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Q3’26 Business & Financial Highlights October 28, 2026 © 2026 eBay | Business & Financial Highlights Q3’26
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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 other wise noted. 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 a pplied to current 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 fourth quarter and full year 2026 and expected drive rs thereof, 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 expectations regarding consumer sec ondhand shopping trends, our expectations regarding consumer secondhand shopping trends, our targets with respect to our credit 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 considered as an indication of future performance. Factors that could ca use or contribute to such differences include, but are not limited to: significant variation in our operating and financial results, including GMV and net revenues; our ability to compete in the m ark ets in which we participate; our ability to generate revenue from our advertising products, including our Promoted Listings; our ability to generate 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 ability to operate internationally and generate reve nue from our international operations and our exposure to costs and risks in connection therewith; the impact of changes in global trade policies on our revenue, profit and ability to support c ros s - 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 o ur payments and financial services offerings; the risk of fraud on our platforms; the impact of any cyberattacks or data security breaches; our ability to attract, retain and develop our senior ma nag ers and other key employees; our and our customers’ dependence on third - party providers, some of which are our competitors; the impact of our current, contemplated and future acquisitions, dispo sitions, joint ventures, strategic partnerships and strategic investments, including our ability to realize the projected benefits from the recently completed Depop acquisition; the impac t o f 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 c ust omers, including products sold by sellers on our platforms; the impact of increasing levels of regulation in the areas of privacy, protection of user data, cybersecurity and AI; the risks associated wit h third party allegations relating to intellectual property rights; current and potential litigation and regulatory and government inquiries, investigations and litigation involving us; the impact of evolv ing sales and other tax regimes in various jurisdictions; our ability to protect or enforce our intellectual property rights; risks and costs relating to stakeholder expectations around environmental, social a nd governance matters; potential exposure to claims and liabilities as a result of the distribution of PayPal; the risk of exposure to greater than anticipated tax liabilities; fluctuations in inter est rates, and changes in regulatory guidance relating thereto; fluctuations in foreign currency exchange rates; our ability to generate sufficient cash flow to service our indebtedness and to comply with fin ancial covenants in our outstanding debt instruments; and the risk that our stock repurchases may not be effected or may not achieve the desired objectives. 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 October 28, 202 6. 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 t o u pdate such statements. © 2026 eBay | Business & Financial Highlights Q3’26
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© 2026 eBay | Business & Financial Highlights Q3’26 Business Highlights
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Q3’26 Snapshot $23.2B 4 $3.2B $0.84B $1.51 16 Million © 2026 eBay | Business & Financial Highlights Q3’26 Gross Merchandise Volume Revenue Non - GAAP Operating Income Diluted Non - GAAP EPS 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 spe nd; this is a T12M metric; this metric does not include buyers from off - platform businesses.
