Selected Financial Data
since 2005
Income Statement
eBay Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net revenues | Income from operations | Net income (loss) |
|---|---|---|---|
| Dec 31, 2018 | 10,746) | 2,222) | 2,530) |
| Dec 31, 2017 | 9,567) | 2,265) | (1,016) |
| Dec 31, 2016 | 8,979) | 2,325) | 7,266) |
| Dec 31, 2015 | 8,592) | 2,197) | 1,725) |
| Dec 31, 2014 | 17,902) | 3,514) | 46) |
| Dec 31, 2013 | 16,047) | 3,371) | 2,856) |
| Dec 31, 2012 | 14,072) | 2,888) | 2,609) |
| Dec 31, 2011 | 11,652) | 2,373) | 3,229) |
| Dec 31, 2010 | 9,156) | 2,054) | 1,801) |
| Dec 31, 2009 | 8,727) | 1,457) | 2,389) |
| Dec 31, 2008 | 8,541) | 2,076) | 1,779) |
| Dec 31, 2007 | 7,672) | 613) | 348) |
| Dec 31, 2006 | 5,970) | 1,423) | 1,126) |
| Dec 31, 2005 | 4,552) | 1,442) | 1,082) |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Analysis of the income statement from 2005 to 2018 reveals a distinct shift in the company's scale and profitability profile, characterized by a period of aggressive growth followed by a structural realignment and significant bottom-line volatility.
- Revenue Trajectory
- Net revenues exhibited a consistent upward trend from 2005, rising from 4,552 million to a peak of 17,902 million in 2014. This period of growth was interrupted in 2015 by a substantial reduction in reported revenue to 8,592 million, representing a contraction of over 50%. Following this adjustment, revenues returned to a growth trajectory, reaching 10,746 million by 2018.
- Operational Performance
- Income from operations showed moderate growth and fluctuations during the first decade. A notable dip occurred in 2007 (613 million) before recovering and climbing to a peak of 3,514 million in 2014. Post-2015, operational income stabilized within a narrow range between 2,197 million and 2,325 million, indicating that while the revenue base had shrunk, the operational efficiency remained relatively constant.
- Net Income Volatility
- Net income demonstrated extreme variability, often diverging from operational results. While profits generally trended upward until 2013, a sharp decline to 46 million occurred in 2014 despite record revenues and operating income. This was followed by a massive spike to 7,266 million in 2016, suggesting a significant non-operational gain. A subsequent net loss of 1,016 million was recorded in 2017, before returning to a profit of 2,530 million in 2018.
- Profitability Correlation
- A divergence is observed between operating income and net income, particularly in the latter half of the period. The volatility in net income—specifically the anomalies in 2014, 2016, and 2017—indicates that bottom-line results were heavily influenced by extraordinary items, asset divestitures, or impairment charges rather than core business operations.
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Balance Sheet: Assets
eBay Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2018 | 7,126) | 22,819) |
| Dec 31, 2017 | 7,743) | 25,981) |
| Dec 31, 2016 | 8,875) | 23,847) |
| Dec 31, 2015 | 7,904) | 17,785) |
| Dec 31, 2014 | 26,531) | 45,132) |
| Dec 31, 2013 | 23,283) | 41,488) |
| Dec 31, 2012 | 21,398) | 37,074) |
| Dec 31, 2011 | 12,661) | 27,320) |
| Dec 31, 2010 | 11,065) | 22,004) |
| Dec 31, 2009 | 8,460) | 18,408) |
| Dec 31, 2008 | 6,287) | 15,592) |
| Dec 31, 2007 | 7,123) | 15,366) |
| Dec 31, 2006 | 4,971) | 13,494) |
| Dec 31, 2005 | 3,183) | 11,789) |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset trajectory reflects two distinct financial phases: a prolonged period of expansion from 2005 through 2014, followed by a sharp structural contraction in 2015 and subsequent volatility through 2018.
- Growth Phase (2005–2014)
- Total assets demonstrated consistent growth over this decade, rising from US$ 11,789 million in 2005 to a peak of US$ 45,132 million by the end of 2014. This expansion was heavily driven by current assets, which increased from US$ 3,183 million to US$ 26,531 million. The acceleration of current asset growth relative to total assets suggests a significant accumulation of liquidity or short-term financial instruments during this period.
