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ebay Q2'26 Business & Financial Highlights August 5 , 2026 © 2026 eBay | Business & Financial HighlightsQ2'26
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Disclosures 2 This presentation contains non - GAAP measures relating to our performance. You can find the reconciliation of these measures, exc ept for FX - Neutral basis, to the nearest comparable GAAP measures in the appendix at the end of this presentation. All growth rates represent year - over - year comparisons, except as otherwise note d. For numbers in this presentation provided on an “FX - Neutral” basis, we calculate the year - over - year impact of foreign currency movements using prior period foreign currency rates applied to curren t year transactional currency amounts excluding hedging activity. This presentation contains forward - looking statements relating to, among other things, the future performance of eBay Inc. and i ts consolidated subsidiaries that are based on our current expectations, forecasts and assumptions and involves risks and uncertainties. These statements include, but are not limited t o, statements regarding management's vision for the future of eBay and our ability to accomplish our vision, expected financial results for the third quarter and full year 2026 and expected driver s t hereof, the future growth in our business, our ability to drive sustainable long - term growth and continue to accelerate across focus categories, the effects and potential of the recently completed Depop a cquisition and current and contemplated strategic initiatives and offerings including with respect to artificial intelligence, the anticipated benefits and effects of the recently completed D epo p acquisition and new and updated product features or programs, expectations relating to the continued diversification of our inventory and programming, our targets with respect to our cred it rating, leverage ratios and cash and investment balances, and stock repurchases. Actual results could differ materially from those expressed or implied and reported results should not be consid ere d as an indication of future performance. Factors that could cause or contribute to such differences include, but are not limited to: significant variation in our operating and financial results, in cluding GMV and net revenues; our ability to compete in the markets in which we participate; our ability to generate revenue from our advertising products, including our Promoted Listings; our ability t o g enerate consumer engagement and spending; our ability to keep pace with technological changes, including emerging AI technologies, and with changes in consumer demands and expectations; our ab ili ty to operate internationally and generate revenue from our international operations and our exposure to costs and risks in connection therewith; the impact of changes in global trade p oli cies on our revenue, profit and ability to support cross - border trade; our ability to manage our buyer and seller trust protection programs; the risk of systems failures and business interruptions to our business; operation of and ongoing investment into our payments and financial services offerings; the risk of fraud on our platforms; the impact of any cyberattacks or data security breaches; o ur ability to attract, retain and develop our senior managers and other key employees; our and our customers’ dependence on third - party providers, some of which are our competitors; the impact of our curr ent, contemplated and future acquisitions, dispositions, joint ventures, strategic partnerships and strategic investments, including our ability to realize the projected benefits from the rec ently completed Depop acquisition; the impact of stockholder activism or unsolicited acquisition proposals; the impact of extensive and increasing regulation and oversight that affect our business; the risk of liability for the actions of our customers, including products sold by sellers on our platforms; the impact of increasing levels of regulation in the areas of privacy, protection of user data a nd cybersecurity and AI; the risks associated with third party allegations relating to intellectual property rights; current and potential litigation and regulatory and government inquiries, investigations and li tigation involving us; the impact of evolving sales and other tax regimes in various jurisdictions; our ability to protect or enforce our intellectual property rights; risks and costs relating to stakeh old er expectations around environmental, social and governance matters; potential exposure to claims and liabilities as a result of the distribution of PayPal; the risk of exposure to greater than ant icipated tax liabilities; fluctuations in interest rates, and changes in regulatory guidance relating thereto; fluctuations in foreign currency exchange rates; our ability to generate sufficient cash flow to s erv ice our indebtedness and to comply with financial covenants in our outstanding debt instruments; and the risk that our stock repurchases may not be effected or may not achieve the desired obje cti ves. The forward - looking statements in this presentation do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof. More information about factors that could affect our operating results is included under the captions “Risk Factors” and “Man age ment’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10 - K and subsequent Quarterly Reports on Form 10 - Q, copies of which may be obtained by visiting our Investor Relations website at https://investors.ebayinc.com or the SEC's website at www.sec.gov. All information in this presentation is as of August 5, 20 26. Undue reliance should not be placed on the forward - looking statements in this presentation, which are based on information available to us on the date hereof. We assume no obligation to update su ch statements. © 2026 eBay | Business & Financial Highlights Q2’26
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© 2026 eBay | Business & Financial Highlights Q2’26 Business Highlights
