Selected Financial Data
since 2015
Income Statement
PayPal Holdings Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net revenues | Operating income | Net income |
|---|---|---|---|
| Dec 31, 2022 | 27,518) | 3,837) | 2,419) |
| Dec 31, 2021 | 25,371) | 4,262) | 4,169) |
| Dec 31, 2020 | 21,454) | 3,289) | 4,202) |
| Dec 31, 2019 | 17,772) | 2,719) | 2,459) |
| Dec 31, 2018 | 15,451) | 2,194) | 2,057) |
| Dec 31, 2017 | 13,094) | 2,127) | 1,795) |
| Dec 31, 2016 | 10,842) | 1,586) | 1,401) |
| Dec 31, 2015 | 9,248) | 1,461) | 1,228) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
The financial trajectory between 2015 and 2022 is characterized by consistent top-line expansion paired with fluctuating profitability margins in the latter portion of the period.
- Revenue Trends
- Net revenues exhibited uninterrupted annual growth, increasing from 9,248 million USD in 2015 to 27,518 million USD by 2022. This represents a nearly threefold increase in total revenue over the eight-year span, indicating a sustained expansion of market reach or service volume.
- Operating Income Analysis
- Operating income grew steadily from 1,461 million USD in 2015, reaching a peak of 4,262 million USD in 2021. A reversal of this trend occurred in 2022, where operating income decreased to 3,837 million USD. The fact that this decline occurred while net revenues continued to rise suggests an increase in operating expenses or a reduction in operational efficiency during the final year.
- Net Income Performance
- Net income showed a strong growth pattern through 2020, where it surged to 4,202 million USD. Following a period of stagnation in 2021 at 4,169 million USD, a significant contraction was observed in 2022, with net income falling to 2,419 million USD. This decline is more pronounced than the dip in operating income, pointing toward additional non-operating headwinds or increased tax burdens in the final year.
Overall, while the growth in net revenues remained robust throughout the entire period, the divergence between revenue growth and net income in 2022 indicates a notable compression of profit margins.
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Balance Sheet: Assets
PayPal Holdings Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 57,517) | 78,717) |
| Dec 31, 2021 | 52,574) | 75,803) |
| Dec 31, 2020 | 50,995) | 70,379) |
| Dec 31, 2019 | 38,495) | 51,333) |
| Dec 31, 2018 | 32,963) | 43,332) |
| Dec 31, 2017 | 32,645) | 40,774) |
| Dec 31, 2016 | 25,733) | 33,103) |
| Dec 31, 2015 | 20,648) | 28,881) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
Between 2015 and 2022, the company experienced substantial and consistent expansion of its balance sheet. Total assets grew from US$ 28,881 million to US$ 78,717 million, representing a significant increase in the overall scale of the organization's resource base.
- Growth Patterns in Total Assets
- A continuous upward trajectory in total assets is observed throughout the analyzed period. While growth was steady between 2015 and 2019, a sharp acceleration occurred in 2020, where total assets rose by approximately 37% in a single year, increasing from US$ 51,333 million to US$ 70,379 million. Following this spike, growth continued at a more moderate pace through 2022.
- Current Asset Trends
- Current assets mirrored the general growth of total assets, increasing from US$ 20,648 million in 2015 to US$ 57,517 million by the end of 2022. The most significant year-over-year increase was recorded between 2019 and 2020, with current assets expanding by US$ 12,500 million. This indicates a significant accumulation of short-term liquid resources during that specific interval.
- Asset Composition and Liquidity
- Current assets consistently constitute a majority of the total asset base. The ratio of current assets to total assets remained high throughout the period, peaking in 2017 at approximately 80% and concluding 2022 at approximately 73%. This pattern suggests a financial structure heavily weighted toward liquid assets, providing a high degree of short-term financial flexibility.
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Balance Sheet: Liabilities and Stockholders’ Equity
PayPal Holdings Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Total PayPal Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 45,101) | 58,443) | 10,835) | 20,274) |
| Dec 31, 2021 | 43,029) | 54,076) | 9,048) | 21,727) |
| Dec 31, 2020 | 38,447) | 50,316) | 8,939) | 20,019) |
| Dec 31, 2019 | 26,919) | 34,404) | 4,965) | 16,885) |
| Dec 31, 2018 | 25,904) | 27,946) | 1,998) | 15,386) |
| Dec 31, 2017 | 22,863) | 24,780) | 1,000) | 15,994) |
| Dec 31, 2016 | 16,878) | 18,391) | —) | 14,712) |
| Dec 31, 2015 | 13,617) | 15,122) | —) | 13,759) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
An analysis of the balance sheet from 2015 to 2022 reveals a significant expansion in the company's total obligations and a shifting capital structure characterized by increased leverage.
- Liability Expansion and Composition
- Total liabilities exhibited a consistent and substantial upward trend, increasing from 15,122 million USD in 2015 to 58,443 million USD in 2022. A significant portion of this growth is attributed to current liabilities, which rose from 13,617 million USD to 45,101 million USD over the same period. The high proportion of current liabilities relative to total liabilities indicates that a majority of the company's obligations are short-term, a trend that became particularly pronounced between 2019 and 2020.
