The company maintains a conservative capital structure with a debt-to-equity ratio consistently below 0.60, supported by a steady accumulation of retained earnings reaching $33.5 billion as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 59.99B | 59.76B | 61.09B | 62.57B | 57.42B | 52.57B | 50.99B | 38.49B | 32.96B | 32.65B | 25.73B | 20.65B | 17.57B | 14.62B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.78B | 1.83B | 4.65B | 2.51B | 17M | 109M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 267M |
| Total Non-Current Assets | 20.55B | 20.41B | 20.52B | 19.6B | 21.2B | 23.23B | 19.38B | 12.84B | 10.37B | 8.13B | 7.37B | 8.23B | 4.35B | 4.54B |
| Property, Plant & Equipment | 1.71B | 1.7B | 1.51B | 1.49B | 1.73B | 1.91B | 1.81B | 1.69B | 1.72B | 1.53B | 1.48B | 1.34B | 922M | 858M |
| Fixed Asset Turnover | 20.17x | 19.51x | 21.09x | 20.01x | 15.91x | 13.29x | 11.87x | 10.50x | 8.96x | 8.57x | 7.32x | 6.88x | 8.70x | 7.84x |
| Goodwill | 10.95B | 10.86B | 10.84B | 11.03B | 11.21B | 11.45B | 9.13B | 6.21B | 6.28B | 4.34B | 4.06B | 4.07B | 3.19B | 3.19B |
| Intangible Assets | 206M | 208M | 326M | 537M | 788M | 1.33B | 1.05B | 778M | 825M | 168M | 211M | 358M | 156M | 258M |
| Long-Term Investments | 15.7B | 4.33B | 4.58B | 3.27B | 5.02B | 6.8B | 6.09B | 2.86B | 971M | 1.96B | 1.54B | 2.35B | 31M | 196M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 80.55B | 80.17B | 81.61B | 82.17B | 78.62B | 75.8B | 70.38B | 51.33B | 43.33B | 40.77B | 33.1B | 28.88B | 21.92B | 19.16B |
| Asset Turnover | 0.42x | 0.41x | 0.39x | 0.36x | 0.35x | 0.33x | 0.30x | 0.35x | 0.36x | 0.32x | 0.33x | 0.32x | 0.37x | 0.35x |
| Asset Growth % | -12.15% | -1.76% | -0.68% | 4.5% | 3.72% | 7.71% | 37.1% | 18.46% | 6.27% | 23.17% | 14.62% | 31.77% | 14.39% | - |
| Total Current Liabilities | 47.64B | 46.44B | 48.38B | 48.47B | 45.01B | 43.03B | 38.45B | 26.92B | 25.9B | 22.86B | 16.88B | 13.62B | 13.28B | 11.26B |
| Accounts Payable | 41.66B | 40.44B | 39.9B | 42.07B | 40.14B | 39.04B | 35.67B | 24.76B | 21.84B | 20B | 15.36B | 12.41B | 10.73B | 9.35B |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 999M | 0 | 0 | 2B | 1B | 0 | 0 | 1.09B | 1.1B |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 5.97B | 6B | 0 | 0 | 0 | -999M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.26x | 1.29x | 1.26x | 1.29x | 1.28x | 1.22x | 1.33x | 1.43x | 1.27x | 1.43x | 1.52x | 1.52x | 1.32x | 1.30x |
| Quick Ratio | 1.26x | 1.29x | 1.26x | 1.29x | 1.28x | 1.22x | 1.33x | 1.43x | 1.27x | 1.43x | 1.52x | 1.52x | 1.32x | 1.30x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 12.88B | 13.47B | 12.82B | 12.65B | 13.34B | 11.05B | 11.87B | 7.49B | 2.04B | 1.92B | 1.51B | 1.5B | 386M | 509M |
| Long-Term Debt | 9.41B | 9.99B | 9.88B | 9.68B | 10.42B | 8.05B | 8.94B | 4.96B | 0 | 0 | 0 | 0 | 386M | 509M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 60.52B | 59.92B | 61.19B | 61.12B | 58.35B | 54.08B | 50.32B | 34.4B | 27.95B | 24.78B | 18.39B | 15.12B | 13.67B | 11.77B |
| Total Debt | 9.41B | 9.99B | 9.88B | 9.68B | 10.42B | 9.05B | 8.94B | 4.96B | 2B | 1B | 0 | 0 | 1.48B | 1.61B |
| Net Debt | 2.43B | 1.94B | 3.32B | 595M | 2.64B | 3.85B | 4.14B | -2.38B | -5.58B | -1.88B | -1.59B | -1.39B | -722M | 8M |
| Debt / Equity | 0.47x | 0.49x | 0.48x | 0.46x | 0.51x | 0.42x | 0.45x | 0.29x | 0.13x | 0.06x | - | - | 0.18x | 0.22x |
| Debt / EBITDA | 1.40x | 1.42x | 1.55x | 1.59x | 2.02x | 1.64x | 2.00x | 1.37x | 0.67x | 0.34x | - | - | 0.83x | 1.04x |
| Net Debt / EBITDA | 0.36x | 0.28x | 0.52x | 0.10x | 0.51x | 0.70x | 0.93x | -0.66x | -1.88x | -0.64x | -0.69x | -0.67x | -0.40x | 0.01x |
| Interest Coverage | 19.28x | 15.27x | 14.95x | 16.59x | 12.07x | 18.67x | 25.23x | 27.07x | 31.86x | 315.29x | - | - | - | - |
| Total Equity | 20.02B | 20.26B | 20.42B | 21.05B | 20.27B | 21.73B | 20.06B | 16.93B | 15.39B | 15.99B | 14.71B | 13.76B | 8.25B | 7.39B |
| Equity Growth % | -3.85% | -0.79% | -3.01% | 3.83% | -6.69% | 8.29% | 18.51% | 10.03% | -3.8% | 8.71% | 6.93% | 66.82% | 11.61% | - |
| Book Value per Share | 21.77 | 20.93 | 19.65 | 19.02 | 17.51 | 18.32 | 16.90 | 14.25 | 12.79 | 13.10 | 12.08 | 11.20 | 6.74 | 6.22 |
| Total Shareholders' Equity | 20.02B | 20.26B | 20.42B | 21.05B | 20.27B | 21.73B | 20.02B | 16.89B | 15.39B | 15.99B | 14.71B | 13.76B | 8.25B | 7.39B |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 33.45B | 32.47B | 27.35B | 23.2B | 18.95B | 16.54B | 12.37B | 8.34B | 5.88B | 3.82B | 2.07B | 668M | 0 | 0 |
