How eBay Inc. (NASDAQ: EBAY) makes money, FY2025: the income statement as a flow, to scale. eBay keeps 13.94% of the $79.6B its users transact. Source: eBay Inc. (NASDAQ: EBAY) Form 10-K for fiscal 2025 (filed 2026-02-19). Gross profit, margins and shares calculated. Full analysis: how eBay makes money.Watch (64 seconds): eBay: where the money comes from, step by step, with captions. Figures from the filing named at the end.
Updated 7 October 2026: we refreshed 10 figures on this page, now taken from SEC EDGAR filings and ebayinc.com. Anything we could not check against a current source keeps its original year, so you can see how old it is.
eBay’s gross merchandise volume (GMV) for full-year 2025 was $79.6 billion. ebayinc.com
In 2025, eBay’s marketplace revenues were $9,107 million and its advertising revenues were $1,993 million, out of total net revenues of $11,100 million. SEC EDGAR filings
In 2025, the United States accounted for $5,789 million of eBay’s $11,100 million in net revenues. SEC EDGAR filings
At the end of 2025, eBay had 135 million active buyers and 2.5 billion live listings globally. SEC EDGAR filings
As of December 31, 2025, eBay employed approximately 12,300 people globally. SEC EDGAR filings
In the second quarter of 2026, eBay reported revenue of $3.1 billion and GMV of $22.4 billion. ebayinc.com
eBay’s total advertising offerings generated $596 million of revenue in the second quarter of 2026. ebayinc.com
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
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