PayPal Holdings, Inc. (PYPL) 2026 Q2 法說會逐字稿

Good morning and welcome to PayPal's second-quarter 2026 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 2026 年第二季財報電話會議。我是 Sarah，今天將擔任會議接線員。提醒各位，本次會議將被錄音。

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.

現在我想把會議交給今天的主持人——PayPal 投資人關係長 Steve Winoker。請開始。

Thanks, Sarah. Welcome to PayPal's second-quarter 2026 earnings call. I'm joined by CEO, Enrique Lores; and Chief Financial and Operating Officer, Jamie Miller.

謝謝你，Sarah。歡迎參加 PayPal 2026 年第二季財報電話會議。今天與我一同出席的有執行長 Enrique Lores，以及財務與營運長 Jamie Miller。

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

我們今天的發言包含前瞻性陳述，涉及風險與不確定性。實際結果可能與這些陳述有重大差異。我們的評論係基於我們對當前世界情勢與自身業務的最佳觀點。如同我們的財報新聞稿、向 SEC 提交的文件以及網站所述，相關因素可能會隨著世界變化而改變。

Over to you, Enrique.

交給你了，Enrique。

Thank you, Steve. Good morning, everyone. I am encouraged by the progress we made over the past quarter. We moved quickly to simplify our organization, operate more efficiently, advance our strategies across our three businesses and improve our cost structure.

謝謝你，Steve。各位早安。我對我們在過去一季取得的進展感到鼓舞。我們迅速採取行動簡化組織、提升營運效率、推進三大業務的策略，並改善成本結構。

We are making steady, tangible progress in our transformation, and the actions we are taking are positioning us to accelerate and diversify growth across the company while improving profitability and cash flow over time. In today's update, I will cover the highlights on the second quarter, our strategy across our three businesses, and progress on our cost savings and technology modernization initiatives.

我們的轉型正在穩健且具體地推進；我們所採取的行動正使我們能在全公司加速並多元化成長，同時隨時間提升獲利能力與現金流。在今天的更新中，我將說明第二季重點、三大業務的策略，以及我們在節省成本與技術現代化計畫上的進展。

Let me begin with some highlights from a good second quarter. We delivered results that exceeded our expectations, reflecting disciplined execution across the business. Revenue increased 5% and transaction margin dollars grew 1%. Excluding interest on customer balances, TM dollars grew 3%, driven by continued strength in Venmo, Credit and Braintree, while at the same time, increasing our growth investments this quarter.

我先從第二季的幾項亮點談起，這是一個表現良好的季度。我們交出超出預期的成果，反映出全業務的紀律性執行。營收成長 5%，交易毛利（transaction margin）金額成長 1%。若排除客戶餘額利息，交易毛利金額成長 3%，主要由 Venmo、Credit 與 Braintree 的持續強勁帶動；同時，我們在本季也提高了成長投資。

Non-GAAP earnings per share exceeded our guidance, declining 1% year-over-year to $1.38. Branded checkout total payment volume continued to stabilize, increasing 2% on a currency-neutral basis consistent with last quarter. Venmo and Braintree once again delivered strong momentum, with total payment volume growing in the mid-teens.

非 GAAP 每股盈餘高於我們的指引，年減 1% 至 1.38 美元。品牌結帳（Branded checkout）總支付量持續趨於穩定，以固定匯率基礎計算成長 2%，與上季一致。Venmo 與 Braintree 再次展現強勁動能，總支付量以十位數中段（mid-teens）的幅度成長。

We also generated strong free cash flow, providing flexibility to continue investing in the business while returning capital to shareholders through our repurchase program and dividend. Our performance in the quarter gives us confidence as we move into the second half of the year.

我們也創造了強勁的自由現金流，使我們在持續投資業務的同時，仍能透過庫藏股回購計畫與股利向股東回饋資本。本季的表現讓我們在邁入下半年時更具信心。

As a result, we are raising our full-year guidance for transaction margin dollars and non-GAAP EPS. We're also raising our expectation for online branded checkout to the low single-digit range for the year.

因此，我們上調全年交易毛利金額與非 GAAP 每股盈餘的指引。我們也將全年線上品牌結帳的預期上調至低個位數（low single-digit）區間。

We have embarked on a multi-year transformation. We are confident in our ability to create long-term shareholder value that builds on our trusted global brands with unmatched customer scale, unique data, and a two-sided open payments network.

我們已啟動一項為期多年的轉型。我們有信心能創造長期股東價值，並以我們值得信賴的全球品牌、無可匹敵的客戶規模、獨特數據，以及雙邊開放式支付網路為基礎持續發展。

At the heart of our plan are five important changes. We are diversifying our business model beyond checkout with financial services across PayPal and Venmo becoming the largest driver of future transaction margin growth. Expanding into financial services meaningfully increases our addressable market and creates new opportunities for long-term growth.

我們計畫的核心是五項重要變革。我們正將商業模式從單純結帳擴展至更廣泛領域；PayPal 與 Venmo 的金融服務將成為未來交易毛利成長的最大驅動力。擴展至金融服務將大幅提升我們的可服務市場（addressable market），並創造新的長期成長機會。

We are accelerating the momentum of Venmo and our payment service provider businesses, both of which are already delivering strong growth. We are also rebuilding the consumer side of our network through investments in technology, data and local capabilities, allowing us to better serve our highest value consumers while creating more value for merchants.

我們正在加速 Venmo 與我們支付服務供應商（payment service provider）業務的動能，這兩項業務目前都已展現強勁成長。我們也正透過在技術、數據與在地能力上的投資，重建網路的消費者端，使我們能更好地服務最高價值的消費者，同時為商戶創造更多價值。

At the same time, we have simplified our operating model around three businesses with clear accountability and priorities to improve execution. And our investment in AI and technology modernization has focused on clear business priorities and measurable outcomes that will help us accelerate innovation.

同時，我們已將營運模式簡化為三大業務，並建立清楚的責任歸屬與優先順序，以提升執行力。我們在 AI 與技術現代化上的投資，也聚焦於明確的業務優先事項與可衡量的成果，將協助我們加速創新。

Taken together, we believe these changes position PayPal for stronger execution, more diversified growth and greater long-term shareholder value. So while there is still important work ahead, we have established a strong foundation. Our priorities are clear. Our investments are aligned with those priorities, and we are executing with discipline to build a stronger, more competitive business.

綜合而言，我們相信這些變革將使 PayPal 具備更強的執行力、更為多元的成長，以及更高的長期股東價值。因此，儘管前方仍有重要工作要做，我們已建立堅實的基礎。我們的優先事項很清楚。我們的投資與這些優先事項一致，並以紀律執行，打造更強大、更具競爭力的業務。

Let me walk you through how we see our strategy unfolding over time. We have already begun strengthening the fundamentals across our business, focused on the changes I just outlined, and this work will continue into 2027.

接下來我將說明我們如何看待策略隨時間推進的展開方式。我們已開始強化全業務的基本面，聚焦於我剛才概述的變革，而這項工作將延續至 2027 年。

At the same time, we're laying the groundwork for our next phase of growth by investing to deepen customer engagement and increase lifetime value. These investments are already underway with momentum expecting to build in the second half of 2027 and continue throughout 2028 as new capabilities scale across the platform.

同時，我們也正透過投資來加深客戶互動並提升終身價值（lifetime value），為下一階段成長奠定基礎。這些投資已在進行中；預期動能將在 2027 年下半年逐步增強，並在 2028 年持續推進，隨著新能力在平台上規模化。

Looking to 2028 and beyond, we expect our next-generation innovations such as agentic payments and digital identity to become increasingly meaningful contributors to our business. We believe these are areas where the industry will be fundamentally reshaped and we are investing today to position PayPal to help define what comes next.

展望 2028 年及以後，我們預期下一代創新（例如代理式支付（agentic payments）與數位身分）將對我們的業務做出愈來愈重要的貢獻。我們相信這些領域將使產業被根本性重塑；我們今天就投入資源，讓 PayPal 能在下一步發展中扮演定義者的角色。

Let me now turn to the strategy for each business. Let me begin with Checkout Solutions and PayPal. We believe putting the consumer at the center of our strategy will strengthen our network, improve our merchant value proposition and drive long-term growth.

現在我轉向各業務的策略。先從結帳解決方案（Checkout Solutions）與 PayPal 開始。我們相信，以消費者為策略核心將能強化我們的網路、提升對商戶的價值主張，並推動長期成長。

Over the past quarter, we have developed a much deeper understanding of how consumers engage across our platform. That work has given us greater conviction about where we can create the greatest value for consumers, merchants and PayPal.

在過去一季，我們對消費者如何在平台上互動有了更深入的理解。這項工作讓我們更有把握，知道在哪些方面能為消費者、商戶與 PayPal 創造最大價值。

We are sharpening our focus on our highest value consumer segments because they represent our greatest opportunity for long-term growth. This is a large and growing cohort of highly engaged consumers whose active accounts and average revenue per active account are growing faster than the rest of our customer base. They account for the majority of our payment volume and improving how we serve them is our first priority.

