eBay

EBAY Nasdaq Broadline Retail Financials FY2016–FY2025

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.

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Today: 0.7%
Previous close: $118.62
Market cap: $53.6B
P/E: 24.4x

Fair value (model): $38.80 −67% vs price
Day range: $116.81 $119.53
52-week range: $79.41 $122.91

Last close · Oct 27, 2026

$117.83

+$19.82 (+20.22%) past year

Value it Compare

Earnings calendar · eBay

Every quarter, companies publish how much they sold and earned. These are the days eBay did it, and the next one. Share prices often move a lot on those days.

Next results

October 28, 2026

Wednesday · today

Time: After the market closes
Covers: Period ended Sep 30, 2026
Expected EPS: $1.11
Source: Earnings calendar

See who else reports that week →

Date	Results for	Time	Source
Oct 20, 2026	Period ended Sep 30, 2026	Time not announced	8-K ↗
Aug 5, 2026	Q2 '26	After the market closes	8-K ↗
Apr 29, 2026	Q1 '26	After the market closes	8-K ↗
Feb 18, 2026	Q4 '25	After the market closes	8-K ↗
Oct 29, 2025	Q3 '25	After the market closes	8-K ↗
Jul 30, 2025	Q2 '25	After the market closes	8-K ↗
Apr 25, 2025	Q1 '25	Time not announced	8-K ↗
Feb 26, 2025	Q4 '24	After the market closes	8-K ↗

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

Results coming up

Results today

eBay will publish its results for the period ended Sep 30, 2026 on Wednesday October 28, 2026.

October 28, 2026
After the market closes
Date from the earnings calendar

Analysts expect EPS of $1.11

Consensus estimate, usually adjusted, so it may differ from the reported (GAAP) figure.

Last results Oct 20, 2026

Share prices often move a lot around results. Dates can change: the company’s own announcement is final. Not investment advice.

KIRA’s summary AI analyst

Hi! I read eBay’s latest annual report (fiscal 2025). Here is what stands out:

4 strengths 1 to watch

1.Sales and profit

See section →

eBay had $11.1B of revenue in fiscal 2025, up 8.0% on the year before. Over five years, revenue changed +4.5% a year on average.
Its operating margin was 20.5%, down 2.0 pts: of every 100 in sales, about 21 is left after running the business.
eBay made $2.0B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew −4.1% a year.

2.Cash and shareholders

See section →

Free cash flow was $1.4B in fiscal 2025, 12.9% of revenue.
eBay returned $3.0B to shareholders in fiscal 2025, 211% of free cash flow. The diluted share count fell 6.6%.
In the last 12 months, insiders sold $57.1M of shares on the open market and bought none.

3.Financial health

See section →

eBay owes $3.8B more than it holds in cash, about 1.4 years of operating profit.
Its return on capital was 26.8%: every 100 invested in the business earned about 27 in a year.
eBay passes 5 of 9 financial health tests (Piotroski F-score).

4.Price and value

See section →

At $117.83 a share, the company is worth $53.6B: 24.4 times its earnings of the last four quarters.
eBay grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 2 of 3.

Biggest risks, in its own words

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.

eBay in 30 seconds

Good So-so Weak

Are sales growing?

+8.0%

Yes. Sales grew 8.0% last year.

Does it make a profit?

18.3%

Yes. It keeps 18.3% of every sale as profit.

Does profit turn into cash?

12.9%

Yes. 12.9% of sales ends up as free cash.

Is debt under control?

1.4x

Keep an eye on it. Repaying its debt would take 1.4 years of operating profit.

How healthy are the accounts?

5 / 9

Mixed. It passes 5 of 9 health tests.

How is the share priced?

24.4x

One share costs 24.4 times its yearly profit per share. Typical for its sector: 17.7x.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap

$53.6B

Oct 27 close

P/E

24.4x

On $4.82 EPS (TTM)

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.

Charts by

Sales and profit

Is it selling more, and how much does it keep?

Revenue and margins

KIRA summarises the numbers

eBay had $11.1B of revenue in fiscal 2025, up 8.0% on the year before.

