eBay is seeing sustained growth, with a full year of beating investor forecasts and more importantly are back to double digit GMV growth over a sustained period of time according to the eBay Q4 2025 Earnings.
This is fantastic to see, at one point eBay appeared to have retreated and happy to accept flat growth (or even negative growth) so long as they extracted higher profits (i.e. higher fees) for fewer sales. Now, after years of investments under CEO Jamie Iannone, the results are starting to feed through into sales with GMV up, focus category GMV growing even faster, and just about every metric looking healthy.
Here in the UK, we’re also seeing a renewed sense of confidence from eBay. They’re holding more events in 2026 than ever, a ton of initiatives from ProTrader and Start Up Scale Up to help sellers grow, the eBay for Business Awards, Up & Running Awards, eBay Open and so much more.
If you’ve ever doubted eBay’s ability to execute, rest assured that the marketplace is bouncing back from the doldrum years and is stronger than ever. Yes, it might be fair to say that focus categories recommerce (Fashion and Refurbished Tech) aren’t selling new product, but it’s also true to say that enthusiast buyers in these categories go on to be some of eBay’s most valuable buyers and their spend inevitably flows into other categories over time.
eBay Q4 2025 Earnings Highlights
Here are some of the key numbers from eBay’s eBay Q4 2025 Earnings (And we’ve not even mentioned the upcoming Depop acquisition which we’ve previously written about).
- Gross merchandise volume grew by nearly 6% to approximately $80 billion globally in 2025, while U.S. GMV grew by nearly 10%
- Focus category GMV growth accelerated to over 12%
- Focus category C2C and recommerce, represented about two thirds of eBay’s business in 2025, or more than $50 billion of unique GMV, growing by about 10%.
- The collectibles category was the largest contributor to GMV growth in Q4
- Motors, Parts and Accessories, or P&A contributed over 1 point of GMV growth for eBay’s overall marketplace in Q4
- Fashion overall generated well north of $10 billion in GMV globally in 2025 and was the second largest contributor to eBay’s U.S. GMV growth in Q4 with particular strength in C2C adding over $500 million of incremental fashion
- eBay Live GMV on Black Friday, including about $2 million of sales during a single event. In recent weeks, eBay Live GMV is tracking at an annualized run rate roughly 7x higher year-over-year, led by rapid growth in the U.S. market and is now available in 7 countries
- eBay have about 16 million Enthusiast buyers with average spend growing year-over-year to over $3,300
What I feel great about regarding Q4 is the broad-based strength that we’re seeing. The underlying health of the business is the strongest it’s been since I’ve joined the company 6 years ago. And I think what you’re seeing is that years of investment that we’ve made are paying off. And that’s really evident across our strategic priorities, focus categories, C2C and recommerce. Each of these areas grew in the high single to low double digits in ’25. And collectively, they drive a significant majority of our GMV.
– Jamie Iannone, CEO, eBay
