eBay released its fourth-quarter and full-year financial results for fiscal year 2025 on February 27, 2026. Fourth-quarter revenue was $2.965 billion, up 15% year-over-year (13% at constant currency); Gross Merchandise Volume (GMV) was $21.2 billion, up 10% year-over-year (8% at constant currency); GAAP net income from continuing operations was $525 million, down 23% year-over-year; Non-GAAP net income from continuing operations was $648 million, up 7% year-over-year. The GAAP operating margin was 20.3%, down from 21.1% in the same period last year; the Non-GAAP operating margin was 26.1%, down from 27.0% in the same period last year.

Advertising revenue for the quarter was $544 million, accounting for 2.6% of GMV, of which first-party advertising product revenue was $517 million, up 19% year-over-year (17% at constant currency).

Full-year revenue for fiscal year 2025 was $11.1 billion, up 8% year-over-year (7% at constant currency); full-year GMV was $79.6 billion, up 7% year-over-year (6% at constant currency); GAAP net income from continuing operations was $1.996 billion, up 1% year-over-year; Non-GAAP net income from continuing operations was $2.584 billion, up 6% year-over-year; the GAAP operating margin was 20.5%; the Non-GAAP operating margin was 27.8%.

eBay expects first-quarter revenue for 2026 to be between $3.0 billion and $3.05 billion, up 13% to 15% year-over-year; GMV to be between $21.5 billion and $21.9 billion, up 10% to 12% year-over-year.

Source: DoNews