Over five years, revenue changed +4.5% a year on average.
Its operating margin was 20.5%, down 2.0 pts: of every 100 in sales, about 21 is left after running the business.

Revenue

FY16

Revenue $9.3B

FY17

Revenue $9.9B

FY18

Revenue $8.7B

FY19

Revenue $7.4B

FY20

Revenue $8.9B

FY21

Revenue $10.4B

FY22

Revenue $9.8B

FY23

Revenue $10.1B

FY24

Revenue $10.3B

FY25

Revenue $11.1B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Revenue

Q3 '23

Revenue $2.5B

Q4 '23

Revenue $2.6B

Q1 '24

Revenue $2.6B

Q2 '24

Revenue $2.6B

Q3 '24

Revenue $2.6B

Q4 '24

Revenue $2.6B

Q1 '25

Revenue $2.6B

Q2 '25

Revenue $2.7B

Q3 '25

Revenue $2.8B

Q4 '25

Revenue $3.0B

Q1 '26

Revenue $3.1B

Q2 '26

Revenue $3.1B

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Margins, % of revenue

FY16

Gross 78.5%

Operating 25.0%

Net 78.2%

FCF 23.7%

FY17

Gross 77.6%

Operating 22.8%

Net −10.2%

FCF 25.0%

FY18

Gross 76.6%

Operating 20.3%

Net 29.3%

FCF 23.5%

FY19

Gross 78.7%

Operating 23.8%

Net 24.0%

FCF 35.1%

FY20

Gross 79.8%

Operating 29.6%

Net 63.7%

FCF 22.0%

FY21

Gross 74.6%

Operating 28.1%

Net 130.6%

FCF 21.2%

FY22

Gross 72.6%

Operating 24.0%

Net −13.0%

FCF 18.4%

FY23

Gross 72.0%

Operating 19.2%

Net 27.4%

FCF 19.5%

FY24

Gross 72.0%

Operating 22.5%

Net 19.2%

FCF 19.0%

FY25

Gross 71.5%

Operating 20.5%

Net 18.3%

FCF 12.9%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Gross Operating Net FCF

Margins, % of revenue

Q3 '23

Gross 71.8%

Operating 18.2%

Net 52.2%

FCF 31.1%

Q4 '23

Gross 72.3%

Operating 16.0%

Net 28.3%

FCF −0.2%

Q1 '24

Gross 72.6%

Operating 24.7%

Net 17.1%

FCF 18.5%

Q2 '24

Gross 71.4%

Operating 21.4%

Net 8.7%

FCF 10.8%

Q3 '24

Gross 71.8%

Operating 23.1%

Net 24.6%

FCF 25.1%

Q4 '24

Gross 72.2%

Operating 21.1%

Net 26.3%

FCF 21.7%

Q1 '25

Gross 73.0%

Operating 23.6%

Net 19.3%

FCF 24.9%

Q2 '25

Gross 72.5%

Operating 17.6%

Net 13.3%

FCF −16.2%

Q3 '25

Gross 70.9%

Operating 20.4%

Net 22.4%

FCF 27.1%

Q4 '25

Gross 71.4%

Operating 20.3%

Net 17.8%

FCF 15.7%

Q1 '26

Gross 74.0%

Operating 19.8%

Net 16.6%

FCF 29.0%

Q2 '26

Gross 73.5%

Operating 21.6%

Net 17.6%

FCF 9.6%

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Gross Operating Net FCF

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Net income and earnings per share

Loss periods are shown in red.

KIRA summarises the numbers

eBay made $2.0B of net profit in fiscal 2025.

From fiscal 2016 to 2025, diluted EPS grew −4.1% a year.

