At a glance
eBay Inc is worth $53.09B, about 28 times its fiscal 2025 earnings. Revenue grew 7.9% to $11.10B in fiscal 2025, with 18.3% kept as profit; over 5 years it has grown 4.5% a year. It pays a 1.01% dividend yield, raised every year for at least 6 years, and returned $19.80B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +50.6% over the past year with dividends reinvested and +12.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.6% in the 2020 crash (S&P 500: 33.7%) and 44.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 23 months after the lows.
The business in plain English
eBay, founded in 1995 in San Jose, California, runs one of the world's largest online marketplaces. It is a go-between: individuals and businesses list items on ebay.com, its local sites and mobile apps, and buyers in more than 190 markets purchase them. At the end of 2025, eBay had 135 million active buyers (accounts that bought something in the prior 12 months) and 2.5 billion live listings. eBay handled nearly $80 billion of sales in 2025, a total it calls gross merchandise volume, or GMV; 51% came from outside the US.
eBay earns most of its revenue as a cut of GMV, which it calls the take rate. Fiscal 2025 revenue was $11.1 billion. Marketplace revenue, mainly commissions for connecting buyers and sellers, made up $9.1 billion, or 82%. Advertising, mostly fees sellers pay to promote their listings through tools such as Promoted Listings, made up $2.0 billion, or 18%. By location, the US produced 52.2% of revenue, the UK 14.1%, China 11.3%, Germany 8.8% and the rest of the world 13.6%.
eBay's strategy targets enthusiasts in what it calls Focus Categories, such as vehicle parts and accessories, collectibles like trading cards, refurbished items, luxury goods and sneakers. Trust programs support this, including a Money Back Guarantee and an Authenticity Guarantee for eligible high-value items.
Price history
The interactive chart needs JavaScript.
EBAY +50.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Marketplace revenues | $9.11B | 82% |
| Advertising revenues | $1.99B | 18% |
By geography
| United States | $5.79B | 52.2% |
| United Kingdom | $1.56B | 14.1% |
| Rest of world | $1.51B | 13.6% |
| China | $1.25B | 11.3% |
| Germany | $978.0M | 8.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.21B, up 13.7% from a year earlier, and net income was $497.0M (-20.9%).
- For fiscal 2025, revenue was $11.10B (+7.9% year over year; +4.5% a year from FY2020 to FY2025) with a 18.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.5% watch |
|---|---|
| Operating margin | 20.5% good |
| Free cash flow margin | 12.9% good |
| Return on equity (FY2025) | 45.3% good |
| Return on assets (FY2025) | 11.6% good |
| Net cash (cash minus debt) | $-4.82B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.89B | $5.67B | $1.96B |
| FY2021 | $10.42B | $13.61B | $2.21B |
| FY2022 | $9.79B | $-1.27B | $1.80B |
| FY2023 | $10.11B | $2.77B | $1.97B |
| FY2024 | $10.28B | $1.98B | $1.96B |
| FY2025 | $11.10B | $2.03B | $1.43B |
Valuation snapshot
| Market value | $53.09B |
|---|---|
| P/E ratio | 27.9 |
| Dividend yield | 1.01% |
Rank among 1514 US companies
Market value at each year end
eBay’s market value went from $33.19B at the end of 2016 to $53.09B on Nov 2, 2026, up 60%; since the end of 2025 it is up 35%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $53.09B | +34.8% |
| 2025 | $39.37B | +32.7% |
| 2024 | $29.67B | +31.1% |
| 2023 | $22.64B | +0.6% |
| 2022 | $22.50B | -45.9% |
| 2021 | $41.63B | +20.2% |
| 2020 | $34.64B | +17.9% |
| 2019 | $29.38B | +8.7% |
| 2018 | $27.03B | -31.4% |
| 2017 | $39.42B | +18.8% |
| 2016 | $33.19B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EBAY price data to Nov 2, 2026 | +40.1% | +50.6% | +48.3% | +12.0% | +17.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +40.1% |
| 2025 | +42.7% |
| 2024 | +44.8% |
| 2023 | +7.7% |
| 2022 | -36.5% |
| 2021 | +33.8% |
| 2020 | +41.1% |
| 2019 | +30.6% |
| 2018 | -25.6% |
| 2017 | +27.1% |
| 2016 | +8.0% |
| 2015 | +14.8% |
| 2014 | +2.3% |
| 2013 | +7.6% |
| 2012 | +68.1% |
| 2011 | +9.0% |
| 2010 | +18.3% |
| 2009 | +68.5% |
| 2008 | -57.9% |
| 2007 | +10.4% |
| 2006 | -30.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 73.7% over that stretch · deepest drop along the way 74.7%, back to its old high 37.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.5% over that stretch · deepest drop along the way 31.6%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 43.7% over that stretch · deepest drop along the way 44.1%, back to its old high 23.4 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 37 sales ($10.6M), 35 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 7, 2026 | Jamie Iannone President and CEO, Director | sell (plan) | $1.1M |
| Oct 5, 2026 | Jamie Iannone President and CEO, Director | sell (plan) | $1.1M |
| Jul 6, 2026 | Jamie Iannone President and CEO, Director | sell (plan) | $1.0M |
| Oct 6, 2026 | Jamie Iannone President and CEO, Director | sell (plan) | $726K |
| Aug 10, 2026 | Rebecca Spencer VP, Chief Accounting Officer | sell | $490K |
Who owns it
Large shareholders (13G filings)
| The Toronto-Dominion Bank | 9% | Jun 30, 2026 |
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.85% | Jun 30, 2026 |
| Ameriprise Financial, Inc. | 3.7% | Jun 30, 2025 |
ETFs with the most weight in EBAY
| ONLN ProShares Online Retail ETF | 11.81% |
| WBIL WBI BullBear Quality 3000 ETF | 4.86% |
| EBIZ Global X E-commerce ETF | 4.29% |
| IBUY Amplify Online Retail ETF | 3.01% |
| QQJG Invesco ESG NASDAQ Next Gen 100 ETF | 2.97% |
| MILN Global X Millennial Consumer ETF | 2.53% |
| LYLD Cambria Large Cap Shareholder Yield ETF | 2.5% |
| RDVY First Trust Rising Dividend Achievers ETF | 2.29% |
What could go wrong
- Trade policy shifts could hurt cross-border sales. eBay calls cross-border trade an important source of revenue and profit. Changes to trade rules, such as tariffs, can significantly affect sellers who ship between countries. Only 52.2% of 2025 revenue came from the US.
