Slide 1: Q2'26 Business & Financial Highlights
Q2’26 Business & Financial Highlights August 5, 2026 © 2026 eBay | Business & Financial Highlights Q2’26
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 Q2’26
Slide 4: Q2'26 Snapshot
Q2’26 Snapshot $22.4B Gross Merchandise Volume $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
Slide 5: Strategic Priorities Now Drive More Than 70% of GMV
Strategic Priorities Now Drive More Than 70% of GMV Focus Categories • GMV growth accelerated to 26% Y/Y Focus • Eclipsed 40%+ of total GMV for the first time Focus • Strength across Collectibles, eBay Motors, Fashion, Categories Categories and Refurbished Goods C2C • GMV grew over 20% Y/Y • Healthy
Slide 6: Focus Categories Are a Significant Engine of Growth
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 • Contributed nearly 2 points of total • Growth predominantly led by luxury and by tr
Slide 7: Depop Strengthens eBay's Leadership in C2C & Recommerce
Depop Strengthens eBay’s Leadership in C2C & Recommerce Complementary strengths Broad global selection across Social - forward, discovery - led pre - loved inventory and experience with strength in accessible authenticated luxury. pre - loved Fashion. Initial integration priorities 1 Maintain what m
Slide 8: Organic C2C Growth Remains Broad-Based
Organic C2C Growth Remains Broad - Based Core eBay C2C Organic C2C Proof Points United States >20% Healthy double - digit growth in consumer sellers and supply, supported by Magical Listing technology and strength across key categories. GMV growth in Q2 Outpaced overall GMV growth United Kingdom Act
Slide 9: eBay Live Benefits Extend Beyond the Livestream
eBay Live Benefits Extend Beyond the Livestream Scaling eBay Live Halo Effect of eBay Live Posted a record quarter Seller Halo (1) Q2 GMV grew by ~8x Y/Y, alongside >90% rapid growth in viewers, watch time, and sold items of established Live sellers grew GMV on eBay ~3x Expanded seller access median
Slide 10: Simplifying Shipping to Increase Marketplace Velocity
Simplifying Shipping to Increase Marketplace Velocity United Kingdom Managed Shipping eBay International Majority of UK C2C Shipping transactions go 190+ countries through Managed accessible for Shipping eligible UK sellers Expanding pickup and drop - off capabilities Launching in the UK in August t
Slide 11: Financial Highlights
Financial Highlights © 2026 eBay | Business & Financial Highlights Q2’26
Slide 12: Q2'26 Results
Q2’26 Results GUIDANCE ACTUALS GMV $21.3 - $21.7 $22.4 (in billions) 9% - 11% spot 15% spot 8% - 10% FXN (1) 14% FXN (1) $2.97 - $3.03 Revenue 9% - 11% spot $3.13 (in billions) 8% - 10% FXN 15% spot 7% - 10% org. FXN 14% FXN (1) Non - GAAP Op. Income $0.82 - $0.85 $0.89 6% - 10% spot (2) 16% spot (2
Slide 13: GMV
GMV ($ billions, Y/Y FXN growth) 22.2 22.4 21.2 14% 14% Key 20.1 8% 19.5 International GMV 18.8 4% 8% 2% US GMV 10.7 10.7 10.5 3% 5% 10.1 10.2 (1)% 9.7 4% 3% 2% 10.7 11.5 11.7 9.1 9.4 9.9 27% 24% 13% 19% 1% 7% Q1 25 Q2 25 Q 3 25 Q4 25 Q 126 Q2 26 Organic FXN 2% 4% 8% 8% 14% 14% © 2026 eBay | Busines
Slide 14: Revenue
Revenue ($ millions, Y/Y FXN growth) 3,089 3,134 2,965 17% 14% Key 2,820 13% 2,730 8% Revenue 2,585 4% 2% Take Rate 13.8% 14.0 % 14.0% 14.0% 13.9% 14.0% Q1 25 Q2 25 Q 3 25 Q4 25 Q 126 Q2 26 Organic FXN 1% 4% 8% 13% 17% 14% © 2026 eBay | Business & Financial Highlights Q2’26 Reconciliation of Organic