Net income

FY16

Net income $7.3B

FY17

Net income −$1.0B

FY18

Net income $2.5B

FY19

Net income $1.8B

FY20

Net income $5.7B

FY21

Net income $13.6B

FY22

Net income −$1.3B

FY23

Net income $2.8B

FY24

Net income $2.0B

FY25

Net income $2.0B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Net income

Q3 '23

Net income $1.3B

Q4 '23

Net income $724M

Q1 '24

Net income $438M

Q2 '24

Net income $224M

Q3 '24

Net income $634M

Q4 '24

Net income $679M

Q1 '25

Net income $499M

Q2 '25

Net income $364M

Q3 '25

Net income $632M

Q4 '25

Net income $528M

Q1 '26

Net income $512M

Q2 '26

Net income $550M

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Diluted EPS

FY16

Diluted EPS $6.35

FY17

Diluted EPS −$0.95

FY18

Diluted EPS $2.55

FY19

Diluted EPS $2.09

FY20

Diluted EPS $7.89

FY21

Diluted EPS $20.54

FY22

Diluted EPS −$2.27

FY23

Diluted EPS $5.19

FY24

Diluted EPS $3.94

FY25

Diluted EPS $4.34

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Diluted EPS

Q3 '23

Diluted EPS $2.46

Q4 '23

Diluted EPS $1.39

Q1 '24

Diluted EPS $0.85

Q2 '24

Diluted EPS $0.45

Q3 '24

Diluted EPS $1.29

Q4 '24

Diluted EPS $1.38

Q1 '25

Diluted EPS $1.05

Q2 '25

Diluted EPS $0.78

Q3 '25

Diluted EPS $1.35

Q4 '25

Diluted EPS $1.14

Q1 '26

Diluted EPS $1.12

Q2 '26

Diluted EPS $1.21

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

Cash from operations minus capital spending.

KIRA summarises the numbers

Free cash flow was $1.4B in fiscal 2025, 12.9% of revenue.

Free cash flow

FY16

Free cash flow $2.2B

FY17

Free cash flow $2.5B

FY18

Free cash flow $2.0B

FY19

Free cash flow $2.6B

FY20

Free cash flow $2.0B

FY21

Free cash flow $2.2B

FY22

Free cash flow $1.8B

FY23

Free cash flow $2.0B

FY24

Free cash flow $2.0B

FY25

Free cash flow $1.4B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Free cash flow

Q3 '23

Free cash flow $777M

Q4 '23

Free cash flow −$4.0M

Q1 '24

Free cash flow $472M

Q2 '24

Free cash flow $278M

Q3 '24

Free cash flow $646M

Q4 '24

Free cash flow $560M

Q1 '25

Free cash flow $644M

Q2 '25

Free cash flow −$441M

Q3 '25

Free cash flow $765M

Q4 '25

Free cash flow $466M

Q1 '26

Free cash flow $897M

Q2 '26

Free cash flow $300M

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Cash from operations vs capital spending

FY16

Cash from operations $2.8B

Capital spending $626M

FY17

Cash from operations $3.1B

Capital spending $666M

FY18

Cash from operations $2.7B

Capital spending $623M

FY19

Cash from operations $3.1B

Capital spending $508M

FY20

Cash from operations $2.4B

Capital spending $463M

FY21

Cash from operations $2.7B

Capital spending $444M

FY22

Cash from operations $2.3B

Capital spending $449M

FY23

Cash from operations $2.4B

Capital spending $456M

FY24

Cash from operations $2.4B

Capital spending $458M

FY25

Cash from operations $2.0B

Capital spending $525M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash from operations Capital spending

Cash from operations vs capital spending

Q3 '23

Cash from operations $862M

Capital spending $85.0M

Q4 '23

Cash from operations $122M

Capital spending $126M

Q1 '24

Cash from operations $615M

Capital spending $143M

Q2 '24

Cash from operations $367M

Capital spending $89.0M

Q3 '24

Cash from operations $755M

Capital spending $109M

Q4 '24

Cash from operations $677M

Capital spending $117M

Q1 '25

Cash from operations $755M

Capital spending $111M

Q2 '25

Cash from operations −$340M

Capital spending $101M

Q3 '25

Cash from operations $961M

Capital spending $196M

Q4 '25

Cash from operations $583M

Capital spending $117M

Q1 '26

Cash from operations $969M

Capital spending $72.0M

Q2 '26

Cash from operations $523M

Capital spending $223M

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Cash from operations Capital spending

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Dividends, buybacks and share count

KIRA summarises the numbers

eBay returned $3.0B to shareholders in fiscal 2025, 211% of free cash flow.

