EBAY · Earnings call · 2026Q2T · Full report
Acquisition / Partnership / Divestiture
EBAY INC · 2026-08-05 · Importance 71 · Surprise 60 · In source text
eBay completed its acquisition of Depop on July 30 for $1.4 billion in cash, consisting of a $1.2 billion purchase price and approximately $200 million of net purchase-price adjustments. Depop adds a discovery-led pre-loved fashion platform, approximately nine million buyers at the end of Q2, and greater reach among younger consumers. eBay expects to combine Depop's brand and community with eBay's global user base, shipping capabilities, trust systems and marketplace scale. Depop is expected to contribute 2.5 percentage points to Q3 FX-neutral GMV growth and 1.5 percentage points to Q3 FX-neutral revenue growth, while creating approximately two percentage points of full-year operating-income growth headwind and 2.5 percentage points of EPS dilution.
Key facts
- Guidance implies Depop would contribute approximately 2.5 percentage points to total FX-neutral GMV growth in a partial quarter (Q3)
- Depop expected to contribute approximately 1.5 percentage points to total FX-neutral revenue growth in Q3, with significant portion of planned shipping investment recognized as contra revenue
- Depop expected to be a three- to four-point headwind to non-GAAP operating income growth in Q3
- Acquisition of Depop closed on July 30 for $1.4 billion in cash, reflecting purchase price of $1.2 billion and approximately $200 million of net purchase price adjustments
- Depop had 7 million buyers at time of acquisition and 9 million buyers by the end of Q2
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | negative | committed | — | Depop expected to contribute approximately 1.5 percentage points to total FX-neutral revenue growth in Q3, with significant portion of… |
| operating_income | negative | committed | — | Depop expected to be a three- to four-point headwind to non-GAAP operating income growth in Q3 |
| cash | negative | realized | — | Acquisition of Depop closed on July 30 for $1.4 billion in cash, reflecting purchase price of $1.2 billion and approximately $200 million… |
| revenue | positive | probable | — | Depop had 7 million buyers at time of acquisition and 9 million buyers by the end of Q2 |