PAYPAL HOLDINGS, INC., 10-Q filed on 7/29/2025
Quarterly Report
v3.25.2
COVER - shares
 6 Months Ended
Jun. 30, 2025
Jul. 23, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-36859  
Entity Registrant Name PayPal Holdings, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 47-2989869  
Entity Address, Address Line One 2211 North First Street  
Entity Address, City or Town San Jose,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95131  
City Area Code 408  
Local Phone Number 967-7000  
Title of 12(b) Security Common stock, $0.0001 par value per share  
Entity Trading Symbol PYPL  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   955,378,405
Entity Central Index Key 0001633917  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 6,688 $ 6,662
Short-term investments 3,320 4,262
Accounts receivable, net 1,099 984
Loans and interest receivable, held for sale 817 541
Loans and interest receivable, net of allowances of $524 and $461 as of June 30, 2025 and December 31, 2024, respectively 6,938 6,422
Funds receivable and customer accounts 38,923 37,671
Prepaid expenses and other current assets 2,094 1,664
Total current assets 59,879 58,206
Long-term investments 3,645 4,583
Property and equipment, net 1,625 1,508
Goodwill 10,976 10,837
Intangible assets, net 271 326
Other assets 3,381 3,265
Total assets 79,777 78,725
Current liabilities:    
Accounts payable 221 227
Funds payable and amounts due to customers 40,923 39,671
Accrued expenses and other current liabilities 3,906 5,592
Total current liabilities 45,050 45,490
Other long-term liabilities 3,230 2,939
Long-term debt 11,296 9,879
Total liabilities 59,576 58,308
Commitments and contingencies (Note 13)
Equity:    
Common stock, $0.0001 par value; 4,000 shares authorized; 960 and 993 shares outstanding as of June 30, 2025 and December 31, 2024, respectively 0 0
Preferred stock, $0.0001 par value; 100 shares authorized, unissued 0 0
Treasury stock at cost, 378 and 337 shares as of June 30, 2025 and December 31, 2024, respectively (30,111) (27,085)
Additional paid-in-capital 21,136 20,705
Retained earnings 29,915 27,347
Accumulated other comprehensive income (loss) (739) (550)
Total equity 20,201 20,417
Total liabilities and equity $ 79,777 $ 78,725
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Loans and interest receivable, allowances $ 524 $ 461
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 4,000 4,000
Common stock, shares outstanding (in shares) 960 993
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 100 100
Treasury stock, shares (in shares) 378 337
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Net revenues $ 8,288 $ 7,885 $ 16,079 $ 15,584
Operating expenses:        
Transaction expense 3,968 3,942 7,672 7,859
Transaction and credit losses 476 335 847 656
Customer support and operations 413 436 811 890
Sales and marketing 583 446 1,071 867
Technology and development 767 718 1,498 1,460
General and administrative 461 570 964 1,034
Restructuring and other 116 113 182 325
Total operating expenses 6,784 6,560 13,045 13,091
Operating income 1,504 1,325 3,034 2,493
Other income (expense), net 25 74 98 115
Income before income taxes 1,529 1,399 3,132 2,608
Income tax expense 268 271 584 592
Net income (loss) $ 1,261 $ 1,128 $ 2,548 $ 2,016
Net income (loss) per share:        
Basic (in dollars per share) $ 1.30 $ 1.08 $ 2.61 $ 1.91
Diluted (in dollars per share) $ 1.29 $ 1.08 $ 2.58 $ 1.90
Weighted average shares:        
Basic (in shares) 969 1,042 977 1,053
Diluted (in shares) 977 1,047 988 1,060
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 1,261 $ 1,128 $ 2,548 $ 2,016
Other comprehensive income (loss), net of reclassification adjustments:        
Foreign currency translation adjustments (“CTA”), net 162 (126) 289 (287)
Tax (expense) benefit on foreign CTA, net (34) 1 (59) 19
Net investment hedges CTA gains, net 0 100 0 199
Tax expense on net investment hedges CTA gains, net 0 (24) 0 (47)
Unrealized (losses) gains on cash flow hedges, net (248) 3 (424) 99
Tax benefit (expense) on unrealized (losses) gains on cash flow hedges, net 11 0 20 (5)
Unrealized (losses) gains on available-for-sale debt securities, net (11) 15 (20) 98
Tax benefit (expense) on unrealized (losses) gains on available-for-sale debt securities, net 3 (3) 5 (23)
Other comprehensive income (loss), net of tax (117) (34) (189) 53
Comprehensive income (loss) $ 1,144 $ 1,094 $ 2,359 $ 2,069
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Adjustments
Common Stock Shares
Treasury Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Retained Earnings
Adjustments
Beginning balance (in shares) at Dec. 31, 2023     1,072          
Beginning balance at Dec. 31, 2023 $ 21,051     $ (21,045) $ 19,642 $ (746) $ 23,200  
Increase (Decrease) in Stockholders' Equity                
Net income 888           888  
Foreign CTA, net (161)         (161)    
Tax (expense) benefit on foreign CTA, net 18         18    
Net investment hedges CTA gains, net 99         99    
Tax expense on net investment hedges CTA gains, net (23)         (23)    
Unrealized (losses) gains on cash flow hedges, net 96         96    
Tax benefit (expense) on unrealized losses on cash flow hedges, net (5)         (5)    
Unrealized (losses) gains on available-for-sale debt securities, net 83         83    
Tax benefit (expense) on unrealized (losses) gains on available-for-sale debt securities, net (20)         (20)    
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)     6          
Common stock and stock-based awards issued, net of shares withheld for employee taxes (193)       (193)      
Common stock repurchased (in shares)     (25)          
Common stock repurchased (1,511)     (1,511)        
Treasury stock reissuance 4     4        
Stock-based compensation 376       376      
Ending balance (in shares) at Mar. 31, 2024     1,053          
Ending balance at Mar. 31, 2024 20,702     (22,552) 19,825 (659) 24,088  
Beginning balance (in shares) at Dec. 31, 2023     1,072          
Beginning balance at Dec. 31, 2023 21,051     (21,045) 19,642 (746) 23,200  
Increase (Decrease) in Stockholders' Equity                
Net income 2,016              
Foreign CTA, net (287)              
Tax (expense) benefit on foreign CTA, net 19              
Net investment hedges CTA gains, net 199              
Tax expense on net investment hedges CTA gains, net (47)              
Unrealized (losses) gains on cash flow hedges, net 99              
Tax benefit (expense) on unrealized losses on cash flow hedges, net (5)              
Unrealized (losses) gains on available-for-sale debt securities, net 98              
Tax benefit (expense) on unrealized (losses) gains on available-for-sale debt securities, net (23)              
Ending balance (in shares) at Jun. 30, 2024     1,032          
Ending balance at Jun. 30, 2024 20,622     (24,064) 20,163 (693) 25,216  
Beginning balance (in shares) at Mar. 31, 2024     1,053          
Beginning balance at Mar. 31, 2024 20,702     (22,552) 19,825 (659) 24,088  
Increase (Decrease) in Stockholders' Equity                
Net income 1,128           1,128  
Foreign CTA, net (126)         (126)    
Tax (expense) benefit on foreign CTA, net 1         1    
Net investment hedges CTA gains, net 100         100    
Tax expense on net investment hedges CTA gains, net (24)         (24)    
Unrealized (losses) gains on cash flow hedges, net 3         3    
Tax benefit (expense) on unrealized losses on cash flow hedges, net 0              
Unrealized (losses) gains on available-for-sale debt securities, net 15         15    
Tax benefit (expense) on unrealized (losses) gains on available-for-sale debt securities, net (3)         (3)    
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)     3          
Common stock and stock-based awards issued, net of shares withheld for employee taxes 13       13      
Common stock repurchased (in shares)     (24)          
Common stock repurchased (1,516)     (1,516)        
Treasury stock reissuance 4     4        
Stock-based compensation 325       325      
Ending balance (in shares) at Jun. 30, 2024     1,032          
Ending balance at Jun. 30, 2024 $ 20,622     (24,064) 20,163 (693) 25,216  
Beginning balance (in shares) at Dec. 31, 2024 993   993          
Beginning balance at Dec. 31, 2024 $ 20,417 $ 20   (27,085) 20,705 (550) 27,347 $ 20
Increase (Decrease) in Stockholders' Equity                
Net income 1,287           1,287  
Foreign CTA, net 127         127    
Tax (expense) benefit on foreign CTA, net (25)         (25)    
Unrealized (losses) gains on cash flow hedges, net (176)         (176)    
Tax benefit (expense) on unrealized losses on cash flow hedges, net 9         9    
Unrealized (losses) gains on available-for-sale debt securities, net (9)         (9)    
Tax benefit (expense) on unrealized (losses) gains on available-for-sale debt securities, net 2         2    
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)     5          
Common stock and stock-based awards issued, net of shares withheld for employee taxes (171)       (171)      
Common stock repurchased (in shares)     (19)          
Common stock repurchased (1,512)     (1,512)        
Stock-based compensation 285       285      
Ending balance (in shares) at Mar. 31, 2025     979          
Ending balance at Mar. 31, 2025 $ 20,254     (28,597) 20,819 (622) 28,654  
Beginning balance (in shares) at Dec. 31, 2024 993   993          
Beginning balance at Dec. 31, 2024 $ 20,417 $ 20   (27,085) 20,705 (550) 27,347 $ 20
Increase (Decrease) in Stockholders' Equity                
Net income 2,548              
Foreign CTA, net 289              
Tax (expense) benefit on foreign CTA, net (59)              
Net investment hedges CTA gains, net 0              
Tax expense on net investment hedges CTA gains, net 0              
Unrealized (losses) gains on cash flow hedges, net (424)              
Tax benefit (expense) on unrealized losses on cash flow hedges, net 20              
Unrealized (losses) gains on available-for-sale debt securities, net (20)              
Tax benefit (expense) on unrealized (losses) gains on available-for-sale debt securities, net $ 5              
Ending balance (in shares) at Jun. 30, 2025 960   960          
Ending balance at Jun. 30, 2025 $ 20,201     (30,111) 21,136 (739) 29,915  
Beginning balance (in shares) at Mar. 31, 2025     979          
Beginning balance at Mar. 31, 2025 20,254     (28,597) 20,819 (622) 28,654  
Increase (Decrease) in Stockholders' Equity                
Net income 1,261           1,261  
Foreign CTA, net 162         162    
Tax (expense) benefit on foreign CTA, net (34)         (34)    
Net investment hedges CTA gains, net 0              
Tax expense on net investment hedges CTA gains, net 0              
Unrealized (losses) gains on cash flow hedges, net (248)         (248)    
Tax benefit (expense) on unrealized losses on cash flow hedges, net 11         11    
Unrealized (losses) gains on available-for-sale debt securities, net (11)         (11)    
Tax benefit (expense) on unrealized (losses) gains on available-for-sale debt securities, net 3         3    
Common stock and stock-based awards issued, net of shares withheld for employee taxes (in shares)     3          
Common stock and stock-based awards issued, net of shares withheld for employee taxes (2)       (2)      
Common stock repurchased (in shares)     (22)          
Common stock repurchased (1,514)     (1,514)        
Stock-based compensation $ 319       319      
Ending balance (in shares) at Jun. 30, 2025 960   960          
Ending balance at Jun. 30, 2025 $ 20,201     $ (30,111) $ 21,136 $ (739) $ 29,915  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical)
 3 Months Ended
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]  
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2023-08 [Member]
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 2,548 $ 2,016
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Transaction and credit losses 847 656
Depreciation and amortization 484 528
Stock-based compensation 535 663
Deferred income taxes (89) 29
Net (gains) losses on strategic investments (59) 55
Accretion of discounts on investments, net of amortization of premiums (57) (197)
Adjustments to loans and interest receivable, held for sale 52 64
Other (297) (42)
Originations of loans receivable, held for sale (14,358) (11,065)
Proceeds from repayments and sales of loans receivable, originally classified as held for sale 14,112 11,175
Changes in assets and liabilities:    
Accounts receivable (115) 82
Accounts payable (50) (11)
Other assets and liabilities (1,495) (511)
Net cash provided by operating activities 2,058 3,442
Cash flows from investing activities:    
Purchases of reverse repurchase agreements (201) (151)
Maturities of reverse repurchase agreements 288 151
Purchases of property and equipment (402) (311)
Proceeds from sales of property and equipment 3 0
Purchases and originations of loans receivable (11,490) (9,961)
Proceeds from repayments and sales of loans receivable, originally classified as held for investment 11,210 9,760
Purchases of investments (11,564) (16,004)
Maturities and sales of investments 11,595 14,241
Funds receivable (2,785) (1,367)
Collateral posted related to derivative instruments, net (316) 75
Other (15) 0
Net cash used in investing activities (3,677) (3,567)
Cash flows from financing activities:    
Borrowings from repurchase agreements 405 190
Repayments of repurchase agreements (405) (190)
Proceeds from issuance of common stock 74 55
Purchases of treasury stock (3,051) (3,002)
Tax withholdings related to net share settlements of equity awards (249) (230)
Borrowings under financing arrangements 1,491 1,414
Repayments under financing arrangements (1,207) (411)
Funds payable and amounts due to customers 913 (38)
Collateral received related to derivative instruments and reverse repurchase agreements, net (145) 70
Other (6) (20)
Net cash used in financing activities (2,180) (2,162)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 289 (89)
Net change in cash, cash equivalents, and restricted cash (3,510) (2,376)
Cash, cash equivalents, and restricted cash at beginning of period 22,490 21,834
Cash, cash equivalents, and restricted cash at end of period 18,980 19,458
Supplemental cash flow disclosures:    
Cash paid for interest 191 166
Cash paid for income taxes, net 837 822
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 6,688 7,801
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows 18,980 19,458
Short-term investments    
The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:    
Restricted cash and cash equivalents 0 3
Funds receivable and customer accounts    
The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:    
Restricted cash and cash equivalents $ 12,292 $ 11,654
v3.25.2
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
OVERVIEW AND ORGANIZATION

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

Basis of presentation and principles of consolidation

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

We determine at the inception of each investment, and re-evaluate if certain events occur, whether an entity in which we have made an investment is considered a variable interest entity (“VIE”). If we determine an investment is in a VIE, we then assess if we are the primary beneficiary, which would require consolidation. As of June 30, 2025 and December 31, 2024, no VIEs qualified for consolidation as the structures of these entities do not provide us with the ability to direct activities that would significantly impact their economic performance. As of June 30, 2025 and December 31, 2024, the carrying value of our investments in nonconsolidated VIEs was $190 million and $187 million, respectively, and is included as non-marketable equity securities applying the equity method of accounting in long-term investments on our condensed consolidated balance sheets. The investments in nonconsolidated VIEs are primarily investments in funds that are limited partnerships or similar structures which are focused on increasing access to capital for underserved communities. Our maximum exposure to loss related to our nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $246 million as of both June 30, 2025 and December 31, 2024.

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

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

Use of estimates

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

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

Recently issued accounting guidance

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

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

Recently adopted accounting guidance

In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This amended guidance requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost basis for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. We adopted this guidance effective as of January 1, 2025. We have applied the amendments of this guidance as a cumulative-effect adjustment to retained earnings. The adoption of this guidance did not have a significant impact on our condensed consolidated financial statements.

In January 2025, the SEC released Staff Accounting Bulletin (“SAB”) No. 122 rescinding SAB No. 121, which required an entity to record a liability to reflect its obligation to safeguard the crypto assets held for its platform users with a corresponding asset and required disclosures related to the entity’s safeguarding obligations. SAB No. 122 is effective for annual periods beginning after December 15, 2024 and is required to be applied on a fully retrospective basis, with early adoption permitted. We adopted this guidance as of March 31, 2025 and derecognized the crypto asset safeguarding liability and corresponding safeguarding asset on our condensed consolidated balance sheet as of December 31, 2024. Additionally, we derecognized the associated deferred tax asset and liability as of December 31, 2024. The adoption of this guidance did not impact our condensed consolidated statements of income (loss), comprehensive income (loss), stockholders’ equity or cash flows.
The following table presents the effects of the changes on the presentation of our condensed consolidated balance sheet:
December 31, 2024
(In millions)
As Previously Reported (1)
Adjustments
As Adjusted
Total assets(2)
$81,611 $(2,886)$78,725 
Total liabilities(2)
$61,194 $(2,886)$58,308 
(1) As reported in our 2024 Form 10-K filed with the SEC on February 4, 2025.
(2) Financial statement lines impacted within total assets and total liabilities were “prepaid expenses and other current assets” and “accrued expenses and other current liabilities”, respectively.

There are other new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these new accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.
v3.25.2
REVENUE
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
We enable our customers to send and receive payments. We earn revenue primarily by completing payment transactions for our customers on our payments platform and from other value added services. Our revenues are classified into two categories: transaction revenues and revenues from other value added services.

We record a contract asset when we have a conditional right to consideration for services we have already transferred to our customer. These contract assets are included in other assets in our condensed consolidated balance sheets and were $193 million and $207 million as of June 30, 2025 and December 31, 2024, respectively.

DISAGGREGATION OF REVENUE

We believe that the nature, amount, timing, and uncertainty of our revenue and cash flows and how they are affected by economic factors are most appropriately depicted through our primary geographical markets and types of revenue categories (transaction revenues and revenues from other value added services). Revenues recorded within these categories are earned from similar products and services for which the nature of associated fees and the related revenue recognition models are substantially similar.

The following table presents our revenue disaggregated by primary geographical market and category:
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Primary geographical markets
U.S.$4,709 $4,550 $9,172 $9,017 
Other countries(1)
3,579 3,335 6,907 6,567 
Total net revenues(2)
$8,288 $7,885 $16,079 $15,584 
Revenue category
Transaction revenues$7,441 $7,153 $14,457 $14,187 
Revenues from other value added services847 732 1,622 1,397 
Total net revenues(2)
$8,288 $7,885 $16,079 $15,584 
(1) No single country included in the other countries category generated more than 10% of total net revenues.
(2) Total net revenues include $506 million and $520 million for the three months ended June 30, 2025 and 2024, respectively, and $1.1 billion and $988 million for the six months ended June 30, 2025 and 2024, respectively, which do not represent revenues recognized in the scope of Accounting Standards Codification Topic 606, Revenue from contracts with customers. Such revenues relate to interest and fees earned on loans and interest receivable, including loans and interest receivable, held for sale, hedging gains or losses, and interest earned and gains or losses on certain assets underlying customer balances.

Net revenues are attributed to the country in which the party paying our fee is located.
v3.25.2
NET INCOME (LOSS) PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE NET INCOME (LOSS) PER SHARE
Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding for the period. The dilutive effect of outstanding equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive common shares. During periods when we report net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items would decrease the net loss per share.

The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated:
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions, except per share amounts)
Numerator:
Net income (loss)$1,261 $1,128 $2,548 $2,016 
Denominator:
Weighted average shares of common stock - basic969 1,042 977 1,053 
Dilutive effect of equity incentive awards8 5 11 7 
Weighted average shares of common stock - diluted977 1,047 988 1,060 
Net income (loss) per share:
Basic$1.30 $1.08 $2.61 $1.91 
Diluted$1.29 $1.08 $2.58 $1.90 
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive
14 12 8 14 
v3.25.2
BUSINESS COMBINATIONS AND DIVESTITURES
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS AND DIVESTITURES BUSINESS COMBINATIONS AND DIVESTITURES
In the second quarter of 2025, we completed an acquisition with a total purchase price of $19 million, consisting of cash consideration, which was accounted for as a business combination. There were no acquisitions accounted for as business combinations in the six months ended June 30, 2024.
There were no divestitures completed in the six months ended June 30, 2025 and 2024.
v3.25.2
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
GOODWILL

The following table presents goodwill balances and adjustments to those balances during the six months ended June 30, 2025:
December 31,
2024		Goodwill Acquired Adjustments June 30,
2025
 (In millions)
Total goodwill$10,837 $7 $132 $10,976 

The adjustments to goodwill during the six months ended June 30, 2025 pertained to foreign currency translation adjustments.
INTANGIBLE ASSETS

The components of identifiable intangible assets were as follows:
 June 30, 2025December 31, 2024
 Gross Carrying Amount
Accumulated Amortization 
Net Carrying Amount
Gross Carrying Amount
Accumulated Amortization 
Net Carrying Amount
 
(In millions)
Intangible assets(1):
      
Customer lists and user base$889 $(682)$207 $854 $(601)$253 
Marketing related65 (48)17 60 (38)22 
Developed technologies
9 (1)8 — — — 
All other186 (147)39 182 (131)51 
Intangible assets, net$1,149 $(878)$271 $1,096 $(770)$326 
(1) Excludes intangible assets which have been fully amortized, but are still in use.

