eBay Inc. Q3 2025 Earnings Recap

eBay delivered robust Q3 2025 performance, exceeding expectations with an 8% increase in revenue to $2.82 billion and a significant 14% rise in non-GAAP earnings per share to $1.36, fueled by strong growth in focus categories and strategic innovations.

Key Takeaways

• Gross merchandise volume (GMV) rose 8% year-over-year to $20.1 billion, with notable acceleration in focus categories, particularly collectibles, which drove substantial customer engagement.
• eBay's off-platform marketplaces (TCGplayer and Goldin) showed strong sequential GMV acceleration, particularly in Pokémon, reflecting continued momentum in the trading card sector.
• The introduction of easy and free returns in the motor parts and accessories category reinforced eBay's value proposition, contributing over 1 percentage point to overall GMV growth.
• A partnership with Marks & Spencer supports eBay's commitment to the circular economy, encouraging sustainable consumer practices through the resale of preloved clothing.
• eBay Live recorded a 5x year-over-year increase in annual GMV run rate, enhancing engagement and expanding cultural relevance via high-profile shopping events in both the U.S. and U.K.