| Treasury Stock | -34.65B | -33.14B | -27.09B | -21.05B | -16.08B | -11.88B | -8.51B | -6.87B | -5.51B | -2B | -995M | 0 | 0 | 0 |
| Accumulated OCI | -513M | -658M | -550M | -746M | -928M | -136M | -484M | -173M | 78M | -142M | 59M | -9M | 110M | -61M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 44M | 44M | 0 | 0 | 0 | 0 | 0 | 0 |
Margin erosion from Braintree
As reported in recent financial statements, PayPal's total assets have remained relatively stable near $80 billion, though the composition of equity has seen minor fluctuations, suggesting that the company is maintaining a consistent capital base despite the ongoing strategic transition toward lower-margin unbranded payment processing volumes.
The stability in total assets suggests that management is successfully managing the balance sheet through a period of significant operational change. Investors should monitor whether the consistent equity levels reflect a sustainable long-term strategy or if they mask underlying pressures from the shift in revenue mix.
Based on the provided quarterly data, PayPal has maintained a debt-to-equity ratio consistently below 0.60, with total debt peaking at $11.4 billion in 2025Q1, which indicates that the company is utilizing leverage strategically rather than as a necessity to fund its core operating activities.
The modest leverage profile provides the company with significant financial flexibility to navigate competitive headwinds. This conservative approach to debt appears to be a deliberate choice, allowing the firm to prioritize share repurchases while maintaining a buffer against potential volatility in the digital payments landscape.
According to recent SEC filings, PayPal's current ratio has hovered between 1.24 and 1.34 over the last ten quarters, demonstrating a consistent ability to cover short-term obligations despite the inherent complexity of managing a global two-sided network of merchants and consumers across multiple jurisdictions.
The current ratio suggests that the company maintains an adequate liquidity buffer to handle seasonal payment volume fluctuations. While this level of liquidity appears sufficient, the reliance on cash balances for operational settlement warrants ongoing scrutiny to ensure that liquidity remains robust during periods of high transaction volume.
As evidenced by the company's financial statements, retained earnings have grown steadily from $23.2 billion in 2023Q4 to $33.5 billion in 2026Q1, which suggests that the firm is successfully reinvesting profits despite the persistent impact of stock-based compensation on the overall equity structure.
The consistent accumulation of retained earnings indicates that the business remains fundamentally profitable at the core level. However, the interplay between this growth and the ongoing use of share repurchases suggests that management is focused on returning capital to shareholders rather than pursuing aggressive, potentially dilutive, external growth.
Data from recent periods reveals that goodwill remains a significant component of the asset base at approximately $10.9 billion, which warrants further investigation as it represents a substantial portion of total assets that could be subject to impairment if historical acquisitions fail to deliver expected returns.
The persistence of high goodwill levels suggests that past M&A activity continues to weigh on the balance sheet's quality. Investors should monitor whether these intangible assets are adequately supported by the performance of the acquired business units, as any future impairment could negatively impact the company's reported equity position.
Quick answers to the most common questions about buying PYPL stock.
As of 2025, PayPal Holdings, Inc. (PYPL) had total assets of $80.17B including $59.76B in current assets.
PayPal Holdings, Inc. (PYPL) carries total debt of $9.99B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
PayPal Holdings, Inc. (PYPL) has total shareholders' equity (book value) of $20.26B ($20.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
PayPal Holdings, Inc. (PYPL) reported a current ratio of 1.29x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.