EBAY INC, 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
Cover Page - shares
shares in Millions
 9 Months Ended
Sep. 30, 2025
Oct. 24, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-37713  
Entity Registrant Name eBay Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0430924  
Entity Address, Address Line One 2025 Hamilton Avenue  
Entity Address, City or Town San Jose  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95125  
City Area Code 408  
Local Phone Number 376-9659  
Title of 12(b) Security Common stock  
Entity Trading Symbol EBAY  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   452
Entity Central Index Key 0001065088  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 2,423 $ 2,433
Short-term investments 955 3,457
Customer accounts and funds receivable 1,262 962
Other current assets 753 715
Total current assets 5,393 7,567
Long-term investments 2,848 2,439
Property and equipment, net 1,333 1,263
Goodwill 4,376 4,269
Operating lease right-of-use assets 367 427
Deferred tax assets 2,898 2,936
Other assets 576 464
Total assets 17,791 19,365
Current liabilities:    
Short-term debt 1,748 1,673
Accounts payable 308 257
Customer accounts and funds payable 1,365 1,018
Accrued expenses and other current liabilities 2,237 2,184
Income taxes payable 173 966
Total current liabilities 5,831 6,098
Operating lease liabilities 264 320
Deferred tax liabilities 1,377 1,405
Long-term debt 5,003 5,752
Other liabilities 597 632
Total liabilities 13,072 14,207
Commitments and Contingencies (Note 10)
Stockholders’ equity:    
Common stock, $0.001 par value; 3,580 shares authorized; 454 and 471 shares outstanding 2 2
Additional paid-in capital 18,646 18,289
Treasury stock at cost, 1,299 and 1,274 shares (53,178) (51,290)
Retained earnings 39,037 37,951
Accumulated other comprehensive income 212 206
Total stockholders’ equity 4,719 5,158
Total liabilities and stockholders’ equity $ 17,791 $ 19,365
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares
shares in Millions
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock - par value (in usd per share) $ 0.001 $ 0.001
Common stock - shares authorized (in shares) 3,580 3,580
Common stock - shares outstanding (in shares) 454 471
Treasury stock - shares (in shares) 1,299 1,274
v3.25.3
CONDENSED CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Net revenues $ 2,820 $ 2,576 $ 8,135 $ 7,704
Cost of net revenues 821 727 2,320 2,162
Gross profit 1,999 1,849 5,815 5,542
Operating expenses:        
Sales and marketing 606 592 1,728 1,710
Product development 423 374 1,206 1,104
General and administrative 282 194 914 673
Provision for transaction losses 106 89 273 266
Amortization of acquired intangible assets 6 5 18 14
Total operating expenses 1,423 1,254 4,139 3,767
Income from operations 576 595 1,676 1,775
Gain (loss) on equity investments and warrant, net (10) 199 (16) (120)
Interest expense (62) (63) (185) (194)
Interest income and other, net 69 66 209 200
Income from continuing operations before income taxes 573 797 1,684 1,661
Income tax benefit (provision) 24 (161) (213) (360)
Income from continuing operations 597 636 1,471 1,301
Income (loss) from discontinued operations, net of income taxes 35 (2) 32 (5)
Net income $ 632 $ 634 $ 1,503 $ 1,296
Income (loss) per share - basic:        
Continuing operations (in usd per share) $ 1.31 $ 1.31 $ 3.19 $ 2.59
Discontinued operations (in usd per share) 0.08 0 0.07 (0.01)
Net income per share - basic (in usd per share) 1.39 1.31 3.26 2.58
Income (loss) per share - diluted:        
Continuing operations (in usd per share) 1.28 1.29 3.13 2.57
Discontinued operations (in usd per share) 0.07 0 0.07 (0.01)
Net income per share - diluted (in usd per share) $ 1.35 $ 1.29 $ 3.20 $ 2.56
Weighted-average shares:        
Basic (in shares) 456 487 461 502
Diluted (in shares) 467 494 471 507
v3.25.3
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 632 $ 634 $ 1,503 $ 1,296
Other comprehensive income (loss), net of reclassification adjustments:        
Foreign currency translation gains (losses) (9) 66 55 13
Unrealized gains on investments, net 5 31 23 45
Tax expense on unrealized gains on investments, net (1) (7) (5) (11)
Unrealized gains (losses) on hedging activities, net 28 (29) (86) 0
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net (6) 6 19 0
Other comprehensive income, net of tax 17 67 6 47
Comprehensive income $ 649 $ 701 $ 1,509 $ 1,343
v3.25.3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common stock:
Additional paid-in-capital:
Treasury stock at cost:
Retained earnings:
Accumulated other comprehensive income:
Beginning balance at Dec. 31, 2023   $ 2 $ 17,792 $ (48,114) $ 36,531 $ 185
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock and stock-based awards issued     53      
Stock-based compensation     448      
Tax withholdings related to net share settlements of restricted stock units and awards     (146)      
Other     14      
Common stock repurchased       (2,268)    
Net income $ 1,296       1,296  
Dividends and dividend equivalents declared         (420)  
Foreign currency translation adjustment           13
Change in unrealized gains on investments 45         45
Tax benefit (provision) on above items           (11)
Ending balance at Sep. 30, 2024 $ 5,420 2 18,161 (50,382) 37,407 232
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or restricted stock unit (in usd per share) $ 0.81          
Beginning balance at Jun. 30, 2024   2 18,058 (49,626) 36,910 165
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock-based compensation     147      
Tax withholdings related to net share settlements of restricted stock units and awards     (50)      
Other     6      
Common stock repurchased       (756)    
Net income $ 634       634  
Dividends and dividend equivalents declared         (137)  
Foreign currency translation adjustment           66
Change in unrealized gains on investments 31         31
Change in unrealized gains (losses) on derivative instruments           (29)
Tax benefit (provision) on above items           (1)
Ending balance at Sep. 30, 2024 $ 5,420 2 18,161 (50,382) 37,407 232
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or restricted stock unit (in usd per share) $ 0.27          
Beginning balance at Dec. 31, 2024 $ 5,158 2 18,289 (51,290) 37,951 206
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock and stock-based awards issued     101      
Stock-based compensation     451      
Tax withholdings related to net share settlements of restricted stock units and awards     (208)      
Other     13      
Common stock repurchased (1,875)     (1,888)    
Net income 1,503       1,503  
Dividends and dividend equivalents declared         (417)  
Foreign currency translation adjustment           55
Change in unrealized gains on investments 23         23
Change in unrealized gains (losses) on derivative instruments           (86)
Tax benefit (provision) on above items           14
Ending balance at Sep. 30, 2025 $ 4,719 2 18,646 (53,178) 39,037 212
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or restricted stock unit (in usd per share) $ 0.87          
Beginning balance at Jun. 30, 2025   2 18,558 (52,548) 38,542 195
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock and stock-based awards issued     8      
Stock-based compensation     147      
Tax withholdings related to net share settlements of restricted stock units and awards     (71)      
Other     4      
Common stock repurchased       (630)    
Net income $ 632       632  
Dividends and dividend equivalents declared         (137)  
Foreign currency translation adjustment           (9)
Change in unrealized gains on investments 5         5
Change in unrealized gains (losses) on derivative instruments           28
Tax benefit (provision) on above items           (7)
Ending balance at Sep. 30, 2025 $ 4,719 $ 2 $ 18,646 $ (53,178) $ 39,037 $ 212
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or restricted stock unit (in usd per share) $ 0.29          
v3.25.3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:            
Net income $ 632   $ 634 $ 1,503 $ 1,296  
Loss (income) from discontinued operations, net of income taxes (35)   2 (32) 5  
Adjustments:            
Provision for transaction losses 106   89 273 266  
Depreciation and amortization       292 245  
Stock-based compensation       448 446  
Deferred income taxes       14 (534)  
Change in fair value of warrants (2)   (145) (2) (120)  
Change in fair value of equity investment in Adevinta       0 156  
Loss on investments and other, net       8 84  
Changes in assets and liabilities, net of acquisition effects       (1,090) (107)  
Net cash provided by continuing operating activities       1,414 1,737  
Net cash used in discontinued operating activities       (38) 0  
Net cash provided by operating activities       1,376 1,737  
Cash flows from investing activities:            
Purchases of property and equipment       (408) (341)  
Purchases of investments       (6,100) (11,472)  
Maturities of investments       8,021 10,421  
Proceeds from sale of shares in Adevinta       0 2,410  
Shareholder distributions from equity investments       227 0  
Acquisitions and other       (96) (67)  
Net cash provided by investing activities       1,644 951  
Cash flows from financing activities:            
Proceeds from issuance of common stock       101 58  
Repurchases of common stock       (1,865) (2,238)  
Payments for taxes related to net share settlements of restricted stock units and awards       (208) (136)  
Payments for dividends (132)   (131) (400) (405)  
Repayment of senior notes       (800) (750)  
Proceeds from issuance of commercial paper       1,575 441  
Repayment of commercial paper       (1,446) 0  
Net funds receivable and payable activity       231 230  
Other       (26) (14)  
Net cash used in financing activities       (2,838) (2,814)  
Effect of exchange rate changes on cash, cash equivalents and restricted cash       45 5  
Net increase (decrease) in cash, cash equivalents and restricted cash       227 (121)  
Cash, cash equivalents and restricted cash at beginning of period   $ 2,372   3,286 2,493 $ 2,493
Cash, cash equivalents and restricted cash at end of period 3,513 3,286 2,372 3,513 2,372 3,286
Cash paid for:            
Interest       169 179  
Income taxes       1,244 640  
Cash and cash equivalents 2,423 2,433 1,589 2,423 1,589 2,433
Customer accounts (including restricted cash of $309 and $185, respectively) 947   679 947 679  
Restricted cash included in other current assets 142 $ 88 102 142 102 $ 88
Restricted cash included in other assets 1   2 1 2  
Cash, cash equivalents and restricted cash $ 3,513   $ 2,372 $ 3,513 $ 2,372  
v3.25.3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2025
Sep. 30, 2024
Statement of Cash Flows [Abstract]    
Restricted cash $ 309 $ 185
v3.25.3
The Company and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
The Company and Summary of Significant Accounting Policies The Company and Summary of Significant Accounting Policies
The Company

eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Our Marketplace platforms, including our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces and our suite of mobile apps, together, create one of the world's largest and most vibrant marketplaces for discovering great value and unique selection.

When we refer to “we,” “our,” “us,” the “Company” or “eBay” in this Quarterly Report on Form 10-Q, we mean the Delaware corporation (eBay Inc.) and its consolidated subsidiaries, unless otherwise expressly stated or the context otherwise requires.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including but not limited to those related to provisions for transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments, including Level 3 investments, derivatives, including warrants, and the recoverability of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.

We review the useful lives of equipment on an ongoing basis, and effective January 1, 2024 we changed our estimate of the useful lives for our servers and networking equipment from three years to four years. The longer useful lives are due to continuous improvements in our hardware, software, and data center designs.

Principles of Consolidation and Basis of Presentation

The accompanying financial statements are consolidated and include the financial statements of eBay Inc. and our wholly and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. A qualitative approach is applied to assess the consolidation requirement for variable interest entities. Generally, investments in entities where we hold at least a 20% ownership interest and have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting, including those in which the fair value option has been elected.

For equity method investments, our share of the investees’ results of operations is included in “Interest income and other, net” and investment balances are included in “Long-term investments.” For equity method investments under the fair value option, the change in fair value of the investment is included in “Gain (loss) on equity investments and warrant, net” and investment balances are included in “Long-term investments.” Investments in entities where we hold less than a 20% ownership interest are generally accounted for as equity investments to be measured at fair value, under an election, or at cost if it does not have readily determinable fair value, in which case the carrying value would be adjusted upon the occurrence of an observable price change in an orderly transaction for identical or similar instruments or impairment. For investments in entities where we hold less than a 20% ownership interest, the change in fair value of the investment is included in “Gain (loss) on equity investments and warrant, net” and investment balances are included in “Long-term investments.”
These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods.

Significant Accounting Policies

There were no significant changes to our significant accounting policies disclosed in “Note 1 — The Company and Summary of Significant Accounting Policies” in our 2024 Form 10-K.

Recently Adopted Accounting Pronouncements

In 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses enabling investors to better understand an entity’s overall performance and assess potential future cash flows. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The standard is effective for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We adopted this guidance in the fourth quarter of 2024 with no material impact in our condensed consolidated financial statements and related disclosures.

In 2023, the FASB issued ASU 2023-08—Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. The guidance addresses the accounting and disclosure requirements for certain crypto assets and requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recognized in net income in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. The standard is effective for annual reporting periods beginning after December 15, 2024, including interim reporting periods within those fiscal years. We adopted this guidance in the first quarter of 2025 with no material impact in our condensed consolidated financial statements and related disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance is intended to further standardize income tax disclosures primarily related to the presentation of the effective tax rate reconciliation and income taxes paid information in our financial statements and disclosures. The standard is effective for annual reporting periods beginning after December 15, 2024. We are evaluating the effect that this standard may have on our condensed consolidated financial statements and related disclosures.

In 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance is intended to improve disclosures about expenses and address requests from investors for more transparent expense information through disaggregation of relevant expense captions in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. We are evaluating the effect that this standard may have on our condensed consolidated financial statements and related disclosures.
In 2025, the FASB issued ASU 2025-06—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The guidance is intended to improve certain aspects of the accounting for and disclosure of internally developed software costs specific to website development. The standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. We are evaluating the effect that this standard may have on our condensed consolidated financial statements and related disclosures.
v3.25.3
Net Income Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
Basic net income per share is computed by dividing net income for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The dilutive effect of outstanding options and equity incentive awards is reflected in diluted net income per share by application of the treasury stock method. The calculation of diluted net income per share excludes all anti-dilutive shares of common stock.

The following table presents the computation of basic and diluted net income per share for the periods indicated (in millions, except per share amounts):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Numerator:
Income from continuing operations
$597 $636 $1,471 $1,301 
Income (loss) from discontinued operations, net of income taxes
35 (2)32 (5)
Net income
$632 $634 $1,503 $1,296 
Denominator:
Weighted average shares of common stock - basic456 487 461 502 
Dilutive effect of equity incentive awards11 7 10 5 
Weighted average shares of common stock - diluted467 494 471 507 
Income (loss) per share - basic:
Continuing operations$1.31 $1.31 $3.19 $2.59 
Discontinued operations0.08 — 0.07 (0.01)
Net income per share - basic
$1.39 $1.31 $3.26 $2.58 
Income (loss) per share - diluted:
Continuing operations$1.28 $1.29 $3.13 $2.57 
Discontinued operations0.07 — 0.07 (0.01)
Net income per share - diluted
$1.35 $1.29 $3.20 $2.56 
Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive
— 4 1 13 
v3.25.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill

The following table presents goodwill activity for the period indicated (in millions):
 December 31,
2024		Goodwill
Acquired		 Adjustments September 30,
2025
Goodwill$4,269 $72 $35 $4,376 

Goodwill acquired during the nine months ended September 30, 2025 relates to the acquisition of Caramel, an end-to-end online automotive transaction solution provider. The measurement period relating to the acquisition of Caramel ends in February 2026. The adjustments to goodwill for the nine months ended September 30, 2025 were primarily due to foreign currency translation.

