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eBay Inc.

EBAY Consumer Cyclical Internet Retail

eBay Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.1 billion, up 7.95% from fiscal 2024.

Revenue
+13.7%
EPS
−19.5%
Free cash flow
−2.09%
Total debt
−0.27%

Quarter to September 2026, against a year earlier

125.16 6.54 +5.51%
Market cap
$52.1B
P/E
25.5×
Fwd P/E
27.7×
Dividend yield
1.02%
F-score
5/9
Altman Z
6.07
Beneish M
−2.13
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Marketplace revenues
  • Advertising revenues

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 53.21
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 5 2 3 5 2 4 4 1 3 1 2 —
Insider Ownership 11.05%

Capital & Financial Ratios $m

Size
Market Cap 52,070.00
Revenue ttm 12,394.00
Net income ttm 2,099.00
Free cash flow ttm 2,412.00
Net debt Q 4,758.00
Valuation
P/E 25.50
Forward P/E 27.70
Price / sales 4.26
Forward P/S Powerpack
Price / FCF 21.91
Price / book 11.98 (above 6: high)
Financial health
Current ratio Q 0.78 (below 1: weak)
Debt / equity Q 1.53
Interest coverage Q 9.63
Growth
Revenue growth Q +13.69% (above 0%: growing)
Operating income growth Q +7.88% (above 0%: growing)
EPS, this year +13.67%
EPS, next year A +9.72%
Revenue, next year A +13.94% (at or above 10%: strong)
EPS, past 5 yrs −11.27% (below 0%: weak)
EPS, next 5 yrs A +12.38%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.6×, against a ten-year median of 4.0×; over the ten years it ranged from 2.0× in 2023 to 6.0× in 2020.
P/E against its own 10 years 94.00%
10-year low 10-year high
P/S against its own 10 years 81.50%
10-year low 10-year high
P/B against its own 10 years 93.03%
10-year low 10-year high
EV/Sales against its own 10 years 80.92%
10-year low 10-year high
EV/FCF against its own 10 years 85.87%
10-year low 10-year high

Dividends raised every year since 2019

Yield
1.02%
Annual rate
1.22
Payout ratio
26.7%
Growth, 2019–25
+12.9%/yr
  1. 0.56 ’19
  2. 0.64 ’20 +14
  3. 0.72 ’21 +13
  4. 0.88 ’22 +22
  5. 1.00 ’23 +14
  6. 1.08 ’24 +8
  7. 1.16 ’25 +7
  8. 1.23 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8,992 5,890 2,919 1,975
Receivables 1,013 962 1,280 1,624
Inventory — — — —
Other 1,011 715 887 1,187
11,016 7,567 5,086 4,786
2023 2024 2025 Q'26
Payables 267 257 242 339
ST’ Debt 750 1,673 750 1,599
Other — — — —
4,520 6,098 4,637 6,126

Compound Annual Growth %

10y 5y 3y
Sales 2.59% 4.53% 4.26%
Cash Flow (6.97%) (4.13%) (4.57%)
Earnings 1.65% (18.55%) 0.00%
Book Value (3.48%) 5.32% (3.61%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.43 Actual 1.51

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.36 1.41 Beat by 0.05
Q1 FY26 1.58 1.66 Beat by 0.08
Q2 FY26 1.51 1.60 Beat by 0.09
Q3 FY26 1.43 1.51 Beat by 0.08
Q4 FY26 1.47 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.12 1.21 1.10 — —
’25 1.06 0.79 1.35 1.15 4.34
’24 0.85 0.45 1.29 1.40 3.94
’23 1.05 0.32 2.46 1.39 5.19
’22 (2.28) (0.95) (0.13) 1.23 (2.27)
’21 0.92 15.68 0.40 3.25 20.54
’20 4.51 1.05 0.94 1.21 7.89
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,089 3,134 3,206 — —
’25 2,585 2,730 2,820 2,965 11,100
’24 2,556 2,572 2,576 2,579 10,283
’23 2,510 2,540 2,500 2,562 10,112
’22 2,483 2,422 2,380 2,510 9,795
’21 2,638 2,668 2,501 2,613 10,420
’20 2,129 2,337 2,258 2,170 8,894
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 969 523 875 — —
’25 755 (340) 862 682 1,959
’24 615 367 755 677 2,414
’23 841 601 862 122 2,426
’22 613 228 729 684 2,254
’21 1,042 1,067 255 293 2,657
’20 592 964 105 758 2,419
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 897 300 749 — —
’25 644 (441) 765 466 1,434
’24 472 278 646 560 1,956
’23 709 488 777 (4) 1,970
’22 530 117 627 531 1,805
’21 959 968 96 190 2,213
’20 495 877 (19) 603 1,956
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 12.7% a year for ten years. It grew −8.3% a year over the last ten.

