depreciation and amortization expense was $255 million and $783 million, respectively.
v3.25.3
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Long-term investments $ 3,601 $ 4,583
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Long-term investments 199 187
Variable interest entity, reporting entity involvement, maximum loss exposure, amount $ 246 $ 246
v3.25.3
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounting Standards Update and Change in Accounting Principle (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Reclassification [Line Items]    
Total assets $ 79,801 $ 78,725
Total liabilities $ 59,603 58,308
As Previously Reported    
Reclassification [Line Items]    
Total assets   81,611
Total liabilities   61,194
Adjustments    
Reclassification [Line Items]    
Total assets   (2,886)
Total liabilities   $ (2,886)
v3.25.3
REVENUE - Additional Information (Details)
$ in Millions
Sep. 30, 2025
USD ($)
classification
Dec. 31, 2024
USD ($)
Revenue from Contract with Customer [Abstract]    
Number of revenue classifications | classification 2  
Contract assets are included in other assets | $ $ 203 $ 207
v3.25.3
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Net revenues $ 8,417 $ 7,847 $ 24,496 $ 23,431
Net revenues which do not represent revenues recognized in the scope of ASC Topic 606 542 515 1,600 1,500
Transaction revenues        
Disaggregation of Revenue [Line Items]        
Net revenues 7,522 7,067 21,979 21,254
Revenues from other value added services        
Disaggregation of Revenue [Line Items]        
Net revenues 895 780 2,517 2,177
U.S.        
Disaggregation of Revenue [Line Items]        
Net revenues 4,753 4,518 13,925 13,535
Other countries        
Disaggregation of Revenue [Line Items]        
Net revenues $ 3,664 $ 3,329 $ 10,571 $ 9,896
v3.25.3
NET INCOME (LOSS) PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:        
Net income (loss), basic $ 1,248 $ 1,010 $ 3,796 $ 3,026
Net income (loss), diluted $ 1,248 $ 1,010 $ 3,796 $ 3,026
Denominator:        
Weighted average shares of common stock - basic (in shares) 950 1,015 968 1,040
Dilutive effect of equity incentive awards (in shares) 10 9 10 8
Weighted average shares of common stock - diluted (in shares) 960 1,024 978 1,048
Net income (loss) per share:        
Basic (in dollars per share) $ 1.31 $ 1.00 $ 3.92 $ 2.91
Diluted (in dollars per share) $ 1.30 $ 0.99 $ 3.88 $ 2.89
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive (in shares) 12 8 9 12
v3.25.3
BUSINESS COMBINATIONS AND DIVESTITURES (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 30, 2025
USD ($)
Sep. 30, 2025
business
Sep. 30, 2024
business
Business Combination [Line Items]      
Number of businesses acquired     0
Number of businesses divested   0 0
Business Combination      
Business Combination [Line Items]      
Purchase price | $ $ 19    
v3.25.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill Balances and Adjustments (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 10,837
Goodwill Acquired 7
Adjustments 97
Ending balance $ 10,941
v3.25.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Components of Identifiable Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,139 $ 1,096
Accumulated Amortization  (913) (770)
Net Carrying Amount 226 326
Customer lists and user base    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 880 854
Accumulated Amortization  (708) (601)
Net Carrying Amount 172 253
Marketing related    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 63 60
Accumulated Amortization  (50) (38)
Net Carrying Amount 13 22
Developed technologies    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 9 0
Accumulated Amortization  (1) 0
Net Carrying Amount 8 0
All other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 187 182
Accumulated Amortization  (154) (131)
Net Carrying Amount $ 33 $ 51
v3.25.3
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense for intangible assets $ 47 $ 51 $ 142 $ 159
v3.25.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Expected Future Intangible Asset Amortization (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Fiscal years:    
Remaining 2025 $ 27  
2026 95  
2027 59  
2028 45  
Net Carrying Amount $ 226 $ 326
v3.25.3
LEASES - Schedule of Components of Lease Expense, Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Operating lease expense $ 41 $ 41 $ 122 $ 117
Finance lease expense - amortization of right-of-use (“ROU”) lease assets 4 3 12 4
Sublease income (2) (3) (6) (9)
Total lease expense, net 43 41 128 112
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases 47 42 135 127
Financing cash flows from finance leases 0 40 6 60
ROU lease assets obtained in exchange for new operating lease liabilities 52 59 57 336
ROU lease assets obtained in exchange for new finance lease liabilities $ 0 $ 27 $ 0 $ 82
v3.25.3
LEASES - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Operating leases    
ROU lease assets $ 566 $ 599
Current lease liabilities 144 135
Long-term lease liabilities 575 629
Total lease liabilities $ 719 $ 764
Weighted-average remaining lease term 5 years 6 months 5 years 10 months 24 days
Weighted-average discount rate 4.00% 4.00%
Finance leases    
ROU lease assets $ 60 $ 73
Current lease liabilities 5 5
Long-term lease liabilities 12 18
Total lease liabilities $ 17 $ 23
Weighted-average remaining lease term 3 years 7 months 6 days 4 years 4 months 24 days
Weighted-average discount rate 5.00% 5.00%
v3.25.3
LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Operating leases    
Remaining 2025 $ 33  
2026 181  
2027 167  
2028 113  
2029 96  
Thereafter 231  
Total 821  
Less: present value discount (102)  
Lease liability 719 $ 764
Finance leases    
Remaining 2025 2  
2026 6  
2027 6  
2028 4  
2029 0  
Thereafter 0  
Total 18  
Less: present value discount (1)  
Lease liability $ 17 $ 23
v3.25.3
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Total        
Beginning balance $ 20,201 $ 20,622 $ 20,417 $ 21,051
Other comprehensive income (loss) before reclassifications (11) 54 (233) 88
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) (50) (12) (83) (31)
Other comprehensive income (loss), net of tax 39 66 (150) 119
Ending balance 20,198 20,174 20,198 20,174
Accumulated Other Comprehensive Income (Loss)        
Estimated Tax (Expense) Benefit        
Beginning balance (54) (91) (75) (16)
Other comprehensive income (loss) before reclassifications (8) 28 13 (47)
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) 0 0 0 0
Net current period other comprehensive income (loss) (8) 28 13 (47)
Ending balance (62) (63) (62) (63)
Total        
Beginning balance (739) (693) (550) (746)
Ending balance (700) (627) (700) (627)
Unrealized Gains (Losses) on Cash Flow Hedges        
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax        
Beginning balance (277) 43 147 (56)
Other comprehensive income (loss) before reclassifications 29 (160) (430) (39)
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) (49) (12) (84) 10
Net current period other comprehensive income (loss) 78 (148) (346) (49)
Ending balance (199) (105) (199) (105)
Unrealized Gains (Losses) on Available-for-sale Debt Securities        
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax        
Beginning balance (6) (36) 14 (134)
Other comprehensive income (loss) before reclassifications 17 60 (1) 117
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) (1) 0 1 (41)
Net current period other comprehensive income (loss) 18 60 (2) 158
Ending balance 12 24 12 24
Foreign Currency Translation Adjustment (“CTA”)        
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax        
Beginning balance (715) (999) (949) (731)
Other comprehensive income (loss) before reclassifications (49) 275 185 7
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) 0 0 0 0
Net current period other comprehensive income (loss) (49) 275 185 7
Ending balance (764) (724) (764) (724)
Net Investment Hedges CTA Gains (Losses)        
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax        
Beginning balance 313 390 313 191
Other comprehensive income (loss) before reclassifications 0 (149) 0 50
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) 0 0 0 0
