EBAY INC
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 29, 2026
EBAY$121.96-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001065088-25-000127
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001065088-26-000093
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 117 previous paragraphs and 111 current paragraphs.
53 unchanged; 44 reworded; 13 added; 17 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 11 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
As a global commerce leader and third-party marketplace, our technologies and services are designed to provide buyers choice and a breadth of relevant inventory from around the globe and to enable sellers’ access to eBay’s 136 million buyers worldwide. Our business model is designed such that we are successful when our sellers are successful. We earn revenue primarily through fees collected on paid transactions, first-party advertising and shipping.
Current report
eBay’s strategy is centered on reinventing the future of ecommerce for enthusiasts by delivering trusted, engaging shopping experiences for our customers. Our approach leverages our 30+ years of global commerce expertise and data with advanced technology, including the use of artificial intelligence (“AI”), to enhance the marketplace experience, reduce transactional friction and drive operational efficiency. Our Marketplace platforms enable buyers and sellers to benefit from our global scale and continued investments in technology, marketing and customer service. We provide a comprehensive suite of features and services designed to enhance the overall customer experience, leveraging innovation and trust-based programs to simplify commerce, improve efficiency and strengthen engagement and consumer confidence across our global marketplaces.
Current report
Net revenues increased 19% to $3,089 million for the three months ended March 31, 2026 compared to $2,585 million during the same period in 2025.
Current report
We received a $194 million cash distribution related to our equity investment in Aurelia during the three months ended March 31, 2026.
Current report
In February 2026, our Audit Committee authorized an incremental $2.0 billion under our stock repurchase program.
Current report
In February 2026, we entered into a definitive agreement to acquire Depop, Inc., a leading C2C fashion marketplace, for approximately $1.2 billion in cash, subject to certain purchase price adjustments. The transaction is currently expected to close by the end of the third quarter of 2026, subject to the satisfaction of certain closing conditions and receipt of required regulatory approvals.
Current report
The increase in GMV during the three months ended March 31, 2026 compared to the same period in 2025 was primarily driven by the continued execution of our strategic initiatives and improved U.S. consumer demand with growth improving sequentially across all our major categories. GMV growth across Focus Categories, C2C and Recommerce, which includes pre-owned and refurbished, outpaced the remainder of our Marketplace, with particularly strong performance in Collectibles, Motors Parts & Accessories, Fashion and Electronics. C2C growth outpaced B2C growth across the United States, United Kingdom and Germany. These increases were partially offset by continued challenging macroeconomic conditions across certain international markets.
Current report
Transaction Losses
Current report
Income Tax Provision
Current report
In November 2025, we issued $1.0 billion aggregate principal amount of senior notes, which consisted of $600 million aggregate principal amount of 4.250% fixed rate notes due 2029 and $400 million aggregate principal amount of 5.125% fixed rate notes due 2035.
Current report
Acquisition of Depop, Inc.
Current report
In February 2026, we entered into a definitive agreement to acquire Depop, Inc. for approximately $1.2 billion in cash, subject to certain purchase price adjustments. The transaction is currently expected to close by the end of the third quarter of 2026, subject to the satisfaction of certain closing conditions and receipt of required regulatory approvals. We intend to fund the transaction with cash on hand.
Current report
In February 2026, our Audit Committee authorized an incremental $2.0 billion under our stock repurchase program in addition to the $5.0 billion previously authorized in 2024. Our stock repurchase program has no expiration from the date of authorization.
Removed paragraphs (17)
Previous report
Gross Merchandise Volume (“GMV”) grew during the first nine months of 2025 as we executed on our strategy across Focus Categories, country-specific investments, and horizontal initiatives. GMV growth was partially offset by pressure in discretionary spending across certain markets primarily resulting from geopolitical events, inflationary pressure, elevated interest rates, and changes in and uncertainty regarding global tariffs and trade policies, which we expect to continue through the end of 2025.
