Revenue growth accelerated to 14.8% in Q2 2026 with gross margin holding at 73.5%, while operating margin expanded to 21.6% from 17.7% a year earlier, though EPS growth of 55.1% was amplified by buybacks.
eBay Inc. (EBAY) annual income statement — 29-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 12.01B | 11.1B | 10.28B | 10.11B | 9.79B | 10.42B | 8.89B | 7.43B | 8.65B | 9.93B | 9.3B | 8.59B | 8.79B | 8.26B | 14.07B | 11.65B | 9.16B | 8.73B | 8.54B | 7.67B | 5.97B | 4.55B | 3.27B | 2.17B | 1.21B | 748.82M | 431.42M | 224.72M | 86.1M | 41.4M |
| Revenue Growth % | 14.69% | 7.95% | 1.69% | 3.24% | -6% | 17.16% | 19.72% | -14.12% | -12.86% | 6.76% | 8.22% | -2.25% | 6.46% | -41.32% | 20.77% | 27.26% | 4.91% | 2.18% | 11.33% | 28.52% | 31.13% | 39.16% | 51.09% | 78.33% | 62.13% | 73.57% | 91.98% | 161% | 107.97% | - |
| Cost of Goods Sold | 3.3B | 3.17B | 2.88B | 2.83B | 2.68B | 2.65B | 1.8B | 1.58B | 2.02B | 2.22B | 2B | 1.77B | 1.66B | 1.49B | 4.22B | 3.46B | 2.56B | 2.48B | 2.23B | 1.76B | 1.26B | 818.1M | 614.41M | 416.06M | 213.88M | 134.82M | 51.7M | 57.59M | 9.7M | 6.9M |
| COGS % of Revenue | - | 28.55% | 28.01% | 28.02% | 27.36% | 25.43% | 20.2% | 21.34% | 23.39% | 22.37% | 21.55% | 20.61% | 18.92% | 18.07% | 29.96% | 29.7% | 28% | 28.41% | 26.09% | 22.98% | 21.05% | 17.97% | 18.78% | 19.22% | 17.62% | 18% | 11.98% | 25.63% | 11.27% | 16.67% |
| Gross Profit | 8.7B | 7.93B | 7.4B | 7.28B | 7.12B | 7.77B | 7.1B | 5.84B | 6.63B | 7.71B | 7.29B | 6.82B | 7.13B | 6.76B | 9.86B | 8.19B | 6.59B | 6.25B | 6.31B | 5.91B | 4.71B | 3.73B | 2.66B | 1.75B | 1B | 614M | 379.73M | 167.14M | 76.4M | 34.5M |
| Gross Margin % | 72.48% | 71.45% | 71.99% | 71.98% | 72.64% | 74.57% | 79.8% | 78.66% | 76.61% | 77.63% | 78.45% | 79.39% | 81.08% | 81.93% | 70.04% | 70.3% | 72% | 71.59% | 73.91% | 77.02% | 78.95% | 82.03% | 81.22% | 80.78% | 82.38% | 82% | 88.02% | 74.37% | 88.73% | 83.33% |
| Gross Profit Growth % | - | 7.13% | 1.7% | 2.31% | -8.43% | 9.48% | 21.44% | -11.82% | -14% | 5.65% | 6.93% | -4.29% | 5.35% | -31.36% | 20.33% | 24.26% | 5.51% | -1.04% | 6.83% | 25.39% | 26.21% | 40.55% | 51.91% | 74.86% | 62.9% | 61.7% | 127.2% | 118.76% | 121.45% | - |
| Operating Expenses | 6.24B | 5.65B | 5.08B | 5.34B | 4.76B | 4.85B | 4.46B | 4.07B | 4.88B | 5.44B | 4.97B | 4.62B | 4.65B | 4.31B | 6.97B | 5.82B | 4.54B | 6.25B | 6.31B | 5.91B | 4.71B | 3.73B | 2.66B | 1.75B | 1B | 614M | 379.73M | 167.14M | 76.4M | 34.5M |
| OpEx % of Revenue | - | 50.94% | 49.45% | 52.79% | 48.65% | 46.52% | 50.16% | 54.84% | 56.36% | 54.82% | 53.44% | 53.82% | 52.91% | 52.21% | 49.52% | 49.93% | 49.56% | 71.59% | 73.91% | 77.02% | 78.95% | 82.03% | 81.22% | 80.78% | 82.38% | 82% | 88.02% | 74.37% | 88.73% | 83.33% |
