EBAY INC (EBAY)

Price—Loading quote

AI: Fair-priced

Price checkAt about $103, eBay looks reasonably valued but offers little room for disappointment.

Public recorded a $102.64 pre-market trade on August 13, the latest independently verifiable quote found. Using 445 million shares, that implies a $45.7 billion equity value. Trailing reported earnings were about $4.84 per share, placing the price near 21 times earnings. Trailing free cash flow—cash left after running and investing in the business—was approximately $2.43 billion, implying a 5.3% cash yield. Those levels balance improving growth against eBay’s mature history, supporting a fair-priced verdict rather than a clear bargain.

Big pictureGrowth has accelerated sharply, but eBay’s longer record still resembles a mature marketplace.

Revenue increased only from $10.42 billion in 2021 to $11.10 billion in 2025, with a decline after pandemic-era shopping normalized. However, second-quarter 2026 revenue reached $3.13 billion, rising 14% after removing currency movements. Gross merchandise volume, the value of goods sold through the marketplace, also rose 14%, while operating income climbed 41%. Operating cash flow remained between $1.96 billion and $2.66 billion annually during 2020–2025. The tension is durability: third-quarter revenue growth guidance slows to 8%–10% and includes Depop.

Business strengthStrong cash generation supports shareholder returns, although debt and acquisition spending reduce the cushion.

At June 2026, eBay held $4.9 billion of cash and non-equity investments against approximately $6.74 billion of short- and long-term debt. The subsequent $1.4 billion cash payment for Depop further reduced flexibility, while current assets barely exceeded current liabilities. Shareholders still benefited from substantial repurchases: outstanding shares fell 35% from 684 million in 2020 to 445 million. In 2025, however, $2.50 billion of buybacks exceeded $1.43 billion of free cash flow. First-half 2026 returns were better covered, despite $338 million of share-based employee pay.

What could change the storySustained marketplace growth would create upside, while renewed stagnation would make today’s valuation demanding.

The strongest bull evidence is second-quarter transaction-volume growth of 14%, first-party advertising growth of 24%, and Depop’s younger audience. The bear case is that 2021–2025 revenue barely grew and third-quarter guidance already signals moderation. At roughly 21 times trailing reported earnings, the price appears to assume lasting mid-to-high single-digit growth and operating margins near 20%. That is an inference, not company guidance. Continued double-digit core growth would make the shares look inexpensive; a return to low-single-digit growth would make them expensive. GameStop’s rejected $125 proposal adds uncertain takeover optionality, not dependable value.

$102.64 price considered

AI: News

Quarterly growth beats guidanceRevenue, sales volume, and earnings exceeded eBay’s forecasts, prompting management to raise its full-year outlook.

On August 5, eBay reported second-quarter revenue of $3.13 billion, above its prior $3.03 billion ceiling. Marketplace sales volume reached $22.4 billion versus guidance of at most $21.7 billion, while adjusted earnings were $1.60 per share versus a $1.51 ceiling. Third-quarter guidance calls for $3.07–$3.12 billion of revenue, including Depop. A third-party transcript service described the after-hours response as limited; without dependable trade data, attributing subsequent price moves solely to earnings would be speculative.

Depop acquisition closeseBay added a fast-growing fashion marketplace, expanding its younger audience while committing meaningful cash.

On July 30, eBay completed its Depop acquisition and said the cash payment was $1.4 billion, including preliminary adjustments, versus the originally announced price of about $1.2 billion. Depop generated approximately $1 billion of merchandise sales in 2025, with United States sales growing nearly 60%. The opportunity is to apply eBay’s shipping, personalization, and compliance capabilities without weakening Depop’s distinct community. The main value question is whether growth and integration benefits justify the cash cost.

GameStop bid rejectedGameStop offered $125 per share, but eBay rejected the proposal as uncertain and unattractive.

GameStop proposed acquiring eBay on May 3 for $125 per share, half cash and half GameStop stock, valuing the equity near $55.5 billion. The bid represented a 46% premium to eBay’s February 4 price, and news reports described eBay shares rising sharply before the May 4 open. On May 12, eBay’s board rejected the non-binding offer, citing financing, leverage, operational, leadership, and valuation concerns. Because no definitive agreement exists, the bid should be treated as uncertain optionality rather than a valuation floor.

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$11.10B	$10.28B	$10.11B	$9.79B	$10.42B	$8.89B	$7.43B	$8.65B	$9.93B	$9.30B	$8.59B	$17.90B	$16.05B	$14.07B	$11.65B	$9.16B	$8.73B	$8.54B	—
Gross profit	$7.93B	$7.40B	$7.28B	$7.12B	$7.77B	$7.10B	$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
Research & development	$1.64B	$1.48B	$1.54B	$1.33B	$1.32B	$1.03B	$930.0M	$1.05B	$1.22B	$1.11B	$923.0M	$983.0M	$915.0M	$1.57B	$1.24B	$908.0M	$803.1M	$725.6M	$619.7M
Operating expenses	$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	$4.79B	$4.24B	$5.30B
Operating income	$2.28B	$2.32B	$1.94B	$2.35B	$2.92B	$2.64B	$1.77B	$1.75B	$2.26B	$2.33B	$2.20B	$2.48B	$2.45B	$2.89B	$2.37B	$2.05B	$1.46B	$2.08B	$613.2M
EBITDAderived	$2.70B	$2.69B	$2.38B	$2.79B	$3.41B	$3.20B	$2.34B	$2.34B	$2.88B	$2.93B	$2.81B	$3.04B	$2.95B	$3.65B	$2.98B	$2.56B	$1.93B	$2.80B	$1.21B
Net income	$2.03B	$1.98B	$2.77B	−$1.27B	$13.61B	$5.67B	$1.79B	$2.53B	−$1.02B	$7.27B	$1.73B	$46.0M	$2.86B	$2.61B	$3.23B	$1.80B	$2.39B	$1.78B	$348.3M
Basic EPSper diluted share	$4.43	$3.99	$5.22	-$2.27	$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
Diluted EPSper diluted share	$4.34	$3.94	$5.19	-$2.27	$20.54	$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

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)172$108.01M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 18, 2026Form 4 · 10b5-1	Sweetnam Jordan Douglas BradleySVP, Chief Commercial Officer	SellCommon Stock	863	$109.17	$94.2K	34.5K
Jun 17, 2026Form 4 · 10b5-1	Rawashdeh MazenSVP, Chief Technology Officer	SellCommon Stock	1.9K	$108.51	$208.2K	32.1K
Jun 5, 2026Form 4 · 10b5-1	IANNONE JAMIEPresident and CEO	SellCommon Stock	806	$111.10	$89.5K	269.1K
Jun 5, 2026Form 4 · 10b5-1	IANNONE JAMIEPresident and CEO	SellCommon Stock	3.6K	$110.17	$393.3K	269.9K
Jun 5, 2026Form 4 · 10b5-1	IANNONE JAMIEPresident and CEO	SellCommon Stock	6.7K	$109.34	$736.3K	273.5K

Review ownership filings at SEC.gov ↗

EBAY INC (EBAY)

Financial charts

Financial statements

Insider buys & sells