eBay grew Q2 2026 revenue 15% to $3.13 billion on 15% GMV growth led by a 24% jump in US volume, but the 51% rise in GAAP profit mostly reflects lapping last year's restructuring and legal charges — non-GAAP operating margin was flat at 28.5%.
Revenue
$3.1B
+14.8% YoY
Net income
$552M
+51.2% YoY
Diluted EPS
$1.21
+55.1% YoY
Operating margin
21.6%
eBay's US marketplace drove a 15% jump in sales; much of the GAAP profit gain comes from not repeating last year's one-off charges
eBay's revenue for the quarter ended June 30, 2026 rose 15% to $3,134 million. Gross merchandise volume (GMV), the total dollar value of everything bought and sold on eBay including shipping and taxes, also rose 15%, to $22.4 billion. The US did most of the work: US GMV grew 24%, while international GMV grew 6%. Net income from continuing operations rose 51% to $552 million, and diluted EPS rose from $0.78 to $1.21.
That 51% overstates the underlying improvement. The year-ago quarter carried $55 million of restructuring costs and $52 million of legal charges, and its tax rate was higher (22.6% vs 17.1% now). eBay's non-GAAP operating margin excludes those items, as well as stock-based pay and amortization. On that measure the margin moved only from 28.3% to 28.5%. eBay grew revenue quickly but spent most of the extra money on marketing, payment processing and fraud losses, so profit per dollar of sales barely changed.
Note on comparisons: eBay adopted a new accounting rule for software development costs (ASU 2025-06) on January 1, 2026 and restated prior periods. Under the rule, nearly all product-development spending is now expensed immediately instead of being capitalized. Every 2025 figure below is the restated figure from the 10-Q. That is why Q2 2025 net income is $364 million here, $4 million below the $368 million eBay originally reported.
Key figures
Metric
Q2 2026
Q2 2025
YoY Change
Net revenues
$3,134M
$2,730M
+14.8%
Gross merchandise volume (GMV)
$22,398M
$19,514M
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Net income and EPS are from continuing operations. Total net income, which includes a $2 million loss from discontinued operations, was $550 million vs $364 million. Non-GAAP figures come from eBay's earnings release (8-K Exhibit 99.1, August 5, 2026). All other figures are from the 10-Q.
GMV and take rate: volume did the lifting
eBay does not sell its own inventory. It earns fees on other people's sales, so two numbers explain most of its revenue:
GMV is the value of goods changing hands on the platform.
Take rate is the share of that value eBay keeps as revenue, from selling fees, advertising, shipping and payments. At 13.99%, eBay kept about 14 cents of every dollar spent on its marketplaces.
The take rate was exactly flat year over year, so the 15% revenue growth came entirely from more volume, not from charging sellers more. Excluding currency moves (a weaker US dollar added $22 million to revenue and $168 million to GMV), revenue and GMV both grew 14%. For the first half, GMV was $44.6 billion (+17%). The half-year take rate was 13.95%, up 0.06 points.
GMV by region
Q2 2026
Q2 2025
YoY
United States
$11,688M
$9,428M
+24%
International
$10,710M
$10,086M
+6%
Total
$22,398M
$19,514M
+15%
US growth has been accelerating for a year: +7% in Q2 2025, +13% in Q3, +19% in Q4, +27% in Q1 2026 and +24% this quarter. The 10-Q attributes the increase to "improved U.S. consumer demand with growth improving sequentially across all our major categories". It names Collectibles, Motors Parts & Accessories, Fashion and Refurbished Goods as the strongest performers. Consumer-to-consumer (C2C) selling, meaning individuals rather than businesses selling, "outpaced B2C growth across the United States, the United Kingdom and Germany." US revenue rose 26% to $1,757 million and is now 56% of the total, up from 51%. International revenue rose only 3% to $1,377 million, and the 10-Q cites "continued challenging macroeconomic conditions across certain international markets."
Active buyers, defined as people who paid for at least one purchase in the prior 12 months, reached 136 million, up 2%. eBay also reports 136 million excluding Tise, a resale app it bought in October 2025, so the acquisition barely moves the count. The implication is that GMV grew about seven times faster than the buyer count. The growth came from existing buyers spending more, not from a wave of new users.
Focus categories: collectibles, parts and pre-loved luxury
The 10-Q does not give dollar figures for individual categories. It says only that GMV across "Focus Categories, C2C and Recommerce," which includes pre-owned and refurbished goods, grew faster than the rest of the marketplace. The earnings release adds operating detail:
Trading cards and collectibles: eBay's AI card-scanning tool passed 80 million cumulative scans. Authenticity Guarantee was extended to UK trading cards over £500. Goldin, eBay's high-end auction house, sold a Michael Jordan card for $4.3 million.
Motors Parts & Accessories: eBay launched free returns for parts in the UK and expanded its Guaranteed Fit program, which checks that a part fits the buyer's vehicle, to Canada.
Pre-loved luxury and fashion: Authenticity Guarantee now covers more than 100 fashion brands in the US and UK. eBay also integrated the Enquirus watch-registry database in the US, UK and Germany.
eBay Live, its live-video shopping format, grew GMV "roughly eight times year-over-year" (earnings release). eBay did not disclose the dollar base, so the size of that contribution is unknown.
Advertising: the fastest-growing revenue line
Advertising revenue, mostly sellers paying to promote their listings in search results, rose 24% to $596 million, equal to 2.7% of GMV. First-party ads on eBay's own site made up $570 million of that, up 25% (earnings release). The 10-Q says growth came from "increased adoption and attribution changes that enhanced our ability to convert first-party ads." In plain terms, eBay changed how it credits a sale to a promoted listing, which let it collect ad fees on more transactions. Part of the ad growth therefore comes from that measurement change, not only from more sellers choosing to advertise. Marketplace (transaction) revenue grew 13% to $2,538 million. For the first half, advertising grew 27% to $1,177 million.
