PYPL · CIK 0001633917
What PayPal Holdings, Inc. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for PYPL. More may follow as additional filings are processed.
In its own words
What could break it.
Customer concentration
- unnamed customer at 12% of net accounts receivable; unnamed partner institution at 23% of net AR and 18% of other assets (Dec 31, 2025)medium
As of December 31, 2025, one unnamed customer accounted for 12% of PayPal's net accounts receivable and one unnamed partner institution (buyer of U.S. consumer credit receivables) accounted for 23% of net accounts receivable and 18% of other assets, representing material balance-sheet concentration on two counterparties.
“As of December 31, 2025, one customer and one partner institution accounted for 12 % and 23 % of net accounts receivable, respectively. As of December 31, 2024, one partner institution accounted for 14 % of net accounts receivable. The same partner institution accounted for our long-term notes receivable and contract asset balance, which represented 18 % and 17 % of other assets at December 31, 2025 and 2024, respectively.”
SEC filing →As of 2026
Currency (FX)
- 43% of net revenues from non-US customers — FX translation and transaction exposuremedium
Approximately 43% of PayPal's FY2025 net revenues were derived from customers domiciled outside the U.S., creating material exposure to foreign currency translation and cross-border trade restrictions.
“In 2025 and 2024, we generated approximately 43% of our net revenues from customers domiciled outside of the U.S. compared to 42% in 2023.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“We primarily rely on a third-party payment processor, Stripe, to process payments made to merchants and Dashers and third-party payment processors to process payments made by consumers, primarily Stripe and PayPal.”
Cited →
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