| Selling, General & Admin | 3.92B | 3.59B | 3.23B | 3.41B | 3.1B | 3.09B | 3.08B | 2.85B | 3.56B | 3.91B | 3.59B | 3.39B | 3.33B | 3.02B | 4.48B | 3.8B | 3.05B | 3.3B | 2.88B | 3.08B | 2.6B | 1.84B | 1.29B | 870.27M | 521.43M | 359.26M | 239.79M | 140.16M | 51.8M | 22.1M |
| SG&A % of Revenue | - | 32.36% | 31.44% | 33.75% | 31.64% | 29.66% | 34.59% | 38.42% | 41.1% | 39.37% | 38.61% | 39.44% | 37.9% | 36.62% | 31.84% | 32.6% | 33.29% | 37.86% | 33.72% | 40.16% | 43.52% | 40.32% | 39.47% | 40.2% | 42.95% | 47.98% | 55.58% | 62.37% | 60.16% | 53.38% |
| Research & Development | 1.79B | 1.64B | 1.48B | 1.54B | 1.33B | 1.32B | 1.03B | 930M | 1.05B | 1.22B | 1.11B | 923M | 983M | 915M | 1.57B | 1.24B | 908M | 803.07M | 725.6M | 619.73M | 494.69M | 328.19M | 240.65M | 159.31M | 104.64M | 75.29M | 55.86M | 24.85M | 4.6M | 800K |
| R&D % of Revenue | - | 14.79% | 14.38% | 15.27% | 13.58% | 12.72% | 11.56% | 12.52% | 12.15% | 12.33% | 11.98% | 10.74% | 11.18% | 11.08% | 11.18% | 10.6% | 9.92% | 9.2% | 8.5% | 8.08% | 8.29% | 7.21% | 7.36% | 7.36% | 8.62% | 10.05% | 12.95% | 11.06% | 5.34% | 1.93% |
| Other Operating Expenses | 4M | 420M | 373M | 381M | 336M | 431M | 357M | 290M | 269M | 310M | 265M | 312M | 337M | 372M | 915M | 784M | 582M | 2.14B | 2.71B | 2.21B | 1.62B | 1.57B | 1.13B | 719.46M | 374.15M | 179.46M | 84.07M | 2.13M | 20M | 11.6M |
| Operating Income | 2.46B | 2.28B | 2.32B | 1.94B | 2.35B | 2.92B | 2.64B | 1.77B | 1.75B | 2.26B | 2.33B | 2.2B | 2.48B | 2.45B | 2.89B | 2.37B | 2.05B | 1.49B | 2.12B | 613.18M | 1.42B | 1.44B | 1.06B | 629.24M | 354.2M | 140.43M | 36.54M | 986K | 12.8M | 10.1M |
| Operating Margin % | 20.52% | 20.51% | 22.54% | 19.2% | 23.99% | 28.05% | 29.64% | 23.83% | 20.25% | 22.81% | 25.01% | 25.57% | 28.17% | 29.72% | 20.52% | 20.37% | 22.43% | 17.13% | 24.88% | 7.99% | 23.84% | 31.67% | 32.38% | 29.06% | 29.17% | 18.75% | 8.47% | 0.44% | 14.87% | 24.4% |
| Operating Income Growth % | - | -1.77% | 19.42% | -17.4% | -19.6% | 10.89% | 48.93% | 1.03% | -22.61% | -2.62% | 5.83% | -11.27% | 0.9% | -15.03% | 21.7% | 15.53% | 37.4% | -29.64% | 246.52% | -56.91% | -1.3% | 36.11% | 68.34% | 77.65% | 152.23% | 284.27% | 3606.29% | -92.3% | 26.73% | - |
| EBITDA | 2.77B | 2.58B | 2.64B | 2.34B | 2.79B | 3.42B | 3.22B | 2.37B | 2.39B | 2.94B | 3.01B | 2.88B | 3.16B | 3.11B | 4.09B | 3.31B | 2.82B | 2.31B | 2.84B | 1.21B | 1.97B | 1.82B | 1.32B | 788.24M | 430.77M | 230.16M | 81.73M | 26.51M | 20M | 11.6M |
| EBITDA Margin % | 23.07% | 23.2% | 25.69% | 23.18% | 28.5% | 32.87% | 36.19% | 31.9% | 27.6% | 29.62% | 32.34% | 33.57% | 35.93% | 37.71% | 29.05% | 28.43% | 30.76% | 26.42% | 33.3% | 15.83% | 32.96% | 39.98% | 40.31% | 36.41% | 35.48% | 30.74% | 18.95% | 11.8% | 23.23% | 28.02% |
