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Financial profile · Q2 FY2026

A capital-light marketplace with accelerating growth and recurring shareholder returns

eBay has historically combined moderate long-run revenue growth with substantial operating cash generation and relatively modest property-and-equipment spending. Its cash profile supports recurring dividends and share repurchases, while recent results show improving operating leverage rather than a fundamentally different financial model.

What is developing

The latest comparable results indicate better growth and operating-margin absorption while free cash flow remained positive despite a larger quarterly capital-spending outlay. The evidence points to improved monetization and cost absorption within the existing marketplace model, not yet a structural change in its economics.

What matters next

Whether operating cash flow continues to cover capital expenditures while operating expenses grow slower than revenue.

USD
Metric FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
9.3B 9.9B 8.7B 8.6B 8.9B 10.4B 9.8B 10.1B 10.3B 11.1B
(2B) (2.2B) (2B) (2.1B) (1.8B) (2.7B) (2.7B) (2.8B) (2.9B) (3.1B)
7.3B 7.7B 6.6B 6.5B 7.1B 7.8B 7.1B 7.3B 7.4B 8B
(5B) (5.4B) (4.8B) (4.6B) (4.1B) (4.4B) (4.4B) (4.8B) (5.1B) (5.1B)
(3.6B) (3.9B) (3.5B) (3.3B) (3.1B) (3.1B) (3.1B) (3.3B) (3.2B) (3.4B)
R&D
(1.1B) (1.2B) (1.1B) (976m) (1B) (1.3B) (1.3B) (1.5B) (1.5B) (1.6B)
(34m) (38m) (22m) (28m) (27m) (9m) (4m) (21m) (20m) (24m)
(231m) (272m) (247m) (262m) — — — — (353m) 0
2.3B 2.3B 1.8B 1.9B 3B 3.4B 2.7B 2.4B 2.3B 2.9B
1.2B (167m) 513m (59m) 741m (2.6B) (3.9B) 1.8B (40m) 30m
225m 292m 326m 312m 304m 269m 235m 263m 259m 246m
— 167m (69m) (91m) (344m) (457m) (332m) (501m) (8m) (585m)
83m 11m (16m) (1m) (32m) 90m (3m) — — 0
3.7B 2.3B 2.2B 1.7B 3.3B 398m (1.6B) 3.7B 2.3B 2.3B
3.6B (188m) (550m) (233m) (858m) (146m) 327m (932m) (297m) (376m)
7.3B 2.1B 1.7B 1.5B 2.5B 252m (1.3B) 2.8B 2B 1.9B
7.3B (1B) 2.5B 1.8B 5.7B 13.6B (1.3B) 2.8B 2B 2B
6.37 (0.95) 2.55 2.08 7.89 20.52 (2.28) 5.21 3.95 4.33