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How eBay (EBAY) makes money
eBay (EBAY) made $3.2B of revenue in the third quarter 2026 (Q3 2026), +14% from a year earlier. Marketplace revenues brought in $2.6B (81%); Advertising revenues brought in $607M (19%). Of every dollar of revenue, 72¢ was left as gross profit, 19¢ was left as operating profit, 16¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Marketplace revenues | $2.6B | 81.1% | +2% | +13% |
| Advertising revenues | $607M | 18.9% | +2% | +16% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $3.2B | 100.0% |
| Cost of revenue | $887M | 27.7% |
| Gross profit | $2.3B | 72.3% |
| Operating expenses | $1.7B | 53.1% |
| Operating profit | $616M | 19.2% |
| Income tax | $104M | 3.2% |
| Net earnings | $497M | 15.5% |
| Operating cash flow | $875M | 27.3% |
| Free cash flow | $749M | 23.4% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $3.2B | +14% |
| Q2 2026 | $3.1B | +15% |
| Q1 2026 | $3.1B | +20% |
| Q4 2025 | $3.0B | +15% |
| Q3 2025 | $2.8B | +10% |
| Q2 2025 | $2.7B | +6% |
| Q1 2025 | $2.6B | +1% |
From eBay's 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does eBay make money?
eBay (EBAY) made $3.2B of revenue in the third quarter 2026 (Q3 2026), +14% from a year earlier. Marketplace revenues brought in $2.6B (81%); Advertising revenues brought in $607M (19%). Of every dollar of revenue, 72¢ was left as gross profit, 19¢ was left as operating profit, 16¢ was left as net earnings.
What is eBay's biggest business?
Marketplace revenues: $2.6B in the third quarter 2026, 81% of revenue, +13% from a year earlier.
What is eBay's profit margin?
Net earnings were $497M, 15.5% of revenue, in the third quarter 2026; the operating margin was 19.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.