PayPal Holdings (PYPL): Key Takeaways: Shares outperform on modestly better fundamental outlook and commitment to shareholder value

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PayPal Holdings (PYPL): Key Takeaways: Shares outperform on modestly better fundamental outlook and commitment to shareholder value

Equity Research

28 July 2026 | 4:04PM EDT

PayPal Holdings (PYPL): Key Takeaways: Shares outperform on modestly

better fundamental outlook and commitment to shareholder value

Bottom line: Shares outperformed, which we would attribute to both a strong tape, Will Nance

+1(212)357-7438 | will.nance@gs.com

as well as the raised guidance for transaction margin, which modestly offset a higher Goldman Sachs & Co. LLC

opex outlook due to a pullforward of investment spending. We thought the moving Jack Evans

pieces in the quarter were modestly positive, with the company signaling stronger +1(212)357-3560Goldman Sachs & Co.| jack.evans@gs.comLLC

U.S. branded checkout growth and decent momentum internationally, excluding Chandru Ravikumar

travel related disruptions. The company also seemed to be expecting relatively +1(212)934-7681chandru.ravikumar@gs.com|

consistent LSD performance in Branded for the remainder of the year. While the Goldman Sachs India SPL

results were modestly better than expected, and consistent with the view we

previewed in our earnings preview that easier comps would limit downside in 2H26,

much of the better performance appears to be coming off the back of stronger

E-comm/SSS dynamics, easier comps, as well as lower levels of investment in

consumer value props that weigh on margins (much of which was offset by higher

levels of investment). On the strategic front, the company made limited comments

about the recent headlines around a potential acquisition of the company, although

the company reiterated their obligation to consider all avenues for value creation.