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Q2’26 Snapshot $22.4B Gross Merchandise Volume 4 $3.1B Revenue $0.89B Non - GAAP Operating Income $1.60 Diluted Non - GAAP EPS 16 Million Enthusiast Buyers (1) Reconciliations of Non - GAAP measures are included in the Appendix of this presentation References to “Revenue” in this presentation refer to “Net Revenue” (1) Enthusiast Buyers are defined as buyers with at least 6 purchase days and $800+ (or local currency equivalent) annual spend; this is a T12M metric © 2026 eBay | Business & Financial Highlights Q2’26
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Strategic Priorities Now Drive More Than 70% of GMV 5 © 2026 eBay | Business & Financial Highlights Q2’26 Focus Categories • GMV growth accelerated to 26% Y/Y • Eclipsed 40%+ of total GMV for the first time • Strength across Collectibles, eBay Motors, Fashion, and Refurbished Goods C2C • GMV grew over 20% Y/Y • Healthy GMV growth across the US, UK, DE, and AU • Magical Listing technology is strengthening the sell - to - buy flywheel Recommerce (1) • GMV grew over 20% Y/Y • Hosted several activations across key cultural events including The Masters, Earth Day, and Memorial Day (1) Recommerce GMV includes both Pre - Owned & Refurbished GMV across categories. (2) Strategic Priorities GMV includes the de - duplicated total of all three of the named established strategic priorities: Focus Categories, C2C, and Recommerce All growth rates reflect Y/Y FXN growth Strategic priorities (2) now represent more than 70% of total GMV and grew over 20% Y/Y in Q2 Focus Categories Recommerce Recommerce Focus Categories C2C
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6 © 2026 eBay | Business & Financial Highlights Q2’26 6 Focus Categories Are a Significant Engine of Growth Focus Category GMV growth accelerated to 26% Y/Y FXN in Q2 and eclipsed 40% of total GMV Collectibles eBay Motors Fashion • Largest contributor to GMV Growth, led by trading cards • Broad momentum across markets, subcategories, and off - platform marketplaces • 80M+ AI - powered card scans, simplifying identification and pricing • Integrated Card Ladder indexes for richer market data • Contributed nearly 2 points of total GMV growth • Launched Easy & Free returns in the UK and eBay Guaranteed Fit in Canada • Enabled native vehicle listing in the eBay mobile app driving increased C2C inventory • Growth predominantly led by luxury and pre - loved inventory • Expanded Authenticity Guarantee to 100+ fashion brands and began testing optional authentication across broader price points • Extended Authenticity Guarantee eligibility to jewelry sourced from Greater China Investments in trust, innovation, and full - funnel marketing are driving durable growth in Focus Categories
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7 © 2026 eBay | Business & Financial Highlights Q2’26 7 Depop Strengthens eBay’s Leadership in C2C & Recommerce Completed the acquisition on July 30 Complementary strengths Broad global selection across pre - loved inventory and authenticated luxury. Social - forward, discovery - led experience with strength in accessible pre - loved Fashion. Initial integration priorities 1 2 3 Maintain what makes Depop special Preserve the brand, community, and product experience. Help accelerate the existing roadmap Support the team as it executes against its existing product roadmap. Apply eBay capabilities to support growth Leverage eBay’s scale in customer reach, shipping, trust, and marketplace safety.
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8 © 2026 eBay | Business & Financial Highlights Q2’26 8 Organic C2C Growth Remains Broad - Based Organic C2C Proof Points Australia C2C GMV accelerated to double - digit growth following the May C2C initiative launch, with leading seller metrics above pre - launch levels. United States Healthy double - digit growth in consumer sellers and supply, supported by Magical Listing technology and strength across key categories. United Kingdom Active sellers reached the highest level since 2023, with the strongest C2C GMV growth in many years outside the pandemic. Germany Healthy growth in C2C GMV as investment shifts toward the categories and experiences where eBay has the strongest right to win. >20% GMV growth in Q2 Outpaced overall GMV growth What is working Consumer supply Healthy seller and supply growth across key markets Simpler selling Magical Listing technology helps make listing dramatically easier Differentiated inventory Categories such as Collectibles, Electronics, and Fashion C2C initiatives are unlocking differentiated supply and strengthening the sell - to - buy flywheel across eBay Core eBay C2C
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~3x median GMV increase seen by Live sellers compared to sellers who do not sell on eBay Live 9 © 2026 eBay | Business & Financial Highlights Q2’26 eBay Live Benefits Extend Beyond the Livestream Scaling eBay Live Halo Effect of eBay Live Posted a record quarter Q2 GMV grew by ~8x Y/Y, alongside rapid growth in viewers, watch time, and sold items Expanded seller access Opened self - service onboarding to eligible US sellers in July, with several more markets to follow Streamlined operations Simplified event setup, inventory preparation, and live item management, while reducing latency >90% of established Live sellers grew GMV on eBay Seller Halo (1) ~70% higher spend by first - time Live buyers in Collectibles versus comparable non - Live buyers Buyer Halo (2) ~50% of incremental spend occurred outside of those Live events (1) Measures total eBay GMV versus similar non - Live sellers. More than 90% of established sellers who stream regularly grew GMV, wit h median growth ~3x that of the comparison group, reinforcing a halo across their broader eBay businesses. (2) Measures total eBay spend by Collectibles - dominant first - time Live buyers versus a synthetic control group. These buyers spent ~ 70% more in total, with ~50% of the incremental spend occurring outside Live events, demonstrating that Live expands share of wallet across the bro ader marketplace.
