0000000000-25-007253.txt : 20250922 0000000000-25-007253.hdr.sgml : 20250922 20250710093610 ACCESSION NUMBER: 0000000000-25-007253 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20250710 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: PayPal Holdings, Inc. CENTRAL INDEX KEY: 0001633917 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] ORGANIZATION NAME: 07 Trade & Services EIN: 472989869 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD SEC FILE NUMBER: 001-36859 BUSINESS ADDRESS: STREET 1: 2211 NORTH FIRST STREET CITY: SAN JOSE STATE: CA ZIP: 95131 BUSINESS PHONE: (408) 967-1000 MAIL ADDRESS: STREET 1: 2211 NORTH FIRST STREET CITY: SAN JOSE STATE: CA ZIP: 95131 PUBLIC REFERENCE ACCESSION NUMBER: 0001633917-25-000019 LETTER 1 filename1.pdf begin 644 filename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end TEXT-EXTRACT 2 filename2.txt July 10, 2025 Jamie Miller Chief Financial Officer PayPal Holdings, Inc. 2211 North First Street San Jose, California 95131 Re: PayPal Holdings, Inc. Form 10-K for Fiscal Year Ended December 31, 2024 Filed February 4, 2025 File No. 001-36859 Dear Jamie Miller: We have reviewed your June 24, 2025 response to our comment letter and have the following comment(s). Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Unless we note otherwise, any references to prior comments are to comments in our June 11, 2025 letter. Form 10-K for Fiscal Year Ended December 31, 2024 Notes to Consolidated Financial Statements Note 2 - Revenue Disaggregation of Revenue, page 76 1. We note your response to comment 2. In response to our comment asking whether your CODM regularly reviews transaction revenue by product, at the end of the first paragraph you state Revenue information...[provided to the CODM] may include product...information. Please directly tell us whether it does or does not include transaction revenue by product. In the first sentence of that paragraph, you state the "CODM...does not evaluate performance or make decisions on the basis of separate products. Please clarify whether this means solely on the basis of separate products or that the CODM does not review product revenue at all when evaluating the performance of your operating/reporting segment. July 10, 2025 Page 2 Please contact Amy Geddes at 202-551-3304 or Lyn Shenk at 202-551-3380 if you have questions regarding comments on the financial statements and related matters. Sincerely, Division of Corporation Finance Office of Trade & Services cc: Brian Yamasaki