EBAY (EBAY) Company Report

eBay to cut 800 jobs (~6% of its workforce) in its third round of layoffs since 2023 to reinvest across the business and align with strategic priorities.
Cuts aim to eliminate duplicated roles and better align staff amid continued investment in artificial intelligence.
Layoffs are unrelated to the recently agreed $1.2 billion Depop acquisition, which is expected to close in the next fiscal quarter.
Announcement follows strong Q4 2025 results: $2.97 billion in revenue and $1.41 adjusted EPS.

2 days ago

Bloomberg

eBay reports Q4 2025 results

EBAY

Earnings

Guidance Update

Share Buyback

Q4’25 GMV was $21.2 B (+10% spot, +8% FXN) and revenue was $2.96 B (+15% spot, +13% FXN).
Non-GAAP operating margin of 26.1% and non-GAAP diluted EPS of $1.41 (+13% Y/Y).
Q1’26 guidance calls for GMV of $21.5–21.9 B (15–17% spot), revenue of $3.00–3.05 B (16–18% spot), and EPS of $1.53–1.59.
Board authorized a $2.0 B new repurchase program (approx $0.8 B remaining) and is targeting $2 B of share buybacks in FY’26; Q1’26 dividend set at $0.31/share.
Pending Depop acquisition expected to contribute 1–2 pp to FY’26 FXN GMV growth with low-single-digit EPS dilution in FY’26.

Feb 18, 2026, 10:00 PM

Presentation

eBay reports Q4 2025 results

EBAY

Earnings

M&A

Guidance Update

Delivered strong Q4 and full-year performance: Q4 GMV up 8% to $21.2 B, revenue up 13% to $2.96 B, Non-GAAP operating income up 11% to $775 M; full-year GMV grew 6% to $80 B, revenue rose 7% to $11.1 B, Non-GAAP operating income reached $3.1 B, and Non-GAAP EPS was $5.52 (+13%)
Returned capital of $756 M in Q4 via share repurchases and dividends; repurchased $625 M of stock at an average price of $86, and paid $131 M in dividends ( $0.29 per share )
Announced definitive agreement to acquire Depop for approximately $1.2 B in cash, expected to close in Q2 2026; Depop adds ~$1 B of annual gross merchandise sales and is projected to contribute 1–2 pp to FX-neutral GMV growth in 2026
Provided Q1 2026 guidance: GMV of $21.5 B–$21.9 B (+10-12% FX-neutral) and revenue of $3.0 B–$3.05 B (+13-15% FX-neutral); full-year 2026 GMV growth forecasted similar to 2025, with Non-GAAP operating income up 8-10%
Implemented January 1, 2026 accounting changes to expense all internal software development costs and switch Managed Shipping to net revenue recognition, modestly impacting future take-rate comparisons

Feb 18, 2026, 10:00 PM

Transcript

eBay reports Q4 2025 results

EBAY

Earnings

Guidance Update

M&A

eBay delivered Q4 FY2025 GMV of $21.2 B (+8% YoY), revenue of $2.96 B (+13%), non-GAAP operating income of $775 M (+11%), and non-GAAP EPS of $1.41 (+13%); returned $756 M to shareholders via buybacks and dividends.
Full-year 2025 GMV grew 6% to $80 B, revenue increased 7% to $11.1 B, and non-GAAP EPS rose 13% to $5.52, with $3 B returned to shareholders.
For Q1 2026, eBay guides GMV of $21.5–21.9 B (10–12% FX-neutral growth), revenue of $3.0–3.05 B (13–15%), and non-GAAP EPS of $1.53–1.59; full-year 2026 FX-neutral GMV growth is expected to mirror 2025 with revenue in line to slightly ahead and non-GAAP operating income growth of 8–10%.
The board approved acquisition of Depop for $1.2 B (cash), expected to close in Q2 2026 and to contribute 1–2 ppt to 2026 GMV growth, with a low single-digit EPS and operating income headwind in the near term.

Feb 18, 2026, 10:00 PM

Transcript

eBay reports Q4 2025 results and Depop acquisition

EBAY

Earnings

M&A

Guidance Update

Full-year 2025 GMV grew nearly 6% to $80 billion, with U.S. GMV up nearly 10%, and Focus Categories GMV +12%.
In Q4, GMV rose 8% to $21.2 billion, revenue +13% to $2.96 billion, non-GAAP operating income +11% to $775 million, and non-GAAP EPS +13% to $1.41.
Entered definitive agreement to acquire Depop for $1.2 billion in cash, expected to close in Q2 2026, adding 1–2 pp to FX-neutral GMV growth in 2026.
Q1 2026 guidance: GMV $21.5–21.9 billion (+10–12% FX-neutral), revenue $3.0–3.05 billion (+13–15%), non-GAAP EPS $1.53–1.59 (+12–16%).
Adopting a new software capitalization policy (expensing product development costs) and switching U.K. managed shipping to net revenue accounting, affecting 2026 comparability.

