v3.25.2
Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
We have one reportable segment, which reflects how the chief operating decision maker (“CODM”), the Company’s President and Chief Executive Officer, reviews and assesses performance of the business. The CODM assesses the performance of the Company and decides how to allocate resources based on consolidated net income reported in the condensed consolidated statement of income. The CODM uses consolidated net income in deciding whether to reinvest profits into certain parts of the business or return a portion of such profits to shareholders through dividends and stock repurchases. Significant expense categories regularly provided to and reviewed by the CODM are those presented in the condensed consolidated statement of income. The measure of segment assets is reported on the condensed consolidated balance sheet as total assets, although the CODM does not evaluate asset information for purposes of allocating resources or evaluating performance.

Net Revenues

The following table summarizes net revenues by activity for the periods indicated (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Marketplace revenues
$2,248 $2,174 $4,391 $4,346 
Advertising revenues
482 398 924 782 
Total net revenues
$2,730 $2,572 $5,315 $5,128 

Net Revenues by Geography

Net revenues, inclusive of the effects of foreign exchange during each period, are attributed to the United States and international geographies primarily based upon the country in which the customer is located.

The following table summarizes the allocation of net revenues based on geography for the periods indicated (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
United States
$1,397 $1,293 $2,743 $2,595 
United Kingdom381 392 712 782 
China314 291 611 566 
Germany253 247 483 489 
Rest of world385 349 766 696 
Total net revenues$2,730 $2,572 $5,315 $5,128