Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 3/6 · 22/10/2026
Moat—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Pouvoir de fixation des prix—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Prévisibilité94
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 5.02
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 2.81
Solidité financière52
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 47.08
- netDebtEbitGrade
- 57.15
- interestCoverageGrade
- 75.06
- currentRatioGrade
- 27.75
- Debt / FCF (x)
- 4.70
- Net debt / operating income (x)
- 2.14
- Interest coverage (x)
- 9.26
- Current ratio (x)
- 1.10
Allocation du capital85
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 19.81
- 3-year average dilution (%)
- -6.30
- 3-year average SBC / revenue (%)
- 5.62
- cashConversionGrade
- 79.14
Qualité du management—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Preuves
At the end of 2025, eBay had 135 million active buyers and 2.5 billion live listings globally.
Business: year-end 2025 active buyers and live listings · Dépôt 19/02/2026
Gross Merchandise Volume (“GMV”) was $79.6 billion, up 7% on an as-reported basis and up 6% on an FX-Neutral basis.
2025 operating highlights: GMV and FX-neutral growth · Dépôt 30/04/2026
International GMV growth was primarily driven by cross-border trade, led by increased exports from Greater China and Japan into our major markets.
MD&A: international GMV growth and cross-border trade · Dépôt 19/02/2026
•Gross Merchandise Volume ("GMV") of $22.4 billion, up 15% on an as-reported basis and up 14% on an FX-Neutral basis
Q2 2026 results: GMV and FX-neutral growth · Dépôt 05/08/2026
The increase in first party advertising revenue was driven by increased adoption and attribution changes that enhanced our ability to convert first-party ads, which increased monetization during the period.
MD&A: advertising adoption, attribution changes and monetization · Dépôt 06/08/2026
GMV growth across Focus Categories, C2C and Recommerce, which includes pre-owned and refurbished goods, outpaced the remainder of our Marketplace, with particularly strong performance in Collectibles, Motors Parts & Accessories, Fashion and Refurbished Goods.
MD&A: focus-category, C2C and recommerce GMV performance · Dépôt 06/08/2026
In addition, eBay authenticates eligible luxury and collectible items in five categories through “Authenticity Guarantee”, an independent authentication service available in the United States, the United Kingdom, Germany, Australia and Canada.
Business: deployed authentication services and market coverage · Dépôt 28/02/2024
In addition, sellers are increasingly utilizing multiple sales channels, including search-related advertisements on horizontal search engine sites, such as Google, to attract new customers.
Competition risks: increasing seller use of multiple sales channels · Dépôt 27/02/2025
In certain markets, our fixed-price listing and traditional auction-style listing formats are increasingly being challenged by other formats, such as social commerce and business models, such as free-to-sell marketplaces.
Competition risks: social commerce and free-to-sell formats · Dépôt 27/02/2025
Our users can list, sell, buy and pay for similar items through a variety of competing online, mobile and offline channels.
Competition: alternative channels for similar items · Dépôt 19/02/2026
15
Table of Contents
Consumers and merchants who might use our sites to sell goods also have many alternatives, including general ecommerce sites, such as Amazon, Alibaba, and Zalando, and more specialized sites, such as Etsy.
Competition: named general and specialized ecommerce alternatives · Dépôt 28/02/2024
Sellers may also choose to sell their goods through other channels, such as multi-channel services like Shopify or classifieds platforms.
Competition: Shopify and other seller channels · Dépôt 28/02/2024
These consumers can also turn to shopping-comparison sites, such as Google Shopping, or social networks that enable purchases such as Instagram and TikTok.
Competition: named shopping-comparison and social purchasing alternatives · Dépôt 27/02/2025
shipping program. The increase in net revenues was partially offset by lower fees in connection with our U.K.
MD&A: lower U.K. fees partially offset revenue growth; passage is truncated · Dépôt 19/02/2026
We have experienced and expect to continue to experience increased costs from chargebacks through our payments platforms, due to forced transaction reversals initiated by buyers through their payment card issuers.
Risk factors: experienced increases in chargeback costs · Dépôt 19/02/2026
The following table presents net revenues for the periods indicated (in millions, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % Change 2026 2025 % Change Marketplace revenues $ 2,538 $ 2,248 13 % $ 5,046 $ 4,391 15 % Advertising revenues 596 482 24 % 1,177 924 27 % Net revenues $ 3,134 $ 2,730 15 % $ 6,223 $ 5,315 17 % Seasonality We expect volume on our Marketplace platforms to trend with general consumer buying patterns.
MD&A: Q2 and first-half 2026 marketplace and advertising revenues · Dépôt 06/08/2026
Operating margin decreased to 20.5% compared to 22.5% in 2024 primarily due to higher non-recurring general and administrative expenses related to legal matters and restructuring and higher costs associated with our shipping programs.
2025 highlights: operating margin decline and disclosed causes · Dépôt 19/02/2026
11
eBay Inc.
