eBay Q3 2026 Earnings Call Transcript

eBay (NASDAQ:EBAY) reported third-quarter financial results on Wednesday. The transcript from the company’s third-quarter earnings call has been provided below.

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Summary

eBay Inc. reported strong Q3 2026 results, with gross merchandise volume (GMV) growing 13% to over $23 billion and revenue increasing 11% to $3.2 billion.

Key strategic areas such as focus categories, consumer-to-consumer (C2C), and recommerce saw GMV growth of approximately 20% and now constitute 72% of total GMV excluding Depop.

The company continues to invest in eBay Live and vehicles, with significant contributions from Depop, which saw its GMV more than double year over year.

Operational highlights include the expansion of the Authenticity Guarantee and the success of the AI-powered card scanning tool, with over 130 million scans.

eBay Motors and fashion segments continued to perform well, with notable initiatives in shipping and new product launches such as Secure Purchase Express and Certified Recycled badging.

The company reported a 4% increase in trailing 12-month active buyers to 147 million, with U.S. active buyer growth strong at 6% organically.

For Q4, eBay projects GMV between $23.7 billion and $24.1 billion, with revenue between $3.19 billion and $3.24 billion, reflecting continued momentum despite challenging year-over-year comparisons.

eBay plans to reduce its workforce by approximately 9% to streamline operations and focus resources on high-growth initiatives.

The company remains optimistic about 2027, anticipating healthy year-over-year growth across GMV, revenue, and earnings, driven by strategic initiatives.

Full Transcript

Kate (Operator)

Good day, everyone. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome you to the eBay third quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. If you would like to ask a question at that time, and if you have joined the webinar, please use the raised hand icon, which can be found at the bottom of your webinar application.

At this time, I would like to turn the call over to John Egbert, Vice President of Investor Relations.

John Egbert (Vice President of Investor Relations)

Good afternoon. Thank you all for joining us for eBay’s third quarter 2026 earnings call. Joining me today on the call are Jamie Iannone, our Chief Executive Officer, and Peggy Alford, our Chief Financial Officer. We’re providing a slide presentation to accompany our commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com. Before we begin, I’ll remind you that during this conference call we will discuss certain non-GAAP measures related to our performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation. All growth rates noted in our prepared remarks will reflect organic, FX-neutral, year-over-year comparisons, and all earnings per share amounts reflect earnings per diluted share unless indicated otherwise.

Additionally, all year-over-year growth rates versus 2025 are also based on recast financials reflecting our adoption of the new internally developed software accounting guidance in 2026, and all DPOP comparisons will be pro forma, FX-neutral, year-over-year comparisons unless noted otherwise. During this conference call, management will make forward-looking statements, including, without limitation, statements regarding our future performance and expected results. These forward-looking statements involve known risks. Our actual results may differ materially from our forecast for a variety of reasons. You can find more information about risks, uncertainties, and other factors that could affect our operating results in our most recent periodic reports on Form 10-K, Form 10-Q, and our earnings release from earlier today.

You should not rely on any forward-looking statements. All information in this presentation is as of October 28, 2026. We do not intend, and undertake no duty, to update this information. With that, I’ll turn the call over to Jamie.

Jamie Iannone (Chief Executive Officer)

Thanks, John. Good afternoon, and thank you all for joining us today. We delivered strong results in Q3 as our key financial measures exceeded consensus expectations and the high end of our respective guidance ranges. Gross merchandise volume grew by 13% to more than $23 billion. Revenue grew 11% to $3.2 billion. We also delivered 11% year-over-year growth in non-GAAP operating income and nearly 12% growth in GAAP earnings per share. Even as we continue to invest behind our highest-priority growth opportunities, our outperformance was once again broad-based across categories, geographies, and customer segments.

Our key strategic priorities, including focus categories, consumer-to-consumer or C2C, and recommerce, grew GMV by approximately 20% in aggregate and now represent 72% of our total GMV excluding Depop. eBay’s results also benefited from the continued scaling of emerging growth vectors like eBay Live and vehicles, which are contributing more meaningfully each quarter, as well as Depop, which accelerated materially and contributed to total FX-neutral GMV growth of nearly 16% year over year in Q3.

