EBAY INC, 10-Q filed on 4/29/2026
Quarterly Report
v3.26.1
Cover Page - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Apr. 24, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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   444
Entity Central Index Key 0001065088  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 2,894 $ 1,867
Short-term investments 966 1,052
Customer accounts and funds receivable 1,490 1,280
Other current assets 909 887
Total current assets 6,259 5,086
Long-term investments 2,010 2,767
Property and equipment, net 1,198 1,165
Goodwill 4,463 4,467
Operating lease right-of-use assets 446 428
Deferred tax assets 2,949 2,959
Other assets 568 565
Total assets 17,893 17,437
Current liabilities:    
Short-term debt 750 750
Accounts payable 311 242
Customer accounts and funds payable 1,491 1,280
Accrued expenses and other current liabilities 2,457 2,257
Income taxes payable 125 108
Total current liabilities 5,134 4,637
Operating lease liabilities 332 315
Deferred tax liabilities 1,438 1,431
Long-term debt 5,994 5,996
Other liabilities 583 575
Total liabilities 13,481 12,954
Commitments and Contingencies (Note 10)
Stockholders’ equity:    
Common stock, $0.001 par value; 3,580 shares authorized; 446 and 449 shares outstanding 2 2
Additional paid-in capital 18,844 18,785
Treasury stock at cost, 1,313 and 1,307 shares (54,310) (53,807)
Retained earnings 39,665 39,296
Accumulated other comprehensive income 211 207
Total stockholders’ equity 4,412 4,483
Total liabilities and stockholders’ equity $ 17,893 $ 17,437
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares
shares in Millions
Mar. 31, 2026
Dec. 31, 2025
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) 446 449
Treasury stock - shares (in shares) 1,313 1,307
v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net revenues $ 3,089 $ 2,585
Cost of net revenues 802 697
Gross profit 2,287 1,888
Operating expenses:    
Sales and marketing 673 536
Product development 450 393
General and administrative 410 261
Transaction losses 138 81
Amortization of acquired intangible assets 5 6
Total operating expenses 1,676 1,277
Income from operations 611 611
Gain (loss) on equity investments and warrants, net 2 (2)
Interest expense (61) (61)
Interest income and other, net 66 81
Income from continuing operations before income taxes 618 629
Income tax provision (106) (128)
Income from continuing operations 512 501
Loss from discontinued operations, net of income taxes 0 (2)
Net income $ 512 $ 499
Income per share - basic:    
Continuing operations (in usd per share) $ 1.14 $ 1.07
Discontinued operations (in usd per share) 0 0
Net income per share - basic (in usd per share) 1.14 1.07
Income per share - diluted:    
Continuing operations (in usd per share) 1.12 1.05
Discontinued operations (in usd per share) 0 0
Net income per share - diluted (in usd per share) $ 1.12 $ 1.05
Weighted-average shares:    
Basic (in shares) 448 467
Diluted (in shares) 457 475
v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 512 $ 499
Other comprehensive income (loss), net of reclassification adjustments:    
Foreign currency translation gains (losses) (7) 25
Unrealized gains (losses) on investments, net (14) 8
Tax expense on unrealized gains (losses) on investments, net 3 (2)
Unrealized gains (losses) on hedging activities, net 27 (59)
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net (5) 14
Other comprehensive income (loss), net of tax 4 (14)
Comprehensive income $ 516 $ 485
v3.26.1
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, 2024   $ 2 $ 18,289 $ (51,290) $ 37,834 $ 206
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock-based compensation     137      
Tax withholdings related to net share settlements of restricted stock units and awards     (69)      
Other     5      
Common stock repurchased       (630)    
Net income $ 499       499  
Dividends and dividend equivalents declared         (140)  
Foreign currency translation adjustment           25
Change in unrealized gains (losses) on investments 8         8
Change in unrealized gains (losses) on derivative instruments           (59)
Tax benefit (provision) on above items           12
Ending balance at Mar. 31, 2025 $ 4,829 2 18,362 (51,920) 38,193 192
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or restricted stock unit $ 0.29          
Beginning balance at Dec. 31, 2025 $ 4,483 2 18,785 (53,807) 39,296 207
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock and stock-based awards issued     2      
Stock-based compensation     156      
Tax withholdings related to net share settlements of restricted stock units and awards     (106)      
Other     7      
Common stock repurchased (500)     (503)    
Net income 512       512  
Dividends and dividend equivalents declared         (143)  
Foreign currency translation adjustment           (7)
Change in unrealized gains (losses) on investments (14)         (14)
Change in unrealized gains (losses) on derivative instruments           27
Tax benefit (provision) on above items           (2)
Ending balance at Mar. 31, 2026 $ 4,412 $ 2 $ 18,844 $ (54,310) $ 39,665 $ 211
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or restricted stock unit $ 0.31          
v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 512 $ 499
Loss from discontinued operations, net of income taxes 0 2
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Noncash Item [Abstract]    
Transaction losses 138 81
Depreciation and amortization 93 52
Stock-based compensation 156 136
Deferred income taxes 21 30
Change in fair value of warrants 9 0
Loss (gain) on investments and other, net (31) 2
Changes in assets and liabilities, net of acquisition effects 72 (47)
Net cash provided by continuing operating activities 970 755
Net cash used in discontinued operating activities (1) 0
Net cash provided by operating activities 969 755
Cash flows from investing activities:    
Purchases of property and equipment (72) (111)
Purchases of investments (364) (3,043)
Maturities of investments 352 4,587
Sales of investments 684 0
Shareholder distributions from equity investments 194 0
Acquisitions and other (11) (89)
Net cash provided by investing activities 783 1,344
Cash flows from financing activities:    
Proceeds from issuance of common stock 2 0
Repurchases of common stock (486) (615)
Payments for taxes related to net share settlements of restricted stock units and awards (106) (69)
Payments for dividends (139) (134)
Repayment of senior notes 0 (800)
Proceeds from issuance of commercial paper 0 568
Repayment of commercial paper 0 (441)
Net funds receivable and payable activity 168 243
Net cash used in financing activities (561) (1,248)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (12) 19
Net increase in cash, cash equivalents and restricted cash 1,179 870
Cash, cash equivalents and restricted cash at beginning of period 3,055 3,286
Cash, cash equivalents and restricted cash at end of period 4,234 4,156
Cash paid for:    
Interest 36 45
Income taxes 81 26
Cash and cash equivalents 2,894 3,031
Customer accounts (including restricted cash of $408 and $343, respectively) 1,186 967
Restricted cash included in other current assets 153 156
Restricted cash included in other assets 1 2
Cash, cash equivalents and restricted cash $ 4,234 $ 4,156
v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Statement of Cash Flows [Abstract]    
Restricted cash $ 408 $ 343
v3.26.1
The Company and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
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 a 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 consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) 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 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 transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments, including Level 3 investments, warrants and the recoverability of goodwill. 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

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 “Gain (loss) on equity investments and warrants, 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 warrants, 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, or any impairment related to, the investment is included in “Gain (loss) on equity investments and warrants, 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, 2025 (the “2025 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 2025 Form 10-K, except for our policy related to internal use software costs to reflect the adoption of Accounting Standards Update (“ASU”) 2025-06 beginning in the first quarter of 2026, as noted below.

Internal use software costs

Platform development costs, including direct labor and stock-based compensation are capitalized when (i) management has authorized and committed to funding the project and (ii) it is probable that the project will be completed and the software will be used to perform its intended function. Costs incurred prior to meeting these criteria are expensed as incurred. Due to the iterative and agile nature of the Company’s product development processes, the Company has determined that significant development uncertainty generally persists until the software is deployed, or within a short period prior to deployment. As a result, we did not capitalize platform development cost for any of the periods presented.

Recently Adopted Accounting Pronouncements

In 2023, the Financial Accounting Standards Board (“FASB”) issued 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 on our 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 on our consolidated financial statements and related disclosures.

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 on our financial statements and disclosures. The standard is effective for annual reporting periods beginning after December 15, 2024. We adopted this guidance prospectively in the fourth quarter of 2025 with no material impact on our consolidated financial statements.

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 have elected to early adopt the standard effective January 1, 2026, using the retrospective transition method, which required us to recast each prior reporting period presented consistent with the new standard.

The most significant impact of the standard relates to the capitalization of product development cost for our Marketplace platforms. Under the new standard, due to the iterative and agile nature of our product development,
we have determined that significant development uncertainty generally persists until the software is deployed, or within a short period prior to deployment. Consequently, we expect substantially all product development costs related to the Company’s Marketplace platforms would be expensed as the probable-to-complete threshold would not have been met.

Adoption of the standard using the retrospective method impacted our previously reported results as follows (in millions, except per share data):

CONDENSED CONSOLIDATED BALANCE SHEET
December 31, 2025
As Reported
Adjustments from Adoption of ASU 2025-06
As Adjusted
Property and equipment, net
$1,338 $(173)$1,165 
Deferred and other tax liabilities, net
$1,472 $(41)$1,431 
Retained earnings
$39,428 $(132)$39,296 

CONDENSED CONSOLIDATED STATEMENT OF INCOME
Three Months Ended
March 31, 2025
As Reported
Adjustments from Adoption of ASU 2025-06
As Adjusted
Cost of net revenues$723 $(26)$697 
Product development
$362 $31 $393 
Income tax provision
$(129)$1 $(128)
Income from continuing operations
$505 $(4)$501 
Net income$503 $(4)$499 
Income per share - basic:
Continuing operations$1.08 $(0.01)$1.07 
Discontinued operations— — — 
Net income per share - basic
$1.08 $(0.01)$1.07 
Income per share - diluted:
Continuing operations$1.06 $(0.01)$1.05 
Discontinued operations— — — 
Net income per share - diluted
$1.06 $(0.01)$1.05 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Three Months Ended
March 31, 2025
As Reported
Adjustments from Adoption of ASU 2025-06
As Adjusted
Net income
$503 $(4)$499 
Depreciation and amortization
$79 $(27)$52 
Deferred income taxes
$31 $(1)$30 
Purchases of property and equipment
$(143)$32 $(111)
Recent Accounting Pronouncements Not Yet Adopted

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 consolidated financial statements and related disclosures.

In 2025, the FASB issued ASU 2025-07—Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The guidance refines the scope of the guidance on derivatives in ASC 815 (Issue 1) and clarifies the guidance on share-based payments from a customer in ASC 606 (Issue 2) and is intended to address concerns about the application of derivative accounting to contracts that have features based on the operations or activities of one of the parties to the contract and to reduce diversity in the accounting for share-based payments in revenue contracts. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. We are evaluating the effect that this standard may have on our consolidated financial statements and related disclosures.