Amortization expense for intangible assets was $48 million and $52 million for the three months ended June 30, 2025 and 2024, respectively. Amortization expense for intangible assets was $95 million and $108 million for the six months ended June 30, 2025 and 2024, respectively.

Expected future intangible asset amortization as of June 30, 2025 was as follows (in millions):
Fiscal years:
Remaining 2025$68 
202696 
202761 
202846 
Total$271 
v3.25.2
LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES LEASES
PayPal enters into various leases, which are primarily real estate operating leases. We use these properties for executive and administrative offices, customer services and operations centers, product development offices, and data centers. PayPal also enters into computer equipment finance leases.

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

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

PayPal’s lease portfolio includes a small number of subleases. A sublease situation can arise when currently leased real estate space is available and is surplus to operational requirements.
The components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Operating lease expense$40 $39 $81 $76 
Finance lease expense - amortization of right-of-use (“ROU”) lease assets
4 1 $8 $1 
Sublease income(2)(3)(4)(6)
Total lease expense, net
$42 $37 $85 $71 

Supplemental cash flow information related to leases during the three and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$46 $42 $88 $85 
Financing cash flows from finance leases$4 $20 $6 $20 
ROU lease assets obtained in exchange for new operating lease liabilities
$— $134 $5 $277 
ROU lease assets obtained in exchange for new finance lease liabilities$— $39 $— $55 

Supplemental balance sheet information related to leases was as follows:
June 30, 2025December 31, 2024
(In millions, except weighted-average figures)
Operating leases
Finance leases
Operating leases
Finance leases
ROU lease assets$546 $64 $599 $73 
Current lease liabilities136 5 135 5 
Long-term lease liabilities565 11 629 18 
Total lease liabilities$701 $16 $764 $23 
Weighted-average remaining lease term5.5 years3.9 years5.9 years4.4 years
Weighted-average discount rate4 %5 %4 %5 %

Future minimum lease payments for our leases as of June 30, 2025 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2025$76 $2 
2026176 6 
2027156 6 
2028103 4 
202989 — 
Thereafter199 — 
Total$799 $18 
Less: present value discount(98)(2)
Lease liability$701 $16 
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 June 30, 2025, we have additional operating leases, primarily for offices, which will commence in the third quarter of 2025 or later with minimum lease payments aggregating to $58 million and lease terms ranging from three to ten years. As of June 30, 2025, 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 instead are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

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

PayPal’s lease portfolio includes a small number of subleases. A sublease situation can arise when currently leased real estate space is available and is surplus to operational requirements.
The components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Operating lease expense$40 $39 $81 $76 
Finance lease expense - amortization of right-of-use (“ROU”) lease assets
4 1 $8 $1 
Sublease income(2)(3)(4)(6)
Total lease expense, net
$42 $37 $85 $71 

Supplemental cash flow information related to leases during the three and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$46 $42 $88 $85 
Financing cash flows from finance leases$4 $20 $6 $20 
ROU lease assets obtained in exchange for new operating lease liabilities
$— $134 $5 $277 
ROU lease assets obtained in exchange for new finance lease liabilities$— $39 $— $55 

Supplemental balance sheet information related to leases was as follows:
June 30, 2025December 31, 2024
(In millions, except weighted-average figures)
Operating leases
Finance leases
Operating leases
Finance leases
ROU lease assets$546 $64 $599 $73 
Current lease liabilities136 5 135 5 
Long-term lease liabilities565 11 629 18 
Total lease liabilities$701 $16 $764 $23 
Weighted-average remaining lease term5.5 years3.9 years5.9 years4.4 years
Weighted-average discount rate4 %5 %4 %5 %

Future minimum lease payments for our leases as of June 30, 2025 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2025$76 $2 
2026176 6 
2027156 6 
2028103 4 
202989 — 
Thereafter199 — 
Total$799 $18 
Less: present value discount(98)(2)
Lease liability$701 $16 
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 June 30, 2025, we have additional operating leases, primarily for offices, which will commence in the third quarter of 2025 or later with minimum lease payments aggregating to $58 million and lease terms ranging from three to ten years. As of June 30, 2025, we did not have any additional finance leases which have not yet commenced.
v3.25.2
OTHER FINANCIAL STATEMENT DETAILS
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER FINANCIAL STATEMENT DETAILS OTHER FINANCIAL STATEMENT DETAILS
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended June 30, 2025:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign Currency
Translation Adjustment (“CTA”)
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $(29)$5 $(936)$313 $25 $(622)
Other comprehensive income (loss) before reclassifications(318)(10)162 — (20)(186)
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”)
(70)1 — — — (69)
Net current period other comprehensive income (loss) (248)(11)162 — (20)(117)
Ending balance $(277)$(6)$(774)$313 $5 $(739)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended June 30, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $40 $(51)$(935)$290 $(3)$(659)
Other comprehensive income (loss) before reclassifications25 16 (126)100 (26)(11)
Less: Amount of net gains (losses) reclassified from AOCI
22 1 — — — 23 
Net current period other comprehensive income (loss) 3 15 (126)100 (26)(34)
Ending balance $43 $(36)$(1,061)$390 $(29)$(693)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended June 30, 2025:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $147 $14 $(1,063)$313 $39 $(550)
Other comprehensive income (loss) before reclassifications(459)(18)289 — (34)(222)
Less: Amount of net gains (losses) reclassified from AOCI
(35)2 — — — (33)
Net current period other comprehensive income (loss) (424)(20)289 — (34)(189)
Ending balance $(277)$(6)$(774)$313 $5 $(739)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended June 30, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $(56)$(134)$(774)$191 $27 $(746)
Other comprehensive income (loss) before reclassifications121 57 (287)199 (56)34 
Less: Amount of net gains (losses) reclassified from AOCI
22 (41)— — — (19)
Net current period other comprehensive income (loss) 99 98 (287)199 (56)53 
Ending balance $43 $(36)$(1,061)$390 $(29)$(693)

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 June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Net gains (losses) on cash flow hedges—foreign exchange contracts
$(70)$22 $(35)$22 Net revenues
Net gains (losses) on investments
— 1 1 (41)Net revenues
Net gains (losses) on investments
1 — 1 — Other income (expense), net
(69)23 (33)(19)Income before income taxes
— — — — Income tax expense
Total reclassifications for the period$(69)$23 $(33)$(19)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 June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Interest income$135 $165 $280 $331 
Interest expense(114)(93)(217)(179)
Net gains (losses) on strategic investments11 (6)59 (55)
Other(7)8 (24)18 
Other income (expense), net$25 $74 $98 $115 
v3.25.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS
The following table summarizes the assets underlying our cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments as of June 30, 2025 and December 31, 2024:
 June 30,
2025		December 31,
2024
(In millions)
Cash and cash equivalents
$6,688 $6,662 
Funds receivable and customer accounts:
Cash and cash equivalents(1)
$12,292 $15,828 
Time deposits123 15 
Available-for-sale debt securities16,370 14,551 
Funds receivable10,138 7,277 
Total funds receivable and customer accounts$38,923 $37,671 
Short-term investments:
Time deposits$110 $107 
Available-for-sale debt securities3,210 4,154 
Restricted cash— 1 
Total short-term investments$3,320 $4,262 
Long-term investments:
Time deposits$17 $22 
Available-for-sale debt securities2,052 3,002 
Strategic investments1,576 1,559 
Total long-term investments$3,645 $4,583 
(1) Includes $265 million and $149 million of available-for-sale debt securities with original maturities of three months or less as of June 30, 2025 and December 31, 2024, respectively.
As of June 30, 2025 and December 31, 2024, the estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments was as follows:
 
June 30, 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$4,438 $2 $— $4,440 
Foreign government and agency securities76 — — 76 
Corporate debt securities2,352 3 (1)2,354 
Mortgage-backed and asset-backed securities4,558 5 (13)4,550 
Municipal securities344 — — 344 
Commercial paper3,694 1 (1)3,694 
Short-term investments:
U.S. government and agency securities390 — — 390 
Foreign government and agency securities143 — — 143 
Corporate debt securities1,632 1 (1)1,632 
Mortgage-backed and asset-backed securities832 1 (1)832 
Commercial paper213 — — 213 
Long-term investments:
U.S. government and agency securities230 — — 230 
Foreign government and agency securities60 — — 60 
Corporate debt securities736 1 (1)736 
Mortgage-backed and asset-backed securities1,028 — (2)1,026 
Total available-for-sale debt securities(2)
$20,726 $14 $(20)$20,720 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
 
December 31, 2024(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$5,709 $4 $(2)$5,711 
Foreign government and agency securities77 — — 77 
Corporate debt securities405 — — 405 
Mortgage-backed and asset-backed securities
4,039 13 (5)4,047 
Municipal securities503 1 — 504 
Commercial paper3,391 1 — 3,392 
Short-term investments:
U.S. government and agency securities188 — (2)186 
Foreign government and agency securities84 — — 84 
Corporate debt securities1,751 — (2)1,749 
Mortgage-backed and asset-backed securities
848 5 — 853 
Commercial paper1,281 1 — 1,282 
Long-term investments:
U.S. government and agency securities235 — — 235 
Foreign government and agency securities124 — (1)123 
Corporate debt securities1,601 3 (2)1,602 
Mortgage-backed and asset-backed securities
1,042 1 (1)1,042 
Total available-for-sale debt securities(2)
$21,278 $29 $(15)$21,292 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”

Gross amortized cost and estimated fair value balances exclude accrued interest receivable on available-for-sale debt securities, which totaled $117 million and $140 million at June 30, 2025 and December 31, 2024, respectively, and were included in other current assets on our condensed consolidated balance sheets.
As of June 30, 2025 and December 31, 2024, the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses was not deemed necessary in the current period, aggregated by the length of time those individual securities have been in a continuous loss position, was as follows:
 
June 30, 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$966 $— $— $— $966 $— 
Foreign government and agency securities76 — — — 76 — 
Corporate debt securities710 (1)75 — 785 (1)
Mortgage-backed and asset-backed securities3,132 (13)124 — 3,256 (13)
Municipal securities14 — — — 14 — 
Commercial paper974 (1)— — 974 (1)
Short-term investments:
Foreign government and agency securities— — 34 — 34 — 
Corporate debt securities246 (1)10 — 256 (1)
Mortgage-backed and asset-backed securities483 (1)15 — 498 (1)
Commercial paper195 — — — 195 — 
Long-term investments:
U.S. government and agency securities45 — — — 45 — 
Corporate debt securities281 (1)10 — 291 (1)
Mortgage-backed and asset-backed securities801 (2)— — 801 (2)
Total available-for-sale debt securities$7,923 $(20)$268 $— $8,191 $(20)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.

 
December 31, 2024(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$1,314 $(1)$517 $(1)$1,831 $(2)
Foreign government and agency securities57 — — — 57 — 
Corporate debt securities105 — 50 — 155 — 
Mortgage-backed and asset-backed securities
1,673 (5)2 — 1,675 (5)
Municipal securities29 — 36 — 65 — 
Commercial paper275 — — — 275 — 
Short-term investments:
U.S. government and agency securities— — 186 (2)186 (2)
Corporate debt securities618 (2)90 — 708 (2)
Mortgage-backed and asset-backed securities
250 — 18 — 268 — 
Commercial paper218 — — — 218 — 
Long-term investments:
U.S. government and agency securities50 — — — 50 — 
Foreign government and agency securities90 — 34 (1)124 (1)
Corporate debt securities347 (1)9 (1)356 (2)
Mortgage-backed and asset-backed securities
610 (1)— — 610 (1)
Total available-for-sale debt securities$5,636 $(10)$942 $(5)$6,578 $(15)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
Unrealized losses have not been recognized into income as we neither intend to sell, nor anticipate that it is more likely than not that we will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value was due primarily to changes in market interest rates, rather than credit losses. We will continue to monitor the performance of the investment portfolio and assess whether impairment due to expected credit losses has occurred.

The table below presents cash inflows related to available-for-sale debt securities:
 Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Proceeds from sales and maturities of available-for-sale debt securities
$7,069 $8,985 $12,541 $20,237 

During the three and six months ended June 30, 2025 and the three months ended June 30, 2024, we incurred gross realized losses and gains which were de minimis. During the six months ended June 30, 2024, we incurred gross realized losses of $42 million. 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:
 June 30, 2025
Amortized CostFair Value
(In millions)
One year or less $10,994 $10,995 
After one year through five years3,988 3,993 
After five years through ten years2,681 2,680 
After ten years3,063 3,052 
Total$20,726 $20,720 

Actual maturities may differ from contractual maturities as certain securities may be prepaid.

Supplemental cash flow information related to investments

Non-cash investing transactions that were not reflected in the condensed consolidated statement of cash flows for the six months ended June 30, 2025 and 2024 include the purchase of investments, net of sales, of $29 million and $126 million, respectively, that have not yet settled.

STRATEGIC INVESTMENTS

Our strategic investments include marketable equity securities, which are publicly traded, and non-marketable equity securities, which are primarily investments in privately held companies. Our marketable equity securities have readily determinable fair values and are recorded as long-term investments on our condensed consolidated balance sheets at fair value with changes in fair value recorded in other income (expense), net on our condensed consolidated statements of income (loss). Marketable equity securities totaled $14 million and $23 million as of June 30, 2025 and December 31, 2024, respectively.

Our non-marketable equity securities are recorded as long-term investments on our condensed consolidated balance sheets. The carrying value of our non-marketable equity securities totaled $1.6 billion and $1.5 billion as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, we had non-marketable equity securities of $203 million and $200 million, respectively, for which we have the ability to exercise significant influence, but not control, over the investee. We account for these equity securities using the equity method of accounting. The remaining non-marketable equity securities do not have a readily determinable fair value and we measure these equity investments at cost minus impairment, if any, and adjust for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “Measurement Alternative”). All gains and losses on these investments, realized and unrealized, and our share of earnings or losses from investments accounted for using the equity method are recognized in other income (expense), net on our condensed consolidated statements of income (loss).
Measurement Alternative adjustments

The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Carrying amount, beginning of period$1,413 $1,624 $1,336 $1,631 
Adjustments related to non-marketable equity securities:
Net (reductions) additions(1)
(76)25 (54)65 
Gross unrealized gains28 3 83 3 
Gross unrealized losses and impairments(6)(17)(6)(64)
Carrying amount, end of period$1,359 $1,635 $1,359 $1,635 
(1) Net (reductions) additions 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 June 30, 2025 and December 31, 2024, respectively:
June 30,
2025		December 31,
2024
(In millions)
Cumulative gross unrealized gains $975 $1,187 
Cumulative gross unrealized losses and impairments$(445)$(562)

Unrealized gains (losses) on strategic investments, excluding those accounted for using the equity method

The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at June 30, 2025 and 2024, respectively:
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Net unrealized gains (losses)$20 $(19)$68 $(70)
v3.25.2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
FINANCIAL ASSETS AND LIABILITIES MEASURED AND RECORDED AT FAIR VALUE ON A RECURRING BASIS
The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:

June 30, 2025
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
Money market fund$14 $14 $— 
Short-term investments(2),(5):
U.S. government and agency securities390 — 390 
Foreign government and agency securities143 — 143 
Corporate debt securities1,632 — 1,632 
Mortgage-backed and asset-backed securities832 — 832 
Commercial paper213 — 213 
Total short-term investments3,210 — 3,210 
Funds receivable and customer accounts(3):
U.S. government and agency securities4,440 — 4,440 
Foreign government and agency securities640 — 640 
Corporate debt securities2,933 — 2,933 
Mortgage-backed and asset-backed securities4,550 — 4,550 
Municipal securities344 — 344 
Commercial paper3,728 — 3,728 
Total funds receivable and customer accounts16,635 — 16,635 
Derivatives(4)
61 — 61 
Long-term investments(2),(5):
U.S. government and agency securities230 — 230 
Foreign government and agency securities60 — 60 
Corporate debt securities736 — 736 
Mortgage-backed and asset-backed securities1,026 — 1,026 
Marketable equity securities14 14 — 
Total long-term investments2,066 14 2,052 
Total financial assets$21,986 $28 $21,958 
Liabilities:
Derivatives(4)
$404 $— $404 
Total financial liabilities$404 $— $404 
(1) Excludes cash and cash equivalents of $6.7 billion not measured and recorded at fair value.
(2) Excludes time deposits of $127 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $22.3 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.6 billion measured using the Measurement Alternative or equity method accounting.

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

Our financial assets classified within Level 1 are valued using quoted prices for identical assets in active markets. All other financial assets and liabilities are valued using quoted prices for identical instruments in less active markets, readily available pricing sources for comparable instruments, or models using market observable inputs (Level 2).
A majority of our derivative instruments are valued using pricing models that take into account the contract 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 June 30, 2025 and December 31, 2024, we did not have any assets or liabilities requiring measurement at fair value on a recurring basis with significant unobservable inputs that would require a high level of judgment to determine fair value (Level 3).

We elect to account for available-for-sale debt securities denominated in currencies other than the functional currency of our subsidiaries under the fair value option. Election of the fair value option allows us to recognize any gains and losses from fair value changes on such investments in other income (expense), net on the condensed consolidated statements of income (loss) to significantly reduce the accounting asymmetry that would otherwise arise when recognizing the corresponding foreign exchange gains and losses relating to customer liabilities. The following table summarizes the estimated fair value and amortized cost of our available-for-sale debt securities under the fair value option as of June 30, 2025 and December 31, 2024:
 June 30, 2025December 31, 2024
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Funds receivable and customer accounts$1,180 $1,177 $566 $564 

The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Funds receivable and customer accounts$61 $(8)$92 $(15)

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

The following tables summarize our assets held as of June 30, 2025 and December 31, 2024 for which a non-recurring fair value measurement was recorded during the six months ended June 30, 2025 and the year ended December 31, 2024, respectively:
June 30, 2025
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale$817 $817 $— 
Non-marketable equity securities measured using the Measurement Alternative(1)
221 221 — 
Total$1,038 $1,038 $— 
(1) Excludes non-marketable equity securities of $1.1 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the six months ended June 30, 2025.

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

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

FINANCIAL ASSETS AND LIABILITIES NOT MEASURED AND RECORDED AT FAIR VALUE
Our financial instruments, including cash and certain cash equivalents, restricted cash, time deposits, reverse repurchase agreements, loans and interest receivable, net, certain customer accounts, notes receivable, and long-term debt related to borrowings on our credit facilities are carried at amortized cost, which approximates their fair value. Our term debt (including current portion) had a carrying value of approximately $10.8 billion and fair value of approximately $10.2 billion as of June 30, 2025. Our term debt (including current portion) had a carrying value of approximately $10.5 billion and fair value of approximately $9.8 billion as of December 31, 2024. If these financial instruments were measured at fair value in the financial statements, cash and certain cash equivalents would be classified as Level 1; restricted cash, time deposits, reverse repurchase agreements, certain customer accounts, and term debt (including current portion) would be classified as Level 2; and the remaining financial instruments would be classified as Level 3 in the fair value hierarchy.
v3.25.2
DERIVATIVE INSTRUMENTS
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
SUMMARY OF DERIVATIVE INSTRUMENTS

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

Cash flow hedges

We have significant international revenues and expenses denominated in foreign currencies, which subjects us to foreign exchange risk. We have a foreign currency exposure management program in which we designate certain foreign exchange contracts, generally with maturities of 12 months or less, to reduce the volatility of cash flows primarily related to forecasted revenues and expenses denominated in certain foreign currencies. The objective of these foreign exchange contracts is to help mitigate the risk that the U.S. dollar-equivalent cash flows are adversely affected by changes in the applicable U.S. dollar/foreign currency exchange rate. These derivative instruments are designated as cash flow hedges and accordingly, the derivative’s gain or loss is initially reported as a component of AOCI and subsequently reclassified into revenue or the applicable expense line item in the condensed consolidated statements of income (loss) in the same period the forecasted transaction affects earnings. We evaluate the effectiveness of our foreign exchange contracts on a quarterly basis by comparing the critical terms of the derivative instruments with the critical terms of the forecasted cash flows of the hedged item; if the critical terms are the same, we conclude the hedge will be perfectly effective. We do not exclude any component of the changes in fair value of the derivative instruments from the assessment of hedge effectiveness. We report cash flows arising from derivative instruments consistent with the classification of cash flows from the underlying items that these derivatives are hedging. Accordingly, the cash flows associated with derivatives designated as cash flow hedges are classified in cash flows from operating activities on our condensed consolidated statements of cash flows.
As of June 30, 2025, we estimated that $277 million of net derivative losses related to our cash flow hedges included in AOCI are expected to be reclassified into earnings within the next 12 months. During the three and six months ended June 30, 2025 and 2024, we did not discontinue any cash flow hedges because it was probable that the original forecasted transaction would not occur and as such, did not reclassify any gains or losses to earnings prior to the occurrence of the hedged transaction. If we elect to discontinue our cash flow hedges and it is probable that the original forecasted transaction will occur, we continue to report the derivative’s gain or loss in AOCI until the forecasted transaction affects earnings, at which point we also reclassify it into earnings. Gains and losses on derivatives held after we discontinue our cash flow hedges and on derivative instruments that are not designated as cash flow hedges are recorded in the same financial statement line to which the derivative relates.