Where the extra revenue went
eBay added $404 million of revenue, and total costs (cost of revenue plus operating expenses) rose $207 million. The main moves, per the 10-Q:
Cost of revenue rose $82 million (+11%): $44 million more payment processing on higher volume, $20 million of offsite promoted-ads costs and $16 million of data-center costs.
Sales and marketing rose $111 million (+19%), led by $81 million more marketing program spending.
Transaction losses (buyer-protection refunds, chargebacks and fraud) rose 54% to $133 million. $31 million of the increase came from "unfavorable fluctuations in buyer and seller fraud and recovery rates" and $14 million from higher volume. These losses are growing much faster than GMV and are worth watching.
General and administrative fell $65 million (−17%), because the year-ago quarter's $55 million restructuring charge did not recur and legal and transaction costs were $42 million lower.
That G&A drop is the main reason GAAP operating margin rose 4 points while non-GAAP margin rose only 0.2 points. Operating margin is the share of revenue left after running the business, before interest and tax. In the earnings release's reconciliation, restructuring and legal items were $107 million in Q2 2025 but a net −$9 million this quarter, which includes a $10 million legal credit. Year to date, the gap is smaller: GAAP operating margin was 20.7% vs 20.5%, partly because Q1 2026 carried most of this year's $105 million in restructuring and executive bonus costs.
Equity investments: no longer a swing factor, for now
In earlier years, eBay's GAAP profit could jump or fall by hundreds of millions of dollars in a quarter because of marked-to-market stakes in other companies, chiefly Adevinta and warrants in Adyen, the payments processor. Those are paper gains and losses unrelated to how the marketplace performed. That swing has now largely gone. In 2024 eBay sold part of its Adevinta stake for $2.4 billion in cash and swapped the rest for shares of Aurelia, the buyer's holding company, then sold some of those; it now owns about 8.3% of Aurelia. Aurelia is held at cost under the "measurement alternative," so it is not re-valued every quarter. Warrant fair-value changes (eBay's warrant agreement with Adyen) added only $2 million this quarter. The net result for all equity investments and warrants was a $2 million gain vs a $4 million loss a year ago, which the 10-Q calls immaterial. Aurelia paid eBay a $194 million cash distribution in Q1 2026, treated as a return of capital, leaving a carrying value of $474 million.
Cash flow, buybacks and dividend
Operating cash flow from continuing operations was $549 million, compared with $340 million used in Q2 2025. Free cash flow (operating cash minus capital spending) was $326 million vs −$441 million (earnings release). For the first half, the swing was mainly due to $794 million less cash paid for taxes (10-Q), so it does not reflect an equivalent improvement in the business.
Buybacks: eBay repurchased $310 million of stock in the quarter (about 3 million shares) and $810 million in the first half. $2.0 billion of authorization remains after a $2.0 billion top-up in February. Diluted shares fell to 455 million from 470 million, which is why non-GAAP EPS (+18%) grew faster than non-GAAP net income (+14%).
Dividend: $138 million paid in the quarter. eBay declared $0.31 per share, payable September 11, 2026.
Debt: eBay repaid $750 million of 1.400% notes at maturity in May, funded with $750 million of commercial paper at a weighted 4.12%. The replacement debt costs roughly three times the old coupon.
Depop acquisition closed after quarter-end
On July 30, 2026, eBay closed its purchase of Depop, the Gen Z-focused fashion resale app, from Etsy. It paid $1.4 billion in cash including preliminary purchase-price adjustments; the headline price was $1.2 billion. None of Depop is in these Q2 numbers. For context, the paid amount is about 29% of the $4.9 billion eBay held in cash and non-equity investments at June 30, so the deal will reduce that cash pile in Q3.
Outlook
Guidance for Q3 2026 (earnings release, including Depop):
Q3 2026 guidance
Range
Implied vs Q3 2025
Revenue
$3.07–$3.12B
8%–10% FX-neutral growth (vs $2,820M reported)
GMV
$22.0–$22.4B
10%–12% FX-neutral growth (vs $20,105M reported)
GAAP diluted EPS
$0.94–$0.99
—
Non-GAAP diluted EPS
$1.36–$1.42
—
The CFO said eBay is "increasing our full-year top- and bottom-line outlook." The full-year figures are not in the 8-K exhibit, so they are not reproduced here.
Our read: the guidance implies a clear slowdown, from 14% FX-neutral revenue growth this quarter to 8–10% next quarter, even with Depop added. The main reason is a tougher comparison. US GMV growth started accelerating in Q3 2025 (+13%), so the easy year-over-year gains are fading. Revenue guided below GMV growth also suggests take rate will slip. EPS is also guided down sequentially: non-GAAP $1.36–$1.42 vs $1.60 in Q2, and GAAP $0.94–$0.99 vs $1.21. The GAAP figure absorbs an estimated $24–28 million of acquired-intangible amortization (about $13 million in Q2, so the step-up likely reflects Depop) and $14–16 million of transaction costs. Three things to watch in the Q3 report:
Whether US GMV holds double-digit growth against a harder comparison.
Whether transaction losses keep growing several times faster than volume.
How much of the advertising growth continues once the attribution change is lapped.
Takeaway: eBay's business really did grow faster this quarter: 15% GMV growth, led by +24% in the US, with a flat take rate. But the 51% jump in GAAP profit mostly comes from lapping last year's one-off restructuring and legal charges and from a lower tax rate. Underlying profitability was flat (non-GAAP operating margin 28.5% vs 28.3%), as extra marketing, payment and fraud costs absorbed most of the revenue gain. Buybacks turned that into 18% non-GAAP EPS growth.