Filing Flows › eBay (EBAY) › Q4 2025
eBay (EBAY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
eBay (EBAY) reported revenue of $3.0B for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and +5% from the quarter before. Operating margin was 20.8%, net earnings $540M (18.2% of revenue).
eBay, Q4 2025: revenue $3.0B (+15% year over year), operating margin 20.8%, net earnings $540M, operating cash flow $583M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.0B | +5% | +15% |
| Gross profit | $2.0B | +0.5% | +9% |
| Operating profit | $616M | +8% | +13% |
| Net earnings | $540M | -14% | -20% |
| Operating cash flow | $583M | -39% | -14% |
| Free cash flow | $466M | -44% | -17% |
What changed
Revenue was $3.0B in Q4 2025, up 15% year over year and up 5% from the previous quarter. Marketplace revenues was the largest line at 82% of revenue.
Gross margin was 68.7%, down 3.5 points from a year earlier. Operating profit was $0.62B, a 20.8% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 19% reached operating profit, below the 21% margin then. Operating expenses grew 8% against revenue growth of 15%. The fastest-growing cost line was General & admin (+18%). Net earnings were $0.54B, down 20% year over year. The effective tax rate was 15.8%.
Operating cash flow was $0.58B (down 14% year over year), 108% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $0.16B of share-based compensation. Working capital and other items used $0.23B. Capital expenditures of $0.12B left free cash flow of $0.47B.
Questions
What was eBay's revenue in the fourth quarter 2025?
eBay (EBAY) reported revenue of $3.0B for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and +5% from the quarter before.
Was eBay profitable in the fourth quarter 2025?
Operating profit was $616M (20.8% of revenue) and net earnings $540M.
Source: eBay 10-K on SEC EDGAR.