Net investment hedges

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

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

Foreign exchange contracts not designated as hedging instruments

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

FAIR VALUE OF DERIVATIVE CONTRACTS

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

 Balance Sheet LocationJune 30,
2025		December 31,
2024
(In millions)
Derivative Assets:
Foreign exchange contracts designated as hedging instruments
Other current assets$10 $157 
Foreign exchange contracts not designated as hedging instruments
Other current assets51 86 
Total derivative assets$61 $243 
Derivative Liabilities:
Foreign exchange contracts designated as hedging instruments
Other current liabilities$288 $10 
Foreign exchange contracts not designated as hedging instruments
Other current liabilities116 27 
Total derivative liabilities$404 $37 
EFFECT OF DERIVATIVE CONTRACTS ON CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following tables provide the location in the condensed consolidated statements of income (loss) and amount of recognized gains or losses related to our derivative instruments:
Three Months Ended June 30,
 20252024
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$8,288 $25 $7,885 $74 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(70)— 22 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— — — 21 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— (152)— (16)
Total net gains (losses)
$(70)$(152)$22 $5 

Six Months Ended June 30,
 20252024
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$16,079 $98 $15,584 $115 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(35)— 22 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— — — 41 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— (235)— 5 
Total net gains (losses)
$(35)$(235)$22 $46 
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 June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$(318)$25 $(459)$121 
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges
— 100 — 199 
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss)
$(318)$125 $(459)$320 
NOTIONAL AMOUNTS OF DERIVATIVE CONTRACTS

Derivative transactions are measured in terms of the notional amount; however, this amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the derivative instruments. The notional amount is generally not exchanged, but is used only as the underlying basis on which the value of foreign currency exchange payments under these contracts is determined. The following table provides the notional amounts of our outstanding derivatives:
June 30,
2025		December 31,
2024
(In millions)
Foreign exchange contracts designated as hedging instruments$6,203 $3,942 
Foreign exchange contracts not designated as hedging instruments10,858 13,317 
Total$17,061 $17,259 

MASTER NETTING AGREEMENTS - RIGHTS OF SET-OFF

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

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

The following tables present the derivative assets, derivative liabilities, and reverse repurchase agreements not offset on the condensed consolidated balance sheets but available for offset in the event of default. The tables also present the cash and non-cash collateral received or pledged relating to these positions. The amount of collateral presented is limited to the amount presented on our condensed consolidated balance sheets; therefore, instances of over-collateralization are excluded from the table below.
Amounts Not Offset on the Condensed Consolidated Balance Sheet
Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments(1)
Collateral Received(2)
Net Amounts
(In millions)
As of June 30, 2025
Derivative assets(3)
$61 $28 $16 $17 
Reverse repurchase agreements(4)
— — — — 
Total assets
$61 $28 $16 $17 
As of December 31, 2024
Derivative assets(3)
$243 $23 $169 $51 
Reverse repurchase agreements(4)
87 — 87 — 
Total assets
$330 $23 $256 $51 

Amounts Not Offset on the Condensed Consolidated Balance Sheet
Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments(1)
Collateral Pledged(2)
Net Amounts
(In millions)
As of June 30, 2025
Derivative liabilities(3)
$404 $28 $300 $76 
As of December 31, 2024
Derivative liabilities(3)
$37 $23 $7 $7 
(1) For derivative positions, this includes any derivative fair value that could be offset in the event of counterparty default. For reverse repurchase positions, this includes any receivable that could be offset in the event of counterparty default.
(2) Includes cash and the fair value of securities exchanged with the counterparty. For reverse repurchase agreements, these securities are not included in the condensed consolidated balance sheet unless the counterparty defaults.
(3) We received cash collateral from derivative counterparties totaling $17 million and $162 million as of June 30, 2025 and December 31, 2024, respectively, and securities from derivative counterparties with a fair value of nil and $30 million as of June 30, 2025 and December 31, 2024, respectively. We posted $323 million and $7 million of cash collateral as of June 30, 2025 and December 31, 2024, respectively.
(4) PayPal is permitted by contract to sell or repledge collateral relating to its reverse repurchase agreements. The fair value of this collateral was nil and $96 million as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, we have not sold or repledged collateral relating to reverse repurchase agreements.
v3.25.2
LOANS AND INTEREST RECEIVABLE
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
LOANS AND INTEREST RECEIVABLE LOANS AND INTEREST RECEIVABLE
LOANS AND INTEREST RECEIVABLE, HELD FOR SALE

In June 2023, we entered into a multi-year agreement with a global investment firm to sell our eligible consumer installment receivables portfolio, including a forward-flow arrangement for the sale of future originations. In December 2024, this agreement was amended and restated to extend the commitment period to December 2026 and to increase the maximum balance of loans that can be sold at a time. Loans and interest receivable, held for sale are recorded at the lower of cost or fair value, determined on an aggregate basis, with valuation changes and any associated charge-offs recorded in restructuring and other on our condensed consolidated statements of income (loss).

As of June 30, 2025 and December 31, 2024, loans and interest receivable, held for sale was $817 million and $541 million, respectively. During the six months ended June 30, 2025, we derecognized loans with an unpaid balance of $11.6 billion and had net proceeds of $11.6 billion from loans and interest receivable sold in connection with the above-mentioned agreement. During the six months ended June 30, 2024, we derecognized loans with an unpaid balance of $9.7 billion and had net proceeds of $9.6 billion, from loans and interest receivable sold in connection with the above-mentioned agreement.
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 U.K., which is made available to consumers as a funding source in their PayPal wallet once they are approved for credit. Additionally, we offer installment credit products at the time of checkout in various markets, including the U.S., several markets across Europe, Australia, and Japan. We offer non interest-bearing installment credit products in these markets as well as interest-bearing installment credit products in the U.S. and Germany. We purchase receivables related to interest-bearing installment loans extended to U.S. consumers by an independent chartered financial institution (“partner institution”) and are responsible for the servicing functions related to that portfolio. During the six months ended June 30, 2025 and 2024, we purchased approximately $602 million and $217 million in consumer receivables, respectively. As of June 30, 2025 and December 31, 2024, the outstanding balance of consumer receivables, which consisted of revolving and installment loans and interest receivable, was $5.8 billion and $5.4 billion, respectively, net of the participation interest sold to the partner institution of $26 million and $23 million, respectively.

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

Consumer receivables delinquency and allowance

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

June 30, 2025
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20252024202320222021TotalPercent
Consumer loans and interest receivable:
Current$2,627 $2,075 $630 $229 $17 $— $5,578 96.2%
30 - 59 Days29 38 12 6 — — 85 1.4%
60 - 89 Days 17 18 7 3 — — 45 0.8%
90 - 179 Days 40 22 25 5 1 — 93 1.6%
Total$2,713 $2,153 $674 $243 $18 $— $5,801 100%
Gross charge-offs for the six months ended June 30, 2025
$67 $1 $71 $12 $1 $— $152 
December 31, 2024
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20242023202220212020TotalPercent
Consumer loans and interest receivable:
Current$2,404 $2,427 $353 $43 $— $— $5,227 96.6%
30 - 59 Days25 28 4 — — — 57 1.1%
60 - 89 Days 16 19 4 1 — — 40 0.7%
90 - 179 Days 38 40 9 2 — — 89 1.6%
Total$2,483 $2,514 $370 $46 $— $— $5,413 100%
Gross charge-offs for the year ended December 31, 2024
$138 $39 $133 $14 $— $— $324 


The following table summarizes the activity in the allowance for consumer loans and interest receivable for the six months ended June 30, 2025 and 2024:
June 30, 2025June 30, 2024
Consumer Loans ReceivableInterest Receivable
Total Allowance
Consumer Loans ReceivableInterest Receivable
Total Allowance
(In millions)
Beginning balance$341 $7 $348 $357 $23 $380 
Provisions117 6 123 106 10 116 
Charge-offs(143)(9)(152)(165)(13)(178)
Recoveries33 — 33 25 — 25 
Other(1)
25 — 25 (11)— (11)
Ending balance$373 $4 $377 $312 $20 $332 
(1) Includes amounts related to foreign currency remeasurement.

The allowance for credit losses at June 30, 2025 for our consumer receivable portfolio was $377 million, an increase from $348 million at December 31, 2024. The increase in allowance for credit losses was primarily attributable to growth in revolving loans in the U.K. and installment loans in Japan. In the second quarter of 2025, we updated our expected credit loss model for our revolving loans in the U.K. to reflect the utilization of average weekly earnings as a macroeconomic factor and no longer consider household disposable income and retail e-commerce sales. Additionally, we updated our expected credit loss model for certain portfolios to utilize multiple economic scenarios rather than the single scenario previously utilized. These changes did not have a material impact on our allowance for credit losses in the period.

Merchant receivables

We offer access to merchant finance products for certain small and medium-sized businesses through our PayPal Working Capital (“PPWC”) and PayPal Business Loan (“PPBL”) products, which we collectively refer to as our merchant finance offerings. We purchase receivables related to credit extended to U.S. merchants by a partner institution and are responsible for the servicing functions related to that portfolio. During the six months ended June 30, 2025 and 2024, we purchased approximately $1.0 billion and $774 million in merchant receivables, respectively. As of June 30, 2025 and December 31, 2024, the total outstanding balance in our pool of merchant loans, advances, and interest and fees receivable was $1.7 billion and $1.5 billion, net of the participation interest sold to the partner institution of $59 million and $53 million, respectively.
Through our PPWC product, merchants can borrow a certain percentage of their annual payment volume processed by PayPal and are charged a fixed fee for the loan or advance based on the overall credit assessment of the merchant. Loans and advances are repaid through a fixed percentage of the merchant’s future payment volume that PayPal processes. Through our PPBL product, we provide merchants access to short-term business financing for a fixed fee based on an evaluation of the applying business as well as the business owner. PPBL repayments are collected through periodic payments until the balance has been satisfied.

The interest or fee is fixed at the time the loan or advance is extended and is recognized as deferred revenue in accrued expenses and other current liabilities on our condensed consolidated balance sheets. The fixed interest or fee is amortized into revenues from other value added services based on the amount repaid over the repayment period. We estimate the repayment period for PPWC based on the merchant’s payment processing history with PayPal. For PPWC, there is a general requirement that at least 10% of the original amount of the loan or advance plus the fixed fee must be repaid every 90 days. We calculate the repayment rate of the merchant’s future payment volume so that repayment of the loan or advance and fixed fee is expected to generally occur within 9 to 12 months from the date of the loan or advance. On a monthly basis, we recalculate the repayment period based on the repayment activity on the receivable. As such, actual repayment periods are dependent on actual merchant payment processing volumes. For PPBL, we receive fixed periodic payments over the contractual term of the loan, which generally ranges from 3 to 12 months.

We actively monitor receivables with repayment periods greater than the original expected or contractual repayment period, as well as the credit quality of our merchant loans and advances that we extend or purchase, so that we can evaluate, quantify, and manage our credit risk exposure. To assess a merchant seeking a loan or advance, we use, among other indicators, risk models developed internally which utilize information obtained from multiple internal and external data sources to predict the likelihood of timely and satisfactory repayment by the merchant of the loan or advance amount and the related interest or fee. Primary drivers of the models include the merchant’s annual payment volume, payment processing history with PayPal, prior repayment history with PayPal’s credit products where available, information sourced from consumer and business credit bureau reports, and other information obtained during the application process. We use delinquency status and trends to assist in making (or, in the U.S., to assist the partner institution in making) ongoing credit decisions, to adjust our internal models, to plan our collection strategies, and in determining our allowance for these loans, advances, and interest and fees receivable.

Merchant receivables delinquency and allowance

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

June 30, 2025
(In millions, except percentages)
2025
2024202320222021PriorTotalPercent
Merchant loans, advances, and interest and fees receivable:
Current$1,158 $311 $10 $7 $1 $6 $1,493 89.9%
30 - 59 Days30 37 5 1 — — 73 4.4%
60 - 89 Days 12 19 3 1 — — 35 2.1%
90 - 179 Days 9 37 4 2 — — 52 3.1%
180+ Days— 5 2 1 — — 8 0.5%
Total$1,209 $409 $24 $12 $1 $6 $1,661 100%
Gross charge-offs for the six months ended June 30, 2025
$— $42 $14 $2 $— $1 $59 
December 31, 2024
(In millions, except percentages)
2024
2023202220212020PriorTotalPercent
Merchant loans, advances, and interest and fees receivable:
Current$1,274 $28 $13 $1 $8 $4 $1,328 90.4%
30 - 59 Days55 10 3 — — 1 69 4.7%
60 - 89 Days 23 6 2 — — — 31 2.1%
90 - 179 Days 21 11 4 — — — 36 2.4%
180+ Days1 4 1 — — — 6 0.4%
Total$1,374 $59 $23 $1 $8 $5 $1,470 100%
Gross charge-offs for the year ended December 31, 2024
$10 $96 $42 $— $8 $— $156 

The following table summarizes the activity in the allowance for merchant loans, advances, and interest and fees receivable for the six months ended June 30, 2025 and 2024:
June 30, 2025June 30, 2024
Merchant Loans and AdvancesInterest and Fees ReceivableTotal AllowanceMerchant Loans and AdvancesInterest and Fees ReceivableTotal Allowance
(In millions)
Beginning balance$107 $6 $113 $148 $12 $160 
Provisions69 8 77 31 (1)30 
Charge-offs(55)(4)(59)(89)(5)(94)
Recoveries12 — 12 14 — 14 
Other(1)
4 — 4 — — — 
Ending balance$137 $10 $147 $104 $6 $110 
(1) Includes amounts related to foreign currency remeasurement.

The allowance for credit losses at June 30, 2025 for our merchant receivable portfolio was $147 million, an increase from $113 million at December 31, 2024. The increase in allowance for credit losses was related to a decline in credit quality of merchant loans outstanding primarily from modifications in acceptable risk parameters in 2024, which included broadened eligibility. In the second quarter of 2025, we updated our expected credit loss model for all portfolios to utilize multiple economic scenarios rather than the single scenario previously utilized. These changes did not have a material impact on our allowance for credit losses in the period.
v3.25.2
DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
NOTES

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

In May 2024, June 2023, May 2022, May 2020, and September 2019, we issued fixed rate notes with varying maturity dates for an aggregate principal amount of $1.3 billion, ¥90 billion (approximately $622 million as of June 30, 2025), $3.0 billion, $4.0 billion and $5.0 billion, respectively.

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

MaturitiesEffective Interest RateJune 30,
2025		December 31,
2024
(in millions)
September 2019 debt issuance:
Fixed-rate 2.650% notes
10/1/20262.78%$1,250 $1,250 
Fixed-rate 2.850% notes
10/1/20292.96%1,500 1,500 
May 2020 debt issuance:
Fixed-rate 1.650% notes
6/1/20251.78%— 1,000 
Fixed-rate 2.300% notes
6/1/20302.39%1,000 1,000 
Fixed-rate 3.250% notes
6/1/20503.33%1,000 1,000 
May 2022 debt issuance:
Fixed-rate 3.900% notes
6/1/20274.06%500 500 
Fixed-rate 4.400% notes
6/1/20324.53%1,000 1,000 
Fixed-rate 5.050% notes
6/1/20525.14%1,000 1,000 
Fixed-rate 5.250% notes
6/1/20625.34%500 500 
June 2023 debt issuance(1):
¥30 billion fixed-rate 0.813% notes
6/9/20250.89%— 191 
¥23 billion fixed-rate 0.972% notes
6/9/20261.06%159 147 
¥37 billion fixed-rate 1.240% notes
6/9/20281.31%256 236 
May 2024 debt issuance:
Fixed-rate 5.150% notes
6/1/20345.35%850 850 
Fixed-rate 5.500% notes
6/1/20545.66%400 400 
March 2025 debt issuance:
Floating-rate notes
3/6/20285.21%450 — 
Fixed-rate 4.450% notes
3/6/20284.66%450 — 
Fixed-rate 5.100% notes
4/1/20355.20%600 — 
Total term debt$10,915 $10,574 
Unamortized premium (discount) and issuance costs, net(82)(78)
Less: current portion of term debt(2)
(159)(1,191)
Total carrying amount of term debt$10,674 $9,305 
(1) Principal amounts represent the U.S. dollar equivalent as of June 30, 2025 and December 31, 2024, respectively.
(2) The current portion of term debt is included within “accrued expenses and other current liabilities” on our condensed consolidated balance sheets.
The effective interest rates for the Notes include interest on the Notes, amortization of debt issuance costs, and amortization of the debt discount. The interest expense recorded for the Notes, including amortization of the debt discount and debt issuance costs, was $110 million and $208 million for the three and six months ended June 30, 2025, respectively. The interest expense recorded for the Notes, including amortization of the debt discount and debt issuance costs, was $90 million and $174 million for the three and six months ended June 30, 2024, respectively.
CREDIT FACILITIES

Paidy credit agreement

In February 2022, we entered into a credit agreement (the “Paidy Credit Agreement”) with Paidy as co-borrower, which provided for an unsecured revolving credit facility of ¥60.0 billion, which was modified in September 2022 to increase the borrowing capacity by ¥30.0 billion for a total borrowing capacity of ¥90.0 billion (approximately $622 million as of June 30, 2025). As of June 30, 2025 and December 31, 2024, ¥90.0 billion (approximately $622 million) and ¥90.0 billion (approximately $574 million) was drawn down under the Paidy Credit Agreement, respectively, which was recorded in long-term debt on our condensed consolidated balance sheets. At June 30, 2025, no borrowing capacity was available for the purposes permitted by the Paidy Credit Agreement. During the three and six months ended June 30, 2025 and 2024, the total interest expense and fees we recorded related to the Paidy Credit Agreement were de minimis.

FUTURE PRINCIPAL PAYMENTS

As of June 30, 2025, the future principal payments associated with our term debt were as follows (in millions):
Remaining 2025
$— 
20261,409 
2027500 
20281,156 
20291,500 
Thereafter6,350 
Total$10,915 

Other than as provided above, there were no significant changes to the information disclosed in our 2024 Form 10-K.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
LITIGATION AND REGULATORY MATTERS

Overview

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

Regulatory proceedings

PayPal Australia Pty Limited (“PPAU”) self-reported a potential violation to the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) on May 22, 2019. This self-reported matter relates to PPAU incorrectly filing required international funds transfer instructions over a period of time under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (“AML/CTF Act”). On September 23, 2019, PPAU received a notice from AUSTRAC requiring that PPAU appoint an external auditor (a partner of a firm which is not our independent auditor) to review certain aspects of PPAU’s compliance with its obligations under the AML/CTF Act. The external auditor was appointed on November 1, 2019.

AUSTRAC had notified PPAU that its enforcement team was investigating the matters reported upon by the external auditor in its August 31, 2020 final report. As a resolution of this investigation, on March 17, 2023, AUSTRAC’s Chief Executive Officer accepted an enforceable undertaking from PPAU in relation to the self-reported issues.

The enforceable undertaking did not include a monetary penalty.

PPAU was required to deliver an Assurance Action Plan (“AAP”) under the enforceable undertaking to demonstrate that the governance and oversight arrangements following the remedial work completed by PPAU are sustainable and appropriate. The enforceable undertaking required PPAU to appoint an external auditor. The external auditor was appointed on June 22, 2023 to assess and report on the appropriateness, sustainability and efficacy of the actions to be taken under the AAP. PPAU provided the external auditor’s final report to AUSTRAC on April 16, 2024. The successful completion of the enforceable undertaking was subject to AUSTRAC’s ultimate review and decision based on the external auditor’s final report.

