EBAY INC EBAY
Unless otherwise expressly stated or the context otherwise requires, when we refer to "we," "our," "us," "eBay" or the "Company" in this Annual Report on Form 10-K, we mean eBay Inc. and its consolidated subsidiaries.
Founded in 1995 in San Jose, California, eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Our Marketplace platforms, including our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces and our suite of mobile apps, together, create one of the world's largest and most vibrant marketplaces for discovering great value and a unique selection. In 2025, eBay enabled nearly $80 billion of Gross Merchandise Volume ("GMV").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.10B | $10.28B | $10.11B | $9.79B | $10.42B | $8.89B | $7.43B | $8.65B | $9.93B | $9.30B |
| Cost of revenue | $3.17B | $2.88B | $2.83B | $2.68B | $2.65B | $1.80B | $1.58B | $2.02B | $2.22B | $2.00B |
| Gross profit | $7.93B | $7.40B | $7.28B | $7.12B | $7.77B | $7.10B | $5.84B | $6.63B | $7.71B | $7.29B |
| R&D | $1.64B | $1.48B | $1.54B | $1.33B | $1.32B | $1.03B | $930.0M | $1.05B | $1.22B | $1.11B |
| SG&A | $1.20B | $914.0M | $1.20B | $963.0M | $921.0M | $985.0M | $988.0M | $979.0M | $1.03B | $899.0M |
| Total operating expenses | $5.65B | $5.08B | $5.34B | $4.76B | $4.85B | $4.46B | $4.07B | $4.88B | $5.44B | $4.97B |
| Operating income | $2.28B | $2.32B | $1.94B | $2.35B | $2.92B | $2.64B | $1.77B | $1.75B | $2.26B | $2.33B |
| Interest expense | $246.0M | $259.0M | $263.0M | $235.0M | $269.0M | $304.0M | $311.0M | $326.0M | $292.0M | $225.0M |
| Pre-tax income | $2.31B | $2.28B | $3.71B | -$1.60B | $398.0M | $3.35B | $1.65B | $2.25B | $2.27B | $3.65B |
| Income tax | $311.0M | $297.0M | $932.0M | $327.0M | $146.0M | $858.0M | $219.0M | $121.0M | $3.29B | $3.63B |
| Net income | $2.03B | $1.98B | $2.77B | -$1.27B | $13.61B | $5.67B | $1.79B | $2.53B | -$1.02B | $7.27B |
| EPS, basic | 4.43 | 3.99 | 5.22 | -2.27 | 20.87 | 7.98 | 2.10 | 2.58 | -0.95 | 6.41 |
| EPS, diluted | 4.34 | 3.94 | 5.19 | -2.27 | 20.54 | 7.89 | 2.09 | 2.55 | -0.95 | 6.35 |
| Shares, diluted (wtd. avg.) | $468.0M | $501.0M | $533.0M | $558.0M | $663.0M | $718.0M | $856.0M | $991.0M | $1.06B | $1.14B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.87B | $2.43B | $1.99B | $2.15B | $1.38B | $1.24B | $659.0M | $2.08B | $2.14B | $1.83B |
| Short-term investments | — | — | — | $2.62B | $5.94B | $2.39B | $1.85B | $2.71B | $3.74B | $5.33B |
| Receivables | $135.0M | $108.0M | $94.0M | $90.0M | $98.0M | $362.0M | $555.0M | $712.0M | $696.0M | $592.0M |
| Total current assets | $5.09B | $7.57B | $11.02B | $9.29B | $9.11B | $7.19B | $4.71B | $7.13B | $7.74B | $8.88B |
| Property, plant and equipment | $1.34B | $1.26B | $1.24B | $1.24B | $1.24B | $1.29B | $1.46B | $1.60B | $1.60B | $1.52B |
| Goodwill | $4.47B | $4.27B | $4.27B | $4.26B | $4.18B | $4.29B | $4.53B | $5.16B | $4.77B | $4.50B |
| Other intangibles | — | $119.0M | $114.0M | $115.0M | $8.0M | $12.0M | $39.0M | $92.0M | $69.0M | $102.0M |
| Total assets | $17.61B | $19.36B | $21.62B | $20.85B | $26.63B | $19.31B | $18.17B | $22.82B | $25.99B | $23.85B |
| Accounts payable | $242.0M | $257.0M | $267.0M | $261.0M | $262.0M | $278.0M | $229.0M | $286.0M | $330.0M | $283.0M |
| Short-term debt | $750.0M | $1.23B | $750.0M | $1.15B | $1.35B | $0 | $1.00B | $1.55B | $750.0M | $1.45B |
| Total current liabilities | $4.64B | $6.10B | $4.52B | $4.27B | $4.62B | $4.00B | $4.07B | $4.45B | $3.56B | $3.85B |
| Long-term debt | — | — | $6.97B | $7.72B | $7.73B | $7.74B | $6.74B | $7.68B | $9.23B | $7.51B |
| Total liabilities | $12.99B | $14.21B | $15.22B | $15.70B | $16.85B | $15.75B | $15.30B | $16.54B | $17.94B | $13.31B |
| Retained earnings | $39.43B | $37.95B | $36.53B | $34.31B | $36.09B | $22.96B | $17.75B | $16.46B | $13.93B | $14.96B |
| Total equity | $4.62B | $5.16B | $6.40B | $5.15B | $9.78B | $3.56B | $2.87B | $6.28B | $8.05B | $10.53B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.96B | $2.41B | $2.43B | $2.25B | $2.66B | $2.42B | $3.11B | $2.66B | $3.15B | $2.83B |
| Depreciation and amortisation | $421.0M | $370.0M | $441.0M | $442.0M | $485.0M | $560.0M | $572.0M | $591.0M | $612.0M | $605.0M |
| Stock-based compensation | $607.0M | $588.0M | $575.0M | $494.0M | $477.0M | $417.0M | $415.0M | $465.0M | $483.0M | $416.0M |
| Capital expenditure | $525.0M | $458.0M | $456.0M | $449.0M | $444.0M | $463.0M | $508.0M | $623.0M | $666.0M | $626.0M |
| Investing cash flow | $1.42B | $2.21B | $240.0M | $2.46B | $3.66B | $3.79B | $2.79B | $2.89B | -$1.29B | -$2.02B |
| Financing cash flow | -$3.66B | -$3.81B | -$2.45B | -$3.79B | -$6.53B | -$5.69B | -$7.09B | -$5.40B | -$1.78B | -$744.0M |
| Dividends paid | $531.0M | $533.0M | $528.0M | $489.0M | $466.0M | $447.0M | $473.0M | $0 | $0 | — |
| Buybacks | $2.50B | $3.15B | $1.40B | $3.14B | $7.05B | $5.14B | $4.97B | $4.50B | $2.75B | $2.94B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001552781-26-000285.
Others in SIC 7389
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| MA | Mastercard Inc | $510.86B | 35.1x | 16.4% |
| RPAY | Repay Holdings Corp | $323.15B | — | -1.2% |
| UBER | Uber Technologies, Inc | $154.74B | 16.0x | 18.3% |
| ACN | Accenture plc | $114.31B | 15.4x | 7.4% |
| MELI | MERCADOLIBRE INC | $100.30B | 50.2x | 34.3% |
| DASH | DoorDash, Inc. | $91.98B | 99.4x | 27.9% |
| PYPL | PayPal Holdings, Inc. | $48.48B | 10.2x | 4.3% |
| MSCI | MSCI Inc. | $41.66B | 36.5x | 9.7% |