Core Insights - eBay Inc. reported third-quarter 2025 non-GAAP earnings of $1.36 per share, exceeding the Zacks Consensus Estimate by 2.26%, with a year-over-year increase of 14.3% [1][7] - Net revenues reached $2.82 billion, surpassing the Zacks Consensus Estimate by 2.9%, and reflecting a 9.5% increase from the previous year [1][7] Revenue and Advertising Performance - First-party advertising products generated revenues of $496 million, marking a 25% increase on an as-reported basis and 23% on an FX-neutral basis [2] - Total advertising offerings yielded $525 million in revenues, accounting for 2.6% of gross merchandise volume (GMV) [2] Gross Merchandise Volume (GMV) Details - Total GMV for the quarter was $20.11 billion, showing a year-over-year growth of 10% on a reported basis and 8% on an FX-neutral basis, surpassing the Zacks Consensus Estimate of $19.42 billion [3] - U.S. GMV was $9.87 billion, representing 49.1% of total GMV, with a 13% year-over-year increase, while international GMV was $10.23 billion, accounting for 50.9% of total GMV, with a 7% year-over-year increase [3] Operating Expenses and Margins - Operating expenses totaled $1.42 billion, up 13.5% year over year, with operating expenses as a percentage of net revenues increasing by 180 basis points to 48.7% [4] - The non-GAAP operating margin was 27.1%, contracting by 10 basis points year over year [4] Balance Sheet and Cash Flow - As of September 30, 2025, cash equivalents and short-term investments were $3.38 billion, down from $3.75 billion as of June 30, 2025 [5] - Long-term debt remained stable at $5 billion, while cash flow from operating activities was $934 million, a significant recovery from negative $307 million in the previous quarter [5] Free Cash Flow and Shareholder Returns - Free cash flow from continuing operations was reported at $803 million, with $625 million used for share repurchases and $132 million for cash dividends [6] - Approximately $1.4 billion remains under the buyback authorization as of September 30, 2025 [6] Future Guidance - For Q4 2025, eBay expects revenues between $2.83 billion and $2.89 billion, with an anticipated FX-neutral revenue growth of 8-10% [8] - The non-GAAP operating margin for Q4 is projected to be between 25.8% and 26.3%, with GMV expected in the range of $20.5 billion to $20.9 billion [8] - For the full year 2025, revenues are expected to be between $10.97 billion and $11.03 billion, with an FX-neutral revenue growth of 6-6% [9]