You’ve probably heard it before: eBay is a digital flea market stuck in 2005. That’s the common narrative, anyway. But if you actually look at the recent eBay revenue reports—specifically the ones that hit the headlines of the New York Times and financial wires late in 2025—you’ll see a company that is stubbornly, and quite successfully, refusing to fade away.
Honestly, the numbers are a bit of a shocker.
For the third quarter of 2025, eBay pulled in $2.82 billion in revenue. That is a 9% jump from the year before. While Amazon is busy trying to deliver everything via drone in under eleven minutes, eBay has been quietly doubling down on the weird, the rare, and the "enthusiast" categories. It is a strategy that is finally paying off in cold, hard cash.
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The Real Story Behind the eBay Revenue Surge
When Jamie Iannone took the helm as CEO, he basically told the world that eBay wasn't going to try to be Amazon anymore. Smart move. Instead of fighting for the lowest price on a pack of AA batteries, they started focusing on "Focus Categories." We're talking about high-value stuff like luxury watches, trading cards, and auto parts.
It worked.
In their latest earnings report, these focus categories grew by over 15%. That is significantly faster than the rest of the marketplace. People aren't just buying junk; they are buying $2,000 vintage Rolexes and rare Pokémon cards.
Total Gross Merchandise Volume (GMV)—which is just a fancy way of saying the total value of everything sold on the site—hit $20.1 billion in Q3 2025. That’s a 10% increase. For a company that many people wrote off as a "zombie" of the dot-com era, those are some pretty lively numbers.
Why the New York Times is Paying Attention
The New York Times recently highlighted how eBay is pivoting toward "circular fashion" and sustainability. It’s not just PR fluff. Gen Z and Millennial shoppers are obsessed with resale, and eBay is the original home of the pre-loved.
By integrating AI-powered authentication—like their "Authenticity Guarantee"—they’ve managed to win back trust. You don't have to worry as much about getting a fake pair of Jordans when there is a literal expert middleman verifying the product before it hits your doorstep.
The Ad Revenue Machine Nobody Talks About
Here is the thing that really juices the eBay revenue stats: Advertising.
eBay has turned its platform into a massive billboard for its own sellers. Their first-party advertising products—basically the "Promoted Listings" you see everywhere on the site—brought in $496 million in just three months. That’s a 25% increase year-over-year.
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Sellers are basically paying eBay extra to make sure their items show up at the top of your search results. It’s a high-margin business that basically prints money for the company without them ever having to touch a single box in a warehouse.
Breaking Down the 2025 Financials
If you’re a numbers person, the GAAP net income from continuing operations was $597 million for the third quarter. That translates to roughly $1.28 per share.
But wait.
Investors actually hammered the stock shortly after the report. Why? Because the operating margin dipped slightly to 20.4%, down from 23.1% the previous year. The market is a fickle beast; even when you beat revenue expectations, if you spend too much money to get there, Wall Street gets nervous.
eBay is spending heavily on "agentic AI." This isn't just a chatbot that tells you the weather. They are building tools that can basically write your listings for you, research prices, and even help buyers find exactly what they need through a conversational interface. It's expensive to build, but they are betting it's the only way to stay relevant in 2026 and beyond.
The Enthusiast Factor
eBay has a core group of about 16 million "enthusiast buyers." These are the power users. They spend at least $800 a year and shop on the site at least six times.
On average, these enthusiasts actually spend over $3,200 annually.
That is the secret sauce. eBay doesn't need 500 million casual shoppers if they can keep these 16 million big spenders happy. These are the people buying the vintage car parts and the mid-century modern furniture that keeps the site hummed along.
What's Next for the Marketplace?
Looking ahead to the end of 2025 and into 2026, eBay is guiding for revenue between $10.97 billion and $11.03 billion for the full year. They are also dealing with some "de minimis" regulatory changes and potential tariffs that could make cross-border shipping a bit of a headache.
Since a huge chunk of their business is international, those trade rules actually matter a lot.
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They also just launched "Rocket Man Resale" with Elton John. It’s a clever way to keep the brand feeling "cool" and luxury-focused. They even had a pop-up shop in the West Village of NYC to prove they can still exist in the physical world.
Actionable Insights for Sellers and Investors
If you're looking to capitalize on this trend, keep these things in mind:
- Focus on the "Focus": If you're a seller, categories like refurbished electronics, luxury goods, and auto parts are where the growth is. Generic household goods are a race to the bottom.
- Watch the Ad Spend: eBay is increasingly a "pay-to-play" platform. If you aren't using Promoted Listings, your items might as well be invisible.
- The AI Shift: Start using the AI tools eBay provides for descriptions. The search algorithm is being rebuilt around these "agentic" models, so the more data you give the AI, the better you'll rank.
eBay isn't trying to be the "everything store" anymore. They are happy being the "interesting stuff" store. And as it turns out, there is a whole lot of money in being interesting.
To get the most out of the platform right now, you should audit your current listings for "Authenticity Guarantee" eligibility, as those items are currently receiving a massive boost in search visibility and buyer trust scores.