PayPal $PYPL 25Q4
TM$ ex. interest on float +4% in Q4, +6% FY
FY25 EPS $5.41 GAAP, $5.31 Non-GAAP
FY26 guide for Non-GAAP EPS to be down LSD to slightly positive, GAPP EPS to be down MSD
CEO Alex Chriss exits immediately
Chair Enrique Lores to be CEO 3/1
CFO to be interim CEO
Feb 3, 2026 13:21$PYPL 25Q4 TPV saw Branded Checkout (Online) growth slowed to just +1% ex-FX
"Branded checkout deceleration driven by weakness in US retail, international headwinds and tough compares in high-growth vertical
$PYPL 2026 guidance sees TM$ as having "slight decline" in both Q1 and full-year
TM$ to face ~3ppt headwind from "targeted growth investments", incl. 2/3 in Branded Checkout and BNPL
Branded Checkout investments were already partly blamed for lower TM$ growth in 25Q4
$PYPL 25Q4 ~4ppt deceleration in TM$ growth
Concentrated in 3 areas of ~1ppt each:
1/ US retail weakness (K-shaped economy + not enough wins with key merchants)
2/ International macro (esp. Germany)
3/ high-growth verticals, incl. crypto & gaming
Also general deployment issues