Previous report
Net revenues increased 9% to $2,820 million for the three months ended September 30, 2025 compared to $2,576 million during the same period in 2024. The increase in net revenues was primarily due to higher GMV, increased penetration of first party advertising and the ramping of our U.K. managed shipping program. The increase in net revenues was partially offset by lower seller fees in connection with our U.K. consumer-to-consumer initiative.
Previous report
(1)Beginning January 1, 2025, we began classifying certain immaterial revenues previously reported as Marketplace revenues as Advertising revenues. Amounts reported for thethree and nine months ended September 30, 2025 reflect this updated basis of presentation. Under this updated basis of presentation, Marketplace and Advertising revenues would have been $2,152 million and $424 million, respectively, for thethree months ended September 30, 2024 and $6,474 million and $1,230 million, respectively, for thenine months ended September 30, 2024.
Previous report
The increase in GMV for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily driven by the continued execution of our strategic initiatives as consumer demand improved through the first nine months of 2025 and lower than expected impact of tariffs and trade policy changes. GMV growth in Focus Categories, including Collectibles, Motors Parts & Accessories, Luxury goods, Refurbished, Apparel and Sneakers, outpaced the remainder of our Marketplace. The increase in GMV was partially offset by the impact of tariffs, including the elimination of the U.S. de minimis trade exemption during the third quarter of 2025.
Previous report
During the third quarter of 2025, we experienced an increase in canceled orders as buyers and sellers adapted to new U.S. trade policies. This trend may continue depending on the state of future global trade policies and the speed with which our buyers and sellers adjust to these changes or respond to uncertainty around global trade policies. Changes in return and cancellation rates can impact our GMV growth rate and related take rate. As a result, we clarified above that our definition of GMV includes returns and cancellations. We have consistently included returns and cancellations in our previously reported GMV.
Previous report
In the United States, GMV growth was driven by favorable trends in consumer demand during the three and nine months ended September 30, 2025 compared to the same periods in 2024 as reflected in the broad-based strength across categories with particularly strong performance in Trading Cards. The increase in GMV was also attributable to increases in both sold items and average selling price, the expansion of the Klarna buyer payment option and efficiency in lower-funnel marketing spend.
Previous report
International GMV growth was primarily driven by cross-border trade, led by exports from Greater China and Japan into our major markets during the three and nine months ended September 30, 2025 compared to the same periods in 2024. Cross-border trade was also a significant contributor to growth in Focus Categories. Across international markets, we continued to experience challenging macroeconomic conditions through the first nine months of 2025 with recent enhancements to our consumer-to-consumer initiative in the U.K. contributing to an overall increase in U.K. volume.
Previous report
The increase in cost of net revenues for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to increases of $55 million in shipping costs, $47 million in depreciation expense due to the prior year benefit related to the change in useful lives of our servers and networking equipment, $41 million in cost of promoted listings products, $26 million in customer support costs and $11 million in payment processing costs, partially offset by a $46 million decrease in indirect tax expense.
Previous report
Capitalized internal use and platform development costs were $30 million and $87 million for the three and nine months ended September 30, 2025, respectively, compared to $27 million and $84 million, respectively, during the same periods in 2024. These costs are primarily reflected as a cost of net revenues when amortized in future periods.
Previous report
The increase in general and administrative expenses for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to $89 million of senior leader transitions and restructuring costs, $61 million of legal accruals recorded during 2025, $32 million in employee-related costs and legal accrual releases in 2024 of $56 million.
Previous report
Provision for Transaction Losses
Previous report
** Percentage change not meaningful
Previous report
Interest expense decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to a lower average notional amount of outstanding debt.
Previous report
Interest income increased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to a higher average notional amount of fixed-income investments.
Previous report
Income Tax Benefit (Provision)
Previous report
Cash used in continuing financing activities of $2.8 billion in the nine months ended September 30, 2024 was primarily attributable to cash paid to repurchase $2.2 billion of common stock, repayment of the $750 million aggregate principal amount of our previously outstanding 3.450% senior notes due 2024 and $405 million paid in cash dividends, partially offset by borrowings under our commercial paper program of $441 million.
