eBay Inc. · EBAY · FY2025 Q4 · Calendar Q1 2026
eBay beats estimates as AI tools and recommerce support growth
The quarter supports a constructive but conditional view: eBay’s reported growth and management’s account of AI-enabled seller and buyer improvements support the case for resilient demand, while Depop integration, international softness, accounting changes and the sustainability of some growth drivers remain important tests.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Compared with the prior-quarter analysis, eBay reported fourth-quarter and full-year 2025 results, announced the Depop acquisition, and provided a 2026 outlook centered on 10–12% FX-neutral GMV growth. The company also highlighted broader deployment plans for AI tools, eBay Live and cross-border shipping.
Guidance delta
Maintained: management outlined 2026 FX-neutral GMV growth of 10–12% with stable capex of about 4–5% of revenue.
Key takeaways
- Management described strong fourth-quarter and full-year 2025 performance, led by focus categories, C2C and recommerce.
- AI tools including Magical Listings, agentic search and card scanning were presented as improving seller efficiency and buyer conversion.
- The $1.2 billion Depop acquisition expands eBay’s C2C and circular-fashion presence but adds integration risk.
- Management plans further expansion of eBay Live, cross-border shipping and AI tools in 2026.
Management priorities
- Scale Magical Listings and agentic search.
- Integrate Depop while preserving its brand experience.
- Expand eBay Live and cross-border shipping corridors.
- Continue investment in AI, live commerce and marketplace monetization.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| StoneX | Buy | Buy | Maintain | Sep 14, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Aug 20, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 13, 2026 |
| UBS | Neutral | Neutral | Maintain | Aug 11, 2026 |
| Argus Research | Buy | Hold | Upgrade | Aug 7, 2026 |
| Truist Securities | Hold | Hold | Maintain | Aug 6, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 6, 2026 |
| Needham | Buy | Buy | Maintain | Aug 6, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Aug 6, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 6, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 6, 2026 |
| Citizens | Market Perform | Market Outperform | Downgrade | Aug 4, 2026 |
| Wells Fargo | Underweight | Equal Weight | Downgrade | Aug 3, 2026 |
| Baird | Outperform | Outperform | Maintain | Jul 15, 2026 |
| Jefferies | Underperform | Underperform | Maintain | Jul 14, 2026 |
| TD Cowen | Hold | Hold | Maintain | May 1, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | May 1, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Apr 30, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Apr 30, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Apr 30, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Apr 30, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Apr 21, 2026 |
| Stifel | Hold | Hold | Maintain | Oct 24, 2025 |
| JMP Securities | Market Outperform | Market Perform | Upgrade | Oct 24, 2025 |
| Bernstein | Market Perform | Market Perform | Maintain | Oct 15, 2025 |
| BMO Capital | Outperform | Market Perform | Upgrade | Jul 31, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 23, 2025 |
| TD Securities | Hold | Hold | Maintain | May 1, 2025 |
| Mizuho | Neutral | Neutral | Maintain | Nov 5, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 27, 2023 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Feb 23, 2023 |
| MoffettNathanson | Perform | Market Perform | Maintain | Nov 15, 2022 |
| Keybanc | Overweight | Overweight | Maintain | Oct 28, 2021 |
| Wolfe Research | Outperform | Outperform | Maintain | Apr 1, 2021 |