Reconciliation of GAAP Operating Income to Non-GAAP Operating Income
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(In millions, except percentages)
GAAP operating income
$
676
$
479
$
1,287
$
1,090
Stock-based compensation expense and related employer payroll taxes
188
172
355
316
Amortization of acquired intangible assets within cost of net revenues and operating expenses
13
13
25
25
Restructuring and executive bonuses
1
55
105
55
Legal matters
(10)
52
(10)
52
Transaction related costs
25
—
38
—
Total non-GAAP operating income adjustments
217
292
513
448
Non-GAAP operating income
$
893
$
771
$
1,800
$
1,538
GAAP operating margin
21.6
%
17.6
%
20.7
%
20.5
%
Non-GAAP operating margin
28.5
%
28.3
%
28.9
%
28.9
%
Presented on a continuing operations basis
Operating income reconciliation: quarterly and first-half GAAP and non-GAAP margins · Dépôt 05/08/2026
Operating margin decreased to 19.8% for the three months ended March 31, 2026 compared to 23.6% during the same period in 2025.
Q1 2026 highlights: year-over-year operating margin decline · Dépôt 29/04/2026
We generated cash flow from continuing operating activities of $2.0 billion in 2025 compared to $2.4 billion in 2024.
2025 highlights: continuing operating cash flow · Dépôt 19/02/2026
We repurchased $2.5 billion of common stock and paid $531 million in cash dividends.
2025 highlights: actual share repurchases and dividends · Dépôt 19/02/2026
Unaudited Condensed Consolidated Statement of Cash Flows
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(In millions)
Cash flows from operating activities:
Net income
$
550
$
364
$
1,062
$
863
Loss from discontinued operations, net of income taxes
2
1
2
3
Adjustments:
Transaction losses
133
86
271
167
Depreciation and amortization
101
79
194
131
Stock-based compensation
182
165
338
301
Deferred income taxes
22
(88)
43
(58)
Gain on investments, warrants and other, net
(8)
(5)
(30)
(3)
Changes in assets and liabilities, net of acquisition effects
(433)
(942)
(361)
(989)
Net cash provided by (used in) continuing operating activities
549
(340)
1,519
415
Net cash used in discontinued operating activities
(26)
—
(27)
—
Net cash provided by (used in) operating activities
523
(340)
1,492
415
Cash flow statement: first-half 2026 cash generation, working capital and stock compensation · Dépôt 05/08/2026
Purchases of property and equipment
(223)
(101)
(295)
(212)
Purchases of investments
(1,045)
(1,964)
(1,409)
(5,007)
Maturities of investments
712
1,943
1,064
6,530
Sales of investments
—
—
684
—
Shareholder distributions from equity investments
—
225
194
225
Acquisitions and other
(28)
(3)
(39)
(92)
Net cash provided by (used in) investing activities
(584)
100
199
1,444
Cash flows from financing activities:
Cash flow statement: capital spending, investment proceeds and distributions · Dépôt 05/08/2026
The following table summarizes stock repurchase activity under our stock repurchase programs for the period indicated (in millions, except per share amounts): Shares Repurchased (1) Average Price per Share (2) Value of Shares Repurchased (2) Remaining Amount Authorized Balance as of January 1, 2026 $ 798 Authorization of additional repurchases in February 2026 2,000 Repurchase of shares of common stock 9 $ 94.95 $ 810 (810) Balance as of June 30, 2026 $ 1,988 (1)These repurchased shares of common stock were recognized as treasury stock and were accounted for under the cost method.
Stockholders' equity: actual first-half 2026 repurchases · Dépôt 06/08/2026
We repaid the $750 million aggregate principal amount of our previously outstanding 1.400% senior notes due 2026 on the date of maturity and issued $750 million aggregate principal amount of commercial paper notes.
Q2 highlights: senior note repayment and commercial paper issuance · Dépôt 06/08/2026
We paid $1.4 billion in cash, inclusive of preliminary purchase price adjustments, subject to finalization.
Acquisition note: actual Depop cash consideration · Dépôt 06/08/2026
Due to the proximity of the closing date of the transaction to the filing date of this Quarterly Report, the initial accounting for the transaction is incomplete and therefore we are unable to disclose certain information required by ASC 805, Business Combinations, including the provisional amounts recognized as of the acquisition date for each major class of assets acquired, liabilities assumed and goodwill, and as such, required disclosures will be presented in future periods.
Acquisition note: incomplete initial acquisition accounting · Dépôt 06/08/2026
Of our equity grants made to executive officers in 2025, 60% of the target equity value was comprised of PBRSUs and 40% was comprised of time-based RSUs.
