EBay Inc. has agreed to acquire Depop — a consumer-to-consumer fashion marketplace with re-commerce roots and a Gen Z and Millennial customer base — for approximately $1.2 billion in cash. The agreement, reached with Etsy Inc., which owns Depop, was announced Wednesday and is subject to certain purchase price adjustments. More from WWD Depop is a mobile-first, community-powered fashion marketplace for secondhand fashion with annual gross merchandise volume of approximately $1 billion last year. The comp ...

Financial Data and Key Metrics Changes - Gross merchandise volume (GMV) grew nearly 6% to approximately $80 billion globally in 2025, with U.S. GMV growing nearly 10% [4] - Revenue increased by nearly 7% to $11.1 billion, outpacing GMV growth by over 1 percentage point [6] - Non-GAAP operating income grew by roughly 7% to nearly $3.1 billion, and non-GAAP earnings per share increased by 13% to $5.52 [7][24] Business Line Data and Key Metrics Changes - Focus Categories GMV growth accelerated to over 12%, contributing significantly to overall GMV growth [4] - Recommerce accounted for over 40% of GMV on the eBay platform in 2025, driven by investments in pre-owned and refurbished goods [5] - Collectibles category was the largest contributor to GMV growth in Q4, with notable strength in trading cards and other collectibles [8][10] Market Data and Key Metrics Changes - U.S. GMV grew nearly 19% in Q4, benefiting from strength in collectibles and luxury categories [29] - International GMV declined nearly 1% on an organic FX neutral basis, impacted by macroeconomic conditions in Europe [30] - Trailing twelve-month active buyers totaled roughly 135 million in Q4, with U.S. active buyers growing at mid-single-digit rates [30] Company Strategy and Development Direction - The company plans to accelerate investments in strategic growth vectors like eBay Live and vehicles, which are expected to drive future growth [25][26] - The acquisition of Depop for approximately $1.2 billion is aimed at strengthening the C2C value proposition and expanding the company's presence in the fashion market [7][47] - The focus on AI-driven solutions, such as the next generation of Magical Listing and Agentic Search, is expected to enhance user experience and drive sales [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying health of the business, citing broad-based strength across strategic priorities [52] - The company anticipates continued strength from focus categories, C2C, and recommerce in 2026, despite potential headwinds from trade policies [41] - Management highlighted the importance of operational discipline and strategic investments to navigate a dynamic macro environment [7][49] Other Important Information - The company exceeded its five-year impact goals, achieving a cumulative positive economic impact of close to $25 billion from the sale of pre-loved goods [22] - The company plans to target share repurchases and dividends totaling between 90%-100% of free cash flow in a normal year [44] - The company is adopting new accounting standards that will impact revenue recognition and operating income reporting starting in 2026 [36] Q&A Session Questions and Answers Question: What has changed to drive the improvement in domestic market performance? - Management noted that years of investment are paying off, with broad-based strength across strategic priorities driving significant GMV growth [52] Question: How much contribution from newer emerging vectors like eBay Live is expected in the guidance for this year? - Management emphasized that while they are excited about new growth vectors, the core business's strength remains the primary driver of growth [54] Question: Are there any changes in the competitive environment in key international markets? - Management acknowledged a divergence between the U.S. and international markets, with Europe facing more challenges due to low consumer confidence [57] Question: What user behavior changes are expected with the rollout of agentic commerce? - Management expressed confidence that the differentiated experiences being built will position the company well in the agentic AI world, enhancing user engagement and reducing transactional friction [62]

eBay (NasdaqGS:EBAY) Q4 2025 Earnings call February 18, 2026 05:00 PM ET Company ParticipantsJamie Iannone - CEOJohn Egbert - Vice President of Investor RelationsPeggy Alford - CFOConference Call ParticipantsColin Sebastian - Equity Research AnalystMichael Morton - Equity Research AnalystNathan Feather - Equity Research AnalystNikhil Devnani - Equity Research AnalystRoss Sandler - Equity Research AnalystShweta Khajuria - Equity Research AnalystTom Champion - Equity Research AnalystOperatorGood day, everyone ...

eBay (NasdaqGS:EBAY) Q4 2025 Earnings call February 18, 2026 05:00 PM ET Speaker6Good day, everyone. My name is Megan, and I will be your conference operator today. At this time, I would like to welcome you to the eBay fourth quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question during this time, and if you have joined via the webinar, please use the Raise Hand ...

Etsy sells secondhand clothing marketplace Depop to eBay for $1.2B https://t.co/eMocY5C9Pr ...

