• Airbnb for physical goods, connecting individual buyers and sellers globally.
• Amazon's marketplace, but specializing in used items, collectibles, and auctions.
• A global, structured Craigslist, complete with integrated payments and shipping.

• Online Marketplace Platform: eBay provides a global digital platform, including its website and mobile apps, that connects buyers and sellers to list, discover, and purchase a wide variety of goods.
• Payment Facilitation Services: The company offers integrated services that enable users to securely process payments for transactions conducted on its marketplace platform.

eBay (EBAY) operates a marketplace platform that connects buyers and sellers. Its primary customers, from whom it generates revenue, are the sellers who utilize its platform to list and sell items. Given the nature of a broad, open marketplace, eBay does not have a few specific "major customer companies" in the traditional B2B sense. Instead, its customer base is highly fragmented and consists of millions of sellers, ranging from individuals to large enterprises.

Therefore, eBay primarily serves a wide array of individuals and businesses as sellers. The categories of customers that eBay serves, based on their selling activity and scale, include:

1. Individual/Casual Sellers: These are individuals who use eBay to sell personal items, collectibles, used goods, or items they no longer need, often on an irregular basis or as a hobby.
2. Small to Medium-sized Business (SMB) Sellers: This category includes entrepreneurs, small businesses, and professional merchants who leverage eBay as a significant sales channel. They often operate dedicated eBay Stores, selling new or specialized products to a wider audience.
3. Larger Merchant/Liquidator Sellers: These are larger enterprises, distributors, or liquidators who utilize eBay for specific sales strategies, such as inventory clearance, selling overstock items, or reaching niche markets, often in high volumes.

• Alphabet Inc. (GOOG)
• Adyen N.V. (ADYEN.AS)

Jamie Iannone, President and Chief Executive Officer

Jamie Iannone was appointed CEO of eBay in April 2020. He has over 20 years of experience in digital and omnichannel platforms. Prior to rejoining eBay, he served as COO of Walmart eCommerce and CEO of SamsClub.com, where he led digital transformation initiatives and operational oversight. He also held the position of Executive Vice President of Digital Products at Barnes & Noble, Inc. Iannone had an earlier tenure at eBay from 2001 to 2009, holding various leadership roles in areas such as global search and buyer experience. He holds a Bachelor of Science from Princeton University and an MBA from the Stanford Graduate School of Business.

Peggy Alford, Chief Financial Officer

Peggy Alford assumed the role of eBay's Chief Financial Officer effective May 12, 2025. She brings over 20 years of experience leading finance, operations, and global teams in the technology sector. Previously, Alford served as Executive Vice President, Global Sales of PayPal Holdings, Inc. from March 2020 to January 2024. She also held roles as Senior Vice President, Core Markets at PayPal and Chief Financial Officer and Head of Operations at the Chan Zuckerberg Initiative. Earlier in her career, Alford held various finance and business leadership positions at both PayPal and eBay. She is a CPA and began her career in auditing and consulting. Alford currently serves on the board of directors of Meta Platforms, Inc.

Jordan Sweetnam, Chief Commercial Officer

Jordan Sweetnam leads eBay's newly combined Global Markets and Product organization as Chief Commercial Officer, a role he assumed as part of executive leadership changes announced in April 2025.

Mazen Rawashdeh, Chief Technology Officer

Mazen Rawashdeh leads eBay's unified engineering organization as Chief Technology Officer, a position he took on following executive leadership changes announced in April 2025.

Stefanie Jay, Chief Business and Strategy Officer

Stefanie Jay was appointed as eBay's Chief Business and Strategy Officer in May 2021. In this role, she leads an organization that integrates Strategy, Business Operations, Analytics, and Communications.

Here are the key risks to eBay's business:

1. Intense Competition

   eBay operates in a highly competitive e-commerce market, facing significant challenges from larger, diversified platforms like Amazon, which offers extensive product selections, faster shipping, and comprehensive fulfillment services, often overshadowing eBay's market share. The competitive landscape also includes specialized marketplaces (e.g., StockX, Poshmark for specific categories) and traditional retailers that have expanded their online presence. This intense competition is exacerbated by low barriers to entry in certain e-commerce segments and evolving consumer preferences, such as a decreasing brand loyalty where price, convenience, and quality often dictate purchasing decisions over platform allegiance.

2. Regulatory and Compliance Challenges

   eBay faces increasing regulatory scrutiny and compliance obligations, particularly in international markets. As a "very large online platform" under the EU's Digital Services Act (DSA), eBay has explicit statutory duties to implement risk-mitigation measures for illicit products. Recent enforcement actions by French authorities (DGCCRF) have cited eBay for the availability of prohibited items, setting a precedent for potential significant financial penalties, which could amount to up to 10% of global revenue for serious violations. Furthermore, the General Product Safety Regulation (GPSR) in the EU and Northern Ireland, effective December 2024, places primary liability on marketplaces like eBay to ensure product compliance, introducing further financial and operational risks related to non-compliance.

