Slide 1: Q1'26 Business & Financial Highlights
Q1’26 Business & Financial Highlights April 29, 2026 © 2026 eBay | Business & Financial Highlights Q1’26
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 Q1’26
Slide 4: Q1'26 Snapshot
Q1’26 Snapshot $22.2B Gross Merchandise Volume $3.1B Revenue $0.91B Non - GAAP Operating Income $1.66 Diluted Non - GAAP EPS 16 Million Enthusiast Buyers (1) Reconciliations of Non - GAAP measures are included in the Appendix of this presentation © 2026 eBay | Business & Financial Highlights Q1’26 R
Slide 5: Strategic Priorities Continue to Drive Growth
Strategic Priorities Continue to Drive Growth Focus Categories • GMV growth accelerated to +24% Y/Y, outpacing the remainder of the marketplace by ~15 pts Focus • Strength across Collectibles, eBay Motors, and Fashion Categories • Driven by investments in trust and product experience C2C • Delivered
Slide 6: Collectibles Delivering Growth & Engagement at Scale
Collectibles Delivering Growth & Engagement at Scale Top contributor to GMV growth in Q1, led by strength across our trading cards portfolio Premium Marketplace Ecosystem AI Powered Card Scan Experience • Several landmark sales at Goldin in Q1, including $16.5M Pok émon Pikachu Illustrator card • Se
Slide 7: Motors, Parts & Accessories Driving Accelerated Growth
Motors , Parts & Accessories Driving Accelerated Growth Strongest Y/Y GMV growth in Motors, Parts & Accessories since 2021; Vehicles scaling month - over - month Building a Comprehensive Motors , Enhancing Trust in Parts Parts & Accessories Offering & Accessories • Vehicles exited Q1 at a run - rate
Slide 8: Fashion Seeing Momentum in Luxury & Pre-Loved
Fashion Seeing Momentum in Luxury & Pre - Loved Fashion GMV accelerated in Q1, with double - digit Y/Y growth across our fashion Focus Categories in aggregate Strengthening Trust & Simplifying Experiences • Authenticity Guarantee expanded to 70+ fashion brands in the US • AI listing tools helped dri
Slide 9: Multi-Year Investments in C2C Are Supporting Growth
Multi -Year Investments in C2C Are Supporting Growth >25% of GMV Material and growing part of the marketplace Outpaced B2C across core markets Double - digit C2C GMV growth in the US, UK, and Germany (1) Reduced friction expands supply Expands unique, hard - to - find inventory and strengthens our p
Slide 10: eBay Live Scaling Rapidly Across Markets
eBay Live Scaling Rapidly Across Markets >8x Annualized GMV run - rate growth Y/Y in recent weeks (1) >60% Higher GMV each day vs. Black Friday during our “48 Hours of Drops” event in the US eBay’s always - on 7 shopping Markets Globally destination (1) Annualized GMV run - rate based on April 2026
Slide 11: Facilitating Cross-Border Trade Through Shipping Solutions
Facilitating Cross - Border Trade Through Shipping Solutions Current Cross - Border Shipping Programs eBay International Shipping (eIS) • US • Canada SpeedPAK • Greater China SpeedPAK continues • Japan to perform well in • Germany Greater China & • India Japan • Singapore eIS scaling in North • Latv
Slide 12: Financial Highlights
Financial Highlights © 2026 eBay | Business & Financial Highlights Q1’26
Slide 13: Q1'26 Results
Q1’26 Results GUIDANCE ACTUALS GMV $21.5 - $21.9 $22.2 (in billions) 15% - 17% spot 18% spot 10% - 12% FXN (1) 14% FXN (1) Revenue $3.00 - $3.05 $3.09 (in billions) 16% - 18% spot 19% spot 13% - 15% FXN (1) 17% FXN (1) Non - GAAP Op. Income $0.85 - $0.89 $0.91 11% - 16% spot (2) 18% spot (2) (in bil
Slide 14: GMV
