eBay Inc. (EBAY) Cash Flow Statement
Where EBAY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.19B −9.4% vs 2024
- Capital expenditures
- $525.0M 4.7% of revenue
- Free cash flow
- $1.66B 15.0% margin
- Returned to shareholders
- $3.03B 182% of free cash flow
- Change in cash
- −$350.0M cash at year-end $2.41B
Cash from operations
$2.19B
Capital expenditures
−$525.0M
Investments (net)
+$1.93B
Acquisitions & other
−$208.0M
Dividends
−$531.0M
Share buybacks (net)
−$2.50B
Net borrowing (repayment)
−$672.0M
Shares issued
+$141.0M
Other financing
−$99.0M
Currency & other
−$68.0M
Change in cash
−$350.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EBAY operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
EBAY cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.83B2016 | $2.19B2025 | −2.8%/yr | |
| Capital expenditures | $626.0M2016 | $525.0M2025 | −1.9%/yr | |
| Free cash flow | $2.20B2016 | $1.66B2025 | −3.1%/yr | |
| Free cash flow margin | 23.7%2016 | 15.0%2025 | −8.7 pts | |
| Operating cash flow / net income | 0.392016 | 1.102025 | +0.71 | |
| Stock-based compensation | $416.0M2016 | $607.0M2025 | +4.3%/yr | |
| Dividends paid | $2.22B2016 | $531.0M2025 | −14.7%/yr | |
| Share buybacks (net) | $2.94B2016 | $2.50B2025 | −1.8%/yr | |
| Capex / revenue | 6.7%2016 | 4.7%2025 | −2.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EBAY cash flow by activity
OperatingInvestingFinancingChange in cash
EBAY net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EBAY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.00B | $1.98B | $2.77B | −$1.27B | $13.61B | $5.67B | $1.79B | $2.53B | −$1.02B | $7.27B |
| Depreciation & amortization | $407.0M | $324.0M | $403.0M | $442.0M | $502.0M | $609.0M | $675.0M | $635.0M | $676.0M | $682.0M |
| Stock-based compensation | $607.0M | $588.0M | $575.0M | $494.0M | $477.0M | $431.0M | $495.0M | $538.0M | $483.0M | $416.0M |
| Change in working capital | −$1.43B | −$34.0M | −$94.0M | −$377.0M | −$134.0M | −$168.0M | −$190.0M | −$558.0M | $1.17B | $5.0M |
| Other non-cash items | $605.0M | −$445.0M | −$1.23B | $2.96B | −$11.80B | −$4.12B | $348.0M | −$487.0M | $1.84B | −$5.54B |
| Cash from operating activities | $2.19B | $2.41B | $2.43B | $2.25B | $2.66B | $2.42B | $3.11B | $2.66B | $3.15B | $2.83B |
| Investing activities | ||||||||||
| Capital expenditures | −$525.0M | −$458.0M | −$456.0M | −$449.0M | −$444.0M | −$494.0M | −$552.0M | −$651.0M | −$666.0M | −$626.0M |
| Investments (net) | $1.93B | $2.21B | $240.0M | $2.46B | −$3.28B | $242.0M | $2.79B | $3.81B | −$1.30B | −$2.01B |
| Acquisitions & other investing | −$208.0M | $458.0M | $456.0M | $449.0M | $7.38B | $4.05B | $552.0M | −$270.0M | $666.0M | $626.0M |
| Cash from investing activities | $1.19B | $2.21B | $240.0M | $2.46B | $3.66B | $3.79B | $2.79B | $2.89B | −$1.30B | −$2.01B |
| Financing activities | ||||||||||
| Dividends paid | −$531.0M | −$533.0M | −$528.0M | −$489.0M | −$466.0M | −$447.0M | −$473.0M | −$473.0M | −$2.48B | −$2.22B |
