eBay
EBAY Nasdaq Broadline Retail Financials FY2016–FY2025
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%.
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.
- Legal name
- eBay Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Accession · CIK
- 0001065088-26-000027
0001065088
Revenue and margins
eBay had $11.1B of revenue in fiscal 2025, up 8.0% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −4.1% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.4B in fiscal 2025, 12.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
eBay returned $3.0B to shareholders in fiscal 2025, 211% of free cash flow. The diluted share count fell 6.6%.
Value eBay yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.8B and divides by 468.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 25.2x · peers 10.7x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably eBay can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $7.3B | $4.8B | $4.5B | $5.9B | $2.9B |
| Debt incl. finance leases | $9.1B | $8.9B | $7.7B | $7.0B | $6.7B |
| Net debt / EBITDA | 0.5x | 1.5x | 1.3x | 0.4x | 1.4x |
| Debt / equity | 0.9x | 1.7x | 1.2x | 1.4x | 1.5x |
| Interest coverage | 10.9x | 10.0x | 7.4x | 9.0x | 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 |
| Total assets | $26.6B | $20.9B | $21.6B | $19.4B | $17.6B |
| Total liabilities | $16.8B | $15.7B | $15.2B | $14.2B | $13.0B |
| Shareholders' equity | $9.8B | $5.2B | $6.4B | $5.2B | $4.6B |
| Net debt (− = net cash) | $1.8B | $4.1B | $3.2B | $1.1B | $3.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$10.6M
4 insiders
Of sales under plans
95%
$10.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 6, 2026 | Jamie IannonePresident and CEO, Director | Sold plan | 11,110 | $106.32 | $1.2M | Form 4 |
| Oct 5, 2026 | Jamie IannonePresident and CEO, Director | Sold plan | 11,110 | $107.08 | $1.2M | Form 4 |
| Sep 9, 2026 | Jamie IannonePresident and CEO, Director | Sold plan | 11,110 | $103.99 | $1.2M | Form 4 |
| Sep 8, 2026 | Jamie IannonePresident and CEO, Director | Sold plan | 11,110 | $102.35 | $1.1M | Form 4 |
| Aug 18, 2026 | Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer | Sold plan | 1,014 | $101.39 | $0.1M | Form 4 |
| Aug 10, 2026 | Rebecca SpencerVP, Chief Accounting Officer | Sold | 5,190 | $107.79 | $0.6M | Form 4 |
| Aug 6, 2026 | Jamie IannonePresident and CEO, Director | Sold plan | 11,110 | $109.50 | $1.2M | Form 4 |
| Aug 5, 2026 | Jamie IannonePresident and CEO, Director | Sold plan | 11,110 | $108.55 | $1.2M | Form 4 |
| Jul 7, 2026 | Jamie IannonePresident and CEO, Director | Sold plan | 11,110 | $114.53 | $1.3M | Form 4 |
| Jul 6, 2026 | Jamie IannonePresident and CEO, Director | Sold plan | 11,110 | $113.33 | $1.3M | Form 4 |
| Jun 18, 2026 | Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer | Sold plan | 863 | $109.17 | $0.1M | Form 4 |
| Jun 17, 2026 | Mazen RawashdehSVP, Chief Technology Officer | Sold plan | 1,919 | $108.51 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 7 / 9 | 6 / 9 | 5 / 9 |
