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Jun 30, 2025
eBay Q2 2025 Earnings Report
eBay's second quarter 2025 results exceeded expectations, driven by strong strategic execution and marketplace resilience.
Key Takeaways
eBay Inc. reported a strong second quarter in 2025, with net revenues of $2.73 billion, a 6% increase year-over-year. GAAP diluted EPS was $0.79, and non-GAAP diluted EPS reached $1.37. The company saw growth in both U.S. and International Gross Merchandise Volume, contributing to overall positive performance.
Net revenues for Q2 2025 increased by 6% year-over-year to $2.73 billion, surpassing expectations.
GAAP diluted earnings per share (EPS) for the quarter was $0.79, a significant increase from $0.45 in the prior year.
Non-GAAP diluted EPS for Q2 2025 was $1.37, up 16% compared to $1.18 in Q2 2024.
Total Gross Merchandise Volume (GMV) grew by 6% year-over-year to $19.514 billion, with both U.S. and International segments contributing to the growth.
Revenue by Geographic Location
Forward Guidance
For the third quarter of 2025, eBay expects net revenues to be between $2.69 billion and $2.74 billion, with diluted GAAP EPS ranging from $0.97 to $1.02 and diluted non-GAAP EPS from $1.29 to $1.34. Gross Merchandise Volume is projected to be between $19.2 billion and $19.6 billion.
Positive Outlook
- Projected net revenues for Q3 2025 are expected to be strong, ranging from $2.69 billion to $2.74 billion.
- Anticipated FX-Neutral year-over-year revenue growth of 3% to 5% for Q3 2025.
- Diluted GAAP EPS is forecasted to be between $0.97 and $1.02 for Q3 2025.
- Diluted non-GAAP EPS is expected to be robust, ranging from $1.29 to $1.34 for Q3 2025.
- Gross Merchandise Volume is projected to be between $19.2 billion and $19.6 billion for Q3 2025, indicating continued marketplace activity.
Challenges Ahead
- The guidance figures are forward-looking statements and reflect estimates, assumptions, and uncertainties, meaning actual results could differ materially.
- The estimated GAAP diluted EPS does not assume any gains or losses on remaining equity investments, which could impact actual results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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