PayPal (PYPL) Q4 2025 Earnings Call Transcript

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Tuesday, Feb. 3, 2026 astatine 8:00 a.m. ET

• Interim Chief Executive Officer and Board Member — Jamie Miller

• Chief Financial Officer — Steve Winoker

• Incoming President and Chief Executive Officer (from March 1, 2026) and Board Chair (until now) — Enrique Lopez

• Board Chair — David Dorman

• Operator

Jamie Miller: Before we crook to our afloat twelvemonth and 4th quarter, I privation to code the enactment announcement we made earlier this morning. The committee has appointed Enrique Lopez, who was astir precocious our committee chair, arsenic the adjacent president and CEO of PayPal Holdings, Inc. effectual March 1. To accelerate execution and bring greater subject to however we instrumentality our strategical priorities arsenic we participate our adjacent signifier of growth. I privation to convey Alex Chriss for his enactment and his galore contributions to the company. It has been a pleasance moving with him, and we privation him the precise best.

At the aforesaid time, we admit arsenic a institution that our execution has not been what it needs to be. We person not moved accelerated enough, with the level of absorption required, and we are taking contiguous steps to code that reality. The board's assignment of Enrique reflects a wide committedness to strengthening performance. He is simply a seasoned main enforcement who brings heavy acquisition driving customer-centric innovation and disciplined execution. Simplifying analyzable businesses, and starring large-scale transformations. We are afloat aligned connected the way ahead.

During the little modulation play done aboriginal March, arsenic Enrique steps distant from his relation astatine HP, I volition service arsenic interim CEO, and Steve volition spouse with maine starring our concern relation to guarantee continuity and maintaining momentum. Effective immediately, committee subordinate David Dorman volition instrumentality connected the presumption of committee chair. With that context, let's crook to our afloat twelvemonth and 4th fourth 2025 performance. PayPal Holdings, Inc. delivered coagulated 2025 show crossed aggregate dimensions, and I'm assured astir our way forward. Last February, we held an capitalist time outlining our translation strategy.

One twelvemonth later, determination are elements moving precise well, but determination are besides areas pacing beneath our expectations chiefly wrong branded checkout, which I volition walk overmuch of my clip discussing today. First, fto maine code the areas performing well. In 2025, Venmo gross grew 20% to $1.7 cardinal excluding involvement income. Total progressive accounts surpassed 100 million, accompanied by 14% maturation successful ARPA for our monthly actives. We've turned astir our endeavor payments concern delivering 7 consecutive quarters of profitable maturation and a instrumentality to double-digit measurement maturation successful the 4th quarter. These 2 businesses were erstwhile tiny contributors to profitability, In 2025, they drove astir fractional of our 6% transaction borderline dollar growth.