GMV ($ billions, Y/Y FXN growth) 22.2 21.2 14% Key 20.1 8% 19.3 18.8 19.5 8% International GMV 3% 4% 2% US GMV 10.7 10.5 3% 10.1 10.2 (1)% 10.3 9.7 4% 3% 3% 2% 10.7 11.5 9.0 9.1 9.4 9.9 27% 13% 19% 2% 1% 7% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Organic FXN 2% 2% 4% 8% 8% 14% © 2026 eBay | Business & F
Slide 15: Revenue
Revenue ($ millions, Y/Y FXN growth) 3,089 2,965 17% Key 2,730 2,820 13% 2,579 2,585 8% Revenue 4% 1% 2% Take Rate 13.3% 13.8% 14.0% 14.0% 14.0% 13.9% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Organic FXN 1% 1% 4% 8% 13% 17% © 2026 eBay | Business & Financial Highlights Q1’26 Reconciliation of Organic FXN
Slide 16: Advertising Revenue
Advertising Revenue ($ millions, Y/Y FXN growth) 581 544 27% Key 525 16% 482 21% 1P Ads Revenue 461 12% 442 16% 3P Ads Revenue 13% Off - Platform Ads (1) Off - P Ads Baseline (1) 434 418 455 496 517 555 16% 14% 17% 23% 17% 28% 12 8 8 7 7 6 (54)% (41)% (43)% (40)% (41)% (27)% Q4 24 Q1 25 Q2 25 Q3 25
Slide 17: Non-GAAP Expenses
Non - GAAP Expenses (% of revenue) Operating Expense at 45.3 % , up +1.3 pts Y/Y Cost of Revenue Sales & Marketing Product Development General & Admin Transaction Losses 26.4% 25.4% 20.0% 21.0% 12.5% 12.1% 8.4% 7.6% 3.1% 4.5% Q1 25 (1) Q1 26 Q1 25 Q1 26 Q1 25 (1) Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 Operat
Slide 18: Non-GAAP Operating Income
Non - GAAP Operating Income ($ millions, Y/Y growth) 907 18% 767 771 760 771 (1)% 8% 11% 698 9% 2% Q4 24 Q1 25 (1) Q2 25 (1) Q3 25 (1) Q4 25 (1) Q1 26 (2) Non - GAAP Operating Margin 27.0% 29.6% 28.3% 27.0% 26.0% 29.4% (1)Quarterly amounts in 2025 reflect the recast amounts from adoption of ASU 2025
Slide 19: Non-GAAP Earnings Per Share
Non - GAAP Earnings Per Share (Y/Y growth) $1.66 21% $1.37 $1.36 $1.35 $1.41 10% 13% $1.25 16% 14% 16% XXX XXX XXX XXX XXX XX% XX% XX% XXX XX% XX% XX% Q4 24 Q1 25 (1) Q2 25 (1) Q3 25 (1) Q4 25 (1) Q1 26 (2) GAAP EPS $1.40 $1.05 $0.78 $1.27 $1.14 $1.12 GAAP Y/Y 0% 25% 77% (1)% (19)% 7% (1)Quarterly a
Slide 20: Free Cash Flow
Free Cash Flow ($ millions, Y/Y growth) 898 803 39% 560 644 24% ** 36% 478 (15)% (441) ** Q4 24 Q1 25 (1) Q2 25 (1) Q3 25 (1) Q4 25 (1) Q1 26 CapEx % of Rev 5% 4% 4% 3% 3% 2% FCF % of Rev 22% 25% ** 28% 16% 29% © 2026 eBay | Business & Financial Highlights Q1’26 ** Percentage not meaningful 20 (1)Qu
Slide 21: Capital Returns
Capital Returns ($ millions) 1,028 Key Stock Repurchases 128 Cash Dividend 759 759 757 756 134 134 132 131 639 139 900 625 625 625 625 500 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Avg. Diluted Shares (1) 485 475 470 467 460 457 Approximately $2.3B repurchase authorization remaining as of March 31, 2026 (
Slide 22: Cash & Debt
Cash & Debt ($ billions) 5.1 Targets Debt Net Debt • Maintain current BBB+ rating Q1’26 Ending Cash (1.6) • 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 23: Q2'26 Guidance
Q2’26 Guidance GUIDANCE CONTEXT • Continuation of broad - based growth in strategic priorities, GMV $21.3 - $21.7 incremental contributions from Live and Vehicles, partially offset by Q/Q normalization of elevated bullion demand and Y/Y lapping (in billions) 9% - 11% spot 8% - 10% FXN (1) headwinds
Slide 24: FY'26 Financial Commentary (ex. Pending Depop Acquisition)
FY’26 Financial Commentary (ex. Pending Depop Acquisition) • GMV growth between 7.0% and 7.5% on a Y/Y FXN basis GMV & • At current rates, FX would represent a tailwind of ~150 bps to spot GMV growth Revenue • Revenue growth in - line to slightly ahead of GMV on a Y/Y FXN basis • FX to represent a t
