EBay Inc. reported its highest quarterly revenue since the pandemic, fueled by strong consumer demand in the U.S. and continued momentum in collectibles.

For its fiscal Q2 ended June 30, eBay reported revenue of $2.73 billion, up 6% year over year, and ahead of both Wall Street expectations and the company’s own guidance.

Gross merchandise volume (GMV) also rose 6% to $19.51 billion in eBay’s Q2. CEO Jamie Iannone said GMV in the company’s “focus categories” — high-growth segments that cater in part to its high-value “enthusiast” buyers — grew more than 10%, outpacing core categories by nine percentage points. Focus categories include collectibles like trading cards, auto parts and luxury goods.

During the quarter, executives also noted some disruption to cross-border shipments from Greater China, following the U.S. elimination of a trade exemption for low-value imports. However, they said the overall impact in Q2 was limited, with sellers shifting inventory to other markets and remaining shipments seeing higher average selling prices.

“These results are a testament to our continued progress in reinventing the future of ecommerce for enthusiasts,” Iannone said on the earnings call. “The fundamental drivers of our return to profitable growth remain intact, while our marketplace has proven resilient to recent uncertainty brought on by tariffs and trade policy changes.”

EBay ranks No. 6 in Digital Commerce 360’s Global Online Marketplaces Database. The database ranks the 100 largest such marketplaces by third-party gross merchandise value (GMV).

Impact of tariffs and trade rule changes on eBay sales

In Q2, eBay’s GMV totaled $19.51 billion, up from $18.42 billion a year earlier. Of that total, U.S. GMV accounted for about $9.43 billion, rising approximately 7% year over year.

Peggy Alford, chief financial officer at eBay, said the performance was supported by the strong execution of eBay’s strategic initiatives and improving consumer demand in the U.S.

In May, the Trump administration ended a trade rule known as the de minimis exemption for goods shipped from China and Hong Kong. The rule had allowed packages valued under $800 to enter the U.S. duty-free. A broader executive order signed by Trump on July 30 expands that change to all countries, effective Aug. 29.

Following the initial policy shift, Iannone acknowledged a slowdown in direct shipments from Greater China. However, many sellers adapted by redirecting inventory to buyers in other regions such as the U.K. and Germany, he said.

He added that even among shipments affected by higher tariffs, sellers were able to offset some losses through increased average selling prices, particularly on replenished inventory stored in the U.S.

“Consumer demand held up through Q2,” Iannone said. “And we really saw broad-based strength across different categories as both our sold items and our average selling prices grew year over year in Q2.”

eBay’s focus categories, help from Klarna

Collectibles were the largest contributor to GMV growth in Q2, Iannone said. This helped push focus category GMV up 10%, compared with 6% in Q1.

Growth in both sold items and average selling prices contributed to the U.S. growth, Alford said, supported by the April expansion of eBay’s Klarna partnership into the U.S.

Iannone noted that average order values on Klarna transactions are about three times higher than the U.S. marketplace average.

Within collectibles, trading cards stood out, marking a 10th consecutive quarter of GMV growth, Iannone said. Pokémon card sales grew in the triple digits for the second straight quarter, while Magic: The Gathering and sports cards also posted double-digit gains, he said.

Meanwhile, advertising revenue totaled $482 million in Q2, representing nearly 2.5% of GMV. First-party ads brought in $455 million, up 19% year over year. Off-platform ad revenue rose 46% to $19 million. Third-party display ads declined 43% to $8 million as eBay continued to phase them out, Alford said.

EBay reported 134 million active buyers over the trailing 12 months, up about 1% from 132 million a year earlier. Iannone said converting more of those buyers into “enthusiast” customers remains a key focus. Enthusiast buyers — a highly engaged segment that drives 70% of GMV — remained stable at around 16 million. Alford said the spend per enthusiast buyer also grew year over year, reaching nearly $3,200 in Q2.

eBay’s AI tools for power listings and personalization

EBay has also been expanding its use of artificial intelligence (AI) to improve product discovery, listings and marketing. Leadership shared how eBay uses AI, noting recent outcomes.

In May, the company introduced an AI shopping agent that provides personalized product recommendations and guidance based on browsing behavior. The tool is currently available to a subset of U.S. users and will expand over time, the company said.

EBay also launched a generative AI video tool that turns listing images into short-form videos for platforms like YouTube and TikTok.

During the quarter, the company began rolling out a redesigned listing experience in the U.S., U.K., and Germany. The updated flow features an improved version of eBay’s AI-powered “magical listing” tool, which auto-fills product details from seller-uploaded images. The new process prioritizes photo and title inputs, replacing eBay’s older, text-based catalog search method. Iannone said more than 500,000 listings per day now use generative AI.

On the marketing side, eBay is leveraging AI to improve the performance of Google product listing ads. AI-generated titles have boosted quality scores and GMV, while AI-enhanced images have improved ad acceptance rates, Iannone said. Personalized CRM emails powered by AI have increased quality visits by more than 40% in the U.S. and are now used for abandoned cart and followed-seller messages. The company sends millions of these each week, Iannone added.

Livestream shopping and authentication expand

EBay Live remains a strategic priority for 2025, with GMV and watch time continuing to grow as more sellers join the livestream shopping platform, Iannone said.

In Q2, the company launched eBay Live in the U.K. and kicked off “eBay Live on Tour” in the U.S., bringing live commerce events to collector communities. New features — including autocharge and combined shipping — also launched in the U.S., he said.

Meanwhile, eBay’s Authenticity Guarantee program surpassed 1 million items inspected in a single quarter for the first time. The company expanded luxury apparel authentication to the U.K. and added more eligible streetwear and luxury brands in the U.S. To date, more than 15 million items have been verified through eBay’s authentication centers, according to Iannone.

Q3 outlook reflects tariff uncertainty

For the third quarter, eBay expects revenue between $2.69 billion and $2.74 billion and GMV in the range of $19.2 billion to $19.6 billion.

“While we have largely navigated the impact of tariffs to date, our guidance range does contemplate potential disruptions from impending tariffs and the potential elimination of de minimis exemptions on other trade corridors,” Alford said.

Percentage changes may not align due to rounding. Check back for more earnings reports. Here’s our last update on eBay sales, revenue and GMV.

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