eBay(US:EBAY)2025-10-29 21:30Q3 2025 Performance Highlights - eBay's Gross Merchandise Volume (GMV) reached $20.1 billion [7], exceeding guidance of $19.2 - $19.6 billion [43]. - Revenue for Q3 2025 was $2.8 billion [7], surpassing the guided range of $2.69 - $2.74 billion [43]. - Non-GAAP operating margin stood at 27.1% [7], hitting the high end of the guidance [43]. - Diluted Non-GAAP EPS was $1.36 [7], above the guidance of $1.29 - $1.34 [43]. - eBay has 16 million Enthusiast Buyers [7], defined as buyers with at least 6 purchase days and $800+ annual spend [9]. Category Growth & Strategic Initiatives - Focus Categories (Collectibles, Motors Parts & Accessories, Fashion) grew +15% year-over-year on an FX-Neutral basis [12], outpacing the rest of the marketplace by approximately 11 percentage points [12]. - eBay Live's annual GMV run-rate increased by approximately 5x year-over-year [14]. - Over $1 billion has been disbursed to sellers globally through financing partners since 2021 via Seller Capital [37]. Q4 2025 Guidance - GMV is projected to be between $20.5 - $20.9 billion [72], representing a 6%-8% spot growth [72]. - Revenue is expected to be in the range of $2.83 - $2.89 billion [72], indicating a 10%-12% spot growth [72]. - Non-GAAP operating margin is guided to be 25.8% - 26.3% [72]. - Diluted Non-GAAP EPS is projected to be $1.31 - $1.36 [72], reflecting a 5%-9% growth [72]. FY 2025 Guidance - GMV is expected to be $78.9 - $79.3 billion [73], with a 6% - 6% spot growth [73]. - Revenue is projected to be $10.97 - $11.03 billion [73], showing a 7% - 7% spot growth [73]. - Non-GAAP operating margin is guided to be 27.7% - 27.8% [73]. - Diluted Non-GAAP EPS is expected to be $5.42 - $5.47 [73], representing an 11% - 12% growth [73]. - The company anticipates approximately $1.5 billion in Free Cash Flow (FCF) in FY'25 [73].