PAYPAL HOLDINGS, INC., 10-Q filed on 5/5/2026
Quarterly Report
v3.26.1
COVER - shares
 3 Months Ended
Mar. 31, 2026
Apr. 29, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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, $0.0001 par value per share  
Entity Trading Symbol PYPL  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   882,105,493
Entity Central Index Key 0001633917  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 6,977 $ 8,049
Short-term investments 2,365 2,373
Accounts receivable, net 843 840
Loans and interest receivable, held for sale 1,825 1,726
Loans and interest receivable, net of allowances of $560 and $539 as of March 31, 2026 and December 31, 2025, respectively 6,705 6,746
Funds receivable and customer accounts 39,501 38,198
Prepaid expenses and other current assets 1,779 1,827
Total current assets 59,995 59,759
Long-term investments 4,125 4,330
Property and equipment, net 1,708 1,700
Goodwill 10,946 10,864
Intangible assets, net 206 208
Other assets 3,566 3,312
Total assets 80,546 80,173
Current liabilities:    
Accounts payable 162 240
Funds payable and amounts due to customers 41,501 40,198
Accrued expenses and other current liabilities 5,974 6,005
Total current liabilities 47,637 46,443
Other long-term liabilities 3,476 3,487
Long-term debt 9,409 9,987
Total liabilities 60,522 59,917
Commitments and contingencies (Note 13)
Equity:    
Common stock, $0.0001 par value; 4,000 shares authorized; 892 and 920 shares outstanding as of March 31, 2026 and December 31, 2025, respectively 0 0
Preferred stock, $0.0001 par value; 100 shares authorized, unissued 0 0
Treasury stock at cost, 457 and 423 shares as of March 31, 2026 and December 31, 2025, respectively (34,651) (33,138)
Additional paid-in-capital 21,735 21,582
Retained earnings 33,453 32,470
Accumulated other comprehensive income (loss) (513) (658)
Total equity 20,024 20,256
Total liabilities and equity $ 80,546 $ 80,173
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Loans and interest receivable, allowances $ 560 $ 539
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) 892 920
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) 457 423
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net revenues $ 8,353 $ 7,791
Operating expenses:    
Transaction expense 4,165 3,704
Transaction and credit losses 378 371
Customer support and operations 446 398
Sales and marketing 518 488
Technology and development 793 731
General and administrative 491 503
Restructuring and other 74 66
Total operating expenses 6,865 6,261
Operating income 1,488 1,530
Other income (expense), net (95) 73
Income before income taxes 1,393 1,603
Income tax expense 280 316
Net income (loss) $ 1,113 $ 1,287
Net income (loss) per share:    
Basic (in dollars per share) $ 1.22 $ 1.31
Diluted (in dollars per share) $ 1.21 $ 1.29
Weighted average shares:    
Basic (in shares) 913 986
Diluted (in shares) 920 999
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 1,113 $ 1,287
Other comprehensive income (loss), net of reclassification adjustments:    
Foreign currency translation adjustments (“CTA”), net (34) 109
Tax benefit (expense) on foreign CTA, net 4 (7)
Unrealized gains (losses) on cash flow hedges, net 192 (176)
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net (13) 9
Unrealized losses on available-for-sale debt securities, net (5) (9)
Tax benefit on unrealized losses on available-for-sale debt securities, net 1 2
Other comprehensive income (loss), net of tax 145 (72)
Comprehensive income (loss) $ 1,258 $ 1,215
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Revision of Prior Period, Accounting Standards Update, Adjustment
Common Stock Shares
Treasury Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Retained Earnings
Revision of Prior Period, Accounting Standards Update, Adjustment
Beginning balance (in shares) at Dec. 31, 2024     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 benefit on unrealized 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, 2025 920   920          
Beginning balance at Dec. 31, 2025 $ 20,256     (33,138) 21,582 (658) 32,470  
Increase (Decrease) in Stockholders' Equity                
Net income 1,113           1,113  
Foreign CTA, net (34)         (34)    
Tax (expense) benefit on foreign CTA, net 4         4    
Unrealized (losses) gains on cash flow hedges, net 192         192    
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net (13)         (13)    
Unrealized (losses) gains on available-for-sale debt securities, net (5)         (5)    
Tax benefit on unrealized losses on available-for-sale debt securities, net 1         1    
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 (139)       (139)      
Common stock repurchased (in shares)     (34)          
Common stock repurchased (1,513)     (1,513)        
Cash dividends declared ($0.14 per share) (130)           (130)  
Stock-based compensation $ 292       292      
Ending balance (in shares) at Mar. 31, 2026 892   892          
Ending balance at Mar. 31, 2026 $ 20,024     $ (34,651) $ 21,735 $ (513) $ 33,453  
v3.26.1
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]
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ 1,113 $ 1,287
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Transaction and credit losses 378 371
Depreciation and amortization 238 245
Stock-based compensation 259 249
Deferred income taxes (290) (6)
Net (gains) losses on strategic investments 101 (48)
Accretion of discounts on investments, net of amortization of premiums (8) (30)
Adjustments to loans and interest receivable, held for sale 61 25
Other 70 (73)
Originations of loans receivable, held for sale (11,306) (6,629)
Proceeds from repayments and sales of loans receivable, originally classified as held for sale 11,073 6,445
Changes in assets and liabilities:    
Accounts receivable (2) (98)
Transaction loss allowance for cash losses, net (313) (311)
Other current assets and non-current assets 249 64
Accounts payable (52) (52)
Other current liabilities and non-current liabilities (437) (279)
Net cash provided by operating activities 1,134 1,160
Cash flows from investing activities:    
Purchases of reverse repurchase agreements 0 (200)
Maturities of reverse repurchase agreements 0 87
Purchases of property and equipment (231) (196)
Proceeds from sales of property and equipment 8 2
Purchases and originations of loans receivable (3,865) (5,508)
Proceeds from repayments and sales of loans receivable, originally classified as held for investment 3,754 5,477
Purchases of investments (5,923) (5,970)
Maturities and sales of investments 4,521 5,465
Acquisitions, net of cash acquired (122) 0
Funds receivable (352) (2,741)
Collateral posted related to derivative instruments, net 110 (53)
Net cash used in investing activities (2,100) (3,637)
Cash flows from financing activities:    
Purchases of treasury stock (1,500) (1,500)
Tax withholdings related to net share settlements of equity awards (127) (277)
Borrowings under financing arrangements 930 1,491
Repayments under financing arrangements (932) 0
Funds payable and amounts due to customers 1,094 1,417
Collateral received related to derivative instruments and reverse repurchase agreements, net 108 (135)
Payments of dividends to stockholders (130) 0
Other (2) (2)
Net cash (used in) provided by financing activities (559) 994
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (50) 94
Net change in cash, cash equivalents, and restricted cash (1,575) (1,389)
Cash, cash equivalents, and restricted cash at beginning of period 24,018 22,490
Cash, cash equivalents, and restricted cash at end of period 22,443 21,101
Supplemental cash flow disclosures:    
Cash paid for interest 18 2
Cash paid for income taxes, net 7 95
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 6,977 7,569
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows 22,443 21,101
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:    
Funds receivable and customer accounts $ 15,466 $ 13,532
v3.26.1
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2026
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, and secure, whether online or in-person. 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 March 31, 2026 and December 31, 2025, 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 both March 31, 2026 and December 31, 2025, 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 $202 million, 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 March 31, 2026 and December 31, 2025.

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, 2025 (the “2025 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission on February 3, 2026.

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 months ended March 31, 2026.

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.
Recently issued accounting guidance

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.

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.
v3.26.1
REVENUE
 3 Months Ended
Mar. 31, 2026
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 $231 million and $238 million as of March 31, 2026 and December 31, 2025, 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 March 31,
 20262025
(In millions)
Primary geographical markets
U.S.$4,882 $4,463 
Other countries(1)
3,471 3,328 
Total net revenues(2)
$8,353 $7,791 
Revenue category
Transaction revenues$7,501 $7,016 
Revenues from other value added services852 775 
Total net revenues(2)
$8,353 $7,791 
(1) No single country included in the other countries category generated more than 10% of total net revenues.
(2) Total net revenues include $473 million and $573 million for the three months ended March 31, 2026 and 2025, 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.
v3.26.1
NET INCOME (LOSS) PER SHARE
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
(In millions, except per share amounts)
Numerator:
Net income (loss)$1,113 $1,287 
Denominator:
Weighted average shares of common stock - basic913 986 
Dilutive effect of equity incentive awards7 13 
Weighted average shares of common stock - diluted920 999 
Net income (loss) per share:
Basic$1.22 $1.31 
Diluted$1.21 $1.29 
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive21 2 
v3.26.1
BUSINESS COMBINATIONS
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS BUSINESS COMBINATIONSIn the three months ended March 31, 2026, we completed an acquisition with a total purchase price of $134 million, consisting primarily of cash consideration, which was accounted for as a business combination. There were no acquisitions accounted for as business combinations completed in the three months ended March 31, 2025.
v3.26.1
GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026:
December 31,
2025		Goodwill Acquired 
Foreign CTA
 March 31,
2026
 (In millions)
Total goodwill$10,864 $104 $(22)$10,946 

The goodwill acquired during the three months ended March 31, 2026 was associated with one acquisition as described in “Note 4—Business Combinations.”

INTANGIBLE ASSETS

The components of identifiable intangible assets were as follows:
 March 31, 2026December 31, 2025
 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$377 $(233)$144 $372 $(224)$148 
Marketing related59 (52)7 60 (50)10 
Developed technology23 (3)20 9 (2)7 
All other210 (175)35 208 (165)43 
Intangible assets, net$669 $(463)$206 $649 $(441)$208 
(1) Excludes intangible assets which have been fully amortized, but are still in use.

Amortization expense for intangible assets was $32 million and $47 million for the three months ended March 31, 2026 and 2025, respectively.

Expected future intangible asset amortization as of March 31, 2026 was as follows:
Fiscal years:(In millions)
Remaining 2026$77 
202768 
202853 
20292 
20302 
Thereafter4 
Total$206 
v3.26.1
LEASES
 3 Months Ended
Mar. 31, 2026
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 are instead 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 March 31,
20262025
(In millions)
Operating lease expense$40 $41 
Finance lease expense - amortization of right-of-use (“ROU”) lease assets
4 4 
Sublease income(2)(2)
Total lease expense, net
$42 $43 

Supplemental cash flow information related to leases during the three months ended March 31, 2026 and 2025 was as follows:
Three Months Ended March 31,
20262025
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$45 $42 
Financing cash flows from finance leases$2 $2 
ROU lease assets obtained in exchange for operating lease liabilities
$(5)$5 

Supplemental balance sheet information related to leases was as follows:
March 31, 2026December 31, 2025
(In millions, except weighted-average figures)
Operating leases
Finance leases
Operating leases
Finance leases
ROU lease assets$499 $52 $539 $56 
Current lease liabilities147 5 148 7 
Long-term lease liabilities505 10 548 10 
Total lease liabilities$652 $15 $696 $17 
Weighted-average remaining lease term5.3 years3.1 years5.4 years3.4 years
Weighted-average discount rate5%5%4%5%
Future minimum lease payments for our leases as of March 31, 2026 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2026$129 $6 
2027168 6 
2028114 4 
202996 — 
203082 — 
Thereafter150 — 
Total$739 $16 
Less: present value discount(87)(1)
Lease liability$652 $15 

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.

As of March 31, 2026, we have an additional operating lease for an office, which will commence in the second quarter of 2026 or later with minimum lease payments aggregating to $284 million and a lease term of twelve years. As of March 31, 2026, we did not have any additional finance leases which have not yet commenced.
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 are instead 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 March 31,
20262025
(In millions)
Operating lease expense$40 $41 
Finance lease expense - amortization of right-of-use (“ROU”) lease assets
4 4 
Sublease income(2)(2)
Total lease expense, net
$42 $43 

Supplemental cash flow information related to leases during the three months ended March 31, 2026 and 2025 was as follows:
Three Months Ended March 31,
20262025
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$45 $42 
Financing cash flows from finance leases$2 $2 
ROU lease assets obtained in exchange for operating lease liabilities
$(5)$5 

Supplemental balance sheet information related to leases was as follows:
March 31, 2026December 31, 2025
(In millions, except weighted-average figures)
Operating leases
Finance leases
Operating leases
Finance leases
ROU lease assets$499 $52 $539 $56 
Current lease liabilities147 5 148 7 
Long-term lease liabilities505 10 548 10 
Total lease liabilities$652 $15 $696 $17 
Weighted-average remaining lease term5.3 years3.1 years5.4 years3.4 years
Weighted-average discount rate5%5%4%5%
Future minimum lease payments for our leases as of March 31, 2026 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2026$129 $6 
2027168 6 
2028114 4 
202996 — 
203082 — 
Thereafter150 — 
Total$739 $16 
Less: present value discount(87)(1)
Lease liability$652 $15 

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.

