eBay Inc
eBay Inc. operates a global online marketplace that connects buyers and sellers across more than 190 markets, with activity centered on its eBay.com platform, localized sites, off-platform marketplaces, and mobile apps. The company monetizes transactions through marketplace fees, advertising products, and shipping-related services, and in 2025 it enabled nearly $80 billion of GMV.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueFees earned from connecting buyers and sellers on eBay's marketplace, including final value and listing-related fees.
Seller-paid promotion tools such as Promoted Listings that increase item visibility and conversion.
Shipping fees and related transaction services that support completed purchases on the platform.
Store subscription fees, feature fees, foreign exchange fees, and other marketplace charges.
Products
Reported · share of revenue- Marketplace Revenues82.0 %
- Advertising Revenues18.0 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
eBay serves individual consumers, small businesses, professional sellers, and merchants that want access to a large global buyer base without building their own commerce infrastructure. Buyers use the platform for value, selection, and trust features, while sellers use it to reach 135 million active buyers and monetize inventory across categories such as collectibles, refurbished goods, motors parts, and general merchandise.
Individuals buying value, rare, used, refurbished, or collectible items on the marketplace.
Entrepreneurs and small businesses listing inventory to reach eBay's global buyer base at low entry cost.
Higher-volume sellers that buy advertising, store subscriptions, and other tools to improve visibility and conversion.
Automotive parts sellers using fitment data, returns, and installation options to reduce purchase friction.
Sellers of watches, handbags, sneakers, and other high-value goods that rely on Authenticity Guarantee.
Strategy
eBay's strategy centers on improving marketplace liquidity through Focus Categories, country-specific investments, and horizontal initiatives that support buyer and seller engagement. The company is also strengthening trust, expanding advertising monetization, and improving cross-border commerce resilience while managing the impact of tariffs, inflation, and weaker discretionary spending in some markets.
Higher engagement in priority categories improves GMV, take rate, and buyer retention.
Trust programs reduce friction and support conversion in a marketplace with fraud and quality risk.
Promoted Listings and related products diversify revenue beyond transaction fees.
International trade is a major source of revenue and profit, but exposed to tariffs and policy changes.
Geography
Q1/2026eBay reports revenue primarily by customer location, with the United States accounting for 52% of net revenues in the first nine months of 2025 and international markets 48%. The company operates in more than 190 markets, and management highlights the U.K., Germany, and cross-border sales from Greater China as especially important to international performance and risk exposure.
Share of the revenue the company reports by geography.
Risks
eBay's results are sensitive to consumer spending, discretionary demand, and competitive pressure, because revenue depends on transaction volume and seller advertising activity. The company also faces elevated exposure to fraud, cyberattacks, regulatory scrutiny, and cross-border trade policy changes, all of which can affect trust, costs, and marketplace participation.
- Consumer spending and GMV volatilityImpact: HighLikelihood: High
Marketplace revenue is tied to transaction volume and seller activity, so weaker discretionary demand reduces monetization.
Exposure - Cross-border trade and tariff policy changesImpact: HighLikelihood: High
International and cross-border sales are important to revenue, and policy shifts can reduce trade flows or raise costs.
Exposure - Competition from other online and offline channelsImpact: HighLikelihood: Medium
Sellers and buyers can shift to retailers, marketplaces, search engines, and social commerce alternatives.
Exposure - Fraud and trust/safety failuresImpact: HighLikelihood: Medium
Marketplace trust is central to conversion; fraud or poor enforcement can increase loss rates and reduce participation.
Exposure: Buyer protection programs and payment flows
- Cybersecurity and systems interruptionsImpact: HighLikelihood: Medium
Platform outages or breaches can disrupt transactions and harm brand trust across a global marketplace.
Exposure
Accounting
Judgemental itemsNet revenue depends on when transaction fees, Promoted Listings, shipping fees, and other charges are recognized.
Impact: Affects quarterly revenue timing and take rate
Management disclosed hedging gains/losses in net revenues, which can affect comparability across periods.
Impact: Can distort reported revenue growth and margins
Recent periods included higher non-recurring G&A tied to legal matters, senior leader transitions, and restructuring.
Impact: Can create volatility in operating margin
Goodwill was $4.5 billion at year-end 2025 and is tested using market and discounted cash flow assumptions.
Impact: Future impairment could reduce earnings and equity
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Last updated: 24/09/2026