Intangible Assets

Intangible assets are reported within “Other assets” in our condensed consolidated balance sheets. The following table presents components of identifiable intangible assets as of the dates indicated (in millions, except years):
 September 30, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life (Years)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life (Years)
Intangible assets:        
Customer lists and user base$257 $(218)$39 7$246 $(200)$46 8
Marketing related103 (69)34 7101 (63)38 7
Developed technologies270 (225)45 4239 (205)34 4
All other158 (157)1 3158 (157)1 3
Total$788 $(669)$119  $744 $(625)$119 

Amortization expense for intangible assets was $12 million and $37 million for the three and nine months ended September 30, 2025, respectively, compared to $10 million and $27 million, respectively, during the same periods in 2024.

The following table presents expected future intangible asset amortization as of the date indicated (in millions):
September 30,
2025
Remaining 2025$12 
202642 
202737 
20289 
20297 
Thereafter12 
Total$119 
v3.25.3
Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
We have one reportable segment, which reflects how the chief operating decision maker (“CODM”), the Company’s 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 in the condensed 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 in the condensed consolidated statement of income. The measure of segment assets is reported on the condensed 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):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Marketplace revenues
$2,295 $2,168 $6,686 $6,514 
Advertising revenues
525 408 1,449 1,190 
Total net revenues
$2,820 $2,576 $8,135 $7,704 

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 the allocation of net revenues based on geography for the periods indicated (in millions):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
United States
$1,453 $1,302 $4,196 $3,897 
United Kingdom422 397 1,134 1,179 
China324 293 935 859 
Germany249 238 732 727 
Rest of world372 346 1,138 1,042 
Total net revenues$2,820 $2,576 $8,135 $7,704 
v3.25.3
Investments
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Investments Investments
The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities as of the dates indicated (in millions):
 September 30, 2025
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Corporate debt securities$924 $2 $— $926 
Government and agency securities
30 — (1)29 
$954 $2 $(1)$955 
Long-term investments:
Corporate debt securities$1,795 $17 $(1)$1,811 
Government and agency securities135   —   (1) 134 
$1,930 $17 $(2)$1,945 
 December 31, 2024
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Corporate debt securities$3,095 $1 $(2)$3,094 
Government and agency securities367 — (4)363 

$3,462 $1 $(6)$3,457 
Long-term investments:
Corporate debt securities$1,117 $4 $(2)$1,119 
Government and agency securities194   —   (4) 190 
$1,311 $4 $(6)$1,309 

Our fixed-income investments consist of predominantly investment grade corporate debt securities and government and agency securities. The corporate debt and government and agency securities that we invest in are generally deemed to be low risk based on their credit ratings from major rating agencies.

The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss. The unrealized losses are due primarily to changes in credit spreads and interest rates. We regularly review investment securities for other-than-temporary impairment using both qualitative and quantitative criteria. Investments classified as available-for-sale debt securities are carried at fair value with changes reflected in our condensed consolidated statement of comprehensive income. Where there is an intention or a requirement to sell an impaired available-for-sale debt security, the entire impairment is recognized in earnings with a corresponding adjustment to the amortized cost basis of the security. From time to time, we sell available-for-sale debt securities in an unrealized loss position and recognize an immaterial loss.
We regularly review investment securities for credit impairment using both qualitative and quantitative criteria. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recognized through “Interest income and other, net” for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recognized through an allowance for credit losses is recognized in our condensed consolidated statement of comprehensive income. We did not recognize any credit-related impairment through an allowance for credit losses as of September 30, 2025 or December 31, 2024.

Investment securities in a continuous loss position for less than 12 months had an estimated fair value of $803 million and unrealized losses of $1 million as of September 30, 2025 compared to an estimated fair value of $1,665 million and unrealized losses of $4 million as of December 31, 2024. Investment securities in a continuous loss position for greater than 12 months had an estimated fair value of $68 million and unrealized losses of $2 million as of September 30, 2025 compared to an estimated fair value of $361 million and unrealized losses of $8 million as of December 31, 2024. Refer to “Note 14 — Accumulated Other Comprehensive Income” for amounts reclassified to earnings from unrealized gains and losses.

The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities by date of contractual maturity as of the date indicated (in millions):
 September 30,
2025
One year or less$955 
One year through two years
888 
Two years through three years651 
Three years through four years313 
Four years through five years57 
Thereafter
36 
Total$2,900 

Equity Investments

The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationSeptember 30,
2025		December 31,
2024
Equity investments without readily determinable fair values
Long-term investments$798 $1,011 
Equity investments under the equity method of accountingLong-term investments54 65 
Equity investments under the fair value option
Long-term investments51 54 
Total equity investments$903 $1,130 
Equity investments without readily determinable fair values

Equity investments without readily determinable fair values are non-marketable equity securities, which are investments in privately-held companies for which we do not exercise significant influence and are accounted for under the measurement alternative. Under the measurement alternative, the carrying value is measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Changes in value and impairments of equity investments without readily determinable fair values are recognized in “Gain (loss) on equity investments and warrant, net” in our condensed consolidated statement of income. Equity investments without readily determinable fair values are presented within “Long-term investments” in our condensed consolidated balance sheet.

Equity investment in Aurelia

In the second quarter of 2024, we completed the sale of (1) 227 million Adevinta ASA (“Adevinta”) shares in exchange for $2.4 billion in cash and (2) 177 million Adevinta shares in exchange for 177 million shares of a new entity, Aurelia Netherlands TopCo B.V. (“Aurelia”). The newly acquired investment in Aurelia was valued at $1.9 billion and represented approximately 18.3% ownership of the outstanding equity.

Concurrently, we granted Aurelia UK Feederco Limited, the buyer of our previously owned Adevinta shares, a six-month option to purchase a portion of our Aurelia shares (the “Aurelia Option”) valued at $74 million as of September 30, 2024. In the fourth quarter of 2024, the Aurelia Option was exercised, upon which we sold 97 million shares in Aurelia in exchange for $1.0 billion in cash. The remaining investment represented 8.3% of the outstanding equity of Aurelia.

The equity investment in Aurelia is accounted for under the measurement alternative as we are not able to exercise significant influence based on the governance structure of Aurelia.

In the first quarter of 2025, Aurelia implemented a recapitalization in connection with the creation of a management incentive plan. Prior to the recapitalization, we only held common shares in Aurelia. Subsequent to the recapitalization, we now hold both common and preferred shares in Aurelia.

In the second quarter of 2025, we received a $225 million cash distribution related to our equity investment in Aurelia. The distribution represents a return of capital based on the nature of the transaction and terms of Aurelia’s shareholder agreement to which we are party. The distribution resulted in a $214 million reduction to the carrying value of the investment in our condensed consolidated balance sheet and a foreign exchange gain of $11 million recognized in “Interest income and other, net” in our condensed consolidated statement of income. Cash received from the distribution was classified as an investing activity in our condensed consolidated statement of cash flows.

The recapitalization and the shareholder distribution did not impact our ownership as we continue to own approximately 8.3% of the total outstanding preferred and common shares of Aurelia as of September 30, 2025.

The carrying value of our remaining investment in Aurelia was $653 million and $867 million as of September 30, 2025 and December 31, 2024, respectively.

Prior to the 2024 sale of Adevinta shares discussed above, we held a 33% equity interest in Adevinta. At the initial recognition of this equity investment in Adevinta, we elected the fair value option where subsequent changes in fair value were recognized in “Gain (loss) on equity investments and warrant, net” in the condensed consolidated statement of income. Refer to “Note 7 — Fair Value Measurement of Assets and Liabilities” for more information.

For the nine months ended September 30, 2024, unrealized losses of $234 million and a realized gain of $78 million were recognized in “Gain (loss) on equity investments and warrant, net” in our condensed consolidated statement of income related to the change in fair value and sale of Adevinta shares.
Other equity investments without readily determinable fair values

Certain other individually immaterial equity investments aggregating to $145 million as of both September 30, 2025 and December 31, 2024 are accounted for under the measurement alternative. The change in value of our other equity investments without readily determinable fair values for each of the three and nine-month periods ended September 30, 2025 and 2024 was immaterial both individually and in the aggregate.

Equity investments under the equity method of accounting

We account for certain other individually immaterial equity investments through which we exercise significant influence but do not have control over the investee under the equity method. Our condensed consolidated statement of income includes, as a component of “Interest income and other, net,” our share of the net income or loss of the investee. Equity method investments are presented within “Long-term investments” in our condensed consolidated balance sheet. Our share of the net income or loss of equity method investments for the three and nine-month periods ended September 30, 2025 and 2024 was immaterial both individually and in the aggregate.

Equity investments under the fair value option

Equity investment in Gmarket

In the fourth quarter of 2024, we sold our remaining stake in Gmarket Global LLC (“Gmarket”) valued at $323 million in exchange for $322 million in cash, net of transaction costs. Prior to the sale of shares, we held 19.99% of the equity interest in Gmarket, over which we were able to exercise significant influence based on the terms of the securities purchase agreement, and through our board representation. At the initial recognition of this equity investment in Gmarket, we elected the fair value option where subsequent changes in fair value were recognized in “Gain (loss) on equity investments and warrant, net” in the condensed consolidated statement of income. Refer to “Note 7 — Fair Value Measurement of Assets and Liabilities” for more information.

For the three and nine months ended September 30, 2024, unrealized gains of $16 million and unrealized losses of $12 million, respectively, were recognized in “Gain (loss) on equity investments and warrant, net” in our condensed consolidated statement of income related to the change in fair value of the investment in Gmarket.

Other investments under the fair value option

Certain other individually immaterial equity investments aggregating to $51 million as of September 30, 2025 and $54 million as of December 31, 2024 are measured at fair value using the net asset value per share and therefore, have not been classified in the fair value hierarchy. Refer to “Note 7 — Fair Value Measurement of Assets and Liabilities” for more information.

Gains and losses on equity investments

The following table summarizes unrealized gains and losses on equity investments for the three and nine months ended September 30, 2025 and 2024 as presented within “Gain (loss) on equity investments and warrant, net” for the periods indicated (in millions):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Net gains (losses) recognized during the period on equity investments
$(13)$19 $(19)$(166)
Less: Net gains (losses) recognized on equity investments sold during the period
(4)— (2)78 
Total unrealized gains (losses) on equity investments held, end of period
$(9)$19 $(17)$(244)
v3.25.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates and interest rates. These hedging contracts reduce, but do not entirely eliminate, the impact of adverse foreign exchange rate and interest rate movements. We do not use any of our derivative instruments for trading purposes.

We use foreign currency exchange contracts to reduce the volatility of cash flows related to forecasted revenues, expenses, assets and liabilities, including intercompany balances denominated in foreign currencies. These contracts are generally one month to one year in duration but with maturities up to 24 months. The objective of the foreign exchange contracts is to ensure that ultimately the U.S. dollar-equivalent cash flows are not adversely affected by changes in the applicable U.S. dollar/foreign currency exchange rate. We evaluate the effectiveness of our foreign exchange contracts designated as cash flow hedges on a quarterly basis.

Cash Flow Hedges

For derivative instruments that are designated as cash flow hedges, the derivative’s gain or loss is initially reported as a component of “Accumulated other comprehensive income” (“AOCI”) and subsequently reclassified into earnings in the same period the forecasted hedged transaction affects earnings. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable that the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Unrealized gains and losses in AOCI associated with such derivative instruments are immediately reclassified into earnings. As of September 30, 2025, we have estimated that $36 million of net derivative losses related to our foreign exchange cash flow hedges and $7 million of net derivative gains related to our interest rate cash flow hedges included in AOCI will be reclassified into earnings within the next 12 months. We classify cash flows related to our cash flow hedges as operating activities in our condensed consolidated statement of cash flows.

Non-Designated Hedges

Our derivatives not designated as hedging instruments consist of foreign currency forward contracts that we primarily use to hedge monetary assets or liabilities, including intercompany balances and equity investments denominated in non-functional currencies. The gains and losses on our derivatives not designated as hedging instruments are recognized in “Interest income and other, net,” which are offset by the foreign currency gains and losses on the related assets and liabilities that are also recognized in “Interest income and other, net.” We classify cash flows related to our non-designated hedging instruments in the same line item as the cash flows of the related assets or liabilities, which is generally within operating activities in our condensed consolidated statement of cash flows.

Warrant

We were previously party to a warrant agreement that we entered into in conjunction with a commercial agreement with Adyen N.V. (“Adyen”) that, subject to meeting certain conditions, entitled us to acquire a fixed number of shares up to 5% of Adyen’s fully diluted share capital at a specific date. The warrant had a term of seven years and vested in a series of four tranches, at a specified price per share (fixed for the first two tranches) upon meeting processing volume milestone targets on a calendar year basis. When a relevant milestone was reached, the warrant became exercisable with respect to the corresponding tranche of warrant shares.

The warrant was accounted for as a derivative under ASC Topic 815, Derivatives and Hedging. Changes in the fair value of the warrant were recognized in “Gain (loss) on equity investments and warrant, net” in our condensed consolidated statement of income. The day-one value attributable to the other side of the warrant, which was recognized as a deferred credit, was reported within “Accrued expenses and other current liabilities” in our condensed consolidated balance sheet and was amortized over the life of the initial commercial arrangement. See “Note 7 — Fair Value Measurement of Assets and Liabilities” for information about the fair value measurement of the warrant.
In the fourth quarter of 2024, we met the processing volume milestone required to vest in the second tranche of our warrant and upon vesting, we exercised the option to purchase shares of Adyen. As of December 31, 2024, the probability of meeting the processing volume milestone targets for remaining two tranches of the Adyen warrant was zero. The warrant expired on January 31, 2025.