Implied
12.7%
10 years, reported
−8.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 9,298 9,927 8,650 7,429 8,894 10,420 9,795 10,112 10,283 11,100 12,394 +2.0% 12,647 13,555 14,458 +9.2%
Gross margin, % 78.45 77.63 76.61 78.66 79.80 74.57 72.64 71.98 71.99 71.45 72.17 (7.0) pt
EBT 3,651 2,275 2,249 1,652 3,345 398 (1,601) 3,707 2,278 2,307 2,526 (5.0%)
EBT margin, % 39.27 22.92 26.00 22.24 37.61 3.82 (16.35) 36.66 22.15 20.78 20.38 (18.5) pt
Net income 7,266 (1,017) 2,530 1,786 5,667 13,608 (1,269) 2,767 1,975 2,031 2,099 (13.2%)
Per share, $
Per share, $ Revenue 8.21 9.33 8.83 8.75 12.53 15.98 17.55 19.08 20.73 24.18 27.91 +12.8%
Earnings 6.41 (0.95) 2.58 2.10 7.98 20.87 (2.27) 5.22 3.99 4.42 4.67 (4.0%)
Cash flow 2.49 2.96 2.71 3.67 3.41 4.08 4.04 4.58 4.87 4.27 6.87 +6.1%
Capex (0.55) (0.63) (0.64) (0.60) (0.65) (0.68) (0.80) (0.86) (0.92) (1.14) (1.43) +8.4%
Free cash flow 1.94 2.33 2.08 3.07 2.75 3.39 3.23 3.72 3.94 3.12 5.43 +5.4%
Book value 9.30 7.56 6.41 3.38 5.02 15.00 9.23 12.07 10.40 10.05 9.94 +0.9%
Shares, m 1,133 1,064 980 849 710 652 558 530 496 459 449 (9.6%)
Valuation, ×
Valuation, × P/E 4.56 0.00 10.88 17.11 6.47 3.24 0.00 8.36 15.33 19.62 25.50 8.6
P/S 3.64 4.08 3.18 4.13 4.01 4.16 2.40 2.30 2.99 3.60 4.26 3.4
P/B 3.21 5.03 4.38 10.68 10.02 4.43 4.56 3.64 5.96 8.92 11.98 6.1
EV/Sales 3.83 4.50 3.68 4.84 4.49 4.33 2.54 2.17 3.14 3.95 4.65 3.7
EV/FCF 16.19 18.00 15.64 13.80 20.41 20.39 13.81 11.16 16.49 30.55 23.89 17.6
Cash, $m
Cash, $m Operating cash flow 2,826 3,146 2,658 3,114 2,419 2,657 2,254 2,426 2,414 1,959 3,049 (4.0%)
Capex (626) (666) (623) (508) (463) (444) (449) (456) (458) (525) (637) (1.9%)
Free cash flow 2,200 2,480 2,035 2,606 1,956 2,213 1,805 1,970 1,956 1,434 2,412 (4.6%)
Balance, $m
Balance, $m Working capital 5,028 4,185 2,672 640 3,188 4,489 5,019 6,496 1,469 449 (1,340) (23.5%)
Net debt 1,811 4,152 4,316 5,312 4,253 1,759 1,400 (1,269) 1,535 3,827 4,758 +8.7%
Shareholders’ equity 10,539 8,049 6,281 2,870 3,561 9,778 5,153 6,396 5,158 4,615 4,412 (8.8%)
Returns, %
Returns, % ROA 34.93 (4.08) 10.37 8.71 30.24 59.25 (5.35) 13.03 9.64 10.99 11.73 (23.9) pt
ROIC 11.77 11.60 10.33 13.52 21.08 15.83 22.41 23.66 21.65 16.86 17.17 +5.1 pt
ROE 84.91 (10.94) 35.31 39.03 176.24 204.03 (17.00) 47.92 34.19 41.56 45.98 (43.3) pt
People
People Employees 12,600 14,100 14,000 13,300 12,700 10,800 11,600 12,300 11,500 12,300 — (0.3%)
Revenue/emp, $m 0.74 0.70 0.62 0.56 0.70 0.96 0.84 0.82 0.89 0.90 — +2.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

eBay is a global online marketplace that connects buyers and third-party sellers. People and businesses use its websites and mobile apps to list, discover and purchase goods; eBay provides the technology and services that help them complete transactions. Its focus categories include vehicle parts and accessories, collectibles, refurbished items, apparel, luxury goods and sneakers.