我們正更聚焦於最高價值的消費者族群，因為他們代表我們長期成長的最大機會。這是一個規模龐大且持續成長的高度活躍消費者群體，其活躍帳戶數與每活躍帳戶平均營收（ARPA）成長速度都快於其他客群。他們貢獻了我們大部分的支付量，而改善我們服務他們的方式是我們的首要任務。

Our objective is to make PayPal a more valuable part of our customer's everyday financial lives. The more value we create for consumers, the more value we create for merchants. Checkout remains foundational, but financial services, including Buy Now Pay Later, credit and other capabilities, allow us to deepen customer relationships well beyond the transaction.

我們的目標是讓 PayPal 在客戶的日常金融生活中成為更有價值的一部分。我們為消費者創造的價值越多，就能為商戶創造越多價值。結帳仍是基礎，但金融服務（包括先買後付、信用與其他能力）讓我們能在交易之外更深入地建立客戶關係。

By retaining these customers longer, increasing our share of wallet and attracting more consumers like them, we can improve customer lifetime value, engagement and durable volume growth. Over time, we'll extend this approach to adjacent Consumer segments that value payment flexibility, security and savings, making PayPal an integral part of their everyday financial life.

透過更長時間留住這些客戶、提高我們在其錢包份額（share of wallet）中的占比，並吸引更多類似的消費者，我們能提升客戶終身價值、互動程度，以及更具持久性的交易量成長。隨著時間推進，我們將把這種方法延伸至相鄰的消費者族群——他們重視支付彈性、安全性與節省——使 PayPal 成為其日常金融生活不可或缺的一部分。

Executing this strategy requires a much deeper understanding of our customers. As we modernize our technology platform, improvements in our data and AI capabilities are enabling levels of segmentation and personalization that simply weren't possible before.

要執行這項策略，需要對客戶有更深入的理解。隨著我們現代化技術平台，數據與 AI 能力的提升正使我們能達到過去根本無法做到的分群與個人化程度。

Those capabilities help us deliver more relevant experiences, better match products to customer needs and invest where we see the greatest opportunity to create value. We are putting this strategy into action by improving the end-to-end customer experience and investing behind the products, capabilities, and market where we have the strongest competitive advantage.

這些能力有助於我們提供更具相關性的體驗，更好地將產品與客戶需求配對，並在我們看到最有機會創造價值的領域進行投資。我們正透過改善端到端的客戶體驗，並在我們具備最強競爭優勢的產品、能力與市場上加大投資，將這項策略付諸實行。

Buy Now Pay Later is one example where we are expanding both distribution and presentment. This quarter, [PIMU] introduced BNPL in Canada, expanding availability to eight markets globally, and Home Depot Canada launched upstream presentment of our BNPL offerings.

先買後付（Buy Now Pay Later）就是我們同時擴大分銷與呈現（presentment）的其中一個例子。本季，[PIMU]在加拿大推出BNPL，將可用性擴展至全球八個市場，而Home Depot Canada也上線了我們BNPL方案的上游呈現。

PayPal Ads is another example of this strategy in action. By leveraging the depth of our consumer purchase data, we can help merchants reach consumers who are ready to buy while delivering more relevant and personalized experiences.

PayPal Ads是這項策略落地的另一個例子。透過運用我們深厚的消費者購買數據，我們能協助商家觸及已準備購買的消費者，同時提供更具相關性與個人化的體驗。

These are early examples of how we are making PayPal more relevant to consumers while delivering greater value for merchants. That's the virtuous cycle that strengthens our two-sided network over time.

這些都是我們如何讓PayPal對消費者更具相關性、同時為商家帶來更大價值的早期例子。這正是隨時間強化我們雙邊網路的良性循環。

Longer-term, we'll unlock new sources of profitable growth through initiatives like agentic payments while creating stronger network effects by better monetizing the wallet, identity and merchant infrastructure we have built over the past two decades.

從更長期來看，我們將透過代理式支付（agentic payments）等計畫解鎖新的獲利性成長來源，同時更有效地變現我們在過去二十年所建立的錢包、身分（identity）與商家基礎設施，以創造更強的網路效應。

Turning now to Consumer Financial Services and Venmo. We are evolving Venmo from a peer-to-peer payments app into a broader money management platform. As we expand the value we deliver to consumers, we expect to drive deeper engagement, increase monetization and accelerate the growth of Venmo.

接下來談消費者金融服務與Venmo。我們正將Venmo從點對點支付App演進為更廣泛的資金管理平台。隨著我們擴大為消費者提供的價值，我們預期將帶動更深度的互動、提升變現能力，並加速Venmo的成長。

Our first priority is to strengthen Venmo's core peer-to-peer payments experience, which brings customers and funds into the ecosystem. This quarter, we rebuilt the Venmo app to create a more personalized peer-to-peer experience and improve product discovery and engagement.

我們的首要任務是強化Venmo核心的點對點支付體驗，這能將客戶與資金帶入生態系。本季，我們重建了Venmo App，以打造更個人化的點對點體驗，並改善產品探索與互動。

Once we have engaged new users and grown their Venmo balances, our next priority will drive broader adoption of our financial services offerings to expand average revenue per account. We know our customers value products like our Venmo Debit Card, and they are using them more frequently with monthly active accounts up more than 50% year-over-year.

在我們吸引新用戶並提升其Venmo餘額之後，下一個優先事項將是推動更廣泛採用我們的金融服務產品，以提高每帳戶平均收入（ARPA）。我們知道客戶重視如Venmo簽帳金融卡等產品，而且使用頻率正在提升，月活躍帳戶數年增超過50%。

We also know that customers who use more products have significantly higher ARPA. In the second quarter, customers using both the Venmo debit and Pay with Venmo generated more than 9 times higher ARPA than peer-to-peer only users, and this group has roughly doubled in size in the past year.

我們也知道，使用更多產品的客戶，其ARPA顯著更高。在第二季，同時使用Venmo簽帳金融卡與Pay with Venmo的客戶，其ARPA較僅使用點對點支付的用戶高出逾9倍，而這個族群在過去一年規模約翻倍。

We recently launched a holistic marketing program to drive broader adoption of these monetized products, and we believe there is much more room to grow. Over time, we will launch new products that enable consumers to send, spend and borrow seamlessly. This is where PayPal's connected ecosystem gives us a differentiated right to win.

我們近期推出一項整體行銷計畫，以推動這些可變現產品的更廣泛採用，我們相信仍有很大的成長空間。隨著時間推進，我們將推出新產品，讓消費者能無縫地匯款、消費與借貸。這正是PayPal互聯生態系賦予我們差異化勝出權（right to win）的地方。

By bringing Venmo into the PayPal architecture, we can move faster, extend proven PayPal financial services capabilities to Venmo and lean into shared capabilities across identity, technology and risk to create an even better consumer value proposition. The momentum we are seeing today reinforces our confidence that this strategy will continue to deliver durable monetization.

透過將Venmo納入PayPal架構，我們能更快速推進，將已驗證的PayPal金融服務能力延伸至Venmo，並運用身分、技術與風險等共享能力，打造更佳的消費者價值主張。我們目前看到的動能，進一步強化了我們對此策略將持續帶來持久變現能力的信心。

Moving to Payment Services and Crypto, Braintree has delivered profitable growth for nine consecutive quarters. We have won new deals, deepened our relationship with existing merchants and improved overall margins with our suite of premium value-added services. Now, we must win as a modern payment services provider.

談到支付服務與加密貨幣，Braintree已連續九個季度實現獲利性成長。我們贏得了新交易、深化與既有商家的合作關係，並透過一系列高端加值服務改善整體利潤率。現在，我們必須以現代化支付服務供應商的身分勝出。

Our immediate focus is on driving adoption of our existing value-added services across our large enterprise merchants in the US and Europe. Payouts, risk as a service, payment optimization and embedded finance solutions help merchants address increasingly complex global payments and commerce challenges. These differentiated capabilities are difficult to replicate, and we see substantial runway for further adoption.

我們眼前的重點，是推動美國與歐洲大型企業商家採用我們既有的加值服務。Payouts、風險即服務（risk as a service）、支付優化與嵌入式金融解決方案，能協助商家因應日益複雜的全球支付與商務挑戰。這些差異化能力難以複製，我們也看到後續採用仍有可觀的成長跑道。

Next, we will double down on underpenetrated customer segments and geographies where we see the greatest potential for durable, profitable growth. This includes marketplaces, platforms and large e-commerce enterprises.

接著，我們將加碼投入目前滲透率不足、且我們認為最具持久且獲利性成長潛力的客群與地區。這包括市集（marketplaces）、平台以及大型電商企業。

To better attract and serve merchants with increasingly sophisticated needs, we are expanding our technical sales capability and creating a team dedicated to selling value-added services. We are also accelerating our platform modernization work to deliver a better merchant experience by unifying Braintree, PayPal Complete Payments and Hyperwallet into a single foundation.

為了更好地吸引並服務需求日益精密的商家，我們正在擴充技術型銷售能力，並成立專責團隊銷售加值服務。我們也在加速平台現代化工作，透過將Braintree、PayPal Complete Payments與Hyperwallet整合到單一基礎之上，提供更佳的商家體驗。

Our near-term priorities are improving interoperability and expanding self-processing capabilities, merchant lending and payouts. Over time, this work will make it faster and easier for merchants to adopt, integrate and scale our full suite of capabilities.