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Strategic Priorities Now Represent 72% (1) of GMV 5 © 2026 eBay | Business & Financial Highlights Q3’26 (1) Strategic priorities GMV and percentage coverage of GMV excludes Depop. (2) Recommerce GMV includes both Pre - Owned & Refurbished GMV across categories. (3) Strategic Priorities GMV includes the de - duplicated total of all three of the named established strategic priorities: Focus Cate gories, C2C, and Recommerce. All growth rates reflect Y/Y FXN growth. These Strategic Priorities (3) now represent 72% of total GMV and grew ~20% Y/Y in Q3 Recommerce Focus Categories C2C Focus Categories • Global GMV grew more than 20% Y/Y FXN • Healthy double - digit Y/Y GMV growth across the US, UK, and Australia • AI - powered Magical Listing continues to expand supply • Global GMV grew more than 20% Y/Y FXN • 47% of consumers surveyed buy secondhand at least monthly • Younger consumers are expanding the TAM • Global GMV grew 24% Y/Y FXN • Growth led by Collectibles, eBay Motors, Fashion, and Refurbished goods • Added Collectible Coins in the US as our newest Focus Category C2C Recommerce (2)
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6 Strengthening eBay’s Collectibles Ecosystem Collectibles remained eBay's largest contributor to GMV growth in Q3 eBay Core Collectibles Marketplace Complementary Marketplaces Broader Access to Authentication Strong Trading Card Momentum AI - Powered Card Scanning Sports Trading Cards and Collectible Card Games sustained strong growth despite tougher Y/Y comparisons Expanded to the UK in Q3 and added TCGplayer and Goldin transaction data to the price guide 130M+ Cumulative AI - powered card scans Collectible Coins AG launched in the US Trading Cards AG thresholds lowered from $250 to $200 in the US and £350 to £250 in the UK First coin authenticated: 2026 Cook Islands Thunder Dragon $1 Billion+ $3.65M Surpassed $1B in trailing - 12 - month GMV for the first time Rare 1776 Exeter Broadside Declaration of Independence sold in Q3 © 2026 eBay | Business & Financial Highlights Q3’26
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eBay Motors Is Unlocking Growth Across the Vehicle Journey Parts & Accessories Easy & Free Returns Successful US and UK rollouts drove higher conversion and incremental GMV, with stable return rates Vehicles Triple - Digit Growth Hundreds Expanded to Germany Secure Purchase Express for sellers who do not need the full suite of services Vehicle Purchase Protection increased up to $500K for eligible transactions Streamlined C2C Checkout Expanded Buyer Protection Certified Recycled Badging Several Q3 Vehicle Sales Exceeded $1M Independent dealers onboarded to Trusted Dealer in Q3 Vehicles GMV grew well into the triple - digits Y/Yin Q3 Helps buyers identify high - quality recycled OEM parts from qualified sellers Introduced in the US $1.1M 2020 Ford GT Coupe $1.5M 2020 Ferrari 488 $5M 2005 Porsche Carrera GT 7 © 2026 eBay | Business & Financial Highlights Q3’26
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Scaling eBay’s Luxury Fashion Leadership Across Markets Luxury Performance Q3 Authenticity Guarantee (AG) Expansion Another quarter of healthy double - digit Luxury Fashion Y/Y GMV growth #1 23 France & Italy European Countries Australia Strong Growth Expanded AG to eligible Watches, Handbags, Clothing, Shoes, and Accessories Where buyers can access eligible authenticated Luxury items from sellers in France, Italy, and Germany Rolled out AG across eligible Watches The leading online marketplace for secondhand Luxury Fashion in the US and UK (1) 8 © 2026 eBay | Business & Financial Highlights Q3’26 (1) Based on eBay estimates of online secondhand Luxury Fashion sales in the US and UK for H1 2026, using internal data, publicly av ailable information, and third - party research.
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More Than Doubled US GMV, monthly active users, and sold items more than doubled Y/Y on a pro forma basis Strong Engagement Repurchase, relist, and resell rates all improved Y/Y © 2026 eBay | Business & Financial Highlights Q3’26 Depop Broadens eBay’s Reach in Secondhand Fashion Better Discovery Simpler Selling Targeted Full - Funnel Marketing Personalized homepage and better visibility for higher - quality inventory Streamlined AI - assisted listing flow Full - funnel investment to attract and activate first - time customers eBay Search Integration Testing a dedicated module of relevant Depop listings within eBay search results for select Fashion queries Lower - Cost Shipping Access to eBay carrier rates helps improve affordability and transaction economics 9 Strengthening Depop Leveraging eBay’s Scale to Benefit Depop