Fair Value of Derivative Contracts

The following table presents fair values of our outstanding derivative instruments as of the dates indicated (in millions):
 Balance Sheet LocationSeptember 30,
2025		December 31,
2024
Derivative Assets:
Foreign exchange contracts designated as cash flow hedgesOther current assets$11 $41 
Foreign exchange contracts not designated as hedging instrumentsOther current assets9 20 
Interest rate contracts designated as cash flow hedgesOther current assets— 7 
Foreign exchange contracts designated as cash flow hedgesOther assets12 14 
Warrants and other
Other assets17 15 
Total derivative assets$49 $97 
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedgesOther current liabilities$8 $— 
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities2 18 
Interest rate contracts designated as cash flow hedges Other current liabilities4 — 
Total derivative liabilities$14 $18 
Total fair value of derivative instruments$35 $79 

Under the master netting agreements with the respective counterparties to our derivative contracts, subject to applicable requirements, we are allowed to net settle transactions of the same type with a single net amount payable by one party to the other. However, we have elected to present the derivative assets and derivative liabilities on a gross basis in our condensed consolidated balance sheet. As of September 30, 2025, the potential effect of rights of set-off associated with the foreign exchange contracts would be an offset to both assets and liabilities by $7 million, resulting in net derivative assets of $25 million and net derivative liabilities of $3 million. As of September 30, 2025, there was no potential effect of rights of set-off associated with the interest rate contracts as there were no asset positions.

Effect of Derivative Contracts on Accumulated Other Comprehensive Income

The following tables present the activity of derivative instruments designated as cash flow hedges gross of tax as of September 30, 2025 and December 31, 2024, and the impact of these derivative contracts on AOCI as of the dates indicated (in millions): 
 December 31, 2024Amount of Loss Recognized in Other Comprehensive Income
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings
September 30, 2025
Foreign exchange contracts designated as cash flow hedges$25 $(98)$(22)$(51)
Interest rate contracts designated as cash flow hedges50 (4)6 40 
Total
$75 $(102)$(16)$(11)
 December 31, 2023
Amount of Loss Recognized in Other Comprehensive Income
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings
September 30, 2024
Foreign exchange contracts designated as cash flow hedges$(64)$(26)$(32)$(58)
Interest rate contracts designated as cash flow hedges51 — 6 45 
Total
$(13)$(26)$(26)$(13)

Effect of Derivative Contracts on Condensed Consolidated Statement of Income

The following table summarizes the total loss recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Loss from foreign exchange contracts designated as cash flow hedges recognized in net revenues
$(24)$(11)$(22)$(31)
Loss from foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues
— (1)— (1)
Gain (loss) from foreign exchange contracts not designated as hedging instruments recognized in interest income and other, net
7 (16)2 4 
Total loss recognized from foreign exchange derivative contracts in the condensed consolidated statement of income
$(17)$(28)$(20)$(28)

The following table summarizes the total gain recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions): 
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Gain from interest rate contracts designated as cash flow hedges recognized in interest expense
$2 $2 $6 $6 
Gain from interest rate contracts designated as fair value hedges recognized in interest expense
— — — 2 
Total gain recognized from interest rate derivative contracts in the condensed consolidated statement of income
$2 $2 $6 $8 

The following table summarizes the total gain recognized in the condensed consolidated statement of income due to changes in the fair value of the warrant for the periods indicated (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Gain attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net
$2 $145 $2 $120 
Notional Amounts of Derivative Contracts

Derivative transactions are measured in terms of the notional amount, but this amount is not recognized in our condensed consolidated balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which the value of foreign exchange payments under these contracts are determined. The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions):
September 30,
2025		December 31,
2024
Foreign exchange contracts designated as cash flow hedges$1,714 $1,329 
Foreign exchange contracts not designated as hedging instruments1,902 1,667 
Interest rate contracts designated as cash flow hedges200 150 
Total$3,816 $3,146 

Credit Risk

Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the arrangement. We seek to mitigate such risk by limiting our counterparties to, and by spreading the risk across, major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis.
v3.25.3
Fair Value Measurement of Assets and Liabilities
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement of Assets and Liabilities Fair Value Measurement of Assets and Liabilities
The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated (in millions):
September 30, 2025
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:   
Cash, cash equivalents and restricted cash
Cash and cash equivalents$2,423 $2,423 $— $— 
Customer accounts
947 947 — — 
Restricted cash included in other current assets142 142 — — 
Restricted cash included in other assets1 1 — — 
Total cash, cash equivalents and restricted cash3,513 3,513 — — 
Derivatives49 — 32 17 
Short-term investments:
Corporate debt securities926 — 926 — 
Government and agency securities
29 — 29 — 
Total short-term investments955 — 955 — 
Long-term investments:
Corporate debt securities1,811 — 1,811 — 
Government and agency securities134 — 134 — 
Total long-term investments1,945 — 1,945 — 
Total financial assets$6,462 $3,513 $2,932 $17 
Liabilities:
Derivatives$14 $— $14 $— 
December 31, 2024
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:   
Cash, cash equivalents and restricted cash
Cash and cash equivalents$2,433 $2,433 $— $— 
Customer accounts763 763 — — 
Restricted cash included in other current assets88 88 — — 
Restricted cash included in other assets2 2 — — 
Total cash, cash equivalents and restricted cash3,286 3,286 — — 
Derivatives97 — 82 15 
Short-term investments:
Corporate debt securities3,094 — 3,094 — 
Government and agency securities363 — 363 — 
Total short-term investments3,457 — 3,457 — 
Long-term investments:
Corporate debt securities1,119 — 1,119 — 
Government and agency securities190 — 190 — 
Total long-term investments1,309 — 1,309 — 
Total financial assets$8,149 $3,286 $4,848 $15 
Liabilities:
Derivatives$18 $— $18 $— 

Our financial assets and liabilities are valued using market prices on both active markets (Level 1), less active markets (Level 2) and little or no market activity (Level 3). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. We did not have any transfers of financial instruments between valuation levels for the nine months ended September 30, 2025.

Other financial instruments, including accounts receivable, funds receivable, accounts payable and funds payable, are carried at cost, which approximates their fair value due to the short-term nature of these instruments.
Fair value measurement of derivative instruments

The majority of our derivative instruments are valued using pricing models that take into account the contract terms as well as multiple inputs where applicable, such as equity prices, interest rate yield curves, option volatility and currency rates.

The Adyen warrant, which was accounted for as a derivative instrument, was valued using a Black-Scholes model. Key assumptions used in the valuation included risk-free interest rates; Adyen’s common stock price, equity volatility and common stock outstanding; exercise price; and details specific to the warrant. The value was also probability adjusted for management’s assumptions with respect to vesting of the remaining tranches which were each subject to meeting processing volume milestone targets. In the fourth quarter of 2024, we met the processing volume milestone required to vest in the second tranche of the Adyen warrant. As of December 31, 2024, the probability of meeting the processing volume milestone requirements for the remaining two tranches of the Adyen warrant was zero. The Adyen warrant expired on January 31, 2025.

The following table presents a reconciliation of the opening to closing balance of the Adyen warrant measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
December 31,
2024
Opening balance at January 1, 2024
$364 
Change in fair value158 
Exercise of options under warrant(522)
Closing balance at December 31, 2024
$— 
Refer to “Note 6 — Derivative Instruments” for further details on our derivative instruments.

Fair value measurement of equity investments

Our equity investment in Adevinta was accounted for under the fair value option and classified within Level 1 in the fair value hierarchy as the fair value was measured based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date. In the second quarter of 2024, we sold our remaining stake in Adevinta.

Our equity investment in Gmarket was accounted for under the fair value option and classified within Level 3 in the fair value hierarchy as valuation of the investment reflected management’s estimate of assumptions that market participants would use in pricing the asset. In the fourth quarter of 2024, we sold our remaining stake in Gmarket.

The following table presents a reconciliation of the opening to closing balance of the equity investment in Gmarket measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
December 31,
2024
Opening balance at January 1, 2024
$335 
Change in fair value(12)
Fair value of shares sold
(323)
Closing balance at December 31, 2024
$— 

Certain other immaterial equity investments under the fair value option aggregating to $51 million as of September 30, 2025 and $54 million as of December 31, 2024 are measured at fair value using the net asset value per share and therefore, have not been classified in the fair value hierarchy.

Refer to “Note 5 — Investments” for further details about our equity investments.
v3.25.3
Supplemental Consolidated Financial Information
 9 Months Ended
Sep. 30, 2025
Balance Sheet Components [Abstract]  
Supplemental Consolidated Financial Information Supplemental Consolidated Financial Information
Contract Balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represents amounts invoiced and revenue recognized prior to invoicing when we have satisfied our performance obligation and have the unconditional right to payment. The allowance for doubtful accounts and authorized credits is estimated based upon our assessment of various factors including historical experience, the age of the accounts receivable balances, current economic conditions reasonable and supportable forecasts, and other factors that may affect our customers’ ability to pay.

The following table presents allowance for doubtful accounts and authorized credits activity for the period indicated (in millions):
 December 31,
2024		Charged/Credited to Net IncomeCharges Utilized/Write-offs September 30,
2025
Allowance for doubtful accounts
$13 $13 $(17)$9 
Allowance for authorized credits
$24 $3 $— $27 

Deferred revenue consists of fees received related to unsatisfied performance obligations at the end of the period. Due to the generally short-term duration of contracts, the majority of the performance obligations are satisfied in the following reporting period. The amount of revenue recognized for the nine months ended September 30, 2025 that was included in the deferred revenue balance at the beginning of the period was $28 million. The amount of revenue recognized for the nine months ended September 30, 2024 that was included in the deferred revenue balance at the beginning of the period was $31 million.

Customer accounts and funds receivable
September 30,
2025		December 31,
2024
(In millions)
Customer accounts
$947 $763 
Funds receivable315 199 
Customer accounts and funds receivable$1,262 $962 

Other current assets
September 30,
2025		December 31,
2024
(In millions)
Restricted cash
$142 $88 
Income and other tax receivable140 115 
Prepaid expenses124 136 
Accounts receivable, net122 108 
Short-term derivative assets20 68 
Other205 200 
Other current assets$753 $715 
Accrued expenses and other current liabilities
September 30,
2025		December 31,
2024
(In millions)
Accrued compensation and related benefits$581 $498 
Accrued indirect tax expense
494 515 
Accrued marketing expenses258 222 
Operating lease liabilities118 118 
Transaction loss reserve84 118 
Accrued general and administrative expenses
83 68 
Accrued interest expense69 45 
Deferred revenue41 32 
Other current tax liabilities
— 173 
Other509 395 
Accrued expenses and other current liabilities$2,237 $2,184 

Gain (loss) on equity investments and warrant, net
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(In millions)
Unrealized change in fair value of equity investment in Adevinta$— $— $— $(234)
Realized change in fair value of shares sold in Adevinta
— — — 78 
Unrealized change in fair value of equity investment in Gmarket
— 16 — (12)
Change in fair value of warrants
2 145 2 120 
Change in fair value of Aurelia option
— 35 — (74)
Gain (loss) on other investments
(12)3 (18)2 
Total gain (loss) on equity investments and warrant, net$(10)$199 $(16)$(120)

Interest income and other, net
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
(In millions)
Interest income$65 $72 $206 $196 
Foreign exchange and other4 (6)3 4 
Total interest income and other, net
$69 $66 $209 $200 
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages):
 Coupon Rate
September 30, 2025
Effective Interest Rate
December 31, 2024
Effective Interest Rate
Long-Term Debt
Senior Notes:
Senior notes due 20251.900 %$— — %$800 1.803 %
Senior notes due 20255.900 %425 6.036 %425 6.036 %
Senior notes due 20261.400 %750 1.252 %750 1.252 %
Senior notes due 20273.600 %850 3.689 %850 3.689 %
Senior notes due 20275.950 %300 6.064 %300 6.064 %
Senior notes due 20302.700 %950 2.623 %950 2.623 %
Senior notes due 20312.600 %750 2.186 %750 2.186 %
Senior notes due 20326.300 %425 6.371 %425 6.371 %
Senior notes due 20424.000 %750 4.114 %750 4.114 %
Senior notes due 20513.650 %1,000 2.517 %1,000 2.517 %
Total senior notes6,200 7,000 
Unamortized discount and debt issuance costs
(22)(23)
Less: Current portion of long-term debt(1,175)(1,225)
Total long-term debt5,003 5,752 
Short-Term Debt
Current portion of long-term debt1,175 1,225 
Commercial paper575 450 
Unamortized discount and debt issuance costs
(2)(2)
Total short-term debt1,748 1,673 
Total Debt$6,751 $7,425 
Senior Notes

On October 22, 2025, we redeemed the $425 million aggregate principal amount of our previously outstanding 5.900% senior notes due in November 2025. Total cash consideration paid was $425 million, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount.

In March 2025, we repaid the $800 million aggregate principal amount of our previously outstanding 1.900% senior notes due 2025 on the date of maturity. Cash paid related to the repayment was classified as a financing activity in our condensed consolidated statement of cash flows.

In August 2024, we repaid the $750 million aggregate principal amount of our previously outstanding 3.450% senior notes on the date of maturity.

We may redeem some or all of the notes of each series at any time and from time to time prior to their maturity, generally at a make-whole redemption price, plus accrued and unpaid interest.

If a change of control triggering event (as defined in the applicable series of notes) occurs with respect to the 1.400% notes due 2026, the 3.600% notes due 2027, the 5.950% notes due 2027, the 2.700% notes due 2030, the 2.600% notes due 2031, the 6.300% notes due 2032, the 4.000% notes due 2042, or the 3.650% notes due 2051, we must, subject to certain exceptions, offer to repurchase all of the notes of the applicable series at a price equal to 101% of the principal amount, plus accrued and unpaid interest.
The indenture pursuant to which the senior notes were issued includes customary covenants that, among other things and subject to exceptions, limit our ability to incur, assume or guarantee debt secured by liens on specified assets or enter into sale and lease-back transactions with respect to specified properties, and also includes customary events of default with customary grace periods in certain circumstances, including payment defaults and bankruptcy-related defaults.

The effective interest rates for our senior notes include the interest payable, the amortization of debt issuance costs and the amortization of any original issue discount and premium on these senior notes. Interest on these senior notes is payable either quarterly or semiannually. Interest expense associated with these senior notes, including amortization of debt issuance costs, was $55 million and $167 million for the three and nine months ended September 30, 2025, respectively, compared to $60 million and $189 million, respectively, during the same periods in 2024. As of September 30, 2025 and December 31, 2024, the estimated fair value of these senior notes, using Level 2 inputs, was $5.7 billion and $6.3 billion, respectively.