On July 22, 2025, AUSTRAC gave PPAU written notice of its decision with immediate effect to cancel the enforceable undertaking. This matter is now concluded.

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. The CID requests the production of documents and answers to written questions. We are cooperating with the FTC in connection with this CID.

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

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

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

On October 4, 2022, a putative securities class action captioned Defined Benefit Plan of the Mid-Jersey Trucking Industry and Teamsters Local 701 Pension and Annuity Fund v. PayPal Holdings, Inc., et al., Case No. 22-cv-5864, was filed in the U.S. District Court for the District of New Jersey. On January 11, 2023, the Court appointed Caisse de dépôt et placement du Québec as lead plaintiff and renamed the action In re PayPal Holdings, Inc. Securities Litigation (“PPH Securities Action”). On March 13, 2023, the lead plaintiff filed an amended and consolidated complaint. The PPH Securities Action asserts claims relating to our public statements with respect to net new active accounts (“NNA”) results and guidance, and the detection of illegitimately created accounts. The PPH Securities Action purports to be brought on behalf of purchasers of the Company’s stock between February 3, 2021 and February 1, 2022 (the “Class Period”), and asserts claims for alleged violations of Section 10(b) of the Exchange Act against the Company, as well as its former Chief Executive Officer, former Chief Strategy, Growth and Data Officer, and former Chief Financial Officer (collectively, the “Individual Defendants,” and together with the Company, “Defendants”), and for alleged violations of Sections 20(a) and 20A of the Exchange Act against the Individual Defendants. The complaint alleges that certain public statements made by Defendants during the Class Period were rendered materially false and misleading (which, allegedly, caused the Company’s stock to trade at artificially inflated prices) by the Defendants’ failure to disclose that, among other things, the Company’s incentive campaigns were susceptible to fraud and led to the creation of illegitimate accounts, which allegedly affected the Company’s NNA results and guidance. The PPH Securities Action seeks unspecified compensatory damages on behalf of the putative class members. Defendants filed a motion to dismiss the PPH Securities Action. On January 29, 2025, the Court dismissed all of the claims without prejudice. On March 17, 2025, the lead plaintiff filed an amended complaint.

On November 2, 2022, a putative shareholder derivative action captioned Shah v. Daniel Schulman, et al., Case No. 22-cv-1445, was filed in the U.S. District Court for the District of Delaware (the “Shah Action”), purportedly on behalf of the Company. On April 4, 2023, a putative shareholder derivative action captioned Nelson v. Daniel Schulman, et. al., Case No. 23-cv-01913, was filed in the U.S. District Court for the District of New Jersey (the “Nelson Action”) purportedly on behalf of the Company. On January 31, 2025, a putative shareholder derivative action captioned Spathias v. Daniel Schulman, et al., Case No. 25-cv-1007, was filed in the U.S. District Court for the Northern District of California (the “Spathias Action,” and collectively, the “Derivative Actions”). The Derivative Actions are based on the same alleged facts and circumstances as the PPH Securities Action, and name certain of our officers, including our former Chief Executive Officer and former Chief Financial Officer, and members of our Board of Directors, as defendants. The Derivative Actions allege claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, waste of corporate assets, gross mismanagement and violations of the Exchange Act, and seek to recover damages on behalf of the Company. The Derivative Actions have been stayed pending further developments in the PPH Securities Action.

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

General matters

Other third parties have from time to time claimed, and others may claim in the future, that we have infringed their intellectual property rights. We are subject to patent disputes and expect that we will increasingly be subject to additional patent infringement claims involving various aspects of our business as our products and services continue to expand in scope and complexity. Such claims may be brought directly or indirectly against our companies and/or against our customers (who may be entitled to contractual indemnification under their contracts with us), and we are subject to increased exposure to such claims as a result of our acquisitions, particularly in cases where we are introducing new products or services in connection with such acquisitions. We have in the past been forced to litigate such claims, and we believe that additional lawsuits alleging such claims will be filed against us. Intellectual property claims, whether meritorious or not, are time-consuming and costly to defend and resolve, could require expensive changes in our methods of doing business, or could require us to enter into costly royalty or licensing agreements on unfavorable terms or make substantial payments to settle claims or to satisfy damages awarded by courts.
From time to time, we are involved in other disputes or regulatory inquiries that arise in the ordinary course of business, including suits by our consumers (individually or as class actions), merchants or regulators alleging, among other things, improper disclosure of our prices, rules, or policies, that our practices, prices, rules, policies, or user, product, business or merchant agreements violate applicable law, or that we have acted unfairly or not acted in conformity with such prices, rules, policies, or agreements. In addition to these types of disputes and regulatory inquiries, our operations are also subject to regulatory and legal review and challenges that may reflect the increasing global regulatory focus to which the payments industry is subject and, when taken together with other regulatory and legislative action, such actions could result in the imposition of costly new compliance burdens on our business and customers and may lead to increased costs and decreased transaction volume and revenue. Further, the number and significance of these disputes and inquiries are increasing as our business has grown and expanded in scale and scope, including the number of active accounts and payments transactions on our platform, the range and increasing complexity of the products and services that we offer, and our geographical operations. Any claims or regulatory actions against us, whether meritorious or not, could be time consuming, result in costly litigation, settlement payments, damage awards (including statutory damages for certain causes of action in certain jurisdictions), fines, penalties, injunctive relief, or increased costs of doing business through adverse judgment or settlement, require us to change our products, services, or business practices in expensive ways, require significant amounts of management time, result in the diversion of significant operational resources, or otherwise harm our business.

INDEMNIFICATION PROVISIONS

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

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

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

As part of the agreement to sell a portion of our consumer installment receivables portfolio, in certain circumstances such as breaches in loan warranties, we may be required to indemnify the global investment firm 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 June 30, 2025 and December 31, 2024, the current outstanding balances of the loans sold was $3.2 billion and $2.9 billion, respectively. The terms of the indemnification 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 June 30, 2025 and December 31, 2024, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures, or capital resources.

PROTECTION PROGRAMS

In addition to the protections afforded by applicable law, we provide consumers and merchants with protection programs for certain purchase transactions completed on our payments platform. Our protection programs help protect both consumers and merchants from financial loss resulting from, among other things, counterparty non-performance. These programs are designed to promote confidence on the part of both consumers, who will be reimbursed in certain circumstances, such as not receiving their purchased item in the condition significantly as described, as well as merchants, who will receive payment in certain circumstances, such as establishing proof of shipment or delivery of an item to the customer. These protection programs are considered assurance-type warranties under applicable accounting standards for which we estimate associated costs within the allowance for transaction losses. Our protection programs may result in negative customer balances when there are insufficient funds in a customer’s PayPal account to cover charges applied for merchant-related chargebacks within the scope of our protection programs. Negative customer balances can also occur from bank returns and reversals due to insufficient funding sources. The allowance for negative customer balances represents our estimate of current expected credit losses on negative customer balances.

At June 30, 2025 and December 31, 2024, the allowance for transaction losses was $89 million and $86 million, respectively. The allowance for negative customer balances was $263 million and $256 million at June 30, 2025 and December 31, 2024, respectively. The following table shows changes in the allowance for transaction losses and negative customer balances related to our protection programs for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Beginning balance$305 $267 $342 $282 
Provision(1)
383 259 661 519 
Realized losses and charge-offs(371)(286)(719)(595)
Recoveries(2)
35 30 68 64 
Ending balance$352 $270 $352 $270 
(1) Changes in estimates for the prior period provision related to the allowance for transaction losses are not material and are aggregated with current period provision.
(2) Recoveries are only relevant for the allowance for negative customer balances.
v3.25.2
STOCK REPURCHASE PROGRAMS
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
STOCK REPURCHASE PROGRAMS STOCK REPURCHASE PROGRAMS
During the six months ended June 30, 2025, we repurchased approximately 41 million shares of our common stock for approximately $3.0 billion at an average cost of $72.45, excluding excise tax. These shares were purchased in the open market under our stock repurchase program authorized in June 2022. As of June 30, 2025, a total of approximately $1.9 billion and $15.0 billion remained available for future repurchases of our common stock under our June 2022 and February 2025 stock repurchase programs, respectively.

For both the six months ended June 30, 2025 and 2024, we recorded $25 million in excise tax within treasury stock on our condensed consolidated balance sheets. The payable associated with the excise tax is a non-cash financing activity which is not reflected on the condensed consolidated statement of cash flows until settlement.
v3.25.2
STOCK-BASED PLANS
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED PLANS STOCK-BASED PLANS
In June 2025, our stockholders approved the authorization of an additional 15 million shares to the Amended and Restated PayPal Holdings, Inc. 2015 Equity Incentive Award Plan.
STOCK-BASED COMPENSATION EXPENSE

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

The following table summarizes the impact of stock-based compensation expense on our results of operations for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Customer support and operations$53 $55 $104 $123 
Sales and marketing34 38 67 78 
Technology and development136 108 247 255 
General and administrative83 89 155 176 
Restructuring and other— 22 — 60 
Total stock-based compensation expense$306 $312 $573 $692 
Capitalized as part of internal use software and website development costs$33 $33 $68 $45 
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Our effective tax rate for the three and six months ended June 30, 2025 was 18% and 19%, respectively. Our effective tax rate for the three and six months ended June 30, 2024 was 19% and 23%, respectively. The difference between our effective tax rate and the U.S. federal statutory rate of 21% in the periods presented was primarily the result of foreign income taxed at different rates, tax expense related to stock-based compensation, and other discrete tax adjustments.

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

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law in the U.S., with certain provisions of the Act effective in 2025 and other provisions becoming effective in 2026 and beyond. We are in the process of evaluating the impacts of the Act to our consolidated financial statements.
Gross unrecognized tax benefits were approximately $2.4 billion and $2.3 billion as of June 30, 2025 and December 31, 2024, respectively. Due to various factors, including uncertainties of the judicial, administrative, and regulatory processes in certain jurisdictions, the timing of the resolution of these unrecognized tax benefits is highly uncertain. It is reasonably possible that within the next twelve months, we may receive additional tax adjustments by various tax authorities or possibly reach resolution of audits in one or more jurisdictions. These adjustments or settlements could result in changes to our unrecognized tax benefits related to positions on prior year tax filings. Given the number of years remaining subject to examination and the number of matters being examined, we were unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits.
v3.25.2
RESTRUCTURING AND OTHER
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND OTHER RESTRUCTURING AND OTHER
RESTRUCTURING

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

Q2 2025 Plan

During the second quarter of 2025, management undertook a large-scale initiative (the “Q2 2025 Plan”) to reengineer our existing technology infrastructure to improve scalability, reduce network latency, decrease operational costs, and optimize our workforce. The Q2 2025 Plan is a transformative unified program designed to streamline operations and includes exiting certain data centers to migrate to more efficient cloud based solutions. The plan is expected to be executed over a period of 18 to 42 months with the workforce component to be substantially completed in 2027 and the technology infrastructure component to be substantially completed in 2028. The associated restructuring charges for both the three and six months ended June 30, 2025 were $95 million and included employee severance and benefits costs.

In connection with this restructuring, we expect to incur employee severance and benefits costs of approximately $90 million to $100 million, asset impairment and accelerated depreciation charges of approximately $40 million to $60 million, and other restructuring costs of approximately $110 million to $140 million over the term of the Q2 2025 Plan. Other restructuring costs relate to process re-engineering and one-time migration to cloud solutions and consist of contractor costs, consulting fees, and prepaid software and maintenance costs without future economic benefit. The timing of activities and cost estimates continue to be developed and are subject to change.

The following table summarizes the restructuring reserve activity during the six months ended June 30, 2025:
Employee Severance and Benefits Costs
(In millions)
Accrued liability as of January 1, 2025
$— 
Charges
95 
Accrued liability as of June 30, 2025
$95 

Q1 2025 Plan

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

The following table summarizes the restructuring reserve activity during the six months ended June 30, 2025:
 Employee Severance and Benefits Costs
(In millions)
Accrued liability as of January 1, 2025
$— 
Charges
36 
Payments(35)
Accrued liability as of June 30, 2025
$1 
Q1 2024 Plan

During the first quarter of 2024, management initiated a global workforce reduction intended to streamline operations, focus resources on core strategic priorities, and improve our cost structure. The associated restructuring charges during the three and six months ended June 30, 2024 were $83 million and $258 million, and included employee severance and benefits costs and stock-based compensation expense, which were substantially completed in the fourth quarter of 2024.

OTHER
During the three and six months ended June 30, 2025, approximately $27 million and $52 million, respectively, of losses were recorded in restructuring and other, which included net loss on sale of loans and interest receivable previously held for sale and fair value adjustments to measure loans and interest receivable, held for sale, at the lower of cost or fair value. During the three and six months ended June 30, 2024, approximately $27 million and $64 million, respectively, of losses were recorded in restructuring and other, which included net loss on sale of loans and interest receivable previously held for sale and fair value adjustments to measure loans and interest receivable, held for sale, at the lower of cost or fair value.
v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Our chief operating decision maker (“CODM”), our Chief Executive Officer, manages the business and evaluates operating performance based on consolidated net income. Our CODM uses consolidated net income to monitor budget versus actual results. We operate as one segment and have one reportable segment that constitutes consolidated results.

The following table sets forth our segment information for revenue, segment profit (loss), and significant expenses:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Net revenues$8,288 $7,885 $16,079 $15,584 
Less (add):
Transaction expense3,968 3,942 7,672 7,859 
Transaction losses383 259 661 519 
Credit losses93 76 186 137 
Customer support and operations(1)
413 436 811 890 
Sales and marketing(1)
583 446 1,071 867 
Technology and development(1)
767 718 1,498 1,460 
General and administrative(1)
461 570 964 1,034 
Restructuring and other116 113 182 325 
Other income (expense), net(25)(74)(98)(115)
Income tax expense268 271 584 592 
Segment net income (loss)$1,261 $1,128 $2,548 $2,016 
(1) Includes depreciation and amortization expense. For the three and six months ended June 30, 2025, total depreciation and amortization expense was $239 million and $484 million, respectively. For the three and six months ended June 30, 2024, total depreciation and amortization expense was $263 million and $528 million, respectively.

There are no reconciling items or adjustments between segment net revenues, net income, total assets and consolidated net revenues, net income, and total assets. For disclosure of geographical information, please refer to “Note 2—Revenue”.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure            
Net income (loss) $ 1,261 $ 1,287 $ 1,128 $ 888 $ 2,548 $ 2,016
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation
Basis of presentation and principles of consolidation

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

We determine at the inception of each investment, and re-evaluate if certain events occur, whether an entity in which we have made an investment is considered a variable interest entity (“VIE”). If we determine an investment is in a VIE, we then assess if we are the primary beneficiary, which would require consolidation. As of June 30, 2025 and December 31, 2024, no VIEs qualified for consolidation as the structures of these entities do not provide us with the ability to direct activities that would significantly impact their economic performance. As of June 30, 2025 and December 31, 2024, the carrying value of our investments in nonconsolidated VIEs was $190 million and $187 million, respectively, and is included as non-marketable equity securities applying the equity method of accounting in long-term investments on our condensed consolidated balance sheets. The investments in nonconsolidated VIEs are primarily investments in funds that are limited partnerships or similar structures which are focused on increasing access to capital for underserved communities. Our maximum exposure to loss related to our nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $246 million as of both June 30, 2025 and December 31, 2024.

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

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

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

We determine at the inception of each investment, and re-evaluate if certain events occur, whether an entity in which we have made an investment is considered a variable interest entity (“VIE”). If we determine an investment is in a VIE, we then assess if we are the primary beneficiary, which would require consolidation. As of June 30, 2025 and December 31, 2024, no VIEs qualified for consolidation as the structures of these entities do not provide us with the ability to direct activities that would significantly impact their economic performance. As of June 30, 2025 and December 31, 2024, the carrying value of our investments in nonconsolidated VIEs was $190 million and $187 million, respectively, and is included as non-marketable equity securities applying the equity method of accounting in long-term investments on our condensed consolidated balance sheets. The investments in nonconsolidated VIEs are primarily investments in funds that are limited partnerships or similar structures which are focused on increasing access to capital for underserved communities. Our maximum exposure to loss related to our nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $246 million as of both June 30, 2025 and December 31, 2024.

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

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

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

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

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

Recently adopted accounting guidance

In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This amended guidance requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost basis for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. We adopted this guidance effective as of January 1, 2025. We have applied the amendments of this guidance as a cumulative-effect adjustment to retained earnings. The adoption of this guidance did not have a significant impact on our condensed consolidated financial statements.

In January 2025, the SEC released Staff Accounting Bulletin (“SAB”) No. 122 rescinding SAB No. 121, which required an entity to record a liability to reflect its obligation to safeguard the crypto assets held for its platform users with a corresponding asset and required disclosures related to the entity’s safeguarding obligations. SAB No. 122 is effective for annual periods beginning after December 15, 2024 and is required to be applied on a fully retrospective basis, with early adoption permitted. We adopted this guidance as of March 31, 2025 and derecognized the crypto asset safeguarding liability and corresponding safeguarding asset on our condensed consolidated balance sheet as of December 31, 2024. Additionally, we derecognized the associated deferred tax asset and liability as of December 31, 2024. The adoption of this guidance did not impact our condensed consolidated statements of income (loss), comprehensive income (loss), stockholders’ equity or cash flows.
The following table presents the effects of the changes on the presentation of our condensed consolidated balance sheet:
December 31, 2024
(In millions)
As Previously Reported (1)
Adjustments
As Adjusted
Total assets(2)
$81,611 $(2,886)$78,725 
Total liabilities(2)
$61,194 $(2,886)$58,308 
(1) As reported in our 2024 Form 10-K filed with the SEC on February 4, 2025.
(2) Financial statement lines impacted within total assets and total liabilities were “prepaid expenses and other current assets” and “accrued expenses and other current liabilities”, respectively.

