A few notable points on eBay’s (EBAY) performance in Q3 2025

Shares of eBay Inc. (NASDAQ: EBAY) were up over 1% on Monday. The stock has gained 32% year-to-date. The company delivered a strong performance in the third quarter of 2025 with top and bottom line growth along with continued momentum in its focus categories, but it anticipates some factors to decelerate its growth in the next quarter.

Revenue and earnings growth

eBay recorded growth in its revenue and earnings in the third quarter of 2025 compared to the same period a year ago. Revenue grew 9% on a reported basis and 8% on an FX-neutral basis to $2.82 billion. Earnings, on an adjusted basis, grew 14% to $1.36 per share.

Focus category momentum

In Q3, eBay’s gross merchandise volume (GMV) increased 10% on a reported basis and 8% on an FX-neutral basis versus the previous year. This growth was driven by continued momentum in its focus categories and overall strength in the US market. US GMV grew 13%, driven by broad-based strength across categories, and increases in sold items and average selling price.

Focus category GMV grew 15% in the quarter, with year-over-year growth in all categories. Collectibles continued to fuel this expansion, led by gains in collectible card games and sports trading cards. The addition of features like My Collection, AI-powered listing tools, and authentication and grading tools have helped drive the momentum in trading cards, and the company anticipates continued growth in this segment.

Motors, Parts and Accessories, or P&A, was the second largest contributor to GMV growth in the third quarter. Another meaningful contributor was fashion, led by the luxury, streetwear, and pre-loved apparel focus categories. eBay has partnered with UK retail brand Marks and Spencer for the resale and recycling of used clothing. This alliance is anticipated to help expand the collection of pre-loved clothing on eBay’s platform.

In addition, eBay extended its authenticity program in the UK to cover 70 luxury and premium brands in apparel, shoes, and accessories, adding to its existing offerings in sneakers, watches, handbags, and fine jewelry. These efforts are expected to help unlock more high-value transactions across premium brands.

Outlook

For the fourth quarter of 2025, eBay expects revenue to range between $2.83-2.89 billion, representing an FX-neutral YoY growth of 8-10%. Adjusted earnings per share is expected to range between $1.31-1.36, representing YoY growth of 5-9%.

GMV is expected to be $20.5-20.9 billion, representing FX-neutral YoY growth of 4-6%. GMV growth is expected to be fueled by momentum in focus categories.

The company anticipates a slight deceleration in GMV growth in Q4 as it laps exceptional GMV growth in trading cards, double-digit improvement in UK C2C volume growth and strong holiday season demand in the prior-year period. There will also be a full quarter’s impact from the removal of global de minimis exemption versus a single month’s impact in Q3.