Slide 15: Advertising Revenue
Advertising Revenue ($ millions, Y/Y FXN growth) 581 596 23% Key 544 27% 525 16% 1P Ads Revenue 482 21% 3P Ads Revenue 442 16% 13% Off - Platform Ads 555 570 496 517 28% 24% 418 455 23% 17% 17% 14% 8 8 7 7 6 5 (41)% (43)% (40)% (41)% (27)% (34 )% Q1 25 Q2 25 Q 3 25 Q4 25 Q 126 Q2 26 1P vs. GMV +12pt
Slide 16: Non-GAAP Expenses
Non - GAAP Expenses (% of revenue) Operating Expense at 45.6 % , up + 0 .7 pts Y/Y Cost of Revenue Sales & Marketing Product Development General & Admin Transaction Losses 26.8% 25.9% 20.6% 21.4% 13.4% 12.7% 7.8% 7.2% 3.2% 4.2% Q2 25 (1) Q2 26 Q2 25 Q2 26 Q2 25 (1) Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 UK m
Slide 17: Non-GAAP Operating Income
Non - GAAP Operating Income ($ millions, Y/Y growth) 907 893 18% 16% 767 771 760 771 (1)% 8% 9% 11% Q1 25 (1) Q2 25 (1) Q3 25 (1) Q4 25 (1) Q1 26 (2) Q2 26 (2) Non - GAAP Operating Margin 29.6% 28.3% 27.0% 26.0% 29.4% 28.5% (1)Quarterly amounts in 2025 reflect the recast amounts from adoption of ASU
Slide 18: Non-GAAP Earnings Per Share
Non - GAAP Earnings Per Share (Y/Y growth) $1.66 21% $1.60 17% $1.37 $1.36 $1.35 $1.41 10% 13% 16% 14% XXX XXX XXX XXX XXX XX% XX% XX% XXX XX% XX% XX% Q1 25 (1) Q2 25 (1) Q3 25 (1) Q4 25 (1) Q1 26 (2) Q2 26 (2) GAAP EPS $1.05 $0.78 $1.27 $1.14 $1.12 $1.21 GAAP Y/Y 25% 77% (1)% (19)% 7% 56% (1)Quarte
Slide 19: Free Cash Flow
Free Cash Flow ($ millions, Y/Y growth) 898 803 39% 644 24% 36% 478 (15)% 326 ** (441) ** Q1 25 (1) Q2 25 (1) Q3 25 (1) Q4 25 (1) Q1 26 Q2 26 CapEx % of Rev 4% 4% 3% 3% 2% 7% FCF % of Rev 25% ** 28% 16% 29% 10% © 2026 eBay | Business & Financial Highlights Q2’26 ** Percentage not meaningful 19 (1)Qu
Slide 20: Capital Returns
Capital Returns ($ millions) Key 759 759 757 756 Stock Repurchases 134 134 132 131 639 Cash Dividend 139 448 138 625 625 625 625 500 310 Q1 25 Q2 25 Q 3 25 Q4 25 Q 126 Q2 26 Avg. Diluted Shares (1) 475 470 467 460 457 455 Approximately $2.0B repurchase authorization remaining as of June 30 , 2026 (1
Slide 21: Cash & Debt
Cash & Debt ($ billions) 4.9 Targets Debt Net Debt • Maintain current BBB+ rating Q2’26 Ending Cash (1.9) • Targeting mid - term leverage of approximately 1.5x & Investments (1) net debt and gross debt below 3.0x adj. EBITDA (6.7) Credit Ratios • 0.6x net debt (2) Remaining equity investments were v
Slide 22: Q3'26 Consolidated Guidance (including Depop)
Q3’26 Consolidated Guidance (including Depop) GUIDANCE CONTEXT • GMV $22.0 - $22. 4 • Implies continued broad - based growth from strategic priorities Expect Depop to contribute ~2.5 pts to consolidated FXN GMV 9% - 11% spot (in billions) 10% - 12% FXN growth Y/Y 7% - 9% org. FXN • FX headwind to sp
Slide 23: FY'26 Consolidated Financial Commentary (including Depop)
FY’26 Consolidated Financial Commentary (including Depop) • 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) GMV & • At current rates, FX would represent a tailwind of ~1.1 pts to spot GMV growth Revenue • Revenue growth ~
Slide 24: Appendix
Appendix © 2026 eBay | Business & Financial Highlights Q2’26
Slide 25: GAAP to Non-GAAP Quarterly Reconciliations: Operating Income
GAAP to Non - GAAP Quarterly Reconciliations Operating Income Three Months Ended As Adjusted As Adjusted As Adjusted As Adjusted March 31, June 30, September 30, December 31, March 31, June 30, 2025 2025 2025 2025 2026 2026 GAAP operating income $ 611 $ 479 $ 571 $ 597 $ 611 $ 676 Stock-based compen