我們的短期優先事項是提升互通性，並擴展自處理（self-processing）能力、商家放款與撥款（payouts）。隨著時間推進，這些工作將使商家更快速、更容易地採用、整合並擴展我們完整的能力組合。

Over the long-term, as this work matures, we will unlock new flexibility and rails, enabling growth across all merchant types. At the same time, we will launch more commercial offerings supported by differentiators like PYUSD and agentic payments. These capabilities can support future growth by positioning PayPal to capture more transactions wherever they take place.

長期而言，隨著這些工作成熟，我們將解鎖新的彈性與支付軌道（rails），使各類型商家都能實現成長。同時，我們將推出更多商業產品，並以PYUSD與代理式支付（agentic payments）等差異化優勢作為支撐。這些能力可透過讓PayPal在交易發生的任何場景中捕捉更多交易量，來支持未來成長。

I want to close with an update on our cost savings and technology modernization initiatives. We are making good progress on our plan to deliver at least $1.5 billion of gross run rate savings over the next two to three years. This work will power our next chapter of growth by creating a more focused organization, modernizing our technology platform and improving our cost structure.

最後，我想就我們的成本節省與技術現代化計畫提供最新進展。我們在未來兩到三年內實現至少15億美元總（gross）年化節省（run rate savings）的計畫上，進展良好。這些工作將透過打造更聚焦的組織、現代化我們的技術平台並改善成本結構，為我們下一階段的成長提供動能。

Over the last quarter, we have taken concrete steps to simplify our operations. We are on track to remove three organizational layers across the company and increase spans of control this year. Our executive team has finalized the leadership structure in their organizations and teams are starting to operate with greater focus, clearer accountability and stronger alignment across our priorities.

在上一季度，我們已採取具體措施以簡化營運。我們正按計畫在今年於全公司移除三層組織層級，並擴大管理幅度（spans of control）。我們的高階管理團隊已完成各自組織的領導架構定案，各團隊也開始以更聚焦、更清晰的責任歸屬，以及在優先事項上更強的一致性來運作。

At the same time, we are continuing to modernize our technology platform to create simpler, more unified customer experiences, accelerate innovation and improve our cost structure. Our priorities are clear, converging into a single platform to reduce complexity, continuing our migration from owned data centers to the cloud, building a more modular and scalable architecture that strengthens our competitive advantage and enhancing the consistency, resiliency and quality of every customer experience through stronger controls and standardized capabilities.

同時，我們持續推動技術平台現代化，以打造更簡單、更一致的客戶體驗，加速創新並改善成本結構。我們的優先事項很明確：匯聚到單一平台以降低複雜度、持續將自有資料中心遷移至雲端、建立更模組化且可擴展的架構以強化競爭優勢，並透過更強的控管與標準化能力，提升每一次客戶體驗的一致性、韌性與品質。

We are managing this program tightly, and as you can see, our technology modernization milestones are broadly on track. Combined, these efforts will make us faster, more efficient and better positioned to execute our strategy over the long-term.

我們正嚴密管理此計畫；如各位所見，我們的技術現代化里程碑整體上大致按計畫推進。綜合而言，這些努力將使我們更快速、更有效率，並在長期更有利於執行我們的策略。

Before I conclude, I want to address the recent M&A speculation regarding the company. I'm sure you can understand, as a matter of policy, we don't comment on market speculation or potential M&A discussion.

在我結束之前，我想回應近期市場對本公司併購（M&A）的揣測。我相信各位能理解，基於政策考量，我們不評論市場揣測或任何潛在的併購討論。

As a Board and Management Team, our responsibility is to maximize long-term shareholder value. We believe that executing the transformation strategy I have outlined will create significant value for our shareholders. That remains our focus. While there is still significant work ahead, I have strong conviction in our direction and in our ability to execute.

作為董事會與管理團隊，我們的責任是最大化股東的長期價值。我們相信，落實我所概述的轉型策略，將為股東創造可觀價值。這仍是我們的重點。儘管前方仍有大量工作要做，我對我們的方向以及執行能力抱持高度信念。

At the same time, we remain open and objective in evaluating opportunities. If we see levers or a path that we believe would create superior value for our shareholders than executing our current strategy, we would, of course, carefully consider them. And to close, I want to thank the PayPal team for the good results this quarter and for all the work you are doing for our customers, the company and our shareholders.

同時，我們也會以開放且客觀的態度評估各種機會。如果我們看到某些槓桿或路徑，並相信其能為股東創造優於執行現行策略的價值，我們當然會審慎加以考量。最後，我要感謝PayPal團隊在本季取得良好成果，也感謝各位為我們的客戶、公司與股東所付出的所有努力。

Jamie, over to you.

Jamie，交給你了。

Thanks, Enrique. Over the last quarter, the team has focused on sharpening our strategy across each of our three core businesses while taking a rigorous approach to identifying the opportunities where we believe we can generate the highest and most durable return on our investments. Based on the progress to date, we are confident that greater strategic clarity, underpinned by sharper execution and a leaner cost structure will enable us to deliver durable results over time.

謝謝你，Enrique。在過去一個季度，團隊專注於在我們三大核心業務的各個面向精煉策略，同時以嚴謹的方法辨識我們認為能為投資帶來最高且最具持續性的回報機會。基於目前為止的進展，我們有信心，更清晰的策略方向，加上更到位的執行力與更精簡的成本結構，將使我們能在時間推移中交付具持續性的成果。

Turning to the financials in more detail on slide 9, PayPal delivered a good quarter with both transaction margin dollars and non-GAAP earnings per share coming in above our guide. Total payment volume was $486 billion, accelerating to 9% currency-neutral growth.

更詳細地看第9頁投影片的財務表現，PayPal 本季表現良好，交易毛利美元（transaction margin dollars）與非 GAAP 每股盈餘皆高於我們的指引。總支付金額（TPV）為 4,860 億美元，按固定匯率計算的成長加速至 9%。

On a currency-neutral basis, online branded checkout volume growth stabilized at 2% for a second consecutive quarter, while Braintree and Venmo continued to grow in the mid-teens. Second-quarter revenue grew 5% on a spot and 3% on a currency-neutral basis.

按固定匯率計算，線上品牌結帳（online branded checkout）交易量成長連續第二季穩定在 2%，而 Braintree 與 Venmo 持續維持在十幾%的成長。第二季營收按即期匯率成長 5%，按固定匯率成長 3%。

Our Financial Services portfolio, including credit and Buy Now Pay Later, is showing good momentum on pace to grow revenue at least twice as fast as the total company this year. Transaction margin dollars excluding interest on customer balances grew 3%. The drivers of our year-over-year transaction margin dollar growth were broad-based.

我們的金融服務（Financial Services）產品組合（包含信用與先買後付）動能良好，預期今年營收成長速度至少將達到公司整體的兩倍。扣除客戶餘額利息後的交易毛利美元成長 3%。我們交易毛利美元的年增動能來自多面向的驅動因素。

From a product lens, drivers included Venmo monetization, continued strong credit performance, and Braintree improvement. In addition, FX favorability and lower losses across PayPal and Venmo contributed to transaction margin dollar performance in the quarter. Growth in these areas more than offset investments to strengthen branded checkout and drive higher engagement over time.

從產品角度來看，驅動因素包括 Venmo 變現、持續強勁的信用表現，以及 Braintree 的改善。此外，外匯有利因素，以及 PayPal 與 Venmo 的損失下降，也對本季交易毛利美元表現有所貢獻。上述領域的成長，已足以抵銷我們為強化品牌結帳並在時間推移中提升互動度所進行的投資。

Second-quarter non-GAAP earnings per share came in better than our guidance, declining 1% to $1.38. We saw benefits from stronger transaction margin dollars growth and a lower effective tax rate with some offset from higher non-transaction operating expense, which I will discuss shortly. Adjusted free cash flow, which excludes the timing impact from the origination and sale of pay later receivables, was $1.8 billion.

第二季非 GAAP 每股盈餘優於我們的指引，小幅下滑 1% 至 1.38 美元。我們受惠於交易毛利美元成長更強，以及有效稅率較低，但部分被較高的非交易相關營運費用所抵銷，我稍後會說明。調整後自由現金流（排除先買後付應收款項承作與出售的時點影響）為 18 億美元。

Turning to slide 10, we continue to drive deeper, more active relationships with our customers. Monthly active accounts increased 1% to 228 million. Transactions per active account, excluding PSP, grew 7%, accelerating for a second consecutive quarter.

看第10頁投影片，我們持續與客戶建立更深、更活躍的關係。月活躍帳戶數成長 1% 至 2.28 億。每個活躍帳戶的交易筆數（不含 PSP）成長 7%，連續第二季加速。

Moving to slide 11, we continue to see more diversified sources of growth across our business. Branded experiences TPV, which includes online checkout, PayPal and Venmo debit, as well as tap to pay, grew 6% compared to 5% in the first quarter and 4% in the fourth quarter. While debit card and tap to pay spend represent a small portion of Branded experiences volume today, growth remains strong at greater than 60% year over year.

