Slide 1: Q3'25 Business & Financial Highlights
ebay Q3’25 Business & Financial Highlights October 29, 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: Q3'25 Snapshot
Q3’25 Snapshot $20.1B Gross Merchandise Volume $2.8B Revenue 27.1% Non-GAAP Operating Margin $1.36 Diluted Non-GAAP EPS 16 Million Enthusiast Buyers* 2025 eBay | Business & Financial Highlights Q3'25
Slide 5: Sustained Growth Across All Focus Categories
Sustained Growth Across All Focus Categories Collectibles Motors, Parts & Accessories Fashion ebay x M&S Loved looks, designed to last Discover the official ME Sstore OneBay + Largest contributor to growth, + Second-largest contributor * Significant driver of growth, driven by accelerating Y/Y growt
Slide 6: Building Momentum with eBay Live
Building Momentum with eBay Live In recent weeks, eBay Live’s annual GMV run-rate was up ~5x Y/Y* Consistent Q/Q growth across every major key performance indicator we track 2025 eBay | Business & Financial Highlights Q3'25 * eBay Live GMV run-rate based on October 2025 data
Slide 7: Strengthening Our C2C Expertise with Tise
Strengthening Our C2C Expertise with Tise Leading Nordic C2C Social-First Shopping Marketplace Experience A @jennyskavlan 246.2k 207 Bash store Jenny Ebbing Ska 2025 eBay | Business & Financial Highlights Q3'25 Social Shopping & Discovery, “follow” sellers and “like” their listings Engaging, Feed-Ba
Slide 8: Building the Future of Agentic AI+ on eBay
Building the Future of Agentic Al+ on eBay Learning from our Al+ Shopping Agent pilot to shape the evolution of eBay’s search Personalized, Intelligent Discovery — J * Delivering expert guidance and tailored product recommendations based on personal ALLEN preferences and shopping history to create a
Slide 9: Driving Innovation Across the eBay Experience
Driving Innovation Across the eBay Experience Apple’s Visual Intelligence Integration Live Activities for Auctions Al+ M2M Assistant Apple’s new Visual Intelligence Real-time auction updates that drive Provides instant, high-quality feature lets iPhone users shop over 4x higher engagement than respo
Slide 10: Empowering Sellers Through Seller Capital
Empowering Sellers Through Seller Capital Disbursed over $1B+ to sellers globally through our financing partners since 2021 Seller Capital Regions & Partners Financing application Your application is approved! funds from Liveris as soon as the What happens next? @ Weve approved your application fort
Slide 11: Expanding Our Global Shipping Network
Expanding Our Global Shipping Network Mandated UK C2C Managed Shipping for All Eligible Items A Le <b Streamlined package sizing, auto-generated labels & fully tracked orders. 2025 eBay | Business & Financial Highlights Q3’25 Launched eBay International Shipping in Canada* (lf Sellers ship domestica
Slide 12: Financial Highlights
ebay Financial Highlights
Slide 13: Q3'25 Results
Q3’25 Results GMV $19.2 - $19.6 $20.1 (in billions) 526-796 spot 10% spot Revenue $2.69 - $2.74 $2.82 (in billions) ‘ib Gi spot 99% spot Non-GAAP 0 Op Margin 26.6% - 27.1% 27.1% Diluted Non-GAAP $1.29 - $1.34 $1.36 EPS 8% - 12% 14% 2025 eBay | Business & Financial Highlights Q3'25 All growth r Allre
Slide 14: GMV
GMV ($ billions, Y/Y FXN growth) 20.1 19.5 key 18.4 18.3 19.3 188 3% 1% 1% % 4% @ International GMV © usamv Q2 24 Q3 24 Q4 24 Q125 Q2 25 Q3 25 ( Organic FXN 1% 1% 2% 2% 4% 8% ) 2025 eBay | Business & Financial Highlights Q3'25 All reported results are from continuing operations 4
Slide 15: Revenue
