PayPal Holdings, Inc. (PYPL) 2026 Q3 法說會逐字稿

Good morning, and welcome to PayPal’s second quarter 2026 earnings conference call. My name is Alexandra, 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。我叫 Alexandra，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, Alexandra. Welcome to PayPal’s third quarter 2026 earnings call. I am joined by CEO, Enrique Lores, and Chief Financial and Operating Officer, Jamie Miller. Our remarks today include forward-looking statements that involve risks and uncertainties.

謝謝你，Alexandra。歡迎參加 PayPal 2026 年第三季財報電話會議。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。我們今天的發言包含前瞻性陳述，涉及風險與不確定性。

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. Over to you, Enrique.

實際結果可能與這些陳述存在重大差異。我們的評論是基於我們對當前世界與業務的最佳觀點。如同我們的財報新聞稿、向 SEC 提交的文件以及網站所述，這些要素可能會隨著世界變化而改變。交給你了，Enrique。

Thank you, Steve, and good morning. Today, I will discuss our third quarter progress, our multiple growth engines across PayPal, and how our work on cost, technology, and AI is helping us move faster and deliver for our customers.

謝謝你，Steve，早安。今天我將談談我們第三季的進展、PayPal 內部多元的成長引擎，以及我們在成本、技術與 AI 上的工作如何幫助我們加速前進並為客戶交付成果。

We are building on PayPal’s unique strengths, the trust in our brands, our global scale, and the power of our two-sided network while expanding beyond checkout into financial services. This is an increasingly important part of our value proposition and a larger driver of our growth.

我們正建立在 PayPal 獨特的優勢之上：對我們品牌的信任、全球規模，以及雙邊網路的力量，同時也從結帳延伸至金融服務領域。這正成為我們價值主張中愈來愈重要的一部分，也是推動我們成長的更大動力。

Financial services expand our total addressable market, deepen customer relationships, increase lifetime value, and allow us to become a more relevant financial partner in consumers everyday lives. Over the past several months, we have moved quickly to simplify PayPal, clarify accountability across our three businesses, and improve our cost structure and productivity.

金融服務擴大了我們的整體可服務市場（TAM）、加深客戶關係、提升終身價值，並讓我們能在消費者的日常生活中成為更具關聯性的金融夥伴。過去幾個月，我們迅速採取行動簡化 PayPal，釐清三大業務的責任歸屬，並改善成本結構與生產力。

We now have greater clarity on where our biggest opportunities are and how we will capture them. This quarter, we are beginning to see our strategy translate into financial results. We delivered a solid quarter with transaction margin dollars growing approximately 2% and non-GAAP earnings per share growing 8%.

我們現在更清楚最大的機會在哪裡，以及將如何把握這些機會。本季，我們開始看到策略轉化為財務成果。我們交出穩健的一季：交易毛利美元（transaction margin dollars）約成長 2%，非 GAAP 每股盈餘成長 8%。

We also delivered $2 billion of adjusted free cash flow and returned over $1.6 billion through buybacks and dividends. Our key growth areas continue to perform well. We saw strong momentum across financial services, including buy now, pay later, credit, and debit.

我們也創造了 20 億美元的調整後自由現金流，並透過庫藏股回購與股利返還超過 16 億美元。我們的關鍵成長領域持續表現良好。我們在金融服務方面看到強勁動能，包括先買後付（BNPL）、信用與簽帳金融卡（debit）。

Venmo and Braintree each deliver double-digit TPV growth and are making important contributions to transaction margin dollar growth. Branded checkout TPV growth has remained relatively stable in the 1%, 2% range for four quarters, despite various headwinds.

Venmo 與 Braintree 的 TPV（總支付金額）皆維持雙位數成長，並對交易毛利美元成長做出重要貢獻。儘管面臨各種逆風，品牌結帳（Branded checkout）的 TPV 成長在過去四個季度仍相對穩定，維持在 1% 到 2% 的區間。

While there is more work to do, we are encouraged by the improvement relative to the market, continued momentum in the US, and strength in BNPL and Pay with Venmo. These results show that our financial performance is increasingly coming from multiple parts of the business.

雖然仍有更多工作要做，但我們對相較市場的改善、美國市場的持續動能，以及 BNPL 與 Pay with Venmo 的強勁表現感到鼓舞。這些結果顯示，我們的財務表現正愈來愈多地由業務的多個部分共同驅動。

Last quarter, I outlined five changes we are making to build a stronger, more diversified PayPal. We have made good progress, and today each of our businesses has a clear plan for how it will contribute to durable, profitable growth.

上季我概述了我們為打造更強大、更多元化的 PayPal 所做的五項改變。我們已取得良好進展，而今天我們的每一項業務都已擬定清晰計畫，說明將如何為可持續且具獲利性的成長做出貢獻。

First, financial services are becoming a much more important part of our business. They already represent more than 20% of transaction margin dollars in 2026 and are growing double digits.

第一，金融服務正成為我們業務中更重要的一部分。在 2026 年，金融服務已占交易毛利美元的 20% 以上，且以雙位數成長。

For example, we continue to see good momentum in Pay Later with broader distribution this quarter through leading merchants like Amazon in Germany and Austria, American Eagle, Aerie, and Dick’s Sporting Goods.

例如，本季隨著在更多通路的擴展，我們持續看到 Pay Later 的良好動能，合作商戶包括德國與奧地利的 Amazon、American Eagle、Aerie，以及 Dick’s Sporting Goods 等領先商家。

The momentum extends beyond Pay Later, with strong growth across consumer offerings like credit, debit, and tap to pay, as well as merchant lending.

這股動能不僅限於 Pay Later；我們在消費者產品（如信用、簽帳金融卡與感應支付 tap to pay）以及商戶貸款方面也都呈現強勁成長。

Second, we continue to build momentum in Venmo and PSP. We are building on the strength of the Venmo brand to broaden adoption of financial services, deepen customer relationships, and increase ARPA. The Venmo debit card reached 6.7 million monthly active accounts, up more than 55%, with a record 1.6 million first-time users in the third quarter.

第二，我們持續在 Venmo 與 PSP 建立動能。我們正利用 Venmo 品牌的優勢，擴大金融服務的採用、加深客戶關係並提升 ARPA（每戶平均營收）。Venmo 簽帳金融卡的每月活躍帳戶達到 670 萬，成長超過 55%；第三季首次使用者創下 160 萬的紀錄。

We also relaunched the Venmo credit card with a differentiated value proposition that rewards customers for splitting purchases with friends. In PSP, we are strengthening our position with large enterprises and leading commerce partners through unified processing and a broader portfolio of premium value added services, such as risk as a service, payouts, and merchant lending.

我們也重新推出 Venmo 信用卡，提供差異化的價值主張：當客戶與朋友分攤消費時可獲得回饋。在 PSP 方面，我們透過統一化處理（unified processing）以及更廣泛的高階加值服務組合（例如風險即服務、撥款 payouts 與商戶貸款），強化我們在大型企業與領先電商合作夥伴中的地位。

PSP volume grew 8%, while value added services attached increased to 6% from 5% a year ago. Third, we remain convinced that a consumer led approach is the right catalyst for durable, profitable growth.

PSP 交易量成長 8%，而加值服務的附加率（attached）從一年前的 5% 提升至 6%。第三，我們仍深信以消費者為主導的方法，是實現可持續且具獲利性成長的正確催化劑。

We have done significant work to understand who our highest value consumers are, what they need from PayPal, and how we can deepen our relationships with them and become more relevant in their everyday lives.

我們投入大量工作以了解我們最高價值的消費者是誰、他們從 PayPal 需要什麼，以及我們如何加深與他們的關係，並在他們的日常生活中變得更具關聯性。

Transaction margin dollar growth is our North Star. To drive that growth, we are placing greater emphasis on monthly active accounts and ARPA among these consumers.

交易毛利美元成長是我們的北極星指標。為了推動這項成長，我們更加重視這些消費者的每月活躍帳戶與 ARPA。

That means increasing adoption of financial services and improving retention, while also making PayPal easier to find and use at the merchants where these consumers shop. Over time, our opportunity is to serve more of their financial needs with checkout increasingly just one part of our broader relationship.

這意味著提升金融服務的採用並改善留存率，同時也讓 PayPal 在這些消費者購物的商戶端更容易被找到與使用。長期而言，我們的機會在於滿足他們更多的金融需求，而結帳將愈來愈只是我們更廣泛關係中的一部分。

This consumer led approach also informs how we work with merchants. As you can see on slide 5, across many of our largest US merchants, we are improving the checkout experience, strengthening presentment, and partnering on consumer marketing to drive PayPal selection.

這種以消費者為主導的方法也影響我們與商戶合作的方式。如同投影片 5 所示，針對我們在美國的多家最大型商戶，我們正在改善結帳體驗、強化呈現方式（presentment），並在消費者行銷上合作，以提升 PayPal 被選用的比例。

Where we have implemented multiple elements of this playbook, we are beginning to see improvement in our checkout performance. We are scaling this approach merchant by merchant and country by country. Fourth, we are changing how we operate to drive better execution.

