eBay(EBAY) - 2025 Q4 - Annual Report

Financial Investments - As of December 31, 2025, eBay's total cash and investments included approximately $2.9 billion in corporate bonds, commercial paper, and government and agency securities, representing about 42% of total cash and investments [298]. - eBay's equity investments totaled $929 million as of December 31, 2025, accounting for approximately 14% of total cash and investments, primarily related to its investment in Adevinta [300]. - A hypothetical 1% increase in interest rates would have resulted in a decrease in the fair value of eBay's investments by $30 million as of December 31, 2025 [298]. - eBay's investment strategy aims to preserve principal while improving yields, maintaining a diverse portfolio of asset types [297]. Human Capital Management - eBay employs approximately 12,300 people globally, with around 7,200 located in the United States, reflecting its commitment to human capital management [51]. - The company emphasizes the importance of ethics and integrity in its culture, promoting open communication and ethical decision-making among employees [55]. Foreign Exchange Management - eBay's foreign exchange exposure management program aims to mitigate the impact of currency fluctuations on its financial results through the use of foreign currency exchange contracts [302]. - The fair value of foreign exchange contracts designated as cash flow hedges was $15 million, with a potential loss of $89 million from a hypothetical 20% adverse change in foreign exchange rates [306]. - The company assessed historical trends in currency exchange rates and identified a potential adverse change of 20% for all currencies in the near term [308]. - The impact of these currency changes, considering foreign exchange forwards, would have resulted in an immaterial adverse effect on income before income taxes as of December 31, 2025 [308]. Technology and Innovation - eBay's technology infrastructure supports scalable operations and enhances customer experiences through investments in proprietary computing infrastructure and strategic partnerships [45]. - The company is focused on modernizing its Marketplace platforms using advanced technologies like AI to create personalized shopping experiences [46].