eBay Inc. (Nasdaq: EBAY) — research brief (BMC #081 on gallery, queue id 80)

Prepared 2026-10-11 (America/Chicago). Labels: FACT = stated by the company in its Form 10-K for fiscal 2025 (filed 19 Feb 2026, audited) or its Form 10-Q for the quarter ended 30 Jun 2026 (filed 6 Aug 2026, unaudited). SECONDARY = none used for figures. INFERENCE = ratios or sums computed by this project from company numbers.

Sources (accessed 2026-10-11)

Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1065088/000106508826000027/ebay-20251231.htm
Form 10-Q, quarter ended 30 Jun 2026: https://www.sec.gov/Archives/edgar/data/1065088/000106508826000177/ebay-20260630.htm
Company site: https://www.ebay.com
Logo: project monogram ("e" on a red tile), not eBay's official mark. Trademark of its owner; identification only.

Teaching arc

Own no inventory: host buyers and sellers, take about 14 cents of every dollar sold as fees, add advertising and shipping on top, and use trust programs plus enthusiast categories to keep volume growing — then return most of the cash to shareholders.

Key numbers (FACT unless noted)

FY2025

Net revenues $11,100M (2024 $10,283M, +8%; 2023 $10,112M). Marketplace $9,107M (+5%), advertising $1,993M (+22%). U.S. $5,789M (52%), international $5,311M (48%).
GMV $79,609M (2024 $74,667M, +7%; FX-neutral +6%); take rate 13.94% (2024 13.77%). 51% of GMV from outside the U.S.
Cost of net revenues $3,169M (29% of revenue); sales and marketing $2,394M; product development $1,642M; G&A $1,198M (includes $91M leader transitions/restructuring and $61M legal accruals); transaction losses $396M; amortization $24M.
Income from operations $2,277M (margin 20.5% vs 22.5%); interest expense $246M; income tax $311M (13.5% effective); income from continuing operations $1,996M; net income $2,031M.
Operating cash flow $1,959M (continuing about $2.0B); purchases of property and equipment $525M; buybacks $2,500M; dividends $531M. After-capex cash $1,434M and total shareholder returns $3,031M are INFERENCE sums.
135M active buyers, 2.5B live listings, ~12,300 employees (~7,200 U.S.). Cash $1,867M, short-term investments $1,052M; long-term debt $5,996M, short-term debt $750M (Dec 31, 2025).
Events: $1.0B senior notes issued; $425M 5.900% notes redeemed and $800M 1.900% notes repaid; $225M distribution from Aurelia; eBay for Charity nearly $198M raised; $2.0B added to buyback authorization (Feb 2026).

H1 / Q2 2026 (10-Q)

Net revenues H1 $6,223M vs $5,315M (+17%); marketplace $5,046M, advertising $1,177M (vs $924M, +27% INFERENCE ratio). Q2 $3,134M (+15%).
GMV H1 $44,595M (+17%); take rate 13.95%. Q2 GMV $22,398M (+15%), take rate 13.99%.
Income from operations H1 $1,287M (vs $1,090M); Q2 operating margin 21.6%; net income H1 $1,062M (vs $863M).
Revenue by geography H1: U.S. $3,490M, U.K. $774M, China $653M, rest of world $1,306M.
Operating cash flow H1 $1,492M; capex $295M; repurchases $809M; dividends $277M; repaid $750M 1.400% notes.
Depop Limited: agreed Feb 2026 for $1.2B cash; closed Jul 30, 2026; $1.4B paid including preliminary adjustments; purchase accounting not yet complete.

Cautions

Take rate and GMV are company-defined; GMV includes shipping and taxes and is not reduced for returns or cancellations.
Marketplace revenue includes store subscriptions and shipping fees without separate dollar figures; this brief does not split them.
Ratios and sums labeled INFERENCE are this project's arithmetic from company figures.

# eBay Inc. (Nasdaq: EBAY) — research brief (BMC #081 on gallery, queue id 80) Prepared 2026-10-11 (America/Chicago). Labels: **FACT** = stated by the company in its Form 10-K for fiscal 2025 (filed 19 Feb 2026, audited) or its Form 10-Q for the quarter ended 30 Jun 2026 (filed 6 Aug 2026, unaudited). **SECONDARY** = none used for figures. **INFERENCE** = ratios or sums computed by this project from company numbers. ## Sources (accessed 2026-10-11) - Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1065088/000106508826000027/ebay-20251231.htm - Form 10-Q, quarter ended 30 Jun 2026: https://www.sec.gov/Archives/edgar/data/1065088/000106508826000177/ebay-20260630.htm - Company site: https://www.ebay.com - Logo: project monogram ("e" on a red tile), **not** eBay's official mark. Trademark of its owner; identification only. ## Teaching arc **Own no inventory: host buyers and sellers, take about 14 cents of every dollar sold as fees, add advertising and shipping on top, and use trust programs plus enthusiast categories to keep volume growing — then return most of the cash to shareholders.** ## Key numbers (FACT unless noted) **FY2025** - Net revenues $11,100M (2024 $10,283M, +8%; 2023 $10,112M). Marketplace $9,107M (+5%), advertising $1,993M (+22%). U.S. $5,789M (52%), international $5,311M (48%). - GMV $79,609M (2024 $74,667M, +7%; FX-neutral +6%); take rate 13.94% (2024 13.77%). 51% of GMV from outside the U.S. - Cost of net revenues $3,169M (29% of revenue); sales and marketing $2,394M; product development $1,642M; G&A $1,198M (includes $91M leader transitions/restructuring and $61M legal accruals); transaction losses $396M; amortization $24M. - Income from operations $2,277M (margin 20.5% vs 22.5%); interest expense $246M; income tax $311M (13.5% effective); income from continuing operations $1,996M; net income $2,031M. - Operating cash flow $1,959M (continuing about $2.0B); purchases of property and equipment $525M; buybacks $2,500M; dividends $531M. After-capex cash $1,434M and total shareholder returns $3,031M are **INFERENCE** sums. - 135M active buyers, 2.5B live listings, ~12,300 employees (~7,200 U.S.). Cash $1,867M, short-term investments $1,052M; long-term debt $5,996M, short-term debt $750M (Dec 31, 2025). - Events: $1.0B senior notes issued; $425M 5.900% notes redeemed and $800M 1.900% notes repaid; $225M distribution from Aurelia; eBay for Charity nearly $198M raised; $2.0B added to buyback authorization (Feb 2026). **H1 / Q2 2026 (10-Q)** - Net revenues H1 $6,223M vs $5,315M (+17%); marketplace $5,046M, advertising $1,177M (vs $924M, +27% INFERENCE ratio). Q2 $3,134M (+15%). - GMV H1 $44,595M (+17%); take rate 13.95%. Q2 GMV $22,398M (+15%), take rate 13.99%. - Income from operations H1 $1,287M (vs $1,090M); Q2 operating margin 21.6%; net income H1 $1,062M (vs $863M). - Revenue by geography H1: U.S. $3,490M, U.K. $774M, China $653M, rest of world $1,306M. - Operating cash flow H1 $1,492M; capex $295M; repurchases $809M; dividends $277M; repaid $750M 1.400% notes. - Depop Limited: agreed Feb 2026 for $1.2B cash; closed Jul 30, 2026; $1.4B paid including preliminary adjustments; purchase accounting not yet complete. ## Cautions - Take rate and GMV are company-defined; GMV includes shipping and taxes and is not reduced for returns or cancellations. - Marketplace revenue includes store subscriptions and shipping fees without separate dollar figures; this brief does not split them. - Ratios and sums labeled INFERENCE are this project's arithmetic from company figures.