The diluted share count fell 6.6%.

Dividends and buybacks

FY16

Dividends $0.0M

Buybacks $2.9B

FY17

Dividends $0.0M

Buybacks $2.7B

FY18

Dividends $0.0M

Buybacks $4.5B

FY19

Dividends $473M

Buybacks $5.0B

FY20

Dividends $447M

Buybacks $5.1B

FY21

Dividends $466M

Buybacks $7.1B

FY22

Dividends $489M

Buybacks $3.1B

FY23

Dividends $528M

Buybacks $1.4B

FY24

Dividends $533M

Buybacks $3.1B

FY25

Dividends $531M

Buybacks $2.5B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Dividends Buybacks

Dividends and buybacks

Q3 '23

Dividends $132M

Buybacks $626M

Q4 '23

Dividends $129M

Buybacks $283M

Q1 '24

Dividends $139M

Buybacks $453M

Q2 '24

Dividends $135M

Buybacks $1.0B

Q3 '24

Dividends $131M

Buybacks $755M

Q4 '24

Dividends $128M

Buybacks $911M

Q1 '25

Dividends $134M

Buybacks $615M

Q2 '25

Dividends $134M

Buybacks $624M

Q3 '25

Dividends $132M

Buybacks $626M

Q4 '25

Dividends $131M

Buybacks $635M

Q1 '26

Dividends $139M

Buybacks $486M

Q2 '26

Dividends $138M

Buybacks $323M

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Dividends Buybacks

Diluted shares outstanding (annual)

FY16

Diluted shares 1.14B

FY17

Diluted shares 1.06B

FY18

Diluted shares 0.99B

FY19

Diluted shares 0.86B

FY20

Diluted shares 0.72B

FY21

Diluted shares 0.66B

FY22

Diluted shares 0.56B

FY23

Diluted shares 0.53B

FY24

Diluted shares 0.50B

FY25

Diluted shares 0.47B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

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.

KIRA summarises the numbers

In the last 12 months, insiders sold $57.1M of shares on the open market and bought none.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$57.1M