There are other new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these new accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.
v3.25.2
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of changes on the presentation of the balance sheet
The following table presents the effects of the changes on the presentation of our condensed consolidated balance sheet:
December 31, 2024
(In millions)
As Previously Reported (1)
Adjustments
As Adjusted
Total assets(2)
$81,611 $(2,886)$78,725 
Total liabilities(2)
$61,194 $(2,886)$58,308 
(1) As reported in our 2024 Form 10-K filed with the SEC on February 4, 2025.
(2) Financial statement lines impacted within total assets and total liabilities were “prepaid expenses and other current assets” and “accrued expenses and other current liabilities”, respectively.
v3.25.2
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents our revenue disaggregated by primary geographical market and category:
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Primary geographical markets
U.S.$4,709 $4,550 $9,172 $9,017 
Other countries(1)
3,579 3,335 6,907 6,567 
Total net revenues(2)
$8,288 $7,885 $16,079 $15,584 
Revenue category
Transaction revenues$7,441 $7,153 $14,457 $14,187 
Revenues from other value added services847 732 1,622 1,397 
Total net revenues(2)
$8,288 $7,885 $16,079 $15,584 
(1) No single country included in the other countries category generated more than 10% of total net revenues.
(2) Total net revenues include $506 million and $520 million for the three months ended June 30, 2025 and 2024, respectively, and $1.1 billion and $988 million for the six months ended June 30, 2025 and 2024, respectively, which do not represent revenues recognized in the scope of Accounting Standards Codification Topic 606, Revenue from contracts with customers. Such revenues relate to interest and fees earned on loans and interest receivable, including loans and interest receivable, held for sale, hedging gains or losses, and interest earned and gains or losses on certain assets underlying customer balances.
v3.25.2
NET INCOME (LOSS) PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share
The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated:
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions, except per share amounts)
Numerator:
Net income (loss)$1,261 $1,128 $2,548 $2,016 
Denominator:
Weighted average shares of common stock - basic969 1,042 977 1,053 
Dilutive effect of equity incentive awards8 5 11 7 
Weighted average shares of common stock - diluted977 1,047 988 1,060 
Net income (loss) per share:
Basic$1.30 $1.08 $2.61 $1.91 
Diluted$1.29 $1.08 $2.58 $1.90 
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive
14 12 8 14 
v3.25.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Balances and Adjustments
The following table presents goodwill balances and adjustments to those balances during the six months ended June 30, 2025:
December 31,
2024		Goodwill Acquired Adjustments June 30,
2025
 (In millions)
Total goodwill$10,837 $7 $132 $10,976 
Schedule of Components of Identifiable Intangible Assets
The components of identifiable intangible assets were as follows:
 June 30, 2025December 31, 2024
 Gross Carrying Amount
Accumulated Amortization 
Net Carrying Amount
Gross Carrying Amount
Accumulated Amortization 
Net Carrying Amount
 
(In millions)
Intangible assets(1):
      
Customer lists and user base$889 $(682)$207 $854 $(601)$253 
Marketing related65 (48)17 60 (38)22 
Developed technologies
9 (1)8 — — — 
All other186 (147)39 182 (131)51 
Intangible assets, net$1,149 $(878)$271 $1,096 $(770)$326 
(1) Excludes intangible assets which have been fully amortized, but are still in use.
Schedule of Expected Future Intangible Asset Amortization
Expected future intangible asset amortization as of June 30, 2025 was as follows (in millions):
Fiscal years:
Remaining 2025$68 
202696 
202761 
202846 
Total$271 
v3.25.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Components of Lease Expense, Supplemental Cash Flow Information
The components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Operating lease expense$40 $39 $81 $76 
Finance lease expense - amortization of right-of-use (“ROU”) lease assets
4 1 $8 $1 
Sublease income(2)(3)(4)(6)
Total lease expense, net
$42 $37 $85 $71 

Supplemental cash flow information related to leases during the three and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$46 $42 $88 $85 
Financing cash flows from finance leases$4 $20 $6 $20 
ROU lease assets obtained in exchange for new operating lease liabilities
$— $134 $5 $277 
ROU lease assets obtained in exchange for new finance lease liabilities$— $39 $— $55 
Schedule of Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases was as follows:
June 30, 2025December 31, 2024
(In millions, except weighted-average figures)
Operating leases
Finance leases
Operating leases
Finance leases
ROU lease assets$546 $64 $599 $73 
Current lease liabilities136 5 135 5 
Long-term lease liabilities565 11 629 18 
Total lease liabilities$701 $16 $764 $23 
Weighted-average remaining lease term5.5 years3.9 years5.9 years4.4 years
Weighted-average discount rate4 %5 %4 %5 %
Schedule of Future Minimum Operating Lease Payments
Future minimum lease payments for our leases as of June 30, 2025 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2025$76 $2 
2026176 6 
2027156 6 
2028103 4 
202989 — 
Thereafter199 — 
Total$799 $18 
Less: present value discount(98)(2)
Lease liability$701 $16 
Schedule of Future Minimum Finance Lease Payments
Future minimum lease payments for our leases as of June 30, 2025 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2025$76 $2 
2026176 6 
2027156 6 
2028103 4 
202989 — 
Thereafter199 — 
Total$799 $18 
Less: present value discount(98)(2)
Lease liability$701 $16 
v3.25.2
OTHER FINANCIAL STATEMENT DETAILS (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended June 30, 2025:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign Currency
Translation Adjustment (“CTA”)
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $(29)$5 $(936)$313 $25 $(622)
Other comprehensive income (loss) before reclassifications(318)(10)162 — (20)(186)
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”)
(70)1 — — — (69)
Net current period other comprehensive income (loss) (248)(11)162 — (20)(117)
Ending balance $(277)$(6)$(774)$313 $5 $(739)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended June 30, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $40 $(51)$(935)$290 $(3)$(659)
Other comprehensive income (loss) before reclassifications25 16 (126)100 (26)(11)
Less: Amount of net gains (losses) reclassified from AOCI
22 1 — — — 23 
Net current period other comprehensive income (loss) 3 15 (126)100 (26)(34)
Ending balance $43 $(36)$(1,061)$390 $(29)$(693)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended June 30, 2025:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $147 $14 $(1,063)$313 $39 $(550)
Other comprehensive income (loss) before reclassifications(459)(18)289 — (34)(222)
Less: Amount of net gains (losses) reclassified from AOCI
(35)2 — — — (33)
Net current period other comprehensive income (loss) (424)(20)289 — (34)(189)
Ending balance $(277)$(6)$(774)$313 $5 $(739)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended June 30, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $(56)$(134)$(774)$191 $27 $(746)
Other comprehensive income (loss) before reclassifications121 57 (287)199 (56)34 
Less: Amount of net gains (losses) reclassified from AOCI
22 (41)— — — (19)
Net current period other comprehensive income (loss) 99 98 (287)199 (56)53 
Ending balance $43 $(36)$(1,061)$390 $(29)$(693)
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 June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Net gains (losses) on cash flow hedges—foreign exchange contracts
$(70)$22 $(35)$22 Net revenues
Net gains (losses) on investments
— 1 1 (41)Net revenues
Net gains (losses) on investments
1 — 1 — Other income (expense), net
(69)23 (33)(19)Income before income taxes
— — — — Income tax expense
Total reclassifications for the period$(69)$23 $(33)$(19)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 June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Interest income$135 $165 $280 $331 
Interest expense(114)(93)(217)(179)
Net gains (losses) on strategic investments11 (6)59 (55)
Other(7)8 (24)18 
Other income (expense), net$25 $74 $98 $115 
v3.25.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Assets Underlying Cash and Cash Equivalents, Funds Receivable and Customer Accounts, Short-term Investments, and Long-term Investments
The following table summarizes the assets underlying our cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments as of June 30, 2025 and December 31, 2024:
 June 30,
2025		December 31,
2024
(In millions)
Cash and cash equivalents
$6,688 $6,662 
Funds receivable and customer accounts:
Cash and cash equivalents(1)
$12,292 $15,828 
Time deposits123 15 
Available-for-sale debt securities16,370 14,551 
Funds receivable10,138 7,277 
Total funds receivable and customer accounts$38,923 $37,671 
Short-term investments:
Time deposits$110 $107 
Available-for-sale debt securities3,210 4,154 
Restricted cash— 1 
Total short-term investments$3,320 $4,262 
Long-term investments:
Time deposits$17 $22 
Available-for-sale debt securities2,052 3,002 
Strategic investments1,576 1,559 
Total long-term investments$3,645 $4,583 
(1) Includes $265 million and $149 million of available-for-sale debt securities with original maturities of three months or less as of June 30, 2025 and December 31, 2024, respectively.
Schedule of Estimated Fair Value of Investments Classified as Available for Sale
As of June 30, 2025 and December 31, 2024, the estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments was as follows:
 
June 30, 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$4,438 $2 $— $4,440 
Foreign government and agency securities76 — — 76 
Corporate debt securities2,352 3 (1)2,354 
Mortgage-backed and asset-backed securities4,558 5 (13)4,550 
Municipal securities344 — — 344 
Commercial paper3,694 1 (1)3,694 
Short-term investments:
U.S. government and agency securities390 — — 390 
Foreign government and agency securities143 — — 143 
Corporate debt securities1,632 1 (1)1,632 
Mortgage-backed and asset-backed securities832 1 (1)832 
Commercial paper213 — — 213 
Long-term investments:
U.S. government and agency securities230 — — 230 
Foreign government and agency securities60 — — 60 
Corporate debt securities736 1 (1)736 
Mortgage-backed and asset-backed securities1,028 — (2)1,026 
Total available-for-sale debt securities(2)
$20,726 $14 $(20)$20,720 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
 
December 31, 2024(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$5,709 $4 $(2)$5,711 
Foreign government and agency securities77 — — 77 
Corporate debt securities405 — — 405 
Mortgage-backed and asset-backed securities
4,039 13 (5)4,047 
Municipal securities503 1 — 504 
Commercial paper3,391 1 — 3,392 
Short-term investments:
U.S. government and agency securities188 — (2)186 
Foreign government and agency securities84 — — 84 
Corporate debt securities1,751 — (2)1,749 
Mortgage-backed and asset-backed securities
848 5 — 853 
Commercial paper1,281 1 — 1,282 
Long-term investments:
U.S. government and agency securities235 — — 235 
Foreign government and agency securities124 — (1)123 
Corporate debt securities1,601 3 (2)1,602 
Mortgage-backed and asset-backed securities
1,042 1 (1)1,042 
Total available-for-sale debt securities(2)
$21,278 $29 $(15)$21,292 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
As of June 30, 2025 and December 31, 2024, the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses was not deemed necessary in the current period, aggregated by the length of time those individual securities have been in a continuous loss position, was as follows:
 
June 30, 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$966 $— $— $— $966 $— 
Foreign government and agency securities76 — — — 76 — 
Corporate debt securities710 (1)75 — 785 (1)
Mortgage-backed and asset-backed securities3,132 (13)124 — 3,256 (13)
Municipal securities14 — — — 14 — 
Commercial paper974 (1)— — 974 (1)
Short-term investments:
Foreign government and agency securities— — 34 — 34 — 
Corporate debt securities246 (1)10 — 256 (1)
Mortgage-backed and asset-backed securities483 (1)15 — 498 (1)
Commercial paper195 — — — 195 — 
Long-term investments:
U.S. government and agency securities45 — — — 45 — 
Corporate debt securities281 (1)10 — 291 (1)
Mortgage-backed and asset-backed securities801 (2)— — 801 (2)
Total available-for-sale debt securities$7,923 $(20)$268 $— $8,191 $(20)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.

 
December 31, 2024(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$1,314 $(1)$517 $(1)$1,831 $(2)
Foreign government and agency securities57 — — — 57 — 
Corporate debt securities105 — 50 — 155 — 
Mortgage-backed and asset-backed securities
1,673 (5)2 — 1,675 (5)
Municipal securities29 — 36 — 65 — 
Commercial paper275 — — — 275 — 
Short-term investments:
U.S. government and agency securities— — 186 (2)186 (2)
Corporate debt securities618 (2)90 — 708 (2)
Mortgage-backed and asset-backed securities
250 — 18 — 268 — 
Commercial paper218 — — — 218 — 
Long-term investments:
U.S. government and agency securities50 — — — 50 — 
Foreign government and agency securities90 — 34 (1)124 (1)
Corporate debt securities347 (1)9 (1)356 (2)
Mortgage-backed and asset-backed securities
610 (1)— — 610 (1)
Total available-for-sale debt securities$5,636 $(10)$942 $(5)$6,578 $(15)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
Schedule of Cash Inflows Related to Available-for-Sale Debt Securities
The table below presents cash inflows related to available-for-sale debt securities:
 Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Proceeds from sales and maturities of available-for-sale debt securities
$7,069 $8,985 $12,541 $20,237 
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:
 June 30, 2025
Amortized CostFair Value
(In millions)
One year or less $10,994 $10,995 
After one year through five years3,988 3,993 
After five years through ten years2,681 2,680 
After ten years3,063 3,052 
Total$20,726 $20,720 
Schedule of Carrying Value of our Non-Marketable Equity Securities
The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Carrying amount, beginning of period$1,413 $1,624 $1,336 $1,631 
Adjustments related to non-marketable equity securities:
Net (reductions) additions(1)
(76)25 (54)65 
Gross unrealized gains28 3 83 3 
Gross unrealized losses and impairments(6)(17)(6)(64)
Carrying amount, end of period$1,359 $1,635 $1,359 $1,635 
(1) Net (reductions) additions 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 June 30, 2025 and December 31, 2024, respectively:
June 30,
2025		December 31,
2024
(In millions)
Cumulative gross unrealized gains $975 $1,187 
Cumulative gross unrealized losses and impairments$(445)$(562)
Schedule of Unrealized Gains (Losses) on Strategic Investments
The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at June 30, 2025 and 2024, respectively:
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Net unrealized gains (losses)$20 $(19)$68 $(70)
v3.25.2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:

June 30, 2025
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
Money market fund$14 $14 $— 
Short-term investments(2),(5):
U.S. government and agency securities390 — 390 
Foreign government and agency securities143 — 143 
Corporate debt securities1,632 — 1,632 
Mortgage-backed and asset-backed securities832 — 832 
Commercial paper213 — 213 
Total short-term investments3,210 — 3,210 
Funds receivable and customer accounts(3):
U.S. government and agency securities4,440 — 4,440 
Foreign government and agency securities640 — 640 
Corporate debt securities2,933 — 2,933 
Mortgage-backed and asset-backed securities4,550 — 4,550 
Municipal securities344 — 344 
Commercial paper3,728 — 3,728 
Total funds receivable and customer accounts16,635 — 16,635 
Derivatives(4)
61 — 61 
Long-term investments(2),(5):
U.S. government and agency securities230 — 230 
Foreign government and agency securities60 — 60 
Corporate debt securities736 — 736 
Mortgage-backed and asset-backed securities1,026 — 1,026 
Marketable equity securities14 14 — 
Total long-term investments2,066 14 2,052 
Total financial assets$21,986 $28 $21,958 
Liabilities:
Derivatives(4)
$404 $— $404 
Total financial liabilities$404 $— $404 
(1) Excludes cash and cash equivalents of $6.7 billion not measured and recorded at fair value.
(2) Excludes time deposits of $127 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $22.3 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.6 billion measured using the Measurement Alternative or equity method accounting.

December 31, 2024
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
Money market fund$14 $14 $— 
Short-term investments(2):
U.S. government and agency securities186 — 186 
Foreign government and agency securities84 — 84 
Corporate debt securities1,749 — 1,749 
Mortgage-backed and asset-backed securities
853 — 853 
Commercial paper1,282 — 1,282 
Total short-term investments4,154 — 4,154 
Funds receivable and customer accounts(3):
U.S. government and agency securities5,711 — 5,711 
Foreign government and agency securities379 — 379 
Corporate debt securities667 — 667 
Mortgage-backed and asset-backed securities
4,047 — 4,047 
Municipal securities504 — 504 
Commercial paper3,392 — 3,392 
Total funds receivable and customer accounts14,700 — 14,700 
Derivatives(4)
243 — 243 
Long-term investments(2), (5):
U.S. government and agency securities235 — 235 
Foreign government and agency securities123 — 123 
Corporate debt securities1,602 — 1,602 
Mortgage-backed and asset-backed securities
1,042 — 1,042 
Marketable equity securities23 23 — 
Total long-term investments3,025 23 3,002 
Total financial assets$22,136 $37 $22,099 
Liabilities:
Derivatives(4)
$37 $— $37 
Total financial liabilities$37 $— $37 
(1) Excludes cash and cash equivalents of $6.6 billion not measured and recorded at fair value.
(2) Excludes restricted cash of $1 million and time deposits of $129 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.0 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.5 billion measured using the Measurement Alternative or equity method accounting.
Schedule of Investments under the Fair Value Option The following table summarizes the estimated fair value and amortized cost of our available-for-sale debt securities under the fair value option as of June 30, 2025 and December 31, 2024:
 June 30, 2025December 31, 2024
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Funds receivable and customer accounts$1,180 $1,177 $566 $564 

The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Funds receivable and customer accounts$61 $(8)$92 $(15)
Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The following tables summarize our assets held as of June 30, 2025 and December 31, 2024 for which a non-recurring fair value measurement was recorded during the six months ended June 30, 2025 and the year ended December 31, 2024, respectively:
June 30, 2025
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale$817 $817 $— 
Non-marketable equity securities measured using the Measurement Alternative(1)
221 221 — 
Total$1,038 $1,038 $— 
(1) Excludes non-marketable equity securities of $1.1 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the six months ended June 30, 2025.

December 31, 2024
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale
$541 $541 $— 
Non-marketable equity securities measured using the Measurement Alternative(1)
476 131 345 
Total$1,017 $672 $345 
(1) Excludes non-marketable equity securities of $860 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2024.
v3.25.2
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments
The fair value of our outstanding derivative instruments as of June 30, 2025 and December 31, 2024 was as follows:

 Balance Sheet LocationJune 30,
2025		December 31,
2024
(In millions)
Derivative Assets:
Foreign exchange contracts designated as hedging instruments
Other current assets$10 $157 
Foreign exchange contracts not designated as hedging instruments
Other current assets51 86 
Total derivative assets$61 $243 
Derivative Liabilities:
Foreign exchange contracts designated as hedging instruments
Other current liabilities$288 $10 
Foreign exchange contracts not designated as hedging instruments
Other current liabilities116 27 
Total derivative liabilities$404 $37 
Schedule of Gains or Losses Related to Derivative Instruments Designated as Hedging Instruments
The following tables provide the location in the condensed consolidated statements of income (loss) and amount of recognized gains or losses related to our derivative instruments:
Three Months Ended June 30,
 20252024
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$8,288 $25 $7,885 $74 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(70)— 22 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— — — 21 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— (152)— (16)
Total net gains (losses)
$(70)$(152)$22 $5 

Six Months Ended June 30,
 20252024
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$16,079 $98 $15,584 $115 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(35)— 22 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— — — 41 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— (235)— 5 
Total net gains (losses)
$(35)$(235)$22 $46 
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 June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$(318)$25 $(459)$121 
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges
— 100 — 199 
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss)
$(318)$125 $(459)$320 
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 June 30,
 20252024
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$8,288 $25 $7,885 $74 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(70)— 22 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— — — 21 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— (152)— (16)
Total net gains (losses)
$(70)$(152)$22 $5 

Six Months Ended June 30,
 20252024
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$16,079 $98 $15,584 $115 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
(35)— 22 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— — — 41 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— (235)— 5 
Total net gains (losses)
$(35)$(235)$22 $46 
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 June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$(318)$25 $(459)$121 
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges
— 100 — 199 
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss)
$(318)$125 $(459)$320 
Schedule of Notional Amounts of Outstanding Derivatives The following table provides the notional amounts of our outstanding derivatives:
June 30,
2025		December 31,
2024
(In millions)
Foreign exchange contracts designated as hedging instruments$6,203 $3,942 
Foreign exchange contracts not designated as hedging instruments10,858 13,317 
Total$17,061 $17,259 
Schedule of Offsetting Assets
The following tables present the derivative assets, derivative liabilities, and reverse repurchase agreements not offset on the condensed consolidated balance sheets but available for offset in the event of default. The tables also present the cash and non-cash collateral received or pledged relating to these positions. The amount of collateral presented is limited to the amount presented on our condensed consolidated balance sheets; therefore, instances of over-collateralization are excluded from the table below.
Amounts Not Offset on the Condensed Consolidated Balance Sheet
Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments(1)
Collateral Received(2)
Net Amounts
(In millions)
As of June 30, 2025
Derivative assets(3)
$61 $28 $16 $17 
Reverse repurchase agreements(4)
— — — — 
Total assets
$61 $28 $16 $17 
As of December 31, 2024
Derivative assets(3)
$243 $23 $169 $51 
Reverse repurchase agreements(4)
87 — 87 — 
Total assets
$330 $23 $256 $51 

Amounts Not Offset on the Condensed Consolidated Balance Sheet
Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments(1)
Collateral Pledged(2)
Net Amounts
(In millions)
As of June 30, 2025
Derivative liabilities(3)
$404 $28 $300 $76 
As of December 31, 2024
Derivative liabilities(3)
$37 $23 $7 $7 
(1) For derivative positions, this includes any derivative fair value that could be offset in the event of counterparty default. For reverse repurchase positions, this includes any receivable that could be offset in the event of counterparty default.
(2) Includes cash and the fair value of securities exchanged with the counterparty. For reverse repurchase agreements, these securities are not included in the condensed consolidated balance sheet unless the counterparty defaults.
(3) We received cash collateral from derivative counterparties totaling $17 million and $162 million as of June 30, 2025 and December 31, 2024, respectively, and securities from derivative counterparties with a fair value of nil and $30 million as of June 30, 2025 and December 31, 2024, respectively. We posted $323 million and $7 million of cash collateral as of June 30, 2025 and December 31, 2024, respectively.
(4) PayPal is permitted by contract to sell or repledge collateral relating to its reverse repurchase agreements. The fair value of this collateral was nil and $96 million as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, we have not sold or repledged collateral relating to reverse repurchase agreements.
Schedule of Offsetting Liabilities
The following tables present the derivative assets, derivative liabilities, and reverse repurchase agreements not offset on the condensed consolidated balance sheets but available for offset in the event of default. The tables also present the cash and non-cash collateral received or pledged relating to these positions. The amount of collateral presented is limited to the amount presented on our condensed consolidated balance sheets; therefore, instances of over-collateralization are excluded from the table below.
Amounts Not Offset on the Condensed Consolidated Balance Sheet
Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments(1)
Collateral Received(2)
Net Amounts
(In millions)
As of June 30, 2025
Derivative assets(3)
$61 $28 $16 $17 
Reverse repurchase agreements(4)
— — — — 
Total assets
$61 $28 $16 $17 
As of December 31, 2024
Derivative assets(3)
$243 $23 $169 $51 
Reverse repurchase agreements(4)
87 — 87 — 
Total assets
$330 $23 $256 $51 

Amounts Not Offset on the Condensed Consolidated Balance Sheet
Amounts Presented on the Condensed Consolidated Balance Sheet
Financial Instruments(1)
Collateral Pledged(2)
Net Amounts
(In millions)
As of June 30, 2025
Derivative liabilities(3)
$404 $28 $300 $76 
As of December 31, 2024
Derivative liabilities(3)
$37 $23 $7 $7 
(1) For derivative positions, this includes any derivative fair value that could be offset in the event of counterparty default. For reverse repurchase positions, this includes any receivable that could be offset in the event of counterparty default.
(2) Includes cash and the fair value of securities exchanged with the counterparty. For reverse repurchase agreements, these securities are not included in the condensed consolidated balance sheet unless the counterparty defaults.
(3) We received cash collateral from derivative counterparties totaling $17 million and $162 million as of June 30, 2025 and December 31, 2024, respectively, and securities from derivative counterparties with a fair value of nil and $30 million as of June 30, 2025 and December 31, 2024, respectively. We posted $323 million and $7 million of cash collateral as of June 30, 2025 and December 31, 2024, respectively.
(4) PayPal is permitted by contract to sell or repledge collateral relating to its reverse repurchase agreements. The fair value of this collateral was nil and $96 million as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, we have not sold or repledged collateral relating to reverse repurchase agreements.
v3.25.2
LOANS AND INTEREST RECEIVABLE (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Delinquency Status of Consumer Loans and Interest Receivable by Year of Origination
The following tables present the delinquency status and gross charge-offs of consumer loans and interest receivable by year of origination. The amounts are based on the number of days past the billing date for revolving loans or contractual repayment date for installment loans. The “current” category represents balances that are within 29 days of the billing date or contractual repayment date, as applicable.

