PayPal Holdings, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net revenues of $2,981 million against $2,556 million a year ago. Operating income was $460 million against $411 million a year ago. Income before income taxes was $469 million against $418 million a year ago. Net income was $390 million or $0.32 per basic and diluted share against $367 million or $0.30 per basic and diluted share a year ago. Net cash provided by operating activities was $923 million against $728 million a year ago. Purchases of property and equipment were $152 million against $164 million a year ago. Non-GAAP operating income was $619 million against $532 million a year ago. Non-GAAP net income was $512 million or $0.42 per diluted share against $443 million or $0.36 per diluted share a year ago. Free cash flow was $771 million against $564 million a year ago.

For the year, the company reported net revenues of $10,842 million against $9,248 million a year ago. Operating income was $1,586 million against $1,461 million a year ago. Income before income taxes was $1,631 million against $1,488 million a year ago. Net income was $1,401 million or $1.15 per diluted share against $1,228 million or $1.00 per basic and diluted share a year ago. Net cash provided by operating activities was $3,158 million against $2,546 million a year ago. Purchases of property and equipment were $669 million against $722 million a year ago. Non-GAAP operating income was $2,174 million against $1,975 million a year ago. Non-GAAP net income was $1,825 million or $1.50 per diluted share against $1,588 million or $1.29 per diluted share a year ago. Free cash flow was $2,489 million against $1,824 million a year ago.

For the first quarter ending March 31, 2017, the company expects revenue to grow 14% - 16% at current spot rates and 16% - 18% on an FX-neutral basis, to a range of $2.900 - $2.950 billion. The company expects GAAP earnings per diluted share in the range of $0.31 - $0.33 and non-GAAP earnings per diluted share in the range of $0.40 - $0.42.

For the full year ending December 31, 2017, the company expects revenue to grow 15 - 17% at current spot rates and 17 - 19% on an FX-neutral basis, to a range of $12.450 - $12.650 billion. The company expects GAAP earnings per diluted share in the range of $1.26 - $1.31 and non-GAAP earnings per diluted share in the range of $1.69 - $1.74.