Q2 25 EPS
$1.37
BEAT +5.63%
Est. $1.30
Q2 25 Revenue
$2.73B
BEAT +3.38%
Est. $2.64B
vs S&P Since Q2 25
+7.7%
BEATING MARKET
EBAY +21.7% vs S&P +14.0%
Market Reaction
Did EBAY Beat Earnings? Q2 2025 Results
eBay delivered a strong second quarter, beating Wall Street expectations on both the top and bottom lines as momentum in advertising and gross merchandise volume helped drive results ahead of forecasts. Revenue climbed 6.1% year-over-year to $2.73 bi… Read more eBay delivered a strong second quarter, beating Wall Street expectations on both the top and bottom lines as momentum in advertising and gross merchandise volume helped drive results ahead of forecasts. Revenue climbed 6.1% year-over-year to $2.73 billion, clearing the $2.64 billion consensus estimate by 3.38%, while non-GAAP EPS of $1.37 topped the $1.30 estimate by 5.63%, with non-GAAP earnings per share rising 16% from the prior-year period. The standout driver was advertising, where first-party ad revenue surged 19% to $455 million, pushing total ad revenue to $482 million, or roughly 2.5% of the $19.51 billion in gross merchandise volume recorded in the quarter. Strategic investments also added color, including the launch of an AI shopping agent and expanded seller financing tools through Open Banking integrations, signaling eBay's push to deepen platform utility. Looking ahead, management guided Q3 revenue of $2.69 billion to $2.74 billion and non-GAAP EPS of $1.29 to $1.34, pointing to continued steady, if measured, growth.
Key Takeaways
- • Revenue up 6% YoY as-reported, 4% FX-neutral
- • GMV up 6% YoY as-reported, 4% FX-neutral to $19.5 billion
- • U.S. GMV grew 7% YoY; International GMV grew 5% YoY
- • Non-GAAP operating margin expanded to 28.4% from 27.9%
- • First-party advertising revenue grew 19% as-reported, 17% FX-neutral
- • Authenticity Guarantee surpassed 1 million items inspected in a single quarter
- • Active buyers reached 134 million, up 1% YoY
EBAY YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
EBAY Revenue by Segment
With YoY comparisons, source: SEC Filings
“eBay delivered another strong quarter, with results exceeding expectations across the board. 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.”
— Jamie Iannone, Q2 2025 Earnings Press Release
EBAY Earnings Trends
EBAY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EBAY EPS Trend
Earnings per share: estimate vs actual
EBAY Revenue Trend
Quarterly revenue: estimate vs actual
EBAY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 BEAT FY | $1.35 | $1.41 | +4.44% | $2.97B | +2.89% |
| FY Full Year | $5.46 | $5.52 | +1.04% | $11.10B | +0.76% |
| Q3 25 BEAT | $1.33 | $1.36 | +1.90% | $2.82B | +3.27% |
| Q2 25 BEAT | $1.30 | $1.37 | +5.63% | $2.73B | +3.38% |
| Q1 25 BEAT | $1.34 | $1.38 | +3.23% | $2.59B | +1.50% |