PayPal Holdings reported second-quarter 2026 revenue of $8.68 billion on 28 July 2026, with an $81 million earnings adjustment attributed to crypto assets [Brief - 2026-07-29]. During the period, the company noted expansion of its stablecoin offerings and the integration of AI-driven payment tools into its platform [Brief - 2026-08-15]. These developments were disclosed alongside the quarterly results and represent the most recent operational updates available in the briefing record.
As of the quarter ending 31 March 2026, PayPal recorded trailing twelve-month revenue of $33.73 billion, representing year-over-year revenue growth of 7.2%. Net income on a TTM basis stood at $5.06 billion, with a net margin of 15.0% and an operating margin of 17.9%. EPS on a TTM basis declined 6.2% year-over-year. The company held $6.98 billion in cash against total debt of $10.88 billion. The P/E ratio was 10.08 and market capitalisation was approximately $47.9 billion at the reporting date [SEC 10-Q - PYPL - 2026-03-31].
Insider activity in September 2026 recorded 23 transactions with a net selling direction, totalling approximately -$727,911 in net value [SEC Form 4 - PYPL - 2026-09]. On the institutional side, five notable firms opened new positions in PYPL during the most recent 13F reporting period: Citadel, AQR Capital, Millennium, Coatue, and Bridgewater all initiated new holdings, representing a concurrent increase in institutional participation across multiple large asset managers [SEC 13F - Citadel - Q2 2026] [SEC 13F - AQR Capital - Q2 2026] [SEC 13F - Millennium - Q2 2026] [SEC 13F - Coatue - Q2 2026] [SEC 13F - Bridgewater - Q2 2026].
The prevailing macro environment as of the report date shows the 10-year US Treasury yield at 4.95% and the 2-year at 4.56%, producing a normal yield curve spread of approximately 39 basis points [FRED DGS10] [FRED DGS2]. This rate environment is the broader context within which PayPal's balance sheet — carrying $10.88 billion in total debt against $6.98 billion in cash — is operating. The simultaneous opening of new positions by five institutional managers constitutes the material ownership change that triggered this report.