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10 Reducing Friction to Unlock Unique C2C Supply More than 20% Healthy Double - Digit Growth AI Makes Listing Easier Expanded the latest generation of our AI - powered Magical Listing experience across seller cohorts Available to all new and reactivated listers across Available to all C2C sellers in Australia, France, and Italy and currently ramping to all active sellers in the US, UK, and Germany 6 Major Markets Expanding to Experienced Sellers Global C2C GMV growth Y/Y C2C GMV growth Y/Y across the US, UK, and Australia Broader C2C Experience in Europe Uplift in New and Reactivated Listers France & Italy Encouraging early seller activity Free selling Buyer protection Magical Listing Local discovery eBay Balance Simpler shipping © 2026 eBay | Business & Financial Highlights Q3’26
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© 2026 eBay | Business & Financial Highlights Q3’26 Live - specific search, filters, and personalized recommendations in a redesigned, feed - based eBay Live hub Improved Buyer Discovery Expanded self - service onboarding to more markets and broadened eligibility beyond established sellers, creating a more scalable path for sellers to join Live Broader Seller Access Multistreaming through Live Studio lets sellers reach their existing social audiences on YouTube, Facebook, Instagram, and Twitch Greater Audience Reach AI - powered chat, audio, and video moderation, alongside pre - event screening and strengthened host controls Trust at Scale Redesigned Live Hub 11 eBay Live Is Scaling Through Expanded Access and Discovery Live Delivered another record quarter, and is generating GMV at a multi - billion - dollar annualized run - rate GMV growth remained well into the triple - digits Y/Y, with participation and engagement expanding across 7 markets
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12 Secondhand Shopping Is Becoming an Everyday Habit Source: eBay 2026 Recommerce Report. Consumer figures reflect global survey respondents. © 2026 eBay | Business & Financial Highlights Q3’26 Monthly secondhand purchasing is becoming more common 35% 2025 47% 2026 +12 pts Y/Y Share of consumers shopping secondhand at least monthly Most consumers expect stable or higher spending expect to spend the same or more on second hand in 2027 Younger consumers show stronger purchase intent % of respondents who expect buy more secondhand next year +17pts Ages 18 – 29 vs. overall 54% Among Gen Z Our 2026 Recommerce Report. 53% Ages 18 – 29 43% Ages 30 – 45 36% Overall 89% say community and shared connections are important to secondhand shopping 61% Community matters to secondhand shoppers
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© 2026 eBay | Business & Financial Highlights Q3’26 Financial Highlights
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Q3’26 Results © 2026 eBay | Business & Financial Highlights Q3’26 14 GMV (in billions) $23.2 15% spot 16% FXN 13% org. FXN Revenue (in billions) $3.21 14% spot 13% FXN 11% org. FXN Non - GAAP Op. Income (in billions) $0.84 11% spot (1) $1.51 12 % spot (1) GUIDANCE ACTUALS Diluted Non - GAAP EPS $22.0 - $22.4 9% - 11% spot 10% - 12% FXN 7% - 9% org. FXN $1.36 - $1.42 1% - 5% spot (1) $3.07 - $3.12 9% - 11% spot 8% - 10% FXN 7% - 9% org. FXN $0.77 - $0.80 1% - 5% spot (1) All growth rates are spot Y/Y growth rates, unless noted otherwise; All reported results are from continuing operations. Reconciliations of Non - GAAP measures are included in the Appendix of this presentation. (1) Y/Y growth rates for non - GAAP operating income and diluted non - GAAP EPS are based on recast financials reflecting retrospective adoption of ASU 2025 - 06. Recast amounts can be found in the Appendix of this presentation.