- Structural Contraction (2015)
- A substantial reduction in the balance sheet is observed between December 31, 2014, and December 31, 2015. Total assets declined by approximately 60.5%, falling to US$ 17,785 million. Current assets experienced an even more acute drop, decreasing from US$ 26,531 million to US$ 7,904 million. The scale of this reduction indicates a major corporate divestiture or a fundamental reorganization of the company's asset base.
- Stabilization and Recent Trends (2016–2018)
- Following the 2015 correction, total assets showed a temporary recovery, increasing to US$ 25,981 million in 2017 before retreating to US$ 22,819 million in 2018. Current assets remained relatively flat during this period, fluctuating between US$ 7,126 million and US$ 8,875 million. This indicates that the liquidity profile established after the 2015 contraction became the new operational baseline.
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Balance Sheet: Liabilities and Stockholders’ Equity
eBay Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2018 | 4,454) | 16,538) | 9,231) | 6,281) |
| Dec 31, 2017 | 3,539) | 17,918) | 10,015) | 8,063) |
| Dec 31, 2016 | 3,847) | 13,308) | 8,960) | 10,539) |
| Dec 31, 2015 | 2,263) | 11,209) | 6,779) | 6,576) |
| Dec 31, 2014 | 17,531) | 25,226) | 7,627) | 19,906) |
| Dec 31, 2013 | 12,639) | 17,841) | 4,123) | 23,647) |
| Dec 31, 2012 | 10,924) | 16,209) | 4,519) | 20,865) |
| Dec 31, 2011 | 6,734) | 9,390) | 2,090) | 17,930) |
| Dec 31, 2010 | 4,517) | 6,702) | 1,794) | 15,302) |
| Dec 31, 2009 | 3,642) | 4,621) | —) | 13,788) |
| Dec 31, 2008 | 3,705) | 4,509) | 1,000) | 11,084) |
| Dec 31, 2007 | 3,100) | 3,661) | 200) | 11,705) |
| Dec 31, 2006 | 2,518) | 2,589) | —) | 10,905) |
| Dec 31, 2005 | 1,485) | 1,741) | —) | 10,048) |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
A comprehensive analysis of the balance sheet reveals a significant transformation in the capital structure between 2005 and 2018. The period is characterized by an initial phase of steady expansion in both liabilities and equity, followed by a sharp structural correction in 2015 and a subsequent divergence between total debt and stockholders' equity.
- Liability Trends
- Total liabilities exhibited a consistent upward trajectory from 2005 (US$ 1,741 million) to a peak in 2014 (US$ 25,226 million). This growth was mirrored in current liabilities, which rose from US$ 1,485 million to US$ 17,531 million over the same period. A precipitous decline occurred in 2015, where total liabilities fell to US$ 11,209 million, before trending upward again to reach US$ 17,918 million by 2017.
- Debt Accumulation
- Total debt levels increased substantially from US$ 200 million in 2007 to US$ 7,627 million in 2014. Following a slight decrease in 2015, debt continued to rise, peaking at US$ 10,015 million in 2017. This suggests an increasing reliance on borrowed capital toward the end of the observed period.
- Stockholders' Equity Volatility
- Equity grew steadily from US$ 10,048 million in 2005 to a peak of US$ 23,647 million in 2013. A sharp contraction began in 2014, culminating in a significant drop to US$ 6,576 million in 2015. Despite a temporary recovery in 2016 to US$ 10,539 million, equity entered a sustained decline, ending at US$ 6,281 million in 2018.
- Solvency and Leverage Shift
- The relationship between liabilities and equity shifted fundamentally over the thirteen-year span. In 2005, stockholders' equity was approximately 5.7 times the size of total liabilities. By 2018, this position reversed, with total liabilities (US$ 16,538 million) exceeding stockholders' equity (US$ 6,281 million) by a factor of approximately 2.6, signaling a transition toward a more leveraged financial position.
