eBay grew Gross Merchandise Volume 10% in the fourth quarter of 2025, year-over-year (or 8% foreign exchange-neutral). Revenue grew 15% for the quarter, year-over-year. The same day eBay released its Q4 earnings on February 18, it announced its decision to acquire used-fashion marketplace Depop from rival Etsy for $1.2 billion.
eBay reported 16 million enthusiast buyers at the end of 2025. (“Enthusiast Buyers are defined as buyers with at least 6 purchase days and $800+ (or local currency equivalent) annual spend,” calling it a trailing 12-month metric.)
eBay CEO Jamie Iannone said, “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.”
In a Q4-2025 slide presentation on the investor relations section of its website, eBay outlined three priorities:
Focus Categories
- Focus Category GMV grew over +12% Y/Y in 2025, driven by strength in Collectibles, P&A, and Fashion.
- All Focus Categories contributed positively to growth in Q4.
C2C
- C2C GMV reaccelerated in 2025 following multiple years of investments in experience improvements.
- C2C segment represents ~1/4 of total GMV.
Recommerce
- Recommerce growth accelerated in 2025 as demand for pre-loved and refurbished goods continued to scale.
- Recommerce represents over 40% of total GMV.
For the full year 2025, eBay GMV grew 7% and revenue grew 8%. See the full eBay 4th quarter earnings press release on the eBay investor relations website.
