EBAY INC
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
EBAY$121.96-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001065088-25-000077
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001065088-25-000127
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 114 previous paragraphs and 117 current paragraphs.
61 unchanged; 49 reworded; 6 added; 3 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
On October 22, 2025, we redeemed the $425 million aggregate principal amount of our previously outstanding 5.900% senior notes due in November 2025. Total cash consideration paid was $425 million, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount.
Current report
During the third quarter of 2025, we experienced an increase in canceled orders as buyers and sellers adapted to new U.S. trade policies. This trend may continue depending on the state of future global trade policies and the speed with which our buyers and sellers adjust to these changes or respond to uncertainty around global trade policies. Changes in return and cancellation rates can impact our GMV growth rate and related take rate. As a result, we clarified above that our definition of GMV includes returns and cancellations. We have consistently included returns and cancellations in our previously reported GMV.
Current report
Interest income decreased for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to a lower average notional amount of fixed-income investments.
Current report
Income Tax Benefit (Provision)
Current report
The decrease in our effective tax rate for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily due to a decrease in uncertain tax positions resulting from audit settlements, a net benefit associated with the One Big Beautiful Bill Act and an increase in excess tax benefits on stock-based compensation.
Current report
On October 22, 2025, we redeemed the $425 million aggregate principal amount of our previously outstanding 5.900% senior notes due in November 2025. Total cash consideration paid was $425 million, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount.
Removed paragraphs (3)
Previous report
We received a $225 million cash distribution related to our equity investment in Aurelia during the three months ended June 30, 2025.
Previous report
Income Tax Provision
Previous report
The decrease in our effective tax rate for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to an increase in excess tax benefits on stock-based compensation offset by a remeasurement of deferred tax liabilities due to enacted Illinois legislation regarding the taxability of foreign earnings. The decrease in our effective tax rate for the three months ended June 30, 2025 compared to the same period in 2024 was also impacted by the reversal of the benefit related to California's apportionment of dividends in 2024.
Reworded paragraphs (49)
Previous wording
You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with the condensed consolidated financial statements and the related notes included in this report. This section of this Form 10-Q generally discusses items relating to the three and six-month periods ended June 30, 2025 and 2024 and comparisons between the respective periods.
Current wording
You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with the condensed consolidated financial statements and the related notes included in this report. This section of this Form 10-Q generally discusses items relating to the three and nine-month periods ended September 30, 2025 and 2024 and comparisons between the respective periods.
Previous wording
Gross Merchandise Volume (“GMV”) grew during the first half of 2025 as we executed on our strategy across Focus Categories, country-specific investments, and horizontal initiatives. GMV growth was partially offset by pressure in discretionary spending across certain markets primarily resulting from geopolitical events, inflationary pressure, elevated interest rates, and changes in and uncertainty regarding global tariffs and trade policies, which we expect to continue into the second half of 2025.
Current wording
Gross Merchandise Volume (“GMV”) grew during the first nine months of 2025 as we executed on our strategy across Focus Categories, country-specific investments, and horizontal initiatives. GMV growth was partially offset by pressure in discretionary spending across certain markets primarily resulting from geopolitical events, inflationary pressure, elevated interest rates, and changes in and uncertainty regarding global tariffs and trade policies, which we expect to continue through the end of 2025.
Previous wording
Net revenues increased 6% to $2,730 million for the three months ended June 30, 2025 compared to $2,572 million during the same period in 2024. The increase in net revenues was primarily due to higher GMV and the expansion of promoted listings products, partially offset by changes to fee structure in certain markets.
Current wording
Net revenues increased 9% to $2,820 million for the three months ended September 30, 2025 compared to $2,576 million during the same period in 2024. The increase in net revenues was primarily due to higher GMV, increased penetration of first party advertising and the ramping of our U.K. managed shipping program. The increase in net revenues was partially offset by lower seller fees in connection with our U.K. consumer-to-consumer initiative.
Previous wording
Operating margin decreased to 17.7% compared to 21.3% during the same period in 2024 primarily due to higher non-recurring general and administrative expenses related to legal matters, senior leader transitions and restructuring.