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10 © 2026 eBay | Business & Financial Highlights Q2’26 Simplifying Shipping to Increase Marketplace Velocity United Kingdom Managed Shipping Launching in the UK in August • Eligible sellers ship domestically to a UK hub • eBay manages customs, returns, and international delivery • Simpler end - to - end experience with lower shipping costs Shipping revenue grew double - digits Y/Y in Q2, while simplifying buying and selling, strengthen ing trust, and increas ing marketplace velocity Expanding pickup and drop - off capabilities through InPost and Royal Mail eBay International Shipping ~50K 95% lockers and parcel shops nationwide of UK buyers live within 1km of pickup & drop - off Majority of UK C2C transactions go through Managed Shipping 190+ countries accessible for eligible UK sellers
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Financial Highlights © 2026 eBay | Business & Financial Highlights Q2’26
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Q2’26 Results © 2026 eBay | Business & Financial Highlights Q2’26 12 GMV (in billions) $22.4 15% spot 14% FXN (1) Revenue (in billions) $3.13 15% spot 14% FXN (1) Non - GAAP Op. Income (in billions) $0.89 16% spot (2) $1.60 17 % spot (2) GUIDANCE ACTUALS Diluted Non - GAAP EPS $21.3 - $21.7 9% - 11% spot 8% - 10% FXN (1) $1.46 - $1.51 7% - 11% spot (2) $2.97 - $3.03 9% - 11% spot 8% - 10% FXN 7% - 10% org. FXN $0.82 - $0.85 6% - 10% spot (2) All growth rates are spot Y/Y growth rates, unless noted otherwise; All reported results are from continuing operations Reconciliations of Non - GAAP measures are included in the Appendix of this presentation (1) Rounded FXN and organic FXN growth rates are consistent for both GMV and revenue (2) Y/Y growth rates for non - GAAP operating income and diluted non - GAAP EPS are based on recast financials reflecting retrospective adoption of ASU 2025 - 06. Recast amounts can be found in the Appendix of this presentation.
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9.1 1% 9.4 7% 9.9 13% 10.7 19% 11.5 27% 11.7 24% 9.7 3% 10.1 2% 10.2 4% 10.5 (1)% 10.7 3% 10.7 5% GMV ($ billions, Y/Y FXN growth) 22.4 14% 19.5 4% 20.1 8% 21.2 8% 22.2 14% Organic FXN 2% 4 % 8 % 8% 14 % 14% Key International GMV US GMV All reported results are from continuing operations 13 Q2 25 Q 3 25 Q4 25 Q 1 26 Q2 26 18.8 2% Q1 25 © 2026 eBay | Business & Financial Highlights Q2’26
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Revenue ($ millions, Y/Y FXN growth) Reconciliation of Organic FXN revenue is included in the Appendix of this presentation All reported results are from continuing operations 13.8% 1 4.0 % 14.0% 14.0% 13.9% 14.0% 2,585 2% 2,730 4% 2,820 8% 2,965 13% 3,089 17% 3,134 14% Key Revenue Take Rate Organic FXN 1% 4 % 8 % 13 % 17% 14% 14 © 2026 eBay | Business & Financial Highlights Q2’26 Q2 25 Q 3 25 Q4 25 Q 1 26 Q2 26 Q1 25
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Advertising Revenue ($ millions, Y/Y FXN growth) 2.4% 2.5% 2.6% 2.6% 2.6% 2.7% 418 14% 455 17% 496 23% 517 17% 555 28% 570 24% +12pts +13pts +15pts + 9 pts +10pts 596 23% 442 13% 482 16% 525 21% 544 16% 581 27% 1P = First - party advertising, including Promoted Listings products and first - party display advertisements on the eBay platform; 3P = Third - party advertising; Off - Platform = Advertising revenue from eBay’s off - platform businesses GMV penetration = Total advertising revenue (including off - platform) divided by total reported GMV Key 1P Ads Revenue 3P Ads Revenue 5 ( 34 )% 8 (41)% 8 (43)% 7 (40)% 7 (41)% 6 (27)% +14pts 15 Off - Platform Ads GMV Penetration 1P vs. GMV © 2026 eBay | Business & Financial Highlights Q2’26 Q2 25 Q 3 25 Q4 25 Q 1 26 Q2 26 Q1 25
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3.2% 4.2% 7.8% 7.2% 13.4% 12.7% 20.6% 21.4% Non - GAAP Expenses (% of revenue) 26.8% 25.9% Q2 26 UK managed shipping accounting and operational efficiencies, partially offset by traffic acquisition costs Q2 25 (1) Cost of Revenue Q2 26 Q2 25 Increased sales and marketing spend to support strategic priorities Sales & Marketing Q2 26 Q2 25 (1) Operational efficiency from recent reorganization Product Development Q2 26 Q2 25 Operational efficiency from recent reorganization General & Admin Q2 26 Q2 25 Higher consumer protection losses from shipping programs and customer experience enhancements Transaction Losses Operating Expense at 45.6 % , up + 0 .7 pts Y/Y Reconciliations of Non - GAAP operating expenses are included in the Appendix of this presentation All reported results are from continuing operations (1) Q2 2025 Cost of Revenue and Product Development expenses reflect the recast amounts from adoption of ASU 2025 - 06. 16 © 2026 eBay | Business & Financial Highlights Q2’26