As of March 31, 2026, we have an additional operating lease for an office, which will commence in the second quarter of 2026 or later with minimum lease payments aggregating to $284 million and a lease term of twelve years. As of March 31, 2026, we did not have any additional finance leases which have not yet commenced.
v3.26.1
OTHER FINANCIAL STATEMENT DETAILS
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026:
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 $(110)$13 $(832)$313 $(42)$(658)
Other comprehensive income (loss) before reclassifications104 (5)(34)— (8)57 
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”)
(88)— — — — (88)
Net current period other comprehensive income (loss) 192 (5)(34)— (8)145 
Ending balance $82 $8 $(866)$313 $(50)$(513)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended March 31, 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(143)(8)109 — 4 (38)
Less: Amount of net gains (losses) reclassified from AOCI
33 1 — — — 34 
Net current period other comprehensive income (loss) (176)(9)109 — 4 (72)
Ending balance $(29)$5 $(840)$313 $(71)$(622)

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 March 31,
20262025
(In millions)
Net gains (losses) on cash flow hedges—foreign exchange contracts
$(86)$35 Net revenues
Net gains (losses) on cash flow hedges—foreign exchange contracts(1)(1)Customer support and operations
Net gains (losses) on cash flow hedges—foreign exchange contracts(1)(1)Technology and development
Net gains (losses) on investments
— 1 Net revenues
(88)34 Income before income taxes
— — Income tax expense
Total reclassifications for the period$(88)$34 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 March 31,
 20262025
(In millions)
Interest income$107 $145 
Interest expense(111)(103)
Net gains (losses) on strategic investments(101)48 
Other10 (17)
Other income (expense), net$(95)$73 
v3.26.1
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025:
 March 31,
2026		December 31,
2025
(In millions)
Cash and cash equivalents(1)
$6,977 $8,049 
Funds receivable and customer accounts:
Cash and cash equivalents(2)
$15,466 $15,969 
Time deposits77 94 
Available-for-sale debt securities15,827 14,457 
Funds receivable8,131 7,678 
Total funds receivable and customer accounts$39,501 $38,198 
Short-term investments:
Time deposits$79 $88 
Available-for-sale debt securities2,286 2,285 
Total short-term investments$2,365 $2,373 
Long-term investments:
Time deposits$6 $5 
Available-for-sale debt securities2,313 2,421 
Strategic investments1,806 1,904 
Total long-term investments$4,125 $4,330 
(1) Includes $250 million and nil of available-for-sale debt securities with original maturities of three months or less as of March 31, 2026 and December 31, 2025, respectively.
(2) Includes $187 million and $374 million of available-for-sale debt securities with original maturities of three months or less as of March 31, 2026 and December 31, 2025, respectively.
As of March 31, 2026 and December 31, 2025, 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:
 
March 31, 2026(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$250 $— $— $250 
Funds receivable and customer accounts:
U.S. government and agency securities4,173 1 — 4,174 
Foreign government and agency securities85 — — 85 
Corporate debt securities2,411 2 (1)2,412 
Mortgage-backed and asset-backed securities4,232 9 (4)4,237 
Municipal securities33 — — 33 
Commercial paper4,475 1 (1)4,475 
Short-term investments:
U.S. government and agency securities395 — — 395 
Foreign government and agency securities110 — — 110 
Corporate debt securities809 — (1)808 
Mortgage-backed and asset-backed securities404 — (1)403 
Commercial paper570 — — 570 
Long-term investments:
U.S. government and agency securities480 — — 480 
Corporate debt securities542 1 — 543 
Mortgage-backed and asset-backed securities1,288 3 (1)1,290 
Total available-for-sale debt securities(2)
$20,257 $17 $(9)$20,265 
(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, 2025(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$3,529 $1 $— $3,530 
Foreign government and agency securities81 — — 81 
Corporate debt securities2,438 4 (1)2,441 
Mortgage-backed and asset-backed securities
3,825 7 (1)3,831 
Municipal securities98 — — 98 
Commercial paper4,229 1 — 4,230 
Short-term investments:
U.S. government and agency securities443 — — 443 
Foreign government and agency securities60 — — 60 
Corporate debt securities985 1 (2)984 
Mortgage-backed and asset-backed securities
448 — — 448 
Commercial paper350 — — 350 
Long-term investments:
U.S. government and agency securities400 — — 400 
Foreign government and agency securities50 — — 50 
Corporate debt securities648 2 — 650 
Mortgage-backed and asset-backed securities
1,320 2 (1)1,321 
Total available-for-sale debt securities(2)
$18,904 $18 $(5)$18,917 
(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 $97 million and $101 million at March 31, 2026 and December 31, 2025, respectively, and were included in other current assets on our condensed consolidated balance sheets.
As of March 31, 2026 and December 31, 2025, 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:
 
March 31, 2026(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$250 $— $— $— $250 $— 
Funds receivable and customer accounts:
U.S. government and agency securities2,159 — 15 — 2,174 — 
Foreign government and agency securities49 — — — 49 — 
Corporate debt securities1,000 (1)— — 1,000 (1)
Mortgage-backed and asset-backed securities1,661 (4)57 — 1,718 (4)
Commercial paper1,999 (1)— — 1,999 (1)
Short-term investments:
U.S. government and agency securities295 — — — 295 — 
Foreign government and agency securities25 — 20 — 45 — 
Corporate debt securities233 — 94 (1)327 (1)
Mortgage-backed and asset-backed securities247 (1)53 — 300 (1)
Commercial paper470 — — — 470 — 
Long-term investments:
U.S. government and agency securities210 — — — 210 — 
Corporate debt securities235 — — — 235 — 
Mortgage-backed and asset-backed securities389 (1)6 — 395 (1)
Total available-for-sale debt securities$9,222 $(8)$245 $(1)$9,467 $(9)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
 
December 31, 2025(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$1,261 $— $50 $— $1,311 $— 
Foreign government and agency securities56 — — — 56 — 
Corporate debt securities309 (1)— — 309 (1)
Mortgage-backed and asset-backed securities
1,000 (1)206 — 1,206 (1)
Commercial paper1,375 — — — 1,375 — 
Short-term investments:
U.S. government and agency securities443 — — — 443 — 
Foreign government and agency securities— — 20 — 20 — 
Corporate debt securities94 (1)109 (1)203 (2)
Mortgage-backed and asset-backed securities
354 — 6 — 360 — 
Commercial paper200 — — — 200 — 
Long-term investments:
Foreign government and agency securities25 — — — 25 — 
Corporate debt securities20 — — — 20 — 
Mortgage-backed and asset-backed securities
368 (1)35 — 403 (1)
Total available-for-sale debt securities$5,505 $(4)$426 $(1)$5,931 $(5)
(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 March 31,
20262025
(In millions)
Proceeds from sales and maturities of available-for-sale debt securities
$5,279 $5,472 

During the three months ended March 31, 2026 and 2025, we incurred gross realized gains and losses 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:
 March 31, 2026
Amortized CostFair Value
(In millions)
One year or less $10,214 $10,213 
After one year through five years4,579 4,582 
After five years through ten years2,391 2,387 
After ten years3,073 3,083 
Total$20,257 $20,265 

Actual maturities may differ from contractual maturities as certain securities may be prepaid.
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 $106 million and $180 million as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, we held marketable equity securities with a fair value of $94 million with a time-based contractual sale restriction, which is set to expire in May 2026.

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 $1.7 billion as of both March 31, 2026 and December 31, 2025. As of both March 31, 2026 and December 31, 2025, we had non-marketable equity securities of $215 million 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 months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31,
 20262025
(In millions)
Carrying amount, beginning of period$1,509 $1,336 
Adjustments related to non-marketable equity securities:
Net additions (reductions)(1)
(1)22 
Gross unrealized gains45 55 
Gross unrealized losses and impairments(68)— 
Carrying amount, end of period$1,485 $1,413 
(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 March 31, 2026 and December 31, 2025, respectively:
March 31,
2026		December 31,
2025
(In millions)
Cumulative gross unrealized gains $917 $872 
Cumulative gross unrealized losses and impairments$(421)$(353)
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 March 31, 2026 and 2025, respectively:
 Three Months Ended March 31,
 20262025
(In millions)
Net unrealized gains (losses)$(97)$48 

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 three months ended March 31, 2026 and 2025 include the purchase of investments of $25 million and $125 million, respectively, that have not yet settled.
v3.26.1
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025:

March 31, 2026
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$250 $— $250 
Money market fund48 48 — 
Total cash and cash equivalents298 48 250 
Short-term investments(2):
U.S. government and agency securities395 — 395 
Foreign government and agency securities110 — 110 
Corporate debt securities808 — 808 
Mortgage-backed and asset-backed securities403 — 403 
Commercial paper570 — 570 
Total short-term investments2,286 — 2,286 
Funds receivable and customer accounts(3):
U.S. government and agency securities4,174 — 4,174 
Foreign government and agency securities298 — 298 
Corporate debt securities2,763 — 2,763 
Mortgage-backed and asset-backed securities4,237 — 4,237 
Municipal securities33 — 33 
Commercial paper4,509 — 4,509 
Total funds receivable and customer accounts16,014 — 16,014 
Derivatives(4)
188 — 188 
Long-term investments(2),(5):
U.S. government and agency securities480 — 480 
Corporate debt securities543 — 543 
Mortgage-backed and asset-backed securities1,290 — 1,290 
Marketable equity securities106 106 — 
Total long-term investments2,419 106 2,313 
Total financial assets$21,205 $154 $21,051 
Liabilities:
Derivatives(4)
$60 $— $60 
(1) Excludes cash and cash equivalents of $6.7 billion not measured and recorded at fair value.
(2) Excludes time deposits of $85 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.5 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 $1.7 billion measured using the Measurement Alternative or equity method accounting.

December 31, 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)
Money market fund$4 $4 $— 
Short-term investments(2):
U.S. government and agency securities443 — 443 
Foreign government and agency securities60 — 60 
Corporate debt securities984 — 984 
Mortgage-backed and asset-backed securities
448 — 448 
Commercial paper350 — 350 
Total short-term investments2,285 — 2,285 
Funds receivable and customer accounts(3):
U.S. government and agency securities3,530 — 3,530 
Foreign government and agency securities371 — 371 
Corporate debt securities2,736 — 2,736 
Mortgage-backed and asset-backed securities
3,831 — 3,831 
Municipal securities98 — 98 
Commercial paper4,265 — 4,265 
Total funds receivable and customer accounts14,831 — 14,831 
Derivatives(4)
20 — 20 
Long-term investments(2), (5):
U.S. government and agency securities400 — 400 
Foreign government and agency securities50 — 50 
Corporate debt securities650 — 650 
Mortgage-backed and asset-backed securities
1,321 — 1,321 
Marketable equity securities180 180 — 
Total long-term investments2,601 180 2,421 
Total financial assets$19,741 $184 $19,557 
Liabilities:
Derivatives(4)
$158 $— $158 
(1) Excludes cash and cash equivalents of $8.0 billion not measured and recorded at fair value.
(2) Excludes time deposits of $93 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.4 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 $1.7 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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025:
 March 31, 2026December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
(In millions)
Funds receivable and customer accounts$600 $598 $621 $620 

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 months ended March 31, 2026 and 2025:
Three Months Ended March 31,
 20262025
(In millions)
Funds receivable and customer accounts$(15)$31 

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

The following tables summarize our assets held as of March 31, 2026 and December 31, 2025 for which a non-recurring fair value measurement was recorded during the three months ended March 31, 2026 and the year ended December 31, 2025, respectively:
March 31, 2026
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale$1,287 $1,233 $54 
Non-marketable equity securities measured using the Measurement Alternative(1)
208 117 91 
Total$1,495 $1,350 $145 
(1) Excludes non-marketable equity securities of $1.3 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the three months ended March 31, 2026.

December 31, 2025
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale
$1,223 $1,182 $41 
Non-marketable equity securities measured using the Measurement Alternative(1)
690 679 11 
Total$1,913 $1,861 $52 
(1) Excludes non-marketable equity securities of $819 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2025.
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, PayPal USD stablecoin (“PYUSD”), time deposits, certain loans and interest receivable, held for sale, loans and interest receivable, net, notes receivable, commercial paper, and 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 $10.1 billion as of March 31, 2026. Our term debt (including current portion) had a carrying value of approximately $10.8 billion and fair value of approximately $10.3 billion as of December 31, 2025. If these financial instruments were measured at fair value in the financial statements, cash and PYUSD would be classified as Level 1; time deposits, certain loans and interest receivable, held for sale, commercial paper, 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.
v3.26.1
DERIVATIVE INSTRUMENTS
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026, we estimated that $82 million of net derivative gains related to our cash flow hedges included in AOCI are expected to be reclassified into earnings within the next 12 months. During the three months ended March 31, 2026 and 2025, 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 will continue to report the derivative’s gain or loss in AOCI until the forecasted transaction affects earnings, at which point we will 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 March 31, 2026 and December 31, 2025 was as follows:

 Balance Sheet LocationMarch 31,
2026		December 31,
2025
(In millions)
Derivative Assets:
Foreign exchange contracts designated as hedging instruments
Other current assets$107 $7 
Foreign exchange contracts not designated as hedging instruments
Other current assets81 13 
Total derivative assets$188 $20 
Derivative Liabilities:
Foreign exchange contracts designated as hedging instruments
Other current liabilities$25 $118 
Foreign exchange contracts not designated as hedging instruments
Other current liabilities35 40 
Total derivative liabilities$60 $158 
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 March 31,
 2026
(In millions)
Net revenuesCustomer support and operationsTechnology and developmentOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges are recorded
$8,353 $446 $793 $(95)
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(86)(1)(1)— 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— — — 53 
Total net gains (losses)
$(86)$(1)$(1)$53 

Three Months Ended March 31,
 2025
(In millions)
Net revenuesCustomer support and operationsTechnology and developmentOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges are recorded
$7,791 $398 $731 $73 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
35 (1)(1)— 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— — — (83)
Total net gains (losses)
$35 $(1)$(1)$(83)

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 March 31,
 20262025
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$104 $(143)
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, and 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:
March 31,
2026		December 31,
2025
(In millions)
Foreign exchange contracts designated as hedging instruments$7,469 $5,878 
Foreign exchange contracts not designated as hedging instruments8,628 11,932 
Total$16,097 $17,810 

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 and derivative liabilities 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 Sheets
Amounts Presented on the Condensed Consolidated Balance Sheets
Financial Instruments(1)
Collateral Received(2)
Net Amounts
(In millions)
As of March 31, 2026
Derivative assets(3)
$188 $25 $107 $56 
As of December 31, 2025
Derivative assets(3)
$20 $13 $2 $5 
Amounts Not Offset on the Condensed Consolidated Balance Sheets
Amounts Presented on the Condensed Consolidated Balance Sheets
Financial Instruments(1)
Collateral Pledged(2)
Net Amounts
(In millions)
As of March 31, 2026
Derivative liabilities(3)
$60 $25 $24 $11 
As of December 31, 2025
Derivative liabilities(3)
$158 $13 $122 $23 
(1) For derivative positions, this includes any derivative fair value that could be offset in the event of counterparty default.
(2) Includes cash and the fair value of securities exchanged with the counterparty.
(3) We received cash collateral from derivative counterparties totaling $110 million and $2 million as of March 31, 2026 and December 31, 2025, respectively, and securities from derivative counterparties with a fair value of $61 million and $90 million as of March 31, 2026 and December 31, 2025, respectively. We posted $46 million and $156 million of cash collateral as of March 31, 2026 and December 31, 2025, respectively, and securities to derivative counterparties with a fair value of $77 million and $91 million as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
LOANS AND INTEREST RECEIVABLE
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
LOANS AND INTEREST RECEIVABLE LOANS AND INTEREST RECEIVABLE
LOANS AND INTEREST RECEIVABLE, HELD FOR SALE

As of March 31, 2026 and December 31, 2025, loans and interest receivable, held for sale was $1.8 billion and $1.7 billion, respectively, and include both loans reclassified to held for sale and loans originated as held for sale. During the three months ended March 31, 2026, we derecognized loans with an unpaid balance of $7.5 billion and had net proceeds of $7.4 billion from loans and interest receivable sold. During the three months ended March 31, 2025, we derecognized loans with both an unpaid balance and net proceeds of $5.3 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, among other markets. 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 three months ended March 31, 2026 and 2025, we purchased approximately $369 million and $277 million in consumer receivables, respectively. As of March 31, 2026 and December 31, 2025, the outstanding balance of consumer receivables, which consisted of revolving and installment loans and interest receivable, was $5.4 billion and $5.5 billion, respectively, net of the participation interest sold to the partner institution of $33 million for both March 31, 2026 and December 31, 2025.
Consumer receivables delinquency and allowance

The following tables present the delinquency status and gross charge-offs of revolving and installment loans and interest receivable by year of origination, as applicable. 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.