Current wording
Operating margin decreased to 20.4% for the three months ended September 30, 2025 compared to 23.1% during the same period in 2024 primarily due to higher non-recurring general and administrative expenses related to legal matters and restructuring.
Previous wording
We reported cash used in continuing operating activities of $307 million for the three months ended June 30, 2025 compared to $367 million provided by continuing operating activities in the same period in 2024.
Current wording
We generated cash flow from continuing operating activities of $934 million for the three months ended September 30, 2025 compared to $755 million in the same period in 2024.
Previous wording
We repurchased $625 million of common stock and paid $134 million in cash dividends during the three months ended June 30, 2025.
Current wording
We repurchased $625 million of common stock and paid $132 million in cash dividends during the three months ended September 30, 2025.
Previous wording
In July 2025, our Board of Directors (our “Board”) declared a quarterly cash dividend of $0.29 per share of common stock to be paid on September 12, 2025 to stockholders of record as of August 29, 2025.
Current wording
In October 2025, our Audit Committee, pursuant to delegated authority from our Board of Directors (our “Board”), declared a quarterly cash dividend of $0.29 per share of common stock to be paid on December 12, 2025 to stockholders of record as of November 28, 2025.
Previous wording
(1)Beginning January 1, 2025, we began classifying certain immaterial revenues previously reported as Marketplace revenues as Advertising revenues. Amounts reported for thethree and six months ended June 30, 2025 reflect this updated basis of presentation. Under this updated basis of presentation, Marketplace and Advertising revenues would have been $2,162 million and $410 million, respectively, for thethree months ended June 30, 2024 and $4,322 million and $806 million, respectively, for thesix months ended June 30, 2024, respectively.
Current wording
(1)Beginning January 1, 2025, we began classifying certain immaterial revenues previously reported as Marketplace revenues as Advertising revenues. Amounts reported for thethree and nine months ended September 30, 2025 reflect this updated basis of presentation. Under this updated basis of presentation, Marketplace and Advertising revenues would have been $2,152 million and $424 million, respectively, for thethree months ended September 30, 2024 and $6,474 million and $1,230 million, respectively, for thenine months ended September 30, 2024.
Previous wording
We expect volume on our Marketplace platforms to trend with general consumer buying patterns. Seasonal trends in net revenues have been, and we expect in the future will be, influenced by macroeconomic conditions, foreign exchange rate fluctuations, as well as the introduction and scaling of new products and initiatives. The following table presents our total net revenues and the sequential quarterly movements of these net revenues for the periods indicated (in millions, except percentages):
Current wording
We expect volume on our Marketplace platforms to trend with general consumer buying patterns. Seasonal trends in net revenues have been, and we expect in the future will be, influenced by macroeconomic conditions, including tariffs and global trade policies, foreign exchange rate fluctuations, as well as new and updated products and initiatives. The following table presents our total net revenues and the sequential quarterly movements of these net revenues for the periods indicated (in millions, except percentages):
Previous wording
(1)Net revenues included $6 million of hedging losses and $2 million of hedging gains for the three and six months ended June 30, 2025, respectively, compared to $10 million and $20 million of hedging losses during the same periods in 2024.
Current wording
(1)Net revenues included $24 million and $22 million of hedging losses for the three and nine months ended September 30, 2025, respectively, compared to $11 million and $31 million, respectively, of hedging losses during the same periods in 2024.
Previous wording
Our Marketplace platforms operate globally, resulting in certain revenues that are denominated in foreign currencies, primarily the British pound and euro. Year-over-year appreciation or depreciation of the U.S. dollar may have a material impact to our financial results, as we have experienced and may continue to experience elevated foreign currency volatility in the future, including as a result of tariffs and related global trade announcements. Through our hedging programs, we actively monitor foreign currency volatility and attempt to mitigate significant movements. As shown in the table above, we generate approximately half of our net revenues internationally. Therefore, we are subject to the risks related to conducting business in foreign countries as discussed in “Part I — Item 1A: Risk Factors” of the 2024 Form 10-K.
