PayPal 2Q26 Expectations Summary

研报英文原文证据摘录

PayPal 2Q26 Expectations Summary

J P M O R G A N North America Equity Research

21 July 2026

PayPal Neutral

PYPL, PYPL US

2Q26 Expectations Summary Price (20 Jul 26):$56.82

Price Target (Dec-26):$46.00

PayPal reports 2Q results on Tuesday, July 28th, BMO. Recent focus has been Payments, Processors & IT Services

ACdominated by reports that PayPal has received a buyout offer from Stripe and Tien-tsin Huang, CFA

Advent International at $60.50 per share (~11x Street NTM EPS, before synergies; (1-212) 622-6632

facts-only summary below). Near-term, we expect the stock to largely trade on tien-tsin.huang@jpmorgan.com

headlines and commentary regarding the deal, creating a higher valuation floor for Connor Allen

shares. That said, looking to 2Q, we are relatively aligned with Street and guidance (1-212) 270-2895

and see some room for upside to U.S. volume estimates in light of accelerating connor.allen@jpmorgan.com

spending volume growth from U.S. banks, while Chase Card data indicates U.S. Charles Pearce, CFA

CNP volume accelerated 1ppt in 2Q, acknowledging less visibility outside the U.S. (1-212) 622-4368

charles.pearce@jpmchase.com

Our base case assumes typical upside to 2Q estimates (LSD % TMD upside, MSD J.P. Morgan Securities LLC

% adj. op income and EPS upside over last five quarters), while we don’t expect

guidance to imply material upside to 2H estimates, considering macro volatility.

We remain Neutral as we think it will take time for the company to re-establish Quarterly Forecasts (FYE Dec)

confidence in Branded growth organically recognizing a higher valuation floor to Adj. EPS ($)

shares. See details below. 2025A 2026E 2027E

Q1 1.33 1.34A 1.50

• Facts-Only Takeout Headlines Summary. Last week, it was reported that Q2Q3 1.401.34 1.281.34 1.421.38