eBay reported strong Q2 2026 results, exceeding expectations with 14% GMV and revenue growth, driven by focus categories, C2C, and emerging vectors like live commerce and vehicles. The company completed its acquisition of Depop and raised its full-year guidance, indicating confidence in durable growth despite macro headwinds. Strong Q2: GMV and revenue both up 14% YoY; focus categories grew 26%, C2C up over 20%.
eBay reported strong Q2 2026 results, exceeding expectations with 14% GMV and revenue growth, driven by focus categories, C2C, and emerging vectors like live commerce and vehicles. The company completed its acquisition of Depop and raised its full-year guidance, indicating confidence in durable growth despite macro headwinds. Strong Q2: GMV and revenue both up 14% YoY; focus categories grew 26%, C2C up over 20%.
Management cited broad-based GMV strength, with focus category GMV up 26% and C2C GMV up over 20%, and noted active buyers up nearly 2% globally with stronger trends in the US. They acknowledged expected deceleration in Q3 due to lapping dynamics, but expressed confidence in…
Management cited broad-based GMV strength, with focus category GMV up 26% and C2C GMV up over 20%, and noted active buyers up nearly 2% globally with stronger trends in the US. They acknowledged expected deceleration in Q3 due to lapping dynamics, but expressed confidence in…
Management cited broad-based GMV strength, with focus category GMV up 26% and C2C GMV up over 20%, and noted active buyers up nearly 2% globally with stronger trends in the US. They acknowledged expected deceleration in Q3 due to lapping dynamics, but expressed confidence in…
Guidance · revenue to $3.095B
Management highlighted continued AI-driven innovation, including the next-gen magical listing experience rolled out to new and reactivated listers in the UK, Germany, and Australia, and enhanced pricing guidance and package size estimation. The agentic search pilot showed promise, and they are integrating natural language capabilities into core search. They also cited structural AI advantages from
Management cited broad-based GMV strength, with focus category GMV up 26% and C2C GMV up over 20%, and noted active buyers up nearly 2% globally with stronger trends in the US. They acknowledged expected deceleration in Q3 due to lapping dynamics, but expressed confidence in underlying durability, and highlighted strong early results from Depop investments.
Capex was not explicitly discussed on the call; management only noted efficient AI model training/deployment on their private cloud infrastructure, implying no significant incremental capex pressure.
Management conveyed strong conviction in strategy, citing broad-based momentum, raised full-year guidance, and optimistic outlook for growth vectors like eBay Live and Depop, while acknowledging and managing near-term headwinds.
“Focus category GMV grew 26% in Q2 and eclipsed 40% of total GMV for the first time... C2C GMV grew by over 20% in Q2, outpacing overall GMV.”
“eBay Live posted another record quarter as GMV grew by roughly 8x year over year... median GMV increase for live sellers is roughly three times that of similar sellers who do not use live.”
“We have now fully ramped the latest generation of magical listing to all new and reactivated listers in the UK, Germany and Australia... seeing compelling uplift on key KPIs.”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| Op margin | FY2026 Q3 | 25.1%–25.6%inline 컨센서스 대비 | 25.35% | MAINTAINED |
| Revenue | FY2026 Q3 | $3.07B–$3.12Babove 컨센서스 대비 | $3.095B | MAINTAINED |
| 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 |
| FY2025 Q4 | EPS | FY2026 Q1 | $1.53–$1.59 | $1.66 | Met / beat |
| FY2025 Q4 | Op margin | FY2026 Q1 | 28.3%–29.2% | 19.78% | Missed |
| FY2025 Q4 | Revenue | FY2026 Q1 | $3B–$3.05B | $3.089B | Met / beat |
Royal Mail is a critical shipping partner for eBay's UK operations, supporting lower-cost delivery options and contributing to eBay's shipping program growth.
“Through our partnerships with InPost and Royal Mail, buyers and sellers can access approximately 50,000 lockers and parcel shops nationwide.”
… they add the most value. These innovations build on eBay's structural advantages, 30 years of commercially relevant data, tens of billions of cumulative listings and product images, and our ability to train and deploy AI models efficiently on our private cloud infrastructure. Shipping services are becoming an increasingly important part of our platform and a meaningful enabler of marketplace velocity. Thank you so much for joining us. Through our partnerships with InPost and Royal Mail, buyers and sellers can access approximately 50,000 lockers and parcel shops nationwide. With 95% of UK buyers now living within one kilometer of a pickup or drop-off location, this network offers a convenient, lower-cost alternative to home delivery, particularly for lower ASP inventory. We recently announced that eBay international shipping will also launch in the UK later this month. Following successful launches of this program in the US and Canada, eligible UK sellers will now have access to over 190 countries with lower shipping costs and a simpler end-to-end experience with customs, returns, and international delivery, all managed by eBay. Before closing, I'd like to share a few …
Etsy's prior investments in Depop are now part of eBay's acquisition cost, indicating a minor financial linkage between the two companies.
“The purchase price adjustments mainly reflected certain investments that Etsy and Depop made prior to the acquisition close.”
… price of approximately $104. The pace of repurchases in Q2 was influenced by share price volatility during the quarter, which impacted our pre-established repurchase programs. We also paid a quarterly cash dividend of $138 million in June or 31 cents per share. On July 30th, we closed the acquisition of Depop for $1.4 billion in cash, reflecting the purchase price of $1.2 billion and approximately $200 million of net purchase price adjustments. The purchase price adjustments mainly reflected certain investments that Etsy and Depop made prior to the acquisition close. Next, I will share some thoughts on our outlook, starting with the third quarter. Please reference the earnings presentation accompanying our release for our outlook and spot growth terms and foreign exchange implications. We expect consolidated GMV between $22 and $22.4 billion in Q3, including the impact of recently acquired DPOP, which represents total FX neutral growth between 10 and 12% year over year, or organic growth between 7 and 9%. Our guidance implies DPOP would contribute approximately 2.5 percentage points to total FX-neutral GMV growth in a partial quarter. Our consolidated GMV guidance implies …
eBay's Q2 GMV growth of 14% was broad-based, with focus categories growing 26% and C2C growing over 20%, indicating strong consumer-to-consumer momentum.