來到第11頁投影片，我們持續看到業務各面向的成長來源更加多元。品牌體驗（Branded experiences）TPV（包含線上結帳、PayPal 與 Venmo 簽帳金融卡，以及感應支付 tap to pay）成長 6%，高於第一季的 5% 與第四季的 4%。雖然簽帳金融卡與感應支付的支出目前在品牌體驗交易量中占比仍小，但年增仍維持強勁，超過 60%。

Venmo TPV continues to reach new highs, delivering 14% growth year over year and marking the seventh consecutive quarter of double-digit growth. Online branded checkout volume growth further stabilized, up 2% on a currency-neutral basis, consistent with first-quarter growth. This was slightly better than our expectations, primarily driven by accelerating Buy Now Pay Later and Pay with Venmo performance, as well as faster growth in the US.

Venmo TPV 持續創新高，年增 14%，並連續第七季維持雙位數成長。線上品牌結帳交易量成長進一步穩定，按固定匯率計算成長 2%，與第一季一致。此表現略優於我們預期，主要由先買後付與 Pay with Venmo 表現加速，以及美國市場成長更快所帶動。

Pay with Venmo and Buy Now Pay Later continue to outpace the market, taking share from other payment methods and growing 44% and 26%. P2P and other consumer volume growth remains healthy, up 10% in the second quarter and reflecting the debit card and Venmo momentum I just mentioned.

Pay with Venmo 與先買後付持續跑贏市場，從其他支付方式手中取得市占，分別成長 44% 與 26%。P2P 與其他消費者交易量成長仍然健康，第二季成長 10%，反映我剛提到的簽帳金融卡與 Venmo 動能。

Turning to PSP, volume growth accelerated to 13% from 11% in the first quarter and from 7% in the second half of 2025. Braintree TPV continued to grow in the mid-teens from a combination of growth in profitable front book business, high retention and growth alongside our existing merchant base. We are driving higher attachment of value-added services, supporting margin expansion over time.

談到 PSP，交易量成長從第一季的 11% 加速至 13%，也高於 2025 年下半年的 7%。Braintree TPV 持續維持在十幾%的成長，來自獲利性新客（front book）業務成長、高留存率，以及與既有商戶基礎同步擴張。我們正推動更高的加值服務附加率（attachment），以在時間推移中支持毛利擴張。

Moving to more financial detail on slide 12, transaction revenue grew 5% on a spot basis to $7.8 billion. Other value-added services revenue was approximately flat at $850 million, driven by strong contribution from consumer and merchant credit, offset primarily by lower interest rates on customer balances.

在第12頁投影片提供更多財務細節：交易營收按即期匯率成長 5% 至 78 億美元。其他加值服務營收約持平於 8.5 億美元，主要由消費者與商戶信用業務的強勁貢獻所帶動，但主要被客戶餘額利率較低所抵銷。

Transaction take rate declined by 7 basis points to 1.61%. Operationally, this was driven by a combination of factors, including branded co-marketing investments and mix dynamics, including faster Venmo growth. TM dollars, ex interest on customer balances, grew 3%. Within volume-based expenses, transaction expense as a percentage of TPV was 90 basis points, increasing slightly year over year from mix shift to Braintree.

交易抽成率（transaction take rate）下降 7 個基點至 1.61%。在營運層面，這是多項因素共同造成，包括品牌聯合行銷（co-marketing）投資，以及組合變化（例如 Venmo 成長更快）。扣除客戶餘額利息後的交易毛利美元成長 3%。在與交易量相關的費用中，交易費用占 TPV 的比率為 90 個基點，因組合轉向 Braintree 而較去年同期略增。

Transaction loss as a percentage of TPV improved slightly year over year to 7 basis points. This reflects our team's ongoing work and OpEx investments to improve and strengthen onboarding, fraud prevention, and risk management capabilities.

交易損失占 TPV 的比率較去年同期小幅改善至 7 個基點。這反映團隊持續投入工作與營運費用（OpEx）投資，以改善並強化開戶導入（onboarding）、防詐，以及風險管理能力。

During the second quarter, we made meaningful progress on our reorganization and sharpened our view of the highest impact actions needed to accelerate our growth strategy. At the same time, we saw stronger-than-expected underlying business performance, including transaction margin trends, and against that backdrop, we have invested more heavily in a number of high-priority areas, which helped drive higher non-transaction-related operating expense in the quarter and will continue into third quarter.

第二季期間，我們在組織重整方面取得實質進展，並更清楚掌握為加速成長策略所需的最高影響力行動。同時，我們也看到基礎業務表現優於預期，包括交易毛利趨勢；在此背景下，我們在多個高優先領域加大投資，推升本季較高的非交易相關營運費用，且此趨勢將延續至第三季。

These investments reflect our prioritization of operating spend in the areas where we see the greatest long-term value creation and position us to capitalize on the momentum we're seeing while advancing our transformation. It's important to note that part of the increase is timing.

這些投資反映我們將營運支出優先配置在我們認為最能創造長期價值的領域，使我們能把握目前看到的動能，同時推進轉型。需要強調的是，部分增加屬於時點因素。

We're investing ahead of cost savings that we expect to become more material in the fourth quarter. These investments include platform and cloud modernization, risk capabilities that improve loss performance, and targeted investments to support our highest priority growth initiatives. As a result of higher operating expenses, as well as the lapping of the non-recurring partner benefit previously discussed, non-GAAP operating income was down 8% in the quarter to $1.5 billion.

我們在預期第四季成本節省將更為顯著之前，先行投入。這些投資包括平台與雲端現代化、可改善損失表現的風險能力，以及支持我們最高優先成長計畫的精準投資。由於營運費用較高，以及先前提及的一次性合作夥伴利益不再（lapping），本季非 GAAP 營業利益下滑 8% 至 15 億美元。

Moving to capital allocation, in the second quarter, we completed $1.5 billion in share repurchases, bringing the trailing 12-month total to $6 billion. We ended the quarter with $15.3 billion in cash, cash equivalents and investments, and $13.4 billion in debt.

在資本配置方面，第二季我們完成 15 億美元的庫藏股回購，使過去 12 個月累計達到 60 億美元。季末我們持有 153 億美元的現金、約當現金與投資，以及 134 億美元的負債。

Moving to guidance on slide 13 for the third-quarter and full-year 2026, we are pleased with our first-half performance, reflecting continued stabilization and the resilience of our business while driving significant organizational change.

接著看第13頁投影片的第三季與 2026 全年指引，我們對上半年表現感到滿意，反映在推動重大組織變革的同時，業務持續穩定並展現韌性。

As Enrique highlighted, 2026 is a year where PayPal is strengthening its fundamentals and its execution muscle to position for greater momentum in the years ahead. The progress we've made to date gives us greater clarity on the path forward for each of our three main businesses.

如 Enrique 所強調，2026 年是 PayPal 強化基本面與執行肌肉的一年，為未來幾年更強的動能做好準備。我們迄今取得的進展，讓我們對三大主要業務各自的前進路徑有更清晰的認識。

With that as a backdrop, we are raising guidance for the full year. We now expect transaction margin dollars to increase to approximately $15.6 billion or $14.5 billion, excluding interest on customer balances; approximately 7% to 8% growth in non-transaction operating expenses; and non-GAAP EPS to increase to $5.38.

在此背景之下，我們上調了全年財測指引。我們目前預期交易毛利美元將增加至約156億美元；若不含客戶餘額利息，則約為145億美元；非交易相關營運費用將成長約7%至8%；非GAAP每股盈餘將提升至5.38美元。

Our guidance continues to assume at least $6 billion of adjusted free cash flow and approximately $6 billion in share repurchases. For online branded checkout, we now expect low single-digit TPV growth on a currency-neutral basis for the full year, reflecting a modest improvement from our prior expectations.

我們的指引仍假設調整後自由現金流至少60億美元，以及約60億美元的股票回購。就線上品牌結帳而言，我們目前預期全年在匯率中性基礎下TPV將呈低個位數成長，反映較先前預期略有改善。

We are encouraged by the early progress of our targeted growth investments and remain disciplined in evaluating their performance, balancing near and longer-term value creation. We now expect these investments to represent a modestly lower headwind to transaction margin dollars in 2026 than the 3 points we previously anticipated.

我們對於聚焦式成長投資的早期進展感到鼓舞，並持續以紀律方式評估其表現，在短期與長期價值創造之間取得平衡。我們目前預期，這些投資在2026年對交易毛利美元的逆風將較我們先前預估的3個百分點略低。

This primarily reflects the timing of investment activity during the year rather than any change to our conviction around these initiatives. Consistent with the investments we've already discussed, a portion of that benefit is offset by higher non-transaction OpEx as we continue investing in our transformation and other high-priority opportunities.

這主要反映的是年度內投資活動的時點安排，而非我們對這些計畫的信心有所改變。與我們已討論過的投資一致，其中一部分效益會被較高的非交易相關營運費用所抵銷，因為我們持續投資於轉型以及其他高優先級機會。

On savings initiatives, we have simplified our operating model and are on track to remove three organizational layers. We have decreased end-to-end production time, embedding AI within the full software delivery cycle, and we have prioritized geographies for investment and identified specific rationalization opportunities.

