eBay Inc. closed 2025 with a strong finish, delivering double digit top line growth, expanding its AI tools for sellers and buyers, and deepening its position in recommerce and collectibles. For retailers and brands, the results spotlight where the marketplace is investing next: AI listing tools, authenticated pre loved fashion, and high engagement formats like live shopping
Q4 2025 Revenue, GMV, and Profitability
In the fourth quarter, eBay generated $3.0 billion in revenue, up 15% as reported and 13% on an FX neutral basis. Gross merchandise volume reached $21.2 billion, rising 10% as reported and 8% on an FX neutral basis.
GAAP net income from continuing operations came in at $525 million, or $1.14 per diluted share, while non GAAP net income was $648 million, or $1.41 per diluted share. GAAP and non GAAP operating margins were 20.3% and 26.1% respectively, reflecting continued profitability even as eBay ramps investment in AI and new programs.
Advertising remains a key earnings driver: the company’s ad offerings delivered $544 million in Q4 revenue, or 2.6% of GMV, with first party ad products contributing $517 million and growing 19% year over year. Operating cash flow from continuing operations reached $595 million in Q4, with free cash flow at $478 million.
Full Year 2025 Results
For the full year 2025, eBay delivered $11.1 billion in revenue, up 8% as reported and 7% FX neutral. Annual GMV totaled $79.6 billion, up 7% as reported and 6% FX neutral.
GAAP net income from continuing operations for the year was $2.0 billion, or $4.26 per diluted share, while non GAAP net income reached $2.6 billion, or $5.52 per diluted share. For 2025, GAAP and non GAAP operating margins were 20.5% and 27.8% respectively, supported by $2.0 billion in operating cash flow and $1.5 billion in free cash flow.
Capital returns remained aggressive: in 2025, eBay returned over $3.0 billion to shareholders, including $2.5 billion of share repurchases and $531 million in cash dividends. In Q4 alone, the company returned $756 million, including $625 million in buybacks and $131 million in dividends.
AI, Live Shopping, and Fashion Forward Partnerships
Beyond the numbers, eBay leaned hard into AI and high intent discovery formats that matter to fashion and lifestyle sellers. The company rolled out a beta of its next generation Magical Listing experience on iOS and Android in the US, using AI to generate titles, categories, item specifics, and pricing guidance from a single photo for new and reactivated sellers. It also launched an AI powered card scanning experience using Smart Lens, layering in historical pricing and PSA population data for collectors.
Live commerce continued to scale: eBay Live expanded to Germany and Australia and delivered its largest ever slate of holiday shopping events, spotlighting pre loved fashion, sneakers, collectibles, and refurbished tech. On the cultural side, Season 3 of King of Collectibles: The Goldin Touch ranked in the top 10 shows in seven countries on Netflix, including the U.S., U.K., Australia, and Canada, boosting visibility with collectors.
In fashion, authentication and media partnerships took center stage. eBay expanded its Authenticity Guarantee in Germany to apparel, shoes, accessories, and jewelry, while adding optional authentication for handbags, watches, and apparel in the U.K. and Germany. It also entered a multiyear partnership with Condé Nast as the official Pre Loved Partner across brands, including Vogue, GQ, and Vanity Fair, designed to build trust and discovery in authenticated resale.
Impact, Small Business Support, and The Depop Deal
On the impact front, eBay reports it exceeded its 5 year Impact Goals, reaching 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 plus over 360,000 metric tons of waste from entering landfills. Through eBay for Charity, buyers and sellers contributed nearly $55 million in Q4 and almost $198 million across 2025.
To support small businesses, the company launched AI Activate in the U.K., a program built with OpenAI that will give up to 10,000 small businesses access to AI tools and training. The eBay Foundation granted over $17 million to nonprofits focused on inclusive entrepreneurship in 2025.
Strategically, eBay also announced a definitive agreement to acquire Depop Inc. from Etsy Inc. in an all cash deal valued at approximately $1.2 billion, expected to close in the second quarter of 2026, pending regulatory approvals. For fashion and resale, this move signals an even deeper push into Gen Z driven C2C fashion marketplaces.
Dividend Increase And 2026 Outlook
Looking ahead, eBay’s Board declared a first quarter 2026 cash dividend of $0.31 per share, a 7% increase from the prior quarterly payout. The Board also authorized an incremental $2.0 billion under its stock repurchase program, extending its capital return story into 2026.
For Q1 2026, eBay is guiding to revenue of $3.00 to $3.05 billion, GMV of $21.5 to $21.9 billion, GAAP EPS of $1.14 to $1.20, and non GAAP EPS of $1.53 to $1.59. For retailers, that outlook, paired with sustained investment in AI, authentication, and media partnerships, points to a more data rich, brand friendly marketplace in the year ahead.