Slide 26: GAAP to Non-GAAP Quarterly Reconciliations: Net Income / EPS
GAAP to Non - GAAP Quarterly Reconciliations Net Income / EPS Three Months Ended As Adjusted As Adjusted As Adjusted As Adjusted March 31, June 30, September 30, December 31, March 31, June 30, 2025 2025 2025 2025 2026 2026 GAAP Income from continuing operations $ 501 $ 365 $ 593 $ 522 $ 512 $ 552 S
Slide 27: Q2'26 Earnings Per Share, Non-GAAP to GAAP Reconciliation
Q2’26 Earnings Per Share, Non - GAAP to GAAP Reconciliation $(0.37) $(0.02) $1.60 $1.21 Non-GAAP EPS Stock Based Restructuring, Tax GAAP EPS Compensation & Rate & Other Amortization (1) All reported results are from continuing operations © 2026 eBay | Business & Financial Highlights Q2’26 (1) “Stock
Slide 28: GAAP to Non-GAAP Quarterly Reconciliations: Statement of Income
GAAP to Non - GAAP Quarterly Reconciliations Statement of Income Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 As Adjusted As Adjusted As Adjusted Reported Non-GAAP Entries Non-GAAP Reported Non-GAAP Entries Non-GAAP (in millions, except per share data and percentages) Net revenu
Slide 29: Calculation of Free Cash Flow
Calculation of Free Cash Flow Three Months Ended As Adjusted As Adjusted As Adjusted As Adjusted March 31, June 30, September 30, December 31, March 31, June 30, 2025 2025 2025 2025 2026 2026 Net cash provided by continuing operating activities $ 755 $ (340) $ 900 $ 561 $ 970 $ 549 Less: Purchases o
Slide 30: Reconciliation of Total Revenue
Reconciliation of Total Revenue Three Months Ended March 31, June 30, September 30, December 31, March 31, June 30, 2025 2025 2025 2025 2026 2026 (in millions) 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) For
Slide 31: 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, 2025 2025 2025 2025 2026 2026 As Reported Revenue Growth 1% 6% 9% 15 % 19 % 15 % Acquisition/Disposition Impact —% —% —% —% —% —% Foreign Currency Impact —% (2)% (1)% (2
Slide 32: 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, 2025 2025 2025 2025 2026 2026 (in Millions) Quarter-end common shares outstanding 463 459 454 449 446 445 Quarter-end shares underlying outstanding RSUs 19 24 22
Slide 33: 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, 2025 2025 2025 2025 2026 2026 (in millions) (5) GAAP Net income from continuing operations $ 501 $ 365 $ 593 $ 522 $ 512 $ 552 Adjustmen
Slide 34: Leverage Ratio Summary
Leverage Ratio Summary Three months ended March 31, June 30, September 30, December 31, March 31, June 30, 2025 2025 2025 2025 2026 2026 (in millions, except ratios) Adjusted EBITDA (trailing twelve months) (6) $ 2,647 $ 2,673 $ 2,704 $ 2,746 $ 2,875 $ 2,993 (1) Gross debt $ 6,745 $ 6,748 $ 6,751 $
Slide 35: GAAP to Non-GAAP Reconciliations Guidance
GAAP to Non - GAAP Reconciliations Guidance Three Months Ending September 30, 2026 (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 (a) Estimated non-GAAP amounts above for the three months ending September 30,
Slide 36: 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 37: 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 38: 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 39: 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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