eBay 2025-26: GMV +6%, Depop $1.2B Acquired, FY26 Q1 +13-15%
FY25 revenue $11.10B (+8%); Op income $2.28B; NI $2.03B (+3%); EPS $4.34 (+10%). GMV nearly $80B (+6% globally); US GMV +10%. Focus categories +12%. C2C ~25% of GMV with reinvigorated growth. Recommerce >40% of GMV (+10%). Acquired Depop ~$1.2B cash. Returned ~$3B to shareholders. Q1 FY26: GMV $21.5-$21.9B (+10-12% FX-neutral); revenue $3-$3.05B (+13-15% FX-neutral); non-GAAP EPS $1.53-$1.59.
Key takeaways
- GMV inflection. Global GMV nearly $80B (+6% FY25); US GMV +10%. After multiple years of stagnant or declining GMV, FY25 was the inflection year.
- Focus category strategy paying off. "Focus category" GMV (handpicked verticals like luxury, sneakers, parts/accessories) grew +12% — material outperformance vs core. Strategy is working.
- C2C reinvigorated. C2C now ~25% of GMV with reinvigorated growth. Depop acquisition ($1.2B cash) extends C2C reach into Gen Z + alternative fashion.
- Recommerce 40%+ of GMV. Sustainable / pre-owned commerce continuing to expand. eBay positioned as premium recommerce destination.
- Q1 FY26 guide accelerating. GMV $21.5-$21.9B implies +10-12% FX-neutral growth; revenue +13-15%; EPS $1.53-$1.59. Materially faster than full-year FY25 +6%.
Business
eBay is a global online marketplace facilitating C2C + B2C commerce. Single segment business with two key revenue lines:
- Marketplace (Take rate on GMV) (~85% of revenue): Transaction fees + final value fees + eBay International fees. ~135M+ active buyers globally.
- Advertising + Financial Services + Managed Shipping (~15% of revenue): Advertising reached ~$2B FY25. Promoted Listings + Internal Ads + Display. Managed Shipping growing.
Strategic positioning: eBay has refocused around (a) Focus categories (Luxury / Sneakers / Parts / Trading Cards / Refurbished) where eBay differentiates vs Amazon, (b) C2C marketplace + Depop integration, (c) Recommerce / sustainable commerce positioning, (d) Advertising monetization.
Depop acquisition (closed 2025, ~$1.2B cash): Gen Z fashion resale marketplace. Strengthens eBay's C2C value proposition + reaches younger demographic.
FY25 financial performance
| Metric (FY) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue ($B) | 10.11 | 10.28 | 11.10 |
| Gross profit ($B) | 7.28 | 7.40 | 7.93 |
| Op income ($B) | 1.94 | 2.32 | 2.28 |
| Op margin | 19.2% | 22.6% | 20.5% |
| EBITDA ($B) | 4.37 | 2.86 | 2.85 |
| Net income ($B) | 2.77 | 1.98 | 2.03 |
| Diluted EPS ($) | 5.19 | 3.94 | 4.34 |
| Non-GAAP EPS ($) | $4.74 | $4.89 | $5.52 |
| FCF ($B) | 1.97 | 1.96 | 1.66 |
| Capex ($M) | -456 | -458 | -525 |
| Total debt ($B) | 8.23 | 7.86 | 7.38 |
| Dividends ($M) | -528 | -533 | -531 |
| Buyback ($B) | -1.40 | -3.15 | -2.50 |
The earnings print: Revenue +8% / GMV +6% / non-GAAP EPS +13% to $5.52. Non-GAAP op income +7% to nearly $3.1B. GAAP NI $2.03B; the stronger non-GAAP read reflects exclusion of M&A + restructuring.
Capital return $3.0B FY25 (~$2.5B buyback + $531M dividend). Total debt $7.38B (-$0.48B YoY).
Capital allocation
- Capex: $-525M FY25 (4.7% of revenue). Light infrastructure investment.
- Dividends: $-531M FY25 (held flat).
- Buybacks: $-2.50B FY25 (vs $-3.15B FY24). Continued material capital return.
- M&A: Depop acquired ~$1.2B cash.
- Debt: $7.38B (-$0.48B YoY) — paydown.
FY26 outlook (per Q4 2025 call, 2026-02-18)
| FY26 Q1 + Full Year | Guide |
|---|---|
| Q1 GMV | $21.5-$21.9B (+10-12% FX-neutral) |
| Q1 revenue | $3.0-$3.05B (+13-15% FX-neutral) |
| Q1 non-GAAP op income growth | +11-16% YoY |
| Q1 non-GAAP EPS | $1.53-$1.59 |
| Full-year FY26 GMV growth | Similar to Q1 |
| Depop integration | In progress |
The +10-12% Q1 FX-neutral GMV growth is dramatic acceleration vs FY25 +6%. Reflects: Depop contribution + Focus categories accelerating + C2C continued reinvigoration + advertising compounding.
Key risks
- GMV cycle persistence: After inflection year, FY26 needs to sustain +10%+ FX-neutral. Recession would compress.
- Amazon competition: eBay's Focus category strategy depends on differentiation vs Amazon. Continued share defense required.
- C2C marketplace dynamics: Depop integration + C2C category profitability. Cross-sell + retention KPIs.
- Advertising mix: Advertising at $2B is ~18% of revenue. Continued growth needed.
- Take rate compression: Pricing power for eBay marketplace fees; sellers always have alternatives.
- FX: Major USD revenue but international GMV; FX volatility.
Bottom line
eBay FY25 is the GMV inflection + Depop acquisition + Focus category strategy validation year. GMV +6% globally / +10% US, focus categories +12%, recommerce >40% with +10% growth, advertising $2B. Q1 FY26 guide implies dramatic FX-neutral acceleration to +10-12% GMV / +13-15% revenue. Capital return $3B FY25. Risks are GMV cycle + Amazon competition + take rate. The structural read: refocused marketplace platform + Depop reach + C2C reinvigoration + advertising compounding.
Citations
- eBay Inc. FY25 Form 10-K (filed February 2026, SEC EDGAR).
- eBay Q4 2025 earnings call, 2026-02-18 — GMV ~$80B (+6%), US GMV +10%, focus category +12%, C2C ~25% of GMV reinvigorated, recommerce >40% of GMV (+10%), advertising ~$2B; Depop acquired ~$1.2B; capital return ~$3B; FY26 Q1 guide (GMV $21.5-21.9B / +10-12% FX-neutral, revenue $3.0-3.05B / +13-15% FX-neutral, non-GAAP op income +11-16%, non-GAAP EPS $1.53-$1.59).
- Internal financial_statements view (consolidated annual + cash flow + capital structure).