PayPal Holdings
28 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.
Suppliers
Cryptocurrency custodians
depends onnamed as a riskWe hold our customers’ cryptocurrency assets through one or more third-party custodians.Risk factors (Item 1A)
Third-party cloud and data center providers
depends onnamed as a riskFrom time to time, we have experienced interruptions in the provision of such facilities and services provided by these third parties.Risk factors (Item 1A)
Partners and platforms
Payment card networks
depends onnamed as a riskAny increase in interchange fees, special fees, or assessments for transactions that we pay to networks or payment processors could make our pricing less competitive, increase our operating costs, and reduce our operating income, which could materially harm our business, financial condition, and results of operations.Risk factors (Item 1A)
PYUSD Issuer
depends onnamed as a riskIn addition, we could face reputational harm through our relationship with the PYUSD Issuer if the PYUSD Issuer were to face regulatory scrutiny or make operational errors or if PYUSD is alleged to be used for transactions in connection with illicit or illegal activities.Risk factors (Item 1A)
Independent chartered financial institution (U.S. credit partner bank)
depends onnamed as a riskIn the event of any termination or interruption in a partner bank’s ability or willingness to lend, our ability to offer consumer credit and merchant financing products could be interrupted or limited, which could materially and adversely affect our business.Risk factors (Item 1A)
Other companies
Strategic investments (equity securities)
exposed to its price · $1.9 billionnamed as a riskAs of December 31, 2025 and 2024, our strategic investments totaled $1.9 billion and $1.6 billion, respectively, and represented approximately 13% and 10% of our total cash, cash equivalents, and short-term and long-term investment portfolio at those respective dates.Market risk (Item 7A)
Cross-border trade
earns fromnamed as a riskCross-border trade (i.e., transactions where the merchant and consumer are in different countries) is an important source of our revenues and profits.Risk factors (Item 1A)
Places
Singapore
operates innamed as a riskFor many of our other markets outside the U.S., we provide services on a cross-border basis through PayPal Pte. Ltd., our wholly-owned subsidiary based in Singapore.Risk factors (Item 1A)
Also named by A, AAPL, ALAB, AMAT, ANET, APP, AVGO, DLR and 12 more
Germany
operates innamed as a riskFor example, in August 2025, PayPal experienced a temporary service disruption triggered by a coding error in a system update, which primarily impacted a limited number of customers and partners in Germany.Risk factors (Item 1A)
Also named by APO, AXGN, BF/B, CPRT, DASH, EBAY, GD, GDDY and 12 more
Hazards
Commodities and inputs
Japanese yen revolving credit borrowings
exposed to its price · ¥90.0 billion (approximately $575 million)named as a riskAs of December 31, 2025 and 2024, ¥90.0 billion (approximately $575 million) and ¥90.0 billion (approximately $574 million), respectively, was outstanding under these facilities.Market risk (Item 7A)
British pound, Euro, Australian dollar, Canadian dollar, Indian rupee
exposed to its price · approximately $547 millionnamed as a riskWe have significant operations internationally that are denominated in foreign currencies, primarily the British pound, Euro, Australian dollar, Canadian dollar, and Indian rupee, which subject us to foreign exchange risk and may adversely impact our financial results.Market risk (Item 7A)
Regulators
Consumer Financial Protection Bureau (CFPB)
subject tonamed as a riskAs a large market participant of remittance transfers, we are subject to the direct supervisory authority of the CFPB.Business (Item 1)
Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more
Office of Foreign Assets Control (OFAC)
subject tonamed as a riskIn the ordinary course of business we may identify and voluntarily report, and have reported, potential compliance issues to regulatory authorities, including the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), and our compliance history may be considered by OFAC and other regulators as part of any potential future investigation regarding our compliance with sanctions.Risk factors (Item 1A)
Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more
New York State Department of Financial Services
subject tonamed as a riskPayPal holds a full Bitlicense issued by the State of New York Department of Financial Services to offer cryptocurrency services in the state.Business (Item 1)
