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AI核心结论
PayPal's Q1 FY2026 revenue grew 7.2% YoY to $8.35B, but net income fell 13.5% to $1.11B as margin compression and higher costs weighed on profitability despite continued top-line expansion.
营业收入
$8.35B
同比 ++7.21%
每股收益（基本）
$1.22
同比 -6.87%
营业利润
$1.49B
同比 -2.75%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
PayPal Holdings (PYPL) Q1 FY2026 营收 $8.35B，同比增长 7.2%。 净利润 $1.11B，同比下降 13.5%，稀释每股收益 $1.21。
Total revenue increased 7.2% YoY from $7.79B to $8.35B in Q1 FY2026, reflecting continued growth in payment volumes and transaction activity across PayPal's platform.
来源: Source: 10-Q Income Statement Data
Operating margin declined approximately 1.8 percentage points YoY to 17.8% (from 19.6%), as operating income fell 2.7% to $1.49B despite higher revenues, indicating cost growth outpacing revenue growth.
来源: Source: 10-Q Income Statement & Key Ratios Data
Net income dropped 13.5% YoY to $1.11B from $1.29B, with net margin at 13.3%, suggesting elevated expenses below the operating line — such as interest costs or tax items — further compressed earnings.
来源: Source: 10-Q Income Statement Data
PayPal repurchased $1.50B in shares (flat YoY) and initiated dividend payments of $130M in Q1 FY2026 (vs. $0 in the prior year period), signaling a commitment to returning capital to shareholders.
来源: Source: 10-Q Cash Flow Statement Data
Investing cash outflows improved by 42.3% YoY to -$2.10B from -$3.64B, suggesting reduced acquisition or investment spending compared to the prior year period, which may reflect a more disciplined capital allocation approach.
来源: Source: 10-Q Cash Flow Statement Data
Operating margin fell from 19.6% to 17.8% YoY, and net margin stands at 13.3%, reflecting cost growth that is outpacing revenue expansion. If this trend continues, profitability could deteriorate further even as top-line growth persists.
来源: Source: 10-Q Income Statement & Key Ratios Data
Long-term debt stands at $10.88B with a debt-to-equity ratio of 3.02, indicating significant financial leverage. Rising interest rates or refinancing needs could increase interest expense and further pressure net income.
来源: Source: 10-Q Balance Sheet & Key Ratios Data
Cash and equivalents fell 7.8% YoY to $6.98B, while current liabilities rose 2.2% to $47.64B. Although the current ratio of 1.26 remains above 1.0, the narrowing liquidity buffer warrants monitoring.
来源: Source: 10-Q Balance Sheet & Key Ratios Data
ROE of 5.6% and ROA of 1.4% are relatively low for a fintech company of PayPal's scale, suggesting the company is not generating strong returns on its asset base or shareholder equity, which may concern long-term investors.
来源: Source: 10-Q Key Ratios Data
Operating cash flow declined 2.2% YoY to $1.13B, nearly flat despite 7.2% revenue growth, indicating that cash conversion efficiency is weakening and that earnings quality may be declining.
来源: Source: 10-Q Cash Flow Statement Data
Q1 FY2026 实际 EPS $1.34，分析师一致预期 $1.29，超预期 +3.6%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $8.35B | $7.79B | +7.21% |
营业利润 | $1.49B | $1.53B | -2.75% |
净利润 | $1.11B | $1.29B | -13.52% |
每股收益（基本） | $1.22 | $1.31 | -6.87% |
每股收益（稀释） | $1.21 | $1.29 | -6.20% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $80.55B | $81.27B | -0.90% |
流动资产 | $59.99B | $60.61B | -1.02% |
总负债 | $60.52B | $61.02B | -0.82% |
流动负债 | $47.64B | $46.62B | +2.18% |
股东权益 | $20.02B | $20.25B | -1.14% |
现金及等价物 | $6.98B | $7.57B | -7.82% |
长期债务 | $10.88B | — | — |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.13B | $1.16B | -2.24% |
投资活动现金流 | $-2.1B | $-3.64B | +42.26% |
筹资活动现金流 | $-559M | $994M | -156.24% |
股息支出 | $130M | $0 | — |
股票回购 | $1.5B | $1.5B | 0.00% |
折旧及摊销 | $238M | $245M | -2.86% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 17.8% | 19.6% | -1.82% |
净利率 | 13.3% | — | — |
净资产收益率 | 5.6% | — | — |
总资产收益率 | 1.4% | — | — |
流动比率 | $1.259 | — | — |
资产负债率 | $3.022 | — | — |
预计发布日期、分析师预期与关注要点
Transaction & Payment Processing Services 行业其他公司
PayPal reported diluted EPS of $1.21 and revenue of $8.35B for Q1 FY2026, but the filing does not include analyst consensus estimates for direct comparison. Investors should cross-reference these results with Wall Street consensus figures from financial data providers.
PayPal's net income declined 13.5% YoY to $1.11B in Q1 FY2026, even as revenue grew 7.2% to $8.35B. The drop reflects operating margin compression (from 19.6% to 17.8%) and likely higher below-the-line costs such as interest expense on its $10.88B long-term debt.
PayPal's revenue grew 7.2% YoY to $8.35B in Q1 FY2026, up from $7.79B in the prior year period, driven by continued expansion in payment transaction volumes across its platform.
Yes, PayPal paid $130M in dividends in Q1 FY2026, compared to $0 in the same period last year, marking the initiation of a dividend program. The company also maintained $1.5B in share buybacks, consistent with the prior year period.
PayPal's balance sheet shows $80.5B in total assets and $6.98B in cash, with a current ratio of 1.26 indicating adequate short-term liquidity. However, a debt-to-equity ratio of 3.02 and declining net income highlight leverage and profitability risks that investors should watch closely.