- Larger rivals and low barriers to entry. eBay says barriers to competition are low and it cannot match the resources of some large rivals with broad ecosystems or the expertise of specialist sites. Search engines may also steer shoppers to competitors.
- Ad revenue depends on competitive seller tools. Advertising, mainly fees sellers pay to promote their listings, made up 18% of 2025 revenue. If products such as Promoted Listings stop being competitive, eBay says it will lose advertising revenue.
- Fraud, liability and buyer-protection costs. Buyer and seller protection programs raise costs and loss rates, and fraud is a significant risk. eBay can also be held liable for items sellers list, including goods said to infringe others' intellectual property.
- Results rise and fall with consumer spending. Nearly all revenue comes from sales made in the same quarter, so results track consumer confidence and spending on nonessentials. eBay says its quarterly results have varied significantly and are hard to forecast.
- A sizable debt load. As of June 30, 2026, eBay had about $6.0 billion of debt against $2.3 billion of cash and investments. It must keep generating enough cash to service that debt alongside dividends and buybacks.
Recent events
- Quarterly results released
- Quarterly results released; Restructuring or exit costs
- Quarterly results released
- Shareholder vote results
- Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Other company announcement
For income and retirement investors
eBay pays a dividend, but a small one: the yield was 1.03% as of October 28, 2026. Dividends per share grew from $0.62 in fiscal 2020 to $1.13 in fiscal 2025, about 12.8% a year, with at least six straight annual increases. The fiscal 2025 dividend used 26.1% of earnings and 37% of free cash flow (cash left after running and investing in the business). Buybacks matter more: $17.2 billion over fiscal 2021–2025, versus $2.5 billion in dividends, and the share count fell 31.5% between August 2021 and July 2026. Buybacks raise each remaining share's claim on profits but pay no cash to holders who don't sell.
In downturns, the stock fell 74.7% from peak to low in the 2008 financial crisis, taking until April 2012 to recover, and 44.1% in the 2022 bear market, recovering in September 2024. Its 31.6% COVID drop in 2020 reversed within about a month. Single stocks carry more risk than diversified funds.
Questions investors ask
How does eBay make money?
eBay makes most of its money by taking a cut of sales on its marketplace. In fiscal 2025, marketplace revenue, mainly commissions for connecting buyers and sellers, was $9.1 billion, or 82% of the $11.1 billion total. Advertising, chiefly fees sellers pay to promote their listings, added $2.0 billion, or 18%. eBay calls its cut of GMV, the nearly $80 billion of goods sold on its platforms in 2025, the take rate. The US supplied 52.2% of revenue.
Does eBay raise its dividend every year?
Yes. eBay has raised its dividend for at least six consecutive years through fiscal 2025, and the streak may be longer. Dividends per share rose from $0.62 in fiscal 2020 to $1.13 in fiscal 2025, about 12.8% a year. The dividend used 26.1% of fiscal 2025 earnings and 37% of free cash flow. The yield was a modest 1.03% as of October 28, 2026, and most of eBay's cash returns go to buybacks instead.
Does eBay buy back its own stock?
Yes, on a large scale. eBay spent $17.2 billion on buybacks over fiscal 2021–2025, far more than the $2.5 billion it paid in dividends over the same years. In fiscal 2025 alone, buybacks totaled $2.5 billion. Shares outstanding fell 31.5%, from about 650 million in August 2021 to 445 million in July 2026. eBay notes that buybacks are discretionary and may not achieve their goals, so the pace can change.
Is eBay still growing?
Yes, though at a modest long-run pace. Revenue rose 7.9% to $11.1 billion in fiscal 2025, but grew only about 4.5% a year over the five years from fiscal 2020. Growth picked up in the quarter ended June 30, 2026, when revenue rose 14.8% from a year earlier to $3.1 billion and net income rose 51.1%. Free cash flow fell to $1.4 billion in fiscal 2025 from $2.0 billion. As of October 28, 2026, the stock traded at 27.2 times fiscal 2025 earnings.
How much debt does eBay have?
About $6.0 billion as of June 30, 2026, against $2.3 billion of cash and investments. That leaves net debt (debt minus cash) of roughly $3.7 billion. For scale, eBay earned $2.3 billion of operating income and generated $1.4 billion of free cash flow in fiscal 2025. eBay lists its substantial debt as a risk factor and says it cannot guarantee it will always generate enough cash to service that debt.