| EBITDA Growth % | 6.74% | -2.54% | 12.71% | -16.05% | -18.48% | 6.4% | 35.82% | -0.71% | -18.81% | -2.23% | 4.26% | -8.68% | 1.41% | -23.83% | 23.39% | 17.65% | 22.12% | -18.94% | 134.15% | -38.25% | 8.11% | 38% | 67.3% | 82.98% | 87.16% | 181.59% | 208.33% | 32.55% | 72.41% | - |
| D&A (Non-Cash Add-back) | 306M | 298M | 324M | 403M | 442M | 502M | 583M | 600M | 635M | 676M | 682M | 687M | 682M | 660M | 1.2B | 940M | 762M | 810.95M | 719.81M | 601.71M | 544.55M | 378.17M | 259.52M | 159M | 76.58M | 89.73M | 45.19M | 25.52M | 7.2M | 1.5M |
| EBIT | 2.73B | 2.55B | 2.54B | 3.97B | -1.37B | 667M | 3.65B | 1.96B | 2.59B | 2.57B | 3.88B | 2.55B | 2.62B | 2.67B | 3.15B | 3.94B | 2.1B | 1.49B | 2.12B | 613.18M | 1.42B | 1.44B | 1.06B | 629.24M | 354.2M | 140.43M | 36.54M | 986K | 12.8M | 10.1M |
| Net Interest Income | -77M | -48M | 13M | -59M | -162M | -250M | -266M | -199M | -166M | -115M | -100M | -47M | 16M | 7M | 71M | 86M | 82M | 1.42B | 107.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 172M | 198M | 272M | 204M | 73M | 19M | 38M | 0 | 176M | 177M | 125M | 97M | 125M | 102M | 134M | 111M | 86M | 1.42B | 115.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 249M | 246M | 259M | 263M | 235M | 269M | 304M | 199M | 342M | 292M | 225M | 144M | 109M | 95M | 63M | 25M | 4M | 0 | 8.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 15M | 30M | -40M | 1.77B | -3.95B | -2.52B | 709M | -118M | 497M | 11M | 1.33B | 209M | 39M | 117M | 196M | 1.54B | 44M | 1.38B | 58.76M | 137.67M | 124.11M | 107.67M | 68.99M | 32.26M | 41.64M | 22.52M | 44.47M | 17.05M | -700K | -2M |
| Pretax Income | 2.48B | 2.31B | 2.28B | 3.71B | -1.6B | 398M | 3.35B | 1.65B | 2.25B | 2.27B | 3.65B | 2.41B | 2.52B | 2.57B | 3.08B | 3.91B | 2.1B | 2.88B | 2.18B | 750.85M | 1.55B | 1.55B | 1.13B | 661.5M | 395.84M | 162.94M | 81.02M | 18.04M | 12.1M | 8.1M |
| Pretax Margin % | 20.64% | 20.78% | 22.15% | 36.66% | -16.35% | 3.82% | 37.61% | 22.24% | 26% | 22.92% | 39.27% | 28% | 28.61% | 31.14% | 21.92% | 33.56% | 22.91% | 32.99% | 25.56% | 9.79% | 25.91% | 34.03% | 34.49% | 30.55% | 32.6% | 21.76% | 18.78% | 8.03% | 14.05% | 19.57% |
| Income Tax | 293M | 311M | 297M | 932M | -327M | 146M | 858M | 219M | 121M | 3.29B | -3.63B | 459M | 3.38B | 504M | 475M | 681M | 297M | 490.05M | 404.09M | 402.6M | 421.42M | 467.29M | 343.88M | 206.74M | 145.95M | 80.01M | 32.73M | 8.47M | 4.8M | 1M |
| Effective Tax Rate % | 11.82% | 13.48% | 13.04% | 25.14% | 20.42% | 36.68% | 25.65% | 13.26% | 5.38% | 144.53% | -99.53% | 19.08% | 134.39% | 19.6% | 15.4% | 17.42% | 14.16% | 17.02% | 18.51% | 53.62% | 27.24% | 30.16% | 30.48% | 31.25% | 36.87% | 49.1% | 40.39% | 46.96% | 39.67% | 12.35% |