Sellers range from individuals to global businesses. They can use eBay’s tools to create listings, advertise products, arrange shipping and receive payments. Buyers can search a broad range of inventory, including pre-owned goods. For qualifying purchases, eBay’s Money Back Guarantee offers a refund when an item does not arrive, is damaged or faulty, or materially differs from its description. Its Authenticity Guarantee covers eligible luxury, collectible and other high-value items.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Marketplace revenues 9,107 82.05%
Advertising revenues 1,993 17.95%
Gross margin 71.45%
Operating margin 20.51%
Pre-tax margin 20.78%

Revenue by segment since 2009

eBay Inc. vs peers in Internet Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PDD PDD Holdings Inc. Sponsored ADR $114.1B 8.4× 8.0× +14.08% (above 0%: growing) −7.17% (below 0%: shrinking) +25.39% (above 0%: growing) 57.26% 24.71% Compare
MELI MercadoLibre, Inc. $84.3B 45.4× 42.6× +49.76% (above 0%: growing) −10.86% (below 0%: shrinking) +22.47% (above 0%: growing) 40.90% 6.72% Compare
DASH DoorDash, Inc. $79.9B 75.0× 64.3× +33.95% (above 0%: growing) +87.79% (above 0%: growing) +8.85% (above 0%: growing) 52.97% 9.58% Compare
EBAY eBay Inc. $52.1B 25.5× 27.7× +13.69% (above 0%: growing) −19.47% (below 0%: shrinking) −2.09% (below 0%: shrinking) 72.33% 19.21%
SE Sea Limited Sponsored ADR $43.5B 28.2× 25.2× +48.07% (above 0%: growing) +5.88% (above 0%: growing) −6.79% (below 0%: shrinking) 45.58% 8.35% Compare
JD JD.com, Inc. $32.4B 16.6× 9.8× +2.54% (above 0%: growing) +27.87% (above 0%: growing) +64.77% (above 0%: growing) 17.12% 1.31% Compare
CPNG Coupang, Inc. $27.4B — (loss-making) — (loss-making) +7.50% (above 0%: growing) n/m −116.29% (below 0%: shrinking) 25.71% (4.52%) Compare
W Wayfair Inc. $15.3B — (loss-making) — (loss-making) +7.52% (above 0%: growing) n/m +28.46% (above 0%: growing) 29.95% 2.96% Compare
CART Maplebear Inc. $13.5B 30.6× 24.6× +14.11% (above 0%: growing) +6.98% (above 0%: growing) +157.22% (above 0%: growing) 72.00% 13.81% Compare
Median of peers $37.9B 29.4× 24.9× +14.10% +6.43% +23.93% 43.24% 7.54%

All 42 Internet Retail stocks →

From the latest earnings call

Updated

  • CEO Jamie Iannone said growth in focus categories and consumer-to-consumer sales contributed to the quarter, while Depop’s U.S. merchandise volume more than doubled.
  • CFO Peggy Alford said eBay is investing in Depop and other growth initiatives while reducing its workforce to create capacity for those investments.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Barclays Oct 29, 2026 Target raised Outperform 123.00 → 136.00
Wells Fargo Oct 29, 2026 Upgrade Underperform → Hold 91.00 → 106.00
Bank of America Oct 27, 2026 Target raised Hold 123.00 → 129.00
Erste Group Oct 22, 2026 Initiated Buy —
Morgan Stanley Oct 15, 2026 Target raised Outperform 132.00
Wedbush Oct 13, 2026 Target raised Buy 137.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 91.33%
Held by the ten largest 47.51%
Holder Shares Stake Change
Vanguard 55.19m 12.40% −2.14m
BlackRock 39.44m 8.86% −1.22m
TD 34.02m 7.65% +25.14m
State Street 21.81m 4.90% −473.45k
Geode Capital Management 12.56m 2.82% +132.86k
Ameriprise (Columbia Threadneedle) 12.08m 2.71% −3.52m
Comprehensive Financial Management LLC 10.03m 2.25% 0.00
UBS 9.64m 2.17% +369.79k
Morgan Stanley 8.67m 1.95% +203.65k
Fidelity (FMR) 7.96m 1.79% +2.80m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 30 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 28.46m 74.38m 189.15
2024 20.35m 49.09m 132.51
2023 21.56m 24.81m 91.52
2022 16.95m (18.13m) 85.02
2021 21.69m 45.45m 133.81

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 9.86%
Vanguard Capital Management LLC 7.59%
State Street Corporation 5.49%
Vanguard Portfolio Management LLC 5.27%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

eBay Inc. (EBAY) Latest News

3 Nov

Impact 3 · · Proactive Investors

2 Nov

Impact 3 · · StockStory

30 Oct

Impact 3 · · Zacks

29 Oct

Impact 4 · · Fortune
Impact 4 · · The Motley Fool
Impact 4 · · Benzinga earnings
Impact 4 · · Zacks earnings
Impact 4 · · Proactive Investors earnings
Impact 4 · · Stocktwits
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat transcript
Impact 3 · · PR Newswire
Impact 3 · · retail-insight-network.com

28 Oct

Impact 4 · · Zacks
Impact 4 · · PR Newswire
Impact 3 · · StockStory earnings
Impact 3 · · Associated Press

27 Oct

Impact 3 · · myfirstmillion.videonest.co
Impact 3 · · Barchart
Impact 3 · · StockStory

26 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

25 Oct

Impact 4 · · 24/7 Wall St.

24 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

23 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

22 Oct

Impact 4 · · TheStreet
Impact 4 · · retaildive.com
Impact 3 · · Simply Wall St.

EBAY metrics, ten years each

stockrow.com/EBAY · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com