在節省成本的計畫方面，我們已簡化營運模式，並正按計畫移除三層組織層級。我們已縮短端到端的生產時間，將AI嵌入完整的軟體交付週期，同時也已優先排序投資地區並辨識出具體的精簡整併機會。

We are on track to achieve at least $1.5 billion in gross run rate cost savings over the next two to three years. We have already identified actions to unlock approximately $400 million of new run rate gross savings by the end of this year, with a portion to be realized in the fourth quarter.

我們正按計畫在未來兩到三年內達成至少15億美元的年度化毛額成本節省（gross run rate）。我們已辨識出可在今年底前釋放約4億美元新增年度化毛額節省的行動，其中一部分將在第四季實現。

While we are still finalizing our plans, this first phase of actions could result in a transformation-related charge of approximately $120 million to $140 million during the second half of 2026. Consistent with what we shared last quarter, we intend to reinvest a significant portion of these savings into our highest-priority growth initiatives while improving operating leverage and our overall financial profile over time.

雖然我們仍在敲定計畫，但這第一階段的行動可能在2026年下半年帶來約1.2億至1.4億美元的轉型相關費用。與我們上季分享的一致，我們打算將這些節省中的相當大一部分再投資於最高優先級的成長計畫，同時隨時間推進改善營運槓桿與整體財務體質。

With that said, we are raising our full-year guidance for non-GAAP transaction margin dollars and earnings per share, while also expecting higher non-transaction related operating expense growth, reflecting the stronger business performance we're seeing and investments aligned with our strategy. We expect our cost savings initiatives to become more meaningful in the fourth quarter, which will benefit operating expense as the year progresses.

話雖如此，我們上調了全年非GAAP交易毛利美元與每股盈餘的指引，同時也預期非交易相關營運費用成長將更高，反映我們所看到更強勁的業務表現，以及與策略一致的投資。我們預期成本節省計畫在第四季將變得更為顯著，並將隨著年度推進而有利於營運費用表現。

Now turning to more specifics for the third quarter, we expect low single-digit revenue growth on a currency neutral basis; slightly positive growth in transaction margin dollars; transaction margin dollars excluding interest on customer balances to be slightly positive to growing low single-digits; high single-digit growth in non-transaction operating expenses; and non-GAAP earnings per share to decline within a low single-digit range. As implied from our guidance for the third quarter and the full year, we also expect fourth-quarter transaction margin dollar growth to be slightly positive.

接著談第三季更具體的展望，我們預期在匯率中性基礎下營收將呈低個位數成長；交易毛利美元將略為正成長；不含客戶餘額利息的交易毛利美元將略為正成長至低個位數成長；非交易相關營運費用將呈高個位數成長；非GAAP每股盈餘將在低個位數範圍內下滑。如同第三季與全年指引所隱含的，我們也預期第四季交易毛利美元成長將略為正向。

I'd like to wrap up by thanking the PayPal team for everything they've accomplished this quarter. Our path to realizing the next phase of PayPal's growth is becoming clearer with substantive progress, and we remain focused on building our momentum to drive durable long-term value creation.

最後，我想感謝PayPal團隊在本季所完成的一切。我們實現PayPal下一階段成長的路徑，隨著實質進展而愈發清晰；我們仍專注於建立動能，以推動可持續的長期價值創造。

With that, Steve, let's go to Q&A.

那麼，Steve，我們進入問答環節。

Before we open the lines for Q&A, 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. Sarah, please open the line.

在開放問答之前，我想請各位每人限制一個問題，讓我們能盡可能回答更多分析師的提問。Sarah，請開線。

(Operator Instructions) Jason Kupferberg, Wells Fargo.

(接線員指示) Jason Kupferberg，富國銀行。

I wanted to start on the topic of the savings and the reinvestment. I know you're reinvesting most, if not all, of the $1.5 billion-plus. How much of that reinvestment, I guess, over the next two, three years is expected to be above the transaction profit line? And what's your sense as to how long these planned reinvestments will take to actually move the needle on transaction margin dollar growth?

我想先從節省成本與再投資這個主題開始。我知道你們正在再投資大部分、甚至可能全部超過15億美元的金額。我想問的是，在未來兩到三年，這些再投資中有多少預期會落在交易利潤線以上（above the transaction profit line）？另外，你們認為這些規劃中的再投資需要多久才能真正對交易毛利美元成長產生明顯影響？

And maybe I'll answer the first part of that. And Enrique, you might want to talk a little bit more about the strategy as we go forward. As you mentioned, we are well underway with our, at least, $1.5 billion cost-out program.

我先回答第一部分。Enrique，接下來你也許可以再多談一些我們往前走的策略。如你所提到的，我們至少15億美元的成本削減計畫已在順利推進中。

We're in the first phase of it, really focused right now on structure and alignment, removing duplication, spans and layers, really improving our execution speed. And we'll move into the later phases over the next 12 to 18 months. We're seeing really good progress.

我們目前處於第一階段，主要聚焦在組織架構與對齊，移除重複、管理幅度與層級，真正提升我們的執行速度。接下來12到18個月，我們將進入後續階段。我們看到非常好的進展。

And in connection with that, we do expect to reinvest much of those savings over the next few years back into the areas that support our strategy. And some of that is around technology and risk, but a big portion of it is around really building out product in a deeper way, Financial Services, Buy Now Pay Later, the integration of that back into PayPal and into Venmo.

同時，我們確實預期在未來幾年將把這些節省中的大部分再投資回到支持我們策略的領域。其中一部分與技術與風險相關，但更大一部分是要更深入地打造產品，包括金融服務、先買後付（Buy Now Pay Later），以及將其重新整合回PayPal與Venmo。

And really making sure that we've got the right consumer platforms around that and the marketing dollars to really shift and deepen our consumer value prop over time and have that come through in the way of stronger operating leverage as we do it. But Enrique, you may want to talk a little bit more about the strategy piece of that.

並且確保我們具備相應的消費者平台，以及行銷預算，來隨時間推移真正轉變並深化我們對消費者的價值主張，並在此過程中以更強的營運槓桿呈現成果。不過，Enrique，你可能想再多談一些策略面的部分。

Our investments are going to be fully aligned to the areas that we described during the prepared remarks as the changes we are driving in the strategy. First of all, we see a big opportunity in changing and expanding into financial services. And we are going to be investing to expand our portfolio, to expand our geographical coverage and also to increase -- to expand from a distribution perspective.

我們的投資將完全對齊我們在事先準備的發言中所描述、正在推動的策略變革領域。首先，我們看到在轉型並擴展至金融服務方面有很大的機會。我們將投資以擴大產品組合、擴大地理覆蓋範圍，並且從通路/分銷角度進一步擴張。

And we are working with multiple partners and companies to make that happen. For example, PayPal will be soon launching an integrated consumer lending partnership with Amazon for Germany and Austria. And this is a good example of the type of investments we are going to be making.

我們正與多個合作夥伴與公司合作以促成此事。例如，PayPal很快將在德國與奧地利，與Amazon推出整合式消費者借貸合作方案。這就是我們將進行之投資類型的一個良好例子。

Second, we also mentioned that we are going to be accelerating our growth both in Venmo and in PSP and Braintree, and we are going to do that by investing both on the product side and on the go-to-market side. We said we are going to be re-energizing our consumer side of the PayPal network, and this means we will be investing in marketing, data capabilities, data processing capabilities to really reinforce our position in that side of the network.

第二，我們也提到將加速Venmo以及PSP與Braintree的成長，而我們將透過在產品端與市場推廣（go-to-market）端的投資來達成。我們表示將重新活化PayPal網路的消費者端，這意味著我們會投資於行銷、數據能力與數據處理能力，以真正強化我們在網路該端的地位。

And we mentioned already last quarter that we have embarked in a big project to modernize our technology, to improve our risk management capabilities. These will deserve investments as well. And we are going to continue to invest in long-term innovation related to agentic commerce, related to ads, related to PayPal World.

此外，我們在上季已提到，我們已啟動一個大型專案來現代化我們的技術，並提升風險管理能力。這些同樣需要投資。我們也將持續投資於與代理式商務（agentic commerce）、廣告以及PayPal World相關的長期創新。

So we have a very clear definition of what the investment areas are going to be. And this is why the saving program is so important because the majority of these investments will be self-funded with the savings that Jamie described.

因此，我們對投資領域將會是什麼有非常清楚的定義。這也是為什麼儲蓄計畫如此重要，因為這些投資中的大多數將會由 Jamie 所描述的儲蓄來自籌資、自行負擔。

Ting [Jin] Wang, JPMorgan.

Ting [Jin] Wang，摩根大通。

My phone's a little laggy today. If you don't mind, there was just one question, Steve. I appreciate that. Just one quickly for Enrique. I'm just curious, can you just give us an update on what you see in terms of maybe your conviction on the synergies between PayPal, Braintree, and Venmo? Has that changed over the last 90 days or so? Any examples of what you're excited about here as you try to execute against those synergies?

