PayPal Holdings Inc (PYPL) 2025 Q4 法說會逐字稿

Good morning, and welcome to PayPal's fourth quarter and full year 2025 earnings conference call. My name is Sarah, and I will be your conference operator today. As a reminder, this conference is being recorded.

早安，歡迎參加PayPal 2025年第四季及全年財報電話會議。我叫莎拉，今天我將擔任你們的會議接線生。再次提醒，本次會議正在錄影。

I would now like to turn the program over to your host for today's conference, Steve Winoker, PayPal's Chief Investor Relations Officer. Please go ahead.

現在，我將把主持權交給今天會議的主持人，PayPal首席投資者關係官史蒂夫·維諾克。請繼續。

Thanks, Sarah. Welcome to PayPal's fourth quarter and full year 2025 earnings call. Our remarks today include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from these statements. Our commentary is based on our best view of the world and our businesses as we see them today.

謝謝你，莎拉。歡迎參加 PayPal 2025 年第四季及全年財報電話會議。我們今天的發言包含一些涉及風險和不確定性的前瞻性陳述。實際結果可能與這些說法有重大差異。我們的評論是基於我們對當今世界和我們業務的最佳看法。

As described in our earnings press release, SEC filings and on our website, those elements may change as the world changes. Over to you, Jamie.

正如我們在獲利新聞稿、提交給美國證券交易委員會的文件以及我們的網站上所描述的那樣，這些因素可能會隨著世界的變化而變化。接下來就交給你了，傑米。

Thank you, Steve. Good morning, everyone, and thank you for joining the call. Before we turn to our full year and fourth quarter, I want to address the leadership announcement we made earlier this morning. The Board has appointed Enrique Lores, who was most recently our Board Chair, as the next President and CEO of PayPal effective March 1 to accelerate execution and bring greater discipline to how we implement our strategic priorities as we enter our next phase of growth.

謝謝你，史蒂夫。各位早安，感謝各位參加本次電話會議。在展望全年及第四季業績之前，我想先談談我們今天早上發布的領導層公告。董事會已任命前董事會主席恩里克·洛雷斯為 PayPal 下一任總裁兼首席執行官，自 3 月 1 日起生效，以加快執行速度，並在我們進入下一個增長階段時，更加嚴格地執行我們的戰略重點。

I want to thank Alex Chriss for his leadership and his many contributions to the company. It has been a pleasure working with him, and we wish him the very best.

我要感謝 Alex Chriss 的領導能力以及他對公司的許多貢獻。與他共事非常愉快，我們祝福他一切順利。

At the same time, we recognize as a company that our execution has not been what it needs to be. We have not moved fast enough or with the level of focus required, and we are taking immediate steps to address that reality.

同時，作為一家公司，我們也意識到我們的執行力還沒有達到應有的水準。我們行動的速度不夠快，也沒有達到應有的專注程度，我們正在立即採取措施來解決這個現實。

The Board's appointment of Enrique reflects a clear commitment to strengthening performance. He is a seasoned Chief Executive who brings deep experience driving customer-centric innovation and disciplined execution, simplifying complex businesses and leading large-scale transformations. We are fully aligned on the path ahead.

董事會任命恩里克，體現了其加強業績的明確決心。他是一位經驗豐富的首席執行官，在推動以客戶為中心的創新和嚴謹的執行、簡化複雜的業務以及領導大規模轉型方面擁有豐富的經驗。我們在前進的道路上完全一致。

During the brief transition period through early March, as Enrique steps away from his role at HP, I will serve as interim CEO, and Steve will partner with me leading our finance function to ensure continuity and maintaining momentum. Effective immediately, Board member, David Dorman, will take on the position of Board Chair.

在 3 月初的短暫過渡期內，隨著 Enrique 卸任惠普首席執行官一職，我將擔任臨時首席執行官，Steve 將與我合作領導財務部門，以確保業務連續性和保持發展勢頭。即日起，董事會成員大衛·多爾曼將擔任董事會主席。

With that context, let's turn to our full year and fourth quarter 2025 performance. PayPal delivered solid 2025 performance across multiple dimensions, and I'm confident about our path forward. Last February, we held an Investor Day outlining our transformation strategy. One year later, there are elements working very well, but there are also areas pacing below our expectations, primarily within branded checkout, which I will spend much of my time discussing today.

有了這些背景信息，讓我們來看看我們 2025 年全年和第四季度的業績。PayPal 在 2025 年的各項業績表現穩健，我對我們未來的發展道路充滿信心。去年二月，我們舉辦了投資者日活動，概述了我們的轉型策略。一年過去了，有些方面進展非常順利，但也有一些方面低於我們的預期，主要是在品牌結帳方面，我今天將花很多時間來討論這個問題。

First, let me address the areas performing well. In 2025, Venmo revenue grew approximately 20% to $1.7 billion excluding interest income. Total active accounts surpassed 100 million, accompanied by 14% growth in ARPA for our monthly actives. We've turned around our Enterprise Payments business, delivering seven consecutive quarters of profitable growth and a return to double-digit volume growth in the fourth quarter.

首先，讓我談談表現良好的領域。2025年，Venmo的營收（不含利息收入）成長約20%，達到17億美元。活躍帳戶總數超過 1 億，每月活躍用戶的平均每用戶收入 (ARPA) 成長了 14%。我們已經扭轉了企業支付業務的局面，連續七個季度實現了盈利增長，並在第四季度恢復了兩位數的交易量增長。

These two businesses were once small contributors to profitability. In 2025, they drove nearly half of our 6% transaction margin dollar growth. In buy now, pay later, we delivered over $40 billion in TPV in 2025, growing more than 20% year-over-year. Additionally, we've made progress building new long-term growth drivers: omnichannel, agentic commerce, crypto and wallet interoperability.

這兩家企業曾經對獲利貢獻甚微。到 2025 年，它們推動了我們 6% 交易利潤美元成長的近一半。在「先買後付」模式下，我們預計到 2025 年總交易額將超過 400 億美元，年增超過 20%。此外，我們在建立新的長期成長動力方面取得了進展：全通路、代理商務、加密貨幣和錢包互通性。

Where we haven't made the same progress is in online branded checkout. We've reimagined a product that had been stagnant and underinvested in for years, creating a new value proposition for merchants and consumers, but we were too optimistic about how quickly we could drive change and customer adoption across a massive global user base. The results are not yet where we expected them or want them to be.

我們在品牌化線上結帳方面還沒有取得同樣的進展。我們重新構想了一款多年來停滯不前且投資不足的產品，為商家和消費者創造了新的價值主張，但我們對如何在龐大的全球用戶群中快速推動變革和客戶採納過於樂觀了。結果尚未達到我們的預期或希望。

Let me update you on where we are, what is working and the steps we're taking to get back on track. For the past few years, we have delivered consistent mid-single-digit TPV growth. However, in the fourth quarter, online branded checkout TPV grew 1% on a currency-neutral basis, down from 5% in the third quarter. The four-point deceleration was more than we expected and was concentrated in three main areas, each contributing roughly a point or so to the slowdown.

讓我向你們報告我們目前的狀況，哪些方面進展順利，以及我們正在採取哪些措施來重回正軌。過去幾年，我們的總訪問量 (TPV) 一直保持著中等個位數的成長。然而，第四季線上品牌結帳總交易額以固定匯率計算成長了 1%，低於第三季的 5%。4 個百分點的減速幅度超出了我們的預期，並且集中在三個主要區域，每個區域對減速的貢獻約為 1 個百分點左右。

First, US retail weakness. We saw pressure across our retail merchant portfolio, particularly among lower and middle income consumers. While part of this can be attributed to macro factors and a K-shaped economy, it's also clear that we need to do more to win with key merchants, particularly during high-volume shopping periods.

首先是美國零售業疲軟。我們發現零售商戶組合整體都面臨壓力，尤其是中低收入消費者群。雖然部分原因可以歸因於宏觀因素和 K 型經濟，但顯然我們也需要做更多工作來贏得主要商家的青睞，尤其是在購物高峰期。

Second, international headwinds particularly in Germany, which is one of our largest markets. Our German growth has moderated due to macroeconomic softness, normalization of our long-standing market leadership position and competition from alternative payment methods.

其次，國際市場面臨不利因素，尤其是在德國，德國是我們最大的市場之一。由於宏觀經濟疲軟、我們長期市場領導地位的正常化以及其他支付方式的競爭，我們在德國的成長有所放緩。

Third, deceleration in several high-growth verticals, specifically in travel, ticketing, crypto and gaming, categories that had strong growth in the fourth quarter of '24 and continuing through much of '25.

第三，幾個高成長垂直領域的成長放緩，特別是旅遊、票務、加密貨幣和遊戲領域，這些領域在 2024 年第四季實現了強勁成長，並持續到 2025 年的大部分時間。

Cutting across all of these, we had operational and deployment issues that amplified the pressure. To date, our delivery process has started with building a better product and expecting merchants to adopt at scale because of conversion benefits.

所有這些問題都指向同一個面向：營運和部署問題加劇了壓力。迄今為止，我們的交付流程始於打造更好的產品，並期望商家能夠因為轉換率優勢而大規模採用。

The reality is our merchants, especially the largest ones, have many competing priorities and require much more hands-on integration support than we anticipated, which has slowed our progress. Additionally, the combination of biometric adoption and competitive presentment have proven critical to branded checkout performance.

現實情況是，我們的商戶，尤其是規模最大的商戶，有很多相互衝突的優先事項，需要比我們預期的更多的實際整合支持，這減緩了我們的進展。此外，生物辨識技術的應用和具有競爭力的展示方式相結合，已被證明對品牌結帳績效至關重要。

So while challenges in the macro environment are real, we haven't executed as well as we need to, and our product deployment in the second half of the year was slower than we planned.

因此，儘管宏觀環境確實存在挑戰，但我們的執行力還不夠強，下半年的產品部署速度也比計畫的要慢。

Our analysis of our merchant base, competitive dynamics and where we are seeing the strongest traction has sharpened our view of resource allocation for 2026. This work in branded checkout has brought three priorities into clear focus: experience, presentment and selection. These are the areas where we see the greatest opportunity to restore momentum.

我們對商家基礎、競爭動態以及當前發展勢頭最強勁的領域進行了分析，從而更加清晰地了解了 2026 年的資源分配情況。這項品牌結帳方面的工作明確聚焦了三個優先事項：體驗、展示和選擇。這些領域是我們認為最有機會重振勢頭的領域。

We know that consumers engage more deeply and frequently when they have a frictionless experience. They choose us more often when our products are featured upstream at the point of purchase and they habituate when rewarded through loyalty, marketing and other programs.

