eBay (EBAY) Q4 2025 earnings summary

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.