eBay (EBAY) investor relations material

Executive summary

• Q2 2026 results exceeded expectations, with revenue reaching $3.13 billion (up 15% year-over-year) and GMV at $22.4 billion (up 15%), driven by strong performance in strategic priorities such as focused categories, C2C, and recommerce.

• Non-GAAP operating income was $893 million (up 16%), non-GAAP EPS $1.60 (up 17%), and GAAP EPS $1.21; operating margins improved to 21.6% (GAAP) and 28.5% (non-GAAP).

• Strategic priorities now represent over 70% of GMV, each growing more than 20% year-over-year.

• Acquisition of Depop completed for $1.4 billion, strengthening leadership in C2C and fashion, and expanding reach with younger consumers.

• Returned $448 million to shareholders via $310 million in share repurchases and $138 million in dividends.

Financial highlights

• GMV: $22.4 billion, up 15% year-over-year; revenue: $3.13 billion, up 15% year-over-year.

• Non-GAAP operating income: $893 million, up 16%; non-GAAP EPS: $1.60, up 17%; GAAP EPS: $1.21.

• Free cash flow: $326 million; operating cash flow: $549 million; cash and investments: $4.9 billion as of June 30, 2026.

• Gross debt: $6.7 billion; net debt: $1.9 billion; total liabilities: $13.3 billion.

• Advertising revenue: $596 million (2.7% GMV penetration), up 23–25% year-over-year.

Outlook and guidance

• Q3 2026 GMV guidance: $22.0–$22.4 billion, up 10–12% FX-neutral; revenue: $3.07–$3.12 billion, up 8–10% FX-neutral.

• Q3 non-GAAP EPS: $1.36–$1.42; GAAP EPS: $0.94–$0.99.

• Full-year 2026 GMV growth expected at 11.5–12.5% FX-neutral; revenue growth 11–12%; non-GAAP operating income and EPS growth both forecast at 10–12%.

• Depop expected to contribute 1.5–2.5 percentage points to GMV and revenue growth, but dilute EPS by up to 2.5 points.

• Increased full-year top- and bottom-line outlook based on strong momentum.