eBay Inc. · EBAY · FY2025 Q2 · Calendar Q3 2025

eBay’s Q2 growth beat expectations as focus categories and AI initiatives gained traction

The quarter supports a constructive but conditional view of eBay’s growth trajectory: focus categories, advertising and AI-enabled product improvements supported above-expectation results, while maintained guidance and tariff, FX and execution risks limit the strength of the conclusion.

Reported After market closeNASDAQConsumer Cyclical $47.53B market cap
90quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.37 Consensus $1.30
EPS surprise +5.4% Reported versus consensus
Reported revenue $2.73B Consensus $2.64B
Revenue surprise +3.3% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +18.3% Event window
SPY move -0.4% Same window
Abnormal move +18.7% Stock minus SPY
Volume 4.3× Versus trailing sessions
Subsequent drift +1.1% Up to 20 sessions
EBAYSPY benchmark

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Transcript intelligence

What changed

The analysis highlights continued focus-category momentum, broader use of generative AI, stronger advertising contribution, eBay Live expansion and the Caramel acquisition. No prior-quarter transcript analysis was available for a direct sequential comparison.

Guidance delta

Management maintained its outlook; the analysis notes modestly positive Q3 and full-year guidance alongside tariff and foreign-exchange uncertainties.

Key takeaways

  • GMV and revenue grew above expectations, while non-GAAP EPS increased 16%.
  • Focus categories grew more than 10% in GMV, led by trading cards and collectibles.
  • First-party advertising revenue increased 17% and reached about 2.5% of GMV.
  • Management cited AI improvements to listings, advertising performance and personalized customer communications.
  • The next phase centers on eBay Live, managed shipping, international programs and the Caramel integration.

Management priorities

  • Scale AI tools for listings, search and personalized email communications.
  • Expand eBay Live and add features for sellers and buyers.
  • Broaden managed-shipping and fitment solutions in the United States and Europe.
  • Extend focus-category initiatives in fashion and automotive.
  • Integrate Caramel’s vehicle-buying experience and pursue parts synergies.

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Earnings History

Estimate Beat Miss Match
EBAY REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $3B Q4 '23 actual $3B, beat Q1 '24 estimate $3B Q1 '24 actual $3B, beat Q2 '24 estimate $3B Q2 '24 actual $3B, beat Q3 '24 estimate $3B Q3 '24 actual $3B, beat Q2 '25 estimate $3B Q2 '25 actual $3B, beat Q3 '25 estimate $3B Q3 '25 actual $3B, beat Q4 '25 estimate $3B Q4 '25 actual $3B, beat Q1 '26 estimate $3B Q1 '26 actual $3B, beat Q2 '26 estimate $3B Q2 '26 actual $3B, beat Q3 '26 estimate $3B Q4 '26 estimate $3B Q1 '27 estimate $3B
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Analyst Consensus ?

ConsensusHold67 ratings
Bullish3247.8%
Neutral3349.2%
Bearish23.0%

Analyst 52W Price Targets

$107.06Current
$36Low
$90.89Average
$145High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 7, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
StoneX Buy BuyMaintainSep 14, 2026
Wedbush Outperform OutperformMaintainAug 20, 2026
Citigroup Buy BuyMaintainAug 13, 2026
UBS Neutral NeutralMaintainAug 11, 2026
Argus Research Buy HoldUpgradeAug 7, 2026
Show 62 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $107.06. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
WedbushYgal Arounian$137$104.51 +28.0%Aug 20, 2026
UBSStephen Ju$120$106.51 +12.1%Aug 11, 2026
Argus ResearchJoseph Bonner$133$114.13 +24.2%Aug 7, 2026
Morgan StanleyAnalyst unavailable$127$107.23 +18.6%Aug 6, 2026
Robert W. BairdAnalyst unavailable$126$110.52 +17.7%Aug 6, 2026
See 114 more

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Company context

Snapshot as of publication

eBay Inc. manages an extensive global e-commerce ecosystem designed to facilitate transactions between buyers and sellers. This framework primarily encompasses its flagship website, ebay.com, alongside its suite of dedicated mobile applications. Through these digital platforms, users are empowered to list, discover, purchase, and pay for a vast array of goods. These transactions occur across a multitude of channels—online, mobile, and even certain traditional avenues—involving a diverse array of participants. This includes individual sellers, small businesses, and larger entities such as retailers, distributors, liquidators, import/export firms, and auctioneers, often integrating with various commerce platforms, search engines, and shopping networks. The company was established in 1995 and its corporate headquarters are situated in San Jose, California.

Historical context

All EBAY earnings

Consumer Cyclical peers this season

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
  3. Polygon adjusted daily market bars · 2026-10-07T04:00:42.574260+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-07T04:00:42.571117+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-07. For educational purposes only; not investment advice.