While FCF margins reached 29.1% in 2026Q1, the company's aggressive buyback strategy often exceeds quarterly free cash flow, contributing to a volatile cash conversion cycle.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 2.14B | 2.19B | 2.41B | 2.43B | 2.25B | 2.66B | 2.42B | 3.11B | 2.66B | 3.15B | 2.83B | 4.03B | 5.68B | 5B | 3.84B | 3.27B | 2.75B | 2.91B | 2.88B | 2.64B | 2.25B | 2.01B | 1.29B | 874.12M | 479.9M | 252.11M | 100.15M | 66.6M | 6.3M | 800K |
| Operating CF Margin % | - | 19.69% | 23.48% | 23.99% | 23.01% | 25.5% | 27.2% | 41.92% | 30.73% | 31.69% | 30.39% | 46.94% | 64.58% | 60.49% | 27.27% | 28.1% | 29.99% | 33.32% | 33.74% | 34.42% | 37.65% | 44.15% | 39.29% | 40.37% | 39.53% | 33.67% | 23.21% | 29.64% | 7.32% | 1.93% |
| Operating CF Growth % | -155.73% | -9.44% | -0.49% | 7.63% | -15.17% | 9.84% | -22.32% | 17.16% | -15.51% | 11.32% | -29.93% | -28.96% | 13.65% | 30.15% | 17.24% | 19.23% | -5.58% | 0.91% | 9.12% | 17.5% | 11.84% | 56.37% | 47.04% | 82.14% | 90.35% | 151.74% | 50.37% | 957.14% | 687.5% | - |
| Net Income | 2.04B | 2B | 1.98B | 2.77B | -1.27B | 13.61B | 2.49B | 1.79B | 2.53B | -1.02B | 7.27B | 1.73B | -41M | 2.86B | 2.61B | 3.23B | 1.8B | 2.39B | 1.78B | 348.25M | 1.13B | 1.08B | 778.22M | 441.77M | 249.89M | 90.45M | 48.29M | 10.8M | 2.4M | 900K |
| Depreciation & Amortization | 421M | 407M | 324M | 403M | 442M | 502M | 583M | 675M | 696M | 676M | 682M | 687M | 1.49B | 1.4B | 1.2B | 939.95M | 762.47M | 810.95M | 719.81M | 601.71M | 544.55M | 409.94M | 259.52M | 159M | 76.58M | 89.73M | 45.19M | 25.4M | 5.4M | 100K |
| Stock-Based Compensation | 468M | 0 | 588M | 575M | 494M | 477M | 417M | 495M | 538M | 483M | 416M | 379M | 675M | 609M | 488M | 457.19M | 381.49M | 394.81M | 353.32M | 301.81M | 317.41M | 31.77M | 0 | 5.49M | 5.95M | 3.09M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 34M | 44M | -874M | 255M | -780M | -680M | 414M | 113M | -153M | 1.73B | -4.56B | -32M | 2.9B | -31M | -35M | 16.96M | 349.6M | -178.81M | -149.95M | -123.37M | -227.85M | 91.69M | 28.65M | 69.77M | 8.13M | -11.41M | 0 | 0 | 1.4M | 0 |
| Other Non-Cash Items | 525M | 1.17B | 429M | -1.49B | 3.74B | -11.12B | -1.31B | 235M | -395M | 109M | -987M | 1.45B | 958M | 747M | 534M | -984.83M | 42.65M | -544.96M | 383.64M | 1.69B | 283.37M | 398.69M | 409.51M | 227.51M | 108.25M | 109.93M | 54.25M | 6.6M | 100K | 300K |
| Working Capital Changes | -1.31B | -1.43B | -34M | -94M | -377M | -134M | -168M | -190M | -558M | 1.17B | 5M | -180M | -300M | -586M | -958M | -384.98M | -591.4M | 37.01M | -204.31M | -172.32M | 204.67M | -4.24M | -190.59M | -29.43M | 31.1M | -29.68M | -47.58M | 23.8M | -8.2M | -500K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 195M | 8M | -124M | -98M | -195M | -48M | -105M | 16M | -123M | -207M | -291.82M | -111.61M | -97.49M | -66.85M | -185.62M | -169.75M | -151.99M | 0 | -153.37M | -54.58M | -50.22M | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -509M | -423M | -292M | -573M | 1.32B | -17M | -453M | -447M | -382M | -667M | -116.07M | -544.5M | 193.03M | -170.91M | 65.06M | 331.31M | -2.31B | 0 | -1.72B | 72.25M | -1.06B | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | -4M | -8M | 15M | 6M | 9M | 101M | 4M | -47M | 19M | -28M | 226M | 87M | 7M | -16M | 29.42M | -9.26M | -27.23M | 14.95M | 36.95M | 32.99M | 564K | 0 | 17.35M | 14.63M | -4.09M | 0 | 0 | 0 | 0 |
| Cash from Investing | 897M | 1.19B | 2.21B | 240M | 2.46B | 3.66B | 3.79B | 2.79B | 2.89B | -1.3B | -2.01B | -3.61B | -2.67B | -6.01B | -3.76B | -3.31B | -2.28B | -1.15B | -2.06B | -693.15M | 228.85M | -2.45B | -2.01B | -1.32B | -157.76M | -29.82M | -206.05M | -602.9M | -49.3M | -700K |
