Ebay (EBAY) FY2019 results: revenue $7.4 billion, down 14.1% on the year
Ebay Inc. (EBAY) reported revenue of $7.4 billion for fiscal 2019, the year ended 31 December 2019, down 14.1% on the year before. Net income was $1.8 billion, down 29.4%, and diluted earnings per share $2.09. The figures are the company's own, from the 10-K it filed with the SEC on 31 January 2020.
Revenue
$7.4 billion
-14.1% on the year
FY2012FY2019
Operating margin
23.8%
20.3% a year earlier
FY2012FY2019
Net income
$1.8 billion
-29.4% on the year
FY2012FY2019
Diluted EPS
$2.09
-18.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,429
8,650
9,927
-14.1%
Cost of revenue
1,585
2,023
2,222
-21.7%
Gross profit
5,844
6,627
7,706
-11.8%
Gross margin
78.7%
76.6%
77.6%
Research and development
930
1,051
1,224
-11.5%
Operating income
1,770
1,752
2,265
+1.0%
Operating margin
23.8%
20.3%
22.8%
Interest expense
311
326
292
-4.6%
Pre-tax income
1,652
2,249
2,276
-26.5%
Income tax
219
121
3,288
+81.0%
Effective tax rate
13.3%
5.4%
144.5%
Net income
1,786
2,530
-1,016
-29.4%
Net margin
24.0%
29.2%
-10.2%
Diluted EPS
$2.09
$2.55
-$0.95
-18.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,114
2,658
3,146
+17.2%
Capital expenditure
508
623
666
-18.5%
Free cash flow
2,606
2,035
2,480
+28.1%
Free cash flow margin
35.1%
23.5%
25.0%
Cash from investing
2,787
2,894
-1,296
-3.7%
Cash from financing
-7,091
-5,398
-1,784
Depreciation and amortisation
572
591
612
-3.2%
Share-based compensation
415
465
483
-10.8%
Buybacks
4,973
4,502
2,746
+10.5%
Dividends paid
473
0.0
0.0
Diluted shares, weighted
856m
991m
1,064m
-13.6%
Shares outstanding at period end
796m
915m
1,029m
-13.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,870
6,281
8,063
-54.3%
Debt
7,760
9,231
10,015
-15.9%
Operating lease liabilities
461
n/a
n/a
Finance lease liabilities
16.0
n/a
n/a
Other liabilities
7,067
7,307
7,903
-3.3%
Total liabilities and equity
18,174
22,819
25,981
-20.4%
Fixed assets
1,460
1,597
1,597
-8.6%
Goodwill
4,533
5,160
4,773
-12.2%
Intangible assets
39.0
92.0
69.0
-57.6%
Investments
3,125
6,491
10,074
-51.9%
Cash and equivalents
901
2,202
2,120
-59.1%
Receivables
555
712
695
-22.1%
Other assets
7,561
6,565
6,653
+15.2%
Total assets
18,174
22,819
25,981
-20.4%
10-K for the year ended 31 December 2019, filed 31 January 2020: the filing.