我們知道，當消費者擁有流暢無阻的體驗時，他們會更深入、更頻繁地參與互動。當我們的產品在購買環節的上游位置得到推廣時，他們會更頻繁地選擇我們；當我們透過忠誠度計劃、行銷活動和其他計劃給予獎勵時，他們會養成習慣。

On experience, our focus needs to be on both ensuring a frictionless consumer experience through biometric and pass key adoption and that merchants have upgraded to our target experiences. On presentment, we need competitive placement, including upstream buy now, pay later messaging and second buttons. And on selection, we must deliver loyalty benefits using rewards and co-marketing agreements with compelling consumer incentives.

在體驗方面，我們的重點需要放在兩方面：一是確保透過生物辨識和密碼技術的應用，為消費者提供流暢的體驗；二是確保商家升級到我們目標體驗。在產品展示方面，我們需要具有競爭力的佈局，包括上游的「立即購買」、「稍後付款」資訊和第二個購買按鈕。在選擇階段，我們必須透過獎勵和聯合行銷協議，提供具有吸引力的消費者激勵措施，從而實現忠誠度利益。

On experience, we've created a great product experience that performs well across desktop and mobile. When a consumer vaults PayPal as their default payment method, it's seamless. No password or authentication is required.

根據經驗，我們打造了出色的產品體驗，在桌面和行動裝置上都表現出色。當消費者將 PayPal 設定為預設付款方式時，整個過程非常順暢。無需密碼或身份驗證。

The wallet typically has multiple funding sources ready, and we deliver 95% or greater conversion on average, which is second to none in the foundational strength we are building upon. We need to make vaulting available with more merchants and take friction out of the initial sign-up and one-time checkout flow.

錢包通常備有多種資金來源，平均轉換率達到 95% 或更高，這在我們所依賴的基礎實力中是首屈一指的。我們需要讓更多商家提供金庫服務，並簡化初始註冊和一次性結帳流程。

For non-vaulted transactions, we're continuing to scale our redesigned paysheet experience globally, now covering more than 30% of global checkout transactions. Fully optimized cohorts show nearly 1 point conversion improvement, though adoption across our back book remains incomplete with the target experience implemented on only a subset of our global transactions.

對於非保險庫交易，我們正在繼續在全球擴展我們重新設計的付款單體驗，目前已覆蓋全球超過 30% 的結帳交易。雖然目標體驗僅在我們全球交易的一部分中實施，但我們所有後台交易的採用率仍未完全達到 1 個百分點，因此完全優化的用戶群轉換率有所提高。

2026 will be about continuing to scale with strategic merchants and partners at the same time that we drive biometric enrollment. As discussed before, biometric authentication amplifies the impact of our paysheet redesign and makes vaulted sign-up easier, driving 2 points to 5 points of conversion improvement in testing with some of our largest and most complex merchants.

2026 年，我們將繼續與策略商家和合作夥伴擴大規模，同時推動生物辨識技術註冊。如前所述，生物辨識認證增強了我們薪資表重新設計的效果，使註冊更加便捷，在我們與一些規模最大、最複雜的商戶的測試中，轉換率提高了 2 到 5 個百分點。

On presentment, we're making good progress, including adding upstream BNPL messaging at more major merchants in the fourth quarter. When PayPal is positioned above competitors and the value prop is amplified with either co-marketing or pay later messaging, we see more than twice the selection rate compared to when we're positioned below.

在產品展示方面，我們取得了良好進展，包括第四季度在更多主要商家中增加了上游 BNPL 資訊傳遞。當 PayPal 的定位高於競爭對手，並且透過聯合行銷或「先消費後付款」資訊來強化其價值主張時，我們發現其選擇率比定位在競爭對手下方時高出兩倍以上。

On selection over the past two years, we've built a more compelling value proposition for consumers. That includes launching new products like our debit card and expanding options such as buy now, pay later, repositioning PayPal as an obvious choice for everyday purchases, whether paying now or over time.

經過兩年的甄選，我們為消費者創造了更具吸引力的價值主張。這包括推出借記卡等新產品，以及擴展「先買後付」等選項，將 PayPal 重新定位為日常購物的首選，無論是現在付款還是分期付款。

The result is a more engaged and healthier consumer base. Power users, which are consumer accounts that transact more than 100 times per year, grew 5% year-over-year. PayPal mobile app use among online branded checkout users has increased from approximately 50% in January 2023 to more than 60% now, and we will drive that even higher by year-end.

其結果是消費者群體更加活躍、更健康。每年交易次數超過 100 次的重度使用者（消費者帳戶）年增 5%。PayPal 行動應用程式在線上品牌結帳用戶的使用率已從 2023 年 1 月的約 50% 增加到目前的 60% 以上，我們將在年底前進一步提高這一比例。

Consumers with recent app use are about 40% more likely to select PayPal during checkout the following week, underscoring the value of app engagement in shaping checkout preference. This approach delivers when fully deployed.

最近使用過應用程式的消費者在接下來的一周內選擇 PayPal 付款的可能性要高出約 40%，這凸顯了應用程式參與度在塑造結帳偏好方面的價值。這種方法全面實施後就能達到成效。

When we look at Cyber 5 performance across multiple merchants including in retail, tech and entertainment, for those with our latest checkout experience, strong presentment, upstream BNPL messaging and co-branded marketing with attractive offers, PayPal performed well. On average, those merchants delivered very attractive double-digit branded TPV growth, significantly outpacing their local markets. That gives us confidence that we have the right playbook. It's just not deployed in enough of the right places.

當我們檢視 Cyber​​ 5 在零售、科技和娛樂等多個行業的商家的表現時，對於那些擁有我們最新的結帳體驗、強大的展示功能、上游 BNPL 信息傳遞以及具有吸引力的聯合品牌營銷的商家而言，PayPal 的表現非常出色。平均而言，這些商家的品牌銷售額實現了兩位數的非常可觀的成長，顯著超過了當地市場的成長速度。這讓我們確信我們擁有正確的策略。只是還沒有在足夠多的合適地方部署它。

Over the past several months, we've realigned our checkout teams with full ownership and improved operating rhythms to speed decision-making and execution. Two themes will shape our efforts in 2026: focus and investment. This is one area where Enrique will really help. His track record of relentless, disciplined execution in performance improvement in complex business environments makes him ideally suited for this challenge.

在過去的幾個月裡，我們重新調整了收銀團隊，賦予他們完全的自主權，並改善了營運節奏，以加快決策和執行速度。2026 年，我們將圍繞兩個主題開展工作：重點和投資。在這方面，恩里克真的能幫上忙。他在複雜的商業環境中，以堅持不懈、嚴謹自律的執行力不斷提升業績，這使他成為應對這一挑戰的理想人選。

First, a relentless focus on the highest impact merchants. To date, we've been optimizing for every merchant, and that approach has slowed our ability to move quickly on what matters most. We're changing our approach to focus on strategic merchants, representing nearly 25% of our branded checkout volume today but could be much larger. In January, we formed dedicated teams to implement improvements across experience, presentment and selection for these merchants.

首先，要專注於最具影響力的商家。迄今為止，我們一直致力於為每個商家進行最佳化，但這種方法減緩了我們快速處理最重要事項的能力。我們正在改變策略，將重點放在策略商家身上，他們目前占我們品牌結帳量的近 25%，但這個比例還可以更高。1月份，我們組建了專門的團隊，以改善這些商家的體驗、展示和選擇。

Second, focus on implementing experience and biometrics together, not sequentially. In too many cases, we were deploying our redesigned checkout without biometric enablement, which does not deliver the full conversion lift we know we can provide. That's changing. We're now deploying experience and biometrics together as a package more consistently. When we integrate a merchant on to our latest experience, we will simultaneously run biometric adoption campaigns, targeting their consumer base.

第二，要著重將經驗和生物辨識技術結合起來實施，而不是依序實施。在很多情況下，我們部署重新設計的結帳流程時沒有啟用生物辨識功能，這無法實現我們所能提供的全部轉換率提升。這種情況正在改變。我們現在正更系統地將體驗技術和生物辨識技術作為一個整體來部署。當我們把商家整合到我們最新的體驗中時，我們會同時進行生物辨識技術推廣活動，目標客戶群就是他們的消費者群體。

We made good progress in 2025, but there is more work to be done. About 36% of our consumers are now what we would consider checkout-ready, which means they have biometric authentication in our app or with a device pass key. This is a 15 percentage point improvement relative to the prior year, and our goal is to bring closer to half of our consumers to checkout-ready status by the end of 2026.

我們在 2025 年取得了良好進展，但仍有許多工作要做。目前約有 36% 的消費者已達到我們認為的結帳準備狀態，這意味著他們已在我們的應用程式中進行了生物識別身份驗證，或者使用了設備通行密鑰。與前一年相比，這一比例提高了 15 個百分點，我們的目標是到 2026 年底，讓近一半的消費者達到結帳準備狀態。

Third is a focus on presentment. It is just as critical as experience. As I mentioned before, when we secure a competitive placement on a merchant site, we perform significantly better. It is early days in bringing BNPL messaging on to product pages, now visible to less than 15% of our traffic, but the data is convincing. When our buy now, pay later offerings are presented upstream and with a second payment button, we see more than a 10% lift in branded checkout volume.

第三點是注重呈現方式。它和經驗一樣重要。正如我之前提到的，當我們在商家網站上獲得有競爭力的排名時，我們的表現會明顯更好。在產品頁面上引入「先買後付」資訊還處於早期階段，目前只有不到 15% 的流量可以看到這些訊息，但數據令人信服。當我們在上游展示「先買後付」服務，並提供第二個付款按鈕時，品牌結帳量提升超過 10%。

We don't yet have enough of these high-impact placements in market, which was amplified during the holiday shopping season. And that's front and center as we focus on branded checkout execution. In many cases, we're tying our economics directly to performance so merchants share in the upside.

目前市面上這類高影響力廣告位還不夠多，而假日購物季更是加劇了這個問題。而這正是我們在專注於品牌結帳執行時最為關注的核心問題。在許多情況下，我們將經濟效益與績效直接掛鉤，讓商家能夠分享收益。

Fourth, a focus on giving consumers a reason to come back. Our checkout improvements help with conversion, but we can do more to drive repeat usage by combining rewards, buy now, pay later and app-led engagement to make PayPal the obvious choice for consumers time after time. PayPal Plus, our rewards program launching in Europe and in the US in '26, enables consumers to earn and redeem rewards at checkout, creating the consumer flywheel we've been working to build.

第四，要注重給消費者一個再次光顧的理由。我們對結帳流程的改進有助於提高轉換率，但我們可以透過結合獎勵、先買後付和應用程式主導的互動等方式，進一步推動重複使用，使 PayPal 一次又一次地成為消費者的首選。PayPal Plus 是我們的獎勵計劃，將於 2026 年在歐洲和美國推出，它使消費者能夠在結帳時賺取和兌換獎勵，從而創造我們一直努力建造的消費者飛輪。

We're seeing early but still encouraging results from the UK launch late last year. In December, branded checkout TPV rose by mid-single digits year-over-year for UK users enrolled in PayPal Plus and their overall PayPal TPV increased year-over-year compared to non-enrolled users. This was achieved almost entirely organically before activating marketing, which speaks to the opportunity ahead.