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Cash Flow Statement
eBay Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2018 | 2,661) | 2,894) | (5,398) |
| Dec 31, 2017 | 3,146) | (1,296) | (1,784) |
| Dec 31, 2016 | 2,827) | (2,008) | (744) |
| Dec 31, 2015 | 2,877) | (673) | (2,960) |
| Dec 31, 2014 | 5,677) | (2,673) | (1,022) |
| Dec 31, 2013 | 4,995) | (6,012) | (1,354) |
| Dec 31, 2012 | 3,838) | (3,763) | 1,951) |
| Dec 31, 2011 | 3,274) | (3,307) | (838) |
| Dec 31, 2010 | 2,746) | (2,282) | 1,234) |
| Dec 31, 2009 | 2,908) | (1,149) | (946) |
| Dec 31, 2008 | 2,882) | (2,057) | (1,674) |
| Dec 31, 2007 | 2,641) | (693) | (693) |
| Dec 31, 2006 | 2,248) | 229) | (1,261) |
| Dec 31, 2005 | 2,010) | (2,453) | 472) |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Between 2005 and 2018, the cash flow profile reflects a transition from a period of aggressive growth and investment to one of consolidation and significant capital redistribution. The company maintained positive operational cash generation throughout the entire period, though the magnitude of these inflows shifted significantly after 2014.
- Operating Cash Flow Performance
- A consistent growth trend in net cash provided by operating activities is observed from 2005 through 2014, rising from 2,010 million US$ to a peak of 5,677 million US$. This suggests a strong expansion of core business profitability and efficiency over a decade. However, a sharp decline occurred in 2015, where operating cash flow dropped to 2,877 million US$, representing a nearly 50% reduction from the previous year. Following this contraction, the figures remained relatively stable, fluctuating between 2,661 million US$ and 3,146 million US$ through 2018.
- Investing Activities and Capital Expenditure
- Investing activities were characterized by sustained net outflows for most of the observed period, indicating a long-term commitment to acquisitions or capital assets. The intensity of these investments peaked between 2011 and 2013, with the maximum outflow reaching 6,012 million US$ in 2013. A notable shift occurred in 2018, when the trend reversed to a net cash inflow of 2,894 million US$, signaling a significant divestiture of assets or a liquidation of investments.
- Financing Activities and Capital Allocation
- Financing cash flows exhibited high volatility, alternating between net inflows and outflows. While the company experienced occasional infusions of capital—most notably in 2010 and 2012—the prevailing trend was toward net outflows, suggesting the repayment of debt or the return of capital to shareholders. This culminated in 2018 with a substantial net outflow of 5,398 million US$. When viewed alongside the positive investing cash flow of the same year, it appears that proceeds from asset sales were likely utilized to fund aggressive shareholder returns or debt reduction.
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Per Share Data
eBay Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2018 | 2.58 | 2.55 | 0.00 |
| Dec 31, 2017 | -0.95 | -0.95 | 0.00 |
| Dec 31, 2016 | 6.41 | 6.35 | 0.00 |
| Dec 31, 2015 | 1.43 | 1.42 | 0.00 |
| Dec 31, 2014 | 0.04 | 0.04 | 0.00 |
| Dec 31, 2013 | 2.20 | 2.18 | 0.00 |
| Dec 31, 2012 | 2.02 | 1.99 | 0.00 |
| Dec 31, 2011 | 2.50 | 2.46 | 0.00 |
| Dec 31, 2010 | 1.38 | 1.36 | 0.00 |
| Dec 31, 2009 | 1.85 | 1.83 | 0.00 |
| Dec 31, 2008 | 1.37 | 1.36 | 0.00 |
| Dec 31, 2007 | 0.26 | 0.25 | 0.00 |
| Dec 31, 2006 | 0.80 | 0.79 | 0.00 |
| Dec 31, 2005 | 0.79 | 0.78 | 0.00 |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings per share trajectory from 2005 to 2018 is characterized by significant volatility and non-linear growth patterns. While the initial years showed relative stability, the subsequent decade was marked by extreme fluctuations, including substantial peaks and sharp contractions.
- Earnings Per Share Performance
- Basic and diluted earnings per share maintained a close correlation throughout the observed period, indicating a negligible impact from dilutive securities. A growth phase occurred between 2008 and 2011, with basic EPS rising from 1.37 to 2.50. This trend was interrupted by a period of instability, most notably a significant drop to 0.04 in 2014. The most extreme variance is evident between 2016 and 2017, where basic EPS reached a peak of 6.41 before plummeting to a negative value of -0.95. A recovery followed in 2018, with basic EPS returning to 2.58.
- Dividend Distribution
- There were no recorded dividend payments per share at any point between 2005 and 2018, reflecting a consistent policy of earnings retention over shareholder distribution during this timeframe.
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