Revenue of $2.7 billion, up 6% on an as-reported basis and up 4% on an FX-Neutral basisGross Merchandise Volume (“GMV”) of $19.5 billion, up 6% on an as-reported basis and up 4% on an FX-Neutral basisGAAP and Non-GAAP earnings per diluted share of $0.79 and $1.37, respectivelyGAAP and Non-GAAP operating margins of 17.7% and 28.4%, respectivelyReturned $759 million to stockholders in Q2, including $625 million of share repurchases and $134 million paid in cash dividends
SAN JOSE, Calif., July 30, 2025 /PRNewswire/ — eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today reported financial results for its second quarter ended June 30, 2025.
“eBay delivered another strong quarter, with results exceeding expectations across the board,” said Jamie Iannone, Chief Executive Officer at eBay. “Our momentum reflects the strength of our strategic execution and the resilience of our marketplace. We remain focused on driving long-term growth and creating lasting value for our shareholders.”
“I’m thrilled to have stepped into the role of CFO at such an exciting time for eBay, and the innovation, operational discipline and customer focus I’ve seen across the company are truly energizing,” said Peggy Alford, Chief Financial Officer at eBay. “With a strong balance sheet, focused strategic priorities and a world-class team, we are well positioned to thrive in our next phase of growth. I’m committed to driving operational excellence and disciplined capital allocation to support our long-term ambitions and unlock meaningful value for our shareholders.”
Second Quarter 2025 Business Highlights
eBay formally launched eBay Live in the U.K. at Comic-Con London, and debuted eBay Live on Tour in the U.S., bringing next generation livestream shopping and collector-focused experiences to cities across the country.eBay announced an AI shopping agent that delivers real-time, hyper-personalized product recommendations and expert guidance based on users’ shopping preferences. The agent is available to a small subset of U.S. customers and will ramp over time.The company unveiled a generative AI video tool for U.S. sellers that transforms listing images into short form videos for easy sharing on social platforms like YouTube and TikTok, expanding seller reach.Goldin, an eBay company, expanded into unique Hollywood and entertainment memorabilia, its first major collectibles category expansion since joining eBay.eBay collaborated with Women’s National Basketball Association (WNBA) legend Sue Bird on a curated auction of basketball memorabilia, featuring trading cards and collectibles honoring iconic players.eBay’s Authenticity Guarantee program surpassed one million items inspected in a quarter for the first time, driven by the launch of luxury apparel authentication in the U.K. for dozens of top brands, and an increase in streetwear and luxury brands eligible for authentication in the U.S.Further demonstrating eBay’s relevance in the fashion industry, Grammy-winning singer Chappell Roan wore an upcycled look made from vintage eBay finds at the Met Gala, later auctioning pieces exclusively on eBay to benefit the Ali Forney Center for LGBTQ+ and at-risk youth.During the 2025 Formula 1 Miami Grand Prix, eBay partnered with model and motorsport enthusiast Winnie Harlow and Resident Stylist Brie Welch to auction race-inspired, pre-loved fashion pieces and a custom Porsche 911.eBay played a key role in establishing the bipartisan Recommerce Caucus in the U.S. Congress, a major step toward advancing circular economy policy, and unlocking long-term growth for small businesses and entrepreneurs.The company’s total advertising offerings generated $482 million of revenue in the second quarter, representing 2.5% of GMV. First-party advertising products on the eBay platform delivered $455 million of revenue in the second quarter, up 19% on an as-reported basis and up 17% on a foreign exchange (“FX”) neutral basis.eBay deepened its partnership with Klarna, expanding Buy Now, Pay Later access across the U.S. to offer customers more choice, flexibility and control.
Impact
In May, eBay released its 2024 Impact Report, demonstrating the company’s efforts to create economic opportunity, promote sustainable commerce, and foster a diverse and inclusive workforce.eBay buyers and sellers raised over $47 million in Q2 using eBay for Charity.eBay launched its 6th annual Up & Running Grants Program, which will award $500,000 to sellers along with eBay Refurbished credits, coaching, and resources to help grow their small businesses.eBay was named to TIME’s World’s Most Sustainable Companies 2025 and Newsweek’s America’s Greenest Companies 2025 lists.
Second Quarter 2025 Financial Highlights
Revenue was $2.7 billion, up 6% on an as-reported basis and up 4% on an FX-Neutral basis.GMV was $19.5 billion, up 6% on an as-reported basis and up 4% on an FX-Neutral basis.GAAP net income from continuing operations was $369 million, or $0.79 per diluted share.Non-GAAP net income from continuing operations was $643 million, or $1.37 per diluted share.GAAP and Non-GAAP operating margins were 17.7% and 28.4%, respectively.Reported $(307) million of operating cash flow and $(441) million of free cash flow.Returned $759 million to stockholders, including $625 million of share repurchases and $134 million paid in cash dividends.