Current wording
Our Marketplace platforms operate globally, resulting in certain revenues that are denominated in foreign currencies, primarily the British pound and the euro. Year-over-year appreciation or depreciation of the U.S. dollar may have a material impact to our financial results, as we have experienced and may continue to experience elevated foreign currency volatility in the future, including as a result of tariffs and global trade announcements. Through our hedging programs, we actively monitor foreign currency volatility and attempt to mitigate significant movements. As shown in the table above, we generate approximately half of our net revenues internationally. Therefore, we are subject to the risks related to conducting business in foreign countries as discussed in “Part I — Item 1A: Risk Factors” of the 2024 Form 10-K.
Previous wording
Foreign currency movements relative to the U.S. dollar had favorable impacts of $32 million and $11 million for the three and six months ended June 30, 2025, respectively, compared to an unfavorable impact of $11 million and a favorable impact of $3 million during the same periods in 2024. The effect of foreign currency exchange rate movements for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily attributable to the weakening of the U.S. dollar against the euro and other major currencies.
Current wording
Foreign currency movements relative to the U.S. dollar had favorable impacts of $20 million and $31 million for the three and nine months ended September 30, 2025, respectively, compared to unfavorable impacts of $6 million and $3 million, respectively, during the same periods in 2024. The effect of foreign currency exchange rate movements for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily attributable to the weakening of the U.S. dollar against the euro and other major currencies.
Previous wording
GMV consists of the total value of all paid transactions between users on our Marketplace platforms during the applicable period inclusive of shipping fees and taxes. We believe that GMV provides a useful measure of the overall volume of paid transactions that flow through our Marketplace platforms in a given period.
Current wording
GMV consists of the total value of all paid transactions between users on our Marketplace platforms during the applicable period inclusive of shipping fees and taxes, without adjustment for returns or cancellations. We believe that GMV provides a useful measure of the overall volume of paid transactions that flow through our Marketplace platforms in a given period.
Previous wording
(1)Net revenues included $6 million of hedging losses and $2 million of hedging gains for the three and six months ended June 30, 2025, respectively, compared to $10 million and $20 million of hedging losses during the same periods in 2024.
Current wording
(1)Net revenues included $24 million and $22 million of hedging losses for the three and nine months ended September 30, 2025, respectively, compared to $11 million and $31 million, respectively, of hedging losses during the same periods in 2024.
Previous wording
Net revenues increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to higher GMV and an increase in net revenues from advertising, shipping and financial services. The increase in net revenues was partially offset by our U.K. consumer-to-consumer initiative and category mix.
Current wording
Net revenues increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to higher GMV, increased penetration of first party advertising and the ramping of our U.K. managed shipping program. The increase in net revenues was partially offset by lower seller fees in connection with our U.K. consumer-to-consumer initiative.
Previous wording
The increase in GMV for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily driven by the continued execution of our strategic initiatives as consumer demand improved through the first half of 2025 and lower than expected impact of tariffs and trade policy changes. GMV growth in Focus Categories, including Collectibles, Motors Parts & Accessories, Luxury goods, Refurbished, and Apparel, outpaced the remainder of our Marketplace.
Current wording
The increase in GMV for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily driven by the continued execution of our strategic initiatives as consumer demand improved through the first nine months of 2025 and lower than expected impact of tariffs and trade policy changes. GMV growth in Focus Categories, including Collectibles, Motors Parts & Accessories, Luxury goods, Refurbished, Apparel and Sneakers, outpaced the remainder of our Marketplace. The increase in GMV was partially offset by the impact of tariffs, including the elimination of the U.S. de minimis trade exemption during the third quarter of 2025.
Previous wording
In the United States, GMV growth was driven by favorable trends in consumer demand during the three and six months ended June 30, 2025 compared to the same periods in 2024 as reflected in the broad-based strength across most Focus Categories with particularly strong performance in Trading Cards.
Current wording
In the United States, GMV growth was driven by favorable trends in consumer demand during the three and nine months ended September 30, 2025 compared to the same periods in 2024 as reflected in the broad-based strength across categories with particularly strong performance in Trading Cards. The increase in GMV was also attributable to increases in both sold items and average selling price, the expansion of the Klarna buyer payment option and efficiency in lower-funnel marketing spend.
