# EBAY INC (EBAY)

Informational only - not investment advice.

CIK: 0001065088
SIC: 7389 Services-Business Services, NEC
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7389 Services-Business Services, NEC](/industry/7389/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=1065088
Filing source: https://www.sec.gov/Archives/edgar/data/1065088/000106508826000027/ebay-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0001065088-26-000027 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001065088.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 11,100,000,000 USD | 2025 | verified |
| Net income | 2,031,000,000 USD | 2025 | verified |
| Assets | 17,610,000,000 USD | 2025 | verified |
| Free cash flow | 1,434,000,000 USD | 2025 | computed |
| Net margin | 18.30% | 2025 | computed |
| Operating margin | 20.51% | 2025 | computed |
| Revenue YoY | +7.95% | 2025 | computed |
| ROE | 44.01% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | EBAY | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 18.3% | 5.8% | 84 | 59 |
| Operating margin | 20.5% | 9.2% | 80 | 56 |
| Revenue growth | 7.9% | 8.4% | 47 | 58 |
| FCF margin | 12.9% | 14.2% | 44 | 58 |
| ROE | 44.0% | 8.7% | 88 | 52 |
| ROA | 11.5% | 2.9% | 81 | 59 |
| Liabilities / equity | 2.82 | 1.52 | 68 | 54 |
| Current ratio | 1.10 | 1.34 | 30 | 57 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7389 Services-Business Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 11100000000 | USD | 2025 | 2026-02-19 |
| Net income | 2031000000 | USD | 2025 | 2026-02-19 |
| Assets | 17610000000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001065088.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 9,298,000,000 | 9,927,000,000 | 8,650,000,000 | 7,429,000,000 | 8,894,000,000 |  | 9,795,000,000 | 10,112,000,000 | 10,283,000,000 | 11,100,000,000 |
| Net income | 7,266,000,000 | -1,017,000,000 | 2,530,000,000 | 1,786,000,000 | 5,667,000,000 | 13,608,000,000 | -1,269,000,000 | 2,767,000,000 | 1,975,000,000 | 2,031,000,000 |
| Operating income | 2,325,000,000 | 2,264,000,000 | 1,752,000,000 | 1,770,000,000 | 2,636,000,000 | 2,923,000,000 | 2,350,000,000 | 1,941,000,000 | 2,318,000,000 | 2,277,000,000 |
| Gross profit | 7,294,000,000 | 7,706,000,000 | 6,627,000,000 | 5,844,000,000 | 7,097,000,000 | 7,770,000,000 | 7,115,000,000 | 7,279,000,000 | 7,403,000,000 | 7,931,000,000 |
| Diluted EPS | 6.35 | -0.95 | 2.55 | 2.09 | 7.89 | 20.54 | -2.27 | 5.19 | 3.94 | 4.34 |
| Operating cash flow | 2,826,000,000 | 3,146,000,000 | 2,658,000,000 | 3,114,000,000 | 2,419,000,000 | 2,657,000,000 | 2,254,000,000 | 2,426,000,000 | 2,414,000,000 | 1,959,000,000 |
| Capital expenditures | 626,000,000 | 666,000,000 | 623,000,000 | 508,000,000 | 463,000,000 | 444,000,000 | 449,000,000 | 456,000,000 | 458,000,000 | 525,000,000 |
| Dividends paid |  | 0.00 | 0.00 | 473,000,000 | 447,000,000 | 466,000,000 | 489,000,000 | 528,000,000 | 533,000,000 | 531,000,000 |
| Share buybacks | 2,943,000,000 | 2,746,000,000 | 4,502,000,000 | 4,973,000,000 | 5,137,000,000 | 7,055,000,000 | 3,143,000,000 | 1,401,000,000 | 3,149,000,000 | 2,500,000,000 |
| Assets | 23,847,000,000 | 25,986,000,000 | 22,819,000,000 | 18,174,000,000 | 19,310,000,000 | 26,626,000,000 | 20,850,000,000 | 21,620,000,000 | 19,365,000,000 | 17,610,000,000 |
| Liabilities | 13,308,000,000 | 17,937,000,000 | 16,538,000,000 | 15,304,000,000 | 15,749,000,000 | 16,848,000,000 | 15,697,000,000 | 15,224,000,000 | 14,207,000,000 | 12,995,000,000 |
| Stockholders' equity | 10,526,000,000 | 8,049,000,000 | 6,281,000,000 | 2,870,000,000 | 3,561,000,000 | 9,778,000,000 | 5,153,000,000 | 6,396,000,000 | 5,158,000,000 | 4,615,000,000 |
| Cash and cash equivalents | 1,816,000,000 | 2,120,000,000 | 2,202,000,000 | 901,000,000 | 1,101,000,000 | 1,379,000,000 | 2,154,000,000 | 1,985,000,000 | 2,433,000,000 | 1,867,000,000 |
| Free cash flow | 2,200,000,000 | 2,480,000,000 | 2,035,000,000 | 2,606,000,000 | 1,956,000,000 | 2,213,000,000 | 1,805,000,000 | 1,970,000,000 | 1,956,000,000 | 1,434,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 78.15% | -10.24% | 29.25% | 24.04% | 63.72% |  | -12.96% | 27.36% | 19.21% | 18.30% |
| Operating margin | 25.01% | 22.81% | 20.25% | 23.83% | 29.64% |  | 23.99% | 19.20% | 22.54% | 20.51% |
| Return on equity | 69.03% | -12.64% | 40.28% | 62.23% | 159.14% | 139.17% | -24.63% | 43.26% | 38.29% | 44.01% |
| Return on assets | 30.47% | -3.91% | 11.09% | 9.83% | 29.35% | 51.11% | -6.09% | 12.80% | 10.20% | 11.53% |
| Liabilities / equity | 1.26 | 2.23 | 2.63 | 5.33 | 4.42 | 1.72 | 3.05 | 2.38 | 2.75 | 2.82 |
| Current ratio | 2.31 | 2.18 | 1.60 | 1.16 | 1.80 | 1.97 | 2.18 | 2.44 | 1.24 | 1.10 |