| CFRA | Hold | Sell | Upgrade | Aug 20, 2020 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jun 8, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Jun 5, 2020 |
| Guggenheim | Buy | Neutral | Upgrade | Apr 6, 2020 |
| Canaccord Genuity | Hold | Hold | Maintain | Jan 29, 2020 |
| Raymond James | Market Perform | Outperform | Downgrade | Oct 24, 2019 |
| Piper Jaffray | Neutral | Neutral | Maintain | Oct 24, 2019 |
| Bank of America | Neutral | Neutral | Maintain | Oct 24, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Apr 24, 2019 |
| Macquarie | Neutral | Neutral | Maintain | Apr 26, 2018 |
| DA Davidson | Buy | Buy | Maintain | Sep 14, 2017 |
| Monness, Crespi, Hardt | Neutral | Buy | Downgrade | Apr 20, 2017 |
| Monness Crespi Hardt | Neutral | Buy | Downgrade | Apr 20, 2017 |
| Argus | Buy | Buy | Maintain | Apr 12, 2017 |
| Aegis Capital | Buy | Buy | Maintain | Jan 3, 2017 |
| Hilliard Lyons | Buy | Long Term Buy | Maintain | Oct 21, 2016 |
| Maxim Group | Buy | Buy | Maintain | Jun 23, 2016 |
| Jyske Bank | Strong Buy | Buy | Upgrade | Mar 18, 2016 |
| PiperJaffray | Neutral | Underperform | Upgrade | Sep 3, 2015 |
| FBN Securities | Perform | Sector Perform | Maintain | Jul 22, 2015 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Jun 1, 2015 |
| Keefe Bruyette & Woods | Outperform | Outperform | Maintain | Jun 1, 2015 |
| Topeka | Buy | Buy | Maintain | May 27, 2015 |
| Axiom Capital | Buy | Hold | Upgrade | May 26, 2015 |
| Topeka Capital | Hold | Hold | Maintain | Oct 16, 2014 |
| Pacific Crest | Sector Perform | Outperform | Downgrade | Jul 14, 2014 |
| CRT Capital | Hold | Hold | Maintain | Apr 30, 2014 |
| Compass Point | Buy | Buy | Maintain | Jan 7, 2014 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | Dec 4, 2013 |
| Lazard | Buy | Buy | Maintain | May 16, 2013 |
| Nomura | Buy | Buy | Maintain | Jan 17, 2013 |
| BGC Financial | Buy | Buy | Maintain | Dec 31, 2012 |
| Bank oferica | Buy | Buy | Maintain | Apr 19, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $105.21. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wedbush | Ygal Arounian | $137 | $104.51 | +30.2% | Aug 20, 2026 |
| UBS | Stephen Ju | $120 | $106.51 | +14.1% | Aug 11, 2026 |
| Argus Research | Joseph Bonner | $133 | $114.13 | +26.4% | Aug 7, 2026 |
| Morgan Stanley | Analyst unavailable | $127 | $107.23 | +20.7% | Aug 6, 2026 |
| Robert W. Baird | Analyst unavailable | $126 | $110.52 | +19.8% | Aug 6, 2026 |
| Piper Sandler | Thomas Champion | $133 | $111.3 | +26.4% | Aug 6, 2026 |
| Cantor Fitzgerald | Deepak Mathivanan | $106 | $111.15 | +0.8% | Aug 6, 2026 |
| BMO Capital | Brian Pitz | $145 | $111.15 | +37.8% | Aug 6, 2026 |
| Mizuho Securities | Lloyd Walmsley | $110 | $111.15 | +4.6% | Aug 6, 2026 |
| Piper Sandler | Ross Sandler | $123 | $111.15 | +16.9% | Aug 6, 2026 |
| Jefferies | Analyst unavailable | $145 | $111.15 | +37.8% | Aug 6, 2026 |
| Bernstein | Nikhil Devnani | $115 | $114.01 | +9.3% | Aug 3, 2026 |
| Wells Fargo | Analyst unavailable | $92 | $114.01 | -12.6% | Aug 3, 2026 |
| Robert W. Baird | Colin Sebastian | $125 | $112.54 | +18.8% | Jul 15, 2026 |
| Wells Fargo | Analyst unavailable | $105 | $115.25 | -0.2% | Jul 9, 2026 |
| Truist Financial | Analyst unavailable | $105 | $110.45 | -0.2% | May 4, 2026 |
| Deutsche Bank | Analyst unavailable | $124 | $108.75 | +17.9% | May 4, 2026 |
| Susquehanna | Analyst unavailable | $110 | $103.48 | +4.6% | May 1, 2026 |
| Stifel Nicolaus | Analyst unavailable | $98 | $100.08 | -6.9% | Apr 30, 2026 |
| Evercore ISI | Analyst unavailable | $96 | $100.06 | -8.8% | Apr 30, 2026 |
| Goldman Sachs | Analyst unavailable | $100 | $100 | -5.0% | Apr 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $110 | $103.79 | +4.6% | Apr 30, 2026 |