Focus category GMV grew 24% in Q3, led by collectibles, eBay Motors, fashion, and refurbished goods. Our continued momentum reflects years of strategic investment in category-specific innovation, trust, selection, community, and tailored selling and buying experiences for our customers. Starting with collectibles, trading cards maintained strong GMV growth even as we lapped increasingly difficult year-over-year comparisons. Pokémon’s 30th anniversary releases supported continued growth in collectible card games, while major summer events and the fall sports calendar drove healthy demand for sports trading cards. Excitement for eBay Collectibles was on full display at the National Sports Collectors Convention in Chicago, which drove record usage of our AI-powered card scanning tool.

The tool has now surpassed 130 million scans, and in Q3 we expanded card scanning to the UK and began adding proprietary transaction data from TCGplayer and Golden to the tool’s price guide, giving collectors a broader view of market pricing. In Q3 we expanded Authenticity Guarantee to lower-priced trading cards in the US and UK. In the US, the change increased the number of sold items eligible for Authenticity Guarantee by more than 20% and also made those items eligible for grading add-on and vault storage services offered through our partnership with PSA.

In August, we launched Authenticity Guarantee for collectible coins in the US in partnership with Professional Coin Grading Service. This program covers eligible graded coins from around the world and raw US coins priced at $500 or more at no additional cost to buyers or sellers. Authenticity Guarantee surpassed 20 million cumulative items inspected across categories in July, reinforcing our commitment to building trust and confidence across our marketplace.

Our off-platform collectibles marketplaces also continued to thrive. TCGplayer surpassed $1 billion in trailing 12-month GMV for the first time and opened seller regions in the UK and Canada, extending the reach of its specialized collectible card game marketplace. Our Golden subsidiary had another record GMV quarter and continues to attract some of the world’s rarest and most valuable collectibles. In Q3, Golden hosted an auction commemorating the United States 250th anniversary, highlighted by a rare copy of the Declaration of Independence that sold for over $3.6 million.

By bringing together the core eBay marketplace, eBay Live, TCGplayer, and Golden, we’re serving enthusiasts across all major categories, price points, and transaction formats. Turning to eBay Motors, which remained a material contributor to GMV growth across parts and accessories and vehicles, in P&A we launched easy and free returns in Germany in Q3 following successful rollouts in the US and UK that drove increased conversion and incremental GMV with stable return rates. We also introduced Certified Recycled badging in the US, helping buyers identify high-quality recycled OEM parts from qualified sellers. In vehicles, we continue to simplify the end-to-end transaction experience and expand the range of customer vehicles we can serve.

In Q3, we launched Secure Purchase Express to provide a streamlined path to checkout for C2C sellers who do not require our full suite of services. We onboarded hundreds of independent dealers to our new Trust Dealer program, allowing them to use Secure Purchase within their existing workflows. And we increased vehicle purchase protection coverage to $500,000 to support more high-value transactions. These protections and our differentiated buyer reach supported several vehicle sales above $1 million in Q3, including a 2005 Porsche Carrera GT that sold for $5 million from a trusted dealer in Arkansas to a buyer located in Texas. eBay’s fashion business continues to be a source of growth, led by luxury, which delivered another quarter of healthy double-digit GMV growth in Q3. We significantly expanded Authenticity Guarantee across Europe, enabling buyers in 23 European Union countries to shop for authenticated luxury fashion inventory from sellers in Germany, France, and Italy. In Australia, we launched Authenticity Guarantee for watches and continued broadening eligible brands across apparel, footwear, and accessories.

This trust infrastructure has helped make eBay the leading online marketplace for secondhand luxury fashion sales in the US and UK. Depop complements eBay’s broader fashion business and expands our reach with younger consumers through its discovery-led experience optimized for desirable, affordable secondhand fashion. Q3 was Depop’s first part of eBay, and its results reinforced the strength of the business and gave us even more conviction in the opportunity ahead.

Depop’s GMV growth outperformed our expectations in Q3, including US GMV, monthly active users, and sold items more than doubling year over year on a pro forma basis. The quality of that growth is encouraging. New cohorts are buying and selling more than prior cohorts, while repurchase, relist, and resell rates all improved year over year. Customers who both buy and sell remain several times more valuable than one-sided users, demonstrating the strength of Depop’s C2C flywheel.

