TableofContents Page PartI 2 Item1. Business 14 Item1A.RiskFactors 28 Item1B.UnresolvedStaffComments 28 Item2.Properties 28 Item3.LegalProceedings 28 Item4.MineSafetyDisclosures PartII 29 Item5.MarketforRegistrantsCommonEquity,RelatedStockholderMatters,andIssuerPurchasesofEquitySecurities 29 Item6.RemovedandReserved 30 Item7. ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperations 49 Item7A.QuantitativeandQualitativeDisclosuresAboutMarketRisk 1 Item8.FinancialStatementsandSupplementaryData 1 Item9.ChangesinandDisagreementsWithAccountantsonAccountingandFinancialDisclosure 1 Item9A.ControlsandProcedures 2 Item9B.OtherInformation 2 Item9C.DisclosureRegardingForeignJurisdictionsthatPreventInspections PartIII 3 Item10. Directors, Executive Officers and Corporate Governance 3 Item11. Executive Compensation 3 Item12. Security Ownershipof Certain Beneficial Owners and ManagementandRelatedStockholderMatters 3 Item13. Certain Relationships and Related Transactions, and Director Independence 3 Item14. Principal AccountingFees and Services PartIV 4 Item15. Exhibits, Financial Statement Schedules 122 Item16. Form10-KSummary Trademarks,TradeNamesandServiceMarks PayPal owns or has rights to use the trademarks, service marks, and trade names that it uses in conjunction with the operation of its business. Some of the more important trademarks that PayPal owns or has rights to use that appear in this ® ® Annual Report on Form 10-K include: PayPal , PayPal Credit , Braintree, Venmo, Xoom, Zettle, Hyperwallet, Honey, and Paidy, which may be registered or trademarkedin the United States and other jurisdictions. PayPals rights to some of these trademarks may be limited to select markets. This report contains additional trade names and trademarks of other companies. The use or display of other companies trade names or trademarks does not imply our endorsement or sponsorshipof,orarelationshipwiththesecompanies.