eBay (EBAY) financial statements
eBay reported revenue of $11.1B in fiscal 2025, up 2.0% a year over 9 years.
Net income was $2.0B and the operating margin 20.5%, against 25.0% in 2016.
Free cash flow was $1.4B, and the company returned $531M in dividends and $2.5B in net buybacks.
The diluted share count fell 59% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from eBay's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.3B | $9.9B | $8.7B | $7.4B | $8.9B | $10.4B | $9.8B | $10.1B | $10.3B | $11.1B |
| Cost of revenue | $2.0B | $2.2B | $2.0B | $1.6B | $1.8B | $2.6B | $2.7B | $2.8B | $2.9B | $3.2B |
| 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 |
| Selling, general and admin | $3.6B | $3.9B | $3.6B | $2.9B | $3.1B | $3.1B | $3.1B | $3.4B | $3.2B | $3.6B |
| 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 |
| Pre-tax 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 |
| EPS (diluted) | $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 | 991M | 856M | 718M | 663M | 558M | 533M | 501M | 468M |
| Gross margin | 78.4% | 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% |
| Net margin | 78.1% | -10.2% | 29.2% | 24.0% | 63.7% | 130.6% | -13.0% | 27.4% | 19.2% | 18.3% |
Balance sheet
Fiscal years, from eBay's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $7.1B | $5.9B | $4.9B | $2.8B | $3.5B | $7.3B | $4.8B | $2.0B | $2.4B | $1.9B |
| Receivables | $592M | $696M | $712M | $555M | $362M | $98M | $90M | $94M | $108M | $135M |
| Total current assets | $8.9B | $7.7B | $7.1B | $4.7B | $7.2B | $9.1B | $9.3B | $11.0B | $7.6B | $5.1B |
| Property, plant and equipment | $1.5B | $1.6B | $1.6B | $1.5B | $1.3B | $1.2B | $1.2B | $1.2B | $1.3B | $1.2B |
| Goodwill | $4.5B | $4.8B | $5.2B | $4.5B | $4.3B | $4.2B | $4.3B | $4.3B | $4.3B | $4.5B |
| Total assets | $23.8B | $26.0B | $22.8B | $18.2B | $19.3B | $26.6B | $20.9B | $21.6B | $19.4B | $17.4B |
| Total current liabilities | $3.8B | $3.6B | $4.5B | $4.1B | $4.0B | $4.6B | $4.3B | $4.5B | $6.1B | $4.6B |
| Long-term debt | $7.5B | $9.2B | $7.7B | $6.7B | $7.7B | $7.7B | $7.7B | $7.0B | $5.8B | $6.0B |
| 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 | $4.5B |
| Net debt | $7.1B | $7.9B | $7.0B | $6.9B | $6.6B | $7.7B | $6.7B | $5.7B | $5.0B | $4.9B |
Cash flow
Fiscal years, from eBay's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.8B | $3.1B | $2.7B | $3.1B | $2.4B | $2.7B | $2.3B | $2.4B | $2.4B | $2.0B |
| Capital spending | $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 |
| Stock-based compensation | $416M | $483M | $465M | $415M | $417M | $477M | $494M | $575M | $588M | $607M |
| Dividends paid | — | $0 | $0 | $473M | $447M | $466M | $489M | $528M | $533M | $531M |
| Share buybacks (net) | -$2.9B | -$2.7B | -$4.5B | -$5.0B | -$5.1B | -$7.1B | -$3.1B | -$1.4B | -$3.1B | -$2.5B |
| Net borrowing | $2.2B | $2.5B | $0 | $0 | $1.8B | $2.5B | $1.1B | $0 | $0 | — |
| Free cash flow margin | 23.7% | 25.0% | 23.5% | 35.1% | 22.0% | 21.2% | 18.4% | 19.5% | 19.0% | 12.9% |
| Dividends per share | — | — | — | $0.55 | $0.62 | $0.70 | $0.88 | $0.99 | $1.06 | $1.13 |
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Open EBAY in InvestinglyQuestions
What was eBay's revenue in 2025?
$11.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does eBay generate?
$1.4B in fiscal 2025 (operating cash flow minus capital spending).
From eBay's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.