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Side-by-side financial comparison of PayPal (PYPL) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
PayPal is the larger business by last-quarter revenue ($8.7B vs $6.2B, roughly 1.4× Union Pacific Corporation). Union Pacific Corporation runs the higher net margin — 27.4% vs 16.6%, a 10.8% gap on every dollar of revenue. On growth, PayPal posted the faster year-over-year revenue change (3.7% vs 3.2%). PayPal produced more free cash flow last quarter ($2.2B vs $631.0M). Over the past eight quarters, PayPal's revenue compounded faster (6.2% CAGR vs 1.7%).
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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
PYPL vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $8.7B | $6.2B |
| Net Profit | $1.4B | $1.7B |
| Gross Margin | — | — |
| Operating Margin | 17.4% | 39.5% |
| Net Margin | 16.6% | 27.4% |
| Revenue YoY | 3.7% | 3.2% |
| Net Profit YoY | 28.2% | -2.1% |
| EPS (diluted) | $1.53 | $2.87 |
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.
| Q1 26 | — | $6.2B | ||
| Q4 25 | $8.7B | $6.1B | ||
| Q3 25 | $8.4B | $6.2B | ||
| Q2 25 | $8.3B | $6.2B | ||
| Q1 25 | $7.8B | $6.0B | ||
| Q4 24 | $8.4B | $6.1B | ||
| Q3 24 | $7.8B | $6.1B | ||
| Q2 24 | $7.9B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.4B | $1.8B | ||
| Q3 25 | $1.2B | $1.8B | ||
| Q2 25 | $1.3B | $1.9B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $1.0B | $1.7B | ||
| Q2 24 | $1.1B | $1.7B |
| Q1 26 | — | 39.5% | ||
| Q4 25 | 17.4% | 39.5% | ||
| Q3 25 | 18.1% | 40.8% | ||
| Q2 25 | 18.1% | 41.0% | ||
| Q1 25 | 19.6% | 39.3% | ||
| Q4 24 | 17.2% | 41.3% | ||
| Q3 24 | 17.7% | 39.7% | ||
| Q2 24 | 16.8% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 16.6% | 30.4% | ||
| Q3 25 | 14.8% | 28.6% | ||
| Q2 25 | 15.2% | 30.5% | ||
| Q1 25 | 16.5% | 27.0% | ||
| Q4 24 | 13.4% | 28.8% | ||
| Q3 24 | 12.9% | 27.4% | ||
| Q2 24 | 14.3% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $1.53 | $3.12 | ||
| Q3 25 | $1.30 | $3.01 | ||
| Q2 25 | $1.29 | $3.15 | ||
| Q1 25 | $1.29 | $2.70 | ||
| Q4 24 | $1.09 | $2.91 | ||
| Q3 24 | $0.99 | $2.75 | ||
| Q2 24 | $1.08 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $20.3B | — |
| Total Assets | $80.2B | $69.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $10.4B | $1.3B | ||
| Q3 25 | $10.8B | $808.0M | ||
| Q2 25 | $10.0B | $1.1B | ||
| Q1 25 | $11.2B | $1.4B | ||
| Q4 24 | $10.8B | $1.0B | ||
| Q3 24 | $11.9B | $947.0M | ||
| Q2 24 | $13.6B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | — | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $20.3B | $18.5B | ||
| Q3 25 | $20.2B | $17.3B | ||
| Q2 25 | $20.2B | $16.3B | ||
| Q1 25 | $20.3B | $16.0B | ||
| Q4 24 | $20.4B | $16.9B | ||
| Q3 24 | $20.2B | $16.6B | ||
| Q2 24 | $20.6B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $80.2B | $69.7B | ||
| Q3 25 | $79.8B | $68.6B | ||
| Q2 25 | $79.8B | $68.6B | ||
| Q1 25 | $81.3B | $68.5B | ||
| Q4 24 | $81.6B | $67.7B | ||
| Q3 24 | $83.5B | $67.6B | ||
| Q2 24 | $84.0B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | — |
| Free Cash FlowOCF − Capex | $2.2B | $631.0M |
| FCF MarginFCF / Revenue | 25.2% | 10.1% |
| Capex IntensityCapex / Revenue | 2.2% | — |
| Cash ConversionOCF / Net Profit | 1.66× | — |
| TTM Free Cash FlowTrailing 4 quarters | $5.6B | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $2.2B | ||
| Q3 25 | $2.0B | $2.5B | ||
| Q2 25 | $898.0M | $2.3B | ||
| Q1 25 | $1.2B | $2.2B | ||
| Q4 24 | $2.4B | $2.7B | ||
| Q3 24 | $1.6B | $2.7B | ||
| Q2 24 | $1.5B | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $692.0M | $1.4B | ||
| Q1 25 | $964.0M | $1.3B | ||
| Q4 24 | $2.2B | $1.7B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.4B | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | 25.2% | 20.1% | ||
| Q3 25 | 20.4% | 25.2% | ||
| Q2 25 | 8.3% | 22.7% | ||
| Q1 25 | 12.4% | 21.6% | ||
| Q4 24 | 26.2% | 28.4% | ||
| Q3 24 | 18.4% | 29.9% | ||
| Q2 24 | 17.3% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.2% | 16.4% | ||
| Q3 25 | 3.0% | 15.2% | ||
| Q2 25 | 2.5% | 15.2% | ||
| Q1 25 | 2.5% | 15.0% | ||
| Q4 24 | 2.4% | 15.1% | ||
| Q3 24 | 2.2% | 13.6% | ||
| Q2 24 | 2.0% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.66× | 1.20× | ||
| Q3 25 | 1.58× | 1.41× | ||
| Q2 25 | 0.71× | 1.24× | ||
| Q1 25 | 0.90× | 1.36× | ||
| Q4 24 | 2.14× | 1.51× | ||
| Q3 24 | 1.60× | 1.59× | ||
| Q2 24 | 1.35× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
