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eBay (EBAY) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
eBay (EBAY) reported revenue of $2.6B for the first quarter 2025 (Q1 2025), +1% from a year earlier and +0.2% from the quarter before. Operating margin was 23.6%, net earnings $499M (19.3% of revenue).
eBay, Q1 2025: revenue $2.6B (+1% year over year), operating margin 23.6%, net earnings $499M, operating cash flow $755M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.6B | +0.2% | +1% |
| Gross profit | $1.9B | +1% | +2% |
| Operating profit | $611M | +13% | -3% |
| Net earnings | $499M | -27% | +14% |
| Operating cash flow | $755M | +12% | +23% |
| Free cash flow | $612M | +9% | +30% |
What changed
Revenue was $2.6B in Q1 2025, up 1% year over year and roughly flat from the previous quarter. Marketplace revenues was the largest line at 83% of revenue. Advertising revenues added $0.06B year over year (up 15%), 200% of the total change. Marketplace revenues declined 1%.
Gross margin was 73.0%, up 0.4 points from a year earlier. Operating profit was $0.61B, a 23.6% margin (down 1.1 points year over year). Operating profit fell $0.02B even though revenue rose $0.03B versus a year earlier, so costs grew faster than sales. Operating expenses grew 4% against revenue growth of 1%. The fastest-growing cost line was Other operating costs (+24%). Net earnings were $0.50B, up 14% year over year. The effective tax rate was 20.4%.
Operating cash flow was $0.76B (up 23% year over year), 151% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.14B of share-based compensation. Working capital and other items added $0.04B. Capital expenditures of $0.14B left free cash flow of $0.61B.
Questions
What was eBay's revenue in the first quarter 2025?
eBay (EBAY) reported revenue of $2.6B for the first quarter 2025 (Q1 2025), +1% from a year earlier and +0.2% from the quarter before.
Was eBay profitable in the first quarter 2025?
Operating profit was $611M (23.6% of revenue) and net earnings $499M.
Source: eBay 10-Q on SEC EDGAR.