eBay Ends 2025 with 'Incredible Momentum'

Q4 Results Exceed Expectations as Marketplace Sees Accelerating GMV, Revenue Growth

Published on Feb. 23, 2026

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eBay (NASDAQ:EBAY) executives reported the company ended 2025 with 'incredible momentum,' pointing to fourth-quarter results that exceeded internal expectations and a year marked by accelerating gross merchandise volume (GMV) growth, higher revenue, and continued investment in product innovation.

Why it matters

eBay's strong Q4 and full-year 2025 performance highlights the company's ability to drive growth across key strategic priorities like Focus Categories, consumer-to-consumer (C2C) sales, and 'recommerce' (pre-owned and refurbished goods). The results also demonstrate eBay's success in monetizing the platform through initiatives like advertising and shipping programs.

The details

CEO Jamie Iannone said global GMV grew nearly 6% in 2025 to approximately $80 billion, with U.S. GMV up nearly 10%. He highlighted broad-based strength across Focus Categories, C2C, and recommerce, which together comprised roughly two-thirds of the business. For Q4, CFO Peggy Alford reported GMV growth of over 8% to $21.2 billion and revenue growth of over 13% to $2.96 billion. Non-GAAP operating income rose over 11% to $775 million, and non-GAAP EPS increased nearly 13% to $1.41.

  • eBay ended 2025 with 'incredible momentum'.
  • In Q4 2025, GMV grew over 8% to $21.2 billion and revenue grew over 13% to $2.96 billion.

The players

Jamie Iannone

CEO of eBay.

Peggy Alford

CFO of eBay.

eBay

A global e-commerce company that operates an online marketplace connecting individual consumers and businesses for the sale and purchase of new, used and collectible goods.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.