Collectibles were the largest growth driver for eBay Inc., which increased revenue and gross merchandise value (GMV) year over year in its fiscal Q3.
Its off-platform marketplaces, TCGplayer and Goldin, grew GMV quarter over quarter, according to CEO Jamie Iannone. He added that eBay GMV from Pokémon grew in the triple digits year over year, not specifying the growth or quantifying it with a dollar amount.
“We believe our continued momentum in trading cards is a direct result of the trust and innovation we’ve driven for hobbyists in recent years with features like My Collection, AI-powered listing tools, authentication and grading, consignment partnerships and integrated PSA population data,” Iannone told investors on eBay’s Q3 earnings call.
PSA population refers to a report by Professional Sports Authenticator, which tracks the number of graded cards to help determine a card’s scarcity.
In a different side of the collectors’ market, eBay has “observed a notable acceleration in demand for bullion and collectible coins” as commodity prices for precious metals have appreciated, according to chief financial officer Peggy Alford.
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).
eBay revenue and GMV in Q3
In Q3 2025, eBay revenue reached $2.82 billion. That’s 9% year-over-year growth from about $2.58 billion for the quarter that ended Sept. 30, 2025. Spending from “enthusiast buyers” increased year over year to more than $3,200 on a trailing 12-month basis.
Advertising generated $525 million of eBay’s Q3 revenue, growing about 23%. That represented about 17.6% of total revenue and 2.6% of GMV penetration.
First-party ads grew nearly 23% to $496 million. Meanwhile, eBay continues to deprecate legacy third-party display ads, which declined 40% to $7 million. Off-platform ads grew 32% to reach $22 million.
Active promoted listings comprised nearly half of the 2.4 billion total listings on eBay in Q3, according to Iannone. Furthermore, 4.4 million sellers used at least one promoted listing during the quarter. They were the largest contributor to eBay’s year-over-year ad revenue growth in Q3, he added. After that, the biggest contributors were promoted listing priority placements, promoted offsite ads and promoted stores units.
Also in Q3 2025, eBay GMV grew 10% to reach $20.1 billion. In the U.S., eBay GMV grew about 13% year over year in Q3. Alford attributed that largely to increases in both sold items and average selling price.
“Our growth in Q3 was primarily attributable to our focus categories and overall strength in the U.S. market,” Alford said.
Additionally, eBay’s partnership with Klarna benefited GMV growth. International GMB grew about 4% year over year for eBay in Q3.
Shipping, fulfillment and de minimis changes
Alford told investors that the U.S. eliminating the de minimis trade policy globally in August created a challenging macro-environment internationally.
“Because GMV is reported based on the location of the seller, the delta between U.S. and international GMV growth was also influenced by demand shifting toward domestic sellers due to tariffs,” Alford said.
As sellers and buyers adjusted to the new trade policies, eBay saw an increase in returned and canceled orders, according to Alford.
Iannone said shipping initiatives “have become a critical strategic imperative in today’s increasingly complex environment for cross-border trade.”
As the U.S. eliminated the de minimis exemption for imports worth less than $800, eBay has faced “incremental cost and friction for cross-border trade,” Iannone said. In response, he said, eBay has “meaningfully accelerated our multi-year product road map for shipping solutions.”
In October 2025, it launched “eBay International Shipping” in Canada. Iannone said Canada is eBay’s third-largest market for U.S. imports outside of Greater China and Japan.
Also in its fiscal Q4, eBay has begun enabling business sellers in Germany to access SpeedPAK, a cross-border shipping solution. It has already made that offering available to sellers in Greater China and Japan.
SpeedPAK helps sellers manage new trade requirements with improved efficiency by automating customs documentation and tariff calculations, Iannone said. In doing so, it simplifies compliance and improves delivery-time predictability, which strengthens cross-border trade on eBay, he added.
“Our investments in global shipping services are not only helping us support sellers in the current environment, but are accelerating our road map to make cross-border trade more frictionless, which can drive more velocity for consumers and small businesses around the world,” Iannone said.
eBay dives deeper into AI with agentic commerce investments
In the past two years, eBay has increased its use of generative AI as a way to improve the selling experience, in part through its “magical listing” technology for sellers.
“In addition to selling, we’ve been testing a variety of agentic experiences in search and shopping to learn how buyers and sellers engage with AI at different phases of the customer journey,” Iannone said. “This includes both on eBay agentic experiences like our AI shopping agent pilot and third-party agents from companies like OpenAI.”
So far, OpenAI has worked with Etsy to launch what the former calls “instant checkout.” That refers to an agentic commerce process in which an AI agent autonomously makes a purchase on a user’s behalf. OpenAI had announced that it would also work with eBay and Instacart, allowing the online marketplaces to use its Operator agent.
“Our AI shopping agent has given buyers a new way to shop across our inventory with personalized product picks and expert guidance based on their individual shopping preferences,” Iannone told investors.
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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