eBay reported third-quarter 2026 gross merchandise volume (GMV) of $23.2 billion on October 28, up 15% as reported and 16% on a foreign-exchange-neutral basis, in its first quarterly report since completing its purchase of the fashion marketplace Depop. Revenue rose 14% to $3.2 billion.

The growth was concentrated in the United States. U.S. GMV was $12.5 billion, up 27% from a year earlier, while international GMV was $10.6 billion, up 4%, according to the company’s earnings release, filed with the U.S. Securities and Exchange Commission (SEC).

The numbers

  • Revenue: $3,206 million, up 14% as reported and 13% FX-neutral, compared with $2,820 million a year earlier.
  • Active buyers: 147 million, up 10%. Excluding Depop and Tise AS, which eBay acquired on October 1, 2025, active buyers were 136 million, up 1%.
  • Advertising: total advertising revenue of $607 million, including $575 million from first-party advertising products on the eBay platform, up 16%.
  • Margins: GAAP operating margin of 19.2%, down from 20.3%, and non-GAAP operating margin of 26.3%, down from 27.0%.
  • Earnings per share: GAAP diluted EPS from continuing operations of $1.11, down from $1.27, and non-GAAP EPS of $1.51, up from $1.35.
  • Cash: free cash flow of $749 million. eBay returned $827 million to shareholders, including $689 million in share repurchases and $138 million in dividends.

Jamie Iannone, eBay’s chief executive, said “eBay’s strong third quarter results reflect continued momentum across our business priorities and customer segments.” Peggy Alford, chief financial officer, said the results “demonstrate that eBay’s strategy is delivering strong GMV growth and meaningful earnings expansion.”

Depop and the deal with Etsy

eBay said it completed the acquisition of Depop, which it describes as a leading consumer-to-consumer fashion marketplace, from Etsy on July 30, 2026, paying $1.4 billion in cash, inclusive of a preliminary purchase price adjustment that is subject to finalization. The release does not break out Depop’s separate contribution to GMV or revenue.

Etsy’s quarterly report, filed the same day, says it sold Depop to eBay for aggregate cash consideration of $1.4 billion, which included $200.0 million of net purchase price adjustments and interest. Etsy recognized a gain on the sale of $839.7 million and now presents Depop as a discontinued operation, with prior periods reclassified. Etsy reported third-quarter revenue of $692.5 million.

What eBay changed for sellers

The release lists several product and service changes during the quarter that affect sellers:

  • Live selling: eBay Live had another record quarter, with GMV growth “well into the triple digits year over year,” the company said. eBay added multistreaming, which lets sellers broadcast simultaneously across eBay Live and social platforms, as well as AI-powered moderation of chat, audio and video.
  • Listing tools: eBay expanded the latest version of its AI-powered Magical Listing technology to all new and reactivated listers in the U.S., U.K., Germany, Australia, France and Italy.
  • Shipping: eBay expanded Managed Shipping to all new and reactivated listers in the U.S. for domestic transactions, and launched eBay International Shipping in the U.K. and Germany.
  • Collectibles: Authenticity Guarantee was extended to eligible collectible coins in the U.S. and, for luxury fashion, across Europe. TCGplayer passed $1 billion in GMV over the trailing 12 months, and Goldin reported another record quarter of GMV.
  • Depop: faster personal discovery on the homepage, a simpler AI-assisted listing flow and more affordable U.S. shipping options.

Guidance

For the fourth quarter, eBay forecast GMV of $23.7 billion to $24.1 billion, or 12% to 14% FX-neutral growth, and revenue of $3.19 billion to $3.24 billion, or 7% to 9% FX-neutral growth. For full-year 2026, it projected GMV of $91.5 billion to $91.9 billion and revenue of $12.62 billion to $12.67 billion. “This outlook includes the expected impact from Depop,” the release says.

Why it matters

For merchants who sell on eBay, the release shows where the company is directing product work: live selling, AI listing tools, managed shipping and authentication for collectibles and luxury goods. Several of the changes, including Managed Shipping and the newest Magical Listing tools, are aimed specifically at new and reactivated sellers, and eBay International Shipping now covers sellers in the U.K. and Germany.

The geographic split is visible in eBay’s own figures. U.S. GMV grew 27% in the quarter, while international GMV grew 4%. First-party advertising products on the eBay platform brought in $575 million, up 16%, outpacing the 14% rise in total revenue.

The caveats

All figures come from eBay’s earnings release and Etsy’s quarterly filing. Excluding Depop and Tise, active buyers grew 1%, compared with 10% including them. The release does not separate Depop’s contribution to GMV or revenue, so the share of the quarter’s growth that came from acquisitions cannot be calculated from the release alone.