eBay’s fourth quarter results were marked by broad-based growth across its strategic focus categories, consumer-to-consumer (C2C) segment, and recommerce initiatives. The management highlighted that investments in reducing transactional friction and advancing the platform’s AI-powered tools, such as the updated magical listing experience, contributed to higher engagement and increased supply of preowned goods. CEO Jamie Iannone emphasized, “Recommerce made up over 40% of GMV on the eBay platform in 2025,” crediting the company’s strategy for accelerating growth in established and emerging categories, such as collectibles and fashion.
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eBay (EBAY) Q4 CY2025 Highlights:
- Revenue: $2.97 billion vs analyst estimates of $2.88 billion (15% year-on-year growth, 3% beat)
- Adjusted EPS: $1.41 vs analyst estimates of $1.35 (4.4% beat)
- Adjusted EBITDA: $890 million vs analyst estimates of $850 million (30% margin, 4.7% beat)
- Revenue Guidance for Q1 CY2026 is $3.03 billion at the midpoint, above analyst estimates of $2.79 billion
- Adjusted EPS guidance for Q1 CY2026 is $1.56 at the midpoint, above analyst estimates of $1.48
- Operating Margin: 20.3%, in line with the same quarter last year
- Active Buyers: 135 million, in line with the same quarter last year
- Market Capitalization: $38.21 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From eBay’s Q4 Earnings Call
- Nikhil Devnani (Bernstein Research) asked what drove the broad-based improvement in U.S. growth. CEO Jamie Iannone attributed it to years of investment in focus categories, C2C, and recommerce, as well as recent marketing and product enhancements.
- Colin Sebastian (Baird) questioned whether international markets are benefiting from AI tools and focus category expansion. Iannone explained that while these initiatives are performing well, macroeconomic conditions in Europe are dampening overall growth.
- Ross Sandler (Barclays) inquired about the cadence of durable versus non-durable growth drivers, such as bullion and collectibles, through 2026. CFO Peggy Alford detailed that some Q1 acceleration is from bullion and coins, which are expected to moderate, but the majority of growth is durable.
- Nathaniel Feather (Morgan Stanley) asked about revenue synergies from the Depop acquisition and the opportunity for cross-listing. Iannone described the integration of value-added services and compared the approach to previous successes like Goldin Auctions in collectibles.
- Thomas Champion (Piper Sandler) probed the goals and benefits of eBay Live. Iannone stated that Live is contributing to double-digit growth in core categories, boosts seller engagement, and has attracted new buyers, with recent geographic expansion and high-profile activations.
Catalysts in Upcoming Quarters
Going forward, the StockStory team will be watching (1) how effectively eBay integrates Depop and leverages cross-listing and value-added services, (2) the adoption and scaling of AI-powered experiences like magical listing and agentic search for both buyers and sellers, and (3) whether eBay Live and vehicle transaction solutions gain further traction in new markets. The pace of recommerce growth and international recovery will also be key to tracking overall momentum.
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