| Accruals ratio | 1.6% | −2.1% | 0.4% |
| Altman Z'' | 8.52 | 8.07 | 8.71 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| eBay EBAY | $55.2B | 8.0% | 20.5% | 12.9% | 26.8% | 25.2x | 5 | |
| Kohl's KSS | $2.9B | −4.3% | 4.0% | 6.5% | 7.2% | 10.7x | 7 | Compare → |
| Macy's M | $6.6B | −1.7% | 4.6% | 4.7% | 12.9% | 8.8x | 8 | Compare → |
| Sea Limited SE | $47.6B | 36.4% | 8.7% | 19.7% | — | — | 8 | Compare → |
| MercadoLibre MELI | $91.8B | 39.1% | 11.1% | 37.3% | 35.0% | 49.2x | 4 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $9.3B | $9.9B | $8.7B | $7.4B | $8.9B | $10.4B | $9.8B | $10.1B | $10.3B | $11.1B |
| Gross profit | $7.3B | $7.7B | $6.6B | $5.8B | $7.1B | $7.8B | $7.1B | $7.3B | $7.4B | $7.9B |
| Research and development | $1.1B | $1.2B | $1.1B | $930M | $1.0B | $1.3B | $1.3B | $1.5B | $1.5B | $1.6B |
| Operating income | $2.3B | $2.3B | $1.8B | $1.8B | $2.6B | $2.9B | $2.4B | $1.9B | $2.3B | $2.3B |
| Interest expense | $225M | $292M | $326M | $311M | $304M | $269M | $235M | $263M | $259M | $246M |
| Pretax income | $3.7B | $2.3B | $2.2B | $1.7B | $3.3B | $398M | −$1.6B | $3.7B | $2.3B | $2.3B |
| Income tax | −$3.6B | $3.3B | $121M | $219M | $858M | $146M | −$327M | $932M | $297M | $311M |
| Net income | $7.3B | −$1.0B | $2.5B | $1.8B | $5.7B | $13.6B | −$1.3B | $2.8B | $2.0B | $2.0B |
| Diluted EPS | $6.35 | −$0.95 | $2.55 | $2.09 | $7.89 | $20.54 | −$2.27 | $5.19 | $3.94 | $4.34 |
| Diluted shares | 1.14B | 1.06B | 0.99B | 0.86B | 0.72B | 0.66B | 0.56B | 0.53B | 0.50B | 0.47B |
| Cash flow | ||||||||||
| Cash from operations | $2.8B | $3.1B | $2.7B | $3.1B | $2.4B | $2.7B | $2.3B | $2.4B | $2.4B | $2.0B |
| Capital expenditure | $626M | $666M | $623M | $508M | $463M | $444M | $449M | $456M | $458M | $525M |
| Free cash flow | $2.2B | $2.5B | $2.0B | $2.6B | $2.0B | $2.2B | $1.8B | $2.0B | $2.0B | $1.4B |
| Depreciation and amortization | $605M | $612M | $591M | $572M | $560M | $485M | $442M | $441M | $370M | $421M |
| Stock-based compensation | $416M | $483M | $465M | $415M | $417M | $477M | $494M | $575M | $588M | $607M |
| Acquisitions | $212M | $34.0M | $302M | $0.0M | $0.0M | $0.0M | $208M | $38.0M | $13.0M | $208M |
| Share buybacks | $2.9B | $2.7B | $4.5B | $5.0B | $5.1B | $7.1B | $3.1B | $1.4B | $3.1B | $2.5B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $473M | $447M | $466M | $489M | $528M | $533M | $531M |
| Dividends and buybacks | $2.9B | $2.7B | $4.5B | $5.4B | $5.6B | $7.5B | $3.6B | $1.9B | $3.7B | $3.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $7.1B | $5.9B | $4.9B | $2.8B | $3.5B | $7.3B | $4.8B | $4.5B | $5.9B | $2.9B |
| Total debt | $9.0B | $10.0B | $9.2B | $7.8B | $7.7B | $9.1B | $8.9B | $7.7B | $7.0B | $6.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $27.0M | $18.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $8.9B | $7.7B | $7.1B | $4.7B | $7.2B | $9.1B | $9.3B | $11.0B | $7.6B | $5.1B |
