Oct 28, 2026 earnings call — Depop and Live drive GMV growth
GMV grew nearly 16% to $23.2 billion, boosted by Depop, eBay Live, collectibles and strong U.S. demand.
Revenue $3.2B (est $3.1B) · EPS $1.51 (est $1.41) · Next-quarter revenue outlook $3.2B–$3.2B
Key quotes
"EPOP's GMV growth outperformed our expectations in Q3, including US GMV, monthly active users, and sold items more than doubling year over year on a pro forma basis."
"EBay Live delivered another record quarter, and is generating GMV at a multi billion dollar annualized run rate."
"Authenticity Guarantee surpassed 20 million cumulative items inspected across categories in July."
Analyst Q&A 8
How investments affect margins
Q (Mike Morton · MoffettNathanson): How can eBay reinvest in fast-growing low-take-rate businesses (live, Depop, autos) without hurting long-term margins? Does the restructuring free up enough capacity?
A: Management said they choose investments based on the earnings and overall opportunity, not just take rate. They believe investing across businesses adds durability and drives both top-line and bottom-line growth. They used vehicles as an example of a high-value, fast-growing area that complements existing categories.
"We really evaluate the opportunities and the earnings overall that they can generate, not really looking at optimizing for take rate." — Peggy Alford (CFO)
Live commerce growth drivers
Q (Nathaniel Feather · Morgan Stanley): What are the main limits to more live growth and how does live relate to core GMV? Also, how are you deciding marketing spend for Depop?
A: Management said self-service, multistreaming, hub redesign, country and category expansion, and frequent seller-requested features are unlocking live growth. They see a strong halo: live sellers do roughly twice as much GMV on the core marketplace as in live events, and buyers who use live spend more. On Depop, they are allocating marketing and shipping investments where returns are strongest and leveraging synergies with eBay.
"Live had another record quarter, and it is at a multibillion dollar annualized GMV run rate with growth well into the triple digits." — Jamie J. Iannone (CEO)
AI and agentic tools plans
Q (Deepak Mathivanan · Cantor Fitzgerald): How is eBay prioritizing products for the new agentic AI era for buyers and sellers? How will AI reduce friction in listing, cataloging, and transactions?
A: Management said AI is already helping growth, especially with listing and cataloging through Magical Listing across markets. They see measurable gains like faster listing time and more listings per attempt, and view eBay as well positioned because of its non-new-in-season inventory. They are testing third-party agent experiences while keeping a trusted end-to-end customer experience.
"AI is meaningfully contributing even to the growth we are seeing today on the marketplace." — Jamie J. Iannone (CEO)
Live distribution and Depop competition
Q (Kenneth Gawrelski · Wells Fargo): Will you syndicate live to social platforms while keeping economics? And what early consumer learnings and competition are you seeing with Depop in the U.S.?
A: Management said multistreaming lets sellers promote shows on Facebook, Instagram, TikTok, Twitch and bring new buyers to eBay, and they will keep exploring more services and distribution. On C2C fashion, they said eBay plus Depop form two strong brands, with U.S. fashion GMV about $9 billion over the trailing 12 months and mid-20% growth, so they plan to build on that momentum and invest where returns are strongest.
"The reason we launched the multi streaming capability was it was a requested feature from our sellers." — Jamie J. Iannone (CEO)
Advertising and international trends
Q (Colin Sebastian · Baird): Are you seeing changes in seller demand for ads and how should we separate macro effects from category-led growth internationally?
A: Management said advertising grew healthily in Q3 and total revenue rose despite tough comps, with room to grow via broader seller adoption and new products. International is uneven: UK improving, Germany softer, but C2C and focus categories are performing well and pre-loved inventory is resonating with selective customers. They continue to expand features and C2C capabilities in Europe.
"Total revenue increased 6% year over year or 15% on a pro forma basis despite tougher year over year comps." — Jamie J. Iannone (CEO)
Coins category and authenticity
Q (Bernard McTernan · Needham): Tell us about the U.S. coins market, early uptake of Authenticity Guarantee, and how it differs from trading cards.
A: Management said coins are a large enthusiast category and they launched Authenticity Guarantee in August with PCGS, introduced at the ANA World Fair of Money and rolled out to all sellers in September. They see strong community enthusiasm on eBay Live and view coins as another collectible where the playbook applies across core and live.
"We introduced the program at the ANA World Fair of Money, and then we completed the rollout to all sellers in, in September." — Jamie J. Iannone (CEO)
Organic buyer growth and Depop synergies
Q (BMO): With active buyers up, how will you accelerate organic buyer growth (excluding acquisitions)? And what backend synergies with Depop can you realize without hurting its social brand?
A: Management noted pro forma trailing 12 month active buyers grew 4% to 147 million including Depop and Tise, and excluding them organic growth was over 1% led by 6% U.S. growth; they focus on C2C initiatives, listing tools, live, and targeted marketing to attract and retain buyers. For Depop, they are already lowering shipping costs via eBay carrier rates, testing a dedicated Depop module in eBay search, and plan longer-term synergies in compliance, authenticity, payments, and AI-backed listing tools.
"On a pro forma basis, the trailing 12 month active buyers grew 4% in Q3 to 147 million, including Depop and Tise." — Peggy Alford (CFO)
Consumer AI agents and customer acquisition
Q (Evercore): How do consumer agent platforms (Stinct, Muse, others) affect customer acquisition and retention? Are they a threat or opportunity?
A: Management said traffic from agentic channels is small but largely incremental and brings new and reactivated buyers at higher rates than similar channels. They highlighted eBay's strong organic traffic and enthusiastic buyer base, and noted roughly half of new buyers from those referrals return directly to eBay for later purchases. They view AI tools for sellers and buyers as a structural tailwind and are open to leveraging such channels to convert users to enthusiast buyers.
"Importantly, even though the traffic is small today, we are seeing that roughly half of the new buyers from those referrals come directly to eBay." — Jamie J. Iannone (CEO)