March 31, 2026
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20262025202420232022TotalPercent
Consumer loans and interest receivable:
Current$2,692 $1,078 $1,091 $280 $74 $— $5,215 96.3%
30 - 59 Days28 15 19 4 1 — 67 1.2%
60 - 89 Days 21 — 21 3 1 — 46 0.9%
90 - 179 Days 40 — 40 4 2 — 86 1.6%
Total$2,781 $1,093 $1,171 $291 $78 $— $5,414 100%
Gross charge-offs for the three months ended March 31, 2026
$35 $— $33 $3 $— $— $71 

December 31, 2025
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20252024202320222021TotalPercent
Consumer loans and interest receivable:
Current$2,767 $2,043 $360 $114 $— $— $5,284 96.4%
30 - 59 Days29 34 5 2 — — 70 1.3%
60 - 89 Days 19 22 4 2 — — 47 0.9%
90 - 179 Days 39 31 6 2 — — 78 1.4%
Total$2,854 $2,130 $375 $120 $— $— $5,479 100%
Gross charge-offs for the year ended December 31, 2025
$136 $36 $107 $20 $1 $— $300 
The following table summarizes the activity in the allowance for consumer loans and interest receivable for the three months ended March 31, 2026 and 2025:
March 31, 2026March 31, 2025
Consumer Loans ReceivableInterest Receivable
Total Allowance
Consumer Loans ReceivableInterest Receivable
Total Allowance
(In millions)
Beginning balance$366 $3 $369 $341 $7 $348 
Provisions55 3 58 55 3 58 
Charge-offs(68)(3)(71)(71)(5)(76)
Recoveries26 — 26 12 — 12 
Other(1)
(6)— (6)10 — 10 
Ending balance$373 $3 $376 $347 $5 $352 
(1) Includes amounts related to foreign currency remeasurement.

The allowance for credit losses at March 31, 2026 for our consumer receivable portfolio remained relatively consistent with the allowance for credit losses at December 31, 2025. In the first quarter of 2026, we updated our expected credit loss model for interest bearing installment loans in the U.S. to reflect current risk characteristics. This change 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”) product in the U.S., Germany, and U.K., among other markets, and our PayPal Business Loan (“PPBL”) product in the U.S., 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 three months ended March 31, 2026 and 2025, we purchased approximately $570 million and $494 million in merchant receivables, respectively. As of March 31, 2026 and December 31, 2025, the total outstanding balance in our pool of merchant loans, advances, and fees receivable was $1.9 billion and $1.8 billion, respectively, net of the participation interest sold to the partner institution of $66 million and $65 million, respectively.

Merchant receivables delinquency and allowance
The following tables present the delinquency status and gross charge-offs of merchant loans, advances, 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.

March 31, 2026
(In millions, except percentages)
2026
2025202420232022TotalPercent
Merchant loans, advances, and fees receivable:
Current$818 $803 $26 $3 $4 $1,654 89.4%
30 - 59 Days10 57 13 1 — 81 4.4%
60 - 89 Days 2 32 8 1 — 43 2.3%
90 - 179 Days — 50 11 2 — 63 3.4%
180+ Days— 4 5 1 — 10 0.5%
Total$830 $946 $63 $8 $4 $1,851 100.0%
Gross charge-offs for the three months ended March 31, 2026
$— $25 $13 $2 $— $40 
December 31, 2025
(In millions, except percentages)
2025
2024202320222021PriorTotalPercent
Merchant loans, advances, and fees receivable:
Current$1,558 $53 $5 $3 $— $2 $1,621 89.8%
30 - 59 Days63 17 1 1 — — 82 4.5%
60 - 89 Days 27 10 1 1 — — 39 2.2%
90 - 179 Days 34 18 2 1 — — 55 3.0%
180+ Days2 5 2 — — — 9 0.5%
Total$1,684 $103 $11 $6 $— $2 $1,806 100%
Gross charge-offs for the year ended December 31, 2025
$25 $87 $19 $4 $— $2 $137 

The following table summarizes the activity in the allowance for merchant loans, advances, and fees receivable for the three months ended March 31, 2026 and 2025:
March 31, 2026March 31, 2025
Merchant Loans and Advances
Fees Receivable
Total AllowanceMerchant Loans and Advances
Fees Receivable
Total Allowance
(In millions)
Beginning balance$156 $14 $170 $107 $6 $113 
Provisions47 4 51 38 3 41 
Charge-offs(37)(3)(40)(23)(2)(25)
Recoveries4 — 4 6 — 6 
Other(1)
(1)— (1)— — — 
Ending balance$169 $15 $184 $128 $7 $135 
(1) Includes amounts related to foreign currency remeasurement.
The allowance for credit losses at March 31, 2026 for our merchant receivable portfolio remained relatively consistent with the allowance for credit losses at December 31, 2025.
v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
NOTES

The following table summarizes total long-term debt:
MaturitiesEffective Interest RateMarch 31,
2026		December 31,
2025
(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 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):
¥23 billion fixed-rate 0.972% notes
6/9/20261.06%144 147 
¥37 billion fixed-rate 1.240% notes
6/9/20281.31%232 237 
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 notes3/6/20284.73%450 450 
Fixed-rate 4.450% notes
3/6/20284.66%450 450 
Fixed-rate 5.100% notes
4/1/20355.20%600 600 
Total term debt
10,876 10,884 
Unamortized premium (discount) and issuance costs, net(73)(76)
Less: current portion of term debt(2)
(1,394)(1,396)
Total carrying amount of term debt
$9,409 $9,412 
(1) Principal amounts represent the U.S. dollar equivalent as of March 31, 2026 and December 31, 2025, respectively.
(2) The current portion of term debt is included within “accrued expenses and other current liabilities” on our condensed consolidated balance sheets.
As of March 31, 2026, the future principal payments associated with our long-term debt was as follows (in millions):
Remaining 2026
$1,394 
2027500 
20281,132 
20291,500 
2030
1,000 
Thereafter5,350 
Total$10,876 
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 $106 million and $98 million for the three months ended March 31, 2026 and 2025, 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 $563 million as of March 31, 2026). The Paidy Credit Agreement will terminate and all amounts owed thereunder will be due and payable in February 2027, unless the commitments are terminated earlier. As of March 31, 2026 and December 31, 2025, ¥90.0 billion (approximately $563 million) and ¥90.0 billion (approximately $575 million) was drawn down under the Paidy Credit Agreement, respectively, which was recorded in accrued expenses and other current liabilities and long-term debt, respectively, on our condensed consolidated balance sheets. The weighted average interest rate on the borrowing was 1.42% as of March 31, 2026. At March 31, 2026, no borrowing capacity was available for the purposes permitted by the Paidy Credit Agreement. During the three months ended March 31, 2026 and 2025, the total interest expense and fees we recorded related to the Paidy Credit Agreement were de minimis.

COMMERCIAL PAPER

There was $200 million outstanding in Commercial Paper Notes as of both March 31, 2026 and December 31, 2025, which was recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. The weighted average interest rate on the commercial paper borrowings was 3.99% and 4.07% as of March 31, 2026 and December 31, 2025, respectively. The maturities of the Commercial Paper Notes may vary, but may not exceed 397 days from the date of issuance.

Other than as provided above, there were no significant changes to the information disclosed in our 2025 Form 10-K.
v3.26.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
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, (i) we have disclosed an estimate of the reasonably possible loss or range of losses or (ii) we have concluded that our 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) is 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 March 31, 2026. 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.

In March 2026, we received notices of investigations and related requests for information from the U.K. Financial Conduct Authority (“FCA”) under the Competition Act 1998 regarding certain provisions in PayPal’s contractual agreements with Visa and Mastercard relating to funding and use of the PayPal digital wallet. We are cooperating with the FCA in connection with these investigations.
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. On March 31, 2026, the Court dismissed all of the claims with prejudice. On April 30, 2026, the plaintiffs filed an appeal in the U.S. Court of Appeals for the Third Circuit.

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 February 17, 2026, a putative securities class action captioned Goodman v. PayPal Holdings, Inc. et al., Case No. 5:26-cv-01381-NW, was filed in the U.S. District Court for the Northern District of California (the “Goodman Securities Action”). On March 5, 2026, before the Company entered an appearance, the plaintiff filed a notice of voluntary dismissal. On March 31, 2026, the court closed the matter.

On February 24, 2026, a putative securities class action captioned Darcy v. PayPal Holdings, Inc. et al., Case No. 3:26-cv-01589-JSC, was filed in the U.S. District Court for the Northern District of California (the “Darcy Securities Action”). The Darcy Securities Action purports to be brought on behalf of purchasers of the Company’s stock between February 25, 2025 and February 2, 2026 (the “Darcy Class Period”), and asserts claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against the Company and certain of its current and former officers. The complaint alleges that certain public statements made by the Company during the Darcy 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 impediments to its branded checkout growth strategy that impaired the Company’s ability to meet its 2027 financial targets. The Darcy Securities Action seeks unspecified compensatory damages on behalf of the putative class members.
On March 11, 2026, a putative shareholder derivative action captioned Goncalves v. Chriss et al., Case No. 5:26-cv-02145-SVK, was filed in the U.S. District Court for the Northern District of California (the “Goncalves Action”), purportedly on behalf of the Company. The Goncalves Action is based on the same alleged facts and circumstances as the Darcy Securities Action. The Goncalves Action names certain of our current and former officers, as well as members of our Board of Directors, as defendants. The Goncalves Action alleges claims for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, contribution, and violations of the Securities Exchange Act of 1934, and seeks, on behalf of the Company, an award of damages and an order directing the Company to reform its corporate governance and internal procedures.

On April 2, 2026, a putative securities class action captioned Norfolk County Retirement System v. PayPal Holdings, Inc. et al., Case No. 5:26-cv-02849-VKD, was filed in the U.S. District Court for the Northern District of California (the “Norfolk Securities Action”). The Norfolk Securities Action generally asserts the same claims and allegations made in the Darcy Securities Action, but expands the Darcy Class Period to February 8, 2024 to February 2, 2026 and includes additional alleged misstatements from the earlier time period. The Norfolk Securities Action seeks unspecified compensatory damages on behalf of the putative class members.

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 and scrutiny 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 payment 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 arising out of conduct by us or our customers, including in the event of card association fines or other damages incurred by the processor. 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 the 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 March 31, 2026 and December 31, 2025, the current outstanding balances of the loans sold was $3.4 billion and $3.8 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 March 31, 2026 and December 31, 2025, 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 eligible 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 eligible 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 March 31, 2026 and December 31, 2025, the allowance for transaction losses was $26 million and $73 million, respectively. The allowance for negative customer balances was $284 million and $271 million at March 31, 2026 and December 31, 2025, respectively. The following table shows changes in the allowance for transaction losses and negative customer balances related to our protection programs for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
20262025
(in millions)
Beginning balance$344 $342 
Provision(1)
276 278 
Realized losses and charge-offs(359)(348)
Recoveries(2)
49 33 
Ending balance$310 $305 
(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.
v3.26.1
STOCKHOLDERS’ EQUITY
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
STOCK REPURCHASE PROGRAM

During the three months ended March 31, 2026, we repurchased approximately 34 million shares of our common stock for approximately $1.5 billion at an average cost of $44.60, excluding excise tax. These shares were purchased in the open market under our stock repurchase program authorized in February 2025. As of March 31, 2026, a total of approximately $12.4 billion remained available for future repurchases of our common stock under our February 2025 stock repurchase program.

DIVIDEND PROGRAM

In February 2026, 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 was paid on March 25, 2026, to stockholders of record of our common stock as of the close of business on March 4, 2026.
v3.26.1
STOCK-BASED PLANS
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED PLANS STOCK-BASED PLANS
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 months ended March 31, 2026 and 2025:
Three Months Ended March 31,
 20262025
(In millions)
Customer support and operations$49 $51 
Sales and marketing35 33 
Technology and development126 111 
General and administrative74 72 
Total stock-based compensation expense$284 $267 
Capitalized as part of internal use software and website development costs$31 $35 
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Our effective tax rate for both the three months ended March 31, 2026 and 2025 was 20%. 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 and U.S. income taxed at different rates as well as discrete tax adjustments including tax effects of stock-based compensation.
Gross unrecognized tax benefits were approximately $2.5 billion as of both March 31, 2026 and December 31, 2025. 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.
v3.26.1
RESTRUCTURING AND OTHER
 3 Months Ended
Mar. 31, 2026
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.

2Q 2025 Plan

During the second quarter of 2025, management undertook a large-scale initiative (the “2Q 2025 Plan”) to reengineer our existing technology infrastructure to improve scalability, reduce network latency, decrease operational costs, and optimize our workforce. The 2Q 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 2Q 2025 Plan is expected to be executed over a period of 18 to 42 months with the workforce component expected to be substantially completed in 2026 and the technology infrastructure component expected to be substantially completed in 2028.

The following table summarizes the associated restructuring charges:
Three Months Ended
March 31, 2026
Total Plan Costs Incurred to Date
(In millions)
Employee severance and benefits costs$2 $98 
Other restructuring costs(1)
9 15 
Total
$11 $113 
(1) 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.

In connection with this restructuring, we expect to incur employee severance and benefits costs of approximately $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 2Q 2025 Plan. 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 three months ended March 31, 2026:
Employee Severance and Benefits Costs
Other Restructuring Costs
Total
(In millions)
Accrued liability as of January 1, 2026
$52 $6 $58 
Charges
2 9 11 
Payments(9)(3)(12)
Accrued liability as of March 31, 2026
$45 $12 $57 

1Q 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 three months ended March 31, 2025 were $39 million and included employee severance and benefits costs, which was completed in the third quarter of 2025.

OTHER
During the three months ended March 31, 2026 and 2025, approximately $61 million and $25 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.
v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
(In millions)
Net revenues$8,353 $7,791 
Less (add):
Transaction expense4,165 3,704 
Transaction losses276 278 
Credit losses102 93 
Customer support and operations(1)
446 398 
Sales and marketing(1)
518 488 
Technology and development(1)
793 731 
General and administrative(1)
491 503 
Restructuring and other74 66 
Other income (expense), net95 (73)
Income tax expense280 316 
Segment net income (loss)$1,113 $1,287 
(1) Includes depreciation and amortization expense. For the three months ended March 31, 2026 and 2025, total depreciation and amortization expense was $238 million and $245 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”.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025, 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 both March 31, 2026 and December 31, 2025, 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 $202 million, 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 March 31, 2026 and December 31, 2025.

