PayPal Gross and Transaction Margin Dollar Growth Comparison, Q1 2022 to Q3 2025

Transaction margin dollars equal net revenue minus transaction expense and transaction and credit losses. Gross margin dollars equal net revenue minus transaction expense. The one-time item is a 1.5 point benefit (or $55MM) to TM $ during Q2 2025.
Chart: by Bob's Payment Stock SubstackSource: Company reportsCreated with Datawrapper