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Non - GAAP Operating Income ($ millions, Y/Y growth) (1) Quarterly amounts in 2025 reflect the recast amounts from adoption of ASU 2025 - 06, while respective Y/Y growth rates are as prev iously reported. (2) 2026 Y/Y growth rate based on recast 20 25 financials. Reconciliations of Non - GAAP operating income and margin and recast financials are included in the Appendix of this presentation All reported results are from continuing operations 29.6% 28.3% 27.0% 26.0% 29.4% 28.5% Non - GAAP Operating Margin 17 893 16% 767 (1)% 771 8% 760 9% 771 11% 907 18% Q2 25 (1) Q3 25 (1) Q4 25 (1) Q1 26 (2) Q2 26 (2) Q1 25 (1) © 2026 eBay | Business & Financial Highlights Q2’26
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Non - GAAP Earnings Per Share (Y/Y growth) GAAP EPS GAAP Y/Y 77% (19)% 7% 56% XXX XX% XXX XX% XXX XX% XXX XX% XXX XX% XXX XX% $1.05 $0.78 $1.27 $1.14 $1.12 $1.21 $1.37 10% $1.36 16% $1.35 14% $1.41 13% $1.66 21% $1.60 17% (1)% 18 25% (1) Quarterly amounts in 2025 reflect the recast amounts from adoption of ASU 2025 - 06, while respective Y/Y growth rates are as prev iously reported. (2) 2026 Y/Y growth rate based on recast 20 25 financials. Reconciliation of Non - GAAP earnings per share is included in the Appendix of this presentation All reported results are from continuing operations; GAAP and Non - GAAP EPS is calculated using weighted average diluted shares © 2026 eBay | Business & Financial Highlights Q2’26 Q2 25 (1) Q3 25 (1) Q4 25 (1) Q1 26 (2) Q2 26 (2) Q1 25 (1)
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CapEx % of Rev FCF % of Rev ** 29% 28% 4 % 4% 3 % 3% 2 % 7 % 25% 16% 10% 644 36% (441) ** 803 24% 478 (15)% 898 39% 326 ** Free Cash Flow ($ millions, Y/Y growth) ** Percentage not meaningful (1) Quarterly CapEx amounts in 2025 reflect the recast amounts from adoption of ASU 2025 - 06. Reconciliation of Free Cash Flow (FCF) is included in the Appendix of this presentation; All reported results are from contin uin g operations 19 © 2026 eBay | Business & Financial Highlights Q2’26 Q2 25 (1) Q3 25 (1) Q4 25 (1) Q1 26 Q2 26 Q1 25 (1)
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625 625 625 625 500 310 134 134 132 131 139 138 756 448 759 759 757 (1) Average diluted shares are non - GAAP in millions Reconciliation of period - end fully diluted shares is included in the Appendix of this presentation All reported results are from continuing operations Approximately $2.0B repurchase authorization remaining as of June 30 , 2026 Key Stock Repurchases Cash Dividend Avg. Diluted Shares (1) 475 470 467 460 457 455 Capital Returns ($ millions) 20 639 © 2026 eBay | Business & Financial Highlights Q2’26 Q2 25 Q 3 25 Q4 25 Q 1 26 Q2 26 Q1 25
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4.9 (6.7) (1.9) Remaining equity investments were valued at ~$0.8B as of June 30, 2026, primarily attributable to our ownership of Aurelia equity worth ~$0.5B Cash & Debt ($ billions) (1) Cash balance includes cash, cash equivalents, and non - equity investments as of June 30, 2026; excludes Customer Accounts and Res tricted Cash balances of ~$1.4B as of June 30, 2026 (2) Reconciliation of GAAP Net Income from continuing operations to Adjusted EBITDA and Leverage Ratios included in the Appendix of this presentation Targets • Maintain current BBB+ rating • Targeting mid - term leverage of approximately 1.5x net debt and gross debt below 3.0x adj. EBITDA Credit Ratios • 0.6x net debt (2) • 2.3x gross debt (2) Q2’26 Ending Cash & Investments (1) Debt Net Debt 21 © 2026 eBay | Business & Financial Highlights Q2’26
