EBAY · Earnings call · 2026Q2T · Full report
Guidance / Outlook
EBAY INC · 2026-08-05 · Importance 74 · Surprise 68 · In source text
For Q3 2026, eBay forecast consolidated GMV of $22.0 billion to $22.4 billion, representing 10% to 12% FX-neutral growth, and revenue of $3.07 billion to $3.12 billion, representing 8% to 10% FX-neutral growth. Q3 non-GAAP operating income growth was projected at 1% to 5%, with a 25.1% to 25.6% operating margin, while non-GAAP EPS was expected at $1.36 to $1.42. For full-year 2026, management raised its outlook to 11.5% to 12.5% FX-neutral GMV growth, 11% to 12% revenue growth, and 10% to 12% growth in both non-GAAP operating income and EPS; Depop is expected to dilute full-year EPS growth by approximately 2.5 percentage points. Capital expenditures are expected to remain 4% to 5% of revenue, with approximately $2 billion of share repurchases planned for the year.
Key facts
- Q3 consolidated GMV guidance: between $22 billion and $22.4 billion, total FX-neutral growth 10% to 12% year-over-year, organic growth 7% to 9%
- Q3 consolidated revenue guidance: $3.07 billion to $3.12 billion, total FX-neutral growth 8% to 10% year-over-year, organic growth approx 7% to 9%
- Q3 consolidated non-GAAP operating income growth expected between 1% and 5% year-over-year, implying non-GAAP operating margin between 25.1% and 25.6%
- Full year consolidated GMV growth plan: 11.5% to 12.5% year-over-year on an FX-neutral basis, includes ~1.5 percentage points contribution from Depop and assumes Depop GMV growth will accelerate by double-digit percentage points in the second half vs Q2 on a pro forma basis
- Full year consolidated revenue growth expected roughly 0.5 point below GMV growth on an FX-neutral basis or between 11% and 12% year-over-year; Depop expected to contribute roughly one percentage point to consolidated revenue growth
- Full year consolidated non-GAAP operating income growth now expected between 10% and 12% year-over-year, with Depop expected to be roughly a two-percentage point headwind to growth
- Q3 consolidated non-GAAP EPS guidance: $1.36 to $1.42, implying year-over-year growth between 1% and 5%; includes expected mid-single-digit headwind to non-GAAP EPS growth from Depop
- Full year consolidated non-GAAP EPS growth expected between 10% and 12% year-over-year, with Depop representing roughly 2.5 percentage points of dilution to non-GAAP EPS
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | committed | — | Q3 consolidated revenue guidance: $3.07 billion to $3.12 billion, total FX-neutral growth 8% to 10% year-over-year, organic growth approx… |
| operating_income | positive | committed | — | Q3 consolidated non-GAAP operating income growth expected between 1% and 5% year-over-year, implying non-GAAP operating margin between… |
| revenue | positive | committed | — | Full year consolidated revenue growth expected roughly 0.5 point below GMV growth on an FX-neutral basis or between 11% and 12%… |
| operating_income | positive | committed | — | Full year consolidated non-GAAP operating income growth now expected between 10% and 12% year-over-year, with Depop expected to be roughly… |
| net_income | positive | committed | — | Q3 consolidated non-GAAP EPS guidance: $1.36 to $1.42, implying year-over-year growth between 1% and 5%; includes expected… |
| net_income | positive | committed | — | Full year consolidated non-GAAP EPS growth expected between 10% and 12% year-over-year, with Depop representing roughly 2.5 percentage… |