TL;DR
- FY2025 GMV $7.765B (+7.6% vs $7.22B). Creator payouts $6.3B (company). Platform net revenue $1.55B (+10%). Pre-tax profit $714M (+5%).
- Profit margin is 9.2% of GMV and 46% of net revenue. The 20% take is the business. The 80% is pass-through.
- 80% of $7.765B is $6.21B. The company said $6.3B paid. The $88M gap is timing, FX, rounding or adjustments — we print both rather than invent a reconciliation we have not seen in the PDF.
- Lifetime creator payouts >$30B imply ~$37.5B lifetime GMV if the 80/20 split held throughout.