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9.4 7% 9.9 13% 10.7 19% 11.5 27% 11.7 24% 12.5 27% 10.1 2% 10.2 4% 10.5 (1)% 10.7 3% 10.7 5% 10.6 4% GMV ($ billions, Y/Y FXN growth) 23.2 16% 20.1 8% 21.2 8% 22.2 14% 22.4 14% Organic FXN 4 % 8% 8 % 14 % 14 % 13% Key International GMV US GMV All reported results are from continuing operations. 15 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 19.5 4% Q2 25 © 2026 eBay | Business & Financial Highlights Q3’26
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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. 14.0% 1 4.0 % 14.0% 13.9% 14.0% 13.8% 2,730 4% 2,820 8% 2,965 13% 3,089 17% 3,134 14% 3,206 13% Key Revenue Take Rate Organic FXN 4 % 8% 13% 17 % 14% 11% 16 © 2026 eBay | Business & Financial Highlights Q3’26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q2 25
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Advertising Revenue ($ millions, Y/Y FXN growth) 2.5% 2.6% 2.6% 2.6% 2.7% 2.7% (1) 455 17% 496 23% 517 17% 555 28% 570 24% 575 16% 19 46% 22 32% 21 34% 20 29% 21 21% 28 35% +13pts +15pts + 9 pts +14pts +3pts (1) 607 16 % 482 16% 525 21% 544 16% 581 27% 596 23% 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. (1) First - party advertising vs. GMV and GMV penetration exclude Depop. Key 1P Ads Revenue 3P Ads Revenue +10pts 17 Off - Platform Ads GMV Penetration 1P vs. GMV © 2026 eBay | Business & Financial Highlights Q3’26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q2 25 4 (44)% 8 (43)% 7 (40)% 7 (41)% 6 ( 27 )% 5 ( 34 )%
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3.8% 3.8% 7.5% 7.1% 13.5% 13.4% 20.7% 22.5% Non - GAAP Expenses (% of revenue) 27.5% 26.9% Q3 26 Operational efficiencies & UK Managed Shipping accounting change, partially offset by Depop investments and higher traffic acquisition costs Q3 25 (1) Cost of Revenue Q3 26 Q3 25 Depop investments and increased sales and marketing spend to support strategic priorities Sales & Marketing Q3 26 Q3 25 (1) Operational efficiency from reorganization, partially offset by Depop acquisition Product Development Q3 26 Q3 25 Operational efficiency from reorganization, partially offset by Depop acquisition General & Admin Q3 26 Q3 25 Improved consumer protection loss trends, offset by Depop Transaction Losses Operating Expense at 46.8 % , up +1.3 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) Q3 2025 Cost of Revenue and Product Development expenses reflect the recast amounts from adoption of ASU 2025 - 06. 18 © 2026 eBay | Business & Financial Highlights Q3’26
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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. 28.3% 27.0% 26.0% 29.4% 28.5% 26.3% Non - GAAP Operating Margin 19 84 3 11% 771 8% 760 9% 771 11% 907 18% 893 16% Q3 25 (1) Q4 25 (1) Q1 26 (2) Q2 26 (2) Q3 26 (2) Q2 25 (1) © 2026 eBay | Business & Financial Highlights Q3’26
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Non - GAAP Earnings Per Share (Y/Y growth) GAAP EPS GAAP Y/Y (1)% 7% 56% (13) % XXX XX% XXX XX% XXX XX% XXX XX% XXX XX% XXX XX% $0.78 $1.27 $1.14 $1.12 $1.21 $1.11 $1.36 16% $1.35 14% $1.41 13% $1.66 21% $1.60 17% $1.51 12% (19)% 20 77% (1) Quarterly amounts in 2025 reflect the recast amounts from adoption of ASU 2025 - 06, while respective Y/Y growth rates are as prev iously reported. (2) 2026 Y/Y growth rate based on recast 20 25 financials. Reconciliation of Non - GAAP earnings per share is included in the Appendix of this presentation. All reported results are from continuing operations; GAAP and Non - GAAP EPS is calculated using weighted average diluted shares. © 2026 eBay | Business & Financial Highlights Q3’26 Q3 25 (1) Q4 25 (1) Q1 26 (2) Q2 26 (2) Q3 26 (2) Q2 25 (1)
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CapEx % of Rev FCF % of Rev 28% 10 % 16 % 4 % 3 % 3 % 2 % 7% 4 % ** 29 % 23% (441) ** 803 24% 478 (13)% 898 39% 326 ** 749 (7)% Free Cash Flow ($ millions, Y/Y growth) 21 © 2026 eBay | Business & Financial Highlights Q3’26 Q3 25 (1) Q4 25 (1) Q1 26 (2) Q2 26 (2) Q3 26 (2) Q2 25 (1) ** Percentage not meaningful (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 Free Cash Flow (FCF) is included in the Appendix of this presentation; All reported results are from contin uin g operations.
