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Side-by-side financial comparison of PayPal (PYPL) and Smurfit Westrock (SW). Click either name above to swap in a different company.
PayPal is the larger business by last-quarter revenue ($8.7B vs $7.6B, roughly 1.1× Smurfit Westrock). PayPal runs the higher net margin — 16.6% vs 1.3%, a 15.3% gap on every dollar of revenue. On growth, PayPal posted the faster year-over-year revenue change (3.7% vs 0.5%). PayPal produced more free cash flow last quarter ($2.2B vs $612.0M). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (60.8% CAGR vs 6.2%).
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.
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
PYPL vs SW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.7B | $7.6B |
| Net Profit | $1.4B | $97.0M |
| Gross Margin | — | 18.2% |
| Operating Margin | 17.4% | 5.1% |
| Net Margin | 16.6% | 1.3% |
| Revenue YoY | 3.7% | 0.5% |
| Net Profit YoY | 28.2% | -33.6% |
| EPS (diluted) | $1.53 | $0.18 |
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 | $8.7B | $7.6B | ||
| Q3 25 | $8.4B | $8.0B | ||
| Q2 25 | $8.3B | $7.9B | ||
| Q1 25 | $7.8B | $7.7B | ||
| Q4 24 | $8.4B | $7.5B | ||
| Q3 24 | $7.8B | $7.7B | ||
| Q2 24 | $7.9B | $3.0B | ||
| Q1 24 | $7.7B | $2.9B |
| Q4 25 | $1.4B | $97.0M | ||
| Q3 25 | $1.2B | $246.0M | ||
| Q2 25 | $1.3B | $-28.0M | ||
| Q1 25 | $1.3B | $384.0M | ||
| Q4 24 | $1.1B | $146.0M | ||
| Q3 24 | $1.0B | $-150.0M | ||
| Q2 24 | $1.1B | $132.0M | ||
| Q1 24 | $888.0M | $191.0M |
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | — | 24.2% |
| Q4 25 | 17.4% | 5.1% | ||
| Q3 25 | 18.1% | 6.6% | ||
| Q2 25 | 18.1% | 3.2% | ||
| Q1 25 | 19.6% | 7.2% | ||
| Q4 24 | 17.2% | 5.3% | ||
| Q3 24 | 17.7% | 0.7% | ||
| Q2 24 | 16.8% | 8.2% | ||
| Q1 24 | 15.2% | 10.5% |
| Q4 25 | 16.6% | 1.3% | ||
| Q3 25 | 14.8% | 3.1% | ||
| Q2 25 | 15.2% | -0.4% | ||
| Q1 25 | 16.5% | 5.0% | ||
| Q4 24 | 13.4% | 1.9% | ||
| Q3 24 | 12.9% | -2.0% | ||
| Q2 24 | 14.3% | 4.4% | ||
| Q1 24 | 11.5% | 6.5% |
| Q4 25 | $1.53 | $0.18 | ||
| Q3 25 | $1.30 | $0.47 | ||
| Q2 25 | $1.29 | $-0.05 | ||
| Q1 25 | $1.29 | $0.73 | ||
| Q4 24 | $1.09 | $-0.12 | ||
| Q3 24 | $0.99 | $-0.30 | ||
| Q2 24 | $1.08 | $0.51 | ||
| Q1 24 | $0.83 | $0.73 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.4B | $892.0M |
| Total DebtLower is stronger | — | $13.4B |
| Stockholders' EquityBook value | $20.3B | $18.3B |
| Total Assets | $80.2B | $45.2B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.4B | $892.0M | ||
| Q3 25 | $10.8B | $851.0M | ||
| Q2 25 | $10.0B | $778.0M | ||
| Q1 25 | $11.2B | $797.0M | ||
| Q4 24 | $10.8B | $855.0M | ||
| Q3 24 | $11.9B | — | ||
| Q2 24 | $13.6B | $26.8K | ||
| Q1 24 | $14.3B | $108 |
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $20.3B | $18.3B | ||
| Q3 25 | $20.2B | $18.4B | ||
| Q2 25 | $20.2B | $18.3B | ||
| Q1 25 | $20.3B | $17.9B | ||
| Q4 24 | $20.4B | $17.4B | ||
| Q3 24 | $20.2B | $18.0B | ||
| Q2 24 | $20.6B | $14.5K | ||
| Q1 24 | $20.7B | $108 |
| Q4 25 | $80.2B | $45.2B | ||
| Q3 25 | $79.8B | $45.6B | ||
| Q2 25 | $79.8B | $45.7B | ||
| Q1 25 | $81.3B | $44.6B | ||
| Q4 24 | $81.6B | $43.8B | ||
| Q3 24 | $83.5B | $45.0B | ||
| Q2 24 | $84.0B | $26.8K | ||
| Q1 24 | $83.3B | $108 |
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| 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 | $2.4B | $1.2B |
| Free Cash FlowOCF − Capex | $2.2B | $612.0M |
| FCF MarginFCF / Revenue | 25.2% | 8.1% |
| Capex IntensityCapex / Revenue | 2.2% | 7.7% |
| Cash ConversionOCF / Net Profit | 1.66× | 12.32× |
| TTM Free Cash FlowTrailing 4 quarters | $5.6B | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $1.2B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $898.0M | $829.0M | ||
| Q1 25 | $1.2B | $235.0M | ||
| Q4 24 | $2.4B | $781.0M | ||
| Q3 24 | $1.6B | $320.0M | ||
| Q2 24 | $1.5B | $340.0M | ||
| Q1 24 | $1.9B | $42.0M |
| Q4 25 | $2.2B | $612.0M | ||
| Q3 25 | $1.7B | $523.0M | ||
| Q2 25 | $692.0M | $307.0M | ||
| Q1 25 | $964.0M | $-242.0M | ||
| Q4 24 | $2.2B | $212.0M | ||
| Q3 24 | $1.4B | $-192.0M | ||
| Q2 24 | $1.4B | $163.0M | ||
| Q1 24 | $1.8B | $-166.0M |
| Q4 25 | 25.2% | 8.1% | ||
| Q3 25 | 20.4% | 6.5% | ||
| Q2 25 | 8.3% | 3.9% | ||
| Q1 25 | 12.4% | -3.2% | ||
| Q4 24 | 26.2% | 2.8% | ||
| Q3 24 | 18.4% | -2.5% | ||
| Q2 24 | 17.3% | 5.5% | ||
| Q1 24 | 22.9% | -5.7% |
| Q4 25 | 2.2% | 7.7% | ||
| Q3 25 | 3.0% | 7.6% | ||
| Q2 25 | 2.5% | 6.6% | ||
| Q1 25 | 2.5% | 6.2% | ||
| Q4 24 | 2.4% | 7.5% | ||
| Q3 24 | 2.2% | 6.7% | ||
| Q2 24 | 2.0% | 6.0% | ||
| Q1 24 | 2.0% | 7.1% |
| Q4 25 | 1.66× | 12.32× | ||
| Q3 25 | 1.58× | 4.61× | ||
| Q2 25 | 0.71× | — | ||
| Q1 25 | 0.90× | 0.61× | ||
| Q4 24 | 2.14× | 5.35× | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 1.35× | 2.58× | ||
| Q1 24 | 2.16× | 0.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
