eBay (EBAY) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $3.13 billion, up 15% year-over-year, with GMV at $22.4 billion, also up 15%.

• Non-GAAP operating income was $893 million (up 16%), and non-GAAP EPS was $1.60 (up 17%); GAAP net income was $552 million, or $1.21 per share.

• Strategic priorities—focused categories, C2C, and recommerce—now represent over 70% of GMV, each growing more than 20% year-over-year.

• Acquisition of Depop for $1.4 billion closed July 30, 2026, strengthening C2C and recommerce leadership and expanding reach with younger consumers.

• Returned $448 million to shareholders via $310 million in share repurchases and $138 million in dividends.

Financial highlights

• GMV: $22.4 billion, up 15% year-over-year; revenue: $3.13 billion, up 15% year-over-year.

• Non-GAAP operating income: $893 million, up 16%; non-GAAP EPS: $1.60, up 17%; GAAP EPS: $1.21.

• Free cash flow: $326 million; operating cash flow: $549 million; cash and investments: $4.9 billion.

• Advertising revenue: $596 million, 2.7% GMV penetration; first-party ads up 24–25% year-over-year.

• Operating margin: 21.6% (GAAP), 28.5% (non-GAAP); take rate: 14%.

Outlook and guidance

• Q3 2026 GMV guidance: $22.0–$22.4 billion, up 10–12% FX-neutral; revenue: $3.07–$3.12 billion, up 8–10% FX-neutral.

• Q3 non-GAAP EPS: $1.36–$1.42; GAAP EPS: $0.94–$0.99.

• Full-year 2026 GMV growth expected at 11.5–12.5% FX-neutral; revenue growth 11–12%; non-GAAP operating income and EPS growth 10–12%.

• Depop expected to contribute 1.5–2.5 percentage points to GMV and revenue growth for the year.

• Declared Q3 dividend of $0.31 per share, payable September 11, 2026.