Also named by AFL, AIG, AMP, BPOP, COIN, EFX, FNF, GS and 9 more
U.K. Financial Conduct Authority (FCA)
subject tonamed as a riskWe serve our customers in the U.K. through PayPal U.K. Limited (“PayPal U.K.”), a wholly-owned subsidiary that is subject to regulation as an electronic money institution in the U.K. by the FCA.Business (Item 1)
European Central Bank (ECB)
subject tonamed as a riskIf the business activities of PayPal (Europe) exceed certain thresholds, or if the European Central Bank (“ECB”) so determines, PayPal (Europe) may be deemed a significant supervised entity and certain activities of PayPal (Europe) would become directly supervised by the ECB, rather than by the Luxembourg Commission de Surveillance du Secteur Financier.Risk factors (Item 1A)
Monetary Authority of Singapore (MAS)
subject tonamed as a riskPayPal Pte. Ltd. is supervised by the Monetary Authority of Singapore (“MAS”), and in July 2023 was issued a Major Payment Institution license by the MAS under the Payment Services Act 2019.Risk factors (Item 1A)
Also named by AIG
Luxembourg Commission de Surveillance du Secteur Financier (CSSF)
subject tonamed as a riskWe serve our customers in the EU through PayPal (Europe) S.à.r.l. et Cie, S.C.A. (“PayPal (Europe)”), a wholly-owned subsidiary that is licensed and subject to regulation as a credit institution in Luxembourg by the CSSF.Business (Item 1)
Utah Department of Financial Institutions and FDIC (PayPal Bank application)
subject tonamed as a riskThere is no assurance that our applications to establish PayPal Bank will receive regulatory approval.Business (Item 1)
Paidy (Japan) / Ministry of Economy, Trade and Industry
subject toPaidy, Inc. holds multiple licenses for the issuance of its consumer installment products in Japan and is registered with the Ministry of Economy, Trade and Industry as a Comprehensive Credit Purchase Intermediary.Business (Item 1)
Laws and programs
OECD Pillar Two global minimum tax
subject to · 15%named as a riskAs additional jurisdictions enact similar legislation, transition rules expire, and other provisions of the minimum tax legislation become effective, our effective tax rate and cash tax payments could increase in future years.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
GENIUS Act
subject tonamed as a riskAdditionally, we are a digital asset service provider under the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (the “GENIUS Act”), which subjects us to obligations relating to our cryptocurrency business and may affect the competitive landscape for payment stablecoins.Risk factors (Item 1A)
Also named by AUB, C, CFR, COF, COIN, CUBI, EWBC, FCNCA and 15 more
Electronic Fund Transfer Act and Regulation E
subject tonamed as a riskWe are subject to, and have paid amounts in settlement of, lawsuits alleging that our business violated the EFTA and Regulation E or otherwise advancing claims for relief relating to our business practices (e.g., that we improperly held consumer funds or otherwise improperly limited consumer accounts).Risk factors (Item 1A)
U.S. state money transmitter licenses
subject tonamed as a riskIf we fail to comply with applicable laws or regulations required to maintain our licenses, we could be subject to liability and/or additional restrictions, forced to cease doing business with residents of certain states or territories, forced to change our business practices, or required to obtain additional licenses or regulatory approvals, which could impose substantial costs and harm our business.Risk factors (Item 1A)
FDIC/OCC valid-when-made rule
subject tonamed as a riskAn adverse outcome of these or similar challenges, or changes to applicable laws and regulations or regulatory policy, could materially impact our U.S. PPWC and PPBL products, certain installment loan products, and our business.Risk factors (Item 1A)
EU Multilateral Interchange Fee Regulation
subject tonamed as a riskFor example, in the EU, the Multilateral Interchange Fee Regulation caps interchange fees and provides for business rules to be complied with by any company dealing with payment card transactions.Business (Item 1)
EU Consumer Credit Directive
subject tonamed as a riskThis will change in the E.U. markets with the implementation of the revised Consumer Credit Directive which will take effect in November 2026 and result in formerly “unregulated” credit products being generally (and subject to the principle of proportionality in particular regarding underwriting obligations) subject to the same laws as fully regulated credit.Business (Item 1)