10-KPeriod: FY2025

EBAY INC Annual Report, Year Ended Dec 31, 2025

Filed February 19, 2026For Securities:EBAY

Summary

eBay Inc. reported solid performance for the fiscal year ending December 31, 2025, with net revenues increasing by 8% to $11.1 billion, driven by higher Gross Merchandise Volume (GMV), increased penetration of first-party advertising, and the ramp-up of their U.K. shipping program. Despite facing macroeconomic headwinds such as inflation and elevated interest rates, the company's strategy focused on reinventing the future of e-commerce for enthusiasts through relevant experiences, scalable solutions, and magical innovations, particularly within focus categories like motor vehicles, collectibles, and luxury goods. The company continued its commitment to returning value to shareholders through substantial stock repurchases totaling $2.5 billion and dividends of $531 million. Strategic investments were also made, including a definitive agreement to acquire Depop, Inc. for approximately $1.2 billion, aimed at strengthening its position in recommerce and engaging a younger demographic. While operating margin saw a decrease to 20.5% primarily due to higher administrative expenses related to legal matters and restructuring, eBay's underlying business demonstrated resilience.

Financial Highlights

53 data points
Beta

Revenue

$11.10B

71.5% Gross Margin

Net Income

$2.03B

18.3% Net Margin

EPS (Diluted)

$4.34

Total Assets

$17.44B

Cash & Equivalents

$1.87B

Free Cash Flow

$1.48B

Financial Statements
Beta
Revenue$11.10B
Cost of Revenue$3.17B
Gross Profit$7.93B
R&D Expenses$1.64B
Operating Expenses$5.65B
Operating Income$2.28B
Net Income$2.03B
EPS (Basic)$4.43
EPS (Diluted)$4.34
Shares Outstanding (Basic)459.00M
Shares Outstanding (Diluted)468.00M

Key Highlights

  • 1Net revenues increased 8% to $11.1 billion in fiscal year 2025, compared to $10.28 billion in 2024.
  • 2Gross Merchandise Volume (GMV) reached nearly $80 billion in 2025, with 51% generated outside the United States.
  • 3The company repurchased $2.5 billion of common stock and paid $531 million in cash dividends during 2025.
  • 4eBay entered into a definitive agreement to acquire Depop, Inc. for approximately $1.2 billion, expected to close in Q2 2026.
  • 5Operating margin decreased to 20.5% from 22.5% in 2024, impacted by higher legal and restructuring costs.
  • 6International net revenues accounted for 48% of total net revenues in 2025.
  • 7The company sourced 100% of its electricity consumption from renewable sources for the second consecutive year and is committed to net-zero targets.

Frequently Asked Questions

For fiscal year 2025, eBay reported an 8% increase in net revenues to $11.1 billion, up from $10.28 billion in 2024. Gross Merchandise Volume (GMV) reached nearly $80 billion. The operating margin was 20.5%, a decrease from 22.5% in the prior year, primarily due to higher general and administrative expenses related to legal matters and restructuring.

eBay continued to focus on its strategy of reinventing e-commerce for enthusiasts through investments in focus categories, AI-driven enhancements, and customer experience improvements. A significant strategic development was the February 2026 announcement of the definitive agreement to acquire Depop, Inc. for approximately $1.2 billion, aiming to enhance its recommerce offerings and reach a younger demographic.

eBay actively returned capital to shareholders in 2025 by repurchasing $2.5 billion of its common stock and paying $531 million in cash dividends. The company also announced in February 2026 an additional $2.0 billion authorization for its stock repurchase program.

eBay highlighted significant risks including intense competition, the need to keep pace with technological changes (especially AI), managing international operations, global trade policy impacts (such as the elimination of the 'de minimis' exemption), cybersecurity threats, potential regulatory changes, and reliance on third-party providers. Economic conditions like inflation and interest rate volatility also pose challenges.