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eBay (EBAY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
eBay (EBAY) reported revenue of $2.8B for the third quarter 2025 (Q3 2025), +9% from a year earlier and +3% from the quarter before. Operating margin was 20.2%, net earnings $628M (22.3% of revenue).
eBay, Q3 2025: revenue $2.8B (+10% year over year), operating margin 20.2%, net earnings $628M, operating cash flow $961M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.8B | +3% | +9% |
| Gross profit | $2.0B | +2% | +10% |
| Operating profit | $571M | +19% | -4% |
| Net earnings | $628M | +73% | -0.9% |
| Operating cash flow | $961M | — | +27% |
| Free cash flow | $830M | — | +28% |
What changed
Revenue was $2.8B in Q3 2025, up 9% year over year and up 3% from the previous quarter. Marketplace revenues was the largest line at 81% of revenue. Marketplace revenues added $0.13B year over year (up 6%), 52% of the total change.
Gross margin was 71.8%, up 0.1 points from a year earlier. Operating profit was $0.57B, a 20.2% margin (down 2.8 points year over year). Operating profit fell $0.02B even though revenue rose $0.24B versus a year earlier, so costs grew faster than sales. Operating expenses grew 16% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+53%). Net earnings were $0.63B, down 1% year over year. The effective tax rate was -4.1%.
Operating cash flow was $1.0B (up 27% year over year), 153% of net earnings. Non-cash charges added back $0.11B of depreciation and amortization and $0.15B of share-based compensation. Working capital and other items added $0.08B. Capital expenditures of $0.13B left free cash flow of $0.83B.
Questions
What was eBay's revenue in the third quarter 2025?
eBay (EBAY) reported revenue of $2.8B for the third quarter 2025 (Q3 2025), +9% from a year earlier and +3% from the quarter before.
Was eBay profitable in the third quarter 2025?
Operating profit was $571M (20.2% of revenue) and net earnings $628M.
Source: eBay 10-Q on SEC EDGAR.