Net current period other comprehensive income (loss) 0 (149) 0 50
Ending balance $ 313 $ 241 $ 313 $ 241
v3.25.3
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Reclassifications out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]                
Net revenues $ 8,417     $ 7,847     $ 24,496 $ 23,431
Other income (expense), net 13     (80)     111 35
Income before income taxes 1,533     1,311     4,665 3,919
Income tax expense (285)     (301)     (869) (893)
Net income (loss) 1,248 $ 1,261 $ 1,287 1,010 $ 1,128 $ 888 3,796 3,026
Amount of Gains (Losses) Reclassified from AOCI                
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]                
Income before income taxes (50)     (12)     (83) (31)
Income tax expense 0     0     0 0
Net income (loss) (50)     (12)     (83) (31)
Amount of Gains (Losses) Reclassified from AOCI | Net gains (losses) on cash flow hedges—foreign exchange contracts                
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]                
Net revenues (49)     (12)     (84) 10
Amount of Gains (Losses) Reclassified from AOCI | Net gains (losses) on investments                
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]                
Net revenues (1)     0     0 (41)
Other income (expense), net $ 0     $ 0     $ 1 $ 0
v3.25.3
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Interest income $ 119 $ 183 $ 399 $ 514
Interest expense (113) (106) (330) (285)
Net gains (losses) on strategic investments 10 (171) 69 (226)
Other (3) 14 (27) 32
Other income (expense), net $ 13 $ (80) $ 111 $ 35
v3.25.3
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Assets Underlying Cash And Cash Equivalents, Funds Receivable and Customer Accounts, Short-term Investments, and Long-term Investments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents $ 8,995 $ 6,662 $ 7,372
Funds receivable 8,617 7,277  
Total funds receivable and customer accounts 38,668 37,671  
Restricted cash 0 1  
Total short-term investments 1,760 4,262  
Long-term investments:      
Time deposits 7 22  
Available-for-sale debt securities 1,997 3,002  
Strategic investments 1,597 1,559  
Total long-term investments 3,601 4,583  
Funds receivable and customer accounts      
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents 14,858 15,828  
Time deposits 75 15  
Available-for-sale debt securities 15,118 14,551  
Short-term investments      
Debt Securities, Available-for-sale [Line Items]      
Time deposits 97 107  
Available-for-sale debt securities 1,663 4,154  
Cash and cash equivalents      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities $ 525 $ 0  
Cash and cash equivalents | Maximum      
Long-term investments:      
Debt securities, available for sale, original maturities term 3 months 3 months  
Cash and cash equivalents      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities $ 220 $ 149  
Cash and cash equivalents | Maximum      
Long-term investments:      
Debt securities, available for sale, original maturities term 3 months 3 months  
v3.25.3
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Estimated Fair Value of Investments Classified as Available for Sale (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Gross Amortized Cost    
Total available-for-sale debt securities $ 18,770 $ 21,278
Gross Unrealized Gains 18 29
Gross Unrealized Losses (6) (15)
Estimated Fair Value    
Noncurrent 1,997 3,002
Fair Value 18,782 21,292
U.S. government and agency securities    
Gross Amortized Cost    
Noncurrent 245 235
Estimated Fair Value    
Noncurrent 245 235
Foreign government and agency securities    
Gross Amortized Cost    
Noncurrent 50 124
Estimated Fair Value    
Noncurrent 50 123
Corporate debt securities    
Gross Amortized Cost    
Noncurrent 797 1,601
Estimated Fair Value    
Noncurrent 798 1,602
Mortgage-backed and asset-backed securities    
Gross Amortized Cost    
Noncurrent 903 1,042
Estimated Fair Value    
Noncurrent 904 1,042
U.S. government and agency securities    
Gross Amortized Cost    
Current 525  
Gross Unrealized Gains 0  
Gross Unrealized Losses 0  
Estimated Fair Value    
Current 525  
Funds receivable and customer accounts    
Estimated Fair Value    
Current 15,118 14,551
Funds receivable and customer accounts | U.S. government and agency securities    
Gross Amortized Cost    
Current 3,743 5,709
Gross Unrealized Gains 1 4
Gross Unrealized Losses (1) (2)
Estimated Fair Value    
Current 3,743 5,711
Funds receivable and customer accounts | Foreign government and agency securities    
Gross Amortized Cost    
Current 82 77
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value    
Current 82 77
Funds receivable and customer accounts | Corporate debt securities    
Gross Amortized Cost    
Current 2,437 405
Gross Unrealized Gains 5 0
Gross Unrealized Losses (1) 0
Estimated Fair Value    
Current 2,441 405
Funds receivable and customer accounts | Mortgage-backed and asset-backed securities    
Gross Amortized Cost    
Current 4,470 4,039
Gross Unrealized Gains 6 13
Gross Unrealized Losses (2) (5)
Estimated Fair Value    
Current 4,474 4,047
Funds receivable and customer accounts | Municipal securities    
Gross Amortized Cost    
Current 137 503
Gross Unrealized Gains 0 1
Gross Unrealized Losses 0 0
Estimated Fair Value    
Current 137 504
Funds receivable and customer accounts | Commercial paper    
Gross Amortized Cost    
Current 3,719 3,391
Gross Unrealized Gains 1 1
Gross Unrealized Losses 0 0
Estimated Fair Value    
Current 3,720 3,392
Short-term investments    
Estimated Fair Value    
Current 1,663 4,154
Short-term investments | U.S. government and agency securities    
Gross Amortized Cost    
Current 30 188
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (2)
Estimated Fair Value    
Current 30 186
Short-term investments | Foreign government and agency securities    
Gross Amortized Cost    
Current 120 84
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value    
Current 120 84
Short-term investments | Corporate debt securities    
Gross Amortized Cost    
Current 1,013 1,751
Gross Unrealized Gains 1 0
Gross Unrealized Losses (1) (2)
Estimated Fair Value    
Current 1,013 1,749
Short-term investments | Mortgage-backed and asset-backed securities    
Gross Amortized Cost    
Current 499 848
Gross Unrealized Gains 1 5
Gross Unrealized Losses 0 0
Estimated Fair Value    
Current 500 853
Short-term investments | Commercial paper    
Gross Amortized Cost    
Current   1,281
Gross Unrealized Gains   1
Gross Unrealized Losses   0
Estimated Fair Value    
Current   1,282
Long-term investments: | U.S. government and agency securities    
Gross Amortized Cost    
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Long-term investments: | Foreign government and agency securities    
Gross Amortized Cost    
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (1)
Long-term investments: | Corporate debt securities    
Gross Amortized Cost    
Gross Unrealized Gains 2 3
Gross Unrealized Losses (1) (2)
Long-term investments: | Mortgage-backed and asset-backed securities    
Gross Amortized Cost    
Gross Unrealized Gains 1 1
Gross Unrealized Losses $ 0 $ (1)
v3.25.3
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Additional Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]      
Accrued interest receivable $ 121   $ 140
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets   Prepaid expenses and other current assets
Gross realized losses related to available-for-sale securities   $ 43  
Non cash investments not yet settled $ 127 $ 75  
v3.25.3
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Available-for-sale Debt Securities in Continuous Loss Position (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Fair Value    
Less than 12 months $ 5,719 $ 5,636
12 months or longer 132 942
Total 5,851 6,578
Gross Unrealized Losses    
Less than 12 months (6) (10)
12 months or longer 0 (5)
Total (6) (15)
U.S. government and agency securities    
Fair Value    
Less than 12 months 400  
12 months or longer 0  
Total 400  
Gross Unrealized Losses    
Less than 12 months 0  
12 months or longer 0  
Total 0  
Funds receivable and customer accounts | U.S. government and agency securities    