## As-reported value updates

16 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/EBAY/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001065088.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.13 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.05 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.32 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,500,000,000 | 1,305,000,000 | 2.46 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 2,562,000,000 | 724,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 2,556,000,000 | 438,000,000 | 0.85 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,572,000,000 | 224,000,000 | 0.45 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 2,576,000,000 | 634,000,000 | 1.29 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 2,579,000,000 | 679,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 2,585,000,000 | 503,000,000 | 1.06 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,730,000,000 | 368,000,000 | 0.79 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 2,820,000,000 | 632,000,000 | 1.35 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 2,965,000,000 | 528,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 3,089,000,000 | 512,000,000 | 1.12 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 3,134,000,000 | 550,000,000 | 1.21 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from EBAY's latest 10-K: [/company/EBAY/business/](/company/EBAY/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from EBAY's latest 10-K: [/company/EBAY/risk-factors/](/company/EBAY/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1065088/000106508826000177/ebay-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

ITEM 2:    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with “Forward-Looking Statements” 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 and six-month periods ended June 30, 2026 and 2025 and comparisons between the respective periods.

OVERVIEW

Unless otherwise expressly stated or the context otherwise requires, when we refer to “we,” “our,” “us,” “eBay” or the “Company” in this Quarterly Report on Form 10-Q, we mean eBay Inc. and its consolidated subsidiaries.

Business

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.

As a global commerce leader and third-party marketplace, our technologies and services are designed to provide our buyers choice and a breadth of relevant inventory from around the globe and to enable our sellers to access 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.

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 our 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.

FX-Neutral Presentation

In addition to presenting net revenues in accordance with U.S. generally accepted accounting principles (“GAAP”), we also present foreign exchange neutral (“FX-Neutral”) net revenues to supplement our results of operations presented in accordance with GAAP and to enhance investors’ understanding of our global business performance by excluding the positive or negative year-over-year impact of foreign currency movements on reported net revenues. We define FX-Neutral net revenues as GAAP net revenues minus the exchange rate effect, which we calculate by applying prior period foreign currency exchange rates to current year transactional currency amounts, excluding hedging activity. We believe presenting FX-Neutral net revenues provides useful information to both management and investors by isolating the effects of foreign currency exchange rate fluctuations that may not be indicative of our core operating results. In addition, as we have historically reported certain FX-Neutral results to investors, we believe that continuing to include these FX-Neutral measures provides consistency in our financial reporting. FX-Neutral net revenues are non-GAAP financial measures that are not based on any comprehensive set of accounting rules or principles and may be calculated differently than other “FX-Neutral,” “constant currency,” or similarly titled measures used by other companies. FX-Neutral net revenues are not presented as an alternative to GAAP net revenues and should only be used to evaluate our results of operations in conjunction with GAAP net revenues.

43

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Quarter Highlights

Net revenues increased 15% to $3.1 billion for the three months ended June 30, 2026 compared to $2.7 billion during the same period in 2025.

Operating margin increased to 21.6% for the three months ended June 30, 2026 compared to 17.6% during the same period in 2025.

We generated cash flow from continuing operating activities of $549 million for the three months ended June 30, 2026 compared to $340 million used in continuing operating activities in the same period in 2025.