在我們已落實此作戰手冊多個要素的地方，已開始看到結帳表現的改善。我們正以「一個商戶接著一個商戶、一道國家接著一道國家」的方式擴大推行。第四，我們正在改變營運方式，以推動更好的執行力。

We have clearer accountability, faster decision making, and simpler ways of working. We have reduced headcount by more than 2,000 and removed three organizational layers across most areas of the company.

我們的責任歸屬更清晰、決策更快速、工作方式更簡化。我們已裁減超過 2,000 名員工，並在公司多數領域移除三層組織層級。

We are also using AI and automation to drive productivity. For example, our AI chat agents now support customer service across 190 countries and six languages and have resolved more than 24 million contacts year to date.

我們也運用 AI 與自動化來提升生產力。例如，我們的 AI 聊天代理目前在 190 個國家、六種語言中支援客服，年初至今已解決超過 2,400 萬次聯絡（contacts）。

Actions like these are creating capacity to reinvest in our highest return opportunities. We are on track to achieve our target of at least $1.5 billion in gross run rate cost savings over two to three years, including more than $700 million exiting the fourth quarter.

這類行動正在創造產能，使我們能重新投資於回報最高的機會。我們正按計畫達成目標：在兩到三年內至少實現 15 億美元的年度化總成本節省（gross run rate），其中第四季退出時（exiting the fourth quarter）將超過 7 億美元。

Fifth, we are modernizing our technology and leveraging AI to innovate faster and at scale for our customers. We are making solid progress. This quarter, we migrated 7.5 billion customer records to cloud infrastructure.

第五，我們正在現代化技術架構，並運用 AI 以更快速度、以規模化方式為客戶創新。我們已取得紮實進展。本季我們將 75 億筆客戶紀錄遷移至雲端基礎設施。

Our new modular risk platform is using real-time data and AI to cut credit decision times nearly in half in Canada, Italy, and Spain. Venmo has started processing select payments on PayPal rails, and Venmo authentication now runs entirely on PayPal’s identity platform. These are important steps toward a more unified technology foundation.

我們新的模組化風險平台正使用即時資料與 AI，將加拿大、義大利與西班牙的授信決策時間縮短近一半。Venmo 已開始在 PayPal 的支付軌道（rails）上處理部分付款，而 Venmo 的身分驗證現在也完全運行於 PayPal 的身分識別平台。這些都是邁向更統一技術基礎的重要步驟。

We completed the global rollout of our new PayPal mobile app, built on modern architecture that will enable faster data driven innovation.

我們已完成全新 PayPal 行動應用程式的全球上線，該應用程式採用現代化架構打造，將可支援更快速、以數據驅動的創新。

We are building for what comes next, collaborating with Meta and other AI companies to integrate PayPal into AI for personal agents and bring our trusted value proposition to agentic commerce. We are still early in these changes.

我們正為下一步做準備，並與 Meta 及其他 AI 公司合作，將 PayPal 整合進 AI 個人代理（personal agents），把我們值得信賴的價值主張帶入代理式商務（agentic commerce）。我們在這些變革上仍處於早期階段。

This is a multi-year transformation and there is much more work to do, but the progress we are seeing reinforces our conviction in the strategy. As I look further ahead, I’m increasingly confident in PayPal’s earnings growth potential.

這是一項為期多年的轉型，仍有許多工作要做，但我們所看到的進展強化了我們對該策略的信心。展望更長遠的未來，我對 PayPal 的獲利成長潛力愈來愈有信心。

Over time, we believe the changes I have described can drive sustainable total company transaction margin dollar growth in the mid single digit range. Combined with operating leverage and disciplined capital allocation, including share repurchases, this should enable us to deliver solid double digit EPS growth.

隨著時間推進，我們相信我所描述的變革可推動全公司交易毛利金額（transaction margin dollars）在中個位數區間的可持續成長。再結合營運槓桿與嚴謹的資本配置（包括股票回購），這應能使我們交出穩健的雙位數 EPS 成長。

Importantly, we are building the business to make that growth durable. The key is a more diversified contribution across the business. We expect financial services, Venmo, and payment services to contribute a significantly greater share of transaction margin dollar growth over time, with each growing double digits.

重要的是，我們正在打造企業，使這樣的成長更具持久性。關鍵在於業務貢獻來源更加多元化。我們預期隨著時間推進，金融服務、Venmo 與支付服務將對交易毛利金額成長貢獻顯著更高的占比，且各自皆以雙位數成長。

While we expect branded checkout TPV to improve, this algorithm does not require it to return fully to historical growth rates. The increasing contribution from the rest of the business can drive total company transaction margin dollar growth in the mid-single-digit range.

雖然我們預期品牌結帳（branded checkout）TPV 將改善，但這套演算法並不要求其完全回到歷史成長率。來自其他業務的貢獻提升，可推動全公司交易毛利金額在中個位數區間成長。

We also have a significant cost opportunity. The at least $1.5 billion in savings we have identified gives us the capacity to both reinvest and drive operating leverage over time.

我們也有顯著的成本機會。我們已辨識至少 15 億美元的節省空間，使我們有能力在長期同時進行再投資並帶動營運槓桿。

PayPal remains a strong cash-generating business, giving us the flexibility to invest where we see the greatest potential while continuing to return capital to shareholders. Getting there will require investment.

PayPal 仍是一項強勁的現金創造型業務，使我們能在看見最大潛力之處進行投資，同時持續回饋資本給股東。要達成目標將需要投資。

Our US playbook is showing encouraging early results, and in 2027, we plan to scale what is working across more merchants in the US and internationally. We plan to invest further in both transaction margin dollars and operating expenses.

我們在美國的作戰手冊（playbook）已展現令人鼓舞的早期成果，並計畫於 2027 年把有效做法擴大到美國及國際更多商戶。我們計畫進一步投資於交易毛利金額與營運費用（OpEx）。

We are targeting 2027 non-GAAP EPS growth similar to this year as we position the business for faster, more durable growth over time. What gives me confidence is that many of the changes we are making are structural.

我們的目標是 2027 年非 GAAP EPS 成長與今年相近，同時讓業務定位於長期更快且更具持久性的成長。讓我有信心的是，我們正在推動的許多變革屬於結構性調整。

We have a clear strategy, a simpler operating model, and we are improving execution, and we have started to see the results. Thank you to the PayPal team for your hard work and continued focus. Jamie, over to you.

我們有清晰的策略、更簡化的營運模式，且正在提升執行力，也已開始看到成果。感謝 PayPal 團隊的辛勤付出與持續專注。Jamie，交給你。

Thanks, Enrique. Let me start with the financial performance in the quarter. At a high level, transaction margin dollars came in above our expectations while operating expenses were below our forecast, resulting in non-GAAP EPS above our guidance.

謝謝你，Enrique。我先從本季的財務表現談起。整體而言，交易毛利金額高於我們的預期，而營運費用低於我們的預測，使非 GAAP EPS 高於我們的指引。

One point I would highlight is the tangible progress we are seeing from our transformation. That is showing up not only in the cost structure, but also in technology modernization and in the growth areas Enrique discussed, including financial services and Venmo.

我想特別強調的一點是，我們從轉型中看到的具體進展。這不僅反映在成本結構上，也體現在技術現代化，以及 Enrique 所提到的成長領域，包括金融服務與 Venmo。

Importantly, the savings are creating capacity to self-fund more of our growth investments, such as improving the consumer experience, strengthening merchant presentment, and building and scaling our financial services products.

重要的是，這些節省正在創造能力，使我們能以自有資金支持更多成長投資，例如改善消費者體驗、強化商戶呈現（presentment），以及打造並擴大我們的金融服務產品。

As we learn what is working, we are being deliberate about where we invest more and where we pull back. With that context, turning to the next slide, let me give you some additional color across the business.

隨著我們了解哪些做法有效，我們在加碼投資與收縮投入的取捨上更為審慎。在此背景下，請看下一張投影片，我將補充一些跨業務的細節。

Starting with branded checkout, TPV growth remained relatively stable, with continued improvement in the US for the third consecutive quarter and stabilization in Germany.

先從品牌結帳（branded checkout）開始，TPV 成長維持相對穩定；美國已連續第三季持續改善，德國則趨於穩定。

As we communicated in September, the removal of the EU de minimis tax exemption impacted select merchants and created about 70 basis points of headwind in total.

如同我們在 9 月所溝通的，歐盟取消小額免稅（de minimis）稅賦豁免影響了部分商戶，合計對整體造成約 70 個基點的不利影響。

In US branded checkout, we are seeing encouraging evidence that the work on experience, presentment, and selection focused largely on our high-value consumers and the merchants where they shop is having an impact.

在美國品牌結帳方面，我們看到令人鼓舞的證據顯示，針對高價值消費者及其常購商戶所進行、聚焦於體驗、呈現與選擇（selection）的工作正在產生影響。

Over the last four quarters, we have seen a significant improvement in relative share of checkout at the cohorts of merchants where we have implemented our full playbook. We also maintain strong momentum in Pay Later and Pay with Venmo, which outpaced the market, growing 25% and 43% respectively.