3. Fraud, Counterfeit Goods, and Cybersecurity Risks

   Maintaining a secure and trustworthy environment is critical for eBay's marketplace model. The platform is continuously exposed to various forms of fraudulent activities, including the sale of stolen or counterfeit items, payment fraud, bid manipulation, phishing scams, and feedback extortion. These issues can significantly damage eBay's brand reputation, erode consumer and seller confidence, and increase operational costs and loss rates. Additionally, as a prominent online platform, eBay remains a target for cyberattacks and security breaches. Such incidents can lead to the compromise of sensitive user data, disruption of operations, and a substantial loss of user trust, as demonstrated by a past data breach in 2014 that resulted in a revenue decline.

The following clear emerging threats have been identified for eBay:

• The rise of social commerce platforms: Platforms such as TikTok Shop and Instagram Shopping are increasingly integrating direct product sales into their social media experiences. These platforms leverage short-form video, live streaming, and influencer marketing to create an entertainment-driven and highly engaging shopping journey. This model presents a fundamental shift in how consumers discover and purchase items, challenging eBay's traditional search-and-browse, destination-site marketplace approach by capturing consumer attention and e-commerce spending through a different paradigm of product discovery and transaction.
• The proliferation of specialized, authenticated marketplaces: For high-value and niche categories (e.g., luxury goods, collectible sneakers, trading cards, vintage items), there is a growing trend towards highly specialized online marketplaces. Platforms like StockX, GOAT, and The RealReal offer enhanced authentication services, tailored user experiences, and specific escrow or verification processes. These specialized platforms address key trust and authenticity concerns for specific product types, potentially drawing away significant transaction volume and sellers from eBay's broader, generalist marketplace, particularly in categories where eBay has historically been strong.

eBay Inc. operates marketplace platforms that connect buyers and sellers globally. The addressable markets for its main products and services, primarily its online marketplace, can be identified within the broader e-commerce market and specifically the online marketplace segment.

The global e-commerce market was estimated at USD 25.93 trillion in 2023 and is projected to reach USD 83.26 trillion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 18.9% from 2024 to 2030.

More specifically, the Top 100 global online marketplaces are projected to reach a Gross Merchandise Value (GMV) of USD 3.832 trillion by the end of 2024.

In the U.S. region, total e-commerce sales reached a record high of USD 1.1 trillion in 2023 and are forecast to rise to USD 1.7 trillion by 2028.

1. Growth in Strategic Focus Categories, Consumer-to-Consumer (C2C), and Recommerce Initiatives: eBay continues to prioritize and invest in specific categories, its consumer-to-consumer marketplace, and the recommerce segment (pre-owned and refurbished goods). These areas have been significant drivers of Gross Merchandise Volume (GMV) growth in 2025 and are expected to sustain this momentum into 2026.

2. Expansion of Advertising Revenue: The company has demonstrated effective monetization strategies, with its first-party advertising products showing strong growth. Advertising revenue has been a notable contributor to overall revenue, with significant year-over-year increases in late 2025.

3. Development of New Growth Vectors: Emerging areas such as "eBay Live," the interactive live-stream shopping experience, and the vehicles category are showing promising results and are expected to contribute to strategic priorities in 2026. eBay Live, for example, has experienced substantial year-over-year growth and expanded into new markets.

4. Integration of AI Technologies: eBay is leveraging AI to enhance the user experience and operational efficiency through innovations like AI-powered card scanning and agentic search. These technological advancements are aimed at improving customer satisfaction and engagement, which can indirectly drive revenue growth.

5. Strategic Acquisitions, such as Depop: The acquisition of Depop for approximately $1.2 billion is a strategic move to strengthen eBay's C2C offerings and expand its presence in the circular fashion segment, particularly targeting a younger demographic. This acquisition is anticipated to contribute to total FX-neutral GMV growth.

Share Repurchases

• eBay completed a multi-year $8.20 billion buyback program in February 2026.
• In Q4 2025, eBay repurchased $625 million of its common stock.
• In December 2024, eBay's Board of Directors authorized an additional $3.0 billion under its stock repurchase program. In February 2026, an incremental $2.0 billion was authorized under the stock repurchase program.

Outbound Investments

• eBay completed the acquisition of Caramel, an end-to-end online automotive transaction solution provider, in February 2025, after signing a definitive agreement in January 2025.
• eBay announced the acquisition of Depop, a leading C2C fashion marketplace, for approximately $1.2 billion in cash, expected to close in Q2 2026.
• eBay Ventures, established in 2022, invests in disruptive companies revolutionizing the commerce landscape, with a focus on early-stage investments in areas such as marketplaces, e-commerce enablers, and the future of commerce, including AI.

Capital Expenditures

• eBay's capital expenditures averaged $454 million for the fiscal years ending December 2020 to 2024.
• Capital expenditures for fiscal year 2025 were $525 million.
• Expected capital expenditures are $549.9 million for 2026 and $558.8 million for 2027.