Previous wording
International GMV growth was primarily driven by cross-border trade, led by exports from Greater China and Japan into our major markets during the three and six months ended June 30, 2025 compared to the same periods in 2024. Cross-border trade was also a significant contributor to growth in Focus Categories. In the U.K. and Germany, we continued to experience challenging macroeconomic conditions through the first half of 2025 with offsetting growth driven by our strategic initiatives.
Current wording
International GMV growth was primarily driven by cross-border trade, led by exports from Greater China and Japan into our major markets during the three and nine months ended September 30, 2025 compared to the same periods in 2024. Cross-border trade was also a significant contributor to growth in Focus Categories. Across international markets, we continued to experience challenging macroeconomic conditions through the first nine months of 2025 with recent enhancements to our consumer-to-consumer initiative in the U.K. contributing to an overall increase in U.K. volume.
Previous wording
(1)Cost of net revenues were net of immaterial hedging activity for the three and six months ended June 30, 2025 and 2024, respectively.
Current wording
(1)Cost of net revenues were net of immaterial hedging activity for the three and nine months ended September 30, 2025 and 2024, respectively.
Previous wording
(2)Foreign currency movements relative to the U.S. dollar had a unfavorable impacts of $8 million and $3 million on cost of net revenues for the three and six months ended June 30, 2025, respectively, compared to a favorable impact of $1 million and an unfavorable impact of $2 million during the same periods in 2024.
Current wording
(2)Foreign currency movements relative to the U.S. dollar had unfavorable impacts of $9 million and $12 million on cost of net revenues for the three and nine months ended September 30, 2025, respectively, compared to unfavorable impacts of $1 million and $3 million, respectively, during the same periods in 2024.
Previous wording
The increase in cost of net revenues for the three months ended June 30, 2025 compared to the same period in 2024 was primarily due to increases of $19 million in shipping costs, $16 million in depreciation expense due to the prior year benefit related to the change in useful lives of our servers and networking equipment, $12 million in cost of promoted listings products and $9 million in customer support costs, partially offset by a $22 million decrease in indirect tax expenses.
Current wording
The increase in cost of net revenues for the three months ended September 30, 2025 compared to the same period in 2024 was primarily due to increases of $36 million in shipping costs, $21 million in payment processing costs, $15 million in cost of promoted listings products, $13 million in depreciation expense due to the prior year benefit related to the change in useful lives of our servers and networking equipment and $12 million in customer support costs, partially offset by a $18 million decrease in indirect tax expense.
Previous wording
The increase in cost of net revenues for the six months ended June 30, 2025 compared to the same period in 2024 was primarily due to increases of $34 million in depreciation expense due to the prior year benefit related to the change in useful lives of our servers and networking equipment, $26 million in cost of promoted listings products, $19 million in shipping costs and $13 million in customer support costs, partially offset by decreases of $28 million in indirect tax expenses and $10 million in payment processing costs driven by contractual rate improvements.
Current wording
The increase in cost of net revenues for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to increases of $55 million in shipping costs, $47 million in depreciation expense due to the prior year benefit related to the change in useful lives of our servers and networking equipment, $41 million in cost of promoted listings products, $26 million in customer support costs and $11 million in payment processing costs, partially offset by a $46 million decrease in indirect tax expense.
Previous wording
(1)Foreign currency movements relative to the U.S. dollar had an unfavorable impact of $12 million and an immaterial favorable impact on operating expenses for the three and six months ended June 30, 2025, respectively, compared to a favorable impact of $6 million and $3 million during the same periods in 2024.
Current wording
(1)Foreign currency movements relative to the U.S. dollar had an unfavorable impact of $17 million on operating expenses for both the three and nine months ended September 30, 2025 compared to an unfavorable impact of $1 million and a favorable impact of $2 million, respectively, during the same periods in 2024.
Previous wording
The increase in sales and marketing expenses for the three months ended June 30, 2025 compared to the same period in 2024 was primarily due to increases of $9 million in employee-related costs, $9 million due to the unfavorable impact of foreign currency movements and $8 million in other individually immaterial expenses, partially offset by an $18 million decrease in marketing program costs.