在過去四個季度，我們在已完整導入作戰手冊的商戶群組中，看到結帳相對市占（relative share）顯著改善。我們在 Pay Later 與 Pay with Venmo 也維持強勁動能，表現優於市場，分別成長 25% 與 43%。

We are still early, but what we are learning is increasing our confidence in the playbook and helping us be more targeted about where we invest in 2027. On Venmo, TPV sustained double-digit growth for our eighth consecutive quarter.

我們仍處於早期階段，但目前的學習正在提升我們對作戰手冊的信心，並幫助我們在 2027 年更精準地決定投資方向。在 Venmo 方面，TPV 已連續第八個季度維持雙位數成長。

More importantly, engagement and monetization continue to deepen, with ARPA also growing double digits, driven by strong adoption of our monetized products. We are also seeing newer cohorts ramp their product usage faster with a record number of new users activating the Venmo debit card within their first 30 days.

更重要的是，互動度與變現持續加深，ARPA 也維持雙位數成長，主要由我們具變現能力產品的強勁採用所帶動。我們也看到較新的用戶群更快提升產品使用量，且創下紀錄的新用戶在前 30 天內啟用 Venmo 簽帳金融卡。

Monthly active accounts using both the debit card and Pay with Venmo nearly doubled year-over-year, building on similarly robust growth in this cohort last year.

同時使用簽帳金融卡與 Pay with Venmo 的月活躍帳戶數年增近一倍，延續去年該族群同樣強勁的成長。

At the same time, we are also broadening the places where consumers can use Pay with Venmo, from travel and college tuition to prediction markets, while maintaining strong retention across our established merchant base.

同時，我們也在擴大消費者可使用 Pay with Venmo 的場景，從旅遊與大學學費到預測市場，同時在既有商戶基礎上維持強勁留存。

That combination of greater utility, deeper product adoption, and higher engagement is the model we are building toward with Venmo. In PSP, our focus is on profitable growth, not simply volume. Braintree’s TPV grew 10%, supported by profitable front book wins, high retention, and expansion with existing merchants.

這種更高的可用性、更深的產品採用與更高的互動度相結合，正是我們為 Venmo 所打造的目標模式。在 PSP 業務上，我們的重點是獲利性成長，而不只是量的成長。Braintree 的 TPV 成長 10%，受惠於具獲利性的新增客戶（front book）贏單、高留存率，以及與既有商戶的擴張。

We are also driving higher attachment of value-added services to our processing relationships, which we expect to support margin expansion over time.

我們也在提升附加價值服務（value-added services）在處理（processing）合作關係中的附著率（attachment），我們預期這將在長期支撐利潤率擴張。

Third quarter revenue grew 2% on a spot basis and 1% currency neutral, with growth in Braintree and Venmo growth as well as FX favorability contributing to performance, offset in part by higher contra revenue investments made in the quarter and the de minimis headwinds mentioned earlier.

第三季營收以即期匯率（spot）計成長 2%，以固定匯率（currency neutral）計成長 1%；Braintree 與 Venmo 的成長以及外匯有利因素對表現有所貢獻，但部分被本季較高的抵減營收（contra revenue）投資，以及前述 de minimis 不利因素所抵銷。

We benefited from a lower transaction expense rate due largely to mix and partner incentives, lower transaction loss reflecting our team’s ongoing work to improve and strengthen onboarding, fraud prevention, and risk management capabilities, and lower credit loss driven by a reserve release related to expected credit externalization and supported by disciplined underwriting.

我們受惠於較低的交易費用率，主要來自組合（mix）與合作夥伴激勵；交易損失較低，反映我們團隊持續改善並強化導入（onboarding）、防詐與風險管理能力的努力；以及較低的信用損失，主要由與預期信用外部化（credit externalization）相關的準備金回轉（reserve release）所帶動，並受惠於嚴謹的授信審核（underwriting）。

Transaction margin dollars grew 2%, or 3% excluding interest on customer balances. What is important is that we are increasingly seeing contribution from multiple areas of the portfolio while continuing to fund both transaction margin and OpEx investments required to strengthen branded checkout and grow financial services, Venmo monetization, and PSP value-added services attached. That is the more diversified growth model we are building.

交易毛利金額成長 2%，若排除客戶餘額利息則成長 3%。重要的是，我們愈來愈看到投資組合中多個領域的貢獻，同時持續投入交易毛利與營運費用（OpEx）所需的投資，以強化品牌結帳並推動金融服務、Venmo 變現，以及 PSP 所附加的附加價值服務成長。這就是我們正在打造的更為多元的成長模式。

Moving down the P&L on operating expenses, we are beginning to see tangible benefits from the operating rigor we have put in place and faster progress on the transformation, including increasing spans of control, reducing management roles by more than a quarter, and rightsizing procurement spend.

在損益表（P&L）往下看至營運費用，我們開始看到已建立的營運紀律與轉型加速所帶來的具體效益，包括擴大管理幅度（spans of control）、將管理職位減少超過四分之一，以及調整採購支出規模（rightsizing procurement spend）。

Non-transaction operating expenses grew just 1% in the quarter and helped drive non-GAAP operating income growth of 3%. That said, I would not simply annualize the third quarter expense performance.

本季非交易類營運費用僅成長 1%，並帶動非 GAAP 營業利益成長 3%。不過，我不會僅以第三季的費用表現直接年化推估。

We intend to remain disciplined on costs while investing where we are seeing results, in places such as financial services, product growth, consumer lifecycle marketing, and specialized sales teams.

我們打算在成本上保持紀律，同時在我們看到成效的領域加大投資，例如金融服務、產品成長、消費者生命週期行銷，以及專業化銷售團隊。

The combination of stronger transaction margin performance and lower operating expenses resulted in non-GAAP earnings per share growth of 8% to $1.45 above our guidance. Our cash generation remains a strategic advantage.

更強勁的交易毛利表現與較低的營運費用相結合，使非 GAAP 每股盈餘成長 8% 至 1.45 美元，高於我們的指引。我們的現金創造能力仍是策略性優勢。

Adjusted free cash flow, which excludes the timing impact from the origination and sale of Pay Later receivables, was $2 billion. We completed $1.5 billion in share repurchases, bringing the trailing 12 month total to $6 billion.

調整後自由現金流（排除 Pay Later 應收款項承作與出售時點影響）為 20 億美元。我們完成了 15 億美元的庫藏股回購，使過去 12 個月累計回購總額達到 60 億美元。

More broadly, our strong liquidity and cash generation give us the flexibility to invest in the business without sacrificing our ability to return significant capital to shareholders.

更廣泛而言，我們強勁的流動性與現金創造能力，讓我們能在不犧牲向股東回饋大量資本的前提下，靈活投資於業務。

That is particularly important as we look toward 2027 and selectively increase investment behind the opportunities where we are building the greatest conviction.

這點在我們展望 2027 年、並針對我們最具信心、正在建立最大確信的機會選擇性提高投資時，尤其重要。

Turning to guidance. For the fourth quarter and the full year 2026, our year-to-date performance demonstrates continued progress across PayPal, even as we execute significant organizational change with increasing clarity and confidence in the growth plans for each of our three businesses. With that as a backdrop, we are raising guidance for the full year.

接下來談指引。就第四季與 2026 全年而言，我們年初至今的表現顯示 PayPal 各面向持續進展；即便我們正在推動重大的組織變革，對三大業務各自的成長計畫也愈發清晰且更具信心。在此背景下，我們上調全年指引。

We now expect transaction margin dollars to increase to approximately $15.7 billion, or $14.6 billion excluding interest on customer balances, mid-single-digit growth in non-transaction operating expenses, and non-GAAP EPS to increase to approximately $5.60.

我們目前預期交易毛利金額將增加至約 157 億美元；若排除客戶餘額利息則為 146 億美元；非交易營運費用為中個位數成長；非 GAAP 每股盈餘將增加至約 5.60 美元。

Our guidance now includes at least $6.5 billion of adjusted free cash flow and continues to incorporate approximately $6 billion in share repurchases. For online branded checkout, we continue to expect low single-digit TPV growth on a currency neutral basis for the full year, in line with our prior expectations.

我們的指引目前包含至少 65 億美元的調整後自由現金流，並持續納入約 60 億美元的庫藏股回購。就線上品牌結帳而言，我們仍預期全年在固定匯率基礎下 TPV 為低個位數成長，符合先前預期。

This assumes that headwinds in Europe, including the impact from the removal of the EU de minimis tax exemption, continue to persist and result in similar 1% or 2% online branded growth throughout the fourth quarter.

此假設歐洲的不利因素（包括歐盟取消 de minimis 免稅門檻的影響）持續存在，並在第四季導致線上品牌業務維持類似 1% 或 2% 的成長。

We remain on track to achieve at least $1.5 billion in gross run rate cost savings over the next two, three years and are increasing our expectations exiting the fourth quarter to a run rate of more than $700 million.

我們仍按計畫在未來兩到三年達成至少 15 億美元的年度化（run rate）總成本節省，並上調我們在第四季末退出時的預期年度化節省至超過 7 億美元。

As we’ve shared, we intend to reinvest a significant portion of these savings into our highest priority growth initiatives while improving operating leverage over time.

