eBay Inc.

Q3 GMV was $23.2 billion, up nearly 16% year over year on an FX-neutral basis and 13% organically. Revenue was $3.21 billion, up 13% FX-neutral and 11% organically. Non-GAAP operating income was $843 million, up 11%, and non-GAAP EPS was $1.51, up nearly 12%; non-GAAP gross margin was 73.1%, up 60 basis points year over year. Free cash flow was $749 million, and eBay returned nearly $830 million to shareholders in Q3 through repurchases and dividends. For Q4, management expects consolidated GMV of $23.7 billion to $24.1 billion, revenue of $3.19 billion to $3.24 billion, non-GAAP operating income growth of 6% to 10%, non-GAAP operating margin of 25.7% to 26.2%, and non-GAAP EPS of $1.48 to $1.53. Management also continued to target roughly $2 billion of stock repurchases for the full year and declared a quarterly dividend of $0.31 per share.

Jamie Iannone framed the quarter as evidence that eBay’s strategy is working: investing in higher-growth areas while still posting strong earnings growth. He emphasized broad-based momentum in collectibles, motors, fashion, refurbished goods, C2C, and shipping, and said AI is reducing friction and improving listing productivity, conversion, discovery, and trust. His tone was confident and upbeat, especially on the long-term opportunity in Live, Depop, and secondhand commerce.

Peggy Alford highlighted that eBay exceeded expectations across key financial metrics, with GMV, revenue, operating income, and EPS all growing at double-digit rates. She noted that take rate declined 20 bps year over year because of faster growth in lower-take-rate businesses like Live and C2C, Depop, and category mix shifts, partly offset by shipping, advertising, and financial services. She also cited strong cash generation of $749 million, cash and fixed-income investments of $3.3 billion, gross debt of $6.7 billion, $690 million of share repurchases at an average price of roughly $106, and $138 million of dividends paid in September.

Analysts focused on the tension between faster-growing lower-take-rate businesses and margin reinvestment. Management said it evaluates opportunities based on the combined GMV and operating income dollars they can generate, not on maximizing take rate, and argued that businesses like vehicles and Live expand the addressable market. Questions on Live centered on category breadth, seller onboarding, and distribution; management said Live is broader than collectibles, is now open to more sellers through self-service, and benefits from a halo effect on core marketplace activity. On Depop, management pointed to strong early traction, higher-quality cohorts, and synergies in shipping, traffic, payments, authenticity, and AI, while saying marketing and shipping investments are being allocated where returns are strongest.