Form 424B2 PayPal Holdings, Inc. – StreetInsider.com

Filed Pursuant to Rule 424(b)(2)
Registration No. 333-233776

This preliminary prospectus supplement relates to an effective
registration statement under the Securities Act of 1933, as amended, but is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities and we are not soliciting
an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Subject to Completion, dated May 16, 2022

PRELIMINARY PROSPECTUS SUPPLEMENT

(To Prospectus dated
September 16, 2019)

$            

LOGO

PAYPAL HOLDINGS, INC.

$                 % Notes due 20

$                 % Notes due 20

$                 % Notes due 20

$                 % Notes due 20

We are offering $             of our     % notes due 20     
(the “20      notes”), $             of our     % notes due 20      (the “20     
notes”), $             of our     % notes due 20      (the “20      notes”) and
$             of our     % notes due 20      (the “20      notes” and, together with the 20     
notes, the 20      notes and the 20      notes, the “notes”).

We will pay interest on the notes
semi-annually in arrears on      and      of each year, beginning on     , 2022. The 20      notes will mature on     , 20     ,
the 20      notes will mature on     , 20     , the 20      notes will mature on     , 20      and the 20
     notes will mature on     , 20     .

We may redeem the notes in whole or in part at any
time or from time to time at the redemption prices described under “Description of Notes—Optional Redemption.” Upon a Change of Control Repurchase Event, we may be required to make an offer to repurchase all outstanding notes as
described under “Description of Notes—Change of Control Repurchase Event.”

The notes will be our senior unsecured obligations and will rank
equally in right of payment with all of our other senior unsecured obligations from time to time outstanding. The notes will be issued only in registered book-entry form and in denominations of $2,000 and integral multiples of $1,000 thereafter. The
notes will not be listed on any securities exchange. Currently, there is no public market for any series of the notes.

Investing in the notes involves
certain risks. See “Risk Factors” beginning on page S-6 of this prospectus supplement and in the documents incorporated by reference herein for a discussion of certain risks that you should consider in
connection with an investment in the notes.

Neither the Securities and Exchange Commission nor any state or other securities commission has approved
or disapproved of these securities or determined if this prospectus supplement and the accompanying prospectus are truthful or complete. Any representation to the contrary is a criminal offense.

     Public Offering
Price(1)
     Underwriting
Discount
     Proceeds, Before
Expenses, to Us
 
     Per
Note
    Total      Per
Note
    Total      Per
Note
    Total  

    % Notes due 20    

            $                             $                             $                

    % Notes due 20    

            $                             $                             $    

    % Notes due 20    

            $                             $                             $    

    % Notes due 20    

            $                             $                             $    
                          

Total

     —     $          —     $          —     $    
                          
(1)

Plus accrued interest, if any, from May     , 2022.

The notes will be ready for delivery in book-entry form, only through the facilities of The Depository Trust Company for the accounts of its participants, which
may include Clearstream Banking, société anonyme, and Euroclear Bank S.A./N.V., as operator of the Euroclear System, against payment in New York, New York, on or about May     , 2022, which will be the fifth
business day following the date of this prospectus supplement (such settlement being referred to as “T+5”). Pursuant to Rule 15c6-1 under the Exchange Act, trades in the secondary market generally
are required to settle in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers of the notes who wish to trade the notes prior to the second business day preceding the settlement date will be
required, by virtue of the fact that the notes initially will settle in T+5, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisors.

Joint Book-Running Managers

BofA Securities   Goldman Sachs & Co. LLC   Morgan Stanley

The date of this prospectus supplement is May    , 2022.

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