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eBay

EBAY Q4 2025 Earnings

Reported Feb 18, 2026 at 4:07 PM ET · SEC Source

Q4 25 EPS

$1.41

BEAT +4.44%

Est. $1.35

Q4 25 Revenue

$2.97B

BEAT +2.89%

Est. $2.88B

vs S&P Since Q4 25

+14.9%

BEATING MARKET

EBAY +20.1% vs S&P +5.3%

Full Year 2025 Results

FY 25 EPS

$5.52

BEAT +1.04%

Est. $5.46

FY 25 Revenue

$11.10B

BEAT +0.76%

Est. $11.02B

Market Reaction

Did EBAY Beat Earnings? Q4 2025 Results

eBay closed out fiscal 2025 on a strong note, posting Q4 revenue of $2.96 billion, up 15.0% year-over-year and ahead of the $2.88 billion consensus estimate by 2.89%, while non-GAAP EPS of $1.41 beat the $1.35 Wall Street forecast by 4.44%. The stand… Read more eBay closed out fiscal 2025 on a strong note, posting Q4 revenue of $2.96 billion, up 15.0% year-over-year and ahead of the $2.88 billion consensus estimate by 2.89%, while non-GAAP EPS of $1.41 beat the $1.35 Wall Street forecast by 4.44%. The standout driver was advertising, which generated $544.00 million in quarterly revenue, with first-party ad products alone climbing 19% to $517.00 million, underscoring how eBay's push beyond transaction fees is reshaping its revenue mix. Gross Merchandise Volume reached $21.24 billion, up 10%, with U.S. GMV surging 19% as domestic categories including collectibles and recommerce gained traction. Active buyers grew to 135 million. The quarter also carried a major strategic headline, as eBay announced a $1.20 billion all-cash agreement to acquire Depop from Etsy, deepening its footprint in fashion resale ahead of an expected Q2 2026 close. Looking forward, management guided Q1 2026 revenue to $3.00 to $3.05 billion, with non-GAAP EPS of $1.53 to $1.59, signaling continued momentum into the new year.

Key Takeaways

  • • Revenue up 15% YoY as-reported (13% FX-neutral) in Q4
  • • GMV up 10% YoY as-reported (8% FX-neutral) to $21.2 billion in Q4
  • • U.S. GMV surged 19% YoY in Q4
  • • First-party advertising revenue up 19% as-reported (17% FX-neutral)
  • • Active buyers grew to 135 million, up 1% YoY
  • • Strong collectibles performance in Q4
  • • International revenue represented 46% of total in Q4
24/7 Wall St

EBAY YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

EBAY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“2025 was a milestone year for eBay, and our results reflect the strength of our strategy and the disciplined execution behind it. We have built significant momentum across our strategic priorities, delivering meaningful growth and reinforcing our leadership in recommerce. As we continue to harness AI to elevate the customer experience worldwide, eBay is in the strongest position it has been in years.”

— Jamie Iannone, Q4 2025 Earnings Press Release

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