Gross Merchandise Volume ("GMV") of $21.2 billion, up 10% on an as-reported basis and up 8% on an FX-Neutral basis
GAAP and Non-GAAP earnings per diluted share of $1.14 and $1.41, respectively, on a continuing operations basis
GAAP and Non-GAAP operating margins of 20.3% and 26.1%, respectively
Returned $756 million to stockholders in Q4, including $625 million of share repurchases and $131 million paid in cash dividends
In February 2026, the Board of Directors declared a cash dividend for the first quarter of 2026 of $0.31 per share, a 7% increase from the prior quarterly dividend, and also authorized an incremental $2.0 billion under our stock repurchase program
SAN JOSE, Calif., Feb. 18, 2026 /PRNewswire/ -- eBay Inc. (NASDAQ:EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today reported financial results for its fourth quarter and full year ended December 31, 2025.
"2025 was a milestone year for eBay, and our results reflect the strength of our strategy and the disciplined execution behind it," said Jamie Iannone, Chief Executive Officer at eBay. "We have built significant momentum across our strategic priorities, delivering meaningful growth and reinforcing our leadership in recommerce. As we continue to harness AI to elevate the customer experience worldwide, eBay is in the strongest position it has been in years."
"Our Q4 results conclude a very strong 2025 for eBay, with accelerating growth and significant progress against our strategy," said Peggy Alford, Chief Financial Officer at eBay. "This continued strength coupled with our solid financial foundation positions us to deliver long-term value for our shareholders."
Fourth Quarter 2025 Business Highlights
The company expanded eBay Live, its interactive live-stream shopping experience, to Germany and Australia, deepening customer engagement and discovery across categories.
eBay delivered its largest-ever slate of eBay Live holiday shopping events, driving real-time engagement around pre-loved fashion, sneakers, collectibles and refurbished tech during a peak shopping season.
The company released a beta of its next generation Magical Listing experience on iOS and Android for new and reactivated sellers in the US. The AI-enabled tool radically simplifies the listing process, enabling these sellers to generate suggested titles, categories, item specifics and pricing guidance from a single photo. Early results have been powerful and the company plans to expand access in the coming months.
eBay launched a new AI-powered card scanning experience leveraging its Smart Lens technology, providing historical pricing, PSA population data and valuable insights to help support informed collecting and trading decisions.
Against the backdrop of another standout quarter for collectibles, the company released its year-end eBay Collected report, using marketplace data to highlight the products, athletes and cultural moments that defined 2025. The report reinforced eBay's position as a leading destination for collectors and enthusiasts.
Season 3 of King of Collectibles: The Goldin Touch debuted on Netflix and ranked in the top 10 shows in seven countries, including the U.S., U.K., Australia and Canada.
The company launched "Built to Spec," a new series of collaborations with cultural figures, builders and automotive enthusiasts to design custom vehicles using cars, parts and accessories sourced from eBay. The series debuted with actor and comedian Pete Davidson and highlighted eBay Motors' vast selection of parts and accessories.
eBay expanded its Authenticity Guarantee in Germany to cover apparel, shoes, accessories and jewelry, and introduced optional authentication for handbags, watches and apparel in the U.K. and Germany, enhancing trust across more pre-loved categories, brands and price points.
eBay entered a multi-year partnership with Condé Nast as the official Pre-Loved Partner across a portfolio of leading global media brands including Vogue, GQ and Vanity Fair. The collaboration underscores eBay's leadership in pre-loved fashion, expands cultural reach across key markets and supports discovery and trust in authenticated resale.
The company released its year-end eBay Watchlist trend report, developed from real-time shopper insights to highlight the fashion brands, styles and cultural moments that shaped 2025.
eBay launched AI Activate in the U.K., a new program developed with OpenAI to provide up to 10,000 small businesses with access to AI tools and training to boost productivity, efficiency and growth.
Impact
The company exceeded its 5-year Impact Goals, which concluded in 2025, including achieving a cumulative positive economic impact from pre-loved and refurbished goods of close to $25 billion and helping to prevent nearly 8.2 million metric tons of carbon emissions from entering the atmosphere and over 360,000 metric tons of waste from entering landfills.
eBay released its fifth annual Recommerce Report, which highlighted sustained global growth in pre-loved shopping, with nearly nine in ten consumers expecting to maintain or increase spending. As a leader in recommerce, eBay is well-positioned to meet this growing consumer trend and further support the circular economy.
