eBay

EBAY · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

EBAY · Last close · October 26, 2026

$118.62

eBay's revenue rose 8.0% to $11.1 billion in fiscal 2025. Its operating margin was 20.5%, down from 22.5% a year earlier. Free cash flow was $1.4 billion, down 26.7%. It paid out $3.0 billion in dividends and buybacks, 211% of free cash flow. The diluted share count fell 6.6%.

eBay Inc. Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0001065088-26-000027 Updated October 9, 2026

Revenue

$11.1B

8.0%

Operating margin

20.5%

2.0 pts

Net income

$2.0B

2.8%

Free cash flow

$1.4B

26.7%

Return on capital

26.8%

1.3 pts

Market cap

$54.0B

Oct 26 close

P/E

24.6x

On $4.82 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Total debt is eBay's long-term debt plus its current portion, which its filings label differently over the years. Short-term investments for 2023 to 2025 are eBay's available-for-sale securities due within a year, which match the balance sheet's short-term investments.

What eBay does

eBay runs an online marketplace where people and businesses sell new and used goods to buyers in more than 190 markets. eBay does not sell the goods itself: it connects buyers and sellers through its website and apps. It focuses on categories that draw enthusiasts, such as car parts, collectibles and trading cards, refurbished goods, luxury items, clothing and sneakers. At the end of 2025 it had 135 million active buyers and 2.5 billion live listings.

eBay reports a single business segment. It earns most of its money from fees on completed sales, so its revenue follows the value of goods sold, which was nearly $80 billion in 2025, 51 percent of it outside the United States. It also charges sellers to promote their listings, and earns money from shipping and financial services for sellers. It says it competes with a wide range of online and offline sellers, including retailers, distributors, auctioneers, search engines and other online marketplaces.

eBay employed about 12,300 people at the end of 2025, about 7,200 of them in the United States. In February 2026 it agreed to buy Depop, an online marketplace for secondhand clothing, for about $1.2 billion in cash. It offers buyers refunds when items don't arrive or don't match their listings, and checks that some luxury and collectible items are genuine.

Its biggest risks, as it describes them

Stiff competition from other online and offline sellers, including for its advertising business.
Its dependence on consumer spending, which makes its sales swing with shoppers' confidence.
New tariffs and the end of duty-free treatment for low-value imports, which could hurt the cross-border trade it relies on.
Fraud by users, and liability for counterfeit, unsafe or illegal items listed by sellers.
Falling behind on technology such as AI, or on what buyers and sellers expect.

From eBay's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 4.1% a year and net income 13.2% a year, while buybacks cut the share count by 59%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value eBay yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from eBay's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from eBay's fiscal 2025 free cash flow of $1.4B, net cash of −$3.8B at December 31, 2025 and 468 million diluted shares, from its filings. The scenarios are fitted to eBay: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 4.3% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Broadline Retail), plus 1 point for unsteady results (a loss in fiscal 2022); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to eBay's own revenue growth, as above. Cautious: growth of 2% then 2% a year, 2% after year 10, a 11% discount rate. Base: growth of 4.5% then 3.5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 6.5% then 5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $118.62
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from eBay's earnings per share of $4.82 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of eBay's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Kohl's, Macy's, MercadoLibre.

Earnings growth in the years ahead (% a year) Starts at eBay's revenue growth over the last 3 years, 4.3% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $118.62
Value at this multiple, against the last close: —
eBay's P/E at the last close: 24.6×

Company	Last close	Earnings per share	P/E today
MercadoLibreMELI	$1,668.72	$36.77	45.4×
eBayEBAY	$118.62	$4.82	24.6×
Kohl'sKSS	$23.65	$2.30	10.3×
Macy'sM	$23.59	$2.73	8.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	7,323	4,779	4,541	5,890	2,919
Debt incl. finance leases	9,082	8,871	7,723	6,977	6,746
Net debt (negative means net cash)	1,759	4,092	3,182	1,087	3,827
Net debt to EBITDA	0.5x	1.5x	1.3x	0.4x	1.4x
Debt to equity	0.9x	1.7x	1.2x	1.4x	1.5x
Interest coverage	10.9x	10.0x	7.4x	8.9x	9.3x
Current ratio	2.0x	2.2x	2.4x	1.2x	1.1x
Quick ratio	2.0x	2.2x	2.4x	1.2x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought eBay shares on the open market, and 6 insiders sold $57.1 million, $51.8 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 6, 2026	Jamie IannonePresident and CEO, Director	Sold plan	11,110	$106.32	$1.2 million	Form 4
Oct 5, 2026	Jamie IannonePresident and CEO, Director	Sold plan	11,110	$107.08	$1.2 million	Form 4
Sep 9, 2026	Jamie IannonePresident and CEO, Director	Sold plan	11,110	$103.99	$1.2 million	Form 4
Sep 8, 2026	Jamie IannonePresident and CEO, Director	Sold plan	11,110	$102.35	$1.1 million	Form 4
Aug 18, 2026	Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer	Sold plan	1,014	$101.39	$102,809	Form 4
Aug 10, 2026	Rebecca SpencerVP, Chief Accounting Officer	Sold	5,190	$107.79	$559,431	Form 4
Aug 6, 2026	Jamie IannonePresident and CEO, Director	Sold plan	11,110	$109.50	$1.2 million	Form 4
Aug 5, 2026	Jamie IannonePresident and CEO, Director	Sold plan	11,110	$108.55	$1.2 million	Form 4
Jul 7, 2026	Jamie IannonePresident and CEO, Director	Sold plan	11,110	$114.53	$1.3 million	Form 4
Jul 6, 2026	Jamie IannonePresident and CEO, Director	Sold plan	11,110	$113.33	$1.3 million	Form 4
Jun 18, 2026	Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer	Sold plan	863	$109.17	$94,214	Form 4
Jun 17, 2026	Mazen RawashdehSVP, Chief Technology Officer	Sold plan	1,919	$108.51	$208,231	Form 4

