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…
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