如同我們先前分享的，我們打算將這些節省中的相當大一部分再投資於我們最優先的成長計畫，同時隨時間推進提升營運槓桿。

For the fourth quarter, we expect low double-digit revenue growth on a currency neutral basis, slightly positive growth in transaction margin dollars, TM dollars excluding interest on customer balance to be slightly positive, and flat to low single-digit growth in non-transaction operating expenses and non-GAAP EPS of approximately $1.43.

就第四季而言，我們預期在固定匯率基礎下營收為低雙位數成長；交易毛利金額小幅正成長；排除客戶餘額利息的 TM 金額亦為小幅正成長；非交易營運費用為持平至低個位數成長；非 GAAP 每股盈餘約為 1.43 美元。

In summary, we’re seeing encouraging signs that the changes we’re making are translating into better performance across the business.

總結來說，我們看到令人鼓舞的跡象，顯示我們正在推動的變革正轉化為全公司更好的表現。

We have more work ahead of us, but we’re operating with greater clarity and discipline, and we’re building a stronger foundation for more durable growth and stronger financial performance over time. I’d like to wrap up by thanking the PayPal team for everything they’ve accomplished this quarter. With that, Steve, let’s go to Q&A.

我們仍有更多工作要做，但我們的營運更清晰、更有紀律，並正在為更持久的成長與更強勁的財務表現奠定更堅實的基礎。最後，我想感謝 PayPal 團隊在本季所完成的一切。接下來，Steve，我們進入問答。

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. Alexandra, 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同業的提問。Alexandra，請開線。

(Operator Instructions) Andrew Schmidt of KeyBanc Capital Markets.

（接線員指示）KeyBanc Capital Markets 的 Andrew Schmidt。

Hi, Enrique. Hi, Jamie. Thank you for taking the question this morning. Maybe just start a little bit higher level. Given your prior comments about strategic alternatives, you and the board obviously see more value than whatever offers were on the table.

嗨，Enrique。嗨，Jamie。謝謝你們今天早上接受提問。我想先從較高層次開始。鑑於你先前對策略性替代方案的評論，你和董事會顯然認為其內在價值高於當時桌面上的任何出價。

Could you just talk about what’s driving your view of intrinsic value? Then, of course, the confidence in achieving that. That’d be helpful. Thank you so much.

能否談談是什麼驅動你們對內在價值的看法？以及，當然，對達成該價值的信心來源。這會很有幫助。非常感謝。

Sure, Andrew. Thank you for the question. Let me share that we have strong conviction in our ability to execute the plan that we have outlined in our prepared remarks and to achieve sustainable double-digit EPS growth in the midterm.

當然，Andrew。謝謝你的問題。我想分享的是，我們對於執行在事先準備講稿中所概述的計畫、並在中期達成可持續的雙位數每股盈餘成長，抱持高度信心。

This will be driven by, first, sustainable mid-single-digit transaction margin growth driven by Venmo, processing, and more modestly by branded checkout, all supported by the growth of financial services that we have highlighted how critical we think that part of the business is.

這將由幾個因素驅動：首先，由 Venmo、處理業務（processing）以及較溫和的品牌結帳所帶動、可持續的中個位數交易毛利成長；同時也將受益於金融服務的成長——我們已強調我們認為這部分業務至關重要。

We expect also to see operating leverage as we drive the cost reduction program. Of course, we will continue to utilize our strong free cash flow to drive share buybacks and in some cases, selective M&A that will help us accelerate our plan.

此外，隨著我們推動成本削減計畫，我們也預期會看到營運槓桿的改善。當然，我們將持續運用強勁的自由現金流來推動庫藏股回購，並在某些情況下進行選擇性的併購，以協助我們加速計畫。

As you said, the board and the management team have a clear objective to maximize shareholder value, and we have been, and we will be open to analyze objectively any option that is presented to us, and we will always choose the alternative that will create more shareholder value.

如你所說，董事會與管理團隊有明確目標：最大化股東價值。我們一直以來、也將持續以客觀方式評估任何提交給我們的選項，並且永遠選擇能創造更多股東價值的替代方案。

At this point, that alternative is to execute our plan, and the team is fully focused on driving the progress that we have outlined in the call.

就目前而言，那個替代方案就是執行我們的計畫，而團隊也全力專注於推動我們在本次電話會議中所概述的進展。

Dan Dolev with Mizuho.

Mizuho 的 Dan Dolev。

Hey, guys. Hey, Enrique. Hey, Jamie. Really nice work here on the OpEx and the guide raise. Congratulations. I wanted to talk about Venmo.

嘿，各位。嘿，Enrique。嘿，Jamie。你們在營運費用（OpEx）與上調指引方面做得非常出色。恭喜。我想談談 Venmo。

It keeps growing, and it looks really strong, I think, in the double digits. How can we make this a bigger part of the portfolio? And obviously, the usual question on monetization and great work again. Thanks.

它持續成長，看起來非常強勁，我認為是雙位數。我們如何讓它在整體產品組合中占比更大？當然，還有一個老問題：變現（monetization）。再次做得很棒。謝謝。

Sure. Thank you. I will take the question. Our goal, as I briefly mentioned in the prepared remarks, is to make Venmo increasingly central to our customers everyday financial lives. We are doing that by building from the strength that we see today in the business and expanding into financial services.

好的，謝謝。我來回答這個問題。我們的目標，如我在事先準備講稿中簡要提到的，是讓 Venmo 在客戶的日常金融生活中扮演愈來愈核心的角色。我們正以目前業務所展現的優勢為基礎，並向金融服務領域擴展，以達成這個目標。

The growth that we see today is driven by three things, new experiences, and for example, this quarter we launched the ability for our customers to do P2P transfer by scanning and splitting receipts, which is having very well reception by continuing to invest in financial services that help us to monetize better our customers.

我們目前看到的成長由三件事驅動：新的體驗——例如本季我們推出讓客戶可透過掃描並分攤收據來進行 P2P 轉帳的功能，市場反應非常好；以及持續投資金融服務，幫助我們更好地將客戶變現。

Just to mention, only 23% of our customers are using today some of the financial services we have today. This quarter, we saw very strong growth of the debit card with more than 60% growth year-on-year.

順帶一提，目前只有 23% 的客戶在使用我們現有的部分金融服務。本季，我們看到簽帳金融卡（debit card）年增超過 60% 的強勁成長。

And finally, we are seeing also very good progress on Pay with Venmo. Pay with Venmo TPV grew more than 40% this quarter. So the growth in the future will be driven by continuing to drive these areas, and we expect to continue to see double-digit TPV growth for Venmo in the coming years.

最後，我們也看到「使用 Venmo 付款」（Pay with Venmo）取得非常好的進展。本季 Pay with Venmo 的 TPV 成長超過 40%。因此，未來的成長將由持續推動這些領域所帶動，我們預期未來幾年 Venmo 的 TPV 將持續維持雙位數成長。

What is very exciting for us is when we look at ARPA, that is going to become one of the key metrics of the business going forward, and we benchmark ourselves with other companies in our space.

對我們來說非常令人振奮的是，當我們觀察 ARPA 時，這將在未來成為業務的關鍵指標之一，而我們也會拿自己與同業公司進行對標比較。

We have a 4 to 5 times opportunity to increase ARPA, which gives us both the conviction about the opportunity and shows us where we need to invest and where we need to grow. So we expect Venmo to continue to grow, and the results this quarter just show the potential that this business continues to have.

我們有 4 到 5 倍提升 ARPA 的機會，這既讓我們對這個機會更有信心，也讓我們清楚知道需要在哪裡投資、在哪裡成長。因此我們預期 Venmo 會持續成長，而本季的結果也只是顯示這項業務仍具備的潛力。

Tien-Tsin Huang with JPMorgan.

摩根大通（JPMorgan）的 Tien-Tsin Huang。

Thank you. Good morning. There was good color here on financial services. I was hoping maybe you can update us on the product roadmap here for financial services. How do you see financial services adding to transaction margin dollars in the near term or even the midterm? Is the bias still to stay balance sheet light?

謝謝。早安。你們對金融服務的說明很有幫助。我想請你們更新一下金融服務這邊的產品路線圖。你們如何看待金融服務在短期甚至中期對交易毛利美元（transaction margin dollars）的貢獻？策略上是否仍偏向維持輕資產負債表（balance sheet light）？

Yeah, so let me start and then maybe Jamie wants to complement some of the comments. Yes, we continue to see financial services as a key driver of future transaction margin dollar growth. This is why we highlighted it during the call.

好的，我先回答，之後 Jamie 也許可以補充一些看法。是的，我們仍然認為金融服務是未來交易毛利美元成長的關鍵驅動因素。這也是我們在電話會議中特別強調它的原因。

This is true for all segments. It is true for consumers and merchants, but also for the three businesses, both for Braintree, for Venmo, and for PayPal itself. Within financial services, we include things like Pay Later, debit and credit.

