Slide 1: Q4'25 & FY'25 Business & Financial Highlights
Q4’25 & FY’25 Business & Financial Highlights February 18, 2026 © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25
Slide 2: Disclosures
Disclosures 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 -
Slide 3: Business Highlights
Business Highlights © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25
Slide 4: Q4'25 Snapshot
Q4’25 Snapshot $21.2B $3.0B Gross Merchandise Revenue Volume 26.1% $1.41 Non-GAAP Diluted Operating Margin Non-GAAP EPS 16 Million Enthusiast Buyers* Reconciliations of Non - GAAP measures are included in the Appendix of this presentation © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25
Slide 5: Broad Based Growth Across Established Strategic Priorities
Broad Based Growth Across Established Strategic Priorities • Focus Category GMV grew over Focus +12% Y/Y in 2025, driven by strength in Collectibles, P&A, and Fashion. Focus Categories • All Focus Categories contributed Categories positively to growth in Q4. • C2C GMV reaccelerated in 2025 following
Slide 6: Growth Contributions From Key Focus Categories
Growth Contributions From Key Focus Categories AI - powered card Expanding access to scanning experience >15M Cards scanned rare, high - value inventory since beta launched using proprietary multi - modal models in November 2025 through Goldin integration Sign in to Goldin Unique Goldin inventory us
Slide 7: Depop: Accelerating Our Organic Momentum in Fashion
Depop: Accelerating Our Organic Momentum in Fashion A leading, mobile - first fashion marketplace expanding our reach with Gen Z and Millennial consumers at a Glance Transaction Details Strategic Fit with Key Metrics Acquisition Price Expands our TAM in C2C fashion • Broadens reach across Fashion an
Slide 8: eBay Live Scaling Into a Global Shopping Destination
eBay Live Scaling Into a Global Shopping Destination eBay Live GMV is Generated ~$2M at an annualized of GMV during a run - rate up ~7x Y/Y* single event on in recent weeks Black Friday Launched eBay Live Continue to in Germany and diversify our inventory Australia in Q4’25, and programming and Fran
Slide 9: Next-Generation Magical Listing Technology
Next - Generation Magical Listing Technology Camera - first listing experience powered by AI agents that understand your item and build the listing Seeing Powerful Results in Early Testing • Over 50% increase in new listing creation rate • Over 25% decrease in average listing time • Double - digit i
Slide 10: Advancing Buyer Discovery Through Agentic Search Beta
Advancing Buyer Discovery Through Agentic Search Beta Laying the foundation for a more personalized shopping journey for our enthusiasts Natural language search Enables buyers to shop Seamlessly filter and Leverages eBay’s embedded directly into using conversational discover our full depth of decade
Slide 11: Exceeded All of Our 2021-2025 Impact Goals
Exceeded All of Positive economic From sales of Our 2021 - 2025 Impact Goals impact goal Goal: $22B ~$25B pre - loved and refurbished goods Carbon Prevented from emissions goal Goal: 8.0M metric tons ~8.2M entering the atmosphere Driving Recommerce delivers Waste Diverted > 360K measurable economic
Slide 12: Financial Highlights
Financial Highlights © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25
Slide 13: Q4'25 Results
Q4’25 Results GUIDANCE ACTUALS GMV $20.5 - $20.9 $21.2 (in billions) 6% - 8% spot 10% spot 4% - 6% FXN (1) 8 % FXN (1) Revenue $2.83 - $2.89 $2.96 (in billions) 10% - 12% spot 15% spot 8% - 10% FXN (1) 13% FXN (1) Non - GAAP Op. Margin & 25.8% - 26.3 % 26.1 % 5% - 9% 11% Op. Income Growth Diluted No