| Current liabilities | $3.8B | $3.6B | $4.5B | $4.1B | $4.0B | $4.6B | $4.3B | $4.5B | $6.1B | $4.6B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $1.5B | $1.6B | $1.6B | $1.5B | $1.3B | $1.2B | $1.2B | $1.2B | $1.3B | $1.3B |
| Total assets | $23.8B | $26.0B | $22.8B | $18.2B | $19.3B | $26.6B | $20.9B | $21.6B | $19.4B | $17.6B |
| Total liabilities | $13.3B | $17.9B | $16.5B | $15.3B | $15.7B | $16.8B | $15.7B | $15.2B | $14.2B | $13.0B |
| Shareholders' equity | $10.5B | $8.0B | $6.3B | $2.9B | $3.6B | $9.8B | $5.2B | $6.4B | $5.2B | $4.6B |
| Margins | ||||||||||
| 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% | 20.3% | 23.8% | 29.6% | 28.1% | 24.0% | 19.2% | 22.5% | 20.5% |
| EBITDA margin | 31.5% | 29.0% | 27.1% | 31.5% | 35.9% | 32.7% | 28.5% | 23.6% | 26.1% | 24.3% |
| Net margin | 78.2% | −10.2% | 29.3% | 24.0% | 63.7% | 130.6% | −13.0% | 27.4% | 19.2% | 18.3% |
| FCF margin | 23.7% | 25.0% | 23.5% | 35.1% | 22.0% | 21.2% | 18.4% | 19.5% | 19.0% | 12.9% |
| Returns | ||||||||||
| 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 capital employed | 13.1% | 10.7% | 8.6% | 10.9% | 17.9% | 15.7% | 12.2% | 11.5% | 15.3% | 17.4% |
| Return on equity | 85.0% | −11.0% | 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% | 59.3% | −5.4% | 13.0% | 9.6% | 11.0% |
| Growth | ||||||||||
| Revenue growth | 8.2% | 6.8% | −12.9% | −14.1% | 19.7% | 17.2% | −6.0% | 3.2% | 1.7% | 8.0% |
| Net income growth | 321.2% | −114.0% | — | −29.4% | 217.3% | 140.1% | −109.3% | — | −28.6% | 2.8% |
| EPS growth | 347.2% | −115.0% | — | −18.0% | 277.5% | 160.3% | −111.1% | — | −24.1% | 10.2% |
| FCF growth | −34.6% | 12.7% | −17.9% | 28.1% | −24.9% | 13.1% | −18.4% | 9.1% | −0.7% | −26.7% |
| Share count change | −6.2% | −7.0% | −6.9% | −13.6% | −16.1% | −7.7% | −15.8% | −4.5% | −6.0% | −6.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.6x | 1.4x | 1.8x | 2.2x | 1.3x | 0.5x | 1.5x | 1.3x | 0.4x | 1.4x |
| Debt / equity | 0.9x | 1.2x | 1.5x | 2.7x | 2.2x | 0.9x | 1.7x | 1.2x | 1.4x | 1.5x |
| Interest coverage | 10.3x | 7.8x | 5.4x | 5.7x | 8.7x | 10.9x | 10.0x | 7.4x | 9.0x | 9.3x |
| Current ratio | 2.3x | 2.2x | 1.6x | 1.2x | 1.8x | 2.0x | 2.2x | 2.4x | 1.2x | 1.1x |
| Quick ratio | 2.3x | 2.2x | 1.6x | 1.2x | 1.8x | 2.0x | 2.2x | 2.4x | 1.2x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.7% | 6.7% | 7.2% | 6.8% | 5.2% | 4.3% | 4.6% | 4.5% | 4.5% | 4.7% |
| Stock comp / revenue | 4.5% | 4.9% | 5.4% | 5.6% | 4.7% | 4.6% | 5.0% | 5.7% | 5.7% | 5.5% |
| Payouts / FCF | 133.8% | 110.7% | 221.2% | 209.0% | 285.5% | 339.9% | 201.2% | 97.9% | 188.2% | 211.4% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 4.0 | 6.0 | 5.0 | 7.0 | 7.0 | 5.0 | 7.0 | 6.0 | 5.0 |
| Altman Z'' | 4.9 | 3.9 | 4.0 | 4.3 | 6.1 | 6.9 | 8.1 | 8.5 | 8.1 | 8.7 |
| Accruals ratio | 21.4% | −16.7% | −0.5% | −6.5% | 17.3% | 47.7% | −14.8% | 1.6% | −2.1% | 0.4% |
Source: SEC EDGAR XBRL filings (CIK 0001065088). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.