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Q3’26 Consolidated Guidance (including Depop) GMV (in billions) Revenue (in billions) Non - GAAP Op. Income (in billions) Diluted Non - GAAP EPS GUIDANCE CONTEXT • Ads, shipping , and payments to contribute positively to take rate , offset by category / ASP mix - shifts and Depop acquisition • Expect Depop to contribute ~1.5 pts to consolidated FXN revenue growth Y/Y • FX tailwind to spot revenue growth of ~40 bps Y/Y • Driven by operating income growth and share repurchases • Expect Depop to represent mid - single - digit dilution to consolidated non - GAAP EPS growth • Implies continued broad - based growth from strategic priorities • Expect Depop to contribute ~2.5 pts to consolidated FXN GMV growth Y/Y • FX headwind to spot GMV growth of ~60 bps Y/Y 22 • Implies non - GAAP operating margin between 25.1% and 25.6 % • Investments in high growth opportunities and Depop expected to partially offset operating leverage from core eBay marketplace • Expect Depop to represent a 3 to 4 pt headwind to consolidated non - GAAP operating income growth Y/ Y $1.36 - $1.42 1 % - 5% spot (1) $22.0 - $22. 4 9% - 11% spot 10% - 12% FXN 7% - 9% org. FXN $ 3.07 - $3.12 9% - 11% spot 8% - 10% FXN 7% - 9 % org. FXN $0.77 - $0.80 1% - 5 % spot (1) All growth rates are spot Y/Y growth rates, unless noted otherwise; All reported results are from continuing operations Reconciliations of Non - GAAP measures are included in the Appendix of this presentation ( 1 ) Y/Y growth rates for non - GAAP operating income and diluted non - GAAP EPS are based on recast financials reflecting retrospective adoption of ASU 2025 - 06. © 2026 eBay | Business & Financial Highlights Q2’26
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FY’26 Consolidated Financial Commentary (including Depop) (1) Gross merchandise volume (GMV) definition for Depop incorporates buyer and shipping fees, making it not directly comparable t o g ross merchandise sales (GMS) reported under Etsy. (2) Y/Y growth rates for non - GAAP operating income and diluted non - GAAP EPS are based on recast financials reflecting retrospective adoption of ASU 2025 - 06. Recast amounts can be found in the appendix of this presentation. 23 GMV & Revenue • GMV growth between 11.5% and 12.5% on a Y/Y FXN basis • Expect Depop to contribute ~1.5 pts to consolidated FXN GMV growth (1) • At current rates, FX would represent a tailwind of ~1.1 pts to spot GMV growth • Revenue growth ~0.5 pts below GMV on a Y/Y FXN basis, or between 11% and 12% Y/Y FXN • Expect Depop to contribute ~1 pts to consolidated FXN revenue growth • FX to represent a tailwind of ~1.2 pts to spot revenue growth Non - GAAP Op. Income • Non - GAAP operating income growth (2) between 10% and 12% Y/Y • Contemplates strong operating income growth with continued investments to drive future growth • Expect Depop to represent ~2 pt headwind to consolidated non - GAAP operating income growth • On a consolidated basis, including synergies, we continue to expect Depop to become accretive to non - GAAP operating income in 2028. Non - GAAP EPS • Non - GAAP earnings per share growth (2) between 10% and 12% Y/Y • Expect lower cash balance and higher interest expense to pressure net interest and other Y/Y, partially offsetting share repurchases tailwind • Expect Depop to represent ~2.5 pts of dilution to consolidated non - GAAP EPS growth • Non - GAAP effective tax rate assumption of 17.5% in FY’26, up from 16.5% in FY’25 Capital Allocation • Targeting ~$2B of share repurchases in FY’26 • Declared Q3’26 cash dividend of $0.31 per share • FY’26 capital return target in - line with our stated framework ( 90 - 100% of normalized FCF) © 2026 eBay | Business & Financial Highlights Q2’26
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Appendix © 2026 eBay | Business & Financial Highlights Q2’26
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As Adjusted As Adjusted As Adjusted As Adjusted March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 GAAP operating income $ 611 $ 479 $ 571 $ 597 $ 611 $ 676 Stock-based compensation expense and related employer payroll taxes 144 172 153 160 167 188 Amortization of acquired intangible assets within cost of net revenues and operating expenses 12 13 12 12 12 13 Restructuring and executive bonuses — 55 24 2 104 1 Legal matters — 52 — — — (10) Transaction related costs — — — — 13 25 Non-GAAP operating income $ 767 $ 771 $ 760 $ 771 $ 907 $ 893 Revenues $ 2,585 $ 2,730 $ 2,820 $ 2,965 $ 3,089 $ 3,134 GAAP operating margin 23.6 % 17.6 % 20.3 % 20.1 % 19.8 % 21.6 % Non-GAAP operating margin 29.6 % 28.3 % 27.0 % 26.0 % 29.4 % 28.5 % Three Months Ended GAAP to Non - GAAP Quarterly Reconciliations Operating Income 25 In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2025 - 06, Intangibles — Good will and Other — Internal - Use Software (Subtopic 350 - 40): Targeted Improvements to the Accounting for Internal - Use Software. We elected to early adopt the standard effective January 1, 2026 using the retrospective transition method, which required us to recast each prior reportin g p eriod presented. © 2026 eBay | Business & Financial Highlights Q2’26
