eBay Q4 Earnings Call Highlights

Core Insights - eBay reported strong fourth-quarter results with GMV growth of over 8% to $21.2 billion and revenue growth of over 13% to $2.96 billion on an organic, FX-neutral basis [2][4][7] - The company ended 2025 with global GMV of approximately $80 billion, reflecting nearly 6% year-over-year growth, with U.S. GMV up nearly 10% [3][7] - eBay's acquisition of Depop for approximately $1.2 billion is expected to enhance its C2C value proposition and contribute to future GMV growth [6][13] Financial Performance - Non-GAAP operating income rose over 11% to $775 million, and non-GAAP earnings per share increased nearly 13% to $1.41 [2] - The take rate increased to 14%, up 60 basis points year-over-year, driven by shipping, buyer protection, and advertising [5][10] - Total advertising revenue in Q4 was $544 million, representing GMV penetration of nearly 2.6% [11] Strategic Initiatives - eBay's Focus Categories, consumer-to-consumer (C2C), and recommerce together comprised roughly two-thirds of the business, growing about 10% [3][7] - Collectibles were highlighted as the largest contributor to Q4 GMV growth, with notable strength in trading cards and precious metals [8] - Fashion generated well over $10 billion in GMV globally in 2025, with significant contributions from luxury and pre-loved apparel [9] Future Outlook - For Q1 2026, eBay guided to GMV of $21.5 billion to $21.9 billion, indicating 10%–12% FX-neutral growth [15] - The company expects the Depop acquisition to contribute 1–2 percentage points to total FX-neutral GMV growth in 2026, but may create a low single-digit headwind to near-term non-GAAP operating income growth [14] - eBay is targeting approximately $2 billion in share repurchases in 2026 and has raised the quarterly dividend to $0.31 per share [17]