eBay operates a global online marketplace connecting buyers and sellers across more than 190 markets, with roughly 2.5B live listings. eBay's defining characteristic is its focus on non-new inventory — about 90% of GMV comes from used, refurbished, vintage, or collectible goods, which sets eBay apart from commodity e-commerce players like Amazon or Walmart. eBay does not hold inventory; it is a pure marketplace. Sellers range from individual consumers to small businesses and brands. eBay's highest-priority "Focus Categories" include collectibles, Motors Parts & Accessories, fashion, and refurbished goods — these categories make up over one-third of GMV and grow faster than the rest of the platform. eBay earns revenue primarily through two streams: transaction fees (a final value fee charged to sellers on completed sales, with a take rate of roughly 14%) and advertising (sellers pay to promote listings via eBay's Promoted Listings products, generating roughly $2B in FY25). eBay is also building out managed shipping and financial services (including Buy Now Pay Later via Klarna and working capital loans to sellers) as additional monetization vectors. eBay's growth strategy focuses on deepening its position in Focus Categories, expanding C2C selling through AI-powered listing tools (notably its "Magical Listing" tool), and building proprietary AI infrastructure. eBay is also acquiring C2C fashion platforms, including Depop for $1.2B, to extend its reach with younger demographics. eBay returns the large majority of its free cash flow to shareholders via buybacks and dividends.