Payoneer vs PayPal: Revenue, Profit and Business Model
Payoneer reported $1.1B of revenue in FY2025 and $73.2M of net income. PayPal reported $33.2B of revenue in FY2025 and $5.2B of net income.
Latest financial snapshot
Financial summary
Payoneer
Payoneer reported 2025 revenue of $1,052.8 million, up 7.7% from $977.7 million in 2024, with net income of $73.2 million versus $121.2 million a year earlier. Revenue excluding interest income rose 14% to $821 million, B2B revenue grew 28%, adjusted EBITDA was $272 million (a 26% margin), free cash flow was $146 million and the company repurchased $175 million of stock. Volume reached $87.5 billion. In Q2 2026, revenue rose 5% to $274.3 million and volume climbed 15% to $23.7 billion, led by 48% growth in B2B volume, while lower interest income pushed the quarter to a $2.4 million net loss.
PayPal
PayPal is large and profitable, but growth has slowed. Revenue climbed from $21.45 billion in 2020 to $33.17 billion in 2025, yet annual growth fell from about 21% to about 4%. Net income reached $5.23 billion in 2025, up from $4.15 billion in 2024. In Q2 2026 revenue rose 5% to $8.68 billion (3% currency-neutral), total payment volume rose 10% to $486.4 billion, transaction margin dollars rose 1% to about $3.9 billion, and non-GAAP EPS was $1.38. Management then raised full-year 2026 non-GAAP EPS guidance to about $5.38 and guided to at least $6 billion of adjusted free cash flow, most of which goes to buybacks. The stock still trades at roughly 10 times earnings, which shows how skeptical investors are about long-term branded checkout growth.
Revenue and profit by year
Payoneer
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.1B | $73.2M | 7.0% | +7.7% | Source |
| FY2024 | $977.7M | $121.2M | 12.4% | +17.6% | Source |
| FY2023 | $831.1M | $93.3M | 11.2% | +32.4% | Source |
| FY2022 | $627.6M | -$12M | -1.9% | +32.6% | Source |
| FY2021 | $473.4M | -$34M | -7.2% | +37.0% | Source |
| FY2020 | $345.6M | -$23.7M | -6.9% | +8.8% | Source |
| FY2019 | $317.8M | -$625,000 | -0.2% | — | Source |
PayPal
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $33.2B | $5.2B | 15.8% | +4.3% | Source |
| FY2024 | $31.8B | $4.1B | 13.0% | +6.8% | Source |
| FY2023 | $29.8B | $4.2B | 14.3% | +8.2% | Source |
| FY2022 | $27.5B | $2.4B | 8.8% | +8.5% | Source |
| FY2021 | $25.4B | $4.2B | 16.4% | +18.3% | Source |
| FY2020 | $21.5B | $4.2B | 19.6% | +20.7% | Source |
| FY2019 | $17.8B | $2.5B | 13.8% | +15.0% | Source |
| FY2018 | $15.5B | $2.1B | 13.3% | +18.0% | Source |
| FY2017 | $13.1B | $1.8B | 13.7% | +20.8% | Source |
| FY2016 | $10.8B | $1.4B | 12.9% | — | Source |
Where the revenue comes from
Payoneer
No segment breakdown is published.
PayPal
- Transaction RevenueDominant
Merchant fees and payment-related revenue from branded and unbranded volume.
- Value-Added ServicesMaterial
Interest, credit products, fraud tools, merchant services, and other payments-adjacent products.
- Venmo and Consumer Financial ServicesGrowing
Consumer payment and commerce monetization around Venmo and wallet products.
Business model and strategy
Payoneer
How it makes money
Payoneer makes money in three main ways. First, transaction fees: it charges for receiving marketplace payouts, for B2B payments between businesses, for currency conversion and withdrawals, and for card spending. Second, interest income: it earns a yield on customer balances it holds at partner banks (about $7.9 billion in customer funds at the end of 2025).
Growth strategy
Under John Caplan, Payoneer has moved from serving mainly marketplace sellers toward the much larger cross-border B2B payments market, with more emphasis on customers moving at least $10,000 a month. It added Skuad (2024) to offer global hiring and payroll, bought China-licensed Easylink (2025) to serve Chinese exporters locally, and expanded cards, invoicing and working capital.
Competitive advantage
Payoneer's main edge is its licensing and banking footprint. It holds payment licenses and authorizations in many markets, including an online payment license in mainland China gained through the 2025 Easylink acquisition and in-principle authorization as a cross-border payment aggregator in India.
PayPal
How it makes money
PayPal makes most of its money from transaction revenue: fees merchants pay when customers check out with the PayPal or Venmo button (branded checkout), fees on unbranded card processing through Braintree, and consumer fees such as instant transfers, cross-border and currency conversion charges. Branded checkout carries the highest margin because PayPal controls the customer relationship;
Growth strategy
Under Enrique Lores, PayPal's 2026 plan has three parts. First, restore growth in branded checkout, which rose only about 2% in Q2 2026, by improving conversion, Fastlane guest checkout and agentic or AI-assisted commerce. Second, make Venmo and Braintree pull more weight: Venmo is being pushed into merchant payments and debit cards, while Braintree is priced for profit rather than volume.
Competitive advantage
PayPal's edge is a two-sided network: about 439 million active accounts at the end of 2025 on one side and millions of merchants on the other. Shoppers who already store cards and bank accounts in PayPal can pay without typing details, and merchants add the button because it can lift conversion with those shoppers. Processors such as Stripe and Adyen serve merchants but do not own a consumer wallet of that size.
Questions about Payoneer vs PayPal
Which company has higher revenue — Payoneer or PayPal Holdings, Inc.?
Payoneer reported $1.1B (FY2025), while PayPal Holdings, Inc. reported $33.2B (FY2025). By last reported revenue, PayPal Holdings, Inc. is the larger business, with Payoneer reporting a smaller revenue base.
What is the market cap of Payoneer vs PayPal Holdings, Inc.?
Payoneer's market capitalisation stands at $2.8B, while PayPal Holdings, Inc.'s is $47.0B. PayPal Holdings, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Payoneer.
Which is more financially efficient — Payoneer or PayPal Holdings, Inc.?
Payoneer generates $414k / employee in revenue per employee, while PayPal Holdings, Inc. generates $1.39M / employee. PayPal Holdings, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Payoneer and PayPal Holdings, Inc. make money?
Payoneer and PayPal Holdings, Inc. generate revenue in fundamentally different ways. Payoneer: Payoneer makes money in three main ways. PayPal Holdings, Inc.: PayPal makes most of its money from transaction revenue: fees merchants pay when customers check out with the PayPal or Venmo button (branded checkout), fees on unbranded card processing through Braintree, and consumer fees such as instant transfers, cross-border and currency conversion charges.
Which company is valued higher relative to revenue — Payoneer or PayPal Holdings, Inc.?
On a price-to-sales (P/S) basis, Payoneer trades at 2.6x P/S and PayPal Holdings, Inc. at 1.4x P/S. Payoneer commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to PayPal Holdings, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Payoneer bigger than PayPal Holdings, Inc.?
By last reported revenue, PayPal Holdings, Inc. ($33.2B (FY2025)) is the larger company compared to Payoneer ($1.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Payoneer vs PayPal overview