eBay Inc.
EBAY · Nasdaq
Dec 2026
Next quarter
Expected to report Feb 17, 2027 — estimated from last year’s reporting date.
Consensus is $1.20 EPS for Dec 2026 across 5 estimates, ranging $1.18 to $1.24.
EBAY Sep 2026
- 7.21%
- +2.69%
- $1.11
- $1.19
- —
- $3.21B
Reported results
- $3.21B
- 72.33%
- $616.00M
- 19.21%
- $497.00M
- $1.10
Highlights
- GMV growth eBay generated $23.2 billion of GMV, up 15% year over year as reported and 16% FX-neutral; U.S. GMV rose 27%, while international GMV increased 4%.
- Revenue and earnings Revenue was $3.206 billion, up 14% reported and 13% FX-neutral. GAAP diluted EPS from continuing operations was $1.11; non-GAAP EPS was $1.51, up 12% year over year.
- EPS expectation discrepancy The supplied expectation data list consensus EPS of $1.11 and reported EPS of $1.19, but the release and 10-Q report GAAP continuing-operations EPS of $1.11. On that basis, GAAP EPS matched consensus; the stated $1.19 and 7.21% surprise do not reconcile to the reported figure.
- Advertising Advertising revenue reached $607 million; first-party advertising revenue was $575 million, up 16% year over year on both reported and FX-neutral bases.
- Margins and GAAP income GAAP operating income increased to $616 million from $571 million a year ago, but GAAP operating margin fell to 19.2% from 20.3%. Continuing-operations net income was $501 million versus $593 million, including a less favorable tax comparison.
- Buyer growth and Depop Active buyers totaled 147 million, up 10% year over year, though the figure was 136 million and up 1% excluding Depop and Tise. eBay completed its $1.4 billion cash acquisition of Depop on July 30.
- Cash and shareholder returns Continuing-operations operating cash flow was $875 million and free cash flow was $749 million. eBay returned $827 million to stockholders through $689 million of repurchases and $138 million of dividends.
- Fourth-quarter outlook eBay guided to revenue of $3.19–$3.24 billion, GMV of $23.7–$24.1 billion and non-GAAP diluted EPS of $1.48–$1.53.
Analysis
eBay’s third quarter was defined by stronger marketplace volume and advertising, alongside softer GAAP earnings per share and lower operating margins. Revenue of $3.206 billion rose 14% year over year (13% FX-neutral) and 2% sequentially from $3.134 billion. GMV grew 15% to $23.2 billion, with particularly strong U.S. growth; eBay attributed the gains to its focus categories, C2C and recommerce initiatives, as well as improved U.S. consumer demand. Advertising revenue increased 16% to $607 million.
GAAP diluted EPS from continuing operations was $1.11, down from $1.27 a year earlier and $1.21 in Q2; non-GAAP EPS was $1.51, up 12% year over year. The supplied expectations fields report $1.11 consensus but also list $1.19 reported EPS and a 7.21% surprise, which conflict with the release and 10-Q’s $1.11 GAAP figure. Operating income rose 8% year over year to $616 million, but GAAP margin narrowed 110 basis points to 19.2%; continuing-operations net income fell to $501 million from $593 million. Depop, acquired for $1.4 billion in July, is included in the outlook. For Q4, eBay expects $3.19–$3.24 billion revenue and $1.48–$1.53 non-GAAP EPS.
GMV and marketplace growth
- Total volume GMV was $23.166 billion, up 15% year over year reported and 16% FX-neutral. Sequentially, it rose from $22.398 billion in Q2.
- Geographic mix U.S. GMV increased 27% to $12.545 billion, while international GMV rose 4% to $10.621 billion. The U.S. accounted for 57% of revenue, compared with 52% a year earlier.
- Drivers and monetization Management cited growth in focus categories, C2C and recommerce, led by Collectibles, Motors, Fashion and Refurbished. Take rate declined 19 basis points to 13.84%, reflecting faster growth in eBay Live and C2C, category and average-selling-price mix, and Depop shipping incentives.
Revenue and advertising
- Revenue mix Net revenue rose 14% to $3.206 billion, or 13% FX-neutral. Marketplace revenue grew 13% to $2.599 billion; advertising revenue increased 16% to $607 million.
- First-party ads Advertising products on eBay generated $575 million, up 16% on both reported and FX-neutral bases. The filing attributes the increase to greater adoption and attribution changes that improved ad conversion and monetization.
- Sequential pace Revenue increased from $3.134 billion in Q2, following $3.089 billion in Q1. Q3 FX movements had a $7 million unfavorable impact on revenue.
Margins and earnings
- Operating performance GAAP operating income was $616 million, up from $571 million a year ago but down from $676 million in Q2. GAAP operating margin was 19.2%, versus 20.3% a year ago and 21.6% in Q2.
- Adjusted results Non-GAAP operating income increased to $843 million from $760 million, while non-GAAP operating margin decreased to 26.3% from 27.0%. Non-GAAP net income was $685 million and diluted EPS was $1.51, up from $633 million and $1.35, respectively.
- GAAP comparison Continuing-operations net income declined to $501 million from $593 million a year ago and $550 million in Q2; GAAP diluted EPS was $1.11 versus $1.27 and $1.21, respectively. The year-ago quarter had a 25 million dollar tax benefit, compared with a $104 million tax provision this quarter.
- Expense pressures Operating expenses rose 17% year over year to $1.703 billion. Sales and marketing increased 23% to $747 million, primarily reflecting higher marketing costs associated with Depop and eBay Live; transaction losses increased 15% to $122 million, primarily with volume.
Depop and recommerce
- Acquisition eBay completed its purchase of Depop from Etsy on July 30 for $1.4 billion in cash, subject to finalization of the preliminary purchase-price adjustment. The filing says the acquisition’s impact was not material enough to present separate or pro forma results.
- Buyer count Active buyers reached 147 million, up 10% year over year. Excluding Depop and Tise, buyers were 136 million, up 1%, showing that acquisitions account for much of the reported buyer-count increase.
- Platform activity eBay Live delivered another record quarter and GMV growth well into triple digits year over year, with a multibillion-dollar annualized GMV run rate. TCGplayer exceeded $1 billion of trailing-12-month GMV; eBay also expanded C2C selling features and shipping services in selected markets.
Cash, returns and outlook
- Cash generation Continuing-operations operating cash flow was $875 million, compared with $900 million a year earlier; free cash flow was $749 million versus $803 million. Cash, cash equivalents and non-equity investments totaled $3.3 billion at quarter-end.
- Capital returns eBay repurchased approximately 6 million shares for $689 million and paid $138 million in cash dividends. About $1.3 billion remained under the repurchase authorization; the company declared a Q4 dividend of $0.31 per share.
- Q4 guidance Revenue is forecast at $3.19–$3.24 billion, with FX-neutral growth of 7%–9%; GMV is expected at $23.7–$24.1 billion, up 12%–14% FX-neutral. GAAP diluted EPS guidance is $0.82–$0.87 and non-GAAP EPS guidance is $1.48–$1.53.
- Full-year guidance eBay expects 2026 revenue of $12.62–$12.67 billion, GMV of $91.5–$91.9 billion and diluted EPS of $4.26–$4.31 GAAP or $6.25–$6.30 non-GAAP.
