Revenue and earnings growth
Focus category growth
In the fourth quarter, eBay saw gross merchandise volume grow 8% YoY on an FX-neutral basis to $21.2 billion. The company’s focus categories, led by collectibles, P&A, luxury, refurbished, apparel, and sneakers, continued to deliver positive growth, with total focus category GMV up over 16% in Q4.
Collectibles benefited from gains in trading cards as well as coins, action figures, and comics. Motors, Parts & Accessories, or P&A, is gaining from a trend where consumers are opting to repair rather than replace their vehicles. Fashion is another category that is seeing strong growth, led by luxury and pre-loved apparel.
In Q4, eBay saw strong growth in US GMV, which was up 19%, helped by strength in collectibles, growth in luxury and pre-loved apparel, and a rise in demand in certain electronics categories. On the other hand, international GMV fell around 1%, due to macroeconomic headwinds in the UK and Germany, and a slowdown in cross-border volume growth due to US trade policies.
Depop acquisition
eBay’s decision to acquire Depop, a leading C2C fashion marketplace, from Etsy is anticipated to help boost its fashion recommerce business. Fashion is a key growth category for eBay with over $10 billion in annual gross merchandise volume. Depop has a strong customer base with Gen Z and millennial customers, and at 2025-end, it had 7 million active buyers and 3 million active sellers on its marketplace. This acquisition will help eBay significantly expand its presence in the fashion category.
Outlook
For the first quarter of 2026, eBay expects revenue of $3.00-3.05 billion, which represents an FX-neutral growth of 13-15% YoY. GMV is expected to be $21.5-21.9 billion, representing an FX-neutral YoY growth of 10-12%. Adjusted EPS is expected to range between $1.53-1.59, representing a YoY growth of 12-16%.