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As Adjusted As Adjusted As Adjusted As Adjusted March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 GAAP Income from continuing operations $ 501 $ 365 $ 593 $ 522 $ 512 $ 552 Stock-based compensation expense and related employer payroll taxes 144 172 153 160 167 188 Amortization of acquired intangible assets within cost of net revenues and operating expenses 12 13 12 12 12 13 Restructuring and executive bonuses — 55 24 2 104 1 Legal matters — 52 — — — (10) Transaction related costs — — — — 13 25 Change in fair market value of equity investments and warrants (3) 3 — (21) 8 (2) Income tax effects and adjustments — (20) (149) (31) (56) (40) Non-GAAP net income from continuing operations $ 654 $ 640 $ 633 $ 644 $ 760 $ 727 Non-GAAP net income from continuing operations per diluted share $ 1.37 $ 1.36 $ 1.35 $ 1.41 $ 1.66 $ 1.60 Shares used in non-GAAP diluted share calculation 475 470 467 460 457 455 Three Months Ended GAAP to Non - GAAP Quarterly Reconciliations Net Income / EPS 26 © 2026 eBay | Business & Financial Highlights Q2’26 In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2025 - 06, Intangibles — Good will and Other — Internal - Use Software (Subtopic 350 - 40): Targeted Improvements to the Accounting for Internal - Use Software. We elected to early adopt the standard effective January 1, 2026 using the retrospective transition method, which required us to recast each prior reportin g p eriod presented.
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$1.60 $1.21 $(0.37) $(0.02) Non-GAAP EPS Stock Based Compensation & Amortization Restructuring, Tax Rate & Other GAAP EPS Q2’26 Earnings Per Share, Non - GAAP to GAAP Reconciliation All reported results are from continuing operations (1) “Stock - based compensation” includes stock - based compensation expense and related employer payroll taxes. All items above have been tax - effected for the purpose of calculating the impact on GAAP EPS. 27 (1) © 2026 eBay | Business & Financial Highlights Q2’26
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As Adjusted As Adjusted As Adjusted Reported Non-GAAP Entries Non-GAAP Reported Non-GAAP Entries Non-GAAP Net revenues $ 3,134 $ — $ 3,134 $ 2,730 $ — $ 2,730 Cost of net revenues 832 (20) (a)(b) 812 750 (18) (a)(b) 732 Gross profit 2,302 20 2,322 1,980 18 1,998 Operating expenses: Sales and marketing 697 (25) (a) 672 586 (24) (a) 562 Product development 484 (86) (a) 398 452 (86) (a) 366 General and administrative 306 (80) (a)(d) 226 371 (158) (a)(d) 213 Transaction losses 133 — 133 86 — 86 Amortization of acquired intangible assets 6 (6) (b) — 6 (6) (b) — Total operating expenses 1,626 (197) 1,429 1,501 (274) 1,227 Income from operations 676 217 893 479 292 771 Interest and other: Gain (loss) on equity investments and warrants, net 2 (2) (e)(f) — (4) 3 (e) (1) Interest expense (65) — (65) (62) — (62) Interest income and other, net 52 — 52 59 — 59 Income from continuing operations before income taxes 665 215 880 472 295 767 Income tax provision (113) (40) (c) (153) (107) (20) (c) (127) Income from continuing operations $ 552 $ 175 $ 727 $ 365 $ 275 $ 640 Net income from continuing operations per share: Basic $ 1.24 $ 1.63 $ 0.79 $ 1.39 Diluted $ 1.21 $ 1.60 $ 0.78 $ 1.36 Weighted average shares: Basic 445 445 461 461 Diluted 455 455 470 470 Operating margin 21.6 % 6.9 % 28.5 % 17.6 % 10.7 % 28.3 % Effective tax rate 17.1 % 0.4 % 17.5 % 22.6 % (6.1)% 16.5 % ____________________ Notes: (in millions, except per share data and percentages) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 (a) Stock-based compensation expense and related employer payroll taxes (b) Amortization of acquired intangible assets (c) Income tax effects and adjustments (d) Other significant gains, losses or charges (e) Gains and/or losses on other equity investments (f) Change in fair market value of warrants GAAP to Non - GAAP Quarterly Reconciliations Statement of Income 28 © 2026 eBay | Business & Financial Highlights Q2’26 In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2025 - 06, Intangibles — Good will and Other — Internal - Use Software (Subtopic 350 - 40): Targeted Improvements to the Accounting for Internal - Use Software. We elected to early adopt the standard effective January 1, 2026 using the retrospective transition method, which required us to recast each prior reportin g p eriod presented.