| Piper Sandler | Analyst unavailable | $115 | $103.79 | +9.3% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $114 | $103.79 | +8.4% | Apr 30, 2026 |
| UBS | Analyst unavailable | $110 | $100.29 | +4.6% | Apr 28, 2026 |
| Deutsche Bank | Analyst unavailable | $132 | $100.16 | +25.5% | Apr 27, 2026 |
| Cantor Fitzgerald | Deepak Mathivanan | $100 | $106.49 | -5.0% | Apr 21, 2026 |
| Wedbush | Analyst unavailable | $100 | $87.76 | -5.0% | Feb 20, 2026 |
| Needham | Analyst unavailable | $122 | $86.46 | +16.0% | Feb 19, 2026 |
| Truist Financial | Analyst unavailable | $94 | $86.5 | -10.7% | Feb 19, 2026 |
| Robert W. Baird | Colin Sebastian | $105 | $86.41 | -0.2% | Feb 19, 2026 |
| Truist Financial | Analyst unavailable | $120 | $86.11 | +14.1% | Feb 19, 2026 |
| Evercore ISI | Analyst unavailable | $94 | $85.92 | -10.7% | Feb 19, 2026 |
| BMO Capital | Brian Pitz | $120 | $84.41 | +14.1% | Feb 19, 2026 |
| Goldman Sachs | Analyst unavailable | $88 | $82.18 | -16.4% | Feb 19, 2026 |
| UBS | Stephen Ju | $96 | $82.18 | -8.8% | Feb 19, 2026 |
| Morgan Stanley | Nathan Feather | $119 | $82.18 | +13.1% | Feb 19, 2026 |
| Piper Sandler | Analyst unavailable | $105 | $82.18 | -0.2% | Feb 19, 2026 |
| Barclays | Analyst unavailable | $104 | $82.18 | -1.2% | Feb 19, 2026 |
| UBS | Stephen Ju | $93 | $82.38 | -11.6% | Feb 17, 2026 |
| UBS | Analyst unavailable | $112 | $94.19 | +6.5% | Jan 13, 2026 |
| Truist Financial | Analyst unavailable | $92 | $82.53 | -12.6% | Nov 3, 2025 |
| Bernstein | Analyst unavailable | $90 | $82.4 | -14.5% | Oct 31, 2025 |
| BMO Capital | Analyst unavailable | $107 | $86.3 | +1.7% | Oct 30, 2025 |
| Cantor Fitzgerald | Deepak Mathivanan | $90 | $84.97 | -14.5% | Oct 30, 2025 |
| UBS | Stephen Ju | $95 | $86.3 | -9.7% | Oct 30, 2025 |
| Needham | Analyst unavailable | $115 | $99.54 | +9.3% | Oct 30, 2025 |
| Piper Sandler | Thomas Champion | $102 | $99.54 | -3.1% | Oct 30, 2025 |
| Barclays | Analyst unavailable | $105 | $99.54 | -0.2% | Oct 30, 2025 |
| Wells Fargo | Brian Fitzgerald | $96 | $99.54 | -8.8% | Oct 30, 2025 |
| UBS | Analyst unavailable | $100 | $99.31 | -5.0% | Oct 28, 2025 |
| Morgan Stanley | Analyst unavailable | $102 | $94.44 | -3.1% | Oct 20, 2025 |
| Jefferies | Analyst unavailable | $65 | $93.17 | -38.2% | Oct 17, 2025 |
| Bernstein | Nikhil Devnani | $95 | $91.06 | -9.7% | Oct 15, 2025 |
| Robert W. Baird | Analyst unavailable | $100 | $88.55 | -5.0% | Oct 13, 2025 |
| Mizuho Securities | Analyst unavailable | $98 | $91.17 | -6.9% | Sep 29, 2025 |
| Needham | Analyst unavailable | $95 | $77.56 | -9.7% | Jul 31, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $85 | $77.56 | -19.2% | Jul 31, 2025 |
| UBS | Analyst unavailable | $87 | $88.2 | -17.3% | Jul 31, 2025 |
| Wells Fargo | Analyst unavailable | $84 | $88.2 | -20.2% | Jul 31, 2025 |
| Barclays | Analyst unavailable | $92 | $88.2 | -12.6% | Jul 31, 2025 |
| Truist Financial | Youssef Squali | $68 | $67.67 | -35.4% | May 1, 2025 |
| Robert W. Baird | Colin Sebastian | $75 | $67.67 | -28.7% | May 1, 2025 |
| Barclays | Analyst unavailable | $72 | $70.16 | -31.6% | Feb 27, 2025 |
| Morgan Stanley | Nathan Feather | $70 | $63.17 | -33.5% | Jan 9, 2025 |
| Truist Financial | Youssef Squali | $62 | $61.51 | -41.1% | Nov 5, 2024 |
| Bernstein | Nikhil Devnani | $70 | $61.17 | -33.5% | Nov 5, 2024 |
| Piper Sandler | Tom Champion | $67 | $62.63 | -36.3% | Oct 31, 2024 |
| Barclays | Ross Sandler | $64 | $62.63 | -39.2% | Oct 31, 2024 |
| Needham | Bernie McTernan | $72 | $63.32 | -31.6% | Oct 23, 2024 |
| Wells Fargo | Ken Gawrelski | $63 | $65.2 | -40.1% | Oct 3, 2024 |
| Cantor Fitzgerald | Deepak Mathivanan | $62 | $58.95 | -41.1% | Sep 4, 2024 |
| Argus Research | Joseph Bonner | $63 | $55.83 | -40.1% | Aug 16, 2024 |