| Share repurchases & issuance (net) | −$2.50B | −$3.15B | −$1.40B | −$3.14B | −$7.05B | −$5.14B | −$4.97B | −$4.50B | −$2.75B | −$2.94B |
| Net borrowing (repayment) | −$672.0M | −$309.0M | −$1.15B | −$212.0M | $1.11B | −$6.0M | −$1.55B | −$750.0M | $1.03B | $2.20B |
| Shares issued | $141.0M | $92.0M | $83.0M | $87.0M | $93.0M | $90.0M | $106.0M | $109.0M | $0 | $0 |
| Other financing | −$99.0M | $93.0M | $546.0M | −$35.0M | −$218.0M | −$192.0M | −$201.0M | $218.0M | $2.41B | $2.22B |
| Cash from financing activities | −$3.66B | −$3.81B | −$2.45B | −$3.79B | −$6.53B | −$5.69B | −$7.09B | −$5.40B | −$1.78B | −$744.0M |
| Summary | ||||||||||
| Net change in cash | −$350.0M | $793.0M | $221.0M | $866.0M | −$188.0M | $598.0M | −$1.27B | $79.0M | $304.0M | −$16.0M |
| Cash at end of period | $2.41B | $3.29B | $2.49B | $2.27B | $1.41B | $1.59B | $944.0M | $2.22B | $2.12B | $1.82B |
| Free cash flow | $1.66B | $1.96B | $1.97B | $1.80B | $2.21B | $1.93B | $2.56B | $2.01B | $2.48B | $2.20B |
| Free cash flow margin | 15.0% | 19.0% | 19.5% | 18.4% | 21.2% | 21.6% | 34.5% | 23.2% | 25.0% | 23.7% |
| Capex / revenue | 4.7% | 4.5% | 4.5% | 4.6% | 4.3% | 5.6% | 7.4% | 7.5% | 6.7% | 6.7% |
| Operating cash flow / net income | 1.10 | 1.22 | 0.87 | — | 0.20 | 0.43 | 1.74 | 1.05 | — | 0.39 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $550.0M | $512.0M | $525.0M | $597.0M | $369.0M | $505.0M | $680.0M | $636.0M | $226.0M | $439.0M | $728.0M | $1.30B |
| Depreciation & amortization | $101.0M | $93.0M | $115.0M | $106.0M | $107.0M | $79.0M | $79.0M | $92.0M | $77.0M | $76.0M | $98.0M | $97.0M |
| Stock-based compensation | $182.0M | $156.0M | $159.0M | $147.0M | $165.0M | $136.0M | $142.0M | $146.0M | $154.0M | $146.0M | $149.0M | $144.0M |
| Change in working capital | −$433.0M | $72.0M | −$339.0M | −$101.0M | −$942.0M | −$47.0M | $73.0M | $2.0M | $164.0M | −$273.0M | −$473.0M | $271.0M |
| Other non-cash items | $123.0M | $136.0M | $123.0M | $147.0M | −$6.0M | $114.0M | −$297.0M | −$121.0M | −$254.0M | $227.0M | −$380.0M | −$955.0M |
| Cash from operating activities | $523.0M | $969.0M | $583.0M | $896.0M | −$307.0M | $787.0M | $677.0M | $755.0M | $367.0M | $615.0M | $122.0M | $862.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$223.0M | −$72.0M | −$117.0M | −$131.0M | −$134.0M | −$143.0M | −$117.0M | −$109.0M | −$89.0M | −$143.0M | −$126.0M | −$85.0M |
| Investments (net) | −$333.0M | $672.0M | $5.0M | $265.0M | $67.0M | $1.31B | $1.26B | $49.0M | $652.0M | $250.0M | −$280.0M | $96.0M |
| Acquisitions & other investing | −$28.0M | $189.0M | −$112.0M | $131.0M | $134.0M | $143.0M | $117.0M | $109.0M | $89.0M | $143.0M | $126.0M | $85.0M |
| Cash from investing activities | −$584.0M | $789.0M | −$224.0M | $265.0M | $67.0M | $1.31B | $1.26B | $49.0M | $652.0M | $250.0M | −$280.0M | $96.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$138.0M | −$139.0M | −$131.0M | −$132.0M | −$134.0M | −$134.0M | −$128.0M | −$131.0M | −$135.0M | −$139.0M | −$129.0M | −$132.0M |
