eBay’s third quarter results drew a positive reaction from the market, fueled by strong growth across its core marketplace, focus categories, and emerging business lines. Management attributed the outperformance to double-digit expansion in gross merchandise volume, ongoing momentum in collectibles, and rapid adoption of consumer-to-consumer (C2C) initiatives. CEO Jamie Iannone highlighted that “outperformance was once again broad based across categories, geographies, and customer segments,” with particular strength in trading cards and vehicles. Enhancements in AI-powered listing tools and the scaling of Depop, acquired earlier in the year, also played a significant role in driving engagement and transaction growth.
Is now the time to buy EBAY? Find out in our full research report (it’s free for active Edge members).
eBay (EBAY) Q3 2026 highlights:
- Revenue $3.21 billion vs S&P analysts’ estimates of $3.12 billion (13.7% year-on-year growth, 2.8% beat)
- Adjusted EPS $1.51 vs S&P analysts’ estimates of $1.42 (6.6% beat)
- Adjusted operating income $843 million vs analyst estimates of $791.6 million (26.3% margin, 6.5% beat)
- Revenue guidance $3.22 billion at the midpoint for Q4 2026, roughly in line with what analysts were expecting
- Adjusted EPS guidance $6.28 at the midpoint for the full year, beating analyst estimates by 2.1%
- Operating margin 19.2%, down from 20.2% in the same quarter last year
- Active buyers 147 million, up 13 million year on year
- Market capitalization $53.93 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our top 5 analyst questions from eBay’s Q3 earnings call
-
Mike Morton (MoffettNathanson) asked about balancing investment in fast-growing but lower-margin segments. CFO Peggy Alford emphasized the focus on absolute growth in gross merchandise value and operating income, not just percentage margins, and described the company’s discipline in evaluating returns across business lines.
-
Nathaniel Feather (Morgan Stanley) questioned what’s needed to further unlock live commerce growth. CEO Jamie Iannone cited broader seller onboarding, multistreaming capabilities, and AI tools as key enablers, adding that live sellers generate a “halo effect” with increased core marketplace engagement.
-
Deepak Mathivanan (Cantor Fitzgerald) inquired about eBay’s AI priorities post-ChatGPT. Iannone highlighted that AI is already reducing friction in listing and cataloging, and that eBay is well-positioned to benefit from agentic tools that automate more of the transaction process.
-
Kenneth Gawrelski (Wells Fargo) probed the strategy for live content distribution and C2C competition. Iannone stressed the importance of multistreaming and partnerships to draw external audiences, and described the U.S. C2C market as “not winner take all,” with eBay and Depop collectively capturing significant growth.
-
Colin Sebastian (Baird) asked about advertising demand and international macro trends. Iannone noted that advertising growth remains robust, with opportunities for broader seller adoption, and that differentiated value propositions in pre-owned and refurbished goods are resonating even amid mixed international consumer sentiment.
Catalysts in upcoming quarters
In upcoming quarters, the StockStory team will be watching (1) the pace of adoption and monetization for eBay Live and Depop integrations, (2) the impact of AI-driven seller and buyer tools on listing velocity and transaction conversion, and (3) sustained growth in focus categories and C2C verticals. Progress in international market expansion and further improvements in shipping infrastructure will also be key indicators of execution.
eBay currently trades at $122.18, up from $118.02 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
High-quality stocks for all market conditions
ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively.
Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.