Previous report
The timing of the resolution and/or closure of audits is highly uncertain. Given the number of years remaining subject to examination and the number of matters being examined, we are unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. We do not expect the gross amount of unrecognized tax benefits to significantly change within the next 12 months.
Reworded paragraphs (44)
Previous wording
You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with the condensed consolidated financial statements and the related notes included in this report. This section of this Form 10-Q generally discusses items relating to the three and nine-month periods ended September 30, 2025 and 2024 and comparisons between the respective periods.
Current wording
You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with “Forward-Looking Statement” and the condensed consolidated financial statements and the related notes included in this report, and “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K. This section of this Form 10-Q generally discusses items relating to the three-month periods ended March 31, 2026 and 2025 and comparisons between the respective periods.
Previous wording
eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Our Marketplace platforms, including our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces and our suite of mobile apps, together, create one of the world's largest and most vibrant marketplaces for discovering great value and unique selection.
Current wording
eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Our Marketplace platforms, including our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces and our suite of mobile apps, together, create one of the world's largest and most vibrant marketplaces for discovering great value and a unique selection.
Previous wording
Operating margin decreased to 20.4% for the three months ended September 30, 2025 compared to 23.1% during the same period in 2024 primarily due to higher non-recurring general and administrative expenses related to legal matters and restructuring.
Current wording
Operating margin decreased to 19.8% for the three months ended March 31, 2026 compared to 23.6% during the same period in 2025.
Previous wording
We generated cash flow from continuing operating activities of $934 million for the three months ended September 30, 2025 compared to $755 million in the same period in 2024.
Current wording
We generated cash flow from continuing operating activities of $970 million for the three months ended March 31, 2026 compared to $755 million in the same period in 2025.
Previous wording
We repurchased $625 million of common stock and paid $132 million in cash dividends during the three months ended September 30, 2025.
Current wording
We repurchased $500 million of common stock and paid $139 million in cash dividends during the three months ended March 31, 2026.
Previous wording
In October 2025, our Audit Committee, pursuant to delegated authority from our Board of Directors (our “Board”), declared a quarterly cash dividend of $0.29 per share of common stock to be paid on December 12, 2025 to stockholders of record as of November 28, 2025.
Current wording
In April 2026, our Audit Committee declared a quarterly cash dividend of $0.31 per share of common stock to be paid on June 12, 2026 to stockholders of record as of May 29, 2026.
Previous wording
We expect volume on our Marketplace platforms to trend with general consumer buying patterns. Seasonal trends in net revenues have been, and we expect in the future will be, influenced by macroeconomic conditions, including tariffs and global trade policies, foreign exchange rate fluctuations, as well as new and updated products and initiatives. The following table presents our total net revenues and the sequential quarterly movements of these net revenues for the periods indicated (in millions, except percentages):
Current wording
We expect volume on our Marketplace platforms to trend with general consumer buying patterns. Seasonal trends in net revenues have been, and we expect in the future will be, influenced by macroeconomic conditions, including tariffs and global trade policies, foreign exchange rate fluctuations, as well as new and updated products and initiatives by us and our competitors. The following table presents our total net revenues and the sequential quarterly movements of these net revenues for the periods indicated (in millions, except percentages):
Previous wording
(1)Net revenues included $24 million and $22 million of hedging losses for the three and nine months ended September 30, 2025, respectively, compared to $11 million and $31 million, respectively, of hedging losses during the same periods in 2024.
Current wording
(1)Net revenues included $13 million of hedging losses for the three months ended March 31, 2026, compared to $8 million of hedging gains during the same period in 2025.
Previous wording
Our Marketplace platforms operate globally, resulting in certain revenues that are denominated in foreign currencies, primarily the British pound and the euro. Year-over-year appreciation or depreciation of the U.S. dollar may have a material impact to our financial results, as we have experienced and may continue to experience elevated foreign currency volatility in the future, including as a result of tariffs and global trade announcements. Through our hedging programs, we actively monitor foreign currency volatility and attempt to mitigate significant movements. As shown in the table above, we generate approximately half of our net revenues internationally. Therefore, we are subject to the risks related to conducting business in foreign countries as discussed in “Part I — Item 1A: Risk Factors” of the 2024 Form 10-K.
