eBay Inc.

Management prioritizes high‑return reinvestment in marketplace, payments, and ads; then returns excess cash via buybacks and a growing dividend. In 2025 eBay repurchased $2.5 billion of stock and paid $531 million in dividends; in February 2026 the dividend was raised to $0.31 and repurchases were topped up by $2.0 billion.

Bolt‑on M&A focuses on C2C/fashion and enthusiast verticals: Tise in 2025 and a definitive agreement to buy Depop for $1.2 billion in 2026. Execution risks include integration and cultural fit, plus labor relations noise from the 2022 TCGplayer deal. Overall, capital deployment has been disciplined and accretive to per‑share value.