eBay operates a global third-party marketplace, earning transaction, advertising, shipping and subscription fees rather than primarily selling its own inventory. It reports one operating segment.
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A snapshot of what EBAY INC owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001065088-24-000036 | Feb 28, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001065088-25-000037 | Feb 27, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001065088-26-000027 | Feb 19, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
eBay’s marketplace grew strongly in the first half of 2026, but the improvement in underlying profitability was more modest than the second-quarter headline suggests. Revenue reached $6.223 billion, while GAAP operating margin edged up to 20.7%; lower comparative legal and restructuring costs helped the second quarter. Cash generation recovered substantially, supported by lower cash taxes, while fraud and recovery losses increased. The July purchase of Depop added a $1.4 billion preliminary cash demand after the latest balance-sheet date. In October, eBay said preliminary third-quarter results should exceed August guidance while announcing an approximately 9% workforce reduction. Those results remain unreported in the supplied evidence, and restructuring savings are intended for reinvestment—not guaranteed additional profit. GameStop’s separate, non-binding acquisition proposal was rejected.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05 · 8-K · 2026-10-20 · EX-99.2 · 2026-05-12
eBay connects buyers and sellers across more than 190 markets, emphasizing collectibles, vehicle parts, refurbished goods and fashion. Its first-half 2026 revenue comprised $5.046 billion of Marketplace fees and $1.177 billion of advertising; these are revenue activities, not separate operating segments. Management attributes growth to higher transaction activity, advertising adoption and favorable U.S. shipping volume and rates. Advertising attribution changes also contributed, but their effect is not quantified. Authentication, payments, shipping and buyer protection support trust while creating service costs and claims exposure.
Second-quarter gross merchandise volume, or GMV, rose a reported 15% to $22.398 billion, alongside 15% revenue growth to $3.134 billion; both grew 14% excluding currency effects. Active buyers numbered 136 million, up a reported 2%. Buyers are trailing-12-month accounts, not necessarily unique people. GMV includes shipping, taxes, returns and cancellations, so it is neither eBay revenue nor net completed sales. The disclosures do not separate price, units and purchase frequency sufficiently to explain all the growth.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05 · EX-99.1 · 2026-04-29
The first quarter showed the cost of growth: revenue rose 19%, but GAAP operating income stayed at $611 million and margin fell. In the second quarter, operating income increased to $676 million from $479 million and margin reached 21.6% versus 17.6%. That rebound partly reflected restructuring and executive-bonus adjustments falling from $55 million to $1 million, and legal matters moving from a $52 million charge to a $10 million credit. Transaction-related costs and higher compensation partly offset those benefits. First-half GAAP operating margin improved only from 20.5% to 20.7%; non-GAAP operating margin remained 28.9%. Adjusted results exclude stock compensation and specified restructuring, legal, amortization and transaction items; they are not interchangeable with GAAP profit.
First-half consolidated net income was $1.062 billion versus $863 million. EPS also benefited from fewer diluted shares, while lower effective tax rates reflected stock-compensation tax benefits and a prior-year deferred-tax charge. Meanwhile, transaction losses rose 62% to $271 million, including $68 million of deterioration attributed to fraud and recovery rates. Interim comparisons use retrospectively recast software accounting: platform development is expensed rather than capitalized. The annual figures below retain the earlier filing’s presentation and should not be mixed with recast interim figures. The releases also contain an unexplained difference in Q1 stock-compensation allocation between marketing and administration, although total compensation agrees.
Sources: EX-99.1 · 2026-04-29 · EX-99.1 · 2026-08-05 · 10-Q · 2026-06-30
First-half consolidated operating cash flow increased to $1.492 billion from recast $415 million. Continuing operations generated $1.519 billion, helped by $794 million lower cash taxes and working-capital movements—not simply higher profit. Capital expenditure was $295 million versus recast $212 million. Continuing operating cash flow less that expenditure produced company-defined free cash flow of $1.224 billion. Stock compensation of $338 million was a noncash expense added back in operating cash flow, not a cash receipt. Repurchase cash payments used $809 million and dividends $277 million. The separately reported $194 million Aurelia distribution was an investing return of capital, not operating earnings.