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As Adjusted As Adjusted As Adjusted As Adjusted March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Net cash provided by continuing operating activities $ 755 $ (340) $ 900 $ 561 $ 970 $ 549 Less: Purchases of property and equipment, net (111) (101) (97) (83) (72) (223) Free cash flow from continuing operations $ 644 $ (441) $ 803 $ 478 $ 898 $ 326 Three Months Ended Calculation of Free Cash Flow 29 © 2026 eBay | Business & Financial Highlights Q2’26 In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2025 - 06, Intangibles — Good will and Other — Internal - Use Software (Subtopic 350 - 40): Targeted Improvements to the Accounting for Internal - Use Software. We elected to early adopt the standard effective January 1, 2026 using the retrospective transition method, which required us to recast each prior reportin g p eriod presented.
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March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Total net revenues (1)(2) $ 2,585 $ 2,730 $ 2,820 $ 2,965 $ 3,089 $ 3,134 (1) Hedge gain/(loss) $ 8 $ (6) $ (24) $ (19) $ (13) $ (1) (2) Foreign currency impact $ (21) $ 32 $ 20 $ 16 $ 78 $ 22 (in millions) Three Months Ended Reconciliation of Total Revenue 30 © 2026 eBay | Business & Financial Highlights Q2’26
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March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 As Reported Revenue Growth 1 % 6 % 9 % 15 % 19 % 15 % Acquisition/Disposition Impact —% —% —% —% —% —% Foreign Currency Impact —% (2)% (1)% (2)% (3)% (1)% Organic FX-Neutral Revenue Y/Y Growth 1% 4% 8% 13% 17% 14% Three Months Ended Reconciliation of Organic FX - Neutral Revenue © 2026 eBay | Business & Financial Highlights Q2’26 31
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March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Quarter-end common shares outstanding 463 459 454 449 446 445 Quarter-end shares underlying outstanding RSUs 19 24 22 19 16 20 Quarter-end fully diluted shares 482 483 476 468 462 465 Three Months Ended (in Millions) Calculation of Period - End Fully Diluted Share Count 32 © 2026 eBay | Business & Financial Highlights Q2’26
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March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 GAAP Net income from continuing operations (5) $ 501 $ 365 $ 593 $ 522 $ 512 $ 552 Adjustments: Income tax provision (benefit) (5) 128 107 (25) 97 106 113 Depreciation of property and equipment (4)(5) 72 75 79 80 84 87 Amortization of intangible assets (4) 12 13 12 12 12 13 Interest expense 61 62 62 61 61 65 Interest income and other, net (81) (59) (69) (62) (66) (52) Loss (gain) on equity investments and warrant, net 2 4 10 (21) (2) (2) Executive bonuses and restructuring (1) — 55 24 2 104 1 Non-recurring legal matters (2) — 52 — — — (10) Transaction related costs (3) — — — — 13 25 Adjusted EBITDA (4)(5) $ 695 $ 674 $ 686 $ 691 $ 824 $ 792 (4) In the second quarter of 2025, depreciation and amortization amounts in the adjusted EBITDA calculation were updated to include only depreciation of property and equipment and amortization of acquired intangible assets. Adjusted EBITDA and leverage ratios in prior periods were recast for comparative purposes. (in millions) (5) Quarterly amounts in 2025 reflect the recast amounts from adoption of Accounting Standards Update 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Accounting for and Disclosure of Software Costs. We elected to early adopt the standard effective January 1, 2026 using the full retrospective method. Three months ended (1) Consists of expenses for employee severance and other exit and disposal costs. (3) Consists of significant gains or losses and transaction related expenses from the acquisition or disposal of a business, unsolicited proposals and shareholder activism matters. These costs includethird party fees suchas banker fees, legal and advisory fees and other professional services. (2) Consists of significant gains, losses, or charges during a period that are the result of isolated events or transactions which have not occurred frequently in the past and are not expected to occur regularly or be repeated in the future. Reconciliation of GAAP Net Income from continuing operations to Adjusted EBITDA 33 © 2026 eBay | Business & Financial Highlights Q2’26
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March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Adjusted EBITDA (trailing twelve months) (6) $ 2,647 $ 2,673 $ 2,704 $ 2,746 $ 2,875 $ 2,993 Gross debt (1) $ 6,745 $ 6,748 $ 6,751 $ 6,746 $ 6,744 $ 6,735 Cash and non-equity investments: Cash and cash equivalents $ 3,031 $ 2,070 $ 2,423 $ 1,867 $ 2,894 $ 2,310 Short-term investments (2)(5) 1,760 1,680 955 1,052 966 997 Long-term investments (2) 1,458 1,608 1,945 1,838 1,244 1,544 Total cash and non-equity investments $ 6,249 $ 5,358 $ 5,323 $ 4,757 $ 5,104 $ 4,851 Net Leverage (3)(6) 0.2x 0.5x 0.5x 0.7x 0.6x 0.6x Gross Leverage (4)(6) 2.5x 2.5x 2.5x 2.5x 2.3x 2.3x (6) Quarterly amounts in 2025 reflect the recast amounts from adoption of Accounting Standards Update 