Depop continued to improve its product experience in Q3 as it enabled faster, personalized discovery on the homepage, simplified its AI-assisted listing flow, and deployed new AI models to prioritize the visibility of higher-quality listings. We also introduced new Depop Balance features in Q3, allowing customers to keep their sales proceeds in the app and use them for future purchases. This makes it easier for sellers to become buyers as well, encouraging the two-sided engagement we see among Depop’s most valuable customers.

Marketing and shipping play complementary roles in Depop’s growth model. Full-funnel marketing has proven effective at raising awareness and bringing more customers into the marketplace. Our investments to lower shipping costs have made lower-priced items economical, increased purchase frequency, and improved seller velocity. Access to eBay’s preferred carrier rates has lowered average parcel cost, making shipping investments more efficient. We are also increasingly targeting those investments toward customer moments we believe are most predictive of long-term value.

Beyond shipping, we continue to explore supply and demand synergies between eBay and Depop. In Q3 we tested a dedicated module of relevant Depop listings adjacent to eBay search results for select fashion queries. We are currently testing the next phase of our inventory integration by exploring how users respond to individual Depop listings directly in eBay search results for relevant queries. Over time, we believe eBay’s scale, demand, and shopping-intent signals can connect more fashion consumers with relevant Depop listings and drive incremental GMV and velocity for Depop sellers.

Overall, we are managing eBay and Depop as a portfolio, preserving each brand’s distinct experience and allocating investment toward opportunities that generate the strongest long-term returns for the combined company. Depop’s growth builds upon the strong consumer selling momentum on eBay, where global C2C GMV grew by more than 20% in Q3, including healthy double-digit growth across the US, UK, and Australia. Artificial intelligence has an outsized impact on our C2C business as it reduces friction that prevents consumers from listing and selling successfully. We continue to see strong results from the latest generation of our AI-powered Magical Listing experience, which is now available to all new and reactivated listers across six major markets.

We’ve also rolled out Magical Listing to all non-professional sellers in Australia, France, and Italy, and we are in the midst of ramping to active groups in the US, UK, and Germany. In Australia, active sellers are creating more than one-third more listings per attempt with Magical Listing, while their average listing time has been reduced by approximately one-third, which is similar to the benefits we’ve observed with new sellers. As we began ramping active seller groups, we upgraded Magical Listing’s pricing guidance, including improved user experience and new AI models with smarter price recommendations driving measurable improvements in conversion and sell-through. In September, we launched comprehensive improvements to the C2C value proposition in France and Italy, bringing together free selling, buyer protection, Magical Listing, enhanced local discovery, eBay Balance, and simplified shipping.

These launches have driven meaningful uplift in leading indicators such as new and reactivated listers and lay the foundation for a more connected European marketplace overall. We are also giving sellers new ways to connect directly with buyers and grow their businesses, which brings me to eBay Live. eBay Live delivered another record quarter and is generating GMV at a multibillion-dollar annualized run rate. GMV growth remained well into the triple digits year over year, similar to recent quarters, as sellers, buyers, content hours, and viewership continued to expand across all seven markets. In Q3 we expanded self-service onboarding to more markets and broadened eligibility beyond established eBay sellers, creating a more scalable path for sellers to join Live.

We also launched multi-streaming through Live Studio, which allows sellers to broadcast simultaneously to YouTube, Facebook, Instagram, and Twitch, drawing buyers to eBay from their existing social audiences. For buyers, we redesigned the Live hub with updated search filters, personalized recommendations, and a feed-based experience, while integrating Live more prominently into services across eBay. This should make relevant events, inventory, and communities easier to discover.

As Live scales, trust remains foundational to eBay Live. During Q3 we launched AI-powered moderation across chat, audio, and video, added pre-event screening, and strengthened host controls for moderation. We also deployed real-time multimodal AI agents to extract structured item details directly from video streams. These agents are initially focused on trust and over time will support automated listing creation tools and more intelligent item discovery.

Taken as a whole, these advances are expanding seller access and reach, strengthening buyer discovery, and embedding AI and trust throughout the experience, helping us scale eBay Live as a differentiated commerce platform. In shipping, we are using eBay’s scale and carrier relationships to lower cost and simplify fulfillment, helping sellers reach more buyers and making more inventory economical to transact. In Q3 we launched eBay International Shipping in both the UK and Germany. Sellers will now be able to ship domestically to an eBay hub and seamlessly tap the buyer demand in more than 190 markets, while eBay handles transportation, customs, returns, and post-purchase support.

