EBAY INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EBAY INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,298	9,927	8,650	7,429	8,894	10,420	9,795	10,112	10,283	11,100
Cost of revenue	2,004	2,221	2,023	1,585	1,797	2,650	2,680	2,833	2,880	3,169
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
Selling and marketing	2,691	2,878	2,576	1,866	2,091	2,170	2,136	2,217	2,319	2,394
General and administrative	899	1,030	979	988	985	921	963	1,196	914	1,198
Operating expenses	4,969	5,442	4,875	4,074	4,461	4,847	4,765	5,338	5,085	5,654
Operating income	2,325	2,264	1,752	1,770	2,636	2,923	2,350	1,941	2,318	2,277
Interest expense	225	292	326	311	304	269	235	263	259	246
Interest income	125	177	176	112	38	19	73	204	272	265
Other non-operating income	83	11	-16	-1	-32
Pre-tax income	3,651	2,275	2,249	1,652	3,345	398	-1,601	3,707	2,278	2,307
Income tax	-3,634	3,288	121	219	858	146	-327	932	297	311
Income from continuing operations	7,285	-1,013	2,128	1,433	2,487	252	-1,274	2,775	1,981	1,996
Net income	7,266	-1,017	2,530	1,786	5,667	13,608	-1,269	2,767	1,975	2,031
EBITDA	2,930	2,876	2,343	2,342	3,196	3,408	2,792	2,382	2,688	2,698
EPS, basic	6.41	-0.95	2.58	2.10	7.98	20.87	-2.27	5.22	3.99	4.43
EPS, diluted	6.35	-0.95	2.55	2.09	7.89	20.54	-2.27	5.19	3.94	4.34
Shares, basic (weighted)	1,133	1,064	980	849	710	652	558	530	496	459
Shares, diluted (weighted)	1,144	1,064	991	856	718	663	558	533	501	468

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,816	2,120	2,202	901	1,101	1,379	2,154	1,985	2,433	1,867
Short-term investments	5,333	3,743	2,713	1,850	2,392	5,944	2,625
Receivables	592	696	712	555	362	98	90	94	108	135
Other current assets	1,134	1,185	1,499	1,064	780	1,107	1,056	1,011	715	887
Total current assets	8,875	7,744	7,126	4,706	7,190	9,111	9,290	11,016	7,567	5,086
Property, plant and equipment	1,516	1,597	1,597	1,460	1,292	1,236	1,238	1,243	1,263	1,165
Lease right-of-use assets				583	430	289	513	493	427	428
Goodwill	4,501	4,773	5,160	4,533	4,285	4,178	4,262	4,267	4,269	4,467
Intangible assets	102	69	92	39	12	8	115	114	119
Long-term investments	3,969	6,331	3,778	1,275	833
Other non-current assets	276	273	274	133	131	591	581	383	464	565
Total assets	23,847	25,986	22,819	18,174	19,310	26,626	20,850	21,620	19,365	17,437
Accounts payable	283	330	286	229	278	262	261	267	257	242
Accrued liabilities	430	469	410	420	523	517	426	581	498	644
Deferred revenue		137	170	129	98	79	34	34	32	43
Short-term debt	1,450	750	1,550	1,020	6	1,355	1,150	750	1,673	750
Total current liabilities	3,847	3,559	4,454	4,066	4,002	4,622	4,271	4,520	6,098	4,637
Long-term debt	7,509	9,234	7,685	6,738	7,740	7,727	7,721	6,973	5,752	5,996
Lease liabilities				461	316	200	418	387	320	315
Other non-current liabilities	499	1,720	1,474	1,353	1,260	1,183	1,042	936	632	575
Total liabilities	13,308	17,937	16,538	15,304	15,749	16,848	15,697	15,224	14,207	12,954
Total debt	7,509	9,234	7,685	6,738	7,740	7,727	7,721	7,723	7,425	6,746
Paid-in capital	14,907	15,293	15,716	16,126	16,497	16,659	17,279	17,792	18,289	18,785
Retained earnings	14,959	13,929	16,459	17,754	22,961	36,090	34,315	36,531	37,951	39,296
Treasury stock	-19,205	-21,892	-26,394	-31,396	-36,515	-43,371	-46,702	-48,114	-51,290	-53,807
Other comprehensive income	-124	717	498	384	616	398	259	185	206	207
Shareholders' equity	10,526	8,049	6,281	2,870	3,561	9,778	5,153	6,396	5,158	4,483
Total equity	10,526	8,049	6,281	2,870	3,561	9,778	5,153	6,396	5,158	4,483
Total liabilities and equity	23,847	25,986	22,819	18,174	19,310	26,626	20,850	21,620	19,365	17,437
Shares outstanding	1,087	1,029	915	796	684	594	539	517	471	449

