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.

 •  4/21/2025 Letter Continued (Full PDF)
 •  4/13/2023 PYPL Stockholder Letter
 •  4/9/2024 PYPL Stockholder Letter
 •  More "Business Services & Equipment" Category Stockholder Letters
 •  PYPL Benford's Law Stock Score = 100

PYPL Shareholder/Stockholder Letter Transcript:

2025 Notice of
Annual Meeting of
Stockholders and
Proxy Statement

2024 Annual Report

Realizing our vision
    New leadership team
    Reinvigorated mission
2024
    Reorganized business
    Launched new products & features
    Forged new partnerships
Return to profitable growth
2025
Evolving to
PayPal is the commerce
platform powering the
global economy

Message from Our President and CEO
Dear Stockholders, Colleagues, Customers and Partners:
PayPal was built to simplify money movement, and over the past 25 years, we have grown into the world's largest two-sided
open platform.1 Now, we ore building on that foundation to create the next-generation commerce platform. With our scale,
ubiquity, and data as key advantages, we ore accelerating innovation and seizing new market opportunities.
A year ago  , we made a strategic decision to narrow our focus, enhance execution, and reposition the business. I am proud of
the progress the team made in 2024 and our return to profitable growth. The stage is set for continued momentum in the years
to come.
In 2024, we reignited our innovation engine to address and solve our customers' greatest challenges.. We introduced
new branded checkout experiences designed t o make checkout even foster and more seamless across both desktop and
mobile. We launched PayPal Everywhere, redefining our consumer value proposition and paving the way for consumers to
choose PayPal for every payment, whether online or in-store. We introduced Fastlane, a game-changing guest checkout
solution. We expanded the reach of PayPal Complete Payments, enabling more small businesses around the world to run and
grow their operations. And we continued improving the Yenmo experience by giving our users more of the capabilities they've
been asking for, like scheduled send, Tap to Pay on iPhone for business profiles, and improved search.
PayPal is now the platform that leading brands want to collaborate with. lost year, we forged or strengthened significant
partnerships with Adyen, Amazon, Fiserv, Shopify, and Meta to bring even more value to customers, scale innovation, and
expand our reach. We are building on our leadership position in payments and commerce to improve the shopping experience
for both consumers and businesses.
As we bring innovation to market and enhance our value proposition, we are driving increased selection of PayPal and
Venmo. To  tal active accounts returned to growth in 2024, and we processed $1.7 trillion in payment volume, a 10% year-overyear increase. Global branded checkout volume growth was consistent at 6%, while branded checkout monthly active
accounts went from stable to growing- up 2% last year to 142 million. Venmo exited the fourth quarter at 10% volume growth,
accelerating by 2 points.
In summary, 2024 was a pivotal transition year for PayPal. We have positioned PayPol to compete and win and delivered
strong resullts along the way.
Delivering the PayPal Commerce Platform
Today, we ore on a mission to revolutionize commerce globally. That means radically changing the way consumers shop and
merchants do business, both online and offline. To do that, we will leverage the strength of our two-sided network and scaled
data vault t o transform from a payments company into a commerce platform to power the global economy. This is our vision
for the new PayPal. In 2025, we ore loser-focused on four strategic imperatives to advance this vision:
    Win Checkout: Branded checkout remains our #1 priority.lost year we made improvements to create a best-in-doss
checkout experience. We will scale these innovations to provide rewording shopping experiences for our consumers and
drive increased conversion for our merchants.
    Scale Omni: We ore seeing strong momentum t oday with our omnichonnel push, but we ore just getting started. We
launched Pay Pal Everywhere in September 2024, which is driving significant increases in PayPal debit cord adoption and
opening new categories of spend. This year, we will drive the adoption of new and rewarding ways to pay in- store,
including in international markets.
    Grow Venmo: We ore building Venmo to be the money-moving app for the next generation. We ore focused on improvi ng
the peer-to-peer payment experience and growing Yenmo revenue by driving the adoption of monetized products like trne
Yenmo Debit Card and Pay with Yenmo. We will also continue to expand Pay with Yenmo's acceptance with major brands.
While we are still in the early stages of monetizing Yenmo, we have a proven playbook that resonates with customers and
are confident in the steps we are taking to realize value from this important asset.
Network comparison versus fin tech.