這對所有分部都成立。不論是消費者或商戶都一樣；同時也適用於三大業務：Braintree、Venmo，以及 PayPal 本體。在金融服務範疇內，我們包含像是 Pay Later、簽帳卡與信用卡等。

Today, and in the future, these businesses or these products offer attractive economics. They open a larger TAM and help us to complement our value proposition to customers.

無論是現在或未來，這些業務或產品都具備具吸引力的經濟效益。它們能打開更大的 TAM（可服務總市場），並幫助我們補強對客戶的價值主張。

In fact, as I was mentioning before, ARPA is going to become a key metric for us going forward, and we see that when consumers use financial services, their ARPA is between 2 and 5 times bigger than for those consumers that don’t.

事實上，如我先前提到的，ARPA 將在未來成為我們的關鍵指標；我們也看到，當消費者使用金融服務時，他們的 ARPA 會比未使用金融服務的消費者高出 2 到 5 倍。

You are going to see us continue to invest in this space. For example, with Pay Later, we are going to be extending the portfolio of offerings that we have, both in terms of products and also in terms of geography to continue to complement our offering in that space.

你們會看到我們持續在這個領域投資。例如在 Pay Later 方面，我們將擴展既有的產品組合，不論是在產品面或地理覆蓋面，持續補強我們在該領域的供給。

We will be offering cards that will have the flexibility of Pay Later, so we can extend the value proposition from online to stores. You will see us expanding the portfolio of different credit offerings that we have.

我們也會推出具備 Pay Later 彈性的卡片產品，讓我們能把價值主張從線上延伸到實體門市。你們也會看到我們擴充不同的信用產品組合。

Again, a very important business for us where we see a lot of momentum and a lot of demand from our customers to offer.

再次強調，這對我們是非常重要的業務，我們看到很強的動能，也看到客戶對我們提供這些產品有很高的需求。

Yeah, I just chime in on the funding question. We have had a balance sheet light strategy towards credit funding over the last couple of years. What I’d say about the next few years is we’ll continue to take a balanced approach between on-balance sheet and off-balance sheet growth.

我補充一下資金來源（funding）這個問題。過去幾年，我們在信用資金供應上採取了輕資產負債表策略。至於未來幾年，我會說我們會在表內（on-balance sheet）與表外（off-balance sheet）成長之間，持續採取更平衡的做法。

We have a lot of flexibility in our funding sources, and we’ve demonstrated that through the European BNPL, the US revolving partnership we have, the US Pay in four funding program that we have underway that we started last year.

我們在資金來源上有很大的彈性，而我們也透過歐洲 BNPL、美國循環信貸合作夥伴關係，以及我們自去年啟動、目前進行中的美國 Pay in 4 資金計畫，證明了這一點。

I think what underpins that, which is really important, is that we’ve got really strong credit underwriting and very attractive paper.

我認為支撐這一切、且非常重要的一點是：我們有非常強的信用承作／授信審核（credit underwriting）能力，以及非常具吸引力的資產（paper）。

While we’ll continue to use the balanced approach with both on and off, in some cases retain the economics, in some cases share those, I think what’s important is we have the flexibility going forward to manage that and navigate that depending on what we’re doing.

雖然我們會持續在表內與表外之間採取平衡做法——有些情況下保留經濟利益，有些情況下分享經濟利益——但我認為重要的是，我們未來具備彈性，能依據我們正在做的事情來管理並因應調整。

Timothy Chiodo with UBS.

瑞銀（UBS）的 Timothy Chiodo。

Great. Thank you for taking the question. I want to touch on the comments you made around collaborating with Meta and some of the other AI agents.

很好。謝謝讓我提問。我想談談你們提到與 Meta 以及其他 AI 代理（AI agents）合作的評論。

I know from prior discussions, some of the advantages that PayPal might have would relate to the transaction history that you bring to the table, and then also the fact that PayPal does provide both consumer and merchant protections.

我記得先前的討論中，PayPal 可能具備的一些優勢包括：你們能提供的交易歷史資料，以及 PayPal 同時提供消費者與商戶保障。

I was hoping you could expand upon those or maybe other reasons why PayPal may be well-positioned for agentic commerce.

我想請你們就這些點再延伸說明，或是分享其他原因，為什麼 PayPal 可能很適合布局代理式商務（agentic commerce）。

Yes. I’ll take that one. We really see agentic commerce as a great opportunity for the company. We really are making this a priority for us, both in terms of the internal work that we do and in terms of partnering with other companies such as Meta.

好的，這題我來回答。我們確實把代理式商務視為公司的一個重大機會。我們也把它列為優先事項，不論是內部投入的工作，或是與 Meta 等公司合作。

The key advantage that we have is really driven by our core value proposition to consumers and merchants. When PayPal started, the key value proposition was around trust and security. This was needed in e-commerce.

我們的關鍵優勢，主要來自我們對消費者與商戶的核心價值主張。PayPal 創立之初，核心價值主張就是信任與安全。這在電子商務中是必要的。

This will be even more needed, more in agentic commerce. And what we are doing is translating that value proposition into the new world.

而在代理式商務中，這將更為必要。我們正在做的，就是把這個價值主張轉譯到新的世界裡。

If you think about consumer agents that will be buying from agents, from merchants, both will have to validate that this is a real consumer that can pay, this is a real merchant that have the product, and that is the value that we see PayPal playing going forward.

如果你想像消費者代理會向商戶代理購買商品，雙方都必須驗證：這是真實且有支付能力的消費者、這是真實且確實有商品的商戶；而這正是我們認為 PayPal 未來可以扮演的角色與價值。

It is really all about trust and about the security that we will be providing both to merchants and to consumers.

這一切的核心就是信任，以及我們將同時為商戶與消費者提供的安全性。

This is why we are working with all the key leaders in this space on the for personal agents to make sure that consumers can transact using PayPal and using us as kind of the key vehicle to make sure that these transactions are real.

因此，我們正與此領域的所有關鍵領導者合作，在個人代理（personal agents）方面推進，確保消費者能使用 PayPal 進行交易，並讓我們成為某種關鍵載體，以確保這些交易是真實的。

We look at this as just the beginning, because what is true for commerce will be expanded to other types of the portfolio of activities that we provide to customers, like peer-to-peer transfers.

我們認為這只是開始，因為在商務領域成立的事情，也會擴展到我們為客戶提供的其他活動組合，例如點對點轉帳（peer-to-peer transfers）。

All this is part of the value proposition we bring to customers, and this is why we are so excited about the opportunity that AI brings to PayPal.

這些都是我們帶給客戶的價值主張的一部分，也因此我們對 AI 為 PayPal 帶來的機會感到非常興奮。

Harshita Rawat with Bernstein.

Bernstein 的 Harshita Rawat。

Hi. Good morning. Can you maybe expand upon the market dynamics in Europe? You have the de minimis drags and competitive pressures in certain markets, but then you are also investing in the consumer value proposition, things like Pay Later.

嗨，早安。你們能否談談歐洲的市場動態？你們面臨免稅門檻（de minimis）帶來的拖累，以及部分市場的競爭壓力，但同時你們也在投資消費者價值主張，例如 Pay Later。

So what is your confidence level with respect to improving branded growth in Europe? Jamie, what is the expectations on the de minimis for the fourth quarter? I know you said headwinds persist, but I just wanted to kind of double-check that. Thank you.

那麼，你們對於改善歐洲品牌交易（branded）成長的信心程度如何？Jamie，對於第四季免稅門檻（de minimis）的影響，你們的預期是什麼？我知道你說逆風仍會持續，但我只是想再確認一下。謝謝。

Sure. Maybe I will start with the last part of that first. Our expectation on the EU de minimis tariff impacts is that they will persist into the fourth quarter. When that happened in the US last year, it tended to dissipate within a few months, actually.

好的。我先從最後一部分回答。我們對歐盟 de minimis 關稅影響的預期是：它會延續到第四季。去年在美國發生時，實際上通常在幾個月內就逐漸消退了。

This, we are still seeing the impacts from the tariff policy change into October, and we do expect that to last through the fourth quarter. If I pull back and really look at the market dynamics in Europe, maybe I will talk through that, and Enrique, maybe you want to talk about the investment side of it.

但這次，我們在 10 月仍持續看到關稅政策變更帶來的影響，而且我們確實預期它會持續到第四季。如果我把視角拉遠、從整體來看歐洲的市場動態，我可以再說明一下；Enrique，也許你可以談談投資面的部分。

The core European markets outside of de minimis really are, I would say, relatively consistent this year and to a degree, stabilizing and in some cases, improving. You look at Germany, for example, that has been stable all year for us.

我會說，除了微量豁免（de minimis）之外的歐洲核心市場，今年整體相對一致，並在某種程度上趨於穩定，且在部分市場甚至有所改善。以德國為例，對我們而言全年都保持穩定。

I would say as we are moving through the third quarter, I would call it slightly improving. We launched Pay Later in Germany and Austria over the last couple of months, and that is off with Amazon, and that is off to a really nice start.

我會說，隨著我們進入第三季，情況可稱為略有改善。過去幾個月我們在德國與奧地利推出 Pay Later，並已在 Amazon 上線，開局非常不錯。

The UK continues to be challenging, but it has been consistent this year. Italy and France are stable and good growers. I think what is important is exactly your question, though.