Fair Value    
Less than 12 months 1,697 1,314
12 months or longer 0 517
Total 1,697 1,831
Gross Unrealized Losses    
Less than 12 months (1) (1)
12 months or longer 0 (1)
Total (1) (2)
Funds receivable and customer accounts | Foreign government and agency securities    
Fair Value    
Less than 12 months 57 57
12 months or longer 0 0
Total 57 57
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 0
Total 0 0
Funds receivable and customer accounts | Corporate debt securities    
Fair Value    
Less than 12 months 409 105
12 months or longer 0 50
Total 409 155
Gross Unrealized Losses    
Less than 12 months (1) 0
12 months or longer 0 0
Total (1) 0
Funds receivable and customer accounts | Mortgage-backed and asset-backed securities    
Fair Value    
Less than 12 months 1,619 1,673
12 months or longer 100 2
Total 1,719 1,675
Gross Unrealized Losses    
Less than 12 months (2) (5)
12 months or longer 0 0
Total (2) (5)
Funds receivable and customer accounts | Municipal securities    
Fair Value    
Less than 12 months   29
12 months or longer   36
Total   65
Gross Unrealized Losses    
Less than 12 months   0
12 months or longer   0
Total   0
Funds receivable and customer accounts | Commercial paper    
Fair Value    
Less than 12 months 325 275
12 months or longer 0 0
Total 325 275
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 0
Total 0 0
Short-term investments | U.S. government and agency securities    
Fair Value    
Less than 12 months   0
12 months or longer   186
Total   186
Gross Unrealized Losses    
Less than 12 months   0
12 months or longer   (2)
Total   (2)
Short-term investments | Foreign government and agency securities    
Fair Value    
Less than 12 months 0  
12 months or longer 20  
Total 20  
Gross Unrealized Losses    
Less than 12 months 0  
12 months or longer 0  
Total 0  
Short-term investments | Corporate debt securities    
Fair Value    
Less than 12 months 206 618
12 months or longer 0 90
Total 206 708
Gross Unrealized Losses    
Less than 12 months (1) (2)
12 months or longer 0 0
Total (1) (2)
Short-term investments | Mortgage-backed and asset-backed securities    
Fair Value    
Less than 12 months 247 250
12 months or longer 2 18
Total 249 268
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 0
Total 0 0
Short-term investments | Commercial paper    
Fair Value    
Less than 12 months   218
12 months or longer   0
Total   218
Gross Unrealized Losses    
Less than 12 months   0
12 months or longer   0
Total   0
Long-term investments: | U.S. government and agency securities    
Fair Value    
Less than 12 months 245 50
12 months or longer 0 0
Total 245 50
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 0
Total 0 0
Long-term investments: | Foreign government and agency securities    
Fair Value    
Less than 12 months 25 90
12 months or longer 0 34
Total 25 124
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 (1)
Total 0 (1)
Long-term investments: | Corporate debt securities    
Fair Value    
Less than 12 months 90 347
12 months or longer 10 9
Total 100 356
Gross Unrealized Losses    
Less than 12 months (1) (1)
12 months or longer 0 (1)
Total (1) (2)
Long-term investments: | Mortgage-backed and asset-backed securities    
Fair Value    
Less than 12 months 399 610
12 months or longer 0 0
Total 399 610
Gross Unrealized Losses    
Less than 12 months 0 (1)
12 months or longer 0 0
Total $ 0 $ (1)
v3.25.3
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Cash Inflows Related to Available-for-Sale Debt Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]        
Proceeds from sales and maturities of available-for-sale debt securities $ 7,380 $ 7,170 $ 19,921 $ 27,407
v3.25.3
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Estimated Fair Values of Investments Classified as Available for Sale by Contractual Maturity (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Amortized Cost    
One year or less $ 9,386  
After one year through five years 3,949  
After five years through ten years 2,471  
After ten years 2,964  
Total available-for-sale debt securities 18,770 $ 21,278
Fair Value    
One year or less 9,388  
After one year through five years 3,956  
After five years through ten years 2,473  
After ten years 2,965  
Fair Value $ 18,782 $ 21,292
v3.25.3
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Strategic Investments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Carrying value of marketable equity securities recorded in long-term investments $ 15 $ 23
Carrying value of non-marketable equity securities which do not have readily determinable fair value 1,600 1,500
Carrying value of non-marketable equity $ 213 $ 200
v3.25.3
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Adjustments to Carrying Value of Equity Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Equity Securities without Readily Determinable Fair Value [Roll Forward]        
Carrying amount, beginning of period $ 1,359 $ 1,635 $ 1,336 $ 1,631
Adjustments related to non-marketable equity securities:        
Net additions (reductions) 6 20 (48) 85
Gross unrealized gains 15 2 98 5
Gross unrealized losses and impairments (11) (175) (17) (239)
Carrying amount, end of period $ 1,369 $ 1,482 $ 1,369 $ 1,482
v3.25.3
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Cumulative Gross Unrealized Gains and Cumulative Gross Unrealized Losses and Impairment Related to Non-marketable Equity Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Cumulative gross unrealized gains $ 990 $ 1,187
Cumulative gross unrealized losses and impairments $ (457) $ (562)
v3.25.3
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Unrealized Gains (Losses) on Strategic Investments, Excluding Those Accounted for Using the Equity Method (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]        
Net unrealized gains (losses) $ 4 $ (171) $ 72 $ (242)
v3.25.3
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents $ 8,500 $ 6,600
Available-for-sale debt securities 1,997 3,002
Marketable equity securities 15 23
Cash and cash equivalents 8,500 6,600
Restricted cash 0 1
Time deposits, current and noncurrent 104 129
Carrying value of non-marketable equity securities which do not have readily determinable fair value 1,600 1,500
U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 245 235
Foreign government and agency securities    
Assets:    
Available-for-sale debt securities 50 123
Corporate debt securities    
Assets:    
Available-for-sale debt securities 798 1,602
Mortgage-backed and asset-backed securities    
Assets:    
Available-for-sale debt securities 904 1,042
Cash, time deposits and funds receivable    
Assets:    
Funds receivable and customer accounts not measured and recorded at fair value 23,300 23,000
Short-term investments    
Assets:    
Available-for-sale debt securities 1,663 4,154
Short-term investments | U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 30 186
Short-term investments | Foreign government and agency securities    
Assets:    
Available-for-sale debt securities 120 84
Short-term investments | Corporate debt securities    
Assets:    
Available-for-sale debt securities 1,013 1,749
Short-term investments | Mortgage-backed and asset-backed securities    
Assets:    
Available-for-sale debt securities 500 853
Short-term investments | Commercial paper    
Assets:    
Available-for-sale debt securities   1,282
Funds receivable and customer accounts    
Assets:    
Available-for-sale debt securities 15,118 14,551
Funds receivable and customer accounts | U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 3,743 5,711
Funds receivable and customer accounts | Foreign government and agency securities    
Assets:    
Available-for-sale debt securities 82 77
Funds receivable and customer accounts | Corporate debt securities    
Assets:    
Available-for-sale debt securities 2,441 405
Funds receivable and customer accounts | Mortgage-backed and asset-backed securities    
Assets:    
Available-for-sale debt securities 4,474 4,047
Funds receivable and customer accounts | Municipal securities    
Assets:    
Available-for-sale debt securities 137 504
Funds receivable and customer accounts | Commercial paper    