去年底在英國的推廣活動取得了一些初步但令人鼓舞的成果。12 月，英國 PayPal Plus 會員用戶的品牌結帳 TPV 年比增長了中等個位數，其 PayPal 整體 TPV 也比未註冊用戶同比增長。在進行行銷之前，這項成就幾乎完全是自然而然實現的，這預示著未來巨大的發展機會。

In parallel, we're launching a brand-new app this year, which will be a destination for buy now, pay later management, rewards tracking through PayPal Plus and personalized offers, all designed to drive app engagement, which leads to a better checkout experience.

同時，我們今年將推出一款全新的應用程序，它將集「先買後付」管理、透過 PayPal Plus 進行獎勵追蹤和個人化優惠於一體，所有這些都是為了提高應用程式的參與度，從而帶來更好的結帳體驗。

From an investment perspective for branded checkout, we're striking calculated deals with strategic merchants that create value for both sides. Our approach helps them tackle their greatest needs, whether that's improving conversion, lowering payment costs, acquiring new customers or co-developing solutions while simultaneously modernizing PayPal's experience and strengthening our presentment across their channels.

從品牌結帳的投資角度來看，我們正在與具有策略意義的商家達成精心策劃的交易，為雙方創造價值。我們的方法幫助他們解決最大的需求，無論是提高轉換率、降低支付成本、獲取新客戶或共同開發解決方案，同時實現 PayPal 體驗的現代化，並加強我們在他們各個管道的展示。

These are important investments to make. When more flagship merchants are live with full experience, benefits cascade, we accelerate learnings, refine our go-to-market and unlock the brand halo effect from being optimized at scale on merchants consumers use most.

這些都是重要的投資。當更多旗艦商家上線並提供完整體驗時，好處就會層層遞進，我們能夠加速學習，改進市場策略，並透過在消費者最常使用的商家上進行規模化優化，釋放品牌光環效應。

Overall, we're focused on execution as we move through 2026 as our redesigned experiences scale, biometric adoption increases, presentment improves and our rewards program and app drive the flywheel. We expect these initiatives to deliver improving results daily, weekly, monthly and build over time as they reach scale and produce measurable impact.

總體而言，隨著我們重新設計的體驗規模擴大、生物識別技術的應用增加、展示效果改進以及我們的獎勵計劃和應用程式推動飛輪效應，我們將在 2026 年專注於執行。我們期望這些措施能夠每天、每週、每月取得不斷改善的成果，並隨著時間的推移，在規模擴大並產生可衡量的影響後，持續取得成效。

I'll now briefly cover the progress on our other growth drivers where we are seeing strong success: scaling omni, growing Venmo, driving PSP profitability and scaling our next-gen growth sectors. Despite online branded checkout challenges, branded experiences TPV grew 4% in the fourth quarter. We're live with debit or Tap to Pay in the US, Germany and in the UK with positive initial results.

接下來，我將簡要介紹我們在其他成長驅動因素方面取得的進展，這些方面都取得了顯著成功：擴大全通路規模、發展 Venmo、提高支付服務提供者 (PSP) 的獲利能力以及擴大我們的下一代成長領域。儘管線上品牌結帳面臨挑戰，但第四季度品牌體驗的總造訪價格增加了 4%。我們已在美國、德國和英國正式推出簽帳卡或非接觸式支付功能，並取得了積極的初步成果。

Starting with the US, where the PayPal debit card was launched over a year ago. In the fourth quarter, TPV growth accelerated to over 50% and MAAs grew by over 35%. We're happy with this performance and learning from and scaling what worked in the US to Germany and the UK, where we now have more than 700,000 debit card MAAs combined. This includes unique reward offers, marketing investment, in-app prompts and making it easy to add the cards to mobile wallets.

首先從美國說起，PayPal金融卡一年多前就在美國推出了。第四季度，TPV 成長加速至 50% 以上，MAA 成長超過 35%。我們對此業績感到滿意，並將美國的成功經驗推廣到德國和英國，目前我們在這兩個國家共有超過 70 萬個金融卡 MAA。這包括獨特的獎勵優惠、行銷投入、應用程式內提示，以及讓用戶輕鬆將卡片添加到行動錢包。

We're pleased with the initial progress of our omni initiative and see a clear path to extending that success as we move through 2026. 2025 was a breakthrough year for Venmo, evolving from peer-to-peer payments into a monetized commerce platform. We reached over 100 million active accounts and the progress is showing in our results.

我們對全通路計畫的初步進展感到滿意，並看到了在 2026 年繼續取得成功的清晰路徑。 2025 年是 Venmo 的突破之年，它從點對點支付發展成為一個貨幣化的商業平台。我們已擁有超過 1 億個活躍帳戶，這項進展已體現在我們的業績中。

Venmo TPV grew 13% in the fourth quarter and monthly active accounts reached 67 million, up 7% year-over-year. Venmo debit card TPV was up over 50% and MAAs grew 50%. Pay with Venmo TPV was up 32% and MAAs are up 26%. Venmo revenue grew approximately 20% year-over-year to $1.7 billion in 2025.

Venmo 第四季總交易額成長了 13%，每月活躍帳戶數達到 6,700 萬，較去年同期成長 7%。Venmo 金融卡 TPV 成長超過 50%，MAA 成長 50%。使用 Venmo 付款的 TPV 成長了 32%，MAA 成長了 26%。Venmo 2025 年的營收年增約 20%，達到 17 億美元。

More importantly, revenue composition has shifted as more consumers are using Venmo for everyday commerce. Over the past two years, Pay with Venmo and Venmo debit card revenue has doubled. This mix shift is important to our overall transformation and positions Venmo for stronger profitability as we continue to grow.

更重要的是，隨著越來越多的消費者使用 Venmo 進行日常交易，收入組成也發生了變化。過去兩年，Venmo 付款和 Venmo 金融卡的收入翻了一番。這種組合轉變對我們的整體轉型至關重要，並將使 Venmo 在我們持續成長的過程中獲得更強的獲利能力。

Turning to our PSP business. In the fourth quarter, we continued to build on positive momentum in our PSP business. Within Enterprise Payments, thanks to both progress on price to value and value-added services, we meaningfully expanded margins year-over-year, roughly doubling our net processing yield and significantly improving profitability.

接下來談談我們的PSP業務。第四季度，我們的PSP業務持續保持積極發展勢頭。在企業支付領域，由於價格價值和加值服務的進步，我們的利潤率逐年顯著提高，淨處理收益大致翻了一番，獲利能力也顯著提高。

At the beginning of 2024, we had several value-added services but didn't consistently charge for them. We exited 2025 with 16 services that merchants are happy to pay for because they're designed to improve authorization performance or reduce costs.

2024年初，我們擁有多項加值服務，但並未持續收取費用。到 2025 年底，我們推出了 16 項服務，商家樂於為這些服務付費，因為這些服務旨在提高授權效能或降低成本。

Value-added services adoption continued to scale through the year, and in the fourth quarter, we added incremental capabilities, including flex factor and authorization enhancement delivered through our open architecture partner ecosystem as well as Visa's pre-dispute resolution service through VERIFY, which will help to reduce merchant costs.

全年增值服務的採用率持續成長，在第四季度，我們增加了增量功能，包括透過我們的開放式架構合作夥伴生態系統提供的靈活因素和授權增強功能，以及透過 VERIFY 提供的 Visa 預爭議解決服務，這將有助於降低商家成本。

We took our first omnichannel enterprise merchant live through Verifone, expanding to in-store payments where 80% of payments occur, qualifying us for RFPs requiring both online and in-store capabilities. Going forward, because of our relationship with Verifone, we can compete for those opportunities and grow our share of both online and in-store volume. This is the realization of the vision we presented at Investor Day last year, and we expect to add new merchants and expand volumes with our existing ones as a result.

我們透過 Verifone 上線了第一個全通路企業商戶，並擴展到店內支付（80% 的支付都發生在店內），這使我們有資格參與需要同時具備線上和店內支付能力的 RFP 項目。展望未來，由於我們與 Verifone 的合作關係，我們可以參與競爭，爭取這些機會，並提高我們在網路和實體店的銷售份額。這是我們在去年投資者日上提出的願景的實現，我們預計這將帶來新的商戶，並擴大現有商家的交易量。

Let me quickly share some of our latest developments in agentic commerce. Our vision is to create a universally trusted catalog that AI agents can access, discover and transact with safely and securely.

讓我快速分享一下我們在代理商商務領域的一些最新進展。我們的願景是創建一個普遍可信的目錄，人工智慧代理可以安全可靠地存取、發現和交易該目錄。

Through our Store Sync offering, we are already connecting early adopters like Abercrombie & Fitch, Fabletics, PacSun and Wayfair with agentic chat platforms to allow consumers to discover, evaluate and purchase items within the chat. We went live with agentic purchasing through Perplexity ahead of Thanksgiving, and we are now also live on Microsoft Co-Pilot.

透過我們的 Store Sync 服務，我們已經將 Abercrombie & Fitch、Fabletics、PacSun 和 Wayfair 等早期採用者與代理商聊天平台連接起來，讓消費者可以在聊天中發現、評估和購買商品。我們在感恩節前透過 Perplexity 上線了代理商採購功能，現在我們也已在 Microsoft Co-Pilot 上線。

We are helping merchants connect with customers through new channels and remove friction from the checkout process. Store Sync is enabled through a partnership with Cymbio, which we have agreed to acquire to bring this technology in-house.

我們正在幫助商家透過新管道與客戶建立聯繫，並消除結帳過程中的摩擦。Store Sync 功能是透過與 Cymbio 的合作實現的，我們已同意收購 Cymbio，以便將這項技術納入公司內部。

Agentic won't materially impact 2026 growth. But as AI-powered shopping scales, our aim is to become the default payment option. This is only the beginning, and we are collaborating closely with the major AI platforms as we build agentic commerce capabilities together.

Agentic不會對2026年的成長產生實質影響。但隨著人工智慧驅動的購物規模不斷擴大，我們的目標是成為預設的支付方式。這只是個開始，我們正與各大人工智慧平台緊密合作，共同建構智慧商務能力。

Before passing to Steve, let me address the Investor Day outlook provided a year ago. The environment has proven more demanding than we anticipated, presenting both challenges and opportunities. E-commerce growth has been challenging in key verticals and markets. Competitive intensity has increased, and merchant adoption has been more complicated to implement than we anticipated. And our execution is not yet where it needs to be.

在把麥克風交給史蒂夫之前，我想先談談一年前投資人日上提出的展望。事實證明，環境比我們預想的更具挑戰性，既帶來了挑戰，也帶來了機會。在關鍵垂直領域和市場，電子商務成長一直面臨挑戰。競爭強度增加，商家採用新方案的實施難度也比我們預期的還要大。我們的執行力還未達到應有的水準。

While we're addressing those challenges, other parts of the business are delivering. Venmo is on track to exceed $2 billion in revenue ahead of plan. Our Enterprise Payments business returned to double-digit volume growth in the fourth quarter and buy now, pay later continues to grow rapidly. And entirely new channels like agentic commerce have emerged faster than anyone expected a year ago.

