EBAY Q4 FY25 earnings call EBAY

eBay concluded 2025 with strong financial results, as Gross Merchandise Volume (GMV) grew nearly 6% globally to approximately $80 billion, with U.S. GMV increasing by nearly 10%. Revenue rose by nearly 7% to $11.1 billion, outpacing GMV growth by over one point. The company also achieved a 7% increase in non-GAAP operating income, reaching nearly $3.1 billion, and a 13% growth in non-GAAP earnings per share to $5.52, exceeding initial expectations.

The company's established strategic priorities—focus categories, consumer-to-consumer (C2C), and recommerce (pre-owned and refurbished goods)—collectively accounted for approximately two-thirds of eBay's business in 2025, representing over $50 billion in unique GMV. This segment demonstrated robust growth of approximately 10% and accelerated throughout the year, reinforcing the broad-based impact of eBay's strategy. Recommerce alone constituted over 40% of the platform's GMV in 2025, highlighting its increasing importance.

eBay is leveraging its proprietary AI infrastructure to transition from generative AI pilots to scalable agentic experiences for both sellers and buyers. A new AI-powered card scanning feature for trading cards, launched in Q4, has already processed over 15 million scans. The next-generation magical listing experience, an AI-native architecture, has significantly reduced average listing time by over 25% and boosted new listing creation by more than 50%, achieving over 95% customer satisfaction. Additionally, agentic search is being rolled out to buyers, enabling natural language shopping.

In Q4, eBay expanded its global shipping capabilities with the launch of eBay International Shipping (EIS) in Canada, its third-largest corridor for U.S. imports. This initiative provides Canadian sellers with benefits such as delivery duties paid functionality and automated country of origin data. Concurrently, SpeedPAK, an end-to-end cross-border shipping solution, was made available to business sellers in Germany, automating customs documentation and tariff calculations. These advancements ensure comprehensive cross-border solutions for eBay's largest trade corridors.

eBay successfully surpassed its ambitious five-year impact goals set for 2021-2025. The company generated nearly $25 billion in positive economic impact from the sale of pre-loved and refurbished goods, exceeding its $22 billion target. Furthermore, eBay helped prevent approximately 8.2 million metric tons of carbon emissions, surpassing the 8 million target, and diverted over 360,000 metric tons of waste from landfills, exceeding the 350,000 target. These achievements underscore eBay's commitment to promoting the circular economy and delivering tangible environmental and economic benefits.