Current wording
The increase in sales and marketing expenses for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to increases of $16 million in employee-related costs, $13 million due to the unfavorable impact of foreign currency movements and $13 million in other individually immaterial expenses, partially offset by a $24 million decrease in marketing program costs.
Previous wording
The increase in product development expenses for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to an increase in employee-related costs as we continue to invest in strategic areas such as Artificial Intelligence to make our marketplace more efficient and intuitive.
Current wording
The increase in product development expenses for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily due to an increase in employee-related costs.
Previous wording
Capitalized internal use and platform development costs were $29 million and $57 million for the three and six months ended June 30, 2025, respectively, compared to $28 million and $57 million, respectively, during the same periods in 2024. These costs are primarily reflected as a cost of net revenues when amortized in future periods.
Current wording
Capitalized internal use and platform development costs were $30 million and $87 million for the three and nine months ended September 30, 2025, respectively, compared to $27 million and $84 million, respectively, during the same periods in 2024. These costs are primarily reflected as a cost of net revenues when amortized in future periods.
Previous wording
The increase in general and administrative expenses for the three months ended June 30, 2025 compared to the same period in 2024 was primarily due increases of $57 million related to legal matters, $55 million related to senior leader transitions and restructuring costs and $19 million in employee-related costs.
Current wording
The increase in general and administrative expenses for the three months ended September 30, 2025 compared to the same period in 2024 was primarily due to $28 million of restructuring costs, $9 million in employee-related costs and a legal accrual release in the third quarter of 2024 of $50 million.
Previous wording
The increase in general and administrative expenses for the six months ended June 30, 2025 compared to the same period in 2024 was primarily due to increases of $63 million related to legal matters, $61 million related to senior leader transitions and restructuring costs and $23 million in employee-related costs.
Current wording
The increase in general and administrative expenses for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to $89 million of senior leader transitions and restructuring costs, $61 million of legal accruals recorded during 2025, $32 million in employee-related costs and legal accrual releases in 2024 of $56 million.
Previous wording
The decrease in provision for transaction losses for the six months ended June 30, 2025 compared to the same period in 2024 was primarily due to favorable fluctuations in buyer and seller fraud and recovery rates.
Current wording
The increase in provision for transaction losses for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily due to the ramping of our U.K. managed shipping program and unfavorable fluctuations in buyer and seller fraud and recovery rates.
Previous wording
Loss on equity investments and warrant, net
Current wording
Gain (loss) on equity investments and warrant, net
Previous wording
Loss on equity investments and warrant, net primarily consists of gains and losses related to our various types of equity investments, including our equity investments in Adevinta ASA (“Adevinta”), Gmarket Global LLC (“Gmarket”), and gains and losses due to changes in fair value of the warrant received from Adyen N.V. and the Aurelia Option (as defined in “Note 5 — Investments”). The following table presents Loss on equity investments and warrant, net for the periods indicated (in millions, except percentages):
Current wording
Gain (loss) on equity investments and warrant, net primarily consists of gains and losses related to our various types of equity investments, including our equity investments in Adevinta ASA (“Adevinta”), Gmarket Global LLC (“Gmarket”), and gains and losses due to changes in fair value of the warrant received from Adyen N.V. (“Adyen”) and the Aurelia Option (as defined in “Note 5 — Investments”). The following table presents Gain (loss) on equity investments and warrant, net for the periods indicated (in millions, except percentages):
Previous wording
Refer to “Note 5 — Investments” for further details about our equity investments and the Aurelia Option and “Note 6 — Derivative Instruments” for further details about the warrant.
Current wording
Refer to “Note 5 — Investments” for further details about our equity investments and the Aurelia Option and “Note 6 — Derivative Instruments” for further details about the Adyen warrant.
Previous wording
Interest expense decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to a lower average notional amount of outstanding debt.
Current wording
Interest expense decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to a lower average notional amount of outstanding debt.
Previous wording
Interest income increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to a higher average notional amount of fixed-income investments.
