US Earnings Financial Results SEC Filings — February 02, 2026

Revenue +7% YoY to $31.8B (decel from 9% prior), but TPV +9% YoY to $1.7T outperforms sector avg ~6%

EPS +14% YoY to $3.84, operating margins +50bps to 17.5% (vs. sector compression), ROE +300bps to 25%

FCF +15% YoY to $6B enables $4B buybacks (50% FCF) + new $0.40/share dividend (1.5% yield), first ever quarterly payout

Active accounts +2% YoY to 436M lags TPV growth, transactions/account flat QoQ signaling user engagement stall

CFO bought $1M shares (new position), offsetting CEO's $10M sale (10% holdings); net insider selling -8% but low conviction sell

Debt/EBITDA stable at 1.5x (down from 1.8x YoY), D/E 0.4x supports reinvestment post-buybacks

Guidance FY2026 revenue 8-10% (+100bps vs. FY25 actual), EPS $4.30-4.50 (+12% midpoint) meets consensus

Branded checkout volumes +12% YoY (outpacing total TPV), Venmo monetization +20% YoY drives mix shift

Cost of revenue +5% YoY < revenue growth, gross margins +120bps to 45% amid efficiency gains

Small M&A: Acquired AI payments startup for $500M (4x revenue multiple vs. sector 6x), accretive to EPS Q3 2026

Share count -3% YoY post-buybacks, EPS tailwind +5% from repurchases alone

Revenue growth slowed to 7% YoY from 9%, active accounts +2% YoY vs. 5% prior, underperforming peers like Stripe (+15%)

CEO sold $10M (10% holdings) within 1 week of Q4 results, part of 3 exec sales totaling $15M in FY25

TPV growth +9% YoY trails Apple Pay (+20%) and BNPL rivals, market share stable but guidance implies no acceleration

CFPB probe ongoing into Venmo practices, potential $200M fine flagged; 10-K discloses 15% litigation reserve increase QoQ

Op margin +50bps YoY but guidance warns of +200bps investment spend in 2026, risking compression if growth misses

FCF margin 19% (+200bps YoY) but working capital swings caused -10% QoQ dip, tied to seasonal TPV

8% revenue from emerging markets exposed to FX headwinds (-3% YoY impact), sanctions risk in 2 markets

$4B repurchases (50% FCF) at avg $65/share (20% below current), remaining authorization $3B supports 10% EPS boost

Gross margins +120bps YoY to 45%, cost efficiencies project +100bps in 2026; undervalued at 12x fwd P/E vs. sector 18x

FY26 EPS guide $4.30-4.50 (mid +18% YoY) beat FY25 by 5%; branded checkout +12% YoY as catalyst

New $0.40/share quarterly (1.5% yield) signals maturing profile, payout ratio 25% leaves room for 15% annual hikes

Monetization +20% YoY, user growth +4% despite total accounts stall; trading at 10x EV/EBITDA vs. peers 14x

$500M AI deal at 4x multiple (vs. sector 6x) accretive Q3 2026; $10B cash hoard for tuck-ins undervalued at current valuation

$6B FCF (+15% YoY) funds buybacks/dividends with $2B left for growth capex; ROIC 28% tops sector avg 22%

PayPal's margins +50bps YoY to 17.5% (ROE 25%) amid 7% revenue growth highlights sector shift from growth-at-all-costs to FCF focus [IMPLICATION: Favor mature players over high-burn startups]

TPV +9% YoY but accounts +2% signals maturing penetration; contrasts hypergrowth era, implying 8-10% sustained rates [IMPLICATION: Rotate to volume leaders like PayPal]

$4B buybacks + new dividend (1.5% yield) uses 75% FCF, trend in fintech post-rate hikes for shareholder value [IMPLICATION: Attractive for income/dividend strategies]

CEO sell $10M offset by CFO buy, net -8%; pattern in fintech of routine sales amid lockup expiries [IMPLICATION: Monitor for clustered selling pre-earnings]

FY26 8-10% revenue (stable YoY guide) vs. volatile tech peers; reflects operational predictability [IMPLICATION: Lower beta play in volatile sector]

Feb 5, 2026 - Watch branded checkout updates, Venmo metrics, and 2026 guidance refinement post-holiday TPV [High Priority]

Monitor Form 4s in next 2 weeks for follow-on CEO/CFO activity after mixed FY25 trades [Medium Priority]

Potential Q1 2026 settlement on Venmo probe; 10-K flags $200M reserve adequacy [High Priority]

Track 10b-18 updates for Q1 pace toward $3B remaining authorization; avg price key for accretion [Medium Priority]

April 15, 2026 - Shareholder proposals on dividend policy, M&A strategy; vote on buyback extension [Low Priority]

Q1 earnings for EM revenue commentary; -3% YoY drag could worsen with USD strength [Medium Priority]

Q2 2026 EPS impact from $500M AI deal; watch synergies in earnings call Feb 5 [Medium Priority]