In 2025, the FASB issued ASU 2025-09—Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The guidance is intended to more closely align hedge accounting with the economics of risk management activities. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. We are evaluating the effect that this standard may have on our consolidated financial statements and related disclosures.

In 2025, the FASB issued ASU 2025-11—Interim Reporting (Topic 270): Narrow-Scope Improvements. The guidance is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. The guidance also adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for annual reporting periods beginning after December 15, 2027. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements and related disclosures.
v3.26.1
Net Income Per Share
 3 Months Ended
Mar. 31, 2026
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
March 31,
 20262025
Numerator:
Income from continuing operations
$512 $501 
Loss from discontinued operations, net of income taxes
— (2)
Net income
$512 $499 
Denominator:
Weighted average shares of common stock - basic448 467 
Dilutive effect of equity incentive awards9 8 
Weighted average shares of common stock - diluted457 475 
Income per share - basic:
Continuing operations$1.14 $1.07 
Discontinued operations— — 
Net income per share - basic
$1.14 $1.07 
Income per share - diluted:
Continuing operations$1.12 $1.05 
Discontinued operations— — 
Net income per share - diluted
$1.12 $1.05 
Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive
2 — 
v3.26.1
Goodwill
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
Goodwill

The following table presents goodwill activity for the period indicated (in millions):
 December 31, 2025
Goodwill Acquired
 Adjustments March 31, 2026
Goodwill$4,467 $— $(4)$4,463 

The measurement period relating to the acquisition of Caramel ended in February 2026 while the measurement period relating to the acquisition of Tise ends in October 2026. The adjustments to goodwill for the three months ended March 31, 2026 were primarily due to foreign currency translation.

Acquisition of Depop, Inc.

In February 2026, we entered into a definitive agreement to acquire Depop, Inc., a leading consumer-to-consumer (“C2C”) fashion marketplace, for approximately $1.2 billion in cash, subject to certain purchase price adjustments. The transaction is currently expected to close by the end of the third quarter of 2026, subject to the satisfaction of certain closing conditions and receipt of required regulatory approvals.
v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
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
March 31,
 20262025
Marketplace revenues
$2,508 $2,143 
Advertising revenues
581 442 
Total net revenues
$3,089 $2,585 

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
March 31,
 20262025
United States
$1,733 $1,346 
United Kingdom387 331 
China323 297 
Rest of world646 611 
Total net revenues$3,089 $2,585 
v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
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):
 March 31, 2026
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Corporate bonds
$655 $1 $— $656 
Commercial paper
226 — — 226 
Government and agency securities
85 — (1)84 
$966 $1 $(1)$966 
Long-term investments:
Corporate bonds
$1,218 $7 $(4)$1,221 
Government and agency securities23   —   —  23 
$1,241 $7 $(4)$1,244 
 December 31, 2025
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Corporate bonds
$743 $2 $— $745 
Commercial paper
243 — — 243 
Government and agency securities65 — (1)64 

$1,051 $2 $(1)$1,052 
Long-term investments:
Corporate bonds
$1,797 $16 $— $1,813 
Government and agency securities25   —   —  25 
$1,822 $16 $— $1,838 

Our fixed-income investments consist of predominantly investment grade corporate bonds, commercial paper and government and agency securities. The corporate bonds, commercial paper and government and agency securities that we invest in are generally deemed to be low risk based on their credit ratings from the major rating agencies to minimize exposure to credit losses. As of March 31, 2026, unrealized losses on available-for-sale debt securities were primarily related to continued market volatility. The Company does not intend and is not more likely than not required to sell the investments before the recovery of the amortized cost basis. We did not recognize any credit-related impairment through an allowance for credit losses as of March 31, 2026.

The following tables present fair values and gross unrealized losses recorded to “Accumulated other comprehensive income” (“AOCI”) as of March 31, 2026 and December 31, 2025, aggregated by the length of time that individual securities have been in a continuous loss position (in millions):
March 31, 2026
 Less than 12 months
Greater than 12 months
Total
Fair Value
Unrealized Loss
Fair ValueUnrealized LossFair ValueUnrealized Loss
Corporate bonds
$714 $(4)$7 $— $721 $(4)
Government and agency securities693 — 67 (1)760 (1)
$1,407 $(4)$74 $(1)$1,481 $(5)
December 31, 2025
 Less than 12 months
Greater than 12 months
Total
Fair Value
Unrealized Loss
Fair ValueUnrealized LossFair ValueUnrealized Loss
Corporate bonds
$434 $— $7 $— $441 $— 
Government and agency securities11 — 64 (1)75 (1)
$445 $— $71 $(1)$516 $(1)

Refer to “Note 14 — Accumulated Other Comprehensive Income” for amounts reclassified to earnings from AOCI.

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):
 March 31,
2026
One year or less$966 
One year through two years
613 
Two years through three years434 
Three years through four years164 
Four years through five years— 
Thereafter
33 
Total$2,210 

Equity Investments

The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationMarch 31,
2026		December 31,
2025
Equity investments without readily determinable fair values
Long-term investments$663 $825 
Equity investments under the equity method of accountingLong-term investments48 49 
Equity investments under the fair value option
Long-term investments55 55 
Total equity investments$766 $929 
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 warrants, net” on our condensed consolidated statement of income. Equity investments without readily determinable fair values are presented within “Long-term investments” on 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”). 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 and the first quarter of 2026, we received cash distributions of $225 million and $194 million, respectively, related to our equity investment in Aurelia. These distributions represent a return of capital based on the nature of the transactions and terms of Aurelia’s shareholder agreement to which we are party. The distributions resulted in reductions of $214 million and $179 million, respectively, to the carrying value of the investment on our condensed consolidated balance sheet and foreign exchange gains of $11 million and $15 million, respectively, recognized in “Interest income and other, net” on our condensed consolidated statement of income. Cash received from the distributions was classified as investing activities on our condensed consolidated statement of cash flows.

The recapitalization and the shareholder distributions did not impact our ownership as we continued to own approximately 8.3% of the total outstanding preferred and common shares of Aurelia as of March 31, 2026.

The carrying value of our remaining investment in Aurelia was $474 million as of March 31, 2026 compared to $653 million as of December 31, 2025.

Other equity investments without readily determinable fair values

Certain other individually immaterial equity investments aggregating to $189 million and $172 million as of March 31, 2026 and December 31, 2025, respectively, 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-month periods ended March 31, 2026 and 2025 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 “Gain (loss) on equity investments and warrants, net,” our share of the net income or loss of the investee. Equity method investments are presented within “Long-term investments” on our condensed consolidated balance sheet.

Certain individually immaterial equity investments aggregating to $48 million and $49 million as of March 31, 2026 and December 31, 2025, respectively, are accounted for under the equity method of accounting. Our share of the net income or loss of our equity method investments for each of the three-month periods ended March 31, 2026 and 2025 was immaterial both individually and in the aggregate.

Equity investments under the fair value option

Certain individually immaterial equity investments aggregating to $55 million as of both March 31, 2026 and December 31, 2025, 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 months ended March 31, 2026 and 2025 as presented within “Gain (loss) on equity investments and warrants, net” for the periods indicated (in millions):
 Three Months Ended
March 31,
20262025
Net gains (losses) recognized during the period on equity investments
$11 $(2)
Less: Net gains recognized on equity investments sold during the period
— 2 
Total unrealized gains (losses) on equity investments held, end of period
$11 $(4)
v3.26.1
Derivative Instruments
 3 Months Ended
Mar. 31, 2026
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.

We use interest rate swaps to manage interest rate risk on our fixed rate notes issued in November 2025 and maturing in 2035. These interest rate swaps had the economic effect of modifying the fixed interest obligations associated with $400 million of these notes so that the interest payable on these senior notes effectively became variable based on Secured Overnight Financing Rate (“SOFR”) plus a spread. The duration of these interest rate contracts is for three years and five years expiring in November 2028 and 2030 respectively.

In 2024, we entered into derivative instruments to hedge the variability of forecasted interest payments on anticipated debt issuance using forward-starting interest rate swaps. These interest rate swaps effectively fixed the benchmark interest rate and had the economic effect of hedging the variability of forecasted interest payments for up to ten years on an anticipated debt issuance. Similar to other cash flow hedges, we recorded changes in the fair value of these interest rate swaps in AOCI until the anticipated debt issuance. In November 2025, we issued $1.0 billion of senior notes, which consisted of notes maturing in 2029 and 2035. As a result, we terminated the interest rate swaps and the immaterial gain associated with the termination will be amortized to interest expense over the term of our notes due in November 2035.

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 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 March 31, 2026, we have estimated that $13 million of net derivative losses related to our foreign exchange cash flow hedges and $9 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 on our condensed consolidated statement of cash flows.

Fair Value Hedges

We have designated the interest rate swaps used to manage interest rate risk on our fixed rate notes issued in November 2025 and maturing in 2035 as qualifying hedging instruments and are accounting for them as fair value hedges. These transactions are designated as fair value hedges for financial accounting purposes because they protect us against changes in the fair value of certain of our fixed rate borrowings due to benchmark interest rate movements. Changes in the fair values of these interest rate swap agreements are recognized in other assets or other liabilities with a corresponding increase or decrease in long-term debt. Each quarter, the net amount between the interest we expect to pay based on SOFR plus a spread to the counterparty and the interest we expect to receive from the counterparty per the fixed rate of these senior notes is recognized as “Interest expense.”
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 on our condensed consolidated statement of cash flows. Cash flows related to the settlement of non-designated hedging instruments related to equity investments are classified within investing activities on our condensed consolidated statement of cash flows.

