Revenue growth reached 19.5% in 2026Q1, supported by a robust gross margin of 74.0%, though operating income remains pressured by high R&D and SG&A expenses.
| 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 | 11.6B | 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 % | 12.53% | 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 | 3.25B | 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 | 8.36B | 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 % | 72.01% | 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 | 6.08B | 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 | 3.88B | 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 | 1.73B | 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 | 2.27B | 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 % | 19.58% | 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 | 2.61B | 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 % | 22.49% | 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 % | -0.76% | -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) | 219M | 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 | 2.59B | 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 | -67M | -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 | 179M | 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 | 246M | 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 | 19M | 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 | 2.29B | 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 % | 19.74% | 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 | 288M | 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 % | 12.57% | 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 | 2.04B | 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 % | 17.58% | 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 % | 0% | 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) | 2B | 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) | 4.46 | 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 % | 5.26% | 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 | 448M | 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% |
Stagnant Active Buyer Base
According to the most recent quarterly filings, eBay's revenue growth accelerated to 19.5% in 2026Q1, marking a significant departure from the low single-digit growth observed throughout 2024, suggesting that recent strategic initiatives or pricing adjustments may be finally gaining traction within the core marketplace ecosystem.
The sudden jump in top-line performance warrants further investigation to determine if this is a sustainable shift or a temporary anomaly driven by seasonal factors or accounting adjustments. Investors should monitor whether this growth is organic or if it reflects a change in the take rate structure that could eventually hit a ceiling.
Based on reported financial statements, eBay has maintained a robust gross margin profile, peaking at 74.0% in 2026Q1, which underscores the company's asset-light intermediary model despite the increasing operational costs associated with its authentication services and trust-building initiatives across its high-value focus categories.
The ability to sustain margins above 70% suggests that the company retains significant pricing power within its niche, non-standardized inventory segments. However, the ongoing expansion of labor-intensive authentication centers may introduce structural margin pressure if the cost of these services outpaces the incremental revenue generated from higher-value transactions.
As reported in recent income statements, operating margins have fluctuated between 16.0% and 24.7% over the last ten quarters, indicating that eBay has struggled to consistently scale its operating income in direct proportion to the growth in gross profit, likely due to persistent SG&A and R&D investments.
The lack of clear operating leverage suggests that the company is currently in a reinvestment phase, prioritizing platform security and seller tools over immediate bottom-line expansion. Analysts should scrutinize whether these elevated SG&A levels are permanent structural requirements to defend the marketplace moat or if they represent temporary inefficiencies.
Based on the provided data, eBay's net income and EPS figures are frequently impacted by significant stock-based compensation expenses, which reached $156 million in 2026Q1, suggesting that reported GAAP earnings may overstate the true cash-generative capacity of the business when adjusted for equity-based dilution.
The volatility in quarterly EPS, ranging from $0.44 to $1.40, appears to be driven by non-operating items and compensation structures rather than pure operational performance. Investors should focus on normalized earnings metrics to better understand the underlying profitability of the marketplace business model.
While recent revenue growth appears positive, the historical trend of stagnant GMV and active buyer counts, as evidenced by the multi-quarter period of low single-digit growth, suggests that eBay may be facing long-term structural challenges in attracting new users to its legacy platform.
Short-sellers may focus on the disconnect between the recent revenue acceleration and the underlying lack of user growth, arguing that the company is merely extracting more value from a shrinking or static base. This trend warrants further investigation into whether the current strategy can truly reverse long-term platform obsolescence.
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.