eBay Inc.
Earnings Snapshot
Gross merchandise volume (GMV) rose 13% organically to $23.2 billion, while FX-neutral GMV grew nearly 16%.
Revenue increased 11% organically to $3.21 billion, with Depop contributing nearly 2 percentage points of growth.
Advertising revenue climbed 16% to $607 million, including $575 million from first-party ads. Pay by Bank also expanded to Germany and France following its U.K. launch.
eBay's trailing 12-month active buyers rose 4% to 147 million on a pro forma basis, including Depop and Ties. Its 16 million enthusiast buyers generated more than 70% of GMV, with average annual spending of approximately $3,700.
Business Performance And Growth Drivers
Focus categories, consumer-to-consumer (C2C) sales and recommerce each delivered GMV growth above 20%, together representing approximately 72% of GMV excluding Depop.
Focus category GMV increased 24%, outperforming the rest of the marketplace by 19 percentage points. Collectibles, eBay Motors, fashion and refurbished goods supported the growth.
eBay Live and vehicles both recorded triple-digit GMV growth, while global C2C GMV rose more than 20%, driven by consumer selling in the U.S., U.K. and Australia.
Collectibles remained eBay's largest growth contributor, with trading cards, coins, comics and sports memorabilia supporting demand. U.S. electronics also contributed to growth, led by computer hardware, consoles and video games, alongside higher transaction volumes and average selling prices.
eBay and Depop generated approximately $9 billion in U.S. fashion GMV over the trailing 12 months, with growth in the mid-20% range year over year on a pro forma basis.
International GMV increased nearly 4% organically on an FX-neutral basis. Focus categories and C2C posted double-digit growth in the U.K., helping drive high-single-digit growth in Germany.
2026 Guidance
For 2026, eBay forecasts adjusted EPS of $6.25-$6.30, compared with the $6.14 estimate, and revenue of $12.62 billion-$12.67 billion, above the $12.544 billion consensus.
For the fourth quarter, eBay expects GMV of $23.7 billion to $24.1 billion, representing total FX-neutral growth of 12% to 14% and organic FX-neutral growth of 8% to 10%. For full-year 2026, the company forecasts GMV of $91.5 billion to $91.9 billion.
GMV is expected to grow faster than revenue due to Depop's lower take rate, changes in U.K. managed-shipping accounting and shifts in business, average selling price and category mix. Comparisons are also tougher against the fourth quarter of 2025, when trading cards and bullion performed strongly.
2027 Outlook And Workforce Changes
For 2027, eBay expects growth in GMV, revenue, non-GAAP operating income and EPS. Management cited continued contributions from focus categories, eBay Live, C2C and Depop, alongside investments in AI, shipping, trust and customer experience.
eBay also plans to reduce its workforce by approximately 9% to streamline operations and fund growth initiatives.
Stronger-than-expected revenue and GMV growth during the first three quarters have increased the company's capacity to invest, while management expects full-year operating income growth to exceed its initial forecasts.
EBAY Price Action: eBay shares were up 3.65% at $122.32 at the time of publication on Thursday. The stock is trading near its 52-week high of $124.59, according to Benzinga Pro data.