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, 2025 (the “2025 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission on February 3, 2026.

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 months ended March 31, 2026.
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 March 31, 2026 and December 31, 2025, 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 both March 31, 2026 and December 31, 2025, 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 $202 million, 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 March 31, 2026 and December 31, 2025.

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, 2025 (the “2025 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission on February 3, 2026.

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 months ended March 31, 2026.
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.
Recently issued accounting guidance
Recently issued accounting guidance

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.

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.
v3.26.1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
 20262025
(In millions)
Primary geographical markets
U.S.$4,882 $4,463 
Other countries(1)
3,471 3,328 
Total net revenues(2)
$8,353 $7,791 
Revenue category
Transaction revenues$7,501 $7,016 
Revenues from other value added services852 775 
Total net revenues(2)
$8,353 $7,791 
(1) No single country included in the other countries category generated more than 10% of total net revenues.
(2) Total net revenues include $473 million and $573 million for the three months ended March 31, 2026 and 2025, 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.
v3.26.1
NET INCOME (LOSS) PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
(In millions, except per share amounts)
Numerator:
Net income (loss)$1,113 $1,287 
Denominator:
Weighted average shares of common stock - basic913 986 
Dilutive effect of equity incentive awards7 13 
Weighted average shares of common stock - diluted920 999 
Net income (loss) per share:
Basic$1.22 $1.31 
Diluted$1.21 $1.29 
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive21 2 
v3.26.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026:
December 31,
2025		Goodwill Acquired 
Foreign CTA
 March 31,
2026
 (In millions)
Total goodwill$10,864 $104 $(22)$10,946 
Schedule of Components of Identifiable Intangible Assets
The components of identifiable intangible assets were as follows:
 March 31, 2026December 31, 2025
 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$377 $(233)$144 $372 $(224)$148 
Marketing related59 (52)7 60 (50)10 
Developed technology23 (3)20 9 (2)7 
All other210 (175)35 208 (165)43 
Intangible assets, net$669 $(463)$206 $649 $(441)$208 
(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 March 31, 2026 was as follows:
Fiscal years:(In millions)
Remaining 2026$77 
202768 
202853 
20292 
20302 
Thereafter4 
Total$206 
v3.26.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Components of Lease Expense, Supplemental Cash Flow Information
The components of lease expense were as follows:
Three Months Ended March 31,
20262025
(In millions)
Operating lease expense$40 $41 
Finance lease expense - amortization of right-of-use (“ROU”) lease assets
4 4 
Sublease income(2)(2)
Total lease expense, net
$42 $43 

Supplemental cash flow information related to leases during the three months ended March 31, 2026 and 2025 was as follows:
Three Months Ended March 31,
20262025
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$45 $42 
Financing cash flows from finance leases$2 $2 
ROU lease assets obtained in exchange for operating lease liabilities
$(5)$5 
Schedule of Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases was as follows:
March 31, 2026December 31, 2025
(In millions, except weighted-average figures)
Operating leases
Finance leases
Operating leases
Finance leases
ROU lease assets$499 $52 $539 $56 
Current lease liabilities147 5 148 7 
Long-term lease liabilities505 10 548 10 
Total lease liabilities$652 $15 $696 $17 
Weighted-average remaining lease term5.3 years3.1 years5.4 years3.4 years
Weighted-average discount rate5%5%4%5%
Schedule of Future Minimum Operating Lease Payments
Future minimum lease payments for our leases as of March 31, 2026 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2026$129 $6 
2027168 6 
2028114 4 
202996 — 
203082 — 
Thereafter150 — 
Total$739 $16 
Less: present value discount(87)(1)
Lease liability$652 $15 
Schedule of Future Minimum Finance Lease Payments
Future minimum lease payments for our leases as of March 31, 2026 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2026$129 $6 
2027168 6 
2028114 4 
202996 — 
203082 — 
Thereafter150 — 
Total$739 $16 
Less: present value discount(87)(1)
Lease liability$652 $15 
v3.26.1
OTHER FINANCIAL STATEMENT DETAILS (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026:
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 $(110)$13 $(832)$313 $(42)$(658)
Other comprehensive income (loss) before reclassifications104 (5)(34)— (8)57 
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”)
(88)— — — — (88)
Net current period other comprehensive income (loss) 192 (5)(34)— (8)145 
Ending balance $82 $8 $(866)$313 $(50)$(513)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended March 31, 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(143)(8)109 — 4 (38)
Less: Amount of net gains (losses) reclassified from AOCI
33 1 — — — 34 
Net current period other comprehensive income (loss) (176)(9)109 — 4 (72)
Ending balance $(29)$5 $(840)$313 $(71)$(622)
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 March 31,
20262025
(In millions)
Net gains (losses) on cash flow hedges—foreign exchange contracts
$(86)$35 Net revenues
Net gains (losses) on cash flow hedges—foreign exchange contracts(1)(1)Customer support and operations
Net gains (losses) on cash flow hedges—foreign exchange contracts(1)(1)Technology and development
Net gains (losses) on investments
— 1 Net revenues
(88)34 Income before income taxes
— — Income tax expense
Total reclassifications for the period$(88)$34 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 March 31,
 20262025
(In millions)
Interest income$107 $145 
Interest expense(111)(103)
Net gains (losses) on strategic investments(101)48 
Other10 (17)
Other income (expense), net$(95)$73 
v3.26.1
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025:
 March 31,
2026		December 31,
2025
(In millions)
Cash and cash equivalents(1)
$6,977 $8,049 
Funds receivable and customer accounts:
Cash and cash equivalents(2)
$15,466 $15,969 
Time deposits77 94 
Available-for-sale debt securities15,827 14,457 
Funds receivable8,131 7,678 
Total funds receivable and customer accounts$39,501 $38,198 
Short-term investments:
Time deposits$79 $88 
Available-for-sale debt securities2,286 2,285 
Total short-term investments$2,365 $2,373 
Long-term investments:
Time deposits$6 $5 
Available-for-sale debt securities2,313 2,421 
Strategic investments1,806 1,904 
Total long-term investments$4,125 $4,330 
(1) Includes $250 million and nil of available-for-sale debt securities with original maturities of three months or less as of March 31, 2026 and December 31, 2025, respectively.
(2) Includes $187 million and $374 million of available-for-sale debt securities with original maturities of three months or less as of March 31, 2026 and December 31, 2025, respectively.
Schedule of Estimated Fair Value of Investments Classified as Available for Sale
As of March 31, 2026 and December 31, 2025, 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:
 
March 31, 2026(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$250 $— $— $250 
Funds receivable and customer accounts:
U.S. government and agency securities4,173 1 — 4,174 
Foreign government and agency securities85 — — 85 
Corporate debt securities2,411 2 (1)2,412 
Mortgage-backed and asset-backed securities4,232 9 (4)4,237 
Municipal securities33 — — 33 
Commercial paper4,475 1 (1)4,475 
Short-term investments:
U.S. government and agency securities395 — — 395 
Foreign government and agency securities110 — — 110 
Corporate debt securities809 — (1)808 
Mortgage-backed and asset-backed securities404 — (1)403 
Commercial paper570 — — 570 
Long-term investments:
U.S. government and agency securities480 — — 480 
Corporate debt securities542 1 — 543 
Mortgage-backed and asset-backed securities1,288 3 (1)1,290 
Total available-for-sale debt securities(2)
$20,257 $17 $(9)$20,265 
(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, 2025(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$3,529 $1 $— $3,530 
Foreign government and agency securities81 — — 81 
Corporate debt securities2,438 4 (1)2,441 
Mortgage-backed and asset-backed securities
3,825 7 (1)3,831 
Municipal securities98 — — 98 
Commercial paper4,229 1 — 4,230 
Short-term investments:
U.S. government and agency securities443 — — 443 
Foreign government and agency securities60 — — 60 
Corporate debt securities985 1 (2)984 
Mortgage-backed and asset-backed securities
448 — — 448 
Commercial paper350 — — 350 
Long-term investments:
U.S. government and agency securities400 — — 400 
Foreign government and agency securities50 — — 50 
Corporate debt securities648 2 — 650 
Mortgage-backed and asset-backed securities
1,320 2 (1)1,321 
Total available-for-sale debt securities(2)
$18,904 $18 $(5)$18,917 
(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 March 31, 2026 and December 31, 2025, 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:
 
March 31, 2026(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$250 $— $— $— $250 $— 
Funds receivable and customer accounts:
U.S. government and agency securities2,159 — 15 — 2,174 — 
Foreign government and agency securities49 — — — 49 — 
Corporate debt securities1,000 (1)— — 1,000 (1)
Mortgage-backed and asset-backed securities1,661 (4)57 — 1,718 (4)
Commercial paper1,999 (1)— — 1,999 (1)
Short-term investments:
U.S. government and agency securities295 — — — 295 — 
Foreign government and agency securities25 — 20 — 45 — 
Corporate debt securities233 — 94 (1)327 (1)
Mortgage-backed and asset-backed securities247 (1)53 — 300 (1)
Commercial paper470 — — — 470 — 
Long-term investments:
U.S. government and agency securities210 — — — 210 — 
Corporate debt securities235 — — — 235 — 
Mortgage-backed and asset-backed securities389 (1)6 — 395 (1)
Total available-for-sale debt securities$9,222 $(8)$245 $(1)$9,467 $(9)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
 
December 31, 2025(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$1,261 $— $50 $— $1,311 $— 
Foreign government and agency securities56 — — — 56 — 
Corporate debt securities309 (1)— — 309 (1)
Mortgage-backed and asset-backed securities
1,000 (1)206 — 1,206 (1)
Commercial paper1,375 — — — 1,375 — 
Short-term investments:
U.S. government and agency securities443 — — — 443 — 
Foreign government and agency securities— — 20 — 20 — 
Corporate debt securities94 (1)109 (1)203 (2)
Mortgage-backed and asset-backed securities
354 — 6 — 360 — 
Commercial paper200 — — — 200 — 
Long-term investments:
Foreign government and agency securities25 — — — 25 — 
Corporate debt securities20 — — — 20 — 
Mortgage-backed and asset-backed securities
368 (1)35 — 403 (1)
Total available-for-sale debt securities$5,505 $(4)$426 $(1)$5,931 $(5)
(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 March 31,
20262025
(In millions)
Proceeds from sales and maturities of available-for-sale debt securities
$5,279 $5,472 
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:
 March 31, 2026
Amortized CostFair Value
(In millions)
One year or less $10,214 $10,213 
After one year through five years4,579 4,582 
After five years through ten years2,391 2,387 
After ten years3,073 3,083 
Total$20,257 $20,265 
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 months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31,
 20262025
(In millions)
Carrying amount, beginning of period$1,509 $1,336 
Adjustments related to non-marketable equity securities:
Net additions (reductions)(1)
(1)22 
Gross unrealized gains45 55 
Gross unrealized losses and impairments(68)— 
Carrying amount, end of period$1,485 $1,413 
(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 March 31, 2026 and December 31, 2025, respectively:
March 31,
2026		December 31,
2025
(In millions)
Cumulative gross unrealized gains $917 $872 
Cumulative gross unrealized losses and impairments$(421)$(353)
Schedule of Unrealized Gains (Losses) on Strategic Investments
The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at March 31, 2026 and 2025, respectively:
 Three Months Ended March 31,
 20262025
(In millions)
Net unrealized gains (losses)$(97)$48 
v3.26.1
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025:

March 31, 2026
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$250 $— $250 
Money market fund48 48 — 
Total cash and cash equivalents298 48 250 
Short-term investments(2):
U.S. government and agency securities395 — 395 
Foreign government and agency securities110 — 110 
Corporate debt securities808 — 808 
Mortgage-backed and asset-backed securities403 — 403 
Commercial paper570 — 570 
Total short-term investments2,286 — 2,286 
Funds receivable and customer accounts(3):
U.S. government and agency securities4,174 — 4,174 
Foreign government and agency securities298 — 298 
Corporate debt securities2,763 — 2,763 
Mortgage-backed and asset-backed securities4,237 — 4,237 
Municipal securities33 — 33 
Commercial paper4,509 — 4,509 
Total funds receivable and customer accounts16,014 — 16,014 
Derivatives(4)
188 — 188 
Long-term investments(2),(5):
U.S. government and agency securities480 — 480 
Corporate debt securities543 — 543 
Mortgage-backed and asset-backed securities1,290 — 1,290 
Marketable equity securities106 106 — 
Total long-term investments2,419 106 2,313 
Total financial assets$21,205 $154 $21,051 
Liabilities:
Derivatives(4)
$60 $— $60 
(1) Excludes cash and cash equivalents of $6.7 billion not measured and recorded at fair value.
(2) Excludes time deposits of $85 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.5 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 $1.7 billion measured using the Measurement Alternative or equity method accounting.

December 31, 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)
Money market fund$4 $4 $— 
Short-term investments(2):
U.S. government and agency securities443 — 443 
Foreign government and agency securities60 — 60 
Corporate debt securities984 — 984 
Mortgage-backed and asset-backed securities
448 — 448 
Commercial paper350 — 350 
Total short-term investments2,285 — 2,285 
Funds receivable and customer accounts(3):
U.S. government and agency securities3,530 — 3,530 
Foreign government and agency securities371 — 371 
Corporate debt securities2,736 — 2,736 
Mortgage-backed and asset-backed securities
3,831 — 3,831 
Municipal securities98 — 98 
Commercial paper4,265 — 4,265 
Total funds receivable and customer accounts14,831 — 14,831 
Derivatives(4)
20 — 20 
Long-term investments(2), (5):
U.S. government and agency securities400 — 400 
Foreign government and agency securities50 — 50 
Corporate debt securities650 — 650 
Mortgage-backed and asset-backed securities
1,321 — 1,321 
Marketable equity securities180 180 — 
Total long-term investments2,601 180 2,421 
Total financial assets$19,741 $184 $19,557 
Liabilities:
Derivatives(4)
$158 $— $158 
(1) Excludes cash and cash equivalents of $8.0 billion not measured and recorded at fair value.
(2) Excludes time deposits of $93 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.4 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 $1.7 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 March 31, 2026 and December 31, 2025:
 March 31, 2026December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
(In millions)
Funds receivable and customer accounts$600 $598 $621 $620 

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 months ended March 31, 2026 and 2025:
Three Months Ended March 31,
 20262025
(In millions)
Funds receivable and customer accounts$(15)$31 
Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The following tables summarize our assets held as of March 31, 2026 and December 31, 2025 for which a non-recurring fair value measurement was recorded during the three months ended March 31, 2026 and the year ended December 31, 2025, respectively:
March 31, 2026
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale$1,287 $1,233 $54 
Non-marketable equity securities measured using the Measurement Alternative(1)
208 117 91 
Total$1,495 $1,350 $145 
(1) Excludes non-marketable equity securities of $1.3 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the three months ended March 31, 2026.