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625 625 625 500 310 689 134 132 131 139 138 138 639 827 759 757 756 (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 $ 1.3 B repurchase authorization remaining as of September 30 , 2026 Key Stock Repurchases Cash Dividend Avg. Diluted Shares (1) 470 467 460 457 455 453 Capital Returns ($ millions) 22 448 © 2026 eBay | Business & Financial Highlights Q3’26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q2 25
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3.3 (6.7) (3.4) Remaining equity investments were valued at ~$0.8B as of September 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 September 30, 2026; excludes Customer Accounts an d Restricted Cash balances of ~$1.4B as of September 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 • 1.1 x net debt (2) • 2.2x gross debt (2) Q3’26 Ending Cash & Investments (1) Debt Net Debt 23 © 2026 eBay | Business & Financial Highlights Q3’26
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Q4’26 Consolidated Guidance (including Depop) GMV (in billions) Revenue (in billions) Non - GAAP Op. Income (in billions) Diluted Non - GAAP EPS GUIDANCE CONTEXT • GMV outpaces revenue due to temporary factors incl uding impact from Depop (consolidation / mix) and UK managed shipping accounting, and ongoing pressure from business, ASP & category mix • Expect Depop to contribute ~2 pts to total FXN revenue growth Y/Y • FX tailwind to spot revenue growth of ~60 bps Y/Y • Non - GAAP EPS growth driven by operating income growth and share repurchases, partially offset by OI&E headwinds • Implies strong broad - based momentum across core eBay, driven by strategic priorities and eBay Live, partially offset by lapping dynamics • Expect Depop’s Y/Y FXN GMV growth to be similar to Q3 on a pro forma basis • Expect Depop to contribute ~4 pts to total FXN GMV growth Y/Y • FX headwind to spot GMV growth of ~10 bps Y/Y 24 • Implies non - GAAP operating margin between 25.7% and 26.2% $1.48 - $1.53 5 % - 9% spot (1) $23.7 - $24.1 12% - 13% spot 12% - 14% FXN 8% - 10% org. FXN $3.19 - $3.24 8 % - 9 % spot 7 % - 9 % FXN 5 % - 7% org. FXN $0.82 - $0.85 6 % - 10% 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 Q3’26
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FY’26 Consolidated Guidance (including Depop) GUIDANCE 25 CONTEXT 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. GMV (in billions) Revenue (in billions) Non - GAAP Op. Income (in billions) Diluted Non - GAAP EPS $6.25 - $6.30 14% - 15% spot (1) $ 91.5 - $91.9 15% - 15% spot 14% - 14% FXN 12% - 12% org. FXN $ 12.62 - $12.67 14% - 14 % spot 12% - 13% FXN 11% - 12% org. FXN $3.46 - $3.49 13 % - 14% spot (1) © 2026 eBay | Business & Financial Highlights Q3’26 Volume Assumptions: • Expect Depop to contribute ~2 pts to total FXN GMV growth • Expected FY’26 FX tailwind of ~120 bps to spot GMV growth Revenue Assumptions: • Expect Depop to contribute ~1 pt to total FXN revenue growth • Expected FY’26 FX tailwind of ~140 bps to spot revenue growth Non - GAAP Operating Income Assumptions: • Balancing continued strategic investments with healthy flow - through to operating income Other Assumptions: • Non - GAAP effective tax rate of 17.5% • Targeting ~$2B of share repurchases in FY’26 • Declared Q4’26 cash dividend of $0.31 per share • FY’26 capital return target in - line with our stated framework of 90 - 100% of normalized FCF
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Preliminary FY’27 Commentary 26 © 2026 eBay | Business & Financial Highlights Q3’26 • Planning our business around healthy consolidated Y/Y growth across GMV (FXN) , revenue (FXN) , non - GAAP operating income , and non - GAAP earnings per share in 2027 • Assumes broad - based GMV momentum across our strategic initiatives, including Focus Categories, eBay Live, C2C, and Depop • Expect Trading Cards performance to remain strong, though our planning assumes growth will moderate as we lap the extraordinary levels we experienced in 2026 Growth Commentary