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Side-by-side financial comparison of PayPal (PYPL) and Vistra Corp. (VST). Click either name above to swap in a different company.
PayPal is the larger business by last-quarter revenue ($8.7B vs $4.8B, roughly 1.8× Vistra Corp.). PayPal runs the higher net margin — 16.6% vs 4.8%, a 11.7% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 3.7%). PayPal produced more free cash flow last quarter ($2.2B vs $596.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% 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.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
PYPL vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.7B | $4.8B |
| Net Profit | $1.4B | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 17.4% | 9.9% |
| Net Margin | 16.6% | 4.8% |
| Revenue YoY | 3.7% | 31.2% |
| Net Profit YoY | 28.2% | -47.2% |
| EPS (diluted) | $1.53 | $0.55 |
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 | $4.8B | ||
| Q3 25 | $8.4B | $4.8B | ||
| Q2 25 | $8.3B | $3.8B | ||
| Q1 25 | $7.8B | $4.3B | ||
| Q4 24 | $8.4B | $3.7B | ||
| Q3 24 | $7.8B | $4.3B | ||
| Q2 24 | $7.9B | $3.6B | ||
| Q1 24 | $7.7B | $3.2B |
| Q4 25 | $1.4B | $233.0M | ||
| Q3 25 | $1.2B | $652.0M | ||
| Q2 25 | $1.3B | $327.0M | ||
| Q1 25 | $1.3B | $-268.0M | ||
| Q4 24 | $1.1B | $441.0M | ||
| Q3 24 | $1.0B | $1.9B | ||
| Q2 24 | $1.1B | $365.0M | ||
| Q1 24 | $888.0M | $-35.0M |
| Q4 25 | 17.4% | 9.9% | ||
| Q3 25 | 18.1% | 21.7% | ||
| Q2 25 | 18.1% | 13.7% | ||
| Q1 25 | 19.6% | -2.8% | ||
| Q4 24 | 17.2% | 16.4% | ||
| Q3 24 | 17.7% | 59.6% | ||
| Q2 24 | 16.8% | 22.5% | ||
| Q1 24 | 15.2% | 2.7% |
| Q4 25 | 16.6% | 4.8% | ||
| Q3 25 | 14.8% | 13.6% | ||
| Q2 25 | 15.2% | 8.7% | ||
| Q1 25 | 16.5% | -6.3% | ||
| Q4 24 | 13.4% | 12.0% | ||
| Q3 24 | 12.9% | 43.5% | ||
| Q2 24 | 14.3% | 10.1% | ||
| Q1 24 | 11.5% | -1.1% |
| Q4 25 | $1.53 | $0.55 | ||
| Q3 25 | $1.30 | $1.75 | ||
| Q2 25 | $1.29 | $0.81 | ||
| Q1 25 | $1.29 | $-0.93 | ||
| Q4 24 | $1.09 | $1.09 | ||
| Q3 24 | $0.99 | $5.25 | ||
| Q2 24 | $1.08 | $0.90 | ||
| Q1 24 | $0.83 | $-0.24 |
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 | $785.0M |
| Total DebtLower is stronger | — | $15.8B |
| Stockholders' EquityBook value | $20.3B | $5.1B |
| Total Assets | $80.2B | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.4B | $785.0M | ||
| Q3 25 | $10.8B | $602.0M | ||
| Q2 25 | $10.0B | $458.0M | ||
| Q1 25 | $11.2B | $561.0M | ||
| Q4 24 | $10.8B | $1.2B | ||
| Q3 24 | $11.9B | $905.0M | ||
| Q2 24 | $13.6B | $1.6B | ||
| Q1 24 | $14.3B | $1.1B |
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | $20.3B | $5.1B | ||
| Q3 25 | $20.2B | $5.2B | ||
| Q2 25 | $20.2B | $4.8B | ||
| Q1 25 | $20.3B | $4.8B | ||
| Q4 24 | $20.4B | $5.6B | ||
| Q3 24 | $20.2B | $5.4B | ||
| Q2 24 | $20.6B | $5.6B | ||
| Q1 24 | $20.7B | $5.7B |
| Q4 25 | $80.2B | $41.5B | ||
| Q3 25 | $79.8B | $38.0B | ||
| Q2 25 | $79.8B | $38.1B | ||
| Q1 25 | $81.3B | $38.2B | ||
| Q4 24 | $81.6B | $37.8B | ||
| Q3 24 | $83.5B | $37.9B | ||
| Q2 24 | $84.0B | $39.1B | ||
| Q1 24 | $83.3B | $38.2B |
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | $2.2B | $596.0M |
| FCF MarginFCF / Revenue | 25.2% | 12.4% |
| Capex IntensityCapex / Revenue | 2.2% | 17.4% |
| Cash ConversionOCF / Net Profit | 1.66× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $5.6B | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $1.4B | ||
| Q3 25 | $2.0B | $1.5B | ||
| Q2 25 | $898.0M | $572.0M | ||
| Q1 25 | $1.2B | $599.0M | ||
| Q4 24 | $2.4B | $1.4B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.9B | $312.0M |
| Q4 25 | $2.2B | $596.0M | ||
| Q3 25 | $1.7B | $1.0B | ||
| Q2 25 | $692.0M | $-118.0M | ||
| Q1 25 | $964.0M | $-169.0M | ||
| Q4 24 | $2.2B | $923.0M | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.4B | $698.0M | ||
| Q1 24 | $1.8B | $-153.0M |
| Q4 25 | 25.2% | 12.4% | ||
| Q3 25 | 20.4% | 21.1% | ||
| Q2 25 | 8.3% | -3.1% | ||
| Q1 25 | 12.4% | -4.0% | ||
| Q4 24 | 26.2% | 25.2% | ||
| Q3 24 | 18.4% | 23.4% | ||
| Q2 24 | 17.3% | 19.4% | ||
| Q1 24 | 22.9% | -4.8% |
| Q4 25 | 2.2% | 17.4% | ||
| Q3 25 | 3.0% | 9.6% | ||
| Q2 25 | 2.5% | 18.4% | ||
| Q1 25 | 2.5% | 18.1% | ||
| Q4 24 | 2.4% | 11.7% | ||
| Q3 24 | 2.2% | 15.8% | ||
| Q2 24 | 2.0% | 13.8% | ||
| Q1 24 | 2.0% | 14.7% |
| Q4 25 | 1.66× | 6.15× | ||
| Q3 25 | 1.58× | 2.25× | ||
| Q2 25 | 0.71× | 1.75× | ||
| Q1 25 | 0.90× | — | ||
| Q4 24 | 2.14× | 3.07× | ||
| Q3 24 | 1.60× | 0.90× | ||
| Q2 24 | 1.35× | 3.28× | ||
| Q1 24 | 2.16× | — |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
