eBay Q2 2026 Earnings Call Summary

1Key Financial Results and Metrics

Gross Merchandise Volume (GMV): Grew 14% year-over-year to $22.4 billion.

Revenue: Increased 14% to $3.13 billion.

Non-GAAP Operating Income: Rose 16% to $893 million.

Non-GAAP Earnings Per Share (EPS): Increased 17% to $1.60.

Active Buyers: Grew nearly 2% to 136 million, with U.S. active buyers increasing by 6%.

Advertising Revenue: Reached $596 million, with a GMV penetration of 2.7%.

2Strategic Updates and Business Highlights

Focused Categories: GMV from focused categories grew 26%, contributing significantly to overall growth. Key areas include collectibles, motors, fashion, and refurbished items.

C2C Business: C2C GMV grew over 20%, driven by strong performance in collectibles and fashion.

Acquisition of Depop: Completed for $1.4 billion, aimed at enhancing eBay's position in C2C and recommerce, particularly among younger consumers.

eBay Live: Experienced 8x year-over-year GMV growth, with plans to expand seller participation through self-service onboarding.

AI Integration: Continued enhancements in AI for listing tools and search capabilities, improving seller and buyer experiences.

3Forward Guidance and Outlook

Q3 GMV Guidance: Expected between $22 billion and $22.4 billion, implying FX-neutral growth of 10% to 12%.

Q3 Revenue Guidance: Forecasted between $3.07 billion and $3.12 billion, with a similar growth rate.

Full Year Outlook: Anticipating GMV growth of 11.5% to 12.5% and revenue growth of 11% to 12%. Non-GAAP EPS expected to grow between 10% and 12%.

4Challenges and Points of Concern

International Markets: While U.S. growth is strong, international GMV growth is slower, at 4% year-over-year, indicating potential macroeconomic headwinds.

Competitive Pressures: Increased competition in the C2C market, particularly in the U.S., could impact growth.

Lapping Dynamics: Anticipated deceleration in growth rates as the company laps strong prior-year performance, particularly in collectibles and bullion categories.

5Notable Q&A Insights

eBay Live's Impact: Management noted that buyers participating in eBay Live spend significantly more than non-participants, indicating a positive halo effect on overall marketplace engagement.

AI Utilization: Future AI initiatives will focus on expanding capabilities in seller automation and enhancing search and discovery experiences.

Marketing Strategy: Investments in Depop will be funded by reallocating existing marketing budgets, indicating a strategic focus on maximizing returns without significantly increasing overall expenses.

Long-Term GMV Growth: Management expressed confidence in the durability of GMV growth driven by strategic investments in focused categories and emerging growth vectors. Overall, eBay's Q2 2026 results reflect strong performance across key metrics, bolstered by strategic initiatives and a positive outlook, despite facing competitive pressures and macroeconomic challenges.