EBAY
EBAY · NasdaqServices-Business Services, NEC · Fiscal year ends Dec 31
EBAY reported revenue of $11.1B in the fiscal year ended Dec 2025, up 7.9% from the year before. Operating income was $2.3B, an operating margin of 20.5%, and net income was $2B. Operating cash flow of $2B less capital expenditure of $525M left free cash flow of $1.4B. Net debt was $4.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $10.4B | $9.8B | $10.1B | $10.3B | $11.1B |
| Cost of revenue | $2.7B | $2.7B | $2.8B | $2.9B | $3.2B |
| Gross profit | $7.8B | $7.1B | $7.3B | $7.4B | $7.9B |
| Research & development | $1.3B | $1.3B | $1.5B | $1.5B | $1.6B |
| Operating income | $2.9B | $2.4B | $1.9B | $2.3B | $2.3B |
| Interest expense | $269M | $235M | $263M | $259M | $246M |
| Pre-tax income | $398M | −$1.6B | $3.7B | $2.3B | $2.3B |
| Income tax | $146M | −$327M | $932M | $297M | $311M |
| Net income | $13.6B | −$1.3B | $2.8B | $2B | $2B |
| Diluted EPS | 20.54 | −2.27 | 5.19 | 3.94 | 4.34 |
| Diluted shares | 663M | 558M | 533M | 501M | 468M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.4B | $2.2B | $2B | $2.4B | $1.9B |
| Receivables | $98M | $90M | $94M | $108M | $135M |
| Current assets | $9.1B | $9.3B | $11B | $7.6B | $5.1B |
| Net PP&E | $1.2B | $1.2B | $1.2B | $1.3B | $1.2B |
| Goodwill | $4.2B | $4.3B | $4.3B | $4.3B | $4.5B |
| Total assets | $26.6B | $20.9B | $21.6B | $19.4B | $17.4B |
| Payables | $262M | $261M | $267M | $257M | $242M |
| Deferred revenue | $79M | $34M | $34M | $32M | $43M |
| Current liabilities | $4.6B | $4.3B | $4.5B | $6.1B | $4.6B |
| Short-term debt | $1.4B | $1.2B | $750M | $1.2B | $750M |
| Long-term debt | $7.7B | $7.7B | $7B | $5.8B | $6B |
| Total liabilities | $16.8B | $15.7B | $15.2B | $14.2B | $13B |
| Shareholders' equity | $9.8B | $5.2B | $6.4B | $5.2B | $4.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.7B | $2.3B | $2.4B | $2.4B | $2B |
| Capital expenditure | $444M | $449M | $456M | $458M | $525M |
| Free cash flow | $2.2B | $1.8B | $2B | $2B | $1.4B |
| Depreciation & amortisation | $485M | $442M | $441M | $370M | $421M |
| Stock-based compensation | $477M | $494M | $575M | $588M | $607M |
| Acquisitions | $0 | $208M | $38M | $13M | $208M |
| Share buybacks | $7.1B | $3.1B | $1.4B | $3.1B | $2.5B |
| Dividends paid | $466M | $489M | $528M | $533M | $531M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −6.0% | 3.2% | 1.7% | 7.9% |
| Operating income growth (YoY) | – | −19.6% | −17.4% | 19.4% | −1.8% |
| EPS growth (YoY) | – | −111.1% | – | −24.1% | 10.2% |
| Gross margin | 74.6% | 72.6% | 72.0% | 72.0% | 71.5% |
| Operating margin | 28.1% | 24.0% | 19.2% | 22.5% | 20.5% |
| Net margin | 130.6% | −13.0% | 27.4% | 19.2% | 18.3% |
| Return on equityBlank when equity is negative | 139.2% | −24.6% | 43.3% | 38.3% | 45.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.3% | 14.2% | 11.4% | 17.5% | 17.8% |
| Free cash flow margin | 21.2% | 18.4% | 19.5% | 19.0% | 12.9% |
| Cash conversion (CFO ÷ net income) | 0.20x | −1.78x | 0.88x | 1.22x | 0.96x |
| Receivable days | 3 | 3 | 3 | 4 | 4 |
| Payable days | 36 | 36 | 34 | 33 | 28 |
| Interest cover | 10.9x | 10.0x | 7.38x | 8.95x | 9.26x |
| Debt ÷ equity | 0.93x | 1.72x | 1.21x | 1.35x | 1.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $7.7B | $6.7B | $5.7B | $4.5B | $4.9B |
| Current ratio | 1.97x | 2.18x | 2.44x | 1.24x | 1.10x |
Recent filings
More in Services-Business Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.