In Q4'25, PayPal's operating expenses reached $1.61B, with SG&A expenses at $1.19B and R&D expenses at $804M, marking a slight increase from Q3'25's total of $1.55B and reflecting continued investment in administrative and innovation areas. From Q1'23 to Q4'25, total operating expenses exhibited a volatile yet upward trend, rising from $1.66B to $1.61B overall, driven by SG&A's growth from $943M to $1.19B amid expansions in sales and general costs, while R&D fluctuated between $718M and $804M with a net increase of about 11%. Notable spikes occurred in Q4 periods, such as Q4'24's $2B total due to elevated SG&A at $1.22B, indicating seasonal pressures, whereas Q1'24 saw a dip to $1.63B, highlighting periodic cost optimizations in a stacked bar visualization.