Alibaba vs eBay: Revenue, Profit and Business Model
Alibaba had ~$142.3B of annual revenue in FY2026 and ~$14.4B of net income. eBay had $11.1B of annual revenue in FY2025.
Latest financial snapshot
Financial summary
Alibaba
Revenue rose from ~$22 billion (RMB158.3 billion) in FY2017 to ~$142 billion (RMB1.024 trillion) in FY2026. Net income was ~$14.4 billion (RMB103.6 billion) in FY2026, down from ~$17.5 billion (RMB126.0 billion) in FY2025. Alibaba reports on a March 31 fiscal year and invests heavily in commerce, cloud and AI infrastructure. Alibaba Group is a Chinese multinational technology titan with a market valuation typically hovering around $200 billion.
eBay
eBay is an asset-light marketplace. Unlike Amazon it owns no large warehouses or delivery fleet; it connects buyers and sellers and charges the seller a Final Value Fee, a percentage of each sale. That gives it high profit margins and strong free cash flow, which fund share buybacks and a dividend. In FY2025 it reported $11.100B in revenue and $2.031B in net income, with 135M active buyers. eBay Inc. remains a powerhouse in global e-commerce and online auctions, holding a robust market valuation typically over $25 billion.
Revenue and profit by year
Alibaba
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$142.3B | ~$14.4B | 10.1% | +2.7% | Source |
| FY2025 | ~$138.5B | ~$17.5B | 12.6% | +5.9% | Source |
| FY2024 | ~$130.8B | ~$9.9B | 7.6% | +8.3% | Source |
| FY2023 | ~$120.7B | ~$9.1B | 7.5% | +1.8% | Source |
| FY2022 | ~$118.6B | ~$6.5B | 5.5% | +18.9% | Source |
| FY2021 | ~$99.7B | ~$19.9B | 20.0% | +40.7% | Source |
| FY2020 | ~$70.8B | ~$19.5B | 27.5% | +35.3% | Source |
| FY2019 | ~$52.4B | ~$11.2B | 21.3% | +50.6% | Source |
| FY2018 | ~$34.8B | ~$8.5B | 24.5% | +58.1% | Source |
| FY2017 | ~$22B | ~$6.1B | 27.6% | — | Source |
eBay
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11.1B | — | — | +7.9% | Source |
| FY2024 | $10.3B | — | — | +1.7% | Source |
| FY2023 | $10.1B | $2.8B | 27.4% | +3.2% | Source |
| FY2022 | $9.8B | -$1.3B | -13.0% | -6.0% | Source |
| FY2021 | $10.4B | $13.6B | 130.6% | +17.2% | Source |
| FY2020 | $8.9B | $5.7B | 63.7% | +19.7% | Source |
| FY2019 | $7.4B | $1.8B | 24.0% | — | Source |
Where the revenue comes from
Alibaba
- China commerce
Not formally reported
Alibaba earns revenue through China commerce.
- international digital commerce
Not formally reported
Alibaba earns revenue through international digital commerce.
- cloud intelligence
Not formally reported
Alibaba earns revenue through cloud intelligence.
- logistics services
Not formally reported
Alibaba earns revenue through logistics services.
- local services and digital media
Not formally reported
Alibaba earns revenue through local services and digital media.
eBay
- Marketplace Transaction Fees
Primary revenue stream
Final value fees and related transaction revenue tied to seller activity and gross merchandise volume.
- Advertising and Promoted Listings
High-margin growth stream
Seller-funded ad products that increase listing visibility and monetize buyer intent.
- Payments, Shipping, Stores, and Upgrades
Marketplace services
Managed payments, shipping services, store subscriptions, listing upgrades, and seller tools.
Business model and strategy
Alibaba
How it makes money
Alibaba earns revenue from customer-management services and commissions on its China commerce marketplaces, direct sales and logistics services in international commerce, cloud products and services, Cainiao logistics, local services, and digital media. Taobao and Tmall primarily connect merchants with consumers rather than operating only as first-party retailers.
Growth strategy
Facing intense regulatory scrutiny and fierce domestic competition, Alibaba's growth strategy recently underwent a large structural overhaul. They announced a plan to split the empire into six separate, independent business groups (like Cloud, E-commerce, and Logistics), allowing each to operate faster and potentially seek their own IPOs.
Competitive advantage
Alibaba's primary moat was its large network effect within China; virtually every merchant had to be on Taobao because that's where all the consumers were, and vice versa. their proprietary logistics network (Cainiao) and deep integration with Alipay created a frictionless ecosystem for Chinese consumers.
eBay
How it makes money
eBay operates a large C2C (Consumer-to-Consumer) and B2C (Business-to-Consumer) online marketplace model. They do not own any inventory. The core model relies entirely on 'Take Rates'. If you sell a vintage watch for $1,000 on eBay, eBay takes roughly a 10-15% commission, plus processing fees. Over the last decade, they have aggressively pivoted away from their original 'Auction' format;
Growth strategy
eBay's growth strategy centres on what it calls focus categories and on trust. It was losing sneaker and watch sales to specialist startups because buyers feared counterfeits. It responded with Authenticity Guarantee: experts at eBay facilities inspect expensive watches, sneakers and trading cards before they are shipped to the buyer.
Competitive advantage
eBay's advantage is its inventory of unique and refurbished items and the network of sellers behind it. Shoppers go to Amazon for standard new goods and to eBay for things like a specific 1968 Mustang part, a graded Pokemon card or a refurbished iPhone.
Questions about Alibaba vs eBay
Which company has higher revenue — Alibaba Group Holding Limited or eBay Inc.?
Alibaba Group Holding Limited had ~$142.3B (FY2026), while eBay Inc. had $11.1B (FY2025). By latest annual revenue, Alibaba Group Holding Limited is the larger business, with eBay Inc. showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Alibaba Group Holding Limited vs eBay Inc.?
Alibaba Group Holding Limited's market capitalisation stands at $266.6B, while eBay Inc.'s is $48.0B. Alibaba Group Holding Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to eBay Inc..
How does revenue per employee compare for Alibaba Group Holding Limited and eBay Inc.?
Alibaba Group Holding Limited has $1.08M / employee in revenue per employee, while eBay Inc. has $902k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Alibaba Group Holding Limited and eBay Inc. make money?
Alibaba Group Holding Limited and eBay Inc. generate revenue in fundamentally different ways. Alibaba Group Holding Limited: Alibaba earns revenue from customer-management services and commissions on its China commerce marketplaces, direct sales and logistics services in international commerce, cloud products and services, Cainiao logistics, local services, and digital media. eBay Inc.: eBay operates a large C2C (Consumer-to-Consumer) and B2C (Business-to-Consumer) online marketplace model.
Which company is valued higher relative to revenue — Alibaba Group Holding Limited or eBay Inc.?
On a price-to-sales (P/S) basis, Alibaba Group Holding Limited trades at 1.9x P/S and eBay Inc. at 4.3x P/S. eBay Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Alibaba Group Holding Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Alibaba Group Holding Limited bigger than eBay Inc.?
By last reported revenue, Alibaba Group Holding Limited (~$142.3B (FY2026)) is the larger company compared to eBay Inc. ($11.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Alibaba vs eBay overview