A power amplifier circuit includes a lower-stage transistor having a first power supply voltage supplied to a first terminal, a second terminal connected to ground, and a first signal supplied to a third terminal; an upper-stage transistor having a second power supply voltage supplied to a first terminal, a second signal obtained by amplifying the first signal being output from the first terminal, a second terminal connected to the first terminal of the lower-stage transistor via a first capacitor, and a third terminal connected to ground via a ground path; an inductor that connects the second terminal of the upper-stage transistor to ground; and an adjustment circuit that adjusts impedance seen from the third terminal of the upper-stage transistor. The adjustment circuit includes a second capacitor and at least one resistance element connected in series with the ground path between the third terminal of the upper-stage transistor and ground.