Fair Value of Derivative Contracts

The following table presents the fair values of our outstanding derivative instruments as of the dates indicated (in millions):
 Balance Sheet LocationMarch 31,
2026		December 31,
2025
Derivative Assets:
Foreign exchange contracts designated as cash flow hedgesOther current assets$21 $8 
Foreign exchange contracts not designated as hedging instrumentsOther current assets14 9 
Foreign exchange contracts designated as cash flow hedgesOther assets9 12 
Warrants and other
Other assets1 10 
Total derivative assets$45 $39 
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedgesOther current liabilities$6 $5 
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities8 5 
Interest rate contracts designated as fair value hedges
Other liabilities
4 2 
Total derivative liabilities$18 $12 
Total fair value of derivative instruments$27 $27 

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 on our condensed consolidated balance sheet. As of March 31, 2026, the potential effect of rights of set-off associated with the foreign exchange contracts would be an offset to both assets and liabilities by $13 million, resulting in net derivative assets of $31 million and net derivative liabilities of $1 million. As of March 31, 2026, 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 March 31, 2026 and December 31, 2025, and the impact of these derivative contracts on AOCI as of the dates indicated (in millions): 
 December 31, 2025Amount of Loss Recognized in Other Comprehensive Income
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings
March 31, 2026
Foreign exchange contracts designated as cash flow hedges$(44)$16 $(13)$(15)
Interest rate contracts designated as cash flow hedges37 — 2 35 
Total
$(7)$16 $(11)$20 
 December 31, 2024
Amount of Loss Recognized in Other Comprehensive Income
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings
March 31, 2025
Foreign exchange contracts designated as cash flow hedges$25 $(45)$8 $(28)
Interest rate contracts designated as cash flow hedges50 (4)2 44 
Total
$75 $(49)$10 $16 

Effect of Derivative Contracts on Condensed Consolidated Statement of Income

The following table summarizes the total gain (loss) recognized on our condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions):
Three Months Ended
March 31,
 20262025
Gain (loss) from foreign exchange contracts designated as cash flow hedges recognized in net revenues
$(13)$8 
Gain (loss) from foreign exchange contracts not designated as hedging instruments recognized in interest income and other, net
(1)1 
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income
$(14)$9 

The following table summarizes the total gain recognized on our condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions): 
Three Months Ended
March 31,
 20262025
Gain from interest rate contracts designated as cash flow hedges recognized in interest expense
$2 $2 
The following table summarizes the total loss recognized on our condensed consolidated statement of income due to changes in the fair value of the warrants for the periods indicated (in millions):
Three Months Ended
March 31,
 20262025
Loss attributable to changes in the fair value of warrants recognized in gain (loss) on equity investments and warrants, net
$(9)$— 

Notional Amounts of Derivative Contracts

Derivative transactions are measured in terms of the notional amount, but this amount is not recognized on 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):
March 31,
2026		December 31,
2025
Foreign exchange contracts designated as cash flow hedges$1,294 $1,677 
Foreign exchange contracts not designated as hedging instruments2,011 1,914 
Interest rate contracts designated as fair value hedges400 400 
Total$3,705 $3,991 

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.
v3.26.1
Fair Value Measurement of Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
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):
March 31, 2026
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$2,894 $2,894 $— $— 
Customer accounts
1,186 1,186 — — 
Restricted cash included in other current assets153 153 — — 
Restricted cash included in other assets1 1 — — 
Total cash, cash equivalents and restricted cash4,234 4,234 — — 
Derivatives45 — 44 1 
Short-term investments:
Corporate bonds
656 — 656 — 
Commercial paper226 — 226 — 
Government and agency securities
84 — 84 — 
Total short-term investments966 — 966 — 
Long-term investments:
Corporate bonds
1,221 — 1,221 — 
Government and agency securities23 — 23 — 
Total long-term investments1,244 — 1,244 — 
Total financial assets$6,489 $4,234 $2,254 $1 
Liabilities:
Derivatives$18 $— $18 $— 
December 31, 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$1,867 $1,867 $— $— 
Customer accounts1,017 1,017 — — 
Restricted cash included in other current assets170 170 — — 
Restricted cash included in other assets1 1 — — 
Total cash, cash equivalents and restricted cash3,055 3,055 — — 
Derivatives39 — 29 10 
Short-term investments:
Corporate bonds
745 — 745 — 
Commercial paper
243 — 243 — 
Government and agency securities64 — 64 — 
Total short-term investments1,052 — 1,052 — 
Long-term investments:
Corporate bonds
1,813 — 1,813 — 
Government and agency securities25 — 25 — 
Total long-term investments1,838 — 1,838 — 
Total financial assets$5,984 $3,055 $2,919 $10 
Liabilities:
Derivatives$12 $— $12 $— 

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 three months ended March 31, 2026.

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. Refer to “Note 6 — Derivative Instruments” for further details on our derivative instruments.

Fair value measurement of equity investments

Certain immaterial equity investments under the fair value option aggregating to $55 million as of both March 31, 2026 and December 31, 2025, 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.
v3.26.1
Supplemental Consolidated Financial Information
 3 Months Ended
Mar. 31, 2026
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 allowance for doubtful accounts and authorized credits is immaterial as of both March 31, 2026 and December 31, 2025.

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 both the three months ended March 31, 2026 and March 31, 2025 that was included in the deferred revenue balance at the beginning of the respective periods was immaterial.

Customer accounts and funds receivable
March 31,
2026		December 31,
2025
(In millions)
Customer accounts$1,186 $1,017 
Funds receivable304 263 
Customer accounts and funds receivable$1,490 $1,280 

Other current assets
March 31,
2026		December 31,
2025
(In millions)
Income and other tax receivable$193 $194 
Restricted cash
153 170 
Accounts receivable, net152 135 
Prepaid expenses136 126 
Short-term derivative assets35 17 
Other240 245 
Other current assets$909 $887 
Accrued expenses and other current liabilities
March 31,
2026		December 31,
2025
(In millions)
Accrued indirect tax expense
$550 $509 
Compensation and related benefits
487 644 
Accrued marketing expenses363 226 
Operating lease liabilities126 119 
Transaction loss liability
103 90 
Shipping and carrier liabilities
91 91 
Accrued general and administrative expenses
87 70 
Accrued interest expense70 45 
Deferred revenue50 43 
Other530 420 
Accrued expenses and other current liabilities$2,457 $2,257 

Interest income and other, net
 Three Months Ended
March 31,
 20262025
(In millions)
Interest income$58 $77 
Foreign exchange and other8 4 
Total interest income and other, net
$66 $81 
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
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
March 31, 2026
Effective Interest Rate
December 31, 2025
Effective Interest Rate
Long-Term Debt
Senior Notes:
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 20294.250 %600 4.419 %600 4.419 %
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 20355.125 %400 5.226 %400 5.226 %
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 notes6,775 6,775 
Hedge accounting fair value adjustments (1)
(4)(2)
Unamortized discount and debt issuance costs
(27)(27)
Less: Current portion of long-term debt(750)(750)
Total long-term debt5,994 5,996 
Short-Term Debt
Current portion of long-term debt750 750 
Total short-term debt750 750 
Total Debt$6,744 $6,746 
(1)Includes the fair value adjustments to debt associated with interest rate swaps designated as fair value hedges.

Senior Notes

In November 2025, we issued $1.0 billion aggregate principal amount of senior notes, which consisted of $600 million aggregate principal amount of 4.250% fixed rate notes due 2029 and $400 million aggregate principal amount of 5.125% fixed rate notes due 2035. Cash proceeds related to the issuance of our 4.250% and 5.125% senior notes were classified as a financing activity on our consolidated statement of cash flows.

In October 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. Cash paid related to the redemption was classified as a financing activity on our consolidated statement of cash flows.

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 on our condensed consolidated statement of cash flows.

We may redeem some or all of our outstanding fixed rate notes at any time prior to 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 any of our outstanding fixed rate notes, 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.

In connection with the November 2025 issuance of senior notes, we entered into interest rate swap agreements that effectively converted $400 million of our fixed rate debt to floating rate debt based on the SOFR. These swaps were designated as fair value hedges against changes in the fair value of certain fixed rate senior notes resulting from changes in interest rates. The gains and losses related to changes in the fair value of interest rate swaps substantially offset changes in the fair value of the hedged portion of the underlying debt that are attributable to changes in market interest rates.

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 $60 million for the three months ended March 31, 2026 compared to $57 million for the same period in 2025. As of March 31, 2026 and December 31, 2025, the estimated fair value of these senior notes, using Level 2 inputs, was $6.2 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. Commercial paper is carried at amortized cost, which approximates its fair value due to the short-term nature of these instruments. As of March 31, 2026 and December 31, 2025, we had no commercial paper notes outstanding. During the three months ended March 31, 2025, we repaid the $450 million aggregate principal amount of the previously outstanding commercial paper notes on the dates of maturity and issued $575 million aggregate principal amount of commercial paper notes, of which $360 million aggregate principal amount had original maturities less than 90 days and $215 million aggregate principal amount had original maturities greater than 90 days. Cash proceeds related to the issuance of commercial paper and cash used to repay commercial paper were classified as financing activities on 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 March 31, 2026, 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 March 31, 2026, we had no commercial paper notes outstanding; therefore, $2.0 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 on our outstanding debt instruments for the three months ended March 31, 2026.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Off-Balance Sheet Arrangements

As of March 31, 2026, 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.

Amounts accrued for legal and regulatory proceedings were not material as of March 31, 2026 and December 31, 2025. 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 persons who serve as officers or directors of certain of our subsidiaries. These agreements require us to indemnify such individuals, to the fullest extent permitted by applicable 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 on our condensed consolidated statement of income in connection with our indemnification provisions have not been material, either individually or collectively.
v3.26.1
Stockholders’ Equity
 3 Months Ended
Mar. 31, 2026
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. Cash paid related to the repurchase of common stock was classified as a financing activity on our consolidated statement of cash flows.

In February 2026, our Audit Committee authorized an incremental $2.0 billion under our stock repurchase program in addition to the $5.0 billion previously authorized in 2024. Our stock repurchase program has no expiration from the date of authorization.

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, 2026$798 
Authorization of additional repurchases in February 2026
2,000 
Repurchase of shares of common stock 6 $90.09 $500 (500)
Balance as of March 31, 2026$2,298 
(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 immaterial broker commissions and excise tax accruals.

Dividends

During the three months ended March 31, 2026, we paid a total of $139 million in cash dividends compared to $134 million paid during the same period in 2025. In April 2026, our Audit Committee declared a cash dividend of $0.31 per share of common stock to be paid on June 12, 2026 to stockholders of record as of May 29, 2026.
v3.26.1
Employee Benefit Plans
 3 Months Ended
Mar. 31, 2026
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, 202619 
Awarded1 
Vested(3)
Forfeited(1)
Outstanding as of March 31, 202616 

The weighted average grant date fair value for RSUs awarded for the three months ended March 31, 2026 was $83.09 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
March 31,
 20262025
Cost of net revenues$11 $9 
Sales and marketing47 20 
Product development76 69 
General and administrative22 38 
Total stock-based compensation expense$156 $136 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
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 2017 to 2024 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, Switzerland and the United Kingdom.

