EBay Inc.

Strong Q2 performance; beats expectations and expands profitability - GMV +14% YoY to $22.4B (organic, FX-neutral; inorganic impact “not material”); revenue +14% YoY to $3.13B - Non-GAAP operating income +16% YoY to $893M; Non-GAAP EPS +17% YoY to $1.60 - Capital returns: ~$450M to shareholders via repurchases + dividends - Good/positive: Broad-based momentum; each strategic priority mattered—focused categories, C2C, recommerce each growing >20% and together >70% of GMV.

Strategy momentum: focused categories and C2C are the engine; recommerce broadening - Focused categories GMV +26% YoY, now >40% of total GMV for the first time (e.g., collectibles, motors, fashion, refurbished) - C2C GMV +20%+ YoY; international improved sequentially (U.K./Germany/Australia/Canada) - Marketplace innovation supporting supply: Magical Listing scaling; eBay Live and shipping improvements supporting velocity and conversion - Good/positive: “Sell-to-buy flywheel” strengthening; active sellers and C2C supply improved in key markets (U.K. active sellers highest since 2023; Australia C2C acceleration after May initiative).

eBay Live and AI: measurable engagement lifts; next frontier is scaling and deeper AI in search/selling - eBay Live GMV ~8x YoY; also rapid growth in viewers/watch time/sold items (record quarter) - Expansion: moved beyond invite-only—self-service onboarding for eligible U.S. sellers across 300+ categories; more markets coming - AI: next-gen Magical Listing fully ramped to new/reactivated listers in U.K., Germany, Australia; started integrating enhanced pricing guidance and better package size estimates - Buyer AI: “agentic search” pilot; eBay aiming to bring more natural-language + conversational search deeper into shopping flows - Opportunity/surprising angle: Live appears to create a “halo” beyond events (Live buyers spending ~70% more than comparable non-live buyers; repeat/GMV uplift for regular live sellers).