在我們應對這些挑戰的同時，公司的其他業務也在穩步推進。Venmo可望提前實現20億美元的營收目標。我們的企業支付業務在第四季度恢復了兩位數的交易量成長，先買後付業務持續快速成長。而像代理商務這樣的全新管道的出現速度，比一年前任何人的預期都要快。

For branded checkout, our focus is on narrowing the gap with the market over time. Following our fourth quarter performance, we need to prove that out in coming quarters and years. There are multiple ways for us to deliver profitable growth over the long term, and 2025 was a great example of that. But given everything I've outlined, we are no longer committing to the specific outlook for 2027 we laid out at Investor Day last year.

對於品牌結帳，我們的重點是隨著時間的推移縮小與市場的差距。繼第四季業績之後，我們需要在接下來的幾季和幾年裡證明這一點。我們可以透過多種方式實現長期獲利成長，而 2025 年就是一個很好的例子。但鑑於我上面概述的一切，我們不再堅持去年投資者日上提出的 2027 年具體展望。

For these reasons, we think it's prudent for now to provide financial guidance one year at a time. And Steve will speak in more detail about how we're thinking about 2026 as a starting point. The strategy I outlined today focuses on three fundamentals: experience, presentment and selection. And these critical changes to our go-to-market approach will lay the groundwork for a stronger, more competitive online branded checkout business over time.

基於以上原因，我們認為目前謹慎的做法是每年提供一次財務指引。史蒂夫將更詳細地談談我們如何看待 2026 年這個起點。我今天概述的策略著重於三個基本要素：經驗、展示和選擇。這些對我們市場推廣策略的關鍵性改變，將為日後打造更強大、更具競爭力的線上品牌結帳業務奠定基礎。

In closing, while we're not satisfied with our online branded checkout performance today, we are confident in the plan to stabilize and strengthen it. Importantly, we are executing with multiple competitive advantages. Our scale, our trusted brand, deep consumer and merchant relationships and diversified growth drivers give us resilience and flexibility moving forward.

最後，雖然我們對目前的線上品牌結帳表現並不滿意，但我們對穩定和加強該表現的計劃充滿信心。重要的是，我們擁有多項競爭優勢。我們的規模、值得信賴的品牌、深厚的消費者和商家關係以及多元化的成長動力，使我們擁有了向前發展的韌性和靈活性。

As we continue transforming into a commerce platform, our focus remains clear: drive innovation that scales, deepen engagement on both sides of our network, strengthen and unify our core infrastructure and deliver sustainable, profitable growth.

隨著我們不斷轉型為商業平台，我們的重點依然明確：推動可擴展的創新，加深我們網路兩端的互動，加強和統一我們的核心基礎設施，並實現可持續的獲利成長。

As Enrique steps into the CEO role, he will bring additional operational focus and discipline to priorities underway. And together with the right assets, strategy and team in place, we believe PayPal is well positioned for 2026 and beyond.

恩里克就任執行長後，將為正在進行的各項優先事項帶來更多的營運關注和紀律。我們相信，憑藉合適的資產、策略和團隊，PayPal 已為 2026 年及以後的發展做好了充分準備。

Steve, over to you.

史蒂夫，該你​​了。

Thanks, Jamie. Moving to slide 9. TM dollars excluding interest grew 4% in the fourth quarter. The drivers of that growth were broad-based, led by strong credit performance, PSP profitability, Venmo monetization and loss improvement across multiple products. This diversification was key in offsetting the headwinds to branded checkout that Jamie walked through.

謝謝你，傑米。切換到第9張投影片。第四季度，不計利息的TM美元收入成長了4%。推動這一成長的因素有很多，包括強勁的信貸表現、支付服務提供者的獲利能力、Venmo 的貨幣化以及多個產品的損失改善。這種多元化經營是抵銷傑米所經歷的品牌收銀台逆風的關鍵。

As a result, we delivered 6% TM dollar growth and 14% non-GAAP EPS growth for 2025. And we continue to have clear opportunities to drive durable, profitable growth in the years ahead.

因此，我們實現了 2025 年 6% 的 TM 美元成長和 14% 的非 GAAP EPS 成長。未來幾年，我們仍擁有實現持久獲利成長的明確機會。

Moving to the fourth quarter and full year financials in more detail. Total payment volume grew 9% spot, 6% currency neutral in 4Q and 7% and 6%, respectively, for the full year, reaching $1.8 trillion. 4Q revenue grew 4% on a spot and 3% on a currency-neutral basis. Full year revenue grew 4% on a spot and currency-neutral basis to $33.2 billion.

接下來，我們將更詳細地分析第四季和全年財務數據。第四季度，支付總額即期成長9%，以固定匯率計算成長6%；全年分別成長7%及6%，達1.8兆美元。以現貨價格計算，收入增長了 4%；以固定匯率計算，收入增長了 3%。以即期匯率和固定匯率計算，全年營收成長 4%，達到 332 億美元。

Non-GAAP earnings per share increased 3% to $1.23 and 14% for the full year to $5.31. Compared to our fourth quarter guidance, non-GAAP EPS came in $0.04 below the low end of our range. This was driven largely by a higher-than-expected tax rate and slightly lower-than-expected non-GAAP operating income resulting from pressure on branded and the timing of OpEx.

非公認會計準則每股收益成長3%至1.23美元，全年成長14%至5.31美元。與我們第四季的預期相比，非GAAP每股收益比我們預期範圍的下限低0.04美元。這主要是由於稅率高於預期，以及由於品牌壓力和營運支出時間表導致的非GAAP營業收入略低於預期。

Adjusted free cash flow, which excludes the timing impact from the origination and sales of pay later receivables, was $2.1 billion and $6.4 billion for the full year.

經過調整後的自由現金流（不包括先收後付應收帳款的產生和銷售的時間影響）為 21 億美元，全年為 64 億美元。

Turning to slide 10. We continue to drive deeper, more active relationships with our customers. Monthly active accounts increased 1% to 231 million. Transactions per active account excluding PSP, which is a good proxy for engagement, maintained momentum with 5% growth.

翻到第10張投影片。我們將繼續與客戶建立更深入、更積極的關係。月活躍帳戶數成長1%，達2.31億。不包括支付服務提供者 (PSP) 的活躍帳戶交易量（這是衡量用戶參與度的良好指標）保持了 5% 的成長勢頭。

Moving to slide 11. Total payment volume in the fourth quarter grew 9% at spot and 6% on a currency-neutral basis to $475 billion. Working our way down the page, branded experiences' TPV, which includes online checkout, PayPal and Venmo debit as well as Tap to Pay, grew 4% in the fourth quarter and 6% for the full year. While debit card and Tap to Pay spend represent a small portion of branded experiences volume today, they continue to grow rapidly, up 60% year-over-year.

切換到第11張投影片。第四季支付總額以即期匯率計算成長 9%，以固定匯率計算成長 6%，達到 4,750 億美元。向下看頁面，品牌體驗的TPV（包括線上結帳、PayPal和Venmo金融卡以及Tap to Pay）在第四季成長了4%，全年成長了6%。雖然借記卡和非接觸式支付目前在品牌體驗交易金額中所佔比例很小，但它們仍在快速增長，同比增長 60%。

Venmo TPV increased 13%, marking the fifth consecutive quarter of double-digit growth. On an online-only branded checkout basis, volume grew 1% on a currency-neutral basis, impacted by the factors that Jamie discussed in depth earlier. I'll talk more about how we are planning for the current year shortly.

Venmo 總交易額成長了 13%，連續第五個季度實現兩位數成長。僅以線上品牌結帳方式計算，銷量按貨幣中性計算增長了 1%，這受到了 Jamie 之前深入討論過的因素的影響。稍後我會詳細介紹我們今年的計劃安排。

Pay with Venmo and buy now, pay later continue to outpace the market, taking share from other payment methods and growing 32% and 23%, respectively. P2P and other consumer volume accelerated to 10% growth in the fourth quarter, reflecting the debit card and Venmo momentum I just mentioned.

使用 Venmo 付款和先買後付繼續超越市場，從其他付款方式手中奪取市場份額，分別增長了 32% 和 23%。P2P 和其他消費者交易量在第四季度加速成長至 10%，反映了我剛才提到的金融卡和 Venmo 的發展勢頭。

Turning to PSP. Volume growth accelerated to 8% from 6% in 3Q and 2% in the first half of the year. Within PSP, Enterprise Payments showed notable strength with volume growth accelerating to 12% due to a combination of growth and profitable front book business and high retention and growth alongside our existing merchant base. Driving higher attachment of value-added services will be a key focus as we move through 2026.

轉戰PSP。銷量增速從第三季的 6% 和上半年的 2% 加速至 8%。在支付服務提供者 (PSP) 領域，企業支付業務表現強勁，交易量成長加速至 12%，這得益於業務成長和獲利的前台業務，以及現有商家群的高留存率和成長。到 2026 年，提高加值服務的附加價值將是我們工作的重點。

Moving to more financial detail on slide 12. Transaction revenue grew 3% on a spot basis to $7.8 billion and grew 3% for the full year to $29.8 billion. Other value-added services revenue grew 10% to $857 million and 14% for the full year to $3.4 billion, driven by strong contribution from merchant and consumer credit, partially offset by lower interest rates.

第 12 頁將介紹更多財務細節。現貨交易收入成長 3% 至 78 億美元，全年交易收入成長 3% 至 298 億美元。其他加值服務收入成長 10% 至 8.57 億美元，全年成長 14% 至 34 億美元，主要得益於商家和消費者信貸的強勁貢獻，但部分被較低的利率所抵銷。

Transaction take rate declined by 9 basis points to 1.65%. Excluding the impact of foreign exchange hedges, transaction take rate declined about 7 basis points. This output was driven by a combination of higher growth in Enterprise Payments, Venmo and debit card adoption as well as branded co-marketing investments.

交易手續費率下降9個基點至1.65%。剔除外匯避險的影響，交易費率下降約 7 個基點。這項成果的取得得益於企業支付、Venmo 和金融卡普及率的提高，以及品牌聯合行銷投資的共同推動。

TM dollars ex-interest grew 4% in the quarter and 6% for the full year. Growth was led by contribution from our credit and omni initiatives, improvements in PSP profitability and Venmo monetization. Branded checkout flow-through was relatively neutral in the quarter given the combination of lower volume growth and increased investment intended to drive engagement, habituation and incrementality over time.