June 30, 2025
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20252024202320222021TotalPercent
Consumer loans and interest receivable:
Current$2,627 $2,075 $630 $229 $17 $— $5,578 96.2%
30 - 59 Days29 38 12 6 — — 85 1.4%
60 - 89 Days 17 18 7 3 — — 45 0.8%
90 - 179 Days 40 22 25 5 1 — 93 1.6%
Total$2,713 $2,153 $674 $243 $18 $— $5,801 100%
Gross charge-offs for the six months ended June 30, 2025
$67 $1 $71 $12 $1 $— $152 
December 31, 2024
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20242023202220212020TotalPercent
Consumer loans and interest receivable:
Current$2,404 $2,427 $353 $43 $— $— $5,227 96.6%
30 - 59 Days25 28 4 — — — 57 1.1%
60 - 89 Days 16 19 4 1 — — 40 0.7%
90 - 179 Days 38 40 9 2 — — 89 1.6%
Total$2,483 $2,514 $370 $46 $— $— $5,413 100%
Gross charge-offs for the year ended December 31, 2024
$138 $39 $133 $14 $— $— $324 
The following tables present the delinquency status and gross charge-offs of merchant loans, advances, and interest and fees receivable by year of origination. The amounts are based on the number of days past the expected or contractual repayment date for amounts outstanding. The “current” category represents balances that are within 29 days of the expected repayment date or contractual repayment date, as applicable.

