eBay Inc.

For Q1 2026, eBay reported GMV of $22.2 billion, up 14%; revenue of $3.09 billion, up 17%; non-GAAP operating income of $907 million, up 18%; and non-GAAP EPS of $1.66, up 21%. Non-GAAP gross margin was 74.6%, up 1 point year over year. Free cash flow was $898 million, and the company returned $639 million to shareholders via buybacks and dividends. For Q2 2026, eBay guided GMV to $21.3 billion-$21.7 billion, revenue to $2.97 billion-$3.03 billion, non-GAAP operating income growth of 6% to 10%, and non-GAAP EPS of $1.46-$1.51. For full-year 2026, management now expects FX-neutral GMV growth of 7% to 7.5%, revenue growth in line to slightly ahead of GMV, and non-GAAP operating income growth of 9% to 11%; capex is targeted at 4% to 5% of revenue and share repurchases at roughly $2 billion.

Jamie Iannone said the quarter showed strong execution across the marketplace, with broad-based GMV acceleration and strategic priorities now representing about 70% of GMV. He emphasized collectibles, Motors, fashion, C2C, eBay Live and AI as the main engines of the business, and said eBay is increasingly becoming an AI-native marketplace. His tone was confident but measured, noting the macro environment remains dynamic while expressing confidence in the durability of the company’s growth trends.

Peggy Alford walked through the quarter’s financial strength: GMV up 14% to $22.2 billion, revenue up 17% to $3.09 billion, non-GAAP operating income up 18% to $907 million, and non-GAAP EPS up 21% to $1.66. She said non-GAAP gross margin improved to 74.6% on lower payment costs and operational efficiencies, plus a benefit from the U.K. managed shipping accounting change. She also highlighted $898 million of free cash flow, $5.1 billion of cash and fixed income investments, $6.7 billion of gross debt, $500 million of buybacks in Q1 at an average price of about $90, and a $0.31 quarterly dividend; she reiterated a planned roughly $2 billion of repurchases for 2026.

Analysts focused on the gap between U.S. buyer growth and much stronger GMV, the sustainability of momentum into the back half, C2C competition and marketing spend, ad growth, AI search, agentic commerce, and live shopping. Management said U.S. buyer growth was 6% year over year and U.S. enthusiast buyers grew 8%, while GMV was also helped by ASP and sold-items mix; they said the quarter reflected healthy underlying buyer, engagement and spend trends. On live and AI, management said eBay Live is now in 7 markets and growing quickly, AI search is still early but showing more engagement and purchase behavior, and agentic commerce is viewed as a structural tailwind rather than a threat. They also said full-funnel marketing will remain important and that ad revenue should keep outpacing GMV over time.