Slide 14: FY'25 Results
FY’25 Results GUIDANCE ACTUALS GMV $78.9 - $79.3 $79.6 (in billions) 6 % - 6 % spot 7 % spot 5 % - 5 % FXN (1) 6 % FXN (1) Revenue $10.97 - $11.03 $11.10 (in billions) 7 % - 7 % spot 8 % spot 6 % - 6 % FXN (1) 7 % FXN (1) Non - GAAP Op. Margin & 27.7% - 27.8% 27.8 % 5% - 6% 7% Op. Income Growth Dilu
Slide 15: GMV
GMV ($ billions, Y/Y FXN growth) 21.2 19.5 20.1 8% Key 19.3 18.8 8% 18.3 3% 2% 4% International GMV 1% US GMV 10.5 10.1 10.2 (1)% 9.6 10.3 9.7 4% 3% 3% 2% 2% 9.4 9.9 10.7 8.7 9.0 9.1 19% 2% 1% 7% 13% 1% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Organic FXN 1% 2% 2% 4% 8% 8% © 2026 eBay | Business & Financ
Slide 16: Revenue
Revenue ($ millions, Y/Y FXN growth) 2,965 2,820 13% Key 2,730 8% 2,576 2,579 2,585 4% Revenue 3% 1% 2% Take Rate 14.1% 13.3 % 13.8 % 14.0 % 14.0 % 14.0 % Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Organic FXN 3% 1% 1% 4% 8% 13% © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25 Reconciliation of
Slide 17: Advertising Revenue
Advertising Revenue ($ millions, Y/Y FXN growth) 544 525 16% Key 482 21% 461 1P Ads Revenue 424 12% 442 16% 12% 13% 3P Ads Revenue Off - Platform Ads* Off - P Ads Baseline* 396 434 418 455 496 517 14% 16% 14% 17% 23 % 17% 12 12 8 8 7 7 (43) % (54) % (41)% (43) % (40) % (41)% Q3 24 Q4 24 Q1 25 Q2 25
Slide 18: Non-GAAP Expenses
Non - GAAP Expenses (% of revenue) Operating Expense at 45.9 % , up + 0.1 pts Y/Y Cost of Revenue Sales & Marketing Product Development General & Admin Transaction Losses 27.2 % 27.9 % 22.8 % 21.7 % 11.8% 12.2 % 7.8 % 7.9 % 3.4 % 4.2 % Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Cost
Slide 19: Non-GAAP Operating Income
Non - GAAP Operating Income ($ millions, Y/Y growth) 771 775 764 775 (1)% 8% 9% 11% 700 698 6% 2% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Non - GAAP Operating Margin 27.2 % 27.0 % 29.8 % 28.4 % 27.1 % 26.1 % © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25 Reconciliations of Non - GAAP operat
Slide 20: Non-GAAP Earnings Per Share
Non - GAAP Earnings Per Share (Y/Y growth) $1.38 $1.37 $1.41 $1.36 13% 10 % 16% 14 % $1.25 $1.19 16% 16% XXX XXX XXX XXX XXX XX% XX% XX% XXX XX% XX% XX% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 GAAP EPS $1.29 $1.40 $1.06 $0.79 $1.28 $1.14 GAAP Y/Y (48) % 0% 25 % 77 % (1)% (19) % © 2026 eBay | Business &
Slide 21: Free Cash Flow
Free Cash Flow ($ millions, Y/Y growth) 803 24 % 646 644 (17)% 36 % 560 ** 478 (15)% (441) ** Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 CapEx % of Rev 4% 5% 6% 5% 5% 4% FCF % of Rev 25 % 22 % 25 % ** 28 % 16% © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25 ** Percentage not meaningful 21 Recon
Slide 22: Capital Returns
Capital Returns ($ millions) 1,028 Key Stock Repurchases 881 128 Cash Dividend 131 759 759 757 756 134 134 132 131 900 750 625 625 625 625 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Avg. Diluted Shares* 494 485 475 470 467 460 Approximately $0.8B repurchase authorization remaining as of December 31 , 2025*
Slide 23: Cash & Debt
Cash & Debt ($ billions) Targets • Maintain current BBB+ rating 4.8 • Targeting mid - term leverage of approximately Debt Net Debt 1.5x net debt and gross debt below 3.0x EBITDA Q4’25 Ending Cash (2.0) & Investments* • Targeting mid - term minimum cash & investment balance of approximately $3.5B (6.