Current wording
Our Marketplace platforms operate globally, resulting in certain revenues that are denominated in foreign currencies, primarily the British pound and euro. Year-over-year appreciation or depreciation of the U.S. dollar may have a material impact to our financial results; we have experienced and may continue to experience elevated foreign currency volatility in the future, including as a result of tariffs, global trade announcements, war and other uncertainties. Through our hedging programs, we actively monitor foreign currency volatility and attempt to mitigate significant movements. As shown in the table above, we generate approximately half of our net revenues internationally. Therefore, we are subject to the risks related to conducting business in foreign countries as discussed in “Part I — Item 1A: Risk Factors” of the 2025 Form 10-K.
Previous wording
Foreign currency movements relative to the U.S. dollar had favorable impacts of $20 million and $31 million for the three and nine months ended September 30, 2025, respectively, compared to unfavorable impacts of $6 million and $3 million, respectively, during the same periods in 2024. The effect of foreign currency exchange rate movements for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily attributable to the weakening of the U.S. dollar against the euro and other major currencies.
Current wording
Foreign currency movements relative to the U.S. dollar had a favorable impact of $78 million for the three months ended March 31, 2026 compared to an unfavorable impact of $21 million during the same period in 2025. The effect of foreign currency exchange rate movements for the three months ended March 31, 2026 compared to the same period in 2025 was primarily attributable to the weakening of the U.S. dollar against the euro and other major currencies.
Previous wording
(1)Net revenues included $24 million and $22 million of hedging losses for the three and nine months ended September 30, 2025, respectively, compared to $11 million and $31 million, respectively, of hedging losses during the same periods in 2024.
Current wording
(1)Net revenues included $13 million of hedging losses for the three months ended March 31, 2026, compared to $8 million of hedging gains during the same period in 2025.
Previous wording
Net revenues increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to higher GMV, increased penetration of first party advertising and the ramping of our U.K. managed shipping program. The increase in net revenues was partially offset by lower seller fees in connection with our U.K. consumer-to-consumer initiative.
Current wording
Net revenues increased during the three months ended March 31, 2026 compared to the same period in 2025 primarily due to higher GMV, increased first party advertising penetration, and higher volume and favorable rates associated with our U.S. net shipping program. The increase in first party advertising revenue was driven by increased adoption and attribution changes that enhanced our ability to convert first-party ads, which increased monetization during the period.
Previous wording
(1)Cost of net revenues were net of immaterial hedging activity for the three and nine months ended September 30, 2025 and 2024, respectively.
Current wording
(1)Cost of net revenues were net of immaterial hedging activity for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
(2)Foreign currency movements relative to the U.S. dollar had unfavorable impacts of $9 million and $12 million on cost of net revenues for the three and nine months ended September 30, 2025, respectively, compared to unfavorable impacts of $1 million and $3 million, respectively, during the same periods in 2024.
Current wording
(2)Foreign currency movements relative to the U.S. dollar had an unfavorable impact of $17 million on cost of net revenues for the three months ended March 31, 2026, compared to favorable impact of $5 million during the same period in 2025.
Previous wording
The increase in cost of net revenues for the three months ended September 30, 2025 compared to the same period in 2024 was primarily due to increases of $36 million in shipping costs, $21 million in payment processing costs, $15 million in cost of promoted listings products, $13 million in depreciation expense due to the prior year benefit related to the change in useful lives of our servers and networking equipment and $12 million in customer support costs, partially offset by a $18 million decrease in indirect tax expense.
Current wording
The increase in cost of net revenues for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to increases of $38 million driven by payment processing volume, $17 million due to the unfavorable impact of foreign currency movements, $16 million in cost of promoted listings products and $12 million in data center costs.
Previous wording
(1)Foreign currency movements relative to the U.S. dollar had an unfavorable impact of $17 million on operating expenses for both the three and nine months ended September 30, 2025 compared to an unfavorable impact of $1 million and a favorable impact of $2 million, respectively, during the same periods in 2024.
