San Jose-based eBay Inc. reported second-quarter 2025 net revenue of $2.73 billion, up 6 percent year-over-year on an as‑reported basis and 4 percent on a foreign‑exchange-neutral basis. Gross merchandise volume (GMV) also rose to $19.5 billion, reflecting similar growth metrics. GAAP net income from continuing operations came in at $369 million, or $0.79 per diluted share, up from $226 million a year earlier. On a non-GAAP basis, net income reached $643 million, or $1.37 per share, a 16 percent increase and above analysts’ expectations.
Revenue growth was broad-based, with GMV in the US increasing 7.2 percent, helping drive acceleration across focus categories such as collectibles and motors, parts & accessories. Advertising revenue totaled $482 million, or 2.5 percent of GMV, growing 19 percent on an as-reported basis and 17 percent FX-neutral. Active buyers reached 134 million, up 1 percent year-over-year.
eBay generated negative operating cash flow of $307 million and free cash flow of $441 million, reflecting higher working capital requirements. The company returned $759 million to shareholders, including $625 million in share repurchases and $134 million in dividends.
With results ahead of plan, eBay raised its full-year 2025 revenue and earnings outlook, citing continued marketplace resilience and execution strength.
