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Company Research3 Jun 2024
The PayPal Story: Online Payment Pioneers
A comprehensive rundown of PayPals history, its founders, and key strategies that enabled the company to revolutionize online payments.
eBay
eBay (EBAY) investor relations material
eBay Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Q4 2025 and FY'25 results exceeded expectations, with double-digit growth in GMV, revenue, and EPS, driven by Focus Categories, C2C, and recommerce, which now comprises over 40% of GMV.
Announced definitive agreement to acquire Depop for $1.2B in cash, expected to close in Q2 2026, expanding reach in Gen Z/Millennial C2C fashion.
Launched and scaled new AI-powered listing and search technologies, improving seller efficiency and buyer discovery.
Exceeded five-year impact goals for positive economic and environmental outcomes from recommerce.
Returned over $3B to shareholders in 2025 via repurchases and dividends.
Financial highlights
Q4 2025 GMV was $21.2B (up 10% YoY); revenue was $2.96B–$3.0B (up 13–15% YoY); Non-GAAP EPS was $1.41 (up 13% YoY).
Full-year GMV was $79.6B–$80B (up 6–7% YoY); revenue was $11.1B (up 7–8% YoY); Non-GAAP EPS was $5.52 (up 13% YoY).
Non-GAAP operating margin was 26.1% in Q4 and 27.8% for FY'25.
Advertising revenue reached $544M in Q4 (2.6% GMV penetration); annual advertising revenue was $2B.
Free cash flow in Q4 was $478M–$803M; year-end cash and investments totaled $4.8B.
Outlook and guidance
Q1 2026 GMV expected at $21.5B–$21.9B (10–17% YoY growth); revenue $3.0B–$3.05B (13–18% YoY growth); Non-GAAP EPS $1.53–$1.59.
2026 full-year GMV and revenue growth expected to be similar to 2025; Non-GAAP operating income growth of 8–10%.
Depop acquisition expected to add 1–2 percentage points to GMV growth but dilute EPS by low single digits in the near term.
Dividend for Q1 2026 set at $0.31 per share, up 7% from the prior quarter.
Depop acquisition: expected recommerce impact?
Quantify AI's impact on new seller growth.
What caused Q4 operating margin decrease?
Quantify Depop's 2026 EPS dilution impact
Magical Listings: quantify seller efficiency gains
What factors pressured international GMV in Q4?
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Next eBay earnings date
Morgan Stanley Technology, Media & Telecom Conference 20263 Mar, 2026
eBay
Next eBay earnings date
Morgan Stanley Technology, Media & Telecom Conference 20263 Mar, 2026
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Frequently asked questions
Online Auctions
eBay Inc. is an American E-commerce company that is primarily known for its auction-based online marketplace where individuals and businesses buy and sell a wide array of goods and services. Private individuals as well as businesses of various sizes can post items they’re looking to sell, and users can then bid on said items directly through the company’s platform. eBay then collects a portion of the sale as a commission. The company is headquartered in San Jose, California, and its shares are listed on the Nasdaq.
Founding Story
The first form of the company saw the light of day in 1995 when Pierre Omidyar launched Auction Web as a part of a larger personal website. The first item sold was a broken laser pointer, indicating to Omidyar that he might be on to something regarding online auctions. In 1997, the company was officially renamed eBay, and it quickly became a popular platform for buying and selling during a time when online auctions and shopping were much more of a novelty than what it is today.
The Platform
eBay operates as an online marketplace, facilitating consumer-to-consumer and business-to-consumer sales through its website. It's known for its auction-style sales model, but it also allows for traditional retail transactions. Sellers list items, ranging from electronics, fashion, collectibles, vehicles, and much more and buyers bid or buy outright. eBay provides a platform where individuals and businesses can buy and sell new, used, and unique items worldwide. It generates revenue by charging listing fees and taking a percentage of the final sale price.
Global Auctions
The eBay of today is a truly global enterprise, active in over 190 different countries worldwide. This extensive international presence not only expands the user base but also diversifies the variety of products available, offering a global shopping experience for its users, while sellers can reach buyers from all over the world. eBay is today one of the largest online marketplaces in the world, and while the business model might be similar to what Amazon and Alibaba offer, the items are more often than not more unique than what can be found on platforms focusing strictly on B2C sales.
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