Slide 1: Q2'25 Business & Financial Highlights
ebay Q2’25 Business & Financial Highlights July 30, 2025
Slide 2: Disclosures
Disclosures This presentation contains non-GAAP measures relating to our performance. You can find the reconciliation of these measures, except 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 com
Slide 3: Business Highlights
ebay Business Highlights
Slide 4: Q2'25 Snapshot
Q2’25 Snapshot $19.5B Gross Merchandise Volume $2.7B Revenue 28.4% Non-GAAP Operating Margin $1.37 Diluted Non-GAAP EPS 16 Million Enthusiast Buyers* © 2025 eBay | Business & Financial Highlights Q2’25 f SS ens ’ §
Slide 5: Acceleration Across All Focus Categories
Acceleration Across All Focus Categories Collectibles Largest contributor to GMV growth as Trading Cards Y/Y growth accelerated for the 10" straight quarter Motors, Parts & Accessories Contributed ~1pt of total Y/Y GMV growth driven by strength across major markets and trade corridors © 2025 eBay |
Slide 6: Engaging Enthusiasts Through Marketing Moments
Engaging Enthusiasts Through Marketing Momen ts ee Oe ah cee Dressed celebrities head-to-toe in pre-loved items sourced from eBay Hosted multiple eBay PSA activations with McLaren
Slide 7: Continued Innovation in Live Commerce
Continued Innovation in Live Commerce Formally launched eBay Live in the UK at Debuted “eBay Live on Tour” across Comic Con London the US
Slide 8: Financial Services Solutions Driving Growth
Financial Services Solutions Driving Growth Klarna US Integration eBay Balance Seller Capital © Shop with your eBay balance ‘You have £110.00 to apply toward this order. jotal: £95.00 Apply £95.00 The AOV* on Klarna eBay balance generates This program has disbursed transactions is ~3x the US increme
Slide 9: Dedicated to Impact and Sustainability
Dedicated to Impact and Sustainability ONE 8,500+ $790K 250+ « Hours Donated by Nonprofits HING volunteered by employees and supported employees eBay Foundation globally Recommerce 2024 Impact ~$5B 1.6M 70K Positive economic Metric tons in carbon Metric tons of waste impact created* emissions avoide
Slide 10: Financial Highlights
ebay Financial Highlights
Slide 11: Q2'25 Results
Q2’25 Results GMV $18.6 - $19.1 GUIDANCE ACTUALS $19.5 ane 1% - 4% spot 6% spot (in billions) (1)% - 2% FXN 4% FXN (1)% - 2% organic FXN 4% organic FXN Revenue $2.59 - $2.66 $2.73 1%- 3% spot 6% spot (in billions) (1)% - 2% FXN 4% FXN (1)% - 1% organic FXN 4% organic FXN Non-GAAP Op Margin 27.0% - 2
Slide 12: GMV
GMV ($ billions, Y/Y FXN growth) 19.3 19.5 Key 18.4 3% eee ise @ International GMV © usemv 10.3 9.7 3% 3% Q124 Q2 24 Q3 24 Q424 Q125 Q2 25 ( Organic FXN 0% 1% % 2% 2% 4% ) © 2025 eBay | Business & Financial Highlights Q2’25 All reported results are from continuing operations 2
Slide 13: Revenue
Revenue ($ millions, Y/Y FXN growth) Key @ Revenue O Take Rate Q1 24 Q2 24 Q3 24 Q4.24 Q125 Q2 25 ( Organic FXN 2% 2% 3% 1% 1% 4% © 2025 eBay | Business & Financial Highlights Q2’25 Reconciliation of Organic FXN revenue is included in the Appendix of this presentation All reported results are from c
Slide 14: Advertising Revenue
Advertising Revenue ($ millions, Y/Y FXN growth) 482 442 16% 410 424 ae 12% ~ 396 @ IP Ads Revenue 20% @ 3P Ads Revenue © Off-Platform Ads* SS Off-P Ads Baseline* Q124 Q2 24 Q3 24 Q4 24 Q125 Q2 25 1P vs. GMV +28pts +lipts +13pts +13pts +12pts +13pts GMV Penetration 2.1% 2.2% 2.3% 2.4% 2.4% 2.5% * In