Executive compensation: actual 2025 performance-based and time-based equity grant mix · Dépôt 30/04/2026
Annual Cash Incentives 60% 40% Performance-Based Long-Term Equity Incentives Base Salary based Restricted Stock Units (PBRSUs) Form Key Objective % of Target Equity Value Time-based Restricted Stock Units (RSUs) Hold executives accountable for long-term Company financial performance against FX-neutral revenue, non- GAAP operating margin, and return on invested capital metrics, and three-year relative total shareholder return.
Executive compensation: financial performance and relative shareholder return metrics · Dépôt 30/04/2026
Targets In light of the dynamic macroeconomic environment, the three one-year financial performance targets are generally set in a manner consistent with the current year budget.
Executive compensation: annual financial target setting within multi-year awards · Dépôt 30/04/2026
Accordingly, the final payout percentage for this cycle of PBRSUs
was 175% of the target awards.
Executive compensation: actual final performance award payout · Dépôt 30/04/2026
our executive officers and directors were in compliance with the stock ownership guidelines.
Governance policies: disclosed compliance with stock ownership guidelines · Dépôt 30/04/2026
eBay’s governance practices include the following features: Strong Board independence (11 of 12 current directors are independent) All of our directors stand for election annually Majority vote standard for uncontested director elections Director resignation policy for director nominees who do not receive a majority vote Stockholder right to request eBay to call a special meeting Simple majority vote standard for extraordinary transactions and amendments to bylaws Proxy access bylaws Strong stockholder engagement practices Separate Board Chair and CEO roles Independent Board Chair with robust responsibilities Clawback policies that meet and exceed SEC requirements Stock ownership requirements for our executive officers and directors Anti-hedging and anti-pledging policies Director Nominees Director Committees* Other Public Nominee Affiliation Age Since AC CHCC CGNC RC TC Company Boards Adriane M.
Governance highlights: independence, elections, shareholder rights and compensation safeguards · Dépôt 30/04/2026
Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Independent auditor opinion: effective internal control over financial reporting · Dépôt 19/02/2026
Additionally, during the three-year term of the DPA, the Company is subject to an independent compliance monitor to assess its compliance program and, where appropriate, to modify that program.
Contingencies: independent compliance monitor during deferred prosecution agreement · Dépôt 19/02/2026
The Company also paid a $3 million penalty.
Contingencies: actual penalty payment · Dépôt 19/02/2026
GMV consists of the total value of all paid transactions between users on our Marketplace platforms during the applicable period inclusive of shipping fees and taxes, without adjustment for returns or cancellations.
Business metrics: GMV includes shipping and taxes without return or cancellation adjustments · Dépôt 19/02/2026
The term “active buyer” means, as of any date, all buyer accounts that paid for a transaction on our Marketplace platforms within the previous 12-month period.
Business metrics: active buyer definition · Dépôt 19/02/2026
Buyers may register more than once and, as a result, may have more than one account.
Business metrics: buyer accounts need not represent unique people · Dépôt 19/02/2026
As a global commerce leader and third-party marketplace, our technologies and services are designed to provide buyers choice and a breadth of relevant inventory from around the globe, and to enable sellers’ access to eBay’s 134 million buyers worldwide.
Business: 2024 buyer reach · Dépôt 27/02/2025
As a global commerce leader and third-party marketplace, our technologies and services are designed to provide our buyers choice and a breadth of relevant inventory from around the globe and to enable our sellers to access eBay’s 136 million buyers worldwide.
Business: 2026 buyer reach and management description of marketplace utility · Dépôt 06/08/2026
All of our GMV, and substantially all of our net revenues each quarter come from transactions involving sales during that quarter.
Risk factors: dependence on transactions occurring during each quarter · Dépôt 19/02/2026
Continuing Investing Activities
Cash provided by continuing investing activities of $2.2 billion in 2024 was primarily attributable to proceeds of $12.3 billion from the maturities and sales of investments, and proceeds of $2.4 billion, $1.0 billion, $573 million and $322 million from the sale of our equity investments in Adevinta, Aurelia, Adyen and Gmarket, respectively, partially offset by cash paid for investments of $13.9 billion and property and equipment of $458 million.
Liquidity: actual 2024 investment monetization and capital spending · Dépôt 27/02/2025
1. Introduction
This user agreement ("User Agreement"), the Mobile devices terms, and all policies and additional terms posted on and in our sites, applications, tools and services (collectively "Services") set out the terms on which eBay offers You access to and use of our Services, including access or usage of www.ebay.in - opens in new window or tab website (the "Website").
Section 1, Introduction: agreement scope includes ebay.in · Consulté 19/10/2026
This User Agreement may not otherwise be amended except through mutual agreement by you and an eBay representative who intends to amend this User Agreement and is duly authorized to agree to such an amendment.
Section 19, General: amendment constraint · Consulté 19/10/2026
Without limiting eBay's ability to refuse, modify, or terminate all or part of our Services, eBay may also terminate this Agreement with anyone at any time for any reason, at our sole discretion, by giving notice of such termination.
Section 19, General: service modification and termination discretion · Consulté 19/10/2026