我今天手機有點卡。如果你不介意的話，Steve，我只有一個問題。感謝你。很快問 Enrique 一個。我只是好奇，你能否更新一下你對 PayPal、Braintree 與 Venmo 之間協同效應的看法，特別是你信心的程度？過去大約 90 天左右有改變嗎？在你嘗試落實這些協同效應時，有沒有任何讓你感到興奮的例子可以分享？

And I know the deal -- you probably can't comment too much, but maybe just a little bit more color on what's happening on the ground? Does the risk of a potential change in control create any tension with merchants and marketplaces and their willingness to work with PayPal and to promote PayPal and some of the plans that you have, especially on the new product side? Just trying to understand how you're balancing the deal activity with executing the turnaround.

我也知道這筆交易——你可能不方便評論太多，但能否再多給一點第一線的情況？潛在的控制權變更風險，是否會在商戶與平台之間造成任何緊張，影響他們與 PayPal 合作、推廣 PayPal 以及你們的一些計畫（尤其是新產品方面）的意願？我只是想了解你們如何在交易進展與執行扭轉計畫之間取得平衡。

Sure. And I will count this as two different questions. So let me start on the first one. We continue to believe that there are significant synergies across the three businesses. During the last three months, we have developed specific growth plans for the three areas for Venmo, for Braintree and for the core PayPal business.

當然。我會把這算作兩個不同的問題。我先從第一個開始。我們仍然相信這三項業務之間存在顯著的協同效應。在過去三個月，我們已針對三個領域——Venmo、Braintree 以及 PayPal 核心業務——制定了具體的成長計畫。

And as we develop them, we continue to see synergies at the customer level in terms of leveraging customers and customer presence. And as we have developed, for example, integrated plans for some of our large merchants, we have seen the opportunity and the drive and the expansion of growth that this creates for each of our businesses. As we modernize our technology, we see clearly that we can leverage investments to support all businesses that make this more efficient.

在制定這些計畫的過程中，我們持續看到在客戶層面上的協同效應，也就是透過客戶與客戶觸達來相互帶動。例如，當我們為一些大型商戶制定整合式方案時，我們看到了這能為各項業務帶來的機會、動能以及成長擴張。隨著我們現代化技術架構，我們也清楚看到可以運用同一筆投資來支援所有業務，從而提升效率。

And finally, there are key capabilities the company has, for example, in the areas of risk and identity that we manage across the full company that provide synergies across all of them. So where we are today is we are very confident in our ability to grow and expand each of our businesses. We have clear goals for each of them, but at the same time, as a public company, we are open to consider other ways to create and maximize shareholder value, which is really the key goal that we have.

最後，公司在一些關鍵能力上——例如風險與身分識別——我們是以全公司範圍來管理，這也為所有業務帶來協同效應。因此，就目前而言，我們對於成長並擴大各項業務的能力非常有信心。我們對每一項業務都有清楚的目標；但同時，作為一家上市公司，我們也願意考慮其他能創造並最大化股東價值的方式，這才是我們真正的核心目標。

So let me now go to the second part of your question about the latest rumors and market speculations. And as I said in the prepared remarks, we don't comment on any of the specifics. What I can say is that our Board and management team are open and have a clear responsibility to objectively evaluate every opportunity that is presented to us, compare it with our own plan and choose the option that creates more value.

接著我來回答你問題的第二部分，關於近期的傳聞與市場揣測。如同我在事先準備的發言中所說，我們不會評論任何具體細節。我能說的是，我們的董事會與管理團隊保持開放態度，並且有明確責任以客觀方式評估每一個呈現在我們面前的機會，與我們自身的計畫比較，並選擇能創造更大價值的選項。

Today, because of all the work that we have done over the last three months and because of the status of the business, we have a very clear view of the value that we can create in the coming years. And at this point, while we remain open, our focus is on executing our own strategic plan, given the confidence that we have in creating value for shareholders.

今天，基於過去三個月所完成的所有工作，以及業務目前的狀態，我們對未來幾年能創造的價值有非常清楚的判斷。在此時此刻，雖然我們仍保持開放，但鑑於我們對為股東創造價值的信心，我們的重點是執行自身的策略計畫。

Dan Perlin, RBC Capital Markets.

Dan Perlin，RBC 資本市場。

I wanted to ask about branded checkout dynamics that you're seeing. Clearly, the stabilization at the 2% level, but it also sounds like a lot of that benefit is potentially coming from what's happening in the United States.

我想問一下你們看到的品牌結帳（branded checkout）動態。顯然目前在 2% 的水準上趨於穩定，但聽起來其中不少好處可能來自美國市場的情況。

So I'm more interested in kind of the dynamics outside of the US. And I'm just wondering, are there tensions associated with just geopolitical, is it structural, is it different in terms of the competitive landscape? So just any distinction between those two would be helpful.

所以我更關心的是美國以外的動態。我想了解，這是否與地緣政治相關的緊張有關、是否屬於結構性因素，或是在競爭格局上有所不同？因此，如果能區分這兩者之間的差異，會很有幫助。

When you look at branded checkout, we were really encouraged to see just further stabilization in the business as we move through second quarter, and we do expect that to continue when we get into the second half. And to your point, we saw nice sequential growth in the US in the second quarter with just continued strong Buy Now Pay Later momentum.

就品牌結帳而言，我們很受鼓舞地看到，隨著進入第二季，業務進一步趨於穩定；而且我們預期在下半年也會延續這個趨勢。如你所說，第二季美國市場出現不錯的季比成長，主要是「先買後付」（Buy Now Pay Later）的動能持續強勁。

Pay with Venmo was very strong. We saw some early success with our investments, and some benefit in June from the World Cup as well. When you look across our core European markets, those also improved to a slightly lesser extent than the US, but they were still very stable. We saw some pressure in the travel vertical that was earlier in the quarter and that tended to moderate as we went through the quarter.

使用 Venmo 付款（Pay with Venmo）表現非常強勁。我們也看到投資帶來的一些早期成果，另外 6 月也受惠於世界盃帶來的效益。再看我們歐洲核心市場，改善幅度略低於美國，但整體仍非常穩定。我們在旅遊垂直領域看到一些壓力，主要出現在季度較早期，並且隨著季度推進而趨於緩和。

I guess when I look across all of this, we had grown across -- in particular Europe, at very, very high rates for a long time. And so a lot of what we've seen in the last year really is more normalization of that growth, but also as we look across the landscape, certainly there's more competitive intensity as well.

我想，綜合來看——特別是在歐洲——我們過去很長一段時間都以非常、非常高的速度成長。因此，我們在過去一年看到的很多情況，其實是成長的正常化；但同時，放眼整體市場環境，競爭強度確實也更高了。

What we've been very focused on, starting about 12 or 18 months ago, is bringing our latest innovation and integrations to Europe, making sure that we're not only investing in loyalty. We're investing in upgrading the experience. We're investing in bringing Buy Now Pay Later and other elements of the consumer value prop that Enrique talked about to the European markets, and those are well underway.

我們非常專注的一點——大約從 12 到 18 個月前開始——是把我們最新的創新與整合帶到歐洲，確保我們不只是投資於忠誠度（loyalty）。我們也投資於體驗升級。我們也投資把「先買後付」以及 Enrique 提到的其他消費者價值主張元素帶到歐洲市場，而這些工作都在積極推進中。

And I would say one other piece of this that has been really important as Enrique has come in is he has spent a lot of time on the country-by-country focus on execution, really reinforcing our local teams. And in particular, around the consumer side of the network to improve execution.

另外我想補充一點，Enrique 上任後非常重要的一件事是，他花了很多時間以「逐國」的方式聚焦執行，真正強化我們的在地團隊。特別是在網路的消費者端，以提升執行力。

I think just to complement Jamie's answer, when we look at our performance relative to market, in the US, our performance has been stable compared to Q1. We have seen a slight improvement in Europe as a consequence of all the work that Jamie was commenting.

我想補充 Jamie 的回答：當我們看相對於市場的表現時，在美國，我們相較於第一季的表現維持穩定。而在歐洲，因為 Jamie 剛才提到的所有工作，我們確實看到些微改善。

So that's also encouraging in terms of how are we performing in the market. And this is one of the reasons that gives us confidence for the second half and one of the reasons why we decided to raise guidance based on what we see today happening in the market.

因此，從我們在市場中的表現來看，這也令人鼓舞。這也是讓我們對下半年有信心的原因之一，也是我們基於目前在市場上看到的情況而決定上調指引的原因之一。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Enrique, I appreciate all the disclosures on the plan and how you're thinking about the path forward in the slides. Obviously, there's been strategies and investments before that haven't necessarily materialized. But maybe you could just talk about what gives you the confidence these investments will pan out and how this plan you're outlining will be different.

Enrique，我很感謝你在投影片中對計畫以及你對未來路徑的思考做了充分揭露。顯然，過去也有一些策略與投資未必真正落地或產生效果。但你能否談談，是什麼讓你有信心這些投資會開花結果，以及你現在提出的這個計畫會有哪些不同？

Yeah, I think there are five big differences in the plan. And they are really supported by trends that we see happening in the market today and the opportunities that they open. The first big change is that we are really going to be focused on financial services and expanding into that market opportunity.

是的，我認為這個計畫有五個重大差異。而且它們確實受到我們今天在市場上看到正在發生的趨勢，以及這些趨勢所開啟的機會所支持。第一個重大改變是，我們將真正聚焦於金融服務，並擴展到那個市場機會。

Today, financial services is already a significant part of the transaction margin of the company, close to 20%, and is growing double-digit. And what our strategy is going to do is to accelerate that growth. But this is already a real business for which we see significant demand in the market.