6 insiders

Of sales under plans

91%

$51.8M

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
Jun 5, 2026	Cornelius BooneSVP, Chief People Officer	Sold plan	31,100	$109.69	$3.4M	Form 4
Jun 5, 2026	Jamie IannonePresident and CEO, Director	Sold plan	11,110	$109.73	$1.2M	Form 4
Jun 4, 2026	Jamie IannonePresident and CEO, Director	Sold plan	11,110	$109.59	$1.2M	Form 4
May 22, 2026	Mazen RawashdehSVP, Chief Technology Officer	Sold plan	50,000	$117.04	$5.9M	Form 4
May 18, 2026	Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer	Sold plan	1,010	$115.61	$0.1M	Form 4
May 4, 2026	Jamie IannonePresident and CEO, Director	Sold plan	19,641	$109.54	$2.2M	Form 4
May 1, 2026	Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer	Sold plan	33,441	$103.25	$3.5M	Form 4
May 1, 2026	Jamie IannonePresident and CEO, Director	Sold plan	21,000	$103.26	$2.2M	Form 4
Apr 15, 2026	Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer	Sold plan	12,113	$100.36	$1.2M	Form 4
Apr 7, 2026	Jamie IannonePresident and CEO, Director	Sold plan	21,000	$96.85	$2.0M	Form 4
Apr 6, 2026	Jamie IannonePresident and CEO, Director	Sold plan	21,000	$97.37	$2.0M	Form 4
Mar 18, 2026	Cornelius BooneSVP, Chief People Officer	Sold plan	16,685	$92.44	$1.5M	Form 4
Mar 18, 2026	Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer	Sold plan	12,978	$92.44	$1.2M	Form 4
Mar 17, 2026	Mazen RawashdehSVP, Chief Technology Officer	Sold plan	23,167	$93.59	$2.2M	Form 4
Mar 12, 2026	Julie A LoegerSVP, Chief Growth Officer	Sold	15,000	$90.88	$1.4M	Form 4
Mar 3, 2026	Jamie IannonePresident and CEO, Director	Sold plan	12,217	$88.60	$1.1M	Form 4
Mar 2, 2026	Jamie IannonePresident and CEO, Director	Sold plan	11,822	$89.37	$1.1M	Form 4
Feb 24, 2026	Cornelius BooneSVP, Chief People Officer	Sold	34,100	$85.26	$2.9M	Form 4
Feb 20, 2026	Rebecca SpencerVP, Chief Accounting Officer	Sold	1,869	$87.40	$0.2M	Form 4
Feb 18, 2026	Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer	Sold plan	1,009	$79.87	$0.1M	Form 4
Jan 30, 2026	Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer	Sold plan	33,441	$91.99	$3.1M	Form 4
Jan 2, 2026	Jamie IannonePresident and CEO, Director	Sold plan	8,884	$87.51	$0.8M	Form 4
Dec 18, 2025	Cornelius BooneSVP, Chief People Officer	Sold plan	4,462	$83.94	$0.4M	Form 4
Dec 18, 2025	Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer	Sold plan	865	$82.67	$0.1M	Form 4
Dec 17, 2025	Mazen RawashdehSVP, Chief Technology Officer	Sold plan	1,920	$81.90	$0.2M	Form 4
Dec 11, 2025	Julie A LoegerSVP, Chief Growth Officer	Sold	2,896	$82.44	$0.2M	Form 4
Dec 3, 2025	Jamie IannonePresident and CEO, Director	Sold plan	7,221	$82.68	$0.6M	Form 4
Dec 2, 2025	Jamie IannonePresident and CEO, Director	Sold plan	7,221	$82.60	$0.6M	Form 4
Nov 18, 2025	Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer	Sold plan	1,006	$82.04	$0.1M	Form 4
Nov 6, 2025	Jamie IannonePresident and CEO, Director	Sold plan	7,221	$81.06	$0.6M	Form 4
Nov 5, 2025	Jamie IannonePresident and CEO, Director	Sold plan	7,221	$81.08	$0.6M	Form 4
Nov 4, 2025	Jordan Douglas Bradley SweetnamSVP, Chief Commercial Officer	Sold plan	35,305	$81.54	$2.9M	Form 4
Oct 7, 2025	Jamie IannonePresident and CEO, Director	Sold plan	7,221	$91.67	$0.7M	Form 4
Oct 6, 2025	Jamie IannonePresident and CEO, Director	Sold plan	7,221	$91.76	$0.7M	Form 4

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

Cash, debt and the ratios that show how comfortably eBay can carry it.

KIRA summarises the numbers

eBay owes $3.8B more than it holds in cash, about 1.4 years of operating profit.

Cash vs debt (incl. leases)

FY16

Cash $7.1B

Debt $9.0B

FY17

Cash $5.9B

Debt $10.0B

FY18

Cash $4.9B

Debt $9.2B

FY19

Cash $2.8B

Debt $7.8B

FY20

Cash $3.5B

Debt $7.8B

FY21

Cash $7.3B

Debt $9.1B

FY22

Cash $4.8B

Debt $8.9B

FY23

Cash $4.5B

Debt $7.7B

FY24

Cash $5.9B

Debt $7.0B

FY25

Cash $2.9B

Debt $6.7B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash Debt

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

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

KIRA summarises the numbers

Its return on capital was 26.8%: every 100 invested in the business earned about 27 in a year.