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” on 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 $65 million net tax benefit in 2025 related to the effects of this Act.
v3.26.1
Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
The following tables summarize the changes in AOCI for the periods indicated (in millions):
Unrealized Gains (Losses) on Derivative Instruments
Unrealized Gains (Losses) on Investments
Foreign Currency
Translation
Estimated Tax
(Expense) Benefit		Total
Balance as of December 31, 2025$(7)$17 $178 $19 $207 
Other comprehensive income (loss) before reclassifications16 (14)(7)1 (4)
Less: Amount of gain (loss) reclassified from AOCI(11)— — 3 (8)
Net current period other comprehensive income (loss)27 (14)(7)(2)4 
Balance as of March 31, 2026$20 $3 $171 $17 $211 
Unrealized Gains (Losses) on Derivative Instruments
Unrealized Gains (Losses) on Investments
Foreign Currency
Translation		Estimated Tax
(Expense) Benefit		Total
Balance as of December 31, 2024$75 $(7)$130 $8 $206 
Other comprehensive income (loss) before reclassifications(49)8 25 10 (6)
Less: Amount of gain (loss) reclassified from AOCI10 — — (2)8 
Net current period other comprehensive income (loss)(59)8 25 12 (14)
Balance as of March 31, 2025$16 $1 $155 $20 $192 

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
March 31,
20262025
Gains (losses) on cash flow hedges:
Foreign exchange contractsNet revenues$(13)$8 
Interest rate contracts
Interest expense
2 2 
Income from continuing operations before income taxes(11)10 
Income tax provision
3 (2)
Total reclassifications for the periodNet income$(8)$8 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
Mazen Rawashdeh [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 20, 2026, Mazen Rawashdeh, our Senior Vice President, Chief Technology 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 March 31, 2027, 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 net of any shares withheld by us to satisfy applicable taxes. The number of shares to be withheld, and the number of shares available to be sold pursuant to Mr. Rawashdeh’s 10b5-1 Plan, can only be determined upon the occurrence of future equity award vesting events. For purposes of this disclosure, without subtracting any shares to be withheld upon future equity award vesting events, the maximum aggregate number of shares to be sold pursuant to Mr. Rawashdeh’s 10b5-1 Plan is 96,219. 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 Mazen Rawashdeh
Title Senior Vice President, Chief Technology Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 20, 2026
Expiration Date March 31, 2027
Arrangement Duration 404 days
Aggregate Available 96,219
Cornelius Boone [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 6, 2026, Cornelius Boone, our Senior Vice President, Chief People Officer, adopted a 10b5-1 Plan, which is designed to be in effect until March 31, 2027, subject to customary exceptions. His 10b5-1 Plan provides for sales from time to time of a portion of his shares of eBay common stock, up to a maximum of 88,600 shares in the aggregate.
Name Cornelius Boone
Title Senior Vice President, Chief People Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 6, 2026
Expiration Date March 31, 2027
Arrangement Duration 390 days
Aggregate Available 88,600
v3.26.1
The Company and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Use of Estimates
Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) 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 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 transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments, including Level 3 investments, warrants and the recoverability of goodwill. 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 “Gain (loss) on equity investments and warrants, 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 warrants, 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, or any impairment related to, the investment is included in “Gain (loss) on equity investments and warrants, 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, 2025 (the “2025 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.
Internal use software costs
Internal use software costs
Platform development costs, including direct labor and stock-based compensation are capitalized when (i) management has authorized and committed to funding the project and (ii) it is probable that the project will be completed and the software will be used to perform its intended function. Costs incurred prior to meeting these criteria are expensed as incurred. Due to the iterative and agile nature of the Company’s product development processes, the Company has determined that significant development uncertainty generally persists until the software is deployed, or within a short period prior to deployment.
Recently Adopted Accounting Pronouncements/Recent Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements

In 2023, the Financial Accounting Standards Board (“FASB”) issued 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 on our 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 on our consolidated financial statements and related disclosures.

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 on our financial statements and disclosures. The standard is effective for annual reporting periods beginning after December 15, 2024. We adopted this guidance prospectively in the fourth quarter of 2025 with no material impact on our consolidated financial statements.

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 have elected to early adopt the standard effective January 1, 2026, using the retrospective transition method, which required us to recast each prior reporting period presented consistent with the new standard.

The most significant impact of the standard relates to the capitalization of product development cost for our Marketplace platforms. Under the new standard, due to the iterative and agile nature of our product development,
we have determined that significant development uncertainty generally persists until the software is deployed, or within a short period prior to deployment. Consequently, we expect substantially all product development costs related to the Company’s Marketplace platforms would be expensed as the probable-to-complete threshold would not have been met.

Adoption of the standard using the retrospective method impacted our previously reported results as follows (in millions, except per share data):

CONDENSED CONSOLIDATED BALANCE SHEET
December 31, 2025
As Reported
Adjustments from Adoption of ASU 2025-06
As Adjusted
Property and equipment, net
$1,338 $(173)$1,165 
Deferred and other tax liabilities, net
$1,472 $(41)$1,431 
Retained earnings
$39,428 $(132)$39,296 

CONDENSED CONSOLIDATED STATEMENT OF INCOME
Three Months Ended
March 31, 2025
As Reported
Adjustments from Adoption of ASU 2025-06
As Adjusted
Cost of net revenues$723 $(26)$697 
Product development
$362 $31 $393 
Income tax provision
$(129)$1 $(128)
Income from continuing operations
$505 $(4)$501 
Net income$503 $(4)$499 
Income per share - basic:
Continuing operations$1.08 $(0.01)$1.07 
Discontinued operations— — — 
Net income per share - basic
$1.08 $(0.01)$1.07 
Income per share - diluted:
Continuing operations$1.06 $(0.01)$1.05 
Discontinued operations— — — 
Net income per share - diluted
$1.06 $(0.01)$1.05 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Three Months Ended
March 31, 2025
As Reported
Adjustments from Adoption of ASU 2025-06
As Adjusted
Net income
$503 $(4)$499 
Depreciation and amortization
$79 $(27)$52 
Deferred income taxes
$31 $(1)$30 
Purchases of property and equipment
$(143)$32 $(111)
Recent Accounting Pronouncements Not Yet Adopted

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 consolidated financial statements and related disclosures.

In 2025, the FASB issued ASU 2025-07—Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The guidance refines the scope of the guidance on derivatives in ASC 815 (Issue 1) and clarifies the guidance on share-based payments from a customer in ASC 606 (Issue 2) and is intended to address concerns about the application of derivative accounting to contracts that have features based on the operations or activities of one of the parties to the contract and to reduce diversity in the accounting for share-based payments in revenue contracts. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. We are evaluating the effect that this standard may have on our consolidated financial statements and related disclosures.

In 2025, the FASB issued ASU 2025-09—Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The guidance is intended to more closely align hedge accounting with the economics of risk management activities. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. We are evaluating the effect that this standard may have on our consolidated financial statements and related disclosures.

In 2025, the FASB issued ASU 2025-11—Interim Reporting (Topic 270): Narrow-Scope Improvements. The guidance is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. The guidance also adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for annual reporting periods beginning after December 15, 2027. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements and related disclosures.
v3.26.1
The Company and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Accounting Standards Update and Change in Accounting Principle
Adoption of the standard using the retrospective method impacted our previously reported results as follows (in millions, except per share data):

CONDENSED CONSOLIDATED BALANCE SHEET
December 31, 2025
As Reported
Adjustments from Adoption of ASU 2025-06
As Adjusted
Property and equipment, net
$1,338 $(173)$1,165 
Deferred and other tax liabilities, net
$1,472 $(41)$1,431 
Retained earnings
$39,428 $(132)$39,296 

CONDENSED CONSOLIDATED STATEMENT OF INCOME
Three Months Ended
March 31, 2025
As Reported
Adjustments from Adoption of ASU 2025-06
As Adjusted
Cost of net revenues$723 $(26)$697 
Product development
$362 $31 $393 
Income tax provision
$(129)$1 $(128)
Income from continuing operations
$505 $(4)$501 
Net income$503 $(4)$499 
Income per share - basic:
Continuing operations$1.08 $(0.01)$1.07 
Discontinued operations— — — 
Net income per share - basic
$1.08 $(0.01)$1.07 
Income per share - diluted:
Continuing operations$1.06 $(0.01)$1.05 
Discontinued operations— — — 
Net income per share - diluted
$1.06 $(0.01)$1.05 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Three Months Ended
March 31, 2025
As Reported
Adjustments from Adoption of ASU 2025-06
As Adjusted
Net income
$503 $(4)$499 
Depreciation and amortization
$79 $(27)$52 
Deferred income taxes
$31 $(1)$30 
Purchases of property and equipment
$(143)$32 $(111)
v3.26.1
Net Income Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
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
March 31,
 20262025
Numerator:
Income from continuing operations
$512 $501 
Loss from discontinued operations, net of income taxes
— (2)
Net income
$512 $499 
Denominator:
Weighted average shares of common stock - basic448 467 
Dilutive effect of equity incentive awards9 8 
Weighted average shares of common stock - diluted457 475 
Income per share - basic:
Continuing operations$1.14 $1.07 
Discontinued operations— — 
Net income per share - basic
$1.14 $1.07 
Income per share - diluted:
Continuing operations$1.12 $1.05 
Discontinued operations— — 
Net income per share - diluted
$1.12 $1.05 
Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive
2 — 
v3.26.1
Goodwill (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Activity
The following table presents goodwill activity for the period indicated (in millions):
 December 31, 2025
Goodwill Acquired
 Adjustments March 31, 2026
Goodwill$4,467 $— $(4)$4,463 
v3.26.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2026
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
March 31,
 20262025
Marketplace revenues
$2,508 $2,143 
Advertising revenues
581 442 
Total net revenues
$3,089 $2,585 
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
The following table summarizes the allocation of net revenues based on geography for the periods indicated (in millions):
 Three Months Ended
March 31,
 20262025
United States
$1,733 $1,346 
United Kingdom387 331 
China323 297 
Rest of world646 611 
Total net revenues$3,089 $2,585 
v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Schedule of Fair Value of Short and Long-Term Investments Classified as Available for Sale
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):
 March 31, 2026
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Corporate bonds
$655 $1 $— $656 
Commercial paper
226 — — 226 
Government and agency securities
85 — (1)84 
$966 $1 $(1)$966 
Long-term investments:
Corporate bonds
$1,218 $7 $(4)$1,221 
Government and agency securities23   —   —  23 
$1,241 $7 $(4)$1,244 
 December 31, 2025
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Corporate bonds
$743 $2 $— $745 
Commercial paper
243 — — 243 
Government and agency securities65 — (1)64 