Commercial Paper

We have a commercial paper program pursuant to which we may issue commercial paper notes in an aggregate principal amount at maturity of up to $1.5 billion outstanding at any time with maturities of up to 397 days from the date of issue. During the nine months ended September 30, 2025, we repaid the $1.5 billion aggregate principal amount of the previously outstanding commercial paper notes on the dates of maturity and issued $1.6 billion aggregate principal amount of commercial paper notes, of which $1.2 billion aggregate principal amount had original maturities 90 days or less and $0.4 billion aggregate principal amount had original maturities greater than 90 days. Commercial paper is carried at amortized cost, which approximates its fair value due to the short-term nature of these instruments. As of September 30, 2025, we had $575 million aggregate principal amount of commercial paper notes outstanding with a weighted average interest rate of 4.52% per annum and a weighted average remaining term of 18 days. As of December 31, 2024, we had $450 million aggregate principal amount of commercial paper notes outstanding. Cash proceeds related to the issuance of commercial paper and cash used to repay commercial paper were classified as financing activities in our condensed consolidated statement of cash flows.

Credit Agreement

We have a credit agreement maturing in January 2029 that provides for an unsecured $2.0 billion five-year revolving credit facility. We may also, subject to the agreement of the applicable lenders, increase the commitments under the revolving credit facility by up to $1.0 billion. Funds borrowed under the credit agreement may be used for working capital, capital expenditures, acquisitions and other general corporate purposes and bear interest at either (i) a customary forward-looking term rate based on the secured overnight financing rate published by CME Group for the relevant interest period plus an adjustment of 0.1% or (ii) a customary base rate formula, plus a margin (based on our public debt ratings) ranging from 0% to 0.375%.

As of September 30, 2025, no borrowings were outstanding under our $2.0 billion credit agreement. However, as described above, we have an up to $1.5 billion commercial paper program and are required to maintain available borrowing capacity under our credit agreement in order to repay commercial paper borrowings in the event we are unable to repay those borrowings from other sources when they become due, in an aggregate amount of $1.5 billion. As of September 30, 2025, we had $575 million aggregate principal amount of commercial paper notes outstanding; therefore, $1.4 billion of borrowing capacity was available for other purposes permitted by the credit agreement, subject to customary conditions to borrowing. The credit agreement includes a covenant limiting our consolidated leverage ratio to no more than 4.0:1.0, subject to, upon the occurrence of a qualified material acquisition, if so elected by us, a step-up to 4.5:1.0 for the four fiscal quarters completed following such qualified material acquisition. The credit agreement includes customary events of default, with corresponding grace periods in certain circumstances, including payment defaults, cross-defaults and bankruptcy-related defaults. In addition, the credit agreement contains customary affirmative and negative covenants, including restrictions regarding the incurrence of liens and subsidiary indebtedness, in each case, subject to customary exceptions. The credit agreement also contains customary representations and warranties.
We were in compliance with all financial covenants in our outstanding debt instruments for the nine months ended September 30, 2025.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Off-Balance Sheet Arrangements

As of September 30, 2025, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures or capital resources.

Litigation and Other Legal Matters
 
We are involved in legal and regulatory proceedings on an ongoing basis. If we believe that a loss arising from such matters is probable and can be reasonably estimated, we accrue the estimated liability in our financial statements. If only a range of estimated losses can be determined, we accrue an amount within the range that, in our judgment, reflects the most likely outcome; if none of the estimates within that range is a better estimate than any other amount, we accrue the low end of the range. For those proceedings in which an unfavorable outcome is reasonably possible but not probable, we have disclosed an estimate of the reasonably possible loss or range of losses or we have concluded that an estimate of the reasonably possible loss or range of losses arising directly from the proceeding (i.e., monetary damages or amounts paid in judgment or settlement) is not material. If we cannot estimate the probable or reasonably possible loss or range of losses arising from a proceeding, we have disclosed that fact. In assessing the materiality of a proceeding, we evaluate, among other factors, the amount of monetary damages claimed, as well as the potential impact of non-monetary remedies sought by plaintiffs (e.g., injunctive relief) that may require us to change our business practices in a manner that could have a material adverse impact on our business. Legal fees are expensed as incurred.

On January 31, 2024, the Drug Enforcement Administration, U.S. Department of Justice (the “DOJ”) and the Company entered into a settlement agreement (the “DEA Settlement Agreement”), which fully resolved DOJ’s allegations of noncompliance arising under the Controlled Substances Act. Pursuant to the DEA Settlement Agreement, the Company paid $59 million and agreed to implement enhanced processes regarding its monitoring and reporting of listings that violate the Company’s policies.

In January 2024, the Company also entered into a deferred prosecution agreement (the “DPA”) with the United States Attorney for the District of Massachusetts (the “U.S. Attorney”) regarding potential criminal liability of the Company arising from the stalking and harassment in 2019 of the editor and publisher of Ecommercebytes, a website that publishes ecommerce news and information. Six former Company employees and one former contractor have pleaded guilty to crimes arising from the conduct. Pursuant to the terms of the DPA, the U.S. Attorney filed a six-count criminal information in the United States District Court for the District of Massachusetts in January 2024 and agreed to defer any prosecution of the Company on those counts. Additionally, during the three-year term of the DPA, the Company is subject to an independent compliance monitor to assess its compliance program and, where appropriate, to modify that program. If the Company successfully meets its obligations under the DPA, after three years, the DPA will expire, and the U.S. Attorney has agreed to dismiss the criminal information against the Company. The editor and publisher also have a pending civil action against the Company arising from the above-described conduct.

On September 27, 2023, the DOJ, on behalf of the Environmental Protection Agency (collectively, the “Government”), filed a civil complaint in the United States District Court for the Eastern District of New York (the “District Court”) alleging that we are liable for the sale of regulated or illicit products manufactured and sold by third parties who listed such products on the Marketplace platforms in a manner that evaded and/or was designed to evade detection in violation of the Clean Air Act, Federal Insecticide, Fungicide, and Rodenticide Act and the Toxic Substances Control Act. On September 30, 2024, the District Court issued an order dismissing the Government’s claims in their entirety. During the third quarter of 2024, we released amounts previously accrued for estimated losses in connection with the Government’s claims, for which we previously believed a loss was probable. On November 26, 2024, the Government filed a Notice of Appeal with the United States Court of Appeals for the Second Circuit (the “Second Circuit”), seeking review of the District Court’s decision. On April 24, 2025, the Government filed a motion to voluntarily dismiss its appeal of the District Court’s decision. On April 25, 2025, the Second Circuit granted the Government’s motion, and the appeal was dismissed.
Amounts accrued for legal and regulatory proceedings were not material as of September 30, 2025 and December 31, 2024. We have concluded, based on currently available information, that reasonably possible losses arising directly from the proceedings (i.e., monetary damages or amounts paid in judgment or settlement) in excess of our recognized accruals are also not material. However, legal and regulatory proceedings are inherently unpredictable and subject to uncertainties. If one or more matters were resolved against us in a reporting period for amounts in excess of management’s expectations, the impact on our operating results or financial condition for that reporting period could be material.

Indemnification Provisions

We entered into a separation and distribution agreement and various other agreements with PayPal to govern the separation and relationship of the two companies. These agreements provide for specific indemnity and liability obligations and could lead to disputes between us and PayPal, which may be significant. In addition, the indemnity rights we have against PayPal under the agreements may not be sufficient to protect us and our indemnity obligations to PayPal may be significant.

In addition, we have entered into indemnification agreements with each of our directors and executive officers and with certain other officers. These agreements require us to indemnify such individuals, to the fullest extent permitted by Delaware law, for certain liabilities to which they may become subject as a result of their affiliation with us.

In the ordinary course of business, we have included limited indemnification provisions in certain of our agreements with parties with which we have commercial relations, including our standard marketing, promotions and application programming interface license agreements. Under these contracts, we may indemnify, hold harmless and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party in connection with claims by a third party with respect to intellectual property infringement, including to our trademarks, logos and proprietary software, and other branding elements, such as domain names, to the extent that such are applicable to our performance under the subject agreement. In certain cases, we have agreed to provide indemnification for gross negligence, willful misconduct, fraud and breach of representations, warranties and applicable law. It is not possible to determine the maximum potential loss under these indemnification provisions due to our limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recognized in our condensed consolidated statement of income in connection with our indemnification provisions have not been material, either individually or collectively.
v3.25.3
Stockholders’ Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Stock Repurchase Program

Our stock repurchase programs are intended to programmatically offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, to make opportunistic and programmatic repurchases of our common stock to reduce our outstanding share count and return value to stockholders. Any share repurchases under our stock repurchase programs may be made through open market transactions, block trades, privately negotiated transactions (including accelerated share repurchase transactions) or other means at times and in such amounts as management deems appropriate and will be funded from our working capital or other financing alternatives. Our stock repurchase programs may be limited or terminated at any time without prior notice. The timing and actual number of shares repurchased will depend on a variety of factors, including corporate and regulatory requirements, price and other market conditions and management’s determination as to the appropriate use of our cash.

The following table summarizes stock repurchase activity under our stock repurchase programs for the period indicated (in millions, except per share amounts):
Shares
Repurchased (1)
Average Price
per Share (2)
Value of Shares
Repurchased (2)
Remaining Amount
Authorized
Balance as of January 1, 2025$3,298 
Repurchase of shares of common stock 25 $74.03 $1,875 (1,875)
Balance as of September 30, 2025$1,423 
(1)These repurchased shares of common stock were recognized as treasury stock and were accounted for under the cost method. None of the repurchased shares of common stock have been retired.
(2)Excludes broker commissions and excise tax accruals.

Dividends

During the three and nine months ended September 30, 2025, we paid a total of $132 million and $400 million, respectively, in cash dividends compared to $131 million and $405 million, respectively, paid during the same periods in 2024. In October 2025, our Audit Committee, pursuant to delegated authority from our Board of Directors, declared a cash dividend of $0.29 per share of common stock to be paid on December 12, 2025 to stockholders of record as of November 28, 2025.
v3.25.3
Employee Benefit Plans
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Restricted Stock Unit Activity

The following table presents restricted stock unit (“RSU”) activity under our equity incentive plans for the period indicated (in millions):
 Units
Outstanding as of January 1, 202521 
Awarded11 
Vested(8)
Forfeited(2)
Outstanding as of September 30, 202522 

The weighted average grant date fair value for RSUs awarded for the nine months ended September 30, 2025 was $68.71 per share.

Stock-Based Compensation Expense

The following table presents the impact on our results of continuing operations of recording stock-based compensation expense for the periods indicated (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Cost of net revenues$15 $13 $42 $40 
Sales and marketing21 22 65 70 
Product development69 70 216 211 
General and administrative42 41 125 125 
Total stock-based compensation expense$147 $146 $448 $446 
Capitalized product development
$5 $5 $15 $15 
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We are subject to both direct and indirect taxation in the United States and various states and foreign jurisdictions. We are under examination by certain tax authorities for the 2010 to 2023 tax years. We believe that adequate amounts have been reserved for any adjustments that may ultimately result from these or other examinations. The material jurisdictions where we are subject to potential examination by tax authorities for tax years after 2009 include, among others, the United States (at the federal level and in the State of California), Germany, India, Israel, Switzerland and the United Kingdom.
 
The timing of the resolution and/or closure of audits is highly uncertain. Given the number of years remaining subject to examination and the number of matters being examined, we are unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. We do not expect the gross amount of unrecognized tax benefits to significantly change within the next 12 months.

We have recognized the tax consequences of all foreign unremitted earnings and management has no specific plans to indefinitely reinvest the unremitted earnings of our foreign subsidiaries as of the balance sheet date. In the second quarter of 2025, we made the final payment of $292 million related to the repatriation of foreign earnings previously included in “Income taxes payable” in our condensed consolidated balance sheet as of December 31, 2024. We have not provided for deferred taxes on outside basis differences in our investments in our foreign subsidiaries that are unrelated to unremitted earnings. These basis differences will be indefinitely reinvested. A determination of the unrecognized deferred taxes related to these other components of our outside basis difference is not practicable.

On July 4, 2025, the United States enacted the One Big Beautiful Bill Act. Included in this legislation are provisions that allow for the immediate expensing of domestic research and development and certain capital expenditures, as well as other changes related to the taxation of profits derived from foreign operations. We recorded a discrete net tax benefit in the third quarter of 2025 related to the effects of this Act.
v3.25.3
Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
The following tables summarize the changes in AOCI for the periods indicated (in millions):
Unrealized Gains (Losses) on Derivative Instruments
Unrealized Gains on Investments
Foreign Currency
Translation
Estimated Tax
(Expense) Benefit		Total
Balance as of June 30, 2025$(39)$11 $194 $29 $195 
Other comprehensive income (loss) before reclassifications6 5 (9)(2)— 
Less: Amount of gain (loss) reclassified from AOCI(22)— — 5 (17)
Net current period other comprehensive income (loss)28 5 (9)(7)17 
Balance as of September 30, 2025$(11)$16 $185 $22 $212 
Unrealized Gains (Losses) on Derivative Instruments
Unrealized Gains (Losses)
on Investments		Foreign Currency
Translation		Estimated Tax
(Expense) Benefit		Total
Balance as of June 30, 2024$16 $(31)$153 $27 $165 
Other comprehensive income (loss) before reclassifications(39)31 66 2 60 
Less: Amount of gain (loss) reclassified from AOCI(10)— — 3 (7)
Net current period other comprehensive income (loss)(29)31 66 (1)67 
Balance as of September 30, 2024$(13)$— $219 $26 $232 
Unrealized Gains (Losses) on Derivative Instruments
Unrealized Gains (Losses)
on Investments
Foreign Currency
Translation
Estimated Tax
Benefit
Total
Balance as of December 31, 2024$75 $(7)$130 $8 $206 
Other comprehensive income (loss) before reclassifications(102)23 55 18 (6)
Less: Amount of gain (loss) reclassified from AOCI(16)— — 4 (12)
Net current period other comprehensive income (loss)(86)23 55 14 6 
Balance as of September 30, 2025$(11)$16 $185 $22 $212 
Unrealized Losses on Derivative Instruments
Unrealized Gains (Losses)
on Investments		Foreign Currency
Translation		Estimated Tax
(Expense) Benefit		Total
Balance as of December 31, 2023$(13)$(45)$206 $37 $185 
Other comprehensive income (loss) before reclassifications(26)45 13 (4)28 
Less: Amount of gain (loss) reclassified from AOCI(26)— — 7 (19)
Net current period other comprehensive income (loss)— 45 13 (11)47 
Balance as of September 30, 2024$(13)$— $219 $26 $232 
The following table summarizes the reclassifications out of AOCI for the periods indicated (in millions):
Details about AOCI Components Affected Line Item in the Statement of IncomeAmount of Gain (Loss) Reclassified From AOCI
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Gains (losses) on cash flow hedges:
Foreign exchange contractsNet revenues$(24)$(11)$(22)$(31)
Foreign exchange contractsCost of net revenues— (1)— (1)
Interest rate contracts
Interest income and other, net
2 2 6 6 
Income from continuing operations before income taxes(22)(10)(16)(26)
Income tax benefit (provision)
5 3 4 7 
Total reclassifications for the periodNet income$(17)$(7)$(12)$(19)
v3.25.3
Restructuring
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
The following table summarizes restructuring reserve activity for the periods indicated (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Accrued liability, beginning of period$5 $27 $10 $102 
Payments— (14)(5)(83)
Adjustments— (1)— (7)
Accrued liability, end of period$5 $12 $5 $12 

During the fourth quarter of 2023, management approved plans to drive operational improvement that included the reduction of workforce that resulted in a pre-tax charge of $99 million. The reduction was substantially completed in the second quarter of 2024.