- Debt Accumulation Patterns
- Total debt was negligible or unrecorded prior to 2017, marking a transition in financing strategy starting in 2017 with 1,000 million USD. Debt levels grew aggressively over the subsequent years, reaching 10,835 million USD by 2022. The most rapid acceleration occurred between 2019 and 2020, where total debt nearly doubled from 4,965 million USD to 8,939 million USD, suggesting a period of intensified borrowing.
- Equity Trends and Capital Leverage
- Total stockholders' equity increased from 13,759 million USD in 2015 to a peak of 21,727 million USD in 2021, before experiencing a contraction to 20,274 million USD in 2022. While absolute equity grew, the rate of growth was significantly slower than that of total liabilities. Consequently, the company's leverage profile shifted; in 2015, liabilities and equity were nearly balanced, whereas by 2022, total liabilities were approximately 2.88 times the value of total stockholders' equity.
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Cash Flow Statement
PayPal Holdings Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 5,813) | (3,421) | (1,110) |
| Dec 31, 2021 | 6,340) | (5,485) | (764) |
| Dec 31, 2020 | 5,854) | (16,218) | 12,492) |
| Dec 31, 2019 | 4,561) | (5,733) | 3,688) |
| Dec 31, 2018 | 5,483) | 840) | (1,262) |
| Dec 31, 2017 | 2,531) | (5,358) | 4,084) |
| Dec 31, 2016 | 3,158) | (4,999) | 2,038) |
| Dec 31, 2015 | 2,546) | (6,389) | 3,079) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
The cash flow profile from 2015 to 2022 demonstrates a significant expansion in operational capacity coupled with aggressive investment cycles and shifting financing strategies. Net cash provided by operating activities exhibits a strong upward trajectory over the period, indicating an improved ability to generate liquidity from core business functions.
- Operational Cash Flow Trends
- Net cash provided by operating activities grew from 2,546 million USD in 2015 to a peak of 6,340 million USD in 2021. A substantial acceleration is observed between 2017 and 2018, where cash flow increased from 2,531 million USD to 5,483 million USD. While there was a slight moderation in 2022 to 5,813 million USD, the operating cash flow remains significantly higher than the 2015-2017 baseline.
- Investing Activity Analysis
- Investing activities were characterized by consistent net outflows, reflecting ongoing capital deployment. A notable anomaly occurred in 2018, which was the only year in the sequence to report a positive net cash flow from investing activities at 840 million USD. The most significant capital expenditure or acquisition event occurred in 2020, with a peak outflow of 16,218 million USD, representing the largest single-year investment in the analyzed period.
- Financing Activity Transitions
- Financing activities show a distinct shift from capital accumulation to capital reduction. Between 2015 and 2020, the company primarily experienced net cash inflows, peaking in 2020 with 12,492 million USD. However, a pivot is observed in 2021 and 2022, with net cash used in financing activities totaling 764 million USD and 1,110 million USD, respectively, suggesting a move toward debt repayment or shareholder returns.
The synthesis of these trends indicates a transition toward operational maturity. The company transitioned from a phase of heavy reliance on external financing and aggressive investment—most notably in 2020—to a state where robust operating cash flows are sufficient to support investments and facilitate net outflows in financing activities.
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Per Share Data
PayPal Holdings Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 2.10 | 2.09 | 0.00 |
| Dec 31, 2021 | 3.55 | 3.52 | 0.00 |
| Dec 31, 2020 | 3.58 | 3.54 | 0.00 |
| Dec 31, 2019 | 2.09 | 2.07 | 0.00 |
| Dec 31, 2018 | 1.74 | 1.71 | 0.00 |
| Dec 31, 2017 | 1.49 | 1.47 | 0.00 |
| Dec 31, 2016 | 1.16 | 1.15 | 0.00 |
| Dec 31, 2015 | 1.00 | 1.00 | 0.00 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
Analysis of per share performance reveals a period of sustained growth in earnings from 2015 through 2020, followed by a stabilization period and a subsequent contraction in 2022.
- Basic Earnings Per Share Trends
- Between 2015 and 2020, basic earnings per share experienced a consistent upward trajectory, increasing from 1.00 US$ to a peak of 3.58 US$. A notable acceleration in growth occurred between 2019 and 2020, during which earnings rose from 2.09 US$ to 3.58 US$. Following a period of relative stability in 2021 at 3.55 US$, a significant decline was observed in 2022, with earnings falling to 2.10 US$.
- Diluted Earnings Per Share Analysis
- Diluted earnings per share closely mirrored the patterns of basic earnings per share across the entire period. Starting at 1.00 US$ in 2015, diluted earnings peaked at 3.54 US$ in 2020. The marginal difference between basic and diluted earnings per share suggests that the impact of dilutive securities on the overall earnings profile remained minimal through 2022.
- Dividend Distribution Policy
- No dividend payments were recorded for any year between 2015 and 2022. The absence of distributions indicates a financial strategy centered on the retention of earnings for operational reinvestment or other corporate purposes rather than the disbursement of cash to shareholders.
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