eBay Inc. Reports Second Quarter 2025 Results

• Revenue of $2.7 billion, up 6% on an as-reported basis and up 4% on an FX-Neutral basis
• Gross Merchandise Volume ("GMV") of $19.5 billion, up 6% on an as-reported basis and up 4% on an FX-Neutral basis
• GAAP and Non-GAAP earnings per diluted share of $0.79 and $1.37, respectively
• GAAP and Non-GAAP operating margins of 17.7% and 28.4%, respectively
• Returned $759 million to stockholders in Q2, including $625 million of share repurchases and $134 million paid in cash dividends

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.

 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.

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.

Source : eBay

Image : George Sheldon / Shutterstock / 769619905 

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