For the three and nine months ended September 30, 2024, the adjustments to restructuring charges were recognized in “General and administrative” expenses in our condensed consolidated statement of income. There were no individually material restructuring plans during the three and nine months ended September 30, 2025.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Jordan Sweetnam [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On August 1, 2025, Jordan Sweetnam, our Senior Vice President, Chief Commercial Officer, adopted a written trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”), which is designed to be in effect until December 31, 2026, subject to customary exceptions. His 10b5-1 Plan provides for exercise of options (if applicable) and sales from time to time of a portion of (i) the shares of eBay common stock underlying his options and (ii) his shares of eBay common stock that he could receive upon the future vesting of certain outstanding equity awards, in each case net of any shares withheld by us to satisfy applicable taxes and, in the case of an option exercise, payment of the aggregate exercise price. The number of shares to be withheld, and the number of shares available to be sold pursuant to Mr. Sweetnam’s 10b5-1 Plan, can only be determined upon the occurrence of future equity award vesting events and option exercises. For purposes of this disclosure, without subtracting any shares to be withheld upon future equity award vesting events or option exercises, the maximum aggregate number of shares to be sold pursuant to Mr. Sweetnam’s 10b5-1 Plan is 153,005. This amount includes target amounts of shares that may be earned pursuant to outstanding performance-based equity awards. The actual number of such shares earned, if any, could be higher or lower depending on attainment of performance goals during the applicable performance period.
Name Jordan Sweetnam
Title Senior Vice President, Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 1, 2025
Expiration Date December 31, 2026
Arrangement Duration 517 days
Aggregate Available 153,005
v3.25.3
The Company and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Use of Estimates
Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including but not limited to those related to provisions for transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments, including Level 3 investments, derivatives, including warrants, and the recoverability of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation

The accompanying financial statements are consolidated and include the financial statements of eBay Inc. and our wholly and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. A qualitative approach is applied to assess the consolidation requirement for variable interest entities. Generally, investments in entities where we hold at least a 20% ownership interest and have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting, including those in which the fair value option has been elected.

For equity method investments, our share of the investees’ results of operations is included in “Interest income and other, net” and investment balances are included in “Long-term investments.” For equity method investments under the fair value option, the change in fair value of the investment is included in “Gain (loss) on equity investments and warrant, net” and investment balances are included in “Long-term investments.” Investments in entities where we hold less than a 20% ownership interest are generally accounted for as equity investments to be measured at fair value, under an election, or at cost if it does not have readily determinable fair value, in which case the carrying value would be adjusted upon the occurrence of an observable price change in an orderly transaction for identical or similar instruments or impairment. For investments in entities where we hold less than a 20% ownership interest, the change in fair value of the investment is included in “Gain (loss) on equity investments and warrant, net” and investment balances are included in “Long-term investments.”
These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods.
Recently Adopted Accounting Pronouncements/Recent Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements

In 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses enabling investors to better understand an entity’s overall performance and assess potential future cash flows. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The standard is effective for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We adopted this guidance in the fourth quarter of 2024 with no material impact in our condensed consolidated financial statements and related disclosures.

In 2023, the FASB issued ASU 2023-08—Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. The guidance addresses the accounting and disclosure requirements for certain crypto assets and requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recognized in net income in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. The standard is effective for annual reporting periods beginning after December 15, 2024, including interim reporting periods within those fiscal years. We adopted this guidance in the first quarter of 2025 with no material impact in our condensed consolidated financial statements and related disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance is intended to further standardize income tax disclosures primarily related to the presentation of the effective tax rate reconciliation and income taxes paid information in our financial statements and disclosures. The standard is effective for annual reporting periods beginning after December 15, 2024. We are evaluating the effect that this standard may have on our condensed consolidated financial statements and related disclosures.

In 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance is intended to improve disclosures about expenses and address requests from investors for more transparent expense information through disaggregation of relevant expense captions in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. We are evaluating the effect that this standard may have on our condensed consolidated financial statements and related disclosures.
In 2025, the FASB issued ASU 2025-06—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The guidance is intended to improve certain aspects of the accounting for and disclosure of internally developed software costs specific to website development. The standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. We are evaluating the effect that this standard may have on our condensed consolidated financial statements and related disclosures.
v3.25.3
Net Income Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income per Share
The following table presents the computation of basic and diluted net income per share for the periods indicated (in millions, except per share amounts):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Numerator:
Income from continuing operations
$597 $636 $1,471 $1,301 
Income (loss) from discontinued operations, net of income taxes
35 (2)32 (5)
Net income
$632 $634 $1,503 $1,296 
Denominator:
Weighted average shares of common stock - basic456 487 461 502 
Dilutive effect of equity incentive awards11 7 10 5 
Weighted average shares of common stock - diluted467 494 471 507 
Income (loss) per share - basic:
Continuing operations$1.31 $1.31 $3.19 $2.59 
Discontinued operations0.08 — 0.07 (0.01)
Net income per share - basic
$1.39 $1.31 $3.26 $2.58 
Income (loss) per share - diluted:
Continuing operations$1.28 $1.29 $3.13 $2.57 
Discontinued operations0.07 — 0.07 (0.01)
Net income per share - diluted
$1.35 $1.29 $3.20 $2.56 
Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive
— 4 1 13 
v3.25.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Activity
The following table presents goodwill activity for the period indicated (in millions):
 December 31,
2024		Goodwill
Acquired		 Adjustments September 30,
2025
Goodwill$4,269 $72 $35 $4,376 
Schedule of Identifiable Intangible Assets The following table presents components of identifiable intangible assets as of the dates indicated (in millions, except years):
 September 30, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life (Years)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life (Years)
Intangible assets:        
Customer lists and user base$257 $(218)$39 7$246 $(200)$46 8
Marketing related103 (69)34 7101 (63)38 7
Developed technologies270 (225)45 4239 (205)34 4
All other158 (157)1 3158 (157)1 3
Total$788 $(669)$119  $744 $(625)$119 
Schedule of Finite-Lived Intangible Assets Amortization Expense
The following table presents expected future intangible asset amortization as of the date indicated (in millions):
September 30,
2025
Remaining 2025$12 
202642 
202737 
20289 
20297 
Thereafter12 
Total$119 
v3.25.3
Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Net Revenues by Activity
The following table summarizes net revenues by activity for the periods indicated (in millions):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Marketplace revenues
$2,295 $2,168 $6,686 $6,514 
Advertising revenues
525 408 1,449 1,190 
Total net revenues
$2,820 $2,576 $8,135 $7,704 
Schedule of Allocation of Net Revenues and Long-Lived Assets Based on Geography
The following table summarizes the allocation of net revenues based on geography for the periods indicated (in millions):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
United States
$1,453 $1,302 $4,196 $3,897 
United Kingdom422 397 1,134 1,179 
China324 293 935 859 
Germany249 238 732 727 
Rest of world372 346 1,138 1,042 
Total net revenues$2,820 $2,576 $8,135 $7,704 
v3.25.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Schedule of Unrealized Gains and Losses and Estimated Fair Value of Investments Classified as Available-for-Sale Debt Securities
The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities as of the dates indicated (in millions):
 September 30, 2025
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Corporate debt securities$924 $2 $— $926 
Government and agency securities
30 — (1)29 
$954 $2 $(1)$955 
Long-term investments:
Corporate debt securities$1,795 $17 $(1)$1,811 
Government and agency securities135   —   (1) 134 
$1,930 $17 $(2)$1,945 
 December 31, 2024
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Corporate debt securities$3,095 $1 $(2)$3,094 
Government and agency securities367 — (4)363 

$3,462 $1 $(6)$3,457 
Long-term investments:
Corporate debt securities$1,117 $4 $(2)$1,119 
Government and agency securities194   —   (4) 190 
$1,311 $4 $(6)$1,309 
Schedule of Estimated Fair Values of Short-term and Long-term Investments Classified as Available-for-Sale Debt Securities by Date of Contractual Maturity
The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities by date of contractual maturity as of the date indicated (in millions):
 September 30,
2025
One year or less$955 
One year through two years
888 
Two years through three years651 
Three years through four years313 
Four years through five years57 
Thereafter
36 
Total$2,900 
Schedule of Equity Method Investments
The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationSeptember 30,
2025		December 31,
2024
Equity investments without readily determinable fair values
Long-term investments$798 $1,011 
Equity investments under the equity method of accountingLong-term investments54 65 
Equity investments under the fair value option
Long-term investments51 54 
Total equity investments$903 $1,130 
Schedule of Unrealized Gains and Losses on Equity Investments
The following table summarizes unrealized gains and losses on equity investments for the three and nine months ended September 30, 2025 and 2024 as presented within “Gain (loss) on equity investments and warrant, net” for the periods indicated (in millions):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Net gains (losses) recognized during the period on equity investments
$(13)$19 $(19)$(166)
Less: Net gains (losses) recognized on equity investments sold during the period
(4)— (2)78 
Total unrealized gains (losses) on equity investments held, end of period
$(9)$19 $(17)$(244)
v3.25.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Outstanding Derivative Instruments The following table presents fair values of our outstanding derivative instruments as of the dates indicated (in millions):
 Balance Sheet LocationSeptember 30,
2025		December 31,
2024
Derivative Assets:
Foreign exchange contracts designated as cash flow hedgesOther current assets$11 $41 
Foreign exchange contracts not designated as hedging instrumentsOther current assets9 20 
Interest rate contracts designated as cash flow hedgesOther current assets— 7 
Foreign exchange contracts designated as cash flow hedgesOther assets12 14 
Warrants and other
Other assets17 15 
Total derivative assets$49 $97 
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedgesOther current liabilities$8 $— 
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities2 18 
Interest rate contracts designated as cash flow hedges Other current liabilities4 — 
Total derivative liabilities$14 $18 
Total fair value of derivative instruments$35 $79 
Schedule of Impact of Derivative Contracts on Accumulated Other Comprehensive Income
The following tables present the activity of derivative instruments designated as cash flow hedges gross of tax as of September 30, 2025 and December 31, 2024, and the impact of these derivative contracts on AOCI as of the dates indicated (in millions): 
 December 31, 2024Amount of Loss Recognized in Other Comprehensive Income
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings
September 30, 2025
Foreign exchange contracts designated as cash flow hedges$25 $(98)$(22)$(51)
Interest rate contracts designated as cash flow hedges50 (4)6 40 
Total
$75 $(102)$(16)$(11)
 December 31, 2023
Amount of Loss Recognized in Other Comprehensive Income
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings
September 30, 2024
Foreign exchange contracts designated as cash flow hedges$(64)$(26)$(32)$(58)
Interest rate contracts designated as cash flow hedges51 — 6 45 
Total
$(13)$(26)$(26)$(13)
Schedule of Recognized Gains or Losses Related to Derivative Instruments
The following table summarizes the total loss recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Loss from foreign exchange contracts designated as cash flow hedges recognized in net revenues
$(24)$(11)$(22)$(31)
Loss from foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues
— (1)— (1)
Gain (loss) from foreign exchange contracts not designated as hedging instruments recognized in interest income and other, net
7 (16)2 4 
Total loss recognized from foreign exchange derivative contracts in the condensed consolidated statement of income
$(17)$(28)$(20)$(28)

The following table summarizes the total gain recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions): 
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Gain from interest rate contracts designated as cash flow hedges recognized in interest expense
$2 $2 $6 $6 
Gain from interest rate contracts designated as fair value hedges recognized in interest expense
— — — 2 
Total gain recognized from interest rate derivative contracts in the condensed consolidated statement of income
$2 $2 $6 $8 