TM美元（不含利息）本季成長4%，全年成長6%。成長主要得益於我們的信貸和全通路計畫的貢獻、支付服務提供者獲利能力的提高以及 Venmo 的貨幣化。本季品牌結帳流程相對平穩，原因是銷售成長放緩，以及旨在推動用戶參與、養成習慣並隨著時間的推移實現增量投資的增加。

Within volume-based expenses, transaction loss as a percentage of TPV improved to 6 basis points, a notable improvement compared to an average of 8 basis points during the first three quarters of the year. This outcome is a testament to our team's ongoing work to continue to improve and strengthen onboarding, fraud prevention and risk management capabilities.

在以交易量計算的費用中，交易損失佔交易總價的百分比改善至 6 個基點，與今年前三個季度的平均 8 個基點相比，這是一個顯著的改善。這項結果證明了我們團隊在不斷改進和加強客戶准入、詐欺預防和風險管理能力方面所做的持續努力。

Non-transaction-related OpEx increased 2% in the quarter as we continue to actively manage our cost structure while reinvesting in key growth initiatives. Non-GAAP operating income grew 3% in the quarter to $1.6 billion and 9% for the full year to $6.4 billion.

本季非交易相關營運支出成長了 2%，因為我們繼續積極管理成本結構，同時對關鍵成長計畫進行再投資。本季非GAAP營業收入成長3%至16億美元，全年成長9%至64億美元。

Moving to capital allocation. In the fourth quarter, we completed $1.5 billion in share repurchases, bringing full year repurchases to a total of $6 billion. We also paid the company's first quarterly dividend of $0.14 per share. We ended the quarter with $14.8 billion in cash, cash equivalents and investments and $11.6 billion in debt.

接下來討論資本配置。第四季度，我們完成了 15 億美元的股票回購，使全年回購總額達到 60 億美元。我們也支付了公司第一季股息，每股0.14美元。本季末，我們擁有現金、現金等價物和投資148億美元，負債116億美元。

Moving to guidance on slide 13 for 1Q and full year 2026. Let me start by walking you through some key assumptions. As we discussed last quarter and Jamie detailed earlier, we see a significant opportunity to drive consumer engagement, habituation and higher selection of PayPal through targeted investments across the portfolio.

接下來請參閱第 13 頁投影片，以了解 2026 年第一季及全年的業績指引。首先，讓我帶你了解一些關鍵假設。正如我們上個季度討論過的那樣，Jamie 也詳細闡述過，我們看到了一個重大的機會，可以透過對整個投資組合進行有針對性的投資，來推動消費者參與、養成習慣並提高 PayPal 的選擇率。

For 2026, we expect these targeted growth investments to represent approximately 3 points of headwind to TM dollar growth while driving durable long-term benefits in the years ahead. This spend encompasses the strategic priorities Jamie outlined: scaling new experiences, improving presentment, increasing consumer selection as well as driving adoption of new channels. About two-thirds of the spend is targeted directly towards branded checkout and buy now, pay later with the remainder allocated to areas including Venmo loyalty and agentic.

預計到 2026 年，這些有針對性的成長投資將對 TM 美元成長造成約 3 個百分點的阻力，但同時也將在未來幾年帶來持久的長期收益。這項支出涵蓋了傑米概述的策略重點：擴大新體驗規模、改善產品呈現方式、增加消費者選擇以及推動新通路的採用。約三分之二的支出直接用於品牌結帳和先買後付，其餘部分分配給 Venmo 忠誠度和代理商等領域。

What's important to call out here is our approach. While a portion of these investments result in lower upfront economics that will weigh on TM dollar and EPS growth in 2026, they are critical to fundamentally shifting our branded checkout product and positioning over the next few years and have attractive multiyear payoffs that will improve the durability of our business in the years ahead. We're being very disciplined about how and where we deploy capital and will adjust as necessary, leaving flexibility to lean into areas that are working.

這裡需要重點強調的是我們的方法。雖然這些投資的一部分會導致前期經濟效益降低，從而在 2026 年對 TM 美元和 EPS 成長造成壓力，但它們對於在未來幾年從根本上改變我們的品牌收銀產品和定位至關重要，並且具有有吸引力的多年回報，這將提高我們業務在未來幾年的可持續性。我們在資金的部署方式和地點方面非常嚴謹，並將根據需要進行調整，同時保持靈活性，以便加大對有效領域的投入。

We're actively harvesting productivity across the organization and reallocating resources to the highest return opportunities. We have conviction in the impact these initiatives will drive. However, given the slower exit rate from 4Q and the time required to scale these programs, our guidance reflects slightly positive to low single-digit branded checkout growth for the full year as we rebuild the momentum Jamie mentioned.

我們正在積極提升整個組織的生產力，並將資源重新分配到回報最高的機會。我們堅信這些措施將會產生正面的影響。然而，鑑於第四季度退出速度放緩以及擴大這些項目規模所需的時間，我們的預期反映出，隨著我們重建 Jamie 提到的勢頭，全年品牌結帳增長將略微為正，達到個位數低點。

Turning to more specifics. For the first quarter, we expect low single-digit revenue growth on a currency-neutral basis, TM dollars to decline slightly or roughly flat, excluding interest on customer balances, mid-single-digit growth in non-transaction operating expenses and non-GAAP EPS to be down mid-single digits.

接下來談談具體細節。第一季度，我們預計以固定匯率計算的收入將實現低個位數增長，不計客戶餘額利息，TM 美元將略有下降或基本持平，非交易運營費用將實現中等個位數增長，非 GAAP 每股收益將下降中等個位數。

For the full year, we expect TM dollars to decline slightly or roughly flat excluding interest and customer balances, approximately 3% growth in non-transaction operating expenses and non-GAAP EPS ranging from down low single digits to slightly positive. Our guidance assumes approximately $6 billion in share repurchases and at least $6 billion of adjusted free cash flow.

預計全年交易管理收入（不計利息和客戶餘額）將略有下降或基本持平，非交易營運費用將增長約 3%，非 GAAP 每股收益將從個位數低點到略微正增長。我們的預期是，股票回購金額約為 60 億美元，調整後的自由現金流至少為 60 億美元。

As Jamie discussed, we are no longer providing the specific multiyear growth outlook we presented at our Investor Day a year ago. As it relates to branded checkout, our prior outlook assumed a more stable e-commerce environment and a certain pace of product rollout and merchant adoption. Neither has materialized to date as we anticipated. And while we can point to a number of constructive indicators, it's hard to call the precise time frame when we will see an overall inflection for branded.

正如傑米所討論的，我們不再提供一年前在投資者日上提出的具體多年增長展望。就品牌結帳而言，我們先前的展望假設電子商務環境更加穩定，產品推出和商家採用的速度也有一定的規律。迄今為止，這兩項進展均未如我們預期般實現。雖然我們可以指出一些建設性的指標，但很難準確預測品牌整體何時會出現轉機。

Branded checkout represents over half our profit dollars, and we're confident the product, channel and marketing investments we're making will drive improvement and acceleration over time.

品牌結帳占我們利潤的一半以上，我們相信，我們正在進行的產品、通路和行銷投資將隨著時間的推移推動改進和加速發展。

There are also multiple paths to deliver attractive growth. Venmo, PSP, omnichannel initiative and credit are all levers that can contribute to TM dollar and EPS growth alongside branded improvements. Our overall value creation framework centers on driving volume growth by closing the online branded gap with e-commerce, increasing penetration off-line and keeping MAA growth in customer engagement at the center of our KPIs.

實現可觀成長的途徑也多種多樣。Venmo、支付服務提供者、全通路計畫和信貸都是可以促進TM美元和每股盈餘成長的槓桿，同時品牌也在不斷改進。我們整體價值創造框架的核心是透過縮小線上品牌與電子商務之間的差距來推動銷售成長，提高線下滲透率，並將 MAA 在客戶參與度方面的成長作為我們 KPI 的核心。

We are strengthening and investing in our core, building out new growth paths like BNPL and Venmo while staying at the forefront of next-gen growth drivers, including agentic, PayPal World, ads and crypto. We are also driving process improvements and using AI to leverage our cost base and redirect spending to innovation. All of this will help us deliver higher levels of EPS growth, grow free cash flow in line with net income and apply disciplined capital allocation to deliver durable growth and higher returns.

我們正在加強和投資我們的核心業務，建立像 BNPL 和 Venmo 這樣的新成長路徑，同時保持在下一代成長驅動因素（包括代理商、PayPal World、廣告和加密貨幣）的前沿地位。我們也在推動流程改進，並利用人工智慧來優化成本結構，將支出重新分配到創新領域。所有這些都將有助於我們實現更高的每股盈餘成長，使自由現金流與淨收入同步成長，並實施嚴格的資本配置，以實現永續成長和更高的回報。

The business has already proven an ability to deliver at least mid-single-digit transaction margin dollar growth and double-digit EPS growth even in a challenging branded environment. The investments we're making in 2026 are designed to strengthen that foundation and position us to sustain and build on that performance in the years ahead.

即使在充滿挑戰的品牌環境中，該業務也已證明其有能力實現至少中等個位數的交易利潤率增長和兩位數的每股收益增長。我們在 2026 年進行的投資旨在加強這一基礎，使我們能夠在未來幾年保持並發展這一業績。

We have the financial flexibility to make these investments while returning capital to shareholders and, under Enrique's leadership, we're confident in our ability to execute the action plan Jamie laid out.

我們有足夠的財務彈性來進行這些投資，同時向股東返還資本。在恩里克的領導下，我們有信心執行傑米所製定的行動計畫。

With that, let's go to Q&A. But before we open the lines, I'd like to ask everyone to limit themselves to one question so we can get to as many of your fellow analysts as possible.

接下來，我們進入問答環節。但在正式開始提問之前，我想請大家盡量只提一個問題，以便我們能盡可能多地與各位分析師交流。

Sarah, please open the line.

莎拉，請接通電話。

(Operator Instructions)

（操作說明）

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

Just you went through a lot. I wanted to ask on just the change in the CEO and the timing here. Just maybe, Jamie, can you give us some assurance that the change is primarily to address execution rather than the strategy? Because I'm getting questions from investors asking if there's still risk of wholesale strategy changes once Enrique comes in that could delay or extend the turnaround further here.

你經歷了很多。我想問一下關於CEO更換以及更換時間的問題。傑米，或許你能向我們保證，這次改變主要是為了解決執行問題，而不是策略問題嗎？因為我收到投資人的提問，詢問恩里克上任後是否仍有可能進行全面的策略調整，從而進一步延遲或延長公司扭虧為盈的進程。

Sure, Tien-Tsin. So the Board's decision is based on execution. They have been discussing this for the past few months. And when you look at the company, there's really good progress across innovation in a handful of different areas in the company, and you heard us call those out in our prepared remarks. Having said that, our execution is just too slow.

