Ebay (EBAY) Q1 FY2026 earnings: revenue $3.1 billion, up 19.5% on the year

Ebay Inc. (EBAY) reported revenue of $3.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 19.5% on the same quarter a year earlier. Net income was $512 million, up 2.6% on the year, and diluted earnings per share $1.12. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2026.

Revenue

$3.1 billion

+19.5% on the year · +4.2% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

19.8%

23.6% a year earlier

Q2 FY2024Q1 FY2026

Net income

$512 million

+2.6% on the year · -3.0% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.12

+6.7% on the year · -2.6% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 6 new, 1 kept.

Revenue and GMV growth accelerated: Revenue was $3.1 billion, up 19% as reported and 17% FX-neutral. GMV was $22.2 billion, up 18% as reported and 14% FX-neutral. Prior-quarter growth was 15% for revenue and 10% for GMV.
Diluted EPS rose on fewer shares: GAAP diluted EPS was $1.12, against $1.05. Non-GAAP diluted EPS was $1.66, against $1.37. Diluted shares were 457 million, against 475 million a year earlier.
Second-quarter ranges given: The company gave second-quarter 2026 ranges for revenue, GMV, and both GAAP and non-GAAP diluted EPS. The figures are listed under guidance.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,089	2,965	2,585	+4.2%	+19.5%
Cost of revenue	802	849	723	-5.5%	+10.9%
Gross profit	2,287	2,116	1,888	+8.1%	+21.1%
Gross margin	74.0%	71.4%	73.0%
Research and development	450	436	362	+3.2%	+24.3%
Operating income	611	601	611	+1.7%	0.0%
Operating margin	19.8%	20.3%	23.6%
Interest expense	61.0	61.0	61.0	0.0%	0.0%
Pre-tax income	618	623	629	-0.8%	-1.7%
Income tax	106	98.0	128	+8.2%	-17.2%
Effective tax rate	17.2%	15.7%	20.3%
Net income	512	528	499	-3.0%	+2.6%
Net margin	16.6%	17.8%	19.3%
Diluted EPS	$1.12	$1.15	$1.05	-2.6%	+6.7%

$ 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	969	583	755	+66.2%	+28.3%
Capital expenditure	72.0	117	143	-38.5%	-49.7%
Free cash flow	897	466	612	+92.5%	+46.6%
Free cash flow margin	29.0%	15.7%	23.7%
Cash from investing	783	-224	1,312		-40.3%
Cash from financing	-561	-823	-1,248
Depreciation and amortisation	93.0	115	52.0	-19.1%	+78.8%
Share-based compensation	156	159	136	-1.9%	+14.7%
Buybacks	486	635	615	-23.5%	-21.0%
Dividends paid	139	131	134	+6.1%	+3.7%
Diluted shares, weighted	457m	460m	475m	-0.7%	-3.8%
Shares outstanding at period end	446m	449m	463m	-0.7%	-3.7%

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

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	4,412	4,615	4,950	-4.4%	-10.9%
Debt	6,744	6,746	6,745	-0.0%	-0.0%
Operating lease liabilities	332	315	302	+5.4%	+9.9%
Other liabilities	6,405	5,934	6,957	+7.9%	-7.9%
Total liabilities and equity	17,893	17,610	18,954	+1.6%	-5.6%
Fixed assets	1,198	1,338	1,293	-10.5%	-7.3%
Goodwill	4,463	4,467	4,357	-0.1%	+2.4%
Intangible assets	n/a	125	146
Investments	n/a	n/a	30.0
Securities held for sale or to maturity	2,210	2,890	n/a	-23.5%
Cash and equivalents	2,894	1,867	3,031	+55.0%	-4.5%
Receivables	152	135	108	+12.6%	+40.7%
Other assets	6,976	6,788	9,989	+2.8%	-30.2%
Total assets	17,893	17,610	18,954	+1.6%	-5.6%

Questions

What was Ebay's revenue in Q1 FY2026?

Ebay (EBAY) reported revenue of $3.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 19.5% on the same quarter a year earlier.

How much did Ebay earn in Q1 FY2026?

Net income for Q1 FY2026 was $512 million, up 2.6% on the year, and diluted earnings per share $1.12.

When did Ebay report Q1 FY2026 results?

Ebay filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 29 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,613	2,483	2,422	2,380	2,510	2,510	2,540	2,500	2,562	2,556	2,572	2,576	2,579	2,585	2,730	2,820	2,965	3,089	3,134	3,206
Cost of revenue	694	689	663	647	681	700	718	705	710	700	735	727	718	723	776	821	849	802	832	887
Gross profit	1,919	1,794	1,759	1,733	1,829	1,810	1,822	1,795	1,852	1,856	1,837	1,849	1,861	1,888	1,980	2,026	2,116	2,287	2,302	2,319
Gross margin	73%	72%	73%	73%	73%	72%	72%	72%	72%	73%	71%	72%	72%	73%	73%	72%	71%	74%	73%	72%
R&D	337	301	344	345	340	352	392	401	399	351	379	374	375	362	421	423	436	450	484	517
Operating income	687	692	525	568	565	558	518	455	410	631	549	595	543	611	479	571	601	611	676	616
Operating margin	26%	28%	22%	24%	23%	22%	20%	18%	16%	25%	21%	23%	21%	24%	18%	20%	20%	20%	22%	19%
Interest expense	n/a	n/a	n/a	n/a	n/a	68.0	65.0	65.0	65.0	66.0	65.0	63.0	65.0	61.0	62.0	62.0	61.0	61.0	65.0	64.0
Pre-tax income	-1,162	-1,649	-727	-54.0	829	730	285	1,661	1,031	536	328	797	617	629	472	568	623	618	665	605
Tax rate	n/a	n/a	n/a	n/a	19%	22%	40%	21%	29%	18%	31%	20%	-10%	20%	23%	-4%	16%	17%	17%	17%
Net income	1,969	-1,341	-531	-69.0	672	567	171	1,305	724	438	224	634	679	499	364	628	528	512	550	497
Net margin	75%	-54%	-22%	-3%	27%	23%	7%	52%	28%	17%	9%	25%	26%	19%	13%	22%	18%	17%	18%	16%
Diluted EPS	$3.25	-$2.28	-$0.95	-$0.13	$1.23	$1.05	$0.32	$2.46	$1.39	$0.85	$0.45	$1.29	$1.40	$1.05	$0.78	$1.34	$1.15	$1.12	$1.21	$1.10
Operating cash flow	293	613	228	729	684	841	601	862	122	615	367	755	677	755	-340	961	583	969	523	875
Capital expenditure	103	83.0	111	102	153	132	113	85.0	126	143	89.0	109	117	143	134	131	117	72.0	223	126
Free cash flow	190	530	117	627	531	709	488	777	-4.0	472	278	646	560	612	-474	830	466	897	300	749
Buybacks	3,089	1,069	1,473	286	315	242	250	626	283	453	1,030	755	911	615	624	626	635	486	323	664
Dividends paid	107	129	121	120	119	134	133	132	129	139	135	131	128	134	134	132	131	139	138	138
Shares outstanding	594m	571m	549m	544m	539m	536m	533m	520m	517m	509m	494m	482m	471m	463m	459m	454m	449m	446m	445m	440m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-Q for the period ended 31 March 2026, filed 29 April 2026: the filing.