eBay

eBay (Nasdaq: EBAY) runs a global third-party marketplace where it never owns the goods: it charges sellers a commission on each paid sale, sells them ads to be seen, and in some countries sells shipping. FY2025 (year ended Dec 31, 2025) revenue was $11.10B (+8%) on $79.6B of gross merchandise volume (GMV, the total value of paid sales), a take rate of 13.94%, with operating income of $2.28B and net income of $2.03B. Marketplace fees were $9.11B (82%) and advertising $1.99B (18%, +22%). 135 million active buyers and 2.5 billion live listings sit on the platform; 51% of GMV came from outside the U.S. eBay returned $3.0B to shareholders in 2025 ($2.5B of buybacks plus $531M of dividends) and agreed in Feb 2026 to buy Depop, a fashion resale marketplace, which closed Jul 30, 2026 for about $1.4B in cash. H1 2026 revenue was $6.22B (+17%) on $44.6B of GMV (+17%), with net income of $1.06B.

Click any of the 9 blocks below for a plain-language story of how that part of the model works for eBay — and how it connects to the others.