PayPal Holdings, Inc.'s management explains the business in its own materials. The slides below do the most of that work, pulled from the documents preserved in Sources. Each source link opens the complete presentation at that slide in a new tab.
The Global Markets track of PayPal's 2025 Investor Day — the fullest explanation of the two-sided flywheel, its unit economics, the market, and the go-to-market. · Open the full document →
p. 2 — The commerce flywheel: merchants on one side, consumers on the other, PayPal in the middle — the whole business model in one diagram. · Open the full presentation →p. 3 — Scale in one page: 430M+ accounts, ~200 markets, and TPV split by vertical, geography, and product (branded checkout / PSP / P2P). · Open the full presentation →p. 4 — Customer franchise — ~90% Fortune 500 penetration, shown as a wall of marquee merchant logos. · Open the full presentation →p. 5 — Branded-checkout growth formula: consumer selection drives a better checkout experience, which drives merchant adoption — the loop. · Open the full presentation →p. 7 — How a market's payment needs deepen as digital commerce matures, from basic acceptance to invisible, autonomous payments. · Open the full presentation →p. 8 — Relevance drives higher ARPA: revenue per merchant rises steeply with the number of products adopted, split by enterprise vs SMB and region. · Open the full presentation →p. 9 — Product adoption compounds volume — branded-checkout TPV per enterprise merchant runs up to 9x as more products are added. · Open the full presentation →p. 10 — The consumer mirror of the same effect — spend per active consumer up to 5x with more products (BNPL, PayPal Everywhere, post-purchase). · Open the full presentation →p. 11 — Revenue SAM and PayPal's penetration by market across online commerce, offline commerce, and ads/commerce/credit — where the runway is. · Open the full presentation →p. 12 — The go-to-market being rebuilt: from functional, centralized, reactive generalists to local, proactive, vertical specialists. · Open the full presentation →p. 16 — Momentum by market: growth rates for PPCP, PayPal Working Capital, BNPL, P2P, and Braintree across the US, UK, Germany and Europe. · Open the full presentation →p. 17 — The strategy spine in three words — Expand reach, Scale relevance, Accelerate impact — with the sub-priorities under each. · Open the full presentation →p. 19 — Market-level product roadmap: which consumer and merchant products roll out in which countries across 2024–2027. · Open the full presentation →p. 23 — The execution playbook for large accounts — how PayPal lands and expands through a holistic, co-created engagement model. · Open the full presentation →p. 24 — Land-and-expand in practice: the Meta relationship growing from wallet to unbranded processing, payouts, and optimized in-app checkout. · Open the full presentation →p. 25 — A second case, cross-border merchant BE FORWARD — >500% growth in PayPal's share of checkout and 6x transaction-margin dollars, 2021–2024. · Open the full presentation →p. 26 — US branded-TPV mix by vertical against each vertical's market growth — where PayPal is over- and under-indexed beyond retail. · Open the full presentation →p. 27 — Vertical TAMs outside retail — Travel ~$720B, Prof. Services ~$340B, Food & Delivery ~$180B, Gaming ~$150B — all lightly penetrated. · Open the full presentation →p. 30 — The partner model: distribution (Fiserv, Adyen), integration (Shopify, Wix, Woo, Prime), and embedded PayPal (Intuit, Evercommerce). · Open the full presentation →p. 32 — Why upgrading checkout matters: conversion-rate uplift by vertical after migrating merchants to the latest checkout experience. · Open the full presentation →
The current strategic picture under the new CEO — the read on the business, how the addressable market is now framed, and the operating model PayPal has reorganized into. · Open the full document →
p. 3 — The new CEO's two-month read on the business and the actions taken — new operating model, ~$1.5B of cost savings, reinvestment in growth. · Open the full presentation →p. 4 — Three lightly-penetrated markets: Checkout ($390B TAM), Consumer Financial Services ($210B), Payment Processing & VAS ($260B). · Open the full presentation →p. 5 — The new operating model: three pillars — Checkout Solutions & PayPal, Consumer Financial Services & Venmo, and Payment Services & Crypto. · Open the full presentation →
Q4 & FY2025 Earnings Presentation — Q4 FY2025 · 29 pages · The FY2025 scorecard and the four-part growth-driver framework the new operating model has since replaced. · Open →
