Ebay Inc. Q4 FY2023 results: revenue $2.6 billion, up 2.1% on the year

Ebay Inc. (EBAY) reported revenue of $2.6 billion for Q4 FY2023, the quarter ended 31 December 2023, up 2.1% on the same quarter a year earlier. Net income was $724 million, up 7.7% on the year, and diluted earnings per share $1.36. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue$2.6 billionup 2.1%

Net income$724 millionup 7.7%

Diluted EPS$1.36

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	2,562	2,500	n/a	n/a
Cost of revenue	710	705	n/a	n/a
Gross profit	1,852	1,795	n/a	n/a
Gross margin	72.3%	71.8%	n/a
Research and development	399	401	n/a	n/a
Operating income	410	455	n/a	n/a
Operating margin	16.0%	18.2%	n/a
Interest expense	65.0	65.0	n/a	n/a
Pre-tax income	1,031	1,661	n/a	n/a
Income tax	303	355	n/a	n/a
Effective tax rate	29.4%	21.4%	n/a
Net income	724	1,305	n/a	n/a
Net margin	28.3%	52.2%	n/a
Diluted EPS	$1.36	$2.46	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	122	862	n/a	n/a
Capital expenditure	126	85.0	n/a	n/a
Free cash flow	-4.0	777	n/a	n/a
Free cash flow margin	-0.2%	31.1%	n/a
Depreciation and amortisation	98.0	97.0	n/a	n/a
Share-based compensation	149	144	n/a	n/a
Buybacks	283	626	n/a	n/a
Dividends paid	129	132	n/a	n/a
Diluted shares, weighted	533m	532m	n/a	n/a
Shares outstanding at period end	517m	520m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	21,620	21,184	n/a	n/a
Cash and equivalents	1,985	2,550	n/a	n/a
Receivables	94.0	74.0	n/a	n/a
Goodwill	4,267	4,238	n/a	n/a
Total debt, as filed	7,723	n/a	n/a	n/a
Long-term debt	6,973	n/a	n/a	n/a
Long-term debt including finance leases	6,973	6,973	n/a	n/a
Borrowings, as the company tags them	7,750	n/a	n/a	n/a
Operating lease liabilities	387	355	n/a	n/a
Shareholders' equity	6,396	5,899	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,500	2,562	2,556	2,572	2,576	2,579	2,585	2,730	2,820	2,965	3,089	3,134
Cost of revenue	705	710	700	735	727	718	723	776	821	849	802	832
Gross profit	1,795	1,852	1,856	1,837	1,849	1,861	1,862	1,954	1,999	2,116	2,287	2,302
Gross margin	72%	72%	73%	71%	72%	72%	72%	72%	71%	71%	74%	73%
R&D	401	399	351	379	374	375	362	421	423	436	450	484
Operating income	455	410	631	549	595	543	616	484	576	601	611	676
Operating margin	18%	16%	25%	21%	23%	21%	24%	18%	20%	20%	20%	22%
Interest expense	65.0	65.0	66.0	65.0	63.0	65.0	61.0	62.0	62.0	61.0	61.0	65.0
Pre-tax income	1,661	1,031	536	328	797	617	634	477	573	623	618	665
Tax rate	21%	29%	18%	31%	20%	-10%	20%	23%	-4%	16%	17%	17%
Net income	1,305	724	438	224	634	679	503	368	632	528	512	550
Net margin	52%	28%	17%	9%	25%	26%	19%	13%	22%	18%	17%	18%
Diluted EPS	$2.46	$1.36	$0.85	$0.45	$1.29	$1.35	$1.06	$0.79	$1.35	$1.14	$1.12	$1.21
Operating cash flow	862	122	615	367	755	677	755	-340	961	583	969	523
Capital expenditure	85.0	126	143	89.0	109	117	143	134	131	117	72.0	223
Free cash flow	777	-4.0	472	278	646	560	612	-474	830	466	897	300
Buybacks	626	283	453	1,030	755	911	615	624	626	635	486	323
Dividends paid	132	129	139	135	131	128	134	134	132	131	139	138
Shares outstanding	520m	517m	509m	494m	482m	471m	463m	459m	454m	449m	446m	445m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 28 February 2024, accession 0001065088-24-000036: the filing on EDGAR. All of Ebay Inc.'s filings: EDGAR company page.

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