Through eBay for Charity, buyers and sellers around the world contributed nearly $55 million in Q4 and nearly $198 million for the full year.
The eBay Foundation granted over $17 million to strategic nonprofit organizations focused on advancing inclusive entrepreneurship in 2025.
Last year, eBay was recognized with numerous awards, including TIME's World's Best Companies and World's Most Sustainable Companies, Fortune's America's Most Innovative Companies and Forbes' World's Best Employers.
Fourth Quarter 2025 Financial Highlights
Revenue was $3.0 billion, up 15% on an as-reported basis and up 13% on a foreign exchange ("FX") neutral basis.
GMV was $21.2 billion, up 10% on an as-reported basis and up 8% on an FX-Neutral basis.
GAAP net income from continuing operations was $525 million, or $1.14 per diluted share.
Non-GAAP net income from continuing operations was $648 million, or $1.41 per diluted share.
GAAP and Non-GAAP operating margins were 20.3% and 26.1%, respectively.
Generated $595 million of operating cash flow and $478 million of free cash flow from continuing operations.
Returned $756 million to stockholders, including $625 million of share repurchases and $131 million paid in cash dividends.
Full Year 2025 Financial Highlights
Revenue was $11.1 billion, up 8% on an as-reported basis and up 7% on an FX-Neutral basis.
GMV was $79.6 billion, up 7% on an as-reported basis and up 6% on an FX-Neutral basis.
GAAP net income from continuing operations was $2.0 billion, or 4.26 per diluted share.
Non-GAAP net income from continuing operations was $2.6 billion, or $5.52 per diluted share.
GAAP and Non-GAAP operating margins were 20.5% and 27.8%, respectively.
Generated $2.0 billion of operating cash flow and $1.5 billion of free cash flow from continuing operations.
Returned over $3.0 billion to stockholders, including $2.5 billion of share repurchases and $531 million paid in cash dividends.
(In millions, except per share data and percentages)
Fourth Quarter
Full Year
2025
2024
Change
2025
2024
Change
eBay Inc.
Net revenues
$ 2,965
$ 2,579
$ 386
15 %
$ 11,100
$ 10,283
$ 817
8 %
GAAP, Continuing Operations
Net income
$ 525
$ 680
$ (155)
(23) %
$ 1,996
$ 1,981
$ 15
1 %
Earnings per diluted share
$ 1.14
$ 1.40
$ (0.26)
(19) %
$ 4.26
$ 3.95
$ 0.31
8 %
Non-GAAP, Continuing Operations
Net income
$ 648
$ 607
$ 41
7 %
$ 2,584
$ 2,445
$ 139
6 %
Earnings per diluted share
$ 1.41
$ 1.25
$ 0.16
13 %
$ 5.52
$ 4.88
$ 0.64
13 %
Other Selected Financial and Operational Results
Advertising revenue, The company's total advertising offerings generated $544 million of revenue in the fourth quarter of 2025, representing 2.6% of GMV. First-party advertising products on the eBay platform delivered $517 million of revenue in the fourth quarter of 2025, up 19% on an as-reported basis and up 17% on an FX-Neutral basis.
Operating margin, GAAP operating margin decreased to 20.3% for the fourth quarter of 2025, compared to 21.1% for the same period last year. Non-GAAP operating margin decreased to 26.1% for the fourth quarter of 2025, compared to 27.0% for the same period last year.
Income tax rate, The GAAP effective tax rate for continuing operations for the fourth quarter of 2025 was 15.7%, compared to (10.3)% for the fourth quarter of 2024. The non-GAAP effective tax rate for continuing operations for the fourth quarter of 2025 was 16.5%(1).
Cash flow, The company generated $595 million of operating cash flow and $478 million of free cash flow during the fourth quarter of 2025 from continuing operations.
Capital returns, The company repurchased $625 million of its common stock, or approximately 7 million shares, in the fourth quarter of 2025. The company's total repurchase authorization remaining as of December 31, 2025 was approximately $798 million. The company also paid cash dividends of $131 million during the fourth quarter of 2025.
Cash and cash equivalents and non-equity investments, The company's cash and cash equivalents and non-equity investments portfolio totaled $4.8 billion as of December 31, 2025.