英國仍然充滿挑戰，但今年以來表現一致。義大利與法國穩定且成長良好。不過我認為，重要之處正如你提問所指出的。

We have spent a lot of time in the last six months with Enrique focusing on our country-to-country approach and really strengthening our consumer teams in Europe and are now actively positioning to take the playbook that we talked about on the call with merchants into Europe next year.

過去六個月，我們與 Enrique 花了很多時間聚焦於各國差異化的策略，並真正強化我們在歐洲的消費者團隊；目前也正積極準備，明年把我們在電話會議中與商戶討論的那套作戰手冊帶到歐洲。

All of this is really important to our continued transition in branded checkout. But Enrique, you may want to comment a little bit more on the investment side of it.

這一切對我們在品牌結帳（branded checkout）上的持續轉型都非常重要。不過 Enrique，你或許可以就投資面再多補充一些。

Yes. I think what we have done in Europe is really to invest to create the right local infrastructure, especially to manage our consumer business. We did not have local teams that understood the local trends, that were able to create the right programs and activities to drive consumer demand.

是的。我認為我們在歐洲所做的，主要是投資建立正確的在地基礎設施，特別是用來管理我們的消費者業務。過去我們缺乏了解在地趨勢的本地團隊，無法制定正確的方案與活動來帶動消費者需求。

This is what we have been building during the last three, four months, and we are starting to see the results. As Jamie mentioned, our relative performance in Europe has improved.

這正是我們在過去三、四個月持續建置的部分，而我們也開始看到成果。如 Jamie 所提到的，我們在歐洲的相對表現已經改善。

This does not mean that we do not have room for improvement, which we do, and we will continue to do, but we are positive about the progress that we have seen. Especially as we see the progress that we have made in the US, and we highlighted in the call the progress that we have made with some of our key merchants.

這並不代表我們沒有改善空間——我們確實還有，而且也會持續推進——但我們對目前看到的進展感到正面。尤其是當我們看到在美國取得的進展，並且在本次電話會議中也強調了我們與部分關鍵商戶合作所取得的成果。

Applying that same playbook in Europe will help us to drive growth and to continue to improve the performance in those countries.

把同樣的作戰手冊套用到歐洲，將有助於我們推動成長，並持續改善這些國家的表現。

Bryan Keane with Citi.

花旗（Citi）的 Bryan Keane。

Hi. Good morning. Thanks for taking the question. I just also wanted to follow up on international. It looks like the TPV is relatively flat, the growth on FX neutral. But the revenue growth slipped to negative 4% growth on an FX neutral basis.

嗨，早安。謝謝讓我提問。我也想追問一下國際業務。看起來 TPV 在以固定匯率（FX neutral）口徑下成長相對持平。但營收成長在以固定匯率口徑下下滑到負 4%。

Sounds like there is a lot of stability in Germany and Italy and some of the European markets. What is driving, I guess, international down further? Is there Asia markets that are weakening? And then how long will it take to get back to normalized positive growth in international as we get into next year? Thanks.

聽起來德國、義大利以及一些歐洲市場都相當穩定。那麼，國際業務進一步下滑的驅動因素是什麼？是否有亞洲市場在走弱？另外，隨著我們進入明年，國際業務要多久才能回到常態化的正成長？謝謝。

Yeah. The TPV side of things, we saw some translation, minor impacts there. But when you start to look at revenue, and in particular international, that is where you are seeing the impact of the EU tariffs and branded checkout.

在 TPV 方面，我們看到一些換算（translation）上的影響，幅度不大。但當你開始看營收，特別是國際營收時，你會看到歐盟關稅以及品牌結帳（branded checkout）所帶來的影響。

And you have to remember that the number I gave you on impact from the tariffs, which is 70 basis points to branded checkout, that is a global number. It is not the international specific number. So that number is bigger when you start to apply it just to international revenue.

而且你要記得，我先前提到關稅影響的數字——對品牌結帳影響 70 個基點——那是全球口徑的數字。並不是僅針對國際業務的數字。因此，當你把它只套用到國際營收時，那個影響幅度會更大。

But that is really the primary difference there. And then when you start to look at international going into next year, we have been encouraged by some of the growth that we have seen, and I mentioned before across Germany, Italy, France, and a few other parts of Europe.

但這基本上就是主要差異。至於展望明年國際業務，我們對目前看到的一些成長感到鼓舞；我先前也提到，這些成長分布在德國、義大利、法國以及歐洲其他一些地區。

But I think more importantly, the playbook that we started rolling out really over a year ago around not only experience, presentment, and selection, but also around Pay Later and really reaching into the consumer and greater penetration.

但我認為更重要的是，我們大約在一年多前開始推行的那套作戰手冊，不僅涵蓋體驗、呈現方式（presentment）與選擇（selection），也涵蓋 Pay Later，以及真正觸及消費者並提高滲透率。

While we started that in the US, that is moving to Europe, and you’re seeing some of that with the actions we’ve talked about with expansion of the Pay Later portfolio across Europe and across other places, and with respect to increasing levels of penetration around the merchant playbook as well.

雖然我們先在美國啟動，但現在正推進到歐洲；你也能從我們談到的行動中看到一些跡象，例如在歐洲及其他地區擴展 Pay Later 產品組合，以及在商戶作戰手冊方面提升滲透程度。

Andrew Bauch with BMO Capital Markets.

BMO Capital Markets 的 Andrew Bauch。

Hey, thanks for taking the question. I just wanted to hone in on the 2027 transaction margin dollar algorithm. I know you outlined the eventual path to mid-single digits growth, but you also said that 2027 was going to be an investment year.

嗨，謝謝讓我提問。我想聚焦在 2027 年交易毛利美元（TM dollar）的演算法（algorithm）。我知道你們概述了最終走向中個位數成長的路徑，但你們也說 2027 年會是投資年。

I guess, what should we expect for the TM dollar growth to look like in 2027 specifically? What are the biggest bridges between the 2% growth you are at today and the mid-single-digit target?

那麼，具體來說，我們應該如何預期 2027 年 TM 美元成長的樣貌？從目前 2% 的成長到中個位數目標之間，最大的銜接因素（bridges）是什麼？

Okay. Let’s first talk about the mid-single digit point of view, it is really around our medium term. So it is an over time point of view. If I start with that, as Enrique talked about before, we expect stronger transaction margin dollars growth over the next coming years, a more balanced composition with Venmo, PSP, and financial services increasing growth over time.

好的。我們先談中個位數這個觀點，它其實是針對我們的中期（medium term）。所以這是一個隨時間推進的觀點。從這裡出發，正如 Enrique 先前提到的，我們預期未來幾年交易毛利美元的成長會更強，且組成會更均衡；Venmo、PSP 與金融服務的成長占比會隨時間提高。

I think importantly, it does not require branded checkout to get back to historical growth levels to really see that mid-single digit growth. When I look to 2027, I think what I would say first is it is a little too early for us to give 2027 guidance.

我認為重要的是，即使品牌結帳不必回到歷史成長水準，我們仍然能看到中個位數的成長。至於 2027 年，我首先要說的是，現在要提供 2027 年指引還稍早。

We will do that at our next call in February. But you have seen from us this year nice performance across multiple areas. So we have seen branded checkout stabilization. We have seen Venmo.

我們會在明年二月的下一次電話會議提供。但你今年已經看到我們在多個領域有不錯的表現。我們看到品牌結帳趨於穩定。我們也看到 Venmo 的表現。

We have seen processing growth. We do expect further transaction margin dollar and OpEx investment in 2027. But if I level up, what we are really targeting as a profile is similar non-GAAP earnings per share growth next year as what we are guiding to this year.

我們也看到處理業務（processing）的成長。我們確實預期 2027 年在交易毛利美元與營運費用（OpEx）方面會進一步投資。但如果拉高一個層級來看，我們真正鎖定的輪廓是：明年非 GAAP 每股盈餘（EPS）的成長率，與我們今年所給出的指引大致相近。

So that is probably how I would talk about it, and 2027 being relatively consistent with how we have operated in 2026. We are making good progress. Our focus is on building momentum and looking at 2028 and beyond as well.

所以我大概會這樣描述；而 2027 年在運作方式上，將與我們在 2026 年的作法相對一致。我們正在取得良好進展。我們的重點是建立動能，同時也著眼於 2028 年及更長期。

Let me emphasize these last two comments. We think we have an opportunity to continue to invest in the areas where we are seeing progress, whether it is transaction margin and OpEx. This is what we are planning to do in 2027.

讓我強調最後兩點。我們認為，在看到進展的領域持續投資是有機會的，不論是交易毛利還是營運費用（OpEx）。這就是我們在 2027 年的規劃。

We think it will be critical to drive stronger growth in 2028 and beyond. Despite of that, we expect and we are targeting to grow EPS at the same rate as we will this year.

我們認為這將是推動 2028 年及之後更強成長的關鍵。儘管如此，我們仍預期並以目標方式，讓 EPS 以與今年相同的速度成長。

Great. Thank you, and good work on OpEx.

