eBay Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue was $3.2 billion, representing a 14% increase on an as-reported basis and 13% on an FX-neutral basis compared to the prior year quarter.
• Gross Merchandise Volume (GMV) reached $23.2 billion, up 15% as-reported and 16% FX-neutral year-over-year.
• GAAP net income from continuing operations was $501 million ($1.11 per diluted share), a 16% decrease from $593 million ($1.27 per share) in the prior year quarter.
• Non-GAAP net income from continuing operations was $685 million ($1.51 per diluted share), an 8% increase from $633 million ($1.35 per share) in the prior year quarter.
• GAAP operating margin was 19.2%, down from 20.3% in the prior year quarter; Non-GAAP operating margin was 26.3%, down from 27.0% in the prior year quarter.
• Operating cash flow generated was $875 million, with free cash flow from continuing operations at $749 million.
• Advertising revenue totaled $607 million, with first-party advertising products generating $575 million, up 16% as-reported and FX-neutral.
• The company held $3.3 billion in cash and cash equivalents and non-equity investments as of September 30, 2026.

Guidance and Future Outlook:

• Full Year 2026 Revenue guidance is $12.62 billion to $12.67 billion, with FX-neutral year-over-year growth expected between 12% and 13%.
• Full Year 2026 GMV guidance is $91.5 billion to $91.9 billion, with FX-neutral year-over-year growth expected between 14% and 14%.
• Full Year 2026 Diluted GAAP EPS guidance is $4.26 to $4.31; Non-GAAP Diluted EPS guidance is $6.25 to $6.30.
• Fourth Quarter 2026 Revenue guidance is $3.19 billion to $3.24 billion, with FX-neutral year-over-year growth expected between 7% and 9%.
• Fourth Quarter 2026 GMV guidance is $23.7 billion to $24.1 billion, with FX-neutral year-over-year growth expected between 12% and 14%.
• Fourth Quarter 2026 Diluted GAAP EPS guidance is $0.82 to $0.87; Non-GAAP Diluted EPS guidance is $1.48 to $1.53.

Business Segments and Product Lines:

• eBay Live generated GMV at a multibillion-dollar annualized run rate with triple-digit year-over-year growth.
• TCGplayer surpassed $1 billion in GMV over the trailing 12 months and began onboarding international sellers in the U.K. and Canada.
• Depop strengthened its buying and selling experience with faster personal discovery, simplified AI-assisted listing, and affordable shipping options in the U.S.
• Goldin achieved record GMV, highlighted by a $3.65 million sale of a rare 1776 Exeter Broadside copy of the Declaration of Independence.
• eBay expanded Authenticity Guarantee to eligible collectible coins in the U.S. and extended trading card authentication to lower price thresholds in the U.S. and U.K.
• Luxury fashion authentication was expanded to 23 EU countries, and watch authentication was introduced in Australia.
• Managed Shipping was expanded to all new and reactivated U.S. listers for domestic transactions, and eBay International Shipping launched in the U.K. and Germany.
• AI-powered Magical Listing technology was expanded to all new and reactivated listers in the U.S., U.K., Germany, Australia, France, and Italy.
• Motors Parts & Accessories expanded Easy and Free Returns to Germany and introduced Certified Recycled badging in the U.S.
• Vehicle Purchase Protection now covers eligible transactions up to $500,000, with several transactions exceeding $1 million facilitated.

Market and Competitive Landscape:

• The sixth annual Recommerce Report found that 47% of consumers purchase secondhand goods at least monthly, up from 35% in 2025.
• eBay for Charity enabled buyers and sellers to raise $59 million worldwide in the third quarter.
• The company received multiple awards including Forbes' World's Best Employers 2026, TIME's World's Best Companies 2026, Newsweek's America's Best Online Platforms 2026, and Business Insider's America's Most Innovative Businesses 2027.

Risks and Challenges:

• Forward-looking statements involve risks including significant variation in operating results, competition, ability to generate revenue from advertising, and consumer engagement.
• Risks include technological changes, international operations, global trade policies, buyer/seller trust protection, system failures, fraud, cyberattacks, and data security breaches.
• Potential impacts from acquisitions, specifically the Depop acquisition, and stockholder activism are noted.
• Regulatory risks include privacy, data protection, cybersecurity, AI, intellectual property rights, and evolving tax regimes.
• Financial risks include fluctuations in interest rates, foreign currency exchange rates, and the ability to service indebtedness.

Management Commentary and Tone:

• CEO Jamie Iannone stated that strong results reflect continued momentum across business priorities and customer segments as consumers embrace recommerce.
• CFO Peggy Alford noted that the strategy is delivering strong GMV growth and meaningful earnings expansion through disciplined investment in strategic priorities.
• Management emphasized positioning eBay for durable, profitable growth and long-term shareholder value.

Other Key Points:

• On July 30, 2026, eBay completed the acquisition of Depop for $1.4 billion in cash, inclusive of a preliminary purchase price adjustment.
• The company returned $827 million to stockholders in Q3, including $689 million in share repurchases (approximately 6 million shares) and $138 million in cash dividends.
• The remaining repurchase authorization as of September 30, 2026, was approximately $1.3 billion.
• A fourth quarter 2026 cash dividend of $0.31 per share was declared, payable on December 18, 2026, to stockholders of record as of December 4, 2026.
• eBay adopted a new accounting standard (ASU 2025-06) effective January 1, 2026, requiring restatement of prior reporting periods.