December 31, 2025
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale
$1,223 $1,182 $41 
Non-marketable equity securities measured using the Measurement Alternative(1)
690 679 11 
Total$1,913 $1,861 $52 
(1) Excludes non-marketable equity securities of $819 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2025.
v3.26.1
DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments
The fair value of our outstanding derivative instruments as of March 31, 2026 and December 31, 2025 was as follows:

 Balance Sheet LocationMarch 31,
2026		December 31,
2025
(In millions)
Derivative Assets:
Foreign exchange contracts designated as hedging instruments
Other current assets$107 $7 
Foreign exchange contracts not designated as hedging instruments
Other current assets81 13 
Total derivative assets$188 $20 
Derivative Liabilities:
Foreign exchange contracts designated as hedging instruments
Other current liabilities$25 $118 
Foreign exchange contracts not designated as hedging instruments
Other current liabilities35 40 
Total derivative liabilities$60 $158 
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 March 31,
 2026
(In millions)
Net revenuesCustomer support and operationsTechnology and developmentOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges are recorded
$8,353 $446 $793 $(95)
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(86)(1)(1)— 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— — — 53 
Total net gains (losses)
$(86)$(1)$(1)$53 

Three Months Ended March 31,
 2025
(In millions)
Net revenuesCustomer support and operationsTechnology and developmentOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges are recorded
$7,791 $398 $731 $73 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
35 (1)(1)— 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— — — (83)
Total net gains (losses)
$35 $(1)$(1)$(83)

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 March 31,
 20262025
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$104 $(143)
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 March 31,
 2026
(In millions)
Net revenuesCustomer support and operationsTechnology and developmentOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges are recorded
$8,353 $446 $793 $(95)
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(86)(1)(1)— 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— — — 53 
Total net gains (losses)
$(86)$(1)$(1)$53 

Three Months Ended March 31,
 2025
(In millions)
Net revenuesCustomer support and operationsTechnology and developmentOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges are recorded
$7,791 $398 $731 $73 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
35 (1)(1)— 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— — — (83)
Total net gains (losses)
$35 $(1)$(1)$(83)

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 March 31,
 20262025
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$104 $(143)
Schedule of Notional Amounts of Outstanding Derivatives The following table provides the notional amounts of our outstanding derivative instruments:
March 31,
2026		December 31,
2025
(In millions)
Foreign exchange contracts designated as hedging instruments$7,469 $5,878 
Foreign exchange contracts not designated as hedging instruments8,628 11,932 
Total$16,097 $17,810 
Schedule of Offsetting Assets
The following tables present the derivative assets and derivative liabilities 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 Sheets
Amounts Presented on the Condensed Consolidated Balance Sheets
Financial Instruments(1)
Collateral Received(2)
Net Amounts
(In millions)
As of March 31, 2026
Derivative assets(3)
$188 $25 $107 $56 
As of December 31, 2025
Derivative assets(3)
$20 $13 $2 $5 
Amounts Not Offset on the Condensed Consolidated Balance Sheets
Amounts Presented on the Condensed Consolidated Balance Sheets
Financial Instruments(1)
Collateral Pledged(2)
Net Amounts
(In millions)
As of March 31, 2026
Derivative liabilities(3)
$60 $25 $24 $11 
As of December 31, 2025
Derivative liabilities(3)
$158 $13 $122 $23 
(1) For derivative positions, this includes any derivative fair value that could be offset in the event of counterparty default.
(2) Includes cash and the fair value of securities exchanged with the counterparty.
(3) We received cash collateral from derivative counterparties totaling $110 million and $2 million as of March 31, 2026 and December 31, 2025, respectively, and securities from derivative counterparties with a fair value of $61 million and $90 million as of March 31, 2026 and December 31, 2025, respectively. We posted $46 million and $156 million of cash collateral as of March 31, 2026 and December 31, 2025, respectively, and securities to derivative counterparties with a fair value of $77 million and $91 million as of March 31, 2026 and December 31, 2025, respectively.
Schedule of Offsetting Liabilities
The following tables present the derivative assets and derivative liabilities 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 Sheets
Amounts Presented on the Condensed Consolidated Balance Sheets
Financial Instruments(1)
Collateral Received(2)
Net Amounts
(In millions)
As of March 31, 2026
Derivative assets(3)
$188 $25 $107 $56 
As of December 31, 2025
Derivative assets(3)
$20 $13 $2 $5 
Amounts Not Offset on the Condensed Consolidated Balance Sheets
Amounts Presented on the Condensed Consolidated Balance Sheets
Financial Instruments(1)
Collateral Pledged(2)
Net Amounts
(In millions)
As of March 31, 2026
Derivative liabilities(3)
$60 $25 $24 $11 
As of December 31, 2025
Derivative liabilities(3)
$158 $13 $122 $23 
(1) For derivative positions, this includes any derivative fair value that could be offset in the event of counterparty default.
(2) Includes cash and the fair value of securities exchanged with the counterparty.
(3) We received cash collateral from derivative counterparties totaling $110 million and $2 million as of March 31, 2026 and December 31, 2025, respectively, and securities from derivative counterparties with a fair value of $61 million and $90 million as of March 31, 2026 and December 31, 2025, respectively. We posted $46 million and $156 million of cash collateral as of March 31, 2026 and December 31, 2025, respectively, and securities to derivative counterparties with a fair value of $77 million and $91 million as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
LOANS AND INTEREST RECEIVABLE (Tables)
 3 Months Ended
Mar. 31, 2026
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 revolving and installment loans and interest receivable by year of origination, as applicable. 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.

March 31, 2026
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20262025202420232022TotalPercent
Consumer loans and interest receivable:
Current$2,692 $1,078 $1,091 $280 $74 $— $5,215 96.3%
30 - 59 Days28 15 19 4 1 — 67 1.2%
60 - 89 Days 21 — 21 3 1 — 46 0.9%
90 - 179 Days 40 — 40 4 2 — 86 1.6%
Total$2,781 $1,093 $1,171 $291 $78 $— $5,414 100%
Gross charge-offs for the three months ended March 31, 2026
$35 $— $33 $3 $— $— $71 

December 31, 2025
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20252024202320222021TotalPercent
Consumer loans and interest receivable:
Current$2,767 $2,043 $360 $114 $— $— $5,284 96.4%
30 - 59 Days29 34 5 2 — — 70 1.3%
60 - 89 Days 19 22 4 2 — — 47 0.9%
90 - 179 Days 39 31 6 2 — — 78 1.4%
Total$2,854 $2,130 $375 $120 $— $— $5,479 100%
Gross charge-offs for the year ended December 31, 2025
$136 $36 $107 $20 $1 $— $300 
The following tables present the delinquency status and gross charge-offs of merchant loans, advances, 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.