Second Quarter
in millions, except per share data and percentages
2025
2024
Change
eBay Inc.
Net revenues
$ 2,730
$ 2,572
$ 158
6 %
GAAP – Continuing Operations
Net income
$ 369
$ 226
$ 143
63 %
Earnings per diluted share
$ 0.79
$ 0.45
$ 0.34
77 %
Non-GAAP – Continuing Operations
Net income
$ 643
$ 602
$ 41
7 %
Earnings per diluted share
$ 1.37
$ 1.18
$ 0.19
16 %
Other Selected Financial and Operational Results
Operating margin – GAAP operating margin decreased to 17.7% for the second quarter of 2025, compared to 21.3% for the same period last year. Non-GAAP operating margin increased to 28.4% for the second quarter of 2025, compared to 27.9% for the same period last year.Taxes – The GAAP effective tax rate for continuing operations for the second quarter of 2025 was 22.5%, compared to 31.1% for the second quarter of 2024. The non-GAAP effective tax rate for continuing operations for the second quarter of 2025 was 16.5%(1).Cash flow – The company reported $(307) million of operating cash flow and $(441) million of free cash flow during the second quarter of 2025.Capital returns – The company repurchased $625 million of its common stock, or approximately 9 million shares, in the second quarter of 2025. The company’s total repurchase authorization remaining as of June 30, 2025 was approximately $2.0 billion. The company also paid cash dividends of $134 million during the second quarter of 2025.Cash and cash equivalents and non-equity investments – The company’s cash and cash equivalents and non-equity investments portfolio totaled $5.4 billion as of June 30, 2025.
(1) We use a non-GAAP effective tax rate for evaluating our operating results. Based on our current long-term projections, we are using a non-GAAP tax rate of 16.5%. This non-GAAP tax rate could change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate.
Business Outlook
eBay is providing the following guidance for the third quarter 2025.
In billions, except per share data and percentages
Q3 2025 Guidance
Revenue
$2.69 – $2.74
FX-Neutral Y/Y Growth
3% – 5%
Gross Merchandise Volume
$19.2 – $19.6
FX-Neutral Y/Y Growth
3% – 5%
Diluted GAAP EPS
$0.97 – $1.02
Diluted Non-GAAP EPS
$1.29 – $1.34
Dividend Declaration
eBay’s Board of Directors declared a third quarter 2025 cash dividend of $0.29 per share of the company’s common stock. The dividend is payable on September 12, 2025 to stockholders of record as of August 29, 2025.
Quarterly Conference Call and Webcast
eBay Inc. will host a conference call to discuss second quarter 2025 results at 2:30 p.m. Pacific Time today. A live webcast of the conference call, together with a slide presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, can be accessed through the company’s Investor Relations website at https://investors.ebayinc.com. In addition, an archive of the webcast will be accessible for at least three months through the same link.
eBay Inc. uses its Investor Relations website at https://investors.ebayinc.com and social media channels as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor this website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls and webcasts.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. In 2024, eBay enabled $75 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit http://www.ebayinc.com.
Presentation
All growth rates represent year-over-year comparisons, except as otherwise noted. All amounts in tables are presented in U.S. dollars, rounded to the nearest million, except as otherwise noted. As a result, certain amounts may not sum or recalculate using the rounded dollar amounts provided. References to “revenue” refer to “net revenues” as reported in the company’s consolidated statement of income.
Non-GAAP Financial Measures
This press release includes the following financial measures defined as “non-GAAP financial measures” by the SEC: non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income and margin, non-GAAP effective tax rate, free cash flow and FX-Neutral basis. These non-GAAP financial measures are presented on a continuing operations basis. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with generally accepted accounting principles (GAAP). For a reconciliation of these non-GAAP financial measures, except for figures in this press release presented on an “FX-Neutral basis,” to the nearest comparable GAAP measures, see “Non-GAAP Measures of Financial Performance,” “Reconciliation of GAAP Operating Income to Non-GAAP Operating Income,” “Reconciliation of GAAP Net Income to Non-GAAP Net Income and GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate” and “Reconciliation of Operating Cash Flow to Free Cash Flow” included in this press release. For figures in this press release reported “on an FX-Neutral basis,” we calculate the year-over-year impact of foreign currency movements using prior period foreign currency rates, excluding hedging activity, applied to current year transactional currency amounts.