Assets:    
Available-for-sale debt securities 3,720 3,392
Fair value, measurements, recurring basis    
Assets:    
Cash and cash equivalents 529  
Derivatives 48 243
Marketable equity securities 15 23
Total financial assets 19,590 22,136
Cash and cash equivalents 529  
Liabilities:    
Derivatives 229 37
Total financial liabilities 229 37
Fair value, measurements, recurring basis | U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 245 235
Fair value, measurements, recurring basis | Foreign government and agency securities    
Assets:    
Available-for-sale debt securities 50 123
Fair value, measurements, recurring basis | Corporate debt securities    
Assets:    
Available-for-sale debt securities 798 1,602
Fair value, measurements, recurring basis | Mortgage-backed and asset-backed securities    
Assets:    
Available-for-sale debt securities 904 1,042
Fair value, measurements, recurring basis | Short-term investments    
Assets:    
Available-for-sale debt securities 1,663 4,154
Fair value, measurements, recurring basis | Short-term investments | U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 30 186
Fair value, measurements, recurring basis | Short-term investments | Foreign government and agency securities    
Assets:    
Available-for-sale debt securities 120 84
Fair value, measurements, recurring basis | Short-term investments | Corporate debt securities    
Assets:    
Available-for-sale debt securities 1,013 1,749
Fair value, measurements, recurring basis | Short-term investments | Mortgage-backed and asset-backed securities    
Assets:    
Available-for-sale debt securities 500 853
Fair value, measurements, recurring basis | Short-term investments | Commercial paper    
Assets:    
Available-for-sale debt securities   1,282
Fair value, measurements, recurring basis | Funds receivable and customer accounts    
Assets:    
Available-for-sale debt securities 15,338 14,700
Fair value, measurements, recurring basis | Funds receivable and customer accounts | U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 3,743 5,711
Fair value, measurements, recurring basis | Funds receivable and customer accounts | Foreign government and agency securities    
Assets:    
Available-for-sale debt securities 475 379
Fair value, measurements, recurring basis | Funds receivable and customer accounts | Corporate debt securities    
Assets:    
Available-for-sale debt securities 2,754 667
Fair value, measurements, recurring basis | Funds receivable and customer accounts | Mortgage-backed and asset-backed securities    
Assets:    
Available-for-sale debt securities 4,474 4,047
Fair value, measurements, recurring basis | Funds receivable and customer accounts | Municipal securities    
Assets:    
Available-for-sale debt securities 137 504
Fair value, measurements, recurring basis | Funds receivable and customer accounts | Commercial paper    
Assets:    
Available-for-sale debt securities 3,755 3,392
Fair value, measurements, recurring basis | Long-term investments:    
Assets:    
Investments 2,012 3,025
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents 4  
Derivatives 0 0
Marketable equity securities 15 23
Total financial assets 19 37
Cash and cash equivalents 4  
Liabilities:    
Derivatives 0 0
Total financial liabilities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government and agency securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed and asset-backed securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Foreign government and agency securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Corporate debt securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Mortgage-backed and asset-backed securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Commercial paper    
Assets:    
Available-for-sale debt securities   0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Funds receivable and customer accounts    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Funds receivable and customer accounts | U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Funds receivable and customer accounts | Foreign government and agency securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Funds receivable and customer accounts | Corporate debt securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Funds receivable and customer accounts | Mortgage-backed and asset-backed securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Funds receivable and customer accounts | Municipal securities    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Funds receivable and customer accounts | Commercial paper    
Assets:    
Available-for-sale debt securities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments:    
Assets:    
Investments 15 23
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents 525  
Derivatives 48 243
Marketable equity securities 0 0
Total financial assets 19,571 22,099
Cash and cash equivalents 525  
Liabilities:    
Derivatives 229 37
Total financial liabilities 229 37
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 245 235
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Foreign government and agency securities    
Assets:    
Available-for-sale debt securities 50 123
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities    
Assets:    
Available-for-sale debt securities 798 1,602
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed and asset-backed securities    
Assets:    
Available-for-sale debt securities 904 1,042
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments    
Assets:    
Available-for-sale debt securities 1,663 4,154
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 30 186
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Foreign government and agency securities    
Assets:    
Available-for-sale debt securities 120 84
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Corporate debt securities    
Assets:    
Available-for-sale debt securities 1,013 1,749
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Mortgage-backed and asset-backed securities    
Assets:    
Available-for-sale debt securities 500 853
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Commercial paper    
Assets:    
Available-for-sale debt securities   1,282
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Funds receivable and customer accounts    
Assets:    
Available-for-sale debt securities 15,338 14,700
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Funds receivable and customer accounts | U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 3,743 5,711
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Funds receivable and customer accounts | Foreign government and agency securities    
Assets:    
Available-for-sale debt securities 475 379
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Funds receivable and customer accounts | Corporate debt securities    
Assets:    
Available-for-sale debt securities 2,754 667
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Funds receivable and customer accounts | Mortgage-backed and asset-backed securities    
Assets:    
Available-for-sale debt securities 4,474 4,047
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Funds receivable and customer accounts | Municipal securities    
Assets:    
Available-for-sale debt securities 137 504
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Funds receivable and customer accounts | Commercial paper    
Assets:    
Available-for-sale debt securities 3,755 3,392
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments:    
Assets:    
Investments 1,997 3,002
U.S. government and agency securities    
Assets:    
Available-for-sale debt securities 525  
U.S. government and agency securities | Fair value, measurements, recurring basis    
Assets:    
Cash and cash equivalents 525  
Cash and cash equivalents 525  
U.S. government and agency securities | Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents 0  
Cash and cash equivalents 0  
U.S. government and agency securities | Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents 525  
Cash and cash equivalents 525  
Money market fund | Fair value, measurements, recurring basis    
Assets:    
Cash and cash equivalents 4 14