今天，金融服務已經是公司交易毛利的重要組成部分，接近20%，而且以兩位數成長。而我們的策略要做的，就是加速這個成長。但這已經是一門真正的業務，我們看到市場上有顯著的需求。

Second big change is doubling down on our growing businesses: Venmo and PSP. In both cases, we see opportunities to capture more value. In the case of Venmo, by expanding ARPA, capturing more value per customer. And in the case of PSP, by expanding the portfolio of value-added services and increasing the attach rate, and we are making specific investments in both areas to make it happen.

第二個重大改變是加碼我們正在成長的業務：Venmo 和 PSP。在這兩個案例中，我們都看到有機會捕捉更多價值。就 Venmo 而言，透過擴大 ARPA，從每位客戶身上捕捉更多價值。而就 PSP 而言，透過擴大加值服務組合並提高附加率；我們也正在這兩個領域進行具體投資以促成這件事。

The third big change is the incremental focus on the consumer side of the network, especially in what we consider our high-value customers. We have a significant portion of customers that drive the majority of the TPV, the majority of the value.

第三個重大改變是，對網路中消費者端的額外聚焦，特別是我們所認為的高價值客戶。我們有相當大一部分客戶驅動了大多數的 TPV，以及大多數的價值。

And by understanding what they need, offering what they are demanding from us, we not only offer more value to them, but also to merchants because the more value we offer to those customers, we have more value to offer to merchants.

透過了解他們的需求、提供他們向我們所要求的內容，我們不僅為他們提供更多價值，也為商戶提供更多價值，因為我們為這些客戶提供的價值越多，就能為商戶提供越多價值。

And we see opportunities there to continue to improve the experience as we have been doing during the last month, accelerating the deployment of the new payment shifts, increasing the portfolio of offerings we offer them, especially around BNPL, and over time, making our loyalty programs more relevant. That's another big change in the strategy.

我們也看到有機會在那裡持續改善體驗，就像我們在過去一個月所做的那樣：加速部署新的支付轉換、增加我們提供給他們的產品組合，特別是在 BNPL 方面，並且隨著時間推進，讓我們的忠誠度計畫更具相關性。這是策略上的另一個重大改變。

Third is the change that we are driving in how we run the company, improving execution, improving accountability. And I know that this may sound a bit theoretical, but I have seen how important having a clear operating model, having a clear decision-making process and the impact this can have in execution and improving the performance of the company.

第三點是我們正在推動公司營運方式的改變，提升執行力、提升問責。我知道這聽起來可能有點理論化，但我看過擁有清晰的營運模式、清晰的決策流程，以及這對執行與提升公司績效所能帶來的影響有多重要。

And finally, the last big change is related to the changes in technology that we are making. We are modernizing our technology platform, and this will help us to accelerate innovation over time. We are embracing AI in technology development and in other parts of the company that will make us a faster company and a more efficient company.

最後，最後一個重大改變與我們正在進行的技術變革有關。我們正在現代化我們的技術平台，這將幫助我們隨著時間推進加速創新。我們正在在技術開發以及公司其他部分擁抱 AI，這將讓我們成為一家更快、更有效率的公司。

So these are all the changes we are doing. And again, the savings program that we have will help us to self-fund these investments to continue to position the company in a stronger way going forward.

所以這些就是我們正在做的所有改變。而且再說一次，我們的節省計畫將幫助我們以自籌資金的方式為這些投資提供資金，讓公司在未來能以更強的姿態持續定位。

And Sanjay, what I would add as well is that the detailed work we've done, particularly over the last two to three months with Enrique, has really given us a clear view that our plan will drive faster transaction margin dollar growth over time from diversified growth streams.

Sanjay，我還想補充的是，我們所做的細部工作，特別是過去兩到三個月與 Enrique 一起完成的工作，確實讓我們清楚看到：我們的計畫將隨著時間推進，透過多元化的成長來源，帶動更快的交易毛利金額成長。

So continuing with Venmo and PSP, a real emphasis on credit, and with branded checkout having a more modest contribution. So deeper focus on credit and financial services, significant cost out, reinvesting those savings back into growth initiatives really to self-fund, and all of that will drive an attractive double-digit earnings growth profile over time.

因此，持續推進 Venmo 與 PSP，並且真正強調信貸，而品牌結帳的貢獻會較為溫和。所以更深入聚焦於信貸與金融服務、大幅度的成本削減，並將這些節省再投資回成長計畫，以真正做到自籌資金；而這一切將隨著時間推進帶來具吸引力的兩位數獲利成長輪廓。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

A little bit of a two-part question combined, but for Enrique first. Look, I understand you don't comment on potential M&A, but if you could just revisit with us the key strategic initiatives that you really want to see to inform you that your vision is succeeding. And just importantly -- just as importantly, what's the timeframe that we should be seeing tangible success, assuming that would mean growth inflection across the business?

我把一個兩段式問題合併來問，但先給 Enrique。你看，我理解你不評論潛在的併購，但如果你能跟我們再回顧一下，你真正希望看到哪些關鍵策略舉措，來讓你判斷你的願景正在成功落地。同樣重要的是——也同樣重要——我們應該在什麼時間範圍內看到具體的成功，假設那會意味著整體業務出現成長拐點？

And then, Jamie, just thinking about branded, on that note, in terms of success on growth inflection, what are you expecting for the next couple of quarters specifically, if you don't mind, just looking at your incremental guidance? I know you said for the full year, but fourth quarter, I think, has easier comps.

然後 Jamie，談到品牌結帳，在成長拐點成功這點上，如果你不介意的話，針對接下來幾個季度你具體預期是什麼？我只是看你們的增量指引。我知道你提到全年，但我想第四季的比較基期更容易。

So let me do two parts of your question. First of all, in terms of how are we capturing the transformation, I said in the prepared remarks that we see this as a multi-year change. Our focus this year is in what I call strengthening the fundamentals, sharpening our portfolio, prioritizing clearly what products and markets we're going after, improving our operating model, simplifying our organization, increasing accountability and starting the cost saving programs.

那我把你的問題分成兩部分來回答。首先，關於我們如何衡量這場轉型的進展，我在事先準備的發言中提到，我們把這視為一個多年期的變革。我們今年的重點是我所稱的「強化基本功」：精煉我們的產品組合、清楚地優先排序我們要追求的產品與市場、改善我們的營運模式、簡化組織、提高問責，並啟動成本節省計畫。

In 2028 and '28, we will be building momentum, accelerating BNPL and financial services, accelerating Venmo and Braintree or PSP. And then beyond that, we will continue the acceleration of those businesses, but we also see opportunities coming from investments we are doing today in new areas like agentic, PayPal World, ads that we think can become significant businesses over time and where we are investing today to make it happen.

在 2028 年以及 '28 年，我們將建立動能，加速 BNPL 與金融服務，加速 Venmo 與 Braintree 或 PSP。再往後，我們會持續加速這些業務，但我們也看到機會將來自我們今天在新領域的投資，例如 agentic、PayPal World、廣告；我們認為這些隨著時間推進可以成為重要的業務，而我們今天正在投資以促成它們。

In terms of what are the key metrics to track, I think the key thing is to really understand they need to be related to the businesses and how and where we are investing. For example, as we invest in financial services, increasing the growth of BNPL, increasing the attach of credit cards and debit cards to our offering will be key metrics that we need to track.

至於要追蹤哪些關鍵指標，我認為關鍵在於理解：它們必須與各項業務以及我們投資的方式與方向相關。例如，當我們投資金融服務時，提高 BNPL 的成長、提升信用卡與簽帳金融卡在我們產品中的附加程度，將是我們需要追蹤的關鍵指標。

When we talk about checkout and the focus that we're going to have in high-value customers, understanding and measuring the customer lifetime value, the growth and share of these customers, our share of wallet, will become key metrics to track, as well as the growth that we will have in the most relevant merchants.

當我們談到結帳，以及我們將在高價值客戶上投入的聚焦時，理解並衡量客戶終身價值、這些客戶的成長與占比、我們的錢包占有率，將成為需要追蹤的關鍵指標；同時也包括我們在最相關商戶上的成長。

In the case of Venmo, clearly growth and ARPA, what is the revenue per account, will become key metrics to track. And in the case of PSP, will be both growth and what is the attach of value-added services that, as I mentioned before, is going to be the way we will be differentiating, but also the way we will be improving the business profile of the business.

就 Venmo 而言，顯然成長與 ARPA（每個帳戶的收入）將成為需要追蹤的關鍵指標。而就 PSP 而言，將同時看成長，以及加值服務的附加程度；如我先前提到，這將是我們差異化的方式，也將是我們改善該業務業務輪廓的方式。

So I think we are excited about the opportunities we have. We have a clear plan for each of the segments. And during the next months, we will be refining that for fiscal year '27 and really continue the execution of the plan across the board.

所以我認為我們對所擁有的機會感到興奮。我們對每個分部都有清晰的計畫。在接下來幾個月，我們將針對 2027 會計年度進一步精煉，並真正持續在各方面推動計畫的執行。

And then, Darren, with respect to the second part of your question, we expect branded checkout growth to be low single digits in the second half. As you've looked at our growth investments, they begin to ramp more in the second half.