Forward-Looking Statements
This press release contains forward-looking statements relating to, among other things, the future performance of eBay Inc. and its consolidated subsidiaries that are based on the company’s current expectations, forecasts and assumptions and involves risks and uncertainties. These statements include, but are not limited to, statements regarding the future performance of eBay Inc. and its consolidated subsidiaries, including management’s vision for the future of eBay and our ability to accomplish our vision, expected financial results for the third quarter and full year 2025 and expected drivers thereof, the future growth in our business, our ability to drive sustainable long-term growth and continue to accelerate across focus categories, the effects and potential of current and contemplated strategic initiatives and offerings including with respect to artificial intelligence, payment plans and options and their reception by our customers, the impact of partnerships with other companies, the effects of new product features or programs, the effects of geopolitical events, tariffs and global trade policy, foreign currency volatility, and inflationary pressure on our business and operations and our ability to respond to such effects, operating efficiency and margins, reinvestments, dividends and share repurchases. Actual results could differ materially from those expressed or implied and reported results should not be considered as an indication of future performance. Factors that could cause or contribute to such differences include, but are not limited to: fluctuations in, and our ability to predict, our results of operations and cash flows; our ability to convert visits into sales for our sellers, attract and retain sellers and buyers and execute on our business strategy; our ability to compete in the markets in which we participate; our ability to generate revenue from our foreign operations and expand in international markets; the impact of inflationary pressure, changing tariff policy, fluctuations in foreign currency exchange rates, elevated interest rates and geopolitical events such as the ongoing wars in Ukraine and in the Middle East, terrorist activities and public health events; our ability to keep pace with rapid technological developments or continue to innovate and create new initiatives to provide new programs, products and services; our ability to operate and continuously develop our payments system and financial services offerings; the impact of evolving domestic and foreign government laws, regulations, rules and standards that affect us, our business and/or our industry, including the impact of potential changes in tariffs or sanctions and escalating trade wars; our reliance on third-party providers; our ability to protect or enforce our intellectual property rights; our ability to deal effectively with fraudulent activities on our platforms; the impact of any security breaches, cyberattacks or system failures and resulting interruptions; our ability to attract, retain and develop highly skilled employees; our ability to accomplish or accurately track and report results related to our sustainability and similar goals; current and potential litigation and regulatory and government inquiries, investigations and disputes involving us or our industry; our ability to generate sufficient cash flow to service our indebtedness; the impact of evolving sales and other tax regimes in various jurisdictions and anticipated tax liabilities; and the success of our recent and potential acquisitions, dispositions, joint ventures, strategic partnerships and strategic investments.
The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof.
More information about factors that could affect the company’s operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting the company’s Investor Relations website at https://investors.ebayinc.com or the SEC’s website at http://www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.
eBay Inc.
Unaudited Condensed Consolidated Balance Sheet
June 30,
2025
December 31,
2024
(In millions)
ASSETS
Current assets:
Cash and cash equivalents
$ 2,070
$ 2,433
Short-term investments
1,680
3,457
Customer accounts and funds receivable
1,371
962
Other current assets
798
715
Total current assets
5,919
7,567
Long-term investments
2,520
2,439
Property and equipment, net
1,333
1,263
Goodwill
4,386
4,269
Operating lease right-of-use assets
398
427
Deferred tax assets
2,900
2,936
Other assets
505
464
Total assets
$ 17,961
$ 19,365
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt
$ 1,746
$ 1,673
Accounts payable
336
257
Customer accounts and funds payable
1,445
1,018
Accrued expenses and other current liabilities
2,288
2,184
Income taxes payable
125
966
Total current liabilities
5,940
6,098
Operating lease liabilities
287
320
Deferred tax liabilities
1,296
1,405
Long-term debt
5,002
5,752
Other liabilities
687
632
Total liabilities
13,212
14,207
Total stockholders’ equity
4,749
5,158
Total liabilities and stockholders’ equity
$ 17,961
$ 19,365
eBay Inc.
Unaudited Condensed Consolidated Statement of Income
Three Months Ended
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
(In millions, except per share amounts)
Net revenues
$ 2,730
$ 2,572
$ 5,315
$ 5,128
Cost of net revenues (1)
776
735
1,499
1,435
Gross profit
1,954
1,837
3,816
3,693
Operating expenses:
Sales and marketing (1)
586
577
1,122
1,118
Product development (1)
421
379
783
730
General and administrative (1)
371
241
632
479
Provision for transaction losses
86
86
167
177
Amortization of acquired intangible assets
6
5
12
9
Total operating expenses
1,470
1,288
2,716
2,513
Income from operations
484
549
1,100
1,180
Interest and other:
Loss on equity investments and warrant, net
(4)
(222)
(6)
(319)
Interest expense
(62)
(65)
(123)
(131)
Interest income and other, net
59
66
140
134
Income from continuing operations before income taxes
477
328
1,111
864
Income tax provision
(108)
(102)
(237)
(199)
Income from continuing operations
369
226
874
665
Loss from discontinued operations, net of income taxes
(1)
(2)
(3)
(3)
Net income
$ 368
$ 224
$ 871
$ 662
Income per share – basic:
Continuing operations
$ 0.80
$ 0.45
$ 1.88
$ 1.31
Discontinued operations
—
—
(0.01)
(0.01)
Net income per share – basic
$ 0.80
$ 0.45
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