PayPay Corporation American Depository Shares
NASDAQ: PAYP · TECHNOLOGY · SOFTWARE - INFRASTRUCTURE
Updated 2026-06-05
PayPay Corporation American Depository Shares (PAYP) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $197.21B | $248.01B | $292.04B |
| Revenue growth (YoY) | — | +25.8% | +17.8% |
| Cost of revenue | $30.48B | $37.76B | $41.48B |
| Gross profit | $166.74B | $210.25B | $250.55B |
| Gross margin | 84.5% | 84.8% | 85.8% |
| R&D | — | — | — |
| SG&A | $30.55B | $34.80B | $28.77B |
| Operating income | $-20.55B | $11.00M | $35.51B |
| Operating margin | -10.4% | 0.0% | 12.2% |
| EBITDA | $-4.38B | $20.53B | $60.61B |
| EBITDA margin | -2.2% | 8.3% | 20.8% |
| EBIT | $-19.03B | $1.94B | $39.22B |
| Interest expense | $1.51B | $1.93B | $4.25B |
| Income tax | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% |
| Net income | $-25.86B | $-3.35B | $36.17B |
| Net income growth (YoY) | — | +87.0% | +1179.7% |
| Profit margin | -13.1% | -1.4% | 12.4% |
Frequently asked questions
What is PayPay Corporation American Depository Shares's revenue?
PayPay Corporation American Depository Shares's trailing twelve-month revenue is $377.78B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is PAYP?
In its most recent fiscal year, PAYP ran a gross margin of 85.80%, an operating margin of 12.16%, and a net margin of 12.39%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does PAYP generate?
PAYP produced $133.76B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is PAYP's balance sheet healthy?
PAYP holds $369.08B in cash and equivalents against $197.60B in long-term debt, on $99.89B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.