(1) We used a non-GAAP effective tax rate of 16.5% in 2025 for evaluating our operating results. We are increasing this non-GAAP effective tax rate to 17.5% in our assumptions for 2026. This rate could continue to change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate.
Business Outlook
eBay is providing the following guidance for continuing operations for the first quarter 2026.
(In billions, except per share data and percentages)
Q1 2026 Guidance
Revenue
$3.00 - $3.05
FX-Neutral Y/Y Growth
13% - 15%
Gross Merchandise Volume
$21.5 - $21.9
FX-Neutral Y/Y Growth
10% - 12%
Diluted GAAP EPS
$1.14 - $1.20
Diluted Non-GAAP EPS
$1.53 - $1.59
Dividend Declaration
eBay's Audit Committee, pursuant to delegated authority from our Board of Directors, declared a first quarter 2026 cash dividend of $0.31 per share of the company's common stock. The dividend is payable on March 20, 2026 to stockholders of record as of March 6, 2026.
Definitive Agreement to Acquire Depop, Inc.
In a separate press release issued today, eBay announced that it has entered into a definitive agreement to acquire Depop, Inc., a leading C2C fashion marketplace, from Etsy, Inc. in an all-cash transaction valued at approximately $1.2 billion. The transaction is currently expected to close in the second quarter of 2026, subject to the satisfaction of certain closing conditions and receipt of required regulatory approvals.
Quarterly Conference Call and Webcast
eBay Inc. will host a conference call to discuss fourth quarter and full year 2025 results at 2:00 p.m. Pacific Time today. A live webcast of the conference call, together with a slide presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, can be accessed through the company's Investor Relations website at https://investors.ebayinc.com. In addition, an archive of the webcast will be accessible for at least three months through the same link.
eBay Inc. uses its Investor Relations website at https://investors.ebayinc.com and social media channels as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor this website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls and webcasts.
About eBay
eBay Inc. (NASDAQ:EBAY) 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. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2025, eBay enabled nearly $80 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
Presentation
All growth rates represent year-over-year comparisons, except as otherwise noted. All amounts in tables are presented in U.S. dollars, rounded to the nearest million, except as otherwise noted. As a result, certain amounts may not sum or recalculate using the rounded dollar amounts provided. References to "revenue" refer to "net revenues" as reported in the company's consolidated statement of income.
Non-GAAP Financial Measures
This press release includes the following financial measures defined as "non-GAAP financial measures" by the SEC: non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income and margin, non-GAAP effective tax rate, free cash flow and FX-Neutral basis. These non-GAAP financial measures are presented on a continuing operations basis. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with generally accepted accounting principles ("GAAP"). For a reconciliation of these non-GAAP financial measures, except for figures in this press release presented on an "FX-Neutral basis," to the nearest comparable GAAP measures, see "Non-GAAP Measures of Financial Performance," "Reconciliation of GAAP Operating Income to Non-GAAP Operating Income," "Reconciliation of GAAP Net Income to Non-GAAP Net Income and GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate" and "Reconciliation of Operating Cash Flow to Free Cash Flow" included in this press release. For figures in this press release reported "on an FX-Neutral basis," we calculate the year-over-year impact of foreign currency movements using prior period foreign currency rates, excluding hedging activity, applied to current year transactional currency amounts.
Impact Methodology
This press release includes the sustainability metric, "positive economic impact," which measures the financial value generated for the global community through the sale of pre-owned and refurbished goods. This figure is calculated as the aggregate GMV from successfully completed transactions of items listed in non-new condition. These conditions include "Pre-owned," "Used," and "Refurbished" listings. The calculation is restricted to specific categories including Electronics, Fashion, Home & Garden, and Parts & Accessories. This metric is based on the company's methodologies, assumptions and classification practices, which involve judgment and are subject to change, and it is also subject to periodic third-party assurance to ensure alignment with the company's 2025 Impact Goals. For more information about the company's Impact Goals and methodologies, visit www.ebayinc.com/impact.
