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The PayPal Story: Online Payment Pioneers
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eBay (EBAY) investor relations material
eBay Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 delivered strong results with GMV up 10% to $20.1B and revenue up 9% to $2.82B, exceeding guidance despite macroeconomic and cross-border trade headwinds.
Non-GAAP EPS rose 14% year-over-year to $1.36, and non-GAAP operating income was $764M with a 27.1% margin; GAAP EPS was $1.28.
Focus categories, especially collectibles, P&A, and fashion, grew over 15% and outpaced the broader marketplace.
Strategic investments in AI, live commerce, C2C, and shipping solutions accelerated innovation and engagement.
Acquisitions of Tise and Caramel expanded presence in the Nordics, C2C, and automotive segments.
Financial highlights
GMV was $20.1B, up 10% year-over-year; revenue reached $2.82B, up 9% year-over-year.
Non-GAAP operating margin was 27.1%; GAAP operating margin was 20.4%, down from 23.1% last year.
Free cash flow was $803M; operating cash flow was $934M.
Advertising revenue was $525M, up 21% FXN, representing 2.6% of GMV.
Cash and investments totaled $5.3B as of September 30, 2025.
Outlook and guidance
Q4 2025 guidance: GMV $20.5–$20.9B (4–8% growth); revenue $2.83–$2.89B (8–12% growth); non-GAAP EPS $1.31–$1.36.
Full-year 2025 guidance: GMV $78.9–$79.3B; revenue $10.97–$11.03B; non-GAAP EPS $5.42–$5.47.
2025 free cash flow expected at $1.5B reported, $2.5B normalized; $2.5B in share repurchases planned.
2026 planning for continued positive FX-neutral GMV and revenue growth, with headwinds from lapping high growth in trading cards, bullion, and de minimis changes.
Q4 2025 dividend of $0.29 per share declared.
Tise acquisition: Gen Z/Millennial impact?
What caused the negative GAAP tax rate?
How is flat active buyer growth sustainable?
How does AI unlock new seller supply?
Which Q3 growth drivers are durable for 2026?
Quantify de minimis impact on 2026 GMV growth.
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Next eBay earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Online Auctions
eBay Inc. is an American E-commerce company that is primarily known for its auction-based online marketplace where individuals and businesses buy and sell a wide array of goods and services. Private individuals as well as businesses of various sizes can post items they’re looking to sell, and users can then bid on said items directly through the company’s platform. eBay then collects a portion of the sale as a commission. The company is headquartered in San Jose, California, and its shares are listed on the Nasdaq.
Founding Story
The first form of the company saw the light of day in 1995 when Pierre Omidyar launched Auction Web as a part of a larger personal website. The first item sold was a broken laser pointer, indicating to Omidyar that he might be on to something regarding online auctions. In 1997, the company was officially renamed eBay, and it quickly became a popular platform for buying and selling during a time when online auctions and shopping were much more of a novelty than what it is today.
The Platform
eBay operates as an online marketplace, facilitating consumer-to-consumer and business-to-consumer sales through its website. It's known for its auction-style sales model, but it also allows for traditional retail transactions. Sellers list items, ranging from electronics, fashion, collectibles, vehicles, and much more and buyers bid or buy outright. eBay provides a platform where individuals and businesses can buy and sell new, used, and unique items worldwide. It generates revenue by charging listing fees and taking a percentage of the final sale price.
Global Auctions
The eBay of today is a truly global enterprise, active in over 190 different countries worldwide. This extensive international presence not only expands the user base but also diversifies the variety of products available, offering a global shopping experience for its users, while sellers can reach buyers from all over the world. eBay is today one of the largest online marketplaces in the world, and while the business model might be similar to what Amazon and Alibaba offer, the items are more often than not more unique than what can be found on platforms focusing strictly on B2C sales.
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