eBay (EBAY) Q3 2026 Earnings Call: Q&A Summary

Q: Michael Morton with MoffettNathanson asked how the company balances investment in lower take-rate businesses like Live, Depop, and autos with core business needs and if restructuring provides enough capacity.

A: Peggy Alford explained that management prioritizes opportunities that generate absolute GMV and operating income dollars rather than optimizing for take rate. She noted that these businesses provide durability and growth to the overall portfolio.

Q: Michael Morton with MoffettNathanson asked about the addressable categories for live commerce and whether it extends beyond collectibles.

A: Jamie Iannone stated that live commerce has broad appeal across categories including fashion, handbags, watches, and home and garden. He added that live commerce is highly synergistic with the core business, as live sellers generate twice as much GMV on the core marketplace as they do in live events.

Q: Nathan Feather with Morgan Stanley asked about the gating factors for live commerce growth and the relationship between core and live GMV.

A: Jamie Iannone said that self-service onboarding, multi-streaming capabilities, and new features like flash deals and AI-powered moderation are driving growth. He reiterated that live commerce creates a halo effect for the core business, with live buyers spending 70% more than comparable buyers.

Q: Nathan Feather with Morgan Stanley asked how the company determines marketing spend for Depop and which metrics are most important.

A: Jamie Iannone highlighted that Depop's US GMV, monthly active users, and sold items more than doubled year-over-year. Peggy Alford added that they allocate resources to opportunities with the strongest returns and that the distinction between eBay and Depop investments is blurring due to operational synergies.

Q: Deepak Mathivanan with Cantor Fitzgerald asked about product priorities for the agentic era and how AI is reducing friction in inventory and transactions.

A: Jamie Iannone said that AI is already contributing to growth through tools like Magical Listing, which is expanding to more markets and seller cohorts. He noted that the company is testing third-party experiences while aiming to preserve the trusted end-to-end experience.

Q: Ken Gawrelski with Wells Fargo asked if there are opportunities to syndicate listings to other properties to capture economics and leverage the entertainment aspect of live commerce.

A: Jamie Iannone explained that the multi-streaming feature allows sellers to broadcast to social platforms, which brings new buyers to eBay. He noted that the company will continue to explore services and avenues to expand the reach of live events.

Q: Ken Gawrelski with Wells Fargo asked about the competitive environment in the US C2C market and what the company has learned from Depop.

A: Jamie Iannone stated that the company is building from a position of strength with two established brands. He noted that eBay and Depop generated approximately $9 billion in fashion GMV in the US over the trailing 12 months, growing in the mid-20% range year-over-year.

Q: Colin Sebastian with Baird asked about seller demand for advertising and the dynamics of international markets.

A: Peggy Alford reported that advertising revenue grew 16% year-over-year and noted opportunities for further adoption. Jamie Iannone explained that international macro conditions are uneven, with the UK showing improvement while Germany remains challenging, though strategic initiatives continue to perform well.

Q: Bernard McTernan with Needham asked about the coins market and the uptake of the authenticity guarantee.

A: Jamie Iannone described coins as a major enthusiast category and noted that the authenticity guarantee program launched in August in partnership with PCGS. He mentioned that the company is applying the same playbook used in other collectibles to drive growth in this area.

Q: Bernard McTernan with Needham asked why secondhand purchasing has increased from 35% to 47% in the recent e-commerce report.

A: Jamie Iannone attributed this to a secular shift driven by younger consumers focused on sustainability and value. He noted that initiatives like Magical Listing and Depop are reducing friction and unlocking inventory that was previously sitting in households.

Q: Brian Pitz with BMO Capital Markets asked about plans to accelerate organic buyer acquisition for the core marketplace.

A: Peggy Alford explained that active buyers grew 6% organically in the US, which was partially offset by international trends. She emphasized that the company is focused on C2C initiatives, better listing tools, and targeted marketing to deepen relationships with buyers.

Q: Brian Pitz with BMO Capital Markets asked about back-end synergies in search, AI, or payments that can be realized without compromising the Depop brand.

A: Jamie Iannone highlighted that the company is already leveraging eBay's carrier rates to lower Depop's shipping costs. He added that they are testing a module of Depop listings in eBay search results and plan to integrate other capabilities like payment solutions and AI listing tools over time.

Q: Mark Mahaney with Evercore ISI asked how the company views the rise of consumer agents as potential platforms for customer acquisition.

A: Jamie Iannone stated that this traffic is incremental and brings in new buyers at a higher rate than other channels. He noted that the company has a track record of converting these new buyers into enthusiast buyers and that AI tools are already providing a structural tailwind for the business.