eBay(US:EBAY)2025-07-30 21:30Q2'25 Financial Performance - Gross Merchandise Volume (GMV) reached $19.5 billion, exceeding guidance[7,33] - Revenue amounted to $2.7 billion, also surpassing expectations[7,33] - Non-GAAP Operating Margin stood at 28.4%[7,33] - Diluted Non-GAAP EPS was $1.37, a 16% increase[7,33] Growth Drivers - Collectibles were the largest contributor to GMV growth, with Trading Cards accelerating for the 10th straight quarter[9] - Motors, Parts & Accessories contributed approximately 1 percentage point to total year-over-year GMV growth[11] - Seller Capital program disbursed over $100 million to more than 10,000 sellers globally in 2025[26] Advertising Performance - Advertising revenue reached $482 million, showing 16% year-over-year FX-Neutral growth[42] - First-party (1P) ads revenue grew 12% year-over-year[42] - Third-party (3P) ads revenue grew 17% year-over-year[42] Capital Allocation and Financial Position - Approximately $2 billion repurchase authorization remaining as of June 30, 2025[58] - The company is targeting mid-term leverage of approximately 1.5x net debt and gross debt below 3.0x EBITDA[63] - The company is targeting mid-term minimum cash & investment balance of approximately $3.5 billion[63]