Customer feedback has been extremely positive, and the cost savings from these programs are significant. For instance, in the UK we estimate EIS can be up to 30% cheaper for customers than our previous Global Shipping Program. In Q3 we also deployed an improved AI delivery-date model across six major export markets, expanding inventory we can show with a fast-delivery promise while maintaining reliability. During the quarter, we completed the nationwide rollout of US Managed Shipping to all new and reactivated listers within the Magical Listing flow. eBay now estimates the package size and weight with AI, generates a prepaid label, and provides tracking. Sellers are automatically protected against loss or damage, and early results show a double-digit percentage reduction in listing time and strong customer satisfaction. In the UK, we are making pickup and drop-off, or PUDO, services more visible and economical across more than 50,000 carrier options at lockers and parks.

With approximately 95% of UK buyers living within one mile of a PUDO location, we are simplifying the experience and using targeted promotions to build adoption, giving sellers convenient drop-off options and buyers a lower-cost alternative to home delivery, which can increase velocity for lower-priced inventory. In Q4 we are beginning a limited drop-off test in several large US metropolitan areas. Our objective is to learn whether greater shipping choice and structurally lower-cost delivery options can improve listing activity, conversion, and transaction velocity.

We are assessing customer adoption, service quality, and unit economics throughout the test. Before closing, I’d like to share a few highlights from eBay’s 2026 Recommerce Report, which we published earlier this month. The report points to a secular shift in e-commerce, as 47% of consumers surveyed now buy secondhand at least monthly, up from 35% last year, and 89% expect to spend the same or more on secondhand goods in 2027. It also highlights seller economics. Roughly 85% of sellers source secondhand inventory from their own belongings, and nearly 30% say selling secondhand helps them earn extra income.

Younger consumers are accelerating this shift. Fifty-three percent of 18- to 29-year-olds expect to buy more secondhand in 2027. That reinforces long-term opportunity for eBay as secondhand becomes a larger part of how people shop. In closing, we are building on strong marketplace momentum with strategic investments that improve the customer experience and strengthen eBay for the long term. Collectibles remain our largest growth contributor; eBay Motors and fashion also contributed materially, and eBay Live delivered another record quarter. Depop’s first quarter with eBay reinforced its strategic fit, as US GMV more than doubled year over year on a pro forma basis, with healthy new cohorts and growing engagement from customers who both buy and sell.

Shipping is becoming a more strategic portfolio capability as we expand our domestic and cross-border services and extend eBay’s carrier scale and infrastructure to Depop, lowering costs, reducing friction, and increasing velocity. AI is delivering measurable gains in listing productivity and conversion while improving discovery, trust, and reliability across the marketplace. And we delivered all of this progress while growing non-GAAP operating income and earnings per share at double digits year over year, demonstrating our ability to invest behind long-term growth and still deliver significant value for shareholders.

With that, I’ll turn the call over to Peggy to provide more details on our financial performance and outlook. Peggy, over to you.

Steve Priest (Chief Financial Officer)

Thank you, Jamie, and hello, everyone. In the third quarter, we once again exceeded expectations across all of our key financial metrics. GMV grew by nearly 16% year over year to $23.2 billion on an FX-neutral basis, or 13% organically. Revenue grew 13% year over year to $3.21 billion on an FX-neutral basis, or 11% organically. Non-GAAP operating income grew 11% year over year to $843 million. Non-GAAP earnings per share grew nearly 12% year over year to $1.51, and we returned nearly $830 million of capital to shareholders through repurchases and cash dividends in Q3.

Now let’s take a closer look at the drivers of our strong performance. GMV grew nearly 16% to $23.2 billion on a total FXN basis and increased 13% on an organic FXN basis as Depop added nearly 3 points of growth. Foreign exchange was a headwind of 30 basis points. To support GMV growth, we saw broad-based momentum across our established strategic priorities, as focus categories, C2C, and recommerce each grew GMV by more than 20%, while eBay Live and vehicles each grew well into the triple digits.

In the quarter, focus category GMV grew 24%, outpacing the remainder of our marketplace by 19 percentage points, with collectibles, motors, fashion, and refurbished all contributing materially to growth. Moving on to our major geographies, our U.S. GMV grew 22% on an organic basis, with positive growth contributions from all of our major categories. Collectibles GMV growth remains strong in the U.S. but decelerated moderately as we lapped last year’s robust growth. Growth in our trading cards business remained broad-based across multiple sports and collectible card game genres. Beyond trading cards, we also saw healthy growth across collectible coins, comics, and sports memorabilia.