很好。謝謝，OpEx 做得不錯。

Sanjay Sakhrani with KBW.

KBW 的 Sanjay Sakhrani。

Thank you. Good morning. I guess when I look at slide 5 and those cohorts that seemingly are headed in the right direction, when we look at the difference between the first one and the last one, there seems to be a bifurcation between when you apply to a direct merchant versus a marketplace.

謝謝。早安。我想當我看第 5 頁以及那些看起來正朝正確方向發展的同類群組時，當我們比較第一個與最後一個之間的差異，似乎在你是申請接入直連商戶還是市集平台之間出現了分化。

I am just curious, what are the nuances? Because it seems like a lot of the technologies are implemented there. So I am just curious, is it because the marketplace has other options for payment and that merchant doesn’t?

我只是好奇，這其中的細微差異是什麼？因為看起來很多技術都已經在那裡導入了。所以我想問，是不是因為市集平台有其他付款選項，而那個商戶沒有？

I am just curious, as we think about the opportunity ahead and how you implement these changes, where are the opportunities most significant? Then just a quick follow-up, Jamie. Just as we think about the comparisons this year versus next year, it seems like the comps are much easier next year.

我也想請教，當我們思考前方的機會以及你們如何落實這些改變時，機會最顯著的地方在哪裡？然後再快速追問一下，Jamie。就今年和明年的比較基期來看，感覺明年的比較基期容易很多。

So shouldn’t we expect a little bit of an acceleration in TMD growth because the comps are easier? Or maybe you could just explain how we should think about it. Thank you.

所以我們是不是應該預期 TMD 成長會因為比較基期更容易而有些加速？或者你可以解釋一下我們應該如何看待這件事。謝謝。

So let me take the first part of the question on North America. When we look at our playbook, the playbook has different elements. One element is to improve the experience and to get the merchants to use the latest checkout pages.

我先回答北美部分的第一段問題。當我們看我們的作戰手冊（playbook）時，它包含不同的要素。其中一個要素是改善體驗，並讓商戶使用最新的結帳頁面。

Another element is to integrate in the offer, Pay Later, and some of the other financial services. Another element is to build co-marketing activities with the merchant. What you see in the graph, and we don’t have exactly the same formula applied to every merchant.

另一個要素是整合優惠、先買後付（Pay Later）以及其他一些金融服務。再一個要素是與商戶共同建立聯合行銷活動。你在圖表中看到的是，我們並沒有對每一個商戶套用完全相同的公式。

It depends on specific conditions of the merchant and what are the economic situation and the interest that we work with. This is what is driving the variation across the different customers that you have in the chart. We thought it was important to share this chart because it shows the trend.

這取決於商戶的特定條件、經濟狀況，以及我們合作的利益點。這就是你在圖表中看到不同客戶之間出現差異的原因。我們認為分享這張圖很重要，因為它呈現了趨勢。

Yes, there are differences between certain merchants, but the important thing is how the overall TPV growth is growing and how we are also starting to grow our relative share in these accounts. We have great examples of the progress that we are making.

是的，某些商戶之間確實有差異，但重點在於整體 TPV 成長如何提升，以及我們也開始在這些帳戶中提高相對市占。我們有很好的例子可以說明我們正在取得的進展。

We don’t specifically mention them in the call, but for example, with one of the leader US sports entertainment platforms, where we drove and we renewed our partnership at the beginning of the year, we’re seeing more than 40% growth in the last six months.

我們在電話會議中沒有特別點名，但例如，對於一家美國領先的運動娛樂平台，我們在年初推動並續約合作夥伴關係後，過去六個月我們看到超過 40% 的成長。

With Venmo as well growing more than 50%. With one of the leading US omni-channel retailers, we expanded our Pay Later offering to them, and growth of BNPL grew from 7% to 20%, with significant growth of monthly active users.

Venmo 也成長超過 50%。對於一家美國領先的全通路零售商，我們擴大了對其提供的先買後付（Pay Later）方案，BNPL 的成長占比從 7% 提升到 20%，同時月活躍用戶也顯著成長。

We have many examples where we see that the impact of the playbook that we have implemented is really starting to gain traction. Again, this is why we think continuing the investment and continuing the work is going to be so critical for us going forward.

我們有很多例子顯示，我們所導入的作戰手冊的影響力確實開始發酵並取得動能。再次強調，這也是為什麼我們認為持續投資、持續推進這些工作，對我們未來至關重要。

Sanjay, when you look at, in particular, fourth quarter and 2027, I would just echo what Enrique is saying. We are really encouraged by the results we are seeing, but it is early, and we have got more work to do.

Sanjay，當你特別看第四季以及 2027 年時，我想呼應 Enrique 的說法。我們對目前看到的結果感到非常鼓舞，但這仍在早期階段，我們還有更多工作要做。

One of the things I would mention is that in the US in particular, we saw nice sequential growth over the past few quarters in US branded checkout TPV growth. So we are seeing good signs, but we also do not want to get ahead of ourselves.

我想提的一點是，特別是在美國，我們在過去幾個季度看到美國品牌結帳（branded checkout）TPV 成長有不錯的逐季提升。所以我們看到一些正向訊號，但我們也不想操之過急。

We are underwriting these investments generally in branded checkout to about a two to three year time horizon. On the largest merchants, it really is more like three years. So it is going to take some time for these to come through.

我們一般以約兩到三年的時間範圍來評估並承擔這些（品牌結帳）投資。對於最大型的商戶，實際上更接近三年。因此，這些成效需要一些時間才會顯現。

As we have said before, we are beginning that process in Europe, and we are excited to see where it goes and go from there. Thanks, Sanjay.

如同我們之前所說，我們正在歐洲啟動這個流程，我們也很期待看看後續發展並在此基礎上推進。謝謝你，Sanjay。

Darrin Peller with Wolfe Research.

Wolfe Research 的 Darrin Peller。

Thanks, guys. Just a quick two-part on investments in general. First, for Enrique on M&A. Just if you can give us an update again, you touched on it earlier, but your appetite for M&A in terms of size, timing, and type, what you’re seeing.

謝謝，各位。我有兩個關於整體投資的簡短問題。第一個給 Enrique，關於併購（M&A）。你先前有提到，但能否再更新一下你們對併購的胃納：在規模、時點與類型方面，你們目前看到的是什麼？

Then really, Jamie, when we think about the investments you’re talking about for next year, again, you came in strong, better at about 1% growth, I think a little below what we had thought for OpEx expectations. But how should we think about margins for next year in terms of what you’re building into that similar EPS profile?

然後 Jamie，當我們思考你提到的明年投資時，你們這次開局很強，費用（OpEx）成長大約 1%，我想比我們原先對 OpEx 的預期略低一些。但就你們建立在類似 EPS 走勢下的規劃而言，我們應該如何看待明年的利潤率？

So let me start on the M&A side. I want to start by saying that our plan is to maintain our approach to significantly return capital to shareholders through share buybacks and dividend. But that over time, we believe that M&A should also play a role in value creation.

我先從併購（M&A）談起。我想先說，我們的計畫是維持透過庫藏股回購與股利，向股東大幅回饋資本的做法。但從長期來看，我們相信併購也應在價值創造中扮演一定角色。

Any M&A action that we will do will have to go through what I call three filters. Filter number one is strategy. It will have to support the strategies that we have outlined. For example, to drive growth of financial services or accelerate the growth of Venmo or of processing.

我們任何併購行動都必須通過我所說的三道篩選。第一道是策略。它必須支持我們已經闡述的策略。例如，推動金融服務成長，或加速 Venmo 或處理（processing）業務的成長。

That’s really aligned to the strategy that we have explained. Second, it needs to have a strong financial case and a strong financial return.

這與我們所說明的策略高度一致。第二，它需要有強而有力的財務論證與財務回報。

Given that share buybacks, that we believe that our share is undervalued, the minimum value, of course, will have to provide more value than just buying shares compared to versus the model that we have. Third, and very important, we need to also have a very strong operational plan.

考量到我們進行庫藏股回購，且我們認為公司股價被低估，最低門檻當然必須是：相較於依照我們現有模型直接回購股票，併購必須能創造更高的價值。第三點也非常重要，我們還需要非常強的營運計畫。

We’ll have to have the conviction and the plan that we’ll know how to integrate the company and how to extract the value that the financial case will bring. So these are the three filters that we will apply in any case. We will remain very disciplined, but within that, with M&A, we can accelerate the plan that we have been discussing today.

我們必須有信心並具備計畫，知道如何整合該公司，以及如何把財務論證所承諾的價值真正落地。因此，這三道篩選會適用於任何情況。我們會維持高度紀律，但在此前提下，透過併購我們可以加速今天所討論的計畫。

Great. Then Darren, with respect to 2027 investment, I guess what I’d say is we’ve had nice performance in the third quarter, and it was much better than we expected, and we expect to have a good profile on this in the fourth quarter as well.

很好。那麼 Darren，關於 2027 年的投資，我想說的是，我們第三季表現不錯，且遠優於我們的預期，我們也預期第四季在這方面會有良好的表現。

But I would not run rate the second half OpEx across '27. While we’re off to a really strong start, we are ramping investment along the lines of a lot of the things that Enrique and I have talked about here, the product build, go-to-market build, marketing, and other things like that.

