Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| GMV | $23.2 billion | 13% organic growth |
| Revenue | $3.21 billion | 11% organic growth |
| Non-GAAP Operating Income | $843 million | 11% year-over-year growth |
| Non-GAAP EPS | $1.51 | Nearly 12% year-over-year growth |
Guidance and outlook
- For Q4, eBay expects consolidated GMV between $23.7 billion and $24.1 billion.
- The company forecasts consolidated revenue between $3.19 billion and $3.24 billion in Q4.
- Non-GAAP operating income growth is expected to be between 6% and 10% year-over-year in Q4.
- Consolidated non-GAAP earnings per share are projected between $1.48 and $1.53 for Q4.
How management sounded
Positive (+6 on our -10 to +10 scale). Management reported broad-based outperformance across categories and geographies while successfully integrating Depop, though they noted macro challenges in international markets and a recent workforce reduction. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Strategic Priorities and Margins
Asked: How should investors think about the competing forces of lower take-rate businesses like Depop and Live commerce versus the need for reinvestment?
Answer: Management focuses on opportunities that add GMV and operating income dollars rather than optimizing solely for take rate, noting that these businesses provide durability and growth.
Live Commerce
Asked: What are the gating factors for Live commerce growth and how does it relate to core GMV?
Answer: Growth is driven by self-service onboarding and multi-streaming, with a halo effect where live sellers generate twice as much GMV on the core marketplace as they do in live events.
Depop Marketing
Asked: How is the company determining marketing spend for Depop?
Answer: Investments are allocated toward opportunities with the strongest returns, while leveraging synergies in shipping and technology between eBay and Depop.
AI and Agentic Tools
Asked: How is eBay thinking about product priorities for the agentic era?
Answer: The company is expanding AI tools like Magical Listing to reduce transactional friction and is testing third-party experiences to improve discovery of its inventory.
What to watch before the next call
- The performance of the trading cards business as it laps extraordinary 2026 growth levels.
- The impact of the 9% workforce reduction on operational efficiency and long-term margin targets.
- Integration progress and synergy realization between eBay and Depop, particularly in shipping and search.
