PayPal Holdings Inc. (NASDAQ:PYPL) shares fell Tuesday after the company reported first-quarter 2026 results that topped Wall Street expectations but showed signs of margin pressure and slowing engagement.

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The parent of Venmo posted revenue of $8.353 billion, up 7% from a year earlier and above analysts' estimate of $8.046 billion. Adjusted earnings were $1.34 per share, beating the consensus estimate of $1.27.

Total payment volume rose 11% year over year to $464.0 billion, while payment transactions increased 7% to 6.5 billion. On a trailing 12-month basis, transactions per active account slipped 1% to 58.7.

Active accounts rose 1% to 439 million, though they declined slightly on a sequential basis by 0.2 million accounts.

Operating ...