eBay vs JD.com: Revenue, Profit and Business Model
eBay had $11.1B of annual revenue in FY2025. JD.com had ~$182B of annual revenue in FY2025 and ~$3.2B of net income.
Latest financial snapshot
Financial summary
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.
JD.com
JD's revenue grew from ~$35.9 billion (RMB258.3 billion) in 2016 to ~$182 billion (RMB1,309.1 billion) in 2025. Profitability has been thin but improving in core retail: JD Retail's 2025 operating margin rose to 4.6%, the sixth straight year of expansion. Group profit fell in 2025, however, because of food-delivery spending: net income attributable to shareholders was ~$2.72 billion (RMB19.6 billion) versus ~$5.75 billion (RMB41.4 billion) in 2024, and non-GAAP net income was ~$3.75 billion (RMB27.0 billion) versus ~$6.64 billion (RMB47.8 billion). In 2026 the picture shifted toward margin over growth. Q1 2026 revenue rose 4.9% to ~$43.9 billion (RMB315.7 billion), while Q2 2026 revenue fell 2.9% to ~$48.1 billion (RMB346.4 billion) on a high base from 2025 trade-in subsidies, yet non-GAAP net income climbed 20.8% to ~$1.24 billion (RMB8.9 billion) as food-delivery losses narrowed by more than half. JD also repurchased about US$3.0 billion of shares in 2025, roughly 6.3% of shares outstanding. JD.com, Inc. (also known as Jingdong) is a colossal Chinese e-commerce company and massive retailer, maintaining a market valuation typically over $35 billion.
Revenue and profit by year
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 |
JD.com
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$182B | ~$3.2B | 1.8% | +13.0% | Source |
| FY2024 | ~$161.1B | ~$6.2B | 3.9% | +6.8% | Source |
| FY2023 | ~$150.8B | ~$3.2B | 2.1% | +3.7% | Source |
| FY2022 | ~$145.4B | ~$1.3B | 0.9% | +9.9% | Source |
| FY2021 | ~$132.3B | ~-$620.9M | -0.5% | +27.6% | Source |
| FY2020 | ~$103.7B | ~$6.9B | 6.6% | +29.3% | Source |
| FY2019 | ~$80.2B | ~$1.7B | 2.1% | +24.9% | Source |
| FY2018 | ~$64.2B | ~-$389.3M | -0.6% | +27.5% | Source |
| FY2017 | ~$50.4B | ~-$1.6M | -0.0% | +40.3% | Source |
| FY2016 | ~$35.9B | ~-$529.1M | -1.5% | — | Source |
Where the revenue comes from
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.
JD.com
- Net product revenue (1P retail)
Not formally reported
JD buys electronics, appliances, groceries and general merchandise, stores them in its own warehouses and sells at a retail margin. This is the bulk of revenue.
- Marketplace and marketing services
Not formally reported
Commissions and advertising paid by third-party merchants.
- Logistics services
Not formally reported
JD Logistics sells warehousing, express and freight services to outside companies. Its Q2 2026 revenue rose 24.3%.
- New businesses
Not formally reported
JD Food Delivery, launched in 2025, and international retail. Group revenue was ~$182 billion (RMB1,309.1 billion) in 2025.
Business model and strategy
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.
JD.com
How it makes money
JD.com earns money in four main ways. 1) Net product revenue (1P retail): JD buys electronics, home appliances, groceries and general merchandise from brands, stores them in its own warehouses and sells at a retail margin. This is the bulk of group revenue. 2) Marketplace and marketing services: third-party (3P) merchants pay commissions and buy advertising on JD's app.
Growth strategy
JD is pushing beyond online retail into instant commerce and food delivery (launched February 2025), offline electronics stores (26 JD MALL stores by end-2025), external logistics customers through JD Logistics and its LangzuTech automated warehouses (20+ sites in nearly 20 cities by end-2025), and Europe, where it replaced its Ochama brand with Joybuy in 2025, launched the Joybuy marketplace in the UK, Germany, Fran…
Competitive advantage
JD's main edge is its owned supply chain. Because it holds its own inventory and runs its own warehouses and couriers through JD Logistics, it can promise authentic goods and same-day or next-day delivery in much of China, which matters most for high-value electronics and appliances. Its scale with brands like Apple, Haier and Midea also gives it purchasing power that marketplace-only rivals do not have.
Questions about eBay vs JD.com
Which company has higher revenue — eBay Inc. or JD.com?
eBay Inc. had $11.1B (FY2025), while JD.com had ~$182B (FY2025). By latest annual revenue, JD.com is the larger business, with eBay Inc. showing a smaller revenue base.
What is the market cap of eBay Inc. vs JD.com?
eBay Inc.'s market capitalisation stands at $48.0B, while JD.com's is $35.0B. eBay Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to JD.com.
How does revenue per employee compare for eBay Inc. and JD.com?
eBay Inc. has $902k / employee in revenue per employee, while JD.com has $234k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do eBay Inc. and JD.com make money?
eBay Inc. and JD.com generate revenue in fundamentally different ways. eBay Inc.: eBay operates a large C2C (Consumer-to-Consumer) and B2C (Business-to-Consumer) online marketplace model. JD.com: JD.com earns money in four main ways.
Which company is valued higher relative to revenue — eBay Inc. or JD.com?
On a price-to-sales (P/S) basis, eBay Inc. trades at 4.3x P/S and JD.com at 0.2x P/S. eBay Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to JD.com. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is eBay Inc. bigger than JD.com?
By last reported revenue, JD.com (~$182B (FY2025)) 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 eBay vs JD.com overview