PayPal: Profitable Growth, But 2026 Brings a Reset

Stable fundamentals meet slowing checkout growth and rising reinvestment

Source: illustration

Estimated reading time: 6 minutes

PayPal delivered a solid but unspectacular 2025, with steady growth and strong cash flow.

But 2026 changes the story.

The key question: is PayPal entering a temporary reset or a structurally slower growth phase?

Key Takeaways

• TPV (Q4): $475B (+9% YoY)

• Revenue (Q4): $8.7B (+4%)

• TM$ ex-interest: +6% (FY’25)

• No…