Revenue ($ millions, Y/Y FXN growth) Key @ Revenue O Take Rate Q2 24 Q3 24 Q4 24 Q125 Q2 25 Q3 25 ( Organic FXN 2% 3% % 1% 4% 8% 2025 eBay | Business & Financial Highlights Q3’25 Reconciliation of Organic FXN revenue is included in the Appendix of this presentation All reported results are from cont
Slide 16: Advertising Revenue
Advertising Revenue ($ millions, Y/Y FXN growth) Key @ IP Ads Revenue @ 3P Ads Revenue © Off-Platform Ads* SS Off-P Ads Baseline* 461 12% Q2 24 Q3 24 Q4 24 Q125 Q2 25 Q3 25 1P vs. GMV +lipts +13pts +13pts +12pts +13pts +15pts GMV Penetration 2.2% 2.3% 2.4% 2.4% 2.5% 2.6% * In QV'25, we began reporti
Slide 17: Non-GAAP Expenses
Non-GAAP Expenses (% of revenue) erating Expense at 44.6%, dow pts Y/Y Cost of Revenue Sales & Marketing Product Development General & Admin Transaction Losses b 11.8% Q324 Q325 Q324 Q325 Q324 Q325 Q324 Q325 Q324 Q325 UK managed shipping costs, Sales and marketing Higher employee-related Lower emplo
Slide 18: Non-GAAP Operating Income & Margin
Non-GAAP Operating Income & Margin ($ millions) 77 775 764 Key [| Non-GAAP Operating Income oO Non-GAAP Operating Margin Q2 24 Q3 24 Q4 24 Q125 Q2 25 Q3 25 ( Operating Income Y/Y 5% 6% 2% (1)% 8% % ) 2025 eBay | Business & Financial Highlights Q3’25 Reconciliations of Non-GAAP operating income and m
Slide 19: Non-GAAP Earnings Per Share
Non-GAAP Earnings Per Share $1.38 $1.37 $1.36 $1 25 10% 16% 14% : ; Q2 24 Q3 24 Q4 24 Q125 Q2 25 Q3 25 GAAP EPS $0.45 $1.29 $1.40 $1.06 $0.79 $1.28 GAAP Y/Y 39% (48)% 0% 25% 77% (1)% 2025 eBay | Business & Financial Highlights Q3'25 Reconciliation of Non-GAAPearnings per share is included in the App
Slide 20: Free Cash Flow
Free Cash Flow ($ millions) 803 24% 644 36% (441) Q2 24 Q3 24 Q4 24 Ql 25 Q2 25 Q3 25 CapEx % of Rev 3% 4% 5% 6% 5% 5% FCF % of Rev 11% 25% 22% 25% * 28% 2025 eBay | Business & Financial Highlights Q3’25 ** Percentage not meaningful 20 Reconciliation of Free Cash Flow (FCF) is included in the Append
Slide 21: Capital Returns
Capital Returns ($ millions) 1,135 Key 1,028 @ Stock Repurchases 128 759 759 134 134 900 625 625 Q2 24 Q3 24 Q4 24 Q125 Q2 25 Q3 25 @ Cash Dividend 881 757 ( Avg. Diluted Shares* 507 494 485 475 470 467 ) Approximately $1.4B repurchase authorization remaining as of September 30, 2025 2025 eBay | Bus
Slide 22: Cash & Debt
Cash & Debt ($ 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 Q3’25 Ending Cash & Investments* * Targeting mid-term minimum cash & investment balance of approximately $3.5B Credit Ratios + 0.5x n
Slide 23: Q4'25 Guidance
Q4’25 Guidance GUIDANCE CONTEXT + — Reflects continued durable growth from Focus Categories and strategic initiatives, overall strength in US market GMV $20.5 - $20.9 * Contemplates several Y/Y lapping dynamics, a full quarter impact (in billions)* 6% - 8% spot from global De Minimis changes 4% - 6%
Slide 24: FY'25 Guidance
FY’25 Guidance GUIDANCE CONTEXT Volume Assumptions: GMV $78.9 - $79.3 * Strong execution against strategic initiatives (in billions)* on ose + Expected FY’25 FX tailwind of ~90 bps to spot GMV growth Revenue Assumptions: + Revenue modestly outpacing GMV for full year Revenue $10.97 . $11.03 + Expect
Slide 25: Additional Financial Commentary
Additional Financial Commentary Preliminary FY’26 Commentary We are planning our business around the assumptions of: Positive FXN GMV growth Y/Y for a third consecutive year, and positive FXN Revenue growth Y/Y. We expect the gap between GMV & Revenue growth to be relatively narrow in 2026, as conti
Slide 26: Appendix
Appendix 2025 eBay | Business & Financial Highlights Q3’25