Slide 15: Non-GAAP Expenses
Non-GAAP Expenses (% of revenue) Cost of Revenue Q224 Q225 Cost of payments efficiencies and lapping of one-time tax expenses, partially offset by shipping, traffic acquisition costs, and depreciation expenses © 2025 eBay | Business & Financial Highlights Q2’25 erating Expense at 44.0%, dow ) pts Y/
Slide 16: Non-GAAP Operating Income & Margin
Non-GAAP Operating Income & Margin ($ millions) 7714 77 775 Key [| Non-GAAP Operating Income oO Non-GAAP Operating Margin Q124 Q2 24 Q3 24 Q424 Q125 Q2 25 ( Operating Income Y/Y 4% 5% 6% 2% (1)% 8% ) © 2025 eBay | Business & Financial Highlights Q2’25 Reconciliations of Non-GAAP operating income and
Slide 17: Non-GAAP Earnings Per Share
Non-GAAP Earnings Per Share $1.38 $1.37 10% 16% gis $19 $1.25 : | | ' Q124 Q2 24 Q3 24 Q4 24 Q125 Q2 25 GAAP EPS $0.85 $0.45 $1.29 $1.40 $1.06 $0.79 GAAP Y/Y (19)% 39% (48)% 0% 25% 77% © 2025 eBay | Business & Financial Highlights Q2’25 Reconciliation of Non-GAAPearnings per share is included in the
Slide 18: Free Cash Flow
Free Cash Flow ($ millions) 646 644 (17)% 560 36% 472 bi (33)% 278 (43)% (441) Ql) 24 Q2 24 Q3 24 Q4 24 Q125 Q2 25 CapEx % of Rev 6% 3% 4% 5% 6% 5% FCF % of Rev 18% 11% 25% 22% 25% + © 2025 eBay | Business & Financial Highlights Q2'25 * Percentage not meaningful Reconciliation of Free Cash Flow (FCF
Slide 19: Capital Returns
Capital Returns ($ millions) 1,135 Key 1,028 @ Stock Repurchases @ Cash Dividend 881 128 131 759 759 638 134 900 750 625 Ql) 24 Q2 24 Q3 24 Q4 24 Q125 Q2 25 Avg. Diluted Shares* 519 507 494 485 475 470 (avg Approximately $2B repurchase authorization remaining as of June 30, 2025 © 2025 eBay | Busine
Slide 20: Cash & Debt
Cash & Debt ($ billions) Targets + Maintain current BBB+ rating * Targeting mid-term leverage of approximately Net Debt 1.5x net debt and gross debt below 3.0x EBITDA Q2’25 Ending Cash & Investments* * Targeting mid-term minimum cash & investment balance of approximately $3.5B Credit Ratios + 0.5x n
Slide 21: Q3'25 Guidance
Q3’25 Guidance GUIDANCE CONTEXT + Reflects sustained healthy US consumer trends and continued 19.2 - 19.6 execution of our strategic initiatives GMV $ .2 « $1 + Contemplates potential disruptions from impending tariffs and (in billions) 3% - 5% FXN the potential elimination of remaining De Minimis e
Slide 22: FY'25 Commentary
FY’25 Commentary GMV & Revenue Non-GAAP Op. Income GMV is tracking toward the high-end, or slightly above, prior expected range of low-single-digit Y/Y FXN growth; at current rates, FX would be a tailwind of ~100 bps Revenue growth modestly higher than GMV ona Y/Y FXN basis; FX expected to be a tail
Slide 23: Appendix
Appendix © 2025 eBay | Business & Financial Highlights Q2’25
Slide 24: GAAP to Non-GAAP Quarterly Reconciliations
GAAP to Non-GAAP Quarterly Reconciliations Operating Margin GAAP operating income Stock-based compensation expense and related employer payroll taxes Amortization of acquired intangible assets within cost of net revenues and operating expenses Executive bonuses and restructuring Legal matters Other
Slide 25: GAAP to Non-GAAP Quarterly Reconciliations
