eBay vs Toyota: Revenue, Profit and Business Model
eBay reported $11.1B of revenue in FY2025 and $2B of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B 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.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar.
Revenue and profit by year
eBay
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11.1B | $2B | 18.3% | +7.9% | Source |
| FY2024 | $10.3B | — | 0.0% | +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% | — | Source |
Toyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | 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.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
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.
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about eBay vs Toyota
Which company has higher revenue — eBay Inc. or Toyota Motor Corporation?
eBay Inc. reported $11.1B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with eBay Inc. reporting 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 eBay Inc. vs Toyota Motor Corporation?
eBay Inc.'s market capitalisation stands at $48.0B, while Toyota Motor Corporation's is $258.0B. Toyota Motor Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to eBay Inc..
Which is more financially efficient — eBay Inc. or Toyota Motor Corporation?
eBay Inc. generates $902k / employee in revenue per employee, while Toyota Motor Corporation generates $905k / employee. Toyota Motor Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do eBay Inc. and Toyota Motor Corporation make money?
eBay Inc. and Toyota Motor Corporation generate revenue in fundamentally different ways. eBay Inc.: eBay operates a large C2C (Consumer-to-Consumer) and B2C (Business-to-Consumer) online marketplace model. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
Which company is valued higher relative to revenue — eBay Inc. or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, eBay Inc. trades at 4.3x P/S and Toyota Motor Corporation at 0.8x P/S. eBay Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toyota Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is eBay Inc. bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (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 eBay vs Toyota overview