eBay Announces Fourth Quarter 2025 Full Year Financials

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…