EBay reported strong Q4 2025 results, with GMV, revenue, and EPS all beating expectations, driven by broad-based strength in focus categories, C2C, and U.S. growth. The company guided to continued strong growth in 2026, but acknowledged some tailwinds from bullion sales and marketing benefits are lapping. They announced the acquisition of Depop to accelerate their C2C strategy in fashion. Q4 GMV grew 8% organically to $21.2B, with U.S. GMV up 19%, but international declined 1%.
EBay reported strong Q4 2025 results, with GMV, revenue, and EPS all beating expectations, driven by broad-based strength in focus categories, C2C, and U.S. growth. The company guided to continued strong growth in 2026, but acknowledged some tailwinds from bullion sales and marketing benefits are lapping. They announced the acquisition of Depop to accelerate their C2C strategy in fashion. Q4 GMV grew 8% organically to $21.2B, with U.S. GMV up 19%, but international declined 1%.
EBay reported strong Q4 2025 results, with GMV, revenue, and EPS all beating expectations, driven by broad-based strength in focus categories, C2C, and U.S. growth. The company guided to continued strong growth in 2026, but acknowledged some tailwinds from bullion sales and…
Management emphasized AI as a core driver of growth, citing the next-gen magical listing experience, agentic search, and AI-powered card scanning. They highlighted early adoption metrics like 15 million cards scanned and 95% customer satisfaction, and expressed confidence in…
Management highlighted broad-based growth, multiple years of investments paying off, and strong momentum into 2026, while acknowledging specific headwinds in international markets.
Acquiring Depop for ~$1.2B is expected to close in Q2 2026 and add ~1-2 pts to GMV growth.
Management emphasized AI as a core driver of growth, citing the next-gen magical listing experience, agentic search, and AI-powered card scanning. They highlighted early adoption metrics like 15 million cards scanned and 95% customer satisfaction, and expressed confidence in positioning for agentic commerce with partnerships like OpenAI.
U.S. GMV accelerated to nearly 19% growth in Q4. Management highlighted broad-based growth, multiple years of investments paying off, and strong momentum into 2026, while acknowledging specific headwinds in international markets.
Capex is forecast to be 4% to 5% of revenue for 2026, reflecting consistent infrastructure investment.
Management highlighted broad-based growth, multiple years of investments paying off, and strong momentum into 2026, while acknowledging specific headwinds in international markets.
“The deterioration in Q4 was due to trade policy changes, and we expect that trend to continue.”
“We expect Depop would contribute 1 to 2 percentage points to total FX-neutral GMV growth year-over-year in 2026.”
“We are switching our accounting treatment for this program from gross to net revenue recognition, which will modestly pressure our take rate in 2026.”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 Q1 | $1.53–$1.59 | $1.56 | GUIDED |
| Op margin | FY2026 Q1 | 28.3%–29.2% | 28.75% | GUIDED |
| Revenue | FY2026 Q1 | $3B–$3.05B | $3.025B | GUIDED |
| 제시 시점 | 지표 | 목표 기간 | 가이던스 | 실제 | 결과 |
|---|---|---|---|---|---|
| FY2026 Q1 | EPS | FY2026 Q2 | $1.46–$1.51 | $1.60 | Met / beat |
| FY2026 Q1 | Op margin | FY2026 Q2 | 27.6%–28.1% | 21.57% | Missed |
| FY2026 Q1 | Revenue | FY2026 Q2 | $2.97B–$3.03B | $3.134B | Met / beat |