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Accounting for and Disclosure of Software Costs. We elected to early adopt the standard effective January 1, 2026 using the full retrospective method. (in millions, except ratios) Three months ended (3) Net leverage is a ratio obtained by subtracting non-GAAP Cash and non-equity investments from GAAP Total Debt and dividing the result by non-GAAP TTM Adjusted EBITDA. (2) Consists of GAAP short-term and long-term fixed income investments as presented in the notes to the consolidated financial statements within the company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. (1) Gross debt is equivalent to GAAP Total Debt, which is presented in the consolidated financial statements and related notes within the company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. (5) As of June 30, 2025 and March 31, 2025, short-term investments in the net leverage ratio calculation excluded $26 million and $30 million of fixed-income investments, respectively, presented within Customer accounts in the condensed consolidated financial statements. (4) Gross leverage is a ratio obtained by dividing GAAP Total Debt by non-GAAP TTM Adjusted EBITDA. Leverage Ratio Summary 34 © 2026 eBay | Business & Financial Highlights Q2’26
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(in billions, except per share amounts) GAAP Non-GAAP (a) Net Revenue $3.07 - $3.12 $3.07 - $3.12 Diluted EPS $0.94 - $0.99 $1.36 - $1.42 Three Months Ending September 30, 2026 (a) Estimated non-GAAP amounts above for the three months ending September 30, 2026 reflect adjustments that exclude the estimated amortization of acquired intangible assets of approximately $24-$28 million, estimated stock-based compensation expense and associated employer payroll tax expense of approximately $168-$178 million, transaction- related costs of approximately $14-$16 million, and estimated adjustment between our GAAP and non-GAAP tax expense of approximately $(18)-$(19) million. The estimated GAAP diluted EPS above does not assume any gains or losses on our remaining equity investments. GAAP to Non - GAAP Reconciliations Guidance 35 © 2026 eBay | Business & Financial Highlights Q2’26
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Accounting Standard Adoption Impact (ASU 2025 - 06) • In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2025 - 06, Intangibles — Good will and Other — Internal - Use Software (Subtopic 350 - 40): Accounting for and Disclosure of Software Costs. We have elected to early adopt the sta ndard effective January 1, 2026 using the full retrospective method, which requires the restatement of each prior reporting period presented. • The following exhibit presents our 2025 and 2024 results recast to reflect the impact of the new standard. 36 2025 and 2024 Recast Results (Unaudited) Consolidated Statement of Income from Continuing Operations - GAAP © 2026 eBay | Business & Financial Highlights Q2’26
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Accounting Standard Adoption Impact (ASU 2025 - 06) • In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2025 - 06, Intangibles — Good will and Other — Internal - Use Software (Subtopic 350 - 40): Accounting for and Disclosure of Software Costs. We have elected to early adopt the sta ndard effective January 1, 2026 using the full retrospective method, which requires the restatement of each prior reporting period presented. • The following exhibit presents our 2025 and 2024 results recast to reflect the impact of the new standard. 37 2025 and 2024 Recast Results (Unaudited) Consolidated Statement of Income from Continuing Operations – Non - GAAP © 2026 eBay | Business & Financial Highlights Q2’26
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Accounting Standard Adoption Impact (ASU 2025 - 06) • In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2025 - 06, Intangibles — Good will and Other — Internal - Use Software (Subtopic 350 - 40): Accounting for and Disclosure of Software Costs. We have elected to early adopt the sta ndard effective January 1, 2026 using the full retrospective method, which requires the restatement of each prior reporting period presented. • The following exhibit presents our 2025 and 2024 results recast to reflect the impact of the new standard. 38 GAAP to Non - GAAP Reconciliation – Accounting Standard Adoption Impact © 2026 eBay | Business & Financial Highlights Q2’26
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Accounting Standard Adoption Impact (ASU 2025 - 06) • In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2025 - 06, Intangibles — Good will and Other — Internal - Use Software (Subtopic 350 - 40): Accounting for and Disclosure of Software Costs. We have elected to early adopt the sta ndard effective January 1, 2026 using the full retrospective method, which requires the restatement of each prior reporting period presented. • The following exhibit presents our 2025 and 2024 reconciliation of operating cash flow to free cash flow recast to reflect th e i mpact of the new standard. 39 Reconciliation of Operating Cash Flow to Free Cash Flow © 2026 eBay | Business & Financial Highlights Q2’26