$1,051 $2 $(1)$1,052 
Long-term investments:
Corporate bonds
$1,797 $16 $— $1,813 
Government and agency securities25   —   —  25 
$1,822 $16 $— $1,838 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present fair values and gross unrealized losses recorded to “Accumulated other comprehensive income” (“AOCI”) as of March 31, 2026 and December 31, 2025, aggregated by the length of time that individual securities have been in a continuous loss position (in millions):
March 31, 2026
 Less than 12 months
Greater than 12 months
Total
Fair Value
Unrealized Loss
Fair ValueUnrealized LossFair ValueUnrealized Loss
Corporate bonds
$714 $(4)$7 $— $721 $(4)
Government and agency securities693 — 67 (1)760 (1)
$1,407 $(4)$74 $(1)$1,481 $(5)
December 31, 2025
 Less than 12 months
Greater than 12 months
Total
Fair Value
Unrealized Loss
Fair ValueUnrealized LossFair ValueUnrealized Loss
Corporate bonds
$434 $— $7 $— $441 $— 
Government and agency securities11 — 64 (1)75 (1)
$445 $— $71 $(1)$516 $(1)
Schedule of Estimated Fair Values of Short and Long-Term Investments Classified 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):
 March 31,
2026
One year or less$966 
One year through two years
613 
Two years through three years434 
Three years through four years164 
Four years through five years— 
Thereafter
33 
Total$2,210 
Schedule of Equity Investments
The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationMarch 31,
2026		December 31,
2025
Equity investments without readily determinable fair values
Long-term investments$663 $825 
Equity investments under the equity method of accountingLong-term investments48 49 
Equity investments under the fair value option
Long-term investments55 55 
Total equity investments$766 $929 
Schedule of Unrealized Gains and Losses
The following table summarizes unrealized gains and losses on equity investments for the three months ended March 31, 2026 and 2025 as presented within “Gain (loss) on equity investments and warrants, net” for the periods indicated (in millions):
 Three Months Ended
March 31,
20262025
Net gains (losses) recognized during the period on equity investments
$11 $(2)
Less: Net gains recognized on equity investments sold during the period
— 2 
Total unrealized gains (losses) on equity investments held, end of period
$11 $(4)
v3.26.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Outstanding Derivative Instruments The following table presents the fair values of our outstanding derivative instruments as of the dates indicated (in millions):
 Balance Sheet LocationMarch 31,
2026		December 31,
2025
Derivative Assets:
Foreign exchange contracts designated as cash flow hedgesOther current assets$21 $8 
Foreign exchange contracts not designated as hedging instrumentsOther current assets14 9 
Foreign exchange contracts designated as cash flow hedgesOther assets9 12 
Warrants and other
Other assets1 10 
Total derivative assets$45 $39 
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedgesOther current liabilities$6 $5 
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities8 5 
Interest rate contracts designated as fair value hedges
Other liabilities
4 2 
Total derivative liabilities$18 $12 
Total fair value of derivative instruments$27 $27 
Schedule of Activity of Derivative Contracts that Qualify for Hedge Accounting and the Impact of Designated Derivative Contracts on Accumulated Other Comprehensive Income
The following tables present the activity of derivative instruments designated as cash flow hedges gross of tax as of March 31, 2026 and December 31, 2025, and the impact of these derivative contracts on AOCI as of the dates indicated (in millions): 
 December 31, 2025Amount of Loss Recognized in Other Comprehensive Income
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings
March 31, 2026
Foreign exchange contracts designated as cash flow hedges$(44)$16 $(13)$(15)
Interest rate contracts designated as cash flow hedges37 — 2 35 
Total
$(7)$16 $(11)$20 
 December 31, 2024
Amount of Loss Recognized in Other Comprehensive Income
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings
March 31, 2025
Foreign exchange contracts designated as cash flow hedges$25 $(45)$8 $(28)
Interest rate contracts designated as cash flow hedges50 (4)2 44 
Total
$75 $(49)$10 $16 
Schedule of Location in Financial Statements of Recognized Gains or Losses Related to Derivative Instruments
The following table summarizes the total gain (loss) recognized on our condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions):
Three Months Ended
March 31,
 20262025
Gain (loss) from foreign exchange contracts designated as cash flow hedges recognized in net revenues
$(13)$8 
Gain (loss) from foreign exchange contracts not designated as hedging instruments recognized in interest income and other, net
(1)1 
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income
$(14)$9 