然後 Darren，關於你問題的第二部分，我們預期品牌結帳在下半年將是低個位數成長。如你所看到的，我們的成長投資會在下半年開始更明顯地拉升。

We are really starting to see some encouraging signs as we work with some of our largest merchants across, whether it's presentment, whether it's integrated Buy Now Pay Later, exclusive partnerships all the way over to co-marketing, starting to see encouraging signs there.

當我們與一些最大型的商戶合作時，無論是呈現方式（presentment）、無論是整合式的先買後付、獨家合作夥伴關係，一直到共同市場行銷，我們確實開始看到一些令人鼓舞的跡象。

And I would also say that we've become even more focused with Enrique on redeployment of those funds if we're not hitting ROI hurdles. So I'd say that execution is going, I think, really well. Fourth quarter, the holidays are always competitive, but I would say, I think we've been prudent in our guide, and that's reflected in our expectations.

我也想說，在 Enrique 的帶領下，如果我們未能達到投資報酬率（ROI）的門檻，我們在資金重新配置方面變得更加聚焦。所以我會說，執行進展我認為非常順利。第四季假期一向競爭激烈，但我會說，我認為我們在指引上一直很審慎，而這也反映在我們的預期之中。

Bryan Keane, Citi.

Bryan Keane，花旗（Citi）。

I wanted to ask my one question on BNPL. Obviously, that's a major driver in fintech these days. What caused the 3 points of growth acceleration to 26% this quarter? And maybe what are you guys kind of specifically doing at BNPL to drive faster growth there in the future?

我想就 BNPL 提一個問題。顯然，這是近來金融科技的一個主要成長動能。是什麼原因讓本季成長加速了 3 個百分點、達到 26%？另外，你們在 BNPL 方面具體做了哪些事，來推動未來更快的成長？

Yes, let me start and maybe Jamie wants to complement. I think this is a combination of the work that we have been doing across the board. We have been expanding our portfolio of offerings across improving -- expanding the geographical coverage that we have.

是的，我先回答，之後 Jamie 也許可以補充。我認為這是我們在各方面所做工作的綜合結果。我們一直在擴充產品組合，同時也在改善——擴大我們的地理覆蓋範圍。

And for example, in Europe, we expanded during the last month to multiple countries. And we are also expanding distribution and working with partners that will integrate that in their platforms. And we clearly see these results in specific customer cases.

例如在歐洲，我們在上個月擴展到多個國家。我們也在擴大分銷，並與合作夥伴合作，讓他們把這項服務整合到其平台中。而我們在特定客戶案例中清楚看到這些成果。

For example, in a leading fashion retailer where we signed an exclusive BNPL agreement during the last month, we went from TPV decline in business to close to 10% growth in Q2. So we clearly see the positive impact that this offering has in our portfolio.

例如，在一家領先的時尚零售商，我們在上個月簽署了獨家 BNPL 協議後，其業務的 TPV 從下滑轉為在第二季接近 10% 的成長。因此我們清楚看到，這項產品在我們產品組合中帶來的正面影響。

And going forward, we will continue to track that, expanding the portfolio, put more emphasis from a marketing and go-to-market perspective and continue to expand the capabilities. This is a very real business today that is creating significant contributions, and we expect that to only expand in the coming years.

展望未來，我們會持續追蹤這些表現、擴大產品組合，從行銷與上市（go-to-market）角度投入更多重點，並持續擴充能力。這在今天已是一門非常實在的業務，正在帶來顯著貢獻，而我們預期未來幾年只會持續擴大。

Timothy Chiodo, UBS.

Timothy Chiodo，瑞銀（UBS）。

So investment in branded checkout and also BNPL are definitely core themes of the call today. Part of that is conversations that you have with merchants and platforms, and you've covered some of this. But some of the areas there are the positioning of the button in general, the placement.

所以，對品牌結帳（branded checkout）以及 BNPL 的投資，確實是今天電話會議的核心主題。其中一部分來自你們與商戶及平台的對話，你們也談到了一些。但其中一些面向包括按鈕整體的定位、擺放位置。

There's the upfront placement on product pages. And there's also the continued track towards getting PayPal, having more of those modern integrations over time and more upgrades to the most modern versions of PayPal. I was hoping you could talk a little bit about how the conversations with large merchants and platforms are going.

包括在商品頁面上的前置展示位置。也包括持續推進讓 PayPal 隨時間導入更多現代化整合，以及升級到最新版本的 PayPal。我希望你能談談與大型商戶與平台的對話進展如何。

And if there are other examples of large platforms or merchants that we could look to see what this looks like once it's fully implemented. You mentioned Home Depot in Canada and a few others, but if there are any large US merchants that we could check, that would be appreciated.

以及是否有其他大型平台或商戶的例子，讓我們可以觀察在全面導入後會是什麼樣子。你提到加拿大的 Home Depot 以及其他幾個，但如果有任何美國的大型商戶我們可以去看，將不勝感激。

Let me give a few examples. I would say that where we have seen that the chances to succeed grow is when we have an end-to-end integrated plan from the company. So when we have the product teams working with the marketing teams, working with the service teams and really putting the whole company together at the service of our customers.

我舉幾個例子。我會說，我們看到成功機率提升的情況，是當公司有一個端到端的整合計畫。也就是產品團隊與行銷團隊、服務團隊協同合作，真正把整個公司整合起來，為客戶服務。

And we have many examples when we see this really bringing great results. For example, with a large global leading social commerce platform, we follow the approach that I just described, and we saw 50% growth in volume and transaction margin, which has a very positive impact in the performance of the company.

我們有很多例子顯示，這樣確實能帶來很好的成果。例如，對一家全球領先的大型社群商務平台，我們採取我剛描述的方法，結果交易量與交易毛利成長了 50%，對公司表現帶來非常正面的影響。

We have expanded, for example, our offering to BNPL with another leading global marketplace to additional seven markets and we have seen TPV growth in Q2 of 9% and an addition of 500 customers new monthly active. So we see the opportunities both in TPV but also in adding new customers to the platform.

例如，我們也把與另一家全球領先的線上市集合作的 BNPL 方案，擴展到額外 7 個市場，並在第二季看到 TPV 成長 9%，且每月新增 500 名新客戶（每月活躍）。因此我們看到機會不僅在 TPV，也在於為平台新增客戶。

In terms of the modernization of our solution, this is something that we continue to do. And for non-vaulted customers, we are now at 60% of merchants that have the new payment pages. So we continue executing the plan that was explained a few quarters ago, and we continue to make very solid progress.

至於我們解決方案的現代化，這是我們持續在做的事情。對於非儲存（non-vaulted）客戶，我們目前已有 60% 的商戶採用新的付款頁面。因此我們持續執行幾季前所說明的計畫，並持續取得非常扎實的進展。

Sarah, we have time for just one last question.

Sarah，我們只剩最後一個問題的時間。

Ramsey El-Assal, Cantor Fitzgerald.

Ramsey El-Assal，Cantor Fitzgerald。

Your prior full-year guidance assumed two rate cuts, I think in June and September. June obviously came and went without a change in rates, which I guess presumably flowed back into guidance. What is now assumed for in terms of rate movement and guidance?

你們先前的全年指引，我記得是假設會降息兩次，分別在 6 月與 9 月。6 月顯然已經過去且利率沒有變動，我想這應該已反映回指引之中。那麼目前在利率變動與指引方面，假設是什麼？

And also really quickly, if you could just comment on branded checkout volume and how that's trending in July versus the June exit rate? I think you're implying that you're at least seeing stability, but I was just curious how July is trending versus June.

另外很快地，如果你能評論一下品牌結帳的交易量，以及 7 月相較於 6 月期末水準的趨勢如何。我想你們暗示至少看到穩定，但我只是好奇 7 月相較於 6 月的走勢如何。

With respect to interest rates, we're not expecting or not planning, I should say, any more rate changes this year. We did have headwinds coming into this year with respect to the rate cuts that had happened late last year. That continues to be pretty consistent in terms of how it impacts our guidance.

就利率而言，我們今年不預期——或更精確地說，不規劃——再有任何利率變動。今年一開始，我們確實面臨一些逆風，與去年年底已發生的降息有關。就其對我們指引的影響而言，這仍然相當一致。

And then with respect to third quarter, we expect third quarter to be relatively consistent branded checkout growth at about 2%. Pretty consistent with the first-half, absent monthly movement up or down.

至於第三季，我們預期品牌結帳的成長將大致維持一致，約為 2%。在不考慮每月上下波動的情況下，與上半年相當一致。

Enrique, any final thoughts before we sign off?

Enrique，在我們結束前還有任何最後的想法嗎？

Well, yeah, I want to, first of all, thank everybody for joining us today, and thank you for all the questions. And I really look forward to updating you on our progress and upcoming events, especially when we report third-quarter results in October. Thank you.

嗯，是的，我首先想感謝大家今天加入我們，也謝謝大家的所有提問。我非常期待向各位更新我們的進展與接下來的活動，特別是我們在 10 月公布第三季業績時。謝謝。

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

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以斷線。