Current wording
(1)Foreign currency movements relative to the U.S. dollar had an unfavorable impact of $45 million on operating expenses for the three months ended March 31, 2026, compared to a favorable impact of $12 million during the same period in 2025.
Previous wording
Sales and marketing expenses primarily consist of marketing program costs, employee compensation (including stock-based compensation), certain user coupons and rewards, contractor costs, facilities costs and depreciation on equipment. Marketing program costs represent traffic acquisition costs in various channels, such as paid search, affiliates marketing, display advertising, brand campaigns and buyer/seller communications.
Current wording
Sales and marketing expenses primarily consist of marketing program costs, employee compensation (including stock-based compensation), certain user coupons and rewards, contractor costs, facilities costs and depreciation on equipment. Marketing program costs represent promotional expenses incurred across various channels, such as paid search, affiliate marketing, display advertising, brand campaigns and buyer/seller communications.
Previous wording
The increase in sales and marketing expenses for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to increases of $16 million in employee-related costs, $13 million due to the unfavorable impact of foreign currency movements and $13 million in other individually immaterial expenses, partially offset by a $24 million decrease in marketing program costs.
Current wording
The increase in sales and marketing expenses for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to increases of $89 million in marketing program costs, $27 million due to the unfavorable impact of foreign currency movements and $16 million in employee-related costs.
Previous wording
Product development expenses primarily consist of employee compensation (including stock-based compensation), contractor costs, facilities costs and depreciation on equipment. Product development expenses are net of required capitalization of major platform and other product development efforts, including the development and maintenance of our technology platform. Our top technology priorities include improving seller tools and buyer experiences across our Marketplace platforms powered by intelligent computing at scale.
Current wording
Product development expenses primarily consist of employee compensation (including stock-based compensation), contractor costs, facilities costs and depreciation on equipment. Our top technology priorities include improving seller tools and buyer experiences across our Marketplace platforms powered by intelligent computing at scale.
Previous wording
The increase in product development expenses for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily due to an increase in employee-related costs.
Current wording
The increase in product development expenses for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to an increase in employee-related costs.
Previous wording
The increase in general and administrative expenses for the three months ended September 30, 2025 compared to the same period in 2024 was primarily due to $28 million of restructuring costs, $9 million in employee-related costs and a legal accrual release in the third quarter of 2024 of $50 million.
Current wording
The increase in general and administrative expenses for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to $104 million of restructuring costs and executive bonuses and $35 million in employee-related costs.
Previous wording
Provision for transaction losses consists primarily of losses resulting from our buyer protection programs, chargebacks for unauthorized credit card use, and merchant related chargebacks due to non-delivery of goods or services. We expect our provision for transaction losses to fluctuate depending on many factors, including changes to our protection programs and macroeconomic conditions.
Current wording
Transaction losses consist primarily of losses resulting from our buyer protection programs, chargebacks for unauthorized credit card use, and merchant related chargebacks due to non-delivery of goods or services. We expect our transaction losses to fluctuate depending on many factors, including changes to our protection programs, macroeconomic conditions and volume.
Previous wording
The increase in provision for transaction losses for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily due to the ramping of our U.K. managed shipping program and unfavorable fluctuations in buyer and seller fraud and recovery rates.
Current wording
The increase in transaction losses for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to $17 million from the ramping of new initiatives, $15 million from higher volume and rate fluctuations and $11 million from unfavorable fluctuations in buyer and seller fraud and recovery rates.
Previous wording
Gain (loss) on equity investments and warrant, net
Current wording
Gain (loss) on equity investments and warrants, net
Previous wording
Gain (loss) on equity investments and warrant, net primarily consists of gains and losses related to our various types of equity investments, including our equity investments in Adevinta ASA (“Adevinta”), Gmarket Global LLC (“Gmarket”), and gains and losses due to changes in fair value of the warrant received from Adyen N.V. (“Adyen”) and the Aurelia Option (as defined in “Note 5 — Investments”). The following table presents Gain (loss) on equity investments and warrant, net for the periods indicated (in millions, except percentages):
Current wording
Gain (loss) on equity investments and warrants, net primarily consists of gains and losses related to our various types of equity investments. Gain (loss) on equity investments and warrants, net were immaterial for the three months ended March 31, 2026 and 2025. Refer to “Note 5 — Investments” for further details about our equity investments.
