eBay (EBAY) Q4 2024 earnings summary

Executive summary

• Q4 2024 GMV reached $19.3B, up 4% year-over-year; full-year GMV was $74.7B, up 2% year-over-year.

• Q4 revenue was $2.6B, up 1% year-over-year; full-year revenue reached $10.3B, up 2%.

• Non-GAAP EPS for Q4 was $1.25, up 16% year-over-year; full-year non-GAAP EPS was $4.88, up 15%.

• Returned $3.7B to shareholders in 2024 via repurchases and dividends; Q4 returns totaled $1.0B.

• Significant AI-driven innovation, including proprietary LLMs, GenAI tools, and expanded bulk listing, enhanced productivity and customer experience.

Financial highlights

• Q4 non-GAAP operating margin was 27.0%; GAAP margin was 21.1%.

• Q4 free cash flow was $560M; full-year free cash flow was $2.0B.

• Q4 advertising revenue was $445M, up 12%, representing 2.3% of GMV.

• Active buyers reached 134M in Q4, up 1% year-over-year; enthusiast buyers stable at 16M.

• Q4 take rate was 13.3%, down 40 bps year-over-year.

Outlook and guidance

• Q1 2025 GMV guidance: $18.3B–$18.6B (flat to +1%); revenue: $2.52B–$2.56B (flat to +1%).

• Q1 2025 non-GAAP EPS guidance: $1.32–$1.36.

• FY 2025 guidance: low single-digit GMV growth FX-neutral, high single-digit non-GAAP EPS growth, and capital expenditures at 4–5% of revenue.

• Share repurchases targeted at $2B in 2025; $0.29 per share dividend declared for Q1 2025.