The news: PayPal’s net revenues increased 1% YoY in Q1 2025, per its earnings release—down from 9% in Q1 2024.

• Transaction revenues were flat on the year.
• Branded checkout and Venmo revenue growth offset lower Braintree revenues, part of an intentional shift away from unprofitable Braintree volume.
• Value-added services revenues jumped 17% YoY

Transaction margin dollars—PayPal’s key measure of profitability—increased 7% YoY, marking five consecutive quarters of profitable growth.