March 31, 2026
(In millions, except percentages)
2026
2025202420232022TotalPercent
Merchant loans, advances, and fees receivable:
Current$818 $803 $26 $3 $4 $1,654 89.4%
30 - 59 Days10 57 13 1 — 81 4.4%
60 - 89 Days 2 32 8 1 — 43 2.3%
90 - 179 Days — 50 11 2 — 63 3.4%
180+ Days— 4 5 1 — 10 0.5%
Total$830 $946 $63 $8 $4 $1,851 100.0%
Gross charge-offs for the three months ended March 31, 2026
$— $25 $13 $2 $— $40 
December 31, 2025
(In millions, except percentages)
2025
2024202320222021PriorTotalPercent
Merchant loans, advances, and fees receivable:
Current$1,558 $53 $5 $3 $— $2 $1,621 89.8%
30 - 59 Days63 17 1 1 — — 82 4.5%
60 - 89 Days 27 10 1 1 — — 39 2.2%
90 - 179 Days 34 18 2 1 — — 55 3.0%
180+ Days2 5 2 — — — 9 0.5%
Total$1,684 $103 $11 $6 $— $2 $1,806 100%
Gross charge-offs for the year ended December 31, 2025
$25 $87 $19 $4 $— $2 $137 
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 three months ended March 31, 2026 and 2025:
March 31, 2026March 31, 2025
Consumer Loans ReceivableInterest Receivable
Total Allowance
Consumer Loans ReceivableInterest Receivable
Total Allowance
(In millions)
Beginning balance$366 $3 $369 $341 $7 $348 
Provisions55 3 58 55 3 58 
Charge-offs(68)(3)(71)(71)(5)(76)
Recoveries26 — 26 12 — 12 
Other(1)
(6)— (6)10 — 10 
Ending balance$373 $3 $376 $347 $5 $352 
(1) Includes amounts related to foreign currency remeasurement.
The following table summarizes the activity in the allowance for merchant loans, advances, and fees receivable for the three months ended March 31, 2026 and 2025:
March 31, 2026March 31, 2025
Merchant Loans and Advances
Fees Receivable
Total AllowanceMerchant Loans and Advances
Fees Receivable
Total Allowance
(In millions)
Beginning balance$156 $14 $170 $107 $6 $113 
Provisions47 4 51 38 3 41 
Charge-offs(37)(3)(40)(23)(2)(25)
Recoveries4 — 4 6 — 6 
Other(1)
(1)— (1)— — — 
Ending balance$169 $15 $184 $128 $7 $135 
(1) Includes amounts related to foreign currency remeasurement.
v3.26.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Total Long-Term Debt
The following table summarizes total long-term debt:
MaturitiesEffective Interest RateMarch 31,
2026		December 31,
2025
(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 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):
¥23 billion fixed-rate 0.972% notes
6/9/20261.06%144 147 
¥37 billion fixed-rate 1.240% notes
6/9/20281.31%232 237 
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 notes3/6/20284.73%450 450 
Fixed-rate 4.450% notes
3/6/20284.66%450 450 
Fixed-rate 5.100% notes
4/1/20355.20%600 600 
Total term debt
10,876 10,884 
Unamortized premium (discount) and issuance costs, net(73)(76)
Less: current portion of term debt(2)
(1,394)(1,396)
Total carrying amount of term debt
$9,409 $9,412 
(1) Principal amounts represent the U.S. dollar equivalent as of March 31, 2026 and December 31, 2025, 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 March 31, 2026, the future principal payments associated with our long-term debt was as follows (in millions):
Remaining 2026
$1,394 
2027500 
20281,132 
20291,500 
2030
1,000 
Thereafter5,350 
Total$10,876 
v3.26.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2026
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 months ended March 31, 2026 and 2025:
Three Months Ended March 31,
20262025
(in millions)
Beginning balance$344 $342 
Provision(1)
276 278 
Realized losses and charge-offs(359)(348)
Recoveries(2)
49 33 
Ending balance$310 $305 
(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.
v3.26.1
STOCK-BASED PLANS (Tables)
 3 Months Ended
Mar. 31, 2026
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 months ended March 31, 2026 and 2025:
Three Months Ended March 31,
 20262025
(In millions)
Customer support and operations$49 $51 
Sales and marketing35 33 
Technology and development126 111 
General and administrative74 72 
Total stock-based compensation expense$284 $267 
Capitalized as part of internal use software and website development costs$31 $35 
v3.26.1
RESTRUCTURING AND OTHER (Tables)
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve Activity
The following table summarizes the associated restructuring charges:
Three Months Ended
March 31, 2026
Total Plan Costs Incurred to Date
(In millions)
Employee severance and benefits costs$2 $98 
Other restructuring costs(1)
9 15 
Total
$11 $113 
(1) 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.
Schedule of Restructuring Reserve Activity
The following table summarizes the restructuring reserve activity during the three months ended March 31, 2026:
Employee Severance and Benefits Costs
Other Restructuring Costs
Total
(In millions)
Accrued liability as of January 1, 2026
$52 $6 $58 
Charges
2 9 11 
Payments(9)(3)(12)
Accrued liability as of March 31, 2026
$45 $12 $57 
v3.26.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
(In millions)
Net revenues$8,353 $7,791 
Less (add):
Transaction expense4,165 3,704 
Transaction losses276 278 
Credit losses102 93 
Customer support and operations(1)
446 398 
Sales and marketing(1)
518 488 
Technology and development(1)
793 731 
General and administrative(1)
491 503 
Restructuring and other74 66 
Other income (expense), net95 (73)
Income tax expense280 316 
Segment net income (loss)$1,113 $1,287 
(1) Includes depreciation and amortization expense. For the three months ended March 31, 2026 and 2025, total depreciation and amortization expense was $238 million and $245 million, respectively.
v3.26.1
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Variable Interest Entity [Line Items]    
Long-term investments $ 4,125 $ 4,330
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Long-term investments 202 202
Variable interest entity, reporting entity involvement, maximum loss exposure, amount $ 246 $ 246
v3.26.1
REVENUE - Additional Information (Details)
$ in Millions
Mar. 31, 2026
USD ($)
classification
Dec. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]    
Number of revenue classifications | classification 2  
Contract assets are included in other assets | $ $ 231 $ 238
v3.26.1
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Net revenues $ 8,353 $ 7,791
Net revenues which do not represent revenues recognized in the scope of ASC Topic 606 473 573
Transaction revenues    
Disaggregation of Revenue [Line Items]    
Net revenues 7,501 7,016
Revenues from other value added services    
Disaggregation of Revenue [Line Items]    
Net revenues 852 775
U.S.    
Disaggregation of Revenue [Line Items]    
Net revenues 4,882 4,463
Other countries    
Disaggregation of Revenue [Line Items]    
Net revenues $ 3,471 $ 3,328
v3.26.1
NET INCOME (LOSS) PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income (loss), basic $ 1,113 $ 1,287
Net income (loss), diluted $ 1,113 $ 1,287
Denominator:    
Weighted average shares of common stock - basic (in shares) 913 986
Dilutive effect of equity incentive awards (in shares) 7 13
Weighted average shares of common stock - diluted (in shares) 920 999
Net income (loss) per share:    
Basic (in dollars per share) $ 1.22 $ 1.31
Diluted (in dollars per share) $ 1.21 $ 1.29
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive (in shares) 21 2
v3.26.1
BUSINESS COMBINATIONS (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
business
Mar. 31, 2025
business
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Purchase price | $ $ 134  
Number of businesses acquired | business 1 0
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill Balances and Adjustments (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 10,864
Goodwill Acquired 104
Foreign CTA (22)
Ending balance $ 10,946
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
business
Mar. 31, 2025
USD ($)
business
Goodwill and Intangible Assets Disclosure [Abstract]    
Number of businesses acquired | business 1 0
Amortization expense for intangible assets | $ $ 32 $ 47
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Components of Identifiable Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 669 $ 649
Accumulated Amortization  (463) (441)
Net Carrying Amount 206 208
Customer lists and user base    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 377 372
Accumulated Amortization  (233) (224)
Net Carrying Amount 144 148
Marketing related    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 59 60
Accumulated Amortization  (52) (50)
Net Carrying Amount 7 10
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 23 9
Accumulated Amortization  (3) (2)
Net Carrying Amount 20 7
All other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 210 208
Accumulated Amortization  (175) (165)
Net Carrying Amount $ 35 $ 43
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Expected Future Intangible Asset Amortization (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fiscal years:    
Remaining 2026 $ 77  
2027 68  
2028 53  
2029 2  
2030 2  
Thereafter 4  
Net Carrying Amount $ 206 $ 208
v3.26.1
LEASES - Schedule of Components of Lease Expense, Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease expense $ 40 $ 41
Finance lease expense - amortization of right-of-use (“ROU”) lease assets 4 4
Sublease income (2) (2)
Total lease expense, net 42 43
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases 45 42
Financing cash flows from finance leases 2 2
ROU lease assets obtained in exchange for operating lease liabilities $ (5) $ 5
v3.26.1
LEASES - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Operating leases    
ROU lease assets $ 499 $ 539
Current lease liabilities 147 148
Long-term lease liabilities 505 548
Total lease liabilities $ 652 $ 696
Weighted-average remaining lease term 5 years 3 months 18 days 5 years 4 months 24 days
Weighted-average discount rate 5.00% 4.00%
Finance leases    
ROU lease assets $ 52 $ 56
Current lease liabilities 5 7
Long-term lease liabilities 10 10
Total lease liabilities $ 15 $ 17
Weighted-average remaining lease term 3 years 1 month 6 days 3 years 4 months 24 days
Weighted-average discount rate 5.00% 5.00%
v3.26.1
LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Operating leases    
Remaining 2026 $ 129  
2027 168  
2028 114  
2029 96  
2030 82  
Thereafter 150  
Total 739  
Less: present value discount (87)  
Lease liability 652 $ 696
Finance leases    
Remaining 2026 6  
2027 6  
2028 4  
2029 0  
2030 0  
Thereafter 0  
Total 16  
Less: present value discount (1)  
Lease liability $ 15 $ 17
v3.26.1
LEASES - Additional Information (Details)
Mar. 31, 2026
USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]  
Operating lease, lease not yet commenced, term of contract 12 years
Operating Lease, Lease Not yet Commenced  
Unrecorded Unconditional Purchase Obligation [Line Items]  
Leases not yet commenced $ 284,000,000
Financing Lease, Lease Not yet Commenced  
Unrecorded Unconditional Purchase Obligation [Line Items]  
Leases not yet commenced $ 0
v3.26.1
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Total    
Beginning balance $ 20,256 $ 20,417
Other comprehensive income (loss) before reclassifications 57 (38)
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) (88) 34
Other comprehensive income (loss), net of tax 145 (72)
Ending balance 20,024 20,254
Accumulated Other Comprehensive Income (Loss)    
Estimated Tax (Expense) Benefit    
Beginning balance (42) (75)
Other comprehensive income (loss) before reclassifications (8) 4
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) 0 0
Net current period other comprehensive income (loss) (8) 4
Ending balance (50) (71)
Total    
Beginning balance (658) (550)
Ending balance (513) (622)
Unrealized Gains (Losses) on Cash Flow Hedges    
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax    
Beginning balance (110) 147
Other comprehensive income (loss) before reclassifications 104 (143)
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) (88) 33
Net current period other comprehensive income (loss) 192 (176)
Ending balance 82 (29)
Unrealized Gains (Losses) on Available-for-sale Debt Securities    
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax    
Beginning balance 13 14
Other comprehensive income (loss) before reclassifications (5) (8)
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) 0 1
Net current period other comprehensive income (loss) (5) (9)
Ending balance 8 5
Foreign Currency Translation Adjustment (“CTA”)    
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax    
Beginning balance (832) (949)
Other comprehensive income (loss) before reclassifications (34) 109
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) 0 0
Net current period other comprehensive income (loss) (34) 109
Ending balance (866) (840)
Net Investment Hedges CTA Gains (Losses)    
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax    
Beginning balance 313 313
Other comprehensive income (loss) before reclassifications 0 0
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) 0 0
Net current period other comprehensive income (loss) 0 0
Ending balance $ 313 $ 313
v3.26.1
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Reclassifications Out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]    
Net revenues $ 8,353 $ 7,791
Customer support and operations 446 398
Technology and development 793 731
Income before income taxes 1,393 1,603
Income tax expense (280) (316)
Net income (loss) 1,113 1,287
Amount of Gains (Losses) Reclassified from AOCI    
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]    
Income before income taxes (88) 34
Income tax expense 0 0
Net income (loss) (88) 34
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 (86) 35
Customer support and operations (1) (1)
Technology and development (1) (1)
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 $ 0 $ 1
v3.26.1
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Interest income $ 107 $ 145
Interest expense (111) (103)
Net gains (losses) on strategic investments (101) 48
Other 10 (17)
Other income (expense), net $ (95) $ 73
v3.26.1
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
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents $ 6,977 $ 8,049 $ 7,569
Funds receivable 8,131 7,678  
Total funds receivable and customer accounts 39,501 38,198  
Total short-term investments 2,365 2,373  
Long-term investments:      
Time deposits 6 5  
Available-for-sale debt securities 2,313 2,421  
Strategic investments 1,806 1,904  
Total long-term investments 4,125 4,330  
Funds receivable and customer accounts      
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents 15,466 15,969  
Time deposits 77 94  
Available-for-sale debt securities 15,827 14,457  
Short-term investments      
Debt Securities, Available-for-sale [Line Items]      
Time deposits 79 88  
Available-for-sale debt securities 2,286 2,285  
Cash and cash equivalents      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities $ 250 $ 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 $ 187 $ 374  
Cash and cash equivalents | Maximum      
Long-term investments:      
Debt securities, available for sale, original maturities term 3 months 3 months  
v3.26.1
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
Mar. 31, 2026
Dec. 31, 2025
Gross Amortized Cost    
Total available-for-sale debt securities $ 20,257 $ 18,904
Gross Unrealized Gains 17 18
Gross Unrealized Losses (9) (5)
Estimated Fair Value    
Noncurrent 2,313 2,421
Fair Value 20,265 18,917
U.S. government and agency securities    
Gross Amortized Cost    
Noncurrent 480 400
Estimated Fair Value    
Noncurrent 480 400
Foreign government and agency securities    
Gross Amortized Cost    
Noncurrent   50
Estimated Fair Value    
Noncurrent   50
Corporate debt securities    
Gross Amortized Cost    
Noncurrent 542 648
Estimated Fair Value    
Noncurrent 543 650
Mortgage-backed and asset-backed securities    
Gross Amortized Cost    
Noncurrent 1,288 1,320
Estimated Fair Value    
Noncurrent 1,290 1,321
U.S. government and agency securities    
Gross Amortized Cost    
Current 250  
Gross Unrealized Gains 0  
Gross Unrealized Losses 0  
Estimated Fair Value    
Available-for-sale debt securities 250  
Funds receivable and customer accounts    
Estimated Fair Value    
Available-for-sale debt securities 15,827 14,457
Funds receivable and customer accounts | U.S. government and agency securities    
Gross Amortized Cost    
Current 4,173 3,529
Gross Unrealized Gains 1 1
Gross Unrealized Losses 0 0
Estimated Fair Value    
Available-for-sale debt securities 4,174 3,530
Funds receivable and customer accounts | Foreign government and agency securities    
Gross Amortized Cost    
Current 85 81
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value    
Available-for-sale debt securities 85 81
Funds receivable and customer accounts | Corporate debt securities    
Gross Amortized Cost    
Current 2,411 2,438
Gross Unrealized Gains 2 4
Gross Unrealized Losses (1) (1)
Estimated Fair Value    
Available-for-sale debt securities 2,412 2,441
Funds receivable and customer accounts | Mortgage-backed and asset-backed securities    
Gross Amortized Cost    
Current 4,232 3,825
Gross Unrealized Gains 9 7
Gross Unrealized Losses (4) (1)
Estimated Fair Value    
Available-for-sale debt securities 4,237 3,831
Funds receivable and customer accounts | Municipal securities    
Gross Amortized Cost    
Current 33 98
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value    
Available-for-sale debt securities 33 98
Funds receivable and customer accounts | Commercial paper    
Gross Amortized Cost    
Current 4,475 4,229
Gross Unrealized Gains 1 1
Gross Unrealized Losses (1) 0
Estimated Fair Value    
Available-for-sale debt securities 4,475 4,230
Short-term investments    
Estimated Fair Value    
Available-for-sale debt securities 2,286 2,285
Short-term investments | U.S. government and agency securities    
Gross Amortized Cost    
Current 395 443
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value    
Available-for-sale debt securities 395 443
Short-term investments | Foreign government and agency securities    
Gross Amortized Cost    
Current 110 60
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value    
Available-for-sale debt securities 110 60
Short-term investments | Corporate debt securities    
Gross Amortized Cost    
Current 809 985
Gross Unrealized Gains 0 1
Gross Unrealized Losses (1) (2)
Estimated Fair Value    
Available-for-sale debt securities 808 984
Short-term investments | Mortgage-backed and asset-backed securities    
Gross Amortized Cost    
Current 404 448
Gross Unrealized Gains 0 0
Gross Unrealized Losses (1) 0
Estimated Fair Value    
Available-for-sale debt securities 403 448
Short-term investments | Commercial paper    
Gross Amortized Cost    
Current 570 350
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value    
Available-for-sale debt securities 570 350
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
Gross Unrealized Losses   0
Long-term investments: | Corporate debt securities    
Gross Amortized Cost    
Gross Unrealized Gains 1 2
Gross Unrealized Losses 0 0
Long-term investments: | Mortgage-backed and asset-backed securities    
Gross Amortized Cost    
Gross Unrealized Gains 3 2
Gross Unrealized Losses $ (1) $ (1)
v3.26.1
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]      
Accrued interest receivable $ 97   $ 101
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
Non cash investments not yet settled $ 25 $ 125  
v3.26.1
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
Mar. 31, 2026
Dec. 31, 2025
Fair Value    