| Capital Expenditures | -454M | -525M | -458M | -456M | -449M | -444M | -494M | -552M | -651M | -666M | -626M | -668M | -1.27B | -1.25B | -1.26B | -963.5M | -723.91M | -567.09M | -565.89M | -453.97M | -515.45M | -338.28M | -292.84M | -365.38M | -138.67M | -57.42M | -49.75M | -86.4M | -8.9M | -700K |
| CapEx % of Revenue | 3.91% | 4.73% | 4.45% | 4.51% | 4.58% | 4.26% | 5.55% | 7.43% | 7.53% | 6.71% | 6.73% | 7.77% | 14.46% | 15.14% | 8.93% | 8.27% | 7.91% | 6.5% | 6.63% | 5.92% | 8.63% | 7.43% | 8.95% | 16.88% | 11.42% | 7.67% | 11.53% | 38.45% | 10.34% | 1.69% |
| Acquisitions | 78M | 0 | 4.34B | 106M | 887M | 5.08B | 4.01B | -253M | 727M | -548M | -212M | -24M | -59M | -869M | 1M | -953.91M | -90.57M | 570.89M | -1.36B | -863.57M | -45.51M | -2.73B | -1.04B | -216.37M | -59.41M | -111.73M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 219M | -208M | -121M | -38M | -69M | 2.22B | 33M | 21M | 32M | -3M | -21M | -2.96B | -1.03B | -331M | -800M | -695.34M | -260.68M | -114.65M | -159.24M | 6.3M | -7.16M | 13.59M | -8.65M | 0 | 36.17M | 2.83M | -5.85M | -375.8M | 0 | 0 |
| Cash from Financing | -2.97B | -3.66B | -3.81B | -2.45B | -3.79B | -6.53B | -5.69B | -7.09B | -5.4B | -1.78B | -744M | -4.55B | -1.02B | -1.35B | 1.95B | -838.5M | 1.23B | -945.66M | -1.67B | -693.39M | -1.26B | 471.61M | 647.67M | 688.87M | 252.07M | 101.5M | 85.98M | 718.7M | 71M | 3.5M |
| Debt Issued (Net) | 1M | -672M | -309M | -1.15B | -212M | 1.32B | -6M | -1.55B | -750M | 1.03B | 2.2B | -850M | 3.48B | -400M | 2.43B | 50.73M | 1.79B | -1B | 411.64M | 200.22M | 0 | -128.24M | -2.97M | -11.95M | -64K | -21.89M | 2.87M | 8.4M | -1.7M | 1.5M |
| Equity Issued (Net) | -2.33B | -2.36B | -3.06B | -1.32B | -3.3B | -7.29B | -5.31B | -4.87B | -4.39B | -2.96B | -3.06B | -2.39B | -4.91B | -906M | -415M | -822M | -475.54M | 102.53M | -2.03B | -978.44M | -1.35B | 599.85M | 650.64M | 700.82M | 252.18M | 123.71M | 83.25M | 714.31M | 71.4M | 3M |
| Dividends Paid | -536M | -531M | -533M | -528M | -489M | -466M | -447M | -473M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -50K | -319K | -157K | -3.9M | 0 | 0 |
| Share Repurchases | -2.38B | -2.5B | -3.15B | -1.4B | -3.14B | -7.05B | -5.14B | -4.97B | -4.5B | -2.75B | -2.94B | -2.15B | -4.66B | -1.34B | -898M | -1.06B | -711.07M | 0 | -2.18B | -1.49B | -1.67B | 0 | 0 | 0 | 0 | 0 | -38K | 0 | 0 | 0 |
| Other Financing | -105M | -99M | 93M | 546M | 212M | -97M | 73M | -201M | -255M | 149M | 124M | -1.31B | 406M | -48M | -60M | -67.22M | -78.75M | -48.18M | -60.34M | 84.83M | 92.37M | 0 | 0 | 0 | -50K | 0 | 11K | -123K | 4.5M | 3.6M |
| Net Change in Cash | 79M | -350M | 793M | 221M | 866M | -188M | 598M | -1.22B | 79M | 304M | -16M | -4.5B | 1.83B | -2.32B | 2.13B | -886.31M | 1.58B | 810.89M | -1.03B | 1.56B | 1.35B | -16.46M | -51.47M | 272.2M | 585.34M | 322.1M | -19.93M | 182.4M | 28M | 3.6M |
| Free Cash Flow | 1.69B | 1.66B | 1.96B | 1.97B | 1.8B | 2.21B | 1.93B | 2.56B | 2.01B | 2.48B | 2.2B | 3.37B | 4.41B | 3.75B | 2.58B | 2.31B | 2.02B | 2.34B | 2.32B | 2.19B | 1.73B | 1.67B | 992.48M | 508.74M | 341.23M | 194.69M | 50.4M | -19.8M | -2.6M | 100K |
| FCF Margin % | 14.55% | 14.96% | 19.02% | 19.48% | 18.43% | 21.24% | 21.64% | 34.49% | 23.2% | 24.98% | 23.66% | 39.16% | 50.13% | 45.36% | 18.34% | 19.83% | 22.08% | 26.82% | 27.12% | 28.51% | 29.02% | 36.72% | 30.34% | 23.5% | 28.11% | 26% | 11.68% | -8.81% | -3.02% | 0.24% |
| FCF Growth % | -20.68% | -15.08% | -0.71% | 9.14% | -18.44% | 14.96% | -24.86% | 27.65% | -19.07% | 12.73% | -34.62% | -23.63% | 17.65% | 45.1% | 11.72% | 14.26% | -13.63% | 1.07% | 5.9% | 26.25% | 3.63% | 68.43% | 95.09% | 49.09% | 75.27% | 286.33% | 354.52% | -661.54% | -2700% | - |
| FCF per Share | 3.69 | 3.61 | 3.90 | 3.70 | 3.23 | 3.39 | 2.68 | 2.99 | 2.03 | 2.33 | 1.92 | 2.76 | 3.52 | 2.85 | 1.97 | 1.76 | 1.52 | 1.79 | 1.76 | 1.59 | 1.22 | 1.20 | 0.73 | 0.39 | 0.28 | 0.17 | 0.04 | -0.01 | -0.00 | 0.00 |