Slide 27: GAAP to Non-GAAP Quarterly Reconciliations
GAAP to Non-GAAP Quarterly Reconciliations Operating Margin Three months ended June 30, ‘September 30, December 31, March 31, June 30, ‘September 30, 2024 2024 2024 2025 2025 2025 (inmillions, except percentages) GAAP operating income $ 549 $ 595 $ 543 $ 65 $ 484 $ 576 Stock-based compensation expen
Slide 28: GAAP to Non-GAAP Quarterly Reconciliations
GAAP to Non-GAAP Quarterly Reconciliations Net Income / EPS (GAAP Income from continuing operations 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 Le
Slide 29: Non-GAAP EPS to GAAP EPS Bridge
Non-GAAP EPS Stock-based Restructuring / GAAP EPS compensation* & Tax Rate / Other Amortization
Slide 30: GAAP to Non-GAAP Quarterly Reconciliations
GAAP to Non-GAAP Quarterly Reconciliations Statement of Income ‘Three Months Ended ‘Three Months Ended September 30, 2025 September 30, 2024 Reported Non-GAAP Fntries Non-GAAP. Reported Non-GAAP Fnt Non-GAAP, ions, except per share data and percentages) Net revenues $ 2,820 $ - 2,820 $ 2,576 $ = $ 2
Slide 31: Calculation of Free Cash Flow
Calculation of Free Cash Flow Calculation of Free Cash Flow ‘Three months ended June 30, September 30, December 31, March 31, June 30, September 30, 2024 2024 2024 2025 2025 2025 (in millions) Net cash provided by continuing operating activities $ 367 $ 755 $ 677 $ 787 $ (307) $ 934 Less: Purchases
Slide 32: Reconciliation of Total Revenue
Reconciliation of Total Revenue Three months ended June 30, September 30, December 31, March 31, June 30, September 30, 2024 2026 2024 2025 2025 2025 (in millions) Net revenues) Ss 2,572_S 2,576 _$ 2579 _$ 2,585 _$ 2,730 _$ 2,820 () Heage gain/{loss) $ (10) $ as (23) $ 8g (6) $ (24) (2) Foreign curr
Slide 33: Reconciliation of Organic FX-Neutral Revenue
Reconciliation of Organic FX-Neutral Revenue Three months ended June 30, September 30, December 31, March 31, June 30, September 30, 2024 2024 2025 2025 2025 ‘As Reported Revenue Growth 1% 3% 1% 1% 6% 9% Acquisition/Disposition Impact —% —% —% —% —% —% Foreign Currency Impact 1% —% =% =% (2)% % Orga
Slide 34: Calculation of Period-End Fully Diluted Share Count
Calculation of Period-End Fully Diluted Share Count Three months ended June 30, September 30, December 31, March 31, June 30, September 30, 2024 2024 2024 2025 2025 2025 (in millionsy Quarter-end common shares outstanding 494. 482 4n 463 459 454 Quarter-end shares underlying outstanding RSUs 27 24 2
Slide 35: Reconciliation of GAAP Net Income to Adjusted EBITDA
Reconciliation of GAAP Net Income from continuing operations to Adjusted EBITDA Three months ended June 30, September 30, December 31, March 31, June 30, September 30, 2024 2024 2024 2025 2025 2025 (in millions) GAAP Net income from continuing operations $ 226 $ 636 $ 680 $ 505 $ 369 $ 597 Adjustmen
Slide 36: Leverage Ratio Summary
Leverage Ratio Summary Leverage Ratio Summary Three months ended June 30, September 30, December 31, March 31, June 30, September 30, 2024 2024 2024 2025 2025 2025 (in millions, except ratios) Adjusted EBITDA (trailing twelve months) BY 2,621 $ 2,654 $ 2,660 $ 2,679 $ 2,7338_$ 2,804 Gross Debt (I) $
Slide 37: GAAP to Non-GAAP Reconciliations Guidance
GAAP to Non-GAAP Reconciliations Guidance Three Months Ending December 31, 2025 {in billions, except per share amounts) GAAP. Non-GAAP (a) Net Revenue $2.83 - $2.89 $2.83 - $2.89 Diluted EPS $0.96 - $1.01 $1.31 - $1.36 Twelve Months Ending December 31, 2025 (in billions, except per share amounts) GA
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