Less than 12 months $ 9,222 $ 5,505
12 months or longer 245 426
Total 9,467 5,931
Gross Unrealized Losses    
Less than 12 months (8) (4)
12 months or longer (1) (1)
Total (9) (5)
U.S. government and agency securities    
Fair Value    
Less than 12 months 250  
12 months or longer 0  
Total 250  
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 2,159 1,261
12 months or longer 15 50
Total 2,174 1,311
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 0
Total 0 0
Funds receivable and customer accounts | Foreign government and agency securities    
Fair Value    
Less than 12 months 49 56
12 months or longer 0 0
Total 49 56
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 1,000 309
12 months or longer 0 0
Total 1,000 309
Gross Unrealized Losses    
Less than 12 months (1) (1)
12 months or longer 0 0
Total (1) (1)
Funds receivable and customer accounts | Mortgage-backed and asset-backed securities    
Fair Value    
Less than 12 months 1,661 1,000
12 months or longer 57 206
Total 1,718 1,206
Gross Unrealized Losses    
Less than 12 months (4) (1)
12 months or longer 0 0
Total (4) (1)
Funds receivable and customer accounts | Commercial paper    
Fair Value    
Less than 12 months 1,999 1,375
12 months or longer 0 0
Total 1,999 1,375
Gross Unrealized Losses    
Less than 12 months (1) 0
12 months or longer 0 0
Total (1) 0
Short-term investments | U.S. government and agency securities    
Fair Value    
Less than 12 months 295 443
12 months or longer 0 0
Total 295 443
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 0
Total 0 0
Short-term investments | Foreign government and agency securities    
Fair Value    
Less than 12 months 25 0
12 months or longer 20 20
Total 45 20
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 0
Total 0 0
Short-term investments | Corporate debt securities    
Fair Value    
Less than 12 months 233 94
12 months or longer 94 109
Total 327 203
Gross Unrealized Losses    
Less than 12 months 0 (1)
12 months or longer (1) (1)
Total (1) (2)
Short-term investments | Mortgage-backed and asset-backed securities    
Fair Value    
Less than 12 months 247 354
12 months or longer 53 6
Total 300 360
Gross Unrealized Losses    
Less than 12 months (1) 0
12 months or longer 0 0
Total (1) 0
Short-term investments | Commercial paper    
Fair Value    
Less than 12 months 470 200
12 months or longer 0 0
Total 470 200
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 0
Total 0 0
Long-term investments: | U.S. government and agency securities    
Fair Value    
Less than 12 months 210  
12 months or longer 0  
Total 210  
Gross Unrealized Losses    
Less than 12 months 0  
12 months or longer 0  
Total 0  
Long-term investments: | Foreign government and agency securities    
Fair Value    
Less than 12 months   25
12 months or longer   0
Total   25
Gross Unrealized Losses    
Less than 12 months   0
12 months or longer   0
Total   0
Long-term investments: | Corporate debt securities    
Fair Value    
Less than 12 months 235 20
12 months or longer 0 0
Total 235 20
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 0
Total 0 0
Long-term investments: | Mortgage-backed and asset-backed securities    
Fair Value    
Less than 12 months 389 368
12 months or longer 6 35
Total 395 403
Gross Unrealized Losses    
Less than 12 months (1) (1)
12 months or longer 0 0
Total $ (1) $ (1)
v3.26.1
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
Mar. 31, 2026
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Proceeds from sales and maturities of available-for-sale debt securities $ 5,279 $ 5,472
v3.26.1
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
Mar. 31, 2026
Dec. 31, 2025
Amortized Cost    
One year or less $ 10,214  
After one year through five years 4,579  
After five years through ten years 2,391  
After ten years 3,073  
Total available-for-sale debt securities 20,257 $ 18,904
Fair Value    
One year or less 10,213  
After one year through five years 4,582  
After five years through ten years 2,387  
After ten years 3,083  
Fair Value $ 20,265 $ 18,917
v3.26.1
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Strategic Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Carrying value of marketable equity securities recorded in long-term investments $ 106 $ 180
Fair value of marketable equity securities with a time-based contractual sale restriction 94  
Carrying value of non-marketable equity securities which do not have readily determinable fair value 1,700 1,700
Carrying value of non-marketable equity $ 215 $ 215
v3.26.1
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
Mar. 31, 2026
Mar. 31, 2025
Equity Securities without Readily Determinable Fair Value [Roll Forward]    
Carrying amount, beginning of period $ 1,509 $ 1,336
Adjustments related to non-marketable equity securities:    
Net additions (reductions) (1) 22
Gross unrealized gains 45 55
Gross unrealized losses and impairments (68) 0
Carrying amount, end of period $ 1,485 $ 1,413
v3.26.1
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
Mar. 31, 2026
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Cumulative gross unrealized gains $ 917 $ 872
Cumulative gross unrealized losses and impairments $ (421) $ (353)
v3.26.1
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
Mar. 31, 2026
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Net unrealized gains (losses) $ (97) $ 48
v3.26.1
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
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Assets:      
Available-for-sale debt securities $ 2,313 $ 2,421  
Marketable equity securities 106 180  
Cash and cash equivalents 6,977 8,049 $ 7,569
Time deposits, current and noncurrent 85 93  
Carrying value of non-marketable equity securities which do not have readily determinable fair value 1,700 1,700  
Portion at Other than Fair Value Measurement      
Assets:      
Cash and cash equivalents 6,700 8,000  
U.S. government and agency securities      
Assets:      
Available-for-sale debt securities 480 400  
Foreign government and agency securities      
Assets:      
Available-for-sale debt securities   50  
Corporate debt securities      
Assets:      
Available-for-sale debt securities 543 650  
Mortgage-backed and asset-backed securities      
Assets:      
Available-for-sale debt securities 1,290 1,321  
Cash, time deposits and funds receivable      
Assets:      
Funds receivable and customer accounts not measured and recorded at fair value 23,500 23,400  
Short-term investments      
Assets:      
Available-for-sale debt securities 2,286 2,285  
Short-term investments | U.S. government and agency securities      
Assets:      
Available-for-sale debt securities 395 443  
Short-term investments | Foreign government and agency securities      
Assets:      
Available-for-sale debt securities 110 60  
Short-term investments | Corporate debt securities      
Assets:      
Available-for-sale debt securities 808 984  
Short-term investments | Mortgage-backed and asset-backed securities      
Assets:      
Available-for-sale debt securities 403 448  
Short-term investments | Commercial paper      
Assets:      
Available-for-sale debt securities 570 350  
Funds receivable and customer accounts      
Assets:      
Available-for-sale debt securities 15,827 14,457  
Funds receivable and customer accounts | U.S. government and agency securities      
Assets:      
Available-for-sale debt securities 4,174 3,530  
Funds receivable and customer accounts | Foreign government and agency securities      
Assets:      
Available-for-sale debt securities 85 81  
Funds receivable and customer accounts | Corporate debt securities      
Assets:      
Available-for-sale debt securities 2,412 2,441  
Funds receivable and customer accounts | Mortgage-backed and asset-backed securities      
Assets:      
Available-for-sale debt securities 4,237 3,831  
Funds receivable and customer accounts | Municipal securities      
Assets:      
Available-for-sale debt securities 33 98  
Funds receivable and customer accounts | Commercial paper      
Assets:      
Available-for-sale debt securities 4,475 4,230  
Fair value, measurements, recurring basis      
Assets:      
Cash and cash equivalents 298    
Derivatives 188 20  
Marketable equity securities 106 180  
Total financial assets 21,205 19,741  
Liabilities:      
Derivatives 60 158  
Fair value, measurements, recurring basis | U.S. government and agency securities      
Assets:      
Available-for-sale debt securities 480 400  
Fair value, measurements, recurring basis | Foreign government and agency securities      
Assets:      
Available-for-sale debt securities   50  
Fair value, measurements, recurring basis | Corporate debt securities      
Assets:      
Available-for-sale debt securities 543 650  
Fair value, measurements, recurring basis | Mortgage-backed and asset-backed securities      
Assets:      
Available-for-sale debt securities 1,290 1,321  
Fair value, measurements, recurring basis | Short-term investments      
Assets:      
Available-for-sale debt securities 2,286 2,285  
Fair value, measurements, recurring basis | Short-term investments | U.S. government and agency securities      
Assets:      
Available-for-sale debt securities 395 443  
Fair value, measurements, recurring basis | Short-term investments | Foreign government and agency securities      
Assets:      
Available-for-sale debt securities 110 60  
Fair value, measurements, recurring basis | Short-term investments | Corporate debt securities      
Assets:      
Available-for-sale debt securities 808 984  
Fair value, measurements, recurring basis | Short-term investments | Mortgage-backed and asset-backed securities      
Assets:      
Available-for-sale debt securities 403 448  
Fair value, measurements, recurring basis | Short-term investments | Commercial paper      
Assets:      
Available-for-sale debt securities 570 350  
Fair value, measurements, recurring basis | Funds receivable and customer accounts      
Assets:      
Available-for-sale debt securities 16,014 14,831  
Fair value, measurements, recurring basis | Funds receivable and customer accounts | U.S. government and agency securities      
Assets:      
Available-for-sale debt securities 4,174 3,530  
Fair value, measurements, recurring basis | Funds receivable and customer accounts | Foreign government and agency securities      
Assets:      
Available-for-sale debt securities 298 371  
Fair value, measurements, recurring basis | Funds receivable and customer accounts | Corporate debt securities      
Assets:      
Available-for-sale debt securities 2,763 2,736  
Fair value, measurements, recurring basis | Funds receivable and customer accounts | Mortgage-backed and asset-backed securities      
Assets:      
Available-for-sale debt securities 4,237 3,831  
Fair value, measurements, recurring basis | Funds receivable and customer accounts | Municipal securities      
Assets:      
Available-for-sale debt securities 33 98  
Fair value, measurements, recurring basis | Funds receivable and customer accounts | Commercial paper      
Assets:      
Available-for-sale debt securities 4,509 4,265  
Fair value, measurements, recurring basis | Long-term investments:      
Assets:      
Investments 2,419 2,601  
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Assets:      
Cash and cash equivalents 48    
Derivatives 0 0  
Marketable equity securities 106 180  
Total financial assets 154 184  
Liabilities:      
Derivatives 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  
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 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 106 180  
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)      
Assets:      
Cash and cash equivalents 250    
Derivatives 188 20  
Marketable equity securities 0 0  
Total financial assets 21,051 19,557  
Liabilities:      
Derivatives 60 158  
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | U.S. government and agency securities      
Assets:      
Available-for-sale debt securities 480 400  
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Foreign government and agency securities      
Assets:      
Available-for-sale debt securities   50  
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities      
Assets:      
Available-for-sale debt securities 543 650  
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed and asset-backed securities      
Assets:      
Available-for-sale debt securities 1,290 1,321  
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments      
Assets:      
Available-for-sale debt securities 2,286 2,285  
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 395 443  
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 110 60  
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Corporate debt securities      
Assets:      
Available-for-sale debt securities 808 984  
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 403 448  
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Commercial paper      
Assets:      
Available-for-sale debt securities 570 350  
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Funds receivable and customer accounts      
Assets:      
Available-for-sale debt securities 16,014 14,831  
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 4,174 3,530  
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 298 371  
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 2,763 2,736  
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 4,237 3,831  
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Funds receivable and customer accounts | Municipal securities      
Assets:      
Available-for-sale debt securities 33 98  
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Funds receivable and customer accounts | Commercial paper      
Assets:      
Available-for-sale debt securities 4,509 4,265  
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments:      
Assets:      
Investments 2,313 2,421  
U.S. government and agency securities      
Assets:      
Available-for-sale debt securities 250    
U.S. government and agency securities | Fair value, measurements, recurring basis      
Assets:      
Cash and cash equivalents 250    
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    
U.S. government and agency securities | Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)      
Assets:      
Cash and cash equivalents 250    
Money market fund | Fair value, measurements, recurring basis      
Assets:      
Cash and cash equivalents 48 4  
Money market fund | Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Assets:      
Cash and cash equivalents 48 4  
Money market fund | Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)      
Assets:      
Cash and cash equivalents $ 0 $ 0  
v3.26.1
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
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Amortized Cost $ 600   $ 621
Fair Value 598   $ 620
Funds receivable and customer accounts $ (15) $ 31  
v3.26.1
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
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities measured at cost minus impairment $ 1,485 $ 1,509 $ 1,413 $ 1,336
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 1,287 1,223    
Non-marketable equity securities measured using the Measurement Alternative 208 690    
Total financial assets 1,495 1,913    
Equity securities measured at cost minus impairment 1,300 819    
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 1,233 1,182    
Non-marketable equity securities measured using the Measurement Alternative 117 679    
Total financial assets 1,350 1,861    
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 54 41    
Non-marketable equity securities measured using the Measurement Alternative 91 11    
Total financial assets $ 145 $ 52    
v3.26.1
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Additional Information (Details) - Senior Notes - USD ($)
$ in Billions
Mar. 31, 2026
Dec. 31, 2025
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 $ 10.8
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 $ 10.1 $ 10.3
v3.26.1
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Maximum maturity of foreign currency exchange contracts (in months) 12 months 12 months
Net derivative gains related to cash flow hedges to be reclassified into earnings within the next 12 months $ 82,000,000  
Net investment hedge CTA gains (losses), reclassifications $ 0 $ 0
v3.26.1
DERIVATIVE INSTRUMENTS - Schedule of Fair Value of Outstanding Derivative Instruments (Details) - Foreign Exchange Contract - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Derivative assets $ 188 $ 20
Derivative liabilities 60 158
Other current assets | Foreign exchange contracts designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 107 $ 7
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 $ 81 $ 13
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 $ 25 $ 118
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 $ 35 $ 40
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
v3.26.1
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
Mar. 31, 2026
Mar. 31, 2025
Total amounts presented in the consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded    
Net revenues $ 8,353 $ 7,791
Customer support and operations 446 398
Technology and development 793 731
Other income (expense), net $ (95) $ 73
Net revenues    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net revenues Net revenues
Gains (losses) on derivatives not designated as hedging instruments:    
Total net gains (losses) $ (86) $ 35
Customer support and operations    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Operating Expenses Operating Expenses
Gains (losses) on derivatives not designated as hedging instruments:    
Total net gains (losses) $ (1) $ (1)
Technology and development    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Operating Expenses Operating Expenses
Gains (losses) on derivatives not designated as hedging instruments:    
Total net gains (losses) $ (1) $ (1)
Other income (expense), net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other income (expense), net Other income (expense), net
Gains (losses) on derivatives not designated as hedging instruments:    
Total net gains (losses) $ 53 $ (83)
Foreign exchange contracts designated as hedging instruments | Foreign Exchange Contract | Net revenues    
Gains (losses) on derivatives in cash flow hedging relationship:    
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI (86) 35
Foreign exchange contracts designated as hedging instruments | Foreign Exchange Contract | Customer support and operations    
Gains (losses) on derivatives in cash flow hedging relationship:    
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI (1) (1)
Foreign exchange contracts designated as hedging instruments | Foreign Exchange Contract | Technology and development    
Gains (losses) on derivatives in cash flow hedging relationship:    
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI (1) (1)
Foreign exchange contracts designated as hedging instruments | Foreign Exchange Contract | Other income (expense), net    
Gains (losses) on derivatives in cash flow hedging relationship:    
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI 0 0
Foreign exchange contracts not designated as hedging instruments | Foreign Exchange Contract | Net revenues    
Gains (losses) on derivatives not designated as hedging instruments:    