| FCF Conversion (FCF/Net Income) | 0.83x | 1.08x | 1.22x | 0.88x | -1.78x | 0.20x | 0.43x | 1.74x | 1.05x | -3.09x | 0.39x | 2.34x | 123.41x | 1.75x | 1.47x | 1.01x | 1.52x | 1.22x | 1.62x | 7.58x | 2.00x | 1.86x | 1.65x | 1.98x | 1.92x | 2.79x | 2.07x | 6.96x | 0.86x | 0.11x |
| Interest Paid | 124M | 0 | 264M | 275M | 244M | 253M | 271M | 304M | 314M | 285M | 220M | 175M | 99M | 99M | 15M | 29M | 54K | 6.05M | 7.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.22B | 0 | 722M | 746M | 540M | 929M | 493M | 249M | 556M | 308M | 492M | 256M | 343M | 466M | 789M | 373M | 646M | 342.17M | 366.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Volatility
According to recent financial disclosures, eBay's OCF/NI ratio has exhibited significant volatility, ranging from a low of 0.17 in 2023Q4 to a high of 1.89 in 2026Q1, indicating that reported net income frequently diverges from the actual cash generated by the underlying marketplace operations.
The wide variance in the OCF/NI ratio suggests that GAAP earnings are heavily influenced by non-cash items and timing differences in working capital. Investors should monitor whether the recent improvement in cash conversion is sustainable or merely a temporary reversal of previous accrual-heavy periods.
As reported in quarterly filings, eBay's FCF margins have fluctuated wildly, swinging from a negative 16.2% in 2025Q2 to a robust 29.1% in 2026Q1, reflecting a lack of consistent cash generation efficiency despite the company's asset-light business model and high gross margin profile.
This inconsistency in FCF margins implies that the company's cash flow is highly sensitive to operational shifts and working capital swings rather than steady-state profitability. The inability to maintain a stable FCF margin trajectory warrants further investigation into the predictability of the company's core cash-generating activities.
Based on reported figures, eBay experienced a massive working capital outflow of $942 million in 2025Q2, which significantly pressured cash flow, suggesting that the company's cash cycle is susceptible to large, episodic fluctuations that may be tied to payment processing timing or seasonal inventory-related adjustments.
The erratic nature of these working capital changes indicates that the company's cash flow is not as predictable as its asset-light model might suggest. Analysts should scrutinize whether these swings are inherent to the managed payments transition or indicative of underlying friction in the platform's transactional flow.
As evidenced by financial statements, eBay consistently prioritizes share repurchases, with buybacks totaling $588 million in 2026Q1 alone, often exceeding the company's quarterly free cash flow, which suggests a management focus on EPS accretion over organic reinvestment or balance sheet fortification.
The reliance on aggressive buybacks to support shareholder value may limit the company's flexibility to pursue strategic acquisitions or platform innovation. Investors should monitor if this capital allocation strategy is sustainable given the volatility in free cash flow and the potential need for future investment in competitive defenses.
Quick answers to the most common questions about buying EBAY stock.
eBay Inc. (EBAY) generated $2.19B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
eBay Inc. (EBAY) generated $1.66B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
eBay Inc. (EBAY) spent $525.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, eBay Inc. (EBAY) returned $531.0M to shareholders via cash dividends and spent $2.50B on share repurchases. This shows the company's commitment to returning capital to its equity investors.