The following table summarizes the total gain recognized in the condensed consolidated statement of income due to changes in the fair value of the warrant for the periods indicated (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Gain attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net
$2 $145 $2 $120 
Schedule of Notional Amounts of Outstanding Derivatives The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions):
September 30,
2025		December 31,
2024
Foreign exchange contracts designated as cash flow hedges$1,714 $1,329 
Foreign exchange contracts not designated as hedging instruments1,902 1,667 
Interest rate contracts designated as cash flow hedges200 150 
Total$3,816 $3,146 
v3.25.3
Fair Value Measurement of Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis
The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated (in millions):
September 30, 2025
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:   
Cash, cash equivalents and restricted cash
Cash and cash equivalents$2,423 $2,423 $— $— 
Customer accounts
947 947 — — 
Restricted cash included in other current assets142 142 — — 
Restricted cash included in other assets1 1 — — 
Total cash, cash equivalents and restricted cash3,513 3,513 — — 
Derivatives49 — 32 17 
Short-term investments:
Corporate debt securities926 — 926 — 
Government and agency securities
29 — 29 — 
Total short-term investments955 — 955 — 
Long-term investments:
Corporate debt securities1,811 — 1,811 — 
Government and agency securities134 — 134 — 
Total long-term investments1,945 — 1,945 — 
Total financial assets$6,462 $3,513 $2,932 $17 
Liabilities:
Derivatives$14 $— $14 $— 
December 31, 2024
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:   
Cash, cash equivalents and restricted cash
Cash and cash equivalents$2,433 $2,433 $— $— 
Customer accounts763 763 — — 
Restricted cash included in other current assets88 88 — — 
Restricted cash included in other assets2 2 — — 
Total cash, cash equivalents and restricted cash3,286 3,286 — — 
Derivatives97 — 82 15 
Short-term investments:
Corporate debt securities3,094 — 3,094 — 
Government and agency securities363 — 363 — 
Total short-term investments3,457 — 3,457 — 
Long-term investments:
Corporate debt securities1,119 — 1,119 — 
Government and agency securities190 — 190 — 
Total long-term investments1,309 — 1,309 — 
Total financial assets$8,149 $3,286 $4,848 $15 
Liabilities:
Derivatives$18 $— $18 $— 
Schedule of Assets Measured Using Significant Unobservable Inputs
The following table presents a reconciliation of the opening to closing balance of the Adyen warrant measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
December 31,
2024
Opening balance at January 1, 2024
$364 
Change in fair value158 
Exercise of options under warrant(522)
Closing balance at December 31, 2024
$— 
The following table presents a reconciliation of the opening to closing balance of the equity investment in Gmarket measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
December 31,
2024
Opening balance at January 1, 2024
$335 
Change in fair value(12)
Fair value of shares sold
(323)
Closing balance at December 31, 2024
$— 
v3.25.3
Supplemental Consolidated Financial Information (Tables)
 9 Months Ended
Sep. 30, 2025
Balance Sheet Components [Abstract]  
Schedule of Allowance for Doubtful Accounts and Authorized Credits
The following table presents allowance for doubtful accounts and authorized credits activity for the period indicated (in millions):
 December 31,
2024		Charged/Credited to Net IncomeCharges Utilized/Write-offs September 30,
2025
Allowance for doubtful accounts
$13 $13 $(17)$9 
Allowance for authorized credits
$24 $3 $— $27 
Schedule of Customer Accounts and Funds Receivable
Customer accounts and funds receivable
September 30,
2025		December 31,
2024
(In millions)
Customer accounts
$947 $763 
Funds receivable315 199 
Customer accounts and funds receivable$1,262 $962 
Schedule of Other Current Assets
Other current assets
September 30,
2025		December 31,
2024
(In millions)
Restricted cash
$142 $88 
Income and other tax receivable140 115 
Prepaid expenses124 136 
Accounts receivable, net122 108 
Short-term derivative assets20 68 
Other205 200 
Other current assets$753 $715 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities
September 30,
2025		December 31,
2024
(In millions)
Accrued compensation and related benefits$581 $498 
Accrued indirect tax expense
494 515 
Accrued marketing expenses258 222 
Operating lease liabilities118 118 
Transaction loss reserve84 118 
Accrued general and administrative expenses
83 68 
Accrued interest expense69 45 
Deferred revenue41 32 
Other current tax liabilities
— 173 
Other509 395 
Accrued expenses and other current liabilities$2,237 $2,184 
Schedule of Loss on Equity Method Investments and Warrants
Gain (loss) on equity investments and warrant, net
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(In millions)
Unrealized change in fair value of equity investment in Adevinta$— $— $— $(234)
Realized change in fair value of shares sold in Adevinta
— — — 78 
Unrealized change in fair value of equity investment in Gmarket
— 16 — (12)
Change in fair value of warrants
2 145 2 120 
Change in fair value of Aurelia option
— 35 — (74)
Gain (loss) on other investments
(12)3 (18)2 
Total gain (loss) on equity investments and warrant, net$(10)$199 $(16)$(120)
Schedule of Interest and Other, Net
Interest income and other, net
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
(In millions)
Interest income$65 $72 $206 $196 
Foreign exchange and other4 (6)3 4 
Total interest income and other, net
$69 $66 $209 $200 
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Carrying Value of Outstanding Debt
The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages):
 Coupon Rate
September 30, 2025
Effective Interest Rate
December 31, 2024
Effective Interest Rate
Long-Term Debt
Senior Notes:
Senior notes due 20251.900 %$— — %$800 1.803 %
Senior notes due 20255.900 %425 6.036 %425 6.036 %
Senior notes due 20261.400 %750 1.252 %750 1.252 %
Senior notes due 20273.600 %850 3.689 %850 3.689 %
Senior notes due 20275.950 %300 6.064 %300 6.064 %
Senior notes due 20302.700 %950 2.623 %950 2.623 %
Senior notes due 20312.600 %750 2.186 %750 2.186 %
Senior notes due 20326.300 %425 6.371 %425 6.371 %
Senior notes due 20424.000 %750 4.114 %750 4.114 %
Senior notes due 20513.650 %1,000 2.517 %1,000 2.517 %
Total senior notes6,200 7,000 
Unamortized discount and debt issuance costs
(22)(23)
Less: Current portion of long-term debt(1,175)(1,225)
Total long-term debt5,003 5,752 
Short-Term Debt
Current portion of long-term debt1,175 1,225 
Commercial paper575 450 
Unamortized discount and debt issuance costs
(2)(2)
Total short-term debt1,748 1,673 
Total Debt$6,751 $7,425 
v3.25.3
Stockholders’ Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Stock Repurchase Activity Under Stock Repurchase Program
The following table summarizes stock repurchase activity under our stock repurchase programs for the period indicated (in millions, except per share amounts):
Shares
Repurchased (1)
Average Price
per Share (2)
Value of Shares
Repurchased (2)
Remaining Amount
Authorized
Balance as of January 1, 2025$3,298 
Repurchase of shares of common stock 25 $74.03 $1,875 (1,875)
Balance as of September 30, 2025$1,423 
(1)These repurchased shares of common stock were recognized as treasury stock and were accounted for under the cost method. None of the repurchased shares of common stock have been retired.
(2)Excludes broker commissions and excise tax accruals.
v3.25.3
Employee Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Unit Activity
The following table presents restricted stock unit (“RSU”) activity under our equity incentive plans for the period indicated (in millions):
 Units
Outstanding as of January 1, 202521 
Awarded11 
Vested(8)
Forfeited(2)
Outstanding as of September 30, 202522 
Schedule of Stock-Based Compensation Expense
The following table presents the impact on our results of continuing operations of recording stock-based compensation expense for the periods indicated (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Cost of net revenues$15 $13 $42 $40 
Sales and marketing21 22 65 70 
Product development69 70 216 211 
General and administrative42 41 125 125 
Total stock-based compensation expense$147 $146 $448 $446 
Capitalized product development
$5 $5 $15 $15 
v3.25.3
Accumulated Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Changes in Accumulated Balances of Other Comprehensive Income
The following tables summarize the changes in AOCI for the periods indicated (in millions):
Unrealized Gains (Losses) on Derivative Instruments
Unrealized Gains on Investments
Foreign Currency
Translation
Estimated Tax
(Expense) Benefit		Total
Balance as of June 30, 2025$(39)$11 $194 $29 $195 
Other comprehensive income (loss) before reclassifications6 5 (9)(2)— 
Less: Amount of gain (loss) reclassified from AOCI(22)— — 5 (17)
Net current period other comprehensive income (loss)28 5 (9)(7)17 
Balance as of September 30, 2025$(11)$16 $185 $22 $212 
Unrealized Gains (Losses) on Derivative Instruments
Unrealized Gains (Losses)
on Investments		Foreign Currency
Translation		Estimated Tax
(Expense) Benefit		Total
Balance as of June 30, 2024$16 $(31)$153 $27 $165 
Other comprehensive income (loss) before reclassifications(39)31 66 2 60 
Less: Amount of gain (loss) reclassified from AOCI(10)— — 3 (7)
Net current period other comprehensive income (loss)(29)31 66 (1)67 
Balance as of September 30, 2024$(13)$— $219 $26 $232 
Unrealized Gains (Losses) on Derivative Instruments
Unrealized Gains (Losses)
on Investments
Foreign Currency
Translation
Estimated Tax
Benefit
Total
Balance as of December 31, 2024$75 $(7)$130 $8 $206 
Other comprehensive income (loss) before reclassifications(102)23 55 18 (6)
Less: Amount of gain (loss) reclassified from AOCI(16)— — 4 (12)
Net current period other comprehensive income (loss)(86)23 55 14 6 
Balance as of September 30, 2025$(11)$16 $185 $22 $212 
Unrealized Losses on Derivative Instruments
Unrealized Gains (Losses)
on Investments		Foreign Currency
Translation		Estimated Tax
(Expense) Benefit		Total
Balance as of December 31, 2023$(13)$(45)$206 $37 $185 
Other comprehensive income (loss) before reclassifications(26)45 13 (4)28 
Less: Amount of gain (loss) reclassified from AOCI(26)— — 7 (19)
Net current period other comprehensive income (loss)— 45 13 (11)47 
Balance as of September 30, 2024$(13)$— $219 $26 $232 
Schedule of Reclassifications out Of Accumulated Other Comprehensive Income
The following table summarizes the reclassifications out of AOCI for the periods indicated (in millions):
Details about AOCI Components Affected Line Item in the Statement of IncomeAmount of Gain (Loss) Reclassified From AOCI
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Gains (losses) on cash flow hedges:
Foreign exchange contractsNet revenues$(24)$(11)$(22)$(31)
Foreign exchange contractsCost of net revenues— (1)— (1)
Interest rate contracts
Interest income and other, net
2 2 6 6 
Income from continuing operations before income taxes(22)(10)(16)(26)
Income tax benefit (provision)
5 3 4 7 
Total reclassifications for the periodNet income$(17)$(7)$(12)$(19)
v3.25.3
Restructuring (Tables)
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Activity
The following table summarizes restructuring reserve activity for the periods indicated (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Accrued liability, beginning of period$5 $27 $10 $102 
Payments— (14)(5)(83)
Adjustments— (1)— (7)
Accrued liability, end of period$5 $12 $5 $12 
v3.25.3
The Company and Summary of Significant Accounting Policies (Details) - market
Sep. 30, 2025
Jan. 01, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Number of operating markets 190    
Software and Software Development Costs      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, useful life   4 years 3 years
v3.25.3
Net Income Per Share - Schedule of Basic and Diluted Net Income per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:        
Income from continuing operations $ 597 $ 636 $ 1,471 $ 1,301
Income (loss) from discontinued operations, net of income taxes 35 (2) 32 (5)
Net income $ 632 $ 634 $ 1,503 $ 1,296
Denominator:        
Weighted average shares of common stock - basic (in shares) 456 487 461 502
Dilutive effect of equity incentive awards (in shares) 11 7 10 5
Weighted average shares of common stock - diluted (in shares) 467 494 471 507
Income (loss) per share - basic:        
Continuing operations (in usd per share) $ 1.31 $ 1.31 $ 3.19 $ 2.59
Discontinued operations (in usd per share) 0.08 0 0.07 (0.01)
Net income per share - basic (in usd per share) 1.39 1.31 3.26 2.58
Income (loss) per share - diluted:        
Continuing operations (in usd per share) 1.28 1.29 3.13 2.57
Discontinued operations (in usd per share) 0.07 0 0.07 (0.01)
Net income per share - diluted (in usd per share) $ 1.35 $ 1.29 $ 3.20 $ 2.56
Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive (in shares) 0 4 1 13
v3.25.3
Goodwill and Intangible Assets - Schedule of Goodwill Activity (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 4,269
Goodwill Acquired 72
Adjustments 35
Ending balance $ 4,376
v3.25.3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 788 $ 744
Accumulated Amortization (669) (625)
Net Carrying Amount 119 119
Customer lists and user base    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 257 246
Accumulated Amortization (218) (200)
Net Carrying Amount $ 39 $ 46
Weighted Average Useful Life (Years) 7 years 8 years
Marketing related    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 103 $ 101
Accumulated Amortization (69) (63)
Net Carrying Amount $ 34 $ 38
Weighted Average Useful Life (Years) 7 years 7 years
Developed technologies    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 270 $ 239
Accumulated Amortization (225) (205)
Net Carrying Amount $ 45 $ 34
Weighted Average Useful Life (Years) 4 years 4 years
All other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 158 $ 158
Accumulated Amortization (157) (157)
Net Carrying Amount $ 1 $ 1
Weighted Average Useful Life (Years) 3 years 3 years
v3.25.3
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 12 $ 10 $ 37 $ 27
v3.25.3
Goodwill and Intangible Assets - Schedule of Intangible Asset Amortization Expense, Fiscal Year Maturity (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Fiscal year:    
Remaining 2025 $ 12  
2026 42  
2027 37  
2028 9  
2029 7  
Thereafter 12  
Net Carrying Amount $ 119 $ 119
v3.25.3
Segments - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.3
Segments - Schedule of Net Revenues by Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net revenues $ 2,820 $ 2,576 $ 8,135 $ 7,704
Marketplace revenues        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net revenues 2,295 2,168 6,686 6,514
Advertising revenues        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net revenues $ 525 $ 408 $ 1,449 $ 1,190
v3.25.3
Segments - Schedule of Allocation of Net Revenues Based on Geography (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net revenues $ 2,820 $ 2,576 $ 8,135 $ 7,704
United States        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net revenues 1,453 1,302 4,196 3,897
United Kingdom        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net revenues 422 397 1,134 1,179
China        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net revenues 324 293 935 859
Germany        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net revenues 249 238 732 727
Rest of world        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net revenues $ 372 $ 346 $ 1,138 $ 1,042
v3.25.3
Investments - Unrealized Gains and Losses and Estimated Fair Value of Investments Classified as Available-for-Sale Debt Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Investments    
Estimated Fair Value $ 2,900  
Short-term investments:    
Investments    
Gross Amortized Cost 954 $ 3,462
Gross Unrealized Gains 2 1
Gross Unrealized Losses (1) (6)
Estimated Fair Value 955 3,457
Short-term investments: | Corporate debt securities    
Investments    
Gross Amortized Cost 924 3,095
Gross Unrealized Gains 2 1
Gross Unrealized Losses 0 (2)
Estimated Fair Value 926 3,094
Short-term investments: | Government and agency securities    
Investments    
Gross Amortized Cost 30 367
Gross Unrealized Gains 0 0
Gross Unrealized Losses (1) (4)
Estimated Fair Value 29 363
Long-term investments:    
Investments    
Gross Amortized Cost 1,930 1,311
Gross Unrealized Gains 17 4
Gross Unrealized Losses (2) (6)
Estimated Fair Value 1,945 1,309
Long-term investments: | Corporate debt securities    
Investments    
Gross Amortized Cost 1,795 1,117
Gross Unrealized Gains 17 4
Gross Unrealized Losses (1) (2)
Estimated Fair Value 1,811 1,119
Long-term investments: | Government and agency securities    
Investments    
Gross Amortized Cost 135 194
Gross Unrealized Gains 0 0
Gross Unrealized Losses (1) (4)
Estimated Fair Value $ 134 $ 190