當然，天心。因此，董事會的決定取決於執行情況。他們過去幾個月一直在討論這個問題。當你審視這家公司時，你會發現公司在幾個不同領域的創新方面都取得了非常好的進展，你們也聽到了我們在準備好的發言稿中提到的這些領域。話雖如此，我們的執行速度還是太慢了。

And both the Board and Enrique have been deeply involved in setting our plans strategically and around our initiatives, and that carries into what our execution plan is in 2026. And so when you look at Enrique, Enrique has a very deep track record in not only innovation, but operationalizing innovation at scale and driving really complex tech-forward transformations.

董事會和恩里克都深入參與了我們策略計畫和各項措施的製定，這也體現在我們 2026 年的執行計畫中。因此，當你審視恩里克時，你會發現他不僅在創新方面有著非常深厚的成就，而且在大規模實施創新和推動真正複雜的技術前沿轉型方面也擁有非常深厚的成就。

And so his background and who he is around faster decision-making, clear prioritization, more disciplined execution, which really we need that leaning into branded checkout, I think it's going to be very, very helpful. And I think the other accelerant here that will be good is having been on the Board for five years, having been the Chairman for the past 18 months, he just brings a level of depth and immediate context, which really should help shorten the typical cycle that you'd have in a new CEO coming onboard.

因此，他的背景以及他擅長的快速決策、明確的優先排序、更嚴謹的執行，正是我們目前在品牌結帳方面所需要的，我認為這將非常有幫助。我認為另一個有利因素是，他已經在董事會任職五年，並在過去 18 個月擔任董事長，這為公司帶來了深厚的專業知識和對現狀的了解，這應該有助於縮短新任 CEO 上任後通常需要經歷的周期。

Ramsey El-Assal, Cantor Fitzgerald.

拉姆齊·艾爾-阿薩爾，坎托·菲茨杰拉德。

I second Tien-Tsin's appreciation about all the granularity here. It sounds like you're quite confident in your strategy around modern online checkout and meaning you see the offering itself is pretty effective and compelling. The issue seems to be getting the merchants to engage and implement it. So how do you do that? How do you get them to adopt it?

我贊同田進對這裡細緻入微的描述所給予的讚賞。聽起來你對自己的現代線上結帳策略相當有信心，這意味著你認為該方案本身非常有效且具有吸引力。問題似乎在於如何讓商家參與並實施這項措施。那該怎麼做呢？如何讓他們接受它？

Is it a question of incentives? Is competition keeping them from engaging? Like what can you guys do to sort of force the issue a little bit?

這是激勵機制的問題嗎？競爭是否阻礙了他們的參與？你們可以做些什麼來稍微推動這個問題解決呢？

So engaging with merchants really takes on a lot of different flavors. And whether that's a large enterprise, a small business, merchants want different things. They want to grow their business. They want to bring in new customers. They want to improve conversion. And so honestly, every single conversation we have involves a different strategy with respect to how we approach it.

因此，與商家互動的方式多種多樣。無論是大型企業還是小型企業，商家想要的東西都不盡相同。他們希望發展壯大自己的事業。他們想吸引新客戶。他們希望提高轉換率。所以說實話，我們每一次談話都會採取不同的策略。

And that can range from really driving our merchant integrations to the latest integration and getting more conversions, combining that with our consumers on biometrics and pass key. It can really lean into upstream presentment around buy now, pay later and again more customer acquisition strategy all the way over to how do we co-market together and how do we pull people in, customers to engage and habituate not only around us but, equally importantly, with them. And so all of that are parts of these discussions.

這包括推動我們的商家整合到最新的整合中，從而獲得更多轉化，並將這些與我們的消費者在生物識別和密碼方面的應用相結合。它可以真正深入「先買後付」的上游展示，以及更多的客戶獲取策略，一直到我們如何共同行銷，如何吸引人們、客戶參與並養成習慣，不僅圍繞我們，而且同樣重要的是，與他們一起。所以，所有這些都是這些討論的一部分。

When we've looked at what we've learned over the last several months, I think one of the big things we learned was that we have been trying to do this across all merchants all at the same time. And what we have done now is really reformulated our teams around dedicated, mission-based teams particularly for high-impact merchants and really leaning into the latest integration, really deploying experience and biometrics together and really going in with an aggressive upstream presentment strategy.

回顧過去幾個月我們所學到的東西，我認為我們學到的最重要的一點是，我們一直試圖同時在所有商家中推行這項措施。而我們現在所做的，是圍繞專門的、以任務為導向的團隊重新組建了我們的團隊，特別是針對高影響力商戶，並真正致力於最新的集成，真正將體驗和生物識別技術結合起來部署，並真正採取積極的上游展示策略。

And you heard me talk about it in my prepared remarks, but I think it's worth repeating that when we see merchants with the latest integration, when we see them with upstream presentment and a second button and with that co-marketing, like that combination drives markedly higher performance for us with our merchants. And we saw that in the holiday season. So there's multiple ways to win here with our merchants, but each is unique, and that's exactly why we're organized the way we are going into '26.

你們在事先準備好的發言稿中也聽到了我談到這一點，但我認為值得重申的是，當我們看到商家採用最新的整合方案，當我們看到他們採用上游展示和第二個按鈕，以及這種聯合行銷方式時，這種組合會顯著提高我們商家的業績。我們在假期期間就看到了這一點。因此，我們與商家合作有很多種獲勝的方式，但每一種方式都是獨一無二的，而這正是我們以這種方式組織進入 2026 年的原因。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Maybe just a quick clarification in terms of the timeline you'd expect some of these investments to help come to fruition. And just help me frame a little bit more on if you're expecting TM dollars and branded to improve in the back half of this year or is this more of a 2027 story? So in other words, exiting the year, should we start to see any evidence of success?

或許可以簡單澄清一下，您預期這些投資在何時能達到成效。請問您預計今年下半年TM銷售額和品牌銷售額會有所改善，還是說這要到2027年才會發生？換句話說，到年底，我們是否應該開始看到任何成功的跡象？

And then a bigger picture question would just be your thoughts on balancing between really a growth company and capital return story. I'm just curious if that's changed at all in your framework of how you think about investments in the business, capital investments going forward.

那麼，從更宏觀的角度來看，您認為應該如何在真正實現成長的公司和講述資本回報故事之間取得平衡呢？我只是好奇，在您思考企業投資、未來資本投資的方式框架中，這方面是否有改變。

Darrin, why don't I tackle the first question on transaction margin and Jamie will handle the growth versus capital return part of the question. On TM, think about the full year, we talk about a slight decline. We talk about that really coming from a consistent contribution from PSP and Venmo, offset by the roughly 3 points of headwinds from those increased growth investments. And then also we have a 1 point to 1.5 points of lower interest. There's a bit less contribution from omni given credit normalization and tougher comps.

達林，不如我來解答關於交易利潤率的第一個問題，傑米再來解答關於成長與資本回報的問題。從全年來看，我們談論的是略微下滑。我們認為這主要得益於 PSP 和 Venmo 的持續貢獻，但卻被這些成長投資帶來的約 3 個百分點的不利影響所抵銷。此外，我們還有 1 到 1.5 個百分點的較低利率。由於信用標準化和更嚴格的比較，全通路的貢獻略有減少。

And then I would call DXO a neutral contribution given the slightly positive to LSC growth we're talking about. This is pretty smooth as we go through the year in the sense that you have our 1Q numbers that we lay out there. Those investments have already started. So they will hit us in 1Q and through the course of the year as opposed to us calling for kind of a back-end loaded year. We're not doing this at this point, and I think we're going to need increased visibility from each of these initiatives and the new incremental investments are performing.

考慮到 DXO 對 LSC 成長略有正面影響，我認為 DXO 的貢獻是中性的。從我們公佈的第一季數據來看，今年的發展相當順利。這些投資已經開始了。所以他們會在第一季以及全年持續打擊我們，而不是像我們預期的那樣，在賽季末期集中打擊我們。我們目前還沒有這樣做，我認為我們需要提高每項措施和新增投資的可見度，看看它們是否有效。

We learned a ton in the fourth quarter from the investments that we made, and those are incredibly helpful. We'll apply that through the rest of the year. Jamie?

我們在第四季從投資中學到了很多東西，這些經驗非常有幫助。我們將把這項做法應用到今年剩餘的時間。傑米？

Yes. And then, Darrin, with respect to balancing between growth and capital return, listen, we've got a collection of really unique assets here. And our focus right now is on transforming this business and really growing the assets we have and investing organically. In addition to that, we've had a strong capital return profile over the last couple of years with $6 billion buyback, the initiation of a dividend and continuing that program into this year.

是的。然後，達林，關於平衡成長和資本回報的問題，聽著，我們這裡有一系列非常獨特的資產。我們現在的重點是轉型這項業務，真正發展我們現有的資產，並進行有機投資。除此之外，過去幾年我們實現了強勁的資本回報，包括60億美元的股票回購、啟動分紅計劃，並將該計劃延續到今年。

The Board discusses and is involved with our capital allocation strategy on a regular basis. And part of Enrique coming in really is to lean into continuing to improve and grow our businesses, and doing that through prioritization, through better execution and really being very choiceful about where we're placing our bets.

董事會定期討論並參與我們的資本配置策略。Enrique 的加入，部分原因在於他致力於持續改進和發展我們的業務，並透過優先排序、更好地執行以及謹慎選擇投資方向來實現這一目標。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I just want to follow up on some of the questions that have been asked, maybe just a little bit more embellishment on what's included and embedded in the 2026 outlook given it's a transition year. I guess when we think about the underperformance in branded volumes, some of it's been the lack of upgrading merchants, macro and then maybe others taking share. Like which parts can actually turn the corner as we move through 2026?

我只想就一些已經提出的問題做個後續說明，考慮到2026年是過渡年，也許可以再詳細闡述一下2026年展望中包含和體現的內容。我認為，當我們思考品牌銷售表現不佳的原因時，部分原因是商家升級不足、宏觀因素，以及可能還有其他因素搶佔了市場份額。哪些領域能在2026年真正迎來轉機？

And then just on Tien-Tsin's question, is it fair that Enrique was involved in the process of sort of setting the expectation? So we shouldn't expect a big change after he comes on?

那麼，就田進提出的問題而言，恩里克參與設定預期這一過程是否公平？所以，他上任後，我們不該期待會有太大的改變嗎？

Why don't I start with your questions around '26, then I'll hand it over to Jamie for the second part of your question around the branded and Board decision process, Sanjay.

Sanjay，不如我先回答你關於「26」的問題，然後我再把問題交給 Jamie 來回答你關於品牌和董事會決策過程的第二部分問題。

First, just running down the kind of P&L for a moment for '26 to give everybody that color. We talked about a slight decline in TM. Ex FBO, that's roughly flat, call it, about 3% increase in OpEx for the year. That gets you to non-GAAP EPS of this low single-digit decline to slightly positive. GAAP EPS of mid-single-digit decline. Tax rate assumption, call it, 19% to 21%. And then we provided the free cash flow story when you move over there. CapEx, about $1 billion or so.