Total net gains (losses) 0 0
Foreign exchange contracts not designated as hedging instruments | Foreign Exchange Contract | Customer support and operations    
Gains (losses) on derivatives not designated as hedging instruments:    
Total net gains (losses) 0 0
Foreign exchange contracts not designated as hedging instruments | Foreign Exchange Contract | Technology and development    
Gains (losses) on derivatives not designated as hedging instruments:    
Total net gains (losses) 0 0
Foreign exchange contracts not designated as hedging instruments | Foreign Exchange Contract | Other income (expense), net    
Gains (losses) on derivatives not designated as hedging instruments:    
Total net gains (losses) $ 53 $ (83)
v3.26.1
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
Mar. 31, 2026
Mar. 31, 2025
Foreign Exchange Contract    
Derivative Instruments, Gain (Loss) [Line Items]    
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges $ 104 $ (143)
v3.26.1
DERIVATIVE INSTRUMENTS - Schedule of Notional Amounts of Outstanding Derivatives (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Notional amounts $ 16,097 $ 17,810
Foreign Exchange Contract | Foreign exchange contracts designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Notional amounts 7,469 5,878
Foreign Exchange Contract | Foreign exchange contracts not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Notional amounts $ 8,628 $ 11,932
v3.26.1
DERIVATIVE INSTRUMENTS - Schedule of Offsetting Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivative assets    
Amounts Presented on the Condensed Consolidated Balance Sheets $ 188 $ 20
Financial instruments 25 13
Collateral received 107 2
Net Amounts 56 5
Derivative liabilities    
Amounts Presented on the Condensed Consolidated Balance Sheets 60 158
Financial Instruments 25 13
Collateral Pledged 24 122
Net Amounts 11 23
Collateral received, Derivative assets 110 2
Non-cash collateral received 61 90
Cash    
Derivative liabilities    
Amount posted as collateral 46 156
Securities (Assets)    
Derivative liabilities    
Amount posted as collateral $ 77 $ 91
v3.26.1
LOANS AND INTEREST RECEIVABLE - Loans and Interest Receivable, Held For Sale (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]      
Loans and interest receivable, held for sale $ 1,825 $ 1,726  
Consumer Receivables      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Loans and interest receivable, held for sale 1,800 $ 1,700  
Derecognized loans with an unpaid balance 7,500   $ 5,300
Financing receivable, sale $ 7,400   $ 5,300
v3.26.1
LOANS AND INTEREST RECEIVABLE - Consumer Receivable (Details) - Consumer Receivables - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Merchant receivables purchased $ 369 $ 277  
Loans and interest receivable 5,414   $ 5,479
Receivables, participation interest sold, value $ 33   $ 33
v3.26.1
LOANS AND INTEREST RECEIVABLE - Schedule of Delinquency Status of Consumer Loans and Interest Receivable by Year of Origination (Details) - Consumer Receivables - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis $ 2,781   $ 2,854
Originated in year one 1,093   2,130
Originated in year two 1,171   375
Originated in year three 291   120
Originated in year four 78   0
Originated in year five 0   0
Total $ 5,414   $ 5,479
Percent 100.00%   100.00%
Gross charge-offs by origination year [Abstract]      
Gross charge-offs, Revolving Loans Amortized Cost Basis $ 35   $ 136
Year one 0   36
Year two 33   107
Year three 3   20
Year four 0   1
Year five 0   0
Total Gross charge-offs 71 $ 76 300
Current      
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis 2,692   2,767
Originated in year one 1,078   2,043
Originated in year two 1,091   360
Originated in year three 280   114
Originated in year four 74   0
Originated in year five 0   0
Total $ 5,215   $ 5,284
Percent 96.30%   96.40%
30 - 59 Days      
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis $ 28   $ 29
Originated in year one 15   34
Originated in year two 19   5
Originated in year three 4   2
Originated in year four 1   0
Originated in year five 0   0
Total $ 67   $ 70
Percent 1.20%   1.30%
60 - 89 Days      
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis $ 21   $ 19
Originated in year one 0   22
Originated in year two 21   4
Originated in year three 3   2
Originated in year four 1   0
Originated in year five 0   0
Total $ 46   $ 47
Percent 0.90%   0.90%
90 - 179 Days      
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis $ 40   $ 39
Originated in year one 0   31
Originated in year two 40   6
Originated in year three 4   2
Originated in year four 2   0
Originated in year five 0   0
Total $ 86   $ 78
Percent 1.60%   1.40%
v3.26.1
LOANS AND INTEREST RECEIVABLE - Schedule of Allowance for Loans and Interest Receivable (Details) - Consumer Loans Receivable - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Allowance for loans and interest receivable      
Beginning balance $ 369 $ 348 $ 348
Provisions 58 58  
Charge-offs (71) (76) (300)
Recoveries 26 12  
Other (6) 10  
Ending balance 376 352 369
Consumer Loans Receivable      
Allowance for loans and interest receivable      
Beginning balance 366 341 341
Provisions 55 55  
Charge-offs (68) (71)  
Recoveries 26 12  
Other (6) 10  
Ending balance 373 347 366
Interest Receivable      
Allowance for loans and interest receivable      
Beginning balance 3 7 7
Provisions 3 3  
Charge-offs (3) (5)  
Recoveries 0 0  
Other 0 0  
Ending balance $ 3 $ 5 $ 3
v3.26.1
LOANS AND INTEREST RECEIVABLE - Consumer Receivable (Details) - Consumer Receivables - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Merchant receivables purchased $ 369 $ 277    
Loans and interest receivable 5,414   $ 5,479  
Receivables, participation interest sold, value 33   33  
Allowance for credit loss $ 376 $ 352 $ 369 $ 348
v3.26.1
LOANS AND INTEREST RECEIVABLE - Merchant Receivable (Details) - Merchant Receivables - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Merchant receivables purchased $ 570 $ 494    
Loans and interest receivable 1,851   $ 1,806  
Receivables, participation interest sold, value 66   65  
Allowance for credit loss $ 184 $ 135 $ 170 $ 113
v3.26.1
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
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Installment Loans Amortized Cost Basis      
Originated in year one $ 830   $ 1,684
Originated in year two 946   103
Originated in year three 63   11
Originated in year four 8   6
Originated in year five 4   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year     2
Total $ 1,851   $ 1,806
Percent 100.00%   100.00%
Gross charge-offs by origination year [Abstract]      
Year one $ 0   $ 25
Year two 25   87
Year three 13   19
Year four 2   4
Year five 0   0
Five years before current fiscal year     2
Total Gross charge-offs 40 $ 25 137
Current      
Installment Loans Amortized Cost Basis      
Originated in year one 818   1,558
Originated in year two 803   53
Originated in year three 26   5
Originated in year four 3   3
Originated in year five 4   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year     2
Total $ 1,654   $ 1,621
Percent 89.40%   89.80%
30 - 59 Days      
Installment Loans Amortized Cost Basis      
Originated in year one $ 10   $ 63
Originated in year two 57   17
Originated in year three 13   1
Originated in year four 1   1
Originated in year five 0   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year     0
Total $ 81   $ 82
Percent 4.40%   4.50%
60 - 89 Days      
Installment Loans Amortized Cost Basis      
Originated in year one $ 2   $ 27
Originated in year two 32   10
Originated in year three 8   1
Originated in year four 1   1
Originated in year five 0   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year     0
Total $ 43   $ 39
Percent 2.30%   2.20%
90 - 179 Days      
Installment Loans Amortized Cost Basis      
Originated in year one $ 0   $ 34
Originated in year two 50   18
Originated in year three 11   2
Originated in year four 2   1
Originated in year five 0   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year     0
Total $ 63   $ 55
Percent 3.40%   3.00%
180+ Days      
Installment Loans Amortized Cost Basis      
Originated in year one $ 0   $ 2
Originated in year two 4   5
Originated in year three 5   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
Total $ 10   $ 9
Percent 0.50%   0.50%
v3.26.1
LOANS AND INTEREST RECEIVABLE - Schedule of Allowance for Merchant Loans, Advances, and Interest and Fees Receivable (Details) - Merchant Receivables - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Allowance for loans and interest receivable      
Beginning balance $ 170 $ 113 $ 113
Provisions 51 41  
Charge-offs (40) (25) (137)
Recoveries 4 6  
Other (1) 0  
Ending balance 184 135 170
Merchant Loans and Advances      
Allowance for loans and interest receivable      
Beginning balance 156 107 107
Provisions 47 38  
Charge-offs (37) (23)  
Recoveries 4 6  
Other (1) 0  
Ending balance 169 128 156
Fees Receivable      
Allowance for loans and interest receivable      
Beginning balance 14 6 6
Provisions 4 3  
Charge-offs (3) (2)  
Recoveries 0 0  
Other 0 0  
Ending balance $ 15 $ 7 $ 14
v3.26.1
DEBT - Schedule of Outstanding Aggregate Principal Amount Related to the Notes (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Mar. 31, 2026
JPY (¥)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]      
Total carrying amount of term debt $ 9,409   $ 9,987
Senior Notes      
Debt Instrument [Line Items]      
Outstanding aggregate principal amount 10,876   10,884
Unamortized premium (discount) and issuance costs, net (73)   (76)
Less: current portion of term debt (1,394)   (1,396)
Total carrying amount of term debt $ 9,409   9,412
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   1,250
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   1,500
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   1,000
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   1,000
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   500
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   1,000
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   1,000
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   500
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 $ 144   147
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 $ 232   237
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   850
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   400
Senior Notes | Floating-rate notes      
Debt Instrument [Line Items]      
Effective Interest Rate 4.73% 4.73%  
Outstanding aggregate principal amount $ 450   450
Senior Notes | Fixed-rate 4.450% notes      
Debt Instrument [Line Items]      
Interest rate 4.45% 4.45%  
Effective Interest Rate 4.66% 4.66%  
Outstanding aggregate principal amount $ 450   450
Senior Notes | Fixed-rate 5.100% notes      
Debt Instrument [Line Items]      
Interest rate 5.10% 5.10%  
Effective Interest Rate 5.20% 5.20%  
Outstanding aggregate principal amount $ 600   $ 600
v3.26.1
DEBT - Schedule of Future Principal Payments (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Future Principal Payments  
Remaining 2026 $ 1,394
2027 500
2028 1,132
2029 1,500
2030 1,000
Thereafter 5,350
Total $ 10,876
v3.26.1
DEBT - Notes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Senior Notes    
Debt Instrument [Line Items]    
Interest expense and fees $ 106 $ 98
v3.26.1
DEBT - Paidy Credit Agreement (Details)
 1 Months Ended
Sep. 30, 2022
JPY (¥)
Mar. 31, 2026
USD ($)
Mar. 31, 2026
JPY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
JPY (¥)
Feb. 28, 2022
JPY (¥)
Line of Credit Facility [Line Items]            
Long-Term Debt | $   $ 10,876,000,000        
Revolving Credit Facility | Paidy Credit Agreement | Unsecured Debt            
Line of Credit Facility [Line Items]            
Maximum borrowing capacity ¥ 90,000,000,000.0 563,000,000       ¥ 60,000,000,000.0
Increase to the borrowing capacity | ¥ ¥ 30,000,000,000.0          
Borrowings outstanding | ¥     ¥ 90,000,000,000.0   ¥ 90,000,000,000.0  
Long-Term Debt | $   $ 563,000,000   $ 575,000,000    
Weighted average interest rate (as a percent)   1.42% 1.42%      
Remaining borrowing capacity   $ 0 ¥ 0      
v3.26.1
DEBT - Commercial Paper (Details) - Commercial paper - Credit Agreement - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Line of Credit Facility [Line Items]    
Borrowings outstanding $ 200 $ 200
Weighted average interest rate (as a percent) 3.99% 4.07%
Maximum    
Line of Credit Facility [Line Items]    
Credit facility, term (in years) 397 days  
v3.26.1
COMMITMENTS AND CONTINGENCIES - Additional Information (Details)
$ in Millions
Mar. 31, 2026
USD ($)
action
Apr. 02, 2026
action
Mar. 11, 2026
action
Feb. 24, 2026
action
Dec. 31, 2025
USD ($)
Jan. 31, 2025
action
Apr. 04, 2023
action
Nov. 02, 2022
action
Other Commitments [Line Items]                
Allowance for transaction losses | $ $ 26       $ 73      
Allowance for negative customer balances | $ 284       271      
Consumer Receivables                
Other Commitments [Line Items]                
Financing receivable, sold, indemnification amount | $ $ 3,400       $ 3,800      
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 | Spathias v. Daniel Schulman, et al.                
Other Commitments [Line Items]                
Number of pending claims           1    
Pending Litigation | Darcy v. PayPal Holdings, Inc. et al.                
Other Commitments [Line Items]                
Number of pending claims       1        
Pending Litigation | Goncalves v. Chriss, et. al.                
Other Commitments [Line Items]                
Number of pending claims     1          
Pending Litigation | Norfolk County Retirement System v. PayPal Holdings, Inc. et al. | Subsequent Event                
Other Commitments [Line Items]                
Number of pending claims   1            
Judicial Ruling | In re PayPal Holdings, Inc. Securities Litigation, Amended Claim                
Other Commitments [Line Items]                
Number of claims dismissed 1              
Judicial Ruling | Goodman v. PayPal Holdings, Inc. et al.                
Other Commitments [Line Items]                
Number of claims dismissed 1              
v3.26.1
COMMITMENTS AND CONTINGENCIES - Schedule of Allowance for Transaction Losses and Negative Customer Balances (Details) - Protection Programs - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Loss Contingency Accrual    
Beginning balance $ 344 $ 342
Provision 276 278
Realized losses and charge-offs (359) (348)
Recoveries 49 33
Ending balance $ 310 $ 305
v3.26.1
STOCKHOLDERS' EQUITY (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
shares
Equity, Class of Treasury Stock [Line Items]  
Dividend declared (in dollars per share) | $ / shares $ 0.14
Dividends, common stock $ 130
February 2025 Stock Repurchase Program  
Equity, Class of Treasury Stock [Line Items]  
Repurchases of shares of common stock, shares repurchased (in shares) | shares 34
Cash paid for shares repurchased $ 1,500
Average cost per share, excluding excise tax (in dollars per share) | $ / shares $ 44.60
Remaining amount authorized for future repurchase of common stock $ 12,400
v3.26.1
STOCK-BASED PLANS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense $ 284 $ 267
Capitalized as part of internal use software and website development costs 31 35
Customer support and operations    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 49 51
Sales and marketing    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 35 33
Technology and development    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 126 111
General and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense $ 74 $ 72
v3.26.1
INCOME TAXES (Details) - USD ($)
$ in Billions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Income Tax Disclosure [Abstract]      
Effective income tax rate, percentage 20.00% 20.00%  
Unrecognized tax benefits $ 2.5   $ 2.5
v3.26.1
RESTRUCTURING AND OTHER - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]      
Loss on sale of loans, held for sale $ 61   $ 25
Q2 2025 Plan      
Restructuring Cost and Reserve [Line Items]      
Restructuring expenses 11    
Q2 2025 Plan | Employee Severance and Benefits Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 100    
Restructuring expenses 2    
Q2 2025 Plan | Other Restructuring Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring expenses 9    
Q1 2025 Plan      
Restructuring Cost and Reserve [Line Items]      
Restructuring expenses     $ 39
Minimum | Q2 2025 Plan      
Restructuring Cost and Reserve [Line Items]      
Executed over a period   18 months  
Minimum | Q2 2025 Plan | Asset impairment and accelerated depreciation charges      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 40    
Minimum | Q2 2025 Plan | Other Restructuring Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 110    
Maximum | Q2 2025 Plan      
Restructuring Cost and Reserve [Line Items]      
Executed over a period   42 months  
Maximum | Q2 2025 Plan | Asset impairment and accelerated depreciation charges      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 60    
Maximum | Q2 2025 Plan | Other Restructuring Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 140    
v3.26.1
RESTRUCTURING AND OTHER - Schedule of Associated Restructuring Reserve (Details) - Q2 2025 Plan
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring expenses $ 11
Total Plan Costs Incurred to Date 113
Employee Severance and Benefits Costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring expenses 2
Total Plan Costs Incurred to Date 98
Other Restructuring Costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring expenses 9
Total Plan Costs Incurred to Date $ 15
v3.26.1
RESTRUCTURING AND OTHER - Schedule of Restructuring Reserve Activity (Details) - Q2 2025 Plan
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Reserve [Roll Forward]  
Accrued liability, beginning of period $ 58
Charges 11
Payments (12)
Accrued liability, ending of period 57
Employee Severance and Benefits Costs  
Restructuring Reserve [Roll Forward]  
Accrued liability, beginning of period 52
Charges 2
Payments (9)
Accrued liability, ending of period 45
Other Restructuring Costs  
Restructuring Reserve [Roll Forward]  
Accrued liability, beginning of period 6
Charges 9
Payments (3)
Accrued liability, ending of period $ 12
v3.26.1
SEGMENT INFORMATION - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.26.1
SEGMENT INFORMATION - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Net revenues $ 8,353 $ 7,791
Less (add):    
Transaction expense 4,165 3,704
Customer support and operations 446 398
Sales and marketing 518 488
Technology and development 793 731
General and administrative 491 503
Restructuring and other 74 66
Other income (expense), net 95 (73)
Income tax expense 280 316
Net income (loss) 1,113 1,287
Depreciation and amortization 238 245
Reportable Segment    
Segment Reporting Information [Line Items]    
Net revenues 8,353 7,791
Less (add):    
Transaction expense 4,165 3,704
Transaction losses 276 278
Credit losses 102 93
Customer support and operations 446 398
Sales and marketing 518 488
Technology and development 793 731
General and administrative 491 503
Restructuring and other 74 66
Other income (expense), net 95 (73)
Income tax expense 280 316
Net income (loss) 1,113 1,287
Depreciation and amortization $ 238 $ 245