eBay Reports Strong 2025 Growth, Plans $1.2B Depop Acquisition
Event summary
- eBay reported $3.0B in Q4 2025 revenue, up 15% YoY, with full-year revenue reaching $11.1B, up 8% YoY.
- GMV grew 10% YoY to $21.2B in Q4 2025, with full-year GMV at $79.6B, up 7% YoY.
- eBay announced a definitive agreement to acquire Depop from Etsy for approximately $1.2B in an all-cash transaction.
- The company returned $756M to stockholders in Q4 2025, including $625M in share repurchases and $131M in cash dividends.
- eBay expanded its Authenticity Guarantee and launched AI-powered tools to enhance customer experience.
The big picture
eBay's strong financial performance in 2025 underscores its strategic focus on recommerce and AI-driven customer experience. The acquisition of Depop positions eBay to capture a larger share of the pre-loved fashion market, a segment experiencing sustained global growth. The company's commitment to sustainability and circular economy aligns with broader industry trends, enhancing its long-term value proposition.
What we're watching
- Integration Challenges
- How eBay will integrate Depop's operations and culture into its existing platform.
- AI Adoption
- The pace at which eBay's AI-powered tools will drive seller engagement and GMV growth.
- Market Positioning
- Whether eBay can sustain its leadership in recommerce amid increasing competition.
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