首先，簡單概括一下 2026 年的損益情況，以便讓大家了解一下。我們討論了TM略有下降的情況。除FBO外，營運支出大致持平，預計全年營運支出成長約3%。如此一來，非GAAP每股盈餘將出現個位數低幅至略微正成長的趨勢。GAAP每股收益出現中等個位數百分比的下降。假設稅率為 19% 至 21%。然後我們向您介紹了搬到那裡後的自由現金流情況。資本支出，約10億美元左右。

And then within all of that, OVAS, about flattish for the year, low single digit, by the way, in 1Q. TEs, at a bit of a lower rate versus '25, so called out about 88 bps or so versus 89 bps this year. TL, in line with '25, so call that about 7.5 bps of TPV. And creditor loan losses of about 2.5 bps, which is another 0.5 bp or so. So those are the numbers, Jamie, do you want to hit on the kind of how to think about branded and then the Board decision?

然後，在所有這些因素中，OVAS（年度平均收入）全年基本持平，順便說一下，第一季只有個位數成長。與 2025 年相比，TE 的出場率略低，因此今年的出場率約為 88 個基點，而 2025 年為 89 個基點。TL 與 '25 一致，所以 TPV 大約是 7.5 個基點。債權人貸款損失約為 2.5 個基點，這又增加了 0.5 個基點左右。傑米，以上就是相關數據，你想談談品牌建立以及董事會的決策嗎？

Yes. With respect to branded, as Steve mentioned earlier, when we execute on these investments, we have included the cost of investments but we have assumed minimal in-year benefit from those. And when you look at the traction side of it, certainly, the changes we're making in go-to-market and traction around all elements of merchant integration, upstream presentment, all those different pieces will begin to gain traction as we go throughout the year.

是的。關於品牌推廣，正如史蒂夫之前提到的，當我們進行這些投資時，我們已經計入了投資成本，但我們假設這些投資在當年只能帶來極小的收益。從實際效果來看，我們在市場推廣和商家整合、上游展示等各個方面所做的改變，以及所有這些不同環節的進展，都將在今年逐步取得成效。

As we go live and merchants go up, we test, we start to see where we can adjust and pivot and optimize. But that will just continue as we go throughout the year. What I'm really excited about is Enrique coming in. I think the prioritization element here for us is really important. We have lots of good ideas. We love to do lots of things. And I think us getting laser-focused on what to go after and where with respect to branded is going to help us get even more traction sooner.

隨著我們上線，商家陸續入駐，我們會進行測試，開始了解哪些方面可以調整、轉型和最佳化。但這種情況還會持續下去，貫穿全年。我真正感到興奮的是恩里克即將加入。我認為對我們來說，這裡的優先順序非常重要。我們有很多好點子。我們喜歡做很多事。我認為，如果我們能夠精準地聚焦在品牌推廣的目標和方向，將有助於我們更快地取得更大的進展。

And then with respect to Enrique's involvement from a strategy perspective, look, he's deeply involved in it. He has helped shape and reviewed not only the capital allocation strategy, the investment priorities that support them, but also the 2026 guidance. And he is coming in focused on the acceleration of our plan and just continuity in building on the work of the team.

至於恩里克在戰略層面的參與，你看，他深度參與其中。他不僅幫助制定和審查了資本配置策略、支持這些策略的投資重點，還幫助制定和審查了 2026 年的指導方針。他上任後將專注於加速推進我們的計劃，並繼續推進團隊的工作。

Andrew Schmidt, KeyBanc Capital Markets.

Andrew Schmidt，KeyBanc Capital Markets。

So obviously, the branded checkout piece is a function of both the consumer and the merchant experience. Maybe you could talk about whether -- and obviously, you're addressing both pieces. But do you think the shortfall is attributable to one side or the other? Obviously heard the slowness in terms of the modern checkout experience, et cetera. But I'm curious if there's attribution more on one side versus the other.

顯然，品牌結帳環節取決於消費者和商家的體驗。或許你可以談談——顯然，你正在討論這兩個面向。但你認為造成資金短缺的原因在於哪一方？顯然，他們也提到了現代結帳體驗等方面的緩慢問題。但我很好奇，雙方是否更傾向於歸因於某一方。

And then just if you could drill down the consumer side, just core PayPal trends, account acquisition, TPA ex-PSP trends and then also the need to perhaps drive a more holistic experience versus the transacting experience on the consumer side. Maybe talk a little bit about how all that's resonating.

然後，如果能夠深入分析消費者方面，例如 PayPal 的核心趨勢、帳戶獲取、第三方支付機構 (TPA) 和支付服務提供者 (PSP) 的趨勢，以及可能需要在消費者方面打造更全面的體驗（而不僅僅是交易體驗）就好了。或許可以稍微談談這一切是如何引起共鳴的。

Sure. Let me talk a little bit about the first part of your question, then I'll turn it over to Steve for the account trends and some of that. And then I can talk a little bit about loyalty and some of the other programs that we're really focused on in 2026.

當然。讓我先簡單談談你問題的第一部分，然後我會把問題交給史蒂夫，讓他談談帳戶趨勢和其他一些方面。然後我可以談談忠誠度計劃以及我們在 2026 年重點關注的其他一些項目。

With respect to branded checkout, in the second half, we began to see some slowdown really in September, and that really persisted into the fourth quarter. We saw weakness in US retail. People have talked a lot about K-shaped economy. And we're really a middle-income demographic as it relates to the PayPal brand. And so certainly, we felt that in a slightly more pronounced way than others.

就品牌結帳而言，下半年，我們從9月開始看到一些放緩跡象，而且這種情況一直持續到第四季度。我們看到美國零售業疲軟。人們常談論K型經濟。就 PayPal 品牌而言，我們實際上屬於中等收入群。所以，我們當然比其他人更強烈地感受到了這一點。

We've had moderating international growth, including in Germany, and deceleration in high-growth verticals. We've had really strong growth over the last 18 months in places like travel, ticketing, crypto, gaming, things like that. And not only did we have tough comps, but those slowed a bit in December as well. And so all of this has been amplified by execution, by slower product deployment.

國際市場成長放緩，包括德國市場，高成長垂直領域的成長也出現放緩。過去 18 個月，我們在旅遊、票務、加密貨幣、遊戲等領域都取得了非常強勁的成長。而且，我們不僅面臨激烈的競爭，而且到了 12 月份，競爭情況也略有放緩。因此，所有這些問題都因執行不力、產品部署速度放緩而加劇。

So when you level back up to sort of merchant versus consumer, I'd say it's a play of both. And really, it underscores our need to get our experience further out into the market with our merchants, the latest integrations and consumers using biometrics and pass key and the presentment that we talked about and really leaning into things like co-marketing and loyalty programs.

所以，當你把話題拉回商家與消費者的層次時，我認為兩者兼具。這確實凸顯了我們需要將我們的經驗進一步推廣到市場上，與我們的商家、使用生物識別技術和密碼的消費者以及我們討論過的展示方式進行交流，並真正深入到聯合行銷和忠誠度計劃等領域。

Andrew, to your question on transactions for active or TPA. Ex-PSP, it was growth of about 5%, which is in line with prior quarters. Think of the consistency quarter-to-quarter in branded P2P plus improvements in Venmo. And then we continue to be encouraged by the strength on the PayPal debit card engagement front as well. So positive here.

Andrew，關於你提出的主動式管理或第三方管理的交易問題。剔除PSP的影響，成長率約為5%，與前幾季持平。想想品牌 P2P 服務每季的穩定性，再加上 Venmo 的改進。此外，PayPal金融卡用戶參與度的強勁表現也讓我們倍感鼓舞。這裡一片光明。

And maybe this just brings me back to talking a little bit about the focus on quality in our consumer base, and that's indicative of that, the strength in PayPal power users, the idea that we're really going for more and more depth of engagement with our customer base as a key differentiator as opposed to just simply adding folks who are not durable or we're not able to drive deeper with.

也許這讓我又回到了我們消費者群體對品質的關注上來，而PayPal重度用戶的強大實力就體現了這一點，這表明我們正在努力與客戶群體建立越來越深入的聯繫，以此作為關鍵的差異化優勢，而不是僅僅增加那些不持久或我們無法與之進行深入互動的人。

Yes. And then just coming back to the loyalty question, which I think is really most relevant to the third question you asked. We have been or are introducing competitive rewards programs for both PayPal and for Venmo.

是的。然後回到忠誠度這個問題，我認為這與你提出的第三個問題最相關。我們一直以來都在或正在為PayPal和Venmo推出具有競爭力的獎勵計劃。

Venmo, we launched a couple of months ago, it's a program called Stash. And it's changed our onboarding. The program is about stepping up in levels as you come in, really incenting behavior around using our debit card, stepping up to credit and more rewards the more you work in and around our Venmo ecosystem. It is super cool. The onboarding process is very engaging and catchy. And we've had really good progress in our first several weeks on that.

Venmo，我們幾個月前推出的，其實它是一個叫做 Stash 的計畫。它改變了我們的新員工入職流程。該計劃旨在讓您隨著加入而逐步提升級別，真正激勵您使用我們的借記卡，逐步升級到信用卡，並且隨著您在 Venmo 生態系統中參與度的提高，您將獲得更多獎勵。太酷了。新用戶註冊流程非常吸引人，也很有吸引力。在過去的幾周里，我們在這方面取得了非常好的進展。

The other piece is PayPal Plus. And this is something we've been working on for over a year, really doing deep industry benchmarking. We really want this to be a very competitive program. We soft launched in the UK a couple of months ago. And so while it's early, we're seeing some good cohorts of results come through there.

另一部分是PayPal Plus。這是我們一年多來一直在努力的方向，我們進行了深入的行業基準分析。我們真心希望這個計畫能夠極具競爭力。我們幾個月前在英國進行了試營運。雖然現在還為時過早，但我們已經看到一些不錯的成果出來了。

And this rewards you for not just what you buy online but also what you buy off-line in sending money to friends, dabbling in crypto, things like that and again rewards but also some pretty unique characteristics around it with special drops of access to whether it's a deal or whether it's some other thing.

這不僅會獎勵你在線購物，還會獎勵你線下購物，例如給朋友匯款、涉足加密貨幣等等，此外，它還有一些非常獨特的功能，例如特殊的獎勵，無論是優惠活動還是其他活動。

This will be a global multiyear rollout and part of the incremental investment we talked about. It began, as I mentioned, fourth quarter for Venmo and PayPal UK. But really, I'd say, midyear to second half is when PayPal Plus will come out for us. Early reads, super encouraging. We're just seeing nice TPV lift up across consumer cohorts that have come onboard.

這將是一個為期多年的全球推廣項目，也是我們之前討論過的增量投資的一部分。正如我之前提到的，Venmo 和 PayPal 英國的情況是從第四季開始的。但實際上，我認為 PayPal Plus 會在年中到下半年推出。早期閱讀體驗，非常鼓舞人心。我們看到，隨著越來越多的消費者加入，他們的總觀看次數 (TPV) 都出現了顯著提升。

But again, something we're pretty excited about.