Electronics became a larger contributor to U.S. growth in Q3, driven by strong demand for computer hardware, consoles, and video games. The growth in these subcategories was also fueled by a combination of transactions and ASP increases, which reinforces eBay’s strength as a leading destination for pre-owned and refurbished products at more accessible price points. eBay’s fashion GMV in the U.S. was healthy, with continued strength in luxury. Depop added to our momentum in fashion, as its U.S. GMV more than doubled year over year on a pro forma basis.

Combined, eBay and Depop generated approximately $9 billion in fashion GMV over the trailing 12 months in the U.S. alone, growing in the mid-20% range year over year on a pro forma basis. International GMV grew nearly 4% year over year in Q3 on an organic FXN basis, with foreign exchange representing a 60 basis point headwind to spot growth. Our investments in strategic priorities continue to yield attractive returns in these markets despite a challenging macro backdrop. Specifically, focus category and C2C GMV each grew double digits in the UK and each drove high single-digit growth in Germany. Furthermore, our organic year-over-year growth also improved sequentially in Canada, Australia, France, and Italy.

Shifting to our buyer metrics. Trailing 12-month active buyers grew 4% to 147 million on a pro forma basis, which includes buyers from recently acquired Depop and Ties. Excluding Depop and Ties, global active buyers grew by over 1%. U.S. active buyer growth remains strong at 6% year over year organically, or 13% on a pro forma basis including Depop. Our 16 million enthusiast buyers, who are our most loyal customers, visit the core eBay marketplace more than once a day on average and contribute over 70% of the GMV on our marketplace.

Our investments in key strategic priorities continue to drive higher engagement and spending, helping grow trailing 12-month enthusiast buyers by over 2% year over year in Q3. In the U.S., enthusiast buyer growth was especially strong, up 9% year over year. Global spend per enthusiast buyer continues to show strong growth, increasing to approximately $3,700 on a trailing 12-month basis. Next, let’s take a look at our income statement. Revenue grew 13% to $3.21 billion on a total FXN basis and increased 11% on an organic FXN basis, as Depop contributed nearly 2 points of growth in the quarter. Foreign exchange was a 70 basis point tailwind to spot revenue growth. Our overall take rate declined by 20 basis points year over year, reflecting faster growth in eBay Live and C2C, ongoing category and ASP mix shifts, and the inclusion of Depop.

As a reminder, Depop’s revenue contribution is lower than GMV primarily because a significant portion of our velocity-driving shipping investments are recognized as contra revenue. These pressures were partially offset by tailwinds from shipping, advertising, and financial services. Next, I’ll discuss highlights within our Value Added Services portfolio, which continues to benefit our marketplace by strengthening trust, reducing transactional friction, and driving sales velocity. Total advertising revenue was $607 million in the third quarter, growing 16% year over year. Excluding Depop, ads revenue was nearly 2.7% of GMV. First-party ads grew 16% to $575 million. Promoted listings comprised nearly 1.3 billion of the nearly 2.7 billion total listings on eBay, excluding Depop, and 6 million sellers adopted at least one promoted listing product during the quarter.

We delivered several key product innovations during the quarter to strengthen our performance ads. Engineering-wise, we introduced an AI-powered placement engine that uses machine learning to dynamically optimize ad density in search based on shopper context and expected value. We also expanded our video ad formats across Promoted Listings and Promoted Stores. Video ads create a much more dynamic, engaging discovery experience for buyers while giving sellers a powerful new tool to showcase their items.

Additionally, we rolled out new personalized ad prompts for C2C sellers. More relevant and efficient financial services was a modest contributor to our take rate as we continue to expand our buyer and seller products to reduce friction on our marketplace. Following a successful UK launch, we recently expanded Pay by Bank to Germany and France, which offers more choice for customers and attractive economics for eBay. Similar to the UK, Pay by Bank transactions in Germany generate high average order values and carry lower processing costs than other forms of payment.

Moving on to our profitability and earnings, non-GAAP gross margin was 73.1% in the third quarter, up 60 basis points year over year. Our non-GAAP operating income grew 11% year over year to $843 million. Sales and marketing expense increased in the third quarter, driven by targeted investments in our strategic priorities, including Depop. Based on the strong results we are seeing, given the upside in our overall performance this quarter, we were able to create more capacity to invest in these areas.

