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eBay (EBAY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
eBay (EBAY) reported revenue of $2.7B for the second quarter 2025 (Q2 2025), +6% from a year earlier and +6% from the quarter before. Operating margin was 17.5%, net earnings $364M (13.3% of revenue).
eBay, Q2 2025: revenue $2.7B (+6% year over year), operating margin 17.5%, net earnings $364M, operating cash flow −$340M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.7B | +6% | +6% |
| Gross profit | $2.0B | +5% | +8% |
| Operating profit | $479M | -22% | -13% |
| Net earnings | $364M | -27% | +62% |
| Operating cash flow | −$340M | -145% | — |
What changed
Revenue was $2.7B in Q2 2025, up 6% year over year and up 6% from the previous quarter. Marketplace revenues was the largest line at 82% of revenue. Advertising revenues added $0.08B year over year (up 21%), 53% of the total change.
Gross margin was 72.5%, up 1.1 points from a year earlier. Operating profit was $0.48B, a 17.5% margin (down 3.8 points year over year). Operating profit fell $0.07B even though revenue rose $0.16B versus a year earlier, so costs grew faster than sales. Operating expenses grew 17% against revenue growth of 6%. The fastest-growing cost line was General & admin (+54%). Net earnings were $0.36B, up 62% year over year. The effective tax rate was 22.7%.
Operating cash flow was −$0.34B. Non-cash charges added back $0.11B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items used $1.0B. Capital expenditures of $0.13B exceeded it, leaving free cash flow of −$0.47B.
Questions
What was eBay's revenue in the second quarter 2025?
eBay (EBAY) reported revenue of $2.7B for the second quarter 2025 (Q2 2025), +6% from a year earlier and +6% from the quarter before.
Was eBay profitable in the second quarter 2025?
Operating profit was $479M (17.5% of revenue) and net earnings $364M.
Source: eBay 10-Q on SEC EDGAR.