Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

PayPal Holdings Inc., adjusted financial ratios

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Activity Ratio
Total Asset Turnover
Reported	0.35	0.33	0.30	0.35	0.36
Adjusted	0.36	0.34	0.31	0.35	0.35
Solvency Ratios
Debt to Equity
Reported	0.53	0.42	0.45	0.29	0.13
Adjusted	0.61	0.46	0.49	0.33	0.17
Debt to Capital
Reported	0.35	0.29	0.31	0.23	0.11
Adjusted	0.38	0.31	0.33	0.25	0.14
Financial Leverage
Reported	3.88	3.49	3.52	3.04	2.82
Adjusted	4.07	3.52	3.50	3.06	2.86
Profitability Ratios
Net Profit Margin
Reported	8.79%	16.43%	19.59%	13.84%	13.31%
Adjusted	3.03%	15.71%	19.12%	10.94%	13.65%
Return on Equity (ROE)
Reported	11.93%	19.19%	20.99%	14.56%	13.37%
Adjusted	4.39%	18.65%	20.46%	11.70%	13.81%
Return on Assets (ROA)
Reported	3.07%	5.50%	5.97%	4.79%	4.75%
Adjusted	1.08%	5.30%	5.84%	3.82%	4.83%

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).

PayPal Holdings Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net revenues	27,518)	25,371)	21,454)	17,772)	15,451)
Total assets	78,717)	75,803)	70,379)	51,333)	43,332)
Activity Ratio
Total asset turnover¹	0.35	0.33	0.30	0.35	0.36
Adjusted
Selected Financial Data (US$ in millions)
Net revenues	27,518)	25,371)	21,454)	17,772)	15,451)
Adjusted total assets²	77,407)	75,256)	70,237)	50,937)	43,694)
Activity Ratio
Adjusted total asset turnover³	0.36	0.34	0.31	0.35	0.35

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).

¹ 2022 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 27,518 ÷ 78,717 = 0.35

² Adjusted total assets. See details »

³ 2022 Calculation
Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 27,518 ÷ 77,407 = 0.36

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt	10,835)	9,048)	8,939)	4,965)	1,998)
Total PayPal stockholders’ equity	20,274)	21,727)	20,019)	16,885)	15,386)
Solvency Ratio
Debt to equity¹	0.53	0.42	0.45	0.29	0.13
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	11,555)	9,810)	9,725)	5,472)	2,584)
Adjusted total equity³	19,013)	21,371)	20,051)	16,631)	15,274)
Solvency Ratio
Adjusted debt to equity⁴	0.61	0.46	0.49	0.33	0.17

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).

¹ 2022 Calculation
Debt to equity = Total debt ÷ Total PayPal stockholders’ equity
= 10,835 ÷ 20,274 = 0.53

² Adjusted total debt. See details »

³ Adjusted total equity. See details »

⁴ 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 11,555 ÷ 19,013 = 0.61

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt	10,835)	9,048)	8,939)	4,965)	1,998)
Total capital	31,109)	30,775)	28,958)	21,850)	17,384)
Solvency Ratio
Debt to capital¹	0.35	0.29	0.31	0.23	0.11
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	11,555)	9,810)	9,725)	5,472)	2,584)
Adjusted total capital³	30,568)	31,181)	29,776)	22,103)	17,858)
Solvency Ratio
Adjusted debt to capital⁴	0.38	0.31	0.33	0.25	0.14

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).

¹ 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 10,835 ÷ 31,109 = 0.35

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 11,555 ÷ 30,568 = 0.38

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets	78,717)	75,803)	70,379)	51,333)	43,332)
Total PayPal stockholders’ equity	20,274)	21,727)	20,019)	16,885)	15,386)
Solvency Ratio
Financial leverage¹	3.88	3.49	3.52	3.04	2.82
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets²	77,407)	75,256)	70,237)	50,937)	43,694)
Adjusted total equity³	19,013)	21,371)	20,051)	16,631)	15,274)
Solvency Ratio
Adjusted financial leverage⁴	4.07	3.52	3.50	3.06	2.86

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).

¹ 2022 Calculation
Financial leverage = Total assets ÷ Total PayPal stockholders’ equity
= 78,717 ÷ 20,274 = 3.88

² Adjusted total assets. See details »

³ Adjusted total equity. See details »

⁴ 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 77,407 ÷ 19,013 = 4.07

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income	2,419)	4,169)	4,202)	2,459)	2,057)
Net revenues	27,518)	25,371)	21,454)	17,772)	15,451)
Profitability Ratio
Net profit margin¹	8.79%	16.43%	19.59%	13.84%	13.31%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	835)	3,985)	4,102)	1,945)	2,109)
Net revenues	27,518)	25,371)	21,454)	17,772)	15,451)
Profitability Ratio
Adjusted net profit margin³	3.03%	15.71%	19.12%	10.94%	13.65%

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).

¹ 2022 Calculation
Net profit margin = 100 × Net income ÷ Net revenues
= 100 × 2,419 ÷ 27,518 = 8.79%

² Adjusted net income. See details »

³ 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Net revenues
= 100 × 835 ÷ 27,518 = 3.03%

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income	2,419)	4,169)	4,202)	2,459)	2,057)
Total PayPal stockholders’ equity	20,274)	21,727)	20,019)	16,885)	15,386)
Profitability Ratio
ROE¹	11.93%	19.19%	20.99%	14.56%	13.37%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	835)	3,985)	4,102)	1,945)	2,109)
Adjusted total equity³	19,013)	21,371)	20,051)	16,631)	15,274)
Profitability Ratio
Adjusted ROE⁴	4.39%	18.65%	20.46%	11.70%	13.81%

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).

¹ 2022 Calculation
ROE = 100 × Net income ÷ Total PayPal stockholders’ equity
= 100 × 2,419 ÷ 20,274 = 11.93%

² Adjusted net income. See details »

³ Adjusted total equity. See details »

⁴ 2022 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 835 ÷ 19,013 = 4.39%

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income	2,419)	4,169)	4,202)	2,459)	2,057)
Total assets	78,717)	75,803)	70,379)	51,333)	43,332)
Profitability Ratio
ROA¹	3.07%	5.50%	5.97%	4.79%	4.75%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	835)	3,985)	4,102)	1,945)	2,109)
Adjusted total assets³	77,407)	75,256)	70,237)	50,937)	43,694)
Profitability Ratio
Adjusted ROA⁴	1.08%	5.30%	5.84%	3.82%	4.83%

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).

¹ 2022 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 2,419 ÷ 78,717 = 3.07%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2022 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 835 ÷ 77,407 = 1.08%

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PayPal Holdings Inc. (NASDAQ:PYPL)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

PayPal Holdings Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)