Other Financial Considerations • We will continue to strike a balance between funding prudent investments in long - term growth, and ensuring healthy flow - through from top line growth to earnings in 2027 • Expect modest headwinds to net interest income on a Y/Y basis, given our lower cash balance and interest rate assumptions • Expect our non - GAAP tax rate to remain relatively stable in 2027 • Long term capital return framework remains unchanged: we plan to target repurchases and cash dividends totaling between 90% to 100% of normalized free cash flow, absent organic or inorganic needs for that capital
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© 2026 eBay | Business & Financial Highlights Q3’26 Appendix
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GAAP to Non - GAAP Quarterly Reconciliations Operating Income 28 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 Q3’26 As Adjusted As Adjusted As Adjusted June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 GAAP operating income $ 479 $ 571 $ 597 $ 611 $ 676 $ 616 Stock-based compensation expense and related employer payroll taxes 172 153 160 167 188 177 Amortization of acquired intangible assets within cost of net revenues and operating expenses 13 12 12 12 13 25 Restructuring and executive bonuses 55 24 2 104 1 (3) Legal matters 52 — — — (10) — Transaction related costs — — — 13 25 28 Non-GAAP operating income $ 771 $ 760 $ 771 $ 907 $ 893 $ 843 Revenues $ 2,730 $ 2,820 $ 2,965 $ 3,089 $ 3,134 $ 3,206 GAAP operating margin 17.6 % 20.3 % 20.1 % 19.8 % 21.6 % 19.2 % Non-GAAP operating margin 28.3 % 27.0 % 26.0 % 29.4 % 28.5 % 26.3 % Three Months Ended
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GAAP to Non - GAAP Quarterly Reconciliations Net Income / EPS 29 © 2026 eBay | Business & Financial Highlights Q3’26 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. As Adjusted As Adjusted As Adjusted June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 GAAP Income from continuing operations $ 365 $ 593 $ 522 $ 512 $ 552 $ 501 Stock-based compensation expense and related employer payroll taxes 172 153 160 167 188 177 Amortization of acquired intangible assets within cost of net revenues and operating expenses 13 12 12 12 13 25 Restructuring and executive bonuses 55 24 2 104 1 (3) Legal matters 52 — — — (10) — Transaction related costs — — — 13 25 28 Change in fair market value of equity investments and warrants 3 — (21) 8 (2) (1) Income tax effects and adjustments (20) (149) (31) (56) (40) (42) Non-GAAP net income from continuing operations $ 640 $ 633 $ 644 $ 760 $ 727 $ 685 Non-GAAP net income from continuing operations per diluted share $ 1.36 $ 1.35 $ 1.41 $ 1.66 $ 1.60 $ 1.51 Shares used in non-GAAP diluted share calculation 470 467 460 457 455 453 Three Months Ended
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$1.51 $1.11 $(0.36) $(0.04) Non-GAAP EPS Stock Based Compensation & Amortization Tax Rate & Other GAAP EPS Q3’26 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. 30 (1) © 2026 eBay | Business & Financial Highlights Q3’26
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GAAP to Non - GAAP Quarterly Reconciliations Statement of Income 31 © 2026 eBay | Business & Financial Highlights Q3’26 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. As Adjusted As Adjusted As Adjusted Reported Non-GAAP Entries Non-GAAP Reported Non-GAAP Entries Non-GAAP Net revenues $ 3,206 $ — $ 3,206 $ 2,820 $ — $ 2,820 Cost of net revenues 887 (23) (a)(b) 864 794 (17) (a)(b) 777 Gross profit 2,319 23 2,342 2,026 17 2,043 Operating expenses: Sales and marketing 747 (25) (a) 722 606 (21) (a) 585 Product development 517 (86) (a) 431 455 (74) (a) 381 General and administrative 303 (79) (a)(d) 224 282 (71) (a)(d) 211 Transaction losses 122 — 122 106 — 106 Amortization of acquired intangible assets 14 (14) (b) — 6 (6) (b) — Total operating expenses 1,703 (204) 1,499 1,455 (172) 1,283 Income from operations 616 227 843 571 189 760 Interest and other: Gain (loss) on equity investments