eBay Inc.

Balance sheet is solid with year‑end 2025 cash and non‑equity investments of $4.8 billion versus total debt of $6.75 billion, implying net debt of roughly $1.95 billion.

Free cash flow from continuing operations was about $1.5 billion in 2025 (CFO ≈ $2.0 billion, capex ≈ $0.5 billion) and interest paid was $256 million, indicating ample coverage and the ability to de‑lever quickly if needed. eBay opportunistically issued $1.0 billion of notes in November 2025 while repaying commercial paper and 2025 maturities, maintaining flexibility.

Dividend growth and buybacks are funded from internal cash generation.