Current wording
Interest income increased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to a higher average notional amount of fixed-income investments.
Previous wording
The following table presents provision for income taxes and the effective tax rate for the periods indicated (in millions, except percentages):
Current wording
The following table presents benefit from (provision for) income taxes and the effective tax rate for the periods indicated (in millions, except percentages):
Previous wording
We are regularly under examination by tax authorities both domestically and internationally. We believe that adequate amounts have been reserved for any adjustments that may ultimately result from these examinations, although there are inherent uncertainties in these examinations. Due to the ongoing tax examinations, it is generally impractical to determine the amount and timing of these adjustments. However, we expect several tax examinations to close within the next 12 months. See “Note 13 — Income Taxes” to the condensed consolidated financial statements included in this report for more information on estimated settlements within the next 12 months.
Current wording
We are regularly under examination by tax authorities both domestically and internationally. We believe that adequate amounts have been reserved for any adjustments that may ultimately result from these examinations, although there are inherent uncertainties in these examinations. Due to the ongoing tax examinations, it is generally impractical to determine the amount and timing of these adjustments.
Previous wording
Cash provided by continuing operating activities of $480 million for the six months ended June 30, 2025 compared to $982 million for the six months ended June 30, 2024 was primarily attributable to a $682 million increase in cash paid for taxes, partially offset by an increase in net revenues and other working capital movements.
Current wording
Cash provided by continuing operating activities decreased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to an increase in cash paid for income taxes of $604 million, partially offset by an increase in net revenues and other working capital movements.
Previous wording
Cash provided by continuing investing activities of $1.4 billion for the six months ended June 30, 2025 was primarily attributable to proceeds of $6.5 billion from the maturities of investments and $225 million from the Aurelia shareholder distribution, partially offset by cash paid for investments of $5.0 billion and property and equipment of $277 million.
Current wording
Cash provided by continuing investing activities of $1.6 billion for the nine months ended September 30, 2025 was primarily attributable to proceeds of $8.0 billion from the maturities of investments and $227 million from shareholder distributions from equity investments, partially offset by cash paid for investments of $6.1 billion and property and equipment of $408 million.
Previous wording
Cash provided by continuing investing activities of $902 million in the six months ended June 30, 2024 was primarily attributable to proceeds of $6.7 billion from the maturities and sales of investments and proceeds of $2.4 billion from the sale of our equity investment in Adevinta, partially offset by cash paid for investments of $7.9 billion and property and equipment of $232 million.
Current wording
Cash provided by continuing investing activities of $951 million in the nine months ended September 30, 2024 was primarily attributable to proceeds of $10.4 billion from the maturities and sales of investments and proceeds of $2.4 billion from the sale of our equity investment in Adevinta, partially offset by cash paid for investments of $11.5 billion and property and equipment of $341 million.
Previous wording
Cash used in continuing financing activities of $2.0 billion for the six months ended June 30, 2025 was primarily attributable to the $1.2 billion paid to repurchase common stock, the $818 million repayment of commercial paper, the repayment of the $800 million aggregate principal amount of our previously outstanding 1.900% senior notes due 2025 and $268 million paid in cash dividends, partially offset by proceeds of $943 million from the issuance of commercial paper.
Current wording
Cash used in continuing financing activities of $2.8 billion for the nine months ended September 30, 2025 was primarily attributable to the $1.9 billion paid to repurchase common stock, the $1.4 billion repayment of commercial paper, the repayment of the $800 million aggregate principal amount of our previously outstanding 1.900% senior notes due 2025 and $400 million paid in cash dividends, partially offset by proceeds of $1.6 billion from the issuance of commercial paper.
Showing the first 40 of 49 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The increase in sales and marketing expenses for the three months ended September 30, 2025 compared to the same period in 2024 was primarily due the unfavorable impact of foreign currency movements.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The increase in sales and marketing expenses for the six months ended June 30, 2025 compared to the same period in 2024 was primarily due to increases of $13 million in employee-related costs and $11 million in other individually immaterial expenses, partially offset by a $20 million decrease in marketing program costs.