| Net Income | 2.22B | 2.03B | 1.98B | 2.77B | -1.27B | 13.61B | 5.67B | 1.79B | 2.53B | -1.02B | 7.27B | 1.73B | 46M | 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 | 9.57M | 7.3M | 7.1M |
| Net Margin % | 18.5% | 18.3% | 19.21% | 27.36% | -12.96% | 130.59% | 63.72% | 24.04% | 29.25% | -10.24% | 78.15% | 20.08% | 0.52% | 34.59% | 18.54% | 27.71% | 19.67% | 27.37% | 20.83% | 4.54% | 18.86% | 23.77% | 23.79% | 20.4% | 20.58% | 12.08% | 11.19% | 4.26% | 8.48% | 17.15% |
| Net Income Growth % | 1.74% | 2.84% | -28.62% | 318.05% | -109.33% | 140.13% | 217.3% | -29.41% | 348.77% | -114% | 321.22% | 3650% | -98.39% | 9.47% | -19.2% | 79.29% | -24.62% | 34.26% | 410.97% | -69.06% | 4.03% | 39.04% | 76.16% | 76.79% | 176.28% | 87.29% | 404.78% | 31.05% | 2.82% | - |
| Net Income (Continuing) | 2.19B | 2B | 1.98B | 2.77B | -1.27B | 252M | 2.49B | 1.43B | 2.13B | -1.01B | 7.29B | 1.95B | -865M | 2.07B | 2.61B | 3.23B | 1.8B | 2.39B | 1.78B | 348.25M | 1.13B | 1.08B | 778.22M | 447.18M | 249.89M | 90.45M | 48.29M | 9.57M | 7.3M | 7.1M |
| Discontinued Operations | 1000K | 35M | -6M | -8M | 5M | 13.36B | 3.18B | 353M | 402M | -4M | -19M | -222M | 911M | 789M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.1M | 39.41M | 33.23M | 37.75M | 13.25M | 0 | 0 | 0 |
| EPS (Diluted) | 4.86 | 4.34 | 3.94 | 5.19 | -2.28 | 20.87 | 7.89 | 2.09 | 2.55 | -0.95 | 6.35 | 1.42 | 0.04 | 2.18 | 1.99 | 2.46 | 1.36 | 1.83 | 1.36 | 0.25 | 0.79 | 0.78 | 0.57 | 0.34 | 0.21 | 0.08 | 0.04 | 0.01 | 0.00 | 0.01 |
| EPS Growth % | 6.86% | 10.15% | -24.08% | 327.63% | -110.92% | 164.51% | 277.51% | -18.04% | 368.42% | -114.96% | 347.18% | 3758.7% | -98.31% | 9.55% | -19.11% | 80.88% | -25.68% | 34.56% | 444% | -68.35% | 1.28% | 36.84% | 67.65% | 61.9% | 162.5% | 88.24% | - | - | - | - |
| EPS (Basic) | - | 4.44 | 3.98 | 5.22 | -2.28 | 20.87 | 7.98 | 2.10 | 2.58 | -0.95 | 6.41 | 1.43 | 0.04 | 2.20 | 2.02 | 2.50 | 1.38 | 1.85 | 1.37 | 0.26 | 0.80 | 0.79 | 0.59 | 0.35 | 0.21 | 0.09 | 0.05 | 0.01 | 0.01 | 0.01 |
| Diluted Shares Outstanding | 457M | 460M | 501M | 533M | 558M | 652M | 718M | 856M | 991M | 1.06B | 1.14B | 1.22B | 1.25B | 1.31B | 1.31B | 1.31B | 1.33B | 1.3B | 1.31B | 1.38B | 1.43B | 1.39B | 1.35B | 1.31B | 1.2B | 1.12B | 1.12B | 2.18B | 1.25B | 967.3M |
| Basic Shares Outstanding | 447M | 451M | 496M | 530M | 558M | 652M | 710M | 849M | 980M | 1.06B | 1.13B | 1.21B | 1.25B | 1.29B | 1.29B | 1.29B | 1.31B | 1.29B | 1.3B | 1.36B | 1.4B | 1.36B | 1.33B | 1.28B | 1.19B | 1.08B | 1.01B | 1.74B | 1.25B | 967.3M |
| Dividend Payout Ratio | - | 26.14% | 26.99% | 19.08% | - | 3.42% | 7.89% | 26.48% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.35% | 0.33% | 40.68% | 43.84% | 64.79% |
Quick answers to the most common questions about buying EBAY stock.
