eBay Reports 9% Revenue Growth to $2.82 Billion in Q3 2025

eBay Inc. reported a 9% increase in net revenues for the third quarter of 2025, reaching $2.82 billion, compared to $2.58 billion in the same period last year. This growth was primarily driven by higher gross merchandise volume (GMV), increased penetration of first-party advertising, and the ramping of the U.K. managed shipping program. However, the company noted that this increase was partially offset by lower seller fees associated with its U.K. consumer-to-consumer initiative. For the nine months ended September 30, 2025, net revenues also rose by 6% to $8.14 billion from $7.70 billion in the prior year.

Operating income for the third quarter decreased to $576 million, down from $595 million a year earlier, resulting in an operating margin of 20.4%, compared to 23.1% in the same quarter of 2024. The decline in operating margin was attributed to higher non-recurring general and administrative expenses related to legal matters and restructuring. eBay generated cash flow from continuing operating activities of $934 million for the quarter, an increase from $755 million in the same period last year.

In terms of strategic developments, eBay completed the acquisition of Caramel, an online automotive transaction solution provider, which contributed to a $107 million increase in goodwill, bringing the total to $4.38 billion. The company also repurchased $625 million of its common stock during the quarter and declared a cash dividend of $0.29 per share, to be paid in December 2025. eBay's total assets decreased to $17.79 billion as of September 30, 2025, down from $19.37 billion at the end of 2024, primarily due to a reduction in short-term investments.

eBay's user engagement metrics showed a positive trend, with GMV increasing by 10% year-over-year to $20.1 billion for the third quarter. The company reported that its U.S. GMV grew by 12%, while international GMV increased by 7%. The take rate, defined as net revenues divided by GMV, remained stable at 14.03%. eBay's customer accounts and funds receivable also rose to $1.26 billion, up from $962 million at the end of 2024, indicating a growing user base and increased transaction activity.

Looking ahead, eBay anticipates continued challenges from geopolitical events, inflationary pressures, and changes in global trade policies, which may impact consumer spending and operational costs. The company remains focused on executing its strategic initiatives to drive growth, particularly in its focus categories, while navigating the evolving market landscape.