Forward-Looking Statements
This press release contains forward-looking statements relating to, among other things, the future performance of eBay Inc. and its consolidated subsidiaries that are based on the company's current expectations, forecasts and assumptions and involves risks and uncertainties. These statements include, but are not limited to, management's vision for the future of eBay and our ability to accomplish our vision, expected financial results for the first quarter of 2026 and expected drivers thereof, the future growth in our business, and our ability to drive sustainable long-term growth and create lasting value for our shareholders, the impact of current and contemplated strategic initiatives and offerings, partnerships with and acquisitions of other companies, and new and updated product features or programs, including the initiatives, offerings, partnerships, acquisitions, features and programs discussed in our business highlights, the effects of foreign currency volatility and our ability to respond to such effects, operating efficiency and margins, and dividends and share repurchases.
Actual results could differ materially from those expressed or implied and reported results should not be considered as an indication of future performance. Factors that could cause or contribute to such differences include, but are not limited to: significant variation in our operating and financial results, including GMV and net revenues; our ability to compete in the markets in which we participate; our ability to generate revenue from our advertising products, including our Promoted Listings; our ability to generate consumer engagement and spending; our ability to keep pace with technological changes, including emerging AI technologies, and with changes in consumer demands and expectations; our ability to operate internationally and generate revenue from our international operations and our exposure to costs and risks in connection therewith; the impact of changes in global trade policies on our revenue, profit and ability to support cross-border trade; our ability to manage our buyer and seller trust protection programs; the risk of systems failures and business interruptions to our business; operation of and ongoing investment into our payments and financial services offerings; risk of fraud on our platforms; the impact of any cyberattacks or data security breaches; our ability to attract, retain and develop our senior managers and other key employees; our and our customers' dependence on third-party providers, some of which are our competitors; the impact of our current, contemplated and future acquisitions, dispositions, joint ventures, strategic partnerships and strategic investments, including our expectations regarding the time to close, and our ability to close, and subsequently realize the projected benefits from, the pending Depop acquisition; the impact of extensive and increasing regulation and oversight that affect our business; the risk of liability for the actions of our customers, including products sold by sellers on our platforms; the impact of increasing levels of regulation in the areas of privacy, protection of user data and cybersecurity; the risks associated with third party allegations relating to intellectual property rights; current and potential litigation and regulatory and government inquiries, investigations and litigation involving us; the impact of evolving sales and other tax regimes in various jurisdictions; our ability to protect or enforce our intellectual property rights; risks and costs relating to stakeholder expectations around environmental, social and governance matters; potential exposure to claims and liabilities as a result of the Distribution of PayPal; the risk of exposure to greater than anticipated tax liabilities; fluctuations in interest rates, and changes in regulatory guidance relating thereto; fluctuations in foreign currency exchange rates; our ability to generate sufficient cash flow to service our indebtedness and to comply with financial covenants in our outstanding debt instruments; and the risk that our stock repurchases may not be effected or may not achieve the desired objectives.
The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof.
More information about factors that could affect the company's operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting the company's Investor Relations website at https://investors.ebayinc.com or the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.
eBay Inc.
Unaudited Condensed Consolidated Balance Sheet
December 31,2025
December 31,2024
(In millions)
ASSETS
Current assets:
Cash and cash equivalents
$ 1,867
$ 2,433
Short-term investments
1,052
3,457
Customer accounts and funds receivable
1,280
962
Other current assets
887
715
Total current assets
5,086
7,567
Long-term investments
2,767
2,439
Property and equipment, net
1,338
1,263
Goodwill
4,467
4,269
Operating lease right-of-use assets
428
427
Deferred tax assets
2,959
2,936
Other assets
565
464
Total assets
$ 17,610
$ 19,365
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt
$ 750
$ 1,673
Accounts payable
242
257
Customer accounts and funds payable
1,280
1,018
Accrued expenses and other current liabilities
2,257
2,184
Income taxes payable
108
966
Total current liabilities
4,637
6,098
Operating lease liabilities
315
320
Deferred tax liabilities
1,472
1,405
Long-term debt
5,996
5,752
Other liabilities
575
632
Total liabilities
12,995
14,207
Total stockholders' equity
4,615
5,158
Total liabilities and stockholders' equity
$ 17,610
$ 19,365
eBay Inc.
Unaudited Condensed Consolidated Statement of Income
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
(In millions, except per share amounts)
Net revenues
$ 2,965
$ 2,579
$ 11,100
$ 10,283
Cost of net revenues (1)
849
718
3,169
2,880
Gross ...
