eBay (EBAY) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Consumer Discretionary· Feb 18, 2026

Source: earnings call transcript

eBay delivered strong Q4 FY25 results, exceeding expectations with accelerated GMV and revenue growth driven by strategic priorities and emerging vectors. The acquisition of Depop further strengthens its C2C and fashion segments, though it is expected to be dilutive in the near term. Management remains optimistic about continued growth and AI innovation in 2026, balancing strategic investments with operational discipline and shareholder returns.

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EBAY operating KPIs by quarter

EBAY operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Sep 2025 Q3 FY25	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Active buyers	<134M Active buyers grew over 1% to nearly 134 million in Q4. Source: earnings call transcript	134M Our trailing 12-month active buyers grew over 1% to $134 million in the first quarter. Source: earnings call transcript	134M+ Our trailing 12-month active buyers were over 134 million in Q3, up 1% year-over-year. Source: earnings call transcript	—	—	136M Active buyers grew nearly 2% to 136 million on a trailing 12-month basis, including buyers from recently acquired, Tise. Source: earnings call transcript	—
Enthusiast buyers	~16M Enthusiast buyers remained stable at roughly 16 million and spend per enthusiast buyer grew slightly year-over-year to more than $3,100. Source: earnings call transcript	—	~16M Enthusiast buyers remained stable at roughly $16 million, while spend per enthusiast buyer grew year-over-year to over $3,200 on a trailing 12-month basis. Source: earnings call transcript	~16M Enthusiast buyers were stable at roughly 16 million while spend per enthusiast buyer grew year-over-year to over $3,300 on a trailing 12-month basis. Source: earnings call transcript	—	16M Enthusiast buyers totaled 16 million and grew by nearly 3% year-over-year and spend per enthusiast buyer increased to approximately $3,600 on a trailing 12-month basis. Source: earnings call transcript	—
Spend per enthusiast buyer	$3,100+ Enthusiast buyers remained stable at roughly 16 million and spend per enthusiast buyer grew slightly year-over-year to more than $3,100. Source: earnings call transcript	$3,100+ Enthusiast buyers grew roughly 16 million and spend per enthusiast buyer grew slightly year-over-year and remained at over $3,100. Source: earnings call transcript	$3,200+ Enthusiast buyers remained stable at roughly $16 million, while spend per enthusiast buyer grew year-over-year to over $3,200 on a trailing 12-month basis. Source: earnings call transcript	$3,300+ Enthusiast buyers were stable at roughly 16 million while spend per enthusiast buyer grew year-over-year to over $3,300 on a trailing 12-month basis. Source: earnings call transcript	$3,400+ Enthusiast buyers remained at roughly $16 million, but grew by nearly 2% year-over-year and spend exceeded $3,400 on a trailing 12-month basis. Source: earnings call transcript	~$3,600 Enthusiast buyers totaled 16 million and grew by nearly 3% year-over-year and spend per enthusiast buyer increased to approximately $3,600 on a trailing 12-month basis. Source: earnings call transcript	—
Sellers adopting advertising products	~3.4M Approximately 3.4 million sellers adopted a single ad product during the quarter, and we ended Q4 with more than 1.1 billion live Promoted Listings out of nearly $2.3 billion total listings on eBay. Source: earnings call transcript	3.7M+ Over 3.7 million sellers adopted a single Promoted Listing product during Q1. Source: earnings call transcript	4.4M+ Active Promoted Listings comprised nearly 1.2 billion of more than 2.4 billion total listings on eBay, while over 4.4 million sellers adopted at least a single Promoted Listings product during the quarter. Source: earnings call transcript	4.8M Promoted listings comprised nearly 1.2 billion of the roughly 2.5 billion total listings on eBay while 4.8 million sellers adopted at least 1 promoted listing product during the quarter. Source: earnings call transcript	5.2M Promoted Listings comprised over $1.2 billion of the over $2.5 billion total listings on eBay and 5.2 million sellers adopted at least 1 promoted listing product during the quarter. Source: earnings call transcript	5.7M Promoted Listings comprised nearly $1.3 billion of the $2.6 billion total listings on eBay and 5.7 million sellers adopted at least 1 promoted listing product during the quarter. Source: earnings call transcript	+9.6%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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