Short answer
eBay Inc. (EBAY) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $11.1B (+7.9% year over year) and net income of $2.0B.
- Top risk flagged: Regulatory risk: impact of U.S. tariffs and elimination of de minimis trade exemption causing increased canceled orders and return rates in 2025
FY2025 key financial metrics · XBRL
- Revenue
- $11.1B
- +7.9% YoY
- Net income
- $2.0B
- +2.8% YoY
- Operating margin
- 20.5%
- −2.0 pp YoY
- Gross margin
- 71.5%
- −0.5 pp YoY
- EPS (diluted)
- $4.34
- +10.2% YoY
- ROE
- 44.0%
- +5.7 pp YoY
- Operating cash flow
- $2.0B
- −18.8% YoY
Source: XBRL data from the eBay Inc. (EBAY) FY2025 10-K on SEC EDGAR. USD.
eBay Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global third-party online marketplace connecting 135 million buyers and sellers across 190+ markets
- New offerings: AI-powered listing tools using Generative AI, Secure Purchase for end-to-end digital vehicle transactions, live commerce experiences via eBay Live
- Strategic shift: Enhanced focus on AI-driven personalized discovery, seller tools, and sustainable commerce with expanded Focus Categories like trading cards and refurbished goods
- Quantitative: Nearly $80B Gross Merchandise Volume (GMV) in 2025 with 51% generated outside U.S.; over $1B Seller Capital funding provided
- Noteworthy: Achieved 100% renewable electricity sourcing for offices/data centers in 2025 for second straight year; set science-based net-zero emissions target for 2045
Management Discussion & Analysis
- Revenue $11.1B, up 8% YoY from $10.3B in 2024 driven by higher GMV, advertising growth, and U.K. shipping ramp
- Operating margin 20.5% vs 22.5% in 2024, decline due to legal, restructuring expenses and higher shipping costs
- Marketplace revenue $9.1B up 5%, Advertising $2.0B up 22%, Advertising fastest growth segment, Marketplace largest revenue base
- Cash flow from operations $2.0B vs $2.4B in 2024; Stock buybacks $2.5B, dividends $531M, equity investment distribution $225M
- Incremental $2B stock repurchase authorized; $1.2B Depop acquisition pending Q2 2026 close; FX volatility and geopolitical risks noted
Risk Factors
- Regulatory risk: impact of U.S. tariffs and elimination of de minimis trade exemption causing increased canceled orders and return rates in 2025
- Macroeconomic threat: continued challenging international macroeconomic conditions through 2025 partially offsetting GMV growth outside U.S.
- Supply chain vulnerability: $108 million increase in 2025 shipping costs and higher payment processing costs due to ramping of U.K. shipping program
- Competitive risk: expansion of Klarna buyer payment option in U.S. drives GMV growth amid intensified competition in payment solutions
- Financial risk: $2.5 billion stock repurchases in 2025 reducing cash, with $0.8 billion remaining authorized and additional $2 billion authorized in Feb 2026
Generated from the filing text; verify against the original. How to read a 10-K
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