The following table summarizes the total gain recognized on our condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions): 
Three Months Ended
March 31,
 20262025
Gain from interest rate contracts designated as cash flow hedges recognized in interest expense
$2 $2 
The following table summarizes the total loss recognized on our condensed consolidated statement of income due to changes in the fair value of the warrants for the periods indicated (in millions):
Three Months Ended
March 31,
 20262025
Loss attributable to changes in the fair value of warrants recognized in gain (loss) on equity investments and warrants, net
$(9)$— 
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):
March 31,
2026		December 31,
2025
Foreign exchange contracts designated as cash flow hedges$1,294 $1,677 
Foreign exchange contracts not designated as hedging instruments2,011 1,914 
Interest rate contracts designated as fair value hedges400 400 
Total$3,705 $3,991 
v3.26.1
Fair Value Measurement of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
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):
March 31, 2026
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$2,894 $2,894 $— $— 
Customer accounts
1,186 1,186 — — 
Restricted cash included in other current assets153 153 — — 
Restricted cash included in other assets1 1 — — 
Total cash, cash equivalents and restricted cash4,234 4,234 — — 
Derivatives45 — 44 1 
Short-term investments:
Corporate bonds
656 — 656 — 
Commercial paper226 — 226 — 
Government and agency securities
84 — 84 — 
Total short-term investments966 — 966 — 
Long-term investments:
Corporate bonds
1,221 — 1,221 — 
Government and agency securities23 — 23 — 
Total long-term investments1,244 — 1,244 — 
Total financial assets$6,489 $4,234 $2,254 $1 
Liabilities:
Derivatives$18 $— $18 $— 
December 31, 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$1,867 $1,867 $— $— 
Customer accounts1,017 1,017 — — 
Restricted cash included in other current assets170 170 — — 
Restricted cash included in other assets1 1 — — 
Total cash, cash equivalents and restricted cash3,055 3,055 — — 
Derivatives39 — 29 10 
Short-term investments:
Corporate bonds
745 — 745 — 
Commercial paper
243 — 243 — 
Government and agency securities64 — 64 — 
Total short-term investments1,052 — 1,052 — 
Long-term investments:
Corporate bonds
1,813 — 1,813 — 
Government and agency securities25 — 25 — 
Total long-term investments1,838 — 1,838 — 
Total financial assets$5,984 $3,055 $2,919 $10 
Liabilities:
Derivatives$12 $— $12 $— 
v3.26.1
Supplemental Consolidated Financial Information (Tables)
 3 Months Ended
Mar. 31, 2026
Balance Sheet Components [Abstract]  
Schedule of Customer Accounts and Funds Receivable
Customer accounts and funds receivable
March 31,
2026		December 31,
2025
(In millions)
Customer accounts$1,186 $1,017 
Funds receivable304 263 
Customer accounts and funds receivable$1,490 $1,280 
Schedule of Other Current Assets
Other current assets
March 31,
2026		December 31,
2025
(In millions)
Income and other tax receivable$193 $194 
Restricted cash
153 170 
Accounts receivable, net152 135 
Prepaid expenses136 126 
Short-term derivative assets35 17 
Other240 245 
Other current assets$909 $887 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities
March 31,
2026		December 31,
2025
(In millions)
Accrued indirect tax expense
$550 $509 
Compensation and related benefits
487 644 
Accrued marketing expenses363 226 
Operating lease liabilities126 119 
Transaction loss liability
103 90 
Shipping and carrier liabilities
91 91 
Accrued general and administrative expenses
87 70 
Accrued interest expense70 45 
Deferred revenue50 43 
Other530 420 
Accrued expenses and other current liabilities$2,457 $2,257 
Schedule of Components of Interest and Other, Net
Interest income and other, net
 Three Months Ended
March 31,
 20262025
(In millions)
Interest income$58 $77 
Foreign exchange and other8 4 
Total interest income and other, net
$66 $81 
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
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
March 31, 2026
Effective Interest Rate
December 31, 2025
Effective Interest Rate
Long-Term Debt
Senior Notes:
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 20294.250 %600 4.419 %600 4.419 %
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 20355.125 %400 5.226 %400 5.226 %
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 notes6,775 6,775 
Hedge accounting fair value adjustments (1)
(4)(2)
Unamortized discount and debt issuance costs
(27)(27)
Less: Current portion of long-term debt(750)(750)
Total long-term debt5,994 5,996 
Short-Term Debt
Current portion of long-term debt750 750 
Total short-term debt750 750 
Total Debt$6,744 $6,746 
(1)Includes the fair value adjustments to debt associated with interest rate swaps designated as fair value hedges.
v3.26.1
Stockholders’ Equity (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026$798 
Authorization of additional repurchases in February 2026
2,000 
Repurchase of shares of common stock 6 $90.09 $500 (500)
Balance as of March 31, 2026$2,298 
(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 immaterial broker commissions and excise tax accruals.
v3.26.1
Employee Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2026
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, 202619 
Awarded1 
Vested(3)
Forfeited(1)
Outstanding as of March 31, 202616 
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
March 31,
 20262025
Cost of net revenues$11 $9 
Sales and marketing47 20 
Product development76 69 
General and administrative22 38 
Total stock-based compensation expense$156 $136 
v3.26.1
Accumulated Other Comprehensive Income (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Changes in Accumulated Balances of Other Comprehensive Income
The following tables summarize the changes in AOCI for the periods indicated (in millions):
Unrealized Gains (Losses) on Derivative Instruments
Unrealized Gains (Losses) on Investments
Foreign Currency
Translation
Estimated Tax
(Expense) Benefit		Total
Balance as of December 31, 2025$(7)$17 $178 $19 $207 
Other comprehensive income (loss) before reclassifications16 (14)(7)1 (4)
Less: Amount of gain (loss) reclassified from AOCI(11)— — 3 (8)
Net current period other comprehensive income (loss)27 (14)(7)(2)4 
Balance as of March 31, 2026$20 $3 $171 $17 $211 
Unrealized Gains (Losses) on Derivative Instruments
Unrealized Gains (Losses) on Investments
Foreign Currency
Translation		Estimated Tax
(Expense) Benefit		Total
Balance as of December 31, 2024$75 $(7)$130 $8 $206 
Other comprehensive income (loss) before reclassifications(49)8 25 10 (6)
Less: Amount of gain (loss) reclassified from AOCI10 — — (2)8 
Net current period other comprehensive income (loss)(59)8 25 12 (14)
Balance as of March 31, 2025$16 $1 $155 $20 $192 
Schedule of Reclassifications out Of Accumulated Other Comprehensive Income
The following table summarizes the reclassifications out of AOCI for the periods indicated (in millions):
Details about AOCI Components Affected Line Item in the Statement of IncomeAmount of Gain (Loss) Reclassified From AOCI
Three Months Ended
March 31,
20262025
Gains (losses) on cash flow hedges:
Foreign exchange contractsNet revenues$(13)$8 
Interest rate contracts
Interest expense
2 2 
Income from continuing operations before income taxes(11)10 
Income tax provision
3 (2)
Total reclassifications for the periodNet income$(8)$8 
v3.26.1
The Company and Summary of Significant Accounting Policies - Narrative (Details)
Mar. 31, 2026
market
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating markets 190
v3.26.1
The Company and Summary of Significant Accounting Policies - Previously Reported Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Property and equipment, net $ 1,198 $ 1,165
Deferred tax liabilities 1,438 1,431
Retained earnings $ 39,665 39,296
As Reported    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Property and equipment, net   1,338
Deferred tax liabilities   1,472
Retained earnings   39,428
Adjustments from Adoption of ASU 2025-06    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Property and equipment, net   (173)
Deferred tax liabilities   (41)
Retained earnings   $ (132)
v3.26.1
The Company and Summary of Significant Accounting Policies - Previously Reported Condensed Consolidated Statement of Income (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cost of net revenues $ 802 $ 697
Product development 450 393
Income tax provision (106) (128)
Income from continuing operations 512 501
Net income $ 512 $ 499
Income per share - basic:    
Continuing operations (in usd per share) $ 1.14 $ 1.07
Discontinued operations (in usd per share) 0 0
Net income per share - basic (in usd per share) 1.14 1.07
Income per share - diluted:    
Continuing operations (in usd per share) 1.12 1.05
Discontinued operations (in usd per share) 0 0
Net income per share - diluted (in usd per share) $ 1.12 $ 1.05
As Reported    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cost of net revenues   $ 723
Product development   362
Income tax provision   (129)
Income from continuing operations   505
Net income   $ 503
Income per share - basic:    
Continuing operations (in usd per share)   $ 1.08
Discontinued operations (in usd per share)   0
Net income per share - basic (in usd per share)   1.08
Income per share - diluted:    
Continuing operations (in usd per share)   1.06
Discontinued operations (in usd per share)   0
Net income per share - diluted (in usd per share)   $ 1.06
Adjustments from Adoption of ASU 2025-06    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cost of net revenues   $ (26)
Product development   31
Income tax provision   1
Income from continuing operations   (4)
Net income   $ (4)
Income per share - basic:    
Continuing operations (in usd per share)   $ (0.01)
Discontinued operations (in usd per share)   0
Net income per share - basic (in usd per share)   (0.01)
Income per share - diluted:    
Continuing operations (in usd per share)   (0.01)
Discontinued operations (in usd per share)   0
Net income per share - diluted (in usd per share)   $ (0.01)
v3.26.1
The Company and Summary of Significant Accounting Policies - Previously Reported Condensed Consolidated Statement of Cash Flows (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Net income $ 512 $ 499
Depreciation and amortization 93 52
Deferred income taxes 21 30
Purchases of property and equipment $ (72) (111)
As Reported    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Net income   503
Depreciation and amortization   79
Deferred income taxes   31
Purchases of property and equipment   (143)
Adjustments from Adoption of ASU 2025-06    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Net income   (4)
Depreciation and amortization   (27)
Deferred income taxes   (1)
Purchases of property and equipment   $ 32
v3.26.1
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
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Income from continuing operations $ 512 $ 501
Loss from discontinued operations, net of income taxes 0 (2)
Net income $ 512 $ 499
Denominator:    
Weighted average shares of common stock - basic (in shares) 448 467
Dilutive effect of equity incentive awards (in shares) 9 8
Weighted average shares of common stock - diluted (in shares) 457 475
Income per share - basic:    
Continuing operations (in usd per share) $ 1.14 $ 1.07
Discontinued operations (in usd per share) 0 0
Net income per share - basic (in usd per share) 1.14 1.07
Income per share - diluted:    
Continuing operations (in usd per share) 1.12 1.05
Discontinued operations (in usd per share) 0 0
Net income per share - diluted (in usd per share) $ 1.12 $ 1.05
Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive (in shares) 2 0
v3.26.1
Goodwill - Schedule of Goodwill Activity (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 4,467
Goodwill Acquired 0
Adjustments (4)
Ending balance $ 4,463
v3.26.1
Goodwill - Narrative (Details)
$ in Billions
 1 Months Ended
Feb. 28, 2026
USD ($)
Depop, Inc  
Intangible Assets:  
Cash consideration $ 1.2
v3.26.1
Segments - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.26.1
Segments - Schedule of Net Revenues by Activity (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net revenues $ 3,089 $ 2,585
Marketplace revenues    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net revenues 2,508 2,143
Advertising revenues    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net revenues $ 581 $ 442
v3.26.1
Segments - Schedule of Allocation of Net Revenues Based on Geography (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net revenues $ 3,089 $ 2,585
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net revenues 1,733 1,346
United Kingdom    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net revenues 387 331
China    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net revenues 323 297
Rest of world    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net revenues $ 646 $ 611
v3.26.1
Investments - Schedule of Available-For-Sale Debt Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments    
Estimated Fair Value $ 2,210  
Short-term investments:    
Investments    
Gross Amortized Cost 966 $ 1,051
Gross Unrealized Gains 1 2
Gross Unrealized Losses (1) (1)
Estimated Fair Value 966 1,052
Short-term investments: | Corporate bonds    
Investments    