GAAP to Non-GAAP Quarterly Reconciliations Net Income / EPS Three months ended March 31, June 30, September 30, December 31, March 31, June 30, 2024 2024 2024 2024 2025 2025 {in millions, except per share data) GAAP Income from continuing operations $ 439 $ 26 $ 636 $ 680 $ 505 $ 369 Stock-based com
Slide 26: Non-GAAP EPS Stock-based compensation
Non-GAAP EPS Stock-based Restructuring** / GAAP EPS compensation* & Tax Rate / Other Amortization
Slide 27: GAAP to Non-GAAP Quarterly Reconciliations
GAAP to Non-GAAP Quarterly Reconciliations Statement of Income Three Months Ended Three Months Ended June 30, 2025 June 30, 2024 Reported Non-GAAP Entries Non-GAAP Reported Non-GAAP Entries Non-GAAP {in millions, except per share data and percentages) Net revenues $ 2,730 $ - $ 2,730 2572 $ - $ 2,57
Slide 28: Calculation of Free Cash Flow
Calculation of Free Cash Flow Three months ended March 31, June 30, September 30, December 31, March 31, June 30, 2024 2024 2024 2024 2025 2025 (in millions) Net cash provided by continuing operating activities $ 65 $ 367 $ 755 $ 677 $ 787 $ (307) Less: Purchases of property and equipment, net (43)
Slide 29: Reconciliation of Total Revenue
Reconciliation of Total Revenue Three months ended March 31, June 30, September 30, December 31, March 31, June 30, 2024 2024 2024 2024 2025 2025 (in millions) Net revenues") $. 2,556 _$ 2572 _$ 2,576 _$ 2,579 _$ 2,585 _$ 2,730 () Hedge gain/(loss) $ (10) $ (10) $ ms (23) $ 8s 6 (2) Foreign currency
Slide 30: Reconciliation of Organic FX-Neutral Revenue
Reconciliation of Organic FX-Neutral Revenue ‘Three months ended March 31, June 30, September 30, December 31, March 31, June 30, 2024 2024 2024 2024 2025 2025 ‘As Reported Revenue Growth 2% 1% 3% 1% 1% 5% Acquisition/Disposition Impact —% —% —% —% —% —% Foreign Currency Impact —% 1% —% =% =% (2% Or
Slide 31: Calculation of Period-End Fully Diluted Share Count
Calculation of Period-End Fully Diluted Share Count Three months ended March 31, June 30, September 30, December 31, March 31, June 30, 2024 2024. 2024 2024 2025 2025 (in millions) Quarter-end common shares outstanding 509 496. 482 an 463 459 Quarter-end shares underlying outstanding RSUs 20 27 24 2
Slide 32: Reconciliation of GAAP Net Income to Adjusted EBITDA
Reconciliation of GAAP Net Income from continuing operations to Adjusted EBITDA Three months ended March 31, June 30, September 30, December 31, March 31, June 30, 2024 2024 2024 2024 2025 2025 (in millions) GAAP Net income from continuing operations $ 439 $ 226 $ 636 $ 680 $ 505 $ 369. Adjustments:
Slide 33: Leverage Ratio Summary
Leverage Ratio Summary Three months ended March 31, June 30, September 30, December 31, March 31, June 30, 2024 2024 2024 2024 2025 2025 (in ns, except ratios) Adjusted EBITDA (trailing twelve months) $ 26n $ 2,621 $ 2,654 $ 2,660 $ 2,679 $ 2,738 Gross Debt (1) $ 7,725 $ 7,725 $ 7418 $ 7,425 $ 6745
Slide 34: GAAP to Non-GAAP Reconciliations Guidance
GAAP to Non-GAAP Reconciliations Guidance Three Months Ending September 30, 2025 (in billions, except per share amounts) GAAP Non-GAAP (a) Net Revenue $2.69 - $2.74 $2.69 - $2.74 Diluted EPS $0.97 - $1.02 $1.29 - $1.34 (a) Estimated non-GAAP amounts above for the three months ending September 30, 20
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