EarningsQ2 2026 Earnings Report
DE:2PP Q2 2026 EPS Results
Actual EPS€1.23
Consensus EPS€1.14
Beat/MissBeat by +€0.09
One Year Ago EPS€1.25
DE:2PP Q2 2026 Revenue Results
Actual Revenue€7.72B
Expected Revenue€7.54B
Beat/MissBeat by +€180.27M
YoY Revenue Growth+3.80%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeBefore Open
Conference CallTuesday, July 28, 2026
DE:2PP Upcoming Earnings
PayPal Holdings's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:2PP Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a largely constructive tone: underlying volume and revenue growth (notably Venmo, Braintree and TPV) exceeded expectations, management raised full-year guidance and outlined tangible cost-savings and modernization plans that should self-fund prioritized investments. However, the company is absorbing elevated near-term operating expense to fund transformation, causing a small EPS dip and an operating income decline in the quarter, with some modest and uneven branded checkout growth and timing risk as savings ramp. Overall the positives around growth momentum, raised guidance, strong cash generation and a clear multi-year plan outweigh the near-term execution and investment-related headwinds.Company Guidance
Revenue and TPV Growth
Revenue increased 5% year-over-year (spot) and 3% on a currency-neutral basis. Total payment volume (TPV) was $486 billion, accelerating to 9% currency-neutral growth.
Venmo and Braintree Momentum
Venmo TPV grew 14% year-over-year and Venmo and Braintree continued to deliver mid-teens TPV growth, cited as sustained strong momentum across consumer and PSP businesses.
Stabilization in Online Branded Checkout
Online branded checkout TPV stabilized at +2% on a currency-neutral basis for the second consecutive quarter and guidance for full-year online branded checkout was raised to low single-digit growth.
Transaction Margin and Transaction Revenue Improvements
Transaction margin dollars grew 1% year-over-year (and 3% excluding interest on customer balances). Transaction revenue grew 5% on a spot basis to $7.8 billion.
Strong Cash Generation and Capital Return
Adjusted free cash flow for the quarter was $1.8 billion (excluding Paylater timing). Company completed $1.5 billion of share repurchases in Q2 (trailing 12 months total $6 billion) and ended the quarter with $15.3 billion in cash, cash equivalents and investments.
Raised Full-Year Guidance
Management raised full-year guidance: non-GAAP EPS to $5.38, transaction margin dollars to approximately $15.6 billion (or $14.5 billion excluding interest on customer balances), and reiterated at least $6 billion of adjusted free cash flow and ~ $6 billion in repurchases.
Progress on Cost Savings and Modernization
On track for at least $1.5 billion in gross run-rate cost savings over 2-3 years, with ~ $400 million of incremental run-rate savings identified by year-end and modernization milestones broadly on track (cloud migration, platform unification, AI embedment).
Product and Distribution Wins
Notable go-to-market and product wins highlighted (e.g., BNPL expansion to additional markets, Home Depot Canada BNPL presentment, integrated consumer lending partnership with Amazon in Germany/Austria) and 60% of merchants on new payment pages.
DE:2PP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed