eBay Inc.

Evidence of pricing power: take rate ≈14 percent on 2025 GMV with ad revenue reaching 2.6 percent of GMV in Q4 (first‑party ads up 19 percent) suggests growing monetization levers beyond core transaction fees. eBay has latitude to raise ad take through product and policy changes, including broader attribution windows introduced in 2026. Countervailing forces: multi‑homing sellers curb fee increases, UK removal of private‑seller fees shifts monetization to buyer‑side protection fees and ads, and seller sentiment indicates sensitivity to higher ad costs.

Net: moderate pricing power largely via retail media and payments, with policy levers but real competitive and elasticity constraints.