June 30, 2025
(In millions, except percentages)
2025
2024202320222021PriorTotalPercent
Merchant loans, advances, and interest and fees receivable:
Current$1,158 $311 $10 $7 $1 $6 $1,493 89.9%
30 - 59 Days30 37 5 1 — — 73 4.4%
60 - 89 Days 12 19 3 1 — — 35 2.1%
90 - 179 Days 9 37 4 2 — — 52 3.1%
180+ Days— 5 2 1 — — 8 0.5%
Total$1,209 $409 $24 $12 $1 $6 $1,661 100%
Gross charge-offs for the six months ended June 30, 2025
$— $42 $14 $2 $— $1 $59 
December 31, 2024
(In millions, except percentages)
2024
2023202220212020PriorTotalPercent
Merchant loans, advances, and interest and fees receivable:
Current$1,274 $28 $13 $1 $8 $4 $1,328 90.4%
30 - 59 Days55 10 3 — — 1 69 4.7%
60 - 89 Days 23 6 2 — — — 31 2.1%
90 - 179 Days 21 11 4 — — — 36 2.4%
180+ Days1 4 1 — — — 6 0.4%
Total$1,374 $59 $23 $1 $8 $5 $1,470 100%
Gross charge-offs for the year ended December 31, 2024
$10 $96 $42 $— $8 $— $156 
Schedule of Allowance for Loans and Interest Receivable
The following table summarizes the activity in the allowance for consumer loans and interest receivable for the six months ended June 30, 2025 and 2024:
June 30, 2025June 30, 2024
Consumer Loans ReceivableInterest Receivable
Total Allowance
Consumer Loans ReceivableInterest Receivable
Total Allowance
(In millions)
Beginning balance$341 $7 $348 $357 $23 $380 
Provisions117 6 123 106 10 116 
Charge-offs(143)(9)(152)(165)(13)(178)
Recoveries33 — 33 25 — 25 
Other(1)
25 — 25 (11)— (11)
Ending balance$373 $4 $377 $312 $20 $332 
(1) Includes amounts related to foreign currency remeasurement.
The following table summarizes the activity in the allowance for merchant loans, advances, and interest and fees receivable for the six months ended June 30, 2025 and 2024:
June 30, 2025June 30, 2024
Merchant Loans and AdvancesInterest and Fees ReceivableTotal AllowanceMerchant Loans and AdvancesInterest and Fees ReceivableTotal Allowance
(In millions)
Beginning balance$107 $6 $113 $148 $12 $160 
Provisions69 8 77 31 (1)30 
Charge-offs(55)(4)(59)(89)(5)(94)
Recoveries12 — 12 14 — 14 
Other(1)
4 — 4 — — — 
Ending balance$137 $10 $147 $104 $6 $110 
(1) Includes amounts related to foreign currency remeasurement.
v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Aggregate Principal Amount Related to the Notes The following table summarizes the Notes outstanding:
MaturitiesEffective Interest RateJune 30,
2025		December 31,
2024
(in millions)
September 2019 debt issuance:
Fixed-rate 2.650% notes
10/1/20262.78%$1,250 $1,250 
Fixed-rate 2.850% notes
10/1/20292.96%1,500 1,500 
May 2020 debt issuance:
Fixed-rate 1.650% notes
6/1/20251.78%— 1,000 
Fixed-rate 2.300% notes
6/1/20302.39%1,000 1,000 
Fixed-rate 3.250% notes
6/1/20503.33%1,000 1,000 
May 2022 debt issuance:
Fixed-rate 3.900% notes
6/1/20274.06%500 500 
Fixed-rate 4.400% notes
6/1/20324.53%1,000 1,000 
Fixed-rate 5.050% notes
6/1/20525.14%1,000 1,000 
Fixed-rate 5.250% notes
6/1/20625.34%500 500 
June 2023 debt issuance(1):
¥30 billion fixed-rate 0.813% notes
6/9/20250.89%— 191 
¥23 billion fixed-rate 0.972% notes
6/9/20261.06%159 147 
¥37 billion fixed-rate 1.240% notes
6/9/20281.31%256 236 
May 2024 debt issuance:
Fixed-rate 5.150% notes
6/1/20345.35%850 850 
Fixed-rate 5.500% notes
6/1/20545.66%400 400 
March 2025 debt issuance:
Floating-rate notes
3/6/20285.21%450 — 
Fixed-rate 4.450% notes
3/6/20284.66%450 — 
Fixed-rate 5.100% notes
4/1/20355.20%600 — 
Total term debt$10,915 $10,574 
Unamortized premium (discount) and issuance costs, net(82)(78)
Less: current portion of term debt(2)
(159)(1,191)
Total carrying amount of term debt$10,674 $9,305 
(1) Principal amounts represent the U.S. dollar equivalent as of June 30, 2025 and December 31, 2024, respectively.
(2) The current portion of term debt is included within “accrued expenses and other current liabilities” on our condensed consolidated balance sheets.
Schedule of Future Principal Payments Associated with Long Term Debt
As of June 30, 2025, the future principal payments associated with our term debt were as follows (in millions):
Remaining 2025
$— 
20261,409 
2027500 
20281,156 
20291,500 
Thereafter6,350 
Total$10,915 
v3.25.2
COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Allowance for Transaction Losses and Negative Customer Balances The following table shows changes in the allowance for transaction losses and negative customer balances related to our protection programs for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Beginning balance$305 $267 $342 $282 
Provision(1)
383 259 661 519 
Realized losses and charge-offs(371)(286)(719)(595)
Recoveries(2)
35 30 68 64 
Ending balance$352 $270 $352 $270 
(1) Changes in estimates for the prior period provision related to the allowance for transaction losses are not material and are aggregated with current period provision.
(2) Recoveries are only relevant for the allowance for negative customer balances.
v3.25.2
STOCK-BASED PLANS (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The following table summarizes the impact of stock-based compensation expense on our results of operations for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Customer support and operations$53 $55 $104 $123 
Sales and marketing34 38 67 78 
Technology and development136 108 247 255 
General and administrative83 89 155 176 
Restructuring and other— 22 — 60 
Total stock-based compensation expense$306 $312 $573 $692 
Capitalized as part of internal use software and website development costs$33 $33 $68 $45 
v3.25.2
RESTRUCTURING AND OTHER (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve Activity
The following table summarizes the restructuring reserve activity during the six months ended June 30, 2025:
Employee Severance and Benefits Costs
(In millions)
Accrued liability as of January 1, 2025
$— 
Charges
95 
Accrued liability as of June 30, 2025
$95 
The following table summarizes the restructuring reserve activity during the six months ended June 30, 2025:
 Employee Severance and Benefits Costs
(In millions)
Accrued liability as of January 1, 2025
$— 
Charges
36 
Payments(35)
Accrued liability as of June 30, 2025
$1 
v3.25.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following table sets forth our segment information for revenue, segment profit (loss), and significant expenses:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Net revenues$8,288 $7,885 $16,079 $15,584 
Less (add):
Transaction expense3,968 3,942 7,672 7,859 
Transaction losses383 259 661 519 
Credit losses93 76 186 137 
Customer support and operations(1)
413 436 811 890 
Sales and marketing(1)
583 446 1,071 867 
Technology and development(1)
767 718 1,498 1,460 
General and administrative(1)
461 570 964 1,034 
Restructuring and other116 113 182 325 
Other income (expense), net(25)(74)(98)(115)
Income tax expense268 271 584 592 
Segment net income (loss)$1,261 $1,128 $2,548 $2,016 
(1) Includes depreciation and amortization expense. For the three and six months ended June 30, 2025, total depreciation and amortization expense was $239 million and $484 million, respectively. For the three and six months ended June 30, 2024, total depreciation and amortization expense was $263 million and $528 million, respectively.
v3.25.2
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Long-term investments $ 3,645 $ 4,583
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Long-term investments 190 187
Variable interest entity, reporting entity involvement, maximum loss exposure, amount $ 246 $ 246
v3.25.2
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounting Standards Update and Change in Accounting Principle (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Reclassification [Line Items]    
Total assets $ 79,777 $ 78,725
Total liabilities $ 59,576 58,308
As Previously Reported    
Reclassification [Line Items]    
Total assets   81,611
Total liabilities   61,194
Adjustments    
Reclassification [Line Items]    
Total assets   (2,886)
Total liabilities   $ (2,886)
v3.25.2
REVENUE - Additional Information (Details)
$ in Millions
Jun. 30, 2025
USD ($)
classification
Dec. 31, 2024
USD ($)
Revenue from Contract with Customer [Abstract]    
Number of revenue classifications | classification 2  
Contract assets are included in other assets | $ $ 193 $ 207
v3.25.2
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Net revenues $ 8,288 $ 7,885 $ 16,079 $ 15,584
Net revenues which do not represent revenues recognized in the scope of ASC Topic 606 506 520 1,100 988
Transaction revenues        
Disaggregation of Revenue [Line Items]        
Net revenues 7,441 7,153 14,457 14,187
Revenues from other value added services        
Disaggregation of Revenue [Line Items]        
Net revenues 847 732 1,622 1,397
U.S.        
Disaggregation of Revenue [Line Items]        
Net revenues 4,709 4,550 9,172 9,017
Other countries        
Disaggregation of Revenue [Line Items]        
Net revenues $ 3,579 $ 3,335 $ 6,907 $ 6,567
v3.25.2
NET INCOME (LOSS) PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net income (loss), basic $ 1,261 $ 1,128 $ 2,548 $ 2,016
Net income (loss), diluted $ 1,261 $ 1,128 $ 2,548 $ 2,016
Denominator:        
Weighted average shares of common stock - basic (in shares) 969 1,042 977 1,053
Dilutive effect of equity incentive awards (in shares) 8 5 11 7
Weighted average shares of common stock - diluted (in shares) 977 1,047 988 1,060
Net income (loss) per share:        
Basic (in dollars per share) $ 1.30 $ 1.08 $ 2.61 $ 1.91
Diluted (in dollars per share) $ 1.29 $ 1.08 $ 2.58 $ 1.90
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive (in shares) 14 12 8 14
v3.25.2
BUSINESS COMBINATIONS AND DIVESTITURES (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
business
Jun. 30, 2024
business
Business Combination [Line Items]      
Number of businesses acquired     0
Number of businesses divested   0 0
Business Combination      
Business Combination [Line Items]      
Purchase price | $ $ 19    
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill Balances and Adjustments (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 10,837
Goodwill Acquired 7
Adjustments 132
Ending balance $ 10,976
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Components of Identifiable Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,149 $ 1,096
Accumulated Amortization  (878) (770)
Net Carrying Amount 271 326
Customer lists and user base    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 889 854
Accumulated Amortization  (682) (601)
Net Carrying Amount 207 253
Marketing related    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 65 60
Accumulated Amortization  (48) (38)
Net Carrying Amount 17 22
Developed technologies    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 9 0
Accumulated Amortization  (1)  
Net Carrying Amount 8 0
All other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 186 182
Accumulated Amortization  (147) (131)
Net Carrying Amount $ 39 $ 51
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense for intangible assets $ 48 $ 52 $ 95 $ 108
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Expected Future Intangible Asset Amortization (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fiscal years:    
Remaining 2025 $ 68  
2026 96  
2027 61  
2028 46  
Net Carrying Amount $ 271 $ 326
v3.25.2
LEASES - Schedule of Components of Lease Expense, Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Operating lease expense $ 40 $ 39 $ 81 $ 76
Amortization of right-of-use (“ROU”) lease assets 4 1 8 1
Sublease income (2) (3) (4) (6)
Total lease expense, net 42 37 85 71
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases 46 42 88 85
Financing cash flows from finance leases 4 20 6 20
ROU lease assets obtained in exchange for new operating lease liabilities 0 134 5 277
ROU lease assets obtained in exchange for new finance lease liabilities $ 0 $ 39 $ 0 $ 55
v3.25.2
LEASES - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Operating leases    
ROU lease assets $ 546 $ 599
Current lease liabilities 136 135
Long-term lease liabilities 565 629
Total lease liabilities $ 701 $ 764
Weighted-average remaining lease term 5 years 6 months 5 years 10 months 24 days
Weighted-average discount rate 4.00% 4.00%
Finance leases    
ROU lease assets $ 64 $ 73
Current lease liabilities 5 5
Long-term lease liabilities 11 18
Total lease liabilities $ 16 $ 23
Weighted-average remaining lease term 3 years 10 months 24 days 4 years 4 months 24 days
Weighted-average discount rate 5.00% 5.00%
v3.25.2
LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Operating leases    
Remaining 2025 $ 76  
2026 176  
2027 156  
2028 103  
2029 89  
Thereafter 199  
Total 799  
Less: present value discount (98)  
Lease liability 701 $ 764
Finance leases    
Remaining 2025 2  
2026 6  
2027 6  
2028 4  
2029 0  
Thereafter 0  
Total 18  
Less: present value discount (2)  
Lease liability $ 16 $ 23
v3.25.2
LEASES - Additional Information (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Minimum  
Operating Leased Assets [Line Items]  
Operating lease, lease not yet commenced, term of contract 3 years
Maximum  
Operating Leased Assets [Line Items]  
Operating lease, lease not yet commenced, term of contract 10 years
Operating Lease, Lease Not yet Commenced  
Operating Leased Assets [Line Items]  
Leases not yet commenced $ 58
Financing Lease, Lease Not yet Commenced  
Operating Leased Assets [Line Items]  
Leases not yet commenced $ 0
v3.25.2
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total        
Beginning balance $ 20,254 $ 20,702 $ 20,417 $ 21,051
Other comprehensive income (loss) before reclassifications (186) (11) (222) 34
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) (69) 23 (33) (19)
Other comprehensive income (loss), net of tax (117) (34) (189) 53
Ending balance 20,201 20,622 20,201 20,622
Accumulated Other Comprehensive Income (Loss)        
Estimated Tax (Expense) Benefit        
Beginning balance 25 (3) 39 27
Other comprehensive income (loss) before reclassifications (20) (26) (34) (56)
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) 0 0 0 0
Net current period other comprehensive income (loss) (20) (26) (34) (56)
Ending balance 5 (29) 5 (29)
Total        
Beginning balance (622) (659) (550) (746)
Ending balance (739) (693) (739) (693)
Unrealized Gains (Losses) on Cash Flow Hedges        
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax        
Beginning balance (29) 40 147 (56)
Other comprehensive income (loss) before reclassifications (318) 25 (459) 121
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) (70) 22 (35) 22
Net current period other comprehensive income (loss) (248) 3 (424) 99
Ending balance (277) 43 (277) 43
Unrealized Gains (Losses) on Available-for-sale Debt Securities        
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax        
Beginning balance 5 (51) 14 (134)
Other comprehensive income (loss) before reclassifications (10) 16 (18) 57
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) 1 1 2 (41)
Net current period other comprehensive income (loss) (11) 15 (20) 98
Ending balance (6) (36) (6) (36)
Foreign Currency Translation Adjustment (“CTA”)        
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax        
Beginning balance (936) (935) (1,063) (774)
Other comprehensive income (loss) before reclassifications 162 (126) 289 (287)
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) 0 0 0 0
Net current period other comprehensive income (loss) 162 (126) 289 (287)
Ending balance (774) (1,061) (774) (1,061)
Net Investment Hedges CTA Gains (Losses)        
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax        
Beginning balance 313 290 313 191
Other comprehensive income (loss) before reclassifications 0 100 0 199
Less: Amount of net gains (losses) reclassified from accumulated other comprehensive income (loss) (“AOCI”) 0 0 0 0
Net current period other comprehensive income (loss) 0 100 0 199
Ending balance $ 313 $ 390 $ 313 $ 390
v3.25.2
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Reclassifications out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]            
Net revenues $ 8,288   $ 7,885   $ 16,079 $ 15,584
Other income (expense), net 25   74   98 115
Income before income taxes 1,529   1,399   3,132 2,608
Income tax expense (268)   (271)   (584) (592)
Net income (loss) 1,261 $ 1,287 1,128 $ 888 2,548 2,016
Amount of Gains (Losses) Reclassified from AOCI            
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]            
Income before income taxes (69)   23   (33) (19)
Income tax expense 0   0   0 0
Net income (loss) (69)   23   (33) (19)
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 (70)   22   (35) 22
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   1 (41)
Other income (expense), net $ 1   $ 0   $ 1 $ 0
v3.25.2
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Interest income $ 135 $ 165 $ 280 $ 331
Interest expense (114) (93) (217) (179)
Net gains (losses) on strategic investments 11 (6) 59 (55)
Other (7) 8 (24) 18
Other income (expense), net $ 25 $ 74 $ 98 $ 115
v3.25.2
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
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents $ 6,688 $ 6,662 $ 7,801
Funds receivable and customer accounts:      
Total funds receivable and customer accounts 38,923 37,671  
Short-term investments:      
Time deposits 110 107  
Available-for-sale debt securities 3,210 4,154  
Restricted cash 0 1  
Total short-term investments 3,320 4,262  
Long-term investments:      
Time deposits 17 22  
Available-for-sale debt securities 2,052 3,002  
Strategic investments 1,576 1,559  
Total long-term investments 3,645 4,583  
Cash and cash equivalents      
Funds receivable and customer accounts:      
Total funds receivable and customer accounts 12,292 15,828  
Short-term investments:      
Available-for-sale debt securities $ 265 $ 149  
Cash and cash equivalents | Maximum      
Long-term investments:      
Debt securities, available for sale, original maturities term 3 months 3 months  
Time deposits      
Funds receivable and customer accounts:      
Total funds receivable and customer accounts $ 123 $ 15  
Available-for-sale debt securities      
Funds receivable and customer accounts:      
Total funds receivable and customer accounts 16,370 14,551  
Funds receivable      
Funds receivable and customer accounts:      
Total funds receivable and customer accounts $ 10,138 $ 7,277  
v3.25.2
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
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost $ 20,726 $ 21,278
Gross Unrealized Gains 14 29
Gross Unrealized Losses (20) (15)
Estimated Fair Value 20,720 21,292
Funds receivable and customer accounts | U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 4,438 5,709
Gross Unrealized Gains 2 4
Gross Unrealized Losses 0 (2)
Estimated Fair Value 4,440 5,711
Funds receivable and customer accounts | Foreign government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 76 77
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 76 77
Funds receivable and customer accounts | Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 2,352 405
Gross Unrealized Gains 3 0
Gross Unrealized Losses (1) 0
Estimated Fair Value 2,354 405
Funds receivable and customer accounts | Mortgage-backed and asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 4,558 4,039
Gross Unrealized Gains 5 13
Gross Unrealized Losses (13) (5)
Estimated Fair Value 4,550 4,047
Funds receivable and customer accounts | Municipal securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 344 503
Gross Unrealized Gains 0 1
Gross Unrealized Losses 0 0
Estimated Fair Value 344 504
Funds receivable and customer accounts | Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 3,694 3,391
Gross Unrealized Gains 1 1
Gross Unrealized Losses (1) 0
Estimated Fair Value 3,694 3,392
Short-term investments | U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 390 188
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (2)
Estimated Fair Value 390 186
Short-term investments | Foreign government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 143 84
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 143 84
Short-term investments | Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 1,632 1,751
Gross Unrealized Gains 1 0
Gross Unrealized Losses (1) (2)
Estimated Fair Value 1,632 1,749
Short-term investments | Mortgage-backed and asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 832 848
Gross Unrealized Gains 1 5
Gross Unrealized Losses (1) 0
Estimated Fair Value 832 853
Short-term investments | Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 213 1,281
Gross Unrealized Gains 0 1
Gross Unrealized Losses 0 0
Estimated Fair Value 213 1,282
Long-term investments: | U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 230 235
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 230 235
Long-term investments: | Foreign government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 60 124
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (1)
Estimated Fair Value 60 123
Long-term investments: | Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 736 1,601
Gross Unrealized Gains 1 3
Gross Unrealized Losses (1) (2)
Estimated Fair Value 736 1,602
Long-term investments: | Mortgage-backed and asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 1,028 1,042
Gross Unrealized Gains 0 1
Gross Unrealized Losses (2) (1)
Estimated Fair Value $ 1,026 $ 1,042
v3.25.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]      
Accrued interest receivable $ 117   $ 140
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets   Prepaid expenses and other current assets
Gross realized losses related to available-for-sale securities   $ 42  
Non cash investments not yet settled $ 29 $ 126  
v3.25.2
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
Jun. 30, 2025
Dec. 31, 2024
Fair Value    
Less than 12 months $ 7,923 $ 5,636
12 months or longer 268 942
Total 8,191 6,578
Gross Unrealized Losses    
Less than 12 months (20) (10)
12 months or longer 0 (5)
Total (20) (15)
Funds receivable and customer accounts | U.S. government and agency securities    
Fair Value    
Less than 12 months 966 1,314
12 months or longer 0 517
Total 966 1,831
Gross Unrealized Losses    
Less than 12 months 0 (1)
12 months or longer 0 (1)
Total 0 (2)
Funds receivable and customer accounts | Foreign government and agency securities    
Fair Value    
Less than 12 months 76 57
12 months or longer 0 0
Total 76 57
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 0
Total 0 0
Funds receivable and customer accounts | Corporate debt securities    
Fair Value    
Less than 12 months 710 105
12 months or longer 75 50
Total 785 155
Gross Unrealized Losses    
Less than 12 months (1) 0
12 months or longer 0 0
Total (1) 0
Funds receivable and customer accounts | Mortgage-backed and asset-backed securities    
Fair Value    
Less than 12 months 3,132 1,673
12 months or longer 124 2
Total 3,256 1,675
Gross Unrealized Losses    
Less than 12 months (13) (5)
12 months or longer 0 0
Total (13) (5)
Funds receivable and customer accounts | Municipal securities    
Fair Value    
Less than 12 months 14 29
12 months or longer 0 36
Total 14 65
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 0
Total 0 0
Funds receivable and customer accounts | Commercial paper    
Fair Value    
Less than 12 months 974 275
12 months or longer 0 0
Total 974 275
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   0
12 months or longer   186
Total   186
Gross Unrealized Losses    
Less than 12 months   0
12 months or longer   (2)
Total   (2)
Short-term investments | Foreign government and agency securities    
Fair Value    
Less than 12 months 0  
12 months or longer 34  
Total 34  
Gross Unrealized Losses    
Less than 12 months 0  
12 months or longer 0  
Total 0  
Short-term investments | Corporate debt securities    
Fair Value    
Less than 12 months 246 618
12 months or longer 10 90
Total 256 708
Gross Unrealized Losses    
Less than 12 months (1) (2)
12 months or longer 0 0
Total (1) (2)
Short-term investments | Mortgage-backed and asset-backed securities    
Fair Value    
Less than 12 months 483 250
12 months or longer 15 18
Total 498 268
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 195 218
12 months or longer 0 0
Total 195 218
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 45 50
12 months or longer 0 0
Total 45 50
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 0
Total 0 0
Long-term investments: | Foreign government and agency securities    
Fair Value    
Less than 12 months   90
12 months or longer   34
Total   124
Gross Unrealized Losses    
Less than 12 months   0
12 months or longer   (1)
Total   (1)
Long-term investments: | Corporate debt securities    
Fair Value    
Less than 12 months 281 347
12 months or longer 10 9
Total 291 356
Gross Unrealized Losses    
Less than 12 months (1) (1)
12 months or longer 0 (1)
Total (1) (2)
Long-term investments: | Mortgage-backed and asset-backed securities    
Fair Value    
Less than 12 months 801 610
12 months or longer 0 0
Total 801 610
Gross Unrealized Losses    
Less than 12 months (2) (1)
12 months or longer 0 0
Total $ (2) $ (1)
v3.25.2
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 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]        
Proceeds from sales and maturities of available-for-sale debt securities $ 7,069 $ 8,985 $ 12,541 $ 20,237
v3.25.2
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
Jun. 30, 2025
Dec. 31, 2024
Amortized Cost    
One year or less $ 10,994  
After one year through five years 3,988  
After five years through ten years 2,681  
After ten years 3,063  
Gross Amortized Cost 20,726 $ 21,278
Fair Value    
One year or less 10,995  
After one year through five years 3,993  
After five years through ten years 2,680  
After ten years 3,052  
Fair Value $ 20,720 $ 21,292
v3.25.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Strategic Investments (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Carrying value of marketable equity securities recorded in long-term investments $ 14 $ 23
Carrying value of non-marketable equity securities which do not have readily determinable fair value 1,600 1,500
Carrying value of non-marketable equity $ 203 $ 200
v3.25.2
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 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Equity Securities without Readily Determinable Fair Value [Roll Forward]        
Carrying amount, beginning of period $ 1,413 $ 1,624 $ 1,336 $ 1,631
Adjustments related to non-marketable equity securities:        
Net (reductions) additions (76) 25 (54) 65
Gross unrealized gains 28 3 83 3
Gross unrealized losses and impairments (6) (17) (6) (64)
Carrying amount, end of period $ 1,359 $ 1,635 $ 1,359 $ 1,635
v3.25.2
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
Jun. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Cumulative gross unrealized gains $ 975 $ 1,187
Cumulative gross unrealized losses and impairments $ (445) $ (562)
v3.25.2
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 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]        
Net unrealized gains (losses) $ 20 $ (19) $ 68 $ (70)
v3.25.2
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
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents $ 6,700 $ 6,600
Liabilities:    
Cash and cash equivalents 6,700 6,600
Restricted cash 0 1
Time deposits, current and noncurrent 127 129
Carrying value of non-marketable equity securities which do not have readily determinable fair value 1,600 1,500
Cash, time deposits and funds receivable    
Assets:    
Funds receivable and customer accounts 22,300 23,000
Fair value, measurements, recurring basis    
Assets:    
Funds receivable and customer accounts 16,635 14,700
Derivatives 61 243
Total financial assets 21,986 22,136
Liabilities:    
Derivatives 404 37
Total financial liabilities 404 37
Fair value, measurements, recurring basis | U.S. government and agency securities    
Assets:    
Funds receivable and customer accounts 4,440 5,711
Fair value, measurements, recurring basis | Foreign government and agency securities    
Assets:    
Funds receivable and customer accounts 640 379
Fair value, measurements, recurring basis | Corporate debt securities    
Assets:    
Funds receivable and customer accounts 2,933 667
Fair value, measurements, recurring basis | Mortgage-backed and asset-backed securities    
Assets:    
Funds receivable and customer accounts 4,550 4,047
Fair value, measurements, recurring basis | Municipal securities    
Assets:    
Funds receivable and customer accounts 344 504
Fair value, measurements, recurring basis | Commercial paper    
Assets:    
Funds receivable and customer accounts 3,728 3,392
Fair value, measurements, recurring basis | Short-term investments    
Assets:    
Investments 3,210 4,154
Fair value, measurements, recurring basis | Short-term investments | U.S. government and agency securities    
Assets:    
Investments 390 186
Fair value, measurements, recurring basis | Short-term investments | Foreign government and agency securities    
Assets:    
Investments 143 84
Fair value, measurements, recurring basis | Short-term investments | Corporate debt securities    
Assets:    
Investments 1,632 1,749
Fair value, measurements, recurring basis | Short-term investments | Mortgage-backed and asset-backed securities    
Assets:    
Investments 832 853
Fair value, measurements, recurring basis | Short-term investments | Commercial paper    
Assets:    
Investments 213 1,282
Fair value, measurements, recurring basis | Long-term investments:    
Assets:    
Investments 2,066 3,025
Fair value, measurements, recurring basis | Long-term investments: | U.S. government and agency securities    
Assets:    
Investments 230 235
Fair value, measurements, recurring basis | Long-term investments: | Foreign government and agency securities    
Assets:    
Investments 60 123
Fair value, measurements, recurring basis | Long-term investments: | Corporate debt securities    
Assets:    
Investments 736 1,602
Fair value, measurements, recurring basis | Long-term investments: | Mortgage-backed and asset-backed securities    
Assets:    
Investments 1,026 1,042
Fair value, measurements, recurring basis | Long-term investments: | Marketable equity securities    
Assets:    
Investments 14 23
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Funds receivable and customer accounts 0 0
Derivatives 0 0
Total financial assets 28 37
Liabilities:    
Derivatives 0 0
Total financial liabilities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government and agency securities    
Assets:    
Funds receivable and customer accounts 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government and agency securities    
Assets:    
Funds receivable and customer accounts 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities    
Assets:    
Funds receivable and customer accounts 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed and asset-backed securities    
Assets:    
Funds receivable and customer accounts 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal securities    
Assets:    
Funds receivable and customer accounts 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial paper    
Assets:    
Funds receivable and customer accounts 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments    
Assets:    
Investments 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:    
Investments 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:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Corporate debt securities    
Assets:    
Investments 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:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Commercial paper    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments:    
Assets:    
Investments 14 23
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | U.S. government and agency securities    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | Foreign government and agency securities    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | Corporate debt securities    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | Mortgage-backed and asset-backed securities    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | Marketable equity securities    
Assets:    
Investments 14 23
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)    
Assets:    
Funds receivable and customer accounts 16,635 14,700
Derivatives 61 243
Total financial assets 21,958 22,099
Liabilities:    
Derivatives 404 37
Total financial liabilities 404 37
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | U.S. government and agency securities    
Assets:    
Funds receivable and customer accounts 4,440 5,711
