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It stayed steadily positive in recent years and is +19.8% in 2026. The stock (+19.8%) and its supply side (avg +8.3%) are moving in step. It spends on payment processing, search marketing, and cloud-based recommendation technology, and acquired fashion resale marketplace Depop in 2026.","analysis_asof":"2026-09-04"},"edges":[{"direction":"revenue","counterparty":"마켓플레이스 수수료 지급 고객","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-19","basis":"마켓플레이스 수수료 지급 고객에게서 발생한 매출","value":9107000000,"period":"FY2025","basis_en":"Revenue from marketplace fee-paying customers","qualifier":null},"note":"판매자와 일부 구매자는 거래 연결, 상품 등록과 기능, 스토어 구독, 외환, 배송 관련 서비스를 이용하고 수수료를 낸다. 이 고객군에서 발생한 FY2025 마켓플레이스 매출은 91억700만 달러였다.","note_en":"Sellers and some buyers pay for transaction connection, listings and features, store subscriptions, foreign exchange, and shipping-related services. Marketplace revenue from this customer group was $9.107 billion in FY2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/1065088/000106508826000027/ebay-20251231.htm","title":"이베이 2025 회계연도 10-K","title_en":"EBAY INC 10-K (2026-02-19)","excerpt":"FY2025 마켓플레이스 매출은 91억700만 달러였다.","excerpt_en":"Marketplace revenues ... $9,107 million"}]},{"direction":"revenue","counterparty":"프로모티드 리스팅 판매자·외부 광고주","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-19","basis":"프로모티드 리스팅 판매자와 외부 광고주에게서 발생한 광고 매출","value":1993000000,"period":"FY2025","basis_en":"Advertising revenue from Promoted Listings sellers and third-party advertisers","qualifier":null},"note":"판매자는 이베이 안팎에서 상품 노출을 높이기 위해 광고비를 내고, 외부 광고주는 노출이나 클릭에 따라 비용을 낸다. 이 고객군에서 발생한 FY2025 광고 매출은 19억9,300만 달러였다.","note_en":"Sellers pay to promote listings on and off eBay, while third-party advertisers pay based on impressions or clicks. Advertising revenue from this customer group was $1.993 billion in FY2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/1065088/000106508826000027/ebay-20251231.htm","title":"이베이 2025 회계연도 10-K","title_en":"EBAY INC 10-K (2026-02-19)","excerpt":"FY2025 광고 매출은 19억9,300만 달러였다.","excerpt_en":"Advertising revenues ... $1,993 million"},{"stance":"mentions","publisher":"마켓플레이스 펄스","publisher_en":"Marketplace Pulse","kind":"analysis","lang":"en","published_at":"2021-08-13","url":"https://www.marketplacepulse.com/articles/ebays-plan-is-more-ads","title":"이베이의 계획은 광고 확대","title_en":"eBay's Plan Is More Ads","excerpt":"시장 분석은 이커머스 장터에서 판매자가 광고를 구매하는 수익 구조를 짚었다.","excerpt_en":"sellers inevitably buy advertising"}]},{"direction":"investment","counterparty":"Depop","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-07-30","basis":"디팝 지분 전량 인수에 지급한 총 현금 대가","value":1400000000,"period":"transaction closed 2026-07-30","basis_en":"Aggregate cash consideration paid to acquire all equity interests in Depop","qualifier":null},"note":"이베이는 2026년 7월 30일 패션 리세일 플랫폼 디팝 인수를 마쳤다. 기본 매매대금 12억 달러에 순매수가격 조정과 이자 2억 달러가 더해져 총 현금 대가는 약 14억 달러였다.","note_en":"eBay completed its acquisition of fashion resale marketplace Depop on July 30, 2026. Aggregate cash consideration was approximately $1.4 billion, comprising a $1.2 billion base price plus $200 million of net purchase-price adjustments and interest.","sources":[{"stance":"confirms","publisher":"ZDNet 코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2026-08-06","url":"https://zdnet.co.kr/view/?no=20260806083005","title":"이베이, 디팝 인수비 늘었다…실제 지급액 14억 달러","title_en":"eBay's Depop Acquisition Cost Rises to an Actual $1.4 Billion","excerpt":"이베이는 디팝 인수에 실제로 14억 달러를 지급했다고 밝혔다.","excerpt_en":"eBay said it paid $1.4 billion to acquire Depop."