Disclaimer: All financial figures quoted below are stated in USD.
Perth, Feb 19: eBay Inc. (Nasdaq: EBAY) has reported a strong set of financial results for the fourth quarter and full year ended December 31, 2025, highlighting revenue growth, expanding margins, and significant capital returns to shareholders.
For the fourth quarter, revenue reached $3.0 billion, rising 15% on an as-reported basis and 13% on a foreign exchange (FX)-neutral basis. Gross Merchandise Volume (GMV) totalled $21.2 billion, up 10% as reported and 8% on an FX-neutral basis. GAAP net income from continuing operations was $525 million, translating to earnings per diluted share of $1.14. On a non-GAAP basis, net income from continuing operations came in at $648 million, or $1.41 per diluted share.
Profitability also improved during the quarter. eBay posted a GAAP operating margin of 20.3% and a non-GAAP operating margin of 26.1%. The company generated $595 million in operating cash flow and $478 million in free cash flow from continuing operations. During Q4, eBay returned $756 million to stockholders, including $625 million through share repurchases and $131 million in cash dividends.
In February 2026, eBay’s Board of Directors declared a cash dividend for the first quarter of 2026 of $0.31 per share, marking a 7% increase from the prior quarterly dividend. The Board also authorized an incremental $2.0 billion under the company’s stock repurchase program.
“2025 was a milestone year for eBay, and our results reflect the strength of our strategy and the disciplined execution behind it,” said Jamie Iannone, Chief Executive Officer at eBay. “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.”
“Our Q4 results conclude a very strong 2025 for eBay, with accelerating growth and significant progress against our strategy,” said Peggy Alford, Chief Financial Officer at eBay. “This continued strength coupled with our solid financial foundation positions us to deliver long-term value for our shareholders.”
For the full year, eBay reported revenue of $11.1 billion, representing an 8% increase on an as-reported basis and 7% growth on an FX-neutral basis. GMV for the year reached $79.6 billion, up 7% as reported and 6% on an FX-neutral basis. GAAP net income from continuing operations totalled $2.0 billion, or $4.26 per diluted share, while non-GAAP net income from continuing operations was $2.6 billion, or $5.52 per diluted share.
Operating margins for the year stood at 20.5% on a GAAP basis and 27.8% on a non-GAAP basis. eBay generated $2.0 billion in operating cash flow and $1.5 billion in free cash flow from continuing operations. Over the course of 2025, the company returned more than $3.0 billion to shareholders, including $2.5 billion in share repurchases and $531 million paid in cash dividends.
Beyond its financial performance, eBay pointed to several business highlights during the fourth quarter. The company expanded eBay Live to Germany and Australia and delivered its largest-ever slate of holiday live-stream shopping events. eBay also advanced its AI strategy, rolling out a beta version of its next-generation Magical Listing experience on iOS and Android for new and reactivated sellers in the United States, alongside new AI-powered features for collectibles and card scanning.
In addition, eBay reported progress on trust and sustainability initiatives, including the expansion of its Authenticity Guarantee in Germany and optional authentication services in the UK and Germany. The company also noted that it exceeded its five-year Impact Goals in 2025, citing close to $25 billion in cumulative positive economic impact from pre-loved and refurbished goods, along with substantial reductions in carbon emissions and landfill waste.
Through eBay for Charity, buyers and sellers contributed nearly $55 million in Q4 and nearly $198 million for the full year. The eBay Foundation granted over $17 million to nonprofit organisations focused on inclusive entrepreneurship.
eBay said the results underscore growing momentum in recommerce and continued strength in categories such as collectibles, pre-loved fashion, and refurbished technology, positioning the company for long-term value creation.
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