In addition, marketing efficiencies in the core eBay marketplace enabled us to redeploy more resources to capitalize on Depop’s extraordinary momentum and expand our reach with a younger customer demographic. Transaction losses as a percentage of revenue decreased for a second straight quarter in Q3 as expected and was roughly in line with the year-ago period as teams deliver on multiple initiatives to optimize our shipping programs and customer experiences.

We delivered non-GAAP earnings per share of $1.51, up nearly 12% year over year, and GAAP earnings per share of $1.11. Turning to our balance sheet and capital allocation, in the third quarter we generated free cash flow of $749 million and ended the period with cash and fixed income investments of $3.3 billion and gross debt of $6.7 billion. On our balance sheet, our equity investments were valued at $800 million. We repurchased approximately $690 million of eBay shares in Q3 at an average price of roughly $106, and we paid a quarterly cash dividend of $138 million in September, or $0.31 per share.

Now I will share some thoughts on our outlook, starting with the fourth quarter. Please reference the earnings presentation accompanying our release for our outlook in spot growth terms and foreign exchange implications. For Q4, we expect consolidated GMV between $23.7 and $24.1 billion, including Depop, which represents total FXN growth between 12% and 14% year over year, or organic growth between approximately 8% and 10%. Our guidance implies Depop attributed 4 percentage points to total FXN GMV growth.

This guidance contemplates strong, broad-based momentum across the core eBay marketplace driven by our strategic priorities and eBay Live, partially offset by lapping dynamics from a very robust fourth quarter last year due in part to trading cards and bullion strength. Furthermore, we are forecasting another quarter of extraordinary growth from Depop, with Q4 year-over-year growth similar to Q3 on a pro forma basis, driven by effective customer acquisition and engagement.

We forecast consolidated revenue to be between $3.19 and $3.24 billion in Q4, which represents total FXN growth between 7% and 9% year over year, or organic growth between 5% and 7%, with Depop contributing 2 percentage points to total FXN revenue growth. We expect GMV growth to outpace revenue growth in Q4 due to a few factors, some of which are temporary. First, Depop is operating at a lower take rate than our core marketplace, and its year-over-year take rate pressure is elevated until we lap the acquisition date.

Second, the transition of UK managed shipping from a gross to net revenue model has impacted our take rate in 2026 and is more significant in Q4 as we lap the completed rollout in the prior year. And third, ongoing business, ASP, and category mix shifts continue to apply pressure to our take rate. Though we are pleased with the incremental GMV, revenue, and operating income contributions from these transactions, we expect consolidated non-GAAP operating income growth to be between 6% and 10% year over year in Q4, which implies non-GAAP operating margin between 25.7% and 26.2%.

Our better-than-expected top-line growth in the first three quarters of this year has generated the capacity to further invest behind our strategic priorities, even as we anticipate strong full-year operating income growth well ahead of our initial expectations. As we have consistently noted, our goal is to strike the optimal balance between funding long-term growth and delivering healthy flow-through to the bottom line. Our strategy is clearly working.

We see tremendous runway ahead across numerous initiatives, including eBay Live, C2C, as well as Depop, which are significantly expanding our addressable market. At the same time, we remain disciplined on costs and continue to drive operational efficiency across the business. With this in mind, last week we announced a difficult decision to reduce our workforce by approximately 9% to better align our talent and resources, streamline our operations, and help create the capacity required to invest in our highest growth initiatives.

We recognize the significant impact this decision has on our colleagues and their families, and we are deeply grateful for their contributions to eBay. For the fourth quarter, we expect consolidated non-GAAP earnings per share between $1.48 and $1.53, which implies year-over-year growth between approximately 5% and 9%. In addition, we continue to target roughly $2 billion of stock repurchases for the full year, and our board declared a quarterly cash dividend of $0.31 per share for the fourth quarter, to be paid in December. And finally, I’d like to share our preliminary views on 2027.

While we are still in the midst of our annual budgeting process, we are planning our business around healthy consolidated year-over-year growth across GMV, revenue, non-GAAP operating income, and non-GAAP earnings per share. We anticipate continued broad-based GMV growth across our strategic initiatives, including focus categories, eBay Live, C2C, and Depop.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.