Companies /Consumer Cyclical

EBay Inc

NASDAQ: EBAY Internet Retail
$106.70
▲ $1.72 (+1.64%) today
Markets closed · 3:34am ET

Q4 2025 Earnings

Reported Feb 18, 2026, 4:07pm ET · SEC source
$1.41
Beat +4.44%
EPS · est. $1.35
$3.0B
Beat +3.15%
Revenue · est. $2.9B
+10.3%
Beating market
EBAY vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+4%+8%Feb 18Feb 19report 4:07pm ETearnings−0.2%+0.6%
0+4%+8%Feb 18Feb 19earnings−0.2%+0.6%
EBAY +0.6%S&P 500 −0.2%
−3%0+3%+6%Feb 18Feb 19report 4:07pm ETearnings−0.3%+0.6%
−3%0+3%+6%Feb 18Feb 19earnings−0.3%+0.6%
EBAY +0.6%NASDAQ −0.3%
−8%−4%0Feb 17Feb 26report 4:07pm ETearnings+0.2%+0.1%
−8%−4%0Feb 17Feb 26earnings+0.2%+0.1%
EBAY +0.1%S&P 500 +0.2%
−8%−4%0Feb 17Feb 26report 4:07pm ETearnings+0.4%+0.1%
−8%−4%0Feb 17Feb 26earnings+0.4%+0.1%
EBAY +0.1%NASDAQ +0.4%
+3.13%
Day of report
+3.92%
Next session
+3.72%
One week
+6.02%
30 days

S&P 500 over the same 30 days: −4.25%.

Did EBAY Beat Earnings? Q4 2025 Results

eBay closed out fiscal 2025 on a strong note, posting Q4 revenue of $2.96 billion, up 15.0% year-over-year and ahead of the $2.88 billion consensus estimate by 2.89%, while non-GAAP EPS of $1.41 beat the $1.35 Wall Street forecast by 4.44%. The standout driver was advertising, which generated $544.00 million in quarterly revenue, with first-party ad products alone climbing 19% to $517.00 million, underscoring how eBay's push beyond transaction fees is reshaping its revenue mix. Gross Merchandise Volume reached $21.24 billion, up 10%, with U.S. GMV surging 19% as domestic categories including collectibles and recommerce gained traction. Active buyers grew to 135 million. The quarter also carried a major strategic headline, as eBay announced a $1.20 billion all-cash agreement to acquire Depop from Etsy, deepening its footprint in fashion resale ahead of an expected Q2 2026 close. Looking forward, management guided Q1 2026 revenue to $3.00 to $3.05 billion, with non-GAAP EPS of $1.53 to $1.59, signaling continued momentum into the new year.

Key Takeaways
  • Revenue up 15% YoY as-reported (13% FX-neutral) in Q4
  • GMV up 10% YoY as-reported (8% FX-neutral) to $21.2 billion in Q4
  • U.S. GMV surged 19% YoY in Q4
  • First-party advertising revenue up 19% as-reported (17% FX-neutral)
  • Active buyers grew to 135 million, up 1% YoY
  • Strong collectibles performance in Q4
  • International revenue represented 46% of total in Q4

“2025 was a milestone year for eBay, and our results reflect the strength of our strategy and the disciplined execution behind it. We have built significant momentum across our strategic priorities, delivering meaningful growth and reinforcing our leadership in recommerce. As we continue to harness AI to elevate the customer experience worldwide, eBay is in the strongest position it has been in years.”

eBay CEO, on the earnings call

Forward Guidance & Outlook

For Q1 2026, eBay guides revenue of $3.00-$3.05 billion with FX-neutral year-over-year growth of 13%-15%. GMV is expected at $21.5-$21.9 billion with FX-neutral growth of 10%-12%. GAAP diluted EPS from continuing operations is guided at $1.14-$1.20, and non-GAAP diluted EPS at $1.53-$1.59. The company is increasing its non-GAAP effective tax rate assumption to 17.5% for 2026 from 16.5% in 2025. eBay is early-adopting ASU 2025-06 on software costs effective January 1, 2026, using the full retrospective method. The pending Depop acquisition (~$1.2 billion) is expected to close in Q2 2026.

EBAY YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$900.0M$1.8B$2.7B$2.6B$3.0BRevenue$1.9B$2.1BGross Profit$543.0M$601.0MOperating Income$679.0M$525.0MNet Income
$0$900.0M$1.8B$2.7BRevenueGross ProfitOperating IncomeNet Income

EBAY Revenue by Segment

Advertising$544.0M
First-Party Advertising$517.0M+19.0%

EBAY Revenue by Geography

United States
Rest of World

Figures from SEC filings and company reports. Not investment advice.