and warrants, net 6 (1) (e)(f) 5 (10) — (e) (10) Interest expense (64) — (64) (62) — (62) Interest income and other, net 47 — 47 69 — 69 Income from continuing operations before income taxes 605 226 831 568 189 757 Income tax provision (104) (42) (c) (146) 25 (149) (c) (124) Income from continuing operations $ 501 $ 184 $ 685 $ 593 $ 40 $ 633 Net income from continuing operations per share: Basic $ 1.13 $ 1.54 $ 1.30 $ 1.39 Diluted $ 1.11 $ 1.51 $ 1.27 $ 1.35 Weighted average shares: Basic 444 444 456 456 Diluted 453 453 467 467 Operating margin 19.2 % 7.1 % 26.3 % 20.3 % 6.7 % 27.0 % Effective tax rate 17.1 % 0.4 % 17.5 % (4.3)% 20.8 % 16.5 % ____________________ Notes: (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 (in millions, except per share data and percentages) Three Months Ended September 30, 2026 Three Months Ended September 30, 2025
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Calculation of Free Cash Flow 32 © 2026 eBay | Business & Financial Highlights Q3’26 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. As Adjusted As Adjusted As Adjusted June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Net cash provided by continuing operating activities $ (340) $ 900 $ 561 $ 970 $ 549 $ 875 Less: Purchases of property and equipment, net (101) (97) (83) (72) (223) (126) Free cash flow from continuing operations $ (441) $ 803 $ 478 $ 898 $ 326 $ 749 Three Months Ended
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June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Total net revenues (1)(2) $ 2,730 $ 2,820 $ 2,965 $ 3,089 $ 3,134 $ 3,206 (1) Hedge gain/(loss) $ (6) $ (24) $ (19) $ (13) $ (1) $ (2) (2) Foreign currency impact $ 32 $ 20 $ 16 $ 78 $ 22 $ (7) (in millions) Three Months Ended Reconciliation of Total Revenue 33 © 2026 eBay | Business & Financial Highlights Q3’26
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Reconciliation of Organic FX - Neutral Revenue © 2026 eBay | Business & Financial Highlights Q3’26 34 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 As Reported Revenue Growth 6 % 9 % 15 % 19 % 15 % 14 % Acquisition/Disposition Impact —% —% —% —% —% (2)% Foreign Currency Impact (2)% (1)% (2)% (3)% (1)% (1)% Organic FX-Neutral Revenue Y/Y Growth 4% 8% 13% 17% 14% 11% Three Months Ended
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Calculation of Period - End Fully Diluted Share Count 35 © 2026 eBay | Business & Financial Highlights Q3’26 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Quarter-end common shares outstanding 459 454 449 446 445 440 Quarter-end shares underlying outstanding RSUs 24 22 19 16 20 19 Quarter-end fully diluted shares 483 476 468 462 465 459 Three Months Ended (in Millions)
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Reconciliation of GAAP Net Income from continuing operations to Adjusted EBITDA 36 © 2026 eBay | Business & Financial Highlights Q3’26 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 GAAP Net income from continuing operations (5) $ 365 $ 593 $ 522 $ 512 $ 552 $ 501 Adjustments: Income tax provision (benefit) (5) 107 (25) 97 106 113 104 Depreciation of property and equipment (4)(5) 75 79 80 84 87 91 Amortization of intangible assets (4) 13 12 12 12 13 25 Interest expense 62 62 61 61 65 64 Interest income and other, net (59) (69) (62) (66) (52) (47) Loss (gain) on equity investments and warrant, net 4 10 (21) (2) (2) (6) Executive bonuses and restructuring (1) 55 24 2 104 1 (3) Non-recurring legal matters (2) 52 — — — (10) — Transaction related costs (3) — — — 13 25 28 Adjusted EBITDA (4)(5) $ 674 $ 686 $ 691 $ 824 $ 792 $ 757 Three Months Ended (1) Consists of expenses for employee severance and other exit and disposal costs. (3) Consists of significant gains or losses and incrementalcosts related to the acquisition or disposal of a business,unsolicited proposalsand shareholderactivism matters.These costs include third party fees such as 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. (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.
