PayPal Holdings, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net revenues of $2,556 million against $2,193 million a year ago. Operating income was $411 million against $348 million a year ago. Income before income taxes was $418 million against $347 million a year ago. Net income was $367 million or $0.30 per basic and diluted share against $286 million or $0.23 per basic and diluted share a year ago. Net cash provided by operating activities was $728 million against $631 million a year ago. Purchases of property and equipment were $164 million against $123 million a year ago. Non-GAAP operating income was $532 million against $447 million a year ago. Non-GAAP net income was $443 million or $0.36 per diluted share against $358 million or $0.29 per diluted share a year ago.

For the year, the company reported net revenues of $9,248 million against $8,025 million a year ago. Operating income was $1,461 million against $1,268 million a year ago. Income before income taxes was $1,488 million against $1,261 million a year ago. Net income was $1,228 million or $1.00 per basic and diluted share against $419 million or $0.34 per basic and diluted share a year ago. Net cash provided by operating activities was $2,546 million against $2,220 million a year ago. Purchases of property and equipment were $722 million against $492 million a year ago. Non-GAAP operating income was $1,975 million against $1,648 million a year ago. Non-GAAP net income was $1,588 million or $1.00 per diluted share against $1,343 million or $1.10 per diluted share a year ago.

For the first quarter 2016, the company expects net revenues to grow 19% - 21% on an FX-neutral basis, and 16% - 18% at current spot rates to a range of $2.470 to $2.520 billion. PayPal anticipates that currency will be an approximate 3 point headwind on net revenues. PayPal expects GAAP earnings per diluted share in the range of $0.26 - $0.28 and non-GAAP earnings per diluted share in the range of $0.34 - $0.36. Estimated non-GAAP amounts above for the three months ending March 31, 2016, reflect adjustments of approximately $125 - $145 million in the aggregate that primarily exclude estimates of the following items: stock-based compensation expense, employer payroll taxes on stock-based compensation, and amortization of acquired intangible assets.

For the full year 2016, the company expects net revenues to grow 16% - 19% on an FX-neutral basis, and 14% - 16% at current spot rates to a range of $10.5 to $10.7 billion. PayPal anticipates that currency will be an approximate 3 point headwind on net revenues. PayPal expects GAAP earnings per diluted share in the range of $1.09 - $1.14 and non-GAAP earnings per diluted share in the range of $1.45 - $1.50. Estimated non-GAAP amounts above for the twelve months ending December 31, 2016, reflect adjustments of approximately $585 - $615 million in the aggregate that primarily exclude estimates of the following items: stock-based compensation expense, employer payroll taxes on stock-based compensation, and amortization of acquired intangible assets.