Cash and cash equivalents 4 14
Money market fund | Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents 4 14
Cash and cash equivalents 4 14
Money market fund | Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents 0 0
Cash and cash equivalents $ 0 $ 0
v3.25.3
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Schedule of Investments under the Fair Value Option (Details) - Fair Value Option, Investments - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Funds receivable and customer accounts $ 741   $ 741   $ 566
Current 741   741   $ 564
Funds receivable and customer accounts $ (7) $ 23 $ 85 $ 8  
v3.25.3
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Equity securities measured at cost minus impairment $ 1,369 $ 1,359 $ 1,336 $ 1,482 $ 1,635 $ 1,631
Fair Value, measurements, not on a recurring basis            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans and interest receivable, held for sale 1,404   541      
Non-marketable equity securities measured using the Measurement Alternative 242   476      
Total financial assets 1,646   1,017      
Equity securities measured at cost minus impairment 1,100   860      
Fair Value, measurements, not on a recurring basis | Significant Other Observable Inputs (Level 2)            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans and interest receivable, held for sale 1,396   541      
Non-marketable equity securities measured using the Measurement Alternative 236   131      
Total financial assets 1,632   672      
Fair Value, measurements, not on a recurring basis | Significant Other Unobservable Inputs (Level 3)            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans and interest receivable, held for sale 8   0      
Non-marketable equity securities measured using the Measurement Alternative 6   345      
Total financial assets $ 14   $ 345      
v3.25.3
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Additional Information (Details) - Senior Notes - USD ($)
$ in Billions
Sep. 30, 2025
Dec. 31, 2024
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt (including current portion) in the form of fixed rate notes $ 10.8 $ 10.5
Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt (including current portion) in the form of fixed rate notes $ 10.4 $ 9.8
v3.25.3
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Maximum maturity of foreign currency exchange contracts     12 months  
Net derivative losses related to cash flow hedges to be reclassified into earnings within the next 12 months $ 199,000,000   $ 199,000,000  
Net investment hedge CTA gains (losses), reclassifications $ 0 $ 0 $ 0 $ 0
v3.25.3
DERIVATIVE INSTRUMENTS - Schedule of Fair Value of Outstanding Derivative Instruments (Details) - Foreign Exchange Contract - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative assets $ 48 $ 243
Derivative liabilities 229 37
Other current assets | Foreign exchange contracts designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 10 $ 157
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
Other current assets | Foreign exchange contracts not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 38 $ 86
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
Other current liabilities | Foreign exchange contracts designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 209 $ 10
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Other current liabilities | Foreign exchange contracts not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 20 $ 27
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
v3.25.3
DERIVATIVE INSTRUMENTS - Schedule of Location in the Condensed Consolidated Statements of Income and Amount of Recognized Gains or Losses Related to Derivative Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Net revenues $ 8,417 $ 7,847 $ 24,496 $ 23,431
Other income (expense), net 13 (80) 111 35
Net revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) $ (49) $ (12) $ (84) $ 10
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net revenues Net revenues Net revenues Net revenues
Net revenues | Foreign Exchange Contract | Foreign exchange contracts designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI $ (49) $ (12) $ (84) $ 10
Net revenues | Foreign Exchange Contract | Foreign exchange contracts designated as hedging instruments | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness 0 0 0 0
Net revenues | Foreign Exchange Contract | Foreign exchange contracts not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 0 0 0 0
Other income (expense), net        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) $ 62 $ (157) $ (173) $ (111)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other income (expense), net Other income (expense), net Other income (expense), net Other income (expense), net
Other income (expense), net | Foreign Exchange Contract | Foreign exchange contracts designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI $ 0 $ 0 $ 0 $ 0
Other income (expense), net | Foreign Exchange Contract | Foreign exchange contracts designated as hedging instruments | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness 0 20 0 61
Other income (expense), net | Foreign Exchange Contract | Foreign exchange contracts not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) $ 62 $ (177) $ (173) $ (172)
v3.25.3
DERIVATIVE INSTRUMENTS - Schedule of Pre-tax Unrealized Gains or Losses Included in the Assessment of Hedge Effectiveness Related To Derivative Instruments Designated as Hedging Instruments That Are Recognized in Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]            
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges $ 0 $ (149) $ 100 $ 99 $ 0 $ 50
Foreign Exchange Contract            
Derivative Instruments, Gain (Loss) [Line Items]            
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges 29 (160)     (430) (39)
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges 0 (149)     0 50
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss) $ 29 $ (309)     $ (430) $ 11
v3.25.3
DERIVATIVE INSTRUMENTS - Schedule of Notional Amounts of Outstanding Derivatives (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Notional amounts $ 17,857 $ 17,259
Foreign Exchange Contract | Foreign exchange contracts designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Notional amounts 6,122 3,942
Foreign Exchange Contract | Foreign exchange contracts not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Notional amounts $ 11,735 $ 13,317
v3.25.3
DERIVATIVE INSTRUMENTS - Schedule of Offsetting Assets and Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Derivative assets    
Amounts Presented on the Condensed Consolidated Balance Sheet $ 48 $ 243
Financial instruments 26 23
Collateral received 6 169
Net Amounts 16 51
Reverse repurchase agreements    
Amounts Presented on the Condensed Consolidated Balance Sheet 0 87
Financial instruments 0 0
Collateral Received 0 87
Net Amounts 0 0
Total assets    
Amounts Presented on the Condensed Consolidated Balance Sheet 48 330
Financial instruments 26 23
Collateral received 6 256
Net Amounts 16 51
Derivative liabilities    
Amounts Presented on the Condensed Consolidated Balance Sheet 229 37
Financial Instruments 26 23
Collateral Pledged 195 7
Net Amounts 8 7
Collateral received, Derivative assets 7 162
Non-cash collateral received 35 30
Collateral received with the right to sell or repledge 0 96
Cash    
Derivative liabilities    
Amount posted as collateral 214 7
Securities (Assets)    
Derivative liabilities    
Amount posted as collateral $ 50 $ 0
v3.25.3
LOANS AND INTEREST RECEIVABLE - Loans and Interest Receivable, Held For Sale (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]      
Loans and interest receivable, held for sale $ 1,404 $ 541  
Consumer Receivables      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Loans and interest receivable, held for sale 1,400 $ 541  
Maximum eligible consumer installment receivables to be sold subject to agreement 574    
Derecognized loans with an unpaid balance 18,300   $ 14,800
Financing receivable, sale $ 18,200   $ 14,700
v3.25.3
LOANS AND INTEREST RECEIVABLE - Consumer Receivable (Details) - Consumer Receivables - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Merchant receivables purchased $ 934 $ 390  