Depop closed on July 30, 2026 for $1.4 billion cash including preliminary adjustments, superseding the earlier approximately $1.2 billion base price; the two amounts must not be added. Final consideration and purchase accounting remained incomplete in the August 6 filing. June balances and first-half cash flows therefore precede the payment and cannot establish post-acquisition liquidity. Management expects Depop to extend eBay’s reach in fashion recommerce, but acquired liabilities, integration economics and eventual returns were not fully quantified.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05
At June 30, corporate cash was $2.310 billion; cash plus non-equity investments totaled approximately $4.9 billion, excluding customer and separately restricted funds. Debt carrying value was $6.735 billion versus $6.746 billion at year-end: a $750 million note repayment was largely replaced by commercial-paper borrowing. Senior-note principal of $850 million was due within 12 months. The undrawn $2 billion revolver had approximately $1.3 billion available for other permitted purposes after commercial-paper backstop needs, subject to borrowing conditions. It is not cash or an independent addition to the full commercial-paper capacity. Covenant compliance was reported at June 30, but actual leverage, headroom and any acquisition step-up election were undisclosed. The remaining approximately 8.3% Aurelia stake, carried at $474 million, is a restricted private investment—not a freely available liquidity reserve.
Sources: 10-Q · 2026-06-30 · 10-K · 2025-12-31
On October 20, reported in the October 22 filing, eBay announced an approximately 9% reduction of its then-current workforce. It estimated $130–150 million of GAAP pre-tax charges, mostly expected in fourth-quarter 2026, with the entire amount expected to become future cash expenditure. Substantial completion is expected by the end of first-quarter 2027, subject to consultation requirements and business needs. Savings are unquantified and intended for reinvestment; additional charges remain possible. Separately, eBay expected third-quarter results above August guidance. That guidance, including Depop, called for revenue of $3.07–3.12 billion, GMV of $22.0–22.4 billion, continuing-operations GAAP EPS of $0.94–0.99 and non-GAAP EPS of $1.36–1.42. October did not identify which individual metrics exceeded their ranges or report actual results; it does not establish that every measure exceeded guidance.
GameStop’s May 3 non-binding proposal offered $125 per eBay share, half cash and half GameStop stock, with shareholder elections subject to pro-rata allocation. Its thesis combined $2 billion of proposed annualized cost cuts with use of its store network. These were bidder projections, not achieved savings or eBay guidance. TD Securities’ May 1 letter expressed confidence that up to $20 billion of debt could be raised, but expressly was not a financing commitment; ratings, diligence, approvals, documentation and market conditions remained material dependencies. After initially announcing review on May 4, eBay’s Board rejected the proposal on May 12, citing financing, leverage, operational, leadership, governance and valuation concerns. These are the Board’s judgments, not independently proven valuation findings. As of the August 6 filing, no revision changing its view had been proposed; withdrawal or a completed sale is not established.
Sources: 8-K · 2026-10-20 · EX-99.1 · 2026-08-05 · EX-99.1 · 2026-05-03 · EX-99.1 · 2026-05-12 · EX-99.1 · 2026-05-04 · EX-99.2 · 2026-05-12 · 10-Q · 2026-06-30
Rising fraud losses, tariffs and cross-border friction can weaken marketplace economics. eBay depends on search traffic, advertising channels, carriers and payment providers; AI shopping agents could reduce referrals even as eBay invests in its own AI tools. Depop integration and restructuring add execution and employee-retention risks. Tax examinations remain uncertain, and maximum indemnification exposure cannot be determined. Annual reporting distinguished continuing deferred-prosecution monitoring and pending harassment-related civil litigation from resolved DEA and EPA matters. It also disclosed regulator-reported breaches assessed as immaterial—not an absence of incidents. June legal accruals were considered immaterial, but adverse outcomes could still materially affect a reporting period.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-10-20
USD 11.1 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 11.1 bn | 7.9% |
| 2024 | USD 10.283 bn | 1.7% |
| 2023 | USD 10.112 bn | — |
Consolidated GAAP net revenues, including Marketplace and Advertising activities.
Sources: 10-K · 2025-12-31
USD 1.959 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing_and_discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.959 bn | -18.8% |
| 2024 | USD 2.414 bn | -0.5% |
| 2023 | USD 2.426 bn | — |
Consolidated GAAP operating cash flow, including continuing and discontinued operations.
Sources: 10-K · 2025-12-31
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