Gross Amortized Cost 655 743
Gross Unrealized Gains 1 2
Gross Unrealized Losses 0 0
Estimated Fair Value 656 745
Short-term investments: | Commercial paper    
Investments    
Gross Amortized Cost 226 243
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 226 243
Short-term investments: | Government and agency securities    
Investments    
Gross Amortized Cost 85 65
Gross Unrealized Gains 0 0
Gross Unrealized Losses (1) (1)
Estimated Fair Value 84 64
Long-term investments:    
Investments    
Gross Amortized Cost 1,241 1,822
Gross Unrealized Gains 7 16
Gross Unrealized Losses (4) 0
Estimated Fair Value 1,244 1,838
Long-term investments: | Corporate bonds    
Investments    
Gross Amortized Cost 1,218 1,797
Gross Unrealized Gains 7 16
Gross Unrealized Losses (4) 0
Estimated Fair Value 1,221 1,813
Long-term investments: | Government and agency securities    
Investments    
Gross Amortized Cost 23 25
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value $ 23 $ 25
v3.26.1
Investments - Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Less than 12 months    
Fair Value $ 1,407 $ 445
Unrealized Loss (4) 0
Greater than 12 months    
Fair Value 74 71
Unrealized Loss (1) (1)
Total    
Fair Value 1,481 516
Unrealized Loss (5) (1)
Corporate bonds    
Less than 12 months    
Fair Value 714 434
Unrealized Loss (4) 0
Greater than 12 months    
Fair Value 7 7
Unrealized Loss 0 0
Total    
Fair Value 721 441
Unrealized Loss (4) 0
Government and agency securities    
Less than 12 months    
Fair Value 693 11
Unrealized Loss 0 0
Greater than 12 months    
Fair Value 67 64
Unrealized Loss (1) (1)
Total    
Fair Value 760 75
Unrealized Loss $ (1) $ (1)
v3.26.1
Investments - Schedule of 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
Mar. 31, 2026
USD ($)
Investments [Abstract]  
One year or less $ 966
One year through two years 613
Two years through three years 434
Three years through four years 164
Four years through five years 0
Thereafter 33
Total $ 2,210
v3.26.1
Investments - Schedule of Equity Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Schedule of Investments [Line Items]    
Equity investments under the equity method of accounting $ 48 $ 49
Total equity investments 766 929
Long-term investments:    
Schedule of Investments [Line Items]    
Equity investments without readily determinable fair values 663 825
Equity investments under the equity method of accounting 48 49
Equity investments under the fair value option $ 55 $ 55
v3.26.1
Investments - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]            
Total consideration from sale of equity securities $ 684   $ 0      
Cash distribution 194   $ 0      
Equity investments under the equity method of accounting 48         $ 49
Investments | Fair Value, Measurements, Recurring            
Debt Securities, Available-for-sale [Line Items]            
Asset, fair value 55         55
Aurelia            
Debt Securities, Available-for-sale [Line Items]            
Number of voting shares sold (in shares)       97    
Total consideration from sale of equity securities       $ 1,000    
Equity investments without readily determinable fair values 474         653
Purchase option term         6 months  
Cash distribution 194 $ 225        
Reduction in carrying value of investment 179 214        
Foreign exchange gain 15 $ 11        
Individually Immaterial Equity Investments            
Debt Securities, Available-for-sale [Line Items]            
Equity investments without readily determinable fair values $ 189         $ 172
Aurelia BidCo 1 Norway AS | Adevinta            
Debt Securities, Available-for-sale [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%  
Aurelia Netherlands TopCo B.V | Adevinta            
Debt Securities, Available-for-sale [Line Items]            
Number of voting shares sold (in shares)         177  
Aurelia UK Feederco Limited | Aurelia            
Debt Securities, Available-for-sale [Line Items]            
Equity investments without readily determinable fair values         $ 1,900  
Fair value of equity outstanding percentage 8.30%          
v3.26.1
Investments - Schedule of Unrealized Gains and Losses on Equity Investments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investments [Abstract]    
Net gains (losses) recognized during the period on equity investments $ 11 $ (2)
Less: Net gains recognized on equity investments sold during the period 0 2
Total unrealized gains (losses) on equity investments held, end of period $ 11 $ (4)
v3.26.1
Derivative Instruments - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2025
Mar. 31, 2026
Dec. 31, 2024
Derivative [Line Items]      
Net derivative losses reclassified into earnings within next 12 months   $ 13,000,000  
Interest rate cash flow hedges to be reclassified into earnings within next 12 months   9,000,000  
5.125% Senior notes due on 2035 | Senior Notes      
Derivative [Line Items]      
Face amount $ 400,000,000    
Senior Notes Due 2029 And 2035 | Senior Notes      
Derivative [Line Items]      
Face amount 1,000,000,000.0    
Foreign exchange contracts      
Derivative [Line Items]      
Offset asset   13,000,000  
Offset liability   13,000,000  
Net derivative assets   31,000,000  
Derivatives   1,000,000  
Interest Rate Swap | Designated as Hedging Instruments      
Derivative [Line Items]      
Derivative term     10 years
Interest Rate Swap | 5.125% Senior notes due on 2035 | Senior Notes      
Derivative [Line Items]      
Face amount $ 400,000,000    
Interest Rate Swap Expiring in November 2028 | 5.125% Senior notes due on 2035 | Senior Notes      
Derivative [Line Items]      
Derivative term 3 years    
Interest Rate Swap Expiring in November 2030 | 5.125% Senior notes due on 2035 | Senior Notes      
Derivative [Line Items]      
Derivative term 5 years    
Interest rate contracts      
Derivative [Line Items]      
Offset asset   $ 0  
Minimum | Foreign exchange contracts      
Derivative [Line Items]      
Derivative term   1 month  
Maximum | Foreign exchange contracts      
Derivative [Line Items]      
Derivative term   1 year  
Maximum | Foreign exchange contracts | Cash Flow Hedging      
Derivative [Line Items]      
Derivative term   24 months  
v3.26.1
Derivative Instruments - Schedule of Fair Value of Derivative Contracts (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Derivative Assets: $ 45 $ 39
Derivative Liabilities: 18 12
Total fair value of derivative instruments 27 27
Foreign exchange contracts | Not Designated as Hedging Instrument | Other current assets    
Derivatives, Fair Value [Line Items]    
Derivative Assets: 14 9
Foreign exchange contracts | Not Designated as Hedging Instrument | Other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities: 8 5
Warrants and other | Designated as Hedging Instruments | Other assets    
Derivatives, Fair Value [Line Items]    
Derivative Assets: 1 10
Cash Flow Hedging | Foreign exchange contracts | Designated as Hedging Instruments | Other current assets    
Derivatives, Fair Value [Line Items]    
Derivative Assets: 21 8
Cash Flow Hedging | Foreign exchange contracts | Designated as Hedging Instruments | Other assets    
Derivatives, Fair Value [Line Items]    
Derivative Assets: 9 12
Cash Flow Hedging | Foreign exchange contracts | Designated as Hedging Instruments | Other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities: 6 5
Fair Value Hedging | Interest rate contracts | Designated as Hedging Instruments | Other liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities: $ 4 $ 2
v3.26.1
Derivative Instruments - Schedule of Derivatives in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Foreign exchange contracts    
Effect of derivative Contracts on Accumulated Other Comprehensive Income    
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings $ (14) $ 9
Designated as Hedging Instruments | Cash Flow Hedging    
Effect of derivative Contracts on Accumulated Other Comprehensive Income    
Beginning Balance (7) 75
Amount of Loss Recognized in Other Comprehensive Income 16 (49)
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings (11) 10
Ending Balance 20 16
Designated as Hedging Instruments | Cash Flow Hedging | Foreign exchange contracts    
Effect of derivative Contracts on Accumulated Other Comprehensive Income    
Beginning Balance (44) 25
Amount of Loss Recognized in Other Comprehensive Income 16 (45)
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings (13) 8
Ending Balance (15) (28)
Designated as Hedging Instruments | Cash Flow Hedging | Interest rate contracts    
Effect of derivative Contracts on Accumulated Other Comprehensive Income    
Beginning Balance 37 50
Amount of Loss Recognized in Other Comprehensive Income 0 (4)
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings 2 2
Ending Balance $ 35 $ 44
v3.26.1
Derivative Instruments - Schedule of Effect of Derivative Contracts on Condensed Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Foreign exchange contracts    
Derivative Instruments, Gain (Loss)    
Gain (loss) recognized from derivative contracts in the consolidated statement of income $ (14) $ 9
Warrant    
Derivative Instruments, Gain (Loss)    
Loss attributable to changes in the fair value of warrants recognized in gain (loss) on equity investments and warrants, net (9) 0
Designated as Hedging Instruments | Cash Flow Hedging    
Derivative Instruments, Gain (Loss)    
Gain (loss) recognized from derivative contracts in the consolidated statement of income (11) 10
Designated as Hedging Instruments | Cash Flow Hedging | Foreign exchange contracts    
Derivative Instruments, Gain (Loss)    
Gain (loss) recognized from derivative contracts in the consolidated statement of income (13) 8
Designated as Hedging Instruments | Cash Flow Hedging | Interest rate contracts    
Derivative Instruments, Gain (Loss)    
Gain (loss) recognized from derivative contracts in the consolidated statement of income 2 2
Designated as Hedging Instruments | Cash Flow Hedging | Interest rate contracts | Interest and other, net    
Derivative Instruments, Gain (Loss)    
Gain from interest rate contracts designated as cash flow and fair value hedges recognized in interest expense 2 2
Not Designated as Hedging Instrument | Foreign exchange contracts    
Derivative Instruments, Gain (Loss)    
Gain (loss) recognized from derivative contracts in the consolidated statement of income $ (1) $ 1
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest And Other, Net Interest And Other, Net
v3.26.1
Derivative Instruments - Schedule of Notional Amounts of Derivatives Outstanding (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Total $ 3,705 $ 3,991
Foreign exchange contracts | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Total 2,011 1,914
Cash Flow Hedging | Foreign exchange contracts | Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Total 1,294 1,677
Fair Value Hedging | Interest rate contracts | Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Total $ 400 $ 400
v3.26.1
Fair Value Measurement of Assets and Liabilities - Financial Assets and Liabilities Measured at Fair Value, Recurring (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Cash and cash equivalents $ 4,234 $ 3,055
Derivatives 45 39
Short-term investments 966 1,052
Long-term investments 1,244 1,838
Total financial assets 6,489 5,984
Liabilities:    
Derivatives 18 12
Corporate bonds    
Assets:    
Short-term investments 656 745
Long-term investments 1,221 1,813
Commercial paper    
Assets:    
Short-term investments 226 243
Government and agency securities    
Assets:    
Short-term investments 84 64
Long-term investments 23 25
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents 4,234 3,055
Derivatives 0 0
Short-term investments 0 0
Long-term investments 0 0
Total financial assets 4,234 3,055
Liabilities:    
Derivatives 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds    
Assets:    
Short-term investments 0 0
Long-term investments 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial paper    
Assets:    
Short-term investments 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Government and agency securities    
Assets:    
Short-term investments 0 0
Long-term investments 0 0
Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents 0 0
Derivatives 44 29
Short-term investments 966 1,052
Long-term investments 1,244 1,838
Total financial assets 2,254 2,919
Liabilities:    
Derivatives 18 12
Significant Other Observable Inputs (Level 2) | Corporate bonds    
Assets:    
Short-term investments 656 745
Long-term investments 1,221 1,813
Significant Other Observable Inputs (Level 2) | Commercial paper    
Assets:    
Short-term investments 226 243
Significant Other Observable Inputs (Level 2) | Government and agency securities    
Assets:    
Short-term investments 84 64
Long-term investments 23 25
Significant Unobservable Inputs (Level 3)    
Assets:    
Cash and cash equivalents 0 0
Derivatives 1 10
Short-term investments 0 0
Long-term investments 0 0
Total financial assets 1 10
Liabilities:    
Derivatives 0 0
Significant Unobservable Inputs (Level 3) | Corporate bonds    
Assets:    
Short-term investments 0 0
Long-term investments 0 0
Significant Unobservable Inputs (Level 3) | Commercial paper    
Assets:    
Short-term investments 0 0
Significant Unobservable Inputs (Level 3) | Government and agency securities    
Assets:    
Short-term investments 0 0
