The electromagnetic form factors GE and GM of the proton and neutron in the timelike region are extracted in a study of the processes e+e− → $$ \overline{p}p $$
p
¯
p
and e+e− → $$ \overline{n}n $$
n
¯
n
. The reaction amplitude is evaluated within the distorted wave Born approximation, with the interaction of the antinucleon-nucleon $$ \left(\overline{N}N\right) $$
N
¯
N
pair taken into account. The latter is constructed within SU(3) chiral effective field theory up to next-to-leading order. An excellent description of the e+e− → $$ \overline{N}N $$
N
¯
N
data in the energy region from the $$ \overline{N}N $$
N
¯
N
threshold up to center-of-mass energies Ecm = 2.2 GeV is achieved. Results for the electromagnetic form factors GE, GM, GE/GM, and the subtracted effective form factors, Gosc, are provided. These can be helpful for further studies of the properties of the nucleons.