Previous wording
Interest income decreased for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to a lower average notional amount of fixed-income investments.
Current wording
Interest income decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to a lower average notional amount of fixed-income investments and lower yields.
Previous wording
The following table presents benefit from (provision for) income taxes and the effective tax rate for the periods indicated (in millions, except percentages):
Current wording
The following table presents provision for income taxes and the effective tax rate for the periods indicated (in millions, except percentages):
Previous wording
The decrease in our effective tax rate for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily due to a decrease in uncertain tax positions resulting from audit settlements, a net benefit associated with the One Big Beautiful Bill Act and an increase in excess tax benefits on stock-based compensation.
Current wording
The decrease in our effective tax rate for the three months ended March 31, 2026 compared to the same periods in 2025 was primarily due to an increase in excess tax benefits on stock-based compensation.
Previous wording
We are regularly under examination by tax authorities both domestically and internationally. We believe that adequate amounts have been reserved for any adjustments that may ultimately result from these examinations, although there are inherent uncertainties in these examinations. Due to the ongoing tax examinations, it is generally impractical to determine the amount and timing of these adjustments.
Current wording
We are regularly under examination by tax authorities both domestically and internationally. We believe that adequate amounts have been reserved for any adjustments that may ultimately result from these examinations, although there are inherent uncertainties in these examinations.
Previous wording
Cash provided by continuing operating activities decreased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to an increase in cash paid for income taxes of $604 million, partially offset by an increase in net revenues and other working capital movements.
Current wording
Cash provided by continuing operating activities increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to an increase in net revenues and other working capital movements.
Previous wording
Cash provided by continuing investing activities of $951 million in the nine months ended September 30, 2024 was primarily attributable to proceeds of $10.4 billion from the maturities and sales of investments and proceeds of $2.4 billion from the sale of our equity investment in Adevinta, partially offset by cash paid for investments of $11.5 billion and property and equipment of $341 million.
Current wording
Cash provided by continuing investing activities of $783 million for the three months ended March 31, 2026 was primarily attributable to proceeds of $684 million from the sale of investments, $352 million from the maturities of investments and $194 million from shareholder distributions from equity investments, partially offset by cash paid for investments of $364 million and property and equipment of $72 million.
Previous wording
Cash provided by continuing investing activities of $1.6 billion for the nine months ended September 30, 2025 was primarily attributable to proceeds of $8.0 billion from the maturities of investments and $227 million from shareholder distributions from equity investments, partially offset by cash paid for investments of $6.1 billion and property and equipment of $408 million.
Current wording
Cash provided by continuing investing activities of $1.3 billion for the three months ended March 31, 2025 was primarily attributable to proceeds of $4.6 billion from the maturities of investments, partially offset by cash paid for investments of $3.0 billion and property and equipment of $111 million.
Previous wording
Cash used in continuing financing activities of $2.8 billion for the nine months ended September 30, 2025 was primarily attributable to the $1.9 billion paid to repurchase common stock, the $1.4 billion repayment of commercial paper, the repayment of the $800 million aggregate principal amount of our previously outstanding 1.900% senior notes due 2025 and $400 million paid in cash dividends, partially offset by proceeds of $1.6 billion from the issuance of commercial paper.
Current wording
Cash used in continuing financing activities of $1.2 billion for the three months ended March 31, 2025 was primarily attributable to the repayment of the $800 million aggregate principal amount of our previously outstanding 1.900% senior notes due 2025, $615 million paid to repurchase common stock, the $441 million repayment of commercial paper, and $134 million paid in cash dividends, partially offset by proceeds of $568 million from the issuance of commercial paper.