Return on capital, equity and assets (annual)

FY16

Return on capital 23.8%

Return on equity 85.0%

Return on assets 34.9%

FY17

Return on capital 9.2%

Return on equity −11.0%

Return on assets −4.1%

FY18

Return on capital 14.5%

Return on equity 35.3%

Return on assets 10.4%

FY19

Return on capital 16.6%

Return on equity 39.0%

Return on assets 8.7%

FY20

Return on capital 24.9%

Return on equity 176.2%

Return on assets 30.2%

FY21

Return on capital 19.1%

Return on equity 204.0%

Return on assets 59.3%

FY22

Return on capital 17.9%

Return on equity −17.0%

Return on assets −5.4%

FY23

Return on capital 15.4%

Return on equity 47.9%

Return on assets 13.0%

FY24

Return on capital 25.5%

Return on equity 34.2%

Return on assets 9.6%

FY25

Return on capital 26.8%

Return on equity 41.6%

Return on assets 11.0%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Return on capital Return on equity Return on assets

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

KIRA summarises the numbers

eBay passes 5 of 9 financial health tests (Piotroski F-score).

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

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

Price and value

What does the share cost, and how does it compare?

Value eBay yourself

What could happen to the share if things go badly, normally or very well? Pick a story or make your own. These are examples, not forecasts or price targets.

KIRA summarises the numbers

At $117.83 a share, the company is worth $53.6B: 24.4 times its earnings of the last four quarters.

What if…? Five stories for the next 5 years

Tap one to see how it is built. Swipe for more.

Make your own scenario

How much will earnings per share grow each year? +5% a year They fallThey grow a lot For reference: sales last year +8% · earnings per share today $4.82. How many times its yearly earnings will the market pay in 5 years? (P/E) 21x The P/E says how many years of today’s profit you pay for a share. Calm, mature companies often trade at 10–20 times; fast growers at 30 or more.

Use the P/E of:

Share in 5 years

$129.19

+2% a year

If you put in $1,000 today: $1,096

At 21x, earnings only need to grow 3.1% a year for the share to be worth today’s price in 5 years. Faster, you gain; slower, you lose.

These are examples, not forecasts: nobody knows which will happen. Price in 5 years = earnings per share then × the P/E then. Dividends are not included.

Advanced models Discounted cash flow and a one-year earnings multiple, with every assumption to tune.

Discounted cash flow

Value per share

—

Starting free cash flow Growth, years 1–5 Growth, years 6–10 Growth after year 10 Discount rate

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

—

Earnings per share EPS growth a year P/E multiple Years ahead Discount rate

Reference multiples: today 25.2x · peers 10.7x · sector 17.7x.

In plain words: In the long run a share tends to follow two things: how much the company earns per share, and how many times those earnings the market is willing to pay (the P/E). Move those two levers and you see what the share could be worth. Different guesses give very different answers.

Similar companies

Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.

KIRA summarises the numbers

eBay grew sales faster than 2 of its 4 similar companies.

Its P/E is higher than 2 of 3.

Company	Market cap	Growth	Op. margin	FCF margin	ROIC	P/E	F-score
eBay EBAY	$53.6B	8.0%	20.5%	12.9%	26.8%	24.4x	5
Kohl's KSS	$2.8B	−4.3%	4.0%	6.5%	7.2%	10.3x	7	Compare →
Macy's M	$6.5B	−1.7%	4.6%	4.7%	12.9%	8.7x	8	Compare →
Sea Limited SE	$47.7B	36.4%	8.7%	19.7%	—	—	8	Compare →
MercadoLibre MELI	$85.2B	39.1%	11.1%	37.3%	35.0%	45.7x	4	Compare →

In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.

All figures

Every number, year by year.

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

Download CSV

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%

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

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.

eBay

eBay

What eBay does

Filing details

Earnings calendar · eBay

KIRA’s summary AI analyst

1.Sales and profit

2.Cash and shareholders

3.Financial health

4.Price and value

Biggest risks, in its own words

eBay in 30 seconds

Key numbers, fiscal 2025

Revenue

Operating margin

Net income

Free cash flow

Return on capital

Sales and profit

Revenue and margins

Net income and earnings per share

Cash and shareholders

Cash flow

Dividends, buybacks and share count

Insider trades

Financial health

Balance sheet

Returns on capital

Piotroski F-score

Price and value

Value eBay yourself

What if…? Five stories for the next 5 years

Make your own scenario

Discounted cash flow

Earnings multiple

Similar companies

All figures

10 years of figures