但話說回來，這是我們非常興奮的事。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

I think a question which is in investors' minds is whether the branded business can be turned around or is the shift has tailed. Besides the macro, you have intensified competition, e-commerce is aggregating into platforms, aggregate you a smaller share. I know you talked about presentment, experience and rewards as kind of the key areas of execution.

我認為投資人都在思考的問題是，品牌事業能否扭轉頹勢，還是這種轉變已經停滯不前。除了宏觀因素外，競爭也日益加劇，電子商務正在向平台聚合，聚合後的市場份額越來越小。我知道你曾提到，展示、體驗和獎勵是執行的關鍵領域。

And maybe, I guess, talk about upstream presentment. It seems like PayPal historically has been a premium offering. Competitors are catching up on value proposition. Does it all mean that transaction margin dollars and branded will come down as you focus on upstream presentment? There's a concern on price-based competition as well.

或許，還可以談談上游呈現方式。PayPal似乎一直都是高階服務。競爭對手正在迎頭趕上，提升價值主張。這是否意味著，隨著您專注於上游展示，交易利潤和品牌利潤將會下降？人們也對價格競爭感到擔憂。

And also it's hard to, at this point, to kind of narrow the range of outcomes in branded. I know you talked about Venmo and PSP profitability. Can PayPal grow earnings if branded doesn't improve from here?

而且，在目前這個階段，也很難縮小品牌推廣結果的範圍。我知道你談到了Venmo和PSP的獲利能力。如果品牌收益沒有改善，PayPal 的獲利能力還能成長嗎？

Yes. So there's a lot there. And maybe I'll talk first about our approach with merchants and then I'll move over to talking about sort of the multiple ways we can win. With respect to upstream presentment, and let me just talk generally about the investments we're making. These clearly are multiyear investments.

是的。所以那裡有很多東西。也許我會先談談我們與商家的合作方式，然後再談談我們能夠取得勝利的多種途徑。關於上游展示，我只想大致談談我們正在進行的投資。這些顯然都是多年期投資。

You look at these kinds of programs, and these are deep, going into co-invest with our merchants to really shift how we perform for them and, candidly, bring more value to them.

你看看這些項目，它們非常深入，與我們的商家共同投資，真正改變我們為他們提供服務的方式，坦白說，為他們帶來更多價值。

And so what you see in '26, we fully expect that this kind of investment level will be consistent as we go into the few years following. And we think it's really important because we've really got to lean into the product, both in terms of having to deliver what it needs to deliver but also remain competitive, as you mentioned.

因此，我們完全預期，在 2026 年所看到的這種投資水平，將在接下來的幾年裡保持穩定。我們認為這一點非常重要，因為我們必須真正重視產品，既要滿足產品需要滿足的功能，又要保持競爭力，正如您所提到的。

Having said that, when you look at the company, I think one thing that 2025 really illustrated for us is that we do have really strong assets across the board between Venmo, PSP, debit and credit. We've really diversified our revenue growth sources as well as our margin growth sources.

話雖如此，但當你審視這家公司時，我認為 2025 年真正向我們表明的一點是，我們在 Venmo、PSP、借記卡和信用卡等各個方面都擁有非常強大的資產。我們確實實現了收入成長來源和利潤成長來源的多元化。

And so even with a low mid-single-digit branded checkout profile in 2025, we delivered very solid transaction margin dollar growth. We delivered mid-teens earnings per share growth. And so I think there continues to be a lot of ways we can win here. And again, I'm particularly excited about the acceleration in our execution and the galvanization around that, that we'll see this year with both investment and with Enrique.

因此，即使 2025 年品牌結帳佔比僅為個位數中低水平，我們仍然實現了非常穩健的交易利潤美元成長。我們實現了每股收益兩位數以上的成長。所以我認為我們仍然有很多方法可以贏得這場比賽。再次強調，我對我們今年在投資和恩里克的帶領下，執行速度的加快以及由此帶來的積極影響感到格外興奮。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

My question is kind of going back to sort of buybacks versus investing. The key question I'm asking and we're getting from a lot of investors is, why not just focus 100% on the merchant and just kind of drive as much growth as you can? What is sort of the puts and takes of that? Because you do have like this very strong two-sided network that's really powerful and global. And so obviously, everyone sees the opportunity. So what prevents you from just going all in on that one?

我的問題其實還是回到了股票回購與投資的問題。我一直在問，也是許多投資人都在問的關鍵問題是：為什麼不把全部精力都放在商家身上，盡可能地推動成長呢？那其中的利弊是什麼？因為你確實擁有這樣一個非常強大的雙邊網絡，它非常強大且具有全球性。所以很顯然，每個人都看到了這個機會。那麼是什麼阻止你全力以赴呢？

The most important thing we've got to focus on right now, Dan, is improving our own execution. And doing that with the investment dollars we have today and, as we prove that out, increasing that or shifting that or reprioritizing and doing different things with it.

丹，我們現在最需要關注的是提高我們自身的執行力。用我們現有的投資資金來實現這一點，並且隨著我們證明這一點，增加投資、調整投資方向或重新確定投資優先級，並用這些資金做不同的事情。

And I think you've got to have a balance on that between merchants and consumers. I think one of the great things Alex did when he came in was really focus on the different cohorts of how we work in the market, which is large enterprise, small business and consumer.

我認為必須在商家和消費者之間找到平衡。我認為 Alex 上任後做的最棒的事情之一就是真正關注我們在市場中運作的不同群體，即大型企業、小型企業和消費者。

And having a dedicated consumer team was really important for us because we have really drilled into where and how we win, as Steve talked before, about power users versus active loyalists and just understanding our consumer cohorts better.

擁有一支專門的消費者團隊對我們來說非常重要，因為正如史蒂夫之前所說，我們已經深入研究了我們在哪些方面以及如何贏得市場，包括超級用戶與活躍忠實用戶，以及更好地了解我們的消費者群體。

We know that we win with consumers when we've got a great merchant product, but we also know that merchants win when we bring the value of the consumers and that whole consumer base to them as well. So we've got to focus on both. But clearly, in the investment dollars this year, it's clearly very merchant-focused.

我們知道，當我們擁有優秀的商家產品時，我們就能贏得消費者的青睞；但我們也知道，當我們把消費者及其整個消費群體的價值帶給商家時，商家也能從中受益。所以我們必須兼顧兩者。但很明顯，今年的投資金額明顯更多地流向了商家。

And Dan, I would just add that this debate and question that you're raising is one that we've debated, you and I and many other investors, over time. I think it's our view that you can't win without both. The consumer, you've got to bring strength with the consumer to these merchant negotiations and discussions. That's one of the major reasons merchants want to work with us. And at the same time, you need to bring merchants to the consumers as well. So both are absolutely critical.

丹，我還要補充一點，你提出的這個爭論和問題，我們——你、我以及許多其他投資者——都曾就此進行過討論。我認為我們的觀點是，兩者缺一不可。在與商家的談判和討論中，你必須運用消費者的力量來增強自身實力。這是商家想要與我們合作的主要原因之一。同時，你也需要把商家帶到消費者面前。所以兩者都至關重要。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

So I know Enrique hasn't officially started yet, but he's obviously pretty familiar with the company. So just wondering, are all options on the table here with respect to creating shareholder value, potential asset sales, et cetera? And then can you just clarify on the branded outlook for '26, I think you said slightly positive. But does that represent a little bit of an acceleration versus where you exited Q4?

我知道恩里克還沒有正式入職，但他顯然對公司非常熟悉。所以我想問一下，在創造股東價值、潛在資產出售等方面，所有選項是否都已擺在桌面上？那麼，您能否就 2026 年的品牌前景作進一步說明一下呢？我記得您說過略微樂觀。但這是否意味著與第四季末相比，成長速度有所加快？

Yes. What we said on the branded outlook was that it would be slightly positive to low single digits. And when you look at January quarter-to-date, while the environment continues to be dynamic, quarter-to-date, we're running slightly better than we were in the fourth quarter.

是的。我們先前對品牌前景的預測是，將略微向正成長至個位數低點。從 1 月至今的季度業績來看，雖然市場環境依然瞬息萬變，但截至目前，我們的業績比第四季略好一些。

Turning to the question on asset sales, things like that. I guess what I'd say is that we are really focused on transforming the business and driving shareholder value. And right now, that means executing on our integrated strategy. We've got several unique assets. We've talked about that, Venmo, Enterprise Payments, things like that. And both are core to our value creation and are performing well and they reinforce them and they complement our portfolio.

轉而討論資產出售等問題。我想說的是，我們真正專注於業務轉型和提升股東價值。而眼下，這意味著要執行我們的一體化策略。我們擁有幾項獨特的資產。我們已經討論過 Venmo、企業支付之類的東西了。兩者都是我們價值創造的核心，並且表現良好，它們強化了我們的價值創造，並完善了我們的產品組合。

So right now, our current plan is to really drill into that. The best way to create value is to improve your sales organically, and we're going to be very focused on doing that.

所以現在，我們的計劃就是深入研究這個問題。創造價值的最佳途徑是自然提升銷售額，我們將全力以赴實現這一目標。

Sarah, we are past the top of the hour. So I'm just going to turn it over to Jamie. Any final thoughts that you have?

莎拉，現在已​​經過了整點了。所以我這就把麥克風交給傑米。您還有什麼最後想說的嗎？

Yes. So first, thank you all for your questions. Over the past two years, this team has laid important groundwork and built significant momentum with meaningful opportunities ahead. And at the same time, we operate in one of the most competitive tech sectors, which makes disciplined execution really important to fully realizing the competitive advantages of our scaled two-sided network. And I'm really proud of the progress our team has made, and I have strong conviction that we're on the right trajectory to accelerate growth.

是的。首先，感謝大家提出的問題。過去兩年，這支團隊打下了重要的基礎，並累積了巨大的發展勢頭，未來將迎來許多有意義的機會。同時，我們身處競爭最激烈的科技領域之一，因此，嚴謹的執行對於充分發揮我們規模化的雙邊網路的競爭優勢至關重要。我為我們團隊的進步感到非常自豪，我堅信我們正走在加速成長的正確道路上。

And again, I want to both thank Alex and welcome Enrique, who brings deep experience leading large-scale organizational transformations, along with strong innovation and operational discipline and a clear understanding of our current priorities. And his familiarity with the business and track record of execution is going to help us move faster and with greater clarity as we enter this next phase. And I look forward to supporting a smooth transition and sustaining our momentum. So thank you.

再次感謝 Alex，並歡迎 Enrique，他擁有豐富的領導大規模組織變革的經驗，以及強大的創新能力和營運紀律，並且對我們當前的優先事項有清晰的了解。他對業務的熟悉程度和過往的執行記錄將幫助我們更快、更清晰地進入下一階段。我期待著支持平穩過渡並保持我們的發展勢頭。所以，謝謝你。

Thank you. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝。今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。