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Arphra AIPlain-English read on PayPal Holdings, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $25.37B | $27.52B | $29.77B | $31.8B | $33.17B | $34.37B | $35.79B | $37.4B | $38.06B |
| Cost of revenue | $11.38B | $13.75B | $16.07B | $17.14B | $17.71B | $18.18B | $19.35B | $20.2B | $19.89B |
| Gross profit | $14B | $13.77B | $13.7B | $14.66B | $15.47B | $15.91B | $16.8B | $16.81B | $17.58B |
| Gross margin | +55.17% | +50.05% | +46.03% | +46.10% | +46.62% | +46.30% | +46.94% | +44.94% | +46.19% |
| Operating | |||||||||
| Research & development | $3.04B | $3.25B | $2.97B | $2.98B | $3.1B | $3.33B | $3.42B | $3.49B | $3.55B |
| Selling, general & administrative | $4.56B | $4.36B | $3.87B | $4.15B | $4.26B | $4.5B | $4.62B | $4.93B | $4.94B |
| Total operating expenses | $9.73B | $9.94B | $8.68B | $9.33B | $9.4B | $10.22B | $10.59B | $10.86B | $10.86B |
| Operating income | $4.26B | $3.84B | $5.03B | $5.33B | $6.07B | $6.07B | $6.01B | $6.61B | $6.67B |
| Operating margin | +16.80% | +13.94% | +16.89% | +16.75% | +18.28% | +17.66% | +16.80% | +17.66% | +17.52% |
| EBITDA | $5.6B | $4.99B | $6.83B | $6.74B | $7.7B | $7.82B | $8.05B | $8.48B | $8.44B |
| EBIT | $4.33B | $3.67B | $5.76B | $5.71B | $6.73B | $6.78B | $6.94B | $7.06B | $7.27B |
| Below the line | |||||||||
| Interest expense | $232M | $304M | $347M | $382M | $441M | $417.02M | $436.45M | $454.96M | $470.82M |
| Interest income | $57M | $174M | $480M | $662M | $517M | $596.24M | $642.82M | $656.76M | $656.27M |
| Other income / expense | -$163M | -$471M | $383M | $4M | $227M | — | — | — | — |
| Pre-tax income | $4.1B | $3.37B | $5.41B | $5.33B | $6.29B | $6.09B | $6.53B | $6.78B | $6.9B |
| Income tax expense | -$70M | $947M | $1.17B | $1.18B | $1.06B | $1.24B | $1.29B | $1.34B | $1.42B |
| Earnings | |||||||||
| Net income | $4.17B | $2.42B | $4.25B | $4.15B | $5.23B | $4.97B | $5.02B | $5.43B | $5.43B |
| Net income · continuing ops | $4.17B | $2.42B | $4.25B | $4.15B | $5.23B | $5.06B | $5.09B | $5.46B | $5.52B |
| Net margin | +16.43% | +8.79% | +14.26% | +13.04% | +15.78% | +14.46% | +14.01% | +14.51% | +14.26% |
| EPS · basic | $3.55 | $2.10 | $3.85 | $4.03 | $5.46 | $5.37 | $5.88 | $6.29 | $6.36 |
| EPS · diluted | $3.52 | $2.09 | $3.84 | $3.99 | $5.41 | $5.31 | $5.76 | $6.32 | $6.23 |
| EPS · low estimate | — | — | — | — | — | $5.18 | $5.25 | $5.48 | $6.08 |
| EPS · high estimate | — | — | — | — | — | $5.54 | $6.04 | $7.01 | $6.45 |
| Shares · basic | 1.17B | 1.15B | 1.1B | 1.03B | 959M | 965.74M | 957.67M | 963.74M | 956.95M |
| Shares · diluted | 1.19B | 1.16B | 1.11B | 1.04B | 968M | 961.91M | 977.41M | 962.03M | 959.46M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 31 | 33 | 24 | 23 |
| Analysts (EPS) | — | — | — | — | — | 27 | 26 | 16 | 14 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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