Key Partners
- Shipping carriers — deliver items and provide tracking; delays or losses can raise guarantee costs (FACT).
- Payments and buy-now-pay-later — Klarna option expansion helped U.S. GMV in 2025 (FACT).
- PSA — one-click card grading and resale for trading cards (FACT).
- Authentication providers — third parties handle part of Authenticity Guarantee checks (FACT).
- Seller Capital funding partners — more than $1B in cumulative funding to small businesses (FACT).
- Depop — consumer-to-consumer fashion marketplace bought for about $1.4B cash, closed Jul 30, 2026 (FACT).
Key Activities
- Marketplace operations — search, recommendations, AI shopping agent pilot (FACT).
- Trust and safety — Money Back and Authenticity Guarantees (FACT).
- Seller tools — Gen AI listing prefill, ad dashboards (FACT).
- Ads and shipping — Promoted Listings, U.K. and U.S. shipping programs (FACT).
- Compliance — de minimis end, EU DSA, 1099-K rules (FACT).
- Acquisitions — Depop closed Jul 30, 2026 (FACT).
Key Resources
- 135 million active buyers and 2.5 billion live listings at end of 2025 (FACT).
- Brand and community — founded 1995, available in more than 190 markets (FACT).
- Technology platform — proprietary plus third-party systems; $134M of platform development capitalized in 2025 (FACT).
- About 12,300 employees at Dec 31, 2025, about 7,200 in the U.S. (FACT).
- $1.87B cash and $1.05B short-term investments at Dec 31, 2025 (FACT).
Value Propositions
- Selection — 2.5 billion live listings across new, refurbished and pre-owned goods (FACT).
- Trust — Money Back Guarantee, Authenticity Guarantee on eligible luxury, collectible and high-value items (FACT).
- Seller reach — 135 million active buyers in more than 190 markets (FACT).
- Enthusiast categories — motors parts, collectibles, refurbished, apparel, luxury, sneakers (FACT).
- Low cost of entry for sellers, from individuals to global businesses (FACT).
Customer Relationships
- Money Back Guarantee refunds if an item does not arrive, is damaged or differs from its description (FACT).
- Customer support and disputes — included in cost of net revenues (FACT).
- eBay Live — interactive live shopping for enthusiast categories (FACT).
- eBay for Charity — nearly $198M raised in 2025 (FACT).
- Seller dashboards, Store subscriptions and Seller Capital financing (FACT).
Channels
- ebay.com and localized country sites in more than 190 markets (FACT).
- Mobile apps — a suite of apps (FACT).
- Off-platform marketplaces — listings shown elsewhere (FACT).
- Paid search, affiliate, display and brand marketing (FACT).
- eBay Live — live shopping events as a discovery channel (FACT).
Customer Segments
- Enthusiast buyers in Focus Categories — motors parts, collectibles, refurbished, apparel, luxury, sneakers (FACT).
- Sellers — individuals to global businesses (FACT).
- Cross-border trade — 51% of 2025 GMV outside the U.S. (FACT).
- Seller-advertisers — buy Promoted Listings (FACT).
- Gen Z and Millennial fashion shoppers via Depop (FACT).
Cost Structure
- Cost of net revenues $3,169M, 29% of revenue (FACT).
- Sales and marketing $2,394M, product development $1,642M (FACT).
- General and administrative $1,198M, including $91M of restructuring and leadership transitions (FACT).
- Transaction losses $396M from buyer protection and chargebacks (FACT).
- Interest expense $246M; capital spending $525M (FACT).
Revenue Streams
- Marketplace revenue $9,107M in FY25, 82% of the total (FACT).
- Advertising revenue $1,993M in FY25, +22% (FACT).
- GMV $79.6B and take rate 13.94% in FY25 (FACT).
- U.S. 52% and international 48% of revenue (FACT).
- H1 2026 revenue $6,223M (+17%), GMV $44.6B (+17%) (FACT).