Feb 18, 2026, 10:00 PM

Transcript

eBay reports Q4 2025 results, announces Depop acquisition

EBAY

Earnings

Guidance Update

M&A

eBay delivered $3.0 billion in Q4 2025 revenue and $1.41 adjusted EPS, both topping estimates, and achieved $21.2 billion in GMV, up ~10% year over year.
For Q1 2026, it provided guidance of $3.0–3.05 billion in revenue and $1.53–1.59 in adjusted EPS, exceeding consensus and lifting shares ~7% in after-hours trading.
Plans to acquire fashion marketplace Depop for $1.2 billion in cash to expand its appeal to younger buyers (Depop: ~$1 billion GMS, 7 million active buyers).
Returned $756 million to shareholders through buybacks and dividends and raised its quarterly dividend to $0.31.

Feb 18, 2026, 9:21 PM

Bloomberg

eBay reports Q4 and full-year 2025 results

EBAY

Earnings

Share Buyback

M&A

Q4 revenue was $3.0 billion (up 15% as-reported, 13% FX-neutral) and GMV was $21.2 billion (up 10% as-reported, 8% FX-neutral).
Q4 GAAP EPS was $1.14 and Non-GAAP EPS was $1.41, with GAAP and Non-GAAP operating margins of 20.3% and 26.1%, respectively.
FY 2025 revenue reached $11.1 billion (up 8% as-reported), with full-year GAAP EPS of $4.26, Non-GAAP EPS of $5.52, operating cash flow of $2.0 billion and free cash flow of $1.5 billion.
Returned $756 million to shareholders in Q4 (including $625 million of share repurchases and $131 million of dividends); the Board declared a Q1 2026 dividend of $0.31 per share and authorized an incremental $2 billion repurchase program.
Entered a definitive agreement to acquire Depop, Inc. for approximately $1.2 billion, expected to close in Q2 2026.

Feb 18, 2026, 9:07 PM

8-K

eBay reports Q4 and full year 2025 results

EBAY

Earnings

Guidance Update

M&A

Q4 revenue of $3.0 billion, up 15% as-reported (13% FX-neutral), with GMV of $21.2 billion (+10%/+8%), GAAP EPS of $1.14 and Non-GAAP EPS of $1.41; operating margins were 20.3% GAAP and 26.1% non-GAAP.
Full Year 2025 revenue of $11.1 billion, up 8% as-reported (7% FX-neutral), GMV of $79.6 billion (+7%/+6%), GAAP EPS of $4.26 and Non-GAAP EPS of $5.52; operating margins were 20.5% GAAP and 27.8% non-GAAP.
Returned $756 million to stockholders in Q4 (including $625 million of share repurchases and $131 million of dividends); Board declared Q1 2026 dividend of $0.31 per share (+7%) and authorized an additional $2.0 billion repurchase program.
Provided Q1 2026 guidance: revenue $3.00–3.05 billion (FX-neutral growth 13–15%), GMV $21.5–21.9 billion (10–12%), GAAP EPS $1.14–1.20, non-GAAP EPS $1.53–1.59.
Announced definitive agreement to acquire Depop, Inc. for approximately $1.2 billion, expected to close in Q2 2026 pending regulatory approvals.

Feb 18, 2026, 9:05 PM

Press Release

eBay to acquire Depop from Etsy

EBAY

M&A

eBay will acquire Depop, a mobile-first C2C fashion marketplace, from Etsy for $1.2 billion in cash
Depop generated ~$1 billion in 2025 gross merchandise sales with ~60% U.S. YoY growth and counts 7 million active buyers (90% under 34)
eBay’s fashion category exceeded $10 billion in annual GMV in 2025, growing 10% YoY in the U.S., to deepen its reach with Gen Z and millennial shoppers
The deal, to be funded with cash on hand, is expected to close in Q2 2026 pending regulatory approvals

Feb 18, 2026, 9:05 PM

Press Release

eBay partner Vox AI launches drive-thru payment solution with Adyen

EBAY

Product Launch

Vox AI Pay, powered by Adyen, enables card payments directly at drive-thru speaker terminals, integrates with all major POS systems, accepts Visa, Mastercard, AmEx, Apple Pay, Google Pay, and offers 99.99% uptime with up to 20% lower processing fees.
By adding payment at the order post, Vox AI Pay accelerates drive-thru ordering, reducing queues and increasing throughput.
The solution will debut at NRF 2026's "The Pit Stop" go-kart drive-thru experience in New York City from January 11–13, 2026, showcasing seamless ordering and payment.
Vox AI, after deploying with Burger King Poland and securing an $8.7 million seed round led by Headline, becomes Europe’s largest voice AI platform for quick-service restaurants.