$PYPL · The Motley Fool · 2026-10-27
PayPal 的增长已经停滞：营收和净利润仅实现低个位数增长，而占利润约 80% 的品牌结账业务连续四个季度增长停滞在 1-2%，增长更快的业务仅占利润的 20%。加上 1% 的股息和五年内 26% 的股本削减，它既不是收益型故事也不是成长型故事；说话者认为出售可能是正确的，被收购也属合理，不过独立发展的情形并不差。
逐段跳播
PayPal 停滞不前，而且我们还会讨论 PayPal。
PayPal is stalled, and we'll also discuss PayPal.
我想在这个环节里快速换个话题，谈谈 PayPal。PayPal 的增长最近有所放缓，我认为这是目前的主要问题。你会看到营收和净利润都只有非常小的个位数增长。
I want to quickly change the subject and talk about PayPal in this segment. PayPal's growth has slowed down a bit recently and I think that's the main issue right now. You will see very small, single- digit growth in revenue and net income.
这份财报是提高了还是降低了 PayPal 找到买家的可能性？因为现在有很多猜测，讨论 PayPal 是会继续独立存在，还是会被别人收购。
Does this earnings report increase or decrease PayPal's chances of finding buyers? Because there is a lot of speculation about whether PayPal will continue to exist on its own or whether someone else will buy them.
回答你的问题，抛开其他一切不谈，重点是什么？一定是品牌结账。公司希望大家关注“先买后付”、借记卡和 Venmo，这些业务表现不错，但只占总利润的 20%。品牌结账指的是你在网上付款时可以选的那个小按钮。
这部分约占 PayPal 总利润的 80%。这是业务的核心。它每年以 1% 到 2% 的速度增长。过去四个季度它一直卡在那里。这正是管理层在重点关注的，我希望随着他们聚焦于此，我们能看到一些增长。
In answer to your question, what is the main point, leaving everything else aside ? This must be a branded checkout. The company wants you to focus on 'Buy Now, Pay Later', debit cards, and Venmo, which are doing well, but only 20% of the total profit comes from here.
Branded checkout means the small button you can select to make an online payment. This is about 80% of PayPal's total profit. This is the core of the business. It is growing at a rate of 1 to 2 percent per year.
It has been stuck there for the last four quarters. This is what management is focusing on and I would hope that as they are focusing on it, we will see some growth there.
所以谈到收购时，这是值得关注的一点。我的意思是，结尾还不错。从营收增长或其他类似方面来看。所以我会说仍然有机会。如果未来出现收购报价，我不会感到意外，但继续作为独立业务经营的理由也完全不差。
所以在这里选择 PayPal 时你可能需要谨慎。
So this is something to pay attention to when it comes to acquisitions. I mean, the ending was pretty good. From revenue growth or other such aspects. So I would say that there is still an opportunity.
I would n't be surprised if an offer comes up in the future, but the argument for continuing it as a standalone business isn't bad at all. So you might want to be careful when choosing PayPal here.
是的，品牌结账的问题在于它通常只是六个结账选项之一，我认为这就是它只以 1% 到 2% 的速度增长的原因。我不知道不花钱怎么能把它提上去。
Yes, the problem with branded checkout is that it's usually one of the six checkout choices, and I think that's why it's growing at a 1-2% rate. I don't know how it's possible to increase it without spending money.
你看，Tyler，我关注的指标和我关于他们是否应该出售的回答有关。过去五年里股份数量减少了 26%。继续。他们回购了超过十亿美元的股票。股息率大概应该更高一些。现在只有 1%。
这不是一个收益型的故事。这不是一个成长型的故事，完全不是。他们应该出售吗？是的，大概率应该。这笔协议是正确的举措。买家选错了。我认为现在已经过了时候，但如果经济不好、股价下跌，对私募股权买家来说就非常合理。
这大概率比现在上市更合乎逻辑。总会有某个地方、某个人想要抓住 PayPal 那庞大的现金流，即使它不用于增长。它可以用于任何地方。也许有人会买下它。
Look, the metric I'm looking at, Tyler, is related to my answer as to whether they should sell. The number of shares has decreased by 26% in the last five years. Continue. They have bought back more than a billion dollars in shares.
The dividend yield should probably be higher. This is only 1%. This is not a story about income. This is not a growth story, not at all. Should they sell? Yes, probably. The agreement was the right move.
The buyer was wrong. I think it's past time now , but if the economy is bad and stock prices are down, it would make a lot of sense for a private equity buyer. This is probably more logical than being public at this time.
Somewhere , someone will want to get hold of that huge cash flow from PayPal, even if it's not used for growth. It can be used anywhere. Maybe someone will buy it.