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Leverage Ratio Summary 37 © 2026 eBay | Business & Financial Highlights Q3’26 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Adjusted EBITDA (trailing twelve months) (6) $ 2,673 $ 2,704 $ 2,746 $ 2,875 $ 2,993 $ 3,064 Gross debt (1) $ 6,748 $ 6,751 $ 6,746 $ 6,744 $ 6,735 $ 6,733 Cash and non-equity investments: Cash and cash equivalents $ 2,070 $ 2,423 $ 1,867 $ 2,894 $ 2,310 $ 1,166 Short-term investments (2)(5) 1,680 955 1,052 966 997 809 Long-term investments (2) 1,608 1,945 1,838 1,244 1,544 1,372 Total cash and non-equity investments $ 5,358 $ 5,323 $ 4,757 $ 5,104 $ 4,851 $ 3,347 Net Leverage (3)(6) 0.5x 0.5x 0.7x 0.6x 0.6x 1.1x Gross Leverage (4)(6) 2.5x 2.5x 2.5x 2.3x 2.3x 2.2x (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. Quarterly amounts prior to the first quarter of 2025 were not recast in this table. (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, short-term investments in the net leverage ratio calculation excluded $26 million of fixed-income investments, 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.
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GAAP to Non - GAAP Reconciliations Guidance 38 © 2026 eBay | Business & Financial Highlights Q3’26 (in billions, except per share amounts) GAAP Non-GAAP (a) Net Revenue $3.19 - $3.24 $3.19 - $3.24 Diluted EPS $0.82 - $0.87 $1.48 - $1.53 (in billions, except per share amounts) GAAP Non-GAAP (b) Net Revenue $12.62 - $12.67 $12.62 - $12.67 Diluted EPS $4.26 - $4.31 $6.25 - $6.30 Three Months Ending December 31, 2026 Twelve Months Ending December 31, 2026 (a) Estimated non-GAAP amounts above for the three months ending December 31, 2026 reflect adjustments that exclude the estimated amortization of acquired intangible assets of approximately $30-$32 million, estimated stock-based compensation expense and associated employer payroll tax expense of approximately $163-$173 million, estimated restructuring expense of $130-$150 million, and estimated adjustment between our GAAP and non-GAAP tax expense of approximately $(41)-$(47) million. The estimated GAAP diluted EPS above does not assume any future gains or losses on our equity investments. (b) Estimated non-GAAP amounts above for the twelve months ending December 31, 2026 reflect adjustments that exclude the estimated amortization of acquired intangible assets of approximately $79-$81 million, estimated stock-based compensation expense and associated employer payroll tax expense of approximately $695-$705 million, estimated restructuring expense of $212-$232 million, and estimated adjustment between our GAAP and non-GAAP tax rate of approximately $(179)-$(184) million. The estimated GAAP diluted EPS above does not assume any future gains or losses on our equity investments.
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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. 39 2025 and 2024 Recast Results (Unaudited) Consolidated Statement of Income from Continuing Operations - GAAP © 2026 eBay | Business & Financial Highlights Q3’26
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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. 40 2025 and 2024 Recast Results (Unaudited) Consolidated Statement of Income from Continuing Operations – Non - GAAP © 2026 eBay | Business & Financial Highlights Q3’26
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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. 41 GAAP to Non - GAAP Reconciliation – Accounting Standard Adoption Impact © 2026 eBay | Business & Financial Highlights Q3’26
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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. 42 Reconciliation of Operating Cash Flow to Free Cash Flow © 2026 eBay | Business & Financial Highlights Q3’26