01—Abstract
Summary
Summary of the 10-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.
eBay Inc. reported solid performance for the fiscal year ending December 31, 2025, with net revenues increasing by 8% to $11.1 billiona, 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 billionb and dividends of $531 million.
Strategic investments were also made, including a definitive agreement to acquire Depop, Inc. for approximately $1.2 billionc, 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.
02—Key points
Key Highlights
- Net revenues increased 8% to $11.1 billion in fiscal year 2025, compared to $10.28 billion in 2024.
- Gross Merchandise Volume (GMV) reached nearly $80 billion in 2025, with 51% generated outside the United States.
- The company repurchased $2.5 billion of common stock and paid $531 million in cash dividends during 2025.
- eBay entered into a definitive agreement to acquire Depop, Inc. for approximately $1.2 billion, expected to close in Q2 2026.
- Operating margin decreased to 20.5% from 22.5% in 2024, impacted by higher legal and restructuring costs.
- International net revenues accounted for 48% of total net revenues in 2025.
- The company sourced 100% of its electricity consumption from renewable sources for the second consecutive year and is committed to net-zero targets.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, eBay Inc kept $0.18.
- Revenue$11.10B100.0%
- Cost of revenue−$3.17B28.5%
- Gross profit$7.93B71.5%
- Operating costs−$5.65B50.9%
- Operating income$2.28B20.5%
- Interest, other & tax−$246.0M2.2%
- Net income$2.03B18.3%
Where FY2025 revenue went
$11.10B- Other operating costs: $4.01B, 36% of revenue
- Cost of revenue: $3.17B, 29% of revenue
- Net income: $2.03B, 18% of revenue
- R&D: $1.64B, 15% of revenue
- Interest, other & tax: $246.0M, 2.2% of revenue
Kept 18% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 19, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $11.10B$10.28B | +7.9% |
| Cost of Revenue | $3.17B$2.88B | +10.0% |
| Gross Profit | $7.93B$7.40B | +7.1% |
| R&D Expenses | $1.64B$1.48B | +11.0% |
| Operating Expenses | $5.65B$5.08B | +11.2% |
| Operating Income | $2.28B$2.32B | −1.8% |
| Net Income | $2.03B$1.98B | +2.8% |
| EPS (Basic) | $4.43$3.99 | +11.0% |
| EPS (Diluted) | $4.34$3.94 | +10.2% |
| Shares Outstanding (Basic) | 459.00M496.00M | −7.5% |
| Shares Outstanding (Diluted) | 468.00M501.00M | −6.6% |
05—Questions
Frequently Asked Questions
What were eBay's key financial performance indicators for fiscal year 2025?
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.
What strategic moves did eBay make in 2025?
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.
How did eBay manage shareholder returns and capital allocation in 2025?
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.
What are the main risks and challenges eBay highlighted in its 10-K filing?
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.
06—Continue