We repurchased $310 million of common stock and paid $138 million in cash dividends during the three months ended June 30, 2026.

We repaid the $750 million aggregate principal amount of our previously outstanding 1.400% senior notes due 2026 on the date of maturity and issued $750 million aggregate principal amount of commercial paper notes.

In July 2026, our Audit Committee declared a quarterly cash dividend of $0.31 per share of common stock to be paid on September 11, 2026 to stockholders of record as of August 28, 2026.

In February 2026, we entered into a definitive agreement to acquire all of the outstanding equity interests of Depop Limited, a leading consumer-to-consumer (“C2C”) fashion marketplace, for $1.2 billion in cash, subject to certain purchase price adjustments. The transaction closed on July 30, 2026. We paid $1.4 billion in cash, inclusive of preliminary purchase price adjustments, subject to finalization.

44

Table of Contents

RESULTS OF OPERATIONS

We have one reportable segment, which reflects how our chief operating decision maker, our President and Chief Executive Officer, reviews and assesses performance of the business. This reportable segment includes our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces, and our suite of mobile apps. The accounting policies of this segment are the same as those described in “Note 1 — The Company and Summary of Significant Accounting Policies” in our condensed consolidated financial statements included elsewhere in this report.

Net Revenues

We generate revenues from the following activities:

Marketplace revenues primarily consist of commissions related to the connection service including final value fees, listing fees, feature fees, and foreign exchange fees. Marketplace revenues also include store subscription fees, shipping fees, and certain other fees. Marketplace revenues are reduced by customer incentive programs, including discounts, coupons, and rewards.

Advertising revenues primarily consist of fees charged to sellers to promote their listings on our Marketplace platforms, as well as third-party advertising fees.

The following table presents net revenues for the periods indicated (in millions, except percentages):

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","","","Six Months Ended June 30,"],["","2026","","2025","","% Change","","2026","","2025","","% Change"],["Marketplace revenues","$","2,538","","","$","2,248","","","13","%","","$","5,046","","","$","4,391","","","15","%"],["Advertising revenues","596","","","482","","","24","%","","1,177","","","924","","","27","%"],["Net revenues","$","3,134","","","$","2,730","","","15","%","","$","6,223","","","$","5,315","","","17","%"]]
[[/GREPCENT_TABLE]]

Seasonality

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):

[[GREPCENT_TABLE]]
[["","Quarter Ended"],["","March 31","","June 30","","September 30","","December 31"],["2024"],["Net revenues","$","2,556","","","$","2,572","","","$","2,576","","","$","2,579"],["% change from prior quarter","\u2014","%","","1","%","","\u2014","%","","\u2014","%"],["2025"],["Net revenues","$","2,585","","","$","2,730","","","$","2,820","","","$","2,965"],["% change from prior quarter","\u2014","%","","6","%","","3","%","","5","%"],["2026"],["Net revenues","$","3,089","","","$","3,134","","","$","\u2014","","","$","\u2014"],["% change from prior quarter","4","%","","1","%"]]
[[/GREPCENT_TABLE]]

45

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Net Revenues by Geography

Revenues are attributed to the United States and international geographies primarily based upon the country in which the customer is located. The following table presents net revenues by geography for the periods indicated (in millions, except percentages):

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","","","Six Months Ended June 30,"],["","2026","","2025","","% Change","","2026","","2025","","% Change"],["United States","$","1,757","","","$","1,397","","","26","%","","$","3,490","","","$","2,743","","","27","%"],["Percentage of net revenues","56","%","","51","%","","","","56","%","","52","%"],["International","1,377","","","1,333","","","3","%","","2,733","","","2,572","","","6","%"],["Percentage of net revenues","44","%","","49","%","","","","44","%","","48","%"],["Net revenues (1)","$","3,134","","","$","2,730","","","15","%","","$","6,223","","","$","5,315","","","17","%"]]
[[/GREPCENT_TABLE]]

(1)Net revenues included $1 million and $14 million of hedging losses for the three and six months ended June 30, 2026, respectively, compared to $6 million of hedging losses and $2 million of hedging gains during the same periods in 2025.

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 nearly 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.

Foreign currency movements relative to the U.S. dollar had favorable impacts of $22 million and $100 million on net revenues for the three and six months ended June 30, 2026, respectively, compared to favorable impacts of $32 million and $11 million during the same periods in 2025. The effect of foreign currency exchange rate movements for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily attributable to the weakening of the U.S. dollar against the euro and other major currencies.

Key Operating Metrics

GMV and take rate are significant factors that we believe affect our net revenues.

