EBay Inc. said revenue and gross merchandise volume (GMV) each rose 15% year over year in its fiscal Q2 2026, driven largely by U.S. performance.
Domestic GMV jumped 24%, with collectibles, auto parts, fashion and refurbished goods all contributing. While those established categories are central to eBay’s business, the online marketplace is also finding growth through newer shopping formats and technology.
GMV on eBay Live, its livestream-shopping platform, grew roughly eightfold year over year in Q2. The company also expanded artificial intelligence (AI) tools that help sellers create listings and shoppers navigate its 2.6 billion listings.
A month after the quarter closed, eBay completed its $1.4 billion acquisition of fashion resale marketplace Depop from Etsy. Depop, which has nearly 9 million active buyers, expands eBay’s reach among younger buyers and sellers in particular.
“EBay offers broad global selection across pre-loved and authenticated luxury, while Depop brings a social-forward and discovery-led experience with particular strength in pre-loved fashion inventory at accessible price points,” CEO Jamie Iannone told investors on the Q2 earnings call. “These complementary strengths allow the combined company to serve a broader range of consumers and unlock more of the inventory sitting in closets around the world.”
EBay ranks No. 6 in Digital Commerce 360’s Global Online Marketplaces Database. The market research tool ranks the 100 largest such marketplaces by third-party gross merchandise value (GMV). Etsy ranks No. 20 in the database.
eBay sales growth in Q2 2026
In its fiscal Q2 2026, eBay revenue rose 15% to $3.13 billion, up from $2.73 billion a year earlier.
Meanwhile, eBay GMV increased at the same rate in Q2, to $22.4 billion. EBay defines GMV as the total value of paid marketplace transactions, including shipping fees and taxes.
Within eBay’s focus categories, GMV rose 26% in Q2, outpacing the rest of the marketplace by 20 percentage points, chief financial officer Peggy Alford said. Collectibles, eBay Motors, fashion and refurbished goods all contributed to that growth.
Iannone said consumer-to-consumer (C2C) GMV also increased more than 20%. In the U.S., the number of consumer sellers and available inventory both grew by double digits. Collectibles, electronics and fashion were the largest contributors, he said.
Together, eBay’s focus categories, C2C business and recommerce accounted for more than 70% of total Q2 GMV, Iannone said
Beyond top-line metrics, net income from continuing operations rose 51% to $552 million. EBay’s GAAP operating margin widened to 21.6% from 17.6% a year earlier.
Audience metrics also trended upward. EBay had 136 million active buyers worldwide on a trailing 12-month basis, Alford said, up nearly 2% year over year. In the U.S., active buyers increased 6%.
Depop broadens eBay’s C2C reach
The results did not include any contribution from Depop. EBay completed the $1.4 billion sale from Etsy on July 30, a month after the quarter ended. The final price was higher than the $1.2 billion initially announced. Alford attributed the adjustment mainly to investments Etsy and Depop made before closing.
Starting in Q3, Depop’s active buyers and financial performance will begin appearing in eBay’s reported results. Iannone said the platform complements eBay’s fashion business, which now generates more than $10 billion in annual GMV.
Operationally, eBay plans to keep Depop’s standalone brand and user experience intact while using eBay’s scale to accelerate growth, he said. That includes “introducing Depop to relevant customers on eBay to stimulate demand, making shipping more affordable and convenient and offering our expertise in trust and marketplace safety,” Iannone said.
Separately, GameStop submitted an unsolicited proposal on May 3 to acquire eBay for $125 per share in cash and stock, valuing the marketplace at $55.5 billion. EBay rejected the offer on May 12, calling it “neither credible nor attractive.” Executives did not address the proposal during the Q2 earnings call.
eBay scales Live and AI tools
In Q2, GMV on eBay Live grew roughly eightfold year over year across seven markets, Iannone said. In July, eBay moved beyond its invite‑only model by opening self‑service onboarding to eligible U.S. sellers.
“From a product perspective, we continue to improve eBay Live for both buyers and sellers,” Iannone said.
New discovery surfaces across the homepage and mobile app make events easier to find, he said, while simpler setup tools are reducing seller workload.
More than 90% of established sellers who regularly stream grow their eBay GMV, he said. First‑time Live buyers shopping for collectibles also spend 70% more than comparable non‑Live buyers, with about half of that spending occurring outside Live events.
Meanwhile, eBay expanded its latest version of its “magical listing” tool — which uses AI to build listings from photos — to sellers in the U.K., Germany and Australia. It also added improved pricing guidance and package‑size estimates to help manage shipping costs, Iannone said.
For buyers, eBay is building on an AI shopping‑agent pilot first announced in May 2025. Iannone said testing showed “the value of natural language understanding in helping customers uncover more of the products they’ll love within eBay’s 2.6 billion listings.”
The company is now bringing natural‑language capabilities into its core search. This will help improve the “density of relevant results” and enable more conversational, multi‑turn experiences where they add value, he said.
AI is also reaching eBay’s specialty categories. Recently, eBay Motors added native vehicle listings to its mobile app and now uses AI and automation to verify titles, VINs and odometer images.
“Alongside broader process improvements, this has helped reduce the average time to vehicle pickup from over two weeks to roughly four days,” Iannone said.
In collectibles, eBay’s AI‑powered scanner helps users identify trading cards and review pricing before buying or listing. The tool recently exited beta and has surpassed 80 million cumulative scans, Iannone said.
eBay raises its 2026 outlook
EBay now expects Q3 GMV between $22 billion and $22.4 billion, with revenue ranging from $3.07 billion to $3.12 billion.
It expects Depop to add roughly 2.5 percentage points to Q3 FX-neutral GMV growth while creating a three- to four-percentage-point headwind to non-GAAP operating-income growth, Alford said.
For the full year, eBay raised its FX-neutral GMV growth forecast to between 11.5% and 12.5%, up from 7% to 7.5% in Q1. The earlier forecast excluded Depop, which is now expected to contribute approximately 1.5 percentage points to full-year GMV growth.
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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