Previous wording
The positive effect of exchange rate movements on cash, cash equivalents and restricted cash for the nine months ended September 30, 2025 compared to the 2024 was due to the weakening of the U.S. dollar against other currencies.
Current wording
The negative effect of exchange rate movements on cash, cash equivalents and restricted cash for the three months ended March 31, 2026 compared to the 2025 was due to the strengthening of the U.S. dollar against other currencies.
Previous wording
As of September 30, 2025 and December 31, 2024, we had assets classified as cash and cash equivalents as well as short-term and long-term non-equity investments, in an aggregate amount of $5.3 billion and $7.2 billion, respectively. These amounts do not include cash held on behalf of customers related to marketplace activity of $947 million and $763 million, respectively, which are recognized separately within “Customer accounts and funds receivable” with a corresponding liability within “Customer accounts and funds payable” in our condensed consolidated balance sheet. These amounts also do not include restricted cash related to safeguarding customer funds, our global sabbatical program, and other compensation arrangements held in escrow totaling $143 million and $90 million, respectively. We believe these assets, together with cash expected to be generated from operations, borrowings available under our credit agreement and commercial paper program, and our access to capital markets, will be sufficient to satisfy our material cash requirements over the next 12 months and for the foreseeable future.
Current wording
As of March 31, 2026 and December 31, 2025, we had assets classified as cash and cash equivalents as well as short-term and long-term non-equity investments, in an aggregate amount of $5.1 billion and $4.8 billion, respectively. These amounts do not include cash held on behalf of customers related to marketplace activity of $1.2 billion and $1.0 billion, respectively, which are recognized separately within “Customer accounts and funds receivable” with a corresponding liability within “Customer accounts and funds payable” on our condensed consolidated balance sheet. These amounts also do not include restricted cash related to safeguarding customer funds, our global sabbatical program, and other compensation arrangements held in escrow totaling $154 million and $171 million, respectively. We believe these assets, together with cash expected to be generated from operations, borrowings available under our credit agreement and commercial paper program, and our access to capital markets, will be sufficient to satisfy our material cash requirements over the next 12 months and for the foreseeable future.
Previous wording
Geopolitical events, inflationary pressure, foreign exchange rate volatility, elevated interest rates, and changes in and uncertainty regarding global tariffs and trade policies have caused material disruptions in both the United States and international financial markets and economies and are uncertain in duration. The impact of these events has increased, and may continue to increase, our borrowing costs and other costs of capital and otherwise adversely affect our business, results of operations, financial condition and liquidity. The future impact of these events cannot be predicted with certainty and we cannot assure that we will have access to external financing at times and on terms we consider acceptable, or at all, or that we will not experience other liquidity issues going forward.
Current wording
Geopolitical events, inflationary pressure, foreign exchange rate volatility, elevated interest rates, and changes in and uncertainty regarding global tariffs and trade policies have caused material disruptions in both the United States and international financial markets and economies and the duration of these disruptions remains uncertain. The impact of these events has increased, and may continue to increase, our borrowing costs and other costs of capital and otherwise adversely affect our business, results of operations, financial condition and liquidity. The future impact of these events cannot be predicted with certainty and we cannot provide assurance that we will have access to external financing at times and on terms we consider acceptable, or at all, or that we will not experience other liquidity issues going forward.
Previous wording
On October 22, 2025, we redeemed the $425 million aggregate principal amount of our previously outstanding 5.900% senior notes due in November 2025. Total cash consideration paid was $425 million, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount.
Current wording
In October 2025, we redeemed the $425 million aggregate principal amount of our previously outstanding 5.900% senior notes due in November 2025. Total cash consideration paid was $425 million, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount.
Previous wording
As of September 30, 2025, we had fixed-rate senior notes outstanding with an aggregate principal amount of $6.2 billion, with $1.2 billion aggregate principal amount payable within 12 months.
Current wording
As of March 31, 2026, we had fixed-rate senior notes outstanding with an aggregate principal amount of $6.8 billion, with $750 million aggregate principal amount payable within 12 months.