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	7,266	-1,017	2,530	1,786	5,667	13,608	-1,269	2,767	1,975	2,031
Depreciation and amortization	605	612	591	572	560	485	442	441	370	421
Stock-based compensation	416	483	465	415	417	477	494	575	588	607
Deferred income tax	-4,556	1,728	-104	-1	414	-682	-780	255	-874	44
Change in receivables	-48	-195	-76	-93	31	195
Change in payables	-28	19	-33	-11	69	9	6	15	-8	-4
Cash from operations	2,826	3,146	2,658	3,114	2,419	2,657	2,254	2,426	2,414	1,959
Capital expenditures	-626	-666	-623	-508	-463	-444	-449	-456	-458	-525
Acquisitions	-212	-34	-302	0	0	0	-208	-38	-13	-208
Purchases of investments	-11,212	-14,599	-28,115	-46,966	-32,887	-22,161	-18,534	-13,874	-13,855	-6,735
Sales and maturities of investments	10,063	14,520	30,901	50,548	33,129	18,770	20,626	14,502	12,306
Cash from investing	-2,017	-1,295	2,894	2,787	3,794	3,663	2,461	240	2,213	1,420
Debt issued	2,216	2,484	0	0	1,765	2,478	1,143	0	0	994
Debt repaid	-20	-1,452	-750	-1,550	-1,771	-1,156	-1,355	-1,150	-750	-1,225
Stock issued	102	120	109	106	90	93	87	83	92	141
Share buybacks	-2,943	-2,746	-4,502	-4,973	-5,137	-7,055	-3,143	-1,401	-3,149	-2,500
Dividends paid		0	0	-473	-447	-466	-489	-528	-533	-531
Cash from financing	-744	-1,784	-5,398	-7,091	-5,692	-6,532	-3,792	-2,450	-3,806	-3,661
Exchange rate effect	-90	238	-75	-33	77	24	-57
Net change in cash	-25	305	79	-1,223	598	-188	866	221	793	-231
Free cash flow	2,200	2,480	2,035	2,606	1,956	2,213	1,805	1,970	1,956	1,434
Interest paid	220	285	314	304	271	253	244	275	264	256
Income taxes paid	492	308	556	249	493	929	540	746	722	1,457

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $107.90 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	72.1%	Gross profit / revenue.
Operating margin	20.6%	Operating income / revenue.
EBITDA margin	24.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.6%	Pre-tax income / revenue.
Net margin	18.6%	Net income / revenue.
FCF margin	20.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.3%	Cash from operations / revenue.
Effective tax rate	11.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	47.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.4%	Net income / average total assets.
Return on invested capital (ROIC)	24.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.9%	Research and development expense / revenue.
Stock-based pay / revenue	5.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.1%	Capital expenditures / revenue.
D&A / revenue	3.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-2.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	0.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-3.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	2.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-18.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	10.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-11.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-18.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-26.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-7.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-6.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-13.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-10.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-8.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.02x	Current assets / current liabilities.
Quick ratio	0.42x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.44x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	37.6%	Total debt / total assets.
Liabilities / assets	74.0%	Total liabilities / total assets.
Net debt	$4.43B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.50x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	9.94x	Operating income / interest expense.
Working capital	$111.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	24.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$194.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	9.23x	Revenue / average property, plant and equipment.
Receivables turnover	77.5x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
FCF conversion	108.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.90	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$26.39	Revenue / diluted weighted shares.
FCF per share	$5.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.67	Cash from operations / diluted weighted shares.
Book value per share	$10.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.44	Tangible book value / shares outstanding.
Cash per share	$5.19	(Cash + short-term investments) / shares outstanding.
Payout ratio	24.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	22.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	85.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$48.02B	Share price x shares outstanding.
Enterprise value	$52.44B	Market cap + total debt - cash - short-term investments.
P/E	21.5x	Market cap / net income. Only when net income is positive.
P/S	4.00x	Market cap / revenue.
P/B	10.3x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	248x	Market cap / tangible book value, when positive.
P/FCF	19.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.8x	Market cap / cash from operations, when positive.
EV/Sales	4.37x	Enterprise value / revenue.
EV/EBIT	21.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.1%	Free cash flow / market cap.
Earnings yield	4.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	5.4%	(Dividends paid + share buybacks) / market cap.

What was EBAY INC's revenue in fiscal 2025?

EBAY INC reported revenue of $11.10B for fiscal 2025, 7.9% higher than the year before.

Was EBAY INC profitable in fiscal 2025?

Yes. Net income was $2.03B, a net margin of 18.3%.

How much free cash flow did EBAY INC generate in fiscal 2025?

Cash from operations of $1.96B minus capital expenditures of $525.0M left free cash flow of $1.43B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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