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Foreign government and agency securities    
Assets:    
Funds receivable and customer accounts 640 379
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities    
Assets:    
Funds receivable and customer accounts 2,933 667
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed and asset-backed securities    
Assets:    
Funds receivable and customer accounts 4,550 4,047
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Municipal securities    
Assets:    
Funds receivable and customer accounts 344 504
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Commercial paper    
Assets:    
Funds receivable and customer accounts 3,728 3,392
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments    
Assets:    
Investments 3,210 4,154
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | U.S. government and agency securities    
Assets:    
Investments 390 186
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Foreign government and agency securities    
Assets:    
Investments 143 84
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Corporate debt securities    
Assets:    
Investments 1,632 1,749
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Mortgage-backed and asset-backed securities    
Assets:    
Investments 832 853
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Commercial paper    
Assets:    
Investments 213 1,282
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments:    
Assets:    
Investments 2,052 3,002
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments: | U.S. government and agency securities    
Assets:    
Investments 230 235
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments: | Foreign government and agency securities    
Assets:    
Investments 60 123
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments: | Corporate debt securities    
Assets:    
Investments 736 1,602
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments: | Mortgage-backed and asset-backed securities    
Assets:    
Investments 1,026 1,042
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments: | Marketable equity securities    
Assets:    
Investments 0 0
Money market fund | Fair value, measurements, recurring basis    
Assets:    
Cash and cash equivalents 14 14
Liabilities:    
Cash and cash equivalents 14 14
Money market fund | Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents 14 14
Liabilities:    
Cash and cash equivalents 14 14
Money market fund | Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents 0 0
Liabilities:    
Cash and cash equivalents $ 0 $ 0
v3.25.2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Schedule of Investments under the Fair Value Option (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Amortized Cost $ 20,726   $ 20,726   $ 21,278
Fair Value 20,720   20,720   21,292
Fair Value Option, Investments          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Funds receivable and customer accounts 61 $ (8) 92 $ (15)  
Funds receivable and customer accounts | Fair Value Option, Investments          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Amortized Cost 1,180   1,180   566
Fair Value $ 1,177   $ 1,177   $ 564
v3.25.2
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
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Equity securities measured at cost minus impairment $ 1,359 $ 1,413 $ 1,336 $ 1,635 $ 1,624 $ 1,631
Fair Value, measurements, not on a recurring basis            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans and interest receivable, held for sale 817   541      
Non-marketable equity securities measured using the Measurement Alternative 221   476      
Total financial assets 1,038   1,017      
Equity securities measured at cost minus impairment 1,100   860      
Fair Value, measurements, not on a recurring basis | Significant Other Observable Inputs (Level 2)            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans and interest receivable, held for sale 817   541      
Non-marketable equity securities measured using the Measurement Alternative 221   131      
Total financial assets 1,038   672      
Fair Value, measurements, not on a recurring basis | Significant Other Unobservable Inputs (Level 3)            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans and interest receivable, held for sale 0   0      
Non-marketable equity securities measured using the Measurement Alternative 0   345      
Total financial assets $ 0   $ 345      
v3.25.2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Additional Information (Details) - Senior Notes - USD ($)
$ in Billions
Jun. 30, 2025
Dec. 31, 2024
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt (including current portion) in the form of fixed rate notes $ 10.8 $ 10.5
Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt (including current portion) in the form of fixed rate notes $ 10.2 $ 9.8
v3.25.2
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Maximum maturity of foreign currency exchange contracts     12 months  
Net derivative losses related to cash flow hedges to be reclassified into earnings within the next 12 months $ 277,000,000   $ 277,000,000  
Net investment hedge CTA gains (losses), reclassifications $ 0 $ 0 $ 0 $ 0
v3.25.2
DERIVATIVE INSTRUMENTS - Schedule of Fair Value of Outstanding Derivative Instruments (Details) - Foreign Exchange Contract - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative assets $ 61 $ 243
Derivative liabilities 404 37
Other current assets | Foreign exchange contracts designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 10 $ 157
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
Other current assets | Foreign exchange contracts not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 51 $ 86
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
Other current liabilities | Foreign exchange contracts designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 288 $ 10
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Other current liabilities | Foreign exchange contracts not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 116 $ 27
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
v3.25.2
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 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Net revenues $ 8,288 $ 7,885 $ 16,079 $ 15,584
Other income (expense), net 25 74 98 115
Net revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) $ (70) $ 22 $ (35) $ 22
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net revenues Net revenues Net revenues Net revenues
Net revenues | Foreign Exchange Contract | Foreign exchange contracts designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI $ (70) $ 22 $ (35) $ 22
Net revenues | Foreign Exchange Contract | Foreign exchange contracts designated as hedging instruments | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness 0 0 0 0
Net revenues | Foreign Exchange Contract | Foreign exchange contracts not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 0 0 0 0
Other income (expense), net        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) $ (152) $ 5 $ (235) $ 46
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other income (expense), net Other income (expense), net Other income (expense), net Other income (expense), net
Other income (expense), net | Foreign Exchange Contract | Foreign exchange contracts designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI $ 0 $ 0 $ 0 $ 0
Other income (expense), net | Foreign Exchange Contract | Foreign exchange contracts designated as hedging instruments | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness 0 21 0 41
Other income (expense), net | Foreign Exchange Contract | Foreign exchange contracts not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) $ (152) $ (16) $ (235) $ 5
v3.25.2
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 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]          
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges $ 0 $ 100 $ 99 $ 0 $ 199
Foreign Exchange Contract          
Derivative Instruments, Gain (Loss) [Line Items]          
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges (318) 25   (459) 121
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges 0 100   0 199
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss) $ (318) $ 125   $ (459) $ 320
v3.25.2
DERIVATIVE INSTRUMENTS - Schedule of Notional Amounts of Outstanding Derivatives (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Notional amounts $ 17,061 $ 17,259
Foreign Exchange Contract | Foreign exchange contracts designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Notional amounts 6,203 3,942
Foreign Exchange Contract | Foreign exchange contracts not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Notional amounts $ 10,858 $ 13,317
v3.25.2
DERIVATIVE INSTRUMENTS - Schedule of Offsetting Assets and Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivative Assets [Abstract]    
Amounts Presented on the Condensed Consolidated Balance Sheet $ 61 $ 243
Financial instruments 28 23
Collateral received 16 169
Net Amounts 17 51
Reverse Repurchase Agreements [Abstract]    
Amounts Presented on the Condensed Consolidated Balance Sheet 0 87
Financial instruments 0 0
Collateral Received 0 87
Net Amounts 0 0
Total Assets [Abstract]    
Amounts Presented on the Condensed Consolidated Balance Sheet 61 330
Financial instruments 28 23
Collateral received 16 256
Net Amounts 17 51
Derivative Liability [Abstract]    
Amounts Presented on the Condensed Consolidated Balance Sheet 404 37
Financial Instruments 28 23
Collateral Pledged 300 7
Net Amounts 76 7
Collateral received, Derivative assets 17 162
Non-cash collateral received 0 30
Cash collateral posted 323 7
Collateral received with the right to sell or repledge $ 0 $ 96
v3.25.2
LOANS AND INTEREST RECEIVABLE - Loans and Interest Receivable, Held For Sale (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]      
Loans and interest receivable, held for sale $ 817 $ 541  
Consumer Receivables      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Derecognized loans with an unpaid balance 11,600   $ 9,700
Financing receivable, sale $ 11,600   $ 9,600
v3.25.2
LOANS AND INTEREST RECEIVABLE - Consumer Receivable (Details) - Consumer Receivables - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Merchant receivables purchased $ 602 $ 217  
Loans and interest receivable 5,801   $ 5,413
Receivables, participation interest sold, value $ 26   $ 23
v3.25.2
LOANS AND INTEREST RECEIVABLE - Schedule of Delinquency Status of Consumer Loans and Interest Receivable by Year of Origination (Details) - Consumer Receivables - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis $ 2,713   $ 2,483
Originated in year one 2,153   2,514
Originated in year two 674   370
Originated in year three 243   46
Originated in year four 18   0
Originated in year five 0   0
Total $ 5,801   $ 5,413
Percent 100.00%   100.00%
Gross charge-offs by origination year [Abstract]      
Gross charge-offs, Revolving Loans Amortized Cost Basis $ 67   $ 138
Year one 1   39
Year two 71   133
Year three 12   14
Year four 1   0
Year five 0   0
Total Gross charge-offs 152 $ 178 324
Current      
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis 2,627   2,404
Originated in year one 2,075   2,427
Originated in year two 630   353
Originated in year three 229   43
Originated in year four 17   0
Originated in year five 0   0
Total $ 5,578   $ 5,227
Percent 96.20%   96.60%
30 - 59 Days      
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis $ 29   $ 25
Originated in year one 38   28
Originated in year two 12   4
Originated in year three 6   0
Originated in year four 0   0
Originated in year five 0   0
Total $ 85   $ 57
Percent 1.40%   1.10%
60 - 89 Days      
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis $ 17   $ 16
Originated in year one 18   19
Originated in year two 7   4
Originated in year three 3   1
Originated in year four 0   0
Originated in year five 0   0
Total $ 45   $ 40
Percent 0.80%   0.70%
90 - 179 Days      
Installment Loans Amortized Cost Basis      
Revolving Loans Amortized Cost Basis $ 40   $ 38
Originated in year one 22   40
Originated in year two 25   9
Originated in year three 5   2
Originated in year four 1   0
Originated in year five 0   0
Total $ 93   $ 89
Percent 1.60%   1.60%
v3.25.2
LOANS AND INTEREST RECEIVABLE - Schedule of Allowance for Loans and Interest Receivable (Details) - Consumer Loans Receivable - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Allowance for loans and interest receivable      
Beginning balance $ 348 $ 380 $ 380
Provisions 123 116  
Charge-offs (152) (178) (324)
Recoveries 33 25  
Other 25 (11)  
Ending balance 377 332 348
Consumer Loans Receivable      
Allowance for loans and interest receivable      
Beginning balance 341 357 357
Provisions 117 106  
Charge-offs (143) (165)  
Recoveries 33 25  
Other 25 (11)  
Ending balance 373 312 341
Interest Receivable      
Allowance for loans and interest receivable      
Beginning balance 7 23 23
Provisions 6 10  
Charge-offs (9) (13)  
Recoveries 0 0  
Other 0 0  
Ending balance $ 4 $ 20 $ 7
v3.25.2
LOANS AND INTEREST RECEIVABLE - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Consumer Receivables        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Allowance for credit loss $ 377 $ 332 $ 348 $ 380
Merchant receivables purchased 602 217    
Loans and interest receivable 5,801   5,413  
Receivables, participation interest sold, value 26   23  
Merchant Receivables        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Allowance for credit loss 147 110 113 $ 160
Merchant receivables purchased 1,000 $ 774    
Loans and interest receivable 1,661   1,470  
Receivables, participation interest sold, value $ 59   $ 53  
Merchant Receivables | PayPal Working Capital Products        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Required percentage of original loan payments, repayment period 90 days      
Merchant Receivables | PayPal Working Capital Products | Minimum        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Required percentage of original loan payments every 90 days 10.00%      
Expected period of repayment 9 months      
Merchant Receivables | PayPal Working Capital Products | Maximum        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Expected period of repayment 12 months      
Merchant Receivables | PayPal Business Loans | Minimum        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Expected period of repayment 3 months      
Merchant Receivables | PayPal Business Loans | Maximum        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Expected period of repayment 12 months      
v3.25.2
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
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Installment Loans Amortized Cost Basis      
Originated in year one $ 1,209   $ 1,374
Originated in year two 409   59
Originated in year three 24   23
Originated in year four 12   1
Originated in year five 1   8
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 6   5
Total $ 1,661   $ 1,470
Percent 100.00%   100.00%
Gross charge-offs by origination year [Abstract]      
Year one $ 0   $ 10
Year two 42   96
Year three 14   42
Year four 2   0
Year five 0   8
Five years before current fiscal year 1   0
Total Gross charge-offs 59 $ 94 156
Current      
Installment Loans Amortized Cost Basis      
Originated in year one 1,158   1,274
Originated in year two 311   28
Originated in year three 10   13
Originated in year four 7   1
Originated in year five 1   8
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 6   4
Total $ 1,493   $ 1,328
Percent 89.90%   90.40%
30 - 59 Days      
Installment Loans Amortized Cost Basis      
Originated in year one $ 30   $ 55
Originated in year two 37   10
Originated in year three 5   3
Originated in year four 1   0
Originated in year five 0   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 0   1
Total $ 73   $ 69
Percent 4.40%   4.70%
60 - 89 Days      
Installment Loans Amortized Cost Basis      
Originated in year one $ 12   $ 23
Originated in year two 19   6
Originated in year three 3   2
Originated in year four 1   0
Originated in year five 0   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 0   0
Total $ 35   $ 31
Percent 2.10%   2.10%
90 - 179 Days      
Installment Loans Amortized Cost Basis      
Originated in year one $ 9   $ 21
Originated in year two 37   11
Originated in year three 4   4
Originated in year four 2   0
Originated in year five 0   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 0   0
Total $ 52   $ 36
Percent 3.10%   2.40%
180+ Days      
Installment Loans Amortized Cost Basis      
Originated in year one $ 0   $ 1
Originated in year two 5   4
Originated in year three 2   1
Originated in year four 1   0
Originated in year five 0   0
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 0   0
Total $ 8   $ 6
Percent 0.50%   0.40%
v3.25.2
LOANS AND INTEREST RECEIVABLE - Schedule of Allowance for Merchant Loans, Advances, and Interest and Fees Receivable (Details) - Merchant Receivables - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Allowance for loans and interest receivable      
Beginning balance $ 113 $ 160 $ 160
Provisions 77 30  
Charge-offs (59) (94) (156)
Recoveries 12 14  
Other 4 0  
Ending balance 147 110 113
Merchant Loans and Advances      
Allowance for loans and interest receivable      
Beginning balance 107 148 148
Provisions 69 31  
Charge-offs (55) (89)  
Recoveries 12 14  
Other 4 0  
Ending balance 137 104 107
Interest and Fees Receivable      
Allowance for loans and interest receivable      
Beginning balance 6 12 12
Provisions 8 (1)  
Charge-offs (4) (5)  
Recoveries 0 0  
Other 0 0  
Ending balance $ 10 $ 6 $ 6
v3.25.2
DEBT - Notes (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Mar. 31, 2025
USD ($)
May 31, 2024
USD ($)
Jun. 30, 2023
JPY (¥)
May 31, 2022
USD ($)
May 31, 2020
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]                      
Outstanding aggregate principal amount             $ 10,915,000,000   $ 10,915,000,000    
Senior Notes                      
Debt Instrument [Line Items]                      
Outstanding aggregate principal amount             10,915,000,000   10,915,000,000   $ 10,574,000,000
Interest expense and fees             110,000,000 $ 90,000,000 208,000,000 $ 174,000,000  
Fixed And Floating Rate Notes | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount $ 1,500,000,000                    
Floating-rate notes | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount $ 450,000,000                    
Basis spread on variable rate (in percent) 0.67%                    
Outstanding aggregate principal amount             $ 450,000,000   $ 450,000,000   0
Fixed-rate 4.450% notes | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount $ 450,000,000                    
Interest rate 4.45%           4.45%   4.45%    
Outstanding aggregate principal amount             $ 450,000,000   $ 450,000,000   0
Fixed-rate 5.100% notes | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount $ 600,000,000                    
Interest rate 5.10%           5.10%   5.10%    
Outstanding aggregate principal amount             $ 600,000,000   $ 600,000,000   $ 0
Fixed-Rate Notes Issued May 2024 | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount   $ 1,300,000,000                  
Redemption price (in percent)   101.00%                  
Fixed-Rate Notes Issued June 2023 | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount     ¥ 90,000,000,000       $ 622,000,000   $ 622,000,000    
Redemption price (in percent)     101.00%                
Fixed-Rate Notes Issued May 2022 | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount       $ 3,000,000,000              
Redemption price (in percent)       101.00%              
Fixed-rate Notes Issued May 2020 | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount         $ 4,000,000,000            
Redemption price (in percent)         101.00%            
Fixed-rate Notes Issued September 2019 | Senior Notes                      
Debt Instrument [Line Items]                      
Face amount           $ 5,000,000,000          
Redemption price (in percent)           101.00%          
Fixed-Rate Notes Issued March 2025 | Senior Notes                      
Debt Instrument [Line Items]                      
Redemption price (in percent) 101.00%                    
v3.25.2
DEBT - Schedule of Outstanding Aggregate Principal Amount Related to the Notes (Details)
Jun. 30, 2025
USD ($)
Jun. 30, 2025
JPY (¥)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]        
Outstanding aggregate principal amount $ 10,915,000,000      
Total carrying amount of term debt 11,296,000,000     $ 9,879,000,000
Senior Notes        
Debt Instrument [Line Items]        
Outstanding aggregate principal amount 10,915,000,000     10,574,000,000
Unamortized premium (discount) and issuance costs, net (82,000,000)     (78,000,000)
Less: current portion of term debt (159,000,000)     (1,191,000,000)
Total carrying amount of term debt $ 10,674,000,000     9,305,000,000
Senior Notes | Fixed-rate 2.650% notes        
Debt Instrument [Line Items]        
Interest rate 2.65% 2.65%    
Effective Interest Rate 2.78% 2.78%    
Outstanding aggregate principal amount $ 1,250,000,000     1,250,000,000
Senior Notes | Fixed-rate 2.850% notes        
Debt Instrument [Line Items]        
Interest rate 2.85% 2.85%    
Effective Interest Rate 2.96% 2.96%    
Outstanding aggregate principal amount $ 1,500,000,000     1,500,000,000
Senior Notes | Fixed-rate 1.650% notes        
Debt Instrument [Line Items]        
Interest rate 1.65% 1.65%    
Effective Interest Rate 1.78% 1.78%    
Outstanding aggregate principal amount $ 0     1,000,000,000
Senior Notes | Fixed-rate 2.300% notes        
Debt Instrument [Line Items]        
Interest rate 2.30% 2.30%    
Effective Interest Rate 2.39% 2.39%    
Outstanding aggregate principal amount $ 1,000,000,000     1,000,000,000
Senior Notes | Fixed-rate 3.250% notes        
Debt Instrument [Line Items]        
Interest rate 3.25% 3.25%    
Effective Interest Rate 3.33% 3.33%    
Outstanding aggregate principal amount $ 1,000,000,000     1,000,000,000
Senior Notes | Fixed-rate 3.900% notes        
Debt Instrument [Line Items]        
Interest rate 3.90% 3.90%    
Effective Interest Rate 4.06% 4.06%    
Outstanding aggregate principal amount $ 500,000,000     500,000,000
Senior Notes | Fixed-rate 4.400% notes        
Debt Instrument [Line Items]        
Interest rate 4.40% 4.40%    
Effective Interest Rate 4.53% 4.53%    
Outstanding aggregate principal amount $ 1,000,000,000     1,000,000,000
Senior Notes | Fixed-rate 5.050% notes        
Debt Instrument [Line Items]        
Interest rate 5.05% 5.05%    
Effective Interest Rate 5.14% 5.14%    
Outstanding aggregate principal amount $ 1,000,000,000     1,000,000,000
Senior Notes | Fixed-rate 5.250% notes        
Debt Instrument [Line Items]        
Interest rate 5.25% 5.25%    
Effective Interest Rate 5.34% 5.34%    
Outstanding aggregate principal amount $ 500,000,000     500,000,000
Senior Notes | ¥30 billion fixed-rate 0.813% notes        
Debt Instrument [Line Items]        
Face amount | ¥   ¥ 30,000,000,000    
Interest rate 0.813% 0.813%    
Effective Interest Rate 0.89% 0.89%    
Outstanding aggregate principal amount $ 0     191,000,000
Senior Notes | ¥23 billion fixed-rate 0.972% notes        
Debt Instrument [Line Items]        
Face amount | ¥   ¥ 23,000,000,000    
Interest rate 0.972% 0.972%    
Effective Interest Rate 1.06% 1.06%    
Outstanding aggregate principal amount $ 159,000,000     147,000,000
Senior Notes | ¥37 billion fixed-rate 1.240% notes        
Debt Instrument [Line Items]        
Face amount | ¥   ¥ 37,000,000,000    
Interest rate 1.24% 1.24%    
Effective Interest Rate 1.31% 1.31%    
Outstanding aggregate principal amount $ 256,000,000     236,000,000
Senior Notes | Fixed-rate 5.150% notes        
Debt Instrument [Line Items]        
Interest rate 5.15% 5.15%    
Effective Interest Rate 5.35% 5.35%    
Outstanding aggregate principal amount $ 850,000,000     850,000,000
Senior Notes | Fixed-rate 5.500% notes        
Debt Instrument [Line Items]        
Interest rate 5.50% 5.50%    
Effective Interest Rate 5.66% 5.66%    
Outstanding aggregate principal amount $ 400,000,000     400,000,000
Senior Notes | Floating-rate notes        
Debt Instrument [Line Items]        
Face amount     $ 450,000,000  
Effective Interest Rate 5.21% 5.21%    
Outstanding aggregate principal amount $ 450,000,000     0
Senior Notes | Fixed-rate 4.450% notes        
Debt Instrument [Line Items]        
Face amount     $ 450,000,000  
Interest rate 4.45% 4.45% 4.45%  
Effective Interest Rate 4.66% 4.66%    
Outstanding aggregate principal amount $ 450,000,000     0
Senior Notes | Fixed-rate 5.100% notes        
Debt Instrument [Line Items]        
Face amount     $ 600,000,000  
Interest rate 5.10% 5.10% 5.10%  
Effective Interest Rate 5.20% 5.20%    
Outstanding aggregate principal amount $ 600,000,000     $ 0
v3.25.2
DEBT - Paidy Revolving Credit Facility (Details) - Revolving Credit Facility - Paidy Credit Agreement - Unsecured Debt
¥ in Billions
 1 Months Ended
Sep. 30, 2022
JPY (¥)
Jun. 30, 2025
JPY (¥)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
JPY (¥)
Dec. 31, 2024
USD ($)
Feb. 28, 2022
JPY (¥)
Line of Credit Facility [Line Items]            
Maximum borrowing capacity ¥ 90.0   $ 622,000,000     ¥ 60.0
Increase to the borrowing capacity | ¥ ¥ 30.0          
Borrowings outstanding   ¥ 90.0 622,000,000 ¥ 90.0 $ 574,000,000  
Remaining borrowing capacity | $     $ 0      
v3.25.2
DEBT - Schedule of Future Principal Payments (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Future Principal Payments  
Remaining 2025 $ 0
2026 1,409
2027 500
2028 1,156
2029 1,500
Thereafter 6,350
Total $ 10,915
v3.25.2
COMMITMENTS AND CONTINGENCIES - Additional Information (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Jan. 31, 2025
action
Dec. 31, 2024
USD ($)
Apr. 04, 2023
action
Dec. 20, 2022
action
Nov. 02, 2022
action
Other Commitments [Line Items]            
Allowance for transaction losses | $ $ 89   $ 86      
Allowance for negative customer balances | $ 263   256      
Consumer Receivables            
Other Commitments [Line Items]            
Financing receivable, sold, indemnification amount | $ $ 3,200   $ 2,900      
Pending Litigation | Shah v. Daniel Schulman, et al.            
Other Commitments [Line Items]            
Number of pending claims           1
Pending Litigation | Nelson v. Daniel Schulman, et al.            
Other Commitments [Line Items]            
Number of pending claims       1    
Pending Litigation | State of Hawai‘i, v. PayPal, Inc.            
Other Commitments [Line Items]            
Number of pending claims         1  
Pending Litigation | Spathias v. Daniel Schulman, et al.            
Other Commitments [Line Items]            
Number of pending claims   1        
v3.25.2
COMMITMENTS AND CONTINGENCIES - Schedule of Allowance for Transaction Losses and Negative Customer Balances (Details) - Protection Programs - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Loss Contingency Accrual        
Beginning balance $ 305 $ 267 $ 342 $ 282
Provision 383 259 661 519
Realized losses and charge-offs (371) (286) (719) (595)
Recoveries 35 30 68 64
Ending balance $ 352 $ 270 $ 352 $ 270
v3.25.2
STOCK REPURCHASE PROGRAMS (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Equity, Class of Treasury Stock [Line Items]    
Cash paid for shares repurchased $ 3,051 $ 3,002
Inflation reduction act, excise tax $ 25 $ 25
June 2022 Stock Repurchase Program    
Equity, Class of Treasury Stock [Line Items]    
Repurchases of shares of common stock, shares repurchased (in shares) 41  
Cash paid for shares repurchased $ 3,000  
Average cost per share, excluding excise tax (in dollars per share) $ 72.45  
Remaining amount authorized for future repurchase of common stock $ 1,900  
February 2025 Stock Repurchase Program    
Equity, Class of Treasury Stock [Line Items]    
Remaining amount authorized for future repurchase of common stock $ 15,000  
v3.25.2
STOCK-BASED PLANS - Additional Information (Details)
shares in Millions
 1 Months Ended
Jun. 30, 2025
shares
2015 Paypal Equity Incentive Award Plan  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Additional shares authorized (in shares) 15
v3.25.2
STOCK-BASED PLANS - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 306 $ 312 $ 573 $ 692
Capitalized as part of internal use software and website development costs 33 33 68 45
Customer support and operations        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 53 55 104 123
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 34 38 67 78
Technology and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 136 108 247 255
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 83 89 155 176
Restructuring and other        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 0 $ 22 $ 0 $ 60
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Billions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Effective income tax rate, percentage 18.00% 19.00% 19.00% 23.00%  
Unrecognized tax benefits $ 2.4   $ 2.4   $ 2.3
v3.25.2
RESTRUCTURING AND OTHER - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring expenses   $ 83   $ 258
Loss on sale of loans, held for sale $ 27 $ 27 $ 52 $ 64
Q2 2025 Plan        
Restructuring Cost and Reserve [Line Items]        
Restructuring expenses $ 95   95  
Q2 2025 Plan | Minimum        
Restructuring Cost and Reserve [Line Items]        
Executed over a period 18 months      
Q2 2025 Plan | Minimum | Employee Severance and Benefits Costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring, expected cost $ 90   90  
Q2 2025 Plan | Minimum | Asset Impairment Charges        
Restructuring Cost and Reserve [Line Items]        
Restructuring, expected cost 40   40  
Q2 2025 Plan | Minimum | Other Restructuring        
Restructuring Cost and Reserve [Line Items]        
Restructuring, expected cost $ 110   110  
Q2 2025 Plan | Maximum        
Restructuring Cost and Reserve [Line Items]        
Executed over a period 42 months      
Q2 2025 Plan | Maximum | Employee Severance and Benefits Costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring, expected cost $ 100   100  
Q2 2025 Plan | Maximum | Asset Impairment Charges        
Restructuring Cost and Reserve [Line Items]        
Restructuring, expected cost 60   60  
Q2 2025 Plan | Maximum | Other Restructuring        
Restructuring Cost and Reserve [Line Items]        
Restructuring, expected cost $ 140   $ 140  
v3.25.2
RESTRUCTURING AND OTHER - Schedule of Restructuring Reserve Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Employee Severance and Benefits Costs        
Charges   $ 83   $ 258
Q2 2025 Plan        
Employee Severance and Benefits Costs        
Accrued liability, beginning of period     $ 0  
Charges $ 95   95  
Accrued liability, ending of period 95   95  
Q1 2025 Plan        
Employee Severance and Benefits Costs        
Accrued liability, beginning of period     0  
Charges     36  
Payments     (35)  
Accrued liability, ending of period $ 1   $ 1  
v3.25.2
SEGMENT INFORMATION - Additional Information (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.2
SEGMENT INFORMATION - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]            
Net revenues $ 8,288   $ 7,885   $ 16,079 $ 15,584
Less (add):            
Transaction expense 3,968   3,942   7,672 7,859
Customer support and operations 413   436   811 890
Sales and marketing 583   446   1,071 867
Technology and development 767   718   1,498 1,460
General and administrative 461   570   964 1,034
Restructuring and other 116   113   182 325
Other income (expense), net (25)   (74)   (98) (115)
Income tax expense 268   271   584 592
Net income (loss) 1,261 $ 1,287 1,128 $ 888 2,548 2,016
Depreciation and amortization         484 528
Reportable Segment            
Segment Reporting Information [Line Items]            
Net revenues 8,288   7,885   16,079 15,584
Less (add):            
Transaction expense 3,968   3,942   7,672 7,859
Transaction losses 383   259   661 519
Credit losses 93   76   186 137
Customer support and operations 413   436   811 890
Sales and marketing 583   446   1,071 867
Technology and development 767   718   1,498 1,460
General and administrative 461   570   964 1,034
Restructuring and other 116   113   182 325
Other income (expense), net (25)   (74)   (98) (115)
Income tax expense 268   271   584 592
Net income (loss) 1,261   1,128   2,548 2,016
Depreciation and amortization $ 239   $ 263   $ 484 $ 528