eBay Reports $3.2 Billion in Third-Quarter Revenue as Gross Merchandise Volume Grows 15%
Key Facts
eBay reported revenue of $3.2 billion in the third quarter of 2026, up 14% on a reported basis and 13% excluding the impact of foreign exchange, according to an earnings summary published by PR Newswire. Gross merchandise volume reached $23.2 billion, up 15% on a reported basis and 16% excluding foreign exchange. The figures offer a picture of platform activity growth during the period, with a wider gap between gross merchandise volume growth and revenue growth when the impact of foreign exchange is accounted for. Diluted earnings per share were $1.11 on a GAAP basis and $1.51 on a non-GAAP basis, from continuing operations. The company also said operating margin was 19.2% on a GAAP basis and 26.3% on a non-GAAP basis.
Revenue came within the guidance range eBay issued on August 5, when it forecast third-quarter revenue of between $3.07 billion and $3.12 billion. Gross merchandise volume of $23.2 billion also exceeded the top end of the previous range of $22.0 billion to $22.4 billion. The guidance had put non-GAAP diluted earnings per share between $1.36 and $1.42, compared with the reported figure of $1.51 for the period. In the second quarter, the company reported revenue of $3.1 billion and gross merchandise volume of $22.4 billion, with each posting reported year-over-year growth of 15%. Net revenue for that quarter was $3.134 billion, compared with $2.730 billion in the same period of 2025, a reported increase of 15%.
Growth rates for revenue and gross merchandise volume diverged in the third quarter: the latter rose 15% on a reported basis, compared with 14% for revenue, while growth excluding foreign exchange was 16% and 13%, respectively. In the second quarter, eBay said eBay Live gross merchandise volume grew about eightfold year over year across its seven markets. Advertising offerings also generated revenue of $596 million, equivalent to 2.7% of gross merchandise volume, while the platform's first-party advertising products generated $570 million. These figures provide background on platform activities in the previous period, but do not by themselves identify the sources of third-quarter revenue growth. The available information did not attribute the third-quarter revenue increase to any particular driver.
Operating margin ended the third quarter at 19.2% on a GAAP basis, while the non-GAAP margin was about 26.3%. In the second quarter, GAAP operating margin had risen to 21.6% from 17.6% in the same period a year earlier. The non-GAAP margin was then 28.5%, compared with 28.3% in the second quarter of 2025. The comparison shows both reported third-quarter margins below the previous quarter's levels, with the available figures using different time periods for comparison. The third-quarter earnings summary did not include year-over-year comparisons for either margin, so no annual change can be inferred here.
eBay returned $827 million to shareholders during the third quarter, according to the summary, comprising $689 million in share repurchases and $138 million in cash dividends. This came alongside the period's reported revenue, gross merchandise volume and earnings figures. The company completed its acquisition of Depop, a consumer-to-consumer fashion marketplace, on July 30, 2026. The deal's completion date places the acquisition in the third quarter, while the available summary does not report Depop's contribution to the period's results. The figures appeared in a PR Newswire summary of third-quarter results, but the original release could not be opened for independent verification of its details.