Segments
We have one reportable segment, which reflects how the chief operating decision maker (“CODM”), President and Chief Executive Officer, reviews and assesses performance of the business. The CODM assesses the performance of the Company and decides how to allocate resources based on consolidated net income reported on the consolidated statement of income. The CODM uses consolidated net income in deciding whether to reinvest profits into certain parts of the business or return a portion of such profits to shareholders through dividends and stock repurchases. Significant expense categories regularly provided to and reviewed by the CODM are those presented on the consolidated statement of income. The measure of segment assets is reported on the consolidated balance sheet as total assets, although the CODM does not evaluate asset information for purposes of allocating resources or evaluating performance.

Net Revenues

The following table summarizes net revenues by activity for the periods indicated (in millions):
 Year Ended December 31,
 202520242023
Marketplace revenues
$9,107 $8,648 $8,669 
Advertising revenues
1,993 1,635 1,443 
Total net revenues
$11,100 $10,283 $10,112 

Net Revenues by Geography

Net revenues, inclusive of the effects of foreign exchange during each period, are attributed to the United States and international geographies primarily based upon the country in which the customer is located.

The following table summarizes net revenues based on geography for the periods indicated (in millions):
 Year Ended December 31,
 2025  2024  2023
United States
$5,789   $5,238   $5,073 
United Kingdom1,565   1,508   1,609 
China1,253 1,169 1,029 
Germany978   972   971 
Rest of world1,515   1,396   1,430 
Total net revenues$11,100 $10,283 $10,112 

Long-Lived Tangible Assets by Geography
Long-lived tangible assets consisting of property and equipment, net and lease right-of-use assets are attributed to the United States and international geographies based upon the country in which the asset is located, leased or owned.
The following table summarizes long-lived tangible assets based on geography as of the dates indicated (in millions):
December 31,
20252024
United States
$1,620 $1,598 
International146 92 
Total long-lived tangible assets$1,766 $1,690 
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Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 27, 2025
2023Feb 28, 2024
2022Feb 23, 2023
2021Feb 24, 2022
2020Feb 4, 2021
2019Jan 31, 2020
2018Jan 30, 2019
2017Feb 5, 2018
2016Feb 6, 2017
2015Feb 1, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.