EBay outlines 10–12% GMV growth target for Q1 2026 while advancing C2C strategy through Depop acquisition

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• We finished 2025 with incredible momentum as we delivered Q4 results that meaningfully exceeded our expectations

  80% confidence

• Years of investment are paying off, with broad-based growth momentum carrying through to 2026

  80% confidence

• Focus categories, C2C, and recommerce comprised 2/3 of eBay's business and generated roughly $50 billion in unique GMV with approximately 10% growth

  80% confidence

• We continue to see a long runway for secular growth in trading cards

  80% confidence

• eBay Live is a natural extension of the marketplace contributing to double-digit growth in focus categories

  80% confidence

• Q1 2026 GMV expected between $21.5 billion and $21.9 billion, representing 10-12% FX-neutral growth

  80% confidence

• A significant amount of the acceleration from Q4 to Q1 was related to bullion and collectible uptick, but confidence remains in the durability of core growth

  80% confidence

• Losses were primarily attributable to recently launched shipping programs, which significantly improved the seller and buyer experience, though they are expected to decline over time

  80% confidence

• We expect non-GAAP operating income growth between 8% and 10% year-over-year in 2026

  80% confidence

• Focus category rollout internationally has been performing well, though macro conditions in Europe remain challenging

  80% confidence

• Depop acquisition is a natural strategic and cultural fit that strengthens eBay's C2C value proposition

  80% confidence

• Depop acquisition projected to be a low single-digit headwind to 2026 operating income and non-GAAP EPS growth, with long-term accretion expected by 2028

  80% confidence

• The strength in GMV is broad-based, not solely attributable to bullion and coins

  80% confidence

• Depop acquisition expected to contribute 1 to 2 percentage points to total FX-neutral GMV growth year-over-year, assuming deal closes in Q2

  80% confidence

• Depop is a great strategic fit for eBay given its younger demographic and synergy with the C2C and fashion segments

  80% confidence

• The underlying health of the business is the strongest it's been since I've joined the company 6 years ago

  80% confidence

• GMV grew over 8% to $21.2 billion, revenue grew over 13% to $2.96 billion, non-GAAP operating income grew over 11% to $775 million, non-GAAP EPS grew nearly 13% to $1.41, and returned $756 million to shareholders

  80% confidence