The latest 12 of 44 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Fail
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	7 of 9	6 of 9	5 of 9
Accruals ratio	1.6%	−2.1%	0.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put eBay side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
eBay	FY25	8.0%	20.5%	12.9%	26.8%	1.4x	5
Kohl's	FY25	−4.3%	4.0%	6.5%	7.2%	2.1x	7	Compare
Macy's	FY25	−1.7%	4.5%	4.7%	12.9%	0.6x	8	Compare
Sea Limited	FY25	36.4%	8.7%	19.7%	—	−4.5x	8	Compare
MercadoLibre	FY25	39.1%	11.1%	37.3%	35.0%	0.8x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	9,298	9,927	8,650	7,429	8,894	10,420	9,795	10,112	10,283	11,100
Revenue growth	8.2%	6.8%	−12.9%	−14.1%	19.7%	17.2%	−6.0%	3.2%	1.7%	8.0%
Gross profit	7,294	7,706	6,627	5,844	7,097	7,770	7,115	7,279	7,403	7,931
Research and development	1,114	1,224	1,051	930	1,028	1,325	1,330	1,544	1,479	1,642
Operating income	2,325	2,264	1,752	1,770	2,636	2,923	2,350	1,941	2,318	2,277
Net income	7,266	−1,017	2,530	1,786	5,667	13,608	−1,269	2,767	1,975	2,031
Diluted EPS (US$)	6.35	−0.95	2.55	2.09	7.89	20.54	−2.27	5.19	3.94	4.34
Diluted shares (millions)	1,144	1,064	991	856	718	663	558	533	501	468
Cash flow
Cash from operations	2,826	3,146	2,658	3,114	2,419	2,657	2,254	2,426	2,414	1,959
Capital expenditure	626	666	623	508	463	444	449	456	458	525
Free cash flow	2,200	2,480	2,035	2,606	1,956	2,213	1,805	1,970	1,956	1,434
Dividends paid	0	0	0	473	447	466	489	528	533	531
Share buybacks	2,943	2,746	4,502	4,973	5,137	7,055	3,143	1,401	3,149	2,500
Acquisitions	212	34	302	0	0	0	208	38	13	208
Stock-based compensation	416	483	465	415	417	477	494	575	588	607
Balance sheet at fiscal year end
Cash and short-term investments	7,149	5,863	4,915	2,751	3,493	7,323	4,779	4,541	5,890	2,919
Debt incl. finance leases	8,960	10,015	9,231	7,785	7,764	9,082	8,871	7,723	6,977	6,746
Total assets	23,847	25,986	22,819	18,174	19,310	26,626	20,850	21,620	19,365	17,610
Total liabilities	13,308	17,937	16,538	15,304	15,749	16,848	15,697	15,224	14,207	12,995
Shareholders' equity	10,526	8,049	6,281	2,870	3,561	9,778	5,153	6,396	5,158	4,615
Margins and ratios
Gross margin	78.5%	77.6%	76.6%	78.7%	79.8%	74.6%	72.6%	72.0%	72.0%	71.5%
Operating margin	25.0%	22.8%	20.2%	23.8%	29.6%	28.1%	24.0%	19.2%	22.5%	20.5%
Net margin	78.2%	−10.2%	29.2%	24.0%	63.7%	130.6%	−13.0%	27.4%	19.2%	18.3%
Free cash flow margin	23.7%	25.0%	23.5%	35.1%	22.0%	21.2%	18.4%	19.5%	19.0%	12.9%
Return on capital	23.8%	9.2%	14.5%	16.6%	24.9%	19.1%	17.9%	15.4%	25.5%	26.8%
Return on equity	85.0%	−10.9%	35.3%	39.0%	176.2%	204.0%	−17.0%	47.9%	34.2%	41.6%
Return on assets	34.9%	−4.1%	10.4%	8.7%	30.2%	59.2%	−5.3%	13.0%	9.6%	11.0%
Net debt to EBITDA	0.6x	1.4x	1.8x	2.1x	1.3x	0.5x	1.5x	1.3x	0.4x	1.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: eBay's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with eBay.