Thank you, Matthew. It's a good question. For 2026, I'm focused on three volume buckets. First, PayPal Pay Now online checkout (aka core checkout). ~2.5% growth is not going to cut it. The business looks much different if this grows 4-5%. I think the catalyst for that is accelerated adoption of modern checkout experience, improved consumer, and easier tariff comps. Second group is high growth, high margin volume: BNPL, Pay with Venmo and debit. Pay with Venmo is best because it is the highest margin, non-credit product for PayPal. Third, Braintree. I have 2026 volume growth of 6% w/slight deterioration in margin. I think it exits Q4 at a better rate than that. I see more opportunities for upside than downside vs. my model, but all the negative talk from management has me wondering. I don't know if they're sandbagging extra hard or what. In terms of your final question, I'm not factoring anything in from that, along w/agentic commerce and stablecoins. I tend to focus on things I can see, understand and model. Not discounting the potential for any of these initiatives, but they're not accounted for, either upside or any spending related to get them off the ground.
Bob, thanks for this. Couple questions: there is so much detail here, what is the top 1 or 2 things you’re watching in 2026?
What are your thoughts on the opp. with PayPal World and the Advertisement platform both launching between now and end of Q1?
Thank you, Matthew. It's a good question. For 2026, I'm focused on three volume buckets. First, PayPal Pay Now online checkout (aka core checkout). ~2.5% growth is not going to cut it. The business looks much different if this grows 4-5%. I think the catalyst for that is accelerated adoption of modern checkout experience, improved consumer, and easier tariff comps. Second group is high growth, high margin volume: BNPL, Pay with Venmo and debit. Pay with Venmo is best because it is the highest margin, non-credit product for PayPal. Third, Braintree. I have 2026 volume growth of 6% w/slight deterioration in margin. I think it exits Q4 at a better rate than that. I see more opportunities for upside than downside vs. my model, but all the negative talk from management has me wondering. I don't know if they're sandbagging extra hard or what. In terms of your final question, I'm not factoring anything in from that, along w/agentic commerce and stablecoins. I tend to focus on things I can see, understand and model. Not discounting the potential for any of these initiatives, but they're not accounted for, either upside or any spending related to get them off the ground.