Loans and interest receivable 5,175   $ 5,413
Receivables, participation interest sold, value $ 28   $ 23
v3.25.3
LOANS AND INTEREST RECEIVABLE - Schedule of Delinquency Status of Consumer Loans and Interest Receivable by Year of Origination (Details) - Consumer Receivables - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis $ 2,696   $ 2,483
Originated in year one 1,778   2,514
Originated in year two 516   370
Originated in year three 179   46
Originated in year four 6   0
Originated in year five 0   0
Total $ 5,175   $ 5,413
Percent 100.00%   100.00%
Gross charge-offs by origination year [Abstract]      
Gross charge-offs, Revolving Loans Amortized Cost Basis $ 103   $ 138
Year one 18   39
Year two 96   133
Year three 10   14
Year four 1   0
Year five 0   0
Total Gross charge-offs 228 $ 248 324
Current      
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis 2,611   2,404
Originated in year one 1,701   2,427
Originated in year two 495   353
Originated in year three 171   43
Originated in year four 6   0
Originated in year five 0   0
Total $ 4,984   $ 5,227
Percent 96.30%   96.60%
30 - 59 Days      
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis $ 28   $ 25
Originated in year one 28   28
Originated in year two 6   4
Originated in year three 2   0
Originated in year four 0   0
Originated in year five 0   0
Total $ 64   $ 57
Percent 1.20%   1.10%
60 - 89 Days      
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis $ 19   $ 16
Originated in year one 20   19
Originated in year two 7   4
Originated in year three 3   1
Originated in year four 0   0
Originated in year five 0   0
Total $ 49   $ 40
Percent 1.00%   0.70%
90 - 179 Days      
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis $ 38   $ 38
Originated in year one 29   40
Originated in year two 8   9
Originated in year three 3   2
Originated in year four 0   0
Originated in year five 0   0
Total $ 78   $ 89
Percent 1.50%   1.60%
v3.25.3
LOANS AND INTEREST RECEIVABLE - Schedule of Allowance for Loans and Interest Receivable (Details) - Consumer Loans Receivable - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Allowance for loans and interest receivable      
Beginning balance $ 348 $ 380 $ 380
Changes in allowance due to reclassification of loans and interest receivable to or from held for sale (23) 0  
Provisions 191 180  
Charge-offs (228) (248) (324)
Recoveries 46 35  
Other 18 10  
Ending balance 352 357 348
Consumer Loans Receivable      
Allowance for loans and interest receivable      
Beginning balance 341 357 357
Changes in allowance due to reclassification of loans and interest receivable to or from held for sale (23) 0  
Provisions 181 175  
Charge-offs (215) (230)  
Recoveries 46 35  
Other 18 9  
Ending balance 348 346 341
Interest Receivable      
Allowance for loans and interest receivable      
Beginning balance 7 23 23
Changes in allowance due to reclassification of loans and interest receivable to or from held for sale 0 0  
Provisions 10 5  
Charge-offs (13) (18)  
Recoveries 0 0  
Other 0 1  
Ending balance $ 4 $ 11 $ 7
v3.25.3
LOANS AND INTEREST RECEIVABLE - Additional Information (Details) - Merchant Receivables - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Merchant receivables purchased $ 1,600 $ 1,200    
Loans and interest receivable 1,736   $ 1,470  
Receivables, participation interest sold, value 62   53  
Allowance for credit loss $ 163 $ 104 $ 113 $ 160
PayPal Working Capital Products        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Required percentage of original loan payments, repayment period 90 days      
PayPal Working Capital Products | Minimum        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Required percentage of original loan payments every 90 days 10.00%      
Expected period of repayment 9 months      
PayPal Working Capital Products | Maximum        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Expected period of repayment 12 months      
PayPal Business Loans | Minimum        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Expected period of repayment 3 months      
PayPal Business Loans | Maximum        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Expected period of repayment 12 months      
v3.25.3
LOANS AND INTEREST RECEIVABLE - Schedule of Delinquency Status of Merchant Loans, Advances, and Interest and Fees Receivable by Year of Origination (Details) - Merchant Receivables - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Installment Loans Amortized Cost Basis      
Originated in year one $ 1,511   $ 1,374
Originated in year two 196   59
Originated in year three 16   23
Originated in year four 9   1
Originated in year five 1   8
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 3   5
Total $ 1,736   $ 1,470
Percent 100.00%   100.00%
Gross charge-offs by origination year [Abstract]      
Year one $ 6   $ 10
Year two 69   96
Year three 17   42
Year four 3   0
Year five 0   8
Five years before current fiscal year 2   0
Total Gross charge-offs 97 $ 127 156
Current      
Installment Loans Amortized Cost Basis      
Originated in year one 1,425   1,274
Originated in year two 125   28
Originated in year three 7   13
Originated in year four 5   1
Originated in year five 1   8
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 3   4
Total $ 1,566   $ 1,328
Percent 90.20%   90.40%
30 - 59 Days      
Installment Loans Amortized Cost Basis      
Originated in year one $ 43   $ 55
Originated in year two 27   10
Originated in year three 3   3
Originated in year four 1   0
Originated in year five 0   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 0   1
Total $ 74   $ 69
Percent 4.30%   4.70%
60 - 89 Days      
Installment Loans Amortized Cost Basis      
Originated in year one $ 19   $ 23
Originated in year two 13   6
Originated in year three 1   2
Originated in year four 1   0
Originated in year five 0   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 0   0
Total $ 34   $ 31
Percent 2.00%   2.10%
90 - 179 Days      
Installment Loans Amortized Cost Basis      
Originated in year one $ 23   $ 21
Originated in year two 25   11
Originated in year three 3   4
Originated in year four 1   0
Originated in year five 0   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 0   0
Total $ 52   $ 36
Percent 3.00%   2.40%
180+ Days      
Installment Loans Amortized Cost Basis      
Originated in year one $ 1   $ 1
Originated in year two 6   4
Originated in year three 2   1
Originated in year four 1   0
Originated in year five 0   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 0   0
Total $ 10   $ 6
Percent 0.50%   0.40%
v3.25.3
LOANS AND INTEREST RECEIVABLE - Schedule of Allowance for Merchant Loans, Advances, and Interest and Fees Receivable (Details) - Merchant Receivables - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Allowance for loans and interest receivable      
Beginning balance $ 113 $ 160 $ 160
Provisions 127 50  
Charge-offs (97) (127) (156)
Recoveries 17 21  
Other 3 0  
Ending balance 163 104 113
Merchant Loans and Advances      
Allowance for loans and interest receivable      
Beginning balance 107 148 148
Provisions 114 50  
Charge-offs (90) (120)  
Recoveries 17 21  
Other 3 0  
Ending balance 151 99 107
Interest and Fees Receivable      
Allowance for loans and interest receivable      
Beginning balance 6 12 12
Provisions 13 0  
Charge-offs (7) (7)  
Recoveries 0 0  
Other 0 0  
Ending balance $ 12 $ 5 $ 6
v3.25.3
DEBT - Notes (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
Mar. 31, 2025
USD ($)
May 31, 2024
USD ($)
Jun. 30, 2023
JPY (¥)
May 31, 2022
USD ($)
May 31, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]                      
Outstanding aggregate principal amount             $ 10,904,000,000   $ 10,904,000,000    
Senior Notes                      
Debt Instrument [Line Items]                      
Outstanding aggregate principal amount             10,904,000,000   10,904,000,000   $ 10,574,000,000
Interest expense and fees             107,000,000 $ 100,000,000 315,000,000 $ 274,000,000  
Fixed And Floating Rate Notes | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount $ 1,500,000,000                    