GMV consists of the total value of all paid transactions between users on our Marketplace platforms during the applicable period inclusive of shipping fees and taxes, without adjustment for returns or cancellations. We believe that GMV provides a useful measure of the overall volume of paid transactions that flow through our Marketplace platforms in a given period.

FX-Neutral GMV is defined as GMV minus the exchange rate effect, which we calculate by

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1065088/000106508826000027/ebay-20251231.htm
Complete FY 2025 MD&A: /company/EBAY/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

ITEM 7: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with Part I “Forward Looking Statements,” Part I, Item 1 “Business,” Part I, Item 1A “Risk Factors,” and the consolidated financial statements and the related notes included in this report. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K, and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

OVERVIEW

Business

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.

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 135 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.

Gross Merchandise Volume (“GMV”) grew during 2025 as we executed on our strategy, including across Focus Categories, country-specific investments, and horizontal initiatives. Improvement was driven by cross-category shopping, horizontal innovation, country-specific initiatives and growth in recommerce. The culmination of these effects, combined with consumers looking for value, offset pressure in discretionary spending across our three largest markets primarily resulting from geopolitical events, inflationary pressure, foreign exchange rate volatility, elevated interest rates and lower consumer confidence.

FX-Neutral Presentation

In addition to presenting net revenues in accordance with U.S. generally accepted accounting principles (“GAAP”), we also present foreign exchange neutral (“FX-Neutral”) net revenues to supplement our results of operations presented in accordance with GAAP and to enhance investors’ understanding of our global business performance by excluding the positive or negative year-over-year impact of foreign currency movements on reported net revenues. We define FX-Neutral net revenues as GAAP net revenues minus the exchange rate effect, which we calculate by applying prior period foreign currency exchange rates to current year transactional currency amounts, excluding hedging activity. We believe presenting FX-Neutral net revenues provides useful information to both management and investors by isolating the effects of foreign currency exchange rate fluctuations that may not be indicative of our core operating results. In addition, as we have historically reported certain FX-Neutral results to investors, we believe that continuing to include these FX-Neutral measures provides consistency in our financial reporting. FX-Neutral net revenues are non-GAAP financial measures that are not based on any comprehensive set of accounting rules or principles and may be calculated differently than other “FX-Neutral,” “constant currency,” or similarly titled measures used by other companies. FX-Neutral net revenues are not presented as an alternative to GAAP net revenues and should only be used to evaluate our results of operations in conjunction with GAAP net revenues.

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Table of Contents

Fiscal Year Highlights

Net revenues increased 8% to $11.1 billion compared to $10.3 billion 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. shipping program. The increase in net revenues was partially offset by lower fees in connection with our U.K. consumer-to-consumer initiative.

Operating margin decreased to 20.5% compared to 22.5% in 2024 primarily due to higher non-recurring general and administrative expenses related to legal matters and restructuring and higher costs associated with our shipping programs.

We generated cash flow from continuing operating activities of $2.0 billion in 2025 compared to $2.4 billion in 2024.

We repurchased $2.5 billion of common stock and paid $531 million in cash dividends.

We received a $225 million cash distribution related to our equity investment in Aurelia.

We issued $1.0 billion aggregate principal amount of senior notes consisting 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.

We redeemed the $425 million aggregate principal amount of our previously outstanding 5.900% senior notes due in November 2025. We also repaid the $800 million aggregate principal amount of our previously outstanding 1.900% senior notes due 2025 on the date of maturity.

We issued $2.0 billion aggregate principal amount of commercial paper notes and repaid the $2.5 billion aggregate principal amount of the previously outstanding commercial paper notes on the dates of maturity.

In February 2026, our Audit Committee, pursuant to delegated authority from our Board, declared a cash dividend of $0.31 per share of common stock to be paid on March 20, 2026 to stockholders of record as of March 6, 2026.

In February 2026, our Audit Committee, pursuant to delegated authority from our Board, authorized an incremental $2.0 billion under our stock repurchase program in addition to the $5.0 billion previously authorized in 2024.

In February 2026, we entered into a definitive agreement to acquire Depop, Inc., a leading C2C fashion marketplace focused on recommerce with a highly-engaged Gen Z and Millennial customer base, for approximately $1.2 billion in cash, subject to certain purchase price adjustments. 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.

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Table of Contents

RESULTS OF OPERATIONS

We have one reportable segment, which reflects how the chief operating decision maker, our President and Chief Executive Officer, reviews and assesses performance of the business. This reportable segment includes our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces and our suite of mobile apps. The accounting policies of this segment are the same as those described in “Note 1 — The Company and Summary of Significant Accounting Policies” to the consolidated financial statements included elsewhere in this report.

