Key Highlights

  • Revenue of USD 3.21 billion rose 14% and topped the USD 3.12 billion consensus estimate for the quarter.
  • Non-GAAP diluted EPS of USD 1.51 beat the USD 1.41 consensus estimate and grew 12% year over year.
  • Gross merchandise volume reached USD 23.2 billion, up 15% as reported and 13% organically on an FX-neutral basis.
  • Capital returns totaled USD 827 million, including USD 689 million of buybacks and USD 138 million of dividends.

eBay Inc. (NASDAQ:EBAY) reported third-quarter 2026 net revenues of USD 3.21 billion, up 14% from USD 2.82 billion a year earlier and above a consensus estimate of USD 3.12 billion. Non-GAAP diluted earnings per share from continuing operations were USD 1.51, up from USD 1.35 and above a consensus estimate of USD 1.41. On a GAAP basis, diluted EPS was USD 1.11, down 13% from USD 1.27.

Gross merchandise volume (GMV) climbed to USD 23.2 billion, up 15% as reported and 16% on an FX-neutral basis. Management said the Depop acquisition, completed on July 30, 2026 for USD 1.4 billion in cash, added nearly 3 points to growth, leaving organic FX-neutral GMV growth at 13%. Focus category GMV rose 24%, with collectibles the largest contributor, while eBay Live GMV growth stayed well into triple digits.

Margins, Advertising and Capital Returns

GAAP operating margin eased to 19.2% from 20.3% a year earlier, and non-GAAP operating margin eased to 26.3% from 27.0%. GAAP net income from continuing operations was USD 501 million, compared with USD 593 million, while non-GAAP net income rose 8% to USD 685 million. First-party advertising on the platform generated USD 575 million, up 16%, and total advertising offerings produced USD 607 million.

Operating cash flow was USD 875 million and free cash flow was USD 749 million. The company repurchased about 6 million shares for USD 689 million, paid USD 138 million in dividends, and had roughly USD 1.3 billion left under its repurchase authorization at September 30. Cash and non-equity investments totaled USD 3.3 billion.

Fourth-Quarter and Full-Year Guidance

For the fourth quarter, eBay guided to revenue of USD 3.19 billion to USD 3.24 billion and GMV of USD 23.7 billion to USD 24.1 billion, which includes Depop. Non-GAAP diluted EPS is guided to USD 1.48 to USD 1.53, with GAAP diluted EPS of USD 0.82 to USD 0.87. FX-neutral revenue growth is guided to 7% to 9% and GMV growth to 12% to 14%.

For 2026, the company guided to revenue of USD 12.62 billion to USD 12.67 billion, GMV of USD 91.5 billion to USD 91.9 billion, and non-GAAP diluted EPS of USD 6.25 to USD 6.30. CEO Jamie Iannone credited growth in recommerce, consumer-to-consumer selling and eBay Live, and said shipping and AI listing tools are making the platform easier for sellers to use.

Operating Gauges to Follow

Four data points frame the next report. The first is Depop, which management said saw U.S. GMV more than double year over year on a pro forma basis in its first quarter under eBay. The second is the gap between 15% reported GMV growth and 13% organic growth. The third is the fourth-quarter non-GAAP EPS range of USD 1.48 to USD 1.53 against USD 1.51 in the third quarter. The fourth is the dividend of USD 0.31 per share, payable on December 18, 2026 to holders of record on December 4, alongside the remaining USD 1.3 billion buyback authorization.