但我不會把下半年 OpEx 的水準直接年化套用到整個 2027 年。雖然我們開局非常強勁，但我們正沿著 Enrique 和我在這裡談到的多項方向逐步拉升投資，包括產品建置、上市推進（go-to-market）建置、行銷，以及其他類似事項。

I think one of the things you’re going to see is it’s hard to fully synchronize the pace of the cost out with the pace of the investment, and you are going to see some mismatch across the quarters.

我認為你會看到的一點是，很難讓成本削減的節奏與投資節奏完全同步，因此你會在各季度之間看到一些不匹配的情況。

But overall, if I look at the 2027 profile, when you look at transaction margin, when you look at OpEx, when you look at EPS, like I said before, we expect a roughly consistent profile and we’ll unpack that and get into more specifics on the call in February.

但整體而言，如果我看 2027 年的輪廓，無論是交易毛利、營運費用（OpEx），或是每股盈餘（EPS），如我先前所說，我們預期大致會維持一致的表現輪廓；我們會在 2 月的電話會議中進一步拆解並提供更具體的細節。

Dan Perlin with RBC Capital Markets.

RBC Capital Markets 的 Dan Perlin。

Thanks. Good morning. I wanted to just hit on PSP for a second. It sounds like part of that strategy is to continue to drive higher attach rates for value-added services.

謝謝。早安。我想先簡單談一下 PSP。聽起來這項策略的一部分，是持續推動加值服務的更高附加率（attach rates）。

I guess the first part is just what does that sales motion look like as we sit here today, and how do you have to invest in that going forward, or are you kind of where you want and just need to push it harder?

我想第一個問題是，就目前而言，這套銷售推進方式（sales motion）長什麼樣子？未來你們需要如何在這方面投資？還是說你們已經達到想要的狀態，只需要更用力推進？

Then I thought I heard you say the percentage of that was high single digits, so if there’s any clarification on that would be great. Thank you.

另外我以為我聽到你說那個比例是高個位數百分比（high single digits），如果能釐清一下會很有幫助。謝謝。

Let me take the first part. In PSP, what we need to do and where we see the biggest opportunity is from one side to continue to drive growth or what I would call the basic processing capabilities. We have been making very good progress and making it profitable during the last few quarters, but also to improve attach of value-added services.

我先回答第一部分。在 PSP 方面，我們需要做的、以及我們看到最大機會的地方，一方面是持續推動成長，也就是我所稱的基礎處理能力（basic processing capabilities）。過去幾季我們在推進並使其達到獲利方面已有非常好的進展，同時也要提升加值服務的附加率。

Services like payouts or risk as a service or invoicing. These are all great services that provide a lot of value to our customers, and either we have not been able to attach them properly, or we have not been able to monetize them properly during the last quarters.

例如撥款（payouts）、風險即服務（risk as a service）或開立發票（invoicing）等服務。這些都是能為客戶帶來很大價值的優質服務，但在過去幾季，我們要嘛未能有效地把它們附加上去，要嘛未能有效地將其變現（monetize）。

That’s going to be a key priority for us going forward. We are investing not only in the products themselves, but especially in a specialized sales force that will be driving attach, that will have as their unique goal to improve attach and to sell value-added services.

這將會是我們未來的關鍵優先事項。我們不僅投資在產品本身，尤其也會投資在一支專門的銷售團隊上，來推動附加率；這支團隊的唯一目標就是提升附加率並銷售加值服務。

I want to acknowledge that we have started to make progress. We grew our attach from 5% to 6%, so year-on-year, one point, but we have much more room for improvement, and this is where we’re going to be focused.

我也想承認，我們已經開始看到進展。我們的附加率從 5% 成長到 6%，也就是年對年提升 1 個百分點，但我們仍有很大的改善空間，而這正是我們將聚焦的方向。

Thanks, Dan. Hey, Alexandra, we have time for one last question. Can we just put one more in, please?

謝謝你，Dan。嘿，Alexandra，我們還有時間再問最後一題。可以再加一題嗎，拜託？

Jason Kupferberg, Wells Fargo.

Wells Fargo 的 Jason Kupferberg。

Good morning, guys. Thanks. Nice to see some of the broad-based stabilization, obviously pockets of improvement in the business. I did want to come back to the topic of branded growth.

各位早安。謝謝。很高興看到整體面出現一些穩定跡象，顯然業務中也有一些局部改善。我確實想回到品牌（branded）成長這個主題。

I know we’re talking about Q4 being in this kind of steady 1%, 2% range, and you are assuming that the EU tariff headwinds continue. But you did also talk about some US momentum.

我知道你們談到第四季大概會維持在 1% 到 2% 這種穩定區間，而且你們假設歐盟關稅逆風會持續。但你們也提到美國有一些動能。

Just curious why Q4 wouldn’t potentially accelerate. I know you’ve got a material easier compare, and maybe if you can just quantify some of the US acceleration in recent quarters, that would be great. Thanks.

我只是好奇，為什麼第四季不會有可能加速？我知道你們的比較基期會明顯更容易一些；如果你們能量化一下近幾季美國加速的幅度，那就太好了。謝謝。

Sure. The short answer on the fourth quarter is that we expect the EU tariff headwind to continue, and we’re really planning for consistency. If I unpack that a little bit, the forecast is really based on our view of historical performance and our view of the market.

好的。關於第四季的簡短回答是：我們預期歐盟關稅逆風會持續，因此我們的規劃重點是維持一致性。如果我稍微拆解一下，這份預測主要是基於我們對歷史表現的看法，以及我們對市場的判斷。

The holiday season is more heavily retail, but we have a really good and strong depth in services, travel, and some of the other verticals, and we’ve got really good growth rates in areas that we’re deep.

假期旺季的結構更偏向零售，但我們在服務業、旅遊，以及其他一些垂直領域有非常深厚且強勁的布局，而且在我們深耕的領域，成長率表現也非常好。

But the EU de minimis, we assume that continues to impact us. As I mentioned before, Europe has been consistent this year, but it’s an area we’re watching with some of the macro overlay and the EU de minimis that I mentioned.

但對於歐盟的 de minimis（小額免稅門檻），我們假設它會持續對我們造成影響。如我先前提到的，歐洲今年表現一直很穩定，但在我提到的總體環境疊加因素（macro overlay）以及歐盟 de minimis 的影響下，這仍是我們正在關注的領域。

We are really encouraged by the US merchant playbook work we have done, and we do believe that we are entering the holiday season in a better position than we were last year at this time.

我們對在美國商戶作戰手冊（merchant playbook）方面所做的工作感到非常鼓舞，也確實相信，相較於去年此時，我們正以更好的狀態進入假期旺季。

It is all still very early, and we have got more work to do ahead. I would just say that as we take it all in, that is what is leading us to the guide around the 1%, 2% for fourth quarter. Thanks. Enrique, any final thoughts?

但現在仍然非常早，我們前面還有更多工作要做。我只想說，綜合以上因素，這就是我們給出第四季約 1% 到 2% 指引的原因。謝謝。Enrique，最後還有什麼想補充的嗎？

Yes. I want to close by first acknowledging the progress that we have made so far. Last quarter, we outlined five key priorities for the company, and we are making progress in all of them.

有的。我想在結尾先肯定我們迄今為止取得的進展。上一季我們為公司提出了五項關鍵優先事項，而我們在每一項上都在推進。

We have talked about the progress we have made in financial services that are growing double digits, and especially around areas like BNPL, is showing really our ability to expand and to grow in this area. Second, we have talked about the progress we are making with Venmo and PSP.

我們談到金融服務業務的進展，其成長達到雙位數，尤其是在 BNPL（先買後付）等領域，確實展現了我們在這個領域擴張與成長的能力。第二，我們也談到 Venmo 與 PSP 的進展。

Significant growth both on revenue and transaction margin, and great plans to continue to drive that going forward. Around branded checkout, the business has stabilized. We have a clear view of what is the playbook that we need to apply to continue to drive growth and especially centered around high-value customers.

無論在營收或交易毛利方面都有顯著成長，並且有很好的計畫在未來持續推動。在品牌結帳（branded checkout）方面，業務已經趨於穩定。我們清楚知道需要採用什麼作戰手冊來持續推動成長，尤其是以高價值客戶為核心。

We see what we need to do, and we are going to continue to do that in the coming quarters. Finally, both around cost and simplification and embracing AI, we have made tangible progress as the results show.

我們知道該做什麼，也會在接下來幾季持續去做。最後，在成本與簡化，以及擁抱 AI 方面，我們也如結果所示取得了具體進展。

So good progress made in Q3 that shows that we are in the right direction. More works too, but thank you to the PayPal team, and also thank you to all of you for participating with us today. Thank you. Thank you.

因此，第三季的良好進展顯示我們正朝正確方向前進。仍有更多工作要做，但我要感謝 PayPal 團隊，也感謝各位今天與我們一同參與。謝謝。謝謝。

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

今天的會議到此結束。感謝各位參與。您現在可以斷線。