Floating-rate notes | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount $ 450,000,000                    
Basis spread on variable rate (in percent) 0.67%                    
Outstanding aggregate principal amount             $ 450,000,000   $ 450,000,000   0
Fixed-rate 4.450% notes | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount $ 450,000,000                    
Interest rate 4.45%           4.45%   4.45%    
Outstanding aggregate principal amount             $ 450,000,000   $ 450,000,000   0
Fixed-rate 5.100% notes | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount $ 600,000,000                    
Interest rate 5.10%           5.10%   5.10%    
Outstanding aggregate principal amount             $ 600,000,000   $ 600,000,000   $ 0
Fixed-Rate Notes Issued May 2024 | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount   $ 1,300,000,000                  
Redemption price (in percent)   101.00%                  
Fixed-Rate Notes Issued June 2023 | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount     ¥ 90,000,000,000       $ 606,000,000   $ 606,000,000    
Redemption price (in percent)     101.00%                
Fixed-Rate Notes Issued May 2022 | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount       $ 3,000,000,000              
Redemption price (in percent)       101.00%              
Fixed-rate Notes Issued May 2020 | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount         $ 4,000,000,000            
Redemption price (in percent)         101.00%            
Fixed-rate Notes Issued September 2019 | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount           $ 5,000,000,000          
Redemption price (in percent)           101.00%          
Fixed-Rate Notes Issued March 2025 | Senior Notes                      
Debt Instrument [Line Items]                      
Redemption price (in percent) 101.00%                    
v3.25.3
DEBT - Schedule of Outstanding Aggregate Principal Amount Related to the Notes (Details)
Sep. 30, 2025
USD ($)
Sep. 30, 2025
JPY (¥)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]        
Outstanding aggregate principal amount $ 10,904,000,000      
Total carrying amount of term debt 11,276,000,000     $ 9,879,000,000
Senior Notes        
Debt Instrument [Line Items]        
Outstanding aggregate principal amount 10,904,000,000     10,574,000,000
Unamortized premium (discount) and issuance costs, net (79,000,000)     (78,000,000)
Less: current portion of term debt (155,000,000)     (1,191,000,000)
Total carrying amount of term debt $ 10,670,000,000     9,305,000,000
Senior Notes | Fixed-rate 2.650% notes        
Debt Instrument [Line Items]        
Interest rate 2.65% 2.65%    
Effective Interest Rate 2.78% 2.78%    
Outstanding aggregate principal amount $ 1,250,000,000     1,250,000,000
Senior Notes | Fixed-rate 2.850% notes        
Debt Instrument [Line Items]        
Interest rate 2.85% 2.85%    
Effective Interest Rate 2.96% 2.96%    
Outstanding aggregate principal amount $ 1,500,000,000     1,500,000,000
Senior Notes | Fixed-rate 1.650% notes        
Debt Instrument [Line Items]        
Interest rate 1.65% 1.65%    
Effective Interest Rate 1.78% 1.78%    
Outstanding aggregate principal amount $ 0     1,000,000,000
Senior Notes | Fixed-rate 2.300% notes        
Debt Instrument [Line Items]        
Interest rate 2.30% 2.30%    
Effective Interest Rate 2.39% 2.39%    
Outstanding aggregate principal amount $ 1,000,000,000     1,000,000,000
Senior Notes | Fixed-rate 3.250% notes        
Debt Instrument [Line Items]        
Interest rate 3.25% 3.25%    
Effective Interest Rate 3.33% 3.33%    
Outstanding aggregate principal amount $ 1,000,000,000     1,000,000,000
Senior Notes | Fixed-rate 3.900% notes        
Debt Instrument [Line Items]        
Interest rate 3.90% 3.90%    
Effective Interest Rate 4.06% 4.06%    
Outstanding aggregate principal amount $ 500,000,000     500,000,000
Senior Notes | Fixed-rate 4.400% notes        
Debt Instrument [Line Items]        
Interest rate 4.40% 4.40%    
Effective Interest Rate 4.53% 4.53%    
Outstanding aggregate principal amount $ 1,000,000,000     1,000,000,000
Senior Notes | Fixed-rate 5.050% notes        
Debt Instrument [Line Items]        
Interest rate 5.05% 5.05%    
Effective Interest Rate 5.14% 5.14%    
Outstanding aggregate principal amount $ 1,000,000,000     1,000,000,000
Senior Notes | Fixed-rate 5.250% notes        
Debt Instrument [Line Items]        
Interest rate 5.25% 5.25%    
Effective Interest Rate 5.34% 5.34%    
Outstanding aggregate principal amount $ 500,000,000     500,000,000
Senior Notes | ¥30 billion fixed-rate 0.813% notes        
Debt Instrument [Line Items]        
Interest rate 0.813% 0.813%    
Face amount | ¥   ¥ 30,000,000,000    
Effective Interest Rate 0.89% 0.89%    
Outstanding aggregate principal amount $ 0     191,000,000
Senior Notes | ¥23 billion fixed-rate 0.972% notes        
Debt Instrument [Line Items]        
Interest rate 0.972% 0.972%    
Face amount | ¥   ¥ 23,000,000,000    
Effective Interest Rate 1.06% 1.06%    
Outstanding aggregate principal amount $ 155,000,000     147,000,000
Senior Notes | ¥37 billion fixed-rate 1.240% notes        
Debt Instrument [Line Items]        
Interest rate 1.24% 1.24%    
Face amount | ¥   ¥ 37,000,000,000    
Effective Interest Rate 1.31% 1.31%    
Outstanding aggregate principal amount $ 249,000,000     236,000,000
Senior Notes | Fixed-rate 5.150% notes        
Debt Instrument [Line Items]        
Interest rate 5.15% 5.15%    
Effective Interest Rate 5.35% 5.35%    
Outstanding aggregate principal amount $ 850,000,000     850,000,000
Senior Notes | Fixed-rate 5.500% notes        
Debt Instrument [Line Items]        
Interest rate 5.50% 5.50%    
Effective Interest Rate 5.66% 5.66%    
Outstanding aggregate principal amount $ 400,000,000     400,000,000
Senior Notes | Floating-rate notes        
Debt Instrument [Line Items]        
Face amount     $ 450,000,000  
Effective Interest Rate 5.22% 5.22%    
Outstanding aggregate principal amount $ 450,000,000     0
Senior Notes | Fixed-rate 4.450% notes        
Debt Instrument [Line Items]        
Interest rate 4.45% 4.45% 4.45%  
Face amount     $ 450,000,000  
Effective Interest Rate 4.66% 4.66%    
Outstanding aggregate principal amount $ 450,000,000     0
Senior Notes | Fixed-rate 5.100% notes        
Debt Instrument [Line Items]        
Interest rate 5.10% 5.10% 5.10%  
Face amount     $ 600,000,000  
Effective Interest Rate 5.20% 5.20%    
Outstanding aggregate principal amount $ 600,000,000     $ 0
v3.25.3
DEBT - Paidy Revolving Credit Facility (Details) - Revolving Credit Facility - Paidy Credit Agreement - Unsecured Debt
¥ in Billions
 1 Months Ended
Sep. 30, 2022
JPY (¥)
Sep. 30, 2025
JPY (¥)
Sep. 30, 2025
USD ($)
Dec. 31, 2024
JPY (¥)
Dec. 31, 2024
USD ($)
Feb. 28, 2022
JPY (¥)
Line of Credit Facility [Line Items]            
Maximum borrowing capacity ¥ 90.0   $ 606,000,000     ¥ 60.0
Increase to the borrowing capacity | ¥ ¥ 30.0          
Borrowings outstanding   ¥ 90.0 606,000,000 ¥ 90.0 $ 574,000,000  
Remaining borrowing capacity | $     $ 0      
v3.25.3
DEBT - Schedule of Future Principal Payments (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Future Principal Payments  
2026 $ 1,405
2027 500
2028 1,149
2029 1,500
Thereafter 6,350
Total $ 10,904
v3.25.3
COMMITMENTS AND CONTINGENCIES - Additional Information (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Jan. 31, 2025
action
Dec. 31, 2024
USD ($)
Apr. 04, 2023
action
Mar. 13, 2023
action
Dec. 20, 2022
action
Nov. 02, 2022
action
Other Commitments [Line Items]              
Allowance for transaction losses | $ $ 85   $ 86        
Allowance for negative customer balances | $ 334   256        
Consumer Receivables              
Other Commitments [Line Items]              
Financing receivable, sold, indemnification amount | $ $ 3,400   $ 2,900        
Pending Litigation | In re PayPal Holdings, Inc. Securities Litigation, Amended Claim              
Other Commitments [Line Items]              
Number of pending claims         1    
Pending Litigation | Shah v. Daniel Schulman, et al.              
