EBAY INC EBAY

eBay's focus category GMV growth accelerated to over 15% in Q3, outpacing the rest of the marketplace by approximately 11 percentage points. This growth was broad-based, with collectibles (especially trading cards like Pokémon), motor parts and accessories (P&A), and fashion (luxury, streetwear, preloved apparel) being key drivers. Innovations like My Collection, AI-powered listing tools, authentication, and consignment partnerships contributed to momentum in trading cards, while easy and free returns enhanced P&A's value proposition. Fashion benefited from a collaboration with Marks & Spencer and expanded authenticity guarantee in the U.K.

eBay Live continues to build significant momentum, showing consistent quarter-over-quarter growth across key performance indicators such as viewers, watch time, sold items, and GMV. Its annual GMV run rate is up approximately 5x year-over-year. The platform has created personalized entry points and hosted high-profile events, including collaborations with celebrities. Following a formal launch in the U.K. in May, eBay Live is gaining strong traction there, with successful live shopping events and new channels, demonstrating its potential as a strategic growth vector.

eBay's years of investment in AI are transforming the customer experience. Generative AI has significantly improved the selling experience through 'magical listing' technology, with over 10 million sellers using the tool and 300 million items augmented. For buyers, AI is being tested in search and shopping, including an AI shopping agent pilot. The company has developed a unified agentic commerce platform, integrating hybrid cloud, LLMs, and proprietary data, enabling personalized and relevant product recommendations. AI also powers new features like iOS 26 visual intelligence integration, iOS Live Activities for auctions, and an AI assistant for member-to-member messaging.

First-party advertising revenue on the eBay platform grew nearly 23% in Q3 to $496 million, driven by broad-based growth across its ads portfolio. Promoted Listings, including general ads and PL Priority placements, were major contributors. Over 4.4 million sellers adopted at least one Promoted Listings product. AI capabilities are leveraged to enhance advertising performance, such as a new multimodal embedding model for more relevant recommendations. In Financial Services, the Seller Capital program has dispersed over $1 billion in growth capital to eBay sellers since 2021, with over $200 million in the first three quarters of 2025.

In response to the removal of the de minimis exemption for imports into the U.S., eBay has accelerated its multiyear product roadmap for shipping solutions. eBay International Shipping launched in Canada in October, bringing U.S. program benefits and new capabilities like delivery duties paid. SpeedPAK, an end-to-end cross-border shipping solution, is being expanded to German business sellers in Q4, automating customs and improving delivery predictability. These initiatives aim to simplify compliance, strengthen cross-border trade resilience, and ensure reliable shopping experiences for buyers.

eBay is focused on the collectible car market, an estimated $75 billion addressable market, leveraging an end-to-end platform for secure purchases, financing, insurance, and transportation. This initiative shows strong synergy with the parts and accessories business. In C2C, the U.K. initiative continues to show compelling results, with GMV growth well above its pre-launch baseline. Recent changes, including faster payouts and managed shipping mandates, have improved customer satisfaction and accelerated GMV growth. The acquisition of Tise, a social marketplace for pre-loved fashion in the Nordics, further strengthens eBay's circular economy leadership and C2C strategy.