Slide 24: Q1'26 Guidance
Q1’26 Guidance GUIDANCE CONTEXT • Assumes continuation of strength from our strategic priorities, GMV $21.5 - $21.9 ongoing tailwinds from marketing efficiency / Klarna, some (in billions) 15% - 17% spot short - term uplift from unique factors (bullion, collectible coins) 10% - 12% FXN (1) • FX tail
Slide 25: FY'26 Financial Commentary
FY’26 Financial Commentary (Excludes the Pending Depop Acquisition) • GMV growth similar to FY’25 on a Y/Y FXN basis GMV & • At current rates, FX would represent a tailwind of ~180 bps to spot GMV growth Revenue • Revenue growth in - line to slightly ahead of GMV on a Y/Y FXN basis • FX to represent
Slide 26: Expected Impact From Depop Acquisition
Expected Impact From Depop Acquisition Upon the completion of this pending transaction, we expect the following impacts: FY’26 Financial Impact • Depop to contribute 1 - 2 percentage points to Y/Y FXN GMV growth in FY’26 on a consolidated basis, assuming the deal closes as expected in Q2’26 • Expect
Slide 27: Appendix
Appendix © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25
Slide 28: GAAP to Non-GAAP Quarterly Reconciliations: Operating Margin
GAAP to Non - GAAP Quarterly Reconciliations Operating Margin Three months ended September 30, December 31, March 31, June 30, September 30, December 31, 2024 2024 2025 2025 2025 2025 (in millions, except percentages) GAAP operating income $ 595 $ 543 $ 616 $ 484 $ 576 $ 601 Stock-based compensation
Slide 29: 2025 GAAP to Non-GAAP Reconciliations: Operating Margin
2025 GAAP to Non - GAAP Reconciliations Operating Margin © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25 29
Slide 30: GAAP to Non-GAAP Quarterly Reconciliations: Net Income / EPS
GAAP to Non - GAAP Quarterly Reconciliations Net Income / EPS © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25 30
Slide 31: 2025 GAAP to Non-GAAP Reconciliations: Net Income / EPS
2025 GAAP to Non - GAAP Reconciliations Net Income / EPS Year Ended December 31, 2025 2024 (in millions, except per share data) GAAP Net Income from continuing operations $ 1,996 $ 1,981 Stock-based compensation expense and related employer payroll taxes 626 602 Amortization of acquired intangible a
Slide 32: Q4'25 Earnings Per Share, Non-GAAP to GAAP Reconciliation
Q4’25 Earnings Per Share, Non - GAAP to GAAP Reconciliation $( 0.31 ) $ 0.04 $1.41 $1.14 Non-GAAP EPS Stock-based Restructuring / GAAP EPS compensation* & Tax Rate / Other Amortization All reported results are from continuing operations © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25 32
Slide 33: GAAP to Non-GAAP Quarterly Reconciliations: Statement of Income
GAAP to Non - GAAP Quarterly Reconciliations Statement of Income © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25 33
Slide 34: Calculation of Free Cash Flow
Calculation of Free Cash Flow Calculation of Free Cash Flow Three months ended September 30, December 31, March 31, June 30, September 30, December 31, 2024 2024 2025 2025 2025 2025 (in millions) Net cash provided by continuing operating activities $ 755 $ 677 $ 787 $ (307) $ 934 $ 595 Less: Purchas
Slide 35: Reconciliation of Total Revenue
Reconciliation of Total Revenue © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25 35
Slide 36: Reconciliation of Organic FX-Neutral Revenue
Reconciliation of Organic FX - Neutral Revenue Three months ended September 30, December 31, March 31, June 30, September 30, December 31, 2024 2024 2025 2025 2025 2025 As Reported Revenue Growth 3% 1% 1% 6% 9% 15 % Acquisition/Disposition Impact —% —% —% —% —% —% Foreign Currency Impact —% —% —% (2
Slide 37: Calculation of Period-End Fully Diluted Share Count
Calculation of Period - End Fully Diluted Share Count © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25 37
Slide 38: Reconciliation of GAAP Net Income to Adjusted EBITDA
Reconciliation of GAAP Net Income from continuing operations to Adjusted EBITDA Reconciliation of GAAP Net income from continuing operations to Adjusted EBITDA Three months ended September 30, December 31, March 31, June 30, September 30, December 31, 2024 2024 2025 2025 2025 2025 (in millions) GAAP
Slide 39: Leverage Ratio Summary
Leverage Ratio Summary Leverage Ratio Summary Three months ended September 30, December 31, March 31, June 30, September 30, December 31, 2024 2024 2025 2025 2025 2025 (in millions, except ratios) Adjusted EBITDA (trailing twelve months) $ 2,654 $ 2,660 $ 2,679 $ 2,738 $ 2,804 $ 2,880 Gross Debt (1)
Slide 40: GAAP to Non-GAAP Reconciliations Guidance
GAAP to Non - GAAP Reconciliations Guidance © 2026 eBay | Business & Financial Highlights Q4’25 & FY’25 40
Slide 41: Accounting Standard Adoption Impact (ASU 2025-06)
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
Slide 42: Accounting Standard Adoption Impact (ASU 2025-06)
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
Slide 43: Accounting Standard Adoption Impact (ASU 2025-06)
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
Slide 44: Accounting Standard Adoption Impact (ASU 2025-06)
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
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