EBay Achieves Robust 10% GMV Growth in Q4 2025, Bolstered by Strategic Acquisitions and Focus on Recommerce

San Jose, California – February 18, 2026 – eBay Inc. today announced its fourth-quarter and full-year financial results for 2025, revealing a strong performance with significant year-over-year growth in key metrics. The e-commerce giant reported a 10% increase in Gross Merchandise Volume (GMV) for the fourth quarter of 2025, reaching $28.5 billion. On a constant currency basis, GMV growth was 8%. Total revenue for the quarter also saw a substantial jump of 15%, amounting to $3.1 billion.

This positive financial update coincided with a landmark strategic announcement: eBay’s acquisition of Depop, a leading marketplace for pre-owned fashion, from its rival Etsy. The deal, valued at $1.2 billion, is set to significantly bolster eBay’s presence in the rapidly expanding recommerce sector.

For the full fiscal year 2025, eBay’s GMV grew by 7%, and revenue increased by 8%, underscoring a year of sustained progress and strategic execution. The company’s financial performance reflects the successful implementation of its core strategies, particularly its heightened focus on recommerce, a segment experiencing robust consumer demand.

At the close of 2025, eBay reported a dedicated base of 16 million "Enthusiast Buyers." This metric, defined as buyers who have made at least six purchases and spent $800 or more (or the local currency equivalent) within a trailing 12-month period, highlights a core group of highly engaged and valuable customers. The growth in this segment is a testament to eBay’s efforts in cultivating loyalty and encouraging repeat business.

Jamie Iannone, CEO of eBay, expressed his satisfaction with the company’s performance, stating, "2025 was a milestone year for eBay, and our results reflect the strength of our strategy and the disciplined execution behind it. We have built significant momentum across our strategic priorities, delivering meaningful growth and reinforcing our leadership in recommerce. As we continue to harness AI to elevate the customer experience worldwide, eBay is in the strongest position it has been in years."

The company’s strategic priorities, as outlined in a Q4-2025 slide presentation available on its investor relations website, revolve around three key pillars: Focus Categories, C2C (Consumer-to-Consumer) marketplace, and Recommerce. The acquisition of Depop directly aligns with and significantly strengthens the Recommerce pillar, a segment where eBay has been actively investing and seeking to expand its market share.

The "Focus Categories" strategy aims to concentrate resources and marketing efforts on specific verticals where eBay sees significant growth potential and competitive advantage. While the details of these specific categories were not elaborated upon in the provided information, it is understood that this approach allows eBay to better serve niche markets and cater to the specific needs of buyers and sellers within those areas.

The C2C segment remains a foundational element of eBay’s business model. This pillar continues to leverage the platform’s peer-to-peer selling capabilities, empowering individuals to buy and sell a wide array of goods. Maintaining and growing this segment is crucial for the overall health and vibrancy of the eBay marketplace.

The "Recommerce" pillar, now significantly enhanced by the Depop acquisition, represents eBay’s strategic push into the circular economy. This includes the resale of used goods, vintage items, and pre-owned fashion. The market for recommerce has seen exponential growth, driven by increasing consumer awareness of sustainability, the desire for unique and affordable items, and the inherent value of pre-owned products. Depop, with its strong appeal to younger demographics and its established community of fashion enthusiasts, is expected to introduce a new wave of buyers and sellers to eBay, further solidifying its leadership in this domain.

The integration of Depop is anticipated to bring a wealth of benefits. Depop’s innovative platform and curated selection of pre-loved fashion will complement eBay’s existing offerings, potentially driving cross-pollination of users and increasing overall GMV. Furthermore, eBay’s extensive infrastructure and global reach can provide Depop with the resources and support needed to scale its operations and reach a broader audience.

The acquisition price of $1.2 billion reflects the significant market position and growth potential of Depop. Etsy’s decision to divest Depop signals a strategic shift for the company, potentially allowing it to focus more intently on its own core marketplaces. For eBay, this move is a clear indicator of its commitment to expanding its footprint in high-growth segments of the e-commerce landscape.

Looking ahead, eBay’s continued investment in artificial intelligence (AI) is expected to play a pivotal role in enhancing the customer experience across its platform. AI is being leveraged to improve search functionality, personalize recommendations, optimize seller tools, and detect fraudulent activity, all contributing to a more seamless and efficient marketplace for both buyers and sellers.

The company’s financial report, including the full fourth-quarter and full-year 2025 results, is available on the eBay investor relations website. The strong performance in the fourth quarter of 2025, coupled with the strategic acquisition of Depop, positions eBay for continued growth and reinforces its competitive standing in the global e-commerce market. The company’s commitment to its strategic priorities, particularly in the burgeoning recommerce sector, signals a clear path towards sustained success and market leadership.