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-07-30","url":"https://www.sec.gov/Archives/edgar/data/1370637/000137063726000071/exhibit99273026.htm","title":"Etsy 8-K 부속서 99.2: 디팝 매각 반영 비감사 추정 연결재무정보","title_en":"Etsy 8-K Exhibit 99.2: Unaudited Pro Forma Consolidated Financial Information","excerpt":"Etsy는 약 14억 달러의 현금 대가를 받고 디팝을 이베이에 매각했다.","excerpt_en":"Etsy completed the sale of Depop to eBay"}]},{"direction":"investment","counterparty":"카카오뱅크","counterparty_slug":"kakaobank","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-02-28","basis":"카카오뱅크 잔여 지분 전량의 매각대금","value":106000000,"period":"FY2023","basis_en":"Proceeds from the sale of eBay's remaining KakaoBank shares","qualifier":null},"note":"이베이는 카카오뱅크 지분을 보유했으나 2022년 일부를 팔고 2023년 잔여 지분을 전량 매각했다. FY2023 잔여 지분 매각대금은 1억600만 달러였으며 현재 보유 관계는 아니다.","note_en":"eBay held an equity investment in KakaoBank, sold part of it in 2022, and disposed of the remainder in 2023. Proceeds from the remaining stake were $106 million, and eBay no longer holds the investment.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-02-28","url":"https://www.sec.gov/Archives/edgar/data/1065088/000106508824000036/ebay-20231231.htm","title":"이베이 2023 회계연도 10-K","title_en":"EBAY INC 10-K (2024-02-28)","excerpt":"이베이는 2023년 카카오뱅크 잔여 지분을 1억600만 달러에 매각했다.","excerpt_en":"sold the remainder of our shares in KakaoBank for $106 million"}]},{"direction":"cost","counterparty":"Adyen","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-19","basis":"Adyen에 지급한 결제 처리 서비스 비용","value":null,"period":"FY2025","basis_en":"Payment-processing service fees paid to Adyen","qualifier":"confirmed_no_disclosed_value"},"note":"Adyen은 이베이의 글로벌 주요 결제 처리 파트너로 구매자 결제 수납, 자금 분할, 판매자 지급을 지원한다. 이베이는 결제 처리 비용을 공시하지만 Adyen에 지급한 금액은 따로 공개하지 않았다.","note_en":"Adyen is a primary global payment-processing partner for eBay, supporting payment acceptance, fund splitting, and seller payouts. eBay discloses payment-processing costs but not the amount paid specifically to Adyen.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/1065088/000106508826000027/ebay-20251231.htm","title":"이베이 2025 회계연도 10-K","title_en":"EBAY INC 10-K (2026-02-19)","excerpt":"이베이는 Adyen과 처리량 목표가 붙은 상업 계약을 체결했다.","excerpt_en":"commercial agreement with Adyen"},{"stance":"confirms","publisher":"Adyen","publisher_en":"Adyen","kind":"ir","lang":"en","published_at":"2022-11-09","url":"https://www.adyen.com/en_GB/knowledge-hub/ebay","title":"이베이가 글로벌 결제를 직접 관리하는 방법","title_en":"How eBay Reduces Fraud and Risk with a Global Payment Partner","excerpt":"이베이는 Adyen을 통해 지역별·글로벌 결제수단을 받고 대규모 결제를 처리한다.","excerpt_en":"eBay works with Adyen to accept regional, global, and local payment methods"}]},{"direction":"cost","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-02-19","basis":"Google 유료 검색 광고와 Google Cloud 서비스 이용액","value":null,"period":"FY2025","basis_en":"Spending on Google paid search advertising and Google Cloud services","qualifier":"confirmed_no_disclosed_value"},"note":"이베이는 상품 검색 유입을 위해 Google 검색에 의존하고 유료 검색 광고를 집행한다. 추천 시스템에는 Google Cloud Vertex AI와 Vector Search를 사용하지만 Google 관련 광고비와 클라우드 비용은 따로 공개하지 않았다.","note_en":"eBay relies on Google Search for product-discovery traffic and buys paid-search advertising. It also uses Google Cloud Vertex AI and Vector Search in its recommendation system, but does not disclose Google-specific advertising or cloud spending.","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/1065088/000106508826000027/ebay-20251231.htm","title":"이베이 2025 회계연도 10-K","title_en":"EBAY INC 10-K (2026-02-19)","excerpt":"이베이는 Google 검색에 의존해 상당한 트래픽을 플랫폼으로 보낸다.","excerpt_en":"rely on Google search"},{"stance":"confirms","publisher":"Google Cloud 블로그","publisher_en":"Google Cloud Blog","kind":"ir","lang":"en","published_at":"2024-03-07","url":"https://cloud.google.com/blog/products/ai-machine-learning/ebay-uses-vertex-ai-vector-search-for-recommendations?hl=en","title":"이베이, Vertex AI로 AI 추천 엔진 가속","title_en":"eBay Accelerates Its AI-Driven Recommendation Engine with Vertex AI","excerpt":"이베이는 추천 시스템에 Google Cloud Vertex AI와 Vector Search를 구현했다.","excerpt_en":"implementing Google Cloud Vertex AI and Vector Search"}]}]}