EBAY INC (EBAY) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Industrials · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 26.1% | The figure most screeners publish. |
| Operating cash flow | 27.1% | Worse than the earnings figure, not better: operating cash flow absorbs working capital — inventory, receivables, payables — that earnings do not. |
| Free cash flow | 37.0% | What is left after maintaining the business. |
Spread between highest and lowest: 11 percentage points. Same filings, different denominators.
Coverage rating 36 / 100 — Strained. ? Peer standing 17/50Direction 4/30Stability 15/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 37.0% |
| 2024-12-31 | 27.2% |
| 2023-12-31 | 26.8% |
| 2022-12-31 | 27.1% |
| 2021-12-31 | 21.1% |
| 2020-12-31 | 22.9% |
Coverage worsened sharply this year, 27.2% to 37.0%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.
Among the 73 industrials companies here, 34% pay out a larger share on this basis.
The arithmetic
- GAAP earnings — dividends declared per share $1.13 ÷ diluted EPS $4.34
- Operating cash flow — dividends paid $531.0m ÷ operating cash flow $1,959.0m
- Free cash flow — dividends paid $531.0m ÷ (operating cash flow $1,959.0m − capex $525.0m)
Where the figures came from
- 10-K filed 2026-02-19 · accession
0001065088-26-000027
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($1.13); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.