Group 1 - Etsy is selling Depop, a secondhand clothing app, to eBay for $1.2 billion in cash to focus on its own marketplace [1] - Depop generated approximately $1 billion in gross merchandise sales in 2025, with nearly 60% year-over-year growth in the U.S. [2] - As of December 31, 2025, Depop had seven million active buyers, with nearly 90% under 34 years old, and over three million active sellers [2] Group 2 - eBay CEO Jamie Iannone expressed confidence that Depop will benefit from eBay's scale and operational capabilities, positioning it for long-term growth [3] - Etsy's year-over-year revenue growth was 2.2% in 2024, a decline from 7.1% growth in 2023 [4] - Etsy CEO Kruti Patel Goyal stated that the transaction allows the company to focus on growing the Etsy marketplace [5] Group 3 - The sale of Depop is part of a pattern where Etsy has acquired and then divested niche online marketplaces, including Elo7 and Reverb [8] - The deal is expected to close in the second quarter of this year [9]

EBay agreed to acquire the fashion marketplace platform Depop from Etsy for about $1.2 billion. https://t.co/o7lFJtcDdt ...

By Juby Babu Feb 18 (Reuters) - EBay Inc forecast first-quarter revenue above Wall Street estimates on Wednesday and announced the ‌acquisition of fashion marketplace Depop from Etsy for nearly $1.2 ‌billion, sending its shares up more than 7% in extended trading. The company has ​worked to differentiate itself by leaning into "recommerce" and its role in the circular economy, emphasizing pre-owned, refurbished and authenticated goods, amid a challenging market. EBay expects first-quarter revenue in t ...

Core Viewpoint - eBay is set to acquire Depop from Etsy for approximately $1.2 billion in cash, enhancing eBay's consumer-to-consumer (C2C) value proposition and expanding its reach among Gen Z and Millennial consumers [1] Group 1: Acquisition Details - eBay will acquire Depop, a leading C2C fashion marketplace, for about $1.2 billion, subject to purchase price adjustments [1] - The acquisition is expected to close in the second quarter of 2026, pending regulatory approvals and other closing conditions [1] - eBay plans to fund the acquisition using cash on hand, while Etsy will use the proceeds for corporate purposes, share repurchases, and investment in its core marketplace [1] Group 2: Market Position and Growth - Depop reported annual gross merchandise sales (GMS) of approximately $1 billion in 2025, with nearly 60% year-over-year growth in the U.S. [1] - As of December 31, 2025, Depop had 7 million active buyers, with nearly 90% under the age of 34, and over 3 million active sellers [1] - eBay's fashion segment represents more than $10 billion in annual gross merchandise volume (GMV), with a 10% year-over-year GMV growth in the U.S. in 2025 [1] Group 3: Strategic Implications - The acquisition will deepen eBay's reach with younger, fashion-forward consumers and expand its presence in the dynamic resale market [1] - Depop will benefit from eBay's global scale, financial services, shipping solutions, and trusted experiences like Authenticity Guarantee [1] - eBay aims to enhance the buyer and seller experience on Depop through increased visibility and cross-listing opportunities [1]

Summary of Etsy Conference Call - December 09, 2025 Company Overview - **Company**: Etsy (NasdaqGS:ETSY) - **Industry**: Digital Commerce, E-commerce Marketplace - **Focus**: Unique and handmade goods Key Points and Arguments Leadership Transition - Josh Silverman, CEO since 2017, will transition to Executive Chair at the end of the year, with Kruti Patel Goyal taking over as CEO in January 2026 [6][7] - The board unanimously believes Kruti is the right candidate for CEO, having demonstrated strong performance and leadership [6][7] Historical Performance and Growth - In 2017, Etsy had $2.5 billion in gross merchandise sales (GMS) and $200 million in revenue, operating at break-even [9] - Under Josh's leadership, Etsy's GMS grew to $10 billion, with revenue increasing significantly and achieving approximately $750 million in free cash flow last year [10] - The pandemic accelerated growth, but the company has faced challenges in maintaining that growth post-pandemic [12] Future Growth Strategies - Kruti emphasized the need to adapt to changing consumer expectations, focusing on a more engaging shopping experience rather than just efficient transactions [14][15] - Key priorities for growth include being present where shoppers discover products, ensuring relevance in inventory, fostering customer loyalty, and highlighting the human aspect of Etsy's marketplace [16][18] Technology and Personalization - Etsy is investing in machine learning and large language models (LLMs) to enhance search and recommendation systems, improving user engagement and conversion rates [19][20] - Personalized content in marketing channels has increased to 80%, leading to significant improvements in GMS [23] Agentic Shopping and AI Integration - Josh highlighted the potential of agentic shopping, which could enhance Etsy's visibility and drive incremental visits and commerce [24][25] - Etsy aims to leverage its unique inventory to differentiate itself from competitors in the agentic shopping landscape [32][33] Depop Acquisition and Market Position - Depop, a secondhand apparel marketplace, is experiencing rapid growth, with a 60% year-over-year increase in GMS [45] - Etsy is investing in marketing to increase awareness of Depop, viewing it as a potential significant growth driver [39] Conclusion - The leadership transition and strategic focus on enhancing user experience, leveraging technology, and expanding market presence are critical for Etsy's future growth [46]