| Share repurchases & issuance (net) | −$323.0M | −$588.0M | −$635.0M | −$626.0M | −$531.0M | −$615.0M | −$911.0M | −$755.0M | −$1.03B | −$453.0M | −$283.0M | −$626.0M |
| Net borrowing (repayment) | −$11.0M | $0 | −$1.0M | $4.0M | −$2.0M | −$673.0M | $0 | −$309.0M | — | — | — | — |
| Shares issued | $62.0M | $2.0M | $40.0M | $8.0M | $93.0M | $0 | $34.0M | $3.0M | $0 | $0 | $35.0M | $0 |
| Other financing | −$54.0M | $166.0M | −$96.0M | −$128.0M | −$142.0M | $174.0M | $13.0M | $183.0M | $46.0M | −$94.0M | −$2.0M | $145.0M |
| Cash from financing activities | −$464.0M | −$559.0M | −$823.0M | −$874.0M | −$716.0M | −$1.25B | −$992.0M | −$1.01B | −$1.12B | −$686.0M | −$379.0M | −$613.0M |
| Summary | ||||||||||||
| Net change in cash | −$536.0M | $1.19B | −$465.0M | $282.0M | −$925.0M | $870.0M | $914.0M | −$183.0M | −$106.0M | $168.0M | −$516.0M | $335.0M |
| Cash at end of period | $3.70B | $4.23B | $2.41B | $3.51B | $3.23B | $4.16B | $3.29B | $2.37B | $2.56B | $2.66B | $2.49B | $3.01B |
| Free cash flow | $300.0M | $898.0M | $466.0M | $765.0M | −$441.0M | $644.0M | $560.0M | $646.0M | $278.0M | $472.0M | −$4.0M | $777.0M |
| Free cash flow margin | 9.6% | 29.1% | 15.7% | 27.1% | −16.2% | 24.9% | 21.7% | 25.1% | 10.8% | 18.5% | −0.2% | 31.1% |
| Capex / revenue | 7.1% | 2.3% | 3.9% | 4.6% | 4.9% | 5.5% | 4.5% | 4.2% | 3.5% | 5.6% | 4.9% | 3.4% |
| Operating cash flow / net income | 0.95 | 1.89 | 1.11 | 1.50 | −0.83 | 1.56 | 1.00 | 1.19 | 1.62 | 1.40 | 0.17 | 0.66 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
EBAY cash generation
In fiscal 2025 (ended December 31, 2025), eBay generated $2.2 billion of cash from operations (down 9.4%) and spent $525.0 million on capital expenditures, leaving free cash flow of $1.7 billion, 15.0% of revenue. It returned $3.0 billion to shareholders through dividends ($531.0 million) and net share buybacks ($2.5 billion). Cash and equivalents fell by $350.0 million over the year.
Related: EBAY income statement, EBAY balance sheet, EBAY dividend history. See the EBAY stock overview for the latest quote and news.
EBAY cash flow FAQ
What is eBay's free cash flow?
eBay's free cash flow was $1.7 billion in fiscal 2025: $2.2 billion of operating cash flow minus $525.0 million of capital expenditures It was $2.0 billion a year earlier..
How much cash does eBay generate from operations?
eBay generated $2.2 billion of cash from operating activities in fiscal 2025, 1.10 times its net income of $2.0 billion.
How much does eBay spend on capital expenditures?
eBay spent $525.0 million on capital expenditures in fiscal 2025, 4.7% of revenue, compared with $458.0 million the year before.
How much stock does eBay buy back?
eBay spent $2.5 billion on net share repurchases in fiscal 2025.
How much does eBay pay in dividends?
eBay paid $531.0 million in dividends in fiscal 2025, 32.0% of free cash flow.