For fiscal year 2025, eBay Inc. (EBAY) reported total revenue of $11.10B. This represents a 26711.6% increase compared to $41.4M in 1997.
eBay Inc. (EBAY) is profitable, generating $2.03B in net income for the fiscal year ending 2025 with a net profit margin of 18.3%.
eBay Inc. (EBAY) reported an operating income of $2.28B, resulting in an operating profit margin of 20.5%. This margin reflects the operational efficiency of the business before interest and taxes.
eBay Inc. (EBAY) generated $7.93B in gross profit for the year, representing a gross profit margin of 71.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Competitive pressure from low-cost platforms
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates on Take Rate
Revenue growth accelerated to 14.8% in Q2 2026, up from 6.1% a year earlier, driven by higher take rates and advertising, per recent financial statements.
The acceleration in revenue growth, from 6.1% in Q2 2025 to 14.8% in Q2 2026, appears to be driven by monetization improvements rather than GMV expansion, as active buyer growth remains subdued. The shift to first-party payments and Promoted Listings likely underpins this trend, suggesting that eBay is extracting more revenue per transaction. However, the sustainability of this growth depends on whether GMV can keep pace, as revenue growth decoupled from GMV may indicate a ceiling on take rate expansion.
Gross Margin Resilience Amid Service Expansion
Gross margin held at 73.5% in Q2 2026, near the high end of the 70.9%-74.0% range over the past ten quarters, according to reported data.
The stability of gross margins around 71-74% suggests that eBay's asset-light model continues to benefit from scale, even as it invests in authentication services. The slight dip in Q3 2025 to 70.9% may reflect increased costs from Trust and Safety initiatives, but the recovery to 73.5% indicates that these costs are being managed. Investors should monitor whether the expansion of labor-intensive services like Authenticity Guarantee will erode gross margins over time, as the company balances service quality with cost discipline.
Operating Leverage Emerges from Cost Control
Operating margin expanded to 21.6% in Q2 2026 from 17.7% a year earlier, as SG&A grew only 4.5% while revenue grew 14.8%, per SEC filings.
The 390 basis point year-over-year improvement in operating margin indicates that eBay is leveraging its fixed cost base effectively, with SG&A growth lagging revenue growth significantly. This suggests that the company is not proportionally increasing overhead to drive growth, which may reflect disciplined expense management and the scalability of its advertising business. However, the sustainability of this leverage is uncertain, as competitive pressures may force increased marketing spend to defend market share.
EPS Growth Boosted by Buybacks and Tax Benefits
Diluted EPS rose 55.1% year-over-year in Q2 2026 to $1.21, but net income growth of 49.5% was amplified by share repurchases, as reported in financial statements.
The EPS growth of 55.1% in Q2 2026 outpaces net income growth of 49.5%, indicating that aggressive share buybacks are enhancing per-share metrics. Additionally, the effective tax rate appears to have been favorable in certain quarters, such as Q3 2025, where net margin spiked to 22.4% despite lower operating margin, suggesting one-time tax benefits. Investors should adjust for these factors to assess underlying earnings power, as the quality of EPS growth may be partially driven by financial engineering rather than operational performance.
R&D Investment Rises to Support Innovation
R&D spending increased 15.0% year-over-year in Q2 2026 to $484 million, outpacing revenue growth of 14.8%, based on reported figures.
The increase in R&D spending, from $421 million in Q2 2025 to $484 million in Q2 2026, suggests that eBay is investing in technology to enhance its marketplace, possibly in AI-driven features and authentication. This investment may be necessary to compete with more innovative rivals, but it could pressure operating margins if not offset by revenue gains. The fact that operating margins still expanded indicates that the company is managing other costs effectively, but investors should monitor whether R&D intensity continues to rise.
Growth Sustainability Questioned by GMV Stagnation
Despite revenue growth of 14.8% in Q2 2026, active buyer counts have been flat, suggesting that growth is driven by take rate, not volume, per company disclosures.
The short thesis would argue that eBay's revenue growth is not indicative of underlying platform health, as GMV growth remains sluggish and active buyers are stagnant. The reliance on take rate expansion and advertising revenue may have a finite ceiling, and competitive pressures from Temu and Shein could erode seller liquidity. Furthermore, the raised guidance may be overly optimistic if consumer spending weakens, and the company's ability to sustain double-digit revenue growth without volume growth is questionable.