Long-term investments 0 0
Cash and cash equivalents    
Assets:    
Cash and cash equivalents 2,894 1,867
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents 2,894 1,867
Cash and cash equivalents | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents 0 0
Cash and cash equivalents | Significant Unobservable Inputs (Level 3)    
Assets:    
Cash and cash equivalents 0 0
Customer accounts    
Assets:    
Cash and cash equivalents 1,186 1,017
Customer accounts | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents 1,186 1,017
Customer accounts | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents 0 0
Customer accounts | Significant Unobservable Inputs (Level 3)    
Assets:    
Cash and cash equivalents 0 0
Restricted cash included in other current assets    
Assets:    
Cash and cash equivalents 153 170
Restricted cash included in other current assets | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents 153 170
Restricted cash included in other current assets | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents 0 0
Restricted cash included in other current assets | Significant Unobservable Inputs (Level 3)    
Assets:    
Cash and cash equivalents 0 0
Restricted cash included in other assets    
Assets:    
Cash and cash equivalents 1 1
Restricted cash included in other assets | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents 1 1
Restricted cash included in other assets | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents 0 0
Restricted cash included in other assets | Significant Unobservable Inputs (Level 3)    
Assets:    
Cash and cash equivalents $ 0 $ 0
v3.26.1
Fair Value Measurement of Assets and Liabilities - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments | Fair Value, Measurements, Recurring    
Schedule of Equity Method Investments [Line Items]    
Asset, fair value $ 55 $ 55
v3.26.1
Supplemental Consolidated Financial Information - Customer Accounts and Funds Receivable (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Balance Sheet Components [Abstract]      
Customer accounts $ 1,186 $ 1,017 $ 967
Funds receivable 304 263  
Customer accounts and funds receivable $ 1,490 $ 1,280  
v3.26.1
Supplemental Consolidated Financial Information - Schedule of Other Current Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Balance Sheet Components [Abstract]      
Income and other tax receivable $ 193 $ 194  
Restricted cash 153 170 $ 156
Accounts receivable, net 152 135  
Prepaid expenses 136 126  
Short-term derivative assets 35 17  
Other 240 245  
Other current assets $ 909 $ 887  
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Other current assets Other current assets  
v3.26.1
Supplemental Consolidated Financial Information - Accrued expenses and other current liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Balance Sheet Components [Abstract]    
Accrued indirect tax expense $ 550 $ 509
Compensation and related benefits 487 644
Accrued marketing expenses 363 226
Operating lease liabilities 126 119
Transaction loss liability 103 90
Shipping and carrier liabilities 91 91
Accrued general and administrative expenses 87 70
Accrued interest expense 70 45
Deferred revenue 50 43
Other 530 420
Accrued expenses and other current liabilities $ 2,457 $ 2,257
v3.26.1
Supplemental Consolidated Financial Information - Schedule of Interest and Other, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Balance Sheet Components [Abstract]    
Interest income $ 58 $ 77
Foreign exchange and other 8 4
Total interest income and other, net $ 66 $ 81
v3.26.1
Debt - Schedule of Carrying Value of Outstanding Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Nov. 30, 2025
Long-Term Debt      
Hedge accounting fair value adjustments $ (4) $ (2)  
Unamortized discount and debt issuance costs (27) (27)  
Less: Current portion of long-term debt (750) (750)  
Total long-term debt 5,994 5,996  
Short-Term Debt      
Current portion of long-term debt 750 750  
Short-term debt 750 750  
Total Debt 6,744 6,746  
Senior Notes      
Long-Term Debt      
Total senior notes $ 6,775 6,775  
Senior Notes | 1.400% Senior notes due 2026      
Long-Term Debt      
Coupon Rate 1.40%    
Total senior notes $ 750 $ 750  
Effective Interest Rate 1.252% 1.252%  
Senior Notes | 3.600% Senior notes due 2027      
Long-Term Debt      
Coupon Rate 3.60%    
Total senior notes $ 850 $ 850  
Effective Interest Rate 3.689% 3.689%  
Senior Notes | 5.950% Senior notes due on 2027      
Long-Term Debt      
Coupon Rate 5.95%    
Total senior notes $ 300 $ 300  
Effective Interest Rate 6.064% 6.064%  
Senior Notes | 4.250% Senior notes due on 2029      
Long-Term Debt      
Coupon Rate 4.25%   4.25%
Total senior notes $ 600 $ 600  
Effective Interest Rate 4.419% 4.419%  
Senior Notes | 2.700% Senior notes due 2030      
Long-Term Debt      
Coupon Rate 2.70%    
Total senior notes $ 950 $ 950  
Effective Interest Rate 2.623% 2.623%  
Senior Notes | 2.600% Senior notes due 2031      
Long-Term Debt      
Coupon Rate 2.60%    
Total senior notes $ 750 $ 750  
Effective Interest Rate 2.186% 2.186%  
Senior Notes | 6.300% Senior notes due on 2032      
Long-Term Debt      
Coupon Rate 6.30%    
Total senior notes $ 425 $ 425  
Effective Interest Rate 6.371% 6.371%  
Senior Notes | 5.125% Senior notes due on 2035      
Long-Term Debt      
Coupon Rate 5.125%   5.125%
Total senior notes $ 400 $ 400  
Effective Interest Rate 5.226% 5.226%  
Senior Notes | 4.000% Senior notes due 2042      
Long-Term Debt      
Coupon Rate 4.00%    
Total senior notes $ 750 $ 750  
Effective Interest Rate 4.114% 4.114%  
Senior Notes | 3.650% Senior notes due 2051      
Long-Term Debt      
Coupon Rate 3.65%    
Total senior notes $ 1,000 $ 1,000  
Effective Interest Rate 2.517% 2.517%  
v3.26.1
Debt - Senior Notes (Details)
 1 Months Ended 3 Months Ended
Oct. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Nov. 30, 2025
USD ($)
Debt Instrument [Line Items]          
Repayments of debt   $ 0 $ 800,000,000    
Senior Notes          
Debt Instrument [Line Items]          
Change of control event   1.01      
Interest expense   $ 60,000,000 57,000,000    
Fair value of long-term debt   $ 6,200,000,000   $ 6,300,000,000  
Senior Notes Due 2029 And 2035 | Senior Notes          
Debt Instrument [Line Items]          
Face amount         $ 1,000,000,000.0
4.250% Senior notes due on 2029 | Senior Notes          
Debt Instrument [Line Items]          
Face amount         $ 600,000,000
Coupon Rate   4.25%     4.25%
5.125% Senior notes due on 2035 | Senior Notes          
Debt Instrument [Line Items]          
Face amount         $ 400,000,000
Coupon Rate   5.125%     5.125%
5.125% Senior notes due on 2035 | Senior Notes | Interest Rate Swap          
Debt Instrument [Line Items]          
Face amount         $ 400,000,000
5.900% Senior notes due on 2025 | Senior Notes          
Debt Instrument [Line Items]          
Coupon Rate 5.90%        
Debt instrument, repurchased face amount $ 425,000,000        
Repayments of debt $ 425,000,000        
Redemption price, percentage 100.00%        
Debt Instrument Repaid Principal | Senior Notes          
Debt Instrument [Line Items]          
Face amount     $ 800,000,000    
Coupon Rate     1.90%    
v3.26.1
Debt - Commercial Paper and Credit Agreement (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]    
Allowable increase in borrowing capacity, maximum $ 1,000,000,000.0  
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    
Debt Instrument [Line Items]    
Face amount $ 575,000,000  
Commercial paper | Maximum    
Debt Instrument [Line Items]    
Debt term 397 days  
Line of Credit | Maximum | Credit Agreement | Public Debt Ratings    
Debt Instrument [Line Items]    
Variable rate (in percent) 0.375%  
Line of Credit | Minimum | Credit Agreement | Public Debt Ratings    
Debt Instrument [Line Items]    
Variable rate (in percent) 0.00%  
Revolving Credit Facility | Commercial paper    
Debt Instrument [Line Items]    
Borrowing capacity reserved, commercial paper $ 1,500,000,000  
Amount outstanding 0 $ 0
Repaid principal amount 450,000,000  
Revolving Credit Facility | Commercial paper, maturities less than 90 days    
Debt Instrument [Line Items]    
Face amount 360,000,000  
Revolving Credit Facility | Commercial paper, maturities greater than 90 days    
Debt Instrument [Line Items]    
Face amount $ 215,000,000  
Revolving Credit Facility | Unsecured Debt    
Debt Instrument [Line Items]    
Debt term 5 years  
Amount outstanding $ 0  
Maximum borrowing capacity 2,000,000,000.0  
Remaining borrowing capacity $ 2,000,000,000.0  
v3.26.1
Commitments and Contingencies (Details)
Mar. 31, 2026
company
Commitments and Contingencies Disclosure [Abstract]  
Number of companies 2
v3.26.1
Stockholders’ Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Apr. 29, 2026
Mar. 31, 2026
Mar. 31, 2025
Feb. 28, 2026
Dec. 31, 2024
Class of Stock [Line Items]          
Common Stock Shares Issued Not Disclosed   true      
Additional amount authorized   $ 2,000   $ 2,000  
Share repurchase program, authorized amount         $ 5,000
Payments for dividends   $ 139 $ 134    
Subsequent Event          
Class of Stock [Line Items]          
Dividends declared (in usd per share) $ 0.31        
v3.26.1
Stockholders’ Equity - Schedule of Stock Repurchase Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Feb. 28, 2026
Equity [Abstract]    
Shares Repurchased (in shares) 6,000,000  
Average Price per Share (in usd per share) $ 90.09  
Value of Shares Repurchased $ 500  
Shares Repurchased, Remaining Amount Authorized    
Beginning balance 798  
Authorization of additional repurchases in February 2026 2,000 $ 2,000
Repurchase of shares of common stock (500)  
Ending balance $ 2,298  
Treasury shares retired (in shares) 0  
v3.26.1
Employee Benefit Plans - Restricted Stock Units (Details) - RSU
shares in Millions
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Units  
Outstanding, beginning of period (in shares) 19
Awarded (in shares) 1
Vested (in shares) (3)
Forfeited (in shares) (1)
Outstanding, end of period (in shares) 16
Weighted average grant date fair value (in usd per share) | $ / shares $ 83.09
v3.26.1
Employee Benefit Plans - Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Total stock-based compensation expense $ 156 $ 136
Cost of net revenues    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Total stock-based compensation expense 11 9
Sales and marketing    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Total stock-based compensation expense 47 20
Product development    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Total stock-based compensation expense 76 69
General and administrative    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Total stock-based compensation expense $ 22 $ 38
v3.26.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Dec. 31, 2025
Income Tax Disclosure [Abstract]    
Repatriation of foreign earnings $ 292  
Net tax benefit related to One Big Beautiful Bill Act   $ 65
v3.26.1
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Balances of Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss), Tax    
Beginning balance $ 19 $ 8
Other comprehensive income (loss) before reclassifications 1 10
Less: Amount of gain (loss) reclassified from AOCI 3 (2)
Net current period other comprehensive income (loss) (2) 12
Ending balance 17 20
Accumulated Other Comprehensive Income (Loss), Net of Tax    
Beginning balance 4,483  
Other comprehensive income (loss) before reclassifications (4) (6)
Less: Amount of gain (loss) reclassified from AOCI (8) 8
Other comprehensive income (loss), net of tax 4 (14)
Ending balance 4,412 4,829
Unrealized Gains (Losses) on Derivative Instruments    
Accumulated Other Comprehensive Income (Loss), Before Tax    
Beginning balance (7) 75
Other comprehensive income (loss) before reclassifications 16 (49)
Less: Amount of gain (loss) reclassified from AOCI (11) 10
Net current period other comprehensive income (loss) 27 (59)
Ending balance 20 16
Unrealized Gains (Losses) on Investments    
Accumulated Other Comprehensive Income (Loss), Before Tax    
Beginning balance 17 (7)
Other comprehensive income (loss) before reclassifications (14) 8
Less: Amount of gain (loss) reclassified from AOCI 0 0
Net current period other comprehensive income (loss) (14) 8
Ending balance 3 1
Foreign Currency Translation    
Accumulated Other Comprehensive Income (Loss), Before Tax    
Beginning balance 178 130
Other comprehensive income (loss) before reclassifications (7) 25
Less: Amount of gain (loss) reclassified from AOCI 0 0
Net current period other comprehensive income (loss) (7) 25
Ending balance 171 155
Accumulated other comprehensive income:    
Accumulated Other Comprehensive Income (Loss), Net of Tax    
Beginning balance 207 206
Ending balance $ 211 $ 192
v3.26.1
Accumulated Other Comprehensive Income - Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net revenues $ 3,089 $ 2,585
Interest expense 61 61
Income from continuing operations before income taxes 618 629
Income tax provision (106) (128)
Net income 512 499
Reclassification out of Accumulated Other Comprehensive Income    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net income (8) 8
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 (13) 8
Interest expense 2 2
Income from continuing operations before income taxes (11) 10
Income tax provision $ 3 $ (2)