v3.25.3
Investments - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]                    
Investment securities in a continuous unrealized loss position for less then 12 months $ 803   $ 1,665       $ 803   $ 1,665  
Investment securities unrealized loss 1   4       1   4  
Estimated fair value for securities in continuous unrealized loss position for greater than 12 months 68   361       68   361  
Investment securities in a continuous loss position for greater than 12 months, unrealized losses 2   8       2   8  
Total consideration from sale of equity securities             0 $ 2,410    
Equity securities without readily determinable fair value, amount 798   1,011       798   1,011  
Cash distribution             227 0    
Unrealized gains (losses) related to the change in fair value of the investment (9)     $ 19     (17) (244)    
Investments | Recurring                    
Schedule of Investments [Line Items]                    
Asset, fair value 51   $ 54       51   $ 54  
Adevinta                    
Schedule of Investments [Line Items]                    
Ownership percentage after sale           33.00%        
Unrealized gains (losses) related to the change in fair value of the investment 0     0     0 (234)    
Realized gain on sale of equity securities 0     0     0 78    
Adevinta | Aurelia BidCo 1 Norway AS                    
Schedule of Investments [Line Items]                    
Number of voting shares sold (in shares)         227          
Total consideration from sale of equity securities         $ 2,400          
Ownership percentage after sale         18.30%          
Adevinta | Aurelia Netherlands TopCo B.V                    
Schedule of Investments [Line Items]                    
Number of voting shares sold (in shares)         177          
Aurelia                    
Schedule of Investments [Line Items]                    
Number of voting shares sold (in shares)     97           97  
Total consideration from sale of equity securities     $ 1,000              
Equity securities without readily determinable fair value, amount $ 653   867       $ 653   $ 867  
Purchase option term         6 months          
Aurelia option       74       74    
Cash distribution   $ 225                
Reduction in carrying value of investment   214                
Foreign exchange gain   $ 11                
Aurelia | Aurelia UK Feederco Limited                    
Schedule of Investments [Line Items]                    
Equity securities without readily determinable fair value, amount         $ 1,900          
Fair value of equity outstanding percentage 8.30%           8.30%      
Individually Immaterial Equity Investments                    
Schedule of Investments [Line Items]                    
Equity securities without readily determinable fair value, amount $ 145   145       $ 145   145  
Gmarket                    
Schedule of Investments [Line Items]                    
Total consideration from sale of equity securities     $ 322           323  
Ownership percentage after sale     19.99%              
Unrealized gains (losses) related to the change in fair value of the investment $ 0     $ 16     $ 0 $ (12)    
Investment balance     $ 323           323  
Asset, fair value     $ 0           $ 0 $ 335
v3.25.3
Investments - Estimated Fair Values of Short-term and Long-term Investments Classified as Available-for-Sale Debt Securities by Date of Contractual Maturity (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Investments [Abstract]  
One year or less $ 955
One year through two years 888
Two years through three years 651
Three years through four years 313
Four years through five years 57
Thereafter 36
Estimated Fair Value $ 2,900
v3.25.3
Investments - Equity Investments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Investments [Abstract]    
Equity investments without readily determinable fair values $ 798 $ 1,011
Equity investments under the equity method of accounting 54 65
Equity investments under the fair value option 51 54
Total equity investments $ 903 $ 1,130
v3.25.3
Investments - Unrealized Gains and Losses on Equity Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Investments [Abstract]        
Net gains (losses) recognized during the period on equity investments $ (13) $ 19 $ (19) $ (166)
Less: Net gains (losses) recognized on equity investments sold during the period (4) 0 (2) 78
Total unrealized gains (losses) on equity investments held, end of period $ (9) $ 19 $ (17) $ (244)
v3.25.3
Derivative Instruments - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
USD ($)
tranche
Dec. 31, 2024
tranche
Derivative [Line Items]    
Foreign currency net derivative losses to be reclassified into earnings within the next 12 months $ 36,000,000  
Interest rate net derivative gains to be reclassified into earnings within the next 12 months 7,000,000  
Foreign exchange contracts    
Derivative [Line Items]    
Offset asset 7,000,000  
Offset liability 7,000,000  
Net derivative assets 25,000,000  
Net derivative liabilities $ 3,000,000  
Foreign exchange contracts | Minimum    
Derivative [Line Items]    
Derivative contract duration, up to 1 month  
Foreign exchange contracts | Maximum    
Derivative [Line Items]    
Derivative contract duration, up to 1 year  
Foreign exchange contracts | Cash Flow Hedging | Maximum    
Derivative [Line Items]    
Derivative contract duration, up to 24 months  
Warrant    
Derivative [Line Items]    
Maximum percentage of acquired shares 5.00%  
Warrants term (years) 7 years  
Number of tranches | tranche 4  
Number of fixed tranches | tranche 2 2
Interest rate contracts    
Derivative [Line Items]    
Offset asset $ 0  
v3.25.3
Derivative Instruments - Schedule of Fair Value of Derivative Contracts (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative Assets: $ 49 $ 97
Derivative Liabilities: 14 18
Total fair value of derivative instruments 35 79
Foreign exchange contracts | Designated as Hedging Instrument | Other current assets | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Assets: 11 41
Foreign exchange contracts | Designated as Hedging Instrument | Other assets | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Assets: 12 14
Foreign exchange contracts | Designated as Hedging Instrument | Other current liabilities | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities: 8 0
Foreign exchange contracts | Not Designated as Hedging Instrument | Other current assets    
Derivatives, Fair Value [Line Items]    
Derivative Assets: 9 20
Foreign exchange contracts | Not Designated as Hedging Instrument | Other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities: 2 18
Interest rate contracts | Designated as Hedging Instrument | Other current assets | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Assets: 0 7
Interest rate contracts | Designated as Hedging Instrument | Other current liabilities | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities: 4 0
Warrants and other | Designated as Hedging Instrument | Other assets    
Derivatives, Fair Value [Line Items]    
Derivative Assets: $ 17 $ 15
v3.25.3
Derivative Instruments - Schedule of Derivatives in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Foreign exchange contracts        
Effect of derivative Contracts on Accumulated Other Comprehensive Income        
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings $ (17) $ (28) $ (20) $ (28)
Designated as Hedging Instrument | Cash Flow Hedging        
Effect of derivative Contracts on Accumulated Other Comprehensive Income        
Beginning Balance     75 (13)
Amount of Loss Recognized in Other Comprehensive Income     (102) (26)
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings     (16) (26)
Ending Balance (11) (13) (11) (13)
Designated as Hedging Instrument | Foreign exchange contracts | Cash Flow Hedging        
Effect of derivative Contracts on Accumulated Other Comprehensive Income        
Beginning Balance     25 (64)
Amount of Loss Recognized in Other Comprehensive Income     (98) (26)
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings     (22) (32)
Ending Balance (51) (58) (51) (58)
Designated as Hedging Instrument | Interest rate contracts        
Effect of derivative Contracts on Accumulated Other Comprehensive Income        
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings 2 2 6 8
Designated as Hedging Instrument | Interest rate contracts | Cash Flow Hedging        
Effect of derivative Contracts on Accumulated Other Comprehensive Income        
Beginning Balance     50 51
Amount of Loss Recognized in Other Comprehensive Income     (4) 0
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings     6 6
Ending Balance $ 40 $ 45 $ 40 $ 45
v3.25.3
Derivative Instruments - Schedule of Effect of Derivative Contracts on Condensed Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Designated as Hedging Instrument | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Total loss recognized from foreign exchange derivative contracts in the condensed consolidated statement of income     $ (16) $ (26)
Foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Total loss recognized from foreign exchange derivative contracts in the condensed consolidated statement of income $ (17) $ (28) (20) (28)
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Total loss recognized from foreign exchange derivative contracts in the condensed consolidated statement of income     (22) (32)
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging | Sales        
Derivative Instruments, Gain (Loss) [Line Items]        
Total loss recognized from foreign exchange derivative contracts in the condensed consolidated statement of income $ (24) $ (11) $ (22) $ (31)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net revenues Net revenues Net revenues Net revenues
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging | Cost of net revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
Total loss recognized from foreign exchange derivative contracts in the condensed consolidated statement of income $ 0 $ (1) $ 0 $ (1)
Foreign exchange contracts | Not Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Total loss recognized from foreign exchange derivative contracts in the condensed consolidated statement of income 7 (16) 2 4
Interest rate contracts | Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Total loss recognized from foreign exchange derivative contracts in the condensed consolidated statement of income $ 2 $ 2 $ 6 $ 8
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest income and other, net Interest income and other, net Interest income and other, net Interest income and other, net
Interest rate contracts | Designated as Hedging Instrument | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain from interest rate contracts designated as cash flow and fair value hedges recognized in interest expense $ 2 $ 2 $ 6 $ 6
Total loss recognized from foreign exchange derivative contracts in the condensed consolidated statement of income     6 6
Interest rate contracts | Designated as Hedging Instrument | Fair Value Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain from interest rate contracts designated as cash flow and fair value hedges recognized in interest expense 0 0 0 2
Warrant        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net $ 2 $ 145 $ 2 $ 120
v3.25.3
Derivative Instruments - Schedule of Notional Amounts of Derivatives Outstanding (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative, notional amount $ 3,816 $ 3,146
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 1,714 1,329
Foreign exchange contracts | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 1,902 1,667
Interest rate contracts | Designated as Hedging Instrument | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount $ 200 $ 150
v3.25.3
Fair Value Measurement of Assets and Liabilities - Financial Assets and Liabilities Measured at Fair Value, Recurring (Details) - Recurring - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents $ 3,513 $ 3,286
Derivatives 49 97
Total financial assets 6,462 8,149
Liabilities:    
Derivatives 14 18
Cash and cash equivalents    
Assets:    
Cash and cash equivalents 2,423 2,433
Customer accounts    
Assets:    
Cash and cash equivalents 947 763
Restricted cash included in other current assets    
Assets:    
Cash and cash equivalents 142 88
Restricted cash included in other assets    
Assets:    
Cash and cash equivalents 1 2
Short-term investments:    
Assets:    
Investments 955 3,457
Long-term investments:    
Assets:    
Investments 1,945 1,309
Corporate debt securities | Short-term investments:    
Assets:    
Investments 926 3,094
Corporate debt securities | Long-term investments:    
Assets:    
Investments 1,811 1,119
Government and agency securities | Short-term investments:    
Assets:    
Investments 29 363
Government and agency securities | Long-term investments:    
Assets:    
Investments 134 190
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents 3,513 3,286
Derivatives 0 0
Total financial assets 3,513 3,286
Liabilities:    
Derivatives 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and cash equivalents    
Assets:    
Cash and cash equivalents 2,423 2,433
Quoted Prices in Active Markets for Identical Assets (Level 1) | Customer accounts    
Assets:    
Cash and cash equivalents 947 763
Quoted Prices in Active Markets for Identical Assets (Level 1) | Restricted cash included in other current assets    
Assets:    
Cash and cash equivalents 142 88
Quoted Prices in Active Markets for Identical Assets (Level 1) | Restricted cash included in other assets    
Assets:    
Cash and cash equivalents 1 2
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments:    
Assets:    
Investments 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments:    
Assets:    
Investments 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | Short-term investments:    
Assets:    
Investments 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | Long-term investments:    
Assets:    
Investments 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Government and agency securities | Short-term investments:    
Assets:    
Investments 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Government and agency securities | Long-term investments:    
Assets:    
Investments 0 0
Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents 0 0
Derivatives 32 82
Total financial assets 2,932 4,848
Liabilities:    
Derivatives 14 18
Significant Other Observable Inputs (Level 2) | Cash and cash equivalents    
Assets:    
Cash and cash equivalents 0 0
Significant Other Observable Inputs (Level 2) | Customer accounts    
Assets:    
Cash and cash equivalents 0 0
Significant Other Observable Inputs (Level 2) | Restricted cash included in other current assets    
Assets:    
Cash and cash equivalents 0 0
Significant Other Observable Inputs (Level 2) | Restricted cash included in other assets    
Assets:    
Cash and cash equivalents 0 0
Significant Other Observable Inputs (Level 2) | Short-term investments:    
Assets:    
Investments 955 3,457
Significant Other Observable Inputs (Level 2) | Long-term investments:    
Assets:    
Investments 1,945 1,309
Significant Other Observable Inputs (Level 2) | Corporate debt securities | Short-term investments:    
Assets:    
Investments 926 3,094
Significant Other Observable Inputs (Level 2) | Corporate debt securities | Long-term investments:    
Assets:    
Investments 1,811 1,119
Significant Other Observable Inputs (Level 2) | Government and agency securities | Short-term investments:    
Assets:    
Investments 29 363
Significant Other Observable Inputs (Level 2) | Government and agency securities | Long-term investments:    
Assets:    
Investments 134 190
Significant Unobservable Inputs (Level 3)    
Assets:    
Cash and cash equivalents 0 0
Derivatives 17 15
Total financial assets 17 15
Liabilities:    
Derivatives 0 0
Significant Unobservable Inputs (Level 3) | Cash and cash equivalents    
Assets:    
Cash and cash equivalents 0 0
Significant Unobservable Inputs (Level 3) | Customer accounts    
Assets:    
Cash and cash equivalents 0 0
Significant Unobservable Inputs (Level 3) | Restricted cash included in other current assets    
Assets:    
Cash and cash equivalents 0 0
Significant Unobservable Inputs (Level 3) | Restricted cash included in other assets    
Assets:    
Cash and cash equivalents 0 0
Significant Unobservable Inputs (Level 3) | Short-term investments:    
Assets:    
Investments 0 0
Significant Unobservable Inputs (Level 3) | Long-term investments:    
Assets:    
Investments 0 0
Significant Unobservable Inputs (Level 3) | Corporate debt securities | Short-term investments:    
Assets:    
Investments 0 0
Significant Unobservable Inputs (Level 3) | Corporate debt securities | Long-term investments:    
Assets:    
Investments 0 0
Significant Unobservable Inputs (Level 3) | Government and agency securities | Short-term investments:    
Assets:    