Net Revenues

We generate revenues from the following activities:

Marketplace revenues primarily consist of commissions related to the connection service including final value fees, listing fees, feature fees, and foreign exchange fees. Marketplace revenues also include store subscription fees, shipping fees, and certain other fees. Marketplace revenues are reduced by customer incentive programs, including discounts, coupons, and rewards.

Advertising revenues primarily consist of fees charged to sellers to promote their listings on our Marketplace platforms, as well as third-party advertising fees.

The following table presents net revenues for the periods indicated (in millions, except percentages):

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","% Change","","2024","","% Change","","2023"],["Marketplace revenues (1)","$","9,107","","","5","%","","$","8,648","","","\u2014","%","","$","8,669"],["Advertising revenues (1)","1,993","","","22","%","","1,635","","","13","%","","1,443"],["Net revenues","$","11,100","","","8","%","","$","10,283","","","2","%","","$","10,112"]]
[[/GREPCENT_TABLE]]

(1)Beginning January 1, 2025, we began classifying certain immaterial revenues previously reported as Marketplace revenues as Advertising revenues. Amounts reported for 2025 reflect this updated basis of presentation. Under this updated basis of presentation, Marketplace and Advertising revenues would have been $8,592 million and $1,691 million, respectively, for 2024 and $8,618 million and $1,494 million, respectively, for 2023.

Seasonality

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):

[[GREPCENT_TABLE]]
[["","Quarter Ended"],["","March 31","","June 30","","September 30","","December 31"],["2023"],["Net revenues","$","2,510","","","$","2,540","","","$","2,500","","","$","2,562"],["% change from prior quarter","\u2014","%","","1","%","","(2)","%","","2","%"],["2024"],["Net revenues","$","2,556","","","$","2,572","","","$","2,576","","","$","2,579"],["% change from prior quarter","\u2014","%","","1","%","","\u2014","%","","\u2014","%"],["2025"],["Net revenues","$","2,585","","","$","2,730","","","$","2,820","","","$","2,965"],["% change from prior quarter","\u2014","%","","6","%","","3","%","","5","%"]]
[[/GREPCENT_TABLE]]

40

Table of Contents

Net Revenues by Geography

Revenues are attributed to the United States and international geographies primarily based upon the country in which the customer is located. The following table presents net revenues by geography for the periods indicated (in millions, except percentages):

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","% Change","","2024","","% Change","","2023"],["United States","$","5,789","","","11","%","","$","5,238","","","3","%","","$","5,073"],["% of net revenues","52","%","","","","51","%","","","","50","%"],["International","5,311","","","5","%","","5,045","","","\u2014","%","","5,039"],["% of net revenues","48","%","","","","49","%","","","","50","%"],["Net revenues (1)(2)","$","11,100","","","8","%","","$","10,283","","","2","%","","$","10,112"]]
[[/GREPCENT_TABLE]]

(1)Net revenues included $41 million of hedging losses during 2025 compared to $54 million of hedging losses during 2024 and $56 million of hedging gains during 2023.

(2)Foreign currency movements relative to the U.S. dollar had a favorable impact of $47 million during 2025 compared to favorable impacts of $2 million and $52 million during 2024 and 2023, respectively. The effect of foreign currency exchange rate movements during 2025 compared to 2024 was primarily attributable to the weakening of the U.S. dollar against the euro and other major currencies.

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 and global trade announcements. Through our

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/EBAY/mda/fy2025/
All MD&A years: /company/EBAY/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/EBAY/mda/fy2024/): filed 2025-02-27; accession 0001065088-25-000037 (https://www.sec.gov/Archives/edgar/data/1065088/000106508825000037/ebay-20241231.htm)
- [FY 2023 MD&A](/company/EBAY/mda/fy2023/): filed 2024-02-28; accession 0001065088-24-000036 (https://www.sec.gov/Archives/edgar/data/1065088/000106508824000036/ebay-20231231.htm)
- [FY 2022 MD&A](/company/EBAY/mda/fy2022/): filed 2023-02-23; accession 0001065088-23-000006 (https://www.sec.gov/Archives/edgar/data/1065088/000106508823000006/ebay-20221231.htm)
- [FY 2021 MD&A](/company/EBAY/mda/fy2021/): filed 2022-02-24; accession 0001065088-22-000006 (https://www.sec.gov/Archives/edgar/data/1065088/000106508822000006/ebay-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7389 Services-Business Services, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/EBAY.md · JSON record: /company/EBAY.json · verified financials: /company/EBAY/financials.json / /company/EBAY/financials.csv · machine TOC for the whole site: /llms.txt