Company profile
SEC EDGAR ↗- Industry
- Services-Business Services, NEC
- Listed
- Nasdaq: EBAY
- Incorporated
- DE
- Headquarters
- San Jose, CA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $11.1B
- Net income
- $2.03B
- Total assets
- $17.6B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $11.1B | $2.03B | $17.6B |
| FY2024 | $10.3B | $1.98B | $19.4B |
| FY2023 | $10.1B | $2.77B | $21.6B |
| FY2022 | $9.79B | −$1.27B | $20.9B |
| FY2021 | $10.4B | $13.6B | $26.6B |
| FY2020 | $8.89B | $5.67B | $19.3B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Cannibalization Choice · Decision Forks
eBay Killed the Auction to Become Amazon. It Got Half of Amazon and None of eBay.
eBay slowly buried the auction that built it, until Buy It Now ran ~85-88% of listings. The lesson isn't bold self-disruption: GMV that topped $90B in 2019 (a figure that included StubHub, divested in 2020) sat near $79.6B in 2025 on a post-divestiture basis. It cannibalized its only difference and inherited a fight it couldn't win.
8 min
The Cannibalization Choice · Decision Forks
eBay Spun Off PayPal and Got the Smaller Half. By Design.
On its first trading day PayPal was worth $47.1 billion - eBay $34.7 billion. The parent had paid $1.5 billion for it in 2002, then let it walk out the door worth more than the company that raised it.
8 min
The Counterfactual · Decision Forks
eBay Misplaced the E-Commerce Crown $2.6 Billion at a Time — on an Internet Phone Company
The popular story says Amazon raced past eBay in the early 2000s. It didn't — Amazon's enterprise value only passed eBay's in 2008. The crown wasn't seized in a battle; it was misplaced, $2.6 billion at a time, on an internet phone company.
8 min
The Moat Anatomy · Moat & Competition
eBay Is Shedding Scale for Margin — ~70% of GMV Now Sits in a Few Passion Categories
Everyone says eBay is dying between Amazon's scale and Etsy's niche. The truth is stranger: it's deliberately shedding scale for margin, with ~70% of GMV now concentrated in a handful of passion categories - which is both the moat and the trap.
8 min