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 - 2026-09-12]. These product developments represent ongoing operational activity across PayPal's payments infrastructure as the company continues to engage with digital asset and artificial intelligence capabilities within its existing service architecture.
As of 31 March 2026, PayPal's trailing twelve-month revenue stood at $33.73 billion, reflecting year-over-year revenue growth of 7.21% [SEC 10-Q - PYPL - 2026-03-31]. Net income for the same period was $5.06 billion, producing a net margin of 15.00% and an operating margin of 17.85%. EPS declined 6.20% year-over-year. The company held $6.98 billion in cash against total debt of $10.88 billion. Market capitalisation was recorded at approximately $46.75 billion, with a price-to-earnings ratio of 9.83 [SEC 10-Q - PYPL - 2026-03-31].
Insider activity in September 2026 recorded 22 transactions with a net selling direction, totalling a net disposal value of approximately $474,188 [SEC Form 4 - PYPL - 2026-09]. On the institutional side, five firms opened new positions in PYPL during the most recent 13F reporting period: Citadel, AQR Capital, Millennium Management, Coatue Management, and Bridgewater Associates each initiated new holdings [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 simultaneous entry of multiple institutional managers represents a material shift in the ownership composition of PYPL.
The prevailing macroeconomic environment is characterised by a 10-year US Treasury yield of 4.94% and a 2-year yield of 4.67%, forming a normal yield curve shape [FRED DGS10] [FRED DGS2]. This rate environment is relevant context for a payments company carrying $10.88 billion in total debt, as borrowing costs and consumer spending patterns remain sensitive to prevailing interest rate conditions. The concurrent opening of institutional positions by multiple large asset managers serves as the primary trigger for this report, indicating notable changes in PYPL's institutional ownership landscape.