Previous wording
We have a commercial paper program pursuant to which we may issue commercial paper notes in an aggregate principal amount at maturity of up to $1.5 billion outstanding at any time with maturities of up to 397 days from the date of issue. During the nine months ended September 30, 2025, we repaid the $1.5 billion aggregate principal amount of the previously outstanding commercial paper notes on the dates of maturity and issued $1.6 billion aggregate principal amount of commercial paper notes, of which $1.2 billion aggregate principal amount had original maturities 90 days or less and $0.4 billion aggregate principal amount had original maturities greater than 90 days. As of September 30, 2025, we had $575 million aggregate principal amount of commercial paper notes outstanding with a weighted average interest rate of 4.52% per annum and a weighted average remaining term of 18 days.
Current wording
We have a commercial paper program pursuant to which we may issue commercial paper notes in an aggregate principal amount at maturity of up to $1.5 billion outstanding at any time with maturities of up to 397 days from the date of issue. Commercial paper is carried at amortized cost, which approximates its fair value due to the short-term nature of these instruments. As of March 31, 2026 and December 31, 2025, we had no commercial paper notes outstanding. During the three months ended March 31, 2025, we repaid the $450 million aggregate principal amount of the previously outstanding commercial paper notes on the dates of maturity and issued $575 million aggregate principal amount of commercial paper notes, of which $360 million aggregate principal amount had original maturities less than 90 days and $215 million aggregate principal amount had original maturities greater than 90 days.
Previous wording
We have a credit agreement maturing in January 2029 that provides for an unsecured $2.0 billion five-year revolving credit facility. We may also, subject to the agreement of the applicable lenders, increase the commitments under the revolving credit facility by up to $1.0 billion. Funds borrowed under the credit agreement may be used for working capital, capital expenditures, acquisitions and other general corporate purposes and will bear interest at either (i) a customary forward-looking term rate based on the secured overnight financing rate published by CME Group for the relevant interest period plus an adjustment of 0.1% or (ii) a customary base rate formula, plus a margin (based on our public debt ratings) ranging from 0% to 0.375%. The covenants of the credit agreement are discussed in “Note 9 — Debt” to the condensed consolidated financial statements included in this report. As of September 30, 2025, we had $575 million aggregate principal amount of commercial paper notes outstanding; therefore, $1.4 billion of borrowing capacity was available for other purposes permitted by the credit agreement.
Current wording
We have a credit agreement maturing in January 2029 that provides for an unsecured $2.0 billion five-year revolving credit facility. We may also, subject to the agreement of the applicable lenders, increase the commitments under the revolving credit facility by up to $1.0 billion. Funds borrowed under the credit agreement may be used for working capital, capital expenditures, acquisitions and other general corporate purposes and will bear interest at either (i) a customary forward-looking term rate based on the secured overnight financing rate published by CME Group for the relevant interest period plus an adjustment of 0.1% or (ii) a customary base rate formula, plus a margin (based on our public debt ratings) ranging from 0% to 0.375%. The covenants of the credit agreement are discussed in “Note 9 — Debt” to the condensed consolidated financial statements included in this report. As of March 31, 2026, we had no commercial paper notes outstanding; therefore, $2.0 billion of borrowing capacity was available for other purposes permitted by the credit agreement.
Showing the first 40 of 44 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Cash used in continuing financing activities of $561 million for the three months ended March 31, 2026 was primarily attributable to the $486 million paid to repurchase common stock and $139 million paid in cash dividends.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
The increase in sales and marketing expenses for the three months ended September 30, 2025 compared to the same period in 2024 was primarily due the unfavorable impact of foreign currency movements.
Previous report — wording carried elsewhere
Refer to “Note 5 — Investments” for further details about our equity investments and the Aurelia Option and “Note 6 — Derivative Instruments” for further details about the Adyen warrant.
Previous report — wording carried elsewhere
On October 22, 2025, we redeemed the $425 million aggregate principal amount of our previously outstanding 5.900% senior notes due in November 2025. Total cash consideration paid was $425 million, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount.