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eBay cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$749M in Q3 2026 · $2.4B over twelve months

Operating cash flow$875M
Capital spending−$126M
Free cash flow+$749M
Cash / net income1.8×
Cash conversion cycle-32 days

Analysis

In Q3 2026, eBay generated $875M of operating cash flow and spent $126M on capital projects, leaving free cash flow of $749M. That is $16.0M less than in Q3 2025 ($765M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.0B; the largest uses were buybacks ($2.1B), acquisitions ($1.5B), net borrowing (+) / repaid (−) ($1.0B); besides operations, cash came from other financing ($1.2B), other investing ($915M); the cash balance fell by $901M.

Operating cash flow was $875M against net income of $497M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$173M, depreciation & amortization +$116M, deferred taxes +$32.0M.

Its cash conversion cycle was -32 days (receivables 4 + inventory 0 − payables 36): suppliers fund its working capital.

Free cash flow

eBay: free cash flow by quartereBay: free cash flow by quarter$560MQ4 2024$612MQ1 2025−$409MQ2 2025$765MQ3 2025$466MQ4 2025$897MQ1 2026$300MQ2 2026$749MQ3 2026
Operating cash flow less capital spending.
eBay: operating cash flow against capital spendingeBay: operating cash flow against capital spendingOperating cash flowCapital spending$677M$117MQ4 2024$755M$143MQ1 2025−$340M$69.0MQ2 2025$862M$97.0MQ3 2025$682M$216MQ4 2025$969M$72.0MQ1 2026$523M$223MQ2 2026$875M$126MQ3 2026
Latest (Q3 2026): Operating cash flow $875M, Capital spending $126M.

Capital allocation, year by year

eBay: where the cash came from (up) and went (down), by fiscal yeareBay: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.7BFY2021: Net borrowing $1.3BFY2021: Shares issued $93.0MFY2021: Capital spending −$444MFY2021: Buybacks −$7.1BFY2021: Dividends −$466M$4.1BFY2021FY2022: Operating cash flow $2.3BFY2022: Net borrowing −$212MFY2022: Shares issued $87.0MFY2022: Capital spending −$449MFY2022: Acquisitions −$208MFY2022: Buybacks −$3.1BFY2022: Dividends −$489M$2.3BFY2022FY2023: Operating cash flow $2.4BFY2023: Net borrowing −$1.1BFY2023: Shares issued $83.0MFY2023: Capital spending −$456MFY2023: Acquisitions −$38.0MFY2023: Buybacks −$1.4BFY2023: Dividends −$528M$2.5BFY2023FY2024: Operating cash flow $2.4BFY2024: Shares issued $92.0MFY2024: Capital spending −$458MFY2024: Acquisitions −$13.0MFY2024: Buybacks −$3.1BFY2024: Dividends −$533M$2.5BFY2024FY2025: Operating cash flow $2.0BFY2025: Net borrowing −$672MFY2025: Shares issued $141MFY2025: Capital spending −$525MFY2025: Acquisitions −$208MFY2025: Buybacks −$2.5BFY2025: Dividends −$531M$2.1BFY2025
Over these 5 years operating cash flow totalled $11.7B; the largest uses were buybacks ($17.2B) and dividends ($2.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debt$6.7B
Net debt$5.6B
Due within a year$750M

eBay funds itself: free cash flow was $2.4B over the last twelve months, and $1.2B of cash and investments stands against $6.7B of debt ($750M due within a year, 1.6× covered by cash).

eBay: debt maturities by year (FY2025)eBay: debt maturities by year (FY2025)$750MYear 1$1.1BYear 2$600MYear 4$950MYear 5$3.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.2B of cash and investments now.

Where the cash came from and went

eBay: sources (+) and uses (−) of cash, Q3 2026eBay: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$1.3BCash drawn (+) / kept (−)$1.1BOperating cash flow$875MBuybacks−$664MOther investing$281MDividends−$138MCapital spending−$126MTaxes on employees’ shares−$77.0MOther financing$39.0MExchange rates$6.0M
eBay: sources (+) and uses (−) of cash, TTM to Q3 2026eBay: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.0BBuybacks−$2.1BAcquisitions−$1.5BOther financing$1.2BNet borrowing (+) / repaid (−)−$1.0BOther investing$915MCash drawn (+) / kept (−)$901MCapital spending−$637MDividends−$546MTaxes on employees’ shares−$331MShares issued$104MExchange rates−$11.0M

From profit to cash

eBay: net income to operating cash flow, Q3 2026eBay: net income to operating cash flow, Q3 2026Net income$497MDepreciation & amortization$116MStock-based pay$173MDeferred taxes$32.0MGains on investments−$10.0MOperating cash flow$875M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264—36-32
Q2 20264—36-32
Q1 20264—31-27
Q4 20254—27-23
Q3 20254—37-34
Q2 20254—38-34
Q1 20254—35-32
Q4 20244—35-31

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$875M−$126M−$1.3B−$664M−$138M——$1.1B$749M
Q2 2026$523M−$223M−$28.0M−$323M−$138M−$11.0M$62.0M$536M$300M
Q1 2026$969M−$72.0M−$11.0M−$486M−$139M—$2.0M−$1.2B$897M
Q4 2025$682M−$216M−$208M−$635M−$131M−$995M$40.0M$458M$466M
Q3 2025$862M−$97.0M$92.0M−$626M−$132M$4.0M$8.0M−$282M$765M
Q2 2025−$340M−$69.0M−$3.0M−$624M−$134M−$2.0M$93.0M$925M−$409M
Q1 2025$755M−$143M−$89.0M−$615M−$134M−$673M—−$870M$612M
Q4 2024$677M−$117M$54.0M−$911M−$128M—$34.0M−$914M$560M

eBay: income statement and cash flow

eBay, Q3 2026: revenue $3.2B (+14% year over year), operating margin 19.2%. The chart follows the revenue to costs, profit and cash.

eBay: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.