| Truist Financial | Youssef Squali | $58 | $54.66 | -44.9% | Aug 5, 2024 |
| Jefferies | John Colantuoni | $58 | $54.66 | -44.9% | Aug 5, 2024 |
| Robert W. Baird | Colin Sebastian | $62 | $55.61 | -41.1% | Aug 1, 2024 |
| Robert W. Baird | Colin Sebastian | $58 | $52.74 | -44.9% | Jun 17, 2024 |
| Jefferies | John Colantuoni | $55 | $52.87 | -47.7% | May 30, 2024 |
| Truist Financial | Youssef Squali | $50 | $49.65 | -52.5% | May 6, 2024 |
| Robert W. Baird | Colin Sebastian | $57 | $51.06 | -45.8% | May 2, 2024 |
| Evercore ISI | Mark Mahaney | $47 | $51.06 | -55.3% | May 2, 2024 |
| Morgan Stanley | Nathan Feather | $62 | $49.45 | -41.1% | Apr 18, 2024 |
| Wells Fargo | Brian Fitzgerald | $47 | $51.85 | -55.3% | Apr 4, 2024 |
| Truist Financial | Youssef Squali | $47 | $43.88 | -55.3% | Feb 27, 2024 |
| Stifel Nicolaus | Mark Kelley | $46 | $40.46 | -56.3% | Nov 7, 2023 |
| Citigroup | Ygal Arounian | $47 | $44.01 | -55.3% | Apr 26, 2023 |
| Piper Sandler | Thomas Champion | $56 | $38.06 | -46.8% | Nov 3, 2022 |
| Mizuho Securities | James Lee | $45 | $47.87 | -57.2% | Aug 4, 2022 |
| UBS | Analyst unavailable | $52 | $48.35 | -50.6% | Aug 4, 2022 |
| Barclays | Analyst unavailable | $59 | $50.48 | -43.9% | Aug 4, 2022 |
| Deutsche Bank | Lee Horowitz | $50 | $50.48 | -52.5% | Aug 4, 2022 |
| Stifel Nicolaus | Scott Devitt | $60 | $46.33 | -43.0% | Jul 27, 2022 |
| Robert W. Baird | Colin Sebastian | $54 | $42.83 | -48.7% | Jul 12, 2022 |
| Morgan Stanley | Lauren Schenk | $36 | $42.74 | -65.8% | Jun 23, 2022 |
| UBS | Kunal Madhukar | $60 | $46.94 | -43.0% | May 17, 2022 |
| Mizuho Securities | James Lee | $50 | $48.81 | -52.5% | May 8, 2022 |
| Wells Fargo | Analyst unavailable | $58 | $48.04 | -44.9% | May 6, 2022 |
| Credit Suisse | Stephen Ju | $62 | $48.04 | -41.1% | May 5, 2022 |
| Deutsche Bank | Analyst unavailable | $60 | $48.04 | -43.0% | May 5, 2022 |
| Stifel Nicolaus | Scott Devitt | $62 | $54.42 | -41.1% | May 5, 2022 |
| Evercore ISI | Mark Mahaney | $69 | $54.42 | -34.4% | May 5, 2022 |
| Credit Suisse | Analyst unavailable | $66 | $52.3 | -37.3% | May 2, 2022 |
| Argus Research | Joseph Bonner | $69 | $58.78 | -34.4% | Mar 28, 2022 |
| Benchmark Co. | Daniel Kurnos | $71 | $53.94 | -32.5% | Mar 15, 2022 |
| Piper Sandler | Thomas Champion | $68 | $50.06 | -35.4% | Mar 11, 2022 |
| Robert W. Baird | Colin Sebastian | $80 | $52.36 | -24.0% | Mar 10, 2022 |
| Stifel Nicolaus | Scott Devitt | $70 | $52.36 | -33.5% | Mar 10, 2022 |
| Jefferies | John Colantuoni | $57 | $53.09 | -45.8% | Mar 8, 2022 |
| Credit Suisse | Stephen Ju | $68 | $54.6 | -35.4% | Feb 26, 2022 |
| Susquehanna | Shyam Patil | $60 | $54.37 | -43.0% | Feb 25, 2022 |
| Goldman Sachs | Eric Sheridan | $70 | $55.21 | -33.5% | Feb 24, 2022 |
| Bank of America Securities | Justin Post | $67 | $55.21 | -36.3% | Feb 24, 2022 |
| Wedbush | Ygal Arounian | $53 | $55.21 | -49.6% | Feb 24, 2022 |
| J.P. Morgan | Doug Anmuth | $60 | $55.21 | -43.0% | Feb 24, 2022 |
| Barclays | Ross Sandler | $73 | $54.36 | -30.6% | Feb 23, 2022 |
| Cowen & Co. | John Blackledge | $64 | $55.23 | -39.2% | Feb 18, 2022 |
| KeyBanc | Edward Yruma | $90 | $64.87 | -14.5% | Jan 4, 2022 |
| Wolfe Research | Deepak Mathivanan | $83 | $64.87 | -21.1% | Jan 4, 2022 |
| Morgan Stanley | Brian Nowak | $63 | $55.12 | -40.1% | Apr 30, 2021 |
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Start freeCompany context
Snapshot as of publicationeBay 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
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-09-30T07:06:04.530380+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T07:06:04.527433+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 2026-09-30. For educational purposes only; not investment advice.