Investments 0 0
Significant Unobservable Inputs (Level 3) | Government and agency securities | Long-term investments:    
Assets:    
Investments $ 0 $ 0
v3.25.3
Fair Value Measurement of Assets and Liabilities - Narrative (Details)
$ in Millions
Sep. 30, 2025
USD ($)
tranche
Dec. 31, 2024
USD ($)
tranche
Investments | Recurring    
Schedule of Equity Method Investments [Line Items]    
Asset, fair value | $ $ 51 $ 54
Warrant    
Schedule of Equity Method Investments [Line Items]    
Number of fixed tranches | tranche 2 2
v3.25.3
Fair Value Measurement of Assets and Liabilities - Warrants Measured Valued Using Unobservable Inputs (Details) - Recurring - Significant Unobservable Inputs (Level 3) - Warrant
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Opening balance at January 1, 2024 $ 364
Change in fair value 158
Exercise of options under warrant (522)
Closing balance at December 31, 2024 $ 0
v3.25.3
Fair Value Measurement of Assets and Liabilities - Quantitative Information About Level 3 Warrants, Significant Inputs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value of shares sold   $ 0 $ (2,410)  
Gmarket        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Opening balance at January 1, 2024   $ 0 $ 335 $ 335
Change in fair value       (12)
Fair value of shares sold $ (322)     (323)
Closing balance at December 31, 2024 $ 0     $ 0
v3.25.3
Supplemental Consolidated Financial Information - Schedule of Allowance for Doubtful Accounts and Authorized Credits (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Allowance for doubtful accounts, beginning balance $ 13
Allowance for doubtful accounts, Charged/Credited to Net Income 13
Allowance for doubtful accounts, Charges Utilized/Write-offs (17)
Allowance for doubtful accounts, ending balance 9
Allowance for authorized credits, beginning balance 24
Allowance for authorized credits, Charged/Credited to Net Income 3
Allowance for authorized credits, Charges Utilized/Write-offs 0
Allowance for authorized credits, ending balance $ 27
v3.25.3
Supplemental Consolidated Financial Information - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Balance Sheet Components [Abstract]    
Deferred revenue recognized $ 28 $ 31
v3.25.3
Supplemental Consolidated Financial Information - Schedule of Customer Accounts and Funds Receivable (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Balance Sheet Components [Abstract]    
Customer accounts $ 947 $ 763
Funds receivable 315 199
Customer accounts and funds receivable $ 1,262 $ 962
v3.25.3
Supplemental Consolidated Financial Information - Schedule of Other Current Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Balance Sheet Components [Abstract]      
Restricted cash $ 142 $ 88 $ 102
Income and other tax receivable 140 115  
Prepaid expenses 124 136  
Accounts receivable, net 122 108  
Short-term derivative assets 20 68  
Other 205 200  
Other current assets $ 753 $ 715  
v3.25.3
Supplemental Consolidated Financial Information - Schedule of Accrued Expense and Other Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Balance Sheet Components [Abstract]    
Accrued compensation and related benefits $ 581 $ 498
Accrued indirect tax expense 494 515
Accrued marketing expenses 258 222
Operating lease liabilities 118 118
Transaction loss reserve 84 118
Accrued general and administrative expenses 83 68
Accrued interest expense 69 45
Deferred revenue 41 32
Other current tax liabilities 0 173
Other 509 395
Accrued expenses and other current liabilities $ 2,237 $ 2,184
v3.25.3
Supplemental Consolidated Financial Information - Schedule of Equity Method Investments and Warrants (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Balance Sheet Components [Line Items]        
Unrealized change in fair value of equity investment $ (9) $ 19 $ (17) $ (244)
Change in fair value of warrants 2 145 2 120
Change in fair value of Aurelia option 0 35 0 (74)
Gain (loss) on equity investments and warrant, net (10) 199 (16) (120)
Adevinta        
Balance Sheet Components [Line Items]        
Unrealized change in fair value of equity investment 0 0 0 (234)
Realized change in fair value of shares sold in Adevinta 0 0 0 78
Gmarket        
Balance Sheet Components [Line Items]        
Unrealized change in fair value of equity investment 0 16 0 (12)
Gain (loss) on other investments        
Balance Sheet Components [Line Items]        
Unrealized change in fair value of equity investment $ (12) $ 3 $ (18) $ 2
v3.25.3
Supplemental Consolidated Financial Information - Schedule of Interest and Other, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Balance Sheet Components [Abstract]        
Interest income $ 65 $ 72 $ 206 $ 196
Foreign exchange and other 4 (6) 3 4
Total interest income and other, net $ 69 $ 66 $ 209 $ 200
v3.25.3
Debt - Schedule of Carrying Value of Outstanding Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Long-Term Debt    
Unamortized discount and debt issuance costs $ (22) $ (23)
Current portion of long-term debt (1,175) (1,225)
Total long-term debt 5,003 5,752
Short-Term Debt    
Current portion of long-term debt 1,175 1,225
Commercial paper 575 450
Unamortized discount and debt issuance costs (2) (2)
Total short-term debt 1,748 1,673
Total Debt 6,751 7,425
Senior Notes    
Long-Term Debt    
Total senior notes $ 6,200 7,000
Senior Notes | Senior notes due 2025    
Long-Term Debt    
Coupon rate (in percent) 1.90%  
Total senior notes $ 0 $ 800
Effective interest rate (in percent) 0.00% 1.803%
Senior Notes | Senior notes due 2025    
Long-Term Debt    
Coupon rate (in percent) 5.90%  
Total senior notes $ 425 $ 425
Effective interest rate (in percent) 6.036% 6.036%
Senior Notes | Senior notes due 2026    
Long-Term Debt    
Coupon rate (in percent) 1.40%  
Total senior notes $ 750 $ 750
Effective interest rate (in percent) 1.252% 1.252%
Senior Notes | Senior notes due 2027    
Long-Term Debt    
Coupon rate (in percent) 3.60%  
Total senior notes $ 850 $ 850
Effective interest rate (in percent) 3.689% 3.689%
Senior Notes | Senior notes due 2027    
Long-Term Debt    
Coupon rate (in percent) 5.95%  
Total senior notes $ 300 $ 300
Effective interest rate (in percent) 6.064% 6.064%
Senior Notes | Senior notes due 2030    
Long-Term Debt    
Coupon rate (in percent) 2.70%  
Total senior notes $ 950 $ 950
Effective interest rate (in percent) 2.623% 2.623%
Senior Notes | Senior notes due 2031    
Long-Term Debt    
Coupon rate (in percent) 2.60%  
Total senior notes $ 750 $ 750
Effective interest rate (in percent) 2.186% 2.186%
Senior Notes | Senior notes due 2032    
Long-Term Debt    
Coupon rate (in percent) 6.30%  
Total senior notes $ 425 $ 425
Effective interest rate (in percent) 6.371% 6.371%
Senior Notes | Senior notes due 2042    
Long-Term Debt    
Coupon rate (in percent) 4.00%  
Total senior notes $ 750 $ 750
Effective interest rate (in percent) 4.114% 4.114%
Senior Notes | Senior notes due 2051    
Long-Term Debt    
Coupon rate (in percent) 3.65%  
Total senior notes $ 1,000 $ 1,000
Effective interest rate (in percent) 2.517% 2.517%
v3.25.3
Debt - Senior Notes (Details)
 3 Months Ended 9 Months Ended
Oct. 22, 2025
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Aug. 31, 2024
USD ($)
Debt Instrument [Line Items]                
Repayments of debt       $ 800,000,000 $ 750,000,000      
Senior Notes                
Debt Instrument [Line Items]                
Change of control event       1.01        
Interest expense   $ 55,000,000 $ 60,000,000 $ 167,000,000 $ 189,000,000      
Fair value of long-term debt   $ 5,700,000,000   $ 5,700,000,000     $ 6,300,000,000  
Senior notes due 2025 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (in percent)   5.90%   5.90%        
Senior notes due 2025 | Senior Notes | Subsequent Event                
Debt Instrument [Line Items]                
Debt instrument, repurchased face amount $ 425,000,000              
Repayments of debt $ 425,000,000              
Interest rate (in percent) 5.90%              
Redemption price, percentage 100.00%              
Senior notes due 2025 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (in percent)   1.90%   1.90%        
Senior notes due 2025 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (in percent)           1.90%    
Debt instrument, face amount           $ 800,000,000    
3.450% Senior notes due 2024 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (in percent)               3.45%
Debt instrument, face amount               $ 750,000,000
Senior notes due 2026 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (in percent)   1.40%   1.40%        
Senior notes due 2027 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (in percent)   3.60%   3.60%        
Senior notes due 2027 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (in percent)   5.95%   5.95%        
Senior notes due 2030 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (in percent)   2.70%   2.70%        
Senior notes due 2031 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (in percent)   2.60%   2.60%        
Senior notes due 2032 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (in percent)   6.30%   6.30%        
Senior notes due 2042 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (in percent)   4.00%   4.00%        
Senior notes due 2051 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (in percent)   3.65%   3.65%        
v3.25.3
Debt - Commercial Paper and Credit Agreement (Details) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Debt Instrument [Line Items]      
Proceeds from issuance of commercial paper $ 1,575,000,000 $ 441,000,000  
Allowable increase in borrowing capacity, maximum $ 1,000,000,000    
Maximum consolidated leverage ratio 4.0    
Maximum consolidated leverage ratio following a material acquisition 4.5    
Credit Agreement | Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Variable rate (in percent) 0.10%    
Commercial Paper | Maximum      
Debt Instrument [Line Items]      
Debt term 397 days    
Commercial Paper | Revolving Credit Facility      
Debt Instrument [Line Items]      
Borrowing capacity reserved, commercial paper $ 1,500,000,000    
Debt term 18 days    
Repaid principal amount $ 1,500,000,000    
Proceeds from issuance of commercial paper 1,600,000,000    
Amount outstanding $ 575,000,000   $ 450,000,000
Weighted average interest rate 4.52%    
Commercial Paper, Maturities Less Than 90 Days | Revolving Credit Facility      
Debt Instrument [Line Items]      
Proceeds from issuance of commercial paper $ 1,200,000,000    
Commercial Paper, Maturities Greater Than 90 Days | Revolving Credit Facility      
Debt Instrument [Line Items]      
Proceeds from issuance of commercial paper $ 400,000,000    
Unsecured Debt | Revolving Credit Facility      
Debt Instrument [Line Items]      
Debt term 5 years    
Amount outstanding $ 0    
Maximum borrowing capacity 2,000,000,000.0    
Remaining borrowing capacity $ 1,400,000,000    
Line of Credit | Minimum | Credit Agreement | Public Debt Ratings      
Debt Instrument [Line Items]      
Variable rate (in percent) 0.00%    
Line of Credit | Maximum | Credit Agreement | Public Debt Ratings      
Debt Instrument [Line Items]      
Variable rate (in percent) 0.375%    
v3.25.3
Commitments and Contingencies (Details)
$ in Millions
 1 Months Ended
Jan. 31, 2024
USD ($)
Jan. 31, 2024
defendant
Sep. 30, 2025
company
Loss Contingencies [Line Items]      
Payment for settlement | $ $ 59    
Number of companies | company     2
DPA      
Loss Contingencies [Line Items]      
DPA term 3 years 3 years  
DPA | Former Company Employees      
Loss Contingencies [Line Items]      
Number of defendants   6  
DPA | Former Company Contractor      
Loss Contingencies [Line Items]      
Number of defendants   1  
v3.25.3
Stockholders’ Equity - Schedule of Stock Repurchase Activity (Details)
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
shares
Equity [Abstract]  
Shares Repurchased (in shares) | shares 25,000,000
Average Price per Share (in usd per share) | $ / shares $ 74.03
Value of Shares Repurchased $ 1,875
Shares Repurchased, Remaining Amount Authorized  
Beginning balance 3,298
Repurchase of shares of common stock (1,875)
Ending balance $ 1,423
Treasury shares retired (in shares) | shares 0
v3.25.3
Stockholders’ Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Oct. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Class of Stock [Line Items]          
Payments for dividends   $ 132 $ 131 $ 400 $ 405
Subsequent Event          
Class of Stock [Line Items]          
Dividends declared (in usd per share) $ 0.29        
v3.25.3
Employee Benefit Plans - Restricted Stock Units (Details) - RSU
shares in Millions
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Units  
Outstanding, beginning of period (in shares) 21
Awarded (in shares) 11
Vested (in shares) (8)
Forfeited (in shares) (2)
Outstanding, end of period (in shares) 22
Weighted average grant date fair value (in usd per share) | $ / shares $ 68.71
v3.25.3
Employee Benefit Plans - Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense $ 147 $ 146 $ 448 $ 446
Cost of net revenues        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense 15 13 42 40
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense 21 22 65 70
Product development        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense 69 70 216 211
Capitalized product development 5 5 15 15
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense $ 42 $ 41 $ 125 $ 125
v3.25.3
Income Taxes (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2025
USD ($)
Income Tax Disclosure [Abstract]  
Repatriation of foreign earnings $ 292
v3.25.3
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Balances of Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Tax        
Beginning balance $ 29 $ 27 $ 8 $ 37
Other comprehensive income (loss) before reclassifications (2) 2 18 (4)
Less: Amount of gain (loss) reclassified from AOCI 5 3 4 7
Net current period other comprehensive income (loss) (7) (1) 14 (11)
Ending balance 22 26 22 26
Accumulated Other Comprehensive Income (Loss), Net of Tax        
Beginning balance     5,158  
Other comprehensive income (loss) before reclassifications 0 60 (6) 28
Less: Amount of gain (loss) reclassified from AOCI (17) (7) (12) (19)
Other comprehensive income, net of tax 17 67 6 47
Ending balance 4,719 5,420 4,719 5,420
Unrealized Gains (Losses) on Derivative Instruments        
Accumulated Other Comprehensive Income (Loss), Before Tax        
Beginning balance (39) 16 75 (13)
Other comprehensive income (loss) before reclassifications 6 (39) (102) (26)
Less: Amount of gain (loss) reclassified from AOCI (22) (10) (16) (26)
Net current period other comprehensive income (loss) 28 (29) (86) 0
Ending balance (11) (13) (11) (13)
Unrealized Gains (Losses) on Investments        
Accumulated Other Comprehensive Income (Loss), Before Tax        
Beginning balance 11 (31) (7) (45)
Other comprehensive income (loss) before reclassifications 5 31 23 45
Less: Amount of gain (loss) reclassified from AOCI 0 0 0 0
Net current period other comprehensive income (loss) 5 31 23 45
Ending balance 16 0 16 0
Foreign Currency Translation        
Accumulated Other Comprehensive Income (Loss), Before Tax        
Beginning balance 194 153 130 206
Other comprehensive income (loss) before reclassifications (9) 66 55 13
Less: Amount of gain (loss) reclassified from AOCI 0 0 0 0
Net current period other comprehensive income (loss) (9) 66 55 13
Ending balance 185 219 185 219
Accumulated other comprehensive income:        
Accumulated Other Comprehensive Income (Loss), Net of Tax        
Beginning balance 195 165 206 185
Ending balance $ 212 $ 232 $ 212 $ 232
v3.25.3
Accumulated Other Comprehensive Income - Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net revenues $ 2,820 $ 2,576 $ 8,135 $ 7,704
Cost of net revenues (821) (727) (2,320) (2,162)
Interest income and other, net 69 66 209 200
Income from continuing operations before income taxes 573 797 1,684 1,661
Income tax benefit (provision) 24 (161) (213) (360)
Net income 632 634 1,503 1,296
Reclassification out of Accumulated Other Comprehensive Income        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net income (17) (7) (12) (19)
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivative Instruments        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net revenues (24) (11) (22) (31)
Cost of net revenues 0 (1) 0 (1)
Interest income and other, net 2 2 6 6
Income from continuing operations before income taxes (22) (10) (16) (26)
Income tax benefit (provision) $ 5 $ 3 $ 4 $ 7
v3.25.3
Restructuring - Schedule of Restructuring Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Reserve [Roll Forward]        
Accrued liability, beginning of period $ 5 $ 27 $ 10 $ 102
Payments 0 (14) (5) (83)
Adjustments 0 (1) 0 (7)
Accrued liability, end of period $ 5 $ 12 $ 5 $ 12
v3.25.3
Restructuring - Narrative (Details)
$ in Millions
 3 Months Ended
Dec. 31, 2023
USD ($)
Restructuring and Related Activities [Abstract]  
Charges $ 99