On this page of StockholderLetter.com we present the latest annual shareholder letter from PayPal Holdings, Inc. — ticker symbol PYPL. Reading current and past PYPL letters to shareholders can bring important insights into the investment thesis.

 •  4/7/2026 Letter Continued (Full PDF)
 •  4/13/2023 PYPL Stockholder Letter
 •  4/9/2024 PYPL Stockholder Letter
 •  4/21/2025 PYPL Stockholder Letter
 •  More "Business Services & Equipment" Category Stockholder Letters
 •  PYPL Benford's Law Stock Score = 98

PYPL Shareholder/Stockholder Letter Transcript:

2026 Notice of
Annual Meeting
of Stockholders
and Proxy
Statement
2025 Annual
Report

Cheeky Studio  
London, UK
Inspired by the popular rug tufting trend from Korea, PayPal merchant Cheeky Studio   is London   s
first upcycled tufting studio, using recycled yarn made from PET waste. Cheeky Studio   is building
a creative community through hands-on workshops and custom work     with a growing vision of
becoming a textile-focused creative hub.

Message From Our President and CEO
Dear PayPal Stockholders:
It has been just over a month since I assumed the role of President and CEO of PayPal. In that time, I have met with customers,
employees, partners, and stockholders around the world. Listening has been my first priority. These conversations have
reinforced what I observed during my nearly five years on the Board: PayPal has meaningful strengths and a significant
opportunity ahead. Realizing that opportunity will require greater precision in how we allocate resources and greater
consistency in how we execute.
PayPal operates in a dynamic and competitive payments landscape. We are well-positioned because of the trust we have
earned from hundreds of millions of consumers and merchants globally. That trust is our most valuable asset. Our task now is to
concentrate our investments where we can differentiate most clearly, leveraging our scale, technology, and global reach to
deliver consistent, profitable growth.
Our recent results have not met our expectations, particularly in branded checkout. It is important to acknowledge that
directly. At the same time, we have substantial competitive advantages: powerful brands, deep customer relationships, and an
increasingly diversified business. In 2025, Venmo continued to evolve into a scaled, monetized platform. Enterprise Payments
returned to double-digit growth. Buy Now, Pay Later expanded rapidly. These examples demonstrate that when we are clear
on strategy and disciplined in execution, we can deliver strong outcomes.
My leadership approach centers on clarity, alignment, and ownership. We will prioritize what matters most, simplify where
necessary, and raise our standards for performance across the organization. At the same time, we will continue to build on
PayPal   s legacy of trust and innovation, adapting thoughtfully to the evolving needs of our customers and partners. Above all,
we will hold ourselves accountable for delivering measurable improvement.
I am deeply grateful to our employees for their resilience and professionalism. I also thank our customers, partners, and
stockholders for your continued confidence. Together, we will strengthen PayPal and shape its next chapter of growth.
Saludos,
Enrique Lores
President and CEO
April 7, 2026

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Message From Our Independent
Board Chair
Dear PayPal Stockholders:
On behalf of the Board of Directors, thank you for your investment in PayPal.
I   m honored to step into the independent Chair role at this pivotal moment for our company. PayPal navigated a challenging
2025: we delivered solid performance across multiple dimensions; however, our performance on certain of our key initiatives
reinforced the need to accelerate execution and bring greater discipline to how we implement our strategic priorities. The
Board recognized this moment and took decisive action.
Seasoned Leadership to Drive Our Transformation
As we announced in early February 2026, the Board appointed Enrique Lores as PayPal   s President and CEO effective
March 1. Enrique is a seasoned chief executive who brings deep experience driving customer-centric innovation and disciplined
execution, simplifying complex businesses and leading large-scale transformations.
I have had the opportunity to serve as a director alongside Enrique for nearly five years. Enrique joins with a strong track
record as an executive and a demonstrated emphasis on confident decision making, clear prioritization, and disciplined
execution on a global basis   a skill set well-aligned with PayPal   s need for execution intensity at this juncture. His experience
both as a Board member and as Chair of the PayPal Board ensures that he is beginning his tenure as CEO with deep context
for PayPal   s strategic initiatives, competitive challenges, and performance gaps. Enrique   s compensation arrangements were
thoughtfully designed with this in mind, immediately aligning his interests with those of our stockholders and incentivizing
effective execution of our transformation strategy.
A Board Aligned with PayPal   s Priorities
As our business has evolved, we have continued to maintain an experienced and engaged Board of Directors with skills tightly
aligned with PayPal   s priorities. Through deliberate succession and refreshment over time, we have ensured a thoughtful
balance of institutional knowledge and fresh perspectives that enables us to effectively oversee the execution of PayPal   s
long-term strategy. As evidenced in our recent CEO transition, the Board regularly evaluates the Company   s performance and
execution against strategy and is prepared to take appropriate action to advance the best interests of our stockholders.
We have continued our own refreshment efforts over the past year, welcoming Joy Chik, Deirdre Stanley, and Alyssa Henry to
the Board in March 2025, June 2025, and March 2026, respectively. Deirdre brings nearly three decades of experience as a
senior executive for global organizations spanning the consumer, media, and information technology sectors, most recently
serving as Executive Vice President and General Counsel of The Est  e Lauder Companies. Alyssa brings to the Board deep
experience scaling global commerce, payments, and technology platforms, along with expertise in software-driven merchant
solutions and global platform expansion.
We have also continued to optimize our Board   s oversight structure, disbanding our Audit, Risk and Compliance Committee
and creating two new stand-alone committees: an Audit & Finance Committee and a Risk & Compliance Committee, formally
separating financial reporting and audit oversight from enterprise risk, compliance, and regulatory oversight responsibilities.
This change ensures a clear delineation of responsibilities and more effective and efficient committee-level oversight.
Ongoing Stockholder Dialogue
At the Board level, we recognize the importance of engaging with our stockholders. Investor feedback remains an integral
part of our decision making process as we oversee the execution of PayPal   s strategy. Since our 2025 Annual Meeting, we
have contacted investors representing approximately 57% of shares held by institutional investors and have engaged with
investors holding approximately 28% of shares held by institutional investors to discuss a variety of governance-focused
topics of interest. These discussions complement our ongoing dialogue with stockholders that our Investor Relations team,
along with executive management, conducts throughout the year regarding financial and strategic matters, including most
recently our CEO transition. We look forward to continuing this important dialogue with our stockholders.

4/7/2026 Letter Continued (Full PDF)

 

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