Slide 25: Updated Expected Impact From Depop Acquisition
Updated Expected Impact From Depop Acquisition Expected to close by the end of Q3’26 Given the updated timeline, we expect the following impacts: FY’26 Financial Impact • Depop would contribute ~ 1 percentage point to Y/Y FXN GMV growth in FY’26 on a consolidated basis • Expect a low - single - digi
Slide 26: Appendix
Appendix © 2026 eBay | Business & Financial Highlights Q1’26
Slide 27: GAAP to Non-GAAP Quarterly Reconciliations Operating Income
GAAP to Non - GAAP Quarterly Reconciliations Operating Income Quarterly amounts in 2025 reflect the recast amounts from adoption of Accounting Standards Update 2025 - 06, Intangibles —Goodwill and © 2026 eBay | Business & Financial Highlights Q1’26 Other —Internal - Use Software (Subtopic 350 - 40):
Slide 28: GAAP to Non-GAAP Quarterly Reconciliations Net Income / EPS
GAAP to Non - GAAP Quarterly Reconciliations Net Income / EPS Quarterly amounts in 2025 reflect the recast amounts from adoption of Accounting Standards Update 2025 - 06, Intangibles —Goodwill and © 2026 eBay | Business & Financial Highlights Q1’26 Other —Internal - Use Software (Subtopic 350 - 40):
Slide 29: Q1'26 Earnings Per Share, Non-GAAP to GAAP Reconciliation
Q1’26 Earnings Per Share, Non - GAAP to GAAP Reconciliation $(0.32) $(0.17) $(0.05) $1.66 $1.12 Non-GAAP EPS Stock Based Restructuring Tax Rate/Other GAAP EPS Compensation & Amortization (1) All reported results are from continuing operations © 2026 eBay | Business & Financial Highlights Q1’26 (1) “
Slide 30: GAAP to Non-GAAP Quarterly Reconciliations Statement of Income
GAAP to Non - GAAP Quarterly Reconciliations Statement of Income 2025 quarterly results reflect the recast amounts from adoption of Accounting Standards Update 2025 - 06, Intangibles —Goodwill and Other — © 2026 eBay | Business & Financial Highlights Q1’26 Internal - Use Software (Subtopic 350 - 40)
Slide 31: Calculation of Free Cash Flow
Calculation of Free Cash Flow Quarterly amounts in 2025 reflect the recast amounts from adoption of Accounting Standards Update 2025 - 06, Intangibles —Goodwill and © 2026 eBay | Business & Financial Highlights Q1’26 Other —Internal - Use Software (Subtopic 350 - 40): Accounting for and Disclosure o
Slide 32: Reconciliation of Total Revenue
Reconciliation of Total Revenue © 2026 eBay | Business & Financial Highlights Q1’26 32
Slide 33: Reconciliation of Organic FX-Neutral Revenue
Reconciliation of Organic FX - Neutral Revenue © 2026 eBay | Business & Financial Highlights Q1’26 33
Slide 34: Calculation of Period-End Fully Diluted Share Count
Calculation of Period - End Fully Diluted Share Count © 2026 eBay | Business & Financial Highlights Q1’26 34
Slide 35: Reconciliation of GAAP Net Income from continuing operations to Adjusted EBITDA
Reconciliation of GAAP Net Income from continuing operations to Adjusted EBITDA © 2026 eBay | Business & Financial Highlights Q1’26 35
Slide 36: Leverage Ratio Summary
Leverage Ratio Summary © 2026 eBay | Business & Financial Highlights Q1’26 36
Slide 37: GAAP to Non-GAAP Reconciliations Guidance
GAAP to Non - GAAP Reconciliations Guidance © 2026 eBay | Business & Financial Highlights Q1’26 37
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
Slide 40: 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 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
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