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Side-by-side financial comparison of BlackRock (BLK) and PayPal (PYPL). Click either name above to swap in a different company.
PayPal is the larger business by last-quarter revenue ($8.7B vs $7.0B, roughly 1.2× BlackRock). PayPal runs the higher net margin — 16.6% vs 16.1%, a 0.5% gap on every dollar of revenue. PayPal produced more free cash flow last quarter ($2.2B vs $2.1B). Over the past eight quarters, BlackRock's revenue compounded faster (24.5% CAGR vs 6.2%).
BlackRock, Inc. is an American multinational investment company. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with $12.5 trillion in assets under management as of 2025. Headquartered in New York City, BlackRock has 70 offices in 30 countries and clients in 100 countries.
PayPalPYPLEarnings & Financial Report
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial and company users.
BLK vs PYPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.0B | $8.7B |
| Net Profit | $1.1B | $1.4B |
| Gross Margin | — | — |
| Operating Margin | 23.7% | 17.4% |
| Net Margin | 16.1% | 16.6% |
| Revenue YoY | — | 3.7% |
| Net Profit YoY | — | 28.2% |
| EPS (diluted) | $7.05 | $1.53 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $7.0B | $8.7B | ||
| Q3 25 | $6.5B | $8.4B | ||
| Q2 25 | $5.4B | $8.3B | ||
| Q1 25 | $5.3B | $7.8B | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | $5.2B | $7.8B | ||
| Q2 24 | $4.8B | $7.9B | ||
| Q1 24 | $4.7B | $7.7B |
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $1.6B | $1.0B | ||
| Q2 24 | $1.5B | $1.1B | ||
| Q1 24 | $1.6B | $888.0M |
| Q4 25 | 23.7% | 17.4% | ||
| Q3 25 | 30.0% | 18.1% | ||
| Q2 25 | 31.9% | 18.1% | ||
| Q1 25 | 32.2% | 19.6% | ||
| Q4 24 | — | 17.2% | ||
| Q3 24 | 38.6% | 17.7% | ||
| Q2 24 | 37.5% | 16.8% | ||
| Q1 24 | 35.8% | 15.2% |
| Q4 25 | 16.1% | 16.6% | ||
| Q3 25 | 20.3% | 14.8% | ||
| Q2 25 | 29.4% | 15.2% | ||
| Q1 25 | 28.6% | 16.5% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | 31.4% | 12.9% | ||
| Q2 24 | 31.1% | 14.3% | ||
| Q1 24 | 33.3% | 11.5% |
| Q4 25 | $7.05 | $1.53 | ||
| Q3 25 | $8.43 | $1.30 | ||
| Q2 25 | $10.19 | $1.29 | ||
| Q1 25 | $9.64 | $1.29 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | $10.90 | $0.99 | ||
| Q2 24 | $9.99 | $1.08 | ||
| Q1 24 | $10.48 | $0.83 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $11.5B | $10.4B |
| Total DebtLower is stronger | $12.8B | — |
| Stockholders' EquityBook value | $55.9B | $20.3B |
| Total Assets | $170.0B | $80.2B |
| Debt / EquityLower = less leverage | 0.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.5B | $10.4B | ||
| Q3 25 | $10.0B | $10.8B | ||
| Q2 25 | $9.5B | $10.0B | ||
| Q1 25 | $7.7B | $11.2B | ||
| Q4 24 | — | $10.8B | ||
| Q3 24 | $14.0B | $11.9B | ||
| Q2 24 | — | $13.6B | ||
| Q1 24 | — | $14.3B |
| Q4 25 | $12.8B | — | ||
| Q3 25 | $12.8B | — | ||
| Q2 25 | $12.8B | — | ||
| Q1 25 | $12.3B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $12.4B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $55.9B | $20.3B | ||
| Q3 25 | $55.5B | $20.2B | ||
| Q2 25 | $49.1B | $20.2B | ||
| Q1 25 | $48.0B | $20.3B | ||
| Q4 24 | — | $20.4B | ||
| Q3 24 | $41.2B | $20.2B | ||
| Q2 24 | $40.3B | $20.6B | ||
| Q1 24 | $39.9B | $20.7B |
| Q4 25 | $170.0B | $80.2B | ||
| Q3 25 | $162.7B | $79.8B | ||
| Q2 25 | $146.5B | $79.8B | ||
| Q1 25 | $141.9B | $81.3B | ||
| Q4 24 | — | $81.6B | ||
| Q3 24 | $132.8B | $83.5B | ||
| Q2 24 | — | $84.0B | ||
| Q1 24 | — | $83.3B |
| Q4 25 | 0.23× | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.26× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.3B | $2.4B |
| Free Cash FlowOCF − Capex | $2.1B | $2.2B |
| FCF MarginFCF / Revenue | 30.6% | 25.2% |
| Capex IntensityCapex / Revenue | 1.9% | 2.2% |
| Cash ConversionOCF / Net Profit | 2.02× | 1.66× |
| TTM Free Cash FlowTrailing 4 quarters | $3.6B | $5.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $2.4B | ||
| Q3 25 | $1.4B | $2.0B | ||
| Q2 25 | $1.4B | $898.0M | ||
| Q1 25 | $-1.1B | $1.2B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | $-408.0M | $1.9B |
| Q4 25 | $2.1B | $2.2B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.3B | $692.0M | ||
| Q1 25 | $-1.2B | $964.0M | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | $-472.0M | $1.8B |
| Q4 25 | 30.6% | 25.2% | ||
| Q3 25 | 20.5% | 20.4% | ||
| Q2 25 | 23.5% | 8.3% | ||
| Q1 25 | -22.9% | 12.4% | ||
| Q4 24 | — | 26.2% | ||
| Q3 24 | — | 18.4% | ||
| Q2 24 | — | 17.3% | ||
| Q1 24 | -10.0% | 22.9% |
| Q4 25 | 1.9% | 2.2% | ||
| Q3 25 | 1.2% | 3.0% | ||
| Q2 25 | 1.6% | 2.5% | ||
| Q1 25 | 1.5% | 2.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | 1.4% | 2.0% |
| Q4 25 | 2.02× | 1.66× | ||
| Q3 25 | 1.07× | 1.58× | ||
| Q2 25 | 0.86× | 0.71× | ||
| Q1 25 | -0.75× | 0.90× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | — | 1.60× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | -0.26× | 2.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLK
| Investment Advice | $5.3B | 75% |
| Investment Performance | $754.0M | 11% |
| Technology Services And Subscription Revenue | $531.0M | 8% |
| Distribution And Shareholder Service | $359.0M | 5% |
| Service Other | $86.0M | 1% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
