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Ebay (EBAY) FY2021 results: revenue $10.4 billion, up 17.2% on the year

Ebay Inc. (EBAY) reported revenue of $10.4 billion for fiscal 2021, the year ended 31 December 2021, up 17.2% on the year before. Net income was $13.6 billion, up 140.1%, and diluted earnings per share $20.54. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue
$10.4 billion
+17.2% on the year
FY2014FY2021
Operating margin
28.1%
29.6% a year earlier
FY2014FY2021
Net income
$13.6 billion
+140.1% on the year
FY2014FY2021
Diluted EPS
$20.54
+160.3% on the year
FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ millionFY2021FY2020FY2019On the yearLast 8 years
Revenue10,4208,8947,429+17.2%
Cost of revenue2,6501,7971,585+47.5%
Gross profit7,7707,0975,844+9.5%
Gross margin74.6%79.8%78.7%
Research and development1,3251,028930+28.9%
Operating income2,9232,6361,770+10.9%
Operating margin28.1%29.6%23.8%
Interest expense269304311-11.5%
Pre-tax income3983,3451,652-88.1%
Income tax146858219-83.0%
Effective tax rate36.7%25.7%13.3%
Net income13,6085,6671,786+140.1%
Net margin130.6%63.7%24.0%
Diluted EPS$20.54$7.89$2.09+160.3%
$ 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

$ millionFY2021FY2020FY2019On the yearLast 8 years
Operating cash flow2,6572,4193,114+9.8%
Capital expenditure444463508-4.1%
Free cash flow2,2131,9562,606+13.1%
Free cash flow margin21.2%22.0%35.1%
Cash from investing3,6633,7942,787-3.5%
Cash from financing-6,532-5,692-7,091
Depreciation and amortisation485560572-13.4%
Share-based compensation477417415+14.4%
Buybacks7,0555,1374,973+37.3%
Dividends paid466447473+4.3%
Diluted shares, weighted663m718m856m-7.7%
Shares outstanding at period end594m684m796m-13.2%

Balance sheet

$ millionFY2021FY2020FY2019On the yearLast 8 years
Shareholders' equity9,7783,5612,870+174.6%
Debt9,0827,7467,760+17.2%
Operating lease liabilities200316461-36.7%
Finance lease liabilitiesn/a5.016.0
Other liabilities7,5667,6827,067-1.5%
Total liabilities and equity26,62619,31018,174+37.9%
Fixed assets1,2361,2921,460-4.3%
Goodwill4,1784,2854,533-2.5%
Intangible assets8.012.039.0-33.3%
Investments5,9443,2253,125+84.3%
Cash and equivalents1,3791,101901+25.2%
Receivables98.0362555-72.9%
Other assets13,7839,0337,561+52.6%
Total assets26,62619,31018,174+37.9%

10-K for the year ended 31 December 2021, filed 24 February 2022: the filing.