Other Commitments [Line Items]              
Number of pending claims             1
Pending Litigation | Nelson v. Daniel Schulman, et al.              
Other Commitments [Line Items]              
Number of pending claims       1      
Pending Litigation | State of Hawai‘i, v. PayPal, Inc.              
Other Commitments [Line Items]              
Number of pending claims           1  
Pending Litigation | Spathias v. Daniel Schulman, et al.              
Other Commitments [Line Items]              
Number of pending claims   1          
v3.25.3
COMMITMENTS AND CONTINGENCIES - Schedule of Allowance for Transaction Losses and Negative Customer Balances (Details) - Protection Programs - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Loss Contingency Accrual        
Beginning balance $ 352 $ 270 $ 342 $ 282
Provision 397 264 1,058 783
Realized losses and charge-offs (371) (281) (1,090) (876)
Recoveries 41 53 109 117
Ending balance $ 419 $ 306 $ 419 $ 306
v3.25.3
STOCK REPURCHASE PROGRAMS (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Equity, Class of Treasury Stock [Line Items]    
Cash paid for shares repurchased $ 4,551 $ 4,778
Inflation reduction act, excise tax $ 38 $ 40
June 2022 Stock Repurchase Program    
Equity, Class of Treasury Stock [Line Items]    
Repurchases of shares of common stock, shares repurchased (in shares) 63  
Cash paid for shares repurchased $ 4,500  
Average cost per share, excluding excise tax (in dollars per share) $ 71.78  
Remaining amount authorized for future repurchase of common stock $ 355  
February 2025 Stock Repurchase Program    
Equity, Class of Treasury Stock [Line Items]    
Remaining amount authorized for future repurchase of common stock $ 15,000  
v3.25.3
STOCK-BASED PLANS - Additional Information (Details)
shares in Millions
 1 Months Ended
Jun. 30, 2025
shares
2015 Paypal Equity Incentive Award Plan  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Additional shares authorized (in shares) 15
v3.25.3
STOCK-BASED PLANS - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 278 $ 300 $ 851 $ 992
Capitalized as part of internal use software and website development costs 33 32 101 77
Customer support and operations        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 52 50 156 173
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 32 30 99 108
Technology and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 124 111 371 366
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 70 81 225 257
Restructuring and other        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 0 $ 28 $ 0 $ 88
v3.25.3
INCOME TAXES (Details) - USD ($)
$ in Billions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Effective income tax rate, percentage 19.00% 23.00% 19.00% 23.00%  
Unrecognized tax benefits $ 2.5   $ 2.5   $ 2.3
v3.25.3
RESTRUCTURING AND OTHER - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]          
Restructuring expenses     $ 36   $ 294
Loss on sale of loans, held for sale $ 70   $ 28 $ 122 $ 92
Q2 2025 Plan | Employee Severance and Benefits Costs          
Restructuring Cost and Reserve [Line Items]          
Restructuring expenses       96  
Q1 2025 Plan          
Restructuring Cost and Reserve [Line Items]          
Restructuring expenses       36  
Q1 2025 Plan | Employee Severance and Benefits Costs          
Restructuring Cost and Reserve [Line Items]          
Restructuring expenses       36  
Minimum | Q2 2025 Plan          
Restructuring Cost and Reserve [Line Items]          
Executed over a period   18 months      
Minimum | Q2 2025 Plan | Employee Severance and Benefits Costs          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges 90     90  
Minimum | Q2 2025 Plan | Asset impairment and accelerated depreciation charges          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges 40     40  
Minimum | Q2 2025 Plan | Other Restructuring Costs          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges 110     110  
Maximum | Q2 2025 Plan          
Restructuring Cost and Reserve [Line Items]          
Executed over a period   42 months      
Maximum | Q2 2025 Plan | Employee Severance and Benefits Costs          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges 100     100  
Maximum | Q2 2025 Plan | Asset impairment and accelerated depreciation charges          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges 60     60  
Maximum | Q2 2025 Plan | Other Restructuring Costs          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges $ 140     $ 140  
v3.25.3
RESTRUCTURING AND OTHER - Schedule of Restructuring Reserve Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Employee Severance and Benefits Costs      
Charges $ 36   $ 294
Q2 2025 Plan | Employee Severance and Benefits Costs      
Employee Severance and Benefits Costs      
Accrued liability, beginning of period   $ 0  
Charges   96  
Payments   (15)  
Accrued liability, ending of period   81  
Q1 2025 Plan      
Employee Severance and Benefits Costs      
Charges   36  
Q1 2025 Plan | Employee Severance and Benefits Costs      
Employee Severance and Benefits Costs      
Accrued liability, beginning of period   0  
Charges   36  
Payments   (36)  
Accrued liability, ending of period   $ 0  
v3.25.3
SEGMENT INFORMATION - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.3
SEGMENT INFORMATION - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]                
Net revenues $ 8,417     $ 7,847     $ 24,496 $ 23,431
Less (add):                
Transaction expense 4,063     3,841     11,735 11,700
Customer support and operations 447     427     1,258 1,317
Sales and marketing 521     508     1,592 1,375
Technology and development 801     746     2,299 2,206
General and administrative 513     519     1,477 1,553
Restructuring and other 69     63     251 388
Other income (expense), net (13)     80     (111) (35)
Income tax expense 285     301     869 893
Net income (loss) 1,248 $ 1,261 $ 1,287 1,010 $ 1,128 $ 888 3,796 3,026
Depreciation and amortization             729 783
Reportable Segment                
Segment Reporting Information [Line Items]                
Net revenues 8,417     7,847     24,496 23,431
Less (add):                
Transaction expense 4,063     3,841     11,735 11,700
Transaction losses 397     264     1,058 783
Credit losses 86     88     272 225
Customer support and operations 447     427     1,258 1,317
Sales and marketing 521     508     1,592 1,375
Technology and development 801     746     2,299 2,206
General and administrative 513     519     1,477 1,553
Restructuring and other 69     63     251 388
Other income (expense), net (13)     80     (111) (35)
Income tax expense 285     301     869 893
Net income (loss) 1,248     1,010     3,796 3,026
Depreciation and amortization $ 245     $ 255     $ 729 $ 783
v3.25.3
SUBSEQUENT EVENTS (Details) - Subsequent Event
$ / shares in Units, $ in Millions
Oct. 27, 2025
USD ($)
$ / shares
Subsequent Event [Line Items]  
Dividend declared (in dollars per share) | $ / shares $ 0.14
Dividends, common stock | $ $ 130