    Accelerate Small to Medium-Sized Businesses ("SMBs"): We are moving from a disparate set of payment products to an
end-to-end suite of commerce solutions that solve small business needs holistically. PayPal Complete Payments was the first
step toward an integrated suite of solutions, and we will continue to drive adoption. We are also focused on growing with
small businesses by expanding our connected, value-added services. This will move us lbeyond a payment provider to a
growth partner and help us retain customers throughout their business lifecycle.
No matter the broader economic environment, we remain focused on delivering for our customers by advancing the initiatives
that will move PayPal forward. We have a strong foundation to weather turbulent economic times. We will continue to serve as
a key partner to consumers and merchants, powering commerce around the world. Across the organization, we remain focused
on driving efficiency and effectiveness. We are making deliberate investments in AI and automation and w i ll use this
technology to reimagine the customer experience, both online and in-store.
Commerce is evolving, and we are seizing our opportunity to expand into new addressable markets with velocity, delight our
customers even more, and be present everywhere. Our goal is to become the go-to commerce partner and shopping
companion in anAl-powered world. I am excited to be working alongside our world-class team as we pursue our common
goals and accelerate our transformational journey in the years ahead.
To our PayPal team, thank you for dedicating yourselves to our mission and always putting our customers first. To our
stockholders, customers, and partners, thank you for your continued support and belief in o ur vision. We have accomplished a
great deal i n the past year, and there is much more to come.
A lex Chriss.
President and CEO
April 21, 2025

Message from Our Independent Board Chair
Dear PayPal Stockholders:
2024 was a year of successful transitions including key changes to our Board and leadership team that are driving PayPal's
continued growth and transformation into a multifaceted omnichannel p latform. The Board is working closely with
management to deliver durable, profitable growth for our stockholders and we remain encouraged by Pay Pal's steady
progress and strong performance.
Executive Leadership Transitions
In 2024, Alex continued to evolve PayPal's executive team to ensure that we have the best leaders in place to drive the next chapter
of our growth. In January of last year, we welcomed Suzan Kereere as President, G lobal Markets. Suzan is well-recognized for her
accomplishments in digital transformation, sales optimization, front- line customer engagement, and profitable growth.
We are also pleased to have welcomed new executives to serve as Chief Technology Officer, Global Chief Risk Officer, Chief
Investor Relations Officer, and Chief Corporate Affairs and Communicat ions Officer. Our new executives bring a wealth of
expertise from their experience in leadership r  oles at preeminent compa11ies, including across the technology and financial
industries. These appointments demonstrate 01ur commitment to building the best team in the industry, and the Board and
management remain focused on our robust talent development processes across the Company. The Board is excited and
energized by the intensity and focus of these new executives, as they push forward critical projects across the platform.
Board Composition & Oversight
In July, I assumed the role of Chair as part of the Board's thoughtful internal succession planning process. In, addition, in 2024
we welcomed Carmine Di Sibio and in 2025 Joy Chik to our Board. Carmine previously served as Global Chairman and CEO of
EY. Carmine's demonstrated record of champi  oning innovation and his extensive experience advising regulated financial
companies bring invaluable insights to the Board. Joy currently serves as the President of Identity and Network Access at
Microsoft and is responsible for leading the company's multi-billion-dollar security business, Microsoft Entre. Joy's extensive
expertise in AI, digital transformation and cybersecurity makes her a valued addition to the Board.
We have an experienced, qualified, and enga  ged Board that possesses the right skillsets to effectively oversee management
and our strategy as we enter the next stage of our growth. We remain committed to continuously evaluating our Board as
PayPal evolves.
Stockholder Engagement
Robust, ongoing engagement with our stockholders is crucial to informing the Board's decision-making process. Since our 2024
Annual Meeting, we've contacted investors representing approximately 62% of shares held by institutional investors and have
engaged with investors holding approximately 39% of shares held by institutional investors. As part of these engagement
efforts, I have personally met with investors representing 28% of shares lheld by institutional investors. In these candid,
collegial, and highly informative conversations, we explored a variety of subjects, includin,g board composition and oversight,
responsible use of artificial intelligence, executive compensation, and human capital management. The Board takes investor
feedback seriously, and it is an important inpu't as we execute against our strategy. We look forward to continuing this
important dialogue with our stockholders.
On behalf of our Board, thank you for your investment in PayPal. I look forward to discussing these developments further with
you at the 2025 Annual Meeting on June 5th, which will be held via live webcast at www.yjrtuolshareholdermeetjng.com/
PYPL2025.
Sincerely,
Enrique Lores
Independent Board Chair
April 21, 2025



 4/21/2025 Letter Continued (Full PDF)