“We are planning for mid single-digit non-transaction opex growth in the quarter due to the timing of initiatives and marketing spend, and we expect to deliver non-GAAP EPS in the range of $1.29 to $1.31, or 9% growth at the midpoint.”

In context

“riking an appropriate balance between investment and productivity. For the second quarter, we expect low to mid single-digit revenue growth on a currency neutral basis, which is impacted by the Braintree renegotiation efforts I discussed earlier. We’ve seen a good start to April and are watching trends closely. Tariff-related concerns and news flow have likely resulted in some spend being pulled forward for certain verticals in the U.S. We are not assuming that those higher activity levels persist for the entire quarter. We expect second quarter transaction margin dollars to be between $3.75 billion and $3.8 billion, which represents 4.5% growth at the midpoint. Excluding interest on customer balances, we expect transaction margin dollars to increase by approximately 6.5% at the midpoint. We are planning for mid single-digit non-transaction opex growth in the quarter due to the timing of initiatives and marketing spend, and we expect to deliver non-GAAP EPS in the range of $1.29 to $1.31, or 9% growth at the midpoint. For the full year, we are maintaining our guidance as I mentioned earlier, and I’ll just highlight a couple of lines. Excluding interest on customer balances, we expect transaction margin dollars to grow by at least 5% compared to 4.6% growth in 2024, and we expect to deliver full year non-GAAP EPS in the range of $4.95 to $5.10, representing about 8% growth at the midpoint. This includes negative impact from lower interest rates and compared to our guidance a smaller headwind from our expected non-GAAP effective tax rate. Our guidance continues to assume approximately $6 billion in share buybacks for the full year, and we continue to expect full year free cash flow of approximately $6 billion to $7 billion. I’d like to wrap up by thanking the PayPal team for their continued focus and ded”