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Ebay (EBAY) FY2025 results: revenue $11.1 billion, up 7.9% on the year

Ebay Inc. (EBAY) reported revenue of $11.1 billion for fiscal 2025, the year ended 31 December 2025, up 7.9% on the year before. Net income was $2.0 billion, up 2.8%, and diluted earnings per share $4.34. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$11.1 billion
+7.9% on the year
FY2018FY2025
Operating margin
20.5%
22.5% a year earlier
FY2018FY2025
Net income
$2.0 billion
+2.8% on the year
FY2018FY2025
Diluted EPS
$4.34
+10.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 2 raised, 10 new.

  • Revenue rose 15% as reported: Fourth-quarter revenue was $3.0 billion, up 15% as reported and 13% on an FX-Neutral basis. Full-year revenue was $11.1 billion, up 8% as reported.
  • GMV rose 10% as reported: GMV was $21.2 billion, up 10% as reported and 8% FX-Neutral. Full-year GMV was $79.6 billion, up 7% as reported.
  • Q4 GAAP and non-GAAP EPS: Q4 GAAP diluted EPS from continuing operations was $1.14, down from $1.40. Non-GAAP diluted EPS was $1.41, up from $1.25.
  • First-party advertising rose 19%: First-party advertising revenue was $517 million in Q4, up 19% as reported and 17% FX-Neutral, against 25% as reported growth in Q3.
  • GAAP operating margin fell to 20.3%: GAAP operating margin was 20.3% in Q4, against 21.1% a year earlier. Non-GAAP operating margin was 26.1%, against 27.0%.
Read the Q4 FY2025 earnings call summary

From this 10-K

eBay runs a third-party marketplace: it does not own the goods, it connects the people selling them to the people buying them. It was founded in 1995 in San Jose, California, and its platforms, the online marketplace at ebay.com and its localised counterparts, its off-platform marketplaces and its mobile apps, operate in more than 190 markets. In 2025 nearly $80 billion of gross merchandise volume passed through it, 51% of that generated outside the United States. At the end of 2025 there were 135 million active buyers, meaning accounts that paid for a transaction in the previous 12 months, and 2.5 billion live listings. The company employed approximately 12,300 people, approximately 7,200 of them in the United States.

Ebay Inc., the 10-K for 2025

eBay runs a third-party marketplace: it does not own the goods, it connects the people selling them to the people buying them. It was founded in 1995 in San Jose, California, and its platforms, the online marketplace at ebay.com and its localised counterparts, its off-platform marketplaces and its mobile apps, operate in more than 190 markets. In 2025 nearly $80 billion of gross merchandise volume passed through it, 51% of that generated outside the United States. At the end of 2025 there were 135 million active buyers, meaning accounts that paid for a transaction in the previous 12 months, and 2.5 billion live listings. The company employed approximately 12,300 people, approximately 7,200 of them in the United States.

How it earns

Two activities. Marketplace, which is mainly commissions for connecting a buyer to a seller, and Advertising, which is mainly fees charged to sellers to promote their listings. Revenue is primarily a take rate on the gross merchandise volume paid through the platforms, the take rate being net revenues divided by that volume. Fees on paid transactions, first-party advertising and shipping are the three things the filing names as the sources. The company states its business model is built so that it succeeds when its sellers succeed.

What a seller gets

Generative AI now runs through the listing workflow, prefilling item details, generating titles and descriptions and in some cases recognising product images, so a listing can be made faster and more completely. Seller Capital is the financing arm, and the filing says it has helped partners provide more than $1 billion in cumulative funding to small businesses since it began, alongside newer payment partnerships. First-party advertising comes with dashboards and data tools for sellers to track visibility and performance. Shipping programmes are run with partners to lower costs, improve delivery transparency and deal with cross-border shipping.

What a buyer gets

Product recommendation feeds inside the discovery platform and an AI shopping agent pilot that tailors search results. Beyond that the effort is concentrated in what the company calls its Focus Categories: motor vehicle parts and accessories, collectibles, refurbished items, apparel, luxury goods and sneakers. The company says it continues to expand those categories with enhancements designed for enthusiast buyers. Trading cards can be graded and resold in one click through a partnership with PSA, and eBay Live is the interactive live shopping format. Secure Purchase handles an end-to-end digital vehicle transaction, covering financing, insurance and title transfer, for collectible and high-value automotive purchases.

The programmes that make a stranger's listing safe to buy

The eBay Money Back Guarantee refunds a buyer if an item does not arrive, arrives damaged or faulty, or differs materially from its description, and applies to most purchases paid through qualifying methods. In Motors Parts and Accessories, automated fitment data helps a buyer identify the correct part for their vehicle, professional installation can be selected where available, and qualifying purchases carry free returns. The eBay Refurbished destination offers inventory from verified brands and top-rated sellers under standardised condition grading with warranty coverage. The Authenticity Guarantee programme authenticates eligible luxury, collectible and high-value items across major geographical markets.

The three pillars the company organises around

Relevant Experiences covers personalised shopping journeys inside the Focus Categories, through search, AI-powered discovery tools and curated experiences. Scalable Solutions covers the seller tools and infrastructure, including AI-enhanced listing, advertising, global shipping and flexible payment options. Magical Innovations covers the newer technology work, among it AI-enhanced listings, live commerce and next-generation personalisation.

From eBay's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue11,10010,28310,112+7.9%
Cost of revenue3,1692,8802,833+10.0%
Gross profit7,9317,4037,279+7.1%
Gross margin71.5%72.0%72.0%
Research and development1,6421,4791,544+11.0%
Operating income2,2772,3181,941-1.8%
Operating margin20.5%22.5%19.2%
Interest expense246259263-5.0%
Pre-tax income2,3072,2783,707+1.3%
Income tax311297932+4.7%
Effective tax rate13.5%13.0%25.1%
Net income2,0311,9752,767+2.8%
Net margin18.3%19.2%27.4%
Diluted EPS$4.34$3.94$5.19+10.2%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,9592,4142,426-18.8%
Capital expenditure525458456+14.6%
Free cash flow1,4341,9561,970-26.7%
Free cash flow margin12.9%19.0%19.5%
Cash from investing1,4202,213240-35.8%
Cash from financing-3,661-3,806-2,450
Depreciation and amortisation421370441+13.8%
Share-based compensation607588575+3.2%
Buybacks2,5003,1491,401-20.6%
Dividends paid531533528-0.4%
Diluted shares, weighted468m501m533m-6.6%
Shares outstanding at period end449m471m517m-4.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,6155,1586,396-10.5%
Debt6,7467,4257,723-9.1%
Operating lease liabilities315320387-1.6%
Other liabilities5,9346,4627,114-8.2%
Total liabilities and equity17,61019,36521,620-9.1%
Fixed assets1,3381,2631,243+5.9%
Goodwill4,4674,2694,267+4.6%
Intangible assets125119114+5.0%
Securities held for sale or to maturity2,8904,7663,159-39.4%
Cash and equivalents1,8672,4331,985-23.3%
Receivables13510894.0+25.0%
Other assets6,7886,40710,758+5.9%
Total assets17,61019,36521,620-9.1%

10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.