eBay GMV Jumps 15% With Depop Deal and Record Live Shopping

eBay said Wednesday that third-quarter gross merchandise volume jumped 15% to $23.2 billion, in a quarter that included its newly acquired Depop fashion marketplace and another record for its live-shopping business.

Revenue rose 14% to $3.206 billion from $2.820 billion a year earlier, or 13% on a currency-neutral basis, according to the earnings release eBay filed with an 8-K on Wednesday. Non-GAAP earnings from continuing operations climbed 12% to $1.51 a diluted share.

Earnings and margins

GAAP net income from continuing operations fell 16% to $501 million, or $1.11 a share, from $593 million, or $1.27, in the year-ago quarter, when the company's GAAP effective tax rate was negative 4.3%. This year's GAAP rate was 17.1%.

Margins narrowed. GAAP operating margin slipped to 19.2% from 20.3%, and non-GAAP operating margin eased to 26.3% from 27.0%.

"Our Focus Categories, C2C marketplace, and Recommerce leadership are driving strong, sustained growth," CEO Jamie Iannone said in the release. CFO Peggy Alford said the strategy is "delivering strong GMV growth and meaningful earnings expansion."

Depop, live shopping and ads

eBay closed its purchase of Depop, a consumer-to-consumer fashion marketplace, from Etsy on July 30, paying $1.4 billion in cash including a preliminary purchase price adjustment. The company's outlook includes Depop's expected impact.

eBay Live, the company's live-shopping format, had another record quarter and is generating GMV at a multibillion-dollar annualized run rate, with growth "well into the triple digits" year over year, the company said. Collectibles marketplace TCGplayer passed $1 billion in GMV over the trailing 12 months.

Active buyers rose to 147 million from 134 million a year earlier, according to supplemental operating data in the release. International markets generated 43% of revenue in the quarter.

First-party advertising on the eBay platform generated $575 million of revenue, up 16%, and total advertising offerings brought in $607 million.

Guidance and shareholder returns

For the fourth quarter, eBay expects revenue of $3.19 billion to $3.24 billion, GMV of $23.7 billion to $24.1 billion, and non-GAAP EPS of $1.48 to $1.53. For the full year, it projects revenue of $12.62 billion to $12.67 billion, up 12% to 13% on a currency-neutral basis, and non-GAAP EPS of $6.25 to $6.30. GAAP EPS is forecast at $4.26 to $4.31 for the year.

The company returned $827 million to stockholders in the quarter, including $689 million in buybacks covering about 6 million shares and $138 million in dividends. About $1.3 billion remained under its repurchase authorization as of Sept. 30.

eBay declared a fourth-quarter dividend of 31 cents a share, payable Dec. 18 to holders of record on Dec. 4. It generated $875 million of operating cash flow and